UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo 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: February 28, 2010
Date of reporting period: August 31, 2009
ITEM 1. REPORT TO SHAREHOLDERS
===============================
WELLS FARGO
ADVANTAGE FUNDS
(GRAPHIC REDUCE CLUTTER. SAVE TREES.)
Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
Semi-Annual Report
August 31, 2009
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS
- - 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)
REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS ................................................... 4
FUND EXPENSES ............................................................ 12
PORTFOLIO OF INVESTMENTS
Target Today Fund ........................................................ 16
Target 2010 Fund ......................................................... 16
Target 2015 Fund ......................................................... 17
Target 2020 Fund ......................................................... 17
Target 2025 Fund ......................................................... 18
Target 2030 Fund ......................................................... 18
Target 2035 Fund ......................................................... 19
Target 2040 Fund ......................................................... 19
Target 2045 Fund ......................................................... 20
Target 2050 Fund ......................................................... 20
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 22
Statements of Operations ................................................. 26
Statements of Changes in Net Assets ...................................... 28
Financial Highlights ..................................................... 40
NOTES TO FINANCIAL STATEMENTS ............................................ 52
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
Diversified Fixed Income Portfolio ....................................... 60
Diversified Stock Portfolio .............................................. 97
Short-Term Investment Portfolio .......................................... 197
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 203
Statements of Operations ................................................. 204
Statements of Changes in Net Assets ...................................... 206
Financial Highlights ..................................................... 208
NOTES TO FINANCIAL STATEMENTS ............................................ 209
OTHER INFORMATION ........................................................ 217
LIST OF ABBREVIATIONS .................................................... 223
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 $160 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF AUGUST 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
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
FundSM, 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 Dow Jones Target Date Funds
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE PERIOD OFFERED SOME SIGNS THAT THE ECONOMY HAD BEGUN TO RECOVER FROM THE
EXTRAORDINARY FINANCIAL AND ECONOMIC EVENTS OF 2007 AND 2008.
STOCKS RALLIED ACROSS THE BOARD, WITH SOME OF THE HARDEST-HIT SECTORS--SUCH AS
FINANCIALS--POSTING THE LARGEST GAINS.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE DOW JONES TARGET DATE FUNDS for the six-month period that ended August
31, 2009. The period offered some signs that the economy had begun to recover
from the extraordinary financial and economic events of 2007 and 2008. Stocks
rallied accordingly during the period, but the overall economic outlook remained
mixed.
BETTER-THAN-EXPECTED ECONOMIC REPORTS SPARKED A MARKET RALLY IN MARCH.
The period began on a positive note as March saw the release of several
better-than-expected reports on economic activity in February. Specifically,
retail sales excluding automobiles rose by 0.7%; including autos, the retail
sales number declined by a relatively modest 0.1%. New home sales rose by 4.7%
from an upwardly revised number in January. The manufacturing sector also showed
some positive signs. Durable goods orders rose 3.5% in February, even though the
Institute for Supply Management (ISM) index continued to signal contraction. The
rest of the period was marked by similar "less bad" economic news, and by August
the majority of economists surveyed by THE WALL STREET JOURNAL said that the
recession that officially began in December 2007 was now over. News that the
euro-zone economies contracted by only 0.1% in the second quarter of 2009--aided
by modest growth in France and Germany--provided further support to the positive
tone. The main fly in the ointment was the unemployment rate, which continued to
rise, hitting 9.7% in August and sparking talk of a jobless recovery.
DESPITE TENTATIVE SIGNS OF ECONOMIC HEALTH, GOVERNMENTS MAINTAINED AN ACTIVE
ROLE IN THE WORLDWIDE ECONOMY.
In late July, the U.S. government kicked off the popular cash-for-clunkers
program, which offered consumers federal rebates of up to $4,500 toward certain
new vehicles upon trade-in of an older car or truck. The program, which proved
more popular than expected, was modeled on a program introduced by the German
government. Additionally, both the European Central Bank (ECB) and the Federal
Reserve kept their key interest rates at low levels (1% for the ECB, effectively
zero for the Federal Reserve), continued to provide cash to banks, and purchased
debt securities backed by mortgages in order to support the financial system.
GLOBAL STOCK MARKETS REBOUNDED STRONGLY.
Stocks rallied across the board, with some of the hardest-hit sectors--such as
financials--posting the largest gains. Within the United States, small cap
stocks outperformed large cap stocks, and value stocks outperformed growth
stocks. European and Asian markets also rebounded, with previously hard-hit
Asian stocks posting exceptionally large gains.
Wells Fargo Advantage Dow Jones Target Date Funds 3
Letter to Shareholders
LOWER-QUALITY BONDS OUTPERFORMED HIGHER-QUALITY ISSUES.
Formerly beaten down high-yield bonds posted double-digit returns as waning
concerns about credit risk freed investors to seek out more generous yields in a
generally low-yielding environment. U.S. government bonds posted modest but
positive returns as interest rates remained low.
MANY VARIABLES ARE AT WORK IN THE MARKET.
The full effect of the ongoing credit crisis remains unknown. Growing
unemployment and debt defaults continue to pressure consumers and businesses
alike. Experience tells us that strict adherence to time-tested strategies has
its rewards. As a whole, Wells Fargo Advantage Funds represents investments
across a 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 does provide you with one way of managing risk.
Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
Sincerely,
/s/ Karla M. Rabusch
- -------------------------------------
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
U.S. GOVERNMENT BONDS POSTED MODEST BUT POSITIVE RETURNS AS INTEREST RATES
REMAINED LOW.
4 Wells Fargo Advantage Dow Jones Target Date Funds
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS
Investment Objective
Each Fund's objective is to approximate, before fees and expenses, the total
return of the appropriate Dow Jones Target Date Index.
WELLS FARGO
ADVANTAGE Corresponding
DOW JONES Dow Jones
TARGET DATE FUND Target Date Index
- ----------------- -----------------
TARGET TODAY FUND Dow Jones Target
Today Index
TARGET 2010 FUND Dow Jones Target
2010 Index
TARGET 2015 FUND Dow Jones Target
2015 Index
TARGET 2020 FUND Dow Jones Target
2020 Index
TARGET 2025 FUND Dow Jones Target
2025 Index
TARGET 2030 FUND Dow Jones Target
2030 Index
TARGET 2035 FUND Dow Jones Target
2035 Index
TARGET 2040 FUND Dow Jones Target
2040 Index
TARGET 2045 FUND Dow Jones Target
2045 Index
TARGET 2050 FUND Dow Jones Target
2050 Index
PORTFOLIO ALLOCATION(1) (AS OF AUGUST 31, 2009)
TARGET TODAY FUND
(PIE CHART)
International Stocks (5%)
Domestic Stocks (10%)
Bonds (80%)
Cash (5%)
TARGET 2010 FUND
(PIE CHART)
International Stocks (9%)
Domestic Stocks (17%)
Bonds (70%)
Cash (4%)
TARGET 2015 FUND
(PIE CHART)
International Stocks (12%)
Domestic Stocks (24%)
Bonds (60%)
Cash (4%)
TARGET 2020 FUND
(PIE CHART)
International Stocks (16%)
Domestic Stocks (32%)
Bonds (48%)
Cash (4%)
TARGET 2025 FUND
(PIE CHART)
International Stocks (20%)
Domestic Stocks (41%)
Bonds (35%)
Cash (4%)
TARGET 2030 FUND
(PIE CHART)
International Stocks (24%)
Domestic Stocks (49%)
Bonds (23%)
Cash (4%)
PLEASE SEE FOOTNOTES ON PP 10-11.
Wells Fargo Advantage Dow Jones Target Date Funds 5
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
PORTFOLIO ALLOCATION(1) (AS OF AUGUST 31, 2009) (continued)
TARGET 2035 FUND
(PIE CHART)
International Stocks (27%)
Domestic Stocks (56%)
Bonds (13%)
Cash (4%)
TARGET 2040 FUND
(PIE CHART)
International Stocks (29%)
Domestic Stocks (59%)
Bonds (8%)
Cash (4%)
TARGET 2045 FUND
(PIE CHART)
International Stocks (30%)
Domestic Stocks (60%)
Bonds (6%)
Cash (4%)
TARGET 2050 FUND
(PIE CHART)
International Stocks (30%)
Domestic Stocks (60%)
Bonds (6%)
Cash (4%)
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Global Index Advisors, Inc.
PORTFOLIO MANAGERS
Rodney H. Alldredge
George V. Daniels, Jr.
James P. Lauder
FUND INCEPTION
Target Today Fund - March 1, 1994
Target 2010 Fund - March 1, 1994
Target 2015 Fund - June 29, 2007
Target 2020 Fund - March 1, 1994
Target 2025 Fund - June 29, 2007
Target 2030 Fund - March 1, 1994
Target 2035 Fund - June 29, 2007
Target 2040 Fund - March 1, 1994
Target 2045 Fund - June 29, 2007
Target 2050 Fund - June 29, 2007
PLEASE SEE FOOTNOTES ON PP 10-11.
6 Wells Fargo Advantage Dow Jones Target Date Funds
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURNS(2) (%) (AS OF AUGUST 31, 2009)
Including Sales Charge Excluding Sales Charge Expense Ratio
WELLS FARGO ADVANTAGE ------------------------------------- --------------------------------------- -----------------
DOW JONES TARGET TODAY FUND(3) 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(8) Net(9)
- ------------------------------ --------- ------ ------ ------- --------- ------ ------ --------- -------- ------
Class A (STWRX) 6.30 (1.71) 2.81 3.32 12.77 4.31 4.04 3.94 1.27 0.98
Class B (WFOKX) 7.38 (1.45) 2.91 3.49 12.38 3.55 3.26 3.49 2.02 1.73
Class C (WFODX) 11.42 2.48 3.25 3.27 12.42 3.48 3.25 3.27 2.02 1.73
Administrator (WFLOX) 12.91 4.56 4.34 4.21 1.09 0.80
Institutional (WOTDX) 13.13 4.90 4.58 4.33 0.81 0.45
Investor (WFBTX) 12.93 4.53 4.29 4.19 1.36 0.86
BENCHMARKS
Dow Jones Target Today
Index(4) 13.70 5.32 5.00 5.93
Russell 3000(R) Index(5) 41.83 (18.63) 1.04 0.06
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 4.96 6.31
Including Sales Charge Excluding Sales Charge Expense Ratio
WELLS FARGO ADVANTAGE ------------------------------------- --------------------------------------- -----------------
DOW JONES TARGET 2010 FUND(7) 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(8) Net(9)
- ------------------------------ --------- ------ ------ ------- --------- ------ ------ --------- -------- ------
Class A (STNRX) 10.50 (6.07) 2.54 2.40 17.25 (0.32) 3.77 3.01 1.25 1.01
Class B (SPTBX) 11.87 (5.97) 2.64 2.55 16.87 (0.97) 3.00 2.55 2.00 1.76
Class C (WFOCX) 15.90 (2.02) 3.00 2.33 16.90 (1.02) 3.00 2.33 2.00 1.76
Administrator (WFLGX) 17.45 0.01 4.09 3.26 1.07 0.83
Institutional (WFOAX) 17.58 0.32 4.30 3.37 0.80 0.48
Investor (WFCTX) 17.48 (0.02) 4.05 3.24 1.36 0.89
BENCHMARKS
Dow Jones Target 2010
Index(4) 18.20 0.55 5.19 5.40
Russell 3000(R) Index(5) 41.83 (18.63) 1.04 0.06
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 4.96 6.31
Expense Ratio
WELLS FARGO ADVANTAGE Since -----------------
DOW JONES TARGET 2015 FUND 6 Months* 1 Year Inception Gross(8) Net(9)
- -------------------------- --------- ------ --------- -------- ------
Administrator (WFFFX) 21.79 (2.79) (2.06) 1.37 0.84
Institutional (WFSCX) 22.01 (2.52) (1.84) 1.06 0.49
Investor (WFQEX) 21.75 (2.83) (2.06) 1.60 0.90
BENCHMARKS
Dow Jones Target 2015
Index(4) 22.44 (2.46) (1.38)
Russell 3000(R) Index(5) 41.83 (18.63) (14.30)
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 7.36
* 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 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.
CURRENTLY CLASS A SHARES ARE CLOSED TO NEW INVESTORS. CLASS B SHARES ARE CLOSED
TO NEW INVESTORS AND ADDITIONAL INVESTMENTS FROM EXISTING SHAREHOLDERS, EXCEPT
IN CONNECTION WITH THE REINVESTMENT OF ANY DISTRIBUTION AND PERMITTED EXCHANGES.
PLEASE SEE FOOTNOTES ON PP 10-11.
Wells Fargo Advantage Dow Jones Target Date Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURNS(2) (%) (AS OF AUGUST 31, 2009) (continued)
Including Sales Charge Excluding Sales Charge Expense Ratio
WELLS FARGO ADVANTAGE ------------------------------------- --------------------------------------- -----------------
DOW JONES TARGET 2020 FUND(7) 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(8) Net(9)
- ------------------------------ --------- ------ ------ ------- --------- ------ ------ --------- -------- ------
Class A (STTRX) 19.55 (11.44) 2.07 1.12 26.78 (6.03) 3.29 1.73 1.24 1.03
Class B (STPBX) 21.31 (11.70) 2.15 1.29 26.31 (6.70) 2.52 1.29 1.99 1.78
Class C (WFLAX) 25.24 (7.76) 2.51 1.06 26.24 (6.76) 2.51 1.06 1.99 1.78
Administrator (WFLPX) 26.91 (5.72) 3.61 2.02 1.06 0.85
Institutional (WFOBX) 26.98 (5.58) 3.84 2.14 0.79 0.50
Investor (WFDTX) 26.80 (5.83) 3.58 2.00 1.35 0.91
BENCHMARKS
Dow Jones Target 2020
Index(4) 27.54 (5.57) 5.24 4.80
Russell 3000(R) Index(5) 41.83 (18.63) 1.04 0.06
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 4.96 6.31
Expense Ratio
WELLS FARGO ADVANTAGE Since -----------------
DOW JONES TARGET 2025 FUND 6 Months* 1 Year Inception Gross(8) Net(9)
- -------------------------- --------- ------ --------- -------- ------
Administrator (WFTRX) 33.06 (8.36) (7.02) 1.35 0.85
Institutional (WFTYX) 33.07 (8.06) (6.86) 1.07 0.50
Investor (WFGYX) 32.89 (8.31) (7.04) 1.60 0.91
BENCHMARKS
Dow Jones Target 2025
Index(4) 33.54 (8.33) (6.64)
Russell 3000(R) Index(5) 41.83 (18.63) (14.30)
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 7.36
* Returns for periods of less than one year are not annualized.
The target date represents the year in which investors may likely begin
withdrawing assets. The Funds gradually seek to reduce market risk as the target
date approaches and after it arrives by decreasing equity exposure and
increasing fixed income exposure. The principal value is not guaranteed at any
time, including at the target date.
Stock values fluctuate in response to the activities of individual companies and
general market and economic conditions. Bond values fluctuate in response to the
financial condition of individual issuers, general market and economic
conditions, and changes in interest rates. In general, when interest rates rise,
bond values fall and investors may lose principal value. 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). The Funds are exposed to foreign
investment risk, mortgage- and asset-backed securities risk, smaller company
investment risk and allocation methodology risk (risk that the allocation
methodology of the Dow Jones Target Date Index, whose total returns the Fund
seeks to approximate, before fees and expenses, will not meet an investor's
goals). Consult the Fund's prospectus for additional information on these and
other risks.
PLEASE SEE FOOTNOTES ON PP 10-11.
8 Wells Fargo Advantage Dow Jones Target Date Funds
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURNS(2) (%) (AS OF AUGUST 31, 2009) (continued)
Including Sales Charge Excluding Sales Charge Expense Ratio
WELLS FARGO ADVANTAGE ------------------------------------- --------------------------------------- -----------------
DOW JONES TARGET 2030 FUND(7) 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(8) Net(9)
- ------------------------------ --------- ------ ------ ------- --------- ------ ------ --------- -------- ------
Class A (STHRX) 30.47 (16.10) 1.28 0.29 38.46 (10.99) 2.49 0.89 1.28 1.04
Class B (SGPBX) 32.95 (16.57) 1.36 0.45 37.95 (11.57) 1.73 0.45 2.03 1.79
Class C (WFDMX) 36.96 (12.59) 1.73 0.23 37.96 (11.59) 1.73 0.23 2.02 1.79
Administrator (WFLIX) 38.71 (10.66) 2.81 1.16 1.10 0.86
Institutional (WFOOX) 38.68 (10.53) 3.02 1.27 0.83 0.51
Investor (WFETX) 38.59 (10.70) 2.77 1.15 1.39 0.92
BENCHMARKS
Dow Jones Target 2030
Index(4) 39.15 (10.74) 5.08 4.26
Russell 3000(R) Index(5) 41.83 (18.63) 1.04 0.06
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 4.96 6.31
Expense Ratio
WELLS FARGO ADVANTAGE Since -----------------
DOW JONES TARGET 2035 FUND 6 Months* 1 Year Inception Gross(8) Net(9)
- -------------------------- --------- ------ --------- -------- ------
Administrator (WFQWX) 43.16 (12.12) (10.45) 1.61 0.87
Institutional (WFQRX) 43.24 (11.84) (10.32) 1.32 0.52
Investor (WFQTX) 42.97 (12.16) (10.49) 1.82 0.93
BENCHMARKS
Dow Jones Target 2035
Index(4) 43.53 (12.53) (10.33)
Russell 3000(R) Index(5) 41.83 (18.63) (14.30)
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 7.36
Including Sales Charge Excluding Sales Charge Expense Ratio
WELLS FARGO ADVANTAGE ------------------------------------- --------------------------------------- -----------------
DOW JONES TARGET 2040 FUND(7) 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(8) Net(9)
- ------------------------------ --------- ------ ------ ------- --------- ------ ------ --------- -------- ------
Class A (STFRX) 37.19 (18.53) 1.16 (0.51) 45.52 (13.56) 2.37 0.08 1.31 1.05
Class B (SLPBX) 40.01 (19.18) 1.23 (0.35) 45.01 (14.18) 1.61 (0.35) 2.06 1.80
Class C (WFOFX) 43.97 (15.16) 1.61 (0.58) 44.97 (14.16) 1.61 (0.58) 2.05 1.80
Administrator (WFLWX) 45.62 (13.32) 2.68 0.37 1.13 0.87
Institutional (WFOSX) 45.98 (13.12) 2.91 0.49 0.86 0.52
Investor (WFFTX) 45.65 (13.36) 2.64 0.35 1.41 0.93
BENCHMARKS
Dow Jones Target 2040
Index(4) 46.10 (13.46) 4.69 4.00
Russell 3000(R) Index(5) 41.83 (18.63) 1.04 0.06
Barclays Capital U.S.
Aggregate Index(6) 5.95 7.94 4.96 6.31
* Returns for periods of less than one year are not annualized.
PLEASE SEE FOOTNOTES ON PP 10-11.
Wells Fargo Advantage Dow Jones Target Date Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURNS(2) (%) (AS OF AUGUST 31, 2009 (continued)
Expense Ratio
Since -----------------
WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND 6 Months* 1 Year Inception Gross(8) Net(9)
- ------------------------------------------------ --------- ------ --------- -------- ------
Administrator (WFQYX) 46.19 (12.47) (11.05) 2.34 0.87
Institutional (WFQPX) 46.12 (12.38) (10.92) 2.02 0.52
Investor (WFQSX) 45.90 (12.65) (11.17) 2.58 0.93
BENCHMARKS
Dow Jones Target 2045 Index(4) 46.63 (13.55) (11.21)
Russell 3000(R) Index(5) 41.83 (18.63) (14.30)
Barclays Capital U.S. Aggregate Index(6) 5.95 7.94 7.36
Expense Ratio
Since -----------------
WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND 6 Months* 1 Year Inception Gross(8) Net(9)
- ------------------------------------------------ --------- ------ --------- -------- ------
Administrator (WFQDX) 46.06 (12.96) (11.26) 1.48 0.87
Institutional (WFQFX) 46.17 (12.79) (11.06) 1.19 0.52
Investor (WFQGX) 45.95 (13.09) (11.32) 1.73 0.93
BENCHMARKS
Dow Jones Target 2050 Index(4) 46.63 (13.55) (11.21)
Russell 3000(R) Index(5) 41.83 (18.63) (14.30)
Barclays Capital U.S. Aggregate Index(6) 5.95 7.94 7.36
* Returns for periods of less than one year are not annualized.
PLEASE SEE FOOTNOTES ON PP 10-11.
10 Wells Fargo Advantage Dow Jones Target Date Funds
Performance Highlights
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED)
(1.) This chart represents the composite of the portfolio allocations of the
Master Portfolios in which the Fund invests and is calculated based on the
total investments of the Master Portfolios, excluding cash and cash
equivalents. Portfolio holdings are subject to change and may have changed
since the date specified. See notes to the Financial Statements for a
discussion of the Master Portfolio.
(2.) The Funds are gateway funds that invest in various master portfolios which
in turn invest in a combination of equity, fixed income and money market
securities using an asset allocation strategy designed to replicate, before
fees and expenses, the total return of the Dow Jones Target Date Indexes
that have the same target year as the Funds. References to the investment
activities of the Funds are intended to refer to the investment activities
of the underlying master portfolios in which the Funds invest.
(3.) Class A shares incepted on March 1, 1994. Class B shares incepted on August
1, 1998. Class C shares incepted on December 1, 1998. Performance shown
prior to the inception of the Administrator Class on November 8, 1999,
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
shares, but does not include Class A sales charges. If it did include Class
A sales charges, returns would be lower. Performance shown prior to the
inception of the Institutional Class on June 30, 2004, 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 the inception of the Investor Class
shares on January 31, 2007, reflects the performance of the Administrator
Class shares, adjusted to reflect Investor Class expenses (except during
those periods in which expenses of the Investor Class would have been lower
than those of the Administrator Class no such adjustment is reflected).
(4.) The Dow Jones Target Date Indexes (each an "Index" or collectively the
"Indexes") are a series of Indexes designed as benchmarks for multi-asset
class portfolios with risk profiles that become more conservative over
time. The Index weightings among the major asset classes are adjusted
monthly based on a published set of Index rules. The Indexes with longer
time horizons have higher allocations to equity securities, while the
Indexes with shorter time horizons replace some of their stock allocations
with allocations to fixed income securities and money market instruments.
The Index returns reflect hypothetical back-tested performance. You cannot
invest directly in an Index.
(5.) The Russell 3000 Index measures the performance of the 3,000 largest U.S.
companies based on total market capitalization, which represents
approximately 98% of the investable U.S. equity market. You cannot invest
directly in an index.
(6.) The Barclays Capital U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an index.
(7.) Class A shares incepted on March 1, 1994. Class B shares incepted on March
1, 1997. Class C shares incepted on December 1, 1998. Performance shown
prior to the inception of the Administrator Class on November 8,1999,
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
shares, but does not include Class A sales charges. If it did include Class
A sales charges, returns would be lower. Performance shown prior to the
inception of the Institutional Class on June 30, 2004, 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 the inception of the Investor Class
shares on January 31, 2007, reflects the performance of the Administrator
Class shares, adjusted to reflect Investor Class expenses (except during
those periods in which expenses of the Investor Class would have been lower
than those of the Administrator Class no such adjustment is reflected).
(8.) Reflects the gross expense ratio as stated in the prospectus supplement
dated August 13, 2009, to the July 1, 2009 prospectuses. Gross expense
ratios shown are first effective on October 1, 2009.
(9.) The investment adviser has contractually committed through June 30, 2010,
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. Net operating expense ratios shown are
effective on October 1, 2009.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
12 Wells Fargo Advantage Dow Jones Target Date 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 servicing 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 (March 1, 2009 to August 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
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
DOW JONES TARGET TODAY FUND
CLASS A
Actual $1,000.00 $1,127.80 $ 6.17 1.15%
Hypothetical (5% return before expenses) $1,000.00 $1,019.41 $ 5.85 1.15%
CLASS B
Actual $1,000.00 $1,123.80 $10.17 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.63 $ 9.65 1.90%
CLASS C
Actual $1,000.00 $1,024.20 $10.17 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.63 $ 9.65 1.90%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,129.10 $ 4.56 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.92 $ 4.33 0.85%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,131.30 $ 3.33 0.62%
Hypothetical (5% return before expenses) $1,000.00 $1,022.08 $ 3.16 0.62%
INVESTOR CLASS
Actual $1,000.00 $1,129.30 $ 4.88 0.91%
Hypothetical (5% return before expenses) $1,000.00 $1,020.62 $ 4.63 0.91%
Wells Fargo Advantage Dow Jones Target Date Funds 13
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
DOW JONES TARGET 2010 FUND
CLASS A
Actual $1,000.00 $1,172.50 $ 6.46 1.18%
Hypothetical (5% return before expenses) $1,000.00 $1,019.26 $ 6.01 1.18%
CLASS B
Actual $1,000.00 $1,168.70 $10.55 1.93%
Hypothetical (5% return before expenses) $1,000.00 $1,015.48 $ 9.80 1.93%
CLASS C
Actual $1,000.00 $1,169.00 $10.55 1.93%
Hypothetical (5% return before expenses) $1,000.00 $1,015.48 $ 9.80 1.93%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,174.50 $ 4.82 0.88%
Hypothetical (5% return before expenses) $1,000.00 $1,020.77 $ 4.48 0.88%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,175.80 $ 3.56 0.65%
Hypothetical (5% return before expenses) $1,000.00 $1,021.93 $ 3.31 0.65%
INVESTOR CLASS
Actual $1,000.00 $1,174.80 $ 5.15 0.94%
Hypothetical (5% return before expenses) $1,000.00 $1,020.47 $ 4.79 0.94%
DOW JONES TARGET 2015 FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,217.90 $ 4.98 0.89%
Hypothetical (5% return before expenses) $1,000.00 $1,020.72 $ 4.53 0.89%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,220.10 $ 3.69 0.66%
Hypothetical (5% return before expenses) $1,000.00 $1,021.88 $ 3.36 0.66%
INVESTOR CLASS
Actual $1,000.00 $1,217.50 $ 5.31 0.95%
Hypothetical (5% return before expenses) $1,000.00 $1,020.42 $ 4.84 0.95%
DOW JONES TARGET 2020 FUND
CLASS A
Actual $1,000.00 $1,267.80 $ 6.86 1.20%
Hypothetical (5% return before expenses) $1,000.00 $1,019.16 $ 6.11 1.20%
CLASS B
Actual $1,000.00 $1,263.10 $11.12 1.95%
Hypothetical (5% return before expenses) $1,000.00 $1,015.38 $ 9.91 1.95%
CLASS C
Actual $1,000.00 $1,262.40 $11.12 1.95%
Hypothetical (5% return before expenses) $1,000.00 $1,015.38 $ 9.91 1.95%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,269.10 $ 5.15 0.90%
Hypothetical (5% return before expenses) $1,000.00 $1,020.67 $ 4.58 0.90%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,269.80 $ 3.83 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.83 $ 3.41 0.67%
INVESTOR CLASS
Actual $1,000.00 $1,268.00 $ 5.49 0.96%
Hypothetical (5% return before expenses) $1,000.00 $1,020.37 $ 4.89 0.96%
14 Wells Fargo Advantage Dow Jones Target Date Funds
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
DOW JONES TARGET 2025 FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,330.60 $ 5.29 0.90%
Hypothetical (5% return before expenses) $1,000.00 $1,020.67 $ 4.58 0.90%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,330.70 $ 3.94 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.83 $ 3.41 0.67%
INVESTOR CLASS
Actual $1,000.00 $1,328.90 $ 5.64 0.96%
Hypothetical (5% return before expenses) $1,000.00 $1,020.37 $ 4.89 0.96%
DOW JONES TARGET 2030 FUND
CLASS A
Actual $1,000.00 $1,384.60 $ 7.27 1.21%
Hypothetical (5% return before expenses) $1,000.00 $1,019.11 $ 6.16 1.21%
CLASS B
Actual $1,000.00 $1,379.50 $11.76 1.96%
Hypothetical (5% return before expenses) $1,000.00 $1,015.32 $ 9.96 1.96%
CLASS C
Actual $1,000.00 $1,379.60 $11.76 1.96%
Hypothetical (5% return before expenses) $1,000.00 $1,015.32 $ 9.96 1.96%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,387.10 $ 5.48 0.91%
Hypothetical (5% return before expenses) $1,000.00 $1,020.62 $ 4.63 0.91%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,386.80 $ 4.09 0.68%
Hypothetical (5% return before expenses) $1,000.00 $1,021.78 $ 3.47 0.68%
INVESTOR CLASS
Actual $1,000.00 $1,385.90 $ 5.83 0.97%
Hypothetical (5% return before expenses) $1,000.00 $1,020.32 $ 4.94 0.97%
DOW JONES TARGET 2035 FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,431.60 $ 5.64 0.92%
Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,432.40 $ 4.23 0.69%
Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69%
INVESTOR CLASS
Actual $1,000.00 $1,429.70 $ 6.00 0.98%
Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98%
Wells Fargo Advantage Dow Jones Target Date Funds 15
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
DOW JONES TARGET 2040 FUND
CLASS A
Actual $1,000.00 $1,455.20 $ 7.55 1.22%
Hypothetical (5% return before expenses) $1,000.00 $1,019.06 $ 6.21 1.22%
CLASS B
Actual $1,000.00 $1,450.10 $12.17 1.97%
Hypothetical (5% return before expenses) $1,000.00 $1,015.27 $10.01 1.97%
CLASS C
Actual $1,000.00 $1,449.70 $12.16 1.97%
Hypothetical (5% return before expenses) $1,000.00 $1,015.27 $10.01 1.97%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,456.20 $ 5.70 0.92%
Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,459.80 $ 4.28 0.69%
Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69%
INVESTOR CLASS
Actual $1,000.00 $1,456.50 $ 6.07 0.98%
Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98%
DOW JONES TARGET 2045 FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,461.90 $ 5.71 0.92%
Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,461.20 $ 4.28 0.69%
Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69%
INVESTOR CLASS
Actual $1,000.00 $1,459.00 $ 6.07 0.98%
Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98%
DOW JONES TARGET 2050 FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,460.60 $ 5.71 0.92%
Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,461.70 $ 4.28 0.69%
Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69%
INVESTOR CLASS
Actual $1,000.00 $1,459.50 $ 6.08 0.98%
Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98%
- ----------
(1.) Expenses are equal to the Fund's annualized expense ratio of each class
multiplied by the average account value over the period, multiplied by the
number of days in the most recent six-month period divided by 365 (to
reflect the six month period).
16 Wells Fargo Advantage Dow Jones Target Date Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
DOW JONES TARGET TODAY FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.87%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 166,731,970
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 32,084,455
N/A WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT
PORTFOLIO 10,301,704
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $202,706,129) 209,118,129
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $202,706,129)* 99.87% $ 209,118,129
OTHER ASSETS AND LIABILITIES, NET 0.13 266,305
------ ---------------
TOTAL NET ASSETS 100.00% $ 209,384,434
------ ---------------
* Cost for federal income tax purposes is $203,699,143 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 7,361,417
Gross unrealized depreciation (1,942,431)
-----------
Net unrealized appreciation (depreciation) $ 5,418,986
DOW JONES TARGET 2010 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.96%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME
PORTFOLIO $ 357,312,383
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 131,900,562
N/A WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT
PORTFOLIO 20,011,857
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $512,892,895) 509,224,802
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $512,892,895)* 99.96% $ 509,224,802
OTHER ASSETS AND LIABILITIES, NET 0.04 201,690
------ ---------------
TOTAL NET ASSETS 100.00% $ 509,426,492
------ ---------------
* Cost for federal income tax purposes is $517,092,599 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 21,614,766
Gross unrealized depreciation (29,482,563)
------------
Net unrealized appreciation (depreciation) $ (7,867,797)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 17
Portfolio of Investments--August 31, 2009 (Unaudited)
DOW JONES TARGET 2015 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.00%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 51,482,890
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 30,859,911
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 3,359,506
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $83,292,514) 85,702,307
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $83,292,514)* 100.00% $ 85,702,307
OTHER ASSETS AND LIABILITIES, NET 0.00 (1,194)
------ ---------------
TOTAL NET ASSETS 100.00% $ 85,701,113
------ ---------------
* Cost for federal income tax purposes is $83,542,474 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $2,414,928
Gross unrealized depreciation (255,095)
----------
Net unrealized appreciation (depreciation) $2,159,833
DOW JONES TARGET 2020 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.94%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 487,670,797
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 483,123,446
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 39,477,972
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $1,041,228,594) 1,010,272,215
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,041,228,594)* 99.94% $ 1,010,272,215
OTHER ASSETS AND LIABILITIES, NET 0.06 567,762
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,010,839,977
------ ---------------
* Cost for federal income tax purposes is $1,051,208,837 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 56,943,673
Gross unrealized depreciation (97,880,295)
------------
Net unrealized appreciation (depreciation) $(40,936,622)
The accompanying notes are an integral part of these financial statements.
18 Wells Fargo Advantage Dow Jones Target Date Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
DOW JONES TARGET 2025 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.95%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 37,801,692
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 66,899,204
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 4,242,129
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $105,353,863) 108,943,025
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $105,353,863)* 99.95% $ 108,943,025
OTHER ASSETS AND LIABILITIES, NET 0.05 56,781
------ ---------------
TOTAL NET ASSETS 100.00% $ 108,999,806
------ ---------------
* Cost for federal income tax purposes is $123,715,663 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 3,589,426
Gross unrealized depreciation (18,362,064)
------------
Net unrealized appreciation (depreciation) $(14,772,638)
DOW JONES TARGET 2030 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.97%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 172,057,828
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 562,578,222
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 29,666,788
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $795,498,769) 764,302,838
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $795,498,769)* 99.97% $ 764,302,838
OTHER ASSETS AND LIABILITIES, NET 0.03 224,267
------ ---------------
TOTAL NET ASSETS 100.00% $ 764,527,105
------ ---------------
* Cost for federal income tax purposes is $802,804,672 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 52,004,645
Gross unrealized depreciation (90,506,479)
------------
Net unrealized appreciation (depreciation) $(38,501,834)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 19
Portfolio of Investments--August 31, 2009 (Unaudited)
DOW JONES TARGET 2035 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.93%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 8,844,045
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 55,635,053
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 2,597,243
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $64,718,409) 67,076,341
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $64,718,409)* 99.93% $ 67,076,341
OTHER ASSETS AND LIABILITIES, NET 0.07 45,362
------ ---------------
TOTAL NET ASSETS 100.00% $ 67,121,703
------ ---------------
* Cost for federal income tax purposes is $65,016,301 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $2,358,548
Gross unrealized depreciation (298,508)
----------
Net unrealized appreciation (depreciation) $2,060,040
DOW JONES TARGET 2040 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.95%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 39,772,568
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 456,853,958
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 19,974,516
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $543,072,953) 516,601,042
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $543,072,953)* 99.95% $ 516,601,042
OTHER ASSETS AND LIABILITIES, NET 0.05 250,885
------ ---------------
TOTAL NET ASSETS 100.00% $ 516,851,927
------ ---------------
* Cost for federal income tax purposes is $547,466,242 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 50,976,312
Gross unrealized depreciation (81,841,512)
------------
Net unrealized appreciation (depreciation) $(30,865,200)
The accompanying notes are an integral part of these financial statements.
20 Wells Fargo Advantage Dow Jones Target Date Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
DOW JONES TARGET 2045 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.43%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 1,924,867
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 26,675,563
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 1,149,925
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $28,653,102) 29,750,355
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $28,653,102)* 99.43% $ 29,750,355
OTHER ASSETS AND LIABILITIES, NET 0.57 170,593
------ ---------------
TOTAL NET ASSETS 100.00% $ 29,920,948
------ ---------------
* Cost for federal income tax purposes is $28,784,147 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $1,097,451
Gross unrealized depreciation (131,243)
----------
Net unrealized appreciation (depreciation) $ 966,208
DOW JONES TARGET 2050 FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
- --------------- -------------------------------------------- ---------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.77%
N/A WELLS FARGO ADVANTAGE DIVERSIFIED FIXED
INCOME PORTFOLIO $ 6,160,913
N/A WELLS FARGO ADVANTAGE DIVERSIFIED STOCK
PORTFOLIO 85,380,202
N/A WELLS FARGO ADVANTAGE SHORT-TERM
INVESTMENT PORTFOLIO 3,680,558
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS
(COST $90,282,254) 95,221,673
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $90,282,254)* 99.77% $ 95,221,673
OTHER ASSETS AND LIABILITIES, NET 0.23 218,408
------ ---------------
TOTAL NET ASSETS 100.00% $ 95,440,081
------ ---------------
* Cost for federal income tax purposes is $90,659,040 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $4,939,798
Gross unrealized depreciation (377,165)
----------
Net unrealized appreciation (depreciation) $4,562,633
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
22 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Target Today Target 2010
Fund Fund
------------ ------------
ASSETS
Investments in affiliated securities at value (see cost below) ........... $209,118,129 $509,224,802
------------ ------------
Receivable for Fund shares issued ........................................ 320,165 451,365
Prepaid expenses and other assets ........................................ 9,554 0
------------ ------------
Total assets ................................................................ 209,447,848 509,676,167
------------ ------------
LIABILITIES
Payable for Fund shares redeemed ......................................... 5,900 40,009
Payable to investment advisor and affiliates (Note 3) .................... 57,514 154,454
Accrued expenses and other liabilities ................................... 0 55,212
------------ ------------
Total liabilities ........................................................... 63,414 249,675
------------ ------------
TOTAL NET ASSETS ............................................................ $209,384,434 $509,426,492
============ ============
NET ASSETS CONSIST OF
Paid-in capital .......................................................... $206,367,731 $527,498,027
Undistributed net investment income ...................................... 960,537 2,262,983
Undistributed net realized loss on investments ........................... (4,355,834) (16,666,425)
Net unrealized appreciation (depreciation) of investments ................ 6,412,000 (3,668,093)
------------ ------------
TOTAL NET ASSETS ............................................................ $209,384,434 $509,426,492
============ ============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ..................................................... $ 22,334,864 $ 43,089,190
Shares outstanding - Class A ............................................. 2,265,382 3,670,444
Net asset value per share - Class A ...................................... $ 9.86 $ 11.74
Maximum offering price per share - Class A(2) ............................ $ 10.46 $ 12.46
Net assets - Class B ..................................................... $ 2,942,703 $ 3,641,216
Shares outstanding - Class B ............................................. 290,913 308,916
Net asset value and offering price per share - Class B ................... $ 10.12 $ 11.79
Net assets - Class C ..................................................... $ 5,199,499 $ 2,593,261
Shares outstanding - Class C ............................................. 516,517 218,121
Net asset value and offering price per share - Class C ................... $ 10.07 $ 11.89
Net assets - Administrator Class ......................................... $ 54,212,786 $140,213,963
Shares outstanding - Administrator Class ................................. 5,393,955 11,834,722
Net asset value and offering price per share - Administrator Class ....... $ 10.05 $ 11.85
Net assets - Institutional Class ......................................... $ 95,955,756 $300,611,969
Shares outstanding - Institutional Class ................................. 9,542,574 25,375,825
Net asset value and offering price per share - Institutional Class ....... $ 10.06 $ 11.85
Net assets - Investor Class .............................................. $ 28,738,826 $ 19,276,893
Shares outstanding - Investor Class ...................................... 2,864,811 1,629,895
Net asset value and offering price per share - Investor Class ............ $ 10.03 $ 11.83
------------ ------------
Investments at cost $202,706,129 $512,892,895
------------ ------------
- ----------
(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 Dow Jones Target Date Funds 23
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040
Fund Fund Fund Fund Fund Fund
- ------------ -------------- ------------ ------------- ------------ ------------
$ 85,702,307 $1,010,272,215 $108,943,025 $ 764,302,838 $ 67,076,341 $516,601,042
- ------------ -------------- ------------ ------------- ------------ ------------
62,808 1,034,668 130,223 618,606 111,439 555,369
0 0 0 0 0 0
- ------------ -------------- ------------ ------------- ------------ ------------
85,765,115 1,011,306,883 109,073,248 764,921,444 67,187,780 517,156,411
- ------------ -------------- ------------ ------------- ------------ ------------
0 181 0 61,362 0 38,813
16,305 326,536 23,665 246,786 11,021 178,266
47,697 140,189 49,777 86,191 55,056 87,405
- ------------ -------------- ------------ ------------- ------------ ------------
64,002 466,906 73,442 394,339 66,077 304,484
- ------------ -------------- ------------ ------------- ------------ ------------
$ 85,701,113 $1,010,839,977 $108,999,806 $ 764,527,105 $ 67,121,703 $516,851,927
============ ============== ============ ============= ============ ============
$ 85,164,879 $1,087,054,325 $108,252,902 $ 838,991,447 $ 66,731,376 $576,431,301
330,469 3,645,660 332,227 2,037,207 157,079 1,028,119
(2,204,028) (48,903,629) (3,174,485) (45,305,618) (2,124,684) (34,135,582)
2,409,793 (30,956,379) 3,589,162 (31,195,931) 2,357,932 (26,471,911)
- ------------ -------------- ------------ ------------- ------------ ------------
$ 85,701,113 $1,010,839,977 $108,999,806 $ 764,527,105 $ 67,121,703 $516,851,927
============ ============== ============ ============= ============ ============
NA $ 73,750,796 NA $ 62,104,070 NA $ 96,491,806
NA 6,136,262 NA 5,222,877 NA 7,637,218
NA $ 12.02 NA $ 11.89 NA $ 12.63
NA $ 12.75 NA $ 12.62 NA $ 13.40
NA $ 5,689,699 NA $ 3,599,084 NA $ 4,148,609
NA 477,441 NA 308,499 NA 343,536
NA $ 11.92 NA $ 11.67 NA $ 12.08
NA $ 2,246,762 NA $ 1,643,761 NA $ 1,921,095
NA 187,008 NA 140,747 NA 159,569
NA $ 12.01 NA $ 11.68 NA $ 12.04
$ 21,666,967 $ 278,673,205 $ 19,284,827 $ 197,799,252 $ 8,550,827 $131,818,399
2,450,459 22,883,426 2,338,152 16,457,359 1,113,443 10,263,968
$ 8.84 $ 12.18 $ 8.25 $ 12.02 $ 7.68 $ 12.84
$ 33,987,666 $ 616,992,606 $ 45,327,613 $ 468,383,868 $ 28,927,078 $268,376,524
3,886,229 50,561,611 5,510,903 38,956,133 3,796,771 20,870,714
$ 8.75 $ 12.20 $ 8.23 $ 12.02 $ 7.62 $ 12.86
$ 30,046,480 $ 33,486,909 $ 44,387,366 $ 30,997,070 $ 29,643,798 $ 14,095,494
3,394,587 2,750,612 5,386,372 2,581,680 3,847,871 1,098,363
$ 8.85 $ 12.17 $ 8.24 $ 12.01 $ 7.70 $ 12.83
- ------------ -------------- ------------ ------------- ------------ ------------
$ 83,292,514 $1,041,228,594 $105,353,863 $ 795,498,769 $ 64,718,409 $543,072,953
- ------------ -------------- ------------ ------------- ------------ ------------
24 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Target 2045 Target 2050
Fund Fund
----------- -----------
ASSETS
Investments in affiliated securities at value (see cost below)............ $29,750,355 $95,221,673
----------- -----------
Receivable for Fund shares issued......................................... 223,552 286,227
Receivable from investment advisor and affiliates (Note 3)................ 1,021 0
----------- -----------
Total assets................................................................. 29,974,928 95,507,900
----------- -----------
LIABILITIES
Payable to investment advisor and affiliates (Note 3)..................... 0 19,478
Accrued expenses and other liabilities.................................... 53,980 48,341
----------- -----------
Total liabilities............................................................ 53,980 67,819
----------- -----------
TOTAL NET ASSETS............................................................. $29,920,948 $95,440,081
=========== ===========
NET ASSETS CONSIST OF
Paid-in capital........................................................... $29,563,127 $90,895,791
Undistributed net investment income....................................... 65,596 217,003
Undistributed net realized loss on investments............................ (805,028) (612,132)
Net unrealized appreciation (depreciation) of investments................. 1,097,253 4,939,419
----------- -----------
TOTAL NET ASSETS............................................................. $29,920,948 $95,440,081
=========== ===========
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Administrator Class.......................................... $ 4,252,450 $27,198,644
Shares outstanding - Administrator Class.................................. 562,002 3,601,533
Net asset value and offering price per share - Administrator Class........ $ 7.57 $ 7.55
Net assets - Institutional Class.......................................... $16,867,808 $64,946,887
Shares outstanding - Institutional Class.................................. 2,239,846 8,603,180
Net asset value and offering price per share - Institutional Class........ $ 7.53 $ 7.55
Net assets - Investor Class............................................... $ 8,800,690 $ 3,294,550
Shares outstanding - Investor Class....................................... 1,158,983 435,622
Net asset value and offering price per share - Investor Class............. $ 7.59 $ 7.56
----------- -----------
Investments at cost.......................................................... $28,653,102 $90,282,254
----------- -----------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
26 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
Target Today Target 2010
Fund Fund
----------- ------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios(1) ............. $ 393,693 $ 1,630,070
Interest allocated from affiliated Master Portfolios ................. 2,951,988 6,425,626
Expenses allocated from affiliated Master Portfolios ................. (322,710) (825,349)
Waivers allocated from affiliated Master Portfolios .................. 28,940 79,520
----------- ------------
Total investment income ................................................. 3,051,911 7,309,867
----------- ------------
EXPENSES
Advisory fees ........................................................ 227,582 566,085
Administration fees
Fund Level ........................................................ 45,516 113,217
Class A ........................................................... 30,379 58,009
Class B ........................................................... 4,394 5,265
Class C ........................................................... 6,904 3,536
Administrator Class ............................................... 24,477 61,674
Institutional Class ............................................... 33,750 106,667
Investor Class .................................................... 36,040 28,748
Shareholder servicing fees (Note 3) .................................. 121,904 232,535
Accounting fees ...................................................... 20,148 23,783
Distribution fees (Note 3)
Class B ........................................................... 11,769 14,102
Class C ........................................................... 18,494 9,472
Professional fees .................................................... 13,359 13,274
Registration fees .................................................... 12,646 13,092
Shareholder reports .................................................. 10,915 37,850
Trustees' fees ....................................................... 5,289 5,289
Other fees and expenses .............................................. 4,334 8,219
----------- ------------
Total expenses .......................................................... 627,900 1,300,817
----------- ------------
LESS
Waived fees and reimbursed expenses (Note 3) ......................... (168,147) (263,828)
Net expenses ......................................................... 459,753 1,036,989
----------- ------------
Net investment income ................................................... 2,592,158 6,272,878
----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from
Securities transactions allocated from affiliated Master Portfolios .. (2,153,730) (12,340,474)
Forwards and futures transactions allocated from affiliated Master
Portfolios ........................................................ 70,229 275,703
----------- ------------
Net realized gain and loss from investments ............................. (2,083,501) (12,064,771)
----------- ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from affiliated Master Portfolios .. 21,487,354 78,104,838
Forwards and futures transactions allocated from affiliated Master
Portfolios ........................................................ 0 0
----------- ------------
Net change in unrealized appreciation (depreciation) of investments ..... 21,487,354 78,104,838
----------- ------------
Net realized and unrealized gain on investments ......................... 19,403,853 66,040,067
----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................... $21,996,011 $ 72,312,945
=========== ============
(1) Net of foreign withholding taxes of ................................. $ 38,542 $ 124,891
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 27
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050
Fund Fund Fund Fund Fund Fund Fund Fund
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
$ 298,469 $ 5,464,670 $ 604,459 $ 5,840,882 $ 481,771 $ 4,667,638 $ 224,875 $ 753,079
753,093 8,270,245 532,374 2,764,969 123,626 670,418 28,114 93,945
(115,995) (1,621,761) (149,251) (1,214,032) (92,986) (838,127) (40,930) (136,551)
13,399 185,605 20,344 162,713 14,069 120,245 6,435 20,911
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
948,966 12,298,759 1,007,926 7,554,532 526,480 4,620,174 218,494 731,384
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
77,986 1,063,670 95,411 758,014 57,064 509,330 24,796 82,899
15,597 212,734 19,082 151,603 11,413 101,866 4,959 16,580
NA 94,339 NA 76,974 NA 118,005 NA NA
NA 7,813 NA 4,776 NA 5,446 NA NA
NA 2,837 NA 2,088 NA 2,325 NA NA
7,894 118,814 6,687 79,269 3,035 51,898 1,379 9,378
11,441 205,508 14,747 146,378 9,125 81,271 4,995 18,141
34,195 46,637 49,565 41,883 31,864 20,235 8,722 4,203
42,232 421,456 49,326 300,583 28,549 255,358 9,186 26,209
18,014 46,292 20,804 33,036 23,728 25,513 21,083 20,950
NA 20,928 NA 12,792 NA 14,588 NA NA
NA 7,599 NA 5,592 NA 6,228 NA NA
13,183 13,324 13,183 13,498 13,183 13,308 13,183 13,183
7,783 20,296 7,420 17,455 6,635 13,513 5,650 5,976
512 54,972 611 45,353 3,048 28,159 2,584 825
5,289 5,289 5,289 5,289 5,289 5,289 5,289 5,289
1,838 12,546 1,887 9,358 1,687 7,332 1,585 1,764
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
235,964 2,355,054 284,012 1,703,941 194,620 1,259,664 103,411 205,397
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
(88,430) (412,641) (104,019) (308,239) (84,744) (186,464) (59,641) (67,464)
147,534 1,942,413 179,993 1,395,702 109,876 1,073,200 43,770 137,933
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
801,432 10,356,346 827,933 6,158,830 416,604 3,546,974 174,724 593,451
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
(1,397,486) (38,174,559) (2,450,036) (37,061,471) (1,818,506) (29,045,233) (815,066) (1,978,655)
57,611 994,849 313,491 1,112,523 509,767 908,192 280,389 2,210,716
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
(1,339,875) (37,179,710) (2,136,545) (35,948,948) (1,308,739) (28,137,041) (534,677) 232,061
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
12,352,204 224,365,138 21,486,795 220,295,129 15,916,309 170,771,176 7,180,814 22,217,311
15,231 0 71,618 0 79,148 0 39,811 221,737
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
12,367,435 224,365,138 21,558,413 220,295,129 15,995,457 170,771,176 7,220,625 22,439,048
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
11,027,560 187,185,428 19,421,868 184,346,181 14,686,718 142,634,135 6,685,948 22,671,109
- ----------- ------------- ------------ ------------- ----------- ------------ ----------- -----------
$11,828,992 $ 197,541,774 $ 20,249,801 $ 190,505,011 $15,103,322 $146,181,109 $6,860,672 $23,264,560
=========== ============= ============ ============= =========== ============ =========== ===========
$ 19,763 $ 336,153 $ 34,626 $ 322,063 $ 25,818 $ 248,842 $ 11,881 $ 39,857
28 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET TODAY FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................. $160,314,177 $ 146,979,992
OPERATIONS
Net investment income ................................................ 2,592,158 4,650,810
Net realized gain (loss) on investments .............................. (2,083,501) (1,340,293)
Net change in unrealized appreciation (depreciation) of investments .. 21,487,354 (18,041,297)
------------ -------------
Net increase (decrease) in net assets resulting from operations ......... 21,996,011 (14,730,780)
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ........................................................... (289,195) (808,055)
Class B ........................................................... (24,905) (128,704)
Class C ........................................................... (42,316) (127,764)
Administrator Class ............................................... (711,844) (1,480,685)
Institutional Class ............................................... (1,252,691) (2,250,697)
Investor Class .................................................... (278,504) (241,915)
Net realized gain on sales of investments
Class A ........................................................... 0 (132,564)
Class B ........................................................... 0 (26,924)
Class C ........................................................... 0 (30,619)
Administrator Class ............................................... 0 (258,535)
Institutional Class ............................................... 0 (422,684)
Investor Class .................................................... 0 (49,256)
------------ -------------
Total distributions to shareholders ..................................... (2,599,455) (5,958,402)
------------ -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................. 1,869,843 9,901,851
Reinvestment of distributions - Class A .............................. 268,323 904,794
Cost of shares redeemed - Class A .................................... (2,258,739) (17,692,177)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ............................................ (120,573) (6,885,532)
------------ -------------
Proceeds from shares sold - Class B .................................. 812 28,883
Reinvestment of distributions - Class B .............................. 22,723 142,273
Cost of shares redeemed - Class B .................................... (981,252) (4,288,473)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ............................................ (957,717) (4,117,317)
------------ -------------
Proceeds from shares sold - Class C .................................. 4,916,213 36,123
Reinvestment of distributions - Class C .............................. 37,957 144,812
Cost of shares redeemed - Class C .................................... (5,027,167) (1,573,860)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................ (72,997) (1,392,925)
------------ -------------
Proceeds from shares sold - Administrator Class ...................... 30,026,332 75,196,220
Reinvestment of distributions - Administrator Class .................. 711,844 1,738,449
Cost of shares redeemed - Administrator Class ........................ (24,772,802) (76,389,886)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................ 5,965,374 544,783
------------ -------------
Proceeds from shares sold - Institutional Class ...................... 75,886,933 183,033,949
Reinvestment of distributions - Institutional Class .................. 1,247,022 2,655,934
Cost of shares redeemed - Institutional Class ........................ (66,647,298) (150,833,668)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Institutional Class ................................ 10,486,657 34,856,215
------------ -------------
Proceeds from shares sold - Investor Class ........................... 35,460,866 21,764,635
Reinvestment of distributions - Investor Class ....................... 278,504 291,107
Cost of shares redeemed - Investor Class ............................. (21,366,413) (11,037,599)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ..................................... 14,372,957 11,018,143
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ................................................. 29,673,701 34,023,367
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS ................................... 49,070,257 13,334,185
------------ -------------
ENDING NET ASSETS ....................................................... $209,384,434 $ 160,314,177
============ =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 29
Statements of Changes in Net Assets
TARGET 2010 FUND TARGET 2015 FUND TARGET 2020 FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
$407,331,133 $ 424,028,803 $ 43,098,101 $ 21,691,396 $ 692,955,154 $ 753,057,819
6,272,878 13,065,857 801,432 931,370 10,356,346 19,510,432
(12,064,771) (557,238) (1,339,875) (470,984) (37,179,710) (3,662,201)
78,104,838 (91,341,916) 12,367,435 (9,942,491) 224,365,138 (262,102,804)
------------ ------------- ------------ ------------ -------------- -------------
72,312,945 (78,833,297) 11,828,992 (9,482,105) 197,541,774 (246,254,573)
------------ ------------- ------------ ------------ -------------- -------------
(559,834) (1,529,344) NA NA (705,438) (2,216,531)
(32,203) (141,883) NA NA (36,236) (116,488)
(23,976) (67,135) NA NA (14,104) (38,242)
(1,813,997) (4,089,234) (109,689) (822,984) (2,810,130) (5,678,157)
(4,188,613) (8,417,774) (237,646) (1,027,623) (6,520,757) (11,981,373)
(242,159) (279,129) (129,318) (403,996) (319,161) (374,880)
0 (405,309) NA NA 0 (988,760)
0 (46,692) NA NA 0 (92,261)
0 (26,028) NA NA 0 (30,042)
0 (1,157,931) 0 0 0 (3,188,735)
0 (2,339,976) 0 0 0 (6,021,897)
0 (94,794) 0 0 0 (214,698)
------------ ------------- ------------ ------------ -------------- -------------
(6,860,782) (18,595,229) (476,653) (2,254,603) (10,405,826) (30,942,064)
------------ ------------- ------------ ------------ -------------- -------------
2,818,681 13,300,926 NA NA 4,484,507 22,643,070
718,699 1,886,236 NA NA 686,751 3,146,198
(5,625,074) (26,137,950) NA NA (6,031,082) (59,693,636)
------------ ------------- ------------ ------------ -------------- -------------
(2,087,694) (10,950,788) NA NA (859,824) (33,904,368)
------------ ------------- ------------ ------------ -------------- -------------
2,507 187,072 NA NA 877 50,599
30,624 179,716 NA NA 33,536 191,913
(1,213,750) (4,471,932) NA NA (1,100,434) (3,638,511)
------------ ------------- ------------ ------------ -------------- -------------
(1,180,619) (4,105,144) NA NA (1,066,021) (3,395,999)
------------ ------------- ------------ ------------ -------------- -------------
12,515 89,194 NA NA 126,688 281,045
23,021 89,001 NA NA 12,691 62,657
(272,142) (650,773) NA NA (180,546) (945,224)
------------ ------------- ------------ ------------ -------------- -------------
(236,606) (472,578) NA NA (41,167) (601,522)
------------ ------------- ------------ ------------ -------------- -------------
68,066,924 117,953,540 30,161,131 22,126,735 125,342,138 279,106,598
1,813,952 5,247,032 109,689 822,984 2,810,130 8,866,890
(57,865,559) (123,441,376) (23,638,607) (16,208,483) (98,135,589) (245,550,912)
------------ ------------- ------------ ------------ -------------- -------------
12,015,317 (240,804) 6,632,213 6,741,236 30,016,679 42,422,576
------------ ------------- ------------ ------------ -------------- -------------
109,374,516 398,326,875 24,039,128 51,789,763 270,664,781 722,227,731
4,169,735 10,705,020 220,287 862,877 6,492,903 17,902,972
(91,326,795) (321,207,678) (17,511,290) (35,240,931) (187,603,737) (536,423,122)
------------ ------------- ------------ ------------ -------------- -------------
22,217,456 87,824,217 6,748,125 17,411,709 89,553,947 203,707,581
------------ ------------- ------------ ------------ -------------- -------------
9,134,085 13,330,662 48,919,473 11,557,436 17,015,742 17,856,451
238,509 364,822 129,069 403,766 318,530 588,944
(3,457,252) (5,019,531) (31,178,207) (2,970,734) (4,189,011) (9,579,691)
------------ ------------- ------------ ------------ -------------- -------------
5,915,342 8,675,953 17,870,335 8,990,468 13,145,261 8,865,704
------------ ------------- ------------ ------------ -------------- -------------
36,643,196 80,730,856 31,250,673 33,143,413 130,748,875 217,093,972
------------ ------------- ------------ ------------ -------------- -------------
102,095,359 (16,697,670) 42,603,012 21,406,705 317,884,823 (60,102,665)
============ ============= ============ ============ ============== =============
$509,426,492 $ 407,331,133 $ 85,701,113 $ 43,098,101 $1,010,839,977 $ 692,955,154
============ ============= ============ ============ ============== =============
30 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET TODAY FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. 202,921 1,022,911
Shares issued in reinvestment of distributions - Class A .............................. 28,606 93,996
Shares redeemed - Class A ............................................................. (240,550) (1,853,465)
----------- ------------
Net increase (decrease) in shares outstanding - Class A ............................... (9,023) (736,558)
----------- ------------
Shares sold - Class B ................................................................. 84 2,949
Shares issued in reinvestment of distributions - Class B .............................. 2,358 14,426
Shares redeemed - Class B ............................................................. (103,939) (439,049)
----------- ------------
Net increase (decrease) in shares outstanding - Class B ............................... (101,497) (421,674)
----------- ------------
Shares sold - Class C ................................................................. 497,782 3,727
Shares issued in reinvestment of distributions - Class C .............................. 3,958 14,785
Shares redeemed - Class C ............................................................. (509,456) (162,025)
----------- ------------
Net increase (decrease) in shares outstanding - Class C ............................... (7,716) (143,513)
----------- ------------
Shares sold - Administrator Class ..................................................... 3,135,805 7,633,502
Shares issued in reinvestment of distributions - Administrator Class .................. 74,461 177,924
Shares redeemed - Administrator Class ................................................. (2,587,011) (7,750,254)
----------- ------------
Net increase (decrease) in shares outstanding - Administrator Class ................... 623,255 61,172
----------- ------------
Shares sold - Institutional Class ..................................................... 7,919,974 18,834,971
Shares issued in reinvestment of distributions - Institutional Class .................. 130,442 272,598
Shares redeemed - Institutional Class ................................................. (6,965,821) (15,517,887)
----------- ------------
Net increase (decrease) in shares outstanding - Institutional Class ................... 1,084,595 3,589,682
----------- ------------
Shares sold - Investor Class .......................................................... 3,688,000 2,248,609
Shares issued in reinvestment of distributions - Investor Class ....................... 29,193 30,033
Shares redeemed - Investor Class ...................................................... (2,227,877) (1,167,718)
----------- ------------
Net increase (decrease) in shares outstanding - Investor Class ........................ 1,489,316 1,110,924
----------- ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 3,078,930 3,460,033
=========== ============
Ending balance of undistributed net investment income .................................... $ 960,537 $ 967,834
----------- ------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 31
Statements of Changes in Net Assets
TARGET 2010 FUND TARGET 2015 FUND TARGET 2020 FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
258,587 1,123,839 NA NA 411,941 1,759,725
65,824 161,876 NA NA 62,315 264,190
(515,183) (2,223,220) NA NA (563,745) (4,835,141)
------------ ------------ ----------- ----------- ------------ ------------
(190,772) (937,505) NA NA (89,489) (2,811,226)
------------ ------------ ----------- ----------- ------------ ------------
242 16,088 NA NA 80 3,803
2,761 15,387 NA NA 3,065 16,754
(113,496) (375,022) NA NA (103,950) (285,399)
------------ ------------ ----------- ----------- ------------ ------------
(110,493) (343,547) NA NA (100,805) (264,842)
------------ ------------ ----------- ----------- ------------ ------------
1,149 7,519 NA NA 11,421 21,094
2,057 7,618 NA NA 1,151 5,421
(24,972) (56,044) NA NA (17,568) (75,339)
------------ ------------ ----------- ----------- ------------ ------------
(21,766) (40,907) NA NA (4,996) (48,824)
------------ ------------ ----------- ----------- ------------ ------------
6,046,172 10,080,794 3,560,316 2,401,132 11,113,316 22,819,535
162,979 449,438 13,360 92,715 251,804 754,584
(5,160,344) (10,543,924) (2,782,523) (1,766,382) (8,730,168) (20,101,795)
------------ ------------ ----------- ----------- ------------ ------------
1,048,807 (13,692) 791,153 727,465 2,634,952 3,472,324
------------ ------------ ----------- ----------- ------------ ------------
9,853,834 33,843,250 3,040,154 6,075,882 24,556,185 58,253,127
374,976 918,834 27,129 101,278 580,761 1,512,328
(8,274,295) (27,452,090) (2,222,655) (4,152,364) (17,142,272) (43,468,204)
------------ ------------ ----------- ----------- ------------ ------------
1,954,515 7,309,994 844,628 2,024,796 7,994,674 16,297,251
------------ ------------ ----------- ----------- ------------ ------------
822,758 1,132,365 5,915,931 1,314,420 1,536,795 1,434,889
21,468 31,678 15,702 46,540 28,542 50,250
(316,603) (441,246) (3,760,664) (361,472) (385,560) (784,187)
------------ ------------ ----------- ----------- ------------ ------------
527,623 722,797 2,170,969 999,488 1,179,777 700,952
------------ ------------ ----------- ----------- ------------ ------------
3,207,914 6,697,140 3,806,750 3,751,749 11,614,113 17,345,635
============ ============ =========== =========== ============ ============
$ 2,262,983 $ 2,850,887 $ 330,469 $ 5,690 $ 3,645,660 $ 3,695,140
------------ ------------ ----------- ----------- ------------ ------------
32 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET 2025 FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................. $ 45,309,412 $ 26,885,451
OPERATIONS
Net investment income ................................................................. 827,933 924,209
Net realized gain (loss) on investments ............................................... (2,136,545) (570,841)
Net change in unrealized appreciation (depreciation) of investments ................... 21,558,413 (17,626,200)
------------ ------------
Net increase (decrease) in net assets resulting from operations .......................... 20,249,801 (17,272,832)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ NA NA
Class B ............................................................................ NA NA
Class C ............................................................................ NA NA
Administrator Class ................................................................ (103,841) (200,488)
Institutional Class ................................................................ (339,106) (469,888)
Investor Class ..................................................................... (230,649) (142,889)
Net realized gain on sales of investments
Class A ............................................................................ NA NA
Class B ............................................................................ NA NA
Class C ............................................................................ NA NA
Administrator Class ................................................................ 0 0
Institutional Class ................................................................ 0 0
Investor Class ..................................................................... 0 0
------------ ------------
Total distributions to shareholders ...................................................... (673,596) (813,265)
------------ ------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................... NA NA
Reinvestment of distributions - Class A ............................................... NA NA
Cost of shares redeemed - Class A ..................................................... NA NA
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class A ............................................................................ NA NA
------------ ------------
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 ................................................... NA NA
Reinvestment of distributions - Class C ............................................... NA NA
Cost of shares redeemed - Class C ..................................................... NA NA
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class C ............................................................................ NA NA
------------ ------------
Proceeds from shares sold - Administrator Class ....................................... 26,198,718 24,592,037
Reinvestment of distributions - Administrator Class ................................... 103,841 200,488
Cost of shares redeemed - Administrator Class ......................................... (19,927,241) (18,576,290)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Administrator Class ................................................................ 6,375,318 6,216,235
------------ ------------
Proceeds from shares sold - Institutional Class ....................................... 29,151,148 68,033,886
Reinvestment of distributions - Institutional Class ................................... 315,159 408,341
Cost of shares redeemed - Institutional Class ......................................... (20,170,431) (48,842,342)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Institutional Class ................................................................ 9,295,876 19,599,885
------------ ------------
Proceeds from shares sold - Investor Class ............................................ 68,154,649 14,829,910
Reinvestment of distributions - Investor Class ........................................ 230,600 142,857
Cost of shares redeemed - Investor Class .............................................. (39,942,254) (4,278,829)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Investor Class ..................................................................... 28,442,995 10,693,938
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .. 44,114,189 36,510,058
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 63,690,394 18,423,961
============ ============
ENDING NET ASSETS ........................................................................ $108,999,806 $ 45,309,412
============ ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 33
Statements of Changes in Net Assets
TARGET 2030 FUND TARGET 2035 FUND TARGET 2040 FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
$ 446,641,886 $ 542,087,105 $ 27,405,202 $ 14,242,148 $ 288,500,904 $ 403,327,780
6,158,830 10,789,087 416,604 401,226 3,546,974 6,217,489
(35,948,948) (5,724,640) (1,308,739) (319,179) (28,137,041) (1,899,731)
220,295,129 (245,162,786) 15,995,457 (13,375,945) 170,771,176 (197,722,853)
------------- ------------- ------------- ------------- ------------- -------------
190,505,011 (240,098,339) 15,103,322 (13,293,898) 146,181,109 (193,405,095)
------------- ------------- ------------- ------------- ------------- -------------
(404,463) (1,209,386) NA NA (498,639) (1,555,244)
(12,124) (43,010) NA NA (8,852) (53,236)
(5,861) (15,784) NA NA (4,937) (19,321)
(1,376,596) (2,731,703) (38,696) (77,337) (757,671) (1,489,095)
(3,494,424) (6,477,272) (176,003) (182,449) (1,654,375) (2,770,881)
(208,005) (244,469) (114,588) (74,789) (79,239) (108,009)
0 (877,377) NA NA 0 (3,078,918)
0 (65,429) NA NA 0 (178,763)
0 (24,514) NA NA 0 (64,209)
0 (2,152,796) 0 0 0 (3,015,945)
0 (4,453,271) 0 0 0 (5,236,984)
0 (211,657) 0 0 0 (255,145)
------------- ------------- ------------- ------------- ------------- -------------
(5,501,473) (18,506,668) (329,287) (334,575) (3,003,713) (17,825,750)
------------- ------------- ------------- ------------- ------------- -------------
5,379,805 16,946,245 NA NA 4,157,661 17,805,664
392,924 2,037,410 NA NA 482,614 4,503,742
(6,172,122) (37,104,860) NA NA (6,114,169) (37,616,682)
------------- ------------- ------------- ------------- ------------- -------------
(399,393) (18,121,205) NA NA (1,473,894) (15,307,276)
------------- ------------- ------------- ------------- ------------- -------------
0 78,905 NA NA 32,682 13,988
12,082 107,805 NA NA 8,650 225,464
(709,642) (1,949,754) NA NA (919,665) (3,146,518)
------------- ------------- ------------- ------------- ------------- -------------
(697,560) (1,763,044) NA NA (878,333) (2,907,066)
------------- ------------- ------------- ------------- ------------- -------------
40,189 377,973 NA NA 64,359 447,113
5,854 39,739 NA NA 4,682 79,492
(123,853) (689,065) NA NA (104,370) (1,006,812)
------------- ------------- ------------- ------------- ------------- -------------
(77,810) (271,353) NA NA (35,329) (480,207)
------------- ------------- ------------- ------------- ------------- -------------
107,467,717 176,220,090 11,616,127 11,086,719 79,907,636 131,495,003
1,376,572 4,884,437 38,696 77,337 757,671 4,505,037
(76,643,822) (158,340,435) (9,205,404) (7,928,301) (57,410,759) (128,647,691)
------------- ------------- ------------- ------------- ------------- -------------
32,200,467 22,764,092 2,449,419 3,235,755 23,254,548 7,352,349
------------- ------------- ------------- ------------- ------------- -------------
259,973,759 507,244,866 15,672,923 47,059,104 178,119,525 331,274,537
3,481,146 10,881,776 172,073 174,647 1,652,618 7,998,939
(172,872,042) (368,104,620) (10,770,157) (32,519,914) (118,927,357) (237,739,037)
------------- ------------- ------------- ------------- ------------- -------------
90,582,863 150,022,022 5,074,839 14,713,837 60,844,786 101,534,439
------------- ------------- ------------- ------------- ------------- -------------
15,146,791 16,476,762 47,126,712 10,963,943 5,259,054 9,887,852
207,997 455,789 114,514 74,789 79,137 362,829
(4,081,674) (6,403,275) (29,823,018) (2,196,797) (1,876,342) (4,038,951)
------------- ------------- ------------- ------------- ------------- -------------
11,273,114 10,529,276 17,418,208 8,841,935 3,461,849 6,211,730
------------- ------------- ------------- ------------- ------------- -------------
132,881,681 163,159,788 24,942,466 26,791,527 85,173,627 96,403,969
------------- ------------- ------------- ------------- ------------- -------------
317,885,219 (95,445,219) 39,716,501 13,163,054 228,351,023 (114,826,876)
============= ============= ============= ============= ============= =============
$ 764,527,105 $ 446,641,886 $ 67,121,703 $ 27,405,202 $ 516,851,927 $ 288,500,904
============= ============= ============= ============= ============= =============
34 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET 2025 FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................ NA NA
Shares issued in reinvestment of distributions - Class A ............................. NA NA
Shares redeemed - Class A ............................................................ NA NA
----------- -----------
Net increase (decrease) in shares outstanding - Class A .............................. NA NA
----------- -----------
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 ................................................................ NA NA
Shares issued in reinvestment of distributions - Class C ............................. NA NA
Shares redeemed - Class C ............................................................ NA NA
----------- -----------
Net increase (decrease) in shares outstanding - Class C .............................. NA NA
----------- -----------
Shares sold - Administrator Class .................................................... 3,380,185 2,927,971
Shares issued in reinvestment of distributions - Administrator Class ................. 13,957 23,834
Shares redeemed - Administrator Class ................................................ (2,560,649) (2,203,173)
----------- -----------
Net increase (decrease) in shares outstanding - Administrator Class .................. 833,493 748,632
----------- -----------
Shares sold - Institutional Class .................................................... 4,087,186 8,418,735
Shares issued in reinvestment of distributions - Institutional Class ................. 42,474 49,580
Shares redeemed - Institutional Class ................................................ (2,841,612) (6,062,976)
----------- -----------
Net increase (decrease) in shares outstanding - Institutional Class .................. 1,288,048 2,405,339
----------- -----------
Shares sold - Investor Class ......................................................... 9,176,938 1,806,671
Shares issued in reinvestment of distributions - Investor Class ...................... 31,037 17,375
Shares redeemed - Investor Class ..................................................... (5,351,900) (549,428)
----------- -----------
Net increase (decrease) in shares outstanding - Investor Class ....................... 3,856,075 1,274,618
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 5,977,616 4,428,589
=========== ===========
Ending balance of undistributed net investment income .................................... $ 332,227 $ 177,890
----------- -----------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 35
Statements of Changes in Net Assets
TARGET 2030 FUND TARGET 2035 FUND TARGET 2040 FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
526,145 1,344,706 NA NA 391,189 1,234,316
37,068 179,364 NA NA 43,597 403,996
(605,189) (2,945,180) NA NA (576,060) (2,719,805)
------------ ------------ ------------ ------------ ------------ ------------
(41,976) (1,421,110) NA NA (141,274) (1,081,493)
------------ ------------ ------------ ------------ ------------ ------------
0 6,971 NA NA 3,349 1,373
1,161 10,187 NA NA 816 21,735
(73,519) (158,656) NA NA (94,511) (232,080)
------------ ------------ ------------ ------------ ------------ ------------
(72,358) (141,498) NA NA (90,346) (208,972)
------------ ------------ ------------ ------------ ------------ ------------
4,018 26,747 NA NA 6,144 29,527
562 3,760 NA NA 443 7,666
(12,099) (51,283) NA NA (10,476) (70,515)
------------ ------------ ------------ ------------ ------------ ------------
(7,519) (20,776) NA NA (3,889) (33,322)
------------ ------------ ------------ ------------ ------------ ------------
10,131,495 14,698,127 1,644,368 1,310,738 7,288,742 9,826,631
128,531 434,184 5,724 9,663 67,348 401,850
(7,225,185) (12,940,366) (1,295,764) (942,802) (5,229,942) (9,327,675)
------------ ------------ ------------ ------------ ------------ ------------
3,034,841 2,191,945 354,328 377,599 2,126,148 900,806
------------ ------------ ------------ ------------ ------------ ------------
24,794,246 41,414,485 2,417,549 6,586,583 16,292,175 24,788,862
325,037 958,253 25,683 22,868 146,769 711,385
(16,556,579) (30,148,774) (1,684,230) (4,553,720) (10,918,706) (17,836,679)
------------ ------------ ------------ ------------ ------------ ------------
8,562,704 12,223,964 759,002 2,055,731 5,520,238 7,663,568
------------ ------------ ------------ ------------ ------------ ------------
1,417,756 1,351,482 6,868,328 1,419,881 478,094 746,273
19,439 41,059 16,900 9,892 7,041 32,856
(389,232) (534,533) (4,333,386) (321,513) (172,381) (308,743)
------------ ------------ ------------ ------------ ------------ ------------
1,047,963 858,008 2,551,842 1,108,260 312,754 470,386
------------ ------------ ------------ ------------ ------------ ------------
12,523,655 13,690,533 3,665,172 3,541,590 7,723,631 7,710,973
============ ============ ============ ============ ============ ============
$ 2,037,207 $ 1,379,850 $ 157,079 $ 69,762 $ 1,028,119 $ 484,858
------------ ------------ ------------ ------------ ------------ ------------
36 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET 2045 FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................. $ 11,148,406 $ 5,834,789
OPERATIONS
Net investment income ................................................................. 174,724 157,600
Net realized gain (loss) on investments ............................................... (534,677) (114,155)
Net change in unrealized appreciation (depreciation) of investments ................... 7,220,625 (6,022,343)
------------ ------------
Net increase (decrease) in net assets resulting from operations .......................... 6,860,672 (5,978,898)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ NA NA
Class B ............................................................................ NA NA
Class C ............................................................................ NA NA
Administrator Class ................................................................ (16,706) (25,223)
Institutional Class ................................................................ (91,699) (89,693)
Investor Class ..................................................................... (27,098) (15,023)
Net realized gain on sales of investments
Class A ............................................................................ NA NA
Class B ............................................................................ NA NA
Class C ............................................................................ NA NA
Administrator Class ................................................................ 0 0
Institutional Class ................................................................ 0 0
Investor Class ..................................................................... 0 0
------------ ------------
Total distributions to shareholders ...................................................... (135,503) (129,939)
------------ ------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Administrator Class ....................................... 7,100,928 5,429,742
Reinvestment of distributions - Administrator Class ................................... 16,700 25,223
Cost of shares redeemed - Administrator Class ......................................... (5,469,060) (3,763,456)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Administrator Class ................................................................ 1,648,568 1,691,509
------------ ------------
Proceeds from shares sold - Institutional Class ....................................... 13,079,959 26,630,040
Reinvestment of distributions - Institutional Class ................................... 91,316 88,876
Cost of shares redeemed - Institutional Class ......................................... (8,914,001) (18,404,368)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Institutional Class ................................................................ 4,257,274 8,314,548
------------ ------------
Proceeds from shares sold - Investor Class ............................................ 18,139,607 1,837,890
Reinvestment of distributions - Investor Class ........................................ 27,056 14,982
Cost of shares redeemed - Investor Class .............................................. (12,025,132) (436,475)
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions -
Investor Class ..................................................................... 6,141,531 1,416,397
------------ ------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .. 12,047,373 11,422,454
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 18,772,542 5,313,617
============ ============
ENDING NET ASSETS ........................................................................ $ 29,920,948 $ 11,148,406
============ ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 37
Statements of Changes in Net Assets
TARGET 2050 FUND
- --------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
- ---------------- -------------------
$ 38,730,228 $ 13,856,846
593,451 474,690
232,061 (325,387)
22,439,048 (17,119,374)
------------ ------------
23,264,560 (16,970,071)
------------ ------------
NA NA
NA NA
NA NA
(120,717) (118,725)
(324,564) (256,721)
(14,713) (9,234)
NA NA
NA NA
NA NA
0 0
0 0
0 0
------------ ------------
(459,994) (384,680)
------------ ------------
32,374,269 38,294,873
120,717 118,725
(22,725,361) (27,249,829)
------------ ------------
9,769,625 11,163,769
------------ ------------
80,805,896 100,133,629
323,999 256,340
(58,591,440) (70,465,586)
------------ ------------
22,538,455 29,924,383
------------ ------------
3,154,745 1,917,159
14,648 9,185
(1,572,186) (786,363)
------------ ------------
1,597,207 1,139,981
------------ ------------
33,905,287 42,228,133
------------ ------------
56,709,853 24,873,382
============ ============
$ 95,440,081 $ 38,730,228
============ ============
38 Wells Fargo Advantage Dow Jones Target Date Funds
Statements of Changes in Net Assets
TARGET 2045 FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Administrator Class ........................................ 1,032,982 690,995
Shares issued in reinvestment of distributions - Administrator Class ..... 2,526 3,234
Shares redeemed - Administrator Class .................................... (788,424) (479,802)
----------- -----------
Net increase (decrease) in shares outstanding - Administrator Class ...... 247,084 214,427
----------- -----------
Shares sold - Institutional Class ........................................ 2,009,582 3,626,914
Shares issued in reinvestment of distributions - Institutional Class ..... 13,899 12,107
Shares redeemed - Institutional Class .................................... (1,381,550) (2,518,626)
----------- -----------
Net increase (decrease) in shares outstanding - Institutional Class ...... 641,931 1,120,395
----------- -----------
Shares sold - Investor Class ............................................. 2,726,698 230,267
Shares issued in reinvestment of distributions - Investor Class .......... 4,081 1,970
Shares redeemed - Investor Class ......................................... (1,802,265) (61,437)
----------- -----------
Net increase (decrease) in shares outstanding - Investor Class ........... 928,514 170,800
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................................... 1,817,529 1,505,622
=========== ===========
Ending balance of undistributed net investment income ....................... $ 65,596 $ 26,375
----------- -----------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 39
Statements of Changes in Net Assets
TARGET 2050 FUND
- ------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
- ---------------- -----------------
4,934,306 5,141,801
18,263 15,585
(3,463,267) (3,638,063)
----------- ------------
1,489,302 1,519,323
----------- ------------
12,512,585 14,305,677
49,091 34,406
(9,107,514) (10,078,404)
----------- ------------
3,454,162 4,261,679
----------- ------------
480,066 261,307
2,213 1,227
(235,378) (110,427)
----------- ------------
246,901 152,107
----------- ------------
5,190,365 5,933,109
=========== ============
$ 217,003 $ 83,546
----------- ------------
40 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
TARGET TODAY
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 8.86 0.12(5) 1.01 (0.13) 0.00
March 1, 2008 to February 28, 2009 ............. $10.10 0.26(5) (1.15) (0.29) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.07 0.35(5) 0.15 (0.36) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.28 0.33(5) 0.15 (0.30) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.20 0.20 0.23 (0.20) (0.15)
March 1, 2004 to February 28, 2005 ............. $10.17 0.17 0.05 (0.16) (0.03)
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 9.08 0.09(5) 1.03 (0.08) 0.00
March 1, 2008 to February 28, 2009 ............. $10.33 0.19(5) (1.17) (0.21) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.29 0.28(5) 0.15 (0.28) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.48 0.25(5) 0.17 (0.22) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.39 0.13 0.23 (0.12) (0.15)
March 1, 2004 to February 28, 2005 ............. $10.35 0.10 0.05 (0.08) (0.03)
Class C
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 9.04 0.09(5) 1.03 (0.09) 0.00
March 1, 2008 to February 28, 2009 ............. $10.30 0.19(5) (1.18) (0.21) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.28(5) 0.15 (0.28) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.25(5) 0.17 (0.22) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.36 0.13 0.23 (0.12) (0.15)
March 1, 2004 to February 28, 2005 ............. $10.33 0.10 0.05 (0.09) (0.03)
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 9.03 0.14(5) 1.02 (0.14) 0.00
March 1, 2008 to February 28, 2009 ............. $10.29 0.29(5) (1.17) (0.32) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.25 0.38(5) 0.16 (0.39) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.37(5) 0.16 (0.34) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.37 0.23 0.23 (0.23) (0.15)
March 1, 2004 to February 28, 2005 ............. $10.33 0.21 0.06 (0.20) (0.03)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 9.03 0.15(5) 1.03 (0.15) 0.00
March 1, 2008 to February 28, 2009 ............. $10.29 0.32(5) (1.18) (0.34) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.41(5) 0.14 (0.41) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.39(5) 0.17 (0.36) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.37 0.26 0.22 (0.25) (0.15)
June 30, 2004(4) to February 28, 2005 .......... $10.09 0.14 0.29 (0.12) (0.03)
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ... $ 9.01 0.13(5) 1.03 (0.14) 0.00
March 1, 2008 to February 28, 2009 ............. $10.28 0.28(5) (1.17) (0.32) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.37(5) 0.15 (0.39) (0.11)
January 31, 2007(4) to February 28, 2007 ....... $10.18 0.04(5) 0.04 0.00 0.00
- ----------
(1.) During each period, various fees and expenses were waived and reimbursed as
indicated. The ratio of Gross Expenses to Average Net Assets reflects the
expense ratio in the absence of any waivers and reimbursements (Note 3).
(2.) Total return calculations 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 less than one year are not annualized.
(3.) Portfolio turnover rates presented for periods of less than one year are
not annualized.
(4.) Commencement of class operations.
(5.) Calculated based upon average shares outstanding.
(6.) Amount is less than 0.005.
(7.) Includes net expenses allocated from Portfolio(s) in which the Fund
invests.
(8.) Portfolio turnover rate is calculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Portfolio by
the corresponding Portfolio's portfolio turnover rate.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 41
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset ----------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3, 8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- ---------- ---------------
0.00 $ 9.86 2.54% 1.22% (0.07)% 1.15% 12.77% 24% $22,335
0.00 $ 8.86 2.71% 1.27% (0.12)% 1.15% (9.06)% 45% $20,151
0.00 $10.10 3.49% 1.25% (0.10)% 1.15% 5.06% 51% $30,416
0.00 $10.07 3.19% 1.28% (0.10)% 1.18% 4.83% 143% $35,375
0.00 $10.28 1.96% 1.38% (0.13)% 1.25% 4.31% 36% $38,547
0.00 $10.20 1.73% 1.34% (0.07)% 1.27% 2.23% 106% $39,418
0.00 $10.12 1.81% 1.98% (0.08)% 1.90% 12.38% 24% $ 2,943
0.00 $ 9.08 1.96% 2.02% (0.12)% 1.90% (9.73)% 45% $ 3,563
0.00 $10.33 2.74% 2.00% (0.10)% 1.90% 4.21% 51% $ 8,411
0.00 $10.29 2.41% 2.04% (0.10)% 1.94% 4.11% 143% $11,330
0.00 $10.48 1.21% 2.12% (0.12)% 2.00% 3.50% 36% $14,778
0.00 $10.39 0.97% 2.09% (0.07)% 2.02% 1.49% 106% $19,690
0.00 $10.07 1.79% 1.98% (0.08)% 1.90% 12.42% 24% $ 5,199
0.00 $ 9.04 1.97% 2.01% (0.11)% 1.90% (9.80)% 45% $ 4,741
0.00 $10.30 2.74% 1.99% (0.09)% 1.90% 4.25% 51% $ 6,877
0.00 $10.26 2.41% 2.04% (0.10)% 1.94% 4.11% 143% $ 8,269
0.00 $10.45 1.21% 2.12% (0.12)% 2.00% 3.52% 36% $10,774
0.00 $10.36 0.98% 2.09% (0.07)% 2.02% 1.43% 106% $13,680
0.00 $10.05 2.83% 1.05% (0.20)% 0.85% 12.91% 24% $54,213
0.00 $ 9.03 3.02% 1.09% (0.24)% 0.85% (8.80)% 45% $43,072
0.00 $10.29 3.71% 1.08% (0.23)% 0.85% 5.39% 51% $48,453
0.00 $10.25 3.52% 1.10% (0.22)% 0.88% 5.17% 143% $16,728
0.00 $10.45 2.26% 1.18% (0.23)% 0.95% 4.55% 36% $14,042
0.00 $10.37 2.04% 1.01% (0.04)% 0.97% 2.60% 106% $12,989
0.00 $10.06 3.06% 0.78% (0.16)% 0.62% 13.13% 24% $95,956
0.00 $ 9.03 3.26% 0.82% (0.20)% 0.62% (8.60)% 45% $76,391
0.00 $10.29 3.96% 0.81% (0.19)% 0.62% 5.52% 51% $50,105
0.00 $10.26 3.80% 0.82% (0.17)% 0.66% 5.49% 143% $20,338
0.00 $10.45 2.46% 0.93% (0.18)% 0.75% 4.76% 36% $ 9,721
0.00 $10.37 2.41% 0.91% (0.16)% 0.75% 4.26% 106% $ 6,640
0.00 $10.03 2.74% 1.33% (0.42)% 0.91% 12.93% 24% $28,739
0.00 $ 9.01 2.97% 1.37% (0.46)% 0.91% (8.93)% 45% $12,397
0.00 $10.28 3.58% 1.40% (0.49)% 0.91% 5.21% 51% $ 2,719
0.00 $10.26 3.81% 1.36% (0.48)% 0.88% 0.79% 143% $ 17
42 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
TARGET 2010
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.15 0.13(5) 1.61 (0.15) 0.00
March 1, 2008 to February 28, 2009 ............... $12.71 0.31(5) (2.42) (0.35) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.68 0.38(5) 0.20 (0.39) (0.16)
March 1, 2006 to February 28, 2007 ............... $12.91 0.36(5) 0.45 (0.33) (0.71)
March 1, 2005 to February 28, 2006 ............... $12.48 0.23 0.44 (0.21) (0.03)
March 1, 2004 to February 28, 2005 ............... $12.22 0.18 0.25 (0.17) 0.00
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.18 0.09(5) 1.62 (0.10) 0.00
March 1, 2008 to February 28, 2009 ............... $12.73 0.22(5) (2.42) (0.25) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.70 0.29(5) 0.18 (0.28) (0.16)
March 1, 2006 to February 28, 2007 ............... $12.92 0.26(5) 0.46 (0.23) (0.71)
March 1, 2005 to February 28, 2006 ............... $12.48 0.14 0.44 (0.11) (0.03)
March 1, 2004 to February 28, 2005 ............... $12.23 0.11 0.22 (0.08) 0.00
Class C
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.27 0.09(5) 1.64 (0.11) 0.00
March 1, 2008 to February 28, 2009 ............... $12.85 0.22(5) (2.45) (0.25) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.82 0.29(5) 0.19 (0.29) (0.16)
March 1, 2006 to February 28, 2007 ............... $13.04 0.26(5) 0.45 (0.22) (0.71)
March 1, 2005 to February 28, 2006 ............... $12.59 0.14 0.45 (0.11) (0.03)
March 1, 2004 to February 28, 2005 ............... $12.33 0.11 0.22 (0.07) 0.00
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.24 0.15(5) 1.63 (0.17) 0.00
March 1, 2008 to February 28, 2009 ............... $12.82 0.34(5) (2.44) (0.38) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.79 0.42(5) 0.20 (0.43) (0.16)
March 1, 2006 to February 28, 2007 ............... $13.01 0.40(5) 0.45 (0.36) (0.71)
March 1, 2005 to February 28, 2006 ............... $12.57 0.26 0.46 (0.25) (0.03)
March 1, 2004 to February 28, 2005 ............... $12.32 0.22 0.24 (0.21) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.24 0.16(5) 1.63 (0.18) 0.00
March 1, 2008 to February 28, 2009 ............... $12.81 0.37(5) (2.43) (0.41) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.78 0.44(5) 0.21 (0.46) (0.16)
March 1, 2006 to February 28, 2007 ............... $13.01 0.44(5) 0.43 (0.39) (0.71)
March 1, 2005 to February 28, 2006 ............... $12.57 0.28 0.46 (0.27) (0.03)
June 30, 2004(4) to February 28, 2005 ............ $12.08 0.15 0.47 (0.13) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $10.22 0.14(5) 1.64 (0.17) 0.00
March 1, 2008 to February 28, 2009 ............... $12.80 0.33(5) (2.43) (0.38) (0.10)
March 1, 2007 to February 29, 2008 ............... $12.78 0.40(5) 0.21 (0.43) (0.16)
January 31, 2007(4) to February 28, 2007 ......... $12.66 0.04(5) 0.08 0.00 0.00
TARGET 2015
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 7.31 0.10(5) 1.49 (0.06) 0.00
March 1, 2008 to February 28, 2009 ............... $10.04 0.24(5) (2.37) (0.30) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.20(5) (0.11) (0.05) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 7.23 0.11(5) 1.48 (0.07) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.92 0.25(5) (2.33) (0.31) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.19(5) (0.10) (0.17) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 7.32 0.10(5) 1.49 (0.06) 0.00
March 1, 2008 to February 28, 2009 ............... $10.03 0.22(5) (2.34) (0.29) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.19(5) (0.10) (0.06) 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 43
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset ----------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3, 8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- --------- ---------------
0.00 $11.74 2.39% 1.20% (0.02)% 1.18% 17.25% 23% $ 43,089
0.00 $10.15 2.62% 1.25% (0.07)% 1.18% (16.98)% 43% $ 39,175
0.00 $12.71 2.99% 1.25% (0.07)% 1.18% 4.67% 61% $ 60,969
0.00 $12.68 2.78% 1.27% (0.06)% 1.20% 6.40% 152% $ 69,835
0.00 $12.91 1.72% 1.33% (0.08)% 1.25% 5.39% 38% $ 74,437
0.00 $12.48 1.52% 1.30% (0.03)% 1.27% 3.60% 81% $ 82,296
0.00 $11.79 1.66% 1.96% (0.03)% 1.93% 16.87% 23% $ 3,641
0.00 $10.18 1.87% 2.00% (0.07)% 1.93% (17.58)% 43% $ 4,269
0.00 $12.73 2.25% 2.00% (0.07)% 1.93% 3.81% 61% $ 9,715
0.00 $12.70 2.01% 2.02% (0.06)% 1.96% 5.65% 152% $ 15,211
0.00 $12.92 0.98% 2.08% (0.08)% 2.00% 4.64% 38% $ 19,711
0.00 $12.48 0.76% 2.05% (0.03)% 2.02% 2.70% 81% $ 26,480
0.00 $11.89 1.66% 1.94% (0.01)% 1.93% 16.90% 23% $ 2,593
0.00 $10.27 1.87% 2.00% (0.07)% 1.93% (17.59)% 43% $ 2,464
0.00 $12.85 2.23% 2.00% (0.07)% 1.93% 3.81% 61% $ 3,609
0.00 $12.82 2.02% 2.02% (0.06)% 1.96% 5.59% 152% $ 4,194
0.00 $13.04 0.97% 2.08% (0.08)% 2.00% 4.69% 38% $ 4,729
0.00 $12.59 0.76% 2.05% (0.03)% 2.02% 2.72% 81% $ 5,724
0.00 $11.85 2.68% 1.02% (0.14)% 0.88% 17.45% 23% $140,214
0.00 $10.24 2.92% 1.07% (0.19)% 0.88% (16.73)% 43% $110,425
0.00 $12.82 3.26% 1.07% (0.19)% 0.88% 4.95% 61% $138,418
0.00 $12.79 3.09% 1.09% (0.19)% 0.90% 6.75% 152% $ 99,261
0.00 $13.01 2.02% 1.14% (0.19)% 0.95% 5.76% 38% $ 87,473
0.00 $12.57 1.82% 0.97% 0.00% 0.97% 3.81% 81% $ 68,055
0.00 $11.85 2.91% 0.75% (0.10)% 0.65% 17.58% 23% $300,612
0.00 $10.24 3.15% 0.80% (0.15)% 0.65% (16.47)% 43% $239,731
0.00 $12.81 3.45% 0.81% (0.16)% 0.65% 5.18% 61% $206,461
0.00 $12.78 3.41% 0.81% (0.14)% 0.67% 6.89% 152% $ 80,427
0.00 $13.01 2.23% 0.88% (0.13)% 0.75% 5.97% 38% $ 25,023
0.00 $12.57 2.20% 0.87% (0.12)% 0.75% 5.20% 81% $ 25,512
0.00 $11.83 2.59% 1.30% (0.36)% 0.94% 17.48% 23% $ 19,277
0.00 $10.22 2.86% 1.36% (0.42)% 0.94% (16.78)% 43% $ 11,265
0.00 $12.80 3.10% 1.39% (0.45)% 0.94% 4.89% 61% $ 4,856
0.00 $12.78 3.30% 1.36% (0.48)% 0.88% 0.95% 152% $ 166
0.00 $ 8.84 2.48% 1.13% (0.24)% 0.89% 21.79% 21% $ 21,667
(0.30) $ 7.31 2.69% 1.37% (0.48)% 0.89% (22.21)% 41% $ 12,138
0.00 $10.04 2.90% 3.58% (3.02)% 0.56% 0.88% 54% $ 9,354
0.00 $ 8.75 2.74% 0.86% (0.20)% 0.66% 22.01% 21% $ 33,988
(0.30) $ 7.23 2.91% 1.06% (0.40)% 0.66% (22.00)% 41% $ 22,002
0.00 $ 9.92 2.91% 3.71% (3.18)% 0.53% 0.92% 54% $ 10,088
0.00 $ 8.85 2.38% 1.41% (0.46)% 0.95% 21.75% 21% $ 30,046
(0.30) $ 7.32 2.62% 1.60% (0.65)% 0.95% (22.15)% 41% $ 8,959
0.00 $10.03 2.85% 3.79% (3.19)% 0.60% 0.85% 54% $ 2,249
44 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
TARGET 2020
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.58 0.11(5) 2.45 (0.12) 0.00
March 1, 2008 to February 28, 2009 ............... $13.78 0.26(5) (4.04) (0.27) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.22 0.33(5) (0.08) (0.32) (0.37)
March 1, 2006 to February 28, 2007 ............... $14.24 0.28(5) 1.04 (0.27) (1.07)
March 1, 2005 to February 28, 2006 ............... $13.44 0.19 0.80 (0.19) 0.00
March 1, 2004 to February 28, 2005 ............... $12.96 0.16 0.47 (0.15) 0.00
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.50 0.07(5) 2.42 (0.07) 0.00
March 1, 2008 to February 28, 2009 ............... $13.66 0.17(5) (4.01) (0.17) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.09 0.20(5) (0.06) (0.20) (0.37)
March 1, 2006 to February 28, 2007 ............... $14.12 0.18(5) 1.02 (0.16) (1.07)
March 1, 2005 to February 28, 2006 ............... $13.33 0.10 0.77 (0.08) 0.00
March 1, 2004 to February 28, 2005 ............... $12.85 0.08 0.45 (0.05) 0.00
Class C
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.58 0.07(5) 2.44 (0.08) 0.00
March 1, 2008 to February 28, 2009 ............... $13.78 0.17(5) (4.05) (0.17) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.21 0.21(5) (0.06) (0.21) (0.37)
March 1, 2006 to February 28, 2007 ............... $14.23 0.18(5) 1.03 (0.16) (1.07)
March 1, 2005 to February 28, 2006 ............... $13.43 0.09 0.79 (0.08) 0.00
March 1, 2004 to February 28, 2005 ............... $12.93 0.09 0.44 (0.03) 0.00
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.71 0.13(5) 2.47 (0.13) 0.00
March 1, 2008 to February 28, 2009 ............... $13.96 0.30(5) (4.09) (0.31) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.39 0.36(5) (0.06) (0.36) (0.37)
March 1, 2006 to February 28, 2007 ............... $14.40 0.33(5) 1.04 (0.31) (1.07)
March 1, 2005 to February 28, 2006 ............... $13.58 0.23 0.82 (0.23) 0.00
March 1, 2004 to February 28, 2005 ............... $13.10 0.22 0.45 (0.19) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.73 0.14(5) 2.47 (0.14) 0.00
March 1, 2008 to February 28, 2009 ............... $13.98 0.32(5) (4.08) (0.34) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.41 0.39(5) (0.06) (0.39) (0.37)
March 1, 2006 to February 28, 2007 ............... $14.41 0.36(5) 1.05 (0.34) (1.07)
March 1, 2005 to February 28, 2006 ............... $13.60 0.25 0.81 (0.25) 0.00
June 30, 2004(4) to February 28, 2005 ............ $12.87 0.09 0.76 (0.12) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 9.71 0.13(5) 2.46 (0.13) 0.00
March 1, 2008 to February 28, 2009 ............... $13.96 0.29(5) (4.08) (0.31) (0.15)
March 1, 2007 to February 29, 2008 ............... $14.40 0.33(5) (0.03) (0.37) (0.37)
January 31, 2007(4) to February 28, 2007 ......... $14.30 0.02(5) 0.08 0.00 0.00
TARGET 2025
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 6.25 0.08(5) 1.98 (0.06) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.53 0.20(5) (3.29) (0.19) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.14(5) (0.57) (0.04) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 6.24 0.09(5) 1.97 (0.07) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.49 0.20(5) (3.26) (0.19) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.14(5) (0.55) (0.10) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 6.25 0.07(5) 1.98 (0.06) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.51 0.18(5) (3.26) (0.18) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.14(5) (0.57) (0.06) 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 45
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset ----------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3, 8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- --------- ---------------
0.00 $12.02 2.06% 1.20% 0.00% 1.20% 26.78% 20% $ 73,751
0.00 $ 9.58 2.10% 1.25% (0.05)% 1.20% (27.90)% 38% $ 59,671
0.00 $13.78 2.17% 1.27% (0.07)% 1.20% 1.60% 48% $124,555
0.00 $14.22 1.98% 1.28% (0.06)% 1.22% 9.49% 135% $152,049
0.00 $14.24 1.39% 1.32% (0.07)% 1.25% 7.44% 30% $155,896
0.00 $13.44 1.31% 1.31% (0.04)% 1.27% 4.92% 60% $151,258
0.00 $11.92 1.32% 1.96% (0.01)% 1.95% 26.31% 20% $ 5,690
0.00 $ 9.50 1.36% 2.00% (0.05)% 1.95% (28.43)% 38% $ 5,495
0.00 $13.66 1.43% 2.02% (0.07)% 1.95% 0.87% 48% $ 11,516
0.00 $14.09 1.23% 2.03% (0.06)% 1.97% 8.67% 135% $ 16,841
0.00 $14.12 0.66% 2.06% (0.06)% 2.00% 6.58% 30% $ 18,833
0.00 $13.33 0.55% 2.07% (0.05)% 2.02% 4.13% 60% $ 25,378
0.00 $12.01 1.31% 1.95% 0.00% 1.95% 26.24% 20% $ 2,247
0.00 $ 9.58 1.36% 2.00% (0.05)% 1.95% (28.46)% 38% $ 1,840
0.00 $13.78 1.42% 2.02% (0.07)% 1.95% 0.90% 48% $ 3,318
0.00 $14.21 1.23% 2.03% (0.06)% 1.97% 8.67% 135% $ 4,083
0.00 $14.23 0.65% 2.07% (0.07)% 2.00% 6.64% 30% $ 3,887
0.00 $13.43 0.54% 2.07% (0.05)% 2.02% 4.09% 60% $ 4,155
0.00 $12.18 2.33% 1.02% (0.12)% 0.90% 26.91% 20% $278,673
0.00 $ 9.71 2.42% 1.07% (0.17)% 0.90% (27.66)% 38% $196,606
0.00 $13.96 2.44% 1.09% (0.19)% 0.90% 1.96% 48% $234,169
0.00 $14.39 2.28% 1.10% (0.18)% 0.92% 9.77% 135% $176,133
0.00 $14.40 1.69% 1.12% (0.17)% 0.95% 7.83% 30% $148,494
0.00 $13.58 1.61% 0.98% (0.01)% 0.97% 5.17% 60% $131,133
0.00 $12.20 2.56% 0.75% (0.08)% 0.67% 26.98% 20% $616,993
0.00 $ 9.73 2.63% 0.81% (0.14)% 0.67% (27.46)% 38% $414,090
0.00 $13.98 2.63% 0.82% (0.15)% 0.67% 2.18% 48% $367,360
0.00 $14.41 2.48% 0.83% (0.14)% 0.69% 10.07% 135% $164,260
0.00 $14.41 1.90% 0.87% (0.12)% 0.75% 7.96% 30% $ 50,928
0.00 $13.60 1.89% 0.88% (0.13)% 0.75% 6.61% 60% $ 51,662
0.00 $12.17 2.23% 1.30% (0.34)% 0.96% 26.80% 20% $ 33,487
0.00 $ 9.71 2.34% 1.36% (0.40)% 0.96% (27.70)% 38% $ 15,254
0.00 $13.96 2.27% 1.41% (0.45)% 0.96% 1.91% 48% $ 12,140
0.00 $14.40 2.08% 1.39% (0.50)% 0.89% 0.70% 135% $ 296
0.00 $ 8.25 2.10% 1.12% (0.22)% 0.90% 33.06% 18% $ 19,285
0.00 $ 6.25 2.42% 1.35% (0.72)% 0.63% (32.95)% 35% $ 9,410
0.00 $ 9.53 2.13% 3.68% (3.17)% 0.51% (4.30)% 42% $ 7,206
0.00 $ 8.23 2.35% 0.85% (0.18)% 0.67% 33.07% 18% $ 45,328
0.00 $ 6.24 2.50% 1.07% (0.54)% 0.53% (32.81)% 35% $ 26,335
0.00 $ 9.49 2.09% 3.41% (2.94)% 0.47% (4.16)% 42% $ 17,248
0.00 $ 8.24 1.95% 1.39% (0.43)% 0.96% 32.89% 18% $ 44,387
0.00 $ 6.25 2.32% 1.60% (0.90)% 0.70% (32.90)% 35% $ 9,564
0.00 $ 9.51 2.19% 4.33% (3.81)% 0.52% (4.29)% 42% $ 2,432
46 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
TARGET (2030)
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.65 0.09(5) 3.23 (0.08) 0.00
March 1, 2008 to February 28, 2009 ............... $14.36 0.21(5) (5.55) (0.20) (0.17)
March 1, 2007 to February 29, 2008 ............... $15.16 0.24(5) (0.32) (0.23) (0.49)
March 1, 2006 to February 28, 2007 ............... $15.04 0.20(5) 1.44 (0.20) (1.32)
March 1, 2005 to February 28, 2006 ............... $14.21 0.16(5) 1.05 (0.15) (0.23)
March 1, 2004 to February 28, 2005 ............... $13.53 0.16 0.67 (0.15) 0.00
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.49 0.05(5) 3.17 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $14.09 0.11(5) (5.44) (0.10) (0.17)
March 1, 2007 to February 29, 2008 ............... $14.88 0.12(5) (0.31) (0.11) (0.49)
March 1, 2006 to February 28, 2007 ............... $14.79 0.09(5) 1.41 (0.09) (1.32)
March 1, 2005 to February 28, 2006 ............... $13.97 0.05(5) 1.04 (0.04) (0.23)
March 1, 2004 to February 28, 2005 ............... $13.31 0.06 0.64 (0.04) 0.00
Class C
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.50 0.05(5) 3.17 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $14.11 0.11(5) (5.45) (0.10) (0.17)
March 1, 2007 to February 29, 2008 ............... $14.91 0.12(5) (0.32) (0.11) (0.49)
March 1, 2006 to February 28, 2007 ............... $14.82 0.09(5) 1.41 (0.09) (1.32)
March 1, 2005 to February 28, 2006 ............... $14.00 0.05(5) 1.05 (0.05) (0.23)
March 1, 2004 to February 28, 2005 ............... $13.32 0.05 0.65 (0.02) 0.00
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.74 0.10(5) 3.27 (0.09) 0.00
March 1, 2008 to February 28, 2009 ............... $14.50 0.24(5) (5.59) (0.24) (0.17)
March 1, 2007 to February 29, 2008 ............... $15.31 0.28(5) (0.32) (0.28) (0.49)
March 1, 2006 to February 28, 2007 ............... $15.18 0.25(5) 1.45 (0.25) (1.32)
March 1, 2005 to February 28, 2006 ............... $14.33 0.20(5) 1.08 (0.20) (0.23)
March 1, 2004 to February 28, 2005 ............... $13.65 0.21 0.66 (0.19) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.75 0.12(5) 3.25 (0.10) 0.00
March 1, 2008 to February 28, 2009 ............... $14.51 0.26(5) (5.58) (0.27) (0.17)
March 1, 2007 to February 29, 2008 ............... $15.31 0.31(5) (0.31) (0.31) (0.49)
March 1, 2006 to February 28, 2007 ............... $15.18 0.26(5) 1.47 (0.28) (1.32)
March 1, 2005 to February 28, 2006 ............... $14.33 0.23(5) 1.07 (0.22) (0.23)
June 30, 2004(4) to February 28, 2005 ............ $13.42 0.08 0.94 (0.11) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.74 0.10(5) 3.26 (0.09) 0.00
March 1, 2008 to February 28, 2009 ............... $14.50 0.22(5) (5.58) (0.23) (0.17)
March 1, 2007 to February 29, 2008 ............... $15.31 0.25(5) (0.29) (0.28) (0.49)
January 31, 2007(4) to February 28, 2007 ......... $15.29 0.01(5) 0.01 0.00 0.00
TARGET (2035)
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.40 0.06(5) 2.26 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.24 0.14(5) (3.84) (0.14) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.10(5) (0.85) (0.01) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.36 0.07(5) 2.24 (0.05) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.15 0.14(5) (3.80) (0.13) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.10(5) (0.84) (0.11) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.42 0.06(5) 2.26 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.24 0.12(5) (3.82) (0.12) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.10(5) (0.86) (0.00)(6) 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 47
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset ----------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3,8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- --------- ---------------
0.00 $11.89 1.67% 1.22% (0.01)% 1.21% 38.46% 16% $ 62,104
0.00 $ 8.65 1.64% 1.28% (0.07)% 1.21% (37.78)% 33% $ 45,556
0.00 $14.36 1.53% 1.29% (0.08)% 1.21% (0.77)% 36% $ 95,985
0.00 $15.16 1.33% 1.31% (0.08)% 1.23% 11.20% 109% $110,904
0.00 $15.04 1.08% 1.34% (0.09)% 1.25% 8.63% 24% $110,900
0.00 $14.21 1.17% 1.31% (0.04)% 1.27% 6.17% 48% $109,923
0.00 $11.67 0.94% 1.97% (0.01)% 1.96% 37.95% 16% $ 3,599
0.00 $ 8.49 0.90% 2.03% (0.07)% 1.96% (38.22)% 33% $ 3,233
0.00 $14.09 0.79% 2.04% (0.08)% 1.96% (1.50)% 36% $ 7,358
0.00 $14.88 0.59% 2.06% (0.08)% 1.98% 10.35% 109% $ 10,955
0.00 $14.79 0.35% 2.09% (0.09)% 2.00% 7.86% 24% $ 12,518
0.00 $13.97 0.43% 2.06% (0.04)% 2.02% 5.28% 48% $ 16,372
0.00 $11.68 0.93% 1.97% (0.01)% 1.96% 37.96% 16% $ 1,644
0.00 $ 8.50 0.89% 2.02% (0.06)% 1.96% (38.22)% 33% $ 1,261
0.00 $14.11 0.77% 2.04% (0.08)% 1.96% (1.53)% 36% $ 2,385
0.00 $14.91 0.59% 2.06% (0.08)% 1.98% 10.34% 109% $ 2,592
0.00 $14.82 0.33% 2.10% (0.10)% 2.00% 7.89% 24% $ 3,159
0.00 $14.00 0.43% 2.07% (0.05)% 2.02% 5.26% 48% $ 2,991
0.00 $12.02 1.93% 1.04% (0.13)% 0.91% 38.71% 16% $197,799
0.00 $ 8.74 1.93% 1.10% (0.19)% 0.91% (37.56)% 33% $117,363
0.00 $14.50 1.79% 1.11% (0.20)% 0.91% (0.53)% 36% $162,897
0.00 $15.31 1.61% 1.13% (0.20)% 0.93% 11.50% 109% $110,742
0.00 $15.18 1.37% 1.14% (0.19)% 0.95% 9.03% 24% $ 81,874
0.00 $14.33 1.47% 0.98% (0.02)% 0.96% 6.42% 48% $ 65,968
0.00 $12.02 2.16% 0.77% (0.09)% 0.68% 38.68% 16% $468,384
0.00 $ 8.75 2.15% 0.83% (0.15)% 0.68% (37.38)% 33% $265,829
0.00 $14.51 1.97% 0.85% (0.17)% 0.68% (0.24)% 36% $263,663
0.00 $15.31 1.71% 0.86% (0.16)% 0.70% 11.73% 109% $ 94,881
0.00 $15.18 1.60% 0.89% (0.14)% 0.75% 9.24% 24% $ 26,726
0.00 $14.33 1.74% 0.87% (0.12)% 0.75% 7.64% 48% $ 28,149
0.00 $12.01 1.83% 1.31% (0.34)% 0.97% 38.59% 16% $ 30,997
0.00 $ 8.74 1.84% 1.39% (0.42)% 0.97% (37.58)% 33% $ 13,400
0.00 $14.50 1.62% 1.43% (0.46)% 0.97% (0.52)% 36% $ 9,799
0.00 $15.31 0.95% 1.40% (0.53)% 0.87% 0.13% 109% $ 455
0.00 $ 7.68 1.76% 1.23% (0.31)% 0.92% 43.16% 15% $ 8,551
0.00 $ 5.40 1.83% 1.60% (0.77)% 0.83% (40.58)% 30% $ 4,101
0.00 $ 9.24 1.58% 5.39% (4.86)% 0.53% (7.52)% 33% $ 3,524
0.00 $ 7.62 2.01% 0.97% (0.28)% 0.69% 43.24% 15% $ 28,927
0.00 $ 5.36 1.97% 1.31% (0.67)% 0.64% (40.44)% 30% $ 16,279
0.00 $ 9.15 1.52% 5.64% (5.15)% 0.49% (7.48)% 33% $ 8,983
0.00 $ 7.70 1.60% 1.50% (0.52)% 0.98% 42.97% 15% $ 29,644
0.00 $ 5.42 1.69% 1.82% (0.90)% 0.92% (40.50)% 30% $ 7,025
0.00 $ 9.24 1.59% 5.74% (5.24)% 0.50% (7.59)% 33% $ 1,736
48 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
TARGET (2040)
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.73 0.08(5) 3.89 (0.07) 0.00
March 1, 2008 to February 28, 2009 ............... $16.04 0.19(5) (6.92) (0.18) (0.40)
March 1, 2007 to February 29, 2008 ............... $17.42 0.22(5) (0.49) (0.22) (0.89)
March 1, 2006 to February 28, 2007 ............... $16.69 0.17(5) 1.85 (0.18) (1.11)
March 1, 2005 to February 28, 2006 ............... $15.27 0.14(5) 1.42 (0.14) 0.00
March 1, 2004 to February 28, 2005 ............... $14.40 0.14(5) 0.86 (0.13) 0.00
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.35 0.04(5) 3.71 (0.02) 0.00
March 1, 2008 to February 28, 2009 ............... $15.40 0.09(5) (6.64) (0.10) (0.40)
March 1, 2007 to February 29, 2008 ............... $16.75 0.09(5) (0.47) (0.08) (0.89)
March 1, 2006 to February 28, 2007 ............... $16.10 0.04(5) 1.78 (0.06) (1.11)
March 1, 2005 to February 28, 2006 ............... $14.72 0.03(5) 1.36 (0.01) 0.00
March 1, 2004 to February 28, 2005 ............... $13.86 0.04(5) 0.82 0.00 0.00
Class C
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.33 0.04(5) 3.70 (0.03) 0.00
March 1, 2008 to February 28, 2009 ............... $15.36 0.09(5) (6.62) (0.10) (0.40)
March 1, 2007 to February 29, 2008 ............... $16.73 0.08(5) (0.47) (0.09) (0.89)
March 1, 2006 to February 28, 2007 ............... $16.08 0.04(5) 1.78 (0.06) (1.11)
March 1, 2005 to February 28, 2006 ............... $14.71 0.03(5) 1.36 (0.02) 0.00
March 1, 2004 to February 28, 2005 ............... $13.86 0.04(5) 0.81 0.00 0.00
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.88 0.10(5) 3.94 (0.08) 0.00
March 1, 2008 to February 28, 2009 ............... $16.29 0.23(5) (7.02) (0.22) (0.40)
March 1, 2007 to February 29, 2008 ............... $17.67 0.27(5) (0.49) (0.27) (0.89)
March 1, 2006 to February 28, 2007 ............... $16.91 0.22(5) 1.88 (0.23) (1.11)
March 1, 2005 to February 28, 2006 ............... $15.48 0.19(5) 1.43 (0.19) 0.00
March 1, 2004 to February 28, 2005 ............... $14.59 0.19(5) 0.88 (0.18) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.88 0.11(5) 3.96 (0.09) 0.00
March 1, 2008 to February 28, 2009 ............... $16.29 0.25(5) (7.02) (0.24) (0.40)
March 1, 2007 to February 29, 2008 ............... $17.67 0.30(5) (0.48) (0.31) (0.89)
March 1, 2006 to February 28, 2007 ............... $16.91 0.24(5) 1.89 (0.26) (1.11)
March 1, 2005 to February 28, 2006 ............... $15.47 0.23(5) 1.43 (0.22) 0.00
June 30, 2004(4) to February 28, 2005 ............ $14.47 0.15(5) 1.06 (0.21) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 8.87 0.09(5) 3.95 (0.08) 0.00
March 1, 2008 to February 28, 2009 ............... $16.28 0.21(5) (7.01) (0.21) (0.40)
March 1, 2007 to February 29, 2008 ............... $17.67 0.23(5) (0.46) (0.27) (0.89)
January 31, 2007(4) to February 28, 2007 ......... $17.69 0.01(5) (0.03) 0.00 0.00
TARGET (2045)
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.21 0.05(5) 2.35 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.18 0.12(5) (3.94) (0.15) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.09(5) (0.91) 0.00 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.19 0.06(5) 2.33 (0.05) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.09 0.13(5) (3.91) (0.12) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.09(5) (0.90) (0.10) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ..... $ 5.23 0.05(5) 2.35 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............... $ 9.17 0.11(5) (3.95) (0.10) 0.00
June 29, 2007(4) to February 29, 2008 ............ $10.00 0.09(5) (0.92) 0.00 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 49
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset ----------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3,8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- --------- ---------------
0.00 $12.63 1.44% 1.23% (0.01)% 1.22% 45.52% 14% $ 96,492
0.00 $ 8.73 1.39% 1.30% (0.08)% 1.22% (42.65)% 29% $ 67,928
0.00 $16.04 1.22% 1.29% (0.07)% 1.22% (2.02)% 31% $142,158
0.00 $17.42 0.99% 1.30% (0.07)% 1.23% 12.31% 100% $166,671
0.00 $16.69 0.92% 1.27% (0.02)% 1.25% 10.28% 11% $163,232
0.00 $15.27 1.01% 1.28% (0.01)% 1.27% 6.98% 29% $165,145
0.00 $12.08 0.72% 1.98% (0.01)% 1.97% 45.01% 14% $ 4,149
0.00 $ 8.35 0.65% 2.05% (0.08)% 1.97% (43.10)% 29% $ 3,623
0.00 $15.40 0.50% 2.04% (0.07)% 1.97% (2.69)% 31% $ 9,899
0.00 $16.75 0.26% 2.05% (0.07)% 1.98% 11.42% 100% $ 16,692
0.00 $16.10 0.19% 2.02% (0.02)% 2.00% 9.47% 11% $ 19,547
0.00 $14.72 0.26% 2.03% (0.01)% 2.02% 6.20% 29% $ 27,229
0.00 $12.04 0.70% 1.98% (0.01)% 1.97% 44.97% 14% $ 1,921
0.00 $ 8.33 0.65% 2.05% (0.08)% 1.97% (43.07)% 29% $ 1,362
0.00 $15.36 0.46% 2.04% (0.07)% 1.97% (2.75)% 31% $ 3,023
0.00 $16.73 0.24% 2.05% (0.07)% 1.98% 11.46% 100% $ 3,437
0.00 $16.08 0.17% 2.02% (0.02)% 2.00% 9.49% 11% $ 3,376
0.00 $14.71 0.26% 2.03% (0.01)% 2.02% 6.13% 29% $ 3,681
0.00 $12.84 1.70% 1.05% (0.13)% 0.92% 45.62% 14% $131,818
0.00 $ 8.88 1.67% 1.12% (0.20)% 0.92% (42.46)% 29% $ 72,233
0.00 $16.29 1.49% 1.11% (0.19)% 0.92% (1.69)% 31% $117,859
0.00 $17.67 1.26% 1.12% (0.19)% 0.93% 12.67% 100% $ 90,981
0.00 $16.91 1.22% 1.08% (0.13)% 0.95% 10.55% 11% $ 52,239
0.00 $15.48 1.31% 0.95% 0.00% 0.95% 7.35% 29% $ 42,700
0.00 $12.86 1.92% 0.78% (0.09)% 0.69% 45.98% 14% $268,377
0.00 $ 8.88 1.88% 0.85% (0.16)% 0.69% (42.36)% 29% $136,386
0.00 $16.29 1.66% 0.85% (0.16)% 0.69% (1.47)% 31% $125,256
0.00 $17.67 1.39% 0.85% (0.14)% 0.71% 12.90% 100% $ 44,459
0.00 $16.91 1.42% 0.83% (0.08)% 0.75% 10.83% 11% $ 15,322
0.00 $15.47 1.55% 0.85% (0.10)% 0.75% 8.37% 29% $ 14,712
0.00 $12.83 1.62% 1.33% (0.35)% 0.98% 45.65% 14% $ 14,095
0.00 $ 8.87 1.58% 1.41% (0.43)% 0.98% (42.51)% 29% $ 6,970
0.00 $16.28 1.29% 1.43% (0.45)% 0.98% (1.74)% 31% $ 5,133
0.00 $17.67 0.51% 1.39% (0.51)% 0.88% (0.11)% 100% $ 305
0.00 $ 7.57 1.63% 1.50% (0.58)% 0.92% 46.19% 14% $ 4,252
0.00 $ 5.21 1.62% 2.34% (1.42)% 0.92% (42.22)% 29% $ 1,656
0.00 $ 9.18 1.45% 13.36% (12.80)% 0.56% (8.20)% 30% $ 948
0.00 $ 7.53 1.90% 1.23% (0.54)% 0.69% 46.12% 14% $ 16,868
0.00 $ 5.19 1.84% 2.02% (1.33)% 0.69% (42.06)% 29% $ 8,287
0.00 $ 9.09 1.46% 12.60% (12.07)% 0.53% (8.12)% 30% $ 4,339
0.00 $ 7.59 1.46% 1.75% (0.77)% 0.98% 45.90% 14% $ 8,801
0.00 $ 5.23 1.55% 2.58% (1.60)% 0.98% (42.22)% 29% $ 1,205
0.00 $ 9.17 1.43% 12.57% (12.01)% 0.56% (8.30)% 30% $ 547
50 Wells Fargo Advantage Dow Jones Target Date Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
--------- ------------- -------------- ------------- --------------
Target 2050
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $ 5.20 0.05(5) 2.34 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............ $ 9.14 0.12(5) (3.96) (0.10) 0.00
June 29, 20074 to February 29, 2008 ........... $10.00 0.08(5) (0.92) (0.02) 0.00
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $ 5.20 0.06(5) 2.33 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............ $ 9.13 0.13(5) (3.94) (0.12) 0.00
June 29, 20074 to February 29, 2008 ........... $10.00 0.08(5) (0.90) (0.05) 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $ 5.21 0.05(5) 2.34 (0.04) 0.00
March 1, 2008 to February 28, 2009 ............ $ 9.16 0.11(5) (3.96) (0.10) 0.00
June 29, 2007(4) to February 29, 2008 ......... $10.00 0.07(5) (0.91) 0.00 0.00
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Dow Jones Target Date Funds 51
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Net Asset -------------------------------------------------- Portfolio Net Assets at
Return of Value Per Net Investment Gross Expenses Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(7) Waived Expenses(7) Return(2) Rate(3, 8) (000's omitted)
- --------- --------- -------------- ----------- -------- ----------- --------- --------- ---------------
0.00 $7.55 1.64% 1.14% (0.22)% 0.92% 46.06% 14% $27,199
0.00 $5.20 1.60% 1.48% (0.56)% 0.92% (42.36)% 29% $10,984
0.00 $9.14 1.18% 5.13% (4.26)% 0.87% (8.37)% 30% $ 5,420
0.00 $7.55 1.86% 0.87% (0.18)% 0.69% 46.17% 14% $64,947
0.00 $5.20 1.80% 1.19% (0.50)% 0.69% (42.19)% 29% $26,763
0.00 $9.13 1.32% 5.32% (4.65)% 0.67% (8.26)% 30% $ 8,102
0.00 $7.56 1.54% 1.42% (0.44)% 0.98% 45.95% 14% $ 3,295
0.00 $5.21 1.48% 1.73% (0.75)% 0.98% (42.39)% 29% $ 983
0.00 $9.16 1.06% 5.27% (4.33)% 0.94% (8.40)% 30% $ 335
52 Wells Fargo Advantage Dow Jones Target Date 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 August 31,
2009, was comprised of 99 separate series. Throughout the notes to financial
statements, the WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM) is
referred to as the Target Today Fund; the WELLS FARGO ADVANTAGE DOW JONES TARGET
2010 FUND(SM) is referred to as the Target 2010 Fund; the WELLS FARGO ADVANTAGE
DOW JONES TARGET 2015 FUND(SM) is referred to as the Target 2015 Fund; the WELLS
FARGO ADVANTAGE DOW JONES TARGET 2020 FUND(SM) is referred to as the Target 2020
Fund; the WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM) is referred to as
the Target 2025 Fund; the WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND(SM)
is referred to as the Target 2030 Fund; the WELLS FARGO ADVANTAGE DOW JONES
TARGET 2035 FUND(SM) is referred to as the Target 2035 Fund; the WELLS FARGO
ADVANTAGE DOW JONES TARGET 2040 FUND(SM) is referred to as the Target 2040 Fund;
the WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM) is referred to as the
Target 2045 Fund; the Wells Fargo Advantage Dow Jones Target 2050 Fund(SM) is
referred to as the Target 2050 Fund. These financial statements present the
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 and Target 2050 Fund (each, a "Fund," collectively, the "Funds").
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.
The Funds each seek to achieve its investment objective by investing all or
substantially all investable assets in one or more separate diversified
portfolios (each, a "Master Portfolio," collectively, the "Master Portfolios")
of Wells Fargo Master Trust, an open-end management investment company
registered under 1940 Act. Each Master Portfolio directly acquires portfolio
securities, and a Fund investing in a Master Portfolio acquires an indirect
interest in those securities. Each Fund accounts for its investment in the
Master Portfolios as partnership investments and records daily its share of the
Master Portfolio's income, expenses, and realized and unrealized gains and
losses. The financial statements of the Master Portfolios are included in the
financial statements of the Funds and should be read in conjunction with each
Fund's financial statements. The ownership percentages of each Master Portfolio
held by each Fund as of August 31, 2009 are as follows:
Target Target Target Target Target Target Target Target Target Target
Today 2010 2015 2020 2025 2030 2035 2040 2045 2050
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Dow Jones Diversified Fixed
Income Portfolio 12% 27% 4% 37% 3% 13% 1% 3% 0%(1) 0%(1)
Dow Jones Diversified Stock Portfolio 2% 7% 2% 25% 3% 29% 3% 24% 1% 4%
Short-Term Investment Portfolio 8% 15% 2% 29% 3% 22% 2% 15% 1% 3%
(1.) The amount invested is less than 1%.
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 U.S. Generally Accepted Accounting Principles ("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.
Wells Fargo Advantage Dow Jones Target Date Funds 53
Notes to Financial Statements
Actual results could differ from those estimates. Management has considered the
circumstances under which the Funds should recognize or make disclosures
regarding events or transactions occurring subsequent to the balance sheet date
through October 20, 2009 which represents the date the financial statements are
issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
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 the Master Portfolios are valued daily based upon each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in this report.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis in the Master
Portfolios. Realized gains or losses in the Master Portfolios 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 by each Master Portfolio.
Dividend income in each Master Portfolio is recognized on the ex-dividend date,
except for certain dividends from foreign securities, which are recorded as soon
as the Master Portfolio is informed of the ex-dividend date. Dividend income
from foreign securities in each Master Portfolio is recorded net of foreign
taxes withheld where recovery of such taxes is not assured.
Each Fund records daily its proportionate share of each Master Portfolio's
interest and dividend income.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For U.S. 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 U.S.
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 U.S. federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for U.S. federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company 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
August 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 August 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: February 28, 2006; February 28, 2007; February 29, 2008; February 28,
2009) are subject to examination by the Internal Revenue Service and state
departments of revenue.
54 Wells Fargo Advantage Dow Jones Target Date Funds
Notes to Financial Statements
At February 28, 2009, the Funds' prior fiscal year-end, net capital loss
carryforwards, which are available to offset future net realized capital gains,
were:
Capital Loss
Fund Expiration Year Carryforwards
- ---- --------------- -------------
Target Today 2017 $1,105,091
Target 2015 2016 21,683
2017 530,766
Target 2025 2016 35,733
2017 446,219
Target 2035 2016 41,922
2017 353,855
Target 2045 2016 38,270
2017 51,211
Target 2050 2016 42,819
2017 311,087
At February 28, 2009, current year deferred post-October capital losses, which
will be treated as realized for tax purposes on the first day of the succeeding
year, were:
Deferred Post-October
Fund Capital Loss
- ---- ---------------------
Target Today $ 169,666
Target 2010 446,075
Target 2015 55,776
Target 2020 1,951,748
Target 2025 123,009
Target 2030 2,263,735
Target 2035 114,764
Target 2040 1,816,860
Target 2045 45,724
Target 2050 101,928
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.
For each Fund that is invested in multiple Master Portfolios, Funds Management
is entitled to receive an investment advisory fee of 0.25% of each Fund's
average daily net assets for providing such advisory services, including the
determination of the asset allocations of each Fund's investments in the various
Master Portfolios. Funds Management also acts as adviser to the Master
Portfolios, and is entitled to receive fees from the Master Portfolios for those
services. Global Index Advisors, Inc. ("GIA") acts as subadviser to the Funds.
For providing subadvisory services, GIA is entitled to receive a subadvisory fee
of 0.06% based on each Fund's average daily net assets. 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 may retain the
services of certain investment subadvisers to provide daily portfolio
management.
Wells Fargo Advantage Dow Jones Target Date Funds 55
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:
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 Level
Class A All asset levels 0.28
Class B All asset levels 0.28
Class C All asset levels 0.28
Administrator Class All asset levels 0.10
Institutional Class All asset levels 0.08
Investor Class All asset levels 0.38
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. WFB does not receive
a custodial fee for any Fund that invests its assets solely in one or more
Master Portfolios or other investment companies.
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 0.25
Class B 0.25
Class C 0.25
Administrator Class 0.25
Investor Class 0.25
For the six-month period ended August 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.
Administrator Investor
Fund Class A Class B Class C Class Class
- ---- -------- ------- ------- ------------- --------
Target Today $ 26,914 $3,923 $6,165 $ 61,192 $23,710
Target 2010 51,793 4,701 2,943 154,185 18,913
Target 2015 NA NA NA 19,735 22,497
Target 2020 84,231 6,976 2,533 297,034 30,682
Target 2025 NA NA NA 16,717 32,609
Target 2030 68,727 4,264 1,864 198,173 27,555
Target 2035 NA NA NA 7,586 20,963
Target 2040 105,361 4,863 2,076 129,746 13,312
Target 2045 NA NA NA 3,448 5,738
Target 2050 NA NA NA 23,444 2,765
56 Wells Fargo Advantage Dow Jones Target Date Funds
Notes to Financial Statements
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, the principal underwriter of each Fund, at
an annual rate of 0.75% of average daily net assets.
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 August 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 June 30, 2010, to waive fees and/or reimburse
expenses to the extent necessary to maintain a certain net operating expense
ratio for the Funds. Funds Management may also, from time to time, voluntarily
waive additional fees and/or reimburse expenses as deemed appropriate by Funds
Management to further lower the net operating expense ratios for specified
Funds.
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) for the
six-month period ended August 31, 2009, were as follows:
Fund Purchases at Cost Sales Proceeds
- ---- ----------------- --------------
Target Today $ 90,473,991 $ 39,761,151
Target 2010 205,193,172 92,108,200
Target 2015 31,699,428 14,571,496
Target 2020 334,314,209 158,823,275
Target 2025 31,195,983 15,532,414
Target 2030 188,218,689 98,909,254
Target 2035 14,458,324 8,002,617
Target 2040 102,055,857 58,587,372
Target 2045 5,754,990 3,333,178
Target 2050 18,421,365 10,669,356
Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of the
respective Master Portfolio by the corresponding Master Portfolio's purchases
and sales.
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) are parties to 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. The agreement permits borrowings of up to $150 million, collectively.
Interest under the Credit Agreement 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 August 31,
2009, there were no borrowings by any of the Funds under the agreement.
6. SUBSEQUENT EVENTS
CUSTODY AND FUND ACCOUNTING AGREEMENT
On October 5, 2009, State Street Bank and Trust Company ("State Street")
replaced Wells Fargo Bank, N.A. and PNC Global Investing Service (U.S.), Inc. as
the custodian and fund accountant, respectively, for the Funds pursuant to a
custody and fund accounting agreement (the "Agreement.") Pursuant to the
Agreement, for its services State Street is entitled to receive certain
transaction fees, asset-based fees and out-of-pocket costs, except that for the
Funds, custody charges are assessed at the Master Portfolio level only and not
directly borne by the Funds. Also pursuant to the Agreement, State Street is
entitled to receive annual asset-based fees for providing fund accounting
services to the Funds.
Wells Fargo Advantage Dow Jones Target Date Funds 57
Notes to Financial Statements
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATE SCHEDULES
On August 12, 2009, the Board of Trustees approved the following changes,
effective October 1, 2009, to the investment advisory fee rate schedule payable
by each Fund to Funds Management at the annual rates shown below.
Advisory Fee Rate Schedule Effective October 1, 2009:
% of Average
Average Daily Net Assets Daily Net Assets
- ------------------------ ----------------
First $500 million 0.25%
Next $500 million 0.23%
Next $2 billion 0.21%
Over $3 billion 0.19%
The Board of Trustees also approved the following changes, effective October 1,
2009, to the investment sub-advisory advisory fee rate schedule payable by each
Fund to GIA at the annual rates shown below.
Sub-Advisory Fee Rate Schedule Effective October 1, 2009:
% of Average
Average Daily Net Assets Daily Net Assets
- ------------------------ ----------------
First $300 million 0.06%
Next $200 million 0.05%
Over $3 million 0.04%
WAIVED FEES AND REIMBURSED EXPENSES
The following contractual fee waiver commitments are effective from October 1,
2009 through June 30, 2010, and for that period show the capped operating
expense ratio in effect for each Fund and share class:
Capped Operating
Funds/Classes Expense Ratio
- ------------- ----------------
TARGET TODAY FUND
Class A 0.98%
Class B 1.73%
Class C 1.73%
Administrator Class 0.80%
Institutional Class 0.45%
Investor Class 0.86%
TARGET 2010 FUND
Class A 1.01%
Class B 1.76%
Class C 1.76%
Administrator Class 0.83%
Institutional Class 0.48%
Investor Class 0.89%
TARGET 2015 FUND
Administrator Class 0.84%
Institutional Class 0.49%
Investor Class 0.90%
TARGET 2020 FUND
Class A 1.03%
Class B 1.78%
Class C 1.78%
Administrator Class 0.85%
Institutional Class 0.50%
Investor Class 0.91%
58 Wells Fargo Advantage Dow Jones Target Date Funds
Notes to Financial Statements
Capped Operating
Funds/Classes Expense Ratio
- ------------- ----------------
TARGET 2025 FUND
Administrator Class 0.85%
Institutional Class 0.50%
Investor Class 0.91%
TARGET 2030 FUND
Class A 1.04%
Class B 1.79%
Class C 1.79%
Administrator Class 0.86%
Institutional Class 0.51%
Investor Class 0.92%
TARGET 2035 FUND
Administrator Class 0.87%
Institutional Class 0.52%
Investor Class 0.93%
TARGET 2040 FUND
Class A 1.05%
Class B 1.80%
Class C 1.80%
Administrator Class 0.87%
Institutional Class 0.52%
Investor Class 0.93%
TARGET 2045 FUND
Administrator Class 0.87%
Institutional Class 0.52%
Investor Class 0.93%
TARGET 2050 FUND
Administrator Class 0.87%
Institutional Class 0.52%
Investor Class 0.93%
LINE OF CREDIT
On September 8, 2009, Wells Fargo Funds Trust, on behalf of certain of its
series, including the Funds, entered into a new 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. The agreement permits borrowings of up to $25 million,
collectively. Pursuant to the amendment to the Credit Agreement entered into on
September 8, 2009, interest under the Credit Agreement after such date is
charged to each Fund based on its borrowing at a rate equal to the higher of the
Federal Funds rate plus 1.25% or Overnight LIBOR plus 1.25%. In addition, under
the amended Credit Agreement, the Funds pay a quarterly commitment equal to
0.15% per annum of the credit line.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
60 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CORPORATE BONDS & NOTES: 21.76%
AEROSPACE, DEFENSE: 0.01%
$ 140,000 BOEING COMPANY 4.88% 02/15/2020 $ 141,648
30,000 BOEING COMPANY 5.88 02/15/2040 31,377
173,025
--------------
AGRICULTURAL SERVICES: 0.01%
150,000 BUNGE LIMITED FINANCE CORPORATION 5.10 07/15/2015 152,711
--------------
APPAREL & ACCESSORY STORES: 0.01%
65,000 KOHL'S CORPORATION 6.00 01/15/2033 63,167
60,000 NORDSTROM INCORPORATED 6.75 06/01/2014 64,800
127,967
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.01%
100,000 VF CORPORATION 5.95 11/01/2017 102,918
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.04%
150,000 AUTOZONE INCORPORATED 5.75 01/15/2015 157,962
100,000 AUTOZONE INCORPORATED 6.50 01/15/2014 107,473
250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 253,824
519,259
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01%
100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 103,831
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.01%
65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 61,535
65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 59,377
120,912
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.20%
150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 161,291
180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 180,781
100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 101,481
50,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 49,080
200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 215,062
100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 104,261
50,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 53,063
680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 703,495
250,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 240,616
400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 431,079
75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 81,776
350,000 LOWE'S COMPANIES INCORPORATED 6.65 09/15/2037 397,327
2,719,312
--------------
BUSINESS SERVICES: 0.44%
150,000 COMPUTER SCIENCES CORPORATION SERIES WI 6.50 03/15/2018 161,691
180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 200,004
100,000 FISERV INCORPORATED 6.13 11/20/2012 108,612
100,000 FISERV INCORPORATED 6.80 11/20/2017 109,179
1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,847,699
500,000 INTERNATIONAL LEASE FINANCE CORPORATION 6.38 03/25/2013 392,343
300,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.30 05/01/2012 240,742
130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 97,567
190,000 MICROSOFT CORPORATION 2.95 06/01/2014 191,168
Wells Fargo Advantage Master Portfolios 61
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
BUSINESS SERVICES (continued)
$ 175,000 MICROSOFT CORPORATION 4.20% 06/01/2019 $ 178,926
110,000 MICROSOFT CORPORATION 5.20 06/01/2039 111,157
200,000 OMNICOM GROUP INCORPORATED 6.25 07/15/2019 212,061
500,000 ORACLE CORPORATION 3.75 07/08/2014 516,558
300,000 ORACLE CORPORATION 5.00 07/08/2019 313,510
250,000 ORACLE CORPORATION 5.75 04/15/2018 274,350
200,000 ORACLE CORPORATION 6.13 07/08/2039 224,582
250,000 ORACLE CORPORATION 6.50 04/15/2038 289,417
326,000 WASTE MANAGEMENT INCORPORATED 6.10 03/15/2018 341,431
5,810,997
--------------
CHEMICALS: 0.14%
100,000 DOW CHEMICAL COMPANY<< 6.00 10/01/2012 104,357
100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 99,726
685,000 DOW CHEMICAL COMPANY 7.60 05/15/2014 739,670
655,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 713,462
135,000 DOW CHEMICAL COMPANY 9.40 05/15/2039 163,828
1,821,043
--------------
CHEMICALS & ALLIED PRODUCTS: 1.03%
150,000 ABBOTT LABORATORIES 5.60 05/15/2011 160,917
1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,094,425
150,000 ABBOTT LABORATORIES 5.88 05/15/2016 167,098
300,000 ABBOTT LABORATORIES 6.00 04/01/2039 337,994
150,000 AIR PRODUCTS & CHEMICALS INCORPORATED 4.38 08/21/2019 152,118
100,000 AMGEN INCORPORATED 6.38 06/01/2037 112,988
250,000 AMGEN INCORPORATED<< 6.40 02/01/2039 284,198
750,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 822,031
150,000 CLOROX COMPANY 5.00 03/01/2013 158,607
300,000 CLOROX COMPANY 5.00 01/15/2015 307,212
100,000 CLOROX COMPANY 5.45 10/15/2012 107,128
90,000 CLOROX COMPANY<< 5.95 10/15/2017 97,514
40,000 COLGATE-PALMOLIVE COMPANY 3.15 08/05/2015 40,747
100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 106,788
565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 605,885
200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 216,779
50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 53,164
25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 25,707
625,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 692,883
200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 207,243
800,000 ELI LILLY & COMPANY 4.20 03/06/2014 847,295
100,000 ESTEE LAUDER COMPANY INCORPORATED 7.75 11/01/2013 113,253
500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.85 05/15/2013 535,362
45,000 HOSPIRA INCORPORATED SERIES GMTN 6.40 05/15/2015 49,099
250,000 JOHNSON & JOHNSON 5.55 08/15/2017 279,110
300,000 JOHNSON & JOHNSON 5.85 07/15/2038 333,786
65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 68,319
250,000 MERCK & COMPANY INCORPORATED 1.88 06/30/2011 252,506
250,000 MERCK & COMPANY INCORPORATED 5.00 06/30/2019 264,268
150,000 MERCK & COMPANY INCORPORATED 5.85 06/30/2039 165,179
250,000 MERCK & COMPANY INCORPORATED 6.30 01/01/2026 280,871
100,000 MONSANTO COMPANY 5.50 08/15/2025 102,973
50,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 53,115
100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 109,228
75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 82,598
150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 166,243
62 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
$ 750,000 PROCTER & GAMBLE COMPANY 3.50% 02/15/2015 $ 769,922
125,000 PROCTER & GAMBLE COMPANY 4.60 01/15/2014 134,217
500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 552,157
100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 110,116
225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 267,153
120,000 SCHERING-PLOUGH CORPORATION 6.75 12/01/2033 140,406
200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 215,526
100,000 VALSPAR CORPORATION 7.25 06/15/2019 106,397
125,000 WATSON PHARMACEUTICALS INCORPORATED 5.00 08/15/2014 126,474
130,000 WATSON PHARMACEUTICALS INCORPORATED 6.13 08/15/2019 133,655
500,000 WYETH 5.45 04/01/2017 540,155
180,000 WYETH 5.50 02/15/2016 193,821
625,000 WYETH 6.00 02/15/2036 682,121
300,000 WYETH 6.95 03/15/2011 323,953
13,750,704
--------------
COMMUNICATIONS: 2.18%
65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 66,330
325,000 AT&T INCORPORATED 5.10 09/15/2014 351,295
1,000,000 AT&T INCORPORATED 5.50 02/01/2018 1,049,977
500,000 AT&T INCORPORATED<< 5.60 05/15/2018 528,100
300,000 AT&T INCORPORATED 6.25 03/15/2011 319,250
570,000 AT&T INCORPORATED 6.50 09/01/2037 613,787
500,000 AT&T INCORPORATED<< 6.55 02/15/2039 545,571
200,000 AT&T INCORPORATED 6.70 11/15/2013 226,537
550,000 AT&T INCORPORATED 8.00 11/15/2031 682,807
360,000 AT&T WIRELESS 7.88 03/01/2011 390,541
1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,137,623
600,000 AT&T WIRELESS 8.75 03/01/2031 797,466
250,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 300,318
325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 352,789
180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 185,106
180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 193,055
180,000 BRITISH TELEPHONE PLC 9.13 12/15/2010 193,930
180,000 CBS CORPORATION 4.63 05/15/2018 150,398
200,000 CBS CORPORATION 8.88 05/15/2019 215,105
100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 98,000
240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 235,200
365,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 421,810
350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 371,352
100,000 COMCAST CORPORATION 4.95 06/15/2016 101,425
300,000 COMCAST CORPORATION 5.30 01/15/2014 319,302
200,000 COMCAST CORPORATION 5.45 11/15/2010 208,135
75,000 COMCAST CORPORATION 5.88 02/15/2018 79,736
225,000 COMCAST CORPORATION 5.90 03/15/2016 240,021
500,000 COMCAST CORPORATION 6.30 11/15/2017 545,667
150,000 COMCAST CORPORATION 6.45 03/15/2037 160,007
200,000 COMCAST CORPORATION 6.50 11/15/2035 213,544
650,000 COMCAST CORPORATION<< 6.55 07/01/2039 703,689
400,000 COMCAST CORPORATION 6.95 08/15/2037 452,722
180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 191,140
300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 332,591
405,000 DIRECTV HOLDINGS LLC 7.63 05/15/2016 426,263
100,000 EMBARQ CORPORATION 6.74 06/01/2013 106,949
350,000 EMBARQ CORPORATION 7.08 06/01/2016 373,684
Wells Fargo Advantage Master Portfolios 63
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMUNICATIONS (continued)
$ 120,000 MOTOROLA INCORPORATED 7.63% 11/15/2010 $ 123,900
300,000 QWEST CORPORATION 6.88 09/15/2033 234,000
500,000 QWEST CORPORATION 7.50 06/15/2023 425,000
35,000 QWEST CORPORATION++ 8.38 05/01/2016 35,350
65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 67,114
415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 434,194
350,000 TIME WARNER CABLE INCORPORATED 5.40 07/02/2012 373,343
150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 157,524
250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 263,052
1,000,000 TIME WARNER CABLE INCORPORATED 6.75 07/01/2018 1,104,719
500,000 TIME WARNER CABLE INCORPORATED 6.75 06/15/2039 534,673
150,000 TIME WARNER CABLE INCORPORATED 7.50 04/01/2014 172,162
150,000 TIME WARNER CABLE INCORPORATED 8.25 02/14/2014 175,466
150,000 TIME WARNER CABLE INCORPORATED 8.25 04/01/2019 180,124
100,000 TIME WARNER CABLE INCORPORATED 8.75 02/14/2019 123,102
250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 263,153
150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 180,642
500,000 TIME WARNER INCORPORATED 5.88 11/15/2016 522,421
50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 50,351
360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 393,703
325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 356,904
300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 332,651
300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 321,548
250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 264,162
500,000 VERIZON COMMUNICATIONS INCORPORATED 6.35 04/01/2019 555,234
500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 572,158
350,000 VERIZON COMMUNICATIONS INCORPORATED 7.35 04/01/2039 420,362
800,000 VERIZON COMMUNICATIONS INCORPORATED 8.75 11/01/2018 1,010,092
325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 344,649
100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 100,880
500,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 532,531
1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,134,355
350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 421,335
500,000 VERIZON WIRELESS++ 8.50 11/15/2018 629,804
250,000 VERIZON WIRELESS CAPITAL LLC++ 3.75 05/20/2011 258,143
1,000,000 VERIZON WIRELESS CAPITAL LLC++ 5.55 02/01/2014 1,081,388
200,000 VIACOM INCORPORATED 5.50 05/15/2033 147,213
480,000 VIACOM INCORPORATED 6.25 04/30/2016 514,963
50,000 VIACOM INCORPORATED 6.75 10/05/2037 52,372
180,000 VIACOM INCORPORATED 6.88 04/30/2036 190,036
28,935,995
--------------
COMPUTER HARDWARE: 0.00%
50,000 DELL INCORPORATED 5.88 06/15/2019 52,558
--------------
DEPOSITORY INSTITUTIONS: 3.27%
150,000 ABBEY NATIONAL CAPITAL TRUST I+/- 8.96 12/31/2049 131,813
1,000,000 BANK OF AMERICA CORPORATION 2.10 04/30/2012 1,010,733
250,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 246,146
700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 710,840
250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 226,393
100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 97,866
1,000,000 BANK OF AMERICA CORPORATION 5.65 05/01/2018 966,943
500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 486,370
350,000 BANK OF AMERICA CORPORATION 6.50 08/01/2016 360,672
64 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
$ 1,000,000 BANK OF AMERICA CORPORATION 7.38% 05/15/2014 $ 1,096,397
800,000 BANK OF AMERICA CORPORATION SERIES BKNT 6.00 10/15/2036 740,651
1,000,000 BANK OF AMERICA CORPORATION SERIES MTN 3.13 06/15/2012 1,038,615
500,000 BANK OF AMERICA CORPORATION SERIES MTN 4.90 05/01/2013 504,762
115,000 BANK OF NEW YORK MELLON CORPORATION<< 4.30 05/15/2014 120,992
450,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 01/14/2011 466,061
150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 162,361
500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40 06/15/2011 528,825
240,000 BANK ONE CORPORATION 7.63 10/15/2026 266,030
250,000 BANK ONE CORPORATION 8.00 04/29/2027 287,286
100,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2049 83,000
250,000 BB&T CORPORATION<< 5.20 12/23/2015 253,553
700,000 CAPITAL ONE FINANCIAL CORPORATION 7.38 05/23/2014 763,592
2,000,000 CITIGROUP INCORPORATED 2.13 04/30/2012 2,022,760
900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 824,590
1,000,000 CITIGROUP INCORPORATED 5.30 10/17/2012 1,010,199
700,000 CITIGROUP INCORPORATED 5.50 04/11/2013 696,744
1,000,000 CITIGROUP INCORPORATED<< 5.50 02/15/2017 884,047
750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 743,577
1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 940,246
625,000 CITIGROUP INCORPORATED 6.50 01/18/2011 645,913
250,000 CITIGROUP INCORPORATED 6.50 08/19/2013 256,710
500,000 CITIGROUP INCORPORATED 6.88 03/05/2038 451,585
855,000 CITIGROUP INCORPORATED 8.13 07/15/2039 878,852
400,000 CITIGROUP INCORPORATED 8.50 05/22/2019 437,231
500,000 COMERCIA BANK SERIES BKNT 5.75 11/21/2016 448,027
100,000 COMERICA CAPITAL TRUST II+/- 6.58 02/20/2037 67,500
100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 100,731
500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 419,731
1,000,000 GMAC LLC 2.20 12/19/2012 1,007,735
200,000 HSBC BANK USA NA NEW YORK 4.63 04/01/2014 204,616
225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 217,707
1,000,000 JPMORGAN CHASE & COMPANY 2.20 06/15/2012 1,014,942
350,000 JPMORGAN CHASE & COMPANY 3.13 12/01/2011 363,406
150,000 JPMORGAN CHASE & COMPANY 4.65 06/01/2014 156,620
250,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 254,477
2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 2,147,404
600,000 JPMORGAN CHASE & COMPANY 5.60 06/01/2011 633,277
1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 1,074,693
1,500,000 JPMORGAN CHASE & COMPANY 6.30 04/23/2019 1,644,417
350,000 JPMORGAN CHASE & COMPANY 6.40 05/15/2038 386,500
800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 852,798
350,000 KEYBANK NA 5.80 07/01/2014 337,267
250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 186,950
200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 212,301
100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 108,272
360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 360,425
500,000 NATIONAL CITY CORPORATION 6.88 05/15/2019 518,394
40,000 NORTHERN TRUST CORPORATION 4.63 05/01/2014 42,472
450,000 PNC FUNDING CORPORATION 5.13 12/14/2010 457,119
250,000 REGIONS BANK 6.45 06/26/2037 178,032
225,000 SUNTRUST BANK 5.00 09/01/2015 209,508
165,000 SUNTRUST CAPITAL VIII+/- 6.10 12/15/2049 108,900
200,000 UBS AG STAMFORD CT 5.88 07/15/2016 186,425
360,000 UBS PREFERRED FUNDING TRUST I+/- 8.62 12/31/2049 313,885
Wells Fargo Advantage Master Portfolios 65
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
$ 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95% 05/11/2016 $ 195,077
250,000 US BANCORP 4.20 05/15/2014 260,383
275,000 US BANK NA SERIES BKNT 4.95 10/30/2014 292,614
50,000 USB CAPITAL IX+/- 6.19 12/31/2049 36,000
250,000 WACHOVIA BANK NA(L) 5.85 02/01/2037 234,509
150,000 WACHOVIA CAPITAL TRUST I+/-(L) 5.80 03/15/2042 96,750
300,000 WACHOVIA CORPORATION(L) 5.25 08/01/2014 305,490
700,000 WACHOVIA CORPORATION(L) 5.50 08/01/2035 614,506
500,000 WACHOVIA CORPORATION(L) 5.63 10/15/2016 498,667
1,000,000 WACHOVIA CORPORATION<<(L) 5.75 02/01/2018 1,050,159
700,000 WACHOVIA CORPORATION SERIES MTN(L) 5.50 05/01/2013 743,744
1,000,000 WELLS FARGO & COMPANY(L) 5.25 10/23/2012 1,062,461
1,500,000 WELLS FARGO & COMPANY<<(L) 5.30 08/26/2011 1,589,027
1,000,000 WELLS FARGO & COMPANY(L) 5.63 12/11/2017 1,047,772
500,000 WELLS FARGO BANK NA(L) 4.75 02/09/2015 497,486
150,000 WELLS FARGO BANK NA(L) 5.95 08/26/2036 149,404
75,000 WESTERN UNION COMPANY 5.40 11/17/2011 80,424
75,000 WESTERN UNION COMPANY 5.93 10/01/2016 80,934
75,000 WESTERN UNION COMPANY 6.20 11/17/2036 74,021
43,466,314
--------------
EATING & DRINKING PLACES: 0.16%
750,000 BOTTLING GROUP LLC 6.95 03/15/2014 878,501
250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 261,151
105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 107,680
20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 19,800
100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 111,340
150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 173,981
100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 106,058
100,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 107,406
100,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 114,942
50,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 54,117
50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 54,253
120,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 131,775
2,121,004
--------------
EDUCATIONAL SERVICES: 0.05%
75,000 DARTMOUTH COLLEGE 4.75 06/01/2019 77,720
250,000 JOHNS HOPKINS UNIVERSITY 5.25 07/01/2019 266,998
250,000 VANDERBILT UNIVERSITY 5.25 04/01/2019 264,053
608,771
--------------
ELECTRIC, GAS & SANITARY SERVICES: 2.58%
105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 117,961
1,000,000 ALLIED WASTE NORTH AMERICA INCORPORATED 6.88 06/01/2017 1,042,500
100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 95,935
75,000 AMEREN UNION ELECTRIC 5.40 02/01/2016 77,034
100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 105,822
750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 778,361
100,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 113,075
315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 305,358
500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 530,319
65,000 ATLANTIC CITY ELECTRIC COMPANY 7.75 11/15/2018 78,575
100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 103,930
50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 53,800
66 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 180,000 CAROLINA POWER & LIGHT COMPANY 5.25% 12/15/2015 $ 195,084
450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 476,640
150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 154,091
50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 49,622
100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 100,994
500,000 COMMONWEALTH EDISON COMPANY 5.80 03/15/2018 538,252
250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 262,643
65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 67,886
50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 53,392
100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 108,159
180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 4.88 02/01/2013 189,130
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.85 04/01/2018 108,397
500,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.65 04/01/2019 572,360
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.75 04/01/2038 117,350
200,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 7.13 12/01/2018 235,170
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES 06-C 5.50 09/15/2016 106,896
50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES D 5.30 12/01/2016 52,759
50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES E 5.70 12/01/2036 51,156
100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 105,700
200,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.00 04/01/2012 214,671
150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 159,809
150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 160,049
100,000 DOMINION RESOURCES INCORPORATED 4.75 12/15/2010 103,103
80,000 DOMINION RESOURCES INCORPORATED 5.20 08/15/2019 82,500
180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 195,783
750,000 DOMINION RESOURCES INCORPORATED 6.40 06/15/2018 829,394
50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 52,559
125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 128,600
350,000 DTE ENERGY COMPANY 6.35 06/01/2016 358,600
150,000 DTE ENERGY COMPANY 7.05 06/01/2011 159,370
50,000 DTE ENERGY COMPANY 7.63 05/15/2014 54,149
125,000 DUKE CAPITAL LLC 5.67 08/15/2014 130,371
100,000 DUKE CAPITAL LLC 8.00 10/01/2019 115,364
150,000 DUKE ENERGY CAROLINAS LLC 5.75 11/15/2013 163,741
100,000 DUKE ENERGY CAROLINAS LLC 7.00 11/15/2018 118,647
200,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 220,635
75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 84,423
750,000 DUKE ENERGY INDIANA INCORPORATED 6.35 08/15/2038 874,055
65,000 DUKE ENERGY INDIANA INCORPORATED 6.45 04/01/2039 76,273
250,000 DUKE ENERGY OHIO INCORPORATED 5.45 04/01/2019 269,294
100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 106,881
250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 263,367
55,000 ENERGY TRANSFER PARTNERS LP 6.13 02/15/2017 57,135
30,000 ENERGY TRANSFER PARTNERS LP 6.63 10/15/2036 31,458
100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 106,139
100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 116,146
100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 103,336
100,000 ENTERGY GULF STATES LOUISIANA LLC 6.00 05/01/2018 103,351
375,000 EXELON CORPORATION 4.90 06/15/2015 380,821
65,000 EXELON CORPORATION 5.63 06/15/2035 59,559
150,000 EXELON GENERATION COMPANY LLC 6.95 06/15/2011 160,937
150,000 FIRSTENERGY CORPORATION SERIES B 6.45 11/15/2011 160,499
430,000 FIRSTENERGY CORPORATION SERIES C 7.38 11/15/2031 474,697
200,000 FIRSTENERGY SOLUTIONS CORPORATION++ 4.80 02/15/2015 204,418
240,000 FIRSTENERGY SOLUTIONS CORPORATION<<++ 6.05 08/15/2021 242,616
Wells Fargo Advantage Master Portfolios 67
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 164,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.80% 08/15/2039 $ 167,514
100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 105,623
150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 160,212
100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 110,507
50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 56,062
500,000 FLORIDA POWER CORPORATION 6.40 06/15/2038 586,161
800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 859,193
750,000 FPL GROUP CAPITAL INCORPORATED 6.00 03/01/2019 826,944
1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.20 06/08/2012 1,520,678
200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 213,610
125,000 GEORGIA POWER COMPANY 6.00 11/01/2013 139,354
100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 108,439
250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 272,633
100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 105,074
50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 52,706
500,000 INDIANA MICHIGAN POWER COMPANY 7.00 03/15/2019 568,944
30,000 INTERSTATE POWER & LIGHT COMPANY 6.25 07/15/2039 32,425
100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 105,518
125,000 KEYSPAN CORPORATION 5.80 04/01/2035 114,431
100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 108,430
200,000 MIDAMERICAN ENERGY HOLDINGS COMPANY++ 3.15 07/15/2012 202,319
250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 263,115
75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 78,866
180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 195,234
100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 103,395
250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 265,009
300,000 NEVADA POWER COMPANY 7.13 03/15/2019 341,736
1,000,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 1,090,653
180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 167,239
65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 58,921
90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 91,272
500,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.25 03/01/2018 531,636
100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 114,872
170,000 NORTHWEST PIPELINE CORPORATION 6.05 06/15/2018 180,673
500,000 ONCOR ELECTRIC DELIVERY COMPANY 6.80 09/01/2018 568,399
65,000 ONEOK INCORPORATED 5.20 06/15/2015 67,491
200,000 ONEOK PARTNERS LP 6.15 10/01/2016 208,704
125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 132,826
250,000 PACIFIC GAS & ELECTRIC COMPANY 5.80 03/01/2037 264,833
200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 218,006
200,000 PACIFIC GAS & ELECTRIC COMPANY 6.25 12/01/2013 222,842
100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 113,981
100,000 PACIFICORP 5.65 07/15/2018 109,082
720,000 PACIFICORP 6.25 10/15/2037 821,201
250,000 PORTLAND GENERAL ELECTRIC COMPANY 6.10 04/15/2019 280,912
200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 225,845
500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 519,316
50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 57,855
180,000 PROGRESS ENERGY INCORPORATED 7.10 03/01/2011 191,442
120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 147,114
150,000 PSEG POWER LLC 7.75 04/15/2011 161,699
75,000 PSEG POWER LLC 8.63 04/15/2031 99,955
50,000 PUBLIC SERVICE COMPANY OF COLORADO 5.13 06/01/2019 52,840
150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 174,580
100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 108,990
68 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 100,000 PUGET SOUND ENERGY INCORPORATED 6.27% 03/15/2037 $ 102,520
30,000 SAN DIEGO GAS & ELECTRIC COMPANY 6.00 06/01/2039 33,689
90,000 SEMPRA ENERGY 6.50 06/01/2016 98,985
525,000 SOUTH CAROLINA ELECTRIC & GAS COMPANY 6.50 11/01/2018 607,308
750,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.75 03/15/2014 827,104
350,000 SOUTHERN CALIFORNIA EDISON COMPANY 6.05 03/15/2039 398,464
100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 106,138
180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 184,218
75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 81,608
125,000 SOUTHERN COMPANY 4.15 05/15/2014 128,542
100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 107,046
250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 253,615
100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 101,800
100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 104,335
100,000 SPECTRA ENERGY CAPITAL LLC 5.90 09/15/2013 105,016
100,000 SPECTRA ENERGY CAPITAL LLC 7.50 09/15/2038 113,976
100,000 TAMPA ELECTRIC COMAPNY 6.10 05/15/2018 107,668
75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 78,760
200,000 TENNESSEE VALLEY AUTHORITY 4.50 04/01/2018 204,553
150,000 TENNESSEE VALLEY AUTHORITY 5.50 07/18/2017 164,480
50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 50,771
105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION 6.05 06/15/2018 111,974
75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 81,673
75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 88,551
75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 91,190
80,000 UNION ELECTRIC COMPANY 8.45 03/15/2039 105,131
100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 104,614
105,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 114,566
200,000 VIRGINIA ELECTRIC AND POWER COMPANY 5.00 06/30/2019 206,238
65,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 64,895
150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 173,451
100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 104,570
50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 52,981
125,000 WISCONSIN ENERGY CORPORATION+/- 6.25 05/15/2049 98,750
50,000 WISCONSIN POWER & LIGHT COMPANY 5.00 07/15/2019 51,766
100,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 112,662
100,000 XCEL ENERGY INCORPORATED 7.00 12/01/2010 104,243
34,346,263
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 0.12%
250,000 ANALOG DEVICES INCORPORATED 5.00 07/01/2014 259,307
100,000 EMERSON ELECTRIC COMPANY<< 4.13 04/15/2015 104,046
50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 53,980
100,000 EMERSON ELECTRIC COMPANY 6.13 04/15/2039 112,578
750,000 GENERAL ELECTRIC COMPANY 5.25 12/06/2017 765,735
120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 103,354
100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 98,762
115,000 WHIRLPOOL CORPORATION 8.00 05/01/2012 122,377
35,000 WHIRLPOOL CORPORATION 8.60 05/01/2014 38,440
1,658,579
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.00%
50,000 ROCKWELL COLLINS INCORPORATED 5.25 07/15/2019 52,959
--------------
Wells Fargo Advantage Master Portfolios 69
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.03%
$ 200,000 FORTUNE BRANDS INCORPORATED 5.38% 01/15/2016 $ 192,598
150,000 SNAP-ON INCORPORATED 6.13 09/01/2021 155,472
348,070
--------------
FOOD & KINDRED PRODUCTS: 0.72%
180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 184,406
50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 51,778
250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 240,132
350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38 09/15/2035 342,553
100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 107,401
100,000 BOTTLING GROUP LLC 4.63 11/15/2012 107,798
35,000 CAMPBELL SOUP COMPANY 4.50 02/15/2019 35,484
150,000 COCA-COLA COMPANY 4.88 03/15/2019 157,283
750,000 COCA-COLA COMPANY 5.35 11/15/2017 814,682
100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 106,914
180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 212,004
200,000 COCA-COLA ENTERPRISES INCORPORATED 8.00 09/15/2022 259,198
120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 159,011
150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 163,101
120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 149,016
150,000 DR PEPPER SNAPPLE GROUP INCORPORATED 6.82 05/01/2018 167,313
100,000 DR PEPPER SNAPPLE GROUP INCORPORATED 7.45 05/01/2038 120,029
200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 217,379
100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 108,889
225,000 GENERAL MILLS INCORPORATED<< 6.00 02/15/2012 244,311
150,000 GRAND METROPOLITAN INVESTMENT CORPORATION PUTTABLEss 7.45 04/15/2035 185,501
100,000 HJ HEINZ COMPANY 5.35 07/15/2013 106,261
975,000 HJ HEINZ COMPANY 6.63 07/15/2011 1,053,978
350,000 KELLOGG COMPANY SERIES B 6.60 04/01/2011 375,920
500,000 KELLOGG COMPANY SERIES B 7.45 04/01/2031 646,400
350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 373,215
275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 296,577
750,000 KRAFT FOODS INCORPORATED 6.13 08/23/2018 824,614
250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 279,644
75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 80,323
100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 114,607
60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 69,436
100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 121,057
750,000 PEPSICO INCORPORATED 5.00 06/01/2018 788,856
100,000 RALCORP HOLDINGS INCORPORATED++ 6.63 08/15/2039 103,525
250,000 SARA LEE CORPORATION 6.25 09/15/2011 267,601
9,636,197
--------------
FOOD STORES: 0.10%
250,000 DELHAIZE AMERICA INCORPORATED 9.00 04/15/2031 322,696
100,000 KROGER COMPANY 4.95 01/15/2015 104,495
50,000 KROGER COMPANY 6.15 01/15/2020 54,901
350,000 KROGER COMPANY 6.75 04/15/2012 383,900
250,000 KROGER COMPANY 7.50 01/15/2014 287,531
75,000 KROGER COMPANY 7.50 04/01/2031 91,316
75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 89,476
1,334,315
--------------
70 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FORESTRY: 0.03%
$ 180,000 WEYERHAEUSER COMPANY 6.75% 03/15/2012 $ 185,962
225,000 WEYERHAEUSER COMPANY 7.38 03/15/2032 189,286
375,248
--------------
FURNITURE & FIXTURES: 0.03%
50,000 CINTAS CORPORATION #2 6.15 08/15/2036 48,093
200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 201,695
165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 157,155
406,943
--------------
GENERAL MERCHANDISE STORES: 0.39%
100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 108,608
200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 217,223
350,000 TARGET CORPORATION 5.38 05/01/2017 369,487
100,000 TARGET CORPORATION 6.50 10/15/2037 108,760
150,000 TARGET CORPORATION 7.00 07/15/2031 168,740
500,000 TARGET CORPORATION 7.00 01/15/2038 576,787
85,000 TJX COMPANIES INCORPORATED 6.95 04/15/2019 99,970
500,000 WAL-MART STORES INCORPORATED 4.13 02/15/2011 519,453
1,180,000 WAL-MART STORES INCORPORATED 4.55 05/01/2013 1,260,297
325,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 322,720
500,000 WAL-MART STORES INCORPORATED 5.80 02/15/2018 558,579
100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 107,353
650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 749,406
5,167,383
--------------
HEALTH SERVICES: 0.20%
350,000 AETNA INCORPORATED 5.75 06/15/2011 368,268
350,000 AMGEN INCORPORATED 5.85 06/01/2017 386,533
350,000 ANTHEM INCORPORATED 6.80 08/01/2012 380,821
180,000 CARDINAL HEALTH INCORPORATED 5.85 12/15/2017 189,509
750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 835,755
225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 243,043
100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 112,325
100,000 SCHERING-PLOUGH CORPORATION 5.55 12/01/2013 109,086
2,625,340
--------------
HOLDING & OTHER INVESTMENT OFFICES: 0.35%
3,000 AMERIPRISE FINANCIAL INCORPORATED 5.35 11/15/2010 3,006
350,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 370,019
500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 535,372
100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 102,823
65,000 COLONIAL REALTY LP 5.50 10/01/2015 57,462
1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,463,172
50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 48,352
180,000 ERP OPERATING LP 5.25 09/15/2014 179,342
1,000,000 ERP OPERATING LP 5.50 10/01/2012 1,043,582
75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 71,416
360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 375,156
100,000 MACK-CALI REALTY LP 7.75 02/15/2011 105,133
100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 91,211
100,000 SIMON PROPERTY GROUP INCORPORATED 5.30 05/30/2013 101,675
100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 101,100
4,648,821
--------------
Wells Fargo Advantage Master Portfolios 71
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.01%
$ 75,000 MARRIOTT INTERNATIONAL 5.81% 11/10/2015 $ 71,406
100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 100,022
171,428
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.36%
250,000 CATERPILLAR INCORPORATED 6.05 08/15/2036 266,270
75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 81,272
200,000 DELL INCORPORATED 5.63 04/15/2014 218,052
100,000 DELL INCORPORATED 6.50 04/15/2038 100,510
200,000 DELL INCORPORATED 7.10 04/15/2028 213,727
100,000 DOVER CORPORATION 5.45 03/15/2018 106,668
60,000 DOVER CORPORATION 6.60 03/15/2038 71,407
500,000 HEWLETT-PACKARD COMPANY 5.50 03/01/2018 542,689
180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 201,415
200,000 IBM CORPORATION 4.75 11/29/2012 216,449
500,000 IBM CORPORATION 5.70 09/14/2017 547,104
250,000 IBM CORPORATION 5.88 11/29/2032 268,010
500,000 IBM CORPORATION<< 8.00 10/15/2038 699,133
45,000 ITT CORPORATION 4.90 05/01/2014 46,627
60,000 ITT CORPORATION 6.13 05/01/2019 64,309
100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 104,495
100,000 ORACLE CORPORATION 5.00 01/15/2011 104,990
350,000 ORACLE CORPORATION 5.25 01/15/2016 376,531
135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 141,606
60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 64,808
250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 257,553
100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 106,612
4,800,237
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.12%
150,000 AFLAC INCORPORATED 8.50 05/15/2019 174,272
500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 528,367
75,000 AON CORPORATION 8.21 01/01/2027 69,000
100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 92,900
75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 54,969
200,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.15 09/15/2010 200,306
300,000 MARSH & MCLENNAN COMPANIES INCORPORATED 9.25 04/15/2019 369,178
75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 67,650
1,556,642
--------------
INSURANCE CARRIERS: 0.92%
75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 81,309
40,000 ACE INA HOLDINGS INCORPORATED 5.90 06/15/2019 43,084
75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 68,310
150,000 AETNA INCORPORATED 6.63 06/15/2036 148,889
330,000 ALLSTATE CORPORATION 5.55 05/09/2035 317,293
150,000 ALLSTATE CORPORATION 6.20 05/16/2014 163,344
150,000 ALLSTATE CORPORATION 7.45 05/16/2019 173,302
500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 4.25 05/15/2013 373,107
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 5.05 10/01/2015 171,848
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 145,509
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 8.25 08/15/2018 200,214
600,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 399,817
75,000 ASSURANT INCORPORATED 6.75 02/15/2034 59,969
275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.00 08/15/2013 297,057
72 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
INSURANCE CARRIERS (continued)
$ 150,000 CHUBB CORPORATION 5.75% 05/15/2018 $ 162,765
80,000 CHUBB CORPORATION 6.00 05/11/2037 85,290
350,000 CHUBB CORPORATION+/- 6.38 03/29/2049 297,500
100,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 113,865
50,000 CIGNA CORPORATION 6.15 11/15/2036 40,394
500,000 CIGNA CORPORATION 8.50 05/01/2019 548,766
75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 65,582
65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 58,879
50,000 CNA FINANCIAL CORPORATION 6.00 08/15/2011 49,960
50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 45,039
180,000 GE GLOBAL INSURANCE HOLDINGS 7.00 02/15/2026 159,353
100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 72,855
350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75 05/15/2013 332,830
250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 243,538
120,000 LINCOLN NATIONAL CORPORATION 8.75 07/01/2019 134,190
100,000 LOEWS CORPORATION 5.25 03/15/2016 100,560
250,000 METLIFE INCORPORATED 5.00 11/24/2013 257,837
100,000 METLIFE INCORPORATED 6.13 12/01/2011 106,874
280,000 METLIFE INCORPORATED 6.38 06/15/2034 302,016
500,000 METLIFE INCORPORATED 6.75 06/01/2016 546,947
500,000 METLIFE INCORPORATED SERIES A 6.82 08/15/2018 552,392
75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 76,608
500,000 PRINCIPAL LIFE INCOME FUNDING TRUSTS 5.30 04/24/2013 509,881
75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 77,612
400,000 PROGRESSIVE CORPORATION+/- 6.70 06/15/2037 321,502
30,000 PRUDENTIAL FINANCIAL INCORPORATED 6.20 01/15/2015 31,427
55,000 PRUDENTIAL FINANCIAL INCORPORATED 7.38 06/15/2019 59,774
105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 107,326
65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 63,333
500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 435,902
180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 148,591
180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 193,232
250,000 THE TRAVELERS COMPANIES INCORPORATED+/- 6.25 03/15/2037 213,188
100,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.38 06/15/2012 105,537
150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 162,803
365,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 403,332
75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 67,042
125,000 UNITEDHEALTH GROUP INCORPORATED 4.88 03/15/2015 127,385
250,000 UNITEDHEALTH GROUP INCORPORATED 5.25 03/15/2011 258,691
250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 224,241
100,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 101,802
500,000 UNITEDHEALTH GROUP INCORPORATED 6.00 02/15/2018 508,255
150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 151,807
100,000 UNITRIN INCORPORATED 6.00 05/15/2017 80,487
100,000 WELLPOINT INCORPORATED 5.00 01/15/2011 103,358
100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 101,270
75,000 WELLPOINT INCORPORATED 5.85 01/15/2036 71,793
500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 518,591
100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 78,758
12,224,012
--------------
INVESTMENT COMPANIES: 0.13%
1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.88 01/10/2039 991,777
750,000 UNILEVER CAPITAL CORPORATION 3.65 02/15/2014 772,367
1,764,144
--------------
Wells Fargo Advantage Master Portfolios 73
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 0.17%
$ 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50% 11/01/2017 $ 57,791
500,000 BAXTER INTERNATIONAL INCORPORATED 5.38 06/01/2018 538,797
50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 55,839
350,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 360,500
125,000 MEDTRONIC INCORPORATED SERIES B 4.38 09/15/2010 128,783
725,000 NOVARTIS CAPITAL CORPORATION 4.13 02/10/2014 760,476
225,000 RAYTHEON COMPANY 4.85 01/15/2011 234,208
100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 106,993
2,243,387
--------------
METAL MINING: 0.09%
1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,042,500
150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 149,237
1,191,737
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.01%
100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 104,072
50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 45,921
149,993
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.05%
75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 81,789
360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 380,712
40,000 REPUBLIC SERVICES INCORPORATED 5.50 09/15/2019 39,714
200,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 213,820
716,035
--------------
MISCELLANEOUS RETAIL: 0.19%
400,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 430,659
250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 275,957
65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 70,241
500,000 CVS CAREMARK CORPORATION 6.60 03/15/2019 566,149
500,000 STAPLES INCORPORATED 9.75 01/15/2014 586,944
250,000 WALGREEN COMPANY 4.88 08/01/2013 269,485
250,000 WALGREEN COMPANY 5.25 01/15/2019 268,140
2,467,575
--------------
MOTION PICTURES: 0.11%
180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 192,958
450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 446,550
150,000 VIACOM INCORPORATED 4.38 09/15/2014 150,233
150,000 VIACOM INCORPORATED 5.63 09/15/2019 151,416
180,000 WALT DISNEY COMPANY 6.38 03/01/2012 198,190
75,000 WALT DISNEY COMPANY 7.00 03/01/2032 90,242
250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 275,398
1,504,987
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.08%
100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 107,328
100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 109,455
795,000 UNITED PARCEL SERVICE INCORPORATED 6.20 01/15/2038 899,325
1,116,108
--------------
74 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.02%
$ 75,000 GOODRICH CORPORATION 7.63% 12/15/2012 $ 83,188
90,000 NORTHROP GRUMMAN CORPORATION 3.70 08/01/2014 91,261
85,000 NORTHROP GRUMMAN CORPORATION 5.05 08/01/2019 87,752
262,201
--------------
NETWORKING PRODUCTS: 0.12%
600,000 CISCO SYSTEMS INCORPORATED<< 4.95 02/15/2019 626,219
180,000 CISCO SYSTEMS INCORPORATED 5.25 02/22/2011 190,451
275,000 CISCO SYSTEMS INCORPORATED 5.50 02/22/2016 302,951
500,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 534,327
1,653,948
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.88%
200,000 AMERICAN EXPRESS+/- 6.80 09/01/2049 156,000
250,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 259,924
500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00 09/13/2017 493,373
800,000 AMERICAN EXPRESS COMPANY 7.00 03/19/2018 839,366
150,000 AMERICAN EXPRESS COMPANY<< 7.25 05/20/2014 165,074
150,000 AMERICAN EXPRESS COMPANY<< 8.13 05/20/2019 167,869
100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 94,367
1,000,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN 5.88 05/02/2013 1,044,428
65,000 AMERIPRISE FINANCIAL INCORPORATED 7.30 06/28/2019 71,682
250,000 BERKSHIRE HATHAWAY FINANCE CORPORATION++ 4.00 04/15/2012 260,496
300,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 319,895
100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 100,470
200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 155,000
50,000 CAPITAL ONE CAPITAL IV+/- 6.75 02/17/2037 36,000
115,000 CAPITAL ONE FINANCIAL COMPANY SERIES MTN 5.70 09/15/2011 118,663
300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 297,001
750,000 CATERPILLAR FINANCIAL SERVICES CORPORATION<< 6.13 02/17/2014 825,854
500,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 4.90 08/15/2013 518,858
275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 282,367
65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTNF 4.75 02/17/2015 66,242
275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 211,771
500,000 CME GROUP INCORPORATED 5.75 02/15/2014 546,477
500,000 COUNTRYWIDE FINANCIAL CORPORATION SERIES MTN 5.80 06/07/2012 518,798
625,000 CREDIT SUISSE NEW YORK<< 6.00 02/15/2018 642,803
500,000 GENERAL ELECTRIC CAPITAL CORPORATION 3.00 12/09/2011 517,390
1,250,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 4.80 05/01/2013 1,297,958
525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 549,614
1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.63 05/01/2018 995,765
500,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 01/14/2038 443,853
125,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 5.90 05/13/2014 133,589
650,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 595,162
500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 499,224
1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.63 09/15/2017 1,503,299
1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,225,962
400,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 6.75 03/15/2032 396,786
200,000 HSBC FINANCE CAPITAL TRUST IX+/- 5.91 11/30/2035 133,000
300,000 HSBC FINANCE CORPORATION 4.63 09/15/2010 306,118
325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 325,910
450,000 HSBC FINANCE CORPORATION 5.25 01/14/2011 461,273
500,000 HSBC FINANCE CORPORATION 6.38 10/15/2011 520,961
800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 859,178
1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,089,281
Wells Fargo Advantage Master Portfolios 75
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
NON-DEPOSITORY CREDIT INSTITUTIONS (continued)
$ 250,000 JOHN DEERE CAPITAL CORPORATION 7.00% 03/15/2012 $ 278,836
250,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.25 10/01/2012 270,017
100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 106,689
500,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.75 09/10/2018 541,985
1,250,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 1,317,743
180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 154,468
150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 02/02/2037 128,953
150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.50 07/01/2013 160,153
400,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 10.38 11/01/2018 518,568
180,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
SERIES MTNC 7.25 03/01/2012 198,363
150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
SERIES MTNC 8.00 03/01/2032 169,947
65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 36,111
750,000 SLM CORPORATION SERIES MTN 8.45 06/15/2018 576,971
300,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 219,832
100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 108,878
100,000 UNILEVER CAPITAL CORPORATION 7.13 11/01/2010 107,136
24,941,751
----------
OFFICE EQUIPMENT: 0.08%
570,000 XEROX CORPORATION 5.50 05/15/2012 594,222
150,000 XEROX CORPORATION 6.35 05/15/2018 153,491
250,000 XEROX CORPORATION 6.75 02/01/2017 258,788
70,000 XEROX CORPORATION 8.25 05/15/2014 78,824
1,085,325
----------
OIL & GAS EXTRACTION: 0.80%
100,000 ANADARKO PETROLEUM CORPORATION 5.95 09/15/2016 103,993
100,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 98,987
500,000 ANADARKO PETROLEUM CORPORATION 7.63 03/15/2014 565,169
100,000 APACHE CORPORATION 5.25 04/15/2013 106,942
30,000 APACHE CORPORATION 5.63 01/15/2017 32,512
100,000 APACHE CORPORATION 6.00 01/15/2037 110,353
100,000 APACHE CORPORATION 6.25 04/15/2012 110,432
100,000 BAKER HUGHES INCORPORATION 6.50 11/15/2013 112,073
75,000 BAKER HUGHES INCORPORATION 7.50 11/15/2018 89,911
150,000 BJ SERVICES COMPANY 6.00 06/01/2018 147,981
65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 64,622
150,000 CONOCOPHILLIPS 4.40 05/15/2013 157,553
100,000 CONOCOPHILLIPS 5.90 05/15/2038 106,483
350,000 CONOCOPHILLIPS 6.50 02/01/2039 404,680
300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 345,862
750,000 CONOCOPHLLIPS COMPANY 5.75 02/01/2019 821,250
300,000 DEVON ENERGY CORPORATION 6.30 01/15/2019 331,226
1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,287,644
120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 147,832
65,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.88 05/01/2019 69,827
500,000 EL PASO ENERGY CORPORATION++ 5.90 04/01/2017 512,201
150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 154,134
75,000 EOG RESOURCES INCORPORATED 5.63 06/01/2019 82,205
150,000 EOG RESOURCES INCORPORATED 6.88 10/01/2018 175,680
75,000 EQT CORPORATION 8.13 06/01/2019 84,256
150,000 HALLIBURTON COMPANY 5.50 10/15/2010 156,342
150,000 HALLIBURTON COMPANY 6.15 09/15/2019 166,983
150,000 HALLIBURTON COMPANY 7.45 09/15/2039 185,004
120,000 HESS CORPORATION 7.30 08/15/2031 132,183
76 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
OIL & GAS EXTRACTION (continued)
$ 180,000 HESS CORPORATION 7.88% 10/01/2029 $ 213,646
500,000 NABORS INDUSTRIES INCORPORATED 9.25 01/15/2019 586,813
120,000 NEXEN INCORPORATED 7.88 03/15/2032 127,100
350,000 NOBLE ENERGY INCORPORATED 8.25 03/01/2019 417,586
150,000 OCCIDENTAL PETROLEUM CORPORATION 4.13 06/01/2016 153,131
180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 199,576
150,000 PANHANDLE EAST PIPE LINE 6.20 11/01/2017 154,816
250,000 PC FINANCIAL PARTNERSHIP 5.00 11/15/2014 256,655
50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 53,224
65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 66,067
500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 499,118
100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 97,029
100,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 115,320
125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 129,709
125,000 XTO ENERGY INCORPORATED 6.10 04/01/2036 132,684
500,000 XTO ENERGY INCORPORATED 6.75 08/01/2037 548,293
10,615,087
--------------
PAPER & ALLIED PRODUCTS: 0.14%
15,000 BEMIS COMPANY INCORPORATED 5.65 08/01/2014 15,725
10,000 BEMIS COMPANY INCORPORATED 6.80 08/01/2019 10,877
200,000 INTERNATIONAL PAPER COMAPNY 7.50 08/15/2021 202,657
180,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 173,462
500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 530,693
300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 318,678
200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 242,732
100,000 KIMBERLY-CLARK CORPORATION 7.50 11/01/2018 124,183
200,000 PACTIV CORPORATION 6.40 01/15/2018 197,770
1,816,777
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.17%
500,000 CHEVRON CORPORATION 3.95 03/03/2014 524,369
500,000 CONOCOPHILLIPS 4.60 01/15/2015 532,436
65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 68,751
150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 164,068
625,000 MARATHON OIL CORPORATION 6.00 10/01/2017 647,356
50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 51,826
100,000 SEMPRA ENERGY 6.00 02/01/2013 105,856
100,000 SUNOCO INCORPORATED 5.75 01/15/2017 97,960
2,192,622
--------------
PHARMACEUTICALS: 0.34%
400,000 ELI LILLY & COMPANY 5.50 03/15/2027 419,628
250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 264,268
500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 545,493
300,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 350,724
150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 161,696
65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 71,168
250,000 PFIZER INCORPORATED<< 4.45 03/15/2012 264,812
300,000 PFIZER INCORPORATED<< 4.50 02/15/2014 321,325
250,000 PFIZER INCORPORATED 5.35 03/15/2015 278,243
1,300,000 PFIZER INCORPORATED 6.20 03/15/2019 1,469,770
250,000 PFIZER INCORPORATED 7.20 03/15/2039 313,866
4,460,993
--------------
Wells Fargo Advantage Master Portfolios 77
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
PIPELINES: 0.28%
$ 150,000 BOARDWALK PIPELINES LP 5.75% 09/15/2019 $ 148,637
100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 100,108
150,000 BUCKEYE PARTNERS LP 5.50 08/15/2019 152,294
100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 103,981
75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 84,276
65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 64,894
75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 83,923
100,000 EQUITABLE RESOURCES INCORPORATED 6.50 04/01/2018 100,967
100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 101,273
100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 103,935
500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 519,801
100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 93,930
500,000 KINDER MORGAN ENERGY PARTNERS LP SERIES MTN 6.95 01/15/2038 540,560
125,000 MAGELLAN MIDSTREAM PARTNERS LP 6.55 07/15/2019 137,980
50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 51,665
150,000 PLAINS ALL AMERICAN PIPELINE LP 6.50 05/01/2018 158,624
200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 208,253
150,000 PLAINS ALL AMERICAN PIPELINE LP 8.75 05/01/2019 180,871
45,000 PPL ELECTRIC UTILITIES CORPORATION 6.25 05/15/2039 50,740
250,000 TEPPCO PARTNERS LP 5.90 04/15/2013 268,966
250,000 TEPPCO PARTNERS LP 6.65 04/15/2018 269,501
100,000 TEPPCO PARTNERS LP 7.55 04/15/2038 116,766
75,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 83,456
3,725,401
--------------
PRIMARY METAL INDUSTRIES: 0.11%
25,000 ALCOA INCORPORATED 5.55 02/01/2017 23,674
300,000 ALCOA INCORPORATED 5.90 02/01/2027 249,919
25,000 ALCOA INCORPORATED 5.95 02/01/2037 19,565
200,000 ALCOA INCORPORATED 6.00 07/15/2013 205,528
250,000 ALCOA INCORPORATED<< 6.50 06/01/2011 258,024
50,000 ALCOA INCORPORATED 6.75 07/15/2018 48,697
75,000 ALCOA INCORPORATED 6.75 01/15/2028 64,129
150,000 ALLEGHENY TECHNOLOGIES INCORPORATED 9.38 06/01/2019 164,488
50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 48,619
20,000 CORNING INCORPORATED 6.63 05/15/2019 21,625
100,000 NUCOR CORPORATION 5.00 06/01/2013 107,281
150,000 NUCOR CORPORATION 5.85 06/01/2018 163,362
50,000 NUCOR CORPORATION 6.40 12/01/2037 56,566
1,431,477
--------------
PRINTING, PUBLISHING & ALLIED INDUS TRIES: 0.06%
600,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 617,008
65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 60,000
50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 46,406
100,000 RR DONNELLEY & SONS COMPANY 8.60 08/15/2016 101,165
824,579
--------------
RAILROAD TRANSPORTATION: 0.26%
500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 516,047
360,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 382,087
50,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 55,119
100,000 CSX CORPORATION 5.60 05/01/2017 103,153
100,000 CSX CORPORATION 6.00 10/01/2036 97,770
70,000 CSX CORPORATION 6.15 05/01/2037 71,117
78 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
RAILROAD TRANSPORTATION (continued)
$ 250,000 CSX CORPORATION 6.25% 04/01/2015 $ 276,989
300,000 CSX CORPORATION 6.30 03/15/2012 321,182
200,000 CSX CORPORATION 7.45 04/01/2038 236,914
275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 269,903
100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 106,944
65,000 NORFOLK SOUTHERN CORPORATION 5.90 06/15/2019 70,765
360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 377,703
200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 214,126
40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 43,191
300,000 UNION PACIFIC CORPORATION 7.88 01/15/2019 364,860
3,507,870
--------------
REAL ESTATE: 0.01%
200,000 DUKE REALTY LP 6.25 05/15/2013 197,531
--------------
REAL ESTATE INVESTMENT TRUSTS (REIT S): 0.20%
100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 88,306
200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 182,397
75,000 HEALTHCARE REALTY TRUST INCORPORATED 8.13 05/01/2011 78,579
75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 63,621
250,000 HOSPITALITY PROPERTIES TRUST 7.88 08/15/2014 246,354
250,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.55 09/05/2012 199,032
125,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 111,526
75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 65,982
150,000 LIBERTY PROPERTY LP<< 6.63 10/01/2017 138,354
150,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 152,062
100,000 PROLOGIS 7.63 08/15/2014 98,952
300,000 PROLOGIS TRUST 5.63 11/15/2016 261,166
100,000 PROLOGIS TRUST<< 6.63 05/15/2018 89,212
100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 95,403
100,000 REGENCY CENTERS LP 5.88 06/15/2017 90,217
50,000 SIMON PROPERTY GROUP LP 5.00 03/01/2012 51,260
50,000 SIMON PROPERTY GROUP LP 5.25 12/01/2016 48,156
300,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 314,631
125,000 SIMON PROPERTY GROUP LP 5.75 12/01/2015 129,472
105,000 SIMON PROPERTY GROUP LP<< 6.75 05/15/2014 112,511
2,617,193
--------------
RUBBER & MISCELLANEOUS PLASTICS PRO DUCTS: 0.01%
100,000 COOPER US INCORPORATED 6.10 07/01/2017 109,772
--------------
SECURITY & COMMODITY BROKERS, DEALE RS, EXCHANGES & SERVICES: 2.03%
180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 182,438
600,000 BEAR STEARNS COMPANIES INCORPORATED 5.50 08/15/2011 629,981
25,000 BEAR STEARNS COMPANIES INCORPORATED 5.55 01/22/2017 25,284
120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 130,220
500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 558,630
75,000 CHARLES SCHWAB CORPORATION 4.95 06/01/2014 78,900
500,000 CREDIT SUISSE USA INCORPORATED<< 5.50 08/15/2013 535,324
250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 282,020
50,000 EATON VANCE CORPORATION 6.50 10/02/2017 51,913
200,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/31/2049 144,000
500,000 GOLDMAN SACHS GROUP INCORPORATED<< 1.70 03/15/2011 506,963
350,000 GOLDMAN SACHS GROUP INCORPORATED<< 3.25 06/15/2012 364,991
700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 723,686
275,000 GOLDMAN SACHS GROUP INCORPORATED<< 5.35 01/15/2016 280,258
Wells Fargo Advantage Master Portfolios 79
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
$ 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.45% 11/01/2012 $ 1,065,983
500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 517,439
70,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 64,116
1,545,000 GOLDMAN SACHS GROUP INCORPORATED 6.00 05/01/2014 1,665,824
250,000 GOLDMAN SACHS GROUP INCORPORATED 6.15 04/01/2018 263,895
1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,324,889
450,000 GOLDMAN SACHS GROUP INCORPORATED<< 6.35 02/15/2034 396,677
1,025,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 1,109,698
925,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 926,091
1,000,000 GOLDMAN SACHS GROUP INCORPORATED<< 6.88 01/15/2011 1,067,011
300,000 GOLDMAN SACHS GROUP INCORPORATED 7.50 02/15/2019 345,389
150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 119,385
300,000 JEFFERIES GROUP INCORPORATED 8.50 07/15/2019 310,051
450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 452,058
500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 467,963
1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 08/15/2012 1,042,022
250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 243,621
300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 258,424
100,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 90,194
500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 492,749
500,000 MERRILL LYNCH & COMPANY INCORPORATED 7.75 05/14/2038 530,941
500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 5.77 07/25/2011 516,486
690,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.88 04/25/2018 704,546
1,000,000 MORGAN STANLEY 2.25 03/13/2012 1,017,563
300,000 MORGAN STANLEY 3.25 12/01/2011 312,317
525,000 MORGAN STANLEY 5.38 10/15/2015 537,159
1,300,000 MORGAN STANLEY<< 6.00 05/13/2014 1,378,506
500,000 MORGAN STANLEY 6.60 04/01/2012 543,293
120,000 MORGAN STANLEY 7.25 04/01/2032 138,247
400,000 MORGAN STANLEY 7.30 05/13/2019 445,452
500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 495,826
1,500,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 1,586,126
850,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 846,669
1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 1,068,539
100,000 RAYMOND JAMES FINANCIAL INCORPORATED 8.60 08/15/2019 105,099
26,944,856
--------------
TOBACCO PRODUCTS: 0.28%
1,050,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 1,284,407
500,000 ALTRIA GROUP INCORPORATED 10.20 02/06/2039 669,875
155,000 LORILLARD TOBACCO COMPANY 8.13 06/23/2019 172,436
125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 133,076
150,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 159,520
100,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.38 05/16/2038 113,654
750,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.88 03/17/2014 856,379
200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 192,362
100,000 UST INCORPORATED 5.75 03/01/2018 95,791
3,677,500
--------------
TRANSPORTATION BY AIR: 0.07%
150,000 CONTINENTAL AIRLINES INCORPORATED 9.00 07/08/2016 154,125
75,000 CONTINENTAL AIRLINES INCORPORATED SERIES A (a) 5.98 04/19/2022 64,875
100,666 DELTA AIR LINES INCORPORATED (a) 6.82 08/10/2022 88,586
20,000 FEDEX CORPORATION 7.38 01/15/2014 22,542
100,000 FEDEX CORPORATION 8.00 01/15/2019 119,723
80 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
TRANSPORTATION BY AIR (continued)
$ 120,000 LOCKHEED MARTIN CORPORATION 8.50% 12/01/2029 $ 159,552
199,374 NORTHWEST AIRLINES INCORPORATED (a) 7.03 11/01/2019 159,499
120,000 RAYTHEON COMPANY 7.20 08/15/2027 142,635
911,537
--------------
TRANSPORTATION EQUIPMENT: 0.47%
1,000,000 BOEING COMPANY 5.00 03/15/2014 1,078,013
180,000 BOEING COMPANY 6.13 02/15/2033 193,971
100,000 DAIMLER FINANCE NA LLC 5.88 03/15/2011 104,070
330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 351,467
200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 214,576
225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 266,892
35,000 GENERAL DYNAMICS CORPORATION 1.80 07/15/2011 35,140
500,000 GENERAL DYNAMICS CORPORATION 5.25 02/01/2014 544,634
100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 105,001
500,000 HONEYWELL INTERNATIONAL INCORPORATED 5.00 02/15/2019 524,952
100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 107,053
250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 268,184
150,000 JOHNSON CONTROLS INCORPORATED<< 5.25 01/15/2011 153,743
350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 389,750
520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 673,321
100,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 108,825
565,000 UNITED TECHNOLOGIES CORPORATION 6.13 02/01/2019 633,596
430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 534,222
6,287,410
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.05%
300,000 MCKESSON HBOC INCORPORATED<< 5.25 03/01/2013 316,727
89,000 SAFEWAY INCORPORATED 5.80 08/15/2012 96,416
200,000 SYSCO CORPORATION 6.63 03/17/2039 236,630
649,773
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.02%
180,000 JOHNSON & JOHNSON 4.95 05/15/2033 176,783
25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25 05/01/2037 20,435
125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 120,621
317,839
--------------
TOTAL CORPORATE BONDS & NOTES (COST $275,175,148) 289,325,166
--------------
FOREIGN CORPORATE BONDS: 3.06%
150,000 ALBERTA ENERGY COMPANY LIMITED 8.13 09/15/2030 188,135
180,000 ALCAN INCORPORATED 5.00 06/01/2015 180,790
100,000 ALCAN INCORPORATED 6.13 12/15/2033 91,466
100,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 100,277
100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 99,087
75,000 ANADARKO FINANCE COMPANY SERIES B 6.75 05/01/2011 79,581
325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 347,476
750,000 ARCELORMITTAL<< 5.38 06/01/2013 755,870
425,000 ARCELORMITTAL<< 9.00 02/15/2015 468,563
250,000 ARCELORMITTAL 9.85 06/01/2019 285,559
75,000 ASTRAZENECA PLC 5.40 06/01/2014 82,518
500,000 ASTRAZENECA PLC 5.90 09/15/2017 555,606
350,000 ASTRAZENECA PLC 6.45 09/15/2037 411,623
150,000 AXA SA 8.60 12/15/2030 153,913
Wells Fargo Advantage Master Portfolios 81
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
Foreign Corporate Bonds (continued)
$ 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75% 12/01/2014 $ 65,755
600,000 BARCLAYS BANK PLC 5.20 07/10/2014 629,861
300,000 BARCLAYS BANK PLC 5.45 09/12/2012 321,107
250,000 BARCLAYS BANK PLC 6.75 05/22/2019 273,927
700,000 BARRICK GOLD CORPORATION 6.95 04/01/2019 813,796
250,000 BHP BILLITON FINANCE USA LIMITED 5.00 12/15/2010 259,086
150,000 BHP BILLITON FINANCE USA LIMITED 5.25 12/15/2015 157,790
200,000 BHP BILLITON FINANCE USA LIMITED 5.40 03/29/2017 212,575
150,000 BHP BILLITON FINANCE USA LIMITED 5.50 04/01/2014 163,323
200,000 BHP BILLITON FINANCE USA LIMITED<< 6.50 04/01/2019 228,010
250,000 BP CAPITAL MARKETS PLC 1.55 08/11/2011 250,451
200,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 205,377
200,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 206,546
150,000 BP CAPITAL MARKETS PLC 4.75 03/10/2019 156,646
500,000 BRITISH TELECOMMUNICATIONS PLC 5.95 01/15/2018 509,151
300,000 BRITISH TELECOMMUNICATIONS PLC 9.13 12/15/2030 377,243
125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 104,426
100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 109,512
500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 582,817
350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 408,492
65,000 CANADIAN NATURAL RESOURCES LIMITED<< 4.90 12/01/2014 67,459
150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 157,108
500,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 523,718
360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75 03/15/2033 328,315
65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 62,243
65,000 CANADIAN PACIFIC RAILWAY COMPANY<< 7.25 05/15/2019 74,239
65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 66,393
325,000 CONOCO FUNDING COMPANY 6.35 10/15/2011 356,059
150,000 CONOCOPHILLIPS CANADA 5.63 10/15/2016 162,464
100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 108,990
350,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 385,323
50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 57,831
200,000 CREDIT SUISSE NEW YORK NY 5.50 05/01/2014 214,950
1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 1,056,618
500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 532,275
275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 292,699
830,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 1,104,494
50,000 DIAGEO CAPITAL PLC<< 5.20 01/30/2013 53,392
50,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 54,516
75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 80,351
500,000 DIAGEO CAPITAL PLC<< 7.38 01/15/2014 577,605
125,000 DIAGEO FINANCE BV 5.30 10/28/2015 134,002
100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 102,468
400,000 ENCANA CORPORATION 6.50 05/15/2019 442,362
350,000 ENCANA CORPORATION 6.50 02/01/2038 377,528
100,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 108,731
100,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 95,131
500,000 FRANCE TELECOM SA 4.38 07/08/2014 522,508
750,000 FRANCE TELECOM SA 7.75 03/01/2011 815,159
225,000 FRANCE TELECOM SA 8.50 03/01/2031 304,783
250,000 GRUPO TELEVISA SA 6.00 05/15/2018 253,166
500,000 HSBC HOLDINGS PLC 6.50 05/02/2036 515,627
850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 879,064
105,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 112,985
100,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 107,731
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FOREIGN CORPORATE BONDS (continued)
$ 65,000 HUSKY ENERGY INCORPORATED 7.25% 12/15/2019 $ 73,503
100,000 LAFARGE SA 6.15 07/15/2011 103,242
75,000 LAFARGE SA 6.50 07/15/2016 73,529
100,000 NEXEN INCORPORATED 5.65 05/15/2017 99,984
80,000 NEXEN INCORPORATED 6.20 07/30/2019 80,933
100,000 NEXEN INCORPORATED 6.40 05/15/2037 92,530
310,000 NEXEN INCORPORATED 7.50 07/30/2039 324,711
250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 7.38 03/15/2014 267,647
500,000 NOKIA CORPORATION 5.38 05/15/2019 524,021
250,000 NORSK HYDRO ASA 6.80 01/15/2028 281,528
500,000 NOVARTIS SECURITIES INVESTMENT LIMITED 5.13 02/10/2019 530,072
75,000 ORIX CORPORATION 5.48 11/22/2011 74,025
400,000 PETRO CANADA 6.80 05/15/2038 423,362
100,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 114,842
50,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.25 05/15/2014 53,313
65,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 6.50 05/15/2019 71,989
75,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.88 12/01/2036 75,002
150,000 REPUBLIC OF SOUTH AFRICA 6.88 05/27/2019 161,063
750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 807,407
225,000 RIO TINTO FINANCE USA LIMITED 8.95 05/01/2014 262,233
130,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 155,712
500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 586,359
200,000 ROYAL BANK CANADA<< 5.65 07/20/2011 214,441
360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 318,320
75,000 ROYAL KPN NV 8.38 10/01/2030 95,780
225,000 SANTANDER CENTRAL HISPANO ISSUANCES LIMITED 7.63 09/14/2010 236,288
250,000 SHELL INTERNATIONAL FINANCE 4.00 03/21/2014 261,749
500,000 SHELL INTERNATIONAL FINANCE 4.95 03/22/2012 541,128
750,000 SHELL INTERNATIONAL FINANCE<< 6.38 12/15/2038 886,286
150,000 STATOILHYDRO ASA 3.88 04/15/2014 155,747
65,000 STATOILHYDRO ASA 5.25 04/15/2019 69,181
400,000 SUNCOR ENERGY INCORPORATED 5.45 06/10/2019 416,136
75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 72,116
500,000 SUNCOR ENERGY INCORPORATED 6.10 06/01/2018 523,700
150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 151,863
250,000 SUNCOR ENERGY INCORPORATED 6.85 06/01/2039 267,146
100,000 TALISMAN ENERGY INCORPORATED 6.25 02/01/2038 98,246
65,000 TALISMAN ENERGY INCORPORATED 7.75 06/01/2019 75,638
200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 207,461
150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 142,835
350,000 TELECOM ITALIA CAPITAL SA 6.20 07/18/2011 372,701
500,000 TELECOM ITALIA CAPITAL SA 7.72 06/04/2038 583,748
130,000 TELEFONICA EMISIONES SAU 4.95 01/15/2015 137,897
50,000 TELEFONICA EMISIONES SAU<< 5.98 06/20/2011 53,241
150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 168,090
550,000 TELEFONICA EMISIONES SAU 7.05 06/20/2036 652,300
180,000 TELEFONICA EUROPE BV 7.75 09/15/2010 190,857
120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 156,971
145,000 TELEFONICA SA 5.88 07/15/2019 157,732
65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 66,858
180,000 TELUS CORPORATION 8.00 06/01/2011 195,912
200,000 THOMSON REUTERS CORPORATION 5.70 10/01/2014 218,356
500,000 THOMSON REUTERS CORPORATION 6.50 07/15/2018 560,722
65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 67,398
100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 99,546
585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 614,368
Wells Fargo Advantage Master Portfolios 83
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FOREIGN CORPORATE BONDS (CONTINUED)
$ 600,000 TRANSOCEAN INCORPORATED 6.00% 03/15/2018 $ 639,065
120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 141,956
400,000 TYCO INTERNATIONAL GROUP SA 6.00 11/15/2013 430,300
1,000,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 990,842
355,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 376,241
510,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 510,615
250,000 VODAFONE GROUP PLC 4.15 06/10/2014 256,076
180,000 VODAFONE GROUP PLC 4.63 07/15/2018 177,724
1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 1,061,625
75,000 VODAFONE GROUP PLC 5.38 01/30/2015 78,925
250,000 VODAFONE GROUP PLC 7.88 02/15/2030 308,741
100,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 102,003
300,000 WEATHERFORD INTERNATIONAL LIMITED 6.50 08/01/2036 293,272
50,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 51,701
100,000 XL CAPITAL LIMITED 5.25 09/15/2014 90,739
100,000 XL CAPITAL LIMITED 6.25 05/15/2027 77,022
TOTAL FOREIGN CORPORATE BONDS (COST $38,207,390) 40,779,254
--------------
FOREIGN GOVERNMENT BONDS@: 24.66%
500,000 AUSTRALIA GOVERNMENT BOND SERIES 122 (AUD) 5.25 03/15/2019 417,445
400,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00 02/15/2017 351,225
600,000 AUSTRALIA GOVERNMENT BOND SERIES 513 (AUD) 6.50 05/15/2013 528,775
748,000 AUSTRALIA GOVERNMENT BOND SERIES 611 (AUD) 5.75 06/15/2011 644,892
385,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 640,995
1,000,000 BELGIUM GOVERNMENT BOND SERIES 35 (EUR) 5.75 09/28/2010 1,507,813
2,000,000 BELGIUM GOVERNMENT BOND SERIES 38 (EUR) 5.00 09/28/2012 3,115,234
700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,145,526
1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,532,643
330,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 519,568
1,050,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 1,565,276
500,000 BELGIUM KINGDOM SERIES 56 (EUR) 3.50 03/28/2015 736,703
1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.25 01/31/2014 1,531,334
1,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.60 07/30/2019 2,300,118
400,000 BOUNI POLIENNALI DEL TES (EUR) 4.50 08/01/2018 603,125
1,200,000 BUNDESOBLIGATION SERIES 147 (EUR) 2.50 10/08/2010 1,752,037
1,495,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.25 01/04/2011 2,265,776
750,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,395,716
1,550,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 01 (EUR) 5.00 07/04/2011 2,369,420
1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 2,161,075
1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,556,900
1,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 1,760,696
2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,400,075
660,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 1,045,550
1,600,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 2,426,975
1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,494,122
1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,575,677
1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00 07/04/2016 1,839,138
300,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 07 (EUR) 4.25 07/04/2039 451,561
1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 2,639,784
1,500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 09 (EUR) 3.75 01/04/2019 2,241,076
655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,200,248
700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 1,214,087
1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.50 07/01/2012 1,443,788
1,100,000 CANADIAN GOVERNMENT BOND (CAD) 1.00 09/01/2011 999,219
600,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 12/01/2014 531,573
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FOREIGN GOVERNMENT BONDS (CONTINUED)
$ 500,000 CANADIAN GOVERNMENT BOND (CAD) 3.00% 06/01/2014 $ 466,627
500,000 CANADIAN GOVERNMENT BOND (CAD) 3.75 06/01/2019 470,884
1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,267,997
300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2041 278,644
400,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 433,341
1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 1,012,067
450,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 519,912
1,000,000 CANADIAN GOVERNMENT BOND (CAD) 6.00 06/01/2011 990,728
95,000 CANADIAN GOVERNMENT BOND SERIES A55 (CAD) 8.00 06/01/2023 125,067
593,000 CANADIAN GOVERNMENT BOND SERIES VW17 (CAD) 8.00 06/01/2027 814,156
1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2010 198,121
925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 186,721
1,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 300,619
1,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2019 298,387
2,500,000 DENMARK GOVERNMENT BOND (DKK) 4.50 11/15/2039 521,444
4,000,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 840,497
1,450,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 303,509
500,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 130,976
1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,444,648
1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2013 2,282,794
2,700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 4,120,138
2,250,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 3,425,578
350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 04/25/2041 533,389
2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 3,259,043
1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 2,993,139
2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2011 3,075,322
2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 3,104,281
800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,287,095
1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 1,783,382
1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 3,890,895
350,000 FRANCE TELECOM SA (EUR) 5.38 07/08/2019 369,816
1,155,000 FRENCH TREASURY NOTE BTAN (EUR) 3.00 01/12/2011 1,701,023
1,200,000 FRENCH TREASURY NOTE BTAN (EUR) 3.75 01/12/2013 1,810,167
1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 2,092,495
1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,871,506
1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 08/01/2014 1,975,365
2,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2015 3,487,457
3,250,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 4,805,112
800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2020 1,190,813
1,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 2,920,848
1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 2,020,568
1,400,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 08/01/2039 2,033,486
700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 11/01/2029 1,064,772
2,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.50 11/01/2010 4,374,654
1,475,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,425,142
1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,604,302
230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 486,748
350,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 55 (JPY) 1.40 03/20/2011 3,829,700
650,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 58 (JPY) 1.50 06/20/2011 7,144,866
75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 79 (JPY) 0.70 12/20/2013 811,789
75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 82 (JPY) 0.90 03/20/2014 818,069
150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 83 (JPY) 0.90 06/20/2014 1,634,710
1,050,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 226 (JPY) 1.80 12/20/2010 11,518,156
470,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 5,193,028
300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 3,322,182
500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 5,519,017
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FOREIGN GOVERNMENT BONDS (continued)
$ 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10% 09/20/2012 $ 4,505,506
570,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,184,969
700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 7,857,965
500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 5,595,712
250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 264 (JPY) 1.50 09/20/2014 2,800,244
350,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 3,919,714
300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 3,325,332
370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 4,170,749
480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 5,436,587
650,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 7,345,084
140,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 1,554,242
500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 5,660,392
50,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 298 (JPY) 1.30 12/20/2018 540,478
300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 299 (JPY) 1.30 03/20/2019 3,238,933
50,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 301 (JPY) 1.50 06/20/2019 546,966
150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 302 (JPY) 1.40 06/20/2019 1,626,126
140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,522,795
190,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 2,067,998
60,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 26 (JPY) 2.40 03/20/2037 668,786
20,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 27 (JPY) 2.50 09/20/2037 227,342
100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 28 (JPY) 2.50 03/20/2038 1,134,471
200,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 3 (JPY) 2.30 05/20/2030 2,192,731
120,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 105 (JPY) 2.10 09/20/2028 1,297,029
180,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 112 (JPY) 2.10 06/20/2029 1,938,967
300,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 3,721,831
600,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 6,581,842
135,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 1,544,156
230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,495,459
150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,666,860
230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 2,511,783
520,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 5,618,576
500,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 282 (JPY) 0.30 07/15/2011 5,380,521
2,200,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.75 01/15/2015 3,146,539
1,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 2,259,827
850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,286,564
453,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 641,327
410,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 695,097
85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 168,472
350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 481,046
752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,161,021
1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 1,630,500
2,000,000 SPAIN GOVERNMENT BOND (EUR) 5.35 10/31/2011 3,092,841
1,100,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 1,801,452
1,250,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 2,121,921
650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 1,050,004
3,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 544,989
1,520,000 SWEDEN GOVERNMENT BOND SERIES 1045 (SEK) 5.25 03/15/2011 227,302
1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 263,287
3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 488,504
4,000,000 SWEDEN GOVERNMENT BOND SERIES 1052 (SEK) 4.25 03/12/2019 604,143
1,000,000 UNITED KINGDOM GILT (GBP) 2.25 03/07/2014 1,603,204
1,000,000 UNITED KINGDOM GILT (GBP) 3.75 09/07/2019 816,864
1,000,000 UNITED KINGDOM GILT (GBP)) 4.25 12/07/2049 584,938
1,000,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2030 1,352,581
1,000,000 UNITED KINGDOM GILT (GBP) 3.25 12/07/2011 1,690,755
1,000,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 1,734,319
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FOREIGN GOVERNMENT BONDS (CONTINUED)
$ 1,050,000 UNITED KINGDOM GILT (GBP) 4.25% 06/07/2032 $ 1,774,387
500,000 UNITED KINGDOM GILT (GBP) 4.25 09/07/2039 824,638
1,600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 2,669,446
800,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2013 1,400,896
1,000,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2019 1,750,452
575,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 1,040,312
500,000 UNITED KINGDOM GILT (GBP) 4.75 03/07/2020 892,279
1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 1,978,414
750,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 1,317,454
585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 1,059,394
2,000,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 3,672,816
1,300,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 2,734,726
1,000,000 UNITED KINGDOM GILT (GBP) 6.25 11/25/2010 1,740,440
200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 451,922
TOTAL FOREIGN GOVERNMENT BONDS (COST $297,245,915) 327,925,576
--------------
AGENCY NOTES - INTEREST BEARING: 5.16%
FEDERAL FARM CREDIT BANK: 0.05%
600,000 FFCB 2.63 04/17/2014 597,800
--------------
FEDERAL HOME LOAN BANK: 0.90%
1,500,000 FHLB 3.38 02/27/2013 1,565,196
1,000,000 FHLB 4.88 09/08/2017 1,062,780
1,000,000 FHLB 5.00 11/17/2017 1,081,979
100,000 FHLB<< 5.13 08/14/2013 110,588
1,200,000 FHLB 5.38 08/19/2011 1,296,590
100,000 FHLB 5.38 09/30/2022 112,205
100,000 FHLB 5.50 10/19/2016 100,641
800,000 FHLB SERIES 363<< 4.50 11/15/2012 863,175
400,000 FHLB SERIES 467 5.25 06/18/2014 446,418
250,000 FHLB SERIES 656 5.38 05/18/2016 279,727
12,029,334
--------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.31%
600,000 FHLMC<< 1.38 05/16/2011 604,621
2,500,000 FHLMC 1.63 07/27/2011 2,522,138
300,000 FHLMC 1.88 06/20/2012 301,327
600,000 FHLMC<< 2.00 04/27/2012 603,031
250,000 FHLMC 2.00 06/15/2012 250,735
500,000 FHLMC 2.50 04/08/2013 502,309
800,000 FHLMC<< 2.50 01/07/2014 801,354
2,850,000 FHLMC<< 2.50 04/23/2014 2,841,245
1,000,000 FHLMC 3.00 07/28/2014 1,014,548
3,000,000 FHLMC 3.25 02/25/2011 3,103,506
3,000,000 FHLMC 3.63 09/16/2011 3,152,208
2,000,000 FHLMC<< 3.75 06/28/2013 2,116,184
900,000 FHLMC 3.75 03/27/2019 894,479
1,000,000 FHLMC 4.13 10/18/2010 1,039,791
2,000,000 FHLMC 4.75 11/17/2015 2,167,410
700,000 FHLMC 4.88 06/13/2018 758,997
1,000,000 FHLMC<< 5.13 04/18/2011 1,067,724
1,200,000 FHLMC 5.13 07/15/2012 1,314,253
650,000 FHLMC 5.25 04/18/2016 719,266
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 1,500,000 FHLMC 5.50% 08/13/2014 $ 1,691,918
650,000 FHLMC 5.50 07/18/2016 731,372
250,000 FHLMC 5.50 07/15/2036 265,909
150,000 FHLMC 5.55 10/04/2016 159,702
1,000,000 FHLMC 6.00 06/15/2011 1,088,498
100,000 FHLMC 6.00 10/20/2021 100,158
1,000,000 FHLMC 6.00 04/16/2037 1,004,357
200,000 FHLMC 6.25 07/15/2032 240,654
300,000 FHLMC 6.75 03/15/2031 380,099
3,700,000 FHLMC 6.88 09/15/2010 3,942,450
450,000 FHMLC 1.75 06/15/2012 450,395
30,720,603
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.90%
3,325,000 FNMA 1.38 04/28/2011 3,346,860
500,000 FNMA<< 1.75 04/15/2011 502,977
3,000,000 FNMA<< 1.75 08/10/2012 3,001,584
350,000 FNMA 1.88 04/20/2012 353,170
750,000 FNMA 2.00 04/01/2011 756,246
250,000 FNMA 2.15 04/13/2012 251,236
2,500,000 FNMA<< 2.50 05/15/2014 2,486,188
1,000,000 FNMA 3.63 08/15/2011 1,050,594
1,500,000 FNMA<< 4.38 09/15/2012 1,610,259
3,500,000 FNMA 4.38 03/15/2013 3,785,740
950,000 FNMA<< 4.88 12/15/2016 1,031,658
500,000 FNMA 5.00 02/13/2017 548,018
1,200,000 FNMA<< 5.00 05/11/2017 1,314,426
1,200,000 FNMA 5.25 08/01/2012 1,282,598
1,000,000 FNMA 5.38 04/11/2022 1,050,515
200,000 FNMA 5.45 10/18/2021 215,681
75,000 FNMA 5.63 11/15/2021 79,787
150,000 FNMA 5.63 07/15/2037 162,846
200,000 FNMA 6.21 08/06/2038 232,393
300,000 FNMA 6.63 11/15/2030 376,868
1,300,000 FNMA<< 7.25 05/15/2030 1,740,449
50,000 FNMA SERIES 1 5.50 11/17/2016 50,487
25,230,580
--------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $66,499,249) 68,578,317
--------------
AGENCY SECURITIES: 25.89%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 8.58%
1,000,000 FHLMC%% 4.00 09/01/2024 1,009,062
2,000,000 FHLMC%% 4.00 09/01/2039 1,953,124
2,000,000 FHLMC%% 4.50 09/01/2024 2,055,000
6,000,000 FHLMC%% 4.50 09/01/2039 6,028,128
800,000 FHLMC 4.88 11/15/2013 879,154
2,000,000 FHLMC%% 5.00 09/01/2021 2,082,500
3,000,000 FHLMC%% 5.00 09/01/2039 3,079,686
2,500,000 FHLMC%% 5.50 09/01/2037 2,604,688
2,862,939 FHLMC #1J1139+/- 4.74 06/01/2038 2,984,520
925,520 FHLMC #1J1368+/- 5.82 10/01/2036 975,743
2,931,906 FHLMC #1Q0612+/- 5.50 08/01/2038 3,071,999
543,822 FHLMC #783191+/- 5.66 04/01/2037 569,741
5,506,272 FHLMC #A11964 5.00 08/01/2033 5,684,043
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 1,132,166 FHLMC #A15183 6.00% 11/01/2033 $ 1,201,799
933,823 FHLMC #A15966 5.00 11/01/2033 963,972
1,205,902 FHLMC #A16693 5.50 12/01/2033 1,263,488
955,126 FHLMC #A19717 5.00 03/01/2034 985,216
1,888,795 FHLMC #A24888 6.00 07/01/2034 2,002,603
2,068,817 FHLMC #A29757 5.50 01/01/2035 2,164,378
1,436,152 FHLMC #A35253 5.50 06/01/2035 1,502,490
2,847,695 FHLMC #A35743 5.00 07/01/2035 2,934,739
970,108 FHLMC #A36541 5.00 08/01/2035 999,761
1,144,484 FHLMC #A41694 5.50 01/01/2036 1,197,350
2,802,399 FHLMC #A43030 6.00 02/01/2036 2,961,621
2,489,087 FHLMC #A47041 5.00 09/01/2035 2,565,169
650,518 FHLMC #A54804 6.50 06/01/2036 693,551
773,793 FHLMC #A55537 5.00 12/01/2036 796,357
1,439,383 FHLMC #A56988 5.50 02/01/2037 1,502,046
2,362,133 FHLMC #A58420 5.50 03/01/2037 2,464,969
945,837 FHLMC #A75076 6.50 03/01/2038 1,008,205
764,372 FHLMC #A80659 5.00 02/01/2037 786,661
1,232,391 FHLMC #A80882 6.00 08/01/2038 1,299,838
2,623,529 FHLMC #A80985 6.00 08/01/2038 2,767,112
839,882 FHLMC #A81606 6.00 09/01/2038 885,848
993,508 FHLMC #A86314 4.00 05/01/2039 971,580
498,596 FHLMC #A86755 4.00 06/01/2039 487,591
7,960,467 FHLMC #A86951 4.50 06/01/2039 8,009,753
645,203 FHLMC #C03063 6.50 10/01/2037 687,748
3,723,393 FHLMC #E01425 4.50 08/01/2018 3,905,203
5,651 FHLMC #E63170 6.00 03/01/2011 6,009
362,835 FHLMC #E95352 4.50 04/01/2018 380,713
1,439,710 FHLMC #G01740 5.50 12/01/2034 1,507,562
1,018,086 FHLMC #G02074 5.50 02/01/2036 1,065,113
429,054 FHLMC #G02184 5.00 04/01/2036 442,168
1,117,496 FHLMC #G02386 6.00 11/01/2036 1,180,988
448,592 FHLMC #G02422 6.00 12/01/2036 474,080
1,771,621 FHLMC #G02478 5.50 12/01/2036 1,849,580
740,482 FHLMC #G03303 4.50 09/01/2035 746,455
4,027,677 FHLMC #G03616 6.00 12/01/2037 4,251,481
817,408 FHLMC #G04173 6.50 12/01/2037 871,308
1,743,233 FHLMC #G04378 6.50 03/01/2038 1,858,181
2,326,921 FHLMC #G04385 5.50 07/01/2038 2,428,093
3,174,866 FHLMC #G04448 5.50 07/01/2038 3,312,906
250,859 FHLMC #G05204 6.00 01/01/2036 266,288
411,405 FHLMC #G08190 4.50 01/01/2037 413,993
335,043 FHLMC #G08192 5.50 04/01/2037 349,630
777,018 FHLMC #G11950 4.50 10/01/2018 815,302
296,933 FHLMC #G12697 5.50 05/01/2022 312,670
38,111 FHLMC #G12741 6.00 08/01/2022 40,536
691,385 FHLMC #G13032 6.00 09/01/2022 735,375
1,446,396 FHLMC #G13151 6.00 03/01/2023 1,538,423
441,657 FHLMC #G13223 4.00 05/01/2023 446,579
571,531 FHLMC #G18274 6.00 09/01/2023 607,862
718,733 FHLMC #G18280 5.50 11/01/2023 756,786
1,000,000 FHLMC #G18320 4.00 08/01/2024 1,010,833
8,825 FHLMC #J02886 6.00 06/01/2021 9,387
699,554 FHLMC #J04533 6.00 03/01/2022 744,024
13,875 FHLMC #J04871 6.00 05/01/2022 14,757
411,082 FHLMC #J05191 6.00 07/01/2022 437,214
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 30,328 FHLMC #J05194 5.00% 07/01/2022 $ 31,656
239,955 FHLMC #J05195 5.00 07/01/2022 251,061
713,954 FHLMC #J05228 5.00 07/01/2022 745,212
295,533 FHLMC #J05243 5.00 07/01/2022 308,472
254,905 FHLMC #J05408 5.00 08/01/2022 266,065
410,379 FHLMC #J05455 5.00 09/01/2022 428,346
602,043 FHLMC #J08096 5.00 06/01/2023 627,897
61,240 FHLMC #J08112 5.00 06/01/2023 63,870
63,698 FHLMC #J08719 5.00 10/01/2023 66,434
2,312,912 FHLMC #Z40003 6.00 11/01/2036 2,436,561
114,086,306
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 13.75%
2,000,000 FNMA%% 4.00 09/01/2024 2,019,376
300,000 FNMA## 4.32 06/01/2017 215,347
2,000,000 FNMA%% 4.50 09/01/2023 2,056,250
4,500,000 FNMA%% 4.50 09/01/2039 4,523,904
600,000 FNMA<< 4.63 10/15/2013 653,250
1,500,000 FNMA<< 5.00 10/15/2011 1,623,105
7,000,000 FNMA%% 5.00 09/01/2036 7,183,750
7,000,000 FNMA%% 5.50 09/01/2037 7,286,566
200,000 FNMA## 5.96 10/09/2019 110,464
1,000,000 FNMA 6.00 05/15/2011 1,084,869
4,000,000 FNMA%% 6.00 09/01/2036 4,208,752
700,000 FNMA 6.13 03/15/2012 781,171
3,750,000 FNMA%% 6.50 09/01/2036 4,010,156
500,000 FNMA 7.13 01/15/2030 659,882
478,579 FNMA #190360 5.00 08/01/2035 493,058
5,002,814 FNMA #190396 4.50 06/01/2039 5,036,916
950,584 FNMA #254950 5.50 11/01/2033 995,681
508,552 FNMA #255407 5.00 09/01/2024 530,712
520,498 FNMA #255857 5.50 08/01/2025 549,105
468,570 FNMA #256702 4.50 03/01/2022 483,457
221,485 FNMA #256758 4.50 05/01/2022 228,383
459,203 FNMA #256851 7.00 08/01/2037 499,385
266,940 FNMA #535733 6.50 08/01/2015 285,398
817,467 FNMA #545414 5.50 01/01/2017 870,372
633,041 FNMA #725690 6.00 08/01/2034 670,590
429,075 FNMA #725773 5.50 09/01/2034 449,029
1,138,511 FNMA #729333 5.50 07/01/2033 1,192,523
753,961 FNMA #745627+/- 5.50 04/01/2036 790,585
151,328 FNMA #753669 6.00 11/01/2033 160,635
1,563,430 FNMA #767097 4.00 06/01/2019 1,614,568
820,918 FNMA #775199+/- 4.27 05/01/2034 844,610
792,542 FNMA #776966 5.00 04/01/2034 817,262
2,431,337 FNMA #777075 5.00 04/01/2034 2,508,694
486,564 FNMA #779510 5.00 06/01/2019 513,340
2,631,158 FNMA #793607 5.00 09/01/2019 2,775,954
579,825 FNMA #793675 6.00 09/01/2034 614,218
612,004 FNMA #794514 5.00 10/01/2019 645,684
467,901 FNMA #795047 5.50 10/01/2034 489,660
525,754 FNMA #796334 6.00 10/01/2034 556,940
686,330 FNMA #804666 6.00 11/01/2034 727,041
1,892,345 FNMA #805412 5.50 01/01/2035 1,978,572
607,424 FNMA #811460 5.00 06/01/2020 638,573
425,319 FNMA #812338 6.00 03/01/2035 449,750
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 86,310 FNMA #821030 4.50% 05/01/2035 $ 87,114
161,903 FNMA #822651 4.50 04/01/2035 163,412
2,613,107 FNMA #824601 5.50 12/01/2034 2,734,626
3,877,509 FNMA #826590 5.00 06/01/2035 3,994,819
509,947 FNMA #828346 5.00 07/01/2035 525,375
147,590 FNMA #828698 5.00 07/01/2035 152,055
547,192 FNMA #829190 5.00 07/01/2035 563,747
537,605 FNMA #830957 5.50 08/01/2035 562,102
494,488 FNMA #831406 6.00 03/01/2036 522,119
796,194 FNMA #831625 7.00 06/01/2036 866,965
882,853 FNMA #831697 6.00 09/01/2036 932,186
42,879 FNMA #832199 4.50 07/01/2035 43,278
1,207,362 FNMA #834657 5.50 08/01/2035 1,262,377
2,092,251 FNMA #835284 5.50 09/01/2035 2,187,587
2,591,893 FNMA #835331 5.50 08/01/2035 2,709,996
310,581 FNMA #836068 4.50 10/01/2020 323,166
489,666 FNMA #836958 4.50 10/01/2035 494,228
2,519,534 FNMA #839064 6.00 01/01/2036 2,664,260
1,189,169 FNMA #843901 4.50 09/01/2035 1,200,248
4,335,377 FNMA #844158 5.00 11/01/2035 4,466,539
4,432,290 FNMA #844703 5.50 12/01/2035 4,634,253
192,700 FNMA #845782 4.50 10/01/2020 200,508
393,432 FNMA #847926 4.50 12/01/2020 409,374
1,120,670 FNMA #851264 5.50 05/01/2021 1,183,042
3,796,108 FNMA #865283 5.50 02/01/2036 3,963,152
1,219,418 FNMA #868424+/- 5.76 03/01/2036 1,284,301
471,135 FNMA #878198 5.50 09/01/2036 491,867
1,369,104 FNMA #879094+/- 5.33 05/01/2036 1,434,411
894,270 FNMA #885593 6.00 09/01/2036 944,241
681,662 FNMA #888221 5.50 03/01/2037 711,658
3,415,810 FNMA #888645 5.00 08/01/2037 3,511,680
548,527 FNMA #888815 4.50 11/01/2022 565,955
2,099,495 FNMA #895995 6.50 07/01/2036 2,250,191
894,593 FNMA #897130 6.50 09/01/2036 958,804
2,227,034 FNMA #902738 5.00 11/01/2036 2,291,626
174,593 FNMA #904767+/- 5.52 12/01/2036 183,708
2,402,968 FNMA #907051+/- 5.62 10/01/2037 2,526,264
491,770 FNMA #907860+/- 5.54 02/01/2037 516,172
417,506 FNMA #908182 5.50 12/01/2021 440,742
1,262,539 FNMA #908249 6.50 12/01/2036 1,353,161
739,093 FNMA #909855 5.50 02/01/2037 770,808
827,387 FNMA #910093+/- 5.75 03/01/2037 872,248
191,224 FNMA #910535+/- 5.56 01/01/2037 201,322
381,792 FNMA #914224+/- 5.45 03/01/2037 400,888
374,882 FNMA #915356 4.50 05/01/2023 386,265
668,835 FNMA #917101 5.00 05/01/2037 687,607
1,561,369 FNMA #917882 5.00 05/01/2037 1,605,191
459,129 FNMA #918049 6.50 05/01/2037 491,869
1,557,054 FNMA #918506 5.50 05/01/2037 1,623,867
1,140,166 FNMA #918619 5.50 06/01/2037 1,189,091
3,077,406 FNMA #919640 6.00 09/01/2037 3,245,522
975,976 FNMA #922675+/- 4.81 06/01/2035 1,012,212
1,048,490 FNMA #928414 6.50 06/01/2037 1,123,256
738,435 FNMA #928433 7.00 05/01/2037 803,051
432,760 FNMA #928507 6.50 06/01/2037 463,619
2,490,320 FNMA #929723 6.00 07/01/2038 2,624,277
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 1,508,491 FNMA #929953 5.50% 09/01/2038 $ 1,572,665
1,061,723 FNMA #931011 5.00 04/01/2024 1,108,870
1,478,307 FNMA #933465 5.50 02/01/2038 1,541,742
4,047,319 FNMA #941164 6.00 10/01/2037 4,268,420
723,153 FNMA #945074 7.00 08/01/2037 786,432
521,748 FNMA #949594 6.00 08/01/2022 555,434
915,819 FNMA #950300 6.00 08/01/2037 968,425
232,530 FNMA #952033 4.50 05/01/2023 239,591
27,072 FNMA #953017 6.00 10/01/2037 28,551
925,547 FNMA #955801 6.00 10/01/2037 976,109
3,820,809 FNMA #962302 4.50 03/01/2038 3,847,235
816,804 FNMA #964241 6.00 07/01/2038 860,741
31,751 FNMA #964924 6.00 09/01/2038 33,459
611,567 FNMA #965308 6.00 09/01/2038 644,464
805,285 FNMA #966039 5.50 02/01/2038 839,840
997,909 FNMA #972172 6.00 02/01/2038 1,051,588
1,826,081 FNMA #973827 4.50 03/01/2023 1,882,956
932,640 FNMA #974571 5.00 11/01/2036 961,731
576,170 FNMA #974886+/- 4.37 04/01/2038 590,439
328,908 FNMA #975288 4.50 05/01/2023 338,895
830,674 FNMA #979639 5.00 06/01/2023 867,125
985,539 FNMA #982876 5.00 05/01/2023 1,028,785
127,812 FNMA #983518 4.50 05/01/2023 131,693
829,682 FNMA #984260 5.50 05/01/2023 874,433
498,504 FNMA #985509 6.00 09/01/2038 525,319
613,133 FNMA #987128 6.00 09/01/2038 646,114
18,182 FNMA #992042 7.00 10/01/2038 19,773
895,145 FNMA #994436 6.00 12/01/2038 943,296
4,352,612 FNMA #994897 5.50 09/01/2033 4,559,786
964,140 FNMA #A82829 6.00 11/01/2038 1,016,906
951,036 FNMA #AA1090 4.50 12/01/2023 979,914
484,754 FNMA #AA3078 4.50 02/01/2039 488,107
2,982,480 FNMA #AA3295 4.00 02/01/2039 2,920,383
1,187,219 FNMA #AA7895 4.00 06/01/2024 1,200,822
1,369,143 FNMA #AC1928 4.00 08/01/2039 1,340,637
3,630,859 FNMA #AC2181 4.00 08/01/2039 3,555,263
182,835,882
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 3.56%
1,000,000 GNMA%% 4.00 09/01/2039 977,812
1,500,000 GNMA%% 4.50 09/01/2039 1,512,188
8,750,000 GNMA%% 5.00 09/01/2036 9,004,293
2,000,000 GNMA%% 5.50 09/01/2036 2,088,750
1,000,000 GNMA%% 6.00 09/01/2036 1,054,062
1,680 GNMA #337120 6.50 11/15/2023 1,790
1,911 GNMA #379192 6.50 12/15/2023 2,036
1,665,546 GNMA #520782<< 5.00 03/15/2035 1,722,214
986,648 GNMA #605373 5.50 09/15/2034 1,036,250
121,330 GNMA #617417 6.50 02/15/2037 129,245
839,139 GNMA #617522 6.00 05/15/2037 886,357
152,800 GNMA #625436 6.50 09/15/2036 162,840
654,591 GNMA #632007 6.50 10/15/2036 697,600
1,324,462 GNMA #633305<< 5.50 12/15/2035 1,390,633
1,016,457 GNMA #648391 5.50 11/15/2035 1,067,240
803,646 GNMA #651722 5.50 02/15/2036 842,541
544,892 GNMA #651882 6.50 09/15/2036 580,693
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (continued)
$ 678,957 GNMA #653068 5.50% 03/15/2036 $ 711,817
725,938 GNMA #654920 6.00 06/15/2036 767,354
181,143 GNMA #658328 4.50 03/15/2037 183,052
31,434 GNMA #659749 6.50 11/15/2036 33,499
178,567 GNMA #663342 6.50 12/15/2036 190,299
101,829 GNMA #664629 7.00 03/15/2037 110,479
143,034 GNMA #667470 6.00 05/15/2037 151,082
379,037 GNMA #668585 6.00 08/15/2037 400,365
507,986 GNMA #669078 6.00 06/15/2037 536,570
275,960 GNMA #671433 6.00 07/15/2037 291,488
385,120 GNMA #673220 6.00 10/15/2038 406,730
482,891 GNMA #677314 5.50 09/15/2038 505,507
621,647 GNMA #681332 6.50 05/15/2038 661,908
593,439 GNMA #683124 5.50 03/15/2038 621,233
52,781 GNMA #684230 6.50 08/15/2038 56,199
301,376 GNMA #693431 5.50 06/15/2038 315,491
315,159 GNMA #695746 6.00 11/15/2038 332,843
291,741 GNMA #696456 5.50 08/15/2038 305,405
1,000,000 GNMA #697595 6.50 11/15/2038 1,064,766
1,952,979 GNMA #698507 6.00 10/15/2038 2,062,567
931,968 GNMA #699457 6.00 10/15/2038 984,264
298,187 GNMA #706004 6.00 10/15/2038 314,919
2,500,002 GNMA #712488 4.50 06/15/2039 2,525,954
1,500,001 GNMA #712495 4.50 06/15/2039 1,515,572
3,242,590 GNMA #716792 4.50 04/15/2039 3,276,251
130,874 GNMA #782167 6.00 06/15/2037 138,321
3,023,750 GNMA #782273 5.50 02/15/2038 3,167,179
1,830,135 GNMA #782379 6.00 08/15/2038 1,934,314
589,808 GNMA #782407 5.50 09/15/2038 617,774
47,339,746
--------------
TOTAL AGENCY SECURITIES (COST $331,672,287) 344,261,934
--------------
US TREASURY SECURITIES: 17.93%
US TREASURY BONDS: 4.20%
1,600,000 US TREASURY BOND<< 3.50 02/15/2039 1,413,501
1,500,000 US TREASURY BOND<< 4.25 05/15/2039 1,516,641
1,750,000 US TREASURY BOND<< 4.38 02/15/2038 1,804,961
1,150,000 US TREASURY BOND<< 4.50 02/15/2036 1,210,016
1,100,000 US TREASURY BOND<< 4.50 05/15/2038 1,158,438
1,150,000 US TREASURY BOND 4.50 08/15/2039 1,211,992
1,550,000 US TREASURY BOND<< 4.75 02/15/2037 1,694,102
2,000,000 US TREASURY BOND<< 5.25 02/15/2029 2,290,312
250,000 US TREASURY BOND<< 5.38 02/15/2031 292,461
2,500,000 US TREASURY BOND<< 5.50 08/15/2028 2,942,970
1,150,000 US TREASURY BOND<< 6.00 02/15/2026 1,410,906
1,500,000 US TREASURY BOND<< 6.25 08/15/2023 1,856,250
2,250,000 US TREASURY BOND<< 6.25 05/15/2030 2,904,611
2,400,000 US TREASURY BOND<< 6.38 08/15/2027 3,083,626
950,000 US TREASURY BOND 6.63 02/15/2027 1,245,984
1,500,000 US TREASURY BOND 6.88 08/15/2025 1,995,234
1,000,000 US TREASURY BOND<< 7.25 08/15/2022 1,332,812
2,000,000 US TREASURY BOND<< 7.50 11/15/2016 2,564,218
500,000 US TREASURY BOND 7.88 02/15/2021 687,188
1,100,000 US TREASURY BOND<< 8.00 11/15/2021 1,537,593
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
US TREASURY BONDS (continued)
$ 2,850,000 US TREASURY BOND<< 8.13% 08/15/2019 $ 3,935,673
1,700,000 US TREASURY BOND<< 8.50 02/15/2020 2,413,470
2,500,000 US TREASURY BOND<< 8.75 05/15/2017 3,437,890
2,900,000 US TREASURY BOND<< 8.75 08/15/2020 4,199,563
1,275,000 US TREASURY BOND 8.88 08/15/2017 1,772,648
1,200,000 US TREASURY BOND<< 8.88 02/15/2019 1,722,000
2,900,000 US TREASURY BOND<< 9.13 05/15/2018 4,168,750
55,803,810
--------------
US TREASURY NOTES: 13.73%
3,000,000 US TREASURY NOTE<< 0.88 12/31/2010 3,011,601
2,500,000 US TREASURY NOTE<< 0.88 03/31/2011 2,505,568
5,000,000 US TREASURY NOTE<< 0.88 04/30/2011 5,007,615
4,000,000 US TREASURY NOTE<< 0.88 05/31/2011 4,003,908
350,000 US TREASURY NOTE<< 1.00 07/31/2011 350,492
4,750,000 US TREASURY NOTE<< 1.13 06/30/2011 4,771,152
3,000,000 US TREASURY NOTE<< 1.25 11/30/2010 3,026,601
2,000,000 US TREASURY NOTE<< 1.38 02/15/2012 2,005,468
5,000,000 US TREASURY NOTE<< 1.38 04/15/2012 5,008,205
5,000,000 US TREASURY NOTE<< 1.38 05/15/2012 5,001,955
1,500,000 US TREASURY NOTE<< 1.50 10/31/2010 1,517,462
6,500,000 US TREASURY NOTE<< 1.50 12/31/2013 6,335,472
5,500,000 US TREASURY NOTE<< 1.75 11/15/2011 5,575,196
4,500,000 US TREASURY NOTE<< 1.75 01/31/2014 4,422,303
5,000,000 US TREASURY NOTE<< 1.75 03/31/2014 4,895,310
1,500,000 US TREASURY NOTE 1.88 02/28/2014 1,479,258
4,400,000 US TREASURY NOTE<< 1.88 04/30/2014 4,323,343
3,800,000 US TREASURY NOTE<< 2.00 11/30/2013 3,788,421
3,500,000 US TREASURY NOTE<< 2.25 05/31/2014 3,491,523
1,000,000 US TREASURY NOTE 2.38 08/31/2014 999,297
2,500,000 US TREASURY NOTE<< 2.63 06/30/2014 2,532,618
250,000 US TREASURY NOTE<< 2.63 07/31/2014 252,969
6,375,000 US TREASURY NOTE<< 2.75 10/31/2013 6,554,297
3,950,000 US TREASURY NOTE<< 2.75 02/15/2019 3,739,232
3,500,000 US TREASURY NOTE 3.00 08/31/2016 3,492,342
550,000 US TREASURY NOTE<< 3.13 04/30/2013 575,910
6,800,000 US TREASURY NOTE<< 3.13 09/30/2013 7,100,159
2,900,000 US TREASURY NOTE<< 3.13 05/15/2019 2,831,125
4,000,000 US TREASURY NOTE<< 3.25 05/31/2016 4,070,936
1,000,000 US TREASURY NOTE 3.25 06/30/2016 1,016,875
3,500,000 US TREASURY NOTE<< 3.38 06/30/2013 3,696,329
2,000,000 US TREASURY NOTE<< 3.50 05/31/2013 2,121,250
1,500,000 US TREASURY NOTE 3.50 02/15/2018 1,519,218
2,000,000 US TREASURY NOTE 3.63 08/15/2019 2,037,500
3,000,000 US TREASURY NOTE<< 3.75 11/15/2018 3,080,625
8,500,000 US TREASURY NOTE<< 3.88 10/31/2012 9,118,902
2,750,000 US TREASURY NOTE<< 3.88 02/15/2013 2,951,955
1,500,000 US TREASURY NOTE 3.88 05/15/2018 1,559,532
3,500,000 US TREASURY NOTE<< 4.00 02/15/2015 3,754,023
1,025,000 US TREASURY NOTE<< 4.00 08/15/2018 1,073,368
4,300,000 US TREASURY NOTE<< 4.25 01/15/2011 4,512,480
1,600,000 US TREASURY NOTE 4.25 08/15/2013 1,741,875
2,500,000 US TREASURY NOTE<< 4.25 11/15/2013 2,721,875
1,500,000 US TREASURY NOTE<< 4.25 08/15/2014 1,632,657
1,870,000 US TREASURY NOTE<< 4.25 11/15/2014 2,034,063
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
US TREASURY NOTES (continued)
$ 5,000,000 US TREASURY NOTE 4.38% 12/15/2010 $ 5,246,290
3,800,000 US TREASURY NOTE<< 4.50 04/30/2012 4,114,389
2,000,000 US TREASURY NOTE<< 4.50 05/15/2017 2,180,782
3,000,000 US TREASURY NOTE<< 4.63 10/31/2011 3,226,641
3,000,000 US TREASURY NOTE 4.63 02/29/2012 3,249,609
6,000,000 US TREASURY NOTE<< 4.63 07/31/2012 6,548,436
2,500,000 US TREASURY NOTE<< 4.75 03/31/2011 2,657,618
2,000,000 US TREASURY NOTE<< 4.75 05/15/2014 2,222,344
2,500,000 US TREASURY NOTE<< 5.00 08/15/2011 2,697,460
3,000,000 US TREASURY NOTE<< 5.13 06/30/2011 3,231,093
182,616,927
--------------
TOTAL US TREASURY SECURITIES (COST $233,331,653) 238,420,737
--------------
SHARES
- ---------------
COLLATERAL FOR SECURITIES LENDING: 18.31%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.38%
11,239,556 AIM STIT-LIQUID ASSETS PORTFOLIO 11,239,556
11,239,556 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 11,239,556
11,239,556 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 11,239,556
11,239,556 DWS MONEY MARKET SERIES INSTITUTIONAL 11,239,556
44,958,224
--------------
PRINCIPAL
- ---------------
COLLATERAL INVESTED IN OTHER ASSETS: 14.93%
$ 4,200,642 ABN AMRO BANK NV (CHICAGO) 0.26 09/18/2009 4,200,642
4,410,674 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED++ 0.45 09/08/2009 4,410,288
3,405,926 AMSTEL FUNDING CORPORATION++(p) 1.78 09/22/2009 3,402,390
1,702,963 ANTALIS US FUNDING CORPORATION++(p) 0.27 09/30/2009 1,702,593
2,838,272 ANTALIS US FUNDING CORPORATION++(p) 0.28 09/08/2009 2,838,117
999,072 ARABELLA FINANCE LLC++(p) 0.40 09/01/2009 999,072
340,593 ARABELLA FINANCE LLC++(p) 0.71 09/04/2009 340,572
7,720,099 BANK OF AMERICA REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $7,720,146) 0.22 09/01/2009 7,720,099
1,958,407 BANK OF IRELAND 0.35 09/01/2009 1,958,407
2,384,148 BANK OF IRELAND 0.60 09/04/2009 2,384,148
5,188,361 BARCLAY CAPITAL INCORPORATED REPURCHASE
AGREEMENT - 102%
COLLATERALIZED BY US TREASURY SECURITIES
(MATURITY VALUE $5,188,393) 0.22 09/01/2009 5,188,361
4,512,852 BNP PARIBAS (PARIS) 0.19 09/01/2009 4,512,852
3,973,580 BRYANT BANK FUNDING LLC++(p) 0.25 09/02/2009 3,973,553
124,884 CALCASIEU PARISH LA+/-ss 0.50 12/01/2027 124,884
3,519,457 CALIFORNIA POLLUTION CONTROL FINANCING
AUTHORITY+/-ss 0.14 11/01/2026 3,519,457
363,299 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.45 06/01/2028 363,299
1,702,963 CALYON (NEW YORK) 0.40 09/03/2009 1,702,980
862,835 CALYON (NEW YORK) 3.33 09/10/2009 863,490
4,087,111 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.30 09/08/2009 4,086,873
1,005,996 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 16,599
301,141 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.50 10/01/2038 301,141
567,654 COOK COUNTY IL+/-ss 0.70 11/01/2030 567,654
10,246,161 CREDIT SUISSE FIRST BOSTON REPURCHASE
AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $10,246,224) 0.22 09/01/2009 10,246,161
5,137,272 CREDIT SUISSE FIRST BOSTON REPURCHASE
AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $5,137,305) 0.23 09/01/2009 5,137,272
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 4,654,766 DANSKE BANK A/S COPENHAGEN 0.22% 09/02/2009 $ 4,654,766
1,930,025 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.80 12/15/2037 1,930,025
3,916,815 DEXIA BANK (GRAND CAYMAN) 0.21 09/01/2009 3,916,815
425,741 DEXIA DELAWARE LLC 0.26 09/01/2009 425,741
4,541,235 EKSPORTFINANS ASA++ 0.23 09/14/2009 4,540,858
2,838,272 ERASMUS CAPITAL CORPORATION++(p) 0.28 09/10/2009 2,838,073
1,731,800 FAIRWAY FINANCE CORPORATION++(p) 0.22 09/16/2009 1,731,641
3,973,580 GDF SUEZ++ 0.22 09/21/2009 3,973,095
3,994,016 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,994,040) 0.22 09/01/2009 3,994,016
1,702,963 GOTHAM FUNDING CORPORATION++(p) 0.23 09/14/2009 1,702,822
2,009,163 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2010 620,831
187,326 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.65 11/01/2042 187,326
919,600 HOUSTON TX UTILITY SYSTEM+/-ss 0.30 05/15/2034 919,600
324,698 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.35 07/01/2029 324,698
227,062 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 0.37 01/01/2018 227,062
3,122,099 INTESA SANPAOLO SPA 0.35 09/10/2009 3,122,200
681,185 IRISH LIFE & PERMANENT PLC++ 0.54 09/04/2009 681,155
681,185 IRISH LIFE & PERMANENT PLC++ 0.54 09/08/2009 681,114
1,248,840 IRISH LIFE & PERMANENT PLC++ 0.58 09/01/2009 1,248,840
1,135,309 IRISH LIFE & PERMANENT PLC++ 0.58 09/03/2009 1,135,272
10,246,161 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $10,246,224) 0.22 09/01/2009 10,246,161
340,593 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.37 04/15/2025 340,593
4,512,852 KBC BANK NV BRUSSELS 0.22 09/01/2009 4,512,852
1,702,963 KOCH RESOURCES LLC++ 0.22 09/15/2009 1,702,817
2,838,272 KOCH RESOURCES LLC++ 0.24 09/02/2009 2,838,253
2,838,272 MASSACHUSETTS HEFA+/-ss 0.30 10/01/2034 2,838,272
454,123 MISSISSIPPI STATE GO+/-ss 0.65 11/01/2028 454,123
329,240 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.14 02/01/2036 329,240
8,514,815 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
US TREASURY SECURITIES (MATURITY VALUE $8,514,862) 0.20 09/01/2009 8,514,815
2,157,086 NATEXIS BANQUES POPULAIRES 0.24 09/01/2009 2,157,086
1,050,161 NATEXIS BANQUES POPULAIRES 0.24 09/04/2009 1,050,140
482,506 NATIONAL AUSTRALIA BANK+++/- 0.69 09/11/2009 482,571
1,021,778 NATIXIS++ 0.24 09/02/2009 1,021,771
227,062 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 1.80 01/01/2018 227,062
555,734 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.34 01/01/2034 555,734
4,541,235 RANGER FUNDING CORPORATION++(p) 0.22 09/21/2009 4,540,680
161,895 REGENCY MARKETS #1 LLC++(p) 0.23 09/15/2009 161,881
4,314,173 REGENCY MARKETS #1 LLC++(p) 0.25 09/17/2009 4,313,694
1,021,778 RHEIN-MAIN SECURITIZATION LIMITED++(p) 0.30 09/03/2009 1,021,761
1,021,778 RHEIN-MAIN SECURITIZATION LIMITED++(p) 0.40 09/10/2009 1,021,676
2,838,272 ROYAL BANK OF SCOTLAND CT 0.27 09/14/2009 2,838,272
3,973,580 SCALDIS CAPITAL LIMITED++(p) 0.31 09/16/2009 3,973,067
1,702,963 SOCIETE GENERALE BANNON LLC 0.24 09/15/2009 1,702,963
2,838,272 SOCIETE GENERALE NORTH AMERICA 0.24 09/10/2009 2,838,101
4,541,235 SOLITAIRE FUNDING LLC++(p) 0.29 09/17/2009 4,540,649
3,405,926 STARBIRD FUNDING CORPORATION++(p) 0.20 09/03/2009 3,405,888
1,135,309 STARBIRD FUNDING CORPORATION++(p) 0.25 09/03/2009 1,135,293
1,702,963 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.26 09/10/2009 1,702,852
340,593 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.25 09/11/2009 340,569
4,541,235 TULIP FUNDING CORPORATION++(p) 0.25 09/18/2009 4,540,699
749,304 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.16 07/01/2032 749,304
1,021,778 UBS AG (STAMFORD CT) 3.41 09/08/2009 1,022,405
3,973,580 UNICREDITO ITALIANO (NEW YORK) 0.32 09/08/2009 3,973,580
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 340,593 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.34% 12/15/2040 $ 340,593
454,123 VERSAILLES CDS LLC++(p) 0.45 09/03/2009 454,112
227,062 VERSAILLES CDS LLC++(p) 0.45 09/04/2009 227,053
454,123 VERSAILLES CDS LLC++(p) 0.50 09/01/2009 454,123
454,123 VERSAILLES CDS LLC++(p) 0.50 09/02/2009 454,117
1,695,805 VICTORIA FINANCE LLC+++/-####(a)(i) 0.25 08/07/2008 780,070
1,689,666 VICTORIA FINANCE LLC+++/-####(a)(i) 0.28 05/02/2008 777,246
2,674,771 VICTORIA FINANCE LLC+++/-####(a)(i) 0.35 04/30/2008 1,230,395
3,349,161 WESTPAC SECURITIES NZ LIMITED++ 0.22 09/14/2009 3,348,890
198,578,277
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $246,939,621) 243,536,501
--------------
SHARES YIELD
- --------------- ---------------
SHORT-TERM INVESTMENTS: 5.90%
78,451,523 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 0.22 78,451,523
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $78,451,523) 78,451,523
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,567,522,786)* 122.67% $1,631,279,008
OTHER ASSETS AND LIABILITIES, NET (22.67) (301,519,057)
------ --------------
TOTAL NET ASSETS 100.00% $1,329,759,951
------ --------------
- ----------
<< 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.
(l) Long-term security of an affiliate of the Fund with a cost of $7,529,909.
ss These securities are subject to a demand feature which reduces the
effective maturity.
@ Foreign bond principal is denominated in local currency.
%% Securities issued on a when-issued (TBA) basis. (See Note 2)
## Zero coupon bond. Interest rate presented is yield to maturity.
(p) Asset-backed commercial paper.
#### 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.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $78,451,523.
* Cost for federal income tax purposes is $1,568,382,714 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $67,159,342
Gross unrealized depreciation (4,263,048)
-----------
Net unrealized appreciation $62,896,294
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
COMMON STOCKS: 95.95%
ADMINISTRATION OF ECONOMIC PROGRAMS: 0.03%
98,908 HINDUSTAN UNILEVER LIMITED $ 526,598
--------------
ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS: 0.01%
4,900 KURITA WATER INDUSTRIES LIMITED 163,246
2,200 TOMRA SYSTEMS ASA 10,054
173,300
--------------
AEROSPACE, DEFENSE: 0.07%
61,922 BE AEROSPACE INCORPORATED+ 1,060,724
47,734 ROLLS ROYCE GROUP PLC 351,786
1,412,510
--------------
AGRICULTURAL CHEMICALS: 0.00%
2,000 NIHON NOHYAKU COMPANY LIMITED 16,572
--------------
AGRICULTURAL PRODUCTION CROPS: 0.03%
87,000 BISI INTERNATIONAL PT+ 17,909
38,441 CHIQUITA BRANDS INTERNATIONAL INCORPORATED+ 591,991
1,936 EBRO PULEVA SA 32,452
54,500 SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK PT 17,572
659,924
--------------
AGRICULTURAL SERVICES: 0.19%
6,971 ABB GRAIN LIMITED 54,382
31,900 ASIATIC DEVELOPMENT BHD 53,446
45,000 ASTRA AGRO LESTARI TBK PT 95,982
5,345 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 7,047
11,660 AWB LIMITED 12,812
313 BAYWA AG 10,724
87,776 CHAODA MODERN AGRICULTURE LIMITED 52,096
298,500 CHAROEN POKPHAND FOODS PCL 52,661
15,000 CHINA GREEN HOLDINGS LIMITED 15,754
20,236 COMPASS MINERALS INTERNATIONAL INCORPORATED 1,076,150
2,456 CRESUD SACIFYA 27,753
2,979 EGYPTIAN FINANCIAL & INDUSTRIAL COMPANY 13,135
264,046 GOLDEN AGRI-RESOURCES LIMITED 87,041
1,909 GRAIN CORPORATION LIMITED 12,617
900 HOKUTO CORPORATION 21,182
233,800 IOI CORPORATION BHD 339,264
36,500 KUALA LUMPUR KEPONG BHD 137,853
54,600 OLAM INTERNATIONAL LIMITED 93,214
1,400 SAKATA SEED CORPORATION 21,395
3,600 UNITED PLANTATIONS BHD 13,576
52,224 VCA ANTECH INCORPORATED+ 1,292,544
4,800 YARA INTERNATIONAL ASA 130,178
3,620,806
--------------
AIRPORT DEVELOPMENT, MAINTENANCE: 0.00%
52,544 AUCKLAND INTERNATIONAL AIRPORT LIMITED 62,381
--------------
AMUSEMENT & RECREATION SERVICES: 0.37%
20 ACCORDIA GOLF COMPANY LIMITED 19,882
700 ALPEN COMPANY LIMITED 11,818
20,564 ARISTOCRAT LEISURE LIMITED 80,299
500 ARUZE CORPORATION 5,771
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
AMUSEMENT & RECREATION SERVICES (continued)
1,500 AVEX GROUP HOLDINGS INCORPORATED $ 13,541
33,564 BALLY TECHNOLOGIES INCORPORATED+ 1,356,993
55,800 BEC WORLD PCL 30,681
19,100 BERJAYA LAND BHD 20,556
44,250 BERJAYA SPORTS TOTO BHD 53,906
114,000 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED 22,357
1,521 CLUB MEDITERRANEE+ 25,071
1,500 DAIICHIKOSHO COMPANY LIMITED 19,828
7 FIELDS CORPORATION 10,479
2,786 FLIGHT CENTRE LIMITED 33,767
20 FUJI TELEVISION NETWORK INCORPORATED 31,424
2,074 GESTEVISION TELECINCO SA 23,241
1,414 GREAT CANADIAN GAMING CORPORATION+ 9,067
1,200 H.I.S COMPANY LIMITED 25,483
1,900 HEIWA CORPORATION 21,236
13,571 INFORMA PLC 62,832
81,998 INTERNATIONAL GAME TECHNOLOGY 1,715,398
1,614 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES 10,181
9,150 KANGWON LAND INCORPORATED 120,886
74 KUONI REISEN HOLDING 24,494
14,228 LADBROKERS PLC 45,120
23,000 LI NING COMPANY LIMITED 63,951
2,636 LOTTOMATICA SPA 59,292
600 MARS ENGINEERING CORPORATION 19,344
72,300 MEDIA PRIMA BHD 30,386
10,400 NAMCO BANDAI HOLDINGS INCORPORATED 110,427
140 NIPPON TELEVISION NETWORK CORPORATION 17,679
5,577 OPAP SA 135,919
3,000 ORIENTAL LAND COMPANY LIMITED 202,794
14 PACIFIC GOLF GROUP INTERNATIONAL 10,081
664 PADDY POWER PLC 18,324
5,155 PARTYGAMING PLC 21,509
36,038 PINNACLE ENTERTAINMENT INCORPORATED+ 338,036
14,400 PMP LIMITED 9,250
233,815 RESORTS WORLD BHD 185,246
2,880 RESORTTRUST INCORPORATED 35,718
1,200 ROUND ONE CORPORATION 10,884
8,600 SEGA SAMMY HOLDINGS INCORPORATED 112,202
5,000 SHOCHIKU COMPANY LIMITED 43,310
3,029 SUN TV NETWORK LIMITED 16,862
27,275 TABCORP HOLDINGS LIMITED 154,685
56,039 TATTERSALL'S LIMITED 117,463
10,167 TEN NETWORK HOLDINGS LIMITED 10,698
30,457 TICKETMASTER+<< 297,260
5,000 TOEI COMPANY LIMITED 28,426
11,000 TOKYO DOME CORPORATION 33,573
12,000 TOKYOTOKEIBA COMPANY LIMITED 19,344
9 TV ASAHI CORPORATION 14,102
27,221 WILLIAM HILL PLC 82,203
26,846 WMS INDUSTRIES INCORPORATED+<< 1,136,391
1,200 YOSHIMOTO KOGYO COMPANY LIMITED 13,876
7,143,546
--------------
APPAREL: 0.00%
37,000 CHINA HONGXING SPORTS LIMITED 6,291
--------------
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
APPAREL & ACCESSORY STORES: 1.00%
1,100 ADERANS COMPANY LIMITED $ 14,990
5,166 ADIDAS-SALOMON AG 243,362
41,303 AEROPOSTALE INCORPORATED+<< 1,617,012
48,468 AMERICAN EAGLE OUTFITTERS INCORPORATED 654,318
50,701 ANN TAYLOR STORES CORPORATION+ 713,870
3,300 AOKI HOLDINGS INCORPORATED 36,777
3,400 AOYAMA TRADING COMPANY LIMITED 63,031
2,095 BEIERSDORF AG 106,321
190,000 BELLE INTERNATIONAL HOLDINGS LIMITED 171,358
2,512 BULGARI SPA 18,204
23,993 CATO CORPORATION 409,800
461 CHARLES VOEGELE HOLDING AG 17,806
152,349 CHICO'S FAS INCORPORATED+ 1,939,403
111,000 CHINA DONGXIANG GROUP COMPANY 68,601
2,000 CHIYODA COMPANY LIMITED 28,071
15,800 CITIZEN HOLDINGS COMPANY LIMITED 94,919
55,697 COLLECTIVE BRANDS INCORPORATED+<< 882,240
304,201 COMPAL ELECTRONIC INCORPORATED 306,821
17,840 DEBENHAMS PLC 23,089
562 DOUGLAS HOLDING AG 22,720
3,500 FAST RETAILING COMPANY LIMITED 419,398
26,000 GAP INCORPORATED 510,900
950 GEOX SPA 8,321
48,000 GIORDANO INTERNATIONAL LIMITED 14,059
9,000 HANKYU DEPARTMENT STORES 56,679
6,422 HMV GROUP PLC 12,284
5,523 INDUSTRIA DE DISENO TEXTIL SA 300,561
32,229 J.CREW GROUP INCORPORATED+<< 1,098,687
19,891 KOHL'S CORPORATION+ 1,026,177
6,257 L'OREAL SA 616,066
75,900 LIMITED BRANDS 1,132,428
815 LOTTE SHOPPING COMPANY LIMITED 185,657
12,300 MARUI COMPANY LIMITED 85,393
5,066 NEXT PLC 135,254
2,400 NISHIMATSUYA CHAIN COMPANY LIMITED 24,013
46,343 NORDSTROM INCORPORATED 1,299,458
1,103 ORIFLAME COSMETICS SA 53,613
1,966 PINAULT-PRINTEMPTS-REDOUTE SA 228,325
730 POINT INCORPORATED 44,639
122 PUMA AG RUDOLF DASSLER SPORT 34,490
225,767 QUANTA COMPUTER INCORPORATED 467,768
2,386 REITMAN'S CANADA LIMITED CLASS A 33,019
1,000 RIGHT ON COMPANY LIMITED 9,447
31,489 ROSS STORES INCORPORATED 1,468,647
3,000 SEIKO HOLDINGS CORPORATION CLASS C 8,125
1,100 SHIMANURA COMPANY LIMITED 98,474
18,000 SHISEIDO COMPANY LIMITED 316,862
1,261 SIGNET JEWELERS LIMITED 30,054
1,220 SWATCH GROUP AG 51,673
760 SWATCH GROUP AG CLASS B 163,713
14,000 TAKASHIMAYA COMPANY LIMITED 117,356
22,283 TRUWORTHS INTERNATIONAL LIMITED 112,711
22,177 UNDER ARMOUR INCORPORATED+<< 529,365
2,400 Uni-Charm Corporation 215,110
1,900 UNITED ARROWS LIMITED 16,192
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
Shares Security Name Value
- ------------ ------------- --------------
APPAREL & ACCESSORY STORES (continued)
32,715 URBAN OUTFITTERS INCORPORATED+<< $ 930,087
26,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED 69,922
19,357,640
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.62%
1,225 BENETTON GROUP SPA 11,670
8,855 BILLABONG INTERNATIONAL LIMITED 78,585
96,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 14,740
9,631 BURBERRY GROUP PLC 75,807
1,200 DAIDOH LIMITED 8,911
3,000 DESCENTE LIMITED 14,089
13,626 GUESS? INCORPORATED 477,455
9,000 GUNZE LIMITED 40,913
81,701 HANESBRANDS INCORPORATED+<< 1,720,623
12,751 HENNES & MAURITZ AB CLASS B 706,652
1,654 HERMES INTERNATIONAL 245,063
18,607 INFOSYS TECHNOLOGIES LIMITED 812,172
74,100 JONES APPAREL GROUP INCORPORATED 1,155,219
1,000 KATAKURA INDUSTRIES COMPANY LIMITED 11,488
71,800 LIZ CLAIBORNE INCORPORATED<< 305,150
79 LPP SA+ 45,758
3,000 MIZUNO CORPORATION 13,509
700 NAGAILEBEN COMPANY LIMITED 14,143
3,318 NOBEL BIOCARE HOLDING AG 101,335
6,000 ONWARD KASHIYAMA COMPANY LIMITED 43,783
31,579 PHILLIPS-VAN HEUSEN CORPORATION 1,193,055
13,832 POLO RALPH LAUREN CORPORATION<< 918,168
11,500 PORTS DESIGN LIMITED 26,322
204,020 POU CHEN CORPORATION 126,441
99,030 QUIKSILVER INCORPORATED+ 279,265
5,000 SANYO SHOKAI LIMITED 16,819
17,827 THE GYMBOREE CORPORATION+<< 798,471
3,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 23,149
207 TOD'S SPA 12,912
4,000 TOKYO STYLE COMPANY LIMITED 33,530
21,829 VF CORPORATION 1,518,425
6,000 WACOAL CORPORATION 75,766
28,073 WARNACO GROUP INCORPORATED+<< 1,068,178
34,000 YGM TRADING LIMITED 19,916
12,007,482
--------------
APPLICATIONS SOFTWARE: 0.01%
17,158 WIPRO LIMITED<< 270,239
--------------
AUTO PARTS & EQUIPMENT: 0.00%
35,000 JVC KENWOOD HOLDINGS INCORPORATED+ 19,559
96,200 SOMBOON ADVANCE TECHNOLOGY PCL 24,892
1,551,500 YARNAPUND PCL 35,127
79,578
--------------
AUTO PARTS - ORIGINAL EQUIPMENT: 0.00%
2,700 TOKAI RIKA COMPANY LIMITED 48,458
--------------
AUTOMOTIVE: 0.00%
1,200 UNIPRES CORPORATION 16,133
--------------
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
Shares Security Name Value
- ------------ ------------- --------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.66%
143,314 TOYOTA MOTOR CORPORATION $ 6,145,329
23,588 ADVANCE AUTO PARTS INCORPORATED<< 997,772
1,200 AUTOBACS SEVEN COMPANY LIMITED 44,879
19,244 AUTONATION INCORPORATED+<< 365,251
8,100 AUTOZONE INCORPORATED+<< 1,192,725
8,363 BAYERISCHE MOTOREN WERKE AG 380,959
31,600 BRIDGESTONE CORPORATION 577,664
2,000 CANADIAN TIRE CORPORATE LIMITED CLASS A 104,316
17,239 COPART INCORPORATED+ 609,226
24 D'IETEREN SA 7,326
9,616 FREEWORLD COATINGS LIMITED 11,718
35,000 HOTAI MOTOR COMPANY LIMITED 78,790
117,500 NISSAN MOTOR COMPANY LIMITED 820,795
33,247 O'REILLY AUTOMOTIVE INCORPORATED+<< 1,272,695
4,019 PEUGEOT SA 116,357
2,000 SINANEN COMPANY LIMITED 10,296
1,420 USS COMPANY LIMITED 89,427
12,825,525
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.03%
5,568 BAJAJ AUTO LIMITED 53,525
3,188 GHABBOUR AUTO+ 15,153
14,169 RYDER SYSTEM INCORPORATED 538,422
607,100
--------------
BANKING: 0.01%
128 BERNER KANTONALBANK AG 28,044
1,432 EFG INTERNATIONAL 23,260
5,833 NATIONAL SOCIETE GENERALE BANK SAE 28,897
40 ST. GALLER KANTONALBANK 16,612
13,375 TURK EKONOMI BANKASI AS 16,316
500 YACHIYO BANK LIMITED 14,911
128,040
--------------
BEVERAGES: 0.01%
3,400 BROWN-FORMAN CORPORATION 163,880
2,737 COCA-COLA ICECEK URETIM AS 19,158
183,038
--------------
BIOPHARMACEUTICALS: 0.05%
22,774 ACORDA THERAPEUTICS INCORPORATED+ 515,148
32,755 THERAVANCE INCORPORATED+<< 509,995
1,025,143
--------------
BUILDING: 0.00%
2,759 BOVIS HOMES GROUP PLC 23,783
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.74%
8,805 AMEC PLC 108,079
10,708 BALFOUR BEATTY PLC 58,694
3,719 BARRATT DEVELOPMENTS PLC 14,882
2,655 BELLWAY PLC 38,187
2,884 BERKELEY GROUP HOLDINGS PLC 44,438
958 BILFINGER BERGER AG 59,166
8,070 CARILLION PLC 38,835
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued)
184,900 CH KARNCHANG PCL $ 22,181
324,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 371,274
6,000 COMSYS HOLDINGS CORPORATION 69,318
35,000 CONTINENTAL ENGINEERING CORPORATION 13,982
77,054 CSR LIMITED 132,857
2,033 DAELIM INDUSTRIAL COMPANY LIMITED 117,367
6,734 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED 75,487
28,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 312,047
59,800 DIALOG GROUP BHD 20,378
76,652 DR HORTON INCORPORATED 1,027,903
1,675 EIFFAGE SA 119,020
14,223 ENKA INSAAT VE SANAYI AS 57,363
1,592 FLEETWOOD CORPORATION LIMITED 10,522
147,600 GAMUDA BHD 128,676
7,183 GLOBE TRADE CENTRE SA+ 63,960
3,104 GS ENGINEERING & CONSTRUCTION CORPORATION 237,852
2,009 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 23,566
54,000 HASEKO CORPORATION 60,935
5,453 HASTIE GROUP LIMITED 8,342
1,025 HOCHTIEF AG 75,838
7,267 HOLCIM LIMITED 490,003
4,783 HYUNDAI DEVELOPMENT COMPANY 174,638
8,659 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED 417,385
43,800 IJM CORPORATION BHD 74,379
13,306 IMPREGILO SPA 54,079
82,400 ITALIAN-THAI DEVELOPMENT PCL 6,881
12,000 JGC CORPORATION 222,719
2,686 JM AB 28,771
49,000 KAJIMA CORPORATION 137,442
47,677 KB HOME<< 868,198
589 KIER GROUP PLC 10,902
6,000 KINDEN CORPORATION 53,713
1,860 KONINKLIJKE BAM GROEP NV 19,522
1,172 KUMHO INDUSTRIAL COMPANY LIMITED 12,246
151,700 LAND & HOUSES PCL 26,763
6,606 LEIGHTON HOLDINGS LIMITED 206,307
5,000 MAEDA CORPORATION 16,550
3,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 26,373
25,900 MALAYSIAN RESOURCES CORPORATION BHD+ 9,414
8,700 MDC HOLDINGS INCORPORATED 325,902
1,000 NCC AB 12,292
110,082 NEW WORLD DEVELOPMENT LIMITED 222,140
2,000 NIPPO CORPORATION 17,303
12,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 21,408
1,314 NVR INCORPORATED+ 887,279
34,000 OBAYASHI CORPORATION 153,100
9,000 OKUMURA CORPORATION 37,238
543 PBG SA+ 42,176
4,800 PEAB AB 28,118
8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED 11,601
6,990 PERSIMMON PLC 56,009
625 POLNORD SA+ 10,824
127,304 PULTE HOMES INCORPORATED<< 1,626,945
103,674 PYI CORPORATION LIMITED 4,147
3,458 REDROW PLC 13,922
100 ROCKWOOL INTERNATIONAL AS 9,360
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued)
26,288 RYLAND GROUP INCORPORATED<< $ 602,521
23,000 SEKISUI CHEMICAL COMPANY LIMITED 146,824
26,000 SEKISUI HOUSE LIMITED 249,801
36,000 SEMBCORP INDUSTRIES LIMITED 80,197
33,000 SHIMIZU CORPORATION 136,185
69,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 124,022
291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL 40,256
446 STRABAG SE 14,194
48,000 TAISEI CORPORATION 105,234
900 TAKAMATSU CORPORATION 16,317
33,368 TAYLOR WOODROW PLC 28,356
9,000 TOA CORPORATION 11,026
11,000 TODA CORPORATION 44,331
2,000 TOENEC CORPORATION 12,746
3,880 TOKYU CONSTRUCTION COMPANY LIMITED 11,926
35,525 TOLL BROTHERS INCORPORATED+<< 807,839
8,065 UNITED CONSTRUCTION GROUP LIMITED 100,340
5,000 UNITED ENGINEERS 5,899
51,000 UNITED FIBER SYSTEM LIMITED 2,301
40,191 URBI DESARROLLOS URBANOS SA DE CV+ 76,745
32,628 WALTER INDUSTRIES INCORPORATED 1,693,719
24,000 YANLORD LAND GROUP LIMITED 38,308
3,315 YIT OYJ 47,382
41,800 YTL CORPORATION BHD 87,363
10,000 ZELAN BHD 2,556
330 ZPH STALPRODUKT SA 71,007
14,204,593
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.44%
53,000 ASAHI GLASS COMPANY LIMITED 461,365
7,000 CENTRAL GLASS COMPANY LIMITED 34,455
13,800 DAIKIN INDUSTRIES LIMITED 486,448
5,900 DCM JAPAN HOLDINGS COMPANY LIMITED 39,756
34,568 FASTENAL COMPANY<< 1,251,362
27,150 FLETCHER BUILDING LIMITED 146,445
1,100 FLSMIDTH & COMPANY A/S 60,910
27,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 51,650
1,002 GEBERIT AG 154,147
4,315 GRAFTON GROUP PLC 22,270
86,630 HOME DEPOT INCORPORATED 2,364,133
1,700 KCI KONECRANES OYJ 48,060
2,000 KEIYO COMPANY LIMITED 10,038
61,792 KINGFISHER PLC 212,958
2,792 KINGSPAN GROUP PLC 25,016
2,600 KOMERI COMPANY LIMITED 69,156
16,000 MATSUSHITA ELECTRIC WORKS LIMITED 191,725
28,000 NIPPON SHEET GLASS COMPANY LIMITED 98,098
2,381 REECE AUSTRALIA LIMITED 43,267
1,600 RINNAI CORPORATION 79,441
2,359 RONA INCORPORATED+ 30,254
27,354 SANDVIK AB 275,521
9,000 SANWA SHUTTER CORPORATION 33,079
1,218 SCHINDLER HOLDING AG 79,022
7,009 SCHNEIDER ELECTRIC SA 646,097
24,600 SHERWIN-WILLIAMS COMPANY 1,480,920
89,000 TECHTRONIC INDUSTRIES COMPANY 87,272
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
749 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG $ 38,924
1,713 WIENERBERGER AG 39,096
8,560,885
--------------
BUSINESS SERVICES: 5.98%
333,969 3COM CORPORATION+ 1,452,765
28,189 AARON RENTS INCORPORATED 735,733
40,030 ACTIVISION BLIZZARD INCORPORATED+ 464,748
67,047 ACXIOM CORPORATION 611,469
3,162 ADECCO SA 151,844
35,944 ADOBE SYSTEMS INCORPORATED+<< 1,129,360
10,043 ADVENT SOFTWARE INCORPORATED+<< 388,564
16,584 AEGIS GROUP PLC 27,781
700 AEON DELIGHT COMPANY LIMITED 10,261
22,698 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 1,016,870
42,904 AKAMAI TECHNOLOGIES INCORPORATED+ 756,827
14,592 ALLIANCE DATA SYSTEMS CORPORATION+<< 810,732
1,932 ALTRAN TECHNOLOGIES SA+ 6,974
21,773 ANSYS INCORPORATED+ 765,103
14,616 ARBITRON INCORPORATED 267,765
5,848 ASIAN PAINTS LIMITED 167,721
3,940 ASSECO POLAND SA 86,437
7,805 ASX LIMITED 218,354
916 ATOS ORIGIN SA+ 42,994
6,288 AUSDRILL LIMITED 8,025
5,717 AUTONOMY CORPORATION PLC+ 121,084
41,271 AVOCENT CORPORATION+ 673,543
17,967 BLACKBOARD INCORPORATED+<< 618,244
45,900 BMC SOFTWARE INCORPORATED+ 1,636,335
1,423 BOLSAS Y MARCADOS ESPANOLES 50,470
65,779 BRAMBLES LIMITED 413,082
28,135 BRINK'S HOME SECURITY HOLDINGS+ 879,781
5,880 BTG PLC+ 18,341
28,000 CA INCORPORATED 624,120
18,739 CACI INTERNATIONAL INCORPORATED CLASS A+<< 861,244
16,065 CAPITA GROUP PLC 178,233
15,843 CERNER CORPORATION+<< 977,672
6,200 CGI GROUP INCORPORATED+ 64,110
47,133 CHECK POINT SOFTWARE TECHNOLOGIES+ 1,313,597
37,000 CHINA EVERBRIGHT INTERNATIONAL LIMITED 13,510
603,688 CHINA UNICOM LIMITED 849,009
45,100 CITRIX SYSTEMS INCORPORATED+<< 1,609,168
31,323 COGNEX CORPORATION 501,794
73,378 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,559,425
20,811 COMPUTERSHARE LIMITED 177,830
67,283 COMPUWARE CORPORATION+ 485,110
26,140 CONCUR TECHNOLOGIES INCORPORATED+<< 924,310
100,677 CONVERGYS CORPORATION+ 1,091,339
3,400 CSK HOLDINGS CORPORATION 16,406
15 CYBERAGENT INCORPORATED 14,234
42,715 CYBERSOURCE CORPORATION+ 655,675
2,100 DAISEKI COMPANY LIMITED 45,588
3,959 DAVIS SERVICE GROUP PLC 25,393
2,629 DCC PLC 63,695
46,961 DELUXE CORPORATION 784,718
17 DENA COMPANY LIMITED 53,823
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
BUSINESS SERVICES (continued)
11,100 DENTSU INCORPORATED $ 255,879
23,467 DIGITAL RIVER INCORPORATED+ 828,854
34,572 DIMENSION DATA HOLDINGS PLC 33,487
1,353 DISCOUNT INVESTMENT CORPORATION 31,385
9,445 DST SYSTEMS INCORPORATED+ 432,675
800 DTS CORPORATION 7,334
88,613 EARTHLINK INCORPORATED 737,260
74,808 EBAY INCORPORATED+<< 1,656,249
21,932 ELECTRONIC ARTS INCORPORATED+ 399,601
39,744 ELECTRONICS FOR IMAGING INCORPORATED+ 422,876
26,667 EXPERIAN GROUP LIMITED 224,660
48,288 F5 NETWORKS INCORPORATED+<< 1,665,453
10,771 FACTSET RESEARCH SYSTEMS INCORPORATED 592,836
40,186 FAIR ISAAC CORPORATION 896,148
47,174 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED<< 1,158,593
1,415 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 43,590
638 FIRSTSERVICE CORPORATION+ 10,199
38,614 FISERV INCORPORATED+ 1,863,126
7,014 FOCUS MEDIA HOLDING LIMITED+<< 62,845
8,186 FORRESTER RESEARCH INCORPORATED+ 192,698
21,000 GALLANT VENTURE LIMITED+ 4,445
1,693 GARDA WORLD SECURITY CORPORATION CLASS A+ 7,841
14,700 GARTNER INCORPORATED+ 244,902
9 GCA SAVVIAN GROUP CORPORATION 10,243
2,862 GEMALTO NV+ 118,987
353 GFK SE 10,769
150,333 GLG PARTNERS INCORPORATED<< 593,815
19,472 GLOBAL PAYMENTS INCORPORATED 826,392
16,776 GOOGLE INCORPORATED CLASS A+ 7,744,976
25,928 GREATEK ELECTRONIC INCORPORATED 23,828
112,000 GUANGDONG INVESTMENT LIMITED 57,370
4,345 HAVAS SA 13,249
4,000 HAW PAR CORPORATION LIMITED 14,435
700 HITACHI INFORMATION SYSTEMS LIMITED 21,741
24,642 HLTH CORPORATION+<< 357,555
15,411 HMS HOLDINGS CORPORATION+ 579,608
1,137 HOMESERVE PLC 27,172
48,500 HONG KONG EXCHANGES & CLEARING LIMITED 844,790
21,783 HOUSING DEVELOPMENT FINANCE CORPORATION 1,103,917
13,270 HURON CONSULTING GROUP INCORPORATED+<< 249,741
9,000 HYFLUX LIMITED 17,926
717 I-FLEX SOLUTIONS LIMITED 25,498
383 ILIAD SA 39,237
49,000 IMS HEALTH INCORPORATED 679,140
24,915 INDUSTREA LIMITED 10,003
22,659 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 48,265
53,769 INFORMATICA CORPORATION+ 964,078
24,277 INFOSYS TECHNOLOGIES LIMITED ADR<< 1,049,495
131,083 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 824,512
5,289 INTERSERVE PLC 20,621
1,200 INTRUM JUSTITIA AB 12,770
73,142 INTUIT INCORPORATED+ 2,031,153
2,961 INVOCARE LIMITED 13,940
407 IPSOS 11,334
2,812 IRESS MARKET TECHNOLOGY LIMITED 19,584
46,031 IRON MOUNTAIN INCORPORATED+<< 1,348,248
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
BUSINESS SERVICES (continued)
37,264 ITAUSA INVESTIMENTOS ITAU SA $ 208,988
1,281 JC DECAUX SA 27,749
36,884 JUNIPER NETWORKS INCORPORATED+ 850,914
1,276 JYSKE BANK+ 54,067
12 KABU.COM SECURITIES COMPANY LIMITED 14,960
16 KAKAKU.COM INCORPORATED 59,839
22 KENEDIX INCORPORATED 10,628
56,138 KEPPEL CORPORATION LIMITED 296,478
4,287 KONE OYJ 149,038
5,000 KYOWA EXEO CORPORATION 50,403
34,983 LAMAR ADVERTISING COMPANY+<< 800,761
23,821 LENDER PROCESSING SERVICES INCORPORATED 816,584
2,820 LG DACOM CORPORATION 41,547
41,058 LOGICACMG PLC 76,866
1,440 LOOMIS AB 13,452
452 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 12,593
43,191 MAN GROUP PLC 189,141
21,500 MANPOWER INCORPORATED 1,111,550
81,000 MARUBENI CORPORATION 403,041
5,496 MASTERCARD INCORPORATED CLASS A<< 1,113,654
37,585 MCAFEE INCORPORATED+ 1,495,131
57,693 MENTOR GRAPHICS CORPORATION+ 509,429
6,620 MICHAEL PAGE INTERNATIONAL PLC 36,707
550,571 MICROSOFT CORPORATION 13,571,575
73,600 MITSUBISHI CORPORATION 1,490,983
3,000 MITSUI-SOKO COMPANY LIMITED 11,639
44 MONEX BEANS HOLDINGS INCORPORATED 18,607
31,457 MONSTER WORLDWIDE INCORPORATED+<< 510,233
700 MOSHI MOSHI HOTLINE INCORPORATED 13,616
76,562 MPS GROUP INCORPORATED+ 754,901
3,324 N BROWN GROUP PLC 11,943
36,885 NCR CORPORATION+ 491,677
800 NEC FIELDING LIMITED 12,492
8,300 NETEASE.COM INCORPORATED ADR+<< 348,517
28,401 NETFLIX INCORPORATED+<< 1,239,988
500 NIPPON KANZAI COMPANY LIMITED 7,856
1,400 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 14,850
87,961 NOVELL INCORPORATED+ 382,630
600 NS SOLUTIONS CORPORATION 10,530
15,246 NWS HOLDINGS LIMITED 29,703
300 OBIC BUSINESS CONSULTANTS LIMITED 14,508
1,300 OPEN TEXT CORPORATION+ 45,789
266,215 ORACLE CORPORATION 5,822,122
3,458 PATNI COMPUTER SYSTEMS LIMITED 30,061
1,942 PERPETUAL TRUSTEES AUSTRALIA LIMITED 67,543
4,384 PROGRAMMED MAINTENANCE SERVICES LIMITED 14,080
24,479 PROGRESS SOFTWARE CORPORATION+ 545,392
24,488 PSION PLC 40,663
4,100 QUALITY SYSTEMS INCORPORATED<< 220,744
47,358 RED HAT INCORPORATED+<< 1,087,340
9,839 REGUS PLC 16,514
57,294 RENT-A-CENTER INCORPORATED+ 1,130,411
2,129 RITCHIE BROS. AUCTIONEERS INCORPORATED 53,480
37,740 ROBERT HALF INTERNATIONAL INCORPORATED 992,185
914 ROYALBLUE GROUP PLC 16,992
3,331 RPS GROUP PLC 10,845
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
BUSINESS SERVICES (continued)
1,900 S1 CORPORATION+ $ 11,951
1,493 S1 CORPORATION INCORPORATED (KOREA) 60,251
25,740 SALESFORCE.COM INCORPORATED+<< 1,335,134
23,587 SAP AG 1,151,724
16,451 SATYAM COMPUTER SERVICES LIMITED<< 109,564
8,400 SECURITAS AB 81,894
5,403 SECURITAS SYSTEMS AB CLASS B 9,943
7,640 SEEK LIMITED 34,740
117 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 144,634
197,500 SHENZHEN INTERNATIONAL HOLDINGS 14,780
1,020 SHREE CEMENT LIMITED 32,082
4,000 SIA ENGINEERING COMPANY 7,190
25,666 SINGAPORE AIRPORT TERMINAL SERVICES LIMITED 43,995
49,000 SINGAPORE EXCHANGE LIMITED 284,285
4 SO-NET ENTERTAINMENT CORPORATION 7,987
414 SOFTWARE AG 31,706
3,200 SOHGO SECURITY SERVICES COMPANY LIMITED 39,996
46,680 SONICWALL INCORPORATED+ 349,633
2,700 SQUARE ENIX COMPANY LIMITED 69,495
7,000 STELLA INTERNATIONAL 11,669
900 SUMISHO COMPUTER SYSTEMS 14,934
7,000 SUMITOMO WAREHOUSE COMPANY LIMITED 34,078
203,256 SUN MICROSYSTEMS INCORPORATED+ 1,886,216
30,500 SWIRE PACIFIC LIMITED 318,165
544 SXC HEALTH SOLUTIONS CORPORATION+ 22,242
20,658 SYBASE INCORPORATED+ 719,931
36,000 SYNOPSYS INCORPORATED+ 764,280
24,000 TAIWAN SECOM 35,253
1,006 TELEPERFORMANCE 34,563
20,815 TELETECH HOLDINGS INCORPORATED+ 355,104
453,865 TELMEX INTERNACIONAL SAB DE CV 292,964
863 TEMENOS GROUP AG+ 17,319
1,300 TEMP HOLDINGS COMPANY LIMITED 11,037
28,135 THE BRINK'S COMPANY 741,357
187 THOMSON REUTERS ADR 35,738
54,939 THQ INCORPORATED+<< 302,714
152,003 TIBCO SOFTWARE INCORPORATED+ 1,348,267
800 TKC AS 15,605
600 TOKYU LIVABLE INCORPORATED 5,468
23,442 TOMKINS PLC 68,120
929 TOMTOM NV+ 13,698
1,700 TOPPAN FORMS COMPANY LIMITED 23,824
54,167 TOTAL SYSTEM SERVICES INCORPORATED 826,588
7,809 TOWER AUSTRALIA GROUP LIMITED 16,500
10,500 TOYOTA TSUSHO CORPORATION 170,505
1,300 TRANSCOSMOS INCORPORATED 14,767
5,259 TRAVIS PERKINS PLC 69,090
279,202 UNISYS CORPORATION+ 681,253
70,492 UNITED ONLINE INCORPORATED 493,444
952 USG PEOPLE NV 15,404
48,300 VERISIGN INCORPORATED+<< 1,023,477
15,356 VIAD CORPORATION 277,483
1,430 VIOHALCO SA 8,836
30,438 VISA INCORPORATED<< 2,164,142
13,145 VMWARE INCORPORATED+<< 465,727
25,158 WEBSENSE INCORPORATED+<< 381,395
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
BUSINESS SERVICES (continued)
58,500 WHARF HOLDINGS LIMITED $ 262,291
13 WORKS APPLICATIONS COMPANY LIMITED 8,508
1,726 WS ATKINS PLC 17,997
89,650 YAHOO! INCORPORATED+<< 1,309,787
658 YAHOO! JAPAN CORPORATION 223,812
700 ZENRIN COMPANY LIMITED 9,449
115,616,452
--------------
CASINO & GAMING: 0.08%
55,703 MGM MIRAGE+<< 471,804
110,000 SJM HOLDINGS LIMITED 45,984
18,988 WYNN RESORTS LIMITED+<< 1,027,820
1,545,608
--------------
CHEMICALS: 0.00%
6,628 GODREJ INDUSTRIES LIMITED 25,684
--------------
CHEMICALS & ALLIED PRODUCTS: 7.75%
107,094 ABBOTT LABORATORIES 4,843,862
2,884 ACTELION LIMITED+ 166,411
4,400 ADEKA CORPORATION 44,213
4,200 AGRIUM INCORPORATED 200,840
2,800 AICA KOGYO COMPANY LIMITED 28,978
6,951 AIR LIQUIDE SA 741,896
13,740 AIR PRODUCTS & CHEMICALS INCORPORATED 1,030,912
7,000 AIR WATER INCORPORATED 80,494
6,155 AKZO NOBEL NV 348,587
20,359 ALEXION PHARMACEUTICALS INCORPORATED+ 919,005
58,120 ALKERMES INCORPORATED+ 525,986
70,200 AMGEN INCORPORATED+ 4,193,748
285 AMOREPACIFIC CORPORATION 166,130
3,400 ARISAWA MANUFACTURING COMPANY LIMITED 27,332
1,700 ASAHI HOLDINGS INCORPORATED 29,232
63,000 ASAHI KASEI CORPORATION 303,321
3,000 ASAHI ORGANIC CHEMICALS INDUSTRY COMPANY LIMITED 7,899
21,800 ASTELLAS PHARMA INCORPORATED 873,874
38,747 ASTRAZENECA PLC 1,791,419
734 ATRIUM INNOVATIONS INCORPORATED+ 8,984
31,000 AVERY DENNISON CORPORATION 957,900
24,502 BASF AG 1,278,246
20,600 BATU KAWAN BHD 54,169
19,007 BIOGEN IDEC INCORPORATED+ 954,341
61,441 BIOMARIN PHARMACEUTICAL INCORPORATED+ 1,011,933
2,900 BIOVAIL CORPORATION 37,060
100,325 BRISTOL-MYERS SQUIBB COMPANY 2,220,192
300 C UYEMURA & COMPANY LIMITED 12,896
46,252 CABOT CORPORATION 915,327
33,770 CALGON CARBON CORPORATION+ 482,911
3,906 CARDIOME PHARMA CORPORATION+ 17,661
39,465 CELANESE CORPORATION CLASS A 1,005,174
12,915 CF INDUSTRIES HOLDINGS INCORPORATED 1,054,639
15,956 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 550,322
11,968 CHATTEM INCORPORATED+<< 732,920
725 CHEMRING GROUP PLC 24,656
64,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED 44,921
90,100 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION 26,113
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
16,000 CHINA PHARMACEUTICAL GROUP LIMITED $ 8,732
9,000 CHINA STEEL CHEMICAL CORPORATION 19,003
1,377 CHRISTIAN DIOR SA 127,605
11,400 CHUGAI PHARMACEUTICAL COMPANY LIMITED 232,778
2,000 CHUGOKU MARINE PAINTS LIMITED 12,638
17,595 CHURCH & DWIGHT COMPANY INCORPORATED 1,005,202
645 CIECH SA 9,568
4,697 CLARIANT AG 42,450
34,400 CLOROX COMPANY 2,032,696
34,651 COLGATE-PALMOLIVE COMPANY 2,519,128
2,856 CRODA INTERNATIONAL 29,198
28,404 CSL LIMITED 773,268
35,303 CUBIST PHARMACEUTICALS INCORPORATED+ 730,066
41,250 CYTEC INDUSTRIES INCORPORATED 1,191,713
16,000 DAICEL CHEMICAL INDUSTRIES LIMITED 103,514
30,500 DAIICHI SANKYO COMPANY LIMITED 650,645
4,000 DAINICHISEIKA COLOR & CHEMICALS MANUFACTURING COMPANY LIMITED 14,014
33,000 DAINIPPON INK & CHEMICALS INCORPORATED 51,424
6,000 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 67,770
4,000 DAISO COMPANY LIMITED 11,478
1,106 DC CHEMICAL COMPANY LIMITED 220,952
23,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 97,389
54,144 DOW CHEMICAL COMPANY 1,152,726
8,129 DR. REDDYS LABORATORIES LIMITED 132,012
500 EARTH CHEMICAL COMPANY LIMITED 14,401
18,667 EASTMAN CHEMICAL COMPANY 973,671
42,238 ECOLAB INCORPORATED 1,786,245
42,991 EI DU PONT DE NEMOURS & COMPANY 1,372,703
12,700 EISAI COMPANY LIMITED 465,416
10,917 ELAN CORPORATION PLC+ 79,208
9,136 ELEMENTIS PLC 7,771
50,100 ELI LILLY & COMPANY 1,676,346
27,482 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 985,230
53,869 ETERNAL CHEMICAL COMPANY LIMITED 46,723
1,500 FANCL CORPORATION 21,150
20,000 FIBRECHEM TECHNOLOGIES LIMITED(a) 0
18,547 FMC CORPORATION 884,692
15,565 FOREST LABORATORIES INCORPORATED+ 455,588
349,170 FORMOSA CHEMICALS & FIBRE CORPORATION 612,067
409,810 FORMOSA PLASTICS CORPORATION 737,039
4,573 FRESENIUS KABI PHARMACEUTICALS HOLDING INCORPORATED+ 2,835
1,818 FRUTAROM INDUSTRIES LIMITED 14,027
1,000 FUJIMI INCORPORATED 15,519
4,000 FUSO PHARMACEUTICAL INDUSTRIES LIMITED 12,896
18,453 GENZYME CORPORATION+ 1,028,017
63,202 GILEAD SCIENCES INCORPORATED+ 2,847,882
190 GIVAUDAN SA 136,547
152,513 GLAXOSMITHKLINE PLC 2,986,849
1,272 H LUNDBECK AS 25,111
6,373 HANWHA CHEMICAL CORPORATION 66,338
3,239 HENKEL KGAA 108,425
4,406 HENKEL KGAA PREFERRED 174,082
2,070 HIKMA PHARMACEUTICALS PLC 15,602
3,900 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 150,467
5,100 HITACHI CHEMICAL COMPANY LIMITED 105,289
827 HONAM PETROCHEMICAL CORPORATION 62,113
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
142,214 HUNTSMAN CORPORATION<< $ 1,221,618
36,537 IDEXX LABORATORIES INCORPORATED+<< 1,854,618
42,982 IMMUCOR INCORPORATED+<< 777,544
75,156 INCITEC PIVOT LIMITED 191,202
815 INTERCELL AG+ 29,210
22,520 INTERMUNE INCORPORATED+<< 341,854
21,615 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 769,926
48,409 INVERNESS MEDICAL INNOVATIONS INCORPORATED+<< 1,723,360
346 IPSEN 17,113
363,121 IRPC PCL 40,999
10,000 ISHIHARA SANGYO KAISHA LIMITED+ 10,639
37,248 ISRAEL CHEMICALS LIMITED 415,392
5,585 JOHNSON MATTHEY PLC 128,744
9,600 JSR CORPORATION 168,890
5,054 JUBILANT ORGANOSYS LIMITED 24,357
3,408 K+S AG 172,760
4,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 36,539
368,000 KALBE FARMA TBK PT 46,365
14,000 KANEKA CORPORATION 103,063
11,000 KANSAI PAINT COMPANY LIMITED 89,608
25,000 KAO CORPORATION 634,068
469 KCC CORPORATION 119,419
1,400 KEMIRA OYJ 20,592
66,512 KING PHARMACEUTICALS INCORPORATED+ 690,395
26,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 83,598
2,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 47,609
1,500 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 67,383
4,806 KONINKLIJKE DSM NV 175,176
2,000 KYORIN COMPANY LIMITED 33,982
15,000 KYOWA HAKKO KOGYO COMPANY LIMITED 182,160
8,346 LA SEDA DE BARCELONA SA+ 4,068
1,898 LANXESS 57,467
30,100 LEE CHANG YUNG CHEMICAL INDUSTRY CORPORATION 32,600
756 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H 131,055
42,818 LIFE TECHNOLOGIES CORPORATION+ 1,906,686
2,600 LINTEC CORPORATION 54,515
11,000 LION CORPORATION 56,271
1,076 LONZA GROUP AG 105,679
18,509 LUBRIZOL CORPORATION 1,179,393
18,889 MAKHTESHIM-AGAN INDUSTRIES LIMITED 86,549
900 MANDOM CORPORATION 26,163
19,844 MARTEK BIOSCIENCES CORPORATION+<< 487,170
28,416 MEDICINES COMPANY+<< 216,530
48,940 MEDICIS PHARMACEUTICAL CORPORATION CLASS A 903,922
109,113 MERCK & COMPANY INCORPORATED 3,538,535
1,723 MERCK KGAA 156,234
2,200 METHANEX CORPORATION 39,388
400 MILBON COMPANY LIMITED 10,876
11,521 MINERALS TECHNOLOGIES INCORPORATED 516,602
2,500 MIRACA HOLDINGS INCORPORATED 72,139
64,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 290,940
21,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 123,450
35,000 MITSUI CHEMICALS INCORPORATED 132,402
37,508 MONSANTO COMPANY 3,146,171
300 MURAMOTO ELECTRON THAILAND PCL 1,279
83,217 MYLAN LABORATORIES INCORPORATED+<< 1,220,793
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
36,030 NALCO HOLDING COMPANY $ 644,937
534,570 NAN YA PLASTICS CORPORATION 744,612
34,516 NBTY INCORPORATED+ 1,279,163
1,100 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 38,184
2,000 NIHON PARKERIZING COMPANY LIMITED 24,524
4,000 NIPPON CHEMICAL INDUSTRIAL COMPANY LIMITED 13,541
8,000 NIPPON KAYAKU COMPANY LIMITED 70,156
12,000 NIPPON PAINT COMPANY LIMITED 68,092
2,000 NIPPON SHINYAKU COMPANY LIMITED 25,836
6,000 NIPPON SHOKUBAI COMPANY LIMITED 56,679
5,000 NIPPON SODA COMPANY LIMITED 23,751
8,000 NISSAN CHEMICAL INDUSTRIES LIMITED 117,184
7,600 NITTO DENKO CORPORATION 230,328
9,000 NOF CORPORATION 51,263
65,318 NOVARTIS AG 3,027,488
12,540 NOVO NORDISK AS CLASS B 764,421
4,727 NUFARM LIMITED 42,789
867 NUPLEX INDUSTRIES LIMITED 1,475
59,832 OLIN CORPORATION 1,001,588
26,660 OM GROUP INCORPORATED+<< 725,419
289 OMEGA PHARMA SA 11,155
5,400 ONO PHARMACEUTICAL COMPANY LIMITED 265,212
34,920 ONYX PHARMACEUTICALS INCORPORATED+ 1,119,884
33,660 ORIENTAL UNION CHEMICAL CORPORATION 19,174
844 ORION OYJ 14,423
14,563 OSI PHARMACEUTICALS INCORPORATED+ 486,695
29,967 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 612,825
34,967 PAREXEL INTERNATIONAL CORPORATION+ 448,627
173 PAZ OIL COMPANY LIMITED 24,528
52,209 PERRIGO COMPANY 1,541,210
2,943 PETKIM PETROKIMYA HOLDING SA 14,027
347,848 PFIZER INCORPORATED 5,809,062
18,358 PHARMERICA CORPORATION+<< 368,078
8,328 PPG INDUSTRIES INCORPORATED 461,371
21,002 PRAXAIR INCORPORATED 1,609,173
203,982 PROCTER & GAMBLE COMPANY 11,037,466
37,894 PT TEMPO SCAN PACIFIC TBK+ 2,556
5,400 PTT CHEMICAL PCL 10,479
20,400 PTT CHEMICAL PCL ADR 37,489
3,917 PZ CUSSONS PLC 13,869
18,964 RANBAXY LABORATORIES LIMITED 127,339
16,514 RECKITT BENCKISER GROUP 766,999
6,569 RECORDATI SPA 44,309
50,892 RELIANCE INDUSTRIES LIMITED 2,089,986
2,099 RHODIA SA 25,401
638 RICHTER GEDEON PLC 127,807
44 RIETER HOLDING AG 8,020
5,000 ROHTO PHARMACEUTICAL COMPANY LIMITED 63,998
111,317 RPM INTERNATIONAL INCORPORATED 1,812,241
3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 14,508
27,670 SANOFI-AVENTIS SA 1,877,089
17,805 SANOFI-AVENTIS SA ADR 606,616
3,600 SANTEN PHARMACEUTICAL COMPANY LIMITED 121,096
3,000 SANYO CHEMICAL INDUSTRIES LIMITED 18,700
700 SAWAI PHARMACEUTICAL COMPANY LIMITED 40,398
112,349 SCHERING-PLOUGH CORPORATION 3,165,995
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
27,194 SCOTTS MIRACLE-GRO COMPANY $ 1,106,524
1,400 SEIKAGAKU CORPORATION 17,919
42,272 SENSIENT TECHNOLOGIES CORPORATION 1,102,031
1,319 SGL CARBON AG+ 48,748
19,300 SHIN-ETSU CHEMICAL COMPANY LIMITED 1,140,785
15,000 SHIONOGI & COMPANY LIMITED 367,544
14,387 SHIRE LIMITED 239,600
333 SHISEIDO COMPANY LIMITED 5,844
56,000 SHOWA DENKO KK 120,967
9,866 SIDI KERIR PETROCHEMCIALS COMPANY 20,653
44,652 SIGMA PHARMACEUTICALS LIMITED 45,477
25,944 SIGMA-ALDRICH CORPORATION 1,317,955
114,000 SINOCHEM HONG KONG HOLDING LIMITED 51,628
22,993 SMITH & NEPHEW PLC 196,141
6,981 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 243,815
1,558 SOLVAY SA 164,055
2,000 SSP COMPANY LIMITED 10,682
700 ST CORPORATION 8,192
1,198 STADA ARZNEIMITTEL AG 27,016
600 STELLA CHEMIFA CORPORATION 28,243
23,625 STERLITE INDUSTRIES INDIA LIMITED ADR 56,879
700 SUMIDA ELECTRIC 17,792
9,000 SUMITOMO BAKELITE COMPANY LIMITED 45,846
82,000 SUMITOMO CHEMICAL COMPANY LIMITED 393,036
2,280 SYMRISE AG 37,687
2,584 SYNGENTA AG 607,627
54,000 TAIWAN FERTILIZER COMPANY LIMITED 156,505
16,000 TAIYO NIPPON SANSO CORPORATION 169,371
3,000 TAKASAGO INTERNATIONAL CORPORATION 16,378
33,000 TAKEDA PHARMACEUTICAL COMPANY LIMITED 1,329,930
10,000 TANABE SEIYAKU COMPANY LIMITED 131,220
22,881 TERRA INDUSTRIES INCORPORATED 711,828
332 TESSENDERLO CHEMIE NV 11,580
30,953 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 1,592,684
26,399 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR 1,359,548
611,100 THAI PETROCHEM 68,998
9,964 THE MOSAIC COMPANY 482,955
72,700 TITAN CHEMICALS CORPORATION 24,361
11,000 TOAGOSEI COMPANY LIMITED 36,056
9,000 TOKAI CARBON COMPANY LIMITED 46,233
11,000 TOKUYAMA CORPORATION 76,840
1,900 TOKYO OHKA KOKYO 44,922
28,000 TOSOH CORPORATION 81,247
10,000 TOYO INK MANUFACTURING COMPANY LIMITED 35,465
3,609 TRANSPORTADORA DE GAS DEL SUR SA 8,120
3,000 TSUMURA & COMPANY 106,394
15,268 TURK SISE VE CAM FABRIKALARI AS+ 16,183
45,000 UBE INDUSTRIES LIMITED JAPAN 139,280
2,614 UCB SA 101,706
161,000 UNILEVER INDONESIA TBK PT 161,319
14,378 UNITED THERAPEUTICS CORPORATION+ 1,315,731
102,183 USEC INCORPORATED+<< 464,933
80,658 VALSPAR CORPORATION 2,160,021
43,009 VERTEX PHARMACEUTICALS INCORPORATED+ 1,608,967
3,441 VICTREX PLC 39,605
357 WACKER CHEMIE AG 42,996
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
23,200 WARNER CHILCOTT LIMITED+<< $ 472,584
36,392 WR GRACE & COMPANY+ 608,838
68,091 WYETH 3,258,154
596 YUHAN CORPORATION 92,342
8,000 ZEON CORPORATION 39,291
1,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 10,682
149,750,970
--------------
COAL MINING: 0.64%
45,174 ALPHA NATURAL RESOURCES INCORPORATED+<< 1,459,572
40,360 ARCH COAL INCORPORATED 699,035
59,478 BHP BILLITON PLC 1,576,346
1,458,858 BUMI RESOURCES TBK PT 419,711
11,858 CENTENNIAL COAL COMPANY LIMITED 35,179
286,962 CHINA COAL ENERGY COMPANY 363,217
269,500 CHINA SHENHUA ENERGY COMPANY LIMITED 1,086,630
44,876 CONSOL ENERGY INCORPORATED 1,678,811
621 CUDECO LIMITED+ 2,498
4,256 FELIX RESOURCES LIMITED 62,087
168,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED+ 114,233
32,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 31,709
106,000 INDIKA ENERGY TBK PT 25,764
29,000 INDO TAMBANGRAYA MEGAH PT 70,198
87,767 INTERNATIONAL COAL GROUP INCORPORATED+<< 266,812
5,272 KUMBA IRON ORE LIMITED 170,429
4,158 MACARTHUR COAL LIMITED 30,434
20,862 MASSEY ENERGY COMPANY<< 564,943
6,099 MINERAL DEPOSIT LIMITED+ 3,402
4,901 NEYVELI LIGNITE CORPORATION LIMITED 13,069
45,611 PATRIOT COAL CORPORATION+<< 404,113
18,172 PEABODY ENERGY CORPORATION 593,861
28,005 PENN VIRGINIA CORPORATION 536,576
149,000 PT ASTRA INTERNATIONAL INCORPORATED 445,670
60,500 PT TAMBANG BATUBARA BUKIT ASAM TBK 78,026
34,484 SASOL LIMITED 1,298,818
10,399 SINO GOLD MINING LIMITED+ 58,800
22,000 STRAITS ASIA RESOURCES LIMITED 32,215
2,322 UK COAL PLC+ 4,536
5,002 WHITEHAVEN COAL LIMITED 14,247
146,000 YANZHOU COAL MINING COMPANY LIMITED 207,591
12,348,532
--------------
COMMERCIAL SERVICES: 0.00%
4,000 PARK24 COMPANY LIMITED 40,408
--------------
COMMUNICATION & INFORMATION: 0.02%
33,104 WPP PLC 279,970
--------------
COMMUNICATIONS: 4.13%
44,000 ADVANCED INFO SERVICE PCL 111,585
53,900 ADVANCED INFO SERVICE PCL THB 142,635
2,110 AGORA SA 17,238
800 AIPHONE COMPANY LIMITED 13,971
60,378 ALCATEL SA 229,380
2,211 ALVARION LIMITED+ 8,355
1,064,636 AMERICA MOVIL SA DE CV 2,396,462
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
COMMUNICATIONS (continued)
11,397 AMERICA MOVIL SA DE CV CLASS A+ $ 25,774
27,472 AMERICAN TOWER CORPORATION CLASS A+ 869,489
18,154 ANIXTER INTERNATIONAL INCORPORATED+<< 636,842
1,425 ANTENA 3 DE TELEVISION SA 14,913
11,012 APN NEWS & MEDIA LIMITED 17,591
1,753 ARNOLDO MONDADORI EDITORE SPA 7,539
1,300 ASATSU-DK INCORPORATED 28,082
87,800 ASTRO ALL ASIA NETWORKS PLC 86,765
307,415 AT&T INCORPORATED 8,008,161
15,840 AUSTAR UNITED COMMUNICATIONS LIMITED+ 13,990
21,200 BCE INCORPORATED 520,923
3,872 BELGACOM SA 145,212
1,269 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 31,193
73,300 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED 153,259
113,702 BHARTI AIRTEL LIMITED 988,794
57,736 BRIGHTPOINT INCORPORATED+ 423,782
27,794 BRITISH SKY BROADCASTING PLC 247,050
201,335 BT GROUP PLC 453,624
63,027 CABLE & WIRELESS PLC 152,265
61,920 CABLEVISION SYSTEMS CORPORATION 1,383,293
276,700 CARSO GLOBAL TELECOM SA DE CV+ 1,127,168
81,571 CENTURYTEL INCORPORATED 2,629,034
48,240 CHAMPION TECHNOLOGY HOLDINGS LIMITED 1,681
197,000 CHINA MOBILE LIMITED 1,916,508
1,108,000 CHINA TELECOM CORPORATION LIMITED 567,549
403,830 CHUNGHWA TELECOM COMPANY LIMITED 691,933
187,192 CINCINNATI BELL INCORPORATED+ 623,349
351 CITIC 1616 HOLDINGS LIMITED 89
394 COGECO CABLE INCORPORATED 9,764
4,296 COLT TELECOM GROUP SA+ 8,469
140,309 COMCAST CORPORATION CLASS A<< 2,149,534
56,200 COMCAST CORPORATION CLASS A SPECIAL (NON VOTING) 819,958
11,025 COMPAL COMMUNICATIONS INCORPORATED 9,797
1,591 CORUS ENTERTAINMENT INCORPORATED CLASS B 21,756
61,244 CROWN CASTLE INTERNATIONAL CORPORATION+ 1,645,014
11,824 CYBERTAN TECHNOLOGY INCORPORATED 13,651
6,541 CYFROWY POLSAT SA 36,067
41,749 D-LINK CORPORATION 32,089
5,648 DAILY MAIL & GENERAL TRUST CLASS A NV 35,813
1,000 DAIMEI TELECOM ENGINEERING CORPORATION 9,780
2,000 DENKI KOGYO COMPANY LIMITED 10,145
79,404 DEUTSCHE TELEKOM AG 1,055,813
20,200 DIGI.COM BHD 126,770
33,505 DIRECTV GROUP INCORPORATED+<< 829,584
11,582 DISH TV INDIA LIMITED+ 11,315
23,530 ECHOSTAR CORPORATION+ 436,482
1,150 EGYPTIAN COMPANY FOR MOBILE SERVICES 44,768
4,050 ELISA OYJ 79,892
9,059 EMPRESA NACIONAL DE TELECOMUNICACIONES SA 115,497
1,800 ENIRO AB 9,078
9,427 EQUINIX INCORPORATED+<< 794,319
2,126 EUTELSAT COMMUNICATIONS+ 56,842
93,664 FAIRFAX MEDIA LIMITED 116,372
1,758 FAIRPOINT COMMUNICATIONS INCORPORATED<< 1,424
156,722 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 176,879
325 FASTWEB+ 8,606
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
COMMUNICATIONS (continued)
50,146 FRANCE TELECOM SA $ 1,275,325
11,264 FRANCE TELECOM SA ADR<< 289,935
2,070 GLOBE TELECOM INCORPORATED 42,847
199,002 GRUPO TELEVISA SA 696,956
15,586 GTL INFRASTRUCTURE LIMITED+ 12,290
5,840 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 89,583
2,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 14,444
10,014 HURRIYET GAZETECILIK VE MATBAACILIK AS 10,481
58,000 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED 9,130
27,815 IAC INTERACTIVECORP+<< 515,134
600 ICOM INCORPORATED 14,218
98,373 IDEA CELLULAR LIMITED+ 163,401
5,123 INDEPENDENT NEWS & MEDIA PLC 2,056
12,097 INMARSAT PLC 102,602
65,116 ITV PLC 51,656
26,929 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 575,473
4,000 JAPAN RADIO COMPANY LIMITED 10,059
146 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 127,093
144 KDDI CORPORATION 818,657
3,000 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LIMITED 2,956
19,114 KINGSTON COMMUNICATIONS (HULL) PLC 8,713
12,541 KT CORPORATION 391,636
2,900 LAGARDERE SCA 124,890
13,742 LEAP WIRELESS INTERNATIONAL INCORPORATED+ 226,606
435,500 LEVEL 3 COMMUNICATIONS INCORPORATED+ 522,600
32,435 LIBERTY GLOBAL INCORPORATED+<< 703,515
33,310 LIBERTY GLOBAL INCORPORATED SERIES A+ 729,156
25,122 LIBERTY MEDIA CORPORATION ENTERTAINMENT CLASS A+ 700,653
155,309 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+<< 1,487,860
1,305 M6 METROPOLE TELEVISION 29,616
36,088 MAGYAR TELEKOM PLC 146,106
8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 15,718
1,345 MANITOBA TELECOM SERVICES INCORPORATED 40,163
20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED 7,483
18,410 MEDIASET SPA 121,077
5,343 MICRO FOCUS INTERNATIONAL PLC 32,879
21,400 MOBILONE LIMITED 25,396
705 MOBISTAR SA 45,380
5,673 MPHASIS LIMITED 64,695
86,517 MTN GROUP LIMITED 1,417,947
4,226 MULTIMEDIA POLSKA SA+ 13,307
18,645 NEUSTAR INCORPORATED CLASS A+ 432,191
4,405 NICE SYSTEMS LIMITED+ 121,333
41,631 NII HOLDINGS INCORPORATED+ 987,071
21,100 NIPPON TELEGRAPH & TELEPHONE CORPORATION 943,321
759 NTT DOCOMO INCORPORATED 1,168,884
30,114 NTT DOCOMO INCORPORATED ADR<< 462,852
6 OKINAWA CELLULAR TELEPHONE COMPANY 11,897
33,987 ORASCOM TELECOM HOLDING SAE 224,571
5,768 PARTNER COMMUNICATIONS 109,573
6,160 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 318,131
11,676 PORTUGAL TELECOM SGPS SA 120,687
43,056 POWER GRID CORPORATION OF INDIA LIMITED 94,886
786 PROSIEBENSAT.1 MEDIA AG 7,257
67,000 PT INDONESIAN SATELLITE CORPORATION TBK 34,896
4,342 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA 25,953
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
COMMUNICATIONS (continued)
3,121 PUBLICIS GROUPE $ 114,766
381,600 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 1,369,944
320 RAKUTEN INCORPORATED 193,272
15,566 REED ELSEVIER NV 164,890
29,549 REED ELSEVIER PLC 215,026
32,828 RELIANCE COMMUNICATIONS LIMITED<<++ 175,082
37,034 RENTOKIL INITIAL PLC 66,017
12,300 ROGERS COMMUNICATIONS INCORPORATED 338,636
45,607 ROYAL KPN NV 700,248
543 RTL GROUP 31,372
379,400 SAMART CORPORATION PCL 68,607
24,433 SAVVIS INCORPORATED+<< 414,384
29,097 SBA COMMUNICATIONS CORPORATION+<< 701,529
259 SEAT PAGINE GIALLE SPA 67
7,746 SES FDR 151,746
10,100 SHAW COMMUNICATIONS INCORPORATED CLASS B 173,354
188,600 SHIN SATELLITE PCL+ 41,591
329,100 SINGAPORE TELECOMMUNICATIONS LIMITED 717,148
2,844 SK TELECOM COMPANY LIMITED 398,511
4,812 SKY NETWORK TELEVISION LIMITED 14,530
92 SKY PERFECT JSAT HOLDINGS INCORPORATED 37,225
2,743 SOCIETE TELEVISION FRANCAISE 1 44,397
141,660 SPRINT NEXTEL CORPORATION+<< 518,476
19,000 STARHUB LIMITED 29,009
615 SWISSCOM AG 212,570
42,066 SYNIVERSE HOLDINGS INCORPORATED+ 751,719
244,447 TAIWAN MOBILE COMPANY LIMITED 383,938
3,567 TATA COMMUNICATIONS LIMITED 36,715
26,818 TATA TELESERVICES MAHARASHTRA LIMITED+ 18,510
447 TDC AS 15,497
8,554 TELE NORTE LESTE PARTICIPACOES SA 159,261
7,556 TELE2 AB 104,873
2,951 TELECOM ARGENTINA SA ADR+ 43,763
87,403 TELECOM CORPORATION OF NEW ZEALAND LIMITED 164,946
29,170 TELECOM EGYPT 96,635
148,477 TELECOM ITALIA RNC SPA 168,158
268,323 TELECOM ITALIA SPA 433,524
115,100 TELECOM MALAYSIA BHD 101,977
800 TELECOMUNICACOES DE SAO PAULO SA 15,790
1,200 TELEFONAKTIEBOLAGET LM ERICSSON 11,396
79,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 763,211
39,044 TELEFONICA DEL PERU SAA 31,716
109,373 TELEFONICA SA 2,758,080
448,936 TELEFONOS DE MEXICO SA DE CV 419,210
8,935 TELEKOM AUSTRIA AG 156,145
52,983 TELEKOMUNIKACJA POLSKA SA 298,454
1,578 TELEMAR NORTE LESTE SA 43,103
1,208 TELENET GROUP HOLDING NV+ 28,757
20,400 TELENOR ASA 191,708
12,693 TELEPHONE & DATA SYSTEMS INCORPORATED 334,714
57,151 TELIASONERA AB 370,920
15,846 TELKOM SOUTH AFRICA LIMITED 88,421
168,612 TELSTRA CORPORATION LIMITED 464,586
3,543 TELUS CORPORATION 109,874
3,600 TELUS CORPORATION (NON-VOTING) 106,709
35,000 TENCENT HOLDINGS LIMITED 520,679
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
COMMUNICATIONS (continued)
44,700 TIM PARTICIPACOES SA $ 94,869
17,970 TIME WARNER CABLE INCORPORATED+ 663,452
5,886 TISCALI SPA+ 2,831
255,150 TM INTERNATIONAL SDN BHD+ 228,233
2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 38,326
2,973 TRINITY MIRROR PLC 6,655
262,500 TRUE CORPORATION PCL+ 18,524
270,800 TT&T PCL+ 5,016
56,702 TURKCELL ILETISIM HIZMETLERI AS 368,538
300 TV TOKYO CORPORATION 8,721
93,111 TW TELECOM INCORPORATED+<< 1,066,121
5,563 UNITED BUSINESS MEDIA LIMITED 41,987
2,393 UNITED INTERNET AG 33,826
3,683 UNITED STATES CELLULAR CORPORATION+ 134,466
147,624 VERIZON COMMUNICATIONS INCORPORATED 4,582,249
33,569 VIVENDI SA 956,241
11,377 VIVO PARTICIPACOES SA 258,845
15,846 VODACOM GROUP PTY LIMITED+ 117,325
1,436,722 VODAFONE GROUP PLC 3,106,073
31,716 VODAFONE GROUP PLC ADR<< 688,872
8,000 VTECH HOLDINGS LIMITED 63,480
2,450 WH SMITH PUBLIC LIMITED CORPORATION 17,593
120,979 WINDSTREAM CORPORATION 1,036,790
11,533 YELL GROUP PLC+ 8,637
23,446 ZINWELL CORPORATION 43,093
18,635 ZYXEL COMMUNICATIONS CORPORATION 10,700
79,781,000
--------------
COMPUTER SOFTWARE & SERVICES: 0.00%
5,996 ROLTA INDIA LIMITED 21,933
900 TECMO KOEI HOLDINGS COMPANY LIMITED 7,525
29,458
--------------
COMPUTER TECHNOLOGIES: 0.00%
6 INTERNET INITIATIVE JAPAN INCORPORATED 14,354
1,378 UBISOFT ENTERTAINMENT+ 24,536
38,890
--------------
COMPUTERS & OFFICE EQUIPMENT: 0.00%
243,600 CALCOMP ELECTRONICS PCL THB 24,496
--------------
CONSTRUCTION: 0.01%
10,552 ANANT RAJ INDUSTRIES LIMITED 31,769
489 BUDIMEX SA 12,661
2,324 GRASIM INDUSTRIES LIMITED 127,678
10,493 HOUSING & CONSTRUCTION HOLDINGS LIMITED 17,546
189,654
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.22%
1,600 BOSKALIS WESTMINSTER 50,325
13,751 CHEMED CORPORATION 598,719
158,000 CHINA RAILWAY CONSTRUCTION CORPORATION 233,623
40,170 EMCOR GROUP INCORPORATED+ 930,739
155 FLUGHAFEN WIEN AG 6,555
148,138 HKC HOLDINGS LIMITED 10,895
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued)
32,799 INSITUFORM TECHNOLOGY INCORPORATED+<< $ 628,101
22,390 IRB INFRASTRUCTURE DEVELOPERS LIMITED 100,451
10,239 IVRCL INFRASTRUCTURES & PROJECTS LIMITED 76,103
11 KOBENHAVNS LUFTHAVNE 2,434
6,381 ORASCOM CONSTRUCTION INDUSTRIES 270,583
49,424 QUANTA SERVICES INCORPORATED+ 1,093,259
63,108 STEINHOFF INTERNATIONAL HOLDINGS LIMITED 141,313
1,110 WELLSTREAM HOLDINGS PLC 8,865
4,151,965
--------------
CONSTRUCTION-JAPAN: 0.00%
2,000 TAIHEI DENGYO KAISHA LIMITED 23,579
--------------
CONSULTING SERVICES: 0.02%
13,413 COMPAGNIE FINANCIERE RICHEMONT SA 365,061
835 POYRY OYJ 14,197
6,219 SAI GLOBAL LIMITED 17,556
2,690 SAVILLS PLC 15,765
412,579
--------------
CONSUMER SERVICES: 0.04%
1,270 HAKUHODO DY HOLDINGS INCORPORATED 70,563
6,761 LVMH MOET HENNESSY LOUIS VUITTON SA 646,402
716,965
--------------
DEPOSITORY INSTITUTIONS: 8.55%
16,000 77 BANK LIMITED 96,636
45,635 ABSA GROUP LIMITED 743,523
27,900 AFFIN HOLDINGS BHD 15,053
42,171 AFRICAN BANK INVESTMENTS LIMITED 156,390
3,420 AGRICULTURAL BANK OF GREECE 7,894
81,934 AKBANK TAS 469,724
7,938 ALLAHABAD BANK 14,429
19,613 ALLIED IRISH BANKS PLC 75,073
9,530 ALPHA BANK AE 157,800
130,301 AMMB HOLDINGS BHD 152,076
10,732 ANDHRA BANK 19,662
16,925 ANGLO IRISH BANK CORPORATION PLC(a) 0
37,000 AOZORA BANK LIMITED 54,874
30,357 ASSOCIATED BANC-CORP<< 314,802
76,569 ASTORIA FINANCIAL CORPORATION 788,661
30,351 ASYA KATILIM BANKASI AS+ 56,247
101,954 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 1,834,594
16,269 AXIS BANK LIMITED 301,655
19,667 BANCA CARIGE SPA 59,491
75,765 BANCA MONTE DEI PASCHI DI SIENA SPA 159,233
4,362 BANCA PICCOLO CREDITO VALTELLINESE SCARL 45,681
9,226 BANCA POPOLARE DI MILANO SCARL 69,505
98,941 BANCO BILBAO VIZCAYA ARGENTARIA SA 1,757,432
9,820 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 174,696
8,813 BANCO BPI SA 26,583
34,049 BANCO BRADESCO SA 448,039
81,406 BANCO COMERCIAL PORTUGUES SA 106,551
1,049,717 BANCO DE CHILE 75,826
2,804 BANCO DE CREDITO DEL PERU 8,656
4,546 BANCO DE CREDITO E INVERSIONES 126,438
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
63,366 BANCO DE ORO $ 46,101
26,683 BANCO DE SABADE 201,211
6,940 BANCO DE VALENCIA SA 69,640
53,368 BANCO DO BRASIL SA 745,572
1,639 BANCO ESPANOL DE CREDITO SA 21,970
15,302 BANCO ESPIRITO SANTO SA 100,693
1,156 BANCO GUIPUZCOANO SA 9,945
10,925 BANCO ITAU HOLDING FINANCEIRA SA 153,035
2,243 BANCO MACRO SA<< 50,490
1,725 BANCO PASTOR SA 15,100
16,981 BANCO POPOLARE SPA+ 150,447
21,043 BANCO POPULAR ESPANOL SA 226,553
215,296 BANCO SANTANDER CENTRAL HISPANO SA 3,313,362
66,478 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 1,025,757
4,041,047 BANCO SANTANDER CHILE SA 199,225
67,761 BANCORPSOUTH INCORPORATED<< 1,558,503
31,000 BANGKOK BANK PCL (NON VOTING) 100,265
899,500 BANK CENTRAL ASIA TBK PT 379,253
1,985 BANK HANDLOWY W WARSZAWIE SA 44,101
95,637 BANK LEUMI LE-ISRAEL 327,143
475,500 BANK MANDIRI PERSERO TBK PT 193,408
13,321 BANK MILLENNIUM SA 23,304
210,000 BANK NIAGA 14,375
395,966 BANK OF AMERICA CORPORATION 6,965,042
84,100 BANK OF AYUDHYA PCL 44,016
12,584 BANK OF BARODA 111,510
2,539,000 BANK OF CHINA LIMITED 1,235,029
75,111 BANK OF EAST ASIA LIMITED 242,280
379 BANK OF GREECE 23,857
29,804 BANK OF HAWAII CORPORATION 1,175,768
12,025 BANK OF INDIA 83,344
20,928 BANK OF IRELAND 75,006
16,000 BANK OF KYOTO LIMITED 155,443
14,100 BANK OF MONTREAL 682,622
60,546 BANK OF NEW YORK MELLON CORPORATION 1,792,767
26,400 BANK OF NOVA SCOTIA 1,105,918
8,024 BANK OF QUEENSLAND LIMITED 79,009
97,700 BANK OF THE PHILIPPINE ISLANDS 90,101
1,400 BANK OF THE RYUKYUS LIMITED 19,424
65,000 BANK OF YOKOHAMA LIMITED 366,738
8,038 BANK PEKAO SA 410,597
309 BANK PRZEMYSLOWO HANDLOWY PBK 7,600
370,500 BANK RAKYAT INDONESIA 279,345
677 BANK SARASIN & CIE AG 25,030
3,417 BANK ZACHODNI WBK SA 161,396
6,776 BANKINTER SA 90,050
42 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 15,628
3 BANQUE NATIONALE DE BELGIQUE 11,397
295,994 BARCLAYS PLC 1,832,285
32,420 BB&T CORPORATION<< 905,815
5,903 BBVA BANCO FRANCES SA<< 32,171
11,533 BENDIGO BANK LIMITED 80,906
15,636 BNP PARIBAS ADR 629,349
22,994 BNP PARIBAS SA 1,851,611
167,500 BOC HONG KONG HOLDINGS LIMITED 335,845
6,174 BOK FINANCIAL CORPORATION<< 279,312
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
657 BRE BANK SA $ 57,467
172,500 BUMIPUTRA COMMERCE HOLDINGS BHD 487,399
16,051 BUSAN BANK 144,586
10,000 CANADIAN IMPERIAL BANK OF COMMERCE 586,892
739 CANADIAN WESTERN BANK 12,488
8,250 CANARA BANK 44,988
4,900 CAPITOL FEDERAL FINANCIAL<< 157,437
42,852 CATHAY GENERAL BANCORP<< 395,952
311,000 CHANG HWA COMMERCIAL BANK 129,912
41,000 CHIBA BANK LIMITED 258,205
8,282 CHINA BANKING CORPORATION 68,320
341,000 CHINA CITIC BANK 205,468
775,161 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION+ 178,739
32,000 CHINA EVERBRIGHT LIMITED 75,392
275,990 CHINA MERCHANTS BANK COMPANY LIMITED 601,089
5,000 CHUKYO BANK LIMITED THE 15,744
577,900 CITIGROUP INCORPORATED<< 2,889,500
11,569 CITY NATIONAL CORPORATION<< 456,976
41,698 COMERICA INCORPORATED 1,112,086
17,664 COMMERCIAL INTERNATIONAL BANK 172,933
19,915 COMMERZBANK AG 183,864
71,716 COMMONWEALTH BANK OF AUSTRALIA 2,788,264
16,826 COSMOS BANK TAIWAN+ 1,789
137 CREDIT AGRICOLE D'ILE DE F 10,979
28,033 CREDIT AGRICOLE SA 519,234
1,169 CREDITO EMILIANO SPA 7,248
8,144 DAEGU BANK 94,880
8,000 DAH SING BANKING GROUP LIMITED 9,187
5,231 DAH SING FINANCIAL HOLDINGS LIMITED 28,077
12,040 DANSKE BANK 323,491
78,500 DBS GROUP HOLDINGS LIMITED 688,601
16,758 DEUTSCHE BANK AG 1,137,557
2,312 DEUTSCHE POSTBANK AG 82,067
17,233 DEXIA 147,417
19,400 DNB NOR ASA 198,268
156,395 E.SUN FINANCIAL HOLDING COMPANY LIMITED 48,463
73,992 EAST WEST BANCORP INCORPORATED<< 681,466
6,949 EFG EUROBANK ERGASIAS SA 97,429
16,242 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING 83,811
640 EMPORIKI BANK OF GREECE SA+ 5,725
63,977 ENTIE COMMERCIAL BANK+ 15,724
16,500 EON CAPITAL BHD 23,849
5,294 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 224,346
87,000 FAR EASTERN INTERNATIONAL BANK(a) 18,713
16,000 FERROCHINA LIMITED(a) 0
158,929 FIFTH THIRD BANCORP 1,738,683
58,438 FIRST BANCORP (PUERTO RICO)<< 186,417
185,928 FIRST HORIZON NATIONAL CORPORATION+<< 2,487,710
41,417 FIRST MIDWEST BANCORP INCORPORATED<< 424,938
126,169 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 1,650,291
71,900 FIRSTMERIT CORPORATION 1,292,050
196,102 FIRSTRAND LIMITED 400,296
96,396 FNB CORPORATION PA 682,484
49,425 FORTIS 211,435
436,000 FUBON FINANCIAL HOLDING COMPANY LIMITED 407,303
38,000 FUKUOKA FINANCIAL GROUP INCORPORATED 170,704
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
152,235 FULTON FINANCIAL CORPORATION $ 1,117,405
20,089 GETIN HOLDING SA+ 62,555
1,626 GREEK POSTAL SAVINGS BANK 12,145
79,679 GRUPO SECURITY SA 21,799
22,000 GUNMA BANK LIMITED 124,363
17,064 HANA FINANCIAL GROUP INCORPORATED 447,471
15,952 HANCOCK HOLDING COMPANY<< 611,121
34,000 HANG SENG BANK LIMITED 482,991
9,352 HDFC BANK LIMITED 281,753
4,397 HDFC BANK LIMITED ADR<< 433,148
5,000 HIGASHI-NIPPON BANK LIMITED 11,607
62,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 154,584
479 HOME CAPITAL GROUP INCORPORATED 16,872
66,300 HONG LEONG BANK BHD 112,963
6,000 HONG LEONG SINGAPORE FINANCE LIMITED 11,909
68,900 HONG LOENG FINANCIAL GROUP BHD 101,741
468,396 HSBC HOLDINGS PLC 5,124,929
201,715 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 109,693
131,652 HUDSON CITY BANCORP INCORPORATED 1,727,274
146,996 HUNTINGTON BANCSHARES INCORPORATED 670,302
28,013 ICICI BANK LIMITED 430,967
17,440 ICICI BANK LIMITED ADR 532,269
3,899 INDIAN BANK 10,928
9,647 INDIAN OVERSEAS BANK 16,637
4,852,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 3,311,759
12,140 INDUSTRIAL BANK OF KOREA 131,227
239 ING BANK SLASKI SA 48,667
46,403 INTERNATIONAL BANCSHARES CORPORATION<< 716,462
257,129 INTESA SANPAOLO 1,114,162
20,149 INTESA SANPAOLO RNC 65,715
7,917 IOOF HOLDINGS LIMITED 30,381
32,895 ISRAEL DISCOUNT BANK LIMITED+ 57,604
5,000 JACCS COMPANY LIMITED 12,681
9,647 JARDINE STRATEGIC HOLDINGS LIMITED 159,754
35,000 JOYO BANK LIMITED 179,044
193,177 JPMORGAN CHASE & COMPANY 8,395,472
5,595 JULIUS BAER HOLDING AG 284,532
6,000 KANSAI URBAN BANKING CORPORATION 9,737
39,000 KASIKORNBANK PCL THB 83,137
3,881 KBC GROEP NV 145,355
210,450 KEYCORP 1,401,595
6,000 KIATNAKIN FINANCE 3,317
32,000 KIYO HOLDINGS 40,924
21,400 KOREA EXCHANGE BANK 191,056
2,804 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 80,377
13,206 KOTAK MAHINDRA BANK LIMITED 193,715
1,838 KREDYT BANK SA 6,945
31,800 KRUNG THAI BANK PCL 8,041
127,400 KRUNG THAI BANK PCL ADR 32,403
377 LAURENTIAN BANK OF CANADA 13,003
178 LIECHTENSTEIN LANDESBANK 11,145
6,000 LIU CHONG HING BANK LIMITED 10,436
378,865 LLOYDS TSB GROUP PLC 686,714
3,708 LLOYDS TSB GROUP PLC ADR<< 26,513
19,721 M&T BANK CORPORATION 1,217,969
13,100 MACQUARIE GROUP LIMITED 562,464
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
208,256 MALAYAN BANKING BHD $ 384,992
134,800 MALAYSIAN PLANTATIONS BHD 91,487
89,102 MARSHALL & ILSLEY CORPORATION 634,406
11,007 MEDIOBANCA SPA 151,012
607,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 302,426
550,070 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,511,462
52,000 MITSUI TRUST HOLDINGS INCORPORATED 219,065
5,000 MIYAZAKI BANK LIMITED 21,118
664,900 MIZUHO FINANCIAL GROUP INCORPORATED 1,629,202
65,000 MIZUHO TRUST & BANKING COMPANY LIMITED 83,826
91,041 NATIONAL AUSTRALIA BANK LIMITED 2,191,477
4,200 NATIONAL BANK OF CANADA 235,752
16,013 NATIONAL BANK OF GREECE SA 501,597
24,348 NATIONAL BANK OF GREECE SA ADR<< 155,584
72,879 NATIONAL PENN BANCSHARES INCORPORATED<< 408,122
19,210 NATIXIS 87,549
12,334 NEDBANK GROUP LIMITED 182,755
94,718 NEW YORK COMMUNITY BANCORP INCORPORATED<< 1,007,800
86,613 NEWALLIANCE BANCSHARES INCORPORATED 1,018,569
1,100 NIS GROUP COMPANY LIMITED 497
34,000 NISHI-NIPPON CITY BANK LIMITED 90,618
74,074 NORDEA BANK AB 775,241
4,039 NORTHERN ROCK PLC 5,918
16,300 NORTHERN TRUST CORPORATION 952,898
4,868 OKO BANK 56,254
61,182 OLD NATIONAL BANCORP 650,976
14,000 ORIENT CORPORATION 15,347
4,403 ORIENTAL BANK OF COMMERCE 16,656
19,303 OTP BANK NYRT 497,968
103,927 OVERSEA-CHINESE BANKING CORPORATION LIMITED 558,239
22,176 PACWEST BANCORP<< 437,089
33,100 PHATRA SECURITIES PCL 17,324
7,363 PIRAEUS BANK SA 115,696
36,517 PKO BANK POLSKI SA 451,009
22,687 PNC FINANCIAL SERVICES GROUP 966,239
203,859 POPULAR INCORPORATED 438,297
40,131 PROSPERITY BANCSHARES INCORPORATED<< 1,385,723
47,323 PROVIDENT FINANCIAL SERVICES INCORPORATED 521,499
153,394 PT BANK DANAMON INDONESIA TBK 71,523
264,000 PT BANK PAN INDONESIA TBK 19,119
148,937 PUBLIC BANK BHD 420,821
9,630 PUNJAB NATIONAL BANK LIMITED 134,603
1,008 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 53,251
301,366 REGIONS FINANCIAL CORPORATION 1,766,005
26,800 RESONA HOLDINGS INCORPORATED 365,494
73,600 RHB CAPITAL BHD 98,858
48,041 RMB HOLDINGS LIMITED 163,338
35,700 ROYAL BANK OF CANADA 1,840,845
410,564 ROYAL BANK OF SCOTLAND GROUP PLC 385,319
12,000 SAPPORO HOLDINGS 43,589
4,996 SBERBANK(a) 740,907
1,800 SCOTIABANK PERU SA 73,731
22,933 SEKERBANK TAS+ 37,301
10,000 SENSHU BANK LIMITED 20,956
31 SEVEN BANK LIMITED 78,658
12,000 SHIGA BANK 76,862
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
300 SHIMIZU BANK LIMITED THE $ 11,961
384,878 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED 132,126
52,000 SHINSEI BANK LIMITED 88,297
33,000 SHIZUOKA BANK LIMITED 344,363
107,800 SIAM CITY BANK PCL 68,465
21,500 SIAM COMMERCIAL BANK PCL 48,677
549,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 164,617
45,240 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 317,766
1,713 SNS REAAL 13,197
490,509 SOCIEDAD MATRIZ BANCO DE CHILE CLASS B 48,940
15,331 SOCIETE GENERALE 1,235,421
19,733 SOCIETE GENERALE ADR<< 318,490
93,171 STANDARD BANK GROUP LIMITED 1,203,634
62,061 STANDARD CHARTERED PLC 1,410,419
8,421 STATE BANK OF INDIA LIMITED 300,603
5,484 STATE BANK OF INDIA LIMITED GDR++ 391,524
71,769 STERLING BANCSHARES INCORPORATED (TEXAS) 570,564
47,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 2,047,009
79,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 483,084
62,151 SUNCORP-METWAY LIMITED 411,311
23,790 SUNTRUST BANKS INCORPORATED 555,972
12,000 SURUGA BANK LIMITED 117,614
73,292 SUSQUEHANNA BANCSHARES INCORPORATED<< 428,025
20,244 SVB FINANCIAL GROUP+<< 804,699
12,500 SVENSKA HANDELSBANKEN 327,494
9,300 SWEDBANK AB 97,332
1,010 SYDBANK AG 28,304
7,938 SYNDICATE BANK 12,909
16,000 SYNEAR FOOD HOLDINGS LIMITED 3,720
237,617 SYNOVUS FINANCIAL CORPORATION<< 879,183
91,000 TA CHONG BANK LIMITED+ 13,823
364,000 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 120,535
153,000 TAIWAN BUSINESS BANK+ 35,791
31,546 TCF FINANCIAL CORPORATION<< 434,073
15,516 THANACHART CAPITAL PCL 6,706
400 THE AICHI BANK LIMITED 36,582
8,000 THE AKITA BANK LIMITED 32,327
8,000 THE AOMORI BANK LIMITED 32,843
10,000 THE AWA BANK LIMITED 59,860
1,300 THE BANK OF IKEDA LIMITED 49,876
700 THE BANK OF IWATE LIMITED 40,999
9,000 THE BANK OF NAGOYA LIMITED 40,817
900 THE BANK OF OKINAWA LIMITED 35,594
6,000 THE BANK OF SAGA LIMITED 20,699
1,400 THE CHIBA KOGYO BANK LIMITED+ 12,067
11,000 THE CHUGOKU BANK LIMITED 148,361
8,000 THE DAISAN BANK LIMITED 20,118
16,000 THE DAISHI BANK LIMITED 66,029
5,000 THE EHIME BANK LIMITED 14,401
6,000 THE EIGHTEENTH BANK LIMITED 19,538
10,000 THE FUKUI BANK LIMITED 33,530
25,000 THE HACHIJUNI BANK LIMITED 143,471
14,000 THE HIGO BANK LIMITED 90,425
29,000 THE HIROSHIMA BANK LIMITED 123,729
11,000 THE HOKKOKU BANK LIMITED 42,085
8,000 THE HOKUETSU BANK LIMITED 16,249
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
12,000 THE HYAKUGO BANK LIMITED $ 62,805
14,000 THE HYAKUJUSHI BANK LIMITED 68,759
15,000 THE IYO BANK LIMITED 147,179
18,000 THE JUROKU BANK LIMITED 67,319
3,000 THE KAGAWA BANK LIMITED 12,767
8,000 THE KAGOSHIMA BANK LIMITED 64,739
2,400 THE KANTO TSUKUBA BANK LIMITED 8,202
12,000 THE KEIYO BANK LIMITED 65,126
5,000 THE MICHINOKU BANK LIMITED 11,123
4,000 THE MIE BANK LIMITED 14,401
7,000 THE MINATO BANK LIMITED 10,081
1,500 THE MUSASHINO BANK LIMITED 53,197
12,000 THE NANTO BANK LIMITED 70,672
14,000 THE OGAKI KYORITSU BANK LIMITED 56,120
6,000 THE OITA BANK LIMITED 26,308
8,000 THE SAN-IN GODO BANK LIMITED 73,939
9,000 THE SHIKOKU BANK LIMITED 33,563
5,000 THE TOCHIGI BANK LIMITED 26,652
9,000 THE TOHO BANK LIMITED 41,107
3,000 THE TOKUSHIMA BANK LIMITED 15,895
2,682,765 TMB BANK PCL+ 83,615
1,700 TOKYO TOMIN BANK LIMITED 30,876
22,431 TORONTO-DOMINION BANK 1,386,737
64,508 TRUSTCO BANK CORPORATION NEW YORK SHARES 401,240
43,809 TRUSTMARK CORPORATION 833,685
183,439 TURKIYE GARANTI BANKASI AS 678,679
79,271 TURKIYE IS BANKASI 314,422
38,213 TURKIYE VAKIFLAR BANKASI TAO 84,572
20,481 UMB FINANCIAL CORPORATION 819,854
68,951 UMPQUA HOLDINGS CORPORATION<< 710,885
427,703 UNICREDITO ITALIANO SPA 1,549,758
16,689 UNION BANK HONG KONG 33,634
15,166 UNION BANK OF INDIA 66,410
16,423 UNIONE DI BANCHE SCPA 248,156
35,746 UNITED BANKSHARES INCORPORATED 701,694
40,236 UNITED COMMUNITY BANKS INCORPORATED+<< 271,190
8,324 UNITED MIZRAHI BANK LIMITED+ 63,282
59,000 UNITED OVERSEAS BANK LIMITED 683,785
89,663 US BANCORP 2,028,177
383 VALIANT HOLDING AG 72,954
36,099 VALLEY NATIONAL BANCORP 420,914
62 VERWALTUNGS-UND PRIVAT-BANK AG 6,710
361 VONTOBEL HOLDINGS AG 12,563
76,405 WASHINGTON FEDERAL INCORPORATED 1,133,850
44,732 WEBSTER FINANCIAL CORPORATION 584,647
233,020 WELLS FARGO & COMPANY(l) 6,412,710
17,837 WESTAMERICA BANCORPORATION 917,357
47,796 WESTERN UNION COMPANY 862,240
141,640 WESTPAC BANKING CORPORATION 2,917,437
58,710 WHITNEY HOLDING CORPORATION<< 528,977
60,141 WILMINGTON TRUST CORPORATION<< 843,778
8,500 WING HANG BANK LIMITED 76,770
20,227 WINTRUST FINANCIAL CORPORATION<< 559,681
8,000 YAMAGATA BANK LIMITED 45,223
12,000 YAMAGUCHI FINANCIAL GROUP 137,861
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
8,719 YES BANK LIMITED+ $ 29,903
29,400 ZIONS BANCORPORATION<< 519,498
165,189,748
--------------
DIVERSIFIED OPERATIONS: 0.04%
23,219 BOUSTEAD HOLDINGS BHD 23,407
278,043 CHINA RARE EARTH HOLDINGS LIMITED 50,583
101,000 HUTCHISON WHAMPOA LIMITED 710,217
20,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 11,948
796,155
--------------
DURABLE GOODS - CONSUMER: 0.00%
52,322 GOODMAN FIELDER LIMITED 68,103
--------------
E-COMMERCE/SERVICES: 0.09%
21,027 AMAZON.COM INCORPORATED+<< 1,707,182
--------------
EATING & DRINKING PLACES: 0.61%
1,965 AUTOGRILL SPA 22,114
26,896 BOB EVANS FARMS INCORPORATED 722,696
87,555 BRINKER INTERNATIONAL INCORPORATED 1,274,801
21,200 BURGER KING HOLDINGS INCORPORATED 380,116
5,476 C&C GROUP PLC 20,411
13,885 CEC ENTERTAINMENT INCORPORATED+ 371,424
49,130 CHEESECAKE FACTORY INCORPORATED+<< 902,518
3,298 CHIPOTLE MEXICAN GRILL INCORPORATED+<< 276,636
4,292 CHIPOTLE MEXICAN GRILL INCORPORATED CLASS B+ 319,153
11,982 ENTERPRISE INNS PLC 32,400
16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED(a) 15,722
6,382 HEINEKEN NV 269,401
2,300 ITO EN LIMITED 42,193
34,859 JACK IN THE BOX INCORPORATED+ 710,775
800 KISOJI COMPANY LIMITED 17,668
7,875 MARSTON'S PLC 13,718
52,414 MCDONALD'S CORPORATION 2,947,763
8,243 MITCHELLS & BUTLERS PLC 38,178
547 OBRASCON HUARTE LAIN SA 14,272
12,000 PAPA JOHN'S INTERNATIONAL INCORPORATED+<< 279,960
13,540 PF CHANG'S CHINA BISTRO INCORPORATED+<< 432,061
8,154 PUNCH TAVERNS PLC 17,443
5,909 RESTAURANT GROUP PLC 18,373
25,001 SABMILLER PLC 580,387
2,000 SAIZERIYA COMPANY LIMITED 33,122
18,000 SAPPORO HOLDINGS LIMITED 102,912
10,000 TAKARA HOLDINGS INCORPORATED 70,715
4,705 TIM HORTONS INCORPORATION 132,973
111,896 WENDY'S ARBY'S GROUP INCORPORATED 563,956
4,306 WHITBREAD PLC 73,394
31,572 YUM! BRANDS INCORPORATED 1,081,341
11,778,596
--------------
EDUCATIONAL SERVICES: 0.28%
9,150 APOLLO GROUP INCORPORATED CLASS A+ 593,103
4,100 BENESSE CORPORATION 201,365
48,765 CORINTHIAN COLLEGES INCORPORATED+<< 934,825
15,386 DEVRY INCORPORATED 786,225
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
EDUCATIONAL SERVICES (continued)
442 EDUCOMP SOLUTIONS LIMITED $ 37,329
9,521 ITT EDUCATIONAL SERVICES INCORPORATED+ 999,610
6,704 NAVITAS LIMITED 19,265
8,615 STRAYER EDUCATION INCORPORATED<< 1,818,627
5,390,349
--------------
ELECTRIC, GAS & SANITARY SERVICES: 5.12%
1,765 ACEA SPA 21,520
28,649 AEM SPA 55,446
45,496 AES CORPORATION+ 621,930
20,215 AGL ENERGY LIMITED 238,517
66,347 AGL RESOURCES INCORPORATED 2,228,596
42,276 ALLEGHENY ENERGY INCORPORATED 1,116,509
23,592 ALLETE INCORPORATED 797,646
30,358 ALLIANT ENERGY CORPORATION 799,630
552,035 ALMENDRAL SA 49,845
1,019 ALSTOM PROJECTS INDIA LIMITED 10,971
58,806 AMEREN CORPORATION 1,585,998
24,298 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 763,686
37,280 AQUA AMERICA INCORPORATED<< 628,168
395,800 ASIAN INSULATORS PCL 44,922
829 ATCO LIMITED 32,372
79,518 ATMOS ENERGY CORPORATION 2,166,070
585,319 AU OPTRONICS CORPORATION 590,360
47,233 AVISTA CORPORATION 921,988
15,992 BABCOCK & BROWN POWER 973
12,147 BHARAT HEAVY ELECTRICAL LIMITED 574,572
285 BKW FMB ENERGIE AG 22,501
33,662 BLACK HILLS CORPORATION 861,074
2,500 BRADESPAR SA 37,672
12,060 CALIFORNIA WATER SERVICE GROUP 448,873
91,259 CALPINE CORPORATION+ 1,073,206
258 CANADIAN UTILITIES LIMITED 8,798
84,410 CENTERPOINT ENERGY INCORPORATED 1,046,684
19,000 CENTRAIS ELECTRICAS BRASILEIRAS SA 276,023
15,900 CENTRAIS ELECTRICAS BRASILEIRAS SA PREFERRED B 207,534
139,695 CENTRICA PLC 572,862
5,548 CESC LIMITED 42,060
12,266 CEZ AS 640,693
45,000 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 12,483
72,600 CHINA RESOURCES POWER HOLDINGS COMPANY 177,227
35,100 CHUBU ELECTRIC POWER COMPANY INCORPORATED 816,674
10,592 CIA GENERAL DE ELECTRICIDAD SA 68,822
14,382 CLEAN HARBORS INCORPORATED+<< 848,826
52,628 CLECO CORPORATION 1,285,176
88,000 CLP HOLDINGS LIMITED 589,282
62,417 CMS ENERGY CORPORATION<< 837,012
956,543 COLBUN SA 215,492
2,117 COMPANIA CERVECERIAS UNIDAS SA ADR 72,439
13,915 CONSOLIDATED EDISON INCORPORATED 559,244
49,700 CONSTELLATION ENERGY GROUP INCORPORATED 1,573,005
12,547 CONTACT ENERGY LIMITED 53,815
30,935 COVANTA HOLDING CORPORATION+<< 553,737
8,154 CPFL ENERGIA SA 143,334
30,186 DOMINION RESOURCES INCORPORATED 998,553
31,912 DPL INCORPORATED 790,460
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
8,843 DRAX GROUP PLC $ 69,032
45,074 DTE ENERGY COMPANY 1,567,674
65,647 DUKE ENERGY CORPORATION 1,016,872
3,100 DUSKIN COMPANY LIMITED 57,136
437,553 DYNEGY INCORPORATED CLASS A+ 831,351
53,777 E.ON AG 2,275,075
525 EDF ENERGIES NOUVELLES SA 23,558
14,968 EDISON INTERNATIONAL 500,081
19,099 EDISON SPA 31,515
5,741 EDP RENOVAVEIS SA+ 56,954
194,072 EL PASO CORPORATION 1,791,285
6,700 ELECTRIC POWER DEVELOPMENT COMPANY 203,412
7,093 ELECTRICITE DE FRANCE 371,662
13,400 ELECTRICITY GENERATING PCL 30,929
2,513 EMERA INCORPORATED 47,609
268,903 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 413,783
4,069 ENAGAS 80,296
8,800 ENBRIDGE INCORPORATED 328,769
570 ENBW ENERGIE BADEN-WUERTTEMBERG AG 32,278
1,942 ENDESA SA 57,602
169,880 ENEL SPA 1,000,956
5,447 ENERGY DEVELOPMENTS LIMITED 12,384
814 ENERGY SAVINGS INCOME FUND 9,633
1,027,529 ENERSIS SA (CHILE) 358,127
10,139 ENTERGY CORPORATION 800,981
24,595 ENVESTRA LIMITED 10,186
529 EVN AG 10,981
45,763 EXELON CORPORATION 2,289,065
80,100 FIRST PHILIPPINE HOLDINGS CORPORATION 68,946
15,584 FIRSTENERGY CORPORATION 703,306
4,462 FORTIS INCORPORATED 101,529
11,370 FORTUM OYJ 296,989
19,113 FPL GROUP INCORPORATED 1,073,768
85,979 FRONTIER COMMUNICATIONS CORPORATION 611,311
3,993 GAMESA CORPORATION TECNOLOGICA SA 87,412
7,200 GAS NATURAL SDG SA 151,269
31,600 GLOW ENERGY PCL 28,571
36,883 GREAT PLAINS ENERGY INCORPORATED 646,192
2,639 GRUPO ELEKTRA SA DE CV 100,547
79,180 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 1,377,732
5,474 HERA SPA 13,521
9,300 HOKURIKU ELECTRIC POWER COMPANY 225,379
61,105 HONG KONG ELECTRIC HOLDINGS LIMITED 341,380
252,000 HUANENG POWER INTERNATIONAL INCORPORATED 176,552
100,115 IBERDROLA SA 927,177
40,911 IDACORP INCORPORATED 1,165,145
20,660 INTEGRYS ENERGY GROUP INCORPORATED 709,258
37,188 INTERNATIONAL POWER PLC 170,481
30,482 ITC HOLDINGS CORPORATION 1,419,852
39,100 KANSAI ELECTRIC POWER COMPANY INCORPORATED 899,237
619 KEYERA FACILITIES 11,167
19,895 KOREA ELECTRIC POWER CORPORATION 499,406
1,720 KOREA GAS CORPORATION 68,998
21,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 465,991
12,892 LACLEDE GROUP INCORPORATED 419,764
4,415 LINDE AG 443,690
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
33,200 MANILA ELECTRIC COMPANY $ 136,760
46,452 MDU RESOURCES GROUP INCORPORATED 901,633
26,312 NEW JERSEY RESOURCES 966,966
75,683 NISOURCE INCORPORATED 999,772
816 NORDEX AG+ 14,939
48,732 NORTHEAST UTILITIES 1,159,334
16,339 NORTHWEST NATURAL GAS COMPANY 687,872
31,162 NORTHWESTERN CORPORATION 747,576
51,315 NRG ENERGY INCORPORATED+<< 1,377,808
29,466 NSTAR 932,304
64,315 NV ENERGY INCORPORTED 775,639
26,429 OGE ENERGY CORPORATION 826,699
26,708 ONEOK INCORPORATED 904,867
97,000 OSAKA GAS COMPANY LIMITED 335,669
7,902 PENNON GROUP PLC 59,303
60,588 PEPCO HOLDINGS INCORPORATED 868,226
784,000 PERUSAHAAN GAS NEGARA PT 270,278
18,900 PETRONAS GAS BHD 52,221
17,965 PG&E CORPORATION 729,199
27,694 PINNACLE WEST CAPITAL CORPORATION 911,410
68,101 PNM RESOURCES INCORPORATED 795,420
364,000 PNOC ENERGY DEVELOPMENT CORPORATION 33,569
65,446 PORTLAND GENERAL ELECTRIC COMPANY 1,277,506
18,966 PPL CORPORATION 557,600
14,029 PROGRESS ENERGY INCORPORATED 554,566
2,560 PUBLIC POWER CORPORATION SA 60,189
25,902 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 820,316
1,227 Q-CELLS AG+ 18,751
42,770 QUESTAR CORPORATION 1,443,915
4,100 RATCHABURI ELECTRICITY GENERATING HOLDING PCL 4,551
16,600 RATCHABURI ELECTRICITY GENERATING HOLDING PCL ADR 18,547
2,676 RED ELECTRICA DE ESPANA 125,448
8,963 RELIANCE ENERGY LIMITED 210,330
3,952 RENEWABLE ENERGY CORPORATION AS+ 26,762
7 ROMANDE ENERGIE HOLDING SA 13,671
89,121 RRI ENERGY INCORPORATED+<< 529,379
10,948 RWE AG 1,013,907
14,000 SAIBU GAS COMPANY LIMITED 38,066
21,600 SARAWAK ENTERPRISE CORPORATION 13,310
30,415 SCANA CORPORATION 1,054,792
24,095 SCOTTISH & SOUTHERN ENERGY PLC 438,933
11,509 SEMPRA ENERGY<< 577,407
6,195 SEVERN TRENT PLC 98,734
6,285 SHANKS GROUP PLC 9,009
10,900 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 337,367
2,500 SHIZUOKA GAS COMPANY LIMITED 18,673
18,316 SOUTH JERSEY INDUSTRIES INCORPORATED 634,649
39,638 SOUTHERN COMPANY 1,236,706
28,816 SOUTHERN UNION COMPANY 571,709
38,797 SOUTHWEST GAS CORPORATION 944,707
47,652 SP AUSNET 31,012
32,597 SPECTRA ENERGY CORPORATION 613,476
21,087 STERICYCLE INCORPORATED+<< 1,044,228
6,630 SUEZ ENVIRONNEMENT SA 136,399
53,772 TECO ENERGY INCORPORATED 716,243
138,850 TENAGA NASIONAL BHD 316,222
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
32,838 TERNA SPA $ 120,988
13,300 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 292,300
800 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 47,630
23,600 TOHOKU ELECTRIC POWER COMPANY INCORPORATED 511,059
64,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED 1,673,133
116,000 TOKYO GAS COMPANY LIMITED 464,997
10,229 TRACTEBEL ENERGIA SA 106,485
5,100 TRANSALTA CORPORATION 99,321
4,988 TRANSPACIFIC INDUSTRIES GROUP LIMITED 5,734
3,817 TRUSTPOWER LIMITED 19,908
30,799 UNISOURCE ENERGY CORPORATION 900,563
16,849 UNITED UTILITIES GROUP PLC 124,200
69,864 VECTREN CORPORATION 1,617,352
11,325 VEOLIA ENVIRONNEMENT 391,766
1,566 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 79,452
49,190 WASTE CONNECTIONS INCORPORATED+ 1,345,347
25,253 WASTE MANAGEMENT INCORPORATED 755,822
43,500 WGL HOLDINGS INCORPORATED 1,435,500
39,300 WILLIAMS COMPANIES INCORPORATED 646,092
3,580 WOONGJIN COWAY COMPANY LIMITED 99,038
125,438 XCEL ENERGY INCORPORATED 2,477,401
32,000 XINAO GAS HOLDINGS LIMITED 51,032
98,826,700
--------------
ELECTRICAL PRODUCTS: 0.00%
10,915 INVENTEC APPLIANCES CORPORATION 9,782
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.61%
16,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED 13,253
205,172 ACER INCORPORATED 467,484
25,398 ACUITY BRANDS INCORPORATED<< 815,530
87,400 ADC TELECOMMUNICATIONS INCORPORATED+<< 743,774
145,680 ADVANCED MICRO DEVICES INCORPORATED+<< 635,165
338,284 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED 241,510
7,600 ADVANTEST CORPORATION 189,490
1,171 AIXTRON AG 22,982
42,534 ALCO HOLDINGS LIMITED 13,665
1,200 ALPINE ELECTRONICS INCORPORATED 11,542
8,900 ALPS ELECTRIC COMPANY LIMITED 53,658
73,216 ALTERA CORPORATION 1,406,479
26,339 AMETEK INCORPORATED 829,152
101,546 AMKOR TECHNOLOGY INCORPORATED+<< 562,565
42,520 AMPHENOL CORPORATION CLASS A 1,486,499
9,000 ANRITSU CORPORATION 34,820
5,228 ARCELIK AS 14,986
35,433 ARM HOLDINGS PLC 75,507
76,161 ARRIS GROUP INCORPORATED+ 1,009,897
14,239 ASIA OPTICAL COMPANY INCORPORATED 21,413
688 ASM INTERNATIONAL NV+ 12,689
6,500 ASM PACIFIC TECHNOLOGY 41,640
326,202 ASUSTEK COMPUTER INCORPORATED 519,283
37,096 ATHEROS COMMUNICATIONS INCORPORATED+<< 1,025,333
251,088 ATMEL CORPORATION+ 1,036,993
20,003 ATMI INCORPORATED+ 339,851
1,400 AXELL CORPORATION 55,519
82 BANG & OLUFSEN AS 1,050
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
650,000 BANK OF COMMUNICATIONS LIMITED $ 766,536
99 BARCO NV 4,827
56,503 BENCHMARK ELECTRONICS INCORPORATED+ 926,649
1,435 BF UTILITIES LIMITED+ 25,602
11,800 BROTHER INDUSTRIES LIMITED 118,444
26,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED+ 12,010
2,400 CANON ELECTRONICS INCORPORATED 41,165
56,200 CANON INCORPORATED 2,156,196
7 CANON INCORPORATED ADR 267
7,738 CELESTICA INCORPORATED+ 65,773
14,508 CERADYNE INCORPORATED+<< 271,590
9,990 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 16,500
8 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 137
27,173 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 50,934
518,844 CHI MEI OPTOELECTRONICS CORPORATION 254,563
30,000 CHINA WATER AFFAIRS GROUP LIMITED 7,587
1,900 CHIYODA INTEGRE COMPANY LIMITED 22,441
4,245 CHLORIDE GROUP 10,414
499,000 CHUNGHWA PICTURE TUBES LIMITED+ 55,332
2,637 CIA ENERGETICA DE MINAS GERAIS 29,433
54,480 CIENA CORPORATION+<< 730,032
401,349 CISCO SYSTEMS INCORPORATED+ 8,669,138
8,000 CLARION COMPANY LIMITED 8,168
2,200 CMK CORPORATION 19,080
16,985 COMTECH TELECOMMUNICATIONS CORPORATION+ 577,830
2,000 CORONA CORPORATION 27,792
49,448 CREE INCORPORATED+<< 1,821,664
18,200 CYMER INCORPORATED+ 640,276
89,361 CYPRESS SEMICONDUCTOR CORPORATION+<< 904,333
16,000 DAIDO STEEL COMPANY LIMITED 64,481
9,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 31,048
6,000 DAISHINKU CORPORATION 24,890
10,395 DARFON ELECTRONICS CORPORATION 15,885
22,600 DELTA ELECTRONICS (THAILAND) PCL 11,629
10,509 DIONEX CORPORATION+ 632,011
12,136 DOLBY LABORATORIES INCORPORATED CLASS A+<< 473,425
1,900 EIZO NANAO CORPORATION 43,391
11,343 ELECTROCOMPONENTS PLC 30,930
6,336 ELECTROLUX AB CLASS B 131,287
43,672 ELITEGROUP COMPUTER SYSTEMS 16,916
55,433 ENERGIAS DE PORTUGAL SA 239,600
16,997 ENERGIZER HOLDINGS INCORPORATED+ 1,112,114
3,900 ENPLAS CORPORATION 75,150
39,210 EPISTAR CORPORATION 115,189
27,583 EVERLIGHT ELECTRONICS COMPANY LIMITED 76,255
1,640 EVERTZ TECHNOLOGIES LIMITED 21,632
180 EVS BROADCAST EQUIPMENT SA 11,460
23,645 EXIDE INDUSTRIES LIMITED 46,321
107,648 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+<< 1,082,939
9,000 FANUC LIMITED 734,121
22,410 FARADAY TECHNOLOGY CORPORATION 35,606
3,222 FIRST SOLAR INCORPORATED+<< 391,731
202,000 FLEXTRONICS INTERNATIONAL LIMITED+ 1,197,862
12,600 FORMOSA SUMCO TECHNOLOGY CORPORATION 24,881
2,400 FOSTER ELECTRIC COMPANY LIMITED 48,542
1,000 FUNAI ELECTRIC COMPANY LIMITED 39,871
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
1,300 FUTABA CORPORATION CHIBA $ 22,382
546,407 GENERAL ELECTRIC COMPANY 7,595,057
35,588 GENTEX CORPORATION<< 519,229
4,387 GLOBAL UNICHIP CORPORATION 19,324
5,463 GN STORE NORD 29,146
25,000 GS YUASA CORPORATION 217,894
3,200 HAMAMATSU PHOTONICS 68,264
194,800 HANA MICROELECTRONICS PCL 113,409
386,962 HANNSTAR DISPLAY CORPORATION+ 81,115
50,694 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 1,520,313
59,353 HARMONIC INCORPORATED+ 391,730
33,867 HARRIS CORPORATION 1,176,201
7,336 HARRIS STRATEX NETWORKS INCORPORATED CLASS A+ 44,456
58,056 HEXEL CORPORATION+<< 631,649
1,100 HI-LEX CORPORATION 10,450
900 HIOKI EE CORPORATION 17,507
1,600 HIROSE ELECTRIC COMPANY LIMITED 197,571
9,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 185,610
1,900 HORIBA LIMITED 43,084
2,900 HOSIDEN CORPORATION 42,729
300 HUBER & SUHNER AG 11,545
30,437 HYNIX SEMICONDUCTOR INCORPORATED+ 534,944
6,700 IBIDEN COMPANY LIMITED 238,334
1,100 IDEC CORPORATION 9,304
23,791 IMATION CORPORATION 204,603
510 INDESIT COMPANY SPA 3,497
23,634 INFINEON TECHNOLOGIES AG+ 124,177
959 INGENICO 23,510
245,873 INNOLUX DISPLAY CORPORATION 275,255
151,400 INOTERA MEMORIES INCORPORATED 85,091
287,034 INTEL CORPORATION 5,832,531
26,869 INTERDIGITAL INCORPORATED+<< 563,174
31,534 INTERSIL CORPORATION CLASS A 466,703
50,400 JABIL CIRCUIT INCORPORATED 551,880
131,776 JDS UNIPHASE CORPORATION+ 905,301
3,000 JEOL LIMITED 14,025
7,000 JUKI CORPORATION 9,404
51 KABA HOLDING 10,957
12,232 KESA ELECTRICALS PLC 27,998
1,900 KEYENCE CORPORATION 401,440
16,582 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 34,508
3,700 KOA CORPORATION 35,708
25,879 KONINKLIJKE PHILIPS ELECTRONICS NV 584,702
3,147 KONTRON AG 36,453
2,324 KUDELSKI SA 52,674
8,900 KYOCERA CORPORATION 741,268
7,983 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 593,935
7,493 LAIRD GROUP PLC 20,249
2,648 LEGRAND SA 64,991
7,378 LG ELECTRONICS INCORPORATED 844,787
12,960 LG TELECOM LIMITED 80,942
24,933 LINCOLN ELECTRIC HOLDINGS INCORPORATED<< 1,134,950
51,582 LINEAR TECHNOLOGY CORPORATION 1,370,534
2,403 LS CABLE LIMITED 158,930
177,525 LSI LOGIC CORPORATION+ 924,905
1,600 MABUCHI MOTOR COMPANY LIMITED 81,505
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
249,191 MACRONIX INTERNATIONAL $ 118,477
6,300 MAKITA CORPORATION 178,066
8,700 MALAYSIAN PACIFIC INDUSTRIES 14,527
3,800 MARUBUN CORPORATION 24,911
134,258 MARVELL TECHNOLOGY GROUP LIMITED+ 2,047,435
83,100 MEDIATEK INCORPORATED 1,206,742
900 MEGACHIPS CORPORATION 20,263
187 MELEXIS NV 1,592
55,517 MEMC ELECTRONIC MATERIALS INCORPORATED+ 885,496
37,797 MICREL INCORPORATED 293,683
2,219 MICRO-STAR INTERNATIONAL COMPANY LIMITED 1,379
50,100 MICROCHIP TECHNOLOGY INCORPORATED<< 1,330,155
1,369 MICRONAS SEMICONDUCTOR HOLDING+ 6,128
600 MICRONICS JAPAN COMPANY LIMITED 10,704
49,849 MICROSEMI CORPORATION+ 703,369
600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 8,279
17,000 MINEBEA COMPANY LIMITED 78,925
3,700 MITSUMI ELECTRIC COMPANY LIMITED 85,889
17,095 MOLEX INCORPORATED<< 311,300
19,286 MOLEX INCORPORATED CLASS A 324,583
23,255 MOOG INCORPORATED CLASS A+ 673,930
50,780 MOSEL VITELIC INCORPORATED 10,182
107,600 MOTOROLA INCORPORATED 772,568
10,900 MURATA MANUFACTURING COMPANY LIMITED 515,422
15,435 NAN YA PRINTED CIRCUIT BOARD CORPORATION 50,408
125,231 NANYA TECHNOLOGY CORPORATION 64,676
67,257 NATIONAL GRID PLC 648,734
63,123 NATIONAL SEMICONDUCTOR CORPORATION<< 957,576
96,000 NEC CORPORATION 346,652
1,400 NEC ELECTRONICS CORPORATION+ 13,767
579 NEXANS SA 42,308
14,000 NGK INSULATORS LIMITED 326,491
3,400 NICHICON CORPORATION 47,319
1,000 NIDEC COPAL CORPORATION 11,413
7,000 NIDEC COPAL ELECTRONICS CORPORATION 38,743
3,000 NIDEC SANKYO CORPORATION 17,507
300 NIHON DEMPA KOGYO COMPANY LIMITED 6,803
5,400 NINTENDO COMPANY LIMITED 1,460,118
11,000 NIPPON CARBON COMPANY LIMITED 39,484
3,000 NIPPON CHEMI-CON CORPORATION 11,607
2,400 NIPPON SIGNAL COMPANY LIMITED 24,013
8,000 NISSIN ELECTRIC COMPANY LIMITED 44,449
1,300 NITTO KOGYO CORPORATION 12,434
101,313 NOKIA OYJ 1,408,860
832 NORDDEUTSCHE AFFINERIE AG 31,668
1,600 NORITZ CORPORATION 21,236
33,791 NOVATEK MICROELECTRONICS CORPORATION LIMITED 79,353
66,554 NTPC LIMITED 289,457
58 NTT DATA CORPORATION 197,593
135,303 NVIDIA CORPORATION+ 1,964,600
111 OC OERLIKON CORPORATION AG+ 6,924
34,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED 35,809
11,500 OLYMPUS CORPORATION 312,681
43,419 OMNIVISION TECHNOLOGIES INCORPORATED+ 635,220
9,804 OMRON CORPORATION 167,211
2,200 ONEX CORPORATION 46,020
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
14,000 OPENWAVE SYSTEMS INCORPORATED+ $ 38,780
2,730 OPTEX COMPANY LIMITED 32,566
36,886 PAN-INTERNATIONAL INDUSTRIAL 41,125
10,195 PARK ELECTROCHEMICAL CORPORATION 219,600
11 PHOENIX MECANO AG 3,896
23,214 PHOENIX PRECISION TECHNOLOGY CORPORATION 14,281
42,628 PLANTRONICS INCORPORATED 1,018,383
24,125 PLEXUS CORPORATION+ 607,468
187,835 PMC-SIERRA INCORPORATED+ 1,705,542
47,287 POWERTECH TECHNOLOGY INCORPORATED 129,147
18,366 PREMIER FARNELL PLC 49,333
2,397 PRYSMIAN SPA 44,776
30,900 QLOGIC CORPORATION+ 488,529
114,197 QUALCOMM INCORPORATED 5,301,025
65,619 RAMBUS INCORPORATED+<< 1,253,323
28,489 REALTEK SEMICONDUCTOR CORPORATION 60,152
21,671 REGAL-BELOIT CORPORATION 985,164
12,656 RESEARCH IN MOTION LIMITED+ 928,897
10,996 REUNERT LIMITED 71,804
1,070 REXEL SA+ 13,698
210,444 RF MICRO DEVICES INCORPORATED+ 989,087
9,445 RICHTEK TECHNOLOGY CORPORATION 74,889
33,565 RICOH COMPANY LIMITED 483,726
39,279 ROCKWELL COLLINS INCORPORATED 1,808,405
4,800 ROHM COMPANY LIMITED 323,439
800 ROLAND CORPORATION 9,371
1,765 ROTORK PLC 27,656
1,800 RYOSAN COMPANY LIMITED 45,750
5,918 SAFRAN SA 108,724
1,319 SAMSUNG DIGITAL IMAGING COMPANY LIMITED+ 43,313
4,230 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED 302,457
8,634 SAMSUNG ELECTRONICS COMPANY LIMITED 5,330,142
2,690 SAMSUNG SDI COMPANY LIMITED 318,777
2,936 SAMSUNG TECHWIN COMPANY LIMITED 182,898
7,000 SANKEN ELECTRIC COMPANY LIMITED 25,352
900 SANSHIN ELECTRONICS COMPANY LIMITED 7,399
6,000 SANYO DENKI COMPANY LIMITED 26,824
348 SEB SA 17,349
10,600 SECOM COMPANY LIMITED 478,452
7,300 SEIKO EPSON CORPORATION 108,029
589,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 28,118
49,000 SHARP CORPORATION 566,093
9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 22,053
2,200 SHINKAWA LIMITED 38,136
3,100 SHINKO ELECTRIC INDUSTRIES 57,836
10,000 SHOWA ELECTRIC WIRE 11,607
49,000 SILICON INTEGRATED SYSTEMS CORPORATION 16,300
27,616 SILICON LABORATORIES INCORPORATED+<< 1,243,825
9,592 SMITHS GROUP PLC 125,235
11,000 SMK CORPORATION 69,866
1,711 SOITEC+ 15,659
43,262 SOLERA HOLDINGS INCORPORATED 1,139,521
47,094 SONY CORPORATION 1,272,879
2,351 SPECTRIS PLC 26,791
2,000 STAR MICRONICS COMPANY LIMITED 20,956
33,120 STERLITE INDUSTRIES INDIA LIMITED 458,321
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
17,186 STMICROELECTRONICS NV $ 148,198
1,500 SUMIDA ELECTRIC CORPORATION 10,736
38,140 SUNPLUS TECHNOLOGY COMPANY LIMITED 20,682
12,071 SUNPOWER CORPORATION+<< 306,000
10,081 SUNPOWER CORPORATION CLASS B+<< 215,636
19,948 SYNAPTICS INCORPORATED+<< 514,259
1,369 TAIHAN ELECTRIC WIRE COMPANY LIMITED 25,047
7,000 TAIYO YUDEN COMPANY LIMITED 83,503
16,000 TAMURA CORPORATION 61,042
2,300 TANBERG ASA 47,662
9,688 TATA POWER COMPANY LIMITED 259,696
282,000 TATUNG COMPANY LIMITED+ 60,056
61,800 TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED+ 28,466
130,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 53,514
2,000 TEIKOKY TSUSHIN KOGYO COMPANY 5,502
24,781 TELEFLEX INCORPORATED 1,122,579
7,326 TELEFONICA O2 CZECH REPUBLIC AS 203,289
100,564 TELLABS INCORPORATED+ 637,576
28,631 TESSERA TECHNOLOGIES INCORPORATED+ 719,497
13,009 THOMAS & BETTS CORPORATION+ 360,219
4,752 THOMSON REUTERS PLC 149,859
1,000 TOA CORPORATION 6,448
14,000 TOKO INCORPORATED 25,728
8,400 TOKYO ELECTRON LIMITED 456,787
29,000 TOKYO ROPE MANUFACTURING 98,173
1,900 TOKYO SEIMITSU COMPANY LIMITED 27,117
5,000 TOSHIBA TEC CORPORATION 21,601
300 TOYO TANSO COMPANY LIMITED 16,894
24,899 TRANSCEND INFORMATION INCORPORATED 82,829
28,407 TRIPOD TECHNOLOGY CORPORATION 63,172
4,000 TRULY INTERNATIONAL 4,227
22,927 TYCO ELECTRONICS LIMITED 523,194
1,388 ULTRA ELECTRONICS HOLDINGS 28,426
1,700 ULVAC INCORPORATED 48,963
43,511 UNIVERSAL SCIENTIFIC 16,325
44,814 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+<< 1,369,964
8,821 VECTOR LIMITED 12,228
9,000 VENTURE CORPORATION LIMITED 53,777
89,000 VIA TECHNOLOGIES INCORPORATED+ 30,012
149,245 VISHAY INTERTECHNOLOGY INCORPORATED+ 1,204,407
13 WACOM COMPANY LIMITED 26,168
198,000 WALSIN LIHWA CORPORATION 65,265
4,000 WBL CORPORATION LIMITED 12,075
93,971 WESTAR ENERGY INCORPORATED 1,928,285
20,200 WHIRLPOOL CORPORATION 1,297,042
222,000 WINDBOND ELECTRONICS CORPORATION+ 37,296
77,000 WINTEK CORPORATION 56,376
40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(a) 0
118,000 YAGEO CORPORATION 29,933
5,000 YAMAICHI ELECTRONICS COMPANY LIMITED 11,929
11,000 YASKAWA ELECTRIC CORPORATION 79,441
9,700 YOKOGAWA ELECTRIC CORPORATION 83,396
3,200 YOKOWO COMPANY LIMITED 18,399
7,883 YOUNG FAST OPTOELECTRONICS COMPANY LIMITED 82,981
28,448 ZORAN CORPORATION+ 314,350
127,611,532
--------------
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ELECTRONICS: 0.00%
8,926 CARPHONE WAREHOUSE PLC $ 26,650
--------------
ENERGY: 0.01%
84 ATEL HOLDING AG 35,638
665 BAYTEX ENERGY TRUST 14,463
76,585 GVK POWER & INFRASTRUCTURE LIMITED 75,605
8,953 LINC ENERGY LIMITED+ 10,443
456 SECHILIENNE SA 17,991
1,865 SOLARWORLD AG 39,677
1,492 SONGA OFFSHORE SE+ 5,504
199,321
--------------
ENERGY - EXPLORATION & PRODUCTION: 0.01%
64,427 RELIANCE NATURAL RESOURCES LIMITED+ 113,613
--------------
ENGINEERING CONSTRUCTION: 0.03%
3,340 AKER KVAERNER ASA 32,747
28,000 ANHUI CONCH CEMENT COMPANY LIMITED 177,203
11,562 LARSEN & TOUBRO LIMITED 371,180
10,000 PEACE MARK HOLDINGS LIMITED+(a) 0
2,000 TOSHIBA PLANT SYSTEMS & SERVICES CORPORATION 27,147
608,277
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.14%
42,337 ACCENTURE LIMITED CLASS A 1,397,121
4,758 ACERGY SA 47,836
23,663 AECOM TECHNOLOGY CORPORATION+ 648,603
35,166 AMYLIN PHARMACEUTICALS INCORPORATED+<< 443,092
1,965 AUSENCO LIMITED 8,038
20,934 AVENG LIMITED 110,866
46,000 BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED CLASS H 25,580
874 BHARAT EARTH MOVERS LIMITED 19,894
7,317 BOUYGUES SA 363,102
31,528 CELGENE CORPORATION+ 1,644,816
18,611 CEPHALON INCORPORATED+<< 1,059,524
8,000 CHIYODA CORPORATION 64,653
1,100 CHUDENKO CORPORATION 18,465
14,242 CORE LABORATORIES NV<< 1,319,806
15,505 DOWNER EDI LIMITED 105,101
12,360 FLUOR CORPORATION 653,844
801 FRAPORT AG 40,444
32,011 GEN-PROBE INCORPORATED+ 1,234,024
4,621 GROUPE AEROPLAN INCORPORATED 38,663
14,509 HCL TECHNOLOGIES LIMITED 89,149
21,581 HEWITT ASSOCIATES INCORPORATED+ 777,348
2,000 HIBIYA ENGINEERING LIMITED 17,990
3,000 HITACHI PLANT TECHNOLOGIES LIMITED 19,602
2,800 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED 32,767
10,815 IHS INCORPORATED+ 523,446
1,402 IMTECH NV 33,958
60,700 INCYTE CORPORATION+<< 400,013
57,077 ISIS PHARMACEUTICALS INCORPORATED+<< 921,223
30,412 JACOBS ENGINEERING GROUP INCORPORATED+ 1,337,520
51,333 JAIPRAKASH ASSOCIATES LIMITED 238,923
3,000 JAPAN AIRPORT TERMINAL COMPANY LIMITED 34,788
5,000 KANDENKO COMPANY LIMITED 34,605
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued)
590 KBC ANCORA $ 11,749
2,000 KYUDENKO CORPORATION 13,176
50,200 MALAYSIA AIRPORTS HOLDINGS BHD 48,468
3,059 MONADELPHOUS GROUP LIMITED 33,430
46,810 MOODY'S CORPORATION 1,275,104
23,725 MYRIAD GENETICS INCORPORATED+ 725,273
10,448 NAGARJUNA CONSTRUCTION COMPANY 29,145
2,000 NAVIGANT CONSULTING INCORPORATED+ 25,180
1,000 NEC NETWORKS & SYSTEM INTEGRATION CORPORATION 13,724
1,000 OYO CORPORATION 10,446
27,360 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 550,210
552 POL-AQUA SA+ 5,106
244,400 POWER LINE ENGINEERING PCL 10,707
13,176 PUNJ LLOYD LIMITED 72,620
13,758 QINETIQ PLC 31,244
10,321 QUEST DIAGNOSTICS INCORPORATED 556,921
38,636 REGENERON PHARMACEUTICAL INCORPORATED+ 878,196
27,605 RESOURCES GLOBAL PROFESSIONALS+ 425,393
2,400 SAMSUNG ENGINEERING COMPANY LIMITED 156,041
2,000 SANKI ENGINEERING COMPANY LIMITED 16,701
1,300 SHINKO PLANTECH COMPANY LIMITED 12,546
4,000 SNC-LAVALIN GROUP INCORPORATED 169,317
391,200 SOLARTRON PCL 11,963
1,039 STANTEC INCORPORATED+ 26,878
1,200 TAIKISHA 16,262
3,000 TAKASAGO THERMAL ENGINEERING COMPANY 26,760
37,620 TETRA TECH INCORPORATED+<< 1,111,295
3,000 TOYO ENGINEERING CORPORATION 10,736
12,613 TRANSFIELD SERVICES LIMITED 43,175
20,000 TRANSMILE GROUP BHD 6,986
20,743 URS CORPORATION+ 896,720
10,268 VOLTAS LIMITED 33,186
26,055 WATSON WYATT & COMPANY HOLDINGS 1,138,604
16,400 WCT ENGINEERING BHD 12,528
22,110,594
--------------
ENTERTAINMENT: 0.01%
19,608 CROWN LIMITED 131,090
17,170 PREMIERE AG+ 81,968
213,058
--------------
ENVIRONMENTAL CONTROL: 0.00%
936 BUREAU VERITAS SA 47,220
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.74%
2,783 ACERINOX SA 58,849
7,981 ALLIANT TECHSYSTEMS INCORPORATED+<< 616,772
39,500 APTARGROUP INCORPORATED 1,358,010
8,000 ASSA ABLOY AB CLASS B 128,118
424 CCL INDUSTRIES INCORPORATED CLASS B 8,528
97,199 COMMERCIAL METALS COMPANY 1,645,579
44,030 CRANE COMPANY 1,033,384
39,696 CROWN HOLDINGS INCORPORATED+ 985,652
46,763 ECM LIBRA BHD(a) 0
41,300 FORTUNE BRANDS INCORPORATED 1,644,153
700 FP CORPORATION 33,251
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT (continued)
1,100 FUJI SEAL INTERNATIONAL INCORPORATED $ 23,336
25,200 GIANT MANUFACTURING COMPANY LIMITED 64,461
156 HOGANAS AB 2,553
1,450 HUHTAMAKI OYJ 17,482
2,000 HULAMIN LIMITED 3,599
21,900 ILLINOIS TOOL WORKS INCORPORATED 915,858
8,430 JINDAL STEEL & POWER LIMITED 540,806
141,000 KOBE STEEL LIMITED 260,634
1,237 MERCATOR MINERALS LIMITED+ 2,701
97,941 MUELLER WATER PRODUCTS INCORPORATED 450,529
26,936 NAMPAK LIMITED 59,381
41,000 NISSHIN STEEL COMPANY LIMITED 83,278
20,000 NTN CORPORATION 93,283
32,112 QUANEX BUILDING PRODUCTS CORPORATION 432,549
20,231 SHAW GROUP INCORPORATED+ 593,375
32,985 SIMPSON MANUFACTURING COMPANY INCORPORATED<< 847,715
9,300 SKF AB CLASS B 142,013
35,880 SNAP-ON INCORPORATED 1,339,042
3,651 SSAB SVENSKT STAL AB CLASS A 53,213
1,350 SSAB SVENSKT STAL AB CLASS B 17,874
178,000 SUMITOMO METAL INDUSTRIES LIMITED 445,717
4,678 VALMONT INDUSTRIES INCORPORATED 385,140
2,864 VOESTALPINE AG 92,177
14,379,012
--------------
FINANCE & FINANCIAL SERVICES: 0.21%
636,000 ASIA PLUS SECURITIES PCL 33,661
15,887 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 42,163
2,332,000 CHINA CONSTRUCTION BANK 1,760,182
156,339 JANUS CAPITAL GROUP INCORPORATED<< 1,988,632
848,000 KGI SECURITIES COMPANY LIMITED 31,167
2,277 NFI EMPIK MEDIA & FASION SA+ 12,659
28,344 RURAL ELECTRIFICATION CORPORATION LIMITED 128,934
3,997,398
--------------
FINANCIAL: 0.00%
4,273 LONDON STOCK EXCHANGE GROUP PLC 56,032
--------------
FINANCIAL SERVICES: 0.24%
385,000 AYALA LAND INCORPORATED 84,819
4,300 BANGKOK BANK PCL 13,971
71,656 BANK HAPOALIM LIMITED+ 230,205
37,949 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 790,098
3,347 CARDNO LIMITED 12,871
644,116 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 358,098
4,125 GRUPO FINANCIERO GALICIA SA ADR+<< 16,624
54,580 ING GROEP NV 825,108
37,869 SHINHAN FINANCIAL GROUP COMPANY LIMITED 1,243,209
1,924 WIRECARD AG 20,190
15,970 WOORI FINANCE HOLDINGS COMPANY LIMITED 179,661
3,879 ZURICH FINANCIAL SERVICES AG 852,435
4,627,289
--------------
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
FISHING, HUNTING & TRAPPING: 0.00%
64,400 MARINE HARVEST+ $ 45,697
9,700 NIPPON SUISAN KAISHA LIMITED 29,084
74,781
--------------
FOOD & BEVERAGE: 0.00%
2,959 BRITVIC PLC 16,696
--------------
FOOD & KINDRED PRODUCTS: 2.47%
33,000 AJINOMOTO COMPANY INCORPORATED 336,561
31,963 ALICORP SA 21,853
6,960 ANHEUSER-BUSCH INBEV NV+ 40
40,200 ARCHER-DANIELS-MIDLAND COMPANY 1,158,966
900 ARIAKE JAPAN COMPANY LIMITED 14,083
1,015 ARYZTA AG+ 37,702
2,218 ARYZTA AG+ 82,528
21,400 ASAHI BREWERIES LIMITED 372,114
30,000 ASIA FOOD & PROPERTIES LIMITED 7,391
5,000 ASIA PACIFIC BREWERIES LIMITED 41,639
9,472 ASSOCIATED BRITISH FOODS PLC 123,437
450 AXFOOD AB 12,074
27 BARRY CALLEBAUT AG 14,636
24,966 BIDVEST GROUP LIMITED 362,645
2,439 BIM BIRLESIK MAGAZALAR AS 91,050
3,682 BIOCON LIMITED 17,982
33,577 BUNGE LIMITED<< 2,249,995
35,942 CADBURY PLC 339,953
2,600 CARLSBERG AS 186,786
9,100 CARLSBERG BREWERY MALAYSIA BERHAD 11,086
30,567 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 984,257
21,500 CHINA HUIYUAN JUICE GROUP 14,203
49,000 CHINA MENGNIU DAIRY COMPANY 116,076
36,000 CHINA YURUN FOOD GROUP LIMITED 62,149
8,407 CIA CERVECERIAS UNIDAS SA 54,883
3,711 CIA DE BEBIDAS DAS AMERICAS 236,675
836 CJ CHEILJEDANG CORPORATION 111,788
1,178 CJ CORPORATION 47,256
23,894 COCA-COLA AMATIL LIMITED 200,135
1,000 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 13,756
109,833 COCA-COLA COMPANY 5,356,555
14,700 COCA-COLA ENTERPRISES INCORPORATED 297,087
4,565 COCA-COLA HELLENIC BOTTLING COMPANY SA 105,365
3,900 COCA-COLA WEST JAPAN COMPANY LIMITED 75,737
20,000 COFCO INTERNATIONAL LIMITED 12,154
48,098 COMPASS GROUP PLC 255,575
22,814 CONAGRA FOODS INCORPORATED 468,371
54,283 CONSTELLATION BRANDS INCORPORATED CLASS A+ 802,846
1,325 CSM 28,811
1,680 DAIRY CREST GROUP PLC 8,377
1,000 DANISCO AS 48,921
51,358 DARLING INTERNATIONAL INCORPORATED+ 360,020
2,056 DAVID CAMPARI-MILANO SPA 17,449
172,932 DEL MONTE FOODS COMPANY 1,814,057
66,680 DIAGEO PLC 1,035,583
400 DYDO DRINCO INCORPORATED 12,947
250 EAST ASIATIC COMPANY LIMITED A/S 8,595
5,000 EZAKI GLICO COMPANY LIMITED 55,078
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
FOOD & KINDRED PRODUCTS (continued)
89,154 FOSTER'S GROUP LIMITED $ 412,935
5,500 FRASER & NEAVE HOLDINGS 14,994
3,000 FUJI OIL COMPANY LIMITED 42,106
1,000 FUJICCO COMPANY LIMITED 11,660
800 GENMAB A/S+ 22,611
7,034 GLENMARK PHARMACEUTICALS LIMITED 31,262
4,945 GREENE KING PLC 38,488
1,680 GREGGS PLC 11,134
16,309 GROUPE DANONE 886,831
44,900 GRUPO BIMBO SAB DE CV 260,068
29,700 GRUPO MODELO SA DE CV 108,398
8,900 GUINNESS ANCHOR BHD 16,529
17,859 HANSEN NATURAL CORPORATION+<< 583,275
2,248 HEINEKEN HOLDING NV 79,666
418 HITE BREWERY COMPANY LIMITED 54,778
329 HITE HOLDINGS COMPANY LIMITED 10,528
3,900 HOUSE FOODS CORPORATION 60,564
18,172 INBEV NA 784,543
250,924 INDOFOOD SUKSES MAKMUR TBK PT 62,233
8,000 ITOHAM FOODS INCORPORATED 28,028
44,186 J SAINSBURY PLC 234,284
5,000 J-OIL MILLS INCORPORATED 18,538
521,200 JG SUMMIT HOLDINGS 66,225
3,900 KAGOME COMPANY LIMITED 72,887
3,323 KERRY GROUP PLC 86,941
21,200 KHON KAEN SUGAR INDUSTRY PCL 8,914
9,000 KIKKOMAN CORPORATION 111,521
45,000 KIRIN BREWERY COMPANY LIMITED 659,162
1,159 KONINKLIJKE WESSANEN NV 6,297
68,520 KRAFT FOODS INCORPORATED CLASS A 1,942,542
7,100 KULIM (MALAYSIA) BERHAD 15,021
12,302 LANCASTER COLONY CORPORATION 618,299
4 LINDT & SPRUENGLI AG 98,215
18 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) 38,247
12,212 LION NATHAN LIMITED 121,898
43 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 26,167
67 LOTTE CONFECTIONERY COMPANY LIMITED 55,579
64,900 MANILA WATER COMPANY 20,616
1,451 MAPLE LEAF FOODS INCORPORATED 12,181
5,000 MARUDAI FOOD COMPANY LIMITED 14,186
14,000 MARUHA NICHIRO HOLDINGS INCORPORATED 21,214
600 MEITO SANGYO COMPANY LIMITED 8,350
1,300 MIKUNI COCA-COLA BOTTLING COMPANY LIMITED 10,967
4,000 MITSUI SUGAR COMPANY LIMITED 14,745
9,000 MORINAGA & COMPANY LIMITED 19,344
9,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 39,269
2,662 NESTLE INDIA LIMITED 119,947
4,000 NESTLE MALAYSIA BHD 38,620
100,764 NESTLE SA 4,185,098
15 NESTLE SA ADR 622
12,000 NICHIREI CORPORATION 46,427
10,693 NICHOLAS PIRAMAL INDIA LIMITED 72,480
6,000 NIPPON BEET SUGAR MANUFACTURING COMPANY LIMITED 16,830
7,000 NIPPON FLOUR MILLS COMPANY LIMITED 35,959
10,000 NIPPON MEAT PACKERS INCORPORATED 121,010
10,000 NISSHIN SEIFUN GROUP INCORPORATED 132,724
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------- --------------
FOOD & KINDRED PRODUCTS (continued)
4,500 NISSIN FOOD PRODUCTS COMPANY LIMITED $ 148,469
24,790 NORTHERN FOODS PLC 25,828
8,748 NORTHUMBRIAN WATER GROUP PLC 33,738
659 NUTRECO HOLDING NV 29,660
764 OPG GROEP NV 12,081
260 ORION CORPORATION 44,031
3,453 OSEM INVESTMENT LIMITED 42,745
44,101 PARMALAT SPA 113,170
21,000 PEOPLES FOOD HOLDINGS LIMITED 10,566
39,548 PEPSI BOTTLING GROUP INCORPORATED 1,413,050
17,230 PEPSIAMERICAS INCORPORATED 482,095
108,923 PEPSICO INCORPORATED 6,172,666
5,076 PERNOD-RICARD 395,666
40,500 PPB GROUP BHD 176,882
5,400 QP CORPORATION 58,033
14,015 RALCORP HOLDINGS INCORPORATED+ 879,141
458 REMY COINTREAU SA 18,319
11,389 RIDLEY CORPORATION LIMITED 10,204
600 RIKEN VITAMIN COMPANY LIMITED 16,378
38,100 SAN MIGUEL CORPORATION 50,753
4,427 SAPUTO INCORPORATED 111,489
30,300 SARA LEE CORPORATION 293,607
5,000 SHOWA SANGYO COMPANY LIMITED 16,013
34,276 SMITHFIELD FOODS INCORPORATED+<< 420,567
10,000 SNOW BRAND MILK PRODUCTS COMPANY LIMITED 36,110
2,424 SODEXHO ALLIANCE SA 139,628
1,474 SUEDZUCKER AG 28,739
8,016 SUN PHARMACEUTICAL INDUSTRIES LIMITED 195,462
10,163 TATE & LYLE PLC 66,659
205,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 34,855
29,400 THAI UNION FROZEN PRODUCTS PCL 22,476
4,000 THE NISSHIN OILLIO GROUP LIMITED 21,279
10,763 TIGER BRANDS LIMITED 215,080
176,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 315,192
1,910 TONGAAT-HULETT 22,590
5,000 TOYO SUISAN KAISHA LIMITED 127,351
18,772 TREEHOUSE FOODS INCORPORATED+ 695,503
84,653 TYSON FOODS INCORPORATED CLASS A 1,014,989
600 UNICHARM PETCARE CORPORATION 21,537
42,173 UNILEVER NV 1,178,660
35,860 UNILEVER PLC 980,755
5,468 UNITED BREWERIES LIMITED 17,829
19,102 VINA CONCHA Y TORO SA 38,428
1,020 VISCOFAN SA 23,236
30,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 17,341
61,345 WILLIAM MORRISON SUPERMARKETS PLC 276,630
38,930 WILMAR INTERNATIONAL LIMITED 176,691
7,300 YAKULT HONSHA COMPANY LIMITED 180,441
9,000 YAMAZAKI BAKING COMPANY LIMITED 121,870
47,663,666
--------------
FOOD MANUFACTURERS & PURVEYORS: 0.01%
3,400 MEIJI HOLDINGS COMPANY LIMITED 138,850
2,000 NAKAMURAYA COMPANY LIMITED 10,102
148,952
--------------
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
FOOD STORES: 0.54%
9,700 AEON COMPANY M BHD $ 13,222
13,200 AJISEN CHINA HOLDINGS LIMITED 8,975
3,381 ALIMENTATION COUCHE TARD INCORPORATED CLASS B 57,938
277,000 C.P. SEVEN ELEVEN PCL 137,645
8,000 CAFE DE CORAL HOLDINGS LIMITED 17,052
16,245 CARREFOUR SA 764,927
1,010 CASINO GUICHARD PERRACHON SA 76,452
375 COLRUYT SA 86,017
2,613 DELHAIZE GROUP 175,108
724 EMPIRE COMPANY LIMITED 27,717
1,200 GEORGE WESTON LIMITED 62,546
109 GUYENNE ET GASCOGNE SA 10,595
30,600 JOLLIBEE FOODS CORPORATION 32,296
2,100 KAPPA CREATE COMPANY LIMITED 48,861
2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 38,005
600 KESKO OYJ A SHARES 18,167
1,500 KESKO OYJ B SHARES 44,083
5,400 KFC HOLDINGS MALAYSIA BHD 11,194
28,392 KONINKLIJKE AHOLD NV 332,587
31,100 KROGER COMPANY 671,449
2,500 LOBLAW COMPANIES LIMITED 75,931
392 LUMINAR GROUP HOLDINGS PLC 887
2,800 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED 52,359
2,882 METRO AG 156,342
500 MINISTOP COMPANY LIMITED 8,168
1,100 MOS FOOD SERVICES INCORPORATED 18,773
800 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 10,317
18,270 PANERA BREAD COMPANY+<< 953,877
2,000 PLENUS COMPANY LIMITED 29,575
42,032 PRESIDENT CHAIN STORE CORPORATION 96,791
12,307 RIPLEY CORPORATION SA 8,712
1,300 ROYAL HOLDINGS COMPANY LIMITED 14,446
21,816 SAFEWAY INCORPORATED 415,595
39,880 SEVEN & I HOLDINGS COMPANY LIMITED 964,320
23,782 SHOPRITE HOLDINGS LIMITED 177,276
470 SLIGRO FOOD GROUP NV 13,195
300 ST. MARC HOLDINGS COMPANY LIMITED 9,656
50,670 STARBUCKS CORPORATION+ 962,223
212,073 TESCO PLC 1,297,772
1,000 WATAMI FOOD SERVICE COMPANY 20,956
2,154 WETHERSPOON (J.D.) PLC+ 16,600
38,249 WHOLE FOODS MARKET INCORPORATED+<< 1,112,281
57,881 WOOLWORTHS LIMITED 1,370,769
400 YAOKO COMPANY LIMITED 12,982
37 YOSHINOYA D&C COMPANY LIMITED 45,330
2,200 ZENSHO COMPANY LIMITED 16,030
10,495,999
--------------
FOOTWEAR: 0.03%
8,000 ASICS CORPORATION 78,667
8,062 DECKERS OUTDOOR CORPORATION+<< 550,635
750 NG2 SA 12,071
641,373
--------------
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
FORESTRY: 0.03%
5,000 DAIKEN CORPORATION $ 10,210
24,577 GUNNS LIMITED(a) 23,888
7,300 SUMITOMO FORESTING 60,408
10,724 WEYERHAEUSER COMPANY 400,970
495,476
--------------
FURNITURE & FIXTURES: 0.33%
5,625 CERSANIT-KRASNYSTAW SA+ 32,473
480 DOREL INDUSTRIES INCORPORATED CLASS B 13,215
800 EKORNES ASA 12,231
20,538 ETHAN ALLEN INTERIORS INCORPORATED<< 319,161
6,000 FRANCE BED HOLDINGS COMPANY LIMITED 9,801
32,970 HERMAN MILLER INCORPORATED 534,773
29,247 HNI CORPORATION 628,226
6,141 HOUSEWARES INTERNATIONAL LIMITED 6,747
1,000 ITOKI CORPORATION 2,687
29,000 KINGBOARD LAMINATES HOLDINGS LIMITED 18,185
42,225 LEGGETT & PLATT INCORPORATED 770,606
99,278 MASCO CORPORATION 1,437,545
76,819 NEWELL RUBBERMAID INCORPORATED 1,069,320
5,775 NOBIA AB 29,287
4,000 NORITAKE COMPANY LIMITED 14,100
3,000 OKAMURA CORPORATION 17,055
1,500 SANGETSU COMPANY LIMITED 33,772
57,236 STEELCASE INCORPORATED 357,725
61,581 TEMPUR-PEDIC INTERNATIONAL<< 911,399
4,800 TOKYO STEEL MANUFACTURING COMPANY LIMITED 63,192
6,281,500
--------------
GAMING: 0.00%
471 BWIN INTERACTIVE ENTERTAINMENT AG+ 18,447
--------------
GAS DISTRIBUTION: 0.09%
6,312 AYGAZ AS 17,842
33,325 GAIL INDIA LIMITED 228,924
36,219 GAZ DE FRANCE 1,526,044
1,700 NIPPON GAS COMPANY LIMITED 26,199
1,799,009
--------------
GENERAL MERCHANDISE STORES: 0.93%
32,314 99 CENTS ONLY STORES+ 438,501
2,300 ASKUL CORPORATION 45,852
3,000 BELLUNA COMPANY LIMITED 13,219
33,600 BIG C SUPERCENTER PCL 45,198
50,952 BIG LOTS INCORPORATED+ 1,295,200
13,530 BJ'S WHOLESALE CLUB INCORPORATED+ 441,078
31,135 CASEY'S GENERAL STORES INCORPORATED 863,996
2,100 CAWACHI LIMITED 45,137
115,783 CENCOSUD SA 300,670
2,900 CIRCLE K SUNKUS COMPANY LIMITED 47,154
22,240 DAVID JONES LIMITED 93,798
1,900 DON QUIJOTE COMPANY LIMITED 45,535
80,561 DSG INTERNATIONAL PLC 36,460
3,600 FAMILYMART COMPANY LIMITED 111,424
57,268 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED 49,932
39,469 FOOT LOCKER INCORPORATED 420,740
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
GENERAL MERCHANDISE STORES (continued)
32,351 FRED'S INCORPORATED $ 423,151
15,000 GOLDEN EAGLE RETAIL GROUP LIMITED 22,063
42,895 HARVEY NORMAN HOLDINGS LIMITED 142,844
221 HELLENIC DUTY FREE SHOPS SA 2,186
21,619 HOME RETAIL GROUP 109,878
1,206 HYUNDAI DEPARTMENT STORE COMPANY LIMITED 92,316
2,000 INAGEYA COMPANY LIMITED 20,161
24,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 15,978
5,000 IZUMIYA COMPANY LIMITED 30,629
53,500 JCPENNEY COMPANY INCORPORATED 1,607,140
35 JELMOLI HOLDING REGISTERED 13,610
3,400 LAWSON INCORPORATED 147,254
19,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 27,064
115,913 MACY'S INCORPORATED 1,798,970
41,803 MARKS & SPENCER GROUP PLC 231,245
1,800 MATSUYA COMPANY LIMITED 17,275
14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED 10,730
2,200 NISSEN COMPANY LIMITED 7,329
18,104 ORGANIZACION SORIANA SAB DE CV CLASS B 44,114
38,103 PACIFIC BRANDS LIMITED 35,908
335 PANTALOON RETAIL INDUSTRIAL CLASS B 1,565
3,200 PARCO COMPANY LIMITED 31,639
14,348 PICK'N PAY STORES LIMITED 69,531
290 RALLYE SA 9,425
133,684 SACI FALABELLA 555,256
115,504 SAKS INCORPORATED+<< 704,574
655 SEARS CANADA INCORPORATED+ 12,235
1,800 SENSHUKAI COMPANY LIMITED 12,632
1,158 SHINSEGAE COMPANY LIMITED 480,298
12,000 SIAM MAKRO PLC 24,787
1,091 SONAE CAPITAL+ 1,471
8,731 SONAE SGPS SA 10,752
2,200 SUGI PHARMACY COMPANY LIMITED 50,360
2,400 SUNDRUG COMPANY LIMITED 61,644
900 TSURUHA HOLDINGS INCORPORATED 35,207
22,122 UNION DE CERVECERIAS PERUANAS BACKUS & JOHNSTON SAA 26,955
55 VALORA HOLDING AG 11,931
225,713 WAL-MART DE MEXICO SA DE CV SERIES V 797,942
115,643 WAL-MART STORES INCORPORATED 5,882,759
3,951 WAREHOUSE GROUP LIMITED 10,900
56,000 WUMART STORES INCORPORATED 87,572
17,973,174
--------------
HEALTH SERVICES: 1.11%
602 ABENGOA SA 15,535
2,189 ACIBADEM SAGLIK HIZMETLERI VE TICARET AS 11,528
16,786 AMEDISYS INCORPORATED+<< 747,648
27,400 BANGKOK DUSIT MEDICAL SERVICES PCL 19,980
82,500 BANGKOK DUSIT MEDICAL SERVICES PCL THB 60,159
184 BASILEA PHARMACEUTICA+ 16,204
324 BIOMERIEUX 31,604
57,733 BIOTON SA+ 6,060
28,900 BUMRUNGRAD HOSPITAL PCL 22,518
47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 44,026
702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 35,777
896 CML HEALTHCARE 10,632
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HEALTH SERVICES (continued)
25,667 COMMUNITY HEALTH SYSTEMS INCORPORATED+ $ 789,774
16,019 COVANCE INCORPORATED+ 850,609
1,348 CRUCELL NV+ 29,471
25,936 DAVITA INCORPORATED+ 1,341,151
4,272 DIVI'S LABORATORIES LIMITED 46,062
13,969 EDWARDS LIFESCIENCES CORPORATION+ 864,402
4,894 FRESENIUS MEDICAL CARE AG & COMPANY 219,884
576 FRESENIUS SE 29,133
3,054 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED 89,634
3,513 GRIFOLS SA 61,770
212,053 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A+ 1,465,286
17,188 HEALTHSCOPE LIMITED 68,133
53,810 HEALTHSOUTH REHABILITATION CORPORATION+<< 839,974
18,632 HEALTHWAYS INCORPORATED+ 243,707
25,272 IBA HEALTH GROUP LIMITED 18,583
33,288 INTERVAL LEISURE GROUP INCORPORATED+ 349,191
26,871 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,875,327
46,390 LIFEPOINT HOSPITALS INCORPORATED+<< 1,165,781
21,542 MAGELLAN HEALTH SERVICES INCORPORATED+ 691,283
2,000 MDS INCORPORATED+ 11,984
26,916 MEDI-CLINIC CORPORATION 78,885
28,138 MEDNAX INCORPORATED+ 1,465,146
109,957 NETWORK HEALTHCARE HOLDINGS LIMITED 146,148
1,100 NOVOZYMES A/S CLASS B 94,385
27,350 ODYSSEY HEALTHCARE INCORPORATED+ 352,268
315 ORPEA 15,354
35,066 PARKWAY HOLDINGS LIMITED 48,427
12,515 PRIMARY HEALTH CARE LIMITED 66,957
32,609 PSYCHIATRIC SOLUTIONS INCORPORATED+ 873,595
4,545 QIAGEN NV+ 93,371
4,312 RAMSAY HEALTH CARE LIMITED 38,267
2,264 RHOEN KLINIKUM AG 50,892
18,749 ROCHE HOLDING AG 2,979,938
11,720 RYMAN HEALTHCARE LIMITED 14,799
16,574 SONIC HEALTHCARE LIMITED 195,837
2,071 SOUTHERN CROSS HEALTHCARE LIMITED 4,265
2 TAKARA BIO INCORPORATED+ 4,931
418,134 TENET HEALTHCARE CORPORATION+ 1,948,504
500 TOWA PHARMACEUTICAL COMPANY LIMITED 25,202
11,852 UNIVERSAL HEALTH SERVICES CLASS B 696,424
1,541 VALLOUREC SA 234,064
4,108 ZELTIA SA 19,700
21,520,169
--------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.33%
6,553 ABB LIMITED INDIA 101,828
676 ACCIONA SA 87,560
4,409 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 227,169
2,240 AUTOSTRADA TORINO-MILANO SPA 25,144
17,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 61,854
9,655 CIA DE CONCESSOES RODOVIARIAS 159,679
7,020 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 112,419
1,534 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA 61,950
27,316 FOSTER WHEELER AG+ 790,798
24,833 GMR INFRASTRUCTURE LIMITED+ 72,884
21,066 GRANITE CONSTRUCTION INCORPORATED<< 676,219
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS (continued)
1,360 GRUPO FERROVIAL SA $ 49,913
2,201 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 48,641
2,540 HELLENIC TECHNODOMIKI TEV SA 21,848
28,000 HITACHI ZOSEN CORPORATION+ 37,313
34,500 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 20,877
4,006 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED 611,052
13,452 LANCO INFRATECH LIMITED+ 115,565
56,329 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,338,377
1,000 NAMURA SHIPBUILDING COMPANY LIMITED 6,566
136,500 PLUS EXPRESSWAYS BHD 131,015
14,570 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 342,405
4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED 8,469
1,100 SHO-BOND HOLDINGS COMPANY LIMITED 21,303
9,289 SKANSKA AB 134,407
1,409 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 10,756
14,631 TECHNICAL OLYMPIC SA 9,858
335,000 TRUBA ALAM MANUNGGAL ENGINEERING PT+ 5,583
113,779 UNITECH LIMITED 250,162
13,452 VINCI SA 721,738
4,003 VT GROUP PLC 33,659
6,297,011
--------------
HOLDING & OTHER INVESTMENT OFFICES: 3.42%
23,229 3I GROUP PLC 114,770
62,697 ABB LIMITED 1,203,138
111,000 ABOITIZ POWER CORPORATION 14,104
585 ACKERMANS & VAN HAAREN NV 42,939
12,716 ADANI ENTERPRISES LIMITED 186,124
10,280 ADCOCK INGRAM HOLDINGS LIMITED 61,301
10,251 AFFILIATED MANAGERS GROUP INCORPORATED+<< 669,698
445 AFRICA ISRAEL INVESTMENTS LIMITED 5,215
23,332 ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL SA OF PHARMACEUTICAL & ORGANIC PRODUCTS 20,069
5,160 ALCON INCORPORATED 668,065
24,594 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 1,370,132
6,000 ALLIED GROUP LIMITED 12,773
3,479 AMALGAMATED HOLDINGS 16,467
40,382 AMB PROPERTY CORPORATION<< 921,921
13,668 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 149,431
149,802 ANNALY CAPITAL MANAGEMENT INCORPORATED 2,597,567
11,696 ANTARCHILE SA 183,757
2,373 ARC ENERGY TRUST 37,673
14,340 ASHMORE GROUP PLC 55,794
19,176 ASPEN INSURANCE HOLDINGS LIMITED 487,070
24,098 ASPEN PHARMACARE HOLDINGS LIMITED 181,211
19,701 AVALONBAY COMMUNITIES INCORPORATED<< 1,269,335
997 AVEVA GROUP PLC 13,577
12,913 AYALA CORPORATION CLASS A 81,376
104,259 BABCOCK & BROWN INFRASTRUCTURE GROUP 6,697
33,620 BABCOCK & BROWN WIND PARTNERS 38,361
13,404 BARLOWORLD LIMITED 82,014
20,000 BEIJING ENTERPRISES HOLDINGS LIMITED 98,575
6,400 BINTULU PORT HOLDINGS BERHAD 11,050
83,946 BIOMED REALTY TRUST INCORPORATED 1,131,592
400 BOARDWALK REAL ESTATE INVESTMENT TRUST 13,409
2,770 BODYCOTE PLC 7,702
98 BOLLORE INVESTISSEMENT 16,438
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
9,289 BOSTON PROPERTIES INCORPORATED $ 562,728
16,900 BRADESPAR SA 261,297
13,750 BROOKFIELD ASSET MANAGEMENT INCORPORATED 280,464
18,042 CAMDEN PROPERTY TRUST 662,141
740 CANADIAN APARTMENT PROPERTIES REIT 8,990
491 CANADIAN REAL ESTATE INVESTMENT TRUST 10,836
110,434 CBL & ASSOCIATES PROPERTIES INCORPORATED<< 1,034,767
41,400 CITIC RESOURCES HOLDINGS LIMITED+ 11,324
3,240 CL FINANCIAL CORPORATION 59,931
2,926 CLAL INDUSTRIES AND INVESTMENTS 13,106
832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED 17,308
2,704 CLOSE BROTHERS GROUP PLC 33,653
38,791 COLONIAL PROPERTIES TRUST<< 350,283
65,959 CONNECTEAST GROUP 21,184
549 CORPORATION FINANCIERA ALBA 29,782
32,043 COUSINS PROPERTIES INCORPORATED 265,632
1,000 D CARNEGIE & COMPANY AB(a) 2,501
76,000 DAIWA SECURITIES GROUP INCORPORATED 468,823
169,819 DCT INDUSTRIAL TRUST INCORPORATED 896,644
327 DEERFIELD CAPITAL CORPORATION 2,449
312 DELEK GROUP LIMITED 51,982
1,847 DELEK REAL ESTATE LIMITED 2,651
120,546 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 945,083
91,957 DIAMONDROCK HOSPITALITY 629,905
17,404 DIGITAL REALITY TRUST INCORPORATED<< 758,466
50,643 DOGAN SIRKETLER GRUBU HOLDINGS+ 47,601
10,287 DOGAN YAYIN HOLDING+ 11,247
1,100 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 16,586
61,597 DUKE REALTY CORPORATION 709,597
11,000 E-REVOLUTION COMPANY LIMITED+ 2,719
30,069 EMECO HOLDINGS LIMITED 19,696
42,478 EMPRESAS COPEC SA 506,292
30,329 ENTERTAINMENT PROPERTIES TRUST<< 951,117
8,852 EQSTRA HOLDINGS LIMITED+ 9,342
17,422 EQUITY LIFESTYLE PROPERTIES INCORPORATED 701,236
14,100 EQUITY RESIDENTIAL 385,071
17,150 ESSEX PROPERTY TRUST INCORPORATED<< 1,279,562
880 EURAZEO 47,690
1,228 EXOR SPA 21,108
38,385 EXTERRAN HOLDINGS INCORPORATED+<< 692,082
970 FIBI HOLDINGS LIMITED 16,118
158 FIMALAC 8,245
439 FINANCIERE DE TUBIZE 13,311
72,600 FIRST GEN CORPORATION+ 31,989
53,043 FRANKLIN STREET PROPERTIES CORPORATION<< 753,741
956 GAGFAH SA 8,634
3,892 GEA GROUP AG 68,964
10,922 GEMINA SPA 8,455
165,200 GENTING BHD 313,371
386 GIMV NV 19,838
25,746 GOODMAN PROPERTY TRUST 17,315
2,000 GREAT EASTERN HOLDINGS LIMITED 18,793
43,259 GRUPO CARSO SA DE CV 137,510
2,970 GS HOLDINGS CORPORATION 78,477
182,000 GUANGZHOU INVESTMENT COMPANY LIMITED 31,467
971 H&R REAL ESTATE INVESTMENT 12,089
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
36,585 HACI OMER SABANCI HOLDING AS $ 141,454
74,756 HCP INCORPORATED 2,129,051
14,788 HENDERSON GROUP PLC 31,056
33,600 HKR INTERNATIONAL LIMITED 13,222
20,199 HOME PROPERTIES INCORPORATED<< 766,956
96,614 HOSPITALITY PROPERTIES TRUST 1,760,307
164,900 HOST HOTELS & RESORTS INCORPORATED<< 1,644,053
196,418 HRPT PROPERTIES TRUST<< 1,272,789
5,000 HUFVUDSTADEN AB 38,632
2,714 HUNTING PLC 21,959
13,384 ICAP PLC 93,581
8,139 IG GROUP HOLDINGS PLC 46,600
14,675 IMPERIAL HOLDING LIMITED 139,780
134,610 IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMERICA LATINA SA DE CV+ 112,290
4,600 INDUSTRIVARDEN AB CLASS A 54,766
2,400 INDUSTRIVARDEN AB CLASS C 25,876
11,580 INFRATIL LIMITED 13,748
4,745 INVERCAP SA 39,545
8,650 INVESTEC PLC 61,087
204,096 INVESTIMENTOS ITAU SA 1,037,427
11,721 INVESTOR AB 218,170
4,600 INVESTOR AB A SHARES 82,876
518 ISTITUTO FINANZIARIO INDUSTRIALE SPA 5,180
20,800 J FRONT RETAILING COMPANY LIMITED 117,803
1,400 JAFCO COMPANY LIMITED 47,243
3,000 JAPAN ASIA INVESTMENT COMPANY LIMITED 2,225
14,214 JARDINE MATHESON HOLDINGS LIMITED 412,206
15,075 JM FINANCIAL LIMITED 14,002
36,305 KILROY REALTY CORPORATION<< 1,006,012
103,571 KIMCO REALTY CORPORATION 1,299,816
1,586 KKR FINANCIAL CORPORATION 6,122
157,800 KNM GROUP BHD 33,608
56,888 KOC HOLDING AS+ 150,932
55,010 LASALLE HOTEL PROPERTIES 910,416
12,347 LG CORPORATION 752,347
29,051 LIBERTY PROPERTY TRUST 952,001
26,000 LION DIVERSIFIED HOLDINGS BHD 4,061
21,180 MACERICH COMPANY 607,019
20,338 MACK-CALI REALTY CORPORATION 651,426
106,235 MACQUARIE INFRASTRUCTURE GROUP 119,421
7,395 MACQUARIE LEISURE TRUST GROUP 8,813
3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 82,810
40,200 METROPOLITAN BANK & TRUST COMPANY 32,130
227,593 MFA MORTGAGE INVESTMENTS INCORPORATED 1,802,537
17,330 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 758,707
10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED+ 15,716
7,231 MITIE GROUP 30,606
440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED<< 2,790
1,057 MLP AG 11,865
109,200 MMC CORPORATION BHD 72,872
222,700 MULPHA INTERNATIONAL BHD+ 29,723
42,700 MULTI-PURPOSE HOLDINGS BHD 25,221
21,500 MURRAY & ROBERTS HOLDINGS LIMITED 152,002
69,639 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,428,992
1,128 NATIONALE A PORTEFEUILLE 58,548
3 NIPPON ACCOMMODATIONS FUND INCORPORATED 16,507
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
742 NPIL RESEARCH & DEVELOPMEN+ $ 1,202
36,488 PAMPA CALICHERA (SOCD INVER) 56,338
555 PARGESA HOLDING SA 44,079
4,930 PETROBRAS ENERGIA PARTICIPACIONES SA+<< 32,686
8 PILOT CORPORATION 9,363
27,556 POST PROPERTIES INCORPORATED 469,554
1,451 PREMIER INVESTMENTS LIMITED 8,695
121,806 PROLOGIS 1,354,483
8,761 PUBLIC STORAGE INCORPORATED CLASS D 618,089
2,500 RATOS AB B SHARES 58,826
90,481 REALTY INCORPORATEDOME CORPORATION 2,311,790
58,632 REDWOOD TRUST INCORPORATED 939,871
33,960 REMGRO LIMITED 375,417
1,117 RHJ INTERNATIONAL+ 8,551
1,045 SBI HOLDINGS INCORPORATED 234,269
2,808 SCHRODERS PLC 49,416
19,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 90,950
8,005 SIEMENS INDIA LIMITED 84,796
176,840 SIME DARBY BHD 414,292
18,958 SIMON PROPERTY GROUP INCORPORATED<< 1,206,108
145,099 SINO-OCEAN LAND HOLDINGS LIMITED 131,424
64,322 SL GREEN REALTY CORPORATION<< 2,269,923
12,875 SM INVESTMENTS CORPORATION 87,733
449 SOFINA SA 40,012
33,400 SOFTBANK CORPORATION 748,404
52 SONY FINANCIAL HOLDINGS INCORPORATED 157,928
1,028 STX CORPORATION 18,191
10,882 SUN HUNG KAI PROPERTIES LIMITED<< 147,995
4,109 SUN INTERNATIONAL LIMITED 44,370
57,539 SUNSTONE HOTEL INVESTORS INCORPORATED<< 360,194
47,500 SWIRE PACIFIC LIMITED B SHARES 92,911
5,130 TAKEFUJI CORPORATION 26,243
19,438 TANGER FACTORY OUTLET CENTERS INCORPORATED 731,258
32,342 TAUBMAN CENTERS INCORPORATED<< 1,024,271
26,000 TCC INTERNATIONAL HOLDINGS LIMITED+ 12,144
6,092 TEKFEN HOLDING AS+ 16,730
200 THE ISRAEL CORPORATION LIMITED 119,552
6,200 TISCO FINANCIAL GROUP PCL 3,245
7,000 TOKUSHU TOKAI HOLDINGS COMPANY LIMITED 18,807
11,000 TOP GLOVE CORPORATION BHD 21,709
39,524 UDR INCORPORATED 505,512
216,000 UNITED ENERGY GROUP LIMITED+ 11,705
25,000 VALUE PARTNERS GROUP LIMITED 10,677
43,225 VENTAS INCORPORATED<< 1,694,852
75,607 VIRGIN MEDIA INCORPORATED 864,188
292,000 WANT WANT CHINA HOLDINGS LIMITED 155,228
6,632 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 68,329
147,914 WATERLAND FINANCIAL HOLDINGS 45,161
31,474 WEINGARTEN REALTY INVESTORS 625,074
659 WENDEL INVESTISSEMENT 31,106
137,203 YTL POWER INTERNATIONAL BHD 86,105
65,997,198
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.26%
900 AMER SPORTS OYJ 9,574
8,000 BEST DENKI COMPANY LIMITED 41,096
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES (continued)
8,505 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED $ 4,669
570 FOURLIS HOLDINGS SA 8,392
10,092 GALIFORM PLC+ 10,203
9,019 GAME GROUP PLC 24,079
5,154 JB HI-FI LIMITED 77,496
8,526 JD GROUP LIMITED 46,567
2,000 JOSHIN DENKI COMPANY LIMITED 16,099
1,600 K'S HOLDINGS CORPORATION 49,092
3,900 KOKUYO COMPANY LIMITED 35,291
101,310 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 1,622,267
1,400 NAFCO COMPANY LIMITED 28,075
2,100 NITORI COMPANY LIMITED 162,493
6,700 PIONEER CORPORATION 21,601
31,908 RADIOSHACK CORPORATION 482,768
3,800 SHIMANO INCORPORATED 162,128
8,586 THOMSON 11,755
13,000 TOTO LIMITED 90,532
82,597 WILLIAMS-SONOMA INCORPORATED<< 1,580,081
1,800 XEBIO COMPANY LIMITED 39,172
4,440 YAMADA DENKI COMPANY LIMITED 302,521
8,800 YAMAHA CORPORATION 113,015
4,938,966
--------------
HOTELS: 0.00%
4,033 WOTIF.COM HOLDINGS LIMITED 18,952
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.25%
6,000 ASSOCIATED INTERNATIONAL HOTELS+ 13,238
13,000 BANYAN TREE HOLDINGS LIMITED 7,849
49,919 BOYD GAMING CORPORATION+ 513,167
16,982 EGYPTIAN FOR TOURISM RESORTS+ 8,327
18,345 EIH LIMITED 43,829
4,620 FORMOSA INTERNATIONAL HOTELS CORPORATION 54,879
2,000 FUJITA KANKO INCORPORATED 8,641
22,537 GAYLORD ENTERTAINMENT COMPANY+<< 457,952
22,774 HONGKONG & SHANGHAI HOTELS LIMITED 25,417
450 IMPERIAL HOTEL LIMITED 9,044
33,173 INDIAN HOTELS COMPANY LIMITED 44,367
5,900 INTERCONTINENTAL HOTELS GROUP PLC 73,524
29,000 KLCC PROPERTY HOLDINGS BHD 27,176
2,273 MILLENNIUM & COPTHORNE HOTELS PLC 13,861
23,100 MINOR INTERNATIONAL PCL 7,200
72,600 MINOR INTERNATIONAL PCL ADR 22,627
1,660 NH HOTELES SA+ 8,032
5,985 ORASCOM HOTELS & DEVELOPMENT+ 23,119
1,136 ORBIS SA 19,869
47,231 ORIENT EXPRESS HOTELS LIMITED CLASS A<< 470,421
74,000 SHANGRI-LA ASIA LIMITED 108,845
14,783 SINO HOTELS HOLDINGS LIMITED 5,074
20,701 SKY CITY ENTERTAINMENT GROUP LIMITED 46,312
48,101 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 1,432,448
14,625 TUI TRAVEL PLC 57,189
17,516 VAIL RESORTS INCORPORATED+ 580,130
49,324 WYNDHAM WORLDWIDE CORPORATION 747,259
4,829,796
--------------
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86%
32,700 3M COMPANY $ 2,357,670
83,500 A-MAX HOLDINGS LIMITED 2,338
43,480 ACTUANT CORPORATION CLASS A 614,372
29,093 ADVANTECH COMPANY LIMITED 46,843
2,700 AIDA ENGINEERING LIMITED 9,401
5,145 ALSTOM RGPT 361,457
17,000 AMADA COMPANY LIMITED 119,301
638 ANDRITZ AG 28,994
61,888 APPLE INCORPORATED+ 10,410,180
2,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 15,003
9,475 ASTEC INDUSTRIES INCORPORATED+ 240,002
16,159 ATLAS COPCO AB CLASS A 203,166
10,167 ATLAS COPCO AB CLASS B 113,832
5,945,000 BAKRIE & BROTHERS PT+ 77,851
76,032 BENQ CORPORATION 35,110
16,600 BLACK & DECKER CORPORATION 732,392
14,654 BLACK BOX CORPORATION 366,936
826 BNK PETROLEUM INCORPORATED+ 520
150 BOBST GROUP AG 6,197
45,088 BRIGGS & STRATTON CORPORATION<< 795,352
106,488 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 769,908
80 BUCHER INDUSTRIES AG 9,353
18,272 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 545,419
54,038 CAMERON INTERNATIONAL CORPORATION+ 1,929,697
3,700 CANON FINETECH INCORPORATED 44,893
3,604 CAP GEMINI SA 174,325
2,500 CAPCOM COMPANY LIMITED 49,167
12,200 CASIO COMPUTER COMPANY LIMITED 120,754
38,740 CATCHER TECHNOLOGY COMPANY LIMITED 100,038
6,000 CHEN HSONG HOLDINGS 1,897
31,303 CHICONY ELECTRONICS COMPANY LIMITED 74,937
42,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 25,036
3,000 CHUGAI RO COMPANY LIMITED 9,189
2,400 CKD CORPORATION 13,928
46,587 CLEVO COMPANY+ 56,966
2,876 CRANE GROUP LIMITED 25,426
13,640 CROMPTON GREAVES LIMITED 90,584
44,719 CUMMINS INCORPORATED 2,026,665
8,000 DAIHEN CORPORATION 32,929
1,451 DASSAULT SYSTEMES SA 74,158
159,531 DELTA ELECTRONICS INCORPORATED 426,495
16,722 DIEBOLD INCORPORATED 504,503
1,100 DISCO CORPORATION 65,610
16,464 DONALDSON COMPANY INCORPORATED 618,552
3,750 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 190,368
6,870 DOOSAN INFRACORE COMPANY LIMITED 96,540
20,359 DRESSER RAND GROUP INCORPORATED+ 604,662
18,845 DRIL-QUIP INCORPORATED+ 803,928
50 EACCESS LIMITED 36,808
45,100 EATON CORPORATION 2,433,145
16,000 EBARA CORPORATION 71,703
137,220 EMC CORPORATION+ 2,181,798
14,111 FLOWSERVE CORPORATION 1,217,074
30,702 FMC TECHNOLOGIES INCORPORATED+ 1,464,485
90,000 FONG'S INDUSTRIES COMPANY LIMITED 22,412
62,312 FOXCONN TECHNOLOGY COMPANY LIMITED 159,016
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
30,000 FUJI HEAVY INDUSTRIES LIMITED $ 129,608
1,600 FUJI MACHINE MANUFACTURING COMPANY LIMITED 22,268
1,100 FUJI SOFT INCORPORATED 20,818
97,000 FUJITSU LIMITED 652,574
10,000 FURUKAWA COMPANY LIMITED 14,508
40,541 GAMESTOP CORPORATION CLASS A+ 964,876
32,311 GARDNER DENVER INCORPORATED+ 1,049,138
689 GILDEMEISTER AG 8,712
167,515 HEWLETT-PACKARD COMPANY 7,519,748
5,000 HEXAGON AB 51,626
58,139 HIGH TECH COMPUTER CORPORATION 584,626
1,000 HISAKA WORKS LIMITED 10,822
4,200 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED 85,264
5,000 HITACHI KOKI COMPANY LIMITED 52,875
155,000 HITACHI LIMITED 546,373
900 HITACHI SOFTWARE ENGINEERING COMPANY LIMITED 25,535
555,335 HON HAI PRECISION INDUSTRY COMPANY LIMITED 1,872,683
4,000 HOSOKAWA MICRON CORPORATION 18,485
49,793 IDEX CORPORATION 1,316,527
2,232 INDRA SISTEMAS SA 52,957
15,899 INGERSOLL-RAND PLC 491,120
91,946 INTERNATIONAL BUSINESS MACHINES CORPORATION 10,854,225
200,024 INVENTEC COMPANY LIMITED 110,596
8,000 ISEKI & COMPANY LIMITED 36,454
3,706 IT HOLDINGS CORPORATION 52,414
1,300 ITOCHU TECHNO-SCIENCE CORPORATION 38,280
52,000 JOHNSON ELECTRIC HOLDINGS LIMITED 20,598
25,486 JOY GLOBAL INCORPORATED 990,131
20,424 KAYDON CORPORATION 681,753
5,000 KITZ CORPORATION 22,730
46,230 KOMATSU LIMITED 833,680
4,400 KONAMI CORPORATION 86,676
55,865 KUBOTA CORPORATION 461,689
31,191 LAM RESEARCH CORPORATION+<< 957,564
20,594 LARSEN & TOUBRO LIMITED 674,659
178,000 LENOVO GROUP LIMITED 75,100
21,400 LEXMARK INTERNATIONAL INCORPORATED+<< 403,176
17,390 LG PHILLIPS LCD COMPANY LIMITED 513,805
99,375 LITE-ON TECHNOLOGY CORPORATION 111,402
3,810 LOGITECH INTERNATIONAL SA+ 70,234
2,251 MAHARASHTRA SEAMLESS LIMITED 13,732
4,000 MAKINO MILLING MACHINE COMPANY LIMITED 15,862
1 MAKITA CORPORATION 29
2,539 MAN AG 194,009
80,112 MANITOWOC COMPANY INCORPORATED 531,944
1,000 MARUYAMA MANUFACTURING COMPANY INCORPORATED 2,203
2,000 MAX COMPANY LIMITED 21,623
8,000 MEIDENSHA CORPORATION 43,761
1,400 MEITEC CORPORATION 27,819
2,000 MELCO HOLDINGS INCORPORATED 36,754
2,885 METSO OYJ 72,503
49,753 MICROS SYSTEMS INCORPORATED+ 1,386,616
3,400 MISUMI GROUP INCORPORATED 63,031
10,277 MISYS PLC 31,035
90,131 MITAC INTERNATIONAL CORPORATION 36,691
100,000 MITSUBISHI ELECTRIC CORPORATION 743,686
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
6,300 MITSUI HIGH-TEC INCORPORATED $ 81,247
3,000 MIURA COMPANY LIMITED 75,282
500 MODEC INCORPORATED 9,796
3,400 MORI SEIKI COMPANY LIMITED 38,805
4,000 NABTESCO CORPORATION 44,535
8,000 NACHI-FUJIKOSHI CORPORATION 18,485
28,640 NATIONAL OILWELL VARCO INCORPORATED+ 1,041,064
601 NCSOFT CORPORATION 65,928
149 NEC CORPORATION ADR 540
897 NEOPOST SA 73,942
17 NET ONE SYSTEMS COMPANY LIMITED 27,934
900 NETUREN COMPANY LIMITED 6,954
2,900 NIHON UNISYS LIMITED 24,839
2,000 NIPPON THOMPSON COMPANY LIMITED 12,251
700 NITTO KOHKI COMPANY LIMITED 13,865
7,200 NOMURA RESEARCH INSTITUTE LIMITED 171,779
19,067 NORDSON CORPORATION 1,021,610
54,222 NUANCE COMMUNICATIONS INCORPORATED+<< 668,557
330 OBIC COMPANY LIMITED 53,942
1,107 OCE NV 6,491
1,080 OILES CORPORATION 17,793
1,500 OKAYA & COMPANY LIMITED 14,025
1,500 ORACLE CORPORATION JAPAN 62,225
1,000 ORGANO CORPORATION 7,813
3,095 ORMAT INDUSTRIES 24,736
900 OTSUKA CORPORATION 54,455
679 OUTOTEC OYJ 19,692
78,030 PALM INCORPORATED+<< 1,040,140
40,000 PARKER HANNIFIN CORPORATION 1,946,400
956 PASON SYSTEMS INCORPORATED 9,126
27,143 PENTAIR INCORPORATED 768,961
57,100 PITNEY BOWES INCORPORATED 1,276,185
588 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 7,595
1,108 RAMIRENT OYJ 10,261
3,700 RISO KAGAKU CORPORATION 49,188
119,000 RITEK CORPORATION+ 28,560
8,000 RYOBI LIMITED 23,729
34,419 SAGE GROUP PLC 123,663
98,000 SANYO ELECTRIC COMPANY LIMITED+ 264,352
1,100 SATO CORPORATION 14,351
512 SCHINDLER HOLDING SA 33,895
15,503 SCIENTIFIC GAMES CORPORATION CLASS A+ 239,056
133,384 SEAGATE TECHNOLOGY HOLDINGS<< 1,847,368
1,328 SHAW INDUSTRIES LIMITED CLASS A 30,690
21,000 SHIHLIN ELECTRIC 25,902
1,400 SHIMA SEIKI MANUFACTURING LIMITED 32,574
500 SHINWA COMPANY LIMITED NAGOYA 6,900
5,880 SIMS GROUP LIMITED 115,448
1,900 SINTOKOGIO LIMITED 15,764
976 SKF AB 14,972
3,000 SMC CORPORATION 349,812
54,376 SMITH INTERNATIONAL INCORPORATED 1,499,146
108,209 SONUS NETWORKS INCORPORATED+ 228,321
1,761 SPIRAX-SARCO ENGINEERING PLC 27,966
12,100 SPX CORPORATION 673,728
8,700 STANLEY ELECTRIC COMPANY LIMITED 175,402
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
21,630 STANLEY WORKS $ 885,316
750 SULZER AG 58,008
28,000 SUMITOMO HEAVY INDUSTRIES LIMITED 141,730
4,000 TADANO LIMITED 19,645
32,166 TATA CONSULTANCY SERVICES LIMITED 347,222
2,734 TATA TEA LIMITED 52,908
5,900 TDK CORPORATION 343,031
2,505 THERMAX INDIA LIMITED 24,206
5,500 THK COMPANY LIMITED 103,084
1,640 TIETOENATOR OYJ 29,953
20,863 TIMKEN COMPANY 440,418
1,200 TORI HOLDINGS COMPANY LIMITED 722
21,162 TORO COMPANY<< 802,675
186,000 TOSHIBA CORPORATION 955,486
3,000 TOSHIBA MACHINE COMPANY LIMITED 12,026
6,000 TOYO KANETSU K K 12,058
62,000 TPV TECHNOLOGY LIMITED 33,678
5,000 TREND MICRO INCORPORATED 196,668
11,000 TSUBAKIMOTO CHAIN COMPANY 47,877
2,000 UCHIDA YOKO COMPANY LIMITED 6,706
500 UNION TOOL COMPANY 15,341
30,876 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,329,829
15,003 WATSCO INCORPORATED<< 792,608
5,496 WEIR GROUP PLC 57,933
60,736 WESTERN DIGITAL CORPORATION+<< 2,082,030
755 WINCOR NIXDORF AG 42,797
127,565 WISTRON CORPORATION 247,252
35,184 WOODWARD GOVERNOR COMPANY 738,512
2,900 YAMAZEN CORPORATION 11,718
111,500 YIEH PHUI ENTERPRISE 42,850
3,366 ZARDOYA-OTIS SA 73,548
93,802,767
--------------
INDUSTRIAL - JAPAN: 0.00%
1,000 TSUKISHIMA KIKAI COMPANY LIMITED 7,007
--------------
INDUSTRIAL MACHINERY, COMPONENTS: 0.00%
338 DEMAG CRANES AG 10,176
--------------
INFORMATION & BUSINESS SERVICES: 0.00%
4 MIXI INCORPORATED+ 25,750
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.32%
26,460 ARTHUR J. GALLAGHER & COMPANY 628,954
1,303 BALOISE HOLDING AG 118,007
8,609 BEAZLEY PLC 15,753
632,000 CATHAY FINANCIAL HOLDING COMPANY LIMITED 884,164
857 CNP ASSURANCES 85,585
670 GRUPO CATALANA OCCIDENTE SA 14,379
438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED 21,049
4,079 JARDINE LLOYD THOMPSON GROUP PLC 32,007
25,709 MARSH & MCLENNAN COMPANIES INCORPORATED 605,190
7,100 MATSUI SECURITIES COMPANY LIMITED 65,773
1,664 MENORAH MIVTACHIM HOLDINGS LIMITED+ 20,069
32,422 NATIONAL FINANCIAL PARTNERS CORPORATION<< 254,513
58,974 STANDARD LIFE PLC 188,845
13,000 TOKYO TATEMONO COMPANY LIMITED 76,840
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INSURANCE AGENTS, BROKERS & SERVICE (continued)
91,153 UNUM GROUP $ 2,053,677
46,024 WILLIS GROUP HOLDINGS LIMITED 1,186,952
6,251,757
--------------
INSURANCE CARRIERS: 4.10%
16,979 ACE LIMITED 885,964
4,546 ADMIRAL GROUP PLC 79,113
37,495 AEGON NV 282,366
23,800 AFLAC INCORPORATED 966,756
22,000 AIOI INSURANCE COMPANY LIMITED 108,759
4,510 AKSIGORTA AS 15,333
11,131 ALLEANZA ASSICURAZIONI SPA 91,357
1,524 ALLEGHANY CORPORATION+ 423,062
12,063 ALLIANZ AG 1,393,693
9,022 ALLIED WORLD ASSURANCE HOLDINGS 417,989
26,327 ALLSTATE CORPORATION 773,751
127 AMB GENERALI HOLDING AG 10,724
161,300 AMBAC FINANCIAL GROUP INCORPORATED<< 283,888
19,695 AMERICAN FINANCIAL GROUP INCORPORATED 505,177
32,558 AMERIGROUP CORPORATION+ 769,997
12,657 AMLIN PLC 76,073
95,968 AMP LIMITED 515,874
15,416 ARCH CAPITAL GROUP LIMITED+<< 1,001,578
26,598 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 939,441
32,410 ASSICURAZIONI GENERALI SPA 807,067
32,448 ASSURANT INCORPORATED 971,818
85,444 ASSURED GUARANTY LIMITED<< 1,700,336
69,757 AVIVA PLC 461,284
45,173 AXA ASIA PACIFIC HOLDINGS LIMITED 164,175
43,792 AXA SA 996,956
39,348 AXIS CAPITAL HOLDINGS LIMITED 1,199,327
6,808 BRIT INSURANCE HOLDINGS PLC 24,095
31,300 BROWN & BROWN INCORPORATED 621,931
8,639 CATLIN GROUP LIMITED 46,692
28,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED 75,505
63,000 CHINA LIFE INSURANCE COMPANY+ 36,748
493,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 2,080,021
17,936 CHUBB CORPORATION 885,859
74,780 CIGNA CORPORATION 2,200,775
41,834 CINCINNATI FINANCIAL CORPORATION<< 1,075,970
38,427 DELPHI FINANCIAL GROUP CLASS A 898,039
18,723 DISCOVERY HOLDINGS LIMITED 67,147
2,970 DONGBU INSURANCE COMPANY LIMITED 90,368
13,858 ENDURANCE SPECIALTY HOLDINGS LIMITED<< 477,685
8,738 ERIE INDEMNITY COMPANY 337,898
155 EULER HERMES SA 10,424
16,058 EVEREST REINSURANCE GROUP LIMITED<< 1,353,850
500 FAIRFAX FINANCIAL HOLDINGS LIMITED 169,984
424 FBD HOLDINGS PLC 4,407
64,622 FIDELITY NATIONAL TITLE GROUP INCORPORATED 970,622
22,613 FIRST AMERICAN CORPORATION 712,762
1,309 FONDIARIA-SAI SPA 15,304
51,242 FRIENDS PROVIDENT PLC 71,324
6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 8,318
119,062 GENWORTH FINANCIAL INCORPORATED 1,257,295
6,800 GREAT-WEST LIFECO INCORPORATED 161,250
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INSURANCE CARRIERS (continued)
1,378 HANNOVER RUECKVERSICHERUNG AG $ 60,648
102,682 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,435,617
30,987 HCC INSURANCE HOLDINGS INCORPORATED 819,296
26,400 HEALTH NET INCORPORATED+ 404,448
122 HELVETIA HOLDING AG 39,058
33,298 HORACE MANN EDUCATORS CORPORATION 407,901
5,220 HYUNDAI MARINE & FIRE INSURANCE COMPANY LIMITED 91,117
1,639 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 44,166
2,175 ING CANADA INCORPORATED 67,510
95,080 INSURANCE AUSTRALIA GROUP LIMITED 287,695
39,054 IPC HOLDINGS LIMITED 1,266,131
3,396 KOREA REINSURANCE COMPANY 30,863
144,108 LEGAL & GENERAL GROUP PLC 180,642
43,904 LEUCADIA NATIONAL CORPORATION 1,091,892
16,126 LIBERTY HOLDINGS LIMITED 133,701
71,060 LINCOLN NATIONAL CORPORATION 1,793,545
18,070 LOEWS CORPORATION 617,091
42,600 MANULIFE FINANCIAL CORPORATION 876,710
14,680 MAPFRE SA 60,401
2,539 MARKEL CORPORATION+<< 834,976
40,918 MAX CAPITAL GROUP LIMITED 837,182
173,505 MBIA INCORPORATED<< 1,165,954
4,991 MEDIOLANUM SPA 31,608
7,221 MERCURY GENERAL CORPORATION<< 268,260
1,194 MERITZ FIRE MARINE INSURANCE 7,467
29,526 METLIFE INCORPORATED 1,114,902
77,139 MGIC INVESTMENT CORPORATION<< 627,140
2,804 MILANO ASSICURAZIONI SPA 9,226
38,000 MILLEA HOLDINGS INCORPORATED 1,131,220
19,700 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 555,750
69,908 MONTPELIER RE HOLDINGS LIMITED 1,124,820
5,394 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 804,453
226 MUTUAL & FEDERAL INSURANCE COMPANY LIMITED 508
35,000 NIPPONKOA INSURANCE COMPANY LIMITED 217,786
11,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED 56,153
147,010 OLD MUTUAL PLC 224,606
58,885 OLD REPUBLIC INTERNATIONAL CORPORATION 701,320
15,572 PARTNERRE LIMITED 1,150,927
174,000 PICC PROPERTY & CASUALTY COMPANY LIMITED 109,333
108,000 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED 808,211
8,400 POWER CORPORATION OF CANADA 223,974
6,000 POWER FINANCIAL CORPORATION 164,640
80,055 PRINCIPAL FINANCIAL GROUP INCORPORATED 2,273,562
20,667 PROASSURANCE CORPORATION+ 1,085,018
32,400 PROGRESSIVE CORPORATION 535,248
72,412 PROTECTIVE LIFE CORPORATION 1,559,754
21,662 PRUDENTIAL FINANCIAL INCORPORATED 1,095,664
67,454 PRUDENTIAL PLC 589,689
46,599 QBE INSURANCE GROUP LIMITED 901,141
11,928 RLI CORPORATION 632,303
89,356 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 189,980
3,276 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED 587,576
144,233 SANLAM LIMITED 380,076
4,399 SCOR REGROUPE 115,755
48,164 SELECTIVE INSURANCE GROUP INCORPORATED 819,751
873 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL 29,621
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
INSURANCE CARRIERS (continued)
46,000 SOMPO JAPAN INSURANCE INCORPORATED $ 313,917
3,058 ST. JAMES'S PLACE PLC 11,465
42,705 STANCORP FINANCIAL GROUP INCORPORATED 1,616,367
7,000 STOREBRAND ASA 38,062
14,600 SUN LIFE FINANCIAL INCORPORATED 432,099
671 SWISS LIFE HOLDING 75,914
8,754 SWISS REINSURANCE 403,598
12,150 T&D HOLDINGS INCORPORATED 364,957
12,057 TAIWAN LIFE INSURANCE COMPANY LIMITED 8,919
29,813 THE TRAVELERS COMPANIES INCORPORATED 1,503,171
300 TOPDANMARK AS+ 40,909
22,768 TORCHMARK CORPORATION<< 970,144
22,368 TOWER GROUP INCORPORATED 536,608
15,737 TRANSATLANTIC HOLDING INCORPORATED 768,910
12,124 UNIPOL SPA 16,095
60,700 UNITEDHEALTH GROUP INCORPORATED 1,699,600
38,161 UNITRIN INCORPORATED 722,388
38,917 W.R. BERKLEY CORPORATION 994,329
25,735 WELLCARE HEALTH PLANS INCORPORATED+ 624,588
24,800 WELLPOINT INCORPORATED+ 1,310,680
1,836 WHITE MOUNTAIN INSURANCE GROUP LIMITED 572,832
94,144 XL CAPITAL LIMITED CLASS A 1,633,398
83,222 YAPI VE KREDI BANKASI AS 175,309
30,905 ZENITH NATIONAL INSURANCE CORPORATION 833,199
12,540 ZURICH FINANCIAL SERVICES AG 275,253
79,112,828
--------------
INSURANCE COMPANIES: 0.05%
20,024 REINSURANCE GROUP OF AMERICA INCORPORATED 862,036
2,204 YAPI KREDI SIGORTA AS 12,268
874,304
--------------
INSURANCE-MULTI LINE: 0.00%
1,751 FONDIARIA SAI SPA 33,637
--------------
INTERNET SOFTWARE: 0.00%
10 ACCESS COMPANY LIMITED+ 26,814
732 FREENET AG 9,801
36,615
--------------
INVESTMENT COMPANIES: 0.00%
260 BB BIOTECH AG 17,433
4,000 LPI CAPITAL BHD 12,949
30,382
--------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.02%
104,000 ABOITIZ EQUITY VENTURES INCORPORATED 15,985
48,500 BERJAYA CORPORATION BHD 12,326
2,044 GROUPE BRUXELLES LAMBERT SA 178,953
8,300 INTERACTIVE DATA CORPORATION 192,643
16,498 REINET INVESTMENTS SCA+ 22,437
5,740 TULLETT PREBON PLC 37,649
459,993
--------------
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
LEATHER & LEATHER PRODUCTS: 0.15%
32,058 BROWN SHOE COMPANY INCORPORATED $ 240,435
78,886 COACH INCORPORATED 2,231,685
39,320 TIMBERLAND COMPANY+<< 509,587
2,981,707
--------------
LEGAL SERVICES: 0.08%
31,557 FTI CONSULTING INCORPORATED+<< 1,373,992
4,405 PRE-PAID LEGAL SERVICES INCORPORATED+<< 201,925
1,575,917
--------------
LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION: 0.01%
24 AP MOLLER-MAERSK AS 172,880
14,817 MACMAHON HOLDINGS LIMITED 7,326
180,206
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.04%
5,233 BABCOCK INTERNATIONAL GROUP 41,999
162,500 BARITO PACIFIC TBK PT+ 25,149
1,859 CANFOR CORPORATION+ 9,272
88,795 LOUISIANA-PACIFIC CORPORATION 668,626
694 PFLEIDERER AG 6,178
3,776 SINO-FOREST CORPORATION+ 46,909
325 TECNICAS REUNIDAS SA 17,654
149,257 TERRANOVA SA 19,407
504 WEST FRASER TIMBER COMPANY LIMITED 11,740
846,934
--------------
MACHINERY: 0.03%
4,343 CHARTER INTERNATIONAL PLC 43,517
5,000 DAIFUKU COMPANY LIMITED 34,498
7,000 DELONG HOLDINGS LIMITED 4,275
13,821 HUSQVARNA AB B SHARES 98,047
17,000 JAPAN STEEL WORKS 211,198
5,000 OKUMA CORPORATION 25,255
3,400 OSG CORPORATION 35,297
887 RHEINMETALL BERLIN 43,286
3,106 SEVAN MARINE ASA+ 4,165
499,538
--------------
MANUFACTURING (SPECIALIZED): 0.01%
8,268 PV CRYSTALOX SOLAR PLC 10,095
1,457 RICHEMONT SA+ 20,161
1,200 SECO TOOLS 12,980
2,000 SEKISUI JUSHI CORPORATION 17,668
5,744 SINTEX INDUSTRIES LIMITED 28,282
1,300 TORISHIMA PUMP MANUFACTURING COMPANY LIMITED 19,294
514,000 WELLING HOLDING LIMITED+ 18,901
127,381
--------------
MANUFACTURING INDUSTRIES: 0.01%
7,070 MAHINDRA & MAHINDRA LIMITED 125,059
1,000 YOMEISHU SEIZO COMPANY LIMITED 9,618
134,677
--------------
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.65%
2,200 A&D COMPANY LIMITED $ 14,162
2,819 AGFA-GEVAERT NV 14,589
10,300 ALFA LAVAL AB 114,887
21,304 ALLERGAN INCORPORATED 1,191,320
1,713 AL TANA AG 31,999
19,430 ARCELORMITTAL 695,540
22,210 BAYER AG 1,363,727
17,194 BECKMAN COULTER INCORPORATED 1,164,378
15,482 BECTON DICKINSON & COMPANY 1,077,857
201 BEKAERT SA 26,726
11,558 BIO-RAD LABORATORIES INCORPORATED+ 996,993
26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ 10,646
75,600 BOSTON SCIENTIFIC CORPORATION+ 888,300
34,810 CEPHEID INCORPORATED+<< 417,372
2,641 COCHLEAR LIMITED 125,605
544 COLOPLAST AS CLASS B 42,067
2,909 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 62,347
39,346 COOPER COMPANIES INCORPORATED 1,074,933
2,700 COSEL COMPANY LIMITED 31,918
24,694 CR BARD INCORPORATED 1,989,843
16,797 DANAHER CORPORATION 1,019,746
37,133 DENTSPLY INTERNATIONAL INCORPORATED 1,251,753
220,802 EASTMAN KODAK COMPANY<< 1,174,667
816 ELBIT IMAGING LIMITED 20,808
2,034 ELEKTA AB CLASS B 35,860
25,712 ENERGY CONVERSION DEVICES INCORPORATED+<< 287,717
15,914 ESCO TECHNOLOGIES INCORPORATED+ 589,773
3,600 ESPEC CORPORATION 23,523
5,529 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 298,589
18,251 ESTERLINE TECHNOLOGIES CORPORATION+ 564,321
23,829 FISHER & PAYKEL HEALTHCARE CORPORATION 53,146
37,326 FLIR SYSTEMS INCORPORATED+<< 859,245
29,214 FORMFACTOR INCORPORATED+<< 640,955
29,007 FOSSIL INCORPORATED+<< 736,198
2,067 FRESENIUS AG 116,575
24,400 FUJIFILM HOLDINGS CORPORATION 727,673
17,000 FUJIKURA LIMITED 89,522
500 FUKUDA DENSHI COMPANY LIMITED 14,132
32,000 FURUKAWA ELECTRIC COMPANY LIMITED 141,687
4,444 GETINGE AB 76,164
40,000 GOLDEN MEDITECH COMPANY LIMITED 6,709
15,681 HAEMONETICS CORPORATION+ 825,448
8,918 HALMA PLC 28,542
6,000 HITACHI CABLE LIMITED 20,054
400 HOGY MEDICAL COMPANY LIMITED 22,440
63,709 HOLOGIC INCORPORATED+ 1,048,013
20,300 HOYA CORPORATION 458,141
9,404 INTUITIVE SURGICAL INCORPORATED+<< 2,094,365
22,709 ITRON INCORPORATED+ 1,244,226
24,000 KONICA MINOLTA HOLDINGS INCORPORATED 226,975
4,244 LARGAN PRECISION COMPANY LIMITED 51,576
3,178 LUXOTTICA GROUP SPA 77,088
31,939 MASIMO CORPORATION+ 802,308
77,923 MEDTRONIC INCORPORATED 2,984,451
8,328 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 727,867
13,620 MILLIPORE CORPORATION+ 902,053
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
6,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED $ 61,967
37,671 NATIONAL INSTRUMENTS CORPORATION 965,508
1,500 NIHON KOHDEN CORPORATION 24,584
17,000 NIKON CORPORATION 292,499
2,000 NIPRO CORPORATION 42,665
5,932 OLYMPUS CORPORATION ADR 159,571
21,244 ORBOTECH LIMITED+ 195,232
1,832 ORION OYJ 31,123
5,000 OSAKI ELECTRIC COMPANY LIMITED 54,970
69,000 OSIM INTERNATIONAL LIMITED 22,506
800 PARAMOUNT BED COMPANY LIMITED 16,679
3,500 PARIS MIKI INCORPORATED 34,229
5,016 PHARMAXIS LIMITED+ 9,624
1,055 PHONAK HOLDING AG 100,927
27,334 RAYTHEON COMPANY 1,289,618
18,803 RESMED INCORPORATED+<< 863,246
22,805 ROPER INDUSTRIES INCORPORATED 1,080,501
13,000 SHIMADZU CORPORATION 94,304
5,002 SILEX SYSTEMS LIMITED+ 30,228
5,203 SSL INTERNATIONAL PLC 47,264
23,906 ST. JUDE MEDICAL INCORPORATED+ 921,337
33,314 STERIS CORPORATION 966,772
181 STRAUMANN HOLDING AG 41,160
21,108 STRYKER CORPORATION 875,138
35,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED 453,414
3,700 SUZUKEN COMPANY LIMITED 122,074
1,587 SYNTHES INCORPORATED 185,692
12,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 235,615
600 TAMRON COMPANY LIMITED 7,925
201 TECAN GROUP AG 10,820
23,045 TECHNE CORPORATION<< 1,421,185
19,949 TELEDYNE TECHNOLOGIES INCORPORATED+ 673,478
149,908 TERADYNE INCORPORATED+<< 1,236,741
9,100 TERUMO CORPORATION 479,205
2,600 TGS NOPEC GEOPHYSICAL COMPANY ASA+ 32,880
28,600 THERMO FISHER SCIENTIFIC INCORPORATED+ 1,293,006
34,469 THORATEC CORPORATION+<< 904,467
1,815 TITAN INDUSTRIES LIMITED 45,705
1,800 TOA MEDICAL ELECTRONICS COMPANY 81,440
1,400 TOPCON CORPORATION 7,177
30,191 TRIMBLE NAVIGATION LIMITED+ 768,663
5,800 USHIO INCORPORATED 106,900
18,090 VARIAN INCORPORATED+ 926,570
5,391 VESTAS WIND SYSTEMS AS+ 386,774
23,965 WATERS CORPORATION+ 1,204,960
696 WILLIAM DEMANT HOLDING+ 42,628
4,100 YAMATAKE CORPORATION 83,762
14,955 ZIMMER HOLDINGS INCORPORATED+ 708,119
51,218,371
--------------
MEDIA: 0.00%
820 MODERN TIMES GROUP MTG B SHARES 33,406
977 VOCENTO SA 5,460
38,866
--------------
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MEDICAL EQUIPMENT & SUPPLIES: 0.08%
331 FIELMANN AG $ 21,358
26,784 INVACARE CORPORATION 580,141
22,381 NUVASIVE INCORPORATED+<< 896,807
1,498,306
--------------
MEDICAL MANAGEMENT SERVICES: 0.05%
281,100 BANGKOK CHAIN HOSPITAL PCL 71,081
40,762 COVENTRY HEALTH CARE INCORPORATED+ 889,834
960,915
--------------
MEDICAL PRODUCTS: 0.19%
42,000 BAXTER INTERNATIONAL INCORPORATED 2,390,640
31,161 ILLUMINA INCORPORATED+<< 1,099,048
5,292 MYRIAD PHARMACEUTICALS INC+ 23,814
1,000 NICOX SA+ 12,989
656 ROCHE HOLDINGS AG - BEARER SHARES 108,229
3,634,720
--------------
METAL FABRICATE, HARDWARE: 0.02%
5,800 SILGAN HOLDINGS INCORPORATED 281,996
--------------
METAL MINING: 1.11%
4,318 ACCOR SA 227,309
5,420 ADITYA BIRLA MINERALS LIMITED+ 4,856
5,936 AFRICAN RAINBOW MINERALS LIMITED 122,848
4,022 AGNICO EAGLE MINES LIMITED 230,684
2,175 ALAMOS GOLD INCORPORATED+ 19,192
1,424 ALEXANDRIA MINERAL OILS COMPANY 12,663
111,612 ALUMINA LIMITED 157,539
8,931 ANDEAN RESOURCES LIMITED+ 16,003
247,674 ANEKA TAMBANG TBK PT 55,899
35,580 ANGLO AMERICAN PLC 1,170,612
4,752 ANGLO PLATINUM LIMITED 421,477
23,956 ANGLOGOLD ASHANTI LIMITED 917,808
5,163 AQUILA RESOURCES LIMITED+ 30,983
10,201 ATLAS IRON LIMITED+ 13,924
2,262 AURIZON MINES LIMITED+ 9,877
6,457 AVOCA RESOURCES LIMITED+ 9,551
5,200 BANPU PCL 61,006
3,268 BANRO CORPORATION+ 6,209
23,200 BARRICK GOLD CORPORATION 800,636
9,025 BHARAT FORGE LIMITED 40,666
7,000 BOLIDEN AB 71,785
9,600 CAMECO CORPORATION 255,445
34,625 CENTAMIN EGYPT LIMITED+ 47,995
156,000 CHINA MINING RESOURCES GROUP LIMITED+ 7,145
13,961 CIA DE MINAS BUENAVENTURA SA 358,417
41,522 CIA MINERA MILPO SA 101,188
91,746 CIA VALE DO RIO DOCE 1,769,008
9,842 COAL OF AFRICA LIMITED+ 15,597
59,557 COEUR D'ALENE MINES CORPORATION+<< 901,693
629 COMPASS RESOURCES NL+(a) 0
1,265 DENISON MINES CORPORATION+ 1,733
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
METAL MINING (continued)
3,847 DOMINION RESOURCES BLACK WARRIOR $ 13,103
8,467 EASTERN PLATINUM LIMITED+ 3,674
9,764 ELDORADO GOLD CORPORATION+ 100,784
9,374 EQUINOX MINERALS LIMITED+ 23,376
191 ERAMET 61,555
5,033 EURASIAN NATURAL RESOURCES CORPORATION 70,873
2,612 EUROPEAN GOLDFIELDS LIMITED+ 8,160
2,028 FIRST QUANTUM MINERALS LIMITED 120,096
842 FNX MINING COMPANY INCORPORATED+ 7,076
75,806 FORTESCUE METALS GROUP LIMITED+ 282,554
2,288 FRANCO-NEVADA CORPORATION 58,875
6,162 GABRIEL RESOURCES LIMITED+ 9,006
1,892 GAMMON LAKE RESOURCES INCORPORATED+ 12,703
14,745 GINDALBIE METALS LIMITED+ 10,406
53,251 GOLD FIELDS LIMITED 648,434
19,136 GOLDCORP INCORPORATED 697,269
5,832 GOLDEN STAR RESOURCES LIMITED+ 15,449
356,987 GRUPO MEXICO SAB DE CV 513,256
1,859 GUYANA GOLDFIELDS INCORPORATED+ 7,641
27,531 HARMONY GOLD MINING COMPANY LIMITED 258,306
200,817 HECLA MINING COMPANY+<< 598,435
52,103 HINDALCO INDUSTRIES LIMITED 113,117
11,145 HINDUSTAN ZINC LIMITED 168,664
4,600 HUDBAY MINERALS INCORPORATED+ 35,464
9,225 IAMGOLD CORPORATION 107,186
46,849 IMPALA PLATINUM HOLDINGS LIMITED 1,094,819
4,101 INDEPENDENCE GROUP NL 15,147
13,243 INDOPHIL RESOURCES NL+ 7,723
1,106 INMET MINING CORPORATION 47,948
155,928 INTERNATIONAL NICKEL INDONESIA TBK 65,357
58,088 ISPAT INDUSTRIES LIMITED 27,958
6,719 IVANHOE MINES LIMITED+ 74,386
12,681 KAGARA ZINC LIMITED 9,914
3,557 KATANGA MINING LIMITED+ 1,787
4,511 KAZAKHMYS PLC 72,592
8,537 KGHM POLSKA MIEDZ SA 255,678
3,013 KINGSGATE CONSOLIDATED LIMITED 19,481
18,269 KINROSS GOLD CORPORATION 346,773
947 KOREA ZINC COMPANY LIMITED 103,503
260 LABRADOR IRON ORE ROYALTY INCOME FUND 8,652
3,740 LONMIN PLC 88,953
4,655 LUNDIN MINING CORPORATION+ 15,818
2,676 MEDINET NASR HOUSING 16,665
6,401 MINARA RESOURCES LIMITED 5,140
5,400 MINCOR RESOURCES NL 10,726
4,880 MINEFINDERS CORPORATION+ 43,729
3,262 MIRABELA NICKEL LIMITED+ 7,665
22,000 MITSUI MINING & SMELTING COMPANY LIMITED 62,891
12,447 MURCHISON METALS LIMITED+ 19,094
22,522 NEWCREST MINING LIMITED 571,259
32,564 NEWMONT MINING CORPORATION 1,308,747
1,260 NEWMONT MINING CORPORATION OF CANADA LIMITED 50,573
3,000 NIPPON DENKO COMPANY LIMITED 23,020
19,000 NIPPON LIGHT METAL COMPANY LIMITED 21,848
3,000 NITTETSU MINING COMPANY LIMITED 14,702
16,768 NORTHAM PLATINUM LIMITED 86,346
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
METAL MINING (continued)
2,200 NORTHERN DYNASTY MINERALS+ $ 14,208
306,000 OCEAN GRAND HOLDINGS LIMITED+ 39,876
28,126 OM HOLDINGS LIMITED 39,343
700 ONOKEN COMPANY LIMITED 7,177
5,113 OSISKO MINING CORPORATION+ 33,441
2,418 OUTOKUMPU OYJ 51,096
7,000 PACIFIC METALS COMPANY LIMITED 58,753
1,843 PAN AMERICAN SILVER CORPORATION+ 36,060
46,179 PAN AUSTRALIAN RESOURCES LIMITED+ 15,807
11,002 PIONEERS HOLDING+ 12,979
13,700 PUNCAK NIAGA HOLDING BHD 12,838
12,593 QUEST CAPITAL CORPORATION 11,848
3,803 RED BACK MINING INCORPORATED+ 39,498
9,634 RESOLUTE MINING LIMITED+(a) 5,048
20,697 RIO TINTO LIMITED 981,553
40,018 RIO TINTO PLC 1,572,311
6,431 RIVERSDALE MINING LIMITED+ 33,591
10,042 ROYAL GOLD INCORPORATED<< 398,467
5,152 SALLY MALAY MINING LIMITED 10,886
25,987 SESA GOA LIMITED 112,996
6,740 SHERRITT INTERNATIONAL CORPORATION 41,496
1,423 SILVER STANDARD RESOURCES INCORPORATED+ 25,997
6,370 SILVER WHEATON CORPORATION+ 66,217
1,891 SILVERCORP METALS INCORPORATED 6,961
944 SOCIEDAD MINERA CERRO VERDE SA 22,137
3,920 SOCIEDAD MINERA EL BROCAL SA 61,032
37,740 STILLWATER MINING COMPANY+<< 241,913
11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 11,703
42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 6,689
12,132 SXR URANIUM ONE INCORPORATED+ 27,151
6,222 SYLVANIA RESOURCES LIMITED+ 6,100
12,208 TECK COMINCO INCORPORATED LIMITED 294,622
1,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 21,598
80,000 TIMAH TBK PT 16,468
1,200 TOHO TITANIUM COMPANY LIMITED 19,473
47,000 TON YI INDUSTRIAL CORPORATION 16,278
54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL 7,980
22,182 UNITED PHOSPHORUS LIMITED 76,825
2,735 VEDANTA RESOURCES PLC 79,788
62,810 VOLCAN CIA MINERA SAA+ 59,100
4,171 WESTERN AREAS NL+ 17,979
19,185 YAMANA GOLD INCORPORATED 176,476
316,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 264,201
21,360,064
---------------
MINING: 0.01%
1,583 ASSORE LIMITED 118,834
4,434 FRESNILLO PLC 45,006
6,206 MMX MINERACAO E METALICOS SA+ 27,462
191,302
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.50%
588 ABER DIAMOND CORPORATION 3,448
9,558 ANTOFAGASTA PLC 119,267
161,062 BHP BILLITON LIMITED 5,009,575
106,046 BOART LONGYEAR GROUP 26,889
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS (continued)
6,337 BRADKEN LIMITED $ 33,689
43,000 CHINA MOLYBDENUM COMPANY LIMITED 32,123
68,000 CHINA SHANSHUI CEMENT GROUP LIMITED 39,482
14,000 DOWA MINING COMPANY LIMITED 78,990
22,086 ILUKA RESOURCES LIMITED 73,735
103,000 JIANGXI COPPER COMPANY LIMITED 215,025
110,078 LIHIR GOLD LIMITED+ 257,716
17,759 LYNAS CORPORATION LIMITED+ 9,681
25,733 MINSUR SA 60,968
59,000 MITSUBISHI MATERIALS CORPORATION 180,075
111,000 MONGOLIA ENERGY COMPANY LIMITED+ 39,385
18,676 MOUNT GIBSON IRON LIMITED+ 15,943
140,521 OZ MINERALS LIMITED 125,895
20,885 PALADIN ENERGY LIMITED+ 81,199
7,900 POTASH CORPORATION OF SASKATCHEWAN 700,338
813 QUADRA MINING LIMITED+ 8,347
1,959 RANDGOLD RESOURCES LIMITED 115,511
22,281 ST BARBARA LIMITED+ 4,426
3,800 STRAITS RESOURCES LIMITED 6,713
27,000 SUMITOMO METAL MINING COMPANY LIMITED 416,389
2,969 UMICORE 80,403
25,045 VULCAN MATERIALS COMPANY<< 1,253,256
50,331 XSTRATA PLC 677,204
9,665,672
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.15%
1,901 AALBERTS INDUSTRIES NV 23,328
307 ADVANCED METALLURGICAL GROUP NV+ 4,826
6,434 AFRICAN OXYGEN LIMITED 16,665
180,000 ALLIANCE GLOBAL GROUP INCORPORATED+ 18,813
2,800 AMANO CORPORATION 25,277
21,000 ANTA SPORTS PRODUCTS LIMITED 25,930
5,981 AREVA T&D INDIA LIMITED 36,247
1,485 BHARAT ELECTRONICS LIMITED 43,358
86,078 BLUESCOPE STEEL LIMITED 208,074
8,874 BUNZL PLC 84,873
55,051 CALLAWAY GOLF COMPANY 389,211
1,964 CAMPBELL BROTHERS LIMITED 40,072
3,703 CHEIL INDUSTRIES INCORPORATED 151,808
25,200 CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED+ 2,341
42,169 CIPLA LIMITED INDIA 233,927
4,064 COLGATE PALMOLIVE INDIA LIMITED 50,512
7,525 COOKSON GROUP PLC 48,328
4,431 CUMMINS INDIA LIMITED 30,761
18,743 DABUR INDIA LIMITED 47,928
1,934 DOOSAN CORPORATION 128,995
2,842 ELSWEDY CABLES HOLDING COMPANY 42,781
64,000 FIRST PACIFIC COMPANY LIMITED 40,875
32,000 FOSUN INTERNATIONAL 24,608
88,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 54,046
264 FUCHS PETROLUB AG 18,348
28,300 FUTURIS CORPORATION LIMITED(a) 9,568
47,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 13,887
10,920 GINTECH ENERGY CORPORATION+ 13,634
4,300 GLORY LIMITED 96,120
3,402 GRASIM INDUSTRIES LIMITED 186,903
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
12,419 GWA INTERNATIONAL LIMITED $ 27,396
34,686 HASBRO INCORPORATED 984,736
42,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 232,477
53,699 HILLENBRAND INCORPORATED 1,075,054
4,588 HILLS INDUSTRIES LIMITED 6,864
47,917 HINDALCO INDUSTRIES LIMITED++ 104,028
2,100 HITACHI MAXELL LIMITED 39,111
237,835 IDT INTERNATIONAL LIMITED+ 5,769
7,381 IMI PLC 53,879
7,023 INDUSTRIAS PENOLES SA DE CV 109,498
17,827 INVENSYS PLC 79,519
66,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 134,766
261 ITALMOBILIARE SPA 7,850
20,780 JAKKS PACIFIC INCORPORATED+ 278,452
2,900 JAPAN CASH MACHINE COMPANY LIMITED 27,956
143,104 JOHNSON & JOHNSON 8,649,206
13,200 JS GROUP CORPORATION 233,784
28,000 JU TENG INTERNATIONAL HOLDINGS LIMITED 20,773
76,000 KAWASAKI HEAVY INDUSTRIES LIMITED 201,741
1,354 KOOR INDUSTRIES LIMITED 37,117
2,100 KOSE CORPORATION 50,666
626 KRONES AG 29,526
469 LEONI AG 9,938
21,211 LITE-ON IT CORPORATION 16,206
3,131 LUPIN LIMITED 65,099
99,095 MATTEL INCORPORATED 1,782,719
2,109 MELROSE PLC 5,528
157,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 649,597
1,200 MITSUBISHI PENCIL COMPANY LIMITED 13,567
5,500 MITSUI MINING COMPANY LIMITED 7,211
11,505 MORGAN CRUCIBLE COMPANY 29,162
7,106 MOSER BAER INDIA LIMITED 13,200
200 NAKANISHI INCORPORATED 17,367
19,677 NATIONAL ALUMINIUM COMPANY LIMITED 139,180
5,937 NEW HOPE CORPORATION LIMITED 26,645
2,000 NIKKISO COMPANY LIMITED 15,776
2,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 19,796
17,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 176,486
431 NKT HOLDING AS 22,455
63,600 NOBLE GROUP LIMITED 93,572
16,433 ORICA LIMITED 313,618
23,301 RELIANCE INDUSTRIES LIMITED<<++ 1,913,809
386 RHI AG+ 10,237
100 ROCKWOOL INTERNATIONAL AS 9,515
2,100 SANRIO COMPANY LIMITED 18,551
3,781 SHREE PRECOATED SHARES+(a) 5,613
1,621 SHREE PRECOATED STEELS LIMITED 5,925
180,000 SINGAMAS CONTAINER HOLDING 32,746
89,769 SUZLON ENERGY LIMITED 172,276
1,000 TOKYO ENERGY & SYSTEMS INCORPORATED 8,393
2,700 TOMY COMPANY LIMITED 22,952
2,469 TRELLEBORG AB CLASS B 13,284
24,217 TYCO INTERNATIONAL LIMITED<< 767,437
40,824 UNIMICRON TECHNOLOGY CORPORATION 42,974
4,443 UNITED SPIRITS LIMITED 87,108
16,162 VIDEOCON INDUSTRIES LIMITED 82,010
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
2,039 WARTSILA OYJ CLASS B $ 77,083
46,893 WESFARMERS LIMITED 996,013
55,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 37,597
351 ZAKLADY AZOTOWE PULAWY SA+ 10,795
22,233,652
---------------
MISCELLANEOUS RETAIL: 1.00%
36,100 AEON COMPANY LIMITED 382,920
309 AKER ASA CLASS A 7,292
57,766 ALIBABA.COM LIMITED+ 143,400
3,800 ARCS COMPANY LIMITED 57,949
33,864 BARNES & NOBLE INCORPORATED 700,646
48,000 CHINA RESOURCES ENTERPRISE LIMITED 112,592
59,000 CITIC PACIFIC LIMITED 157,578
9,434 COMERCIAL SIGLO XXL SA 39,610
29,427 COSTCO WHOLESALE CORPORATION 1,500,188
7,526 CREDIT SAISON COMPANY LIMITED 100,940
4,800 CULTURE CONVENIENCE CLUB COMPANY LIMITED 35,491
99,276 CVS CORPORATION 3,724,836
53,555 DICK'S SPORTING GOODS INCORPORATED+<< 1,200,168
36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 17,651
45,569 DILLARD'S INCORPORATED<< 519,942
22,610 DOLLAR TREE INCORPORATED+ 1,129,143
15,910 EXPRESS SCRIPTS INCORPORATED+ 1,149,020
3,062 FAES FARMA SA 17,034
8,378 FOSCHINI LIMITED 65,682
1,100 FUJI COMPANY LIMITED 21,527
22 GEO COMPANY LIMITED 22,697
4,400 HEIWADO COMPANY LIMITED 64,546
900 HIKARI TSUSHIN INCORPORATED 19,441
13,313 INDIABULLS FINANCIAL SERVICES LIMITED 57,015
4,706 INMOBILIARIA COLONIAL SA 1,214
17,600 ISETAN MITSUKOSHI HOLDINGS LIMITED 194,253
4,200 IZUMI COMPANY LIMITED 61,251
2,679 JEAN COUTU GROUP INCORPORATED CLASS A 23,786
10,000 KASUMI COMPANY LIMITED 48,039
4,000 LIFE CORPORATION 67,362
12,892 MARVEL ENTERTAINMENT INCORPORATED+ 623,586
13,562 MASSMART HOLDINGS LIMITED 135,106
136,000 METRO HOLDINGS LIMITED 63,708
27,062 MSC INDUSTRIAL DIRECT COMPANY 1,069,220
5,988 NATURA COSMETICOS SA 96,268
15,408 NUTRI SYSTEM INCORPORATED<< 219,256
236,700 OFFICE DEPOT INCORPORATED+ 1,235,574
4,840 ORIX CORPORATION 371,908
21,551 ORKLA ASA 172,620
31,989 PETSMART INCORPORATED 668,890
700 PIGEON CORPORATION 28,963
10,344 PRICELINE.COM INCORPORATED+<< 1,592,769
502,102 RITE AID CORPORATION+<< 773,237
1,300 RYOHIN KEIKAKU COMPANY LIMITED 59,377
14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 5,907
940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 44,969
2,200 SHIMACHU COMPANY LIMITED 51,897
5,600 SHOPPERS DRUG MART CORPORATION 219,959
5,870 SK NETWORKS COMPANY LIMITED+ 57,812
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MISCELLANEOUS RETAIL (continued)
450 STOCKMANN OYJ ABP $ 11,683
2,400 THE DAIEI INCORPORATED+ 10,652
2,000 THE MARUETSU INCORPORATED 10,188
8,000 UNY COMPANY LIMITED 67,749
49,967 WOOLWORTHS HOLDINGS LIMITED 101,161
19,335,672
---------------
MISCELLANEOUS SERVICES: 0.06%
13,560 DUN & BRADSTREET CORPORATION 990,422
48,000 GLOBAL BIO-CHEM TECHNOLOGY 11,643
47,471 INVERSIONES AGUAS METROPOLITANAS SA 52,465
1,054,530
---------------
MOTION PICTURES: 0.40%
1,249 ASTRAL MEDIA INCORPORATED 36,109
33,289 DISCOVERY COMMUNICATIONS INCORPORATED+ 862,851
43,118 DREAMWORKS ANIMATION SKG INCORPORATED CLASS A+ 1,455,664
3,000 ESUN HOLDINGS LIMITED+ 426
484,500 GLOBAL MEDIACOM TBK PT 15,862
93,654 NEWS CORPORATION CLASS A 1,003,971
13,000 TELEVISION BROADCASTS LIMITED 55,435
60,676 TIME WARNER INCORPORATED 1,693,469
6,100 TOHO COMPANY LIMITED TOKYO 102,202
9,561 TVN SA PLN 47,769
88,433 WALT DISNEY COMPANY 2,302,795
22,838 ZEE ENTERTAINMENT ENTERPRISES LIMITED 98,509
7,675,062
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.39%
20,934 ARKANSAS BEST CORPORATION 667,795
46,194 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 149,898
40,029 CON-WAY INCORPORATED 1,671,611
3,232 CONTAINER CORPORATION OF INDIA 78,452
42,518 COSCO PACIFIC LIMITED 63,965
3,880 DSV A/S 59,971
28,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORPORATION 20,330
2,389 FORD OTOMOTIV SANAYI AS 14,174
17,965 FORWARD AIR CORPORATION 414,632
9,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 48,941
1,400 HITACHI TRANSPORT SYSTEM LIMITED 18,943
25,600 J.B. HUNT TRANSPORT SERVICES INCORPORATED 717,568
31,775 LANDSTAR SYSTEM INCORPORATED 1,107,994
3,167 MAINFREIGHT LIMITED 11,084
8,000 MITSUBISHI LOGISTICS CORPORATION 105,234
29,280 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 334,329
44,000 NIPPON EXPRESS COMPANY LIMITED 196,711
3,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 36,787
19,475 OLD DOMINION FREIGHT LINE+ 696,816
16,000 SANKYU INCORPORATED 72,047
6,000 SEINO HOLDINGS COMPANY LIMITED 53,455
2,000 SHIBUSAWA WAREHOUSE COMPANY LIMITED THE 7,652
80,630 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 140,848
44,367 WERNER ENTERPRISES INCORPORATED 775,535
7,464,772
---------------
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
MULTI MEDIA: 0.00%
2,510 SANOMAWSOY OYJ $ 49,657
---------------
MULTI-INDUSTRY COMPANIES: 0.01%
49,000 FRASER & NEAVE LIMITED 130,921
---------------
NEWSPAPERS: 0.00%
105 AXEL SPRINGER AG 9,212
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.69%
3,830 ACOM COMPANY LIMITED 78,740
3,000 AEON CREDIT SERVICE COMPANY LIMITED 33,917
2,600 AIFUL CORPORATION 7,768
53,980 AMERICAN EXPRESS COMPANY 1,825,604
51,851 AMERICREDIT CORPORATION+<< 894,948
1,252 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO 8,779
7,122 BRADFORD & BINGLEY PLC(a) 2,319
22,934 CAPITAL ONE FINANCIAL CORPORATION 855,209
212,962 CAPITAL SOURCE INCORPORATED 881,663
9,852 CATTLES PLC+(a) 1,123
4,200 CEDYNA FINANCIAL CORPORATION+ 7,854
3,800 CENTURY LEASING SYSTEM INCORPORATED 43,779
310,579 CIT GROUP INCORPORATED<< 540,407
28,594 CREDIT SUISSE GROUP 1,456,839
146,943 DISCOVER FINANCIAL SERVICES 2,020,466
18,712 FINANSBANK AS TURKEY 84,820
343,064 FIRST FINANCIAL HOLDING COMPANY LIMITED 186,037
172,700 FOMENTO ECONOMICO MEXICANO SAB DE CV 627,212
700 FUYO GENERAL LEASE COMPANY LIMITED 15,648
4,600 HITACHI CAPITAL CORPORATION 66,145
4,265 HOLDING DI PARTECIPAZIONI INDUSTRIALI SPA 6,438
2,700 IBJ LEASING COMPANY LIMITED 38,795
53,370 IFCI LIMITED 61,650
71,896 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 197,097
4,261 INTERNATIONAL PERSONAL FINANCE PLC 10,526
6,011 IRISH LIFE & PERMANENT PLC 40,933
3,340 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 106,069
263 ORIX CORPORATION ADR 10,028
47,139 PEOPLE'S UNITED FINANCIAL INCORPORATED 757,052
9,017 POWER FINANCE CORPORATION LIMITED 44,545
3,750 PROMISE COMPANY LIMITED 36,754
2,677 PROVIDENT FINANCIAL PLC 38,568
24,846 REDECARD SA 338,408
600 RICOH LEASING COMPANY LIMITED 13,025
12,802 SAMPO OYJ 306,496
3,677 SAMSUNG CARD COMPANY LIMITED 150,154
30 SHINKIN CENTRAL BANK 48,039
7,572 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED 56,373
128,500 SLM CORPORATION+<< 1,143,650
8,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 28,888
263,069 TRANSCEND INFORMATION INCORPORATED 145,055
20,453 TURKIYE HALK BANKASI AS 110,439
13,328,259
---------------
NON-FERROUS METALS: 0.00%
1,200 SUMITOMO TITANIUM CORPORATION 40,623
---------------
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
OFFICE EQUIPMENT: 0.02%
45,000 XEROX CORPORATION $ 389,250
---------------
OIL & GAS EXPLORATION: 0.02%
4,802 GRAN TIERRA ENERGY INCORPORATED+ 19,169
4,855 KAROON GAS AUSTRALIA LIMITED+ 43,907
16,285 NEW ZEALAND OIL & GAS LIMITED 17,993
29,462 W&T OFFSHORE INCORPORATED<< 291,085
372,154
---------------
OIL & GAS EXTRACTION: 4.40%
845 ABAN OFFSHORE LIMITED 28,249
1,122 ADVANTAGE OIL & GAS LIMITED 6,354
520 ALTAGAS INCORPORATEDOME TRUST 8,118
2,300 AOC HOLDINGS INCORPORATED 17,797
16,993 APACHE CORPORATION 1,443,555
22,610 ARENA RESOURCES INCORPORATED+ 691,414
1,441 ARKEMA 46,998
26,503 ARROW ENERGY NL+ 102,818
21,941 ATLAS AMERICA INCORPORATED<< 486,651
33,925 ATWOOD OCEANICS INCORPORATED+ 966,184
19,186 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 41,838
2,755 BANKERS PETROLEUM LIMITED+ 9,942
44,366 BEACH PETROLEUM LIMITED 29,624
32,849 BERRY PETROLEUM COMPANY CLASS A<< 741,402
89,378 BG GROUP PLC 1,479,764
7,899 BHARAT PETROLEUM CORPORATION LIMITED 82,137
1,758 BIRCHCLIFF ENERGY LIMITED+ 10,759
80,700 BJ SERVICES COMPANY<< 1,296,042
617 BONAVISTA ENERGY TRUST 10,624
747 BOURBON SA 33,060
506,555 BP PLC 4,387,115
4,750 BURU ENERGY LIMITED+ 803
3,651 CAIRN ENERGY PLC+ 149,007
107,668 CAIRN INDIA LIMITED+ 584,153
425 CALFRAC WELL SERVICES LIMITED 4,814
14,127 CANADIAN NATURAL RESOURCES LIMITED 809,230
6,188 CANADIAN OIL SANDS TRUST 155,442
15,400 CARRIZO OIL & GAS INCORPORATED+<< 297,682
2,189 CASTROL INDIA LIMITED 21,962
33,541 CHESAPEAKE ENERGY CORPORATION 766,076
1,332,000 CHINA PETROLEUM & CHEMICAL CORPORATION 1,111,941
364 CIA ESPANOLA DE PETROLEOS SA 15,305
22,745 CIMAREX ENERGY COMPANY 887,965
80,000 CNPC (HONG KONG) LIMITED 66,783
50,387 COMPLETE PRODUCTION SERVICES INCORPORATED+ 453,483
1,801 COMPTON PETROLEUM CORPORATION+ 1,892
11,484 COMSTOCK RESOURCES INCORPORATED+ 405,730
3,414 CONNACHER OIL & GAS LIMITED+ 3,119
7,100 CONTINENTAL RESOURCES INCORPORATED+<< 250,630
1,363 CORRIDOR RESOURCES INCORPORATED+ 3,200
30,000 COSMO OIL COMPANY LIMITED 92,208
4,041 CRESCENT POINT ENERGY CORPORATION 135,432
839 CREW ENERGY INCORPORATED+ 4,721
1,982 DANA PETROLEUM PLC+ 45,430
61,809 DENBURY RESOURCES INCORPORATED+<< 940,733
21,405 DEVON ENERGY CORPORATION 1,313,839
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
OIL & GAS EXTRACTION (continued)
4,386 DIAMOND OFFSHORE DRILLING INCORPORATED<< $ 392,196
11,000 DNO ASA+ 11,534
3,983 DRAGON OIL PLC+ 24,725
19,971 ENCANA CORPORATION 1,040,918
671,000 ENERGI MEGA PERSADA 25,628
2,124 ENERGY RESOURCES OF AUSTRALIA LIMITED 46,675
25,459 ENERGY WORLD CORPORATION LIMITED+ 10,867
1,978 ENERPLUS RESOURCES 41,412
9,439 ENI SPA<< 447,881
35,442 ENSCO INTERNATIONAL INCORPORATED 1,307,810
2,878 ENSIGN ENERGY SERVICES INCORPORATED 42,220
16,848 EOG RESOURCES INCORPORATED 1,213,056
30,758 EQT CORPORATION 1,220,170
79,098 ESSAR OIL LIMITED 235,066
26,300 ESSO THAILAND PCL 5,452
1,838 ESTABLISSEMENTS MAUREL ET PROM 34,176
1,661 FAIRBORNE ENERGY LIMITED+ 5,401
26,061 FOREST OIL CORPORATION+ 409,679
700 FRED OLSEN ENERGY ASA 23,707
1,079 GALLEON ENERGY INCORPORATED A+ 5,125
5,401 GALP ENERGIA SGPS SA 78,204
233,786 GAZPROM ADR<< 4,736,504
62,217 GLOBAL INDUSTRIES LIMITED+<< 591,062
16,529 GOODRICH PETROLEUM CORPORATION+<< 395,704
5,054 GRUPA LOTOS SA+ 45,958
1 HALLIBURTON COMPANY 21
932 HARVEST ENERGY TRUST 5,253
78,012 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 912,740
2,590 HELLENIC PETROLEUM SA 26,882
24,651 HELMERICH & PAYNE INCORPORATED<< 824,822
76,631 HERCULES OFFSHORE INCORPORATED+<< 352,503
983 HIGHPINE OIL & GAS LIMITED+ 6,034
198,188 HONG KONG & CHINA GAS COMPANY LIMITED 429,084
61,794 HORIZON OIL LIMITED+ 10,446
6,600 HUSKY ENERGY INCORPORATED 177,728
1,100 IDEMITSU KOSAN COMPANY LIMITED 90,908
8,612 INDIAN OIL CORPORATION LIMITED 101,951
1,600 JAPAN PETROLEUM EXPLORATION COMPANY 83,568
8,325 JOHN WOOD GROUP PLC 40,468
73,572 KEY ENERGY SERVICES INCORPORATED+ 526,040
40,278 LUKOIL ADR<< 1,983,692
5,408 LUNDIN PETROLEUM AB+ 49,458
303 MAJOR DRILLING GROUP INTERNATIONAL 6,310
9,088 MANGALORE REFINERY & PETROCHEMICALS LIMITED 15,961
85,783 MARINER ENERGY INCORPORATED+ 1,040,548
174,000 MEDCO ENERGI INTERNASIONAL TBK PT 50,491
4,027 MOL HUNGARIAN OIL & GAS PLC 315,899
2,609 NESTE OIL OYJ LIMITED 43,313
36,239 NEWFIELD EXPLORATION COMPANY+ 1,402,087
13,900 NEXEN INCORPORATED 272,985
14,594 NEXUS ENERGY LIMITED+ 4,872
1,092 NIKO RESOURCES LIMITED 70,822
42,500 NIPPON MINING HOLDINGS INCORPORATED 211,929
72,000 NIPPON OIL CORPORATION 411,650
11,632 NOBLE ENERGY INCORPORATED 703,271
18,267 NORSK HYDRO ASA 109,281
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
OIL & GAS EXTRACTION (continued)
1,005 NUVISTA ENERGY LIMITED+ $ 9,061
41,262 OCCIDENTAL PETROLEUM CORPORATION 3,016,252
13,693 OCEANEERING INTERNATIONAL INCORPORATED+ 714,364
2,300 OGX PETROLEO E GAS PARTICIPACOES SA 1,267,947
30,106 OIL & NATURAL GAS CORPORATION LIMITED 730,992
37,539 OIL REFINERIES LIMITED+ 15,777
42,494 OIL SEARCH LIMITED 225,193
3,636 OILEXCO INCORPORATED+ 50
3,853 OMV AG 151,791
2,891 OPTI CANADA INCORPORATED+ 4,463
41,384 ORIGIN ENERGY LIMITED 535,510
3,013 PACIFIC RUBIALES ENERGY CORPORATION+ 34,238
42,702 PATTERSON-UTI ENERGY INCORPORATED 567,510
2,004 PENGROWTH ENERGY TRUST 17,207
4,255 PENN WEST ENERGY TRUST 54,842
1,832 PETROBANK ENERGY & RESOURCES LIMITED+ 67,975
1,484,000 PETROCHINA COMPANY LIMITED 1,639,007
6,542 PETROFAC LIMITED 93,561
158,162 PETROLEO BRASILEIRO SA 3,130,176
2,756 PETROLEUM GEO-SERVICES ASA+ 21,846
823 PEYTO ENERGY TRUST 7,435
1,040 PRECISION DRILLING TRUST 5,937
3,164 PREMIER OIL PLC+ 66,446
37,814 PRIDE INTERNATIONAL INCORPORATED+ 974,845
4,172 PROEX ENERGY LIMITED 39,522
4,700 PROSAFE ASA 22,838
4,255 PROVIDENT ENERGY TRUST 22,232
102,181 PTT AROMATICS & REFINING PCL 65,196
91 PTT AROMATICS & REFINING PCL (FOREIGN) 59
79,200 PTT EXPLORATION & PRODUCTION PCL 322,529
33,200 PTT PCL 238,189
31,800 PTT PCL (FOREIGN) 226,275
74,647 QUICKSILVER RESOURCES INCORPORATED+<< 807,681
38,891 RANGE RESOURCES CORPORATION 1,881,158
2,557 REAL RESOURCES INCORPORATED+ 34,335
20,752 REPSOL YPF SA 514,680
8,115 ROC OIL COMPANY LIMITED+ 4,595
74,099 ROYAL DUTCH SHELL PLC CLASS B 2,019,333
6,205 SAIPEM SPA 166,080
89,654 SANDRIDGE ENERGY INCORPORATED+<< 1,093,779
37,610 SANTOS LIMITED 502,251
44,700 SAPURACREST PETROLEUM BHD 21,325
6,286 SARAS SPA 21,741
839 SAVANNA ENERGY SERVICES CORPORATION 4,522
82,900 SCHLUMBERGER LIMITED 4,658,980
11,658 SEACOR HOLDINGS INCORPORATED+ 887,524
6,523 SEAHAWK DRILLING INCORPORATED+<< 145,396
9,200 SHOWA SHELL SEKIYU KK 96,004
37,431 SNAM RETE GAS SPA 173,863
834 SOCO INTERNATIONAL+ 17,827
23,718 SOUTHWESTERN ENERGY COMPANY+ 874,245
846 STORM EXPLORATION INCORPORATED+ 9,389
17,787 SUPERIOR ENERGY SERVICES INCORPORATED+ 324,257
2,052 SUPERIOR PLUS CORPORATION 22,305
67,936 SURGUTNEFTEGAZ 230,982
196,222 SURGUTNEFTEGAZ ADR<< 1,605,096
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
OIL & GAS EXTRACTION (continued)
30,112 SWIFT ENERGY COMPANY+ $ 613,381
26,300 TALISMAN ENERGY INCORPORATED 422,818
2,879 TECHNIP SA 178,034
501 TESCO CORPORATION+(a) 3,859
13,932 TIDEWATER INCORPORATED 601,444
13,000 TONENGENERAL SEKIYU KK 124,342
56,085 TOTAL SA 3,213,748
21,754 TRANSOCEAN LIMITED+ 1,649,823
1,946 TRICAN WELL SERVICE LIMITED 18,025
2,600 TRINIDAD DRILLING LIMITED 13,656
20,939 TULLOW OIL PLC 367,124
37,749 ULTRA PETROLEUM CORPORATION+<< 1,752,686
7,531 UTS ENERGY CORPORATION+ 12,314
3,585 VENTURE PRODUCTION PLC 49,287
485 VERMILION ENERGY TRUST 12,910
47,560 WEATHERFORD INTERNATIONAL LIMITED+ 948,822
1,617 WESTERNZAGROS RESOURCES LIMITED+ 2,747
12,320 WHITING PETROLEUM CORPORATION+ 598,013
21,692 WOODSIDE PETROLEUM LIMITED 898,371
85,002,189
---------------
OIL FIELD SERVICES: 0.01%
1,823 FUGRO NV 98,136
---------------
OIL SERVICES: 0.00%
225 SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG 9,187
---------------
PAPER & ALLIED PRODUCTS: 0.70%
1,791 AHLSTROM OYJ 23,160
27,660 BEMIS COMPANY INCORPORATED 735,479
10,000 C C LAND HOLDINGS LIMITED 5,084
4,000 CHUETSU PULP & PAPER COMPANY LIMITED 9,758
147 CLEARWATER PAPER CORPORATION+ 6,784
8,493 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA 249,997
2,817 CORPORATE EXPRESS AUSTRALIA LIMITED 9,881
6,000 DAIO PAPER CORPORATION 57,324
37,430 DOMTAR CORPORATION+<< 1,326,145
4,990 DS SMITH PLC 7,384
5,355 GREIF INCORPORATED CLASS A 265,287
5,000 HOKUETSU PAPER MILLS LIMITED 27,136
1,100 HOLMEN AB CLASS B 31,215
186,000 INDAH KIAT PULP AND PAPER CORPORATION TBK PT+ 32,661
109,500 INTERNATIONAL PAPER COMPANY 2,513,025
21,216 KIMBERLY-CLARK CORPORATION 1,282,719
12,000 LEE & MAN PAPER MANUFACTURING LIMITED 19,447
155 MAYR-MELNHOF KARTON AG 14,777
44,400 MEADWESTVACO CORPORATION 974,580
15,000 MITSUBISHI PAPER MILLS LIMITED 21,118
8,347 MONDI PLC 39,895
682 MONDI SWIECIE SA 12,885
57,000 NINE DRAGONS PAPER HOLDINGS LIMITED 63,027
5,900 NIPPON PAPER GROUP INCORPORATED 173,418
500 NORSKE SKOGINDUSTRIER ASA 910
65,868 OFFICEMAX INCORPORATED 744,967
47,000 OJI PAPER COMPANY LIMITED 221,741
28,280 PACKAGING CORPORATION OF AMERICA 575,781
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
PAPER & ALLIED PRODUCTS (continued)
36,300 PACTIV CORPORATION+ $ 902,055
16,239 PAPERLINX LIMITED 9,470
12,000 RENGO COMPANY LIMITED 74,798
38,357 SAPPI LIMITED 148,902
1,521 SMURFIT KAPPA GROUP PLC 11,971
558 SOCIETE BIC SA 34,278
27,361 SONOCO PRODUCTS COMPANY 709,744
12,900 STORA ENSO OYJ 88,584
1,000 SVENSKA CELLULOSA AB CLASS A 12,994
14,600 SVENSKA CELLULOSA AB CLASS B 190,334
78,400 TEMPLE-INLAND INCORPORATED 1,325,744
12,576 UPM-KYMMENE OYJ 151,084
42,934 WAUSAU PAPER CORPORATION 414,742
80,580 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED 24,847
13,545,132
---------------
PERSONAL SERVICES: 0.29%
36,600 CINTAS CORPORATION 1,004,304
93,111 H & R BLOCK INCORPORATED 1,608,958
3,350 PANTALOON RETAIL INDIA LIMITED 21,537
47,385 REGIS CORPORATION 766,689
70,363 SALLY BEAUTY HOLDINGS INCORPORATED+<< 500,281
218,843 SERVICE CORPORATION INTERNATIONAL US 1,549,408
400 WEIGHT WATCHERS INTERNATIONAL INCORPORATED 10,972
9,146 WORLEYPARSONS LIMITED 220,079
5,682,228
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.47%
59,238 POLISH OIL & GAS 80,210
57,588 ASHLAND INCORPORATED 2,112,328
5,728 CALTEX AUSTRALIA LIMITED 59,887
103,723 CHEVRON CORPORATION 7,254,387
96,000 CHINA SHIPPING DEVELOPMENT COMPANY LIMITED CLASS H 120,272
712,000 CNOOC LIMITED 935,192
689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+<< 14,793
66,403 CONOCOPHILLIPS 2,990,127
64,329 ENI SPA 1,525,363
890 ERG SPA 12,683
255,731 EXXON MOBIL CORPORATION 17,683,799
157,590 FORMOSA PETROCHEMICAL CORPORATION 374,388
63,636 FRONTIER OIL CORPORATION 816,450
20,123 HESS CORPORATION 1,018,023
12,470 HINDUSTAN PETROLEUM CORPORATION LIMITED 90,463
25,836 HOLLY CORPORATION 590,094
6,900 IMPERIAL OIL LIMITED 248,142
44 INPEX HOLDINGS INCORPORATED 359,377
564 INTEROIL CORPORATION+ 17,376
36,261 MARATHON OIL CORPORATION 1,119,369
681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 9,490
12,933 MURPHY OIL CORPORATION 737,181
10,180 PETROL OFISI+ 48,860
113,000 PETRON CORPORATION 13,200
45,300 PETRONAS DAGANGAN BHD 110,886
1,567 PETROPLUS HOLDINGS AG+ 38,446
22,733 POLSKI KONCERN NAFTOWY ORLEN SA 232,249
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
PETROLEUM REFINING & RELATED INDUSTRIES (continued)
1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA $ 8,628
69,185 RELIANCE PETROLEUM LIMITED+ 176,275
95,743 ROYAL DUTCH SHELL PLC CLASS A 2,656,630
5,636 S-OIL CORPORATION 259,484
3,340 SBM OFFSHORE NV 69,431
6,448 SEADRILL LIMITED 114,653
14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 42,743
3,247 SK CORPORATION 272,988
6,192 SK ENERGY COMPANY LIMITED 498,275
27,975 STATOIL ASA 609,470
41,028 SUNCOR ENERGY INCORPORATED 1,255,106
32,474 SUNOCO INCORPORATED 873,551
38,212 TESORO CORPORATION 538,025
37,200 THAI OIL PCL 44,299
23,000 TOHO GAS COMPANY LIMITED 106,781
8,998 TUPRAS TURKIYE PETROL RAFINERILERI AS 134,961
28,551 VALERO ENERGY CORPORATION 535,046
18,277 WORLD FUEL SERVICES CORPORATION<< 821,368
47,630,749
--------------
PHARMACEUTICALS: 0.07%
26,668 AUXILIUM PHARMACEUTICALS INCORPORATED+<< 767,772
1,037 LABORATORIOS ALMIRALL SA 12,339
36,721 SAVIENT PHARMACEUTICALS INCORPORATED+<< 510,055
1,290,166
--------------
PIPELINES: 0.03%
17,611 APA GROUP 43,761
64,000 CHINA GAS HOLDINGS LIMITED 17,341
21,707 IBERDROLA RENOVABLES 99,582
1,032 PEMBINA PIPELINE 14,574
16,100 TRANSCANADA CORPORATION 479,434
654,692
--------------
PRIMARY METAL INDUSTRIES: 1.33%
4,000 AICHI STEEL CORPORATION 17,109
67,431 AK STEEL HOLDING CORPORATION 1,370,198
49,665 ALCOA INCORPORATED 598,463
25,240 ALLEGHENY TECHNOLOGIES INCORPORATED<< 766,539
294,000 ALUMINUM CORPORATION OF CHINA LIMITED 311,812
17,505 AQUARIUS PLATINUM LIMITED 74,862
31,298 ASHOK LEYLAND LIMITED 25,096
773 BOSCH LIMITED 62,787
6,717 CAP SA 160,541
774,799 CHINA STEEL CORPORATION 703,796
2,600 CHUBU STEEL PLATE COMPANY LIMITED 20,817
66,203 CHUNG HUNG STEEL CORPORATION 24,939
31,039 CIA SIDERURGICA NACIONAL SA 808,625
50,230 COMMSCOPE INCORPORATED+ 1,354,201
27,800 CURTISS-WRIGHT CORPORATION 905,446
3,623 DONGKUK STEEL MILL COMPANY LIMITED 84,708
164 EL EZZ ALDEKHELA STEEL ALEXANDRIA 22,854
15,612 EL EZZ STEEL COMPANY 42,342
45,649 EREGLI DEMIR VE CELIK FABRIKALARI TAS 181,062
5,350 EXXARO RESOURCES LIMITED 63,544
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
PRIMARY METAL INDUSTRIES (continued)
38,690 FENG HSIN IRON & STEEL COMPANY $ 61,003
31,925 GENERAL CABLE CORPORATION+ 1,126,314
3,268 GERDAU AMERISTEEL CORPORATION 23,732
30,862 GERDAU SA 277,229
7,000 GODO STEEL LIMITED 17,152
1,593 HIGHVELD STEEL AND VANADIUM CORPORATION LIMITED 15,562
8,000 HITACHI METALS LIMITED 81,505
12,423 HUBBELL INCORPORATED CLASS B 477,913
4,269 HYUNDAI STEEL COMPANY 271,064
27,100 JFE HOLDINGS INCORPORATED 946,534
76,899 JSC MMC NORILSK NICKEL ADR 810,515
9,233 JSW STEEL LIMITED 130,321
13,307 KAISER ALUMINUM CORPORATION 430,215
24,000 KURIMOTO LIMITED 25,793
700 KYOEI STEEL LIMITED 16,701
903 LINDAB INTERNATIONAL AB 8,689
3,600 MARUICHI STEEL TUBE LIMITED 75,134
19,011 MATTHEWS INTERNATIONAL CORPORATION 662,343
65,000 MIDAS HOLDINGS LIMITED 38,343
10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 23,213
12,936 MITTAL STEEL SOUTH AFRICA LIMITED 194,219
32,267 MUELLER INDUSTRIES INCORPORATED 780,539
1,152 MYTILINEOS HOLDINGS SA 9,628
14,000 NAKAYAMA STEEL WORKS LIMITED 29,790
5,418,300 NAKORNTHAI STRIP MILL PCL+ 30,270
19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 42,268
299,000 NIPPON STEEL CORPORATION 1,172,864
4,500 NIPPON YAKIN KOGYO COMPANY LIMITED 26,308
21,000 NSK LIMITED 137,442
19,800 NUCOR CORPORATION 881,892
51,723 ONESTEEL LIMITED 142,078
33,800 PARKSON HOLDINGS BHD 51,158
39,075 POLIMEX MOSTOSTAL SA 58,787
5,025 POSCO 1,856,864
9,497 PRECISION CASTPARTS CORPORATION 866,886
2,052 RAUTARUUKKI OYJ 47,892
12,684 RTI INTERNATIONAL METALS INCORPORATED+ 243,786
9,000 SANYO SPECIAL STEEL COMPANY LIMITED 36,561
13,525 SCHNITZER STEEL INDUSTRY 730,485
126,000 SHOUGANG CONCORD INTERNATIONAL ENTERPRISES COMPANY LIMITED 22,435
83,114 STEEL AUTHORITY OF INDIA LIMITED 276,876
56,415 STEEL DYNAMICS INCORPORATED 933,668
33,792 TATA STEEL LIMITED 293,625
12,655 TENARIS SA 184,689
8,590 THYSSENKRUPP AG 291,859
684 TIMMINCO LIMITED+ 775
27,229 TITANIUM METALS CORPORATION<< 223,822
6,000 TOHO ZINC COMPANY LIMITED 29,404
1,800 TOPRE CORPORATION 16,907
9,000 TOPY INDUSTRIES LIMITED 22,536
57,680 TUNG HO STEEL ENTERPRISE CORPORATION 58,878
38,488 UNITED STATES STEEL CORPORATION<< 1,685,005
10,094 USINAS SIDERURGICAS DE MINAS GERAIS SA 238,813
7,024 WELSPUN-GUJARAT STAHL LIMITED 33,721
55,811 WORTHINGTON INDUSTRIES<< 735,031
2,500 YAMATO KOGYO COMPANY LIMITED 74,691
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
PRIMARY METAL INDUSTRIES (continued)
6,000 YODOGAWA STEEL WORKS LIMITED $ 27,018
600 YUSHIRO CHEMICAL INDUSTRY COMPANY LIMITED 9,601
25,618,087
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.73%
6,597 AGGREKO PLC 71,311
160,792 CBS CORPORATION CLASS B 1,664,197
5,850 COMPAGNIE INDUSTRIALI RIUNITE 12,010
31,000 DAI NIPPON PRINTING COMPANY LIMITED 452,757
1,978 DE LA RUE PLC 28,063
199,418 GANNETT COMPANY INCORPORATED<< 1,722,972
32,079 HARTE HANKS INCORPORATED 418,310
29,330 HAYS PLC 49,610
783 HEIDELBERGER DRUCKMASCHINEN AG 6,847
4,209 INTERTEK GROUP PLC 82,841
29,983 JOHN WILEY & SONS INCORPORATED 961,555
2,905 JOHNSTON PRESS PLC 1,797
600 KADOKAWA GROUP HOLDINGS INCORPORATED 13,799
4,000 KOMORI CORPORATION 47,458
31,393 MEREDITH CORPORATION 868,958
61,505 MSCI INCORPORATED+ 1,809,477
21,839 NASPERS LIMITED 714,445
106,268 NEW YORK TIMES COMPANY CLASS A<< 808,699
2,000 NICHII GAKKAN COMPANY 23,127
1,600 NISSHA PRINTING COMPANY LIMITED 84,428
3,471 PAGESJAUNES SA 38,744
20,779 PEARSON PLC 254,380
1,137 PROMOTORA DE INFORMACIONES SA 6,830
18,608 PUBLISHING & BROADCASTING LIMITED 50,171
541 QUEBECOR INCORPORATED 12,196
2,518 RANDSTAD HOLDINGS NV 104,053
56,400 RR DONNELLEY & SONS COMPANY 1,006,176
960 SCHIBSTED ASA 13,720
12,654 SERCO GROUP PLC 96,470
7,526 SEVEN NETWORK LIMITED 40,519
83,000 SINGAPORE PRESS HOLDINGS LIMITED 210,819
33,600 STAR PUBLICATIONS LIMITED 31,296
503 TELEGRAAF MEDIA GROEP NV 9,360
4,800 THOMSON CORPORATION 153,153
30,000 TOPPAN PRINTING COMPANY LIMITED 296,292
1,036 TORSTAR CORPORATION 6,066
1,052 TRANSCONTINENTAL INCORPORATED 9,129
24,556 VISTAPRINT LIMITED+<< 1,017,601
1,458 WASHINGTON POST COMPANY CLASS B 633,297
8,902 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED 50,411
7,423 WOLTERS KLUWER NV 146,962
5,714 YELLOW PAGES INCOME FUND 26,410
14,056,716
--------------
RAILROAD TRANSPORTATION: 0.41%
78,069 ALL AMERICA LATINA LOGISTICA 90,715
12,400 CANADIAN NATIONAL RAILWAY COMPANY 599,414
4,400 CANADIAN PACIFIC RAILWAY LIMITED 210,686
89 CENTRAL JAPAN RAILWAY COMPANY 601,623
308,000 CHINA RAILWAY GROUP LIMITED CLASS H+ 265,858
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
RAILROAD TRANSPORTATION (continued)
19,000 EAST JAPAN RAILWAY COMPANY $ 1,241,483
22,268 GENESEE & WYOMING INCORPORATED+<< 698,770
6,769 GROUPE EUROTUNNEL SA 41,708
60,000 HANKYU HANSHIN HOLDINGS INCORPORATED 287,587
21,928 KANSAS CITY SOUTHERN+<< 524,079
27,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 119,549
23,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 190,575
27,000 KEIO CORPORATION 182,515
15,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 104,944
80,000 KINTETSU CORPORATION 346,480
60,750 MTR CORPORATION LIMITED 204,187
42,000 NAGOYA RAILROAD COMPANY LIMITED 143,987
24,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 106,008
19,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 75,959
18,700 NORFOLK SOUTHERN CORPORATION 857,769
28,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 251,564
17,000 SAGAMI RAILWAY COMPANY LIMITED 73,262
41,000 TOBU RAILWAY COMPANY LIMITED 257,765
129,250 WAN HAI LINES LIMITED 64,200
94 WEST JAPAN RAILWAY COMPANY 325,287
7,865,974
--------------
REAL ESTATE: 1.14%
433 AAREAL BANK AG 8,889
17,969 ABACUS PROPERTY GROUP 5,467
3,600 AEON MALL COMPANY LIMITED 84,922
66,000 AGILE PROPERTY HOLDINGS LIMITED 75,023
18,000 ALLGREEN PROPERTIES LIMITED 14,615
101,453 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 1,234,684
17,000 ASCENDAS INDIA TRUST 9,851
4,470 ATRIUM EUROPEAN REAL ESTATE LIMITED+ 28,068
1,011 ATRIUM LJUNGBERG AB 9,267
10,515 AUSTRALAND PROPERTY GROUP 4,755
17,805 BABCOCK & BROWN JAPAN PROPERTY TRUST 6,621
355 BEFIMMO SCA SICAFI 33,067
23,222 BRITISH LAND COMPANY PLC 183,353
40,600 BROOKFIELD PROPERTIES CORPORATION 446,517
51,700 BROOKFIELD PROPERTIES CORPORATION 567,149
2,000 BUKIT SEMBAWANG ESTATES LIMITED 5,843
5,609 BUNNINGS WAREHOUSE PROPERTY TRUST 8,130
1,016 CA IMMOBILIEN ANLAGEN AG+ 12,585
54,000 CAPITACOMMERICAL TRUST 33,353
116,500 CAPITALAND LIMITED 299,951
3,300 CASTELLUM AB 30,944
102,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 37,495
13,000 CDL HOSPITALITY TRUSTS 12,721
53,000 CENTRAL PATTANA PCL 32,570
24,714 CENTRO PROPERTIES GROUP 3,551
35,798 CENTRO RETAIL GROUP 3,782
65,720 CFS RETAIL PROPERTY TRUST 105,539
76,589 CHAMPION REIT 28,262
6,484 CHARTER HALL GROUP 2,905
69,000 CHEUNG KONG HOLDINGS LIMITED 818,604
190,480 CHINA OVERSEAS LAND & INVESTMENT LIMITED 387,328
82,000 CHINA RESOURCES LAND LIMITED 171,608
80 CHINA VANKE COMPANY LIMITED CLASS B 93
Wells Fargo Advantage Master Portfolios 177
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
REAL ESTATE (continued)
43,696 CHINESE ESTATES HOLDINGS LIMITED $ 80,396
20,000 CITY DEVELOPMENTS LIMITED 137,965
3,570 CITYCON OYJ 12,744
73,698 COMMONWEALTH PROPERTY OFFICE FUND 55,749
1,137 CONWERT IMMOBILIEN INVEST SE+ 13,937
241,184 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 98,957
19,063 CROMWELL GROUP 9,909
5 DA OFFICE INVESTMENT CORPORATION 15,846
5,400 DAIBIRU CORPORATION 48,748
7,000 DAIKYO INCORPORATED 18,205
4,100 DAITO TRUST CONSTRUCTION COMPANY LIMITED 195,637
225,657 DB RREEF TRUST 142,091
2,531 DERWENT VALLEY HOLDINGS PLC 47,384
58,654 DLF LIMITED 509,536
11,760 ECHO INVESTMENT 20,202
665 EUROCOMMERCIAL PROPERTIES NV 26,389
2,000 FABEGE AB 11,014
38,950 FAR EAST CONSORTIUM 9,297
20,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 35,484
681 FIRST CAPITAL REALTY INCORPORATED 11,900
9,279 FKP PROPERTY GROUP 5,725
516 FONCIERE DES REGIONS 54,001
21,557 FORESTAR REAL ESTATE GROUP INCORPORATED+ 311,283
138,000 FRANSHION PROPERTIES CHINA LIMITED 38,816
7 FRONTIER REAL ESTATE INVESTMENT CORPORATION 49,952
68 GAZIT AMERICA INCORPORATED+ 280
4,376 GAZIT GLOBE LIMITED 35,377
481 GECINA SA 47,704
158,600 GENTING INTERNATIONAL PLC+ 111,167
4 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 29,790
750 GOLDCREST COMPANY LIMITED 21,964
273,900 GOLDEN LAND PROPERTY PCL+ 25,932
430,098 GPT GROUP 223,564
10,514 GREAT EAGLE HOLDINGS LIMITED 22,628
7,106 GREAT PORTLAND ESTATES PLC 30,656
12,000 GREENTOWN CHINA HOLDINGS LIMITED 14,322
78,800 GUANGZHOU R&F PROPERTIES 128,716
14,666 GUOCOLAND LIMITED 21,272
30,401 HAMMERSON PLC 200,393
40,000 HANG LUNG GROUP LIMITED 184,247
87,000 HANG LUNG PROPERTIES LIMITED 271,087
31,401 HATTERAS FINANCIAL CORPORATION<< 938,576
6,500 HEIWA REAL ESTATE COMPANY LIMITED 22,703
945 HELIOPOLIS HOUSING 6,653
18,000 HENDERSON INVESTMENTS LIMITED 1,486
48,762 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 286,578
56,000 HONGKONG LAND HOLDINGS LIMITED 227,920
30,000 HOPEWELL HOLDINGS 90,769
26,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 38,243
6,000 HOTEL PROPERTIES LIMITED 8,578
14,560 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED 94,651
26,769 HYSAN DEVELOPMENT COMPANY LIMITED 62,791
431 ICADE 40,163
56,200 IGB CORPORATION BHD 28,886
6,108 IMMOEAST IMMOBILIEN ANLAGEN AG+ 31,261
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
REAL ESTATE (continued)
6,839 IMMOFINANZ IMMOBILIEN ANLAGEN AG $ 21,668
12,510 INDIABULLS REAL ESTATE LIMITED 70,435
43,055 ING INDUSTRIAL FUND 18,377
63,600 ING OFFICE FUND 29,296
24,150 ING PROPERTY TRUST 12,761
855 IRSA INVERSIONES Y REPRESENTACIONES SA ADR<< 5,335
1,008 IVG IMMOBILIEN AG 7,558
6 JAPAN EXCELLENT INCORPORATED 29,275
6 JAPAN LOGISTICS FUND INCORPORATED 40,946
35,871 JONES LANG LASALLE INCORPORATED 1,667,568
6 KENEDIX REALTY INVESTMENT 22,504
19,592 KEPPEL LAND LIMITED 34,807
26,053 KERRY PROPERTIES LIMITED 123,366
22,928 KIWI INCOME PROPERTY TRUST 16,364
2,118 KLEPIERRE 79,599
12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 12,232
3,102 KUNGSLEDEN 21,614
18,000 KWG PROPERTY HOLDING LIMITED 10,567
20,406 LAND SECURITIES GROUP PLC 205,133
18,496 LEND LEASE CORPORATION LIMITED 147,418
5,700 LEOPALACE21 CORPORATION 51,579
13,803 LIBERTY INTERNATIONAL PLC 117,748
992,500 LIPPO KARAWACI TBK PT 63,016
350 LUNDBERGFORETAGEN AB 15,857
132,974 MACQUAIRE OFFICE TRUST 30,345
64,198 MACQUARIE COUNTRYWIDE TRUST 34,184
23,226 MACQUARIE DDR TRUST 1,747
103,519 MACQUARIE GOODMAN GROUP 54,247
71,000 MAPLETREE LOGISTICS TRUST 32,520
257,000 MEGAWORLD CORPORATION 8,532
149 METROVACESA SA 5,304
700 MI DEVELOPMENTS INCORPORATED 9,374
5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 11,091
24,000 MIDLAND HOLDINGS LIMITED 17,310
9,000 MIRAMAR HOTEL & INVESTMENT 8,918
114,422 MIRVAC GROUP 143,130
17,147 MIRVAC REAL ESTATE INVESTMENT TRUST 8,406
65,189 MITSUBISHI ESTATE COMPANY LIMITED 1,080,995
41,000 MITSUI FUDOSAN COMPANY LIMITED 774,616
35,000 NEO-CHINA GROUP HOLDINGS LIMITED(a) 22,354
4 NEW CITY RESIDENCE INVESTMENT CORPORATION(a) 0
31,600 NEW WORLD CHINA LAND LIMITED 15,045
429 NEXITY SA 16,197
9 NIPPON COMMERCIAL INVESTMENT CORPORATION 16,172
9 NIPPON RESIDENTIAL INVESTMENT CORPORATION 22,440
3,800 NOMURA REAL ESTATE HOLDING INCORPORATED 66,566
40 NTT URBAN DEVELOPMENT CORPORATION 39,549
12 ORIX JREIT INCORPORATED 62,418
46,927 PHH CORPORATION+<< 997,668
4 PREMIER INVESTMENT COMPANY 16,851
1,125 PSP SWISS PROPERTY AG 61,780
1,431 QUINTAIN ESTATES & DEVELOPMENT PLC 4,153
28,000 RUENTEX DEVELOPMENT COMPANY LIMITED 22,712
2,158 SACYR VALLEHERMOSO SA 35,981
1,600 SANKEI BUILDING COMPANY LIMITED THE 12,415
Wells Fargo Advantage Master Portfolios 179
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
REAL ESTATE (continued)
15,147 SEGRO PLC $ 88,670
3,313 SHAFTESBURY PLC 20,443
78,000 SHENZHEN INVESTMENT LIMITED 28,078
51,000 SHIMAO PROPERTY HOLDING LIMITED 75,936
1,300 SHOEI 10,478
86,900 SHUI ON LAND LIMITED 48,101
60,000 SHUN TAK HOLDINGS LIMITED 40,023
241 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE 29,091
4,000 SINGAPORE LAND LIMITED 14,352
83,193 SINO LAND COMPANY 142,118
454,563 SM PRIME HOLDINGS INCORPORATED 97,816
81,000 SOHO CHINA LIMITED 43,058
58,850 SP SETIA BHD 74,868
68,132 STEWART ENTERPRISES INCORPORATED 361,781
103,465 STOCKLAND 330,556
360 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 15,514
22,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 463,170
65,000 SUN HUNG KAI PROPERTIES LIMITED 879,755
5,777 SUNLAND GROUP LIMITED 3,491
600 SURUGA CORPORATION(a) 0
525 SWISS PRIME SITE AG+ 25,484
52,507 TALAAT MOUSTAFA GROUP+ 60,421
23,044 THE ST. JOE COMPANY+<< 755,843
23,399 TIAN AN CHINA INVESTMENT 12,740
11,023 TISHMAN SPEYER OFFICE FUND 3,214
4,500 TOC COMPANY LIMITED 21,569
21,000 TOKYU LAND CORPORATION 98,399
2,113 UNIBAIL 417,880
40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD 51,077
24,000 UNITED OVERSEAS LAND LIMITED 57,129
8 UNITED URBAN INVESTMENT CORPORATION 44,621
52,951 VALAD PROPERTY GROUP 5,594
405 VASTNED RETAIL NV 24,589
99,116 WESTFIELD GROUP 1,060,565
40,000 WHEELOCK & COMPANY 107,607
10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED 12,561
20,000 WHEELOCK PROPERTIES LIMITED 12,386
7,000 WING TAI HOLDINGS LIMITED 8,453
21,922,510
---------------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.00%
18,718 AMP NZ OFFICE TRUST 10,276
7 ATHRIS HOLDING AG+ 6,545
703 DEUTSCHE EUROSHOP AG 22,555
39,376
---------------
REAL ESTATE HOLDING COMPANY: 0.00%
43,250 UEM LAND HOLDINGS BHD+ 19,774
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.37%
41,000 ASCENDAS REIT 46,948
107,265 BRANDYWINE REALTY TRUST<< 1,138,082
341 CALLOWAY REAL ESTATE INVESTMENT TRUST 5,102
83,636 CAPITAMALL TRUST 94,609
234 COFINIMMO SA 30,997
1,873 CORIO NV 114,535
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
14,762 FEDERAL REALTY INVESTMENT TRUST<< $ 920,706
3 FUKUOKA REIT CORPORATION 15,927
3 HANKYU REIT INCORPORATED 13,928
51,042 HEALTHCARE REALTY TRUST INCORPORATED 1,105,059
27 JAPAN PRIME REALTY INVESTMENT CORPORATION 64,562
21 JAPAN REAL ESTATE INVESTMENT CORPORATION 171,069
16 JAPAN RETAIL FUND INVESTMENT CORPORATION 85,287
13,000 K-REIT ASIA 9,744
69,910 LEXINGTON CORPORATE PROPERTIES TRUST 325,781
46,000 MACQUARIE MEAG PRIME REIT 17,398
5 MORI HILLS REIT INVESTMENT CORPORATION 19,183
6 MORI TRUST SOGO REIT INCORPORATED 48,361
26 NIPPON BUILDING FUND INCORPORATED 229,124
14 NOMURA REAL ESTATE OFFICE FUND 97,045
2,439 RIOCAN REIT 37,540
104,170 SENIOR HOUSING PROPERTIES TRUST 2,089,650
61,000 SUNTEC REIT 42,333
104,779 THE LINK REIT 230,906
7 TOKYU REIT INCORPORATED 39,570
7 TOP REIT INCORPORATED 29,113
443 WERELDHAVE NV 43,434
7,065,993
---------------
RENTAL AUTO/EQUIPMENT: 0.02%
44,376 UNITED RENTALS INCORPORATED+ 407,815
---------------
RETAIL: 0.09%
1,764 JUMBO SA 18,967
73,766 SIGNET JEWELERS LIMITED<< 1,787,350
1,806,317
---------------
RETAIL DEPARTMENT STORES: 0.06%
3,200 EDION CORPORATION 27,375
40,501 MEN'S WEARHOUSE INCORPORATED<< 1,053,026
65,000 PARKSON RETAIL GROUP LIMITED 94,769
188,400 ROBINSON DEPARTMENT STORE PCL 56,503
1,231,673
---------------
RETAIL-GROCERY: 0.00%
4,153 SUPER-SOL LIMITED 16,568
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.38%
19,933 A SCHULMAN INCORPORATED 400,454
8,000 ACHILLES CORPORATION 13,498
57,327 AMCOR LIMITED 279,573
5,775 ANSELL LIMITED 47,102
3,000 BANDO CHEMICAL INDUSTRIES LIMITED 9,704
7,323 BRIDGESTONE CORPORATION<< 269,120
107,028 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 204,194
3,890 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 292,723
49,230 COOPER TIRE & RUBBER COMPANY 703,004
66,081 GOODYEAR TIRE & RUBBER COMPANY+ 1,089,676
7,920 HANKOOK TIRE COMPANY LIMITED 140,783
320 HEXPOL AB+ 2,248
76,113 JARDEN CORPORATION+ 1,853,352
6,000 KUREHA CORPORATION 36,432
Wells Fargo Advantage Master Portfolios 181
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS (continued)
3,000 MITSUBOSHI BELTING COMPANY LIMITED $ 12,896
33,771 NAN KANG RUBBER TIRE COMPANY LIMITED 31,907
4,000 NIPPON VALQUA INDUSTRIES LIMITED 8,898
900 NITTA CORPORATION 14,383
4,000 OKAMOTO INDUSTRIES INCORPORATED 15,390
43,500 SEALED AIR CORPORATION 822,585
1,000 TENMA CORPORATION 12,574
1,200 TOKAI RUBBER INDUSTRIES INCORPORATED 14,831
9,000 TOYO TIRE & RUBBER COMPANY LIMITED 21,376
36,000 TSRC CORPORATION 41,396
700 UPONOR OYJ 11,771
20,463 WEST PHARMACEUTICAL SERVICES INCORPORATED 822,408
15,000 YOKOHAMA RUBBER COMPANY LIMITED 78,184
7,250,462
--------------
SCHOOLS: 0.00%
9,288 ABC LEARNING CENTRES LIMITED(a) 0
64,340 RAFFLES EDUCATION CORPORATION LIMITED 23,888
23,888
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.75%
14,619 ABERDEEN ASSET MANAGEMENT PLC 32,747
2,180 AGF MANAGEMENT LIMITED 29,372
70,208 AMERIPRISE FINANCIAL INCORPORATED 2,108,346
3,442 AZIMUT HOLDING SPA 39,698
1,507 BLACKROCK INCORPORATED NEW YORK SHARES 300,752
143,889 BMF BOVESPA SA 888,666
20,100 BURSA MALAYSIA BHD 44,521
4,962 CABCHARGE AUSTRALIA LIMITED 24,744
112,990 CAPITAL SECURITIES CORPORATION 47,027
64,190 CHARLES SCHWAB CORPORATION 1,159,271
4,565 CME GROUP INCORPORATED 1,328,598
17,974 CRITERIA CAIXACORP SA 90,187
14,870 DAEWOO SECURITIES COMPANY LIMITED 273,254
5,096 DEUTSCHE BOERSE AG 389,027
1,056 DUNDEE CORPORATION CLASS A 9,926
5,124 F&C ASSET MANAGEMENT PLC 6,340
28,306 FEDERATED INVESTORS INCORPORATED CLASS B 743,033
11,040 FRANKLIN RESOURCES INCORPORATED 1,030,363
637,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 394,407
21,943 GOLDMAN SACHS GROUP INCORPORATED 3,630,689
2,800 GREENHILL & COMPANY INCORPORATED 221,760
62,362 GRUPO FINANCIERO BANORTE SA DE CV 183,944
97,032 GRUPO FINANCIERO INBURSA SA DE CV 260,341
5,000 GUOCO GROUP LIMITED 47,900
820 HELLENIC EXCHANGES SA HOLDING 9,875
10,217 HYUNDAI SECURITIES COMPANY 136,619
1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 10,623
2,900 IGM FINANCIAL INCORPORATED 108,344
8,280 INDIA INFOLINE LIMITED 23,021
17,948 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,683,522
1,769 INTERMEDIATE CAPITAL GROUP PLC 8,640
113,182 INVESCO LIMITED 2,348,527
14,209 INVESTEC LIMITED 106,538
26,820 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 660,845
182 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
1,000 IWAI SECURITIES COMPANY LIMITED $ 9,124
3,500 JAPAN SECURITIES FINANCE COMPANY LIMITED 28,549
12,000 KIM ENG HOLDINGS LIMITED 17,405
86,600 KIM ENG SECURITIES THAILAND PCL 33,102
5,803 KINNEVIK INVESTMENT AB 78,667
46,736 LAZARD LIMITED 1,816,628
43,100 LEGG MASON INCORPORATED<< 1,239,556
48,561 MACQUARIE AIRPORTS GROUP 105,072
2,000 MARUSAN SECURITIES COMPANY LIMITED 13,799
61,000 MASTERLINK SECURITIES CORPORATION 20,385
84,504 MF GLOBAL LIMITED+<< 604,204
1,864 MIRAE ASSET SECURITIES COMPANY LIMITED 108,953
3,000 MITO SECURITIES COMPANY LIMITED 8,254
12,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 14,186
61,852 MORGAN STANLEY 1,791,234
39,616 NASDAQ STOCK MARKET INCORPORATED+ 869,571
119,200 NOMURA HOLDINGS INCORPORATED 1,054,289
30,500 NOMURA HOLDINGS INCORPORATED ADR<< 270,535
11,900 NYSE EURONEXT (PARIS) INCORPORATED 337,246
137 NYSE EURONEXT INCORPORATED 3,830
7,000 OKASAN HOLDINGS INCORPORATED 34,756
25,779 OPTIONSXPRESS HOLDINGS INCORPORATED 428,963
12 PACIFIC MANAGEMENT CORPORATION(a) 0
276 PARTNERS GROUP 31,799
12,101 PIPER JAFFRAY COMPANIES INCORPORATED+<< 613,279
4,384 PLATINUM ASSET MANAGEMENT LIMITED 18,564
142,828 POLARIS SECURITIES COMPANY LIMITED+ 69,209
100,000 POLYTEC ASSET HOLDINGS LIMITED 17,547
82,250 PRESIDENT SECURITIES CORPORATION 40,980
710 RATHBONE BROTHERS 9,767
25,199 RAYMOND JAMES FINANCIAL INCORPORATED<< 573,277
8,017 RELIANCE CAPITAL LIMITED 143,157
150,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED+ 12,193
4 RISA PARTNERS INCORPORATED 3,387
4,887 SAMSUNG SECURITIES COMPANY LIMITED 292,696
1,063 SCHRODERS PLC 15,774
21,000 SHINKO SECURITIES COMPANY LIMITED 78,990
16,816 STIFEL FINANCIAL CORPORATION+<< 946,741
58,300 SUMITOMO CORPORATION 597,097
17,436 T. ROWE PRICE GROUP INCORPORATED 790,200
56,800 TA ENTERPRISES BHD 19,033
14,457 TD AMERITRADE HOLDING CORPORATION+ 278,153
7,124 TONG YANG INVESTMENT BANK 92,700
1,767 TSX GROUP INCORPORATED 57,057
87,070 UBS AG 1,606,712
11,000 UOB-KAY HIAN HOLDINGS LIMITED 11,756
189 VAN LANSCHOT NV 9,754
9,710 WOORI INVESTMENT & SECURITIES COMPANY LIMITED 136,060
7,000 YAMANASHI CHOU BANK LIMITED 37,765
33,773,422
--------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 0.07%
56,399 APPLIED MICRO CIRCUITS CORPORATION+ 447,808
11,237 ASML HOLDING NV 308,255
Wells Fargo Advantage Master Portfolios 183
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED (continued)
14,479 CABOT MICROELECTRONICS CORPORATION+ $ 500,249
2,200 CSR PLC+ 16,926
1,273,238
--------------
SEMICONDUCTORS: 0.17%
240,471 SILICONWARE PRECISION INDUSTRIES COMPANY 300,986
1,562,299 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 2,809,778
606,301 UNITED MICROELECTRONICS CORPORATION 248,661
3,359,425
--------------
SOCIAL SERVICES: 0.04%
8,069 ABERTIS INFRAESTRUCTURAS SA 175,549
7,874 ATLANTIA SPA 175,194
7,351 BRISA-AUTO ESTRADAS DE PORTUGAL SA 65,128
32,517 G4S PLC 118,259
56,780 TRANSURBAN GROUP 193,883
728,013
--------------
SOFTWARE: 0.04%
13,472 MANTECH INTERNATIONAL CORPORATION CLASS A+ 711,860
--------------
STEEL PRODUCERS, PRODUCTS: 0.00%
913 SALZGITTER AG 86,897
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.51%
12,370 ADELAIDE BRIGHTON LIMITED 28,647
93,738 AMBUJA CEMENTS LIMITED 190,356
159,826 ASIA CEMENT CORPORATION 170,427
8,382 ASSOCIATED CEMENT COMPANIES LIMITED 138,541
27,739 BORAL LIMITED 135,747
1,819 BRICKWORKS LIMITED 21,278
3,000 BUNKA SHUTTER COMPANY LIMITED 11,478
1,499 BUZZI UNICEM SPA 25,616
11,173 CEMENTOS BIO-BIO SA 23,204
2,855 CEMENTOS LIMA SA 27,105
670,411 CEMEX SAB DE CV 887,573
29,980 CHINA INTERNATIONAL MARINE CONTAINERS COMPANY LIMITED CLASS B 29,011
800 CHOFU SEISAKUSHO COMPANY LIMITED 17,152
116 CIMENTS FRANCAIS SA 12,733
6,505 CIMPOR CIMENTOS DE PORTUGAL SA 47,654
5,200 CLEANUP CORPORATION 36,548
12,115 COMPAGNIE DE SAINT-GOBAIN 545,187
106,576 CORNING INCORPORATED 1,607,166
18,886 CRH PLC 484,645
101,100 DYNASTY CERAMIC PCL 62,426
25,911 EAGLE MATERIALS INCORPORATED<< 682,237
27 FORBO HOLDING AG 6,757
3,000 FUJITEC COMPANY LIMITED 17,378
641 GERRESHEIMER AG 18,066
61,550 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 29,825
273 HEIDELBERGCEMENT AG 16,007
790 IMERYS SA 41,395
14,879 INDIA CEMENTS LIMITED 40,957
79,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT 79,263
888 ITALCEMENTI SPA 13,316
184 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS (continued)
2,435 ITALCEMENTI SPA RNC $ 18,851
20,453 JAMES HARDIE INDUSTRIES NV 120,144
33,000 K WAH INTERNATIONAL HOLDINGS LIMITED 9,027
30,270 LAFARGE MALAYAN CEMENT BHD 53,294
5,029 LAFARGE SA 427,603
7,300 MADRAS CEMENTS LIMITED 16,177
3,000 NICHIAS CORPORATION 11,542
2,000 NIHON YAMAMURA GLASS COMPANY LIMITED 6,341
23,847 OWENS CORNING INCORPORATED+ 532,742
45,883 OWENS-ILLINOIS INCORPORATED+ 1,557,269
5,000 PANAHOME CORPORATION 31,703
41,185 PRETORIA PORTLAND CEMENT COMPANY LIMITED 170,100
22,837 REXAM PLC 99,449
250 SA DES CIMENTS VICAT 18,486
12,000 SANKYO-TATEYAMA HOLDINGS INCORPORATED 13,025
104,500 SEMEN GRESIK PERSERO TBK PT 61,684
20,000 SIAM CEMENT PCL 114,084
4,800 SIAM CITY 29,638
15,730 SIG PLC 35,954
51 SIKA AG 64,731
4,510 SUEZ CEMENT COMPANY 33,407
18,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 38,302
40,000 TAIHEIYO CEMENT CORPORATION 69,210
250,854 TAIWAN CEMENT CORPORATION 272,067
103,505 TAIWAN GLASS INDUSTRIAL CORPORATION 64,462
6,000 TAKARA STANDARD COMPANY LIMITED 35,271
5,677 TATA CHEMICALS LIMITED 28,859
960 TITAN CEMENT COMPANY SA 27,801
8,600 TOYO SEIKAN KAISHA LIMITED 179,486
3,390 ULTRA TECH CEMENT LIMITED 52,893
123,083 UNITED TRACTORS TBK PT 164,843
331,800 VANACHAI GROUP PCL 19,512
14,000 YTL CEMENT BHD 16,499
9,842,151
--------------
TELECOMMUNICATIONS: 0.03%
10,500 BRASIL TELECOM PARTICIPACOES SA 91,590
3,084 FIRST QUANTUM MINERALS LIMITED 182,631
1,224 HOT TELECOMMUNICATION SYSTEM LIMITED+ 11,323
58,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED+ 12,273
24,600 RELIANCE COMMUNICATIONS LIMITED 131,200
1,144 TECH MAHINDRA LIMITED 22,232
81,100 TOTAL ACCESS COMMUNICATION PCL 81,672
34,628 TURK TELEKOMUNIKASYON AS 105,724
638,645
--------------
TEXTILE MILL PRODUCTS: 0.16%
5,004 ADITYA BIRLA NUVO LIMITED 102,934
23,218 ALBANY INTERNATIONAL CORPORATION CLASS A 399,117
8,000 ATSUGI COMPANY LIMITED 11,263
5,917 CENTURY TEXTILE & INDUSTRIES LIMITED 55,922
86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 3,495
6,000 DAIWABO COMPANY LIMITED 27,534
259,358 FAR EASTERN TEXTILE COMPANY LIMITED 258,440
64,000 FORMOSA TAFFETA COMPANY LIMITED 40,247
Wells Fargo Advantage Master Portfolios 185
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
TEXTILE MILL PRODUCTS (continued)
$ 2,737 GILDAN ACTIVEWEAR INCORPORATED+ $ 56,378
31,349 INTERFACE INCORPORATED 207,217
8,000 KURABO INDUSTRIES LIMITED 17,625
15,500 KURARAY COMPANY LIMITED 169,076
406 LAKSHMI MACHINE WORKS LIMITED 9,138
26,000 MITSUBISHI RAYON COMPANY LIMITED 85,782
15,250 MOHAWK INDUSTRIES INCORPORATED+<< 764,330
7,000 NISSHINBO INDUSTRIES INCORPORATED 81,773
9,000 NITTO BOSEKI COMPANY LIMITED 17,797
1,360 NYRSTAR 14,038
45,618 RUENTEX INDUSTRIES LIMITED 52,940
2,100 SEIREN COMPANY LIMITED 13,631
6,451 SPOTLESS GROUP LIMITED 13,631
62,000 TAINAN SPINNING COMPANY LIMITED 19,118
47,000 TEIJIN LIMITED 155,067
22,000 TEXWINCA HOLDINGS LIMITED 17,315
67,000 TORAY INDUSTRIES INCORPORATED 391,703
40,000 TOYOBO COMPANY LIMITED 76,518
17,000 UNITIKA 16,443
298,300 UNIVERSAL ROBINA CORPORATION 64,190
3,142,662
--------------
TOBACCO PRODUCTS: 0.71%
104,260 ALTRIA GROUP INCORPORATED 1,905,873
14,000 AMVIG HOLDINGS LIMITED 9,429
10,800 BRITISH AMERICAN TOBACCO MALAYSIA BHD 140,770
10,517 BRITISH AMERICAN TOBACCO PLC 320,816
53,970 BRITISH AMERICAN TOBACCO PLC 1,646,513
1,036 EASTERN TOBACCO 25,286
4,197 FILTRONA PLC 11,287
45,000 HUABAO INTERNATIONAL HOLDINGS LIMITED 46,623
28,470 IMPERIAL TOBACCO GROUP PLC 801,815
169,564 ITC LIMITED 802,065
224 JAPAN TOBACCO INCORPORATED 649,732
11,658 LORILLARD INCORPORATED 848,353
101,226 PHILIP MORRIS INTERNATIONAL 4,627,040
68,500 PT GUDANG GARAM TBK 97,178
8,469 REYNOLDS AMERICAN INCORPORATED 387,118
5,500 SOUZA CRUZ SA+ 175,678
6,500 SWEDISH MATCH AB 125,097
739,500 TELEKOMUNIKASI INDONESIA TBK PT 616,250
15,344 UNIVERSAL CORPORATION<< 565,887
13,802,810
--------------
TRANSPORTATION: 0.00%
13,204 ESSAR SHIPPING PORTS & LOGISTICS LIMITED 18,390
--------------
TRANSPORTATION BY AIR: 0.55%
30 ACE AVIATION HOLDINGS INCORPORATED+ 119
815 AEROPORTS DE PARIS 70,080
166,000 AIR CHINA 97,667
5,854 AIR FRANCE-KLM 89,337
87,300 AIRASIA BHD+ 33,963
53,200 AIRPORTS OF THAILAND PCL 57,095
32,900 ALITALIA SPA+(a) 0
54,000 ALL NIPPON AIRWAYS COMPANY LIMITED 166,556
186 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
TRANSPORTATION BY AIR (continued)
247,274 AMR CORPORATION+ $ 1,350,116
4,155 ARRIVA PLC 32,021
94,215 BAE SYSTEMS PLC 478,844
4,900 BOMBARDIER INCORPORATED 17,769
11,756 BRITISH AIRWAYS PLC+ 36,650
41,000 CATHAY PACIFIC AIRWAYS LIMITED 59,460
134,581 CHINA AIRLINES(a) 32,218
28,525 COBHAM PLC 93,896
86,513 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 1,148,028
213,111 DELTA AIR LINES INCORPORATED+ 1,538,661
5,203 DEUTSCHE LUFTHANSA AG 83,542
4,419 EASYJET PLC+ 23,006
1,785 ELBIT SYSTEMS LIMITED 116,054
8,418 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 174,505
187,000 EVA AIRWAYS CORPORATION+ 42,949
15,000 FEDEX CORPORATION 1,030,650
9,625 FINMECCANICA SPA 153,715
99 FLUGHAFEN ZUERICH AG 26,739
13,369 IBERIA LINEAS AEREAS DE ESPANA SA 33,330
41,000 JAPAN AIRLINES CORPORATION+ 73,584
63 JAZZ AIR INCOME FUND 198
217,162 JETBLUE AIRWAYS CORPORATION+<< 1,261,711
740 KLOECKNER & COMPANY 19,732
2,420 KOREAN AIR LINES COMPANY LIMITED 80,996
9,885 LAN AIRLINES SA 118,138
23,067 MALAYSIAN AIRLINE SYSTEM BHD+ 20,634
16,312 MEGGITT PLC 56,853
51,388 QANTAS AIRWAYS LIMITED 109,886
5,200 RYANAIR HOLDINGS PLC ADR+<< 142,428
22,500 SAS AB+ 13,117
52,675 SKYWEST INCORPORATED 813,829
13,260 TAV HAVALIMANLARI HOLDING AS+ 36,949
76,300 THAI AIRWAYS INTERNATIONAL PCL+ 43,747
2,451 THALES SA 112,441
2,957 TUI AG 25,711
33,070 TURK HAVA YOLLARI ANONIM ORTAKLIGI 63,490
88,478 UAL CORPORATION+<< 551,218
25,119 VIRGIN BLUE HOLDINGS LIMITED 8,280
1,900 WESTJET AIRLINES LIMITED+ 21,104
1,011 ZODIAC SA 38,351
10,599,367
--------------
TRANSPORTATION EQUIPMENT: 2.06%
123,000 AAPICO HITECH PCL 25,135
24,199 AAR CORPORATION+ 411,625
9,000 AISIN SEIKI COMPANY LIMITED 225,363
2,600 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 20,398
5,547 AMTEK AUTO LIMITED 17,717
9,293 ASHTEAD GROUP PLC 12,330
10,417 BAJAJ AUTO 259,374
8,363 BAJAJ FINSERV 47,840
1,071 BAYERISCHE MOTOREN WERKE AG 32,182
4,848 BBA AVIATION PLC 12,186
37,284 BOMBARDIER INCORPORATED CLASS B 136,228
74,657 BRUNSWICK CORPORATION 693,564
5,800 CAE INCORPORATED 46,728
Wells Fargo Advantage Master Portfolios 187
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
TRANSPORTATION EQUIPMENT (continued)
7,000 CALSONIC KANSEI CORPORATION $ 17,378
30,174 CHINA MOTOR COMPANY LIMITED 16,638
31,335 CLARCOR INCORPORATED 1,004,600
45 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 21,676
10,000 DAIHATSU MOTOR COMPANY LIMITED 102,633
23,762 DAIMLERCHRYSLER AG 1,074,083
24,100 DENSO CORPORATION 700,596
200,000 DENWAY MOTORS LIMITED 89,027
94,900 DRB-HICOM BHD 30,722
1,300 EXEDY CORPORATION 27,663
2,000 FCC COMPANY LIMITED 30,973
19,270 FIAT SPA (COMMON) 228,188
1,014 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES) 7,159
1,069 FIAT SPA (PREFERRED) 7,199
215,579 FORD MOTOR COMPANY+ 1,638,400
1,900 FUTABA INDUSTRIAL COMPANY LIMITED 7,923
43,779 GENUINE PARTS COMPANY 1,621,574
115 GEORG FISCHER AG 28,183
58,231 GKN PLC 103,519
30,581 GOODRICH CORPORATION 1,686,848
19,938 GROUP 1 AUTOMOTIVE INCORPORATED<< 561,653
899 GUD HOLDINGS LIMITED 6,763
64,100 HARLEY-DAVIDSON INCORPORATED<< 1,537,118
19,595 HARSCO CORPORATION 611,168
6,935 HERO HONDA MOTORS LIMITED 214,577
16,000 HINO MOTORS LIMITED 66,201
86,900 HONDA MOTOR COMPANY LIMITED 2,741,016
25 HONDA MOTOR COMPANY LIMITED ADR 783
34,699 HONEYWELL INTERNATIONAL INCORPORATED 1,275,535
837 HYUNDAI MIPO DOCKYARD COMPANY LIMITED 82,768
5,128 HYUNDAI MOBIS 544,089
10,881 HYUNDAI MOTOR COMPANY LIMITED 923,521
62,000 ISUZU MOTORS LIMITED 143,923
45,084 ITT CORPORATION 2,257,807
2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 12,832
28,886 JOHNSON CONTROLS INCORPORATED 715,506
9,600 JTEKT CORPORATION 123,804
1,200 KANTO AUTO WORKS LIMITED 12,316
5,000 KAYABA INDUSTRY COMPANY LIMITED 13,487
2,100 KEIHIN CORPORATION 34,891
18,360 KIA MOTORS CORPORATION 248,446
78,064 KING YUAN ELECTRONICS COMPANY LIMITED 27,866
5,000 KOITO MANUFACTURING COMPANY LIMITED 66,362
924 LINAMAR CORPORATION 10,719
21,097 LOCKHEED MARTIN CORPORATION 1,581,853
2,800 MAGNA INTERNATIONAL INCORPORATED CLASS A 126,860
10,072 MAHINDRA & MAHINDRA LIMITED 173,238
7,876 MARUTI SUZUKI INDIA LIMITED 231,925
44,000 MAZDA MOTOR CORPORATION 121,999
181,000 MITSUBISHI MOTORS CORPORATION+ 328,737
36,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 97,883
1,003 MTU AERO ENGINES HOLDINGS 42,346
800 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED 14,521
15,739 NAVISTAR INTERNATIONAL CORPORATION+ 680,554
8,000 NGK SPARK PLUG COMPANY LIMITED 100,677
10,000 NHK SPRING COMPANY LIMITED 73,724
188 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
TRANSPORTATION EQUIPMENT (continued)
1,700 NIFCO INCORPORATED $ 30,291
2,000 NIPPON SEIKI COMPANY LIMITED 23,342
6,000 NIPPON SHARYO LIMITED 39,656
6,000 NISSAN SHATAI COMPANY LIMITED 49,393
1,700 NISSIN KOGYO COMPANY LIMITED 22,143
5,400 NOK CORPORATION 73,586
2,550 NOKIAN RENKAAT OYJ 57,358
15,533 NORTHROP GRUMMAN CORPORATION 758,166
32,900 ORBITAL SCIENCES CORPORATION+ 486,591
23,600 ORIENTAL HOLDINGS BHD 36,189
72,785 OSHKOSH TRUCK CORPORATION 2,445,576
17,600 PACCAR INCORPORATED 636,592
51,131 PIRELLI & COMPANY SPA 24,483
2,248 PORSCHE AG 165,650
4,000 PRESS KOGYO COMPANY LIMITED 9,586
1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 3,978
12,700 PROTON HOLDINGS BHD 11,000
5,196 RENAULT SA 233,900
4,000 RIKEN CORPORATION 13,541
800 SAAB AB 9,300
4,000 SANDEN CORPORATION 12,080
36,757 SANYANG INDUSTRIAL COMPANY LIMITED 14,014
8,320 SCANIA AB CLASS B 102,562
36,200 SEMBCORP MARINE LIMITED 77,628
11,000 SHINMAYWA INDUSTRIES LIMITED 45,513
1,800 SHOWA CORPORATION 11,529
62,500 SINOTRUK HONG KONG LIMITED 72,496
63,650 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 987,848
3,438 STX SHIPBUILDING COMPANY LIMITED 40,879
8,100 SUMITOMO RUBBER INDUSTRIES 77,736
22,200 SUZUKI MOTOR CORPORATION 529,651
700 TACHI-S COMPANY LIMITED 6,364
900 TAKATA CORPORATION 17,110
4,726 TATA MOTORS LIMITED 47,400
10,088 TATA MOTORS LIMITED ADR<< 116,920
67,400 TEXTRON INCORPORATED 1,035,264
13,600 THAI STANLEY ELECTRIC PCL 37,189
34,628 THOR INDUSTRIES INCORPORATED<< 902,059
4,538 TOFAS TURK OTOMOBIL FABRIKASI AS 11,374
3,200 TOYODA GOSEI COMPANY LIMITED 92,509
1,500 TOYOTA AUTO BODY COMPANY LIMITED 29,500
4,300 TOYOTA BOSHOKU CORPORATION 75,926
10,900 TOYOTA INDUSTRIES CORPORATION 294,025
8,500 TRANSDIGN GROUP INCORPORATED+<< 378,420
56,665 TRW AUTOMOTIVE HOLDINGS CORPORATION+<< 1,000,137
2,500 TS TECH COMPANY LIMITED 45,218
46,800 UMW HOLDINGS BHD 81,998
1,133 VALEO SA 28,847
2,854 VOLKSWAGEN AG 552,560
12,500 VOLVO AB CLASS A 107,116
28,380 VOLVO AB CLASS B 248,180
279 VOSSLOH AG 32,882
29,814 WABTEC CORPORATION 1,116,534
44,000 XINYI GLASS HOLDING COMPANY LIMITED 32,132
11,500 YAMAHA MOTOR COMPANY LIMITED 135,578
Wells Fargo Advantage Master Portfolios 189
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
TRANSPORTATION EQUIPMENT (continued)
107,416 YANG MING MARINE TRANSPORT $ 39,975
60,929 YUE LOONG MOTOR 53,309
39,813,903
--------------
TRANSPORTATION SERVICES: 0.51%
52,464 ASCIANO GROUP 70,505
48,400 BANGKOK EXPRESSWAY PCL 26,185
138,666 BERLIAN LAJU TANKER 10,180
394 CARGOTEC CORPORATION 8,936
42,171 CH ROBINSON WORLDWIDE INCORPORATED 2,372,540
28,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY LIMITED 60,404
4,728 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 41,857
77,000 COMFORTDELGRO CORPORATION LIMITED 82,827
1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 13,353
21,905 DEUTSCHE POST AG 377,938
59,579 EXPEDIA INCORPORATED+<< 1,373,296
52,956 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 1,729,543
11,135 FIRSTGROUP PLC 68,775
5,090 FREIGHTWAYS LIMITED 10,514
36,207 GATX CORPORATION<< 993,158
551 GLOVIS COMPANY LIMITED 45,884
462 GO-AHEAD GROUP PLC 10,191
11,000 GOODPACK LIMITED 7,367
348 HAMBURGER HAFEN UND LOGISTIK AG 14,543
47,222 HERTZ GLOBAL HOLDINGS INCORPORATED+<< 468,442
9,000 INTEGRATED DISTRIBUTION SERVICES GROUP LIMITED 13,354
13,000 KAMIGUMI COMPANY LIMITED 109,952
700 KINTETSU WORLD EXPRESS INCORPORATED 16,024
805 KONINKLIJKE VOPAK NV 51,702
556 KOREA EXPRESS COMPANY LIMITED+ 31,119
1,401 KUEHNE & NAGEL INTERNATIONAL AG 111,270
3,000 MARUZEN SHOWA UNYU COMPANY LIMITED 9,930
2,184 NATIONAL EXPRESS GROUP PLC 14,165
782 OESTERREICHISCHE POST AG 21,020
295 PANALPINA WELTTRANSPORT HOLDINGS AG 23,402
41,000 POS MALAYSIA & SERVICES HOLDINGS BHD 25,614
1,684 SBS TRANSIT LIMITED 2,080
4,000 SENKO COMPANY LIMITED 15,776
24,200 SINGAPORE AIRLINES LIMITED 215,977
50,000 SINGAPORE POST LIMITED 32,444
101,500 SINOTRANS SHIPPING LIMITED 44,395
29,000 SMRT CORPORATION LIMITED 34,214
299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 22,307
10,983 STAGECOACH GROUP PLC 24,102
9,613 THE GREAT EASTERN SHIPPING COMPANY LIMITED 55,817
10,910 THOMAS COOK GROUP PLC 41,045
9,682 TNT NV 238,878
1,735 TOGNUM AG 26,440
50,000 TOKYU CORPORATION 245,567
30,389 TOLL HOLDINGS LIMITED 204,708
11,600 TRANSPORT INTERNATIONAL HOLDINGS LIMITED 35,247
21,000 YAMATO HOLDINGS COMPANY LIMITED 347,555
2,000 YOKOGAWA BRIDGE HOLDINGS CORPORATION 16,357
9,816,899
--------------
190 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
UTILITY - ELECTRIC: 0.08%
31,221 KB FINANCIAL GROUP INCORPORATED+ $ 1,287,418
26,606 KSK ENERGY VENTURES LIMITED+ 113,317
22,684 RELIANCE POWER LIMITED+ 74,986
11,792 TORRENT POWER LIMITED 54,957
1,530,678
--------------
WASTE MANAGEMENT: 0.00%
1,197 BFI CANADA LIMITED 16,160
--------------
WATER TRANSPORTATION: 0.37%
17 A.P. MOLLER-MAERSK A/S 117,873
35,845 ALEXANDER & BALDWIN INCORPORATED<< 1,028,752
21,500 CARNIVAL CORPORATION 628,875
3,513 CARNIVAL PLC+ 108,775
45,650 CHINA SHIPPING CONTAINER LINES COMPANY LIMITED CLASS H 16,551
6,000 CHINESE MARITIME TRANSPORT LIMITED 15,640
43,856 CIA SUDAMERICANA DE VAPORES SA+ 33,105
227 COMPAGNIE MARITIME BELGE SA 7,046
43,000 COSCO CORPORATION SINGAPORE LIMITED 37,302
189,000 COSCO HOLDINGS 228,982
340 D S NORDEN 11,967
4,000 DAIICHI CHUO KISEN KAISHA 11,005
524 DS TORM AS 4,955
220,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 133,003
30,000 EZRA HOLDINGS LIMITED 34,144
578 FORTH PORTS PLC 12,261
23,560 GENCO SHIPPING & TRADING LIMITED<< 456,357
45,241 GENERAL MARITIME CORPORATION<< 359,666
5,670 HANJIN SHIPPING COMPANY LIMITED 98,518
4,350 HYUNDAI MERCHANT MARINE COMPANY LIMITED 93,346
4,200 IINO KAIUN KAISHA LIMITED 21,801
134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 59,307
1,100 INUI STEAMSHIP COMPANY LIMITED 7,802
61,000 JAYA HOLDINGS LIMITED 19,685
30,000 KAWASAKI KISEN KAISHA LIMITED 131,865
13,408 KIRBY CORPORATION+<< 496,766
300 KOREA LINE CORPORATION 12,731
14,000 MALAYSIAN BULK CARRIERS BHD 12,324
76,200 MISC BHD 190,419
56,000 MITSUI OSK LINES LIMITED 358,087
28,000 NEPTUNE ORIENT LINES LIMITED 31,285
58,000 NIPPON YUSEN KABUSHIKI KAISHA 251,198
4,000 NISSIN CORPORATION 11,005
7,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 32,876
20,583 OVERSEAS SHIPHOLDING GROUP INCORPORATED<< 728,021
69,000 PACIFIC BASIN SHIPPING LIMITED 46,027
17,127 PETRONET LNG LIMITED 25,607
2,269 PORT OF TAURANGA LIMITED 10,277
14,200 PRECIOUS SHIPPING PCL 6,931
73,800 REGIONAL CONTAINER LINES PCL+ 23,869
37,112 ROYAL CARIBBEAN CRUISES LIMITED<< 708,097
284 SCHMITT INDUSTRIES INCORPORATED 20,630
10,900 SCOMI MARINE BHD 1,733
2,000 SHINWA KAIUN KAISHA LIMITED 5,524
35,800 SINCERE NAVIGATION CORPORATION 40,785
3,000 STX PAN OCEAN COMPANY LIMITED+ 26,732
Wells Fargo Advantage Master Portfolios 191
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
WATER TRANSPORTATION (continued)
20,000 TAIWAN NAVIGATION COMPANY LIMITED $ 32,567
10,966 TEEKAY CORPORATION 197,388
81,840 THORESEN THAI AGENCIES PCL 55,587
42,000 U-MING TRANSPORT CORPORATION 68,008
7,073,057
--------------
WHOLESALE - SPECIAL LINE: 0.00%
500 NICHIDEN CORPORATION 14,696
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.93%
17,421 AIRGAS INCORPORATED<< 810,077
25,072 ALFA SA DE CV 109,549
1,800 ALFRESA HOLDINGS CORPORATION 81,440
18,436 BROWN-FORMAN CORPORATION CLASS B 824,458
18,200 CARDINAL HEALTH INCORPORATED 629,356
50,500 DEAN FOODS COMPANY+ 916,070
131 EMS-CHEMIE HOLDINGS AG 13,955
27,071 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+ 610,992
53,500 ESPRIT HOLDINGS LIMITED 325,468
36,524 FRESH DEL MONTE PRODUCE INCORPORATED+ 836,400
110 GALENICA AG 35,268
22,379 HENRY SCHEIN INCORPORATED+<< 1,185,639
2,500 HITACHI HIGH-TECHNOLOGIES CORPORATION 50,322
141,575 INCHCAPE PLC 63,957
172,900 IT CITY PCL 24,809
74,000 ITOCHU CORPORATION 524,879
8,439 JARDINE CYCLE & CARRIAGE LIMITED 135,872
4,379 JERONIMO MARTINS 34,157
9,390 KT&G CORPORATION 506,003
3,810 LG CHEM LIMITED 575,054
515 LG HAUSYS LIMITED+ 55,257
110,000 LI & FUNG LIMITED 365,463
5,519 MEDA AB CLASS A 46,131
32,862 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,814,640
9,800 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 140,181
2,837 METRO INCORPORATED CLASS A 95,729
18,400 NIKE INCORPORATED CLASS B 1,019,176
46,190 NU SKIN ENTERPRISES INCORPORATED 796,778
24,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 15,483
2,700 SANKYO COMPANY LIMITED 170,038
6,337 SASKATCHEWAN WHEAT POOL+ 55,801
4,000 SATORI ELECTRIC COMPANY LIMITED 28,028
21,771 SIEMENS AG 1,886,712
58,600 SOJITZ CORPORATION 125,324
630 SOS CUETARA SA 3,333
63,294 SUPERVALU INCORPORATED 908,269
30,148 SYSCO CORPORATION 768,473
2,300 TOHO PHARMACEUTICAL 34,111
22,640 TRACTOR SUPPLY COMPANY+<< 1,065,438
301,476 UNI-PRESIDENT ENTERPRISES CORPORATION 312,315
3,248 UNITED DRUG PLC 10,942
18,011,347
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.79%
1,800 ABC-MART INCORPORATED 52,230
3,353 ALESCO CORPORATION LIMITED 12,129
192 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
WHOLESALE TRADE-DURABLE GOODS (continued)
32,924 ARROW ELECTRONICS INCORPORATED+ $ 910,019
600 AS ONE CORPORATION 11,136
3,100 CANON MARKETING JAPAN INCORPORATED 52,139
1,781 CELESIO AG 48,486
215,000 CMC MAGNETICS CORPORATION+ 46,702
7,271 DAEWOO INTERNATIONAL CORPORATION 167,962
12,180 DIGITAL CHINA HOLDINGS LIMITED 10,325
3,500 FINNING INTERNATIONAL INCORPORATED 51,537
3,100 FUJI ELECTRONICS COMPANY LIMITED 28,018
4,800 HAKUTO COMPANY LIMITED 48,335
3,309 HALFORDS GROUP 18,181
4,310 HANWHA CHEMICAL (KOREA) CORPORATION 151,155
12,000 HANWHA CHEMICAL CORPORATION 47,329
54,301 HILL-ROM HOLDINGS INCORPORATED<< 1,112,627
2,543 HYOSUNG CORPORATION 183,868
2,200 INABA DENKI SANGYO COMPANY LIMITED 50,715
44,548 INGRAM MICRO INCORPORATED+ 746,624
38,834 INSIGHT ENTERPRISES INCORPORATED+ 445,426
2,000 ITOCHU ENEX COMPANY LIMITED 12,294
7,000 IWATANI INTERNATIONAL CORPORATION 20,763
4,000 JAPAN PULP & PAPER COMPANY LIMITED 15,003
9,000 JFE SHOJI HOLDINGS INCORPORATED 36,561
3,800 KAGA ELECTRONICS COMPANY LIMITED 45,657
12,000 KANEMATSU CORPORATION+ 11,736
3,500 KATO SANGYO COMPANY LIMITED 59,092
3,100 KURODA ELECTRIC COMPANY LIMITED 43,510
30 KYOCERA CORPORATION 2,489
1,600 LG INTERNATIONAL CORPORATION 33,501
34,728 LKQ CORPORATION+ 602,878
1,300 MACNICA INCORPORATED 22,270
11,060 MARTIN MARIETTA MATERIALS INCORPORATED 968,635
36,157 METCASH LIMITED 130,797
33 MITSUBISHI CORPORATION 1,330
84,000 MITSUI & COMPANY LIMITED 1,094,121
263 MITSUI & COMPANY LIMITED ADR 67,883
6,000 NAGASE & COMPANY LIMITED 71,639
5,800 NIDEC CORPORATION 417,002
32,522 OMNICARE INCORPORATED 744,429
25,257 OWENS & MINOR INCORPORATED 1,117,622
39,487 PEP BOYS-MANNY, MOE & JACK 352,619
38,778 PREMIER FOODS PLC 27,865
17,320 RELIANCE STEEL & ALUMINUM COMPANY 639,801
1,438 RUSSEL METALS INCORPORATED 21,503
700 RYOSHOKU LIMITED 16,400
800 RYOYO ELECTRO CORPORATION 7,007
11,841 SAMSUNG CORPORATION 530,944
1,291 STRAUSS GROUP LIMITED 15,060
988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 4,209
176,580 SYCAMORE NETWORKS INCORPORATED+ 536,803
7,000 TAT HONG HOLDINGS LIMITED 5,198
43,800 TECH DATA CORPORATION+ 1,668,780
2,000 TOKAI CORPORATION 10,575
2,600 TOMEN ELECTRONICS CORPORATION 28,305
1,316 TOROMONT INDUSTRIES LIMITED 26,867
3,700 TOYO CORPORATION 38,093
900 TRUSCO NAKAYAMA CORPORATION 15,098
Wells Fargo Advantage Master Portfolios 193
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- --------------- ------------- --------------
WHOLESALE TRADE-DURABLE GOODS (continued)
620 TRYGVESTA A/S $ 39,526
432 UNI-SELECT INCORPORATED 10,662
2,100 VALOR COMPANY LIMITED 19,251
7,525 WOLSELEY PLC 177,507
53,945 WPG HOLDINGS COMPANY LIMITED 69,651
15,080 WW GRAINGER INCORPORATED 1,319,048
2,000 YOKOHAMA REITO COMPANY 13,068
10,000 YUASA TRADING COMPANY LIMITED 10,854
15,318,849
--------------
TOTAL COMMON STOCKS (COST $1,986,233,571) 1,853,639,204
--------------
RIGHTS: 0.00%
23,332 ALAPIS (MEMBERSHIP ORGANIZATIONS)+(a) 4,683
49,425 FORTIS RIGHTS (DEPOSITORY INSTITUTIONS)(a) 0
1,119 SACI FALABELLA (GENERAL MERCHANDISE STORES)+ 365
450 STOCKMANN OYJ ABP (MISCELLANEOUS RETAIL)+ 226
2,282 TUNG HO STEEL ENTERPRISE (PRIMARY METAL INDUSTRIES)+(a) 527
TOTAL RIGHTS (COST $11,301) 5,801
--------------
EXPIRATION
DATE
WARRANTS: 0.00% -------------
677 BANK SARASIN & CIE AG (DEPOSITORY INSTITUTIONS)+ 09/15/2009 703
2,479 BEACH PETROLEUM LIMITED (OIL & GAS EXTRACTION)+ 06/30/2010 44
1,583 BURU ENERGY LIMITED (OIL & GAS EXTRACTION)+ 10/10/2010 8
15,346 GOLDEN AGRI (AGRICULTURAL SERVICES)+ 07/23/2012 1,598
14,814 HKC HOLDINGS LIMITED (MEMBERSHIP ORGANIZATIONS)+ 05/26/2011 443
1,022 HONG KONG ENERGY HOLDINGS LIMITED (MEMBERSHIP ORGANIZATIONS)+ 05/13/2011 34
3,300 IJM LAND BHD (REAL ESTATE)+ 09/11/2013 698
203,875 MATAHARI PUTRA (GENERAL MERCHANDISE STORES)+ 07/12/2010 1,234
17,515 OSIM WARRANTS (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS)+ 06/23/2011 2,127
5,759 PYI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS)+ 09/25/2009 7
321 RESOLUTE MINING LIMITED (METAL MINING)+ 12/31/2011 84
700 TAT HONG HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS)+ 08/02/2013 51
16,423 UNIONE DI BANCHE ITALIANE SCPA (MEMBERSHIP ORGANIZATIONS)+ 06/30/2011 1,629
TOTAL WARRANTS (COST $1,132) 8,660
--------------
DIVIDEND RATE
PREFERRED STOCKS: 0.74% ---------------
32,000 ARACRUZ CELULOSE SA CLASS B (PAPER & ALLIED PRODUCTS) 0.09% 67,406
118,750 BANCO BRADESCO SA (DEPOSITORY INSTITUTIONS) 0.01 1,924,874
157,232 BANCO ITAU HOLDING FINANCEIRA SA (DEPOSITORY INSTITUTIONS) 0.01 2,633,748
557 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2.57 36,053
12,794 CIA DE BEBIDAS DAS AMERICAS (BREWERY) 0.89 954,442
27,893 CIA ENERGETICA DE MINAS GERAIS (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 0.76 407,736
142,930 COMPANHIA VALE DO RIO DOCE CLASS A (METAL MINING) 0.52 2,473,045
8,213 EMBOTELLADORA ANDINA SA CLASS A (FOOD & KINDRED PRODUCTS) 7.00 19,726
7,326 EMBOTELLADORA ANDINA SA CLASS B (FOOD & KINDRED PRODUCTS) 7.70 20,824
53,802 GERDAU SA (PRIMARY METAL INDUSTRIES) 0.04 633,452
5,767 MALAYSIAN AIRLINE (TRANSPORTATION BY AIR) 0.03 1,195
20,856 METALURGICA GERDAU SA (PRIMARY METAL INDUSTRIES) 0.10 305,531
217,904 PETROLEO BRASILEIRO SA (OIL & GAS EXTRACTION) 0.30 3,618,823
964 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 4.50 78,580
194 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME DIVIDEND RATE VALUE
- --------------- ------------- --------------- --------------
PREFERRED STOCKS (continued)
20,877 TELE NORTE LESTE PARTICIPACOES SA (COMMUNICATIONS) 2.08% $ 332,756
3,803 TELECOMUNICACOES DE SAO PAULO SA (COMMUNICATIONS) 0.96 86,989
18,590 UNIPOL (INSURANCE COMPANIES) 0.29 16,217
20,301 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A (PRIMARY METAL
INDUSTRIES) 0.19 476,638
2,593 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 1.99 243,375
TOTAL PREFERRED STOCKS (COST $12,741,203) 14,331,410
--------------
INTEREST RATE MATURITY DATE
--------------- -------------
PREFERRED STOCKS (CONVERTIBLE): 0.00%
357 MACQUARIE AIRPORT CONVERTIBLE BOND+ 6.48% 01/01/2010 31,679
--------------
TOTAL PREFERRED STOCKS (CONVERTIBLE) (COST $29,688) 31,679
--------------
COLLATERAL FOR SECURITIES LENDING: 11.27%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.98%
9,572,108 AIM STIT-LIQUID ASSETS PORTFOLIO 9,572,108
9,572,108 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 9,572,108
9,572,108 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 9,572,108
9,572,108 DWS MONEY MARKET SERIES INSTITUTIONAL 9,572,108
38,288,432
--------------
PRINCIPAL
- ---------------
COLLATERAL INVESTED IN OTHER ASSETS: 9.29%
$ 3,722,487 ABN AMRO BANK NV (CHICAGO) 0.26 09/18/2009 3,722,487
4,141,266 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED++ 0.45 09/08/2009 4,140,896
1,994,189 ANTALIS US FUNDING CORPORATION++(p) 0.27 09/30/2009 1,993,755
1,994,189 ANTALIS US FUNDING CORPORATION++(p) 0.28 09/08/2009 1,994,081
930,622 ARABELLA FINANCE LLC++(p) 0.40 09/01/2009 930,622
398,838 ARABELLA FINANCE LLC++(p) 0.71 09/04/2009 398,814
8,109,703 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $8,109,753) 0.22 09/01/2009 8,109,703
2,060,662 BANK OF IRELAND 0.35 09/01/2009 2,060,662
1,861,243 BANK OF IRELAND 0.60 09/04/2009 1,861,243
5,331,132 BARCLAY CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY US TREASURY SECURITIES (MATURITY VALUE
$5,331,165) 0.22 09/01/2009 5,331,132
4,088,088 BNP PARIBAS (PARIS) 0.19 09/01/2009 4,088,088
3,323,649 BRYANT BANK FUNDING LLC++(p) 0.25 09/02/2009 3,323,626
531,784 CALCASIEU PARISH LA+/-ss 0.50 12/01/2027 531,784
731,203 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.45 06/01/2028 731,203
1,329,459 CALYON (NEW YORK) 0.40 09/03/2009 1,329,473
1,063,568 CALYON (NEW YORK) 3.33 09/10/2009 1,064,376
5,849,622 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.30 09/08/2009 5,849,280
2,023,414 CHEYNE FINANCE LLC++(a)+/-####(i) 0.00 02/25/2008 33,386
1,557,822 CHEYNE FINANCE LLC++(a)+/-####(i) 0.00 05/19/2008 25,704
351,974 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.50 10/01/2038 351,974
1,063,568 COOK COUNTY IL+/-SS 0.70 11/01/2030 1,063,568
10,835,095 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $10,835,161) 0.22 09/01/2009 10,835,095
5,417,547 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $5,417,582) 0.23 09/01/2009 5,417,547
Wells Fargo Advantage Master Portfolios 195
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,475,700 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY US TREASURY SECURITIES (MATURITY VALUE
$1,475,708) 0.19% 09/01/2009 $ 1,475,700
4,154,561 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 4,154,561
2,393,027 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.80 12/15/2037 2,393,027
66,473 DEXIA BANK (GRAND CAYMAN) 0.21 09/01/2009 66,473
3,855,432 DEXIA DELAWARE LLC 0.26 09/01/2009 3,855,432
3,988,378 EKSPORTFINANS ASA++ 0.23 09/14/2009 3,988,047
3,722,487 ERASMUS CAPITAL CORPORATION++(p) 0.28 09/10/2009 3,722,226
4,098,724 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $4,098,749) 0.22 09/01/2009 4,098,724
1,914,422 GOTHAM FUNDING CORPORATION++(p) 0.23 09/14/2009 1,914,263
7,154,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2010 2,210,824
219,361 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.65 11/01/2042 219,361
1,994,189 HOUSTON TX UTILITY SYSTEM+/-ss 0.30 05/15/2034 1,994,189
664,730 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.35 07/01/2029 664,730
265,892 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 0.37 01/01/2018 265,892
2,459,500 INTESA SANPAOLO SPA 0.35 09/10/2009 2,459,580
930,622 IRISH LIFE & PERMANENT PLC++ 0.54 09/04/2009 930,580
664,730 IRISH LIFE & PERMANENT PLC++ 0.54 09/08/2009 664,660
531,784 IRISH LIFE & PERMANENT PLC++ 0.58 09/01/2009 531,784
664,730 IRISH LIFE & PERMANENT PLC++ 0.58 09/03/2009 664,708
10,835,095 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $10,835,161) 0.22 09/01/2009 10,835,095
398,838 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.37 04/15/2025 398,838
4,088,088 KBC BANK NV BRUSSELS 0.22 09/01/2009 4,088,088
664,730 KOCH RESOURCES LLC++ 0.22 09/15/2009 664,673
3,323,649 KOCH RESOURCES LLC++ 0.24 09/02/2009 3,323,627
1,398,060 MARKET STREET FUNDING LLC++(p) 0.22 09/22/2009 1,397,880
4,420,453 MASSACHUSETTS HEFA+/-ss 0.30 10/01/2034 4,420,453
571,668 MISSISSIPPI STATE GO+/-ss 0.65 11/01/2028 571,668
505,195 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.14 02/01/2036 505,195
10,236,838 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
US TREASURY SECURITIES (MATURITY VALUE $10,236,895) 0.20 09/01/2009 10,236,838
531,784 NATEXIS BANQUES POPULAIRES 0.24 09/01/2009 531,784
1,395,932 NATEXIS BANQUES POPULAIRES 0.24 09/04/2009 1,395,905
1,994,189 NATIXIS++ 0.24 09/02/2009 1,994,176
265,892 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 1.80 01/01/2018 265,892
845,536 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.34 01/01/2034 845,536
308,966 RANGER FUNDING CORPORATION++(p) 0.22 09/21/2009 308,929
142,917 REGENCY MARKETS #1 LLC++(p) 0.23 09/15/2009 142,904
2,236,948 REGENCY MARKETS #1 LLC++(p) 0.25 09/17/2009 2,236,700
1,149,982 RHEIN-MAIN SECURITIZATION LIMITED++(p) 0.30 09/03/2009 1,149,963
385,543 RHEIN-MAIN SECURITIZATION LIMITED++(p) 0.40 09/10/2009 385,505
3,323,649 ROYAL BANK OF SCOTLAND CT 0.27 09/14/2009 3,323,649
3,257,176 SOCIETE GENERALE BANNON LLC 0.24 09/15/2009 3,257,176
824,265 STARBIRD FUNDING CORPORATION++(p) 0.20 09/03/2009 824,256
2,032,212 STARBIRD FUNDING CORPORATION++(p) 0.25 09/03/2009 2,032,184
3,067,728 SURREY FUNDING CORPORATION++(p) 0.24 09/23/2009 3,067,278
2,001,368 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.26 09/10/2009 2,001,238
864,149 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.23 09/24/2009 864,022
532,050 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.25 09/11/2009 532,013
3,656,014 TULIP FUNDING CORPORATION++(p) 0.23 09/25/2009 3,655,453
1,196,514 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.16 07/01/2032 1,196,514
398,838 UBS AG (STAMFORD CT) 3.41 09/08/2009 399,083
398,838 UBS AG (STAMFORD CT) 3.46 09/03/2009 398,909
4,653,108 UNICREDITO ITALIANO (NEW YORK) 0.32 09/08/2009 4,653,108
196 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS(continued)
$ 398,838 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.34% 12/15/2040 $ 398,838
398,838 VERSAILLES CDS LLC++(p) 0.45 09/03/2009 398,828
265,892 VERSAILLES CDS LLC++(p) 0.45 09/04/2009 265,882
531,784 VERSAILLES CDS LLC++(p) 0.50 09/01/2009 531,784
398,838 VERSAILLES CDS LLC++(p) 0.50 09/02/2009 398,832
2,575,399 VICTORIA FINANCE LLC++(a)+/-####(i) 0.22 07/28/2008 1,184,684
1,495,533 VICTORIA FINANCE LLC++(a)+/-####(i) 0.25 08/07/2008 687,945
1,828,135 VICTORIA FINANCE LLC++(a)+/-####(i) 0.35 04/30/2008 840,942
2,966,977 VICTORIA FINANCE LLC++(a)+/-####(i) 0.36 02/15/2008 1,364,809
179,440,336
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $222,545,057) 217,728,768
--------------
SHARES YIELD
- --------------- ---------------
SHORT-TERM INVESTMENTS: 3.24%
62,664,887 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 0.22 62,664,887
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $62,664,887) 62,664,887
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,284,226,839)* 111.20% $2,148,410,409
Other Assets and Liabilities, Net (11.20) (216,419,831)
------ --------------
Total Net Assets 100.00% $1,931,990,578
------ --------------
- ----------
+ 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.
(l) Long-term security of an affiliate of the fund with a cost of $7,967,461.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-Term security of an affiliate of the Fund with a cost of $62,664,887.
(p) Asset-backed commercial paper.
* Cost for federal income tax purposes is $2,312,057,949 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 144,654,600
Gross unrealized depreciation (308,302,140)
-------------
Net unrealized depreciation $(163,647,540)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 197
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CORPORATE BONDS & NOTES: 6.54%
CHEMICALS & ALLIED PRODUCTS: 0.52%
$ 700,000 BASF FINANCE EUROPE NV+/-++ 0.52% 11/20/2009 $ 699,410
--------------
DOMESTIC BANKS: 1.27%
100,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.40 11/15/2029 100,000
500,000 BANK OF AMERICA NA+/- 0.42 02/05/2010 500,001
500,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 499,975
600,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 600,000
1,699,976
--------------
FINANCIAL SERVICES: 0.56%
750,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 750,001
--------------
FOREIGN BANKS: 3.90%
750,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++(a) 0.46 09/10/2009 749,925
500,000 COMMONWEALTH BANK OF AUSTRALIA+/-++ 0.80 10/02/2009 500,013
1,000,000 COMMONWEALTH BANK OF AUSTRALIA+/-++ 0.75 06/04/2010 998,882
1,400,000 RABOBANK NEDERLAND NV+/-++ 0.68 10/09/2009 1,400,102
500,000 ROYAL BANK OF CANADA+/-++ 0.64 10/15/2009 500,083
1,100,000 ROYAL BANK OF SCOTLAND PLC+/-++ 1.03 10/09/2009 1,098,726
5,247,731
--------------
SPECIAL PURPOSE ENTITY: 0.29%
100,000 GBG LLC CUSTODY RECEIPTS+/-++ss 0.50 09/01/2027 100,000
295,000 LTF REAL ESTATE VRDN I LLC+/-++ss 0.60 06/01/2033 295,000
395,000
--------------
TOTAL CORPORATE BONDS & NOTES (COST $8,795,000) 8,792,118
--------------
MUNICIPAL BONDS & NOTES: 6.37%
CALIFORNIA: 1.82%
1,000,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY
(IDR LOC)+/-ss 0.14 11/01/2026 1,000,000
200,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 200,000
300,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 300,000
200,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6
(WATER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.35 05/01/2017 200,000
250,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.21 02/01/2035 250,000
500,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.23 10/01/2035 500,000
2,450,000
--------------
COLORADO: 0.74%
350,000 COLORADO HFA SINGLE TAXABLE CL I SERIES A-2 (HOUSING REVENUE,
DEXIA INSURED)+/-ss 0.65 05/01/2038 350,000
250,000 COLORADO HFA TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE,
FNMA INSURED)+/-ss 0.40 05/01/2049 250,000
400,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 400,000
1,000,000
--------------
FLORIDA: 0.82%
500,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C
(ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 10/01/2035 500,000
600,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.33 06/01/2032 600,000
1,100,000
--------------
198 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
MASSACHUSETTS: 0.26%
$ 350,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B
(OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.32% 10/01/2031 $ 350,000
--------------
MINNESOTA: 0.19%
260,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING
REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.45 07/01/2048 260,000
--------------
NEW JERSEY: 0.15%
195,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE
SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)+/-ss 1.20 11/01/2037 195,000
--------------
NEW YORK: 0.22%
300,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A
(OTHER REVENUE, FGIC INSURED)+/-ss 0.39 07/15/2036 300,000
--------------
OHIO: 0.86%
500,000 OHIO HFA RESIDENTIAL MORTGAGE SECURITIES PROGRAM (HOUSING
REVENUE, GNMA INSURED)+/-ss 0.45 09/01/2029 500,000
250,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
(HOUSING REVENUE, GNMA INSURED)+/-ss 0.65 09/01/2039 250,000
400,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.29 11/01/2029 400,000
1,150,000
--------------
TENNESSEE: 1.01%
555,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 07/01/2034 555,000
500,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 11/01/2035 500,000
300,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 02/01/2036 300,000
1,355,000
--------------
TEXAS: 0.30%
100,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A
(OTHER REVENUE, NATIONS BANK NA LOC)+/-ss 0.32 06/01/2045 100,000
300,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER
FRANCES HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA
LOC)+/-ss 0.33 07/01/2020 300,000
400,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $8,560,000) 8,560,000
--------------
COMMERCIAL PAPER: 49.58%
1,000,000 AMSTEL FUNDING CORPORATION++##(p) 1.78 09/18/2009 999,159
1,000,000 AMSTEL FUNDING CORPORATION++##(p) 1.85 09/14/2009 999,332
250,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.38 09/16/2009 249,960
500,000 ANTALIS US FUNDING CORPORATION++##(p) 0.25 09/24/2009 499,920
600,000 ANTALIS US FUNDING CORPORATION++##(p) 0.28 09/01/2009 600,000
500,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++## 0.57 09/08/2009 499,945
500,000 ASB FINANCE LIMITED (LONDON)++## 0.68 09/25/2009 499,773
1,000,000 ASB FINANCE LIMITED (LONDON)++ 1.06 07/09/2010 999,170
500,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.37 09/04/2009 499,985
750,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 1.10 09/18/2009 749,610
500,000 ATLANTIS ONE FUNDING++##(p) 0.32 10/19/2009 499,787
500,000 ATLANTIS ONE FUNDING++##(p) 0.32 10/23/2009 499,769
1,000,000 ATLANTIS ONE FUNDING++##(p) 0.33 10/13/2009 999,615
Wells Fargo Advantage Master Portfolios 199
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (continued)
$ 500,000 BANK OF AMERICA NA## 0.65% 02/16/2010 $ 498,483
500,000 BANK OF MONTREAL## 0.34 10/08/2009 499,825
500,000 BASF SE CORPORATION++## 0.55 01/14/2010 498,969
500,000 BASF SE CORPORATION++## 0.60 12/17/2009 499,108
500,000 CAFCO LLC++## 0.29 09/23/2009 499,913
1,000,000 CAFCO LLC++## 0.35 11/02/2009 999,397
500,000 CANCARA ASSET SECURITIZATION LLC++##(p) 0.47 11/10/2009 499,543
1,000,000 CANCARA ASSET SECURITIZATION LLC++##(p) 0.65 10/02/2009 999,440
1,000,000 CANCARA ASSET SECURITIZATION LLC++##(p) 0.95 12/29/2009 996,860
500,000 CHARTA LLC++##(p) 0.34 10/22/2009 499,759
500,000 CHARTA LLC++##(p) 0.37 10/22/2009 499,738
500,000 CHARTA LLC++##(p) 0.38 10/15/2009 499,768
500,000 CHARTA LLC++##(p) 0.40 10/06/2009 499,806
250,000 CIESCO LLC++##(p) 0.33 10/08/2009 249,915
500,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.40 11/19/2009 499,561
750,000 CRC FUNDING LLC++##(p) 0.30 11/23/2009 749,481
300,000 CRC FUNDING LLC++##(p) 0.35 11/02/2009 299,819
750,000 CRC FUNDING LLC++##(p) 0.38 10/15/2009 749,652
1,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.70 10/01/2009 999,417
500,000 DANSKE CORPORATION++## 0.35 09/03/2009 499,990
1,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 1,000,000
500,000 DNB NOR BANK ASA++## 0.75 09/09/2009 499,917
500,000 E.ON AG++## 0.67 09/21/2009 499,814
500,000 E.ON AG++## 0.67 10/01/2009 499,721
1,000,000 E.ON AG++## 0.70 09/01/2009 1,000,000
500,000 EKSPORTFINANS ASA++## 0.40 10/20/2009 499,728
750,000 EKSPORTFINANS ASA++## 1.50 09/02/2009 749,969
400,000 ENTERPRISE FUNDING LLC++##(p) 0.30 12/22/2009 399,627
500,000 ENTERPRISE FUNDING LLC++##(p) 0.31 10/05/2009 499,854
500,000 ERASMUS CAPITAL CORPORATION++##(p) 0.27 09/14/2009 499,951
1,000,000 FORTIS FUNDING LLC++## 0.25 09/14/2009 999,910
300,000 FORTIS FUNDING LLC++## 0.27 09/28/2009 299,939
500,000 GDF SUEZ++## 0.23 10/01/2009 499,904
1,000,000 GOTHAM FUNDING CORPORATION++##(p) 0.23 09/22/2009 999,866
500,000 GOTHAM FUNDING CORPORATION++##(p) 0.25 09/09/2009 499,972
1,000,000 GOVCO LLC++##(p) 0.37 10/19/2009 999,507
500,000 GOVCO LLC++##(p) 0.37 10/22/2009 499,738
300,000 GRAMPIAN FUNDING LLC++##(p) 0.54 11/24/2009 299,622
800,000 GRAMPIAN FUNDING LLC++##(p) 0.56 11/20/2009 799,004
500,000 GRAMPIAN FUNDING LLC++##(p) 0.65 10/21/2009 499,549
1,000,000 IRISH LIFE & PERMANENT++## 0.58 09/01/2009 1,000,000
250,000 LMA AMERICAS LLC++##(p) 0.26 10/21/2009 249,910
1,000,000 LMA AMERICAS LLC++##(p) 0.30 10/21/2009 999,583
1,000,000 LMA AMERICAS LLC++##(p) 0.33 10/27/2009 999,487
500,000 MARKET STREET FUNDING LLC++##(p) 0.22 09/23/2009 499,933
500,000 MARKET STREET FUNDING LLC++##(p) 0.28 11/18/2009 499,697
1,000,000 MATCHPOINT MASTER TRUST++##(p) 0.22 09/28/2009 999,835
1,000,000 METLIFE SHORT TERM FUND++## 0.90 09/17/2009 999,600
500,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.24 10/07/2009 499,880
500,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.29 09/08/2009 499,972
750,000 NATIONWIDE BUILDING SOCIETY++##(p) 0.37 11/27/2009 749,329
500,000 NATIONWIDE BUILDING SOCIETY++##(p) 0.37 11/30/2009 499,538
1,000,000 NATIONWIDE BUILDING SOCIETY++##(p) 0.65 09/08/2009 999,874
1,000,000 NATIXIS COMMERCIAL PAPER++## 0.24 09/02/2009 999,993
1,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 1,000,000
200 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (continued)
$ 500,000 OLD LINE FUNDING LLC++##(p) 0.36% 09/21/2009 $ 499,900
500,000 PRUDENTIAL PLC++## 0.75 09/15/2009 499,854
500,000 RANGER FUNDING COMPANY LLC++##(p) 0.34 12/02/2009 499,566
17,000 REGENCY MARKETS # 1 LLC++##(p) 0.25 09/15/2009 16,998
650,000 RHEIN-MAIN SECURITIZATION LIMITED++##(p) 0.50 11/20/2009 649,278
1,000,000 RHEIN-MAIN SECURITIZATION LIMITED++##(p) 0.52 11/05/2009 999,061
500,000 RHEINGOLD SECURITIZATION++##(p) 0.50 11/12/2009 499,500
500,000 SANPAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 499,664
500,000 SANTANDER CENTRAL HISPANIC FINANCE## 0.65 12/02/2009 499,169
500,000 SCALDIS CAPITAL LLC++##(p) 0.30 09/10/2009 499,963
1,000,000 SCALDIS CAPITAL LLC++##(p) 0.30 09/15/2009 999,883
2,000,000 SOLITAIRE FUNDING LLC++##(p) 0.33 10/19/2009 1,999,120
500,000 SOLITAIRE FUNDING LLC++##(p) 0.40 11/17/2009 499,572
1,000,000 STADSHYPOTEK DELAWARE++## 0.40 09/02/2009 999,989
1,000,000 STADSHYPOTEK DELAWARE++## 0.43 09/30/2009 999,654
250,000 STRAIGHT A FUNDING LLC++##(p) 0.27 11/18/2009 249,854
500,000 STRAIGHT-A FUNDING LLC++##(p) 0.27 10/23/2009 499,805
500,000 STRAIGHT-A FUNDING LLC++##(p) 0.28 11/06/2009 499,743
258,000 STRAIGHT-A FUNDING LLC++##(p) 0.28 11/12/2009 257,856
300,000 STRAIGHT-A FUNDING LLC++##(p) 0.37 09/02/2009 299,997
250,000 SWEDBANK AB++## 0.54 12/02/2009 249,655
600,000 SWEDBANK AB++## 0.55 12/15/2009 599,038
1,000,000 SWEDBANK AB++## 0.55 12/22/2009 998,289
300,000 SWEDBANK AB++## 0.87 02/09/2010 298,833
1,000,000 THAMES ASSET GLOBAL SECURITIZATION++##(p) 0.35 10/19/2009 999,533
291,000 TULIP FUNDING CORPORATION++##(p) 0.25 09/01/2009 291,000
500,000 UBS FINANCE DELAWARE LLC## 0.62 12/30/2009 498,967
500,000 UBS FINANCE DELAWARE LLC## 0.70 09/14/2009 499,874
1,000,000 UNICREDITO ITALIANO BANK OF IRELAND++## 0.73 11/03/2009 998,723
864,678 VICTORIA FINANCE LLC+/-++####(a)(i) 4.82 01/17/2008 440,986
500,000 VICTORY RECEIVABLES CORPORATION++##(p) 0.25 09/02/2009 499,997
600,000 VICTORY RECEIVABLES CORPORATION++##(p) 0.25 09/14/2009 599,946
500,000 WESTPAC SECURITIES NZ LIMITED++## 0.30 10/06/2009 499,825
750,000 WESTPAC SECURITIES NZ LIMITED++## 0.40 09/15/2009 749,883
1,000,000 WINDMILL FUNDING CORPORATION++##(p) 0.40 10/06/2009 999,611
300,000 YORKTOWN CAPITAL LLC++## 0.28 12/16/2009 299,753
TOTAL COMMERCIAL PAPER (COST $67,093,549) 66,669,031
--------------
MEDIUM TERM NOTES: 2.42%
1,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.76 10/22/2009 1,000,416
1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 1,499,660
750,000 ING (USA) GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 749,942
TOTAL MEDIUM TERM NOTES (COST $3,250,290) 3,250,018
--------------
SECURED MASTER NOTE AGREEMENT: 2.04%
1,775,000 BANK OF AMERICA SECURITIES+/-ss(a) 0.48 09/09/2034 1,775,000
964,000 CITIGROUP GLOBAL+/-++ss 0.68 09/09/2049 964,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $2,739,000) 2,739,000
--------------
Wells Fargo Advantage Master Portfolios 201
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
TIME DEPOSITS: 6.69%
$ 1,000,000 BANK OF IRELAND 0.35% 09/01/2009 $ 1,000,000
2,000,000 BNP PARIBAS PARIS 0.19 09/01/2009 2,000,000
1,000,000 DANSKE BANK A S COPENHAG 0.22 09/02/2009 1,000,000
2,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 2,000,000
2,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 2,000,000
1,000,000 SOCIETE GENERALE PARIS 0.20 09/01/2009 1,000,000
TOTAL TIME DEPOSITS (COST $9,000,000) 9,000,000
--------------
CERTIFICATES OF DEPOSIT: 7.06%
550,000 BANCO BILBAO VIZCAYA ARGENTINA 0.45 10/01/2009 550,000
500,000 BANCO BILBAO VIZCAYA ARGENTINA (NEW YORK) 0.45 10/05/2009 500,005
300,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 299,968
500,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 499,471
500,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.40 11/04/2009 500,062
400,000 CALYON (NEW YORK) 0.55 03/22/2010 400,112
1,000,000 CALYON (NEW YORK) 0.66 02/01/2010 1,000,000
500,000 CALYON (NEW YORK) 0.82 09/02/2009 500,000
500,000 CREDIT AGRICOLE SA 0.43 09/03/2009 500,000
1,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 998,876
1,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 1,000,000
500,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 500,000
500,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 500,095
500,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/05/2010 499,940
500,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 500,007
750,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 750,419
TOTAL CERTIFICATES OF DEPOSIT (COST $9,500,119) 9,498,955
--------------
REPURCHASE AGREEMENTS: 20.00%
6,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $6,000,037) 0.22 09/01/2009 6,000,000
1,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,000,008) 0.28 09/01/2009 1,000,000
1,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,000,009) 0.33 09/01/2009 1,000,000
3,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $3,000,017) 0.20 09/01/2009 3,000,000
1,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,000,008) 0.30 09/01/2009 1,000,000
6,895,635 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED
BY US GOVERNMENT SECURITIES (MATURITY VALUE $6,895,677) 0.22 09/01/2009 6,895,635
1,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,000,007) 0.26 09/01/2009 1,000,000
6,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $6,000,037) 0.22 09/01/2009 6,000,000
1,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,000,008) 0.31 09/01/2009 1,000,000
TOTAL REPURCHASE AGREEMENTS (COST $26,895,635) 26,895,635
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $135,833,593)* 100.70% $ 135,404,757
OTHER ASSETS AND LIABILITIES, NET (0.70) (942,561)
------ --------------
TOTAL NET ASSETS 100.00% $ 134,462,196
------ --------------
202 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2009 (Unaudited)
SHORT-TERM INVESTMENT PORTFOLIO
+/- Variable rate investments.
++ 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.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
(p) Asset-backed commercial paper.
#### 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.
* Cost for federal income tax purposes is $135,833,593 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 908
Gross unrealized depreciation (429,744)
---------
Net unrealized depreciation $(428,836)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 203
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Diversified Fixed Diversified Stock Short-Term Investment
Income Portfolio Portfolio Portfolio
----------------- ----------------- ---------------------
ASSETS
Investments
In securities, at value (including securities on loan) ....... $1,301,401,009 $1,861,604,044 $108,509,122
Collateral received for securities loaned (Note 2) ........... 243,536,501 217,728,768 0
In affiliates ................................................ 86,341,498 69,077,597 0
In repurchase agreements ..................................... 0 0 26,895,635
-------------- -------------- ------------
Total investments at value (see cost below) ..................... 1,631,279,008 2,148,410,409 135,404,757
-------------- -------------- ------------
Cash ............................................................ 0 0 50,000
Segregated cash ................................................. 0 4,309,000 0
Foreign currency, at value ...................................... 62,741 8,808,192 0
Foreign taxes receivable ........................................ 6,079 0 0
Receivable for investments sold ................................. 6,215,335 21,130 0
Receivables for dividends and interest .......................... 12,941,088 3,989,895 33,509
Unrealized appreciation on forward foreign currency contracts ... 2,816 0 0
-------------- -------------- ------------
Total assets ....................................................... 1,650,507,067 2,165,538,626 135,488,266
-------------- -------------- ------------
LIABILITIES
Payable for daily variation margin on futures contracts ......... 0 566,650 0
Foreign taxes payable ........................................... 0 649,207 0
Payable for investments purchased ............................... 72,670,592 5,945,789 1,001,150
Payable upon receipt of securities loaned (Note 2) .............. 247,766,568 225,946,533 0
Payable to investment advisor and affiliates (Note 3) ........... 275,432 436,090 12,744
Accrued expenses and other liabilities .......................... 34,524 3,779 12,176
-------------- -------------- ------------
Total liabilities .................................................. 320,747,116 233,548,048 1,026,070
-------------- -------------- ------------
TOTAL NET ASSETS ................................................... $1,329,759,951 $1,931,990,578 $134,462,196
============== ============== ============
Investments at cost ................................................ $1,567,522,786 $2,284,226,839 $135,833,593
-------------- -------------- ------------
Foreign currencies at cost ......................................... $ 63,144 $ 8,624,667 $ 0
-------------- -------------- ------------
Securities on loan, at value (Note 2) .............................. $ 246,266,552 $ 216,955,821 $ 0
-------------- -------------- ------------
The accompanying notes are an integral part of these financial statements.
204 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
Diversified Fixed Diversified Stock Short-Term Investment
Income Portfolio Portfolio Portfolio
----------------- ----------------- ---------------------
INVESTMENT INCOME
Dividends(1) ................................................... $ 0 $ 19,468,039 $ 0
Interest ....................................................... 21,917,330 0 359,426
Income from affiliated securities .............................. 314,635 73,452 0
Securities lending income ...................................... 216,954 624,157 0
------------ ------------- ---------
Total investment income ........................................... 22,448,919 20,165,648 359,426
------------ ------------- ---------
EXPENSES
Advisory fees .................................................. 1,640,285 2,649,390 55,106
Custody fees ................................................... 220,667 543,641 11,021
Accounting fees ................................................ 24,651 32,909 11,259
Professional fees .............................................. 26,948 28,310 21,707
Registration fees .............................................. 9,675 16,970 1,422
Shareholder reports ............................................ 2,801 5,220 872
Trustees' fees ................................................. 5,289 5,289 5,289
Other fees and expenses ........................................ 8,213 29,015 1,743
------------ ------------- ---------
Total expenses .................................................... 1,938,529 3,310,744 108,419
------------ ------------- ---------
LESS
Waived fees and reimbursed expenses (Note 3) ................... (160,671) (489,134) (2,376)
Net expenses ................................................... 1,777,858 2,821,610 106,043
------------ ------------- ---------
Net investment income (loss) ...................................... 20,671,061 17,344,038 253,383
------------ ------------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency
translation ................................................. 278,572 (126,716,357) 1,481
Collateral received for securities loaned ...................... 0 (565,694) 0
Futures transactions ........................................... 0 6,733,470 0
Affiliated securities .......................................... 0 (427,203) 0
------------ ------------- ---------
Net realized gain and loss from investments ....................... 278,572 (120,975,784) 1,481
------------ ------------- ---------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency
translation ................................................. 61,612,974 731,641,253 51,253
Collateral received for securities loaned ...................... (101,187) (220,491) 0
Forward foreign currency contracts ............................. 215,576 (9,386) 0
Futures transactions ........................................... 0 1,424,300 0
------------ ------------- ---------
Net change in unrealized appreciation (depreciation) of
investments .................................................... 61,727,363 732,835,676 51,253
------------ ------------- ---------
Net realized and unrealized gain on investments ................... 62,005,935 611,859,892 52,734
------------ ------------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............. $ 82,676,996 $ 629,203,930 $ 306,117
------------ ------------- ---------
(1.) Net of foreign withholding taxes of .......................... $ 0 $ 1,049,732 $ 0
============ ============= =========
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
206 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
DIVERSIFIED FIXED INCOME PORTFOLIO
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ....................................................... $ 919,283,899 $ 747,540,015
OPERATIONS
Net investment income ...................................................... 20,671,061 36,176,148
Net realized gain (loss) on investments .................................... 278,572 1,789,986
Net change in unrealized appreciation (depreciation) of investments ........ 61,727,363 (35,911,700)
-------------- -------------
Net increase (decrease) in net assets resulting from operations ............... 82,676,996 2,054,434
-------------- -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .............................................................. 363,254,836 393,316,244
Withdrawals ................................................................ (35,455,780) (223,626,794)
-------------- -------------
Net increase (decrease) from transactions in investors' beneficial interests .. 327,799,056 169,689,450
-------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................... 410,476,052 171,743,884
-------------- -------------
ENDING NET ASSETS ............................................................. $1,329,759,951 $ 919,283,899
============== =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 207
Statements of Changes in Net Assets
DIVERSIFIED STOCK PORTFOLIO SHORT-TERM INVESTMENT PORTFOLIO
- ------------------------------------ ------------------------------------
For the For the
Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- -----------------
$1,113,789,546 $1,472,810,890 $ 92,312,693 $124,923,826
17,344,038 29,233,113 253,383 2,814,186
(120,975,784) (16,856,219) 1,481 (4,661)
732,835,676 (842,184,297) 51,253 (371,694)
-------------- -------------- ------------ ------------
629,203,930 (829,807,403) 306,117 2,437,831
-------------- -------------- ------------ ------------
385,675,857 693,000,297 48,108,678 61,740,164
(196,678,755) (222,214,238) (6,265,292) (96,789,128)
-------------- -------------- ------------ ------------
188,997,102 470,786,059 41,843,386 (35,048,964)
-------------- -------------- ------------ ------------
818,201,032 (359,021,344) 42,149,503 (32,611,133)
============== ============== ============ ============
$1,931,990,578 $1,113,789,546 $134,462,196 $ 92,312,693
============== ============== ============ ============
208 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average Net Assets (Annualized)(1)
------------------------------------------------ Portfolio
Net Investment Gross Expenses Net Total Turnover
Income (Loss) Expenses Waived Expenses Return(2) Rate(4)
-------------- -------- -------- -------- --------- ---------
DIVERSIFIED FIXED INCOME PORTFOLIO
March 1, 2009 to August 31, 2009 (Unaudited) .. 3.75% 0.35% (0.02)% 0.33% 7.61% 27%
March 1, 2008 to February 28, 2009 ............ 4.18% 0.35% 0.00%(5) 0.35% 0.00% 51%
March 1, 2007 to February 29, 2008 ............ 4.54% 0.35% 0.00%(5) 0.35% 9.56% 84%
June 26, 2006(3) to February 28, 2007 ......... 4.52% 0.37% (0.01)% 0.36% 6.70% 165%
DIVERSIFIED STOCK PORTFOLIO
March 1, 2009 to August 31, 2009 (Unaudited) .. 2.23% 0.43% (0.08)% 0.35% 52.61% 14%
March 1, 2008 to February 28, 2009 ............ 2.02% 0.43% (0.01)% 0.42% (46.36)% 29%
March 1, 2007 to February 29, 2008 ............ 1.66% 0.43% 0.00%(5) 0.43% (2.23)% 29%
June 26, 2006(3) to February 28, 2007 ......... 1.25% 0.44% (0.01)% 0.43% 16.12% 87%
SHORT-TERM INVESTMENT PORTFOLIO
March 1, 2009 to August 31, 2009 (Unaudited) .. 0.46% 0.20% (0.01)% 0.19% 0.91% NA
March 1, 2008 to February 28, 2009 ............ 2.32% 0.19% (0.01)% 0.18% 0.92% NA
March 1, 2007 to February 29, 2008 ............ 4.99% 0.17% (0.01)% 0.16% 4.81% NA
June 26, 2006(3) to February 28, 2007 ......... 5.21% 0.18% (0.01)% 0.17% 4.00% NA
- ----------
(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 less than one year are not annualized.
(3.) Commencement of operations.
(4.) Portfolio turnover rates presented for periods of less than one year are
not annualized.
(5.) Amount calculated is less than .005%.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 209
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act"). The Trust currently has 23 separate investment portfolios. These
financial statements are for three of those portfolios as follows: the
Diversified Fixed Income Portfolio, Diversified Stock Portfolio and Short-Term
Investment Portfolio (each, a "Fund" and collectively, the "Funds").
Interests in the Funds are sold without any sales charge in private placement
transactions to qualified investors, including open-end management investment
companies.
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 U.S. Generally Accepted Accounting Principles ("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. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through August 24, 2009 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
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 the 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.
Debt securities of sufficient credit quality 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 fair value.
Investments in open-end mutual funds are valued at net asset value.
Short-Term Investment Portfolio invests only in securities with remaining
maturities not exceeding 397 days (13 months). Certain floating- and
variable-rate instruments in the portfolio may have maturities in excess of 397
days provided that these variable rate instruments are either Government
Securities or carry a demand feature that permits the holder to tender the
instruments back to the issuer at par value prior to maturity.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures approved by the Board of
Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
210 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
FAIR VALUATION MEASUREMENTS
In accordance with Financial Accounting Standards No. 157, FAIR VALUE
MEASUREMENTS ("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 inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Funds' investments in securities:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES* Level 1 Level 2 Level 3 as of 8/31/2009
- -------------------------- -------------- ----------------- ------------------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO
Corporate debt securities $ 0 $ 459,597,644 $3,738,101 $ 463,335,745
Debt securities issued by foreign governments 0 327,925,576 0 327,925,576
Debt securities issued by states in the U.S.
and its political subdivisions 0 252,720,804 0 252,720,804
Mortgage-backed securities 0 412,840,251 0 412,840,251
Registered investment companies 123,409,747 0 0 123,409,747
Short-term investments 0 51,046,885 0 51,046,885
TOTAL $ 123,409,747 $1,504,131,160 $3,738,101 $1,631,279,008
DIVERSIFIED STOCK PORTFOLIO
Equity securities
Common stocks $1,852,787,050 $ 0 $ 883,833 $1,853,670,883
Mutual fund shares 100,953,319 0 0 100,953,319
Preferred stock 14,331,410 0 0 14,331,410
Rights 591 0 5,210 5,801
Warrants 8,660 0 0 8,660
Corporate debt securities 0 99,933,546 6,348,294 106,281,840
Debt securities issued by states in the U.S.
and its political subdivisions 0 16,818,662 0 16,818,662
Short-term investments 0 56,339,834 0 56,339,834
TOTAL $1,968,081,030 $ 173,092,042 $7,237,337 $2,148,410,409
Wells Fargo Advantage Master Portfolios 211
Notes to Financial Statements
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES* Level 1 Level 2 Level 3 as of 8/31/2009
- -------------------------- -------------- ----------------- ------------------- ----------------
SHORT-TERM INVESTMENT PORTFOLIO
Corporate debt securities $ 0 $ 78,484,256 $2,965,911 $ 81,450,167
Debt securities issued by states in the U.S.
and its political subdivisions 0 8,560,000 0 8,560,000
Other 0 18,498,955 0 18,498,955
Repurchase agreements 0 26,895,635 0 26,895,635
TOTAL $ 0 $ 132,438,846 $2,965,911 $ 135,404,757
* Further details on the major security types listed above for each fund can
be found in the Portfolio of Investments.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Funds' investments in other financial instruments:*
Total Unrealized
Appreciation/
MASTER PORTFOLIOS Level 1 Level 2 Level 3 (Depreciation)
- ----------------- ---------- ------- ------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO $ 2,816 $0 $0 $ 2,816
DIVERSIFIED STOCK PORTFOLIO 1,104,968 0 0 1,104,968
* Other financial instruments include: futures, and sale commitments.
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Short-term
Diversified Fixed Diversified Investment
Income Portfolio Stock Portfolio Portfolio
----------------- --------------- -----------
BALANCE AS OF 02/28/2009 $4,489,374 $11,425,032 $ 6,175,727
EQUITY SECURITIES
Common stocks
Accrued discounts (premiums) 0 0 0
Realized gain (loss) 0 (16,704) 0
Change in unrealized appreciation (depreciation) 0 347,887 0
Net purchases (sales) 0 0 0
Transfer in (out) of Level 3 0 (99,377) 0
RIGHTS
Accrued discounts (premiums) 0 0 0
Realized gain (loss) 0 0 0
Change in unrealized appreciation (depreciation) 0 0 0
Net purchases (sales) 0 5,211 0
Transfer in (out) of Level 3 0 0 0
CORPORATE DEBT SECURITIES
Accrued discounts (premiums) 0 0 0
Realized gain (loss) 0 (565,694) 22,406
Change in unrealized appreciation (depreciation) (50,432) (220,491) (7,222)
Net purchases (sales) (700,841) (3,638,527) (4,684,000)
Transfer in (out) of Level 3 0 0 1,459,000
BALANCE AS OF 08/31/2009 $3,738,101 $ 7,237,337 $ 2,965,911
212 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Diversified Fixed Diversified Investment
Income Portfolio Stock Portfolio Portfolio
----------------- --------------- -----------
Change in unrealized appreciation (depreciation)
relating to securities held at the end
of reporting period $ (50,432) $ 380,987 $ (7,222)
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method.
To the extent debt obligations are placed on non-accrual status, any related
interest income may be reduced by writing off interest receivables when the
collection of all or a portion of interest has become doubtful based on
consistently applied procedures. If the issuer subsequently resumes interest
payments or when the collectability of interest is reasonably assured, the debt
obligation is removed from non-accrual status.
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.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for U.S. federal income
tax purposes. The Funds of the Trust are not required to pay U.S. federal income
taxes on their net investment income and net capital gain as they are treated as
partnerships for U.S. federal income tax purposes. All interest, dividends,
gains and losses of a Fund are deemed to have been "passed through" to the
interestholders in proportion to their holdings of the Fund regardless of
whether such interest, dividends, or gains have been distributed by the Fund.
Management has analyzed the Funds' tax positions taken on federal income tax
returns for all open tax years and has concluded that as of August 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: February 28, 2007; February 29, 2008; February 28, 2009) are subject to
examination by the Internal Revenue Service and state departments of revenue.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect against a
possible loss resulting from an adverse change in the relationship between
foreign currencies and the U.S. dollar, or between foreign currencies. A forward
contract is an agreement between two counterparties for future delivery or
receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
Wells Fargo Advantage Master Portfolios 213
Notes to Financial Statements
As of August 31, 2009, outstanding forward contracts were as follows:
Net Unrealized
Currency Amount Type of Currency Amount Appreciation
PORTFOLIO to be Received Currency Settlement Date to be Delivered (Depreciation)
- --------- --------------- ----------------- --------------- --------------- --------------
DIVERSIFIED FIXED INCOME PORTFOLIO 125,000 Australian Dollar 12/4/2009 105,123 528
50,000 Canadian Dollar 12/4/2009 45,905 (233)
300,000 Danish Krone 12/4/2009 57,715 66
1,150,000 Euro 12/4/2009 1,649,386 (735)
(1,500,000) Euro 12/4/2009 (2,148,375) (2,039)
450,000 British Pound 12/4/2009 733,487 (909)
130,000,000 Japanese Yen 12/4/2009 1,390,596 6,502
500,000 Swedish Krona 12/4/2009 70,604 (364)
FUTURES CONTRACTS
Certain Funds are subject to interest rate risk in the normal course of pursuing
its investment objectives. The Funds may buy and sell futures contracts in order
to gain exposure to, or protect against changes in, security values and interest
rates. The primary risks associated with the use of futures contracts are the
imperfect correlation between changes in market values of securities held by the
Funds and the prices of futures contracts, and the possibility of an illiquid
market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset or liability and in the
Statement of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With futures contracts, there is minimal counterparty risks
to the Funds since futures are exchange traded and the exchange's clearinghouse,
as counterparty to all exchange traded futures, guarantees the futures against
default.
At August 31, 2009, the Diversified Stock Portfolio had long futures contracts
outstanding as follows:
Notional Net Unrealized
Contract Appreciation
PORTFOLIO Contracts Type Expiration Date Amount (Depreciation)
- --------- --------- ----------------- --------------- ----------- --------------
DIVERSIFIED STOCK PORTFOLIO 273 Long MidCap 400 FUTURE September 2009 $17,434,215 $ 419,985
301 Long Russell 2000 MINI September 2009 16,932,318 275,852
326 Long S&P 500 EMINI September 2009 16,211,979 409,131
$50,578,512 $1,104,968
On August 31, 2009, the cumulative appreciation on futures contracts is
$1,104,968 as shown in the table above. The payable for daily variation margin
on open futures contract only represents the current day's variation margin. The
realized gains and change in unrealized gains on futures contracts are reflected
in the Statement of Operations.
Diversifed Stock Portfolio had an average contract amount of $37,240,605 in
futures contracts during the six-month period ended August 31, 2009.
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC. The repurchase agreements must be fully collateralized based on
values that are marked to market daily. The collateral may be held by an agent
bank under a tri-party agreement. It is the custodian's responsibility to value
collateral daily and to take action to obtain additional collateral as necessary
to maintain market value equal to or greater than the resale price. The
repurchase agreements are collateralized by instruments such as U.S. Treasury,
federal agency, or high-grade corporate obligations. There could be potential
loss to a Fund in the event that such Fund is delayed or prevented from
exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights. Repurchase agreements outstanding at
six-month period ended August 31, 2009 are listed in the Funds' Portfolio of
Investments.
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
214 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
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 to
these loans generally is invested on behalf of the Fund by the securities
lending agent in securities that, at the time of investment, are considered
high-quality short-term debt investments (including money market instruments)
and 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. For the six-month period, ended August
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 August 31, 2009, are shown on the Statements of Assets
and Liabilities.
STRUCTURED INVESTMENT VEHICLES
The Portfolios may invest in structured debt securities, such as those issued by
Structured Investment Vehicles, or "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 August 31, 2009, the following funds owned certain of these types of
structured securities 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:
PORTFOLIO Defaulted SIVs ($MV) % of Net Assets
- --------- -------------------- ---------------
Diversified Fixed Income Portfolio $2,804,310 0.21
Diversified Stock Portfolio 4,137,470 0.21
Short-Term Investment Portfolio 440,986 0.33
Wells Fargo Advantage Master Portfolios 215
Notes to Financial Statements
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, 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
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- --------- ---------------- ------------- ------------- ---------------- -------------
DIVERSIFIED FIXED INCOME PORTFOLIO First $1 billion 0.300 SSgA Funds First $1 billion 0.100
Next $4 billion 0.275 Management Over $1 billion 0.080
Over $5 billion 0.250 Incorporated
DIVERSIFIED STOCK PORTFOLIO First $1 billion 0.350 SSgA Funds First $1 billion 0.100
Next $4 billion 0.325 Management Over $1 billion 0.080
Over $5 billion 0.300 Incorporated
SHORT-TERM INVESTMENT PORTFOLIO All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to the
Master Trust.
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
rates:
% of Average
PORTFOLIO Daily Net Assets
- --------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO 0.04
DIVERSIFIED STOCK PORTFOLIO 0.07
SHORT-TERM INVESTMENT PORTFOLIO 0.02
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements of
Operations, for the six-month period ended August 31, 2009, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from custody fees collected, if any. Funds Management has
contractually committed through June 30, 2010 to waive fees and/or reimburse
expenses to the extent necessary to maintain certain net operating expense
ratios, including the underlying fees and expenses of the Funds, for certain
series of Wells Fargo Funds Trust that invest substantially all or a portion of
their assets in the Funds.
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 August 31, 2009, were as
follows:
PORTFOLIO Purchases at Cost Sales Proceeds
- --------- ----------------- --------------
DIVERSIFIED FIXED INCOME PORTFOLIO $675,740,008 $289,150,616
DIVERSIFIED STOCK PORTFOLIO 346,048,999 211,147,696
216 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
5. SUBSEQUENT EVENTS
On October 5, 2009, State Street Bank and Trust Company ("State Street")
replaced WFB and PNC Global Investing Service (U.S.), Inc. as the custodian and
fund accountant, respectively, for the Funds pursuant to a custody and fund
accounting agreement (the "Agreement.") Pursuant to the Agreement, State Street
is entitled to an annual asset-based fee for domestic custody services for the
Funds of 0.10 basis points of the complex wide net assets, and for certain
specific transaction fees which are set forth in the Agreement. State Street is
also entitled to a fee for global custody services for non-US assets in the
Funds, which is divided into an annual asset-based fee ranging from 1.00 basis
points to 55.00 basis points of month-end assets held, and specific trading
fees, both of which vary by country, and are also set forth in the Agreement.
Also pursuant to the Agreement, State Street is entitled to receive annual
asset-based fees for providing fund accounting services to the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATE SCHEDULES
On August 12, 2009, the Board of Trustees approved the following changes,
effective October 1, 2009, to the investment advisory fee rate schedule payable
by the Diversified Fixed Income and Diversified Stock Portfolios to Funds
Management at the annual rates shown below.
Advisory Fee Rate Schedule Effective October 1, 2009:
% of Average
Average Daily Net Assets Daily Net Assets
- ------------------------ ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO
First $500 million 0.30%
Next $500 million 0.28%
Next $2 billion 0.26%
Over $3 billion 0.24%
% of Average
Average Daily Net Assets Daily Net Assets
- ------------------------ ----------------
DIVERSIFIED STOCK PORTFOLIO
First $500 million 0.35%
Next $500 million 0.33%
Next $2 billion 0.31%
Over $3 billion 0.29%
The Board of Trustees also approved the following changes, effective October 1,
2009, to the investment sub-advisory advisory fee rate schedule payable by the
Diversified Fixed Income and Diversified Stock Portfolios to SSgA at the annual
rates shown below.
Sub-Advisory Fee Rate Schedule Effective October 1, 2009:
% of Average
Average Daily Net Assets Daily Net Assets
- ------------------------ ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO
First $1 billion 0.10%
Next $1 billion 0.08%
Next $3 billion 0.07%
Over $5 billion 0.05%
DIVERSIFIED STOCK PORTFOLIO
First $1 billion 0.10%
Next $1 billion 0.08%
Next $3 billion 0.07%
Over $5 billion 0.05%
Wells Fargo Advantage Dow Jones Target Date Funds 217
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"), and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 133 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ------------------------- ------------------------------------------------------------ -------------------
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)
Isaiah Harris, Jr. Trustee, since 2009 Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 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.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Trustee, since 2009 James Irvin Miller Professor of Accounting at the Graduate None
58 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.
218 Wells Fargo Advantage Dow Jones Target Date Funds
Other Information
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ------------------------- ------------------------------------------------------------ -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
56 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
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
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
50 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
49 Chief Legal Officer, Management, LLC since 2001. Managing Counsel of Wells Fargo
since 2003 Bank, N.A. since 2000.
David Berardi(3) Treasurer and Vice President of Evergreen Investment Management Company, None
34 Assistant Treasurer, LLC since 2008. Assistant Vice President of Evergreen
since 2009 Investment Services, Inc. from 2004 to 2008. Manager of Fund
Reporting and Control for Evergreen Investment Management
Company, LLC since 2004.
Jeremy DePalma(3) Treasurer and Senior Vice President of Evergreen Investment Management None
35 Assistant Treasurer, Company, LLC since 2008. Vice President, Evergreen
since 2009 Investment Services, Inc. from 2004 to 2007. Assistant Vice
President, Evergreen Investment Services, Inc. from 2000 to
2004 and the head of the Fund Reporting and Control Team
within Fund Administration since 2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 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.) Effective June 1, 2009.
Wells Fargo Advantage Dow Jones Target Date Funds 219
Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
DOW JONES TARGET TODAY FUND, DOW JONES TARGET 2010 FUND, DOW JONES TARGET 2015
FUND, DOW JONES TARGET 2020 FUND, DOW JONES TARGET 2025 FUND, DOW JONES TARGET
2030 FUND, DOW JONES TARGET 2035 FUND, DOW JONES TARGET 2040 FUND, DOW JONES
TARGET 2045 FUND, DOW JONES TARGET 2050 FUND, DIVERSIFIED STOCK PORTFOLIO,
DIVERSIFIED FIXED INCOME PORTFOLIO AND SHORT-TERM INVESTMENT PORTFOLIO
The Boards of Trustees (collectively, the "Boards") of Wells Fargo Funds Trust
and Wells Fargo Master Trust (collectively, the "Trusts"), all of the members of
which have no direct or indirect interest in the investment advisory and
sub-advisory agreements and are not "interested persons" of each Trust, as
defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent
Trustees"), are required to annually review and consider the continuation of the
investment advisory and sub-advisory agreements. During the six months covered
by this report, the Boards reviewed and re-approved:
(i) an investment advisory agreement with Wells Fargo Funds Management,
LLC ("Funds Management") for the Dow Jones Target Today Fund, Dow
Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target
2020 Fund, Dow Jones Target 2025 Fund, Dow Jones Target 2030 Fund, Dow
Jones Target 2035 Fund, Dow Jones Target 2040 Fund, Dow Jones Target
2045 Fund and Dow Jones Target 2050 Fund (the "Target Date Funds");
(ii) an investment sub-advisory agreement with Global Index Advisors, Inc.
("GIA") for the Target Date Funds;
(iii) an investment advisory agreement with Funds Management for the
Diversified Fixed Income Portfolio, Diversified Stock Portfolio and
Short-Term Investment Portfolio (the "Master Portfolios");
(iv) an investment sub-advisory agreement with SSgA Funds Management, Inc.
("SSgA") for the Diversified Stock Portfolio and Diversified Fixed
Income Portfolio; and
(v) an investment sub-advisory agreement with Wells Capital Management
Incorporated ("Wells Capital Management") for the Short-Term
Investment Portfolio.
The investment advisory agreements with Funds Management and the investment
sub-advisory agreements with GIA, SSgA and Wells Capital Management (the
"Sub-Advisers") are collectively referred to as the "Advisory Agreements." The
Target Date Funds and Master Portfolios identified above are collectively
referred to as the "Funds."
More specifically, at meetings held on March 27, 2009, the Boards considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and the Sub-Advisers and continuation of the Advisory
Agreements. Prior to the March 27, 2009, meetings, the Trustees conferred
extensively among themselves and with representatives of Funds Management about
these matters. The Boards also met regularly throughout the year and received
information that was useful to them in considering the continuation of the
Advisory Agreements. The Independent Trustees were assisted in their evaluation
of the Advisory Agreements by independent legal counsel, from whom they received
separate legal advice and with whom they met separately from Funds Management.
Because the Target Date Funds are gateway blended funds that invest all of their
assets in the Master Portfolios, information provided to the Boards regarding
the Target Date Funds is also applicable to the Master Portfolios, as relevant.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and the Sub-Advisers under the Advisory Agreements. The Boards also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for day-to-day portfolio management of the Funds.
220 Wells Fargo Advantage Dow Jones Target Date Funds
Other Information
The Boards evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Boards further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers. In addition, the Boards took into account the administrative
services provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meetings, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below, the
Boards concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for each Fund over various time
periods ended December 31, 2008, and in comparison to each Fund's benchmark
index and to other comparative data. They also considered, for most of the
Funds, performance results in comparison to the median performance of a universe
of mutual funds that was determined by Lipper Inc. ("Lipper") to be similar to a
Fund (the "Universe"), Lipper is an independent provider of investment company
data. The Boards received a description of the methodology used by Lipper to
select the mutual funds in the Universe.
The Board of Funds Trust noted that the performance of each Target Date Fund was
better than or equal to the median performance of each such Fund's Universe for
all time periods. The Board of Master Trust noted that the performance of the
Master Portfolios was not compared to a Universe. The Board of Master Trust
noted that the performance of the Managed Fixed Income Portfolio was not
compared to a Universe.
The Board of Funds Trust received and considered information regarding each
Target Date Fund's contractual advisory fee and net operating expense ratios and
their various components, including actual management fees, transfer agent,
custodian and other non-management fees, Rule 12b-1 fees, service fees, fee
waivers/caps and/or expense reimbursements. The Board of Master Trust received
and considered information regarding each Master Portfolio's contractual
advisory fee and custody fee. The Boards also considered these fees in
comparison to the median fees of a narrower group of mutual funds that was
determined by Lipper to be similar to the Funds (the "Expense Group") and to
other comparative data. The Boards received a description of the methodology
used by Lipper to select the mutual funds in a Fund's Expense Group. The Board
of Funds Trust noted that the net operating expense ratios of each Fund were
lower than or in range of each Target Date Fund's Expense Group's median net
operating expense ratios.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Boards took into account the
separate administrative and other services covered by the administration fee
rates. The Boards also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to the Sub-Advisers for
investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Boards 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 Boards received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's
Expense Group. The Board of Funds Trust noted for each Target Date Fund that the
Advisory Agreement Rates and Net Advisory Rates reflected a pro rata portion of
the Advisory Agreement Rates of the Master Portfolios, as well as a 0.25% asset
allocation advisory fee. The Boards also noted that the Advisory Agreement Rates
and the Net Advisory Rates for each Fund were lower than, equal to or not
appreciably higher than the median
Wells Fargo Advantage Dow Jones Target Date Funds 221
Other Information
rates of each Fund's respective Expense Group. In addition, the Boards concluded
that the combined investment advisory/administration fee rates for the Funds
(before and after waivers/caps and/or expense reimbursements) were reasonable in
relation to each Fund's Expense Group, and reasonable in relation to the
services provided. [Margery - Boards and Funds have both been defined to include
the Master Portfolios and the Master Trust Board.]
The Boards also concluded that the Sub-Advisory Agreement Rates were reasonable
in relation to the services provided.
PROFITABILITY
The Boards received and considered a profitability analysis of Funds Management,
as well as an analysis of the profitability to all Wells Fargo businesses of
providing services to each Fund and the Fund complex as a whole. The Boards also
considered related information provided by Funds Management in a separate
presentation on financial matters made at the February 2009 Board meetings. The
Boards concluded that, in light of the costs of providing investment management
and other services to each Fund and the Fund complex as a whole, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
The Boards did not consider separate profitability information with respect to
the Sub-Advisers, as their profitability from their relationships with the Funds
was not a material factor in determining whether to renew the investment
sub-advisory agreements. The Boards noted that the profitability of Wells
Capital Management, which is affiliated with Funds Management, was included in
the profitability analysis provided by Funds Management. The Boards also noted
that the sub-advisory fees paid to the sub-advisers that are not affiliated with
Funds Management had been negotiated by Funds Management on an arm's length
basis.
ECONOMIES OF SCALE
The Boards received and considered general information regarding economies of
scale with respect to the management of the Funds, including whether the Funds
have appropriately benefited from any economies of scale and the potential for
future realization of economies of scale. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards 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
Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Boards 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 Trusts, and those offered by the Sub-Advisers to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and the Sub-Advisers with the Funds and benefits potentially
derived from an increase in Funds Management's and the Sub-Advisers' business as
a result of their relationship with the Funds (such as the ability to market to
shareholders/interestholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Boards also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards reviewed Funds
Management's and the Sub-Advisers' methods for allocating portfolio investment
opportunities among the Funds and other clients.
222 Wells Fargo Advantage Dow Jones Target Date Funds
Other Information
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares/interests are offered and
sold. The Boards noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution channels.
As discussed above, the Boards review detailed materials received from Funds
Management and the Sub-Advisers annually as part of the re-approval process
under Section 15(c) of the 1940 Act. The Boards also review and assess the
quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management at each of their
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Boards confer with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that approval of the continuation of the Advisory Agreements for each Fund was
in the best interest of the Fund and its shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one year period.
Wells Fargo Advantage Dow Jones Target Date Funds 223
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
ETF -- Exchange-Traded Fund
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 Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MMD -- Municipal Market Data
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
SPDR -- Standard & Poor's Depositary Receipts
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.
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WELLS FARGO
ADVANTAGE FUNDS
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 FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
(GRAPHIC)
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE Printed on Recycled paper
(C) 2009 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 118018 10-09
SOFLD/SAR101 08-09
WELLS ADVANTAGE
FARGO FUNDS
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Semi-Annual Report
August 31, 2009
(GRAPHIC)
WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
CLASS A, CLASS B, AND INVESTOR CLASS
- - WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND
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Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
California Tax-Free Money Market Fund .................................... 4
Government Money Market Fund ............................................. 6
Minnesota Money Market Fund .............................................. 8
Money Market Fund ........................................................ 10
Municipal Money Market Fund .............................................. 12
National Tax-Free Money Market Fund ...................................... 14
Treasury Plus Money Market Fund .......................................... 16
100% Treasury Money Market Fund .......................................... 18
FUND EXPENSES ............................................................ 20
PORTFOLIO OF INVESTMENTS
California Tax-Free Money Market Fund .................................... 22
Government Money Market Fund ............................................. 32
Minnesota Money Market Fund .............................................. 36
Money Market Fund ........................................................ 39
Municipal Money Market Fund .............................................. 49
National Tax-Free Money Market Fund ...................................... 55
Treasury Plus Money Market Fund .......................................... 75
100% Treasury Money Market Fund .......................................... 76
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 78
Statements of Operations ................................................. 80
Statements of Changes in Net Assets ...................................... 82
Financial Highlights ..................................................... 90
NOTES TO FINANCIAL STATEMENTS ............................................ 96
OTHER INFORMATION ........................................................ 104
LIST OF ABBREVIATIONS .................................................... 109
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 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 $160 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF AUGUST 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
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 Money Market Funds
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE TREND OVER THE SIX-MONTH PERIOD WAS ONE OF STEADY IMPROVEMENT IN INVESTOR
CONFIDENCE AND IN CREDIT MARKET CONDITIONS.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE MONEY MARKET FUNDS for the six-month period that ended August 31,
2009. At the beginning of the period in March 2009, the credit markets were at
the early stages of a recovery in the wake of the credit crisis from late 2008.
We began to see the positive effects from government intervention programs in
the spring of 2009 as the credit system began to build a steadier foundation and
investors increasingly returned to both the credit markets and the equity
markets. The trend over the six-month period was one of steady improvement in
investor confidence and in credit market conditions. Overall, the six-month
period finished with indications of stronger investor sentiment than when it
began.
CREDIT MARKETS SHOWED SIGNS OF IMPROVEMENT.
After the credit crisis of late 2008, short-term credit markets slowly regained
their footing in early 2009. Many investors remained skeptical of certain
financial institutions for several months which caused areas of the credit
markets to remain partially or fully illiquid for months after the crisis. Thus,
the thawing of the frozen credit system relied on the government to break the
ice as the lender of last resort. Even though the government had been chipping
away at the ice for several months, the real thawing did not begin until the
spring of 2009. By leading the way back to the market, several investors slowly
began to follow the government's example, believing that in the worst case
scenario the government would likely step in. As the months went by this
government-inspired investor confidence began to stand on its own two feet.
Investors increasingly traded with each other once again and relied less and
less on selling to the government as the buyer and lender of last resort.
GOVERNMENT PROGRAMS SERVED THEIR PURPOSE AND BEGAN TO DECLINE IN USE.
Several government programs were implemented in late 2008 and had positive
effect during 2009. For money market eligible securities, the most impactful
programs were the Asset-Backed Commercial Paper Money Market Fund Liquidity
Facility (AMLF), the Commercial Paper Funding Facility (CPFF), and the Temporary
Liquidity Guarantee Program (TLGP). All of these facilities were aimed at
reconstructing a market for short-term credit securities. Because investors were
largely unwilling to lend and invest money in an environment of unusually high
risk, the government was compelled to step in to fill the void. This resulted in
a market made by government intervention which served investors well and
produced a foundation for investors to trade on. Towards the end of the third
quarter of 2009, the need for such programs lessened as markets increasingly
functioned on their own merits without explicit government support. Thus, the
government reassessed its intervention and scheduled the retirement of several
programs for the end of October 2009. Credit markets showed little sign of
concern for the end of the programs which, in our view, was an indication of how
far credit markets had improved over the last six months. Looking further back
over the last 12 months since the Lehman Brothers collapse of 2008 and the
resulting credit crisis, credit markets seemed to have satisfactorily stabilized
and have begun to show signs of business as usual.
Wells Fargo Advantage Money Market Funds 3
Letter to Shareholders
OUR OPTIMISM IS TEMPERED WITH CAUTION.
Although credit markets have improved considerably since the fall of 2008, in
our opinion, there are still reasons to remain prudent. Although we have seen
signs of economic improvement, several of the economic measures still remind us
that we are not yet in a full recovery. Unemployment figures finished the
six-month period at better levels than their lows from March 2009, but remain
suggestive of recessionary conditions. We believe that when the final economic
numbers for the third quarter of 2009 are calculated that the quarter might
prove to be the first positive growth quarter in more than a year, but this will
not necessarily mean that the downturn is behind us. Short-term debt securities
have improved considerably with the improved credit markets, but any persistent
pressures on the business markets may continue to stress the risk profiles of
some securities.
Our response to these ongoing economic developments remains the same. We
continue to manage our money market funds with a cautious and conservative
assessment of the continued risks in the financial markets. Our priority is to
be a stable custodian of investor assets, which is often underappreciated during
stable market conditions, but quickly recognized during more difficult times.
The Wells Fargo Advantage Money Market Funds seek to provide our investors with
the preservation of principal, ample liquidity, and competitive returns that are
characteristic of a preeminent money market fund manager.
A STEADY INVESTMENT DISCIPLINE AND BROAD DIVERSIFICATION OPTIONS MAY HELP.
Experience tells us that strict adherence to time-tested strategies has its
rewards. As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a
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 does provide you with one way of managing risk.
Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
SHORT-TERM DEBT SECURITIES HAVE IMPROVED CONSIDERABLY WITH THE IMPROVED CREDIT
MARKETS, BUT ANY PERSISTENT PRESSURES ON THE BUSINESS MARKETS MAY CONTINUE TO
STRESS THE RISK PROFILES OF SOME SECURITIES.
4 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND (the Fund) seeks
current income exempt from federal income tax and California individual income
tax, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
January 1, 1992
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (8%)
Muncipal Bonds (92%)
MUTURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (6%)
2-7 days (84%)
8-14 days (2%)
30-59 days (3%)
60-89 days (1%)
90-179 days (4%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 5
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND - CLASS A
(CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
CALIFORNIA TAX-FREE MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------------- -------- ------ ------ -------
Class A (SGCXX) 0.01 0.57 1.87 1.66
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.50)%.
6 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
The Wells Fargo Advantage Government Money Market Fund (the Fund) seeks current
income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
November 16, 1987
PORTFOLIO ALLOCATION1 (AS OF
AUGUST 31, 2009)
MATURITY DISTRIBUTION1 (AS OF
AUGUST 31, 2009)
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2008)
(PIE CHART)
Corporate Bonds & Notes (4%)
Commercial Paper (4%)
Federal Agencies (50%)
Repurchase Agreements (42%)
MUTURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2008)
(PIE CHART)
1 days (30%)
2-7 days (12%)
8-14 days (6%)
15-29 days (7%)
30-59 days (9%)
60-89 days (11%)
90-179 days (15%)
180-269 days (1%)
270+ days (9%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND - CLASS A (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
GOVERNMENT MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ---------------------------- -------- ------ ------ -------
Class A (WFGXX) 0.01 0.33 2.76 2.66
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY (3)
(AS OF AUGUST 31, 2009)
- -----------------------
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND.
- ----------
(2.) Performance shown prior to the inception of the Class A shares on November
8, 1999, reflects the performance of the Service Class shares, adjusted to
reflect Class A expenses.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.41)%.
8 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
The Wells Fargo Advantage Minnesota Money Market Fund (the Fund) seeks current
income exempt from federal income tax and Minnesota individual income tax, but
not the federal Alternative Minimum Tax, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
August 14, 2000
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (1%)
Municipal Bonds (99%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (18%)
2-7 days (79%)
30-59 days (1%)
270+ days (2%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND - CLASS A (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
MINNESOTA MONEY MARKET FUND 6 Month* 1 Year 5 Year Life of Fund
- --------------------------- -------- ------ ------ ------------
Class A (WMNXX) 0.02 0.63 1.82 1.55
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY (2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.56)%.
10 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE MONEY MARKET FUND - CLASS A, B AND INVESTOR CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MONEY MARKET FUND (the Fund) seeks current income,
while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
July 1, 1992
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Certificates of Deposit (6%)
Commercial Paper (54%)
Floating Rate Bonds (14%)
Municipal Bonds (8%)
Repurchase Agreements (8%)
Short-Term Corporate Bonds (3%)
Time Deposits (7%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (19%)
2-7 days (14%)
8-14 days (9%)
15-29 days (11%)
30-59 days (29%)
60-89 days (10%)
90-179 days (6%)
180-269 days (1%)
270+ days (1%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE MONEY MARKET FUND - CLASS A, B AND INVESTOR CLASS
(CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ----------------- -------- ------ ------ -------
Class A (STGXX) 0.04 0.73 2.85 2.71
Class B 0.01 0.37 2.17 2.24
Including Sales Charge (4.99) (4.63) 1.80 2.24
Investor Class (WMMXX) 0.07 0.82 2.95 2.75
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY (3) Investor
(AS OF AUGUST 31, 2009) Class A Class B Class
- ----------------------- ------- ------- --------
7-Day Current Yield 0.01% 0.01% 0.01%
7-Day Compound Yield 0.01% 0.01% 0.01%
30-Day Simple Yield 0.01% 0.01% 0.01%
30-Day Compound Yield 0.01% 0.01% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE, BUT THE FUND'S CLASS B SHARES
MAY BE SUBJECT TO A MAXIMUM CONTINGENT DEFERRED SALES CHARGE (CDSC) OF 5.00%.
OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE DESCRIBED IN
THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) Performance shown prior to the inception of the Investor 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 Investor Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.43)%, (1.18)%,
and (0.48)% for Class A, B, and Investor share Classes, respectively.
12 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND - INVESTOR CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND (the Fund) seeks current
income exempt from regular federal income tax, while preserving capital and
liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 23, 1986
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (4%)
Municipal Bonds (96%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (13%)
2-7 days (80%)
8-14 days (2%)
30-59 days (2%)
90-179 days (3%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND - INVESTOR CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
MUNICIPAL MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- --------------------------- -------- ------ ------ -------
Investor Class (SXFXX) 0.09 0.83 2.08 2.14
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY INVESTOR CLASS(2)
(AS OF AUGUST 31, 2009)
- ------------------------------------
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.03%
30-Day Compound Yield 0.03%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.31)%.
14 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND (the Fund) seeks
current income exempt from federal income tax, while preserving capital and
liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
January 7, 1988
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (6%)
Municipal Bonds (94%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (19%)
2-7 days (73%)
30-59 days (3%)
60-89 days (1%)
90-179 days (4%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 15
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND - CLASS A (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
NATIONAL TAX-FREE MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ----------------------------------- -------- ------ ------ -------
Class A (NWMXX) 0.04 0.63 1.94 1.83
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009)
- -----------------------
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) Performance shown prior to the inception of the Class A shares on July 28,
2003, reflects the performance of the Service Class shares, adjusted to
reflect Class A expenses.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.29)%.
16 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND (the Fund) seeks
current income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 1, 1985
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Repurchase Agreements (84%)
U.S. Treasury Bills (14%)
U.S. Treasury Notes (2%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (83%)
15-29 days (3%)
30-59 days (9%)
60-89 days (3%)
90-179 days (2%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 17
Performance Highlights
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND - CLASS A (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
TREASURY PLUS MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------- -------- ------ ------ -------
Class A (PIVXX) 0.01 0.11 2.54 2.54
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009)
- -----------------------
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND ITSELF.
- ----------
(2.) Performance shown prior to the inception of the Class A shares on July 28,
2003 reflects the performance of the Service Class shares, adjusted to
reflect Class A expenses.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.48)%.
18 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND - CLASS A
INVESTMENT OBJECTIVE
THE WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND (the Fund) seeks
current income exempt from most state and local individual income taxes, while
preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
December 3, 1990
PORTFOLIO ALLOCATION (1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
U.S. Treasury Notes (99%)
U.S. Treasury Bills (1%)
MATURITY DISTRIBUTION (1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
2-7 days (5%)
8-14 days (5%)
15-29 days (17%)
30-59 days (32%)
60-89 days (27%)
90-179 days (13%)
180-269 days (1%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 19
Performance Highlights
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND - CLASS A (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
100% TREASURY MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------- -------- ------ ------ -------
Class A (WFTXX) 0.01 0.17 2.41 2.41
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009)
- -----------------------
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND ITSELF.
- ----------
(2.) Performance shown prior to the inception of the Class A shares on November
8, 1999, reflects the performance of the Service Class shares, adjusted to
reflect Class A expenses.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.43)%.
20 Wells Fargo Advantage Money Market Funds
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (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 March 1, 2009 to
August 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
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.10 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
GOVERNMENT MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.10 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
MINNESOTA MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.20 $4.03 0.80%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.17 $4.08 0.80%
MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.40 $3.83 0.76%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.37 $3.87 0.76%
CLASS B
Actual $1,000.00 $1,000.10 $7.61 1.51%
Hypothetical (5% Return before expenses) $1,000.00 $1,017.59 $7.68 1.51%
INVESTOR CLASS
Actual $1,000.00 $1,000.70 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
Wells Fargo Advantage Money Market Funds 21
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
MUNICIPAL MONEY MARKET FUND
INVESTOR CLASS
Actual $1,000.00 $1,000.90 $3.23 0.64%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.98 $3.26 0.64%
NATIONAL TAX-FREE MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.40 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
TREASURY PLUS MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.10 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
100% TREASURY MONEY MARKET FUND
CLASS A
Actual $1,000.00 $1,000.10 $3.28 0.65%
Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65%
- ----------
(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.)
22 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER: 8.46%
$ 14,365,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT 0.25% 10/06/2009 $ 14,365,000
22,500,000 CALIFORNIA PCFA 0.35 10/01/2009 22,500,000
4,210,000 DUBLIN SAN RAMON SERVICE DISTRICT EAST BAY MUD WATER AUTHORITY 0.30 11/05/2009 4,210,000
26,300,000 GOLDEN GATE BRIDGE, HIGHWAY & TRANSPORTATION DISTRICT 0.35 10/08/2009 26,300,000
12,245,000 IMPERIAL IRRIGATION DISTRICT CALIFORNIA ELECTRIC & WATER SYSTEM 0.30 09/09/2009 12,245,000
6,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS 0.35 09/03/2009 6,000,000
15,000,000 LOS ANGELES METROPOLITAN TRANSPORTATION 0.35 11/06/2009 15,000,000
6,000,000 LOS ANGELES MUNICIPAL IMPROVEMENT 0.30 12/09/2009 6,000,000
15,000,000 LOS ANGELES MUNICIPAL IMPROVEMENT 0.30 12/10/2009 15,000,000
30,700,000 SACRAMENTO MUD 0.40 01/15/2010 30,700,000
5,000,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 0.80 09/10/2009 5,000,000
22,561,000 SAN DIEGO REGIONAL AIRPORT AUTHORITY 0.40 12/03/2009 22,561,000
16,880,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.35 01/13/2010 16,880,000
8,425,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.40 12/09/2009 8,425,000
8,425,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.45 01/12/2010 8,425,000
43,185,000 SAN JOAQUIN TRANSPORTATION AUTHORITY 0.32 09/08/2009 43,185,000
TOTAL COMMERCIAL PAPER (COST $256,796,000) 256,796,000
--------------
MUNICIPAL BONDS & NOTES: 91.64%
CALIFORNIA: 90.26%
10,865,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA AIR
FORCE VILLAGE WEST INCORPORATED (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.30 05/15/2035 10,865,000
8,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2038 8,000,000
10,110,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA COLMA
BART APARTMENTS SERIES A (HOUSING REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.45 11/15/2035 10,110,000
5,435,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
FRANCIS PARKER SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.23 09/01/2036 5,435,000
19,455,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA JEWISH
HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.13 11/15/2035 19,455,000
4,180,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA LA
JOLLA COUNTY DAY SCHOOL SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.55 09/01/2036 4,180,000
3,100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MARIN
ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.26 07/01/2029 3,100,000
10,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MENLO
SCHOOL (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.18 09/01/2033 10,000,000
11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
FINE ARTS BUILDING PROJECTS A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 07/15/2035 11,200,000
6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
GAIA BUILDING PROJECT SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 09/15/2032 6,965,000
8,970,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
GENEVA POINTE APARTMENTS A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 03/15/2037 8,970,000
2,635,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA OSHMAN
FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.12 06/01/2037 2,635,000
2,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA SAINT
ANTHONY FOUNDATION (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.25 03/01/2037 2,200,000
3,380,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA SAN
FRANCISCO UNIVERSITY SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.55 04/01/2035 3,380,000
10,500,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS SACRED
HEART SERIES FB (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 06/01/2030 10,500,000
1,895,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTEREY APARTMENTS SERIES B
(MFHR, FNMA INSURED)ss+/- 0.30 05/15/2027 1,895,000
12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS (MFHR, FHLMC
INSURED)ss+/- 0.30 07/01/2033 12,600,000
Wells Fargo Advantage Money Market Funds 23
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS PROJECT SERIES C
(MFHR LOC, FNMA INSURED)ss+/- 0.33% 07/15/2033 $ 6,000,000
10,400,000 ARCADIA CA USD (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 08/01/2037 10,400,000
7,768,500 ARCADIA CA USD SERIES 2679 (OTHER REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.54 08/01/2013 7,768,500
5,900,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.82 09/01/2035 5,900,000
26,400,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A
(IDR, KBC BANK NV LOC)ss+/- 0.33 12/01/2028 26,400,000
25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING AUTHORITY GE CAPITAL
CORPORATION SERIES A (ELECTRIC REVENUE)ss+/- 0.36 10/01/2020 25,040,000
3,925,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY (COLLEGE AND UNIVERSITY
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2043 3,925,000
39,770,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA INSTITUTE OF
TECHNOLOGY SERIES B (COLLEGE & UNIVERSITY REVENUE, GO OF INSTITUTION
INSURED)ss+/- 0.14 10/01/2036 39,770,000
12,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHARLES R DREW
UNIVERSITY (OTHER REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 1.17 11/01/2042 12,500,000
5,100,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY PITZER COLLEGE SERIES B
(COLLEGE & UNIVERSITY REVENUE, BANK OF NEW YORK LOC)ss+/- 0.20 04/01/2045 5,100,000
5,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK COLBURN
SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.45 08/01/2037 5,500,000
5,910,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK JEWISH
COMMUNITY CENTER SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 12/01/2031 5,910,000
2,600,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LYCEE
FRANCIAS DE LOS ANGELES PROJECT (COLLEGE & UNIVERSITY REVENUE, MELLON
BANK NA LOC)ss+/- 0.25 09/01/2036 2,600,000
520,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II
R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/- 0.27 07/01/2030 520,000
6,225,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SAGE HILL
SCHOOL PROJECT (OTHER REVENUE, AIB GROUP LOC)ss+/- 0.39 06/01/2038 6,225,000
3,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SOUTHERN CA
PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.43 10/01/2025 3,000,000
10,775,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST. MARGARETS
EPISCOPAL SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 01/01/2038 10,775,000
5,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK THE BAY
INSTITUTE AQUARIUM FOUNDATION (OTHER REVENUE, FHLMC INSURED)ss+/- 0.20 06/01/2025 5,500,000
3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY (ECONOMIC DEVELOPMENT
REVENUE, PACIFIC NATIONAL LOC)ss+/- 0.20 12/01/2042 3,500,000
15,350,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
INCORPORATED PROJECT SERIES A (SOLID WASTE REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.35 02/01/2019 15,350,000
2,000,000 CALIFORNIA PCFA WADHAM ENERGY (PCR, BNP PARIBAS LOC)ss+/- 0.29 11/01/2017 2,000,000
6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER REVENUE, BANQUE
NATIONALE PARIS LOC)ss+/- 0.29 11/01/2017 6,275,000
400,000 CALIFORNIA SERIES B (HFFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 09/01/2028 400,000
1,500,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 07/01/2033 1,500,000
19,300,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFFA REVENUE, FIRST SECURITY
BANK LOC)ss+/- 0.65 11/15/2036 19,300,000
3,000,000 CALIFORNIA STATE CDA MFHR BAY VISTA MEADOW PARK NN1 (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.30 12/15/2037 3,000,000
12,290,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST COMPANY NA
LOC)ss+/- 0.20 05/01/2022 12,290,000
4,380,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 05/01/2022 4,380,000
7,700,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE,
FSA INSURED)ss+/- 0.55 05/01/2022 7,700,000
9,740,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE,
KBC BANK NV LOC)ss+/- 0.10 05/01/2022 9,740,000
64,915,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)ss+/- 0.35 05/01/2017 64,915,000
24 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 2,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G7 (WATER REVENUE, FSA
INSURED)ss+/- 0.60% 05/01/2017 $ 2,000,000
3,995,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.27 06/01/2016 3,995,000
8,000,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C11 (SALES TAX REVENUE,
BNP PARIBAS LOC)ss+/- 0.15 07/01/2023 8,000,000
38,605,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C16 (SALES TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.75 07/01/2023 38,605,000
9,630,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)SS 5.75 10/01/2009 9,754,167
15,530,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)SS 5.75 10/01/2009 15,730,240
15,530,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)SS 5.88 10/01/2009 15,731,814
22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.64 04/01/2010 22,315,000
8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER REVENUE, CALYON BANK
LOC)ss+/- 0.20 05/01/2040 8,560,000
425,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.26 05/01/2040 425,000
3,800,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B4 (PROPERTY
TAX REVENUE, CITIBANK NA LOC)ss+/- 0.22 05/01/2034 3,800,000
2,100,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5 (PROPERTY
TAX REVENUE, CITIBANK NA LOC )ss+/- 0.20 05/01/2034 2,100,000
12,825,000 CALIFORNIA STATEWIDE CDA (HOSPITAL REVENUE, CITIBANK NA LOC)ss+/- 0.94 08/15/2032 12,825,000
5,625,000 CALIFORNIA STATEWIDE CDA (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK
PLC LOC)ss+/- 0.45 10/01/2036 5,625,000
9,880,000 CALIFORNIA STATEWIDE CDA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.21 08/01/2033 9,880,000
5,300,000 CALIFORNIA STATEWIDE CDA 1030 POST STREET APARTMENTS SERIES Y
(MFHR, FHLMC INSURED)ss+/- 0.33 02/01/2039 5,300,000
2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C (MFHR, FNMA
INSURED)ss+/- 0.42 07/01/2027 2,155,000
6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL SERIES H (MFHR)ss+/- 0.33 07/01/2027 6,270,000
2,745,000 CALIFORNIA STATEWIDE CDA ARBOR RIDGE APARTMENTS SERIES B (MFHR,
FHLMC INSURED)ss+/- 0.36 11/01/2036 2,745,000
4,155,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS INCORPORATED
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 05/01/2035 4,155,000
36,550,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 04/01/2039 36,550,000
9,390,000 CALIFORNIA STATEWIDE CDA BELMONT PROJECT SERIES F (MFHR, FNMA
LOC)ss+/- 0.31 06/15/2038 9,390,000
7,180,000 CALIFORNIA STATEWIDE CDA CHADWICK SCHOOL (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.26 10/01/2029 7,180,000
4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT APARTMENTS SERIES L (MFHR,
FHLMC INSURED)ss+/- 0.36 09/01/2040 4,000,000
6,000,000 CALIFORNIA STATEWIDE CDA CHILDRENS HOSPITAL SERIES C (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.12 08/15/2034 6,000,000
2,000,000 CALIFORNIA STATEWIDE CDA CULINARY INSTITUTE OF AMERICA (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 10/01/2038 2,000,000
1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS SERIES TT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.35 12/15/2034 1,925,000
6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS SERIES C (MFHR,
FHLMC INSURED)ss+/- 0.30 01/01/2038 6,000,000
3,310,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO SERIES F (HOUSING REVENUE,
CITIBANK NA LOC)ss+/- 0.37 07/01/2038 3,310,000
5,580,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS SERIES JJ (MFHR, US
BANK NA LOC)ss+/- 0.16 11/01/2031 5,580,000
18,110,000 CALIFORNIA STATEWIDE CDA LIVERMORE VALLEY ARTS CENTER PROJECT
(OTHER REVENUE, BANK OF NEW YORK LOC)ss+/- 0.16 12/01/2036 18,110,000
6,135,000 CALIFORNIA STATEWIDE CDA MARIN HORIZON SCHOOL (PRIVATE SCHOOL
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2036 6,135,000
6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE SERIES A (MFHR, FNMA
INSURED)ss+/- 0.25 02/15/2036 6,500,000
10,700,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY APARTMENTS SERIES M
(MFHR, FHLMC INSURED)ss+/- 0.32 12/01/2034 10,700,000
3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS SERIES R
(MFHR, FNMA INSURED)ss+/- 0.35 10/15/2030 3,985,000
12,000,000 CALIFORNIA STATEWIDE CDA MFHR IMPERIAL PARK APARTMENTS SERIES 00
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.50 11/01/2040 12,000,000
Wells Fargo Advantage Money Market Funds 25
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 3,200,000 CALIFORNIA STATEWIDE CDA MFHR SERIES AA (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33% 04/15/2035 $ 3,200,000
11,330,000 CALIFORNIA STATEWIDE CDA NATIONAL CENTER INTERNATIONAL SCHOOLS A
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.50 05/01/2026 11,330,000
7,840,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y (MFHR, FNMA
INSURED)ss+/- 0.32 08/01/2031 7,840,000
8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK APARTMENTS SERIES Y
(MFHR, FNMA INSURED)ss+/- 0.33 10/15/2030 8,640,000
150,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.12 07/01/2034 150,000
5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR APARTMENTS SERIES B
(MFHR, FNMA INSURED)ss+/- 0.33 05/15/2037 5,265,000
15,500,000 CALIFORNIA STATEWIDE CDA SERIES 2680 (OTHER REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.49 05/18/2018 15,500,000
5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE PROJECT SERIES A (MFHR,
FNMA INSURED)ss+/- 0.33 05/01/2027 5,665,000
4,025,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM SERIES A (HCFR, CITIBANK
NA LOC)ss+/- 0.25 08/01/2035 4,025,000
3,375,000 CALIFORNIA STATEWIDE CDA TIGER WOODS LEARNING FOUNDATION (PRIVATE
SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.15 07/01/2036 3,375,000
1,900,000 CALIFORNIA STATEWIDE CDA TOURO UNIVERSITY PROJECT (COLLEGE &
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 09/01/2029 1,900,000
10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN DIEGO (COLLEGE &
UNIVERSITY REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.18 10/01/2045 10,000,000
4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR PROJECT MM (MFHR, EAST
WEST BANK LOC)ss+/- 0.32 11/01/2035 4,000,000
3,620,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA SERIES CCC (MFHR, FNMA
INSURED)ss+/- 0.33 11/15/2039 3,620,000
4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH APARTMENTS SERIES D
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.35 11/15/2035 4,375,000
79,950,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES A (OTHER
REVENUE, BANK OF NEW YORK LOC)ss+/- 0.52 06/01/2039 79,950,000
1,160,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY CENTER FOR EARLY
EDUCATION (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 09/01/2031 1,160,000
4,538,000 CALIFORNIA UNIVERSITY OF SAN FRANCISCO SERIES 2005B (EDUCATIONAL
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 10/01/2035 4,538,000
1,900,000 CASTACIC CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 2.00 09/01/2026 1,900,000
6,555,000 CENTRAL BASIN CA MUNICIPAL WATER DISTRIBUTION SERIES B (WATER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.26 08/01/2037 6,555,000
2,100,000 CONCORD CA MFHR (OTHER REVENUE, FHLMC INSURED)ss+/- 0.45 12/01/2016 2,100,000
14,500,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS SERIES B (MFHR, FHLMC
INSURED)ss+/- 0.30 07/01/2036 14,500,000
3,005,000 CONTRA COSTA COUNTY CA HOUSING AUTHORITY SERIES C (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.23 11/15/2017 3,005,000
2,000,000 CONTRA COSTA COUNTY CA MFHR (HOUSING REVENUE, FHLMC INURED)ss+/- 0.28 10/15/2033 2,000,000
2,000,000 CONTRA COSTA COUNTY CA MFHR SERIES B REMARKETED 09/28/94 (MFHR,
FNMA INSURED)ss+/- 0.24 11/15/2022 2,000,000
26,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-287 (OTHER REVENUE, MBIA
INSURED)ss+/- 0.31 09/01/2037 26,375,000
5,775,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-445 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.41 08/01/2032 5,775,000
5,142,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-477 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.49 12/01/2024 5,142,000
8,465,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-448 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31 07/01/2032 8,465,000
4,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-457 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2032 4,000,000
14,406,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2042 14,406,000
10,530,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490 (TAX INCREMENTAL
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 02/01/2031 10,530,000
4,105,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.34 07/01/2031 4,105,000
26 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 5,870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600 (WATER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31% 02/01/2038 $ 5,870,000
5,505,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2028 5,505,000
4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2031 4,065,000
2,995,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 08/01/2031 2,995,000
4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 02/01/2024 4,520,000
11,910,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 09/01/2027 11,910,000
11,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2033 11,570,000
7,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-649 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 06/01/2031 7,570,000
8,453,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-670 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 06/01/2028 8,453,000
2,385,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.34 11/01/2038 2,385,000
1,690,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525 (OTHER REVENUE, FGIC
INSURED)ss+/- 0.31 06/01/2035 1,690,000
1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-575 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.31 09/01/2029 1,025,000
6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.31 06/01/2028 6,460,000
22,025,000 EAST BAY CA MUD SERIES A1 (WATER REVENUE)ss+/- 0.39 06/01/2026 22,025,000
21,400,000 EAST BAY CA MUD SERIES A2 (WATER REVENUE)ss+/- 0.39 06/01/2026 21,400,000
31,500,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 31,500,000
23,320,000 EAST BAY CA MUD SUBSERIES A4 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 23,320,000
6,950,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 6,950,000
6,805,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2027 6,805,000
3,530,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES D (WATER REVENUE, LLOYDS BANK LOC)ss+/- 0.16 07/01/2023 3,530,000
8,260,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES F (WATER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 07/01/2038 8,260,000
10,720,000 ELSINORE VALLEY CA MUNICIPAL WATER DISTRICT COP SERIES B (WATER &
SEWER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.50 07/01/2035 10,720,000
9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33 08/15/2026 9,800,000
19,805,000 GOLDEN STATE CA TOBACCO SECURITIZATION CORPORATION CLASS A (OTHER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 06/01/2045 19,805,000
18,055,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT EAGLE 20060117 CLASS A (OTHER REVENUE, FGIC INSURED)ss+/- 0.54 06/01/2035 18,055,000
11,500,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11432 (OTHER REVENUE, CITIBANK NA LOC)ss+/- 0.59 06/01/2045 11,500,000
19,085,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11442 (OTHER REVENUE, CITIBANK NA LOC)ss+/- 0.59 06/01/2045 19,085,000
4,800,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES 2966 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 06/01/2014 4,800,000
7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON HILLS SERIES A (HOUSING
REVENUE LOC, FNMA INSURED)ss+/- 0.24 06/15/2025 7,400,000
4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A REMARKETED 03/17/94 (MFHR, FGIC
INSURED)ss+/- 0.23 07/15/2014 4,000,000
6,450,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT SERIES A
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.16 08/01/2032 6,450,000
1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.24 01/01/2025 1,000,000
5,190,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (LEASE
REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2028 5,190,000
7,505,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (LEASE
REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2038 7,505,000
Wells Fargo Advantage Money Market Funds 27
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 4,955,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 2.15% 02/01/2018 $ 4,955,000
11,000,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #07-22-A
(OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.10 09/02/2032 11,000,000
10,730,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #97-17
(OTHER REVENUE, STATE STREET BANK & TRUST LOC)ss+/- 0.10 09/02/2023 10,730,000
4,000,000 IRVINE RANCH CA WATER DISTRICT BANK OF AMERICA INSURED (WATER &
SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 04/01/2033 4,000,000
13,610,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3164 (PROPERTY TAX
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 08/01/2015 13,610,000
6,700,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS SERIES
A (MFHR, FNMA INSURED)ss+/- 0.21 02/15/2031 6,700,000
5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS
PROJECT SERIES C (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 12/01/2026 5,500,000
4,000,000 LOMA LINDA CA HOSPITAL LOMA LINDA UNIVERSITY MEDICAL CENTER B
(HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 12/01/2038 4,000,000
17,000,000 LOMA LINDA CA LOMA LINDA UNIVERSITY SERIES B (HEALTHCARE FACILITIES
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 12/01/2037 17,000,000
5,355,000 LOS ANGELES CA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 08/01/2035 5,355,000
13,090,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.30 08/01/2018 13,090,000
4,780,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT SERIES 2864 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 08/01/2014 4,780,000
7,265,000 LOS ANGELES CA COMMUNITY RDA MFHR SECOND & CENTRAL APARTMENTS
PROJECT (HOUSING REVENUE, HSBC USA NA LOC)ss+/- 0.27 12/01/2038 7,265,000
6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING PROJECT SERIES A
(MFHR, FNMA INSURED)ss+/- 0.36 12/15/2034 6,290,000
4,930,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 12/01/2035 4,930,000
2,710,000 LOS ANGELES CA COP NOTRE DAME HIGH SCHOOL SERIES A (LEASE REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 09/01/2036 2,710,000
5,000,000 LOS ANGELES CA COP SAMUEL A FRYER YAVNEY SERIES A (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.34 08/01/2038 5,000,000
500,000 LOS ANGELES CA COP WINDWARD SERIES A (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2037 500,000
2,000,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL
AIRPORT SERIES C1 (AIRPORT REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.20 05/15/2020 2,000,000
9,250,000 LOS ANGELES CA DW&P CLASS A (WATER REVENUE, AMBAC INSURED)ss+/- 0.39 07/01/2035 9,250,000
7,980,000 LOS ANGELES CA DW&P ROCS RR II-11531 (WATER & SEWER REVENUE, MBIA
INSURED)ss+/- 0.42 01/01/2013 7,980,000
11,600,000 LOS ANGELES CA DW&P SUBSERIES A4 (POWER REVENUE, LLOYDS BANK
LOC)ss+/- 0.16 07/01/2035 11,600,000
4,700,000 LOS ANGELES CA MFHR FOUNTAIN PARK PROJECT SERIES P (MFHR,
CALIFORNIA BANK & TRUST NA LOC)ss+/- 0.28 04/15/2033 4,700,000
3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE APARTMENTS (MFHR, EAST WEST
BANK LOC)ss+/- 0.32 07/01/2027 3,540,000
21,300,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A2 (POWER REVENUE, US BANK NA
LOC)ss+/- 0.20 07/01/2035 21,300,000
16,700,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A3 (POWER REVENUE)ss+/- 0.16 07/01/2035 16,700,000
5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A6 (UTILITIES REVENUE)ss+/- 0.20 07/01/2035 5,000,000
10,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A8 (WATER REVENUE)ss+/- 0.20 07/01/2035 10,000,000
4,610,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.42 07/01/2015 4,610,000
39,225,000 LOS ANGELES CA SUBSERIES B1 (WATER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.15 07/01/2035 39,225,000
13,200,000 LOS ANGELES CA WASTE WATER SUBSERIES D (SEWER REVENUE, BANK OF NOVA
SCOTIA)ss+/- 0.18 06/01/2028 13,200,000
2,800,000 LOS ANGELES CA WASTE WATER SYSTEM SERIES 2254 (OTHER REVENUE, MBIA
INSURED)ss+/- 0.54 06/01/2013 2,800,000
7,000,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G (SEWER REVENUE, BANK
OF AMERICA NA LOC)ss+/- 0.21 06/01/2032 7,000,000
7,340,000 LOS ANGELES CA WATER & POWER SERIES 2971 (ELECTRIC REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.54 01/01/2014 7,340,000
4,300,000 LOS ANGELES CA WATTS ATHENS APARTMENTS SERIES A (HOUSING REVENUE,
FHLB INSURED)ss+/- 0.32 08/15/2030 4,300,000
28 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 2,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.50% 09/01/2030 $ 2,500,000
5,100,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY SERIES
C3 (SALES TAX REVENUE, SUMITOMO MITSUI BANK LOC)ss+/- 0.17 07/01/2025 5,100,000
5,000,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING PROJECT SERIES A
(OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2024 5,000,000
5,065,000 LOS RIOS CA COMMUNITY COLLEGE DISTRICT SERIES 2972 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 02/01/2013 5,065,000
9,260,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX ALLOCATION REVENUE, STATE
STREET BANK & TRUST LOC)ss+/- 0.14 10/01/2042 9,260,000
9,030,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX ALLOCATION
REVENUE, AMBAC INSURED)ss+/- 0.14 01/01/2031 9,030,000
10,515,000 METROPOLITAN WATER DISTRICT SOUTHERN CA (WATER REVENUE, CITIBANK NA
LOC)ss+/- 0.29 02/01/2015 10,515,000
25,600,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS CLASS A (WATER
REVENUE, CITIBANK NA LOC)ss+/- 0.29 07/01/2037 25,600,000
700,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE SERIES C
(WATER REVENUE )ss+/- 0.18 07/01/2027 700,000
6,150,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES B1 (OTHER
REVENUE, CITIBANK NA LOC)ss+/- 0.20 07/01/2028 6,150,000
7,185,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES C (WATER
REVENUE, DEXIA INSURED)ss+/- 0.30 10/01/2029 7,185,000
1,550,000 MONTEREY PENINSULA CA WATER MANAGEMENT DISTRICT (LEASE REVENUE, BANK
OF AMERICA NA LOC)ss+/- 0.25 07/01/2022 1,550,000
52,520,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA REDEVELOPMENT PROJECT A
(OTHER REVENUE, SCOTIA BANK LOC)ss+/- 0.20 09/01/2033 52,520,000
15,750,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.26 12/01/2040 15,750,000
10,100,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A (ELECTRIC
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2032 10,100,000
6,070,000 ORANGE COUNTY CA (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 12/15/2028 6,070,000
4,700,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT ISSUE G SERIES 1 (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 4,700,000
1,500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE ISSUE G SERIES 2
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 1,500,000
4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK RIDGE VILLAS
PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.24 11/15/2028 4,000,000
14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT PARK PLACE
APARTMENTS ISSUE A (HOUSING REVENUE, FHLB INSURED)ss+/- 0.31 04/01/2024 14,900,000
8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D HARBOR POINTE
PROJECT (HOUSING REVENUE, FHLMC LOC)ss+/- 0.24 12/01/2022 8,619,000
500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES G3 (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 500,000
4,244,000 ORANGE COUNTY CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT 01-1
SERIES A (SPECIAL TAX REVENUE, KBC BANK NV LOC)ss+/- 0.12 09/02/2033 4,244,000
5,060,000 ORANGE COUNTY CA SANITATION DISTRICT SERIES A (LEASE REVENUE)ss+/- 0.18 08/01/2029 5,060,000
1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES 25297 (SEWER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 02/01/2015 1,075,000
45,800,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B (LEASE
REVENUE)ss+/- 0.18 08/01/2030 45,800,000
52,015,000 ORANGE COUNTY CA WATER DISTRICT SERIES A (WATER REVENUE, LLOYDS TSB
BANK PLC LOC)ss+/- 0.16 08/01/2042 52,015,000
9,615,000 PASADENA CA COMMUNITY DEVELOPMENT COMMISSION HOLLY STREET APARTMENTS
SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.19 12/15/2033 9,615,000
19,400,000 PITTSBURG CA PUBLIC FINANCING AUTHORITY WATER (WATER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.45 06/01/2035 19,400,000
7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY SERIES B (OTHER
REVENUE, UBS AG LOC)ss+/- 0.19 08/15/2031 7,000,000
160,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 03/01/2037 160,000
Wells Fargo Advantage Money Market Funds 29
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 3,245,000 RIVERSIDE CA ELECTRIC PUTTERS SERIES 3042Z (ELECTRIC REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.16% 04/01/2016 $ 3,245,000
4,350,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 10/01/2035 4,350,000
1,500,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN VIEW APARTMENTS
SERIES A (MFHR, REDLANDS FEDERAL S&L LOC)ss+/- 0.24 08/01/2025 1,500,000
2,300,000 RIVERSIDE COUNTY CA IDA IDR CRYOGENIC PROJECT ISSUE B (IDR, BANK OF
AMERICA NA LOC)ss+/- 0.31 07/05/2014 2,300,000
14,750,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.55 02/01/2035 14,750,000
13,200,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 0.55 02/01/2035 13,200,000
7,500,000 ROSEVILLE CA SPECIAL TAX COMMUNITY DISTRICT #1 HIGHLAND PREREFUNDED
(SPECIAL TAX REVENUE)ss 6.30 09/01/2009 7,650,000
7,000,000 SACRAMENTO CA HOUSING AUTHORITY SHENANDOAH APARTMENTS SERIES F
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 09/15/2036 7,000,000
5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.24 07/15/2029 5,000,000
7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR ARLINGTON CREEK
APARTMENT SERIES I (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2034 7,000,000
6,835,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR CASCADES SERIES D
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 09/15/2035 6,835,000
9,140,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR LOGAN PART APARTMENTS
ISSUE E (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.36 05/01/2042 9,140,000
6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK APARTMENTS
SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 02/15/2033 6,000,000
2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS AT WINTER SERIES C2
(MFHR, FHLMC INSURED)ss+/- 0.21 08/01/2034 2,900,000
4,700,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS PROJECT
ISSUE A (MFHR, FHLMC INSURED)ss+/- 0.31 12/01/2022 4,700,000
10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS SERIES B (MFHR, FNMA
INSURED)ss+/- 0.21 08/15/2027 10,000,000
5,800,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY ROCS
RR II 11579 (SEWER REVENUE, CITIBANK NA LOC)ss+/- 0.42 06/01/2030 5,800,000
6,700,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SERIES
A (SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 12/01/2036 6,700,000
13,525,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SERIES
D (SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 12/01/2039 13,525,000
5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SUBORDINATE LIEN SACRAMENTO DISTRICT E (SEWER REVENUE, US BANK NA
LOC)ss+/- 0.20 12/01/2040 5,000,000
5,050,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SUBORDINATE LIEN SACRAMENTO REGULATION C (SEWER REVENUE, CREDIT
AGRICOLE INDOSUEZ LOC)ss+/- 0.23 12/01/2030 5,050,000
7,000,000 SAN BERNARDINO CA REDEVELOPMENT AGENCY SILVER WOODS APARTMENTS
PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 05/01/2026 7,000,000
7,319,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.21 03/01/2024 7,319,000
5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT (WATER REVENUE, UBS
AG LOC)ss+/- 0.20 08/01/2037 5,500,000
6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS PROJECT
SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 05/15/2029 6,115,000
5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT SERIES A
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 05/15/2029 5,600,000
4,785,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES A (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 04/01/2038 4,785,000
4,085,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.15 04/01/2038 4,085,000
24,000,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 04/01/2038 24,000,000
1,545,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES 2873 (WATER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.54 05/01/2013 1,545,000
5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND SERIES
37D (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.65 05/01/2030 5,000,000
16,750,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SERIES 37C
(AIRPORT REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.65 05/01/2029 16,750,000
30 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 4,655,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SERIES B (AIRPORT
REVENUE)ss+/- 0.75% 05/01/2029 $ 4,655,000
5,425,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION MOSCONE CENTER
(LEASE REVENUE, STATE STREET BANK & TRUST LOC)ss+/- 0.21 04/01/2030 5,425,000
2,700,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE APARTMENTS SERIES
B (MFHR, CITIBANK NA LOC)ss+/- 0.43 03/01/2036 2,700,000
40,000,000 SAN FRANCISCO CA CITY & COUNTY RDA FILLMORE CENTER SERIES B1
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.27 12/01/2017 40,000,000
6,540,000 SAN FRANCISCO CA CITY & COUNTY RDA NOTRE DAME APARTMENTS SERIES G
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.35 12/01/2033 6,540,000
9,325,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO CEPEDA PLACE SERIES D
(MFHR, CITIBANK NA LOC)ss+/- 0.43 11/01/2033 9,325,000
1,400,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY (MFHR, FNMA
INSURED)ss+/- 0.28 06/15/2034 1,400,000
3,190,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 08/01/2032 3,190,000
9,250,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT HUNTERS POINT SERIES A (TAX REVENUE, KBC BANK NV
LOC)ss+/- 0.37 08/01/2036 9,250,000
3,130,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR LELAND POLK
SENIOR COMMUNITY SERIES A (MFHR, CITIBANK NA LOC)ss+/- 0.43 12/01/2019 3,130,000
6,250,000 SAN JOAQUIN HILLS CA TRANSPORTATION CORRIDOR AGENCY (TOLL ROAD
REVENUE)## 0.98 01/01/2010 6,238,608
8,900,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.30 02/01/2037 8,900,000
9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR, FNMA
INSURED)ss+/- 0.43 02/01/2038 9,360,000
7,100,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATION (HOUSING REVENUE,
BANK OF NEW YORK LOC)ss+/- 0.40 08/01/2035 7,100,000
5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.23 07/15/2018 5,025,000
37,545,000 SANTA CLARA CA SUBSERIES B (ELECTRIC PLANT REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2027 37,545,000
20,750,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE FACILITIES
PROJECTS SERIES M (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 05/15/2035 20,750,000
5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS PROJECT
SERIES A (MFHR, FNMA INSURED)ss+/- 0.24 12/15/2025 5,900,000
3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS (HOUSING REVENUE, FHLB
INSURED)ss+/- 0.32 05/01/2040 3,120,000
16,440,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.22 06/01/2010 16,440,000
17,695,000 SIMI VALLEY CA SERIES A (MFHR)ss+/- 0.23 07/01/2023 17,695,000
5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.31 09/01/2019 5,700,000
32,900,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT (ELECTRIC REVENUE, KBC
BANK NV LOC)ss+/- 0.21 07/01/2036 32,900,000
118,685,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT REVENUE
(UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.90 07/01/2019 118,685,000
9,900,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT PALO VERDE SUB SERIES A
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 07/01/2017 9,900,000
6,000,000 STOCKTON CA HCFR SERIES A (HCFR, CITIBANK NA LOC)ss+/- 0.18 12/01/2032 6,000,000
8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY
TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.94 02/01/2013 8,220,000
12,460,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/15/2038 12,460,000
12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS (HOUSING REVENUE,
EAST WEST BANK LOC)ss+/- 0.24 08/01/2037 12,000,000
7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.25 05/15/2029 7,750,000
3,200,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 07/15/2018 3,200,000
7,425,000 VAL VERDE CA USD COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.21 03/01/2036 7,425,000
3,620,000 WALNUT CREEK CA CREEKSIDE DRIVE (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.21 04/01/2027 3,620,000
10,000,000 WHITTIER CA WHITTIER COLLEGE (COLLEGE & UNIVERSITY REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 10,000,000
8,340,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-12225 (PROPERTY
TAX REVENUE, CITIBANK NA LOC)ss+/- 0.39 10/01/2016 8,340,000
2,740,394,329
--------------
Wells Fargo Advantage Money Market Funds 31
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
OTHER: 0.46%
$ 8,030,000 BB&T MUNICIPAL TRUST (LEASE REVENUE, BRANCH BANKING & TRUST
LOC)ss+/- 0.24% 09/01/2026 $ 8,030,000
6,000,000 BB&T MUNICIPAL TRUST (OTHER REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.30 08/01/2034 6,000,000
14,030,000
--------------
PUERTO RICO: 0.92%
5,331,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A (SALES TAX
REVENUE,
AMBAC INSURED)ss+/- 0.32 08/01/2049 5,331,000
11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.18 07/01/2034 11,000,000
11,600,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.18 07/01/2034 11,600,000
27,931,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,782,355,329) 2,782,355,329
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,039,151,329)* 100.10% $3,039,151,329
Other Assets and Liabilities, Net (0.10) (2,961,217)
------ --------------
TOTAL NET ASSETS 100.00% $3,036,190,112
------ --------------
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
++ 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.
## Zero coupon bond. Interest rate presented is yield to maturity.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
32 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
AGENCY NOTES - DISCOUNT: 30.30%
FEDERAL FARM CREDIT BANK: 1.25%
$ 10,000,000 FFCB## 0.58% 09/08/2009 $ 9,998,872
25,000,000 FFCB## 0.53 11/13/2009 24,973,132
80,000,000 FFCB## 0.65 11/20/2009 79,884,444
40,000,000 FFCB## 0.28 11/23/2009 39,974,178
200,000,000 FFCB## 0.30 01/04/2010 199,791,667
354,622,293
---------------
FEDERAL HOME LOAN BANK: 7.19%
20,000,000 FHLB## 0.23 09/03/2009 19,999,744
402,608,000 FHLB## 0.16 09/04/2009 402,602,800
250,000,000 FHLB## 0.20 10/01/2009 249,958,333
300,000,000 FHLB## 0.19 10/16/2009 299,930,625
178,849,000 FHLB## 0.32 10/28/2009 178,758,383
79,268,000 FHLB## 0.32 10/30/2009 79,226,428
55,000,000 FHLB## 0.28 11/18/2009 54,966,991
100,000,000 FHLB## 0.31 11/18/2009 99,933,917
250,000,000 FHLB## 0.30 11/19/2009 249,835,417
51,527,000 FHLB## 0.27 11/20/2009 51,496,084
50,000,000 FHLB## 0.34 12/07/2009 49,954,194
75,000,000 FHLB## 0.27 12/08/2009 74,944,875
235,000,000 FHLB## 0.32 01/08/2010 234,730,533
2,046,338,324
---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 7.71%
35,000,000 FHLMC## 0.25 09/21/2009 34,995,139
191,150,000 FHLMC## 0.54 09/21/2009 191,092,655
166,160,000 FHLMC## 0.63 09/21/2009 166,101,844
80,217,000 FHLMC## 0.27 10/13/2009 80,191,732
250,000,000 FHLMC## 0.27 10/15/2009 249,917,500
250,000,000 FHLMC## 0.25 10/20/2009 249,914,931
184,500,000 FHLMC## 0.27 11/02/2009 184,414,208
85,796,000 FHLMC## 0.27 11/04/2009 85,754,818
208,637,000 FHLMC## 0.30 11/09/2009 208,517,034
50,000,000 FHLMC## 0.34 12/07/2009 49,954,194
250,000,000 FHLMC## 0.28 12/21/2009 249,784,167
250,000,000 FHLMC## 0.33 01/04/2010 249,713,542
99,500,000 FHLMC## 0.28 01/05/2010 99,402,455
96,100,000 FHLMC## 0.32 01/19/2010 95,980,409
2,195,734,628
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 14.15%
72,400,000 FNMA## 0.25 09/01/2009 72,400,000
63,899,000 FNMA## 0.25 09/01/2009 63,899,000
125,050,000 FNMA## 0.25 09/01/2009 125,050,000
33,025,000 FNMA## 0.25 09/01/2009 33,025,000
200,000,000 FNMA## 0.37 09/25/2009 199,950,667
300,000,000 FNMA## 0.63 09/25/2009 299,874,000
178,899,000 FNMA## 0.18 10/01/2009 178,872,165
152,362,500 FNMA## 0.26 10/01/2009 152,329,488
105,188,000 FNMA## 0.26 10/01/2009 105,165,209
242,330,000 FNMA## 0.27 10/05/2009 242,268,206
328,282,000 FNMA## 0.32 10/28/2009 328,115,670
Wells Fargo Advantage Money Market Funds 33
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 170,375,000 FNMA## 0.30% 11/12/2009 $ 170,272,775
20,000,000 FNMA## 0.34 11/16/2009 19,985,644
250,000,000 FNMA## 0.25 11/17/2009 249,866,319
50,000,000 FNMA## 0.25 11/18/2009 49,972,917
15,750,000 FNMA## 0.23 12/01/2009 15,740,843
49,250,000 FNMA## 0.23 12/01/2009 49,221,367
55,000,000 FNMA## 0.34 12/02/2009 54,952,211
87,950,000 FNMA## 0.27 12/09/2009 87,884,697
336,653,000 FNMA## 0.32 12/09/2009 336,356,745
250,000,000 FNMA## 0.28 12/14/2009 249,797,778
143,000,000 FNMA## 0.37 12/28/2009 142,826,573
200,000,000 FNMA## 0.30 01/14/2010 199,775,000
250,000,000 FNMA## 0.32 01/19/2010 249,688,889
250,000,000 FNMA## 0.32 01/20/2010 249,686,667
100,000,000 FNMA## 0.32 01/21/2010 99,873,778
4,026,851,608
---------------
TOTAL AGENCY NOTES - DISCOUNT (COST $8,623,546,853) 8,623,546,853
---------------
AGENCY NOTES - INTEREST BEARING: 18.94%
FEDERAL FARM CREDIT BANK: 4.38%
27,750,000 FFCB 5.00 09/21/2009 27,819,270
40,000,000 FFCB+/- 0.11 10/09/2009 39,996,800
84,070,000 FFCB 5.00 10/23/2009 84,610,044
26,000,000 FFCB 4.13 11/13/2009 26,175,391
250,000,000 FFCB+/- 0.10 11/16/2009 250,000,000
11,000,000 FFCB 2.75 11/20/2009 11,059,190
3,300,000 FFCB 4.75 12/07/2009 3,338,421
200,000,000 FFCB+/- 0.16 01/25/2010 200,000,000
200,000,000 FFCB+/- 0.19 02/22/2010 199,985,956
90,000,000 FFCB+/- 0.28 03/01/2010 90,023,185
20,000,000 FFCB 1.05 03/18/2010 20,072,105
66,200,000 FFCB 2.75 05/04/2010 67,215,577
100,000,000 FFCB+/- 0.52 07/23/2010 100,000,000
125,000,000 FFCB+/- 0.21 07/27/2010 125,000,000
1,245,295,939
---------------
FEDERAL HOME LOAN BANK: 5.07%
455,000,000 FHLB+/- 0.65 09/10/2009 455,021,458
28,950,000 FHLB 2.25 10/02/2009 28,998,427
24,000,000 FHLB 3.50 11/03/2009 24,134,710
47,000,000 FHLB 4.25 11/20/2009 47,403,976
190,790,000 FHLB 5.00 12/11/2009 193,225,953
100,000,000 FHLB+/- 0.18 12/28/2009 99,985,239
100,000,000 FHLB+/- 0.40 02/19/2010 99,984,027
125,000,000 FHLB 0.55 05/28/2010 125,136,000
370,000,000 FHLB+/- 0.43 07/27/2010 369,945,379
1,443,835,169
---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 7.70%
550,000,000 FHLMC+/- 0.24 09/18/2009 550,004,019
250,000,000 FHLMC+/- 0.19 09/28/2009 249,995,416
213,600,000 FHLMC 4.75 11/03/2009 215,214,294
11,535,000 FHLMC 2.68 11/16/2009 11,591,134
34 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 65,000,000 FHLMC 4.13% 11/30/2009 $ 65,607,375
500,000,000 FHLMC+/- 0.63 09/03/2010 499,883,015
250,000,000 FHLMC+/- 0.62 09/10/2010 249,923,190
350,000,000 FHLMC+/- 0.58 09/24/2010 349,925,792
2,192,144,235
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.79%
250,000,000 FNMA+/- 0.38 09/03/2009 250,000,000
200,000,000 FNMA+/- 0.36 10/07/2009 199,996,058
59,023,000 FNMA 3.88 12/10/2009 59,587,744
509,583,802
---------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $5,390,859,145) 5,390,859,145
---------------
CORPORATE BONDS & NOTES: 3.71%
DEPOSITORY INSTITUTIONS: 0.30%
85,000,000 JPMORGAN CHASE & COMPANY TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 1.16 12/02/2010 85,713,095
---------------
DIVERSIFIED FINANCIAL SERVICES: 0.98%
145,600,000 CITIGROUP INCORPORATED TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 1.18 12/09/2010 146,901,957
130,000,000 GENERAL ELECTRIC CAPITAL CORPORATION TEMPORARY LIQUIDITY
GUARANTEE PROGRAM+/- 1.26 12/09/2010 131,330,588
278,232,545
---------------
DOMESTIC BANKS: 2.43%
228,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 228,000,000
350,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.66 09/13/2010 350,000,000
115,000,000 CITIBANK NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.65 09/30/2010 115,000,000
693,000,000
---------------
TOTAL CORPORATE BONDS & NOTES (COST $1,056,945,640) 1,056,945,640
---------------
AGENCY SECURITIES: 1.78%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.88%
250,000,000 FHLMC 6.63 09/15/2009 250,600,582
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 0.90%
199,227,000 FNMA 6.63 09/15/2009 199,705,627
54,840,000 FNMA 7.25 01/15/2010 56,239,704
255,945,331
---------------
TOTAL AGENCY SECURITIES (COST $506,545,913) 506,545,913
---------------
REPURCHASE AGREEMENTS: 42.47%
600,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $600,003,367) 0.22 09/01/2009 600,000,000
500,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $500,003,056) 0.22 09/01/2009 500,000,000
1,000,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,000,013,333) 0.16 09/03/2009 1,000,000,000
1,000,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,000,017,778) 0.16 09/04/2009 1,000,000,000
500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $500,003,056) 0.22 09/01/2009 500,000,000
Wells Fargo Advantage Money Market Funds 35
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
REPURCHASE AGREEMENTS (continued)
$ 750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $750,006,667) 0.16% 09/02/2009 $ 750,000,000
2,000,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $2,000,012,222) 0.22 09/01/2009 2,000,000,000
1,550,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $1,550,009,472) 0.22 09/01/2009 1,550,000,000
400,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $400,002,556) 0.23 09/01/2009 400,000,000
100,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $100,000,583) 0.21 09/01/2009 100,000,000
76,700,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $76,700,469) 0.22 09/01/2009 76,700,000
875,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $875,005,347) 0.22 09/01/2009 875,000,000
1,550,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $1,550,009,472) 0.22 09/01/2009 1,550,000,000
1,000,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,046,667) 0.21 09/08/2009 1,000,000,000
100,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $100,000,583) 0.21 09/01/2009 100,000,000
84,700,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $84,700,471) 0.20 09/01/2009 84,700,000
TOTAL REPURCHASE AGREEMENTS (COST $12,086,400,000) 12,086,400,000
---------------
COMMERCIAL PAPER: 4.00%
FINANCIAL SERVICES: 4.00%
100,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/09/2009 99,995,111
150,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/11/2009 149,990,833
100,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/17/2009 99,990,222
250,000,000 GE CAPITAL TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.40 11/02/2009 249,827,778
75,192,000 STRAIGHT-A FUNDING LLC##++ (p) 0.27 11/03/2009 75,156,472
15,797,000 STRAIGHT-A FUNDING LLC##++ (p) 0.25 11/04/2009 15,789,979
117,000,000 STRAIGHT-A FUNDING LLC##++ (p) 0.28 11/05/2009 116,940,850
50,000,000 STRAIGHT-A FUNDING LLC##++ (p) 0.28 11/12/2009 49,972,000
25,196,000 STRAIGHT-A FUNDING LLC##++ (p) 0.27 11/16/2009 25,181,638
80,767,000 STRAIGHT-A FUNDING LLC##++ (p) 0.27 11/17/2009 80,720,357
25,000,000 STRAIGHT-A FUNDING LLC##++ (p) 0.27 11/18/2009 24,985,375
100,859,000 STRAIGHT-A FUNDING LLC##++ (p) 0.26 11/19/2009 100,801,454
50,078,000 STRAIGHT-A FUNDING LLC##++ (p) 0.26 11/23/2009 50,047,981
TOTAL COMMERCIAL PAPER (COST $1,139,400,050) 1,139,400,050
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $28,803,697,601)* 101.20% $28,803,697,601
OTHER ASSETS AND LIABILITIES, NET (1.20) (342,493,117)
------ ---------------
TOTAL NET ASSETS 100.00% $28,461,204,484
------ ---------------
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
+/- Variable rate investments.
++ 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.
(p) Asset-backed commercial paper
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MINNESOTA MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
COMMERCIAL PAPER: 0.90%
$ 1,100,000 ROCHESTER MN HEALTH CARE## 0.38% 10/08/2009 $ 1,100,000
TOTAL COMMERCIAL PAPER (COST $1,100,000) 1,100,000
---------------
MUNICIPAL BONDS & NOTES: 99.02%
MINNESOTA: 99.02%
150,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN
HOMES SERIES A (HCFR, US BANK NA LOC)ss+/- 0.18 09/01/2029 150,000
1,705,000 BECKER MN PLYMOUTH FOAM PROJECT (IDR, US BANK NA LOC)ss+/- 0.68 05/01/2019 1,705,000
2,220,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.39 11/15/2032 2,220,000
585,000 BLOOMINGTON MN HOUSING & RDA MASONIC HOME CLUSTER
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.47 08/01/2025 585,000
605,000 BLOOMINGTON MN NORLAN PARTNERS SERIES B
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 07/15/2032 605,000
500,000 BROOKLYN CENTER MN BROOKDALE CORPORATION II PROJECT
(IDR, FIRSTAR BANK NA LOC)ss+/- 0.18 12/01/2014 500,000
550,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA
INSURED)ss+/- 0.32 07/15/2030 550,000
400,000 BURNSVILLE MN BRIDGEWAY APARTMENTS PROJECT (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.32 10/15/2033 400,000
400,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW
YORK LOC)ss+/- 0.20 11/01/2035 400,000
1,850,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION PROJECT
(HOSPITAL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2027 1,850,000
955,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA
INSURED)ss+/- 0.39 06/15/2038 955,000
1,760,000 CROSBY IRONTON MN INDEPENDENT SCHOOL DISTRICT NUMBER 182 SERIES B
(PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 1.50 09/13/2010 1,775,683
335,000 DAKOTA COUNTY MN CDA BRENTWOOD HILLS APARTMENTS PROJECT SERIES B
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.72 09/01/2038 335,000
110,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION (ECONOMIC
DEVELOPMENT REVENUE, US BANK NA LOC)ss+/- 0.23 01/01/2012 110,000
2,600,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL LYNCH CAPITAL
SERVICES LOC)ss+/- 0.50 06/01/2029 2,600,000
3,555,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 01/01/2030 3,555,000
5,000,000 DULUTH MN SEAWAY PORT AUTHORITY SAINT LAWRENCE CEMENT
INCORPORATED PROJECT (IDR, WACHOVIA BANK LOC)ss+/-(q) 0.33 03/01/2020 5,000,000
190,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.32 02/15/2031 190,000
815,000 HENNEPIN COUNTY MN HOUSING & RDA STONE ARCH APARTMENTS PROJECT
(MFHR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.42 04/15/2035 815,000
1,245,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE,
FNMA INSURED)ss+/- 0.39 06/15/2038 1,245,000
1,800,000 MANKATO MN SERIES E (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.37 02/01/2018 1,800,000
1,000,000 MILLS NY INDEPENDENT SCHOOL DISTRICT NUMBER 553 SERIES A
(PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM) 1.50 09/17/2010 1,009,005
1,770,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 1,770,000
245,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 245,000
3,100,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES B1 (HCFR, BANK OF NEW
YORK LOC)ss+/- 0.18 11/15/2034 3,100,000
175,000 MINNEAPOLIS MN CDA C&G PARTNERS PROJECT (OTHER REVENUE, US BANK
NA LOC)ss+/- 0.37 12/01/2015 175,000
1,630,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE,
US BANK NA LOC)ss+/- 0.44 10/01/2024 1,630,000
4,400,000 MINNEAPOLIS MN GATEWAY REAL ESTATE (HOUSING REVENUE, US BANK NA
LOC)ss+/- 0.52 10/01/2032 4,400,000
345,000 MINNEAPOLIS MN MINNEHAHA ACADEMY PROJECT (PRIVATE SCHOOL REVENUE,
US BANK NA LOC)ss+/- 0.18 05/01/2026 345,000
2,185,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER
REVENUE, US BANK NA LOC)ss+/- 0.18 10/01/2021 2,185,000
2,415,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 2,415,000
Wells Fargo Advantage Money Market Funds 37
Portfolio of Investments--August 31, 2009 (Unaudited)
MINNESOTA MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
MINNESOTA (continued)
$ 3,035,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE
FACILITY ESSENTIAL C4 (HCFR, ASSURED GUARANTY)ss+/- 0.21% 02/15/2030 $ 3,035,000
605,000 MINNESOTA STATE HEFAR HAMLINE UNIVERSITY SERIES 6E1
(COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.30 10/01/2016 605,000
1,700,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE FIVE M2 (COLLEGE &
UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2020 1,700,000
2,885,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 5H
(COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST & SAVING BANK INSURED)ss+/- 0.20 10/01/2030 2,885,000
1,395,000 MINNESOTA STATE HEFAR TRUSTEES HAMLINE UNIVERSITY SERIES 6E3
(COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.30 10/01/2016 1,395,000
500,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES 1 (HOUSING REVENUE,
LLOYDS BANK LOC)ss+/- 0.35 01/01/2036 500,000
3,315,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE,
FHLB INSURED)ss+/- 0.35 07/01/2048 3,315,000
1,160,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF AUTHORITY)ss+/- 0.52 01/01/2010 1,160,000
1,595,000 MINNESOTA STATE ST. OLAF COLLEGE SERIES 5-M1 (COLLEGE & UNIVERSITY
REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2032 1,595,000
420,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 10/01/2021 420,000
120,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2025 120,000
3,130,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2027 3,130,000
4,215,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE,
BANK OF NEW YORK LOC)ss+/- 0.32 10/01/2032 4,215,000
900,000 MINNETONKA MN HOUSING FACILITIES (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2034 900,000
2,300,000 OAKDALE MN COTTAGE HOMESTEADS OF ASPEN (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.42 06/01/2045 2,300,000
650,000 PINE CITY MN STATE AGENCY (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 04/15/2036 650,000
540,000 PLYMOUTH MN DAILY PRINTING INCORPORATED PROJECT (IDR, US BANK NA
LOC)ss+/- 0.72 10/01/2010 540,000
5,290,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.39 08/01/2034 5,290,000
650,000 ROCHESTER MN HEALTH CARE FACILITIES MAYO FOUNDATION (HOSPITAL
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.20 08/15/2032 650,000
500,000 ROCHESTER MN MAYO FOUNDATION MAYO MEDICAL CENTER SERIES I (HCFR) 5.90 11/15/2009 505,369
145,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT (HCFR, US BANK NA
LOC)ss+/- 0.18 10/01/2029 145,000
1,370,000 RUSH CITY MN PLASTECH CORPORATION PROJECT (IDR, US BANK NA LOC)ss+/- 0.62 09/01/2014 1,370,000
550,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT (MFHR, FNMA INSURED)ss+/- 0.32 05/15/2032 550,000
3,595,000 ST. ANTHONY MN LANDINGS SILVER LAKE SERIES A (MFHR, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.44 10/01/2037 3,595,000
6,400,000 ST. CLOUD MN CENRACARE HEALTH SERIES A (HOSPITAL REVENUE, SCOTIABANK
LOC)ss+/- 0.22 05/01/2042 6,400,000
2,045,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL FACILITIES
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 10/01/2025 2,045,000
3,000,000 ST. LOUIS PARK MN INDEPENDENT SCHOOL DISTRICT # 283 SERIES B (PROPERTY
TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 2.00 09/04/2009 3,000,317
1,875,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.39 09/15/2031 1,875,000
1,500,000 ST. PAUL MN HOUSING & RDA BRIGECREEK SENIOR PLACE SERIES A (HOUSING
REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 06/15/2037 1,500,000
200,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES D (IDR, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 1.65 03/01/2013 200,000
2,025,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 1.35 12/01/2019 2,025,000
1,420,000 ST. PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.39 06/01/2032 1,420,000
1,105,000 ST. PAUL MN HOUSING & RDA KENDRICK APARTMENTS PROJECTS (HOUSING
REVENUE, US BANK NA LOC)ss+/- 0.63 01/01/2027 1,105,000
1,485,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.43 05/01/2022 1,485,000
1,380,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.43 10/01/2025 1,380,000
500,000 ST. PAUL MN HOUSING & RDA SCIENCE MUSEUM OF MINNESOTA SERIES A
(RECREATIONAL FACILITIES REVENUE, US BANK NA LOC)ss+/- 0.32 05/01/2027 500,000
38 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MINNESOTA MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
MINNESOTA (continued)
$ 1,675,000 ST. PAUL MN PORT AUTHORITY AMHERST H WILDER FOUNDATION SERIES
06-3 (RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC)ss+/- 0.20% 04/01/2036 $ 1,675,000
55,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2012 55,000
585,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.75 12/01/2025 585,000
450,000 ST. PAUL MN PORT AUTHORITY HARRIS CONTRACTING COMPANY PROJECT SERIES A
(IDR, US BANK NA LOC)ss+/- 0.72 05/01/2016 450,000
4,420,000 ST. PAUL MN PORT AUTHORITY SERIES 2005-4 SERIES I (ELECTRIC REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.90 12/01/2025 4,420,000
390,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.43 05/01/2025 390,000
705,000 STEWARTVILLE MN HALCON CORPORATION PROJECT (IDR, US BANK NA LOC)ss+/- 0.72 03/01/2018 705,000
3,980,000 UNIVERSITY OF MINNESOTA SERIES A (COLLEGE & UNIVERSITY REVENUE, GO OF
UNIVERSITY)ss+/- 0.20 08/15/2031 3,980,000
1,330,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT SERIES A
(IDR, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.78 06/01/2011 1,330,000
121,715,374
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $121,715,374) 121,715,374
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $122,815,374)* 99.92% $ 122,815,374
OTHER ASSETS AND LIABILITIES, NET 0.08 98,777
------ ---------------
TOTAL NET ASSETS 100.00% $ 122,914,151
------ ---------------
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
(q) Credit enhancement is provided by an affiliate.
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 39
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CERTIFICATES OF DEPOSIT: 6.56%
$ 10,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45% 10/01/2009 $ 10,000,000
25,000,000 BANK OF AMERICA NA 0.31 11/02/2009 25,000,000
4,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 4,000,043
4,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 4,000,335
57,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 57,000,000
47,000,000 BNP PARIBAS (NEW YORK) 0.77 11/12/2009 47,000,000
5,000,000 CALYON (NEW YORK) 0.82 09/02/2009 5,000,001
10,000,000 CALYON (NEW YORK) 0.66 02/01/2010 10,000,000
11,000,000 CALYON (NEW YORK) 0.61 02/05/2010 11,000,956
13,000,000 CALYON (NEW YORK) 0.55 03/22/2010 13,003,633
8,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 8,000,151
26,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 26,000,000
39,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 39,000,000
20,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 20,000,000
25,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 25,000,000
47,000,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 47,000,000
75,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/05/2010 75,000,000
20,000,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 20,000,266
72,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 72,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $518,005,385) 518,005,385
--------------
COMMERCIAL PAPER: 53.67%
8,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 7,998,889
6,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 5,999,118
10,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 9,999,767
31,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 30,998,915
16,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 15,998,693
18,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 17,997,225
14,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/09/2009 13,994,400
19,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/14/2009 18,987,307
20,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/17/2009 19,984,000
20,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 19,983,189
17,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 16,982,348
11,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 10,988,034
16,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 15,982,111
14,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 09/16/2009 13,997,783
3,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 2,998,952
2,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.27 10/07/2009 1,999,460
5,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 10/07/2009 4,998,100
5,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.31 11/04/2009 4,997,244
4,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.30 11/10/2009 3,997,667
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/01/2009 2,000,000
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/02/2009 1,999,983
4,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 3,999,671
6,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.25 09/24/2009 5,999,042
4,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.33 10/05/2009 3,998,753
5,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 10/13/2009 4,998,250
7,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.38 10/26/2009 6,995,936
37,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.57 09/08/2009 36,995,899
10,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.51 09/14/2009 9,998,158
7,000,000 ARABELLA FINANCE LLC##++(P) 0.71 09/04/2009 6,999,586
18,500,000 ASB FINANCE LIMITED (LONDON)##++ 0.68 09/25/2009 18,491,613
2,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 11/09/2009 1,998,735
6,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.58 11/18/2009 6,000,000
23,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.37 11/30/2009 22,978,725
40 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 25,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33% 12/02/2009 $ 24,978,917
5,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.32 09/01/2009 5,000,000
6,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.37 09/04/2009 5,999,815
31,750,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 1.10 09/18/2009 31,733,508
3,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.34 09/28/2009 2,999,235
10,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.27 10/02/2009 9,997,675
2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.30 11/06/2009 1,998,900
17,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.35 01/05/2010 16,979,175
7,000,000 ATLANTIS ONE FUNDING##++(p) 0.30 10/19/2009 6,997,200
20,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/19/2009 19,991,467
6,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/21/2009 5,997,333
15,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/04/2009 14,972,800
14,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/06/2009 13,973,820
19,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/10/2009 18,962,317
9,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 0.35 11/24/2009 8,992,650
3,000,000 BANK OF AMERICA NA## 0.33 11/23/2009 2,997,718
2,000,000 BANK OF AMERICA NA## 0.65 02/16/2010 1,993,933
14,000,000 BANK OF MONTREAL## 0.34 10/02/2009 13,995,901
27,000,000 BANK OF MONTREAL## 0.34 10/08/2009 26,990,565
7,000,000 BARTON CAPITAL LLC##++(p) 0.27 10/07/2009 6,998,110
7,000,000 BASF SE CORPORATION##++ 0.60 12/17/2009 6,987,517
4,000,000 BASF SE CORPORATION##++ 0.52 01/14/2010 3,992,200
4,000,000 BNZ INTERNATIONAL FUNDING##++ 0.30 11/03/2009 3,997,900
11,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45 11/09/2009 10,990,513
10,000,000 CAFCO LLC##++(p) 0.29 09/17/2009 9,998,711
23,000,000 CAFCO LLC##++(p) 0.29 09/23/2009 22,995,994
2,000,000 CAFCO LLC##++(p) 0.30 11/19/2009 1,998,683
10,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.64 09/18/2009 9,996,978
15,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 14,994,313
20,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.55 10/13/2009 19,987,167
6,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.35 10/19/2009 5,997,200
15,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/06/2009 14,987,075
14,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/10/2009 13,987,206
55,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/23/2009 54,835,993
10,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 9,968,597
15,000,000 CHARTA LLC##++(p) 0.29 09/17/2009 14,998,067
35,000,000 CHARTA LLC##++(p) 0.42 09/18/2009 34,993,058
22,000,000 CHARTA LLC##++(p) 0.40 10/06/2009 21,991,444
26,000,000 CHARTA LLC##++(p) 0.41 10/09/2009 25,988,748
15,000,000 CHARTA LLC##++(p) 0.37 10/22/2009 14,992,138
7,000,000 CHARTA LLC##++(p) 0.34 10/26/2009 6,996,364
41,000,000 CIESCO LLC##++(p) 0.40 09/14/2009 40,994,078
6,000,000 CIESCO LLC##++(p) 0.25 10/02/2009 5,998,708
21,000,000 CIESCO LLC##++(p) 0.33 10/08/2009 20,992,877
15,000,000 CIESCO LLC##++(p) 0.35 10/09/2009 14,994,458
1,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.27 09/14/2009 999,903
19,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.40 11/19/2009 18,983,322
7,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 7,000,000
9,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/11/2009 8,999,375
14,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 13,997,853
17,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/07/2009 16,994,900
7,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.28 10/13/2009 6,997,713
12,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 11/16/2009 11,992,400
1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.45 09/01/2009 1,000,000
10,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.75 09/02/2009 9,999,792
Wells Fargo Advantage Money Market Funds 41
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 21,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65% 10/13/2009 $ 20,984,075
6,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 11/02/2009 5,993,283
1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.57 11/20/2009 998,733
10,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.68 12/01/2009 9,982,811
44,000,000 CRC FUNDING LLC##++(p) 0.41 10/09/2009 43,980,958
7,000,000 CRC FUNDING LLC##++(p) 0.32 11/17/2009 6,995,209
2,000,000 CRC FUNDING LLC##++(p) 0.30 11/19/2009 1,998,683
5,000,000 CRC FUNDING LLC##++(p) 0.30 11/23/2009 4,996,542
4,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.77 09/03/2009 3,999,829
1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.40 09/22/2009 999,767
9,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 8,994,750
30,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.65 10/13/2009 29,977,250
6,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.60 11/05/2009 5,993,500
4,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 11/20/2009 3,995,111
5,000,000 DANSKE CORPORATION##++ 0.35 09/03/2009 4,999,903
21,000,000 DANSKE CORPORATION##++ 0.34 09/25/2009 20,995,240
47,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 47,000,000
15,000,000 DNB NOR BANK ASA##++ 0.77 09/08/2009 14,997,769
28,000,000 DNB NOR BANK ASA##++ 0.75 09/09/2009 27,995,333
5,000,000 DNB NOR BANK ASA##++ 0.51 09/28/2009 4,998,088
9,000,000 E. ON AG##++ 0.70 09/01/2009 9,000,000
6,000,000 E. ON AG##++ 0.70 09/03/2009 5,999,767
6,000,000 E. ON AG##++ 0.69 09/10/2009 5,998,965
30,000,000 E. ON AG##++ 0.67 09/22/2009 29,988,275
55,000,000 E. ON AG##++ 0.67 10/01/2009 54,969,292
5,000,000 E. ON AG##++ 0.59 11/02/2009 4,994,919
2,000,000 E. ON AG##++ 0.56 11/19/2009 1,997,542
1,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/10/2009 999,800
21,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/16/2009 20,993,000
55,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/28/2009 54,967,000
6,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 5,996,267
3,000,000 EBBETS FUNDING LLC##++(p) 0.70 10/26/2009 2,996,792
25,250,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 25,248,948
20,000,000 EKSPORTFINANS ASA##++ 0.38 10/22/2009 19,989,233
55,500,000 ENTERPRISE FUNDING LLC##++(p) 0.36 09/14/2009 55,492,785
4,000,000 ENTERPRISE FUNDING LLC##++(p) 0.31 10/05/2009 3,998,829
10,000,000 ENTERPRISE FUNDING LLC##++(p) 0.30 12/22/2009 9,990,667
1,000,000 ENTERPRISE FUNDING LLC##++(p) 0.42 01/11/2010 998,460
1,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/01/2009 1,000,000
3,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/14/2009 2,999,708
2,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.30 09/15/2009 1,999,767
10,850,000 ERASMUS CAPITAL CORPORATION##++(p) 0.43 10/01/2009 10,846,112
6,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 5,999,230
11,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.30 11/03/2009 10,994,225
10,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 9,999,278
15,000,000 FORTIS FUNDING LLC##++ 0.25 09/14/2009 14,998,646
20,000,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 19,995,950
7,000,000 GDF SUEZ##++ 0.27 09/15/2009 6,999,265
17,000,000 GDF SUEZ##++ 0.22 09/16/2009 16,998,442
2,000,000 GDF SUEZ##++ 0.26 09/16/2009 1,999,788
5,000,000 GDF SUEZ##++ 0.23 10/01/2009 4,999,042
4,000,000 GDF SUEZ##++ 0.23 10/05/2009 3,999,131
5,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 4,999,967
8,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 8,000,000
15,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 14,999,900
21,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 20,998,833
42 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 3,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.22% 09/22/2009 $ 2,999,615
7,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 6,999,061
8,000,000 GOVCO LLC##++(p) 0.40 09/11/2009 7,999,111
20,000,000 GOVCO LLC##++(p) 0.37 10/19/2009 19,990,133
10,000,000 GOVCO LLC##++(p) 0.35 10/27/2009 9,994,556
13,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 12,990,380
8,000,000 GOVCO LLC##++(p) 0.33 11/16/2009 7,994,427
5,000,000 GOVCO LLC##++(p) 0.29 11/24/2009 4,996,617
4,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 3,997,520
31,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/27/2009 30,969,620
13,000,000 GRAMPIAN FUNDING LLC##++(p) 0.56 11/20/2009 12,983,822
10,000,000 GRAMPIAN FUNDING LLC##++(p) 0.54 11/24/2009 9,987,400
10,000,000 ICICI BANK LIMITED## 0.38 09/30/2009 9,996,939
6,000,000 ING USA FUNDING LLC## 0.17 09/25/2009 5,999,320
17,000,000 ING USA FUNDING LLC## 0.50 12/08/2009 16,976,861
19,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 19,000,000
19,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 18,999,388
16,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 15,999,280
15,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 14,998,425
4,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.31 09/02/2009 3,999,966
3,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.23 09/09/2009 2,999,847
2,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.30 10/20/2009 1,999,183
4,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 4,000,000
30,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 10/14/2009 29,976,708
24,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 11/03/2009 23,972,700
26,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.37 09/18/2009 25,995,457
4,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.30 11/02/2009 3,997,933
4,000,000 LMA AMERICAS LLC##++(p) 0.26 10/21/2009 3,998,556
40,000,000 LMA AMERICAS LLC##++(p) 0.33 10/27/2009 39,979,467
6,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 5,999,817
3,000,000 MARKET STREET FUNDING LLC##++(p) 0.30 09/08/2009 2,999,825
3,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 2,999,633
7,000,000 MARKET STREET FUNDING LLC##++(p) 0.22 09/23/2009 6,999,059
5,000,000 MARKET STREET FUNDING LLC##++(p) 0.28 11/18/2009 4,996,967
10,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 9,999,514
21,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 20,996,535
13,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 12,995,703
3,000,000 METLIFE SHORT TERM FUND##++ 0.34 09/09/2009 2,999,773
4,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/16/2009 3,998,500
26,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/17/2009 25,989,600
19,000,000 METLIFE SHORT TERM FUND##++ 0.79 10/19/2009 18,979,987
50,000,000 METLIFE SHORT TERM FUND##++ 0.62 11/05/2009 49,944,028
10,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.29 09/08/2009 9,999,436
8,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.24 10/07/2009 7,998,080
2,000,000 MONTGOMERY COUNTY MD 0.30 10/06/2009 2,000,000
15,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.56 09/18/2009 14,996,033
23,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.47 10/27/2009 22,983,184
5,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/27/2009 4,995,529
5,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/30/2009 4,995,375
2,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.38 11/30/2009 1,998,100
68,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 67,999,547
34,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 34,000,000
25,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 24,999,500
17,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 09/08/2009 16,998,942
5,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/21/2009 4,997,569
10,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/23/2009 9,994,944
Wells Fargo Advantage Money Market Funds 43
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 7,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32% 11/17/2009 $ 6,995,209
6,000,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 6,000,000
5,000,000 OLD LINE FUNDING LLC##++(p) 0.36 09/21/2009 4,999,000
3,000,000 PORT OF OAKLAND CA## 0.65 09/09/2009 2,999,567
15,000,000 PRUDENTIAL PLC##++ 0.75 09/15/2009 14,995,625
8,000,000 PRUDENTIAL PLC##++ 0.55 10/05/2009 7,995,844
4,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 3,997,698
4,000,000 PRUDENTIAL PLC##++ 0.45 10/13/2009 3,997,900
17,000,000 PRUDENTIAL PLC##++ 0.46 10/27/2009 16,987,836
6,000,000 PRUDENTIAL PLC##++ 0.43 10/29/2009 5,995,843
4,000,000 PRUDENTIAL PLC##++ 0.46 10/29/2009 3,997,036
4,000,000 PRUDENTIAL PLC##++ 0.40 11/12/2009 3,996,800
3,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 10/13/2009 2,998,950
25,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.34 12/02/2009 24,978,278
22,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.26 09/10/2009 21,998,570
8,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 7,999,222
3,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.24 09/16/2009 2,999,700
2,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.40 09/15/2009 1,999,689
4,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.63 09/21/2009 3,998,600
3,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.38 10/27/2009 2,998,227
6,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 5,993,333
3,442,000 RHEINGOLD SECURITIZATION##++(p) 0.40 09/10/2009 3,441,656
11,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 09/29/2009 10,996,150
2,000,000 RHEINGOLD SECURITIZATION##++(p) 0.55 09/29/2009 1,999,144
2,708,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/10/2009 2,705,367
43,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 42,957,000
3,000,000 RHEINGOLD SECURITIZATION##++(p) 0.43 12/01/2009 2,996,739
3,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 3,000,000
4,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64 09/16/2009 3,998,933
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/23/2009 999,694
1,750,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/28/2009 1,749,344
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.55 09/29/2009 999,572
21,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/03/2009 20,999,650
71,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 70,994,675
21,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/14/2009 20,997,725
8,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 7,999,067
17,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/18/2009 16,997,592
4,000,000 SHEFFIELD RECEIVABLES##++(p) 0.35 10/05/2009 3,998,678
13,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 12,997,978
36,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/19/2009 35,984,160
12,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/20/2009 11,994,610
22,000,000 SOLITAIRE FUNDING LLC##++(p) 0.40 11/17/2009 21,981,178
1,000,000 SOLITAIRE FUNDING LLC##++(p) 0.38 11/24/2009 999,113
27,000,000 STADSHYPOTEK DELAWARE##++ 0.40 09/02/2009 26,999,700
15,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/03/2009 14,999,642
35,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/30/2009 34,987,876
5,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/03/2009 4,999,897
5,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/09/2009 4,999,589
10,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/16/2009 9,998,458
15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 10/07/2009 14,994,600
20,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/09/2009 19,992,611
4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 3,998,222
10,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 9,994,944
30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 29,984,600
2,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/12/2009 1,998,880
7,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/18/2009 6,995,905
44 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 10,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26% 11/20/2009 $ 9,994,222
21,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/24/2009 20,987,260
6,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/25/2009 5,996,458
5,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 4,999,675
55,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 54,982,584
10,000,000 SWEDBANK AB##++ 0.55 12/15/2009 9,983,958
20,000,000 SWEDBANK AB##++ 0.56 12/17/2009 19,966,711
18,000,000 SWEDBANK AB##++ 0.55 12/22/2009 17,969,200
30,000,000 SWEDBANK AB##++ 0.87 02/09/2010 29,883,275
30,000,000 SWEDBANK AB##++ 0.89 02/16/2010 29,875,400
20,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.95 09/04/2009 19,998,417
1,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.70 10/14/2009 999,164
22,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.25 09/04/2009 21,999,542
8,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 09/14/2009 7,998,844
12,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.38 10/13/2009 11,994,680
27,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.35 10/19/2009 26,987,400
18,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 10/26/2009 17,989,000
4,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.28 11/09/2009 3,997,853
11,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 11/09/2009 10,993,464
6,000,000 TICONDEROGA FUNDING LLC##++(p) 0.23 09/30/2009 5,998,888
30,000,000 TOYOTA CREDIT PUERTO RICO## 0.33 09/09/2009 29,997,800
26,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/14/2009 25,989,131
27,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/15/2009 26,988,450
21,000,000 TOYOTA MOTOR CREDIT CORPORATION## 0.31 09/04/2009 20,999,458
6,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 6,000,000
6,074,000 TULIP FUNDING CORPORATION##++(p) 0.22 09/28/2009 6,072,998
26,000,000 TULIP FUNDING CORPORATION##++(p) 0.38 10/13/2009 25,988,473
10,500,000 UBS FINANCE DELAWARE LLC## 0.70 09/14/2009 10,497,346
11,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/16/2009 10,996,792
55,000,000 UBS FINANCE DELAWARE LLC## 0.57 10/13/2009 54,963,425
23,000,000 UBS FINANCE DELAWARE LLC## 0.55 10/28/2009 22,979,971
14,000,000 UBS FINANCE DELAWARE LLC## 0.72 12/04/2009 13,973,680
2,000,000 UBS FINANCE DELAWARE LLC## 0.60 12/30/2009 1,996,000
9,250,000 UBS FINANCE DELAWARE LLC## 0.62 12/30/2009 9,230,883
10,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.90 12/09/2009 9,975,250
2,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.60 12/21/2009 1,996,300
30,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.55 09/14/2009 29,994,042
27,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 26,965,507
7,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/23/2009 7,000,000
5,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/24/2009 5,000,000
11,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 11,000,000
9,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 8,999,875
10,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 9,999,750
5,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 4,999,813
72,632,989 VICTORIA FINANCE LLC+/-++(a)####(i)(p) 4.82 01/17/2008 37,042,824
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2009 1,999,972
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/04/2009 1,999,958
10,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 9,999,514
13,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 12,999,277
5,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 4,999,653
5,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/14/2009 4,999,549
5,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 4,999,514
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.23 09/24/2009 1,999,706
4,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.22 09/25/2009 3,999,413
5,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.40 09/15/2009 4,999,222
6,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 5,997,900
Wells Fargo Advantage Money Market Funds 45
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 13,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37% 10/07/2009 $ 12,995,190
32,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37 10/08/2009 31,987,831
25,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 25,000,000
4,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.25 09/10/2009 3,999,750
46,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.40 10/06/2009 45,982,111
8,000,000 YORKTOWN CAPITAL LLC##++(p) 0.34 12/02/2009 7,993,049
9,000,000 YORKTOWN CAPITAL LLC##++(p) 0.28 12/16/2009 8,992,580
2,000,000 YORKTOWN CAPITAL LLC##++(p) 0.31 12/16/2009 1,998,174
TOTAL COMMERCIAL PAPER (COST $4,274,913,779) 4,239,323,970
--------------
CORPORATE BONDS & NOTES: 11.68%
3,000,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.40 11/15/2029 3,000,000
52,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 52,000,000
113,200,000 BANK OF IRELAND+/-++ 0.89 10/02/2009 113,200,000
72,000,000 BASF FINANCE EUROPE NV+/-++ 0.52 11/20/2009 72,000,000
118,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 0.46 09/10/2009 118,000,000
32,000,000 CITIBANK NA+/- 0.65 09/30/2010 32,000,000
76,250,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.80 10/02/2009 76,250,000
3,000,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 3,003,099
8,900,000 GBG LLC+/-ss++ 0.50 09/01/2027 8,900,000
60,000,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 60,000,000
95,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 95,000,000
10,705,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.60 06/01/2033 10,705,000
150,400,000 RABOBANK NEDERLAND NV+/-++(i) 0.68 10/09/2009 150,400,000
38,250,000 ROYAL BANK OF CANADA+/-++ 0.64 10/15/2009 38,250,000
51,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 51,000,000
5,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 5,000,000
34,000,000 THE NATURE CONSERVANCY+/-++(i) 1.77 10/05/2009 34,000,000
TOTAL CORPORATE BONDS & NOTES (COST $922,708,099) 922,708,099
--------------
MEDIUM TERM NOTES: 3.89%
55,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.76 10/22/2009 55,015,950
130,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 130,500,000
117,000,000 ING USA GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 117,000,000
5,000,000 US BANCORP+/- 1.05 06/04/2010 5,017,422
TOTAL MEDIUM TERM NOTES (COST $307,533,372) 307,533,372
--------------
MUNICIPAL BONDS & NOTES: 7.39%
14,350,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
CROSSING
APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 12/15/2037 14,350,000
2,000,000 AURORA CO HOSPITAL REF-CHILDRENS HOSPITAL ASSOCIATION PROJECT-B
(HEALTH FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.45 12/01/2036 2,000,000
11,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARD
ENVIRONMENTAL
REVENUE CITGO PETROLEUM CORPORATION (IDR, NATIXIS LOC)+/-ss 0.16 07/01/2026 11,000,000
9,000,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH
AMERICA SERIES A
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.45 07/01/2024 9,000,000
21,000,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR)+/-ss 0.14 11/01/2026 21,000,000
7,900,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 7,900,000
13,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 05/01/2022 13,000,000
8,200,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE,
FSA INSURED)+/-ss 0.55 05/01/2022 8,200,000
13,145,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.50 05/01/2022 13,145,000
46 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 23,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)+/-ss 0.35% 05/01/2017 $ 23,000,000
3,100,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y
(MFHR, FNMA INSURED)+/-ss 0.32 08/01/2031 3,100,000
2,000,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M
(MFHR, FNMA INSURED)+/-ss 0.32 08/15/2034 2,000,000
3,065,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT
(MFHR, FNMA INSURED)+/-ss 0.31 10/15/2026 3,065,000
2,000,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 11/01/2035 2,000,000
8,335,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 07/01/2034 8,335,000
22,200,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE
PROJECT
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.22 01/01/2037 22,200,000
4,908,500 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1 (HOUSING
REVENUE,
GO OF AUTHORITY INSURED)+/-ss 0.50 10/01/2038 4,908,500
53,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE TAXABLE CLASS I
SERIES A-2
(HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 05/01/2038 53,000,000
45,980,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY
PROJECT B II
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 45,980,000
59,825,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 59,825,000
2,000,000 DICKINSON TX INDEPENDENT SCHOOL DISTRICT SERIES SGA 94
(PROPERTY TAX REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)+/-ss 0.18 02/15/2028 2,000,000
15,800,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA
TOBACCO SETTLEMENT
EAGLE 20060117 CLASS A (OTHER REVENUE, FGIC INSURED)+/-ss 0.54 06/01/2035 15,800,000
6,000,000 GULF COAST WASTE DISPOSAL AUTHORITY (OTHER REVENUE, BP PLC
GUARANTEE AGREEMENT)+/-ss 0.12 07/01/2042 6,000,000
13,700,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN B3 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 13,700,000
2,000,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 2,000,000
2,000,000 ILLINOIS FINANCE AUTHORITY PROVENA HEALTH SERIES B (HOSPITAL
REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.13 08/15/2044 2,000,000
1,990,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.33 07/01/2035 1,990,000
7,000,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING
REVENUE,
FHLMC INSURED)+/-ss 0.50 09/01/2030 7,000,000
8,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A
(OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 8,000,000
1,900,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A
(OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 1,900,000
11,500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES B1 (HCFR, BANK
OF NEW YORK LOC)+/-ss 0.18 11/15/2034 11,500,000
21,415,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED,
BANK OF AMERICA NA LOC)+/-ss 0.60 11/01/2028 21,414,056
14,000,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY TAX
REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 11/01/2028 14,000,000
5,000,000 NEW BRITAIN CONNECTICUT TAXABLE PENSION SERIES C (PROPERTY TAX
REVENUE,
BANK OF AMERICA NA LOC)+/-ss 2.26 02/01/2026 5,000,000
9,690,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE
SERIES 4
(HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 1.20 11/01/2037 9,690,000
9,000,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D
(TOLL ROAD REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 9,000,000
11,000,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A
(OTHER REVENUE,
FGIC INSURED)+/-ss 0.39 07/15/2036 11,000,000
Wells Fargo Advantage Money Market Funds 47
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 9,100,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600 WEST 42ND B
(OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 0.95% 11/01/2041 $ 9,100,000
9,800,000 OHIO HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE SECURITIES
PROGRAM
(HOUSING REVENUE, GNMA INSURED)+/-ss 0.45 09/01/2029 9,800,000
7,500,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
(HOUSING REVENUE,
GNMA INSURED)+/-ss 0.65 09/01/2039 7,500,000
5,000,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.33 06/01/2032 5,000,000
5,000,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.29 11/01/2029 5,000,000
10,000,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.21 02/01/2035 10,000,000
3,100,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY
APARTMENTS LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK
NA LOC)+/-ss 0.44 10/01/2038 3,100,000
15,900,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 03/01/2037 15,900,000
15,000,000 SACRAMENTO CA MUNICIPAL UTILITY DISTRICT SERIES J (ELECTRIC
REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.18 08/15/2028 15,000,000
4,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS
PROJECT ISSUE A (MFHR, FHLMC INSURED)+/-ss 0.31 12/01/2022 4,000,000
3,000,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.31 01/15/2033 3,000,000
3,000,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN
APARTMENTS SERIES B (HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 01/15/2035 3,000,000
5,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY
(MFHR, FNMA INSURED)+/-ss 0.28 06/15/2034 5,000,000
3,980,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A
(OTHER REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 3,980,000
3,000,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER
FRANCES
HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.33 07/01/2020 3,000,000
9,000,000 VERMONT STUDENT ASSISTANCE CORPORATION EDUCATION LOAN SERIES
C-1
(OTHER REVENUE, LLOYDS BANK LOC)+/-ss 0.34 12/15/2040 9,000,000
3,650,000 WASHINGTON STATE HOUSING FINANCE COMMISSION WHISPERWOOD
APARTMENTS
PROJECT SERIES A (MFHR, FNMA INSURED)+/-ss 0.37 05/15/2035 3,650,000
TOTAL MUNICIPAL BONDS & NOTES (COST $584,032,556) 584,032,556
--------------
REPURCHASE AGREEMENTS: 8.18%
143,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES
(MATURITY VALUE $143,000,874) 0.22 09/01/2009 143,000,000
26,000,000 BANK OF AMERICA SECURITIZATION LLC - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $26,000,202) 0.28 09/01/2009 26,000,000
20,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (20,000,183) 0.33 09/01/2009 20,000,000
57,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $57,000,317) 0.20 09/01/2009 57,000,000
26,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $26,000,217) 0.30 09/01/2009 26,000,000
144,526,567 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $144,527,450) 0.22 09/01/2009 144,526,567
67,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $67,000,484) 0.26 09/01/2009 67,000,000
143,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES
(MATURITY VALUE $143,000,874) 0.22 09/01/2009 143,000,000
20,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $20,000,172) 0.31 09/01/2009 20,000,000
TOTAL REPURCHASE AGREEMENTS (COST $646,526,567) 646,526,567
--------------
48 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
SECURED MASTER NOTE AGREEMENT: 2.13%
$ 109,282,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48% 09/09/2034 $ 109,282,000
59,323,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/-ss 0.68 09/09/2049 59,323,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $168,605,000) 168,605,000
--------------
TIME DEPOSITS: 7.17%
73,000,000 BANK OF IRELAND 0.35 09/01/2009 73,000,000
40,000,000 BANK OF IRELAND 0.60 09/04/2009 40,000,000
95,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 95,000,000
92,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 92,000,000
99,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 99,000,000
95,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 95,000,000
72,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 72,000,000
--------------
TOTAL TIME DEPOSITS (COST $566,000,000) 566,000,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $7,988,324,758)* 100.67% $7,952,734,949
OTHER ASSETS AND LIABILITIES, NET (0.67) (52,993,644)
------ --------------
TOTAL NET ASSETS 100.00% $7,899,741,305
------ --------------
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(i) Illiquid security.
(p) Asset-backed Commercial Paper.
* Cost for federal income tax purposes is $7,988,324,758 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 0
Gross unrealized depreciation (35,589,809)
------------
Net unrealized appreciation (depreciation) $(35,589,809)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 49
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER: 4.25%
$ 5,000,000 ASCENSION PARISH LA 0.70% 09/09/2009 $ 5,000,000
3,000,000 ILLINOIS FINANCE AUTHORITY 0.50 01/07/2010 3,000,000
3,500,000 LONG ISLAND POWER AUTHORITY 0.50 02/09/2010 3,500,000
340,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 340,000
1,000,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 1,000,000
5,000,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 0.80 09/10/2009 5,000,000
TOTAL COMMERCIAL PAPER (COST $17,840,000) 17,840,000
--------------
MUNICIPAL BONDS & NOTES: 94.23%
ALABAMA: 1.62%
6,800,000 COLUMBIA AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY
PROJECT (IDR)ss+/- 0.20 06/01/2028 6,800,000
--------------
ARIZONA: 3.18%
7,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 07/01/2036 7,000,000
2,500,000 MARICOPA COUNTY AZ IDA TRANS-MATIC MANUFACTURING PRODUCTION
PROJECT (IDR, NATIONAL CITY BANK LOC)ss+/- 0.51 10/01/2026 2,500,000
3,080,000 MARICOPA COUNTY AZ IDA VILLAGE AT SUN VALLEY APARTMENTS PROJECT
(MFHR, FNMA INSURED)ss+/- 0.52 11/01/2043 3,080,000
800,000 PIMA COUNTY AZ IDA EASTSIDE APARTMENTS SERIES B (MFHR, FNMA
INSURED)ss+/- 0.42 02/15/2031 800,000
13,380,000
--------------
CALIFORNIA: 6.25%
1,425,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA JEWISH
HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.13 11/15/2035 1,425,000
1,585,000 ARCADIA CA UNIFIED SCHOOL DISTRICT (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 08/01/2037 1,585,000
2,100,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A
(IDR, KBC BANK NV LOC)ss+/- 0.33 12/01/2028 2,100,000
5,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C (IDR, JPMORGAN
CHASE LOC)ss+/- 0.15 11/01/2026 5,000,000
10,860,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER
REVENUE, BNP PARIBAS LOC)ss+/- 0.08 05/01/2022 10,860,000
3,185,000 CALIFORNIA STATEWIDE CDA TYRELLA GARDENS APARTMENTS SERIES B
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.45 06/01/2036 3,185,000
525,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.55 02/01/2035 525,000
460,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR LELAND
POLK SENIOR COMMUNITY SERIES A (MFHR, CITIBANK NA LOC)ss+/- 0.43 12/01/2019 460,000
1,120,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED)ss+/- 0.41 09/15/2032 1,120,000
26,260,000
--------------
COLORADO: 4.32%
7,000,000 AURORA CO HOUSING AUTHORITY LIBERTY CREEK PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.39 02/15/2038 7,000,000
5,000,000 COLORADO COLLEGE INVESTMENT SERIES I-A (OTHER REVENUE, LLOYDS
BANK LOC)ss+/- 0.38 12/01/2042 5,000,000
3,890,000 COLORADO HOUSING & FINANCE AUTHORITY READY FOODS INCORPORATED
PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC)ss+/- 0.54 01/01/2032 3,890,000
1,000,000 FORT COLLINS CO ECONOMIC DEVELOPMENT OAKRIDGE PROJECT SERIES A
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.62 12/01/2032 1,000,000
1,250,000 HUDSON CO SERIES A (IDR, US BANK NA LOC)ss+/- 0.72 11/01/2020 1,250,000
18,140,000
--------------
DISTRICT OF COLUMBIA: 1.80%
1,775,000 DISTRICT OF COLUMBIA CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 11/01/2045 1,775,000
2,030,000 DISTRICT OF COLUMBIA ENTERPRISE ZONE 14TH & IRVING (IDR, BANK OF
AMERICA NA LOC)ss+/- 0.55 05/01/2022 2,030,000
50 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
DISTRICT OF COLUMBIA (continued)
$ 3,755,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2855 (AIRPORT
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54% 10/01/2014 $ 3,755,000
7,560,000
--------------
FLORIDA: 8.68%
3,815,000 DEUTSCHE BANK FL SPEARS LIFERS TRUST SERIES DB-563 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.37 10/01/2022 3,815,000
9,515,000 FLORIDA HOUSING FINANCE CORPORATION PINEWOOD POINTE SERIES C
(STATE AGENCY HOUSING REVENUE, NATIXIS)ss+/- 0.78 06/01/2044 9,515,000
1,265,000 JACKSONVILLE FL HFA CHRISTINE COVE APARTMENTS (MFHR, FHLMC
INSURED)ss+/- 0.45 09/15/2038 1,265,000
1,800,000 MIAMI DADE COUNTY FL IDA FLORIDA POWER & LIGHT COMPANY PROJECT
(LEASE REVENUE)ss+/- 0.25 02/01/2023 1,800,000
7,130,000 ORANGE COUNTY FL HOUSING FINANCE AUTHORITY LAKESIDE POINTE APARTMENTS
SERIES B (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 05/15/2038 7,130,000
10,480,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES E2 (OTHER
REVENUE, ROYAL BANK OF CANADA)ss+/- 0.49 01/01/2034 10,480,000
2,465,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY GLENRIDGE
PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND LOC)ss+/- 0.28 06/01/2036 2,465,000
36,470,000
--------------
ILLINOIS: 5.33%
3,670,000 CHICAGO IL ENTERPRISE ZONE GARDNER GIBSON PROJECT (ECONOMIC
DEVELOPMENT REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.59 07/01/2033 3,670,000
500,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.22 01/01/2037 500,000
280,000 CHICAGO IL WASTEWATER TRANSMISSION SUBSERIES C-2 (SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.18 01/01/2039 280,000
260,000 DES PLAINES IL FINZER ROLLER INCORPORATED PROJECT (IDR, HARRIS TRUST
SAVINGS BANK LOC)ss+/- 1.25 08/01/2021 260,000
2,695,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCL INCORPORATED PROJECT (IDR,
GE CAPITAL CORPORATION LOC)ss+/- 1.42 06/01/2017 2,695,000
1,600,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY UNIVERSAL PRESS INCORPORATED
PROJECT SERIES A (IDR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.60 07/01/2020 1,600,000
900,000 ILLINOIS FINANCE AUTHORITY INX INTERNATIONAL INK COMPANY
(IDR, JPMORGAN CHASE BANK LOC)ss+/- 0.42 01/01/2034 900,000
710,000 ILLINOIS FINANCE AUTHORITY MERUG LLC SERIES B (IDR, JPMORGAN
CHASE BANK LOC)ss+/- 1.42 12/01/2018 710,000
2,600,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY BRAINARD LANDINGS
APARTMENTS (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.40 05/01/2042 2,600,000
1,755,000 LAKE COUNTY IL BROWN PAPER GOODS PROJECT (IDR, BANK ONE CHICAGO
NA LOC)ss+/- 1.42 10/01/2021 1,755,000
1,370,000 LAKE COUNTY IL COUNTRYSIDE LANDFILL INCORPORATED (SOLID WASTE
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.45 04/01/2021 1,370,000
2,600,000 LAKE COUNTY IL NORTHPOINT ASSOCIATION (IDR, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.42 07/01/2029 2,600,000
1,500,000 LAKE ZURICH IL (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 1.42 12/01/2009 1,500,000
1,960,000 VERNON HILLS IL NORTHWESTERN TOOL & Die Project (IDR, LaSalle
National Bank NA LOC)ss+/- 0.63 04/01/2025 1,960,000
22,400,000
--------------
INDIANA: 3.33%
1,860,000 ANGOLA IN PINE MANOR INCORPORATED PROJECT (IDR, NATIONAL CITY
BANK LOC)ss+/- 0.66 08/01/2023 1,860,000
1,925,000 GREENSBURG IN COMMUNITY PARTNERS VILLAGE II (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.42 09/01/2029 1,925,000
3,700,000 INDIANA BOND BANK ADVANCED FUNDING PROGRAM SERIES A
(EDUCATIONAL FACILITIES REVENUE) 2.00 01/05/2010 3,711,361
2,160,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY IN SHELBY GRAVEL
INCORPORATED PROJECT (IDR, NATIONAL CITY BANK OF INDIANA LOC)ss+/- 0.66 10/01/2017 2,160,000
1,500,000 NOBLESVILLE IN GREYSTONE APARTMENTS PROJECT SERIES B (HOUSING
REVENUE, FEDERAL HOME LOAN BANK LOC)ss+/- 0.60 03/01/2041 1,500,000
2,820,000 ST .JOSEPH COUNTY MIDCORR LAND DEVELOPMENT LLC PROJECT
(IDR, NATIONAL CITY BANK LOC)ss+/- 0.71 10/01/2023 2,820,000
13,976,361
--------------
Wells Fargo Advantage Money Market Funds 51
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
IOWA: 1.36%
$ 5,590,000 DES MOINES IA ELLIOT AVIATION PROJECT (OTHER REVENUE, US BANK NA
LOC)ss+/- 0.52% 08/01/2027 $ 5,590,000
125,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HCFR,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 06/01/2027 125,000
5,715,000
--------------
KANSAS: 1.36%
1,000,000 OLATHE KS DIAMANT BOART SERIES A (IDR, SVENSKA HANDELSBANKEN
LOC)ss+/- 0.60 03/01/2027 1,000,000
4,695,000 OLATHE KS ISL LLC PROJECT (OTHER REVENUE, US BANK NA LOC)ss+/- 0.54 08/01/2027 4,695,000
5,695,000
--------------
KENTUCKY: 5.97%
6,650,000 HOPKINS COUNTY KY LOK CORPORATION PROJECT (IDR, PNC BANK NA
LOC)ss+/- 0.44 10/01/2017 6,650,000
3,050,000 JEFFERSON COUNTY KY (IDR, NATIONAL CITY BANK LOC)ss+/- 0.56 09/01/2022 3,050,000
1,687,000 KENTON COUNTY KY PACKAGING UNLIMITED NORTHERN KY (IDR, NATIONAL CITY
BANK LOC)ss+/- 0.56 05/01/2014 1,687,000
6,225,000 KENTUCKY EDFA (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.32 10/01/2028 6,225,000
7,450,000 LOGAN COUNTY KY SOLID WASTE MANAGEMENT LLC PROJECT (OTHER REVENUE,
PNC BANK NA LOC)ss+/- 0.42 03/01/2021 7,450,000
25,062,000
--------------
MICHIGAN: 0.81%
2,180,000 MACOMB COUNTY MI ECONOMIC DEVELOPMENT CORPORATION (IDR, NATIONAL CITY
BANK LOC)ss+/- 0.71 12/01/2017 2,180,000
1,220,000 MICHIGAN STATE STRATEGIC FUND FITZ LAND LLC PROJECT (IDR, NATIONAL
CITY BANK LOC)ss+/- 0.81 08/01/2025 1,220,000
3,400,000
--------------
MINNESOTA: 15.04%
510,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.39 11/15/2032 510,000
1,805,000 BLOOMINGTON MN NORLAN PARTNERS SERIES B (HOUSING REVENUE,
LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 07/15/2032 1,805,000
5,090,000 BLOOMINGTON MN SERIES A1 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.39 07/15/2032 5,090,000
1,800,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA
INSURED)ss+/- 0.39 06/15/2038 1,800,000
1,985,000 HENNEPIN COUNTY MN HOUSING & RDA STONE ARCH APARTMENTS PROJECT
(MFHR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.42 04/15/2035 1,985,000
2,400,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE,
FNMA INSURED)ss+/- 0.39 06/15/2038 2,400,000
2,945,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 2,945,000
610,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 610,000
2,740,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE,
US BANK NA LOC)ss+/- 0.44 10/01/2024 2,740,000
2,780,000 MINNEAPOLIS MN SECOND STREET ACQUISITION SERIES A (HOUSING
REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 01/01/2033 2,780,000
205,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 205,000
335,000 MINNESOTA STATE HEFAR OLAF COLLEGE FIVE M2 (COLLEGE & UNIVERSITY
REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2020 335,000
2,685,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE,
FHLB INSURED)ss+/- 0.35 07/01/2048 2,685,000
330,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF
AUTHORITY)ss+/- 0.52 01/01/2010 330,000
305,000 MINNESOTA STATE RESIDENTIAL HOUSING SERIES G (HOUSING REVENUE, GO OF
AUTHORITY)ss+/- 0.33 01/01/2032 305,000
925,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.39 08/01/2034 925,000
2,900,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS
LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 10/01/2038 2,900,000
405,000 ST. ANTHONY MN LANDINGS SILVER LAKE SERIES A (MFHR, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.44 10/01/2037 405,000
2,000,000 ST. LOUIS PARK MN INDEPENDENT SCHOOL DISTRICT # 283 SERIES B
(PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 2.00 09/04/2009 2,000,211
52 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
MINNESOTA (continued)
$ 5,275,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.39% 09/15/2031 $ 5,275,000
3,760,000 ST. PAUL MN HEATING REVENUE SERIES F (OTHER REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 1.65 12/01/2023 3,760,000
9,250,000 ST. PAUL MN HOUSING & RDA BRIGECREEK SENIOR PLACE SERIES A
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 06/15/2037 9,250,000
645,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES L
(IDR, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.65 03/01/2018 645,000
565,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 1.35 12/01/2019 565,000
1,420,000 ST. PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.39 06/01/2032 1,420,000
2,595,000 ST. PAUL MN HOUSING & RDA LEASED HOUSING ASSOCIATION SERIES A
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 09/01/2035 2,595,000
6,835,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES R
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2022 6,835,000
100,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT SERIES A
(IDR, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.78 06/01/2011 100,000
63,200,211
--------------
MISSISSIPPI: 1.90%
7,995,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST RELATION TO MISSISSIPPI
HOME SERIES A
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.58 12/01/2047 7,995,000
--------------
MISSOURI: 1.21%
3,300,000 HANNIBAL MO IDA BUCKHORN RUBBER PRODUCTS PROJECT
(IDR, BANK ONE CHICAGO NA LOC)+/- 1.42 03/01/2010 3,300,000
1,765,000 SAINT LOUIS COUNTY MO IDA HEATHERBROOK GARDENS
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.63 03/01/2022 1,765,000
5,065,000
--------------
NEVADA: 0.75%
3,170,000 NEVADA HOUSING DIVISION MULTI-UNIT HOUSING PROJECT A (HOUSING
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.64 10/01/2030 3,170,000
--------------
NEW JERSEY: 1.18%
4,945,000 NEW JERSEY STATE TRANSPORTATION SERIES 146 (FUEL SALES TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.79 12/15/2011 4,945,000
--------------
NEW MEXICO: 0.67%
1,300,000 NEW MEXICO HOUSING AUTHORITY REGION III EL PUEBLO APARTMENTS
PROJECT SERIES A (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.54 12/01/2044 1,300,000
1,500,000 NEW MEXICO HOUSING AUTHORITY REGION III MADEIRA COURT APARTMENTS
PROJECT SERIES B (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.54 12/01/2044 1,500,000
2,800,000
--------------
NORTH CAROLINA: 2.41%
2,825,000 LEE COUNTY NC INDUSTRIAL FACILITIES & PCFA CHALLENGE PRINTING
COMPANY PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.63 07/01/2027 2,825,000
7,315,000 STANLEY COUNTY NC INDUSTRIAL FACILITIES & PCFA CHICAGO TUBE COMPANY
IDR JPMORGAN CHASE BANK LOC)ss+/- 0.42 04/01/2018 7,315,000
10,140,000
--------------
Wells Fargo Advantage Money Market Funds 53
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
NORTH DAKOTA: 2.23%
$ 3,000,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES A (HOUSING
REVENUE, LLOYDS BANK LOC)ss+/- 0.34% 07/01/2037 $ 3,000,000
3,500,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES B (HOUSING
REVENUE, KBC BANK NV LOC)ss+/- 0.34 01/01/2035 3,500,000
1,530,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY HOME MORTGAGE FINANCING
(HOUSING REVENUE, FHLB INSURED)ss+/- 0.37 01/01/2030 1,530,000
1,320,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY HOUSING FINANCE PROGRAM
SERIES B (HOUSING REVENUE, FHLB INSURED)ss+/- 0.34 07/01/2033 1,320,000
9,350,000
--------------
OHIO: 3.00%
3,000,000 DAYTON OH AIR FREIGHT SERIES C (IDR) 6.05 10/01/2009 3,000,455
4,050,000 DAYTON OH AIR FREIGHT SERIES E (IDR) 6.05 10/01/2009 4,050,615
1,190,000 FRANKLIN COUNTY OH LIFELINE SHELTER SYSTEMS PROJECT
(IDR, BANK ONE CHICAGO NA LOC)ss+/- 1.32 10/01/2021 1,190,000
1,200,000 MONTGOMERY COUNTY OH CAMBRIDGE COMMONS APARTMENTS A
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.35 04/01/2038 1,200,000
3,170,000 STATE OF OHIO SOLID WASTE BP EXPLORATION & OIL PROJECT (OTHER
REVENUE)ss+/- 0.13 08/01/2034 3,170,000
12,611,070
--------------
OREGON: 0.45%
1,905,000 PORTLAND OR HOUSING AUTHORITY FLOYD LIGHT HOUSING PROJECT
(HOUSING REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.60 12/01/2027 1,905,000
--------------
OTHER: 7.50%
31,500,000 SUNAMERICA TRUST CERTIFICATES VARIOUS STATES CLASS A SERIES 2
(OTHER REVENUE, FHLMC INSURED)ss+/- 0.64 07/01/2041 31,500,000
--------------
PENNSYLVANIA: 2.14%
8,995,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST RELATING TO
PHILADELPHIA PA SERIES B (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.58 04/01/2048 8,995,000
--------------
TENNESSEE: 2.34%
8,000,000 HUNTINGDON TN INDUSTRIAL DEVELOPMENT BOARD BEHLEN MANUFACTURING
COMPANY PROJECT (IDR, LASALLE BANK NA LOC)ss+/- 0.47 05/01/2020 8,000,000
1,840,000 PULASKI & GILES COUNTY TN LOMAR DEVELOPMENT COMPANY PROJECT
(IDR, US BANK NA LOC)ss+/- 0.67 01/01/2017 1,840,000
9,840,000
--------------
TEXAS: 3.77%
1,500,000 GULF COAST TX WASTE DISPOSAL AUTHORITY BP COMPANY CHEMICAL
PROJECT SERIES B
(IDR, BP PLC GUARANTEE AGREEMENT)ss+/- 0.12 09/01/2038 1,500,000
12,200,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST SERIES A (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.58 12/01/2047 12,200,000
2,120,000 TEXAS HOUSING OPTIONS INCORPORATED MILL CITY SERIES A (HOUSING
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.55 05/01/2036 2,120,000
15,820,000
--------------
VERMONT: 0.28%
1,180,000 VERMONT EDUCATIONAL & Health Buildings North County Hospital
Project A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2034 1,180,000
--------------
VIRGINIA: 0.04%
175,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES B
(HCFR, BRANCH BANKING & Trust LOC)ss+/- 0.15 07/01/2037 175,000
--------------
54 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
WASHINGTON: 2.12%
$ 1,300,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY MERCER ISLAND
PARTNERS LLC PROJECT (IDR, US BANK NA LOC)ss+/- 0.62% 06/01/2027 $ 1,300,000
5,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY WASTE
MANAGEMENT
INCORPORATED PROJECT (OTHER REVENUE, PNC BANK NA LOC)ss+/- 0.55 06/01/2020 5,000,000
1,590,000 WASHINGTON STATE HOUSING FINANCE COMMISSION WHISPERWOOD APARTMENTS
PROJECT SERIES A (MFHR, FNMA INSURED)ss+/- 0.37 05/15/2035 1,590,000
1,000,000 WASHINGTON STATE SERIES R-A (OTHER REVENUE, FIRST SECURITY BANK LOC) 5.50 09/01/2009 1,000,000
8,890,000
--------------
WEST VIRGINIA: 1.68%
7,055,000 PLEASANTS COUNTY WV SIMONTON BUILDING PRODUCTS PROJECT (IDR, PNC
BANK NA LOC)ss+/- 0.49 12/01/2019 7,055,000
--------------
WISCONSIN: 1.13%
2,400,000 APPLETON WI GREAT NORTHERN CORPORATION PROJECT A (IDR, US BANK NA
LOC)ss+/- 0.45 09/01/2019 2,400,000
2,330,000 TWO RIVERS WI RIVERSIDE FOODS INCORPORATED PROJECT (IDR, FHLB
INSURED)ss+/- 0.50 12/01/2022 2,330,000
4,730,000
--------------
WYOMING: 0.38%
1,600,000 CHEYENNE WY GROBET FILE CO INC PROJECT (IDR, NATIONAL CITY BANK
LOC)ss+/- 0.71 08/01/2017 1,600,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $395,824,642) 395,824,642
TOTAL INVESTMENTS IN SECURITIES
(COST $413,664,642)* 98.48% $ 413,664,642
OTHER ASSETS AND LIABILITIES, NET 1.52 6,393,437
------ --------------
TOTAL NET ASSETS 100.00% $ 420,058,079
------ --------------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 55
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER: 6.19%
$ 10,000,000 CLARK COUNTY NV 0.40% 11/02/2009 $ 10,000,000
15,000,000 CLARK COUNTY NV 0.40 11/05/2009 15,000,000
18,870,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.40 03/11/2010 18,870,000
35,500,000 ILLINOIS FINANCE AUTHORITY 0.50 01/07/2010 35,500,000
53,700,000 LONG ISLAND POWER AUTHORITY 0.50 02/09/2010 53,700,000
9,038,000 LOS ANGELES METRO TRANS 0.70 09/02/2009 9,038,000
7,325,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 7,325,000
8,715,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 8,715,000
36,631,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 0.30 11/30/2009 36,631,000
27,667,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 0.35 12/10/2009 27,667,000
5,000,000 MONTGOMERY COUNTY PA INDUSTRIAL 0.43 10/07/2009 5,000,000
9,300,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 9,300,000
8,800,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 8,800,000
23,500,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 23,500,000
11,300,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 11,300,000
15,900,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 15,900,000
32,400,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 32,400,000
9,790,000 UNIVERSITY OF VIRGINIA 0.40 10/13/2009 9,790,000
TOTAL COMMERCIAL PAPER (COST $338,436,000) 338,436,000
--------------
MUNICIPAL BONDS & NOTES: 93.74%
ALABAMA: 1.11%
8,700,000 EUTAW AL IDA PCR ALABAMA POWER COMPANY PROJECT (IDR)ss+/- 0.15 06/01/2028 8,700,000
12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER
COMPANY PROJECT SERIES C (IDR)ss+/- 0.33 08/01/2017 12,000,000
40,000,000 MOBILE AL INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES
SERIES A (HFFA REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.26 02/01/2040 40,000,000
60,700,000
--------------
ALASKA: 0.40%
6,185,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507 (OTHER
REVENUE, FGIC INSURED)ss+/- 0.34 12/01/2034 6,185,000
15,920,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532 (OTHER
REVENUE, MBIA INSURED)ss+/- 0.34 12/01/2041 15,920,000
22,105,000
--------------
ARIZONA: 0.64%
22,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 07/01/2036 22,000,000
10,125,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.32 04/15/2030 10,125,000
3,000,000 YAVAPAI COUNTY AZ IDA NORTHERN ARIZONA HEALTHCARE SERIES B
(HCFR, BANCO BILBAO VIZCAYA LOC)ss+/- 0.26 12/01/2039 3,000,000
35,125,000
--------------
CALIFORNIA: 14.71%
6,765,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.13 11/15/2035 6,765,000
9,665,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE
NATIONAL BANK NA LOC)ss+/- 0.12 06/01/2037 9,665,000
8,615,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS
SACRED HEART SERIES FA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 06/01/2030 8,615,000
1,020,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS
SACRED HEART SERIES FB (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 06/01/2030 1,020,000
56 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 27,155,000 ARCADIA CA UNIFIED SCHOOL DISTRICT (PROPERTY TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.39% 08/01/2037 $ 27,155,000
5,115,000 ARCADIA USD CA CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK
INSURED)ss+/- 0.39 08/01/2037 5,115,000
23,050,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.82 09/01/2035 23,050,000
17,800,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2043 17,800,000
11,850,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHAPMAN UNIVERSITY
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.45 12/01/2030 11,850,000
11,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY JUDAISM
SERIES A (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.52 12/01/2028 11,500,000
11,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK COLBURN
SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.45 08/01/2037 11,200,000
19,595,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS
ANGELES COUNTY MUSEUM SERIES A (RECREATIONAL FACILITIES REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.10 09/01/2037 19,595,000
27,725,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ORANGE
COUNTY PERFORMING SERIES A (RECREATIONAL FACILITIES REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.10 07/01/2034 27,725,000
23,100,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK RAND
CORPORATION SERIES B (ECONOMIC DEVELOPMENT REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.10 04/01/2042 23,100,000
3,145,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR
II R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/- 0.27 07/01/2030 3,145,000
2,700,000 CALIFORNIA SERIES I (HFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.24 07/01/2035 2,700,000
4,995,000 CALIFORNIA STATE (PROPERTY TAX REVENUE, AMBAC INSURED)ss+/- 0.27 04/01/2012 4,995,000
29,460,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER
REVENUE, BNP PARIBAS LOC)ss+/- 0.08 05/01/2022 29,460,000
53,050,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 05/01/2022 53,050,000
29,555,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE, FSA INSURED)ss+/- 0.55 05/01/2022 29,555,000
10,000,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE,
KBC BANK NV LOC)ss+/- 0.10 05/01/2022 10,000,000
4,535,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.50 05/01/2022 4,535,000
9,435,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C11 (SALES TAX
REVENUE, BNP PARIBAS LOC)ss+/- 0.15 07/01/2023 9,435,000
63,790,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 04/01/2039 63,790,000
19,750,000 CALIFORNIA STATEWIDE CDA RADY CHILDRENS HOSPITAL SERIES B
(HEALTHCARE FACILITIES REVENUE, BANK OF THE WEST LOC)ss+/- 0.11 08/15/2047 19,750,000
9,040,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY YMCA EAST
BAY PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.26 06/01/2027 9,040,000
11,000,000 CORONA CA HOUSEHOLD BANK PROJECT B (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.26 02/01/2023 11,000,000
9,530,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 9,530,000
10,225,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 10,225,000
20,595,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER AGENCY
SERIES A (LEASE REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 03/01/2036 20,595,000
15,900,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11442 (OTHER REVENUE, CITIBANK NA LOC)ss+/- 0.59 06/01/2045 15,900,000
6,085,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM
(LEASE REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2038 6,085,000
6,400,000 LOS ANGELES CA MULTIFAMILY MUSEUM TER APARTMENT SERIES H
(MFHR, BANK OF AMERICA NA LOC)ss+/- 0.23 11/01/2009 6,400,000
15,850,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.42 07/01/2037 15,850,000
8,425,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX
ALLOCATION REVENUE, AMBAC INSURED)ss+/- 0.14 01/01/2031 8,425,000
Wells Fargo Advantage Money Market Funds 57
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CALIFORNIA (continued)
$ 2,250,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF AMERICA
NA LOC)ss+/- 0.26% 12/01/2040 $ 2,250,000
7,360,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A (ELECTRIC
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2032 7,360,000
34,400,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.21 02/01/2035 34,400,000
18,100,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 03/01/2037 18,100,000
7,800,000 RIVERSIDE CA COP SERIES C (ELECTRIC REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.23 10/01/2035 7,800,000
20,475,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.55 02/01/2035 20,475,000
25,585,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 0.55 02/01/2035 25,585,000
56,950,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 04/01/2038 56,950,000
29,200,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES D (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.40 04/01/2038 29,200,000
14,200,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 08/01/2032 14,200,000
845,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.22 06/01/2010 845,000
33,345,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE (UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.90 07/01/2019 33,345,000
1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484
(PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.94 02/01/2013 1,880,000
3,600,000 UNIVERSITY OF CALIFORNIA (COLLEGE & University REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/15/2038 3,600,000
803,610,000
--------------
COLORADO: 1.89%
2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK
NA LOC)ss+/- 0.39 12/01/2017 2,765,000
1,995,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK
NA LOC)ss+/- 0.39 12/01/2028 1,995,000
13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT CENTER PROJECT (TAX
INCREMENTAL REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.30 12/01/2030 13,785,000
1,315,000 COLORADO ECFA NATIONAL JEWISH FEDERATION SERIES A4
(RECREATIONAL FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.18 02/01/2034 1,315,000
6,000,000 COLORADO HEALTH FACILITIES AUTHORITY CROSSROADS MARANATHA
PROJECTS (OTHER REVENUE, US BANK NA LOC)ss+/- 0.32 12/01/2043 6,000,000
8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
DISTRICT (OTHER REVENUE, US BANK NA LOC)ss+/- 0.39 12/01/2038 8,625,000
5,000,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
DISTRICT (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.39 12/01/2028 5,000,000
7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.39 12/01/2036 7,560,000
6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A (MHFR, FHLMC
INSURED)ss+/- 0.33 04/15/2014 6,600,000
14,255,000 FITZSIMONS RDA COLORADO UNIVERSITY PHYSICIANS INCORPORATED
(COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.52 01/01/2025 14,255,000
11,250,000 MOFFAT COUNTY CO TRI STATE GENERAL ASSOCIATION PROJECT (IDR, BANK
OF AMERICA NA LOC)ss+/- 0.30 03/01/2036 11,250,000
6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE COURT
APARTMENTS PROJECT (MFHR, US BANK NA LOC)ss+/- 0.39 11/01/2033 6,520,000
10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE, BANQUE
NATIONALE PARIS LOC)ss+/- 0.39 12/01/2030 10,600,000
7,220,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN DISTRICT (PROPERTY
TAX REVENUE, US BANK NA LOC)ss+/- 0.39 11/15/2034 7,220,000
103,490,000
--------------
DISTRICT OF COLUMBIA: 2.45%
14,000,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2 (RECREATIONAL
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 02/01/2036 14,000,000
20,225,000 DISTRICT OF COLUMBIA CARNEGIE ENDOWMENT FOR INTERNATIONAL
PEACE (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 11/01/2045 20,225,000
58 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
DISTRICT OF COLUMBIA (continued)
$ 9,645,000 DISTRICT OF COLUMBIA GEORGETOWN UNIVERSITY SERIES B2
(COLLEGE AND UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.25% 04/01/2041 $ 9,645,000
6,950,000 DISTRICT OF COLUMBIA GEORGETOWN UNIVERSITY SERIES C2
(COLLEGE AND UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 04/01/2041 6,950,000
14,520,000 DISTRICT OF COLUMBIA NATIONAL ASSOCIATION OF YOUNG CHILDREN
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 04/01/2036 14,520,000
54,890,000 DISTRICT OF COLUMBIA SERIES C (PROPERTY TAX REVENUE, DEXIA CREDIT LOCAL
DE FRANCE LOC)ss+/- 0.55 06/01/2027 54,890,000
13,695,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY (COLLEGE AND UNIVERSITY
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 10/01/2038 13,695,000
133,925,000
---------------
FLORIDA: 8.24%
22,325,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF FLORIDA PROJECT SERIES A
(HCFR, BNP PARIBAS LOC)ss+/- 0.28 10/01/2032 22,325,000
5,710,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT (HFFA REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.28 08/01/2031 5,710,000
8,835,000 BROWARD COUNTY FL HFA ISLAND CLUB APARTMENTS SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.41 07/01/2031 8,835,000
6,385,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547 (OTHER REVENUE,
MBIA INSURED)ss+/- 0.34 10/01/2026 6,385,000
4,530,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 04/01/2027 4,530,000
4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS PROJECT (HOUSING REVENUE,
US BANK NA LOC)ss+/- 0.30 07/01/2025 4,000,000
10,000,000 ESCAMBIA COUNTY FL HEALTH FACILITIES AUTHORITY AZALEA TRACE
INCORPORATED SERIES B (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.15 11/15/2029 10,000,000
13,200,000 ESCAMBIA COUNTY FL SOLID WASTE DISPOSAL SYSTEM GULF POWER COMPANY
PROJECT 2ND SERIES (OTHER REVENUE)ss+/- 0.18 04/01/2039 13,200,000
11,150,000 FLORIDA CAPITAL TRANSFER AGENCY PORTOFINO VILLAS SERIES A
(OTHER REVENUE, FNMA INSURED)ss+/- 0.32 04/15/2036 11,150,000
12,700,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION HOUSING PROJECT
SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/- 0.33 02/01/2038 12,700,000
5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED)ss+/- 0.28 12/01/2013 5,100,000
9,250,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C
(ELECTRIC REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 10/01/2035 9,250,000
11,375,000 FLORIDA USF FINANCING CORPORATION COP MASTER LEASE PROGRAM
SERIES B1 (LEASE REVENUE, AMBAC INSURED)ss+/- 0.30 07/01/2035 11,375,000
340,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT
(HCFR, WACHOVIA BANK LOC)ss+/- 0.53 12/01/2014 340,000
19,500,000 HALIFAX FL HOSPITAL MEDICAL CENTER (HCFR, WACHOVIA BANK LOC)ss+/- 0.28 06/01/2048 19,500,000
59,405,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT COMMISSION SHANDS MEDICAL CENTER
INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC)ss+/- 0.20 02/01/2029 59,405,000
5,970,000 JACKSONVILLE FL HEALTH FACILITIES AUTHORITY SERIES A (HEALTH
FACILITIES FINANCING AUTHORITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 08/15/2033 5,970,000
10,150,000 MIAMI DADE COUNTY FL EXPRESSWAY AUTHORITY SERIES 1339 (TOLL ROAD
REVENUE, FINANCIAL GUARANTY INSURANCE COMPANY LOC)ss+/- 0.74 07/01/2012 10,150,000
10,000,000 MIAMI DADE COUNTY FL SPECIAL OBLIGATION JUVENILE COURTHOUSE
SERIES B (OTHER REVENUE, AMBAC INSURED)ss+/- 0.20 04/01/2043 10,000,000
16,900,000 NORTH BROWARD FL HOSPITAL DISTRICT (HCFR, MBIA INSURED)ss+/- 0.28 01/15/2027 16,900,000
14,400,000 NORTH BROWARD FL HOSPITAL DISTRICT SERIES A (HCFR, MBIA INSURED)ss+/- 0.28 01/15/2027 14,400,000
1,415,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT SERIES A (IDR, BANK OF
AMERICA NA LOC)ss+/- 0.35 05/01/2027 1,415,000
3,625,000 ORANGE COUNTY FL EDUCATIONAL FACILITIES AUTHORITY ROLLINS COLLEGE
PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 12/01/2034 3,625,000
Wells Fargo Advantage Money Market Funds 59
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
FLORIDA (continued)
$ 26,580,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO REGIONAL
HEALTH CARE SERIES A2 (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.50% 10/01/2041 $ 26,580,000
6,700,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY PRESBYTERIAN RETIREMENT
SERIES B (HOUSING REVENUE, BRANCH BANKING TRUST LOC)ss+/- 0.28 11/01/2035 6,700,000
3,700,000 ORANGE COUNTY FL IDA LAKE HIGHLAND SCHOOL INCORPORATED (OTHER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.33 08/01/2032 3,700,000
2,000,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES E (LEASE REVENUE, WACHOVIA
BANK LOC)ss+/-(q) 0.20 08/01/2022 2,000,000
4,060,000 PALM BEACH COUNTY FL CHILDRENS HOME PROJECT (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.33 05/01/2038 4,060,000
2,885,000 PALM BEACH COUNTY FL JUPITER MEDICAL CENTER INCORPORATED SERIES B
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.48 08/01/2020 2,885,000
3,200,000 PALM BEACH COUNTY FL KINGS ACADEMY INCORPORATED PROJECT (PRIVATE
SCHOOL REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 08/01/2031 3,200,000
300,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED (COLLEGE & UNIVERSITY
REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.49 05/01/2025 300,000
7,520,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2089 (OTHER REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.54 08/01/2026 7,520,000
7,845,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2925Z (LEASE REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.54 08/01/2011 7,845,000
2,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT
(RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.32 05/01/2031 2,500,000
5,000,000 SAINT PETERSBURG FL HEALTH FACILITIES AUTHORITY PRESBYTERIAN
RETIREMENT (OTHER REVENUE, BRANCH BANKING & TRUST)ss+/- 0.28 11/01/2039 5,000,000
45,680,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY GLENRIDGE
PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND LOC)ss+/- 0.28 06/01/2036 45,680,000
5,090,000 SARASOTA COUNTY FL PLANNED PARENTHOOD INCORPORATED PROJECT (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.51 10/01/2041 5,090,000
1,255,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY (PRIVATE SCHOOL
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.48 02/01/2034 1,255,000
39,460,000 SOUTH FL WATER MANAGEMENT DISTRICT COP CLASS A (LEASE REVENUE,
AMBAC INSURED)ss+/- 0.39 10/01/2036 39,460,000
19,860,000 TAMPA BAY FL WATER UTILITY SYSTEM (WATER REVENUE, FGIC INSURED)ss+/- 1.35 10/01/2023 19,860,000
449,900,000
---------------
GEORGIA: 2.59%
12,650,000 ATLANTA GA AIRPORT PASSENGER FACILITY CHARGE (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.79 01/01/2013 12,650,000
6,005,000 ATLANTA GA WESTSIDE PROJECT SERIES B (TAX INCREMENTAL REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.33 12/01/2023 6,005,000
3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON APARTMENTS PROJECT
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 03/01/2024 3,195,000
7,500,000 COBB COUNTY GA KENNESTONE HOSPITAL AUTHORITY (HEALTHCARE FACILITIES
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35 04/01/2040 7,500,000
10,125,000 COWETA COUNTY GA DEVELOPMENT AUTHORITY YATES PROJECT (OTHER
REVENUE)ss+/- 0.16 06/01/2032 10,125,000
4,620,000 DEKALB COUNTY NEWTOWN GWINETT GA JOINT REAL ESTATE STUDENT I
(COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2035 4,620,000
8,375,000 DEKALB COUNTY NEWTOWN GWINETT GA REAL ESTATE PACKAGE I LLC
(COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2032 8,375,000
14,670,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL PROPERTIES
INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 04/01/2024 14,670,000
11,630,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL REVENUE, WACHOVIA
BANK LOC)ss+/-(q) 0.20 10/01/2033 11,630,000
12,190,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER REVENUE, FINANCIAL GUARANTY
INSURANCE COMPANY LOC)ss+/- 0.44 07/01/2012 12,190,000
60 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
GEORGIA (continued)
$ 9,535,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY SENIOR LIVING
FACILITIES LANIER VILLAGE SERIES B (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.15% 11/15/2033 $ 9,535,000
5,500,000 GEORGIA PRIVATE COLLEGES & UNIVERSITY AUTHORITY MERCER UNIVERSITY
PROJECT SERIES A (OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.32 10/01/2036 5,500,000
26,005,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER REVENUE)ss+/- 0.15 09/01/2029 26,005,000
9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 01/01/2034 9,285,000
141,285,000
---------------
HAWAII: 0.09%
5,000,000 HAWAII STATE HOUSING FINANCE & DEVELOPMENT CORPORATION LOKAHI KAU
(MFHR, FHLMC INSURED)ss+/- 0.29 12/01/2041 5,000,000
---------------
IDAHO: 0.20%
10,800,000 COEUR D ALENE ID (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 08/15/2022 10,800,000
---------------
ILLINOIS: 8.41%
2,000,000 AURORA IL ECONOMIC DEVELOPMENT (COLLEGE AND UNIVERSITY REVENUE,
HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.35 03/01/2035 2,000,000
2,970,000 CHICAGO IL BOARD OF EDUCATION (PROPERTY TAX REVENUE, FIRST SECURITY
BANK LOC)ss+/- 0.39 12/01/2026 2,970,000
16,260,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010 (PROPERTY TAX REVENUE,
AMBAC INSURED)ss+/- 1.34 12/01/2030 16,260,000
12,500,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.22 01/01/2037 12,500,000
17,325,000 CHICAGO IL PARK DISTRICT (PROPERTY TAX REVENUE, FIRST SECURITY
BANK LOC)ss+/- 0.39 01/01/2011 17,325,000
11,110,000 CHICAGO IL WASTEWATER TRANSMISSION SUBSERIES C-2 (SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.18 01/01/2039 11,110,000
18,580,000 COOK COUNTY IL (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 11/15/2011 18,580,000
1,615,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.34 12/01/2021 1,615,000
4,560,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 01/01/2022 4,560,000
16,900,000 HOFFMAN ESTATES IL HOFFMAN ESTATES ECONOMIC (TAX REVENUE, NORTHERN
TRUST CORPORATION LOC)ss+/- 0.41 01/01/2010 16,900,000
4,370,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY AURORA CENT CATHOLIC HIGH SCHOOL
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 04/01/2024 4,370,000
5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO ACADEMY OF SCIENCES
(RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 01/01/2033 5,480,000
4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK COMMUNICATIONS PROJECT
(OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 03/01/2017 4,500,000
1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE FOREST ACADEMY (OTHER
REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 12/01/2024 1,000,000
4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY PROJECT (PRIVATE
SCHOOL REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 10/01/2031 4,300,000
22,435,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCCORMICK THEOLOGICAL PROJECT B
(COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 06/01/2035 22,435,000
9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT
(HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 04/01/2035 9,000,000
14,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ROOSEVELT UNIVERSITY PROJECT
(COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 04/01/2025 14,500,000
10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST. IGNATIUS COLLEGE (OTHER
REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 06/01/2024 10,000,000
34,600,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY YMCA METROPOLITAN CHICAGO PROJECT
(RECREATIONAL FACILITIES REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.32 06/01/2029 34,600,000
5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO ZOOLOGICAL SOCIETY
SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 12/15/2025 5,000,000
7,055,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY DOMINICAN UNIVERSITY SERIES B
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.34 10/01/2030 7,055,000
Wells Fargo Advantage Money Market Funds 61
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
ILLINOIS (continued)
$ 185,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY LIBRARY PROJECT
(OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.32% 03/01/2028 $ 185,000
5,425,000 ILLINOIS FINANCE AUTHORITY BELOIT MEMORIAL HOSPITAL INCORPORATED
SERIES A (HOSPITAL REVENUE, RADIAN INSURED)ss+/- 0.20 04/01/2036 5,425,000
8,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES A (OTHER REVENUE,
NORTHERN TRUST CORPORATION LOC)ss+/- 0.29 04/01/2033 8,385,000
5,320,000 ILLINOIS FINANCE AUTHORITY BRITISH HOME RETIRED MEN (HEALTHCARE
FACILITIES REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 11/01/2027 5,320,000
8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL HEALTHCARE SERIES D
(HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.22 01/01/2048 8,600,000
12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 07/01/2035 12,750,000
11,500,000 ILLINOIS FINANCE AUTHORITY LOYOLA ACADEMY (PRIVATE SCHOOL REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.41 10/01/2037 11,500,000
8,305,000 ILLINOIS FINANCE AUTHORITY POLLUTION CONTROL (POLLUTION CONTROL
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.28 05/01/2021 8,305,000
24,970,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES (HFFA REVENUE, NORTHERN
TRUST CORPORATION LOC)ss+/- 0.41 09/01/2024 24,970,000
20,000,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.86 09/01/2031 20,000,000
11,800,000 ILLINOIS FINANCE AUTHORITY RESURRECTION HEALTH SERIES B (HFFA REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.23 05/15/2035 11,800,000
10,100,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS MUSEUM (OTHER REVENUE,
NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 02/01/2035 10,100,000
43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO - STATES,
TERRITORIES, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 09/01/2035 43,570,000
13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE (PRIVTE SCHOOL
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 12/01/2036 13,000,000
5,820,000 ILLINOIS FINANCE AUTHORITY THE CATHERINE COOK SCHOOL PROJECT (PRIVATE
SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 01/01/2037 5,820,000
7,200,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT (HCFR, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.41 11/01/2035 7,200,000
4,500,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE & UNIVERSITY
REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 10/01/2033 4,500,000
7,530,000 ILLINOIS STATE SERIES G (GO STATES, BANK OF AMERICA NA LOC)ss+/- 0.54 05/01/2012 7,530,000
3,900,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A (COLLEGE &
UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 10/01/2032 3,900,000
2,900,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER REVENUE, LASALLE
NATIONAL BANK NA LOC)ss+/- 0.36 10/01/2026 2,900,000
5,810,000 MONMOUTH IL INDUSTRIAL PROJECT MONMOUTH COLLEGE PROJECT (COLLEGE
AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 06/01/2035 5,810,000
3,415,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 06/01/2034 3,415,000
8,520,000 WARREN COUNTY IL MONMOUTH COLLEGE PROJECT (COLLEGE & UNIVERSITY
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 12/01/2032 8,520,000
459,565,000
---------------
INDIANA: 2.12%
2,910,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549 (OTHER REVENUE,
FGIC INSURED)ss+/- 0.34 07/10/2021 2,910,000
21,300,000 GOSHEN IN ECONOMIC DEVELOPMENT GOSHEN COLLEGE PROJECT (COLLEGE &
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.32 10/01/2042 21,300,000
37,300,000 INDIANA BOND BANK ADVANCED FUNDING PROGRAM SERIES A (EDUCATIONAL
FACILITIES REVENUE) 2.00 01/05/2010 37,414,532
5,470,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER PROJECT (HCFR)ss+/- 0.36 07/01/2038 5,470,000
7,100,000 INDIANA FINANCE AUTHORITY SISTERS OF SAINT FRANCIS SERIES H (HCFR,
JPMORGAN CHASE BANK LOC)ss+/- 0.25 09/01/2048 7,100,000
62 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
INDIANA (continued)
$ 5,300,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN
HEALTH SERIES C (OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.23% 02/15/2030 $ 5,300,000
8,930,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN
HEALTH SERIES D (OTHER REVENUE, BRANCH BANKING & TRUST)ss+/- 0.23 02/15/2030 8,930,000
4,660,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION SERIES A
(HCFR, US BANK NA LOC)ss+/- 0.20 10/01/2032 4,660,000
3,625,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY SYCAMORE SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.50 08/01/2024 3,625,000
11,905,000 INDIANAPOLIS IN CANAL SQUARE APARTMENTS (MFHR, FHLMC INSURED)ss+/- 0.35 04/01/2033 11,905,000
3,440,000 INDIANAPOLIS IN INDUSTRIAL MULTIFAMILY HOUSING WASHINGTON POINTE
PROJECT A (OTHER REVENUE, FNMA INSURED)ss+/- 0.28 08/15/2040 3,440,000
3,800,000 MARION IN ECONOMIC DEVELOPMENT WESLEYAN UNIVERSITY PROJECT (COLLEGE &
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 06/01/2036 3,800,000
115,854,532
---------------
IOWA: 2.06%
9,880,000 HILLS IA MERCY HOSPITAL PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.43 08/01/2035 9,880,000
14,510,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE, KBC
BANK NV LOC)ss+/- 0.21 11/01/2026 14,510,000
2,960,000 IOWA FINANCE AUTHORITY CEDARWOOD HILLS PROJECT SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.32 05/01/2031 2,960,000
11,475,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HCFR, ALLIED
IRISH BANK PLC LOC)ss+/- 0.43 06/01/2027 11,475,000
9,465,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL
FACILITIES REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 03/01/2036 9,465,000
15,715,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES LLC PROJECT A
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.32 06/01/2039 15,715,000
2,100,000 IOWA HIGHER EDUCATION LOAN AUTHORITY MOUNT MERCY COLLEGE PROJECT
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.20 07/01/2025 2,100,000
8,295,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE DUBUQUE PROJECT
(COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.20 05/01/2029 8,295,000
4,695,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE PROJECT (OTHER
REVENUE, JPMORGAN CHASE BANK, NORTHERN TRUST COMPANY LOC)ss+/- 0.20 10/01/2038 4,695,000
14,705,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES AMBROSE
(COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST COMPANY LOC)ss+/- 0.20 04/01/2033 14,705,000
4,070,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES DES MOINES
UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.43 10/01/2033 4,070,000
14,815,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES UNIVERSITY OF
DUBUQUE (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION
LOC)ss+/- 0.20 04/01/2035 14,815,000
112,685,000
---------------
KENTUCKY: 0.67%
1,060,000 CHRISTIAN COUNTY KY ASSOCIATION OF COUNTIES LEASING TRUST SERIES B
(OTHER REVENUE, US BANK NA LOC)ss+/- 0.13 08/01/2037 1,060,000
11,180,000 JEFFERSON COUNTY KY STUDENT HOUSING UNIVERSITY OF LOUISVILLE PROJECT
SERIES (LEASE REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.29 09/01/2029 11,180,000
9,425,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN GOVERNMENT WATERFORD
PLACE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 01/01/2034 9,425,000
5,000,000 TRIMBLE COUNTY KY ASSOCIATION OF COUNTIES LEASING TRUST SERIES A (LEASE
REVENUE, US BANK NA LOC)ss+/- 0.13 12/01/2038 5,000,000
4,900,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES A (OTHER REVENUE,
US BANK NA LOC)ss+/- 0.19 07/01/2038 4,900,000
5,000,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES B (LEASE REVENUE,
US BANK NA LOC)ss+/- 0.19 12/01/2038 5,000,000
36,565,000
---------------
Wells Fargo Advantage Money Market Funds 63
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
LOUISIANA: 1.39%
$ 870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-577 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34% 12/01/2020 $ 870,000
7,845,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB INSURED)ss+/- 0.30 09/01/2033 7,845,000
9,900,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 1.36 12/01/2036 9,900,000
34,350,000 LOUISIANA STATE GAS & FUELS TAX CLASS A (SALES TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/01/2035 34,350,000
23,100,000 LOUISIANA STATE SERIES A (PROPERTY TAX REVENUE, BANQUE NATIONALE
PARIS LOC)ss+/- 0.20 07/15/2026 23,100,000
76,065,000
---------------
MAINE: 0.25%
12,000,000 MAINE FINANCE AUTHORITY FOXCROFT ACADEMY (OTHER REVENUE, TD BANKNORTH
NA LOC)ss+/- 0.31 06/01/2038 12,000,000
1,700,000 SOUTH BERWICK ME BERWICK ACADEMY ISSUE (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.39 08/01/2024 1,700,000
13,700,000
---------------
MARYLAND: 0.26%
7,700,000 MARYLAND STATE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY UPPER
CHESAPEAKE HOSPITAL SERIES A (HEALTHCARE FACILITIES REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.14 01/01/2043 7,700,000
2,745,000 MONTGOMERY COUNTY MD ECONOMIC DEVELOPMENT (HOSPITAL REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.48 03/01/2032 2,745,000
3,555,000 WESTMINSTER MD (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 04/01/2030 3,555,000
14,000,000
---------------
MASSACHUSETTS: 1.00%
4,095,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-528 (OTHER REVENUE,
XL CAPITAL ASSURANCE COMPANY INSURED)ss+/- 0.32 05/01/2039 4,095,000
5,000,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY BUCKINGHAM BROWN
& NICHOLS (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.29 06/01/2036 5,000,000
4,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY OCEAN SPRAY CRANBERRIES
PROJECT (IDR, WACHOVIA BANK LOC)ss+/-(q) 0.46 10/15/2011 4,500,000
10,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SHADY HILL SCHOOL
(OTHER REVENUE, TD BANKNORTH NA LOC)ss+/- 0.31 06/01/2038 10,600,000
6,450,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SOLOMON SCHECHTER DAY
SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 11/01/2037 6,450,000
7,600,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
BAYSTATE MEDICAL CENTER SERIES J1 (HEALTHCARE FACILITIES REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.25 07/01/2044 7,600,000
10,000,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
SOUTH SHORE PROPERTY SERIES A (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.26 07/01/2033 10,000,000
6,200,000 MASSACHUSETTS STATE SCHOOL BUILDING AUTHORITY SERIES 2479Z
(OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 08/15/2013 6,200,000
54,445,000
---------------
MICHIGAN: 1.25%
28,070,000 DETROIT MI (SEWER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.79 07/01/2010 28,070,000
9,585,000 KENTWOOD MI PUBLIC SCHOOLS CLASS A (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/01/2022 9,585,000
5,400,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND COMMUNITY HOSPITAL
SERIES B (HOSPITAL REVENUE, BANK ONE MICHIGAN LOC)ss+/- 0.31 01/01/2034 5,400,000
17,100,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 10/15/2030 17,100,000
8,200,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 10/15/2030 8,200,000
68,355,000
---------------
64 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
MINNESOTA: 5.97%
$ 9,115,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.32% 11/15/2033 $ 9,115,000
1,540,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN HOMES
SERIES A UNITED STATES BANK INSURED (HCFR, US BANK NA LOC)ss+/- 0.18 09/01/2029 1,540,000
919,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA LOC)ss+/- 0.18 09/01/2029 919,000
5,725,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER REVENUE, FHLMC INSURED)ss+/- 0.32 07/01/2038 5,725,000
3,495,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA INSURED)ss+/- 0.32 07/15/2030 3,495,000
8,350,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR, FHLMC INSURED)ss+/- 0.32 01/01/2035 8,350,000
6,110,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK
LOC)ss+/- 0.20 11/01/2035 6,110,000
7,000,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION PROJECT
(HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2020 7,000,000
2,850,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION PROJECT
(HOSPITAL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2027 2,850,000
3,900,000 COHASSET MN POWER & LIGHT COMPANY PROJECT B (IDR, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.33 06/01/2013 3,900,000
1,250,000 COHASSET MN POWER & LIGHT COMPANY PROJECT C (IDR, ABN AMRO BANK
INSURED)ss+/- 0.33 06/01/2013 1,250,000
3,250,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR, FHLB INSURED)ss+/- 0.33 05/01/2027 3,250,000
4,830,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION (ECONOMIC DEVELOPMENT
REVENUE, US BANK NA LOC)ss+/- 0.23 01/01/2012 4,830,000
2,000,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL LYNCH CAPITAL SERVICES
LOC)ss+/- 0.50 06/01/2029 2,000,000
3,345,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.34 01/01/2030 3,345,000
800,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT (MFHR, FNMA INSURED)ss+/- 0.32 02/15/2031 800,000
3,080,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC INSURED)ss+/- 0.33 12/01/2029 3,080,000
5,250,000 FOREST LAKE MN KILKENNY COURT APARTMENTS PROJECT (OTHER REVENUE,
FNMA INSURED)ss+/- 0.34 08/15/2038 5,250,000
11,085,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2035 11,085,000
1,620,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.32 03/01/2029 1,620,000
2,100,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.37 10/01/2023 2,100,000
6,450,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.37 10/01/2031 6,450,000
7,245,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS CLINICS
SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 7,245,000
13,930,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B
(OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 13,930,000
11,990,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINICS
SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 11,990,000
1,075,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH CARE FACILITIES SERIES A
(HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2034 1,075,000
700,000 MINNEAPOLIS MN MACPHAIL CENTER FOR MUSIC PROJECT (STATE & LOCAL
GOVERNMENTS, US BANK NA LOC)ss+/- 0.18 08/01/2036 700,000
1,607,000 MINNEAPOLIS MN MINNEHAHA ACADEMY PROJECT (PRIVATE SCHOOL REVENUE,
US BANK NA LOC)ss+/- 0.18 05/01/2026 1,607,000
1,040,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER REVENUE,
US BANK NA LOC)ss+/- 0.18 10/01/2021 1,040,000
18,880,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B
(HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 18,880,000
7,320,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD EVANGELICAL
LUTHERAN PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 09/01/2021 7,320,000
31,390,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE
FACILITY ESSENTIAL C4 (HCFR, ASSURED GUARANTY)ss+/- 0.21 02/15/2030 31,390,000
2,255,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1 (COLLEGE & UNIVERSITY
REVENUE, US BANK NA LOC)ss+/- 0.25 04/01/2027 2,255,000
Wells Fargo Advantage Money Market Funds 65
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
MINNESOTA (continued)
$ 2,915,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 5H (COLLEGE & UNIVERSITY
REVENUE, HARRIS TRUST & SAVING BANK INSURED)ss+/- 0.20% 10/01/2030 $ 2,915,000
155,000 MINNESOTA STATE HEFAR TRUSTEES HAMLINE UNIVERSITY SERIES 6E3 (COLLEGE
& UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.30 10/01/2016 155,000
3,105,000 MINNESOTA STATE OLAF COLLEGE SERIES 5-M1 (COLLEGE & UNIVERSITY REVENUE,
HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2032 3,105,000
5,520,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 10/01/2021 5,520,000
8,030,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2025 8,030,000
14,665,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2027 14,665,000
2,085,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE,
BANK OF NEW YORK LOC)ss+/- 0.32 10/01/2032 2,085,000
5,520,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2034 5,520,000
2,665,000 MINNETONKA MN MINNETONKA HILLS APARTMENTS (MFHR, FNMA INSURED)ss+/- 0.32 11/15/2031 2,665,000
9,540,000 OAK PARK HEIGHTS MN BOUTWELLS LANDING PROJECT (HOUSING REVENUE,
FHLMC)ss+/- 0.32 11/01/2035 9,540,000
5,150,000 PINE CITY MN STATE AGENCY(HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 04/15/2036 5,150,000
2,865,000 PLYMOUTH MN LANCASTER VILLAGE APARTMENTS PROJECT (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.32 09/15/2031 2,865,000
300,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT (HCFR, US BANK
NA LOC)ss+/- 0.18 10/01/2029 300,000
8,670,000 ROSEWELL MN ROSWELL LLC PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE,
SOVEREIGN BANK FSB LOC)ss+/- 0.28 07/01/2036 8,670,000
1,185,000 SPRING LAKE PARK MN SENIOR HOUSING OAK CREST APARTMENTS PROJECT
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.32 02/15/2033 1,185,000
2,000,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT (MFHR, FNMA INSURED)ss+/- 0.32 05/15/2032 2,000,000
4,970,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL FACILITIES
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 10/01/2025 4,970,000
11,300,000 ST. LOUIS PARK MN KNOLLWOOD PLACE (MFHR, FNMA INSURED)ss+/- 0.32 10/01/2035 11,300,000
1,045,000 ST. LOUIS PARK MN MFHR PARKSHORE PROJECT (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.32 08/01/2034 1,045,000
1,000,000 ST. PAUL MN HOUSING & RDA HIGHLAND RIDGE PROJECT (MFHR, FNMA
INSURED)ss+/- 0.32 10/01/2033 1,000,000
5,510,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 05/01/2022 5,510,000
5,020,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 10/01/2025 5,020,000
1,250,000 ST. PAUL MN PORT AUTHORITY AMHERST H WILDER FOUNDATION SERIES 06-3
(RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC)ss+/- 0.20 04/01/2036 1,250,000
3,415,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES M (OTHER REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2021 3,415,000
1,210,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O (OTHER REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2012 1,210,000
1,580,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES Q (OTHER REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.50 03/01/2022 1,580,000
1,870,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.75 12/01/2025 1,870,000
3,590,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.32 02/01/2034 3,590,000
7,160,000 ST. PAUL MN PORT AUTHORITY TAX INCREMENT WESTGATE OFFICE & INDUSTRIAL
CENTER PROJECT (IDR, US BANK NA LOC)ss+/- 0.48 02/01/2015 7,160,000
8,310,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.43 05/01/2025 8,310,000
3,220,000 UNIVERSITY OF MINNESOTA SERIES A (COLLEGE & UNIVERSITY REVENUE, GO
OF UNIVERSITY)ss+/- 0.20 08/15/2031 3,220,000
326,316,000
---------------
66 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- ---------------
MISSISSIPPI: 0.60%
$ 14,825,000 MISSISSIPPI BUSINESS FINANCE CORPORATION JACKSON STATE UNIVERSITY
SERIES A1 (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33% 01/01/2033 $ 14,825,000
18,090,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TINDALL CORPORATION PROJECT
(IDR, WACHOVIA BANK LOC)ss+/-(q) 0.28 04/01/2028 18,090,000
32,915,000
---------------
MISSOURI: 1.97%
4,300,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR, FHLMC INSURED)ss+/- 0.35 08/01/2035 4,300,000
6,200,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH
THIRD BANK LOC)ss+/- 0.33 01/01/2030 6,200,000
17,700,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN FOUNDATION
(OTHER REVENUE)ss+/- 0.20 04/01/2027 17,700,000
1,905,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN SERIES A
(COLLEGE & UNIVERSITY REVENUE)ss+/- 0.20 04/01/2027 1,905,000
8,015,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD ASSOCIATION OF MUNICIPAL
UTILITIES (LEASE REVENUE, US BANK NA LOC)ss+/- 0.20 06/01/2033 8,015,000
13,000,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD EWING MARION KAUFFMAN PROJECT
SERIES A (OTHER REVENUE)ss+/- 0.20 06/01/2037 13,000,000
5,300,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS
MERCY HOSPITAL SERIES A (HCFR, UBS AG LOC)ss+/- 0.31 05/15/2032 5,300,000
2,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS
MERCY HOSPITAL SERIES B (HCFR, UBS AG LOC)ss+/- 0.31 05/15/2023 2,000,000
10,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY MOTHER OF
GOOD COUNSEL HOME PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 1.36 07/01/2037 10,000,000
5,900,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY RANKEN
TECHNICAL COLLEGE (COLLEGE AND UNIVERSITY REVENUE, RADIAN INSURED)ss+/- 0.20 11/15/2031 5,900,000
145,000 MISSOURI STATE HEFA ST. LOUIS UNIVERSITY PROJECT SERIES A
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.18 10/01/2009 145,000
16,100,000 MISSOURI STATE MO HEALTH & EDUCATIONAL FACILITIES AUTHORITY THE
WASHINGTON UNIVERSITY SERIES A (COLLEGE AND UNIVERSITY REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.16 09/01/2030 16,100,000
16,000,000 SAINT LOUIS COUNTY MO IDA PELICAN COVE PROJECT (MFHR, FNMA
INSURED)ss+/- 0.35 03/15/2034 16,000,000
1,000,000 ST. LOUIS COUNTY MO IDA WHITFIELD SCHOOL INCORPORATED SERIES B
(COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.45 06/15/2024 1,000,000
107,565,000
---------------
NEBRASKA: 0.83%
40,000,000 CENTRAL PLAINS NE ENERGY PROJECT NUMBER 2 (OTHER REVENUE)ss+/- 0.33 08/01/2039 40,000,000
5,100,000 NUCKOLLS COUNTY NE AGREX INCORPORATED PROJECT (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.32 02/01/2015 5,100,000
45,100,000
---------------
NEVADA: 1.63%
19,120,000 CLARK COUNTY NV ECONOMIC DEVELOPMENT OPPORTUNITY VILLAGE
FOUNDATION PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.44 01/01/2037 19,120,000
9,700,000 CLARK COUNTY NV LUTHERAN SECONDARY SCHOOL ASSOCIATION PROJECT
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 02/01/2030 9,700,000
34,000,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.31 10/01/2035 34,000,000
11,910,000 RENO NV CAPITAL IMPROVEMENT SERIES A (TAX REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.30 06/01/2032 11,910,000
14,115,000 RENO NV SALES TAX REVENUE SR LIEN RETRAC RENO PROJECT (SALES
TAX REVENUE, BANK OF NEW YORK LOC)ss+/- 0.12 06/01/2042 14,115,000
88,845,000
---------------
NEW HAMPSHIRE: 1.48%
5,025,000 NEW HAMPSHIRE HEALTH & EDUCATION FACILITIES AUTHORITY BREWSTER
ACADEMY (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.55 09/01/2031 5,025,000
Wells Fargo Advantage Money Market Funds 67
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
NEW HAMPSHIRE (continued)
$ 13,550,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATIONAL FACILITIES
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.42% 09/01/2036 $ 13,550,000
6,680,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION (HFFA REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 01/01/2037 6,680,000
13,000,000 NEW HAMPSHIRE HEFA FRISBIE MEMORIAL HOSPITAL (HFFA REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.27 10/01/2036 13,000,000
3,390,000 NEW HAMPSHIRE HEFA HEALTH CARE SERIES A (OTHER REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.32 01/01/2030 3,390,000
4,085,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER REVENUE, ALLIED IRISH BANK
PLC LOC)ss+/- 0.55 07/01/2038 4,085,000
21,235,000 NEW HAMPSHIRE HEFA SAINT ANSELM COLLEGE (OTHER REVENUE, RBS CITIZENS
NA)ss+/- 0.35 06/01/2038 21,235,000
8,300,000 NEW HAMPSHIRE HEFA TILTON SCHOOL (OTHER REVENUE, BANK OF NOVA SCOTIA
LOC)ss+/- 0.54 02/01/2036 8,300,000
5,670,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY ALICE PECK DAY HEALTH
SYSTEM (HOUSING REVENUE, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2043 5,670,000
80,935,000
--------------
NEW JERSEY: 0.20%
5,400,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-511 (OTHER REVENUE, MBIA
INSURED)ss+/- 0.32 01/01/2032 5,400,000
2,745,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE, AGC-ICC
INSURED)ss+/- 0.47 06/15/2012 2,745,000
2,550,000 NEW JERSEY STATE TRANSPORTATION SERIES 146 (FUEL SALES TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.79 12/15/2011 2,550,000
10,695,000
--------------
NEW MEXICO: 0.42%
5,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A1 (OTHER REVENUE, STATE
STREET BANK & TRUST LOC)ss+/- 0.25 06/15/2024 5,000,000
11,100,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A2 (OTHER REVENUE, UBS AG
LOC)ss+/- 0.20 06/15/2024 11,100,000
6,575,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE, UBS AG
LOC)ss+/- 0.17 12/15/2026 6,575,000
22,675,000
--------------
NEW YORK: 1.40%
11,250,000 METROPOLITAN NY TRANSITION AUTHORITY (TRANSPORTATION REVENUE, AMBAC
INSURED)ss+/- 1.32 11/15/2023 11,250,000
14,800,000 NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID CLASS A (TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 01/15/2037 14,800,000
39,605,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY (TRANSPORTATION REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.79 11/15/2025 39,605,000
10,700,000 NEW YORK NY CITY IDA SERIES B (IDR, BANK OF AMERICA NA LOC)ss+/- 0.13 11/01/2039 10,700,000
76,355,000
--------------
NORTH CAROLINA: 1.41%
4,900,000 MECKLENBURG COUNTY NC COP (LEASE REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 02/01/2025 4,900,000
6,000,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY CAMPBELL UNIVERSITY
(COLLEGE AND UNIVERSITY REVENUE, BRANCH BANKING & TRUST)ss+/- 0.33 10/01/2034 6,000,000
7,100,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY O'NEAL SCHOOL PROJECT
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 09/01/2029 7,100,000
7,890,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY WOLFPACK CLUB SERIES A
(COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 07/01/2035 7,890,000
1,045,000 NORTH CAROLINA EDUCATIONAL FACILITIES FINANCE AGENCY CHARLOTTE DAY
SCHOOL (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 08/01/2020 1,045,000
12,080,000 NORTH CAROLINA MEDICAL CARE COMMISSION CAROL WOODS PROJECT (HCFR,
RADIAN INSURED)ss+/- 0.20 04/01/2031 12,080,000
4,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION POOLED EQUIPMENT FINANCING
PROJECT (HCFR, KBC BANK NV LOC)ss+/- 0.23 12/01/2025 4,200,000
4,900,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH SYSTEM SERIES
B1 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.21 12/01/2036 4,900,000
68 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
NORTH CAROLINA (continued)
$ 10,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH SYSTEM SERIES
B2 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.32% 12/01/2036 $ 10,200,000
4,680,000 NORTH CAROLINA MEDICAL CARE COMMISSION WAYNE MEMORIAL HOSPITAL (HCFR,
BRANCH BANKING & TRUST)ss+/- 0.28 10/01/2036 4,680,000
2,170,000 NORTH CAROLINA MEDICAL CARE COMMUNITY PRESBYTERIAN HOME PROJECT (HCFR,
WACHOVIA BANK LOC)ss+/-(q) 0.28 08/01/2024 2,170,000
7,730,000 NORTH CAROLINA MEDICAL CARE COMMUNITY SOUTHMINSTER PROJECT (HCFR,
WACHOVIA BANK LOC)ss+/-(q) 0.28 10/01/2015 7,730,000
4,300,000 PIEDMONT TRIAD NC AIRPORT AUTHORITY SERIES A (AIRPORT REVENUE, BRANCH
BANKING & TRUST)ss+/- 0.33 07/01/2032 4,300,000
77,195,000
--------------
NORTH DAKOTA: 0.60%
10,185,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A1 (HCFR, ASSURED
GUARANTY)ss+/- 0.28 02/15/2037 10,185,000
22,800,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A2 (HCFR, ASSURED
GUARANTY)ss+/- 0.32 02/15/2037 22,800,000
32,985,000
--------------
OHIO: 3.22%
8,890,000 ALLEN COUNTY OH HOSPITAL FACILITIES CATHOLIC HEALTHCARE SERIES A (HCFR,
BANK OF AMERICA NA LOC)ss+/- 0.13 10/01/2031 8,890,000
9,000,000 CLEVELAND OH AIRPORT SYSTEM SERIES D (AIRPORT REVENUE, KBC BANK NV
LOC)ss+/- 0.40 01/01/2024 9,000,000
12,800,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE PROJECT
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.22 01/01/2037 12,800,000
15,050,000 CUYAHOGA COUNTY OH ECONOMIC DEVELOPMENT CLEVELAND BOTANICAL GARDENS
PROJECT (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.60 07/01/2031 15,050,000
3,350,000 DAYTON OH AIR FREIGHT SERIES C (IDR) 6.05 10/01/2009 3,350,508
6,665,000 FRANKLIN COUNTY OH CHELSEA FIRST COMMUNITY VILLAGE PROJECT (HFFA
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.29 03/01/2036 6,665,000
15,555,000 FRANKLIN COUNTY OH HEALTH CARE FACILITIES MOTHER ANGELINE MCCRORY
PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 04/01/2035 15,555,000
4,870,000 GEAUGA COUNTY OH SISTERS OF NOTRE DAME PROJECT (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.65 08/01/2016 4,870,000
12,765,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.30 12/01/2026 12,765,000
22,450,000 LANCASTER OH PORT AUTHORITY (OTHER REVENUE)ss+/- 0.32 05/01/2038 22,450,000
14,025,000 OHIO STATE HIGHER EDUCATION FACILITIES OHIO DOMINICAN UNIVERSITY
PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.28 12/01/2037 14,025,000
9,770,000 PARMA OH PARMA COMMUNITY GENERAL HOSPITAL SERIES C (HCFR, JPMORGAN
CHASE BANK LOC)ss+/- 0.29 11/01/2030 9,770,000
10,000,000 PORTAGE COUNTY OH ROBINSON MEMORIAL HOSPITAL (HCFR, JPMORGAN CHASE BANK
LOC)ss+/- 0.39 09/01/2033 10,000,000
2,810,000 WARREN COUNTY OH CINCINNATI ELECTRICITY CORPORATION PROJECT (IDR,
SCOTIABANK LOC)ss+/- 0.52 09/01/2015 2,810,000
16,552,000 WARREN COUNTY OH HEALTH CARE FACILITIES OTTERBEIN HOMES SERIES B
(HEALTHCARE FACILITIES REVENUE, US BANK NA LOC)ss+/- 0.21 07/01/2023 16,552,000
11,285,000 WASHINGTON COUNTY OH MARIETTA AREA HEALTH PROJECT (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.23 03/01/2033 11,285,000
175,837,508
--------------
OKLAHOMA: 0.43%
8,155,000 EDMOND OK ECONOMIC DEVELOPMENT AUTHORITY EDMOND PROJECT SERIES A
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.50 06/01/2031 8,155,000
5,095,000 OKLAHOMA STATE IDA TEAL RIDGE MANOR CORPORATION PROJECT (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.38 11/01/2018 5,095,000
Wells Fargo Advantage Money Market Funds 69
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
OKLAHOMA (continued)
$ 10,090,000 OKLAHOMA STATE MUNICIPAL POWER AUTHORITY SERIES 1880 (ELECTRIC REVENUE,
FGIC INSURED)ss+/- 0.74% 01/01/2015 $ 10,090,000
23,340,000
--------------
OREGON: 0.21%
7,825,000 MULTNOMAH COUNTY OR HOSPITAL FACILITIES AUTHORITY HOLLADAY PARK PLAZA
PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.13 11/15/2033 7,825,000
3,700,000 OREGON STATE FACILITIES AUTHORITY HAZELDEN SPRINGBROOK PROJECT A (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2025 3,700,000
11,525,000
--------------
OTHER: 0.25%
3,245,000 NORTHEAST TAX EXEMPT GRANTOR TRUST CERTIFICATES (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 1.50 04/01/2019 3,245,000
10,480,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4202 (PROPERTY TAX
REVENUE, FGIC INSURED)ss+/- 1.34 06/01/2034 10,480,000
13,725,000
--------------
PENNSYLVANIA: 2.75%
13,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC SENIOR LIVING
CORPORATION (HCFR, FNMA INSURED)ss+/- 0.28 07/15/2028 13,275,000
10,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES A (OTHER REVENUE,
BANK OF NOVA SCOTIA LOC)ss+/- 0.35 11/01/2020 10,000,000
9,600,000 BEAVER COUNTY PA IDA FIRSTENERGY NUCLEAR SERIES B (IDR, CITIBANK NA
LOC)ss+/- 0.27 12/01/2035 9,600,000
10,000,000 BEAVER COUNTY PA IDA MET EDISON COMPANY PROJECT SERIES A (OTHER
REVENUE, BANK OF SCOTLAND LOC)ss+/- 0.30 07/15/2021 10,000,000
2,800,000 DELAWARE COUNTY PA AUTHORITY ELWYN PROJECT SERIES B (OTHER REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.20 06/01/2020 2,800,000
11,175,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.36 10/01/2025 11,175,000
5,180,000 GROVE CITY PA AREA HOSPITAL AUTHORITY JOHN XXIII HOME PROJECT (HCFR,
ALLIED IRISH BANK PLC LOC)ss+/- 0.65 02/01/2030 5,180,000
8,835,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY HEALTH SYSTEM LANCASTER GENERAL
HOSPITAL (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.18 07/01/2041 8,835,000
10,320,000 LANCASTER COUNTY PA CONVENTION CENTER HOTEL ROOM RENT TAX (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 03/01/2047 10,320,000
3,615,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES A
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 09/01/2031 3,615,000
2,160,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES B
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 05/01/2032 2,160,000
17,255,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES C
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 11/01/2019 17,255,000
3,165,000 MONTGOMERY COUNTY PA (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.18 10/01/2030 3,165,000
7,250,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING SERIES A (COLLEGE
& UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.45 07/01/2034 7,250,000
4,170,000 PENNSYLVANIA STATE HEFAR STUDENT HOUSING REVENUE SERIES A (OTHER
REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 0.35 11/01/2036 4,170,000
5,500,000 PENNSYLVANIA STATE HIGHER EDUCATIONAL FACILITIES AUTHORITY ASSOCIATION
OF INDEPENDENT COLLEGES SERIES I1 (COLLEGE AND UNIVERSITY REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.60 11/01/2031 5,500,000
8,575,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT CHESTNUT HILL
COLLEGE SERIES B (EDUCATIONAL FACILITIES REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.48 10/01/2036 8,575,000
1,050,000 PHILADELPHIA PA GAS WORKS SERIES A2 (UTILITIES REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.22 09/01/2034 1,050,000
70 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
PENNSYLVANIA (continued)
$ 9,000,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES C13
(HCFR, ROYAL BANK OF CANADA)ss+/- 0.39% 11/01/2011 $ 9,000,000
7,505,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES E11
(HCFR, ROYAL BANK OF CANADA)ss+/- 0.39 12/01/2011 7,505,000
150,430,000
--------------
PUERTO RICO: 0.14%
7,395,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY SERIES A
(FUEL SALES TAX REVENUE, SCOTIABANK LOC)ss+/- 0.45 07/01/2028 7,395,000
--------------
SOUTH CAROLINA: 1.23%
9,520,000 SOUTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY FOR PRIVATE NONPROFIT
INSTITUTIONS (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 06/01/2025 9,520,000
2,720,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA JEWISH
COMMUNITY CENTER (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.48 12/01/2024 2,720,000
8,300,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ECONOMIC
DEVELOPMENT REVENUE HEARTLAND HALL EPISCOPAL (IDR, WACHOVIA BANK
LOC)ss+/-(q) 0.33 08/01/2029 8,300,000
6,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL INDUSTRIALS
INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.48 10/01/2032 6,000,000
16,620,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL INDUSTRIES
OF LOWER SC (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 10/01/2028 16,620,000
7,100,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GREENVILLE BAPTIST
PROJECT (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.33 10/01/2019 7,100,000
12,260,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY WUREF DEVELOPMENT
PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.33 07/01/2033 12,260,000
4,640,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY SC STATE UNIVERSITY
HOUSING LLC SERIES A (COLLEGE AND UNIVERSITY REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.33 03/01/2027 4,640,000
67,160,000
--------------
SOUTH DAKOTA: 1.49%
3,200,000 LAWRENCE COUNTY SD HOMESTAKE MINING SERIES B (IDR, BANK OF MONTREAL
LOC)ss+/- 0.24 07/01/2032 3,200,000
6,495,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY (MFHR, FNMA INSURED)ss+/- 0.34 02/15/2031 6,495,000
7,500,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY SERIES H (HOUSING REVENUE) 2.50 01/04/2010 7,534,279
35,800,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA
HEALTH SUBSERIES A1 (OTHER REVENUE, US BANK NA LOC)ss+/- 0.34 07/01/2038 35,800,000
8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA
HEALTH SUBSERIES A2 (HCFR, US BANK NA LOC)ss+/- 0.23 07/01/2038 8,000,000
8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REGIONAL
HEALTH (OTHER REVENUE, US BANK NA LOC)ss+/- 0.20 09/01/2027 8,000,000
7,500,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY HOSPITALS & HEALTH SERIES C
(HCFR, US BANK NA LOC)ss+/- 0.34 11/01/2019 7,500,000
4,900,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY SERIES B (HCFR, US BANK NA
LOC)ss+/- 0.34 11/01/2034 4,900,000
81,429,279
--------------
TENNESSEE: 1.41%
5,650,000 BLOUNT COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT PUBLIC
IMPORT E1 SERIES A (OTHER REVENUE, BRANCH BANKING & TRUST)ss+/- 0.33 06/01/2037 5,650,000
11,335,000 CHATTANOOGA TN INDUSTRIAL DEVELOPMENT BOARD SERIES 2055 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.54 04/01/2015 11,335,000
6,080,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY MET GOVERNMENT NASHVILLE &
DAVIDSON (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 07/01/2026 6,080,000
5,560,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL BUILDING
FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 07/01/2034 5,560,000
Wells Fargo Advantage Money Market Funds 71
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
TENNESSEE (continued)
$ 800,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL BUILDING
FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14% 02/01/2038 $ 800,000
19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN STEWARTS FERRY
APARTMENTS (IDR, FHLMC INSURED)ss+/- 0.33 01/01/2034 19,985,000
3,300,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING LOAN
POOL (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 11/01/2027 3,300,000
5,900,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING REVENUE
TENNESSEE COUNTY LOAN POOL (OTHER REVENUE LOC)ss+/- 0.14 04/01/2032 5,900,000
9,135,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.50 06/01/2032 9,135,000
2,250,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT PUBLIC
IMPROVEMENT SERIES A4 (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.17 06/01/2025 2,250,000
7,055,000 SHELBY COUNTY TN INDUSTRIAL DEVELOPMENT BOARD YMCA PROJECTS
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.48 10/01/2022 7,055,000
77,050,000
--------------
TEXAS: 7.79%
6,260,000 AUSTIN TX SUBSERIES A (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.42 11/15/2029 6,260,000
6,640,000 AUSTIN TX SUBSERIES B (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.75 11/15/2029 6,640,000
6,500,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION VISTA MEADOWS PROJECT
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.32 09/01/2036 6,500,000
17,300,000 CARROLL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.25 08/15/2032 17,300,000
20,555,000 CRAWFORD TX EDUCATIONAL FACILITIES CORPORATION CONCORDIA UNIVERSITY
(COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2037 20,555,000
2,275,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514 (OTHER REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 02/15/2038 2,275,000
9,380,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-526 (OTHER REVENUE, FGIC
INSURED)ss+/- 0.34 07/01/2026 9,380,000
1,255,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-548 (OTHER REVENUE, FGIC
INSURED)ss+/- 0.34 11/15/2029 1,255,000
1,800,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT SERIES 2852 (PROPERTY TAX
REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 02/15/2016 1,800,000
5,090,000 GALVESTON COUNTY TX HOUSING FINANCE CORPORATION VILLAGE BY THE SEA
APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 02/15/2032 5,090,000
32,800,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE CORPORATION
HERMAN HEALTH SERIES D2 (HCFR, AIB GROUP)ss+/- 0.55 06/01/2029 32,800,000
14,700,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE CORPORATION
HERMANN HEALTH SERIES D1 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.24 06/01/2029 14,700,000
5,060,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
(OTHER REVENUE, ASSURED GUARANTY)ss+/- 0.51 05/15/2016 5,060,000
12,600,000 HOUSTON TX SERIES SG 139 (COLLEGE & UNIVERSITY REVENUE, SOCIETE
GENERALE LOC)ss+/- 0.40 11/15/2029 12,600,000
109,300,000 HOUSTON TX UTILITY SYSTEM SERIES B1 (WATER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.33 05/15/2034 109,300,000
25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B4 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.30 05/15/2034 25,000,000
30,815,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.30 05/15/2034 30,815,000
10,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER REVENUE, MBIA
INSURED)ss+/- 0.51 12/01/2023 10,000,000
4,060,000 JUDSON TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE,
ASSURED GUARANTY)ss+/- 0.49 02/01/2031 4,060,000
5,770,000 KENDALL COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION MORNINGSIDE
MINISTRIES SERIES A (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.63 01/01/2041 5,770,000
21,395,000 MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORPORATION CROW CEMENT COMPANY
PROJECT (IDR, UBS AG LOC)ss+/- 0.23 12/01/2009 21,395,000
9,000,000 NORTH EAST TX INDEPENDENT SCHOOL DISTRICT SERIES 2058 (OTHER REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 08/01/2015 9,000,000
7,500,000 PANHANDLE TX REGIONAL HOUSING FINANCE CORPORATION JASON AVENUE
RESIDENTIAL APARTMENTS (MFHR, FHLMC INSURED)ss+/- 0.35 08/01/2041 7,500,000
72 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
TEXAS (continued)
$ 600,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR, TOTAL FINA ELF SA
LOC)ss+/- 0.26% 04/01/2027 $ 600,000
16,000,000 ROCKWALL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, DEXIA
INSURED)ss+/- 0.70 08/01/2037 16,000,000
10,940,000 SAN ANTONIO TX ELECTRIC & GAS (ELECTRIC REVENUE)ss+/- 0.29 02/01/2016 10,940,000
13,900,000 TEXAS STATE DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS COSTA IBIZA
APARTMENTS (MFHR, FNMA INSURED)ss+/- 0.35 08/01/2041 13,900,000
18,000,000 TEXAS STATE TAX & REVENUE ANTIC NOTES (OTHER REVENUE) 2.50 08/31/2010 18,362,126
800,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER FRANCES
HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.33 07/01/2020 800,000
425,657,126
--------------
UTAH: 0.18%
9,675,000 WEST JORDAN UT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.28 12/01/2034 9,675,000
--------------
VERMONT: 0.35%
2,300,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY BRATTLEBORO
MEMORIAL HOSPITAL PROJECT A (HCFR, TD BANKNORTH NA)ss+/- 0.20 10/01/2028 2,300,000
580,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY FLETCHER ALLEN
HOSPITAL SERIES A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.21 12/01/2030 580,000
3,140,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY LANDMARK
COLLEGE PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, TD BANKNORTH NA
LOC)ss+/- 0.20 07/01/2033 3,140,000
2,220,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY NORTHEASTERN
VERMONT REGIONAL HOSPITAL SERIES A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2029 2,220,000
10,840,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL PROJECT A
(HCFR, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2034 10,840,000
19,080,000
--------------
VIRGINIA: 1.30%
9,300,000 ALBERMARLE COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY UNIVERSITY VIRGINIA
HEALTH SERVICES FOUNDATION (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.14 03/01/2039 9,300,000
7,480,000 CAPITAL REGION AIRPORT COMMISSION VA SERIES B (AIRPORT REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2035 7,480,000
9,400,000 HANOVER COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY BON SECOURS HEALTH
SERIES D2 (OTHER REVENUE, US BANK NA LOC)ss+/- 0.20 11/01/2025 9,400,000
15,200,000 HANOVER COUNTY VA IDA COVENENT WOODS (HEALTHCARE FACILITIES REVENUE,
BRANCH BANKING & TRUST)ss+/- 0.33 07/01/2029 15,200,000
12,550,000 JAMES CITY COUNTY VA IDA CHAMBREL PROJECT (OTHER REVENUE, FNMA
INSURED)ss+/- 0.35 11/15/2032 12,550,000
110,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES A
(OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.18 07/01/2037 110,000
3,825,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES B
(HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.15 07/01/2037 3,825,000
12,900,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY FRIENDSHIP FOUNDATION
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.33 07/01/2022 12,900,000
70,765,000
--------------
WASHINGTON: 1.55%
2,180,000 EVERETT WA (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.38 12/01/2021 2,180,000
6,930,000 KING CITY WA PUBLIC HOSPITAL DISTRICT #1 (PROPERTY TAX REVENUE,
ASSURED GUARANTY)ss+/- 0.49 12/01/2015 6,930,000
5,055,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.33 07/01/2035 5,055,000
5,870,000 KING COUNTY WA SCHOOL DISTRICT #415 (PROPERTY TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 1.34 12/01/2018 5,870,000
7,920,000 SEATTLE WA (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 03/02/2021 7,920,000
12,530,000 SEATTLE WA WATER SYSTEM (WATER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 09/01/2012 12,530,000
7,650,000 WASHINGTON STATE (COLLEGE AND UNIVERSITY REVENUE, CITIBANK NA LOC)ss+/- 0.29 01/01/2029 7,650,000
12,000,000 WASHINGTON STATE HEFAR UNIVERSITY OF PUGET SOUND SERIES B
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35 10/01/2036 12,000,000
Wells Fargo Advantage Money Market Funds 73
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
WASHINGTON (continued)
$ 6,840,000 WASHINGTON STATE HEFAR UNIVERSITY PUGET SOUND PROJECT A PUTTABLE
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35% 10/01/2030 $ 6,840,000
5,775,000 WASHINGTON STATE HOUSING FINANCE COMMISSION NONPROFIT TACOMA ART MUSEUM
PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION
LOC)ss+/- 0.20 06/01/2032 5,775,000
8,000,000 WASHINGTON STATE SERIES R-A (OTHER REVENUE, FIRST SECURITY BANK LOC) 5.50 09/01/2009 8,000,000
3,800,000 WASHINGTON STATE SUNNYSIDE COMMUNITY HOSPITAL (HCFR, US BANK NA
LOC)ss+/- 0.48 10/01/2017 3,800,000
84,550,000
--------------
WEST VIRGINIA: 1.16%
15,820,000 MONONGALIA COUNTY WV BUILDING COMMISSION SERIES A (HCFR, JPMORGAN
CHASE BANK LOC)ss+/- 0.39 07/01/2040 15,820,000
47,750,000 WEST VIRGINIA STATE PARKWAYS ECONOMIC DEVELOPMENT & TOURISM AUTHORITY
(OTHER REVENUE, GO OF AUTHORITY INSURED)ss+/- 0.37 04/15/2019 47,750,000
63,570,000
--------------
WISCONSIN: 3.27%
7,750,000 MILWAUKEE WI RDA UNIVERSITY OF WISCONSIN KENILWORTH PROJECT (COLLEGE &
UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.39 09/01/2040 7,750,000
6,565,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY BELOIT
MEMORIAL HOSPITAL INCORPORATED (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.20 04/01/2036 6,565,000
30,720,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY GUNDERSEN
LUTHERAN SERIES B (HCFR, FIRST SECURITY BANK LOC)ss+/- 1.65 12/01/2029 30,720,000
4,145,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY LAWRENCE
UNIVERSITY (COLLEGE AND UNIVERSITY REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.39 02/01/2039 4,145,000
41,700,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY OF
WISCONSIN MEDICAL FOUNDATION (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.28 05/01/2030 41,700,000
2,400,000 WISCONSIN STATE HEFA ALVERNO COLLEGE PROJECT (COLLEGE & UNIVERSITY
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.43 11/01/2017 2,400,000
55,745,000 WISCONSIN STATE HEFA CUSTODIAL RECEIPTS BELOIT COLLEGE
(COLLEGE AND UNIVERSITY REVENUE, XL CAPITAL ASSURANCE COMPANY
INSURED)ss+/- 0.30 06/01/2037 55,745,000
6,935,000 WISCONSIN STATE HEFA FORT HEALTHCARE INCORPORATED SERIES A (OTHER
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 05/01/2037 6,935,000
11,390,000 WISCONSIN STATE HEFA HESS MEMORIAL HOSPITAL INCORPORATED (HFFA REVENUE,
US BANK NA LOC)ss+/- 0.39 05/01/2024 11,390,000
1,100,000 WISCONSIN STATE HEFA LUTHERAN COLLEGE PROJECT (COLLEGE & UNIVERSITY
REVENUE, US BANK NA LOC)ss+/- 0.20 06/01/2033 1,100,000
6,375,000 WISCONSIN STATE HEFA MERITER RETIREMENT SERVICES SERIES B (OTHER
REVENUE, US BANK NA LOC)ss+/- 0.37 03/01/2038 6,375,000
3,940,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES SERIES A (OTHER
REVENUE, KBC BANK NV LOC)ss+/- 0.37 03/01/2038 3,940,000
178,765,000
--------------
WYOMING: 0.77%
42,125,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT SERIES A
(PCR, BARCLAYS BANK PLC LOC)ss+/- 0.24 07/01/2015 42,125,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $5,120,834,445) 5,120,834,445
--------------
74 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
VALUE
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $5,459,270,445)* 99.93% $5,459,270,445
OTHER ASSETS AND LIABILITIES, NET 0.07 3,750,032
------ --------------
TOTAL NET ASSETS 100.00% $5,463,020,477
------ --------------
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 75
Portfolio of Investments--August 31, 2009 (Unaudited)
TREASURY PLUS MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
US TREASURY SECURITIES: 16.78%
US TREASURY BILLS: 14.41%
$ 2,133,000 CASH MANAGEMENT BILL## 0.09% 09/15/2009 $ 2,132,925
250,000,000 US TREASURY BILL## 0.18 09/24/2009 249,971,250
250,000,000 US TREASURY BILL## 0.18 10/01/2009 249,962,500
250,000,000 US TREASURY BILL## 0.19 10/08/2009 249,951,180
150,000,000 US TREASURY BILL## 0.39 10/08/2009 149,940,646
100,000,000 US TREASURY BILL## 0.40 10/08/2009 99,959,403
40,000,000 US TREASURY BILL## 0.19 11/19/2009 39,983,761
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,928,125
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,927,083
10,000,000 US TREASURY BILL## 0.28 02/18/2010 9,987,014
25,000,000 US TREASURY BILL## 0.25 03/04/2010 24,968,402
1,226,712,289
--------------
US TREASURY NOTES: 2.37%
200,000,000 US TREASURY NOTE 4.63 11/15/2009 201,737,305
--------------
TOTAL US TREASURY SECURITIES (COST $1,428,449,594) 1,428,449,594
--------------
REPURCHASE AGREEMENTS: 83.49%
85,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $85,000,472) 0.20 09/01/2009 85,000,000
1,750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,750,010,208) 0.21 09/01/2009 1,750,000,000
500,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $500,002,778) 0.20 09/01/2009 500,000,000
1,750,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,750,009,722) 0.20 09/01/2009 1,750,000,000
60,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $60,000,317) 0.19 09/01/2009 60,000,000
110,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $110,000,306) 0.10 09/01/2009 110,000,000
750,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $750,004,167) 0.20 09/01/2009 750,000,000
1,750,000,000 JPMORGAN SECURITIES INCORPORATED- 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,750,009,722) 0.20 09/01/2009 1,750,000,000
350,300,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $350,301,946) 0.20 09/01/2009 350,300,000
TOTAL REPURCHASE AGREEMENTS (COST $7,105,300,000) 7,105,300,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $8,533,749,594)* 100.27% $8,533,749,594
OTHER ASSETS AND LIABILITIES, NET (0.27) (23,253,538)
------ --------------
TOTAL NET ASSETS 100.00% $8,510,496,056
------ --------------
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
76 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
100% TREASURY MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
US TREASURY SECURITIES: 105.16%
US TREASURY BILLS: 104.44%
$ 26,900,000 CASH MANAGEMENT BILL## 0.03% 09/15/2009 $ 26,899,738
69,370,000 CASH MANAGEMENT BILL## 0.08 09/15/2009 69,367,842
52,867,000 CASH MANAGEMENT BILL## 0.09 09/15/2009 52,865,150
45,155,000 CASH MANAGEMENT BILL## 0.10 09/15/2009 45,153,244
23,780,000 CASH MANAGEMENT BILL## 0.19 09/15/2009 23,778,289
10,000 CASH MANAGEMENT BILL## 0.50 09/15/2009 9,998
2,130,000 CASH MANAGEMENT BILL## 0.51 09/15/2009 2,129,578
3,915,000 US TREASURY BILL## 0.13 09/03/2009 3,914,972
101,960,000 US TREASURY BILL## 0.14 09/03/2009 101,959,235
100,000,000 US TREASURY BILL## 0.15 09/03/2009 99,999,167
33,945,000 US TREASURY BILL## 0.16 09/03/2009 33,944,698
100,000,000 US TREASURY BILL## 0.45 09/03/2009 99,997,528
257,020,000 US TREASURY BILL## 0.19 09/10/2009 257,007,792
100,000,000 US TREASURY BILL## 0.45 09/10/2009 99,988,750
128,340,000 US TREASURY BILL## 0.07 09/17/2009 128,336,007
100,000,000 US TREASURY BILL## 0.13 09/17/2009 99,994,222
199,710,000 US TREASURY BILL## 0.16 09/17/2009 199,695,798
125,000,000 US TREASURY BILL## 0.12 09/24/2009 124,990,217
276,370,000 US TREASURY BILL## 0.18 09/24/2009 276,338,217
100,000,000 US TREASURY BILL## 0.18 10/01/2009 99,985,000
400,000,000 US TREASURY BILL## 0.21 10/01/2009 399,931,667
53,440,000 US TREASURY BILL## 0.09 10/08/2009 53,435,057
296,430,000 US TREASURY BILL## 0.19 10/08/2009 296,373,637
100,000,000 US TREASURY BILL## 0.40 10/08/2009 99,959,403
85,365,000 US TREASURY BILL## 0.11 10/15/2009 85,354,045
176,605,000 US TREASURY BILL## 0.18 10/15/2009 176,566,147
300,000,000 US TREASURY BILL## 0.20 10/22/2009 299,917,125
150,000,000 US TREASURY BILL## 0.34 10/22/2009 149,928,281
281,905,000 US TREASURY BILL## 0.19 10/29/2009 281,818,705
150,000,000 US TREASURY BILL## 0.30 10/29/2009 149,928,708
350,000,000 US TREASURY BILL## 0.19 11/05/2009 349,883,090
100,000,000 US TREASURY BILL## 0.33 11/05/2009 99,939,965
35,895,000 US TREASURY BILL## 0.16 11/12/2009 35,883,873
350,000,000 US TREASURY BILL## 0.19 11/12/2009 349,867,000
100,000,000 US TREASURY BILL## 0.31 11/12/2009 99,938,000
360,000,000 US TREASURY BILL## 0.19 11/19/2009 359,853,850
400,000,000 US TREASURY BILL## 0.16 11/27/2009 399,842,917
100,000,000 US TREASURY BILL## 0.31 11/27/2009 99,926,292
250,000,000 US TREASURY BILL## 0.15 12/03/2009 249,903,628
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,928,125
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,927,083
75,000,000 US TREASURY BILL## 0.35 12/17/2009 74,922,648
100,000,000 US TREASURY BILL## 0.29 01/28/2010 99,882,042
100,000,000 US TREASURY BILL## 0.28 02/04/2010 99,880,833
50,000,000 US TREASURY BILL## 0.29 02/11/2010 49,935,479
90,000,000 US TREASURY BILL## 0.28 02/18/2010 89,883,126
50,000,000 US TREASURY BILL## 0.26 02/25/2010 49,937,312
75,000,000 US TREASURY BILL## 0.25 03/04/2010 74,905,208
6,573,808,688
--------------
Wells Fargo Advantage Money Market Funds 77
Portfolio of Investments--August 31, 2009 (Unaudited)
100% TREASURY MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
US TREASURY NOTES: 0.72%
$ 45,215,000 US TREASURY NOTE 3.38% 09/15/2009 $ 45,270,961
--------------
TOTAL US TREASURY SECURITIES (COST $6,619,079,649) 6,619,079,649
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $6,619,079,649)* 105.16% $6,619,079,649
OTHER ASSETS AND LIABILITIES, NET (5.16) (324,637,180)
------ --------------
TOTAL NET ASSETS 100.00% $6,294,442,469
------ --------------
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
78 Wells Fargo Advantage Money Market Funds
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
California Tax-Free Government
Money Market Money Market
Fund Fund
------------------- ---------------
ASSETS
Investments
In securities, at value ........................................... $3,039,151,329 $16,717,297,601
In repurchase agreements .......................................... 0 12,086,400,000
-------------- ---------------
Total investments at value (see cost below) .......................... 3,039,151,329 28,803,697,601
-------------- ---------------
Cash ................................................................. 84,907 80,282
Receivable for Fund shares issued .................................... 0 5,398
Receivable for investments sold ...................................... 0 0
Receivables for interest ............................................. 2,585,290 30,383,541
Receivable from investment advisor and affiliates (Note 3) ........... 0 0
Prepaid expenses and other assets .................................... 0 89,712
Prepaid temporary government gaurantee program (Note 4) .............. 94,348 618,380
-------------- ---------------
Total assets ............................................................ 3,041,915,874 28,834,874,914
-------------- ---------------
LIABILITIES
Payable for investments purchased .................................... 4,725,000 369,147,979
Dividends payable .................................................... 23,628 529,146
Payable to investment advisor and affiliates (Note 3) ................ 245,002 3,374,925
Accrued expenses and other liabilities ............................... 732,132 618,380
-------------- ---------------
Total liabilities ....................................................... 5,725,762 373,670,430
-------------- ---------------
TOTAL NET ASSETS ........................................................ $3,036,190,112 $28,461,204,484
============== ===============
NET ASSETS CONSIST OF
Paid-in capital ...................................................... $3,036,049,157 $28,461,173,462
Undistributed/overdistributed net investment income .................. (1,037) 31,022
Undistributed net realized gain (loss) on investments ................ 141,992 0
Net unrealized depreciation of investments ........................... 0 0
-------------- ---------------
TOTAL NET ASSETS ........................................................ $3,036,190,112 $28,461,204,484
============== ===============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE (1)
Net assets - Class A ................................................. $2,214,156,667 $ 913,121,269
Shares outstanding - Class A ......................................... 2,213,937,144 913,103,874
Net asset value per share - Class A .................................. $ 1.00 $ 1.00
Net assets - Class B ................................................. NA NA
Shares outstanding - Class B ......................................... NA NA
Net asset value and offering price per share - Class B ............... NA NA
Net assets - Administrator Class ..................................... NA $ 939,416,389
Shares outstanding - Administrator Class ............................. NA 939,403,981
Net asset value and offering price per share - Administrator Class ... NA $ 1.00
Net assets - Institutional Class ..................................... $ 327,810,643 $21,092,041,765
Shares outstanding - Institutional Class ............................. 327,816,303 21,092,130,463
Net asset value and offering price per share - Institutional Class ... $ 1.00 $ 1.00
Net assets - Investor Class .......................................... NA NA
Shares outstanding - Investor Class .................................. NA NA
Net asset value and offering price per share - Investor Class ........ NA NA
Net assets - Service Class ........................................... $ 494,222,802 $ 5,516,625,061
Shares outstanding - Service Class ................................... 494,243,166 5,516,574,620
$ 1.00 $ 1.00
-------------- ---------------
Investments at cost ..................................................... $3,039,151,329 $28,803,697,601
-------------- ---------------
(1.) Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 79
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Minnesota Municipal National Tax-Free Treasury Plus 100% Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund
- ------------- --------------- ------------- ----------------- --------------- --------------
$122,815,374 $7,306,208,382 $413,664,642 $5,459,270,445 $1,428,449,594 $6,619,079,649
0 646,526,567 0 0 7,105,300,000 0
------------ -------------- ------------ -------------- -------------- --------------
122,815,374 7,952,734,949 413,664,642 5,459,270,445 8,533,749,594 6,619,079,649
------------ -------------- ------------ -------------- -------------- --------------
51,945 50,000 6,054,214 178,557 97,490 50,539
0 96,908 0 625 5,111 350,235
0 4,998,978 0 20,000,219 0 0
82,823 2,571,722 491,315 3,436,722 2,779,462 704,948
0 0 0 0 0 260,330
0 0 0 0 0 0
3,680 363,226 7,544 119,508 0 164
------------ -------------- ------------ -------------- -------------- --------------
122,953,822 7,960,815,783 420,217,715 5,483,006,076 8,536,631,657 6,620,445,865
------------ -------------- ------------ -------------- -------------- --------------
0 58,059,981 0 18,362,127 24,968,403 324,808,837
63 2,981 253 259,269 43,338 28,930
4,552 949,371 84,279 789,282 545,275 0
35,056 2,062,145 75,104 574,921 578,585 1,165,629
------------ -------------- ------------ -------------- -------------- --------------
39,671 61,074,478 159,636 19,985,599 26,135,601 326,003,396
------------ -------------- ------------ -------------- -------------- --------------
$122,914,151 $7,899,741,305 $420,058,079 $5,463,020,477 $8,510,496,056 $6,294,442,469
============ ============== ============ ============== ============== ==============
$122,854,574 $7,936,227,430 $420,058,207 $5,462,666,999 $8,510,584,679 $6,292,654,770
(1) (4) 3 (4) (7,929) 203,583
59,578 (896,312) (131) 353,482 (80,694) 1,584,116
0 (35,589,809) 0 0 0 0
------------ -------------- ------------ -------------- -------------- --------------
$122,914,151 $7,899,741,305 $420,058,079 $5,463,020,477 $8,510,496,056 $6,294,442,469
============ ============== ============ ============== ============== ==============
$122,914,151 $6,260,633,712 NA $1,105,340,730 $2,038,047,018 $ 251,224,605
122,854,347 6,296,402,115 NA 1,105,252,468 2,038,135,687 251,110,548
$ 1.00 $ 0.99 NA $ 1.00 $ 1.00 $ 1.00
NA $ 801,648,252 NA NA NA NA
NA 801,671,532 NA NA NA NA
NA $ 1.00 NA NA NA NA
NA NA NA $ 548,074,840 $ 110,914,110 NA
NA NA NA 547,999,558 110,914,582 NA
NA NA NA $ 1.00 $ 1.00 NA
NA NA $129,502,278 $2,466,915,357 $5,615,058,706 NA
NA NA 129,502,309 2,466,792,001 5,615,246,631 NA
NA NA $ 1.00 $ 1.00 $ 1.00 NA
NA $ 837,459,341 $290,555,801 NA NA NA
NA 837,473,937 290,555,792 NA NA NA
NA $ 1.00 $ 1.00 NA NA NA
NA NA NA $1,342,689,550 $ 746,476,222 $6,043,217,864
NA NA NA 1,342,421,045 746,503,874 6,041,535,529
NA NA NA $ 1.00 $ 1.00 $ 1.00
------------ -------------- ------------ -------------- -------------- --------------
$122,815,374 $7,988,324,758 $413,664,642 $5,459,270,445 $8,533,749,594 $6,619,079,649
------------ -------------- ------------ -------------- -------------- --------------
80 Wells Fargo Advantage Money Market Funds
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
California Tax-Free Government
Money Market Money Market
Fund Fund
------------------- ------------
INVESTMENT INCOME
Interest .............................................. $10,541,601 $ 79,402,654
----------- ------------
EXPENSES
Advisory fees ......................................... 5,108,142 20,760,447
Administration fees
Fund Level ......................................... 905,963 6,980,189
Class A ............................................ 2,871,611 1,099,706
Class B ............................................ NA NA
Administrator Class ................................ NA 683,320
Institutional Class ................................ 165,746 13,375,208
Investor Class ..................................... NA NA
Service Class ...................................... 359,359 3,429,901
Custody fees .......................................... 362,385 4,152,090
Shareholder servicing fees (Note 3) ................... 3,996,535 9,050,810
Accounting fees ....................................... 105,160 998,985
Distribution fees (Note 3)
Class B ............................................ NA NA
Professional fees ..................................... 17,322 13,767
Registration fees ..................................... 74,230 672,026
Shareholder reports ................................... 96,250 632,260
Trustees' fees ........................................ 5,289 5,289
Temporary government guarantee program (Note 4) ....... 978,109 6,410,871
Other fees and expenses ............................... 46,657 338,067
----------- ------------
Total expenses ........................................... 15,092,758 68,602,936
----------- ------------
LESS
Waived fees and reimbursed expenses (Note 3) .......... (5,778,454) (15,431,796)
Expense reductions .................................... (44) (1,159)
Net expenses .......................................... 9,314,260 53,169,981
----------- ------------
Net investment income .................................... 1,227,341 26,232,673
----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN AND LOSS FROM INVESTMENTS .............. (26,063) 0
----------- ------------
NET CHANGE IN UNREALIZED DEPRECIATION OF INVESTMENTS ..... 0 0
----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ... (26,063) 0
----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ..... $ 1,201,278 $ 26,232,673
=========== ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 81
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
Minnesota Municipal National Tax-Free Treasury Plus 100% Treasury
Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund
- ------------ ------------ ------------ ----------------- ------------- -------------
$ 494,938 $ 38,287,947 $1,677,836 20,217,287 $ 9,799,662 $ 8,027,841
--------- ------------ ---------- ----------- ----------- ------------
208,162 12,086,969 595,833 3,035,178 4,200,639 8,884,201
34,694 2,059,093 99,306 1,464,756 1,930,940 1,551,828
152,652 7,988,517 NA 1,408,952 2,367,158 292,756
NA 1,013,814 NA NA NA NA
NA NA NA 271,427 64,959 NA
NA NA 31,638 1,052,918 2,115,696 NA
NA 1,193,392 429,471 NA NA NA
NA NA NA 968,605 498,096 3,743,745
13,877 906,793 39,722 607,035 840,128 650,572
173,469 11,311,646 397,158 3,874,785 3,777,939 8,075,663
14,143 259,497 20,721 165,075 212,095 173,104
NA 3,456,184 NA NA NA NA
16,417 19,978 16,484 17,776 13,039 18,487
2,539 207,389 8,594 88,145 107,552 111,412
6,391 514,303 2,784 111,439 116,503 94,540
5,289 5,289 5,289 5,289 5,289 5,289
38,151 3,709,813 78,219 1,238,966 491,717 473,514
3,001 124,564 2,644 66,521 90,765 93,088
--------- ------------ ---------- ----------- ----------- ------------
668,785 44,857,241 1,727,863 14,376,867 16,832,515 24,168,199
--------- ------------ ---------- ----------- ----------- ------------
(206,654) (10,403,323) (555,489) (2,587,298) (8,108,868) (16,465,669)
0 61 (55) 23 (2,849) 0
462,131 34,453,979 1,172,319 11,789,592 8,720,798 7,702,530
--------- ------------ ---------- ----------- ----------- ------------
32,807 3,833,968 505,517 8,427,695 1,078,864 325,311
--------- ------------ ---------- ----------- ----------- ------------
14,019 198,231 0 272,970 0 237,558
--------- ------------ ---------- ----------- ----------- ------------
0 (726,330) 0 0 0 0
--------- ------------ ---------- ----------- ----------- ------------
14,019 (528,099) 0 272,970 0 237,558
--------- ------------ ---------- ----------- ----------- ------------
$ 46,826 $ 3,305,869 $ 505,517 $ 8,700,665 $ 1,078,864 $ 562,869
========= ============ ========== =========== =========== ============
82 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND
-------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................... $ 4,371,522,330 $ 4,808,408,788
OPERATIONS
Net investment income ................................................................... 1,227,341 63,179,147
Net realized gain (loss) on investments ................................................. (26,063) 666,351
Net change in unrealized depreciation of investments .................................... 0 0
--------------- ---------------
Net increase in net assets resulting from operations ....................................... 1,201,278 63,845,498
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. (223,091) (45,403,227)
Class B .............................................................................. NA NA
Administrator Class .................................................................. NA NA
Institutional Class .................................................................. (665,693) (4,676,760)
Investor Class ....................................................................... NA NA
Service Class ........................................................................ (338,557) (13,097,748)
Net realized gain on sales of investments
Class A .............................................................................. 0 (521,362)
Class B .............................................................................. NA NA
Administrator Class .................................................................. NA NA
Institutional Class .................................................................. NA (45,226)
Investor Class ....................................................................... NA NA
Service Class ........................................................................ 0 (130,023)
--------------- ---------------
Total distributions to shareholders ........................................................ (1,227,341) (63,874,346)
--------------- ---------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ..................................................... 1,389,747,463 4,548,812,448
Reinvestment of distributions - Class A ................................................. 216,180 43,357,812
Cost of shares redeemed - Class A ....................................................... (2,467,710,314) (5,137,690,921)
--------------- ---------------
Net decrease in net assets resulting from capital share transactions - Class A .......... (1,077,746,671) (545,520,661)
--------------- ---------------
Proceeds from shares sold - Class B ..................................................... NA NA
Reinvestment of distributions - Class B ................................................. NA NA
Cost of shares redeemed - Class B ....................................................... NA NA
--------------- ---------------
Net decrease in net assets resulting from capital share transactions - Class B .......... NA NA
--------------- ---------------
Proceeds from shares sold - Administrator Class ......................................... NA NA
Reinvestment of distributions - Administrator Class ..................................... NA NA
Cost of shares redeemed - Administrator Class ........................................... NA NA
--------------- ---------------
Net decrease in net assets resulting from capital share transactions -
Administrator Class .................................................................. NA NA
--------------- ---------------
Proceeds from shares sold - Institutional Class ......................................... 900,910,980 2,067,029,869
Reinvestment of distributions - Institutional Class ..................................... 401,397 3,288,168
Cost of shares redeemed - Institutional Class ........................................... (944,070,372) (1,699,743,739)
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share transactions -
Institutional Class .................................................................. (42,757,995) 370,574,298
--------------- ---------------
Proceeds from shares sold - Investor Class .............................................. NA NA
Reinvestment of distributions - Investor Class .......................................... NA NA
Cost of shares redeemed - Investor Class ................................................ NA NA
--------------- ---------------
Net decrease in net assets resulting from capital share transactions - Investor Class ... NA NA
--------------- ---------------
Proceeds from shares sold - Service Class ............................................... 431,624,173 1,881,382,541
Reinvestment of distributions - Service Class ........................................... 98,365 4,343,250
Cost of shares redeemed - Service Class ................................................. (646,524,027) (2,147,637,038)
--------------- ---------------
Net decrease in net assets resulting from capital share transactions - Service Class .... (214,801,489) (261,911,247)
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .... (1,335,306,155) (436,857,610)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................................... (1,335,332,218) (436,886,458)
=============== ===============
ENDING NET ASSETS .......................................................................... $ 3,036,190,112 $ 4,371,522,330
=============== ===============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 83
Statements of Changes in Net Assets
GOVERNMENT MONEY MARKET FUND MINNESOTA MONEY MARKET FUND MONEY MARKET FUND
- ------------------------------------- ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ----------------- ----------------- ---------------- ----------------- ---------------- -----------------
$ 51,618,895,393 $ 33,481,429,832 $ 179,690,076 $ 182,600,793 $11,055,158,688 $14,024,326,939
26,232,673 535,855,183 32,807 2,461,411 3,833,968 211,125,254
0 0 14,019 59,211 198,231 (1,094,544)
0 0 0 0 (726,330) (25,758,290)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
26,232,673 535,855,183 46,826 2,520,622 3,305,869 184,272,420
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(49,858) (18,051,861) (32,808) (2,461,411) (3,126,454) (180,061,437)
NA NA NA NA (46,069) (14,396,055)
(271,973) (22,654,121) NA NA NA NA
(25,620,962) (412,700,215) NA NA NA NA
NA NA NA NA (661,448) (16,667,762)
(289,879) (82,448,985) NA NA NA NA
0 0 0 0 0 (268,106)
NA NA NA NA 0 (37,205)
0 0 NA NA NA NA
0 0 NA NA NA NA
NA NA NA NA 0 (26,372)
0 0 NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(26,232,672) (535,855,182) (32,808) (2,461,411) (3,833,971) (211,456,937)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
148,360,181 497,947,772 126,575,173 513,786,048 1,696,950,553 5,746,864,409
49,161 17,969,720 30,644 2,351,593 3,143,804 179,764,099
(337,191,881) (1,335,660,176) (183,395,760) (519,107,569) (4,333,686,070) (8,662,476,403)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(188,782,539) (819,742,684) (56,789,943) (2,969,928) (2,633,591,713) (2,735,847,895)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA 486,406,641 1,410,480,981
NA NA NA NA 46,389 14,595,735
NA NA NA NA (923,538,555) (1,625,498,081)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA (437,085,525) (200,421,365)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
1,860,177,728 6,463,393,720 NA NA NA NA
149,319 12,735,719 NA NA NA NA
(2,701,204,831) (6,640,270,464) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(840,877,784) (164,141,025) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
82,491,774,163 194,237,357,815 NA NA NA NA
12,941,176 216,904,092 NA NA NA NA
(103,806,594,426) (175,325,662,671) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(21,301,879,087) 19,128,599,236 NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA 218,906,583 730,678,302
NA NA NA NA 653,785 16,390,150
NA NA NA NA (303,772,411) (752,782,926)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA (84,212,043) (5,714,474)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
16,316,341,212 38,386,241,975 NA NA NA NA
36,356 12,105,979 NA NA NA NA
(17,142,529,068) (38,405,597,921) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(826,151,500) (7,249,967) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(23,157,690,910) 18,137,465,560 (56,789,943) (2,969,928) (3,154,889,281) (2,941,983,734)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(23,157,690,909) 18,137,465,561 (56,775,925) (2,910,717) (3,155,417,383) (2,969,168,251)
================= ================= ============= ============= =============== ===============
$ 28,461,204,484 $ 51,618,895,393 $ 122,914,151 $ 179,690,076 $ 7,899,741,305 $11,055,158,688
================= ================= ============= ============= =============== ===============
84 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND
-------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................... 1,389,747,463 4,548,812,448
Shares issued in reinvestment of distributions - Class A ................. 216,180 43,357,812
Shares redeemed - Class A ................................................ (2,467,710,314) (5,137,690,921)
--------------- ---------------
Net decrease in shares outstanding - Class A ............................. (1,077,746,671) (545,520,661)
--------------- ---------------
Shares sold - Class B .................................................... NA NA
Shares issued in reinvestment of distributions - Class B ................. NA NA
Shares redeemed - Class B ................................................ NA NA
--------------- ---------------
Net decrease in shares outstanding - Class B ............................. NA NA
--------------- ---------------
Shares sold - Administrator Class ........................................ NA NA
Shares issued in reinvestment of distributions - Administrator Class ..... NA NA
Shares redeemed - Administrator Class .................................... NA NA
--------------- ---------------
Net decrease in shares outstanding - Administrator Class ................. NA NA
--------------- ---------------
Shares sold - Institutional Class ........................................ 900,910,980 2,067,029,869
Shares issued in reinvestment of distributions - Institutional Class ..... 401,397 3,288,168
Shares redeemed - Institutional Class .................................... (944,070,372) (1,699,743,739)
--------------- ---------------
Net increase (decrease) in shares outstanding - Institutional Class ...... (42,757,995) 370,574,298
--------------- ---------------
Shares sold - Investor Class ............................................. NA NA
Shares issued in reinvestment of distributions - Investor Class .......... NA NA
Shares redeemed - Investor Class ......................................... NA NA
--------------- ---------------
Net decrease in shares outstanding - Investor Class ...................... NA NA
--------------- ---------------
Shares sold - Service Class .............................................. 431,624,173 1,881,382,541
Shares issued in reinvestment of distributions - Service Class ........... 98,365 4,343,250
Shares redeemed - Service Class .......................................... (646,524,027) (2,147,637,038)
--------------- ---------------
Net decrease in shares outstanding - Service Class ....................... (214,801,489) (261,911,247)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ............................................................. (1,335,306,155) (436,857,610)
=============== ===============
Ending balance of undistributed/overdistributed net investment income ....... $ (1,037) $ (1,037)
--------------- ---------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 85
Statements of Changes in Net Assets
GOVERNMENT MONEY MARKET FUND MINNESOTA MONEY MARKET FUND MONEY MARKET FUND
- ------------------------------------- ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ----------------- ----------------- ---------------- ----------------- ---------------- -----------------
148,360,181 497,947,772 126,575,173 513,786,047 1,696,950,553 5,746,863,613
49,161 17,969,720 30,644 2,351,593 3,143,804 179,764,099
(337,191,881) (1,335,660,176) (183,395,760) (519,107,569) (4,333,686,070) (8,662,476,403)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(188,782,539) (819,742,684) (56,789,943) (2,969,929) (2,633,591,713) (2,735,848,691)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA 486,406,641 1,410,480,980
NA NA NA NA 46,389 14,595,735
NA NA NA NA (923,538,555) (1,625,498,080)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA (437,085,525) (200,421,365)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
1,860,177,728 6,463,393,720 NA NA NA NA
149,319 12,735,719 NA NA NA NA
(2,701,204,831) (6,640,270,464) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(840,877,784) (164,141,025) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
82,491,774,163 194,237,357,816 NA NA NA NA
12,941,176 216,904,092 NA NA NA NA
(103,806,594,426) (175,325,662,671) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(21,301,879,087) 19,128,599,237 NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA 218,906,583 730,678,181
NA NA NA NA 653,785 16,390,150
NA NA NA NA (303,772,411) (752,782,936)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
NA NA NA NA (84,212,043) (5,714,605)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
16,316,341,212 38,386,241,975 NA NA NA NA
36,356 12,105,979 NA NA NA NA
(17,142,529,068) (38,405,597,921) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(826,151,500) (7,249,967) NA NA NA NA
- ----------------- ----------------- ------------- ------------- --------------- ---------------
(23,157,690,910) 18,137,465,561 (56,789,943) (2,969,929) (3,154,889,281) (2,941,984,661)
================= ================= ============= ============= =============== ===============
$ 31,022 $ 31,021 $ (1) $ 0 $ (4) $ (1)
- ----------------- ----------------- ------------- ------------- --------------- ---------------
86 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 390,783,207 $ 388,515,904
OPERATIONS
Net investment income .................................................................. 505,517 6,267,957
Net realized gain on investments ....................................................... 0 413
------------- -------------
Net increase in net assets resulting from operations ...................................... 505,517 6,268,370
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................. NA NA
Administrator Class ................................................................. NA NA
Institutional Class ................................................................. (224,670) (489,012)
Investor Class ...................................................................... (280,847) (5,778,945)
Service Class ....................................................................... NA NA
Net realized gain on sales of investments
Class A ............................................................................. NA NA
Administrator Class ................................................................. NA NA
Institutional Class ................................................................. 0 0
Investor Class ...................................................................... 0 0
Service Class ....................................................................... NA NA
------------- -------------
Total distributions to shareholders ....................................................... (505,517) (6,267,957)
------------- -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... NA NA
Reinvestment of distributions - Class A ................................................ NA NA
Cost of shares redeemed - Class A ...................................................... NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class A ............................................................................. NA NA
------------- -------------
Proceeds from shares sold - Administrator Class ........................................ NA NA
Reinvestment of distributions - Administrator Class .................................... NA NA
Cost of shares redeemed - Administrator Class .......................................... NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions -
Administrator Class ................................................................. NA NA
------------- -------------
Proceeds from shares sold - Institutional Class ........................................ 210,632,930 152,067,708
Reinvestment of distributions - Institutional Class .................................... 223,674 466,151
Cost of shares redeemed - Institutional Class .......................................... (131,025,048) (102,863,106)
------------- -------------
Net increase in net assets resulting from capital share transactions -
Institutional Class ................................................................. 79,831,556 49,670,753
------------- -------------
Proceeds from shares sold - Investor Class ............................................. 54,631,466 279,131,426
Reinvestment of distributions - Investor Class ......................................... 275,695 5,623,380
Cost of shares redeemed - Investor Class ............................................... (105,463,845) (332,158,669)
------------- -------------
Net decrease in net assets resulting from capital share transactions - Investor Class .. (50,556,684) (47,403,863)
------------- -------------
Proceeds from shares sold - Service Class .............................................. NA NA
Reinvestment of distributions - Service Class .......................................... NA NA
Cost of shares redeemed - Service Class ................................................ NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions -
Service Class ....................................................................... NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions - Total ... 29,274,872 2,266,890
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 29,274,872 2,267,303
============= =============
ENDING NET ASSETS ......................................................................... $ 420,058,079 $ 390,783,207
============= =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 87
Statements of Changes in Net Assets
NATIONAL TAX-FREE MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND 100% TREASURY MONEY MARKET FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
$ 6,341,982,747 $ 5,158,034,269 $ 8,569,692,575 $ 6,774,952,740 $ 7,947,801,874 $ 6,337,429,815
8,427,695 95,033,256 1,078,864 66,685,987 325,311 55,720,253
272,970 723,479 0 0 237,558 2,323,870
- --------------- --------------- ---------------- ---------------- --------------- ----------------
8,700,665 95,756,735 1,078,864 66,685,987 562,869 58,044,123
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(506,896) (20,489,704) (108,143) (19,300,283) (13,293) (2,207,216)
(856,074) (8,905,643) (6,526) (614,370) NA NA
(5,526,441) (39,431,748) (950,742) (35,734,600) NA NA
NA NA NA NA NA NA
(1,538,286) (26,206,163) (41,596) (11,036,735) (312,019) (53,513,039)
0 (293,961) 0 0 0 (35,390)
NA (96,168) NA NA NA NA
0 (359,482) 0 0 NA NA
NA NA NA NA NA NA
0 (330,682) 0 0 0 (976,855)
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(8,427,697) (96,113,551) (1,107,007) (66,685,988) (325,312) (56,732,500)
- --------------- --------------- ---------------- ---------------- --------------- ----------------
547,515,758 2,123,658,304 4,181,390,440 16,042,997,923 123,749,026 792,379,687
510,918 20,254,527 35,675 5,484,813 13,056 2,185,272
(1,011,104,131) (2,137,935,035) (4,625,519,094) (16,202,411,965) (178,997,932) (786,394,353)
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(463,077,455) 5,977,796 (444,092,979) (153,929,229) (55,235,850) 8,170,606
- --------------- --------------- ---------------- ---------------- --------------- ----------------
306,911,216 634,488,238 251,784,336 621,596,071 NA NA
830,320 8,739,557 6,492 613,450 NA NA
(277,209,771) (643,344,000) (273,299,537) (489,786,230) NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
30,531,765 (116,205) (21,508,709) 132,423,291 NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
4,455,193,456 10,580,163,832 21,702,878,115 44,427,682,682 NA NA
3,201,700 19,983,612 412,696 14,105,020 NA NA
(4,372,684,364) (9,622,792,083) (21,180,650,411) (42,300,759,328) NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
85,710,792 977,355,361 522,640,400 2,141,028,374 NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
NA NA NA NA NA NA
- --------------- --------------- ---------------- ---------------- --------------- ----------------
891,447,048 2,883,412,321 3,605,598,682 13,764,905,639 4,322,113,588 36,467,177,144
227,352 4,852,802 4,384 948,304 124,250 9,944,383
(1,424,074,740) (2,687,176,781) (3,721,810,154) (14,090,636,543) (5,920,598,950) (34,876,231,697)
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(532,400,340) 201,088,342 (116,207,088) (324,782,600) (1,598,361,112) 1,600,889,830
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(879,235,238) 1,184,305,294 (59,168,376) 1,794,739,836 (1,653,596,962) 1,609,060,436
- --------------- --------------- ---------------- ---------------- --------------- ----------------
(878,962,270) 1,183,948,478 (59,196,519) 1,794,739,835 (1,653,359,405) 1,610,372,059
=============== =============== ================ ================ =============== ================
$ 5,463,020,477 $ 6,341,982,747 $ 8,510,496,056 $ 8,569,692,575 $ 6,294,442,469 $ 7,947,801,874
=============== =============== ================ ================ =============== ================
88 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................. NA NA
Shares issued in reinvestment of distributions - Class A ............... NA NA
Shares redeemed - Class A .............................................. NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Class A ................ NA NA
------------- -------------
Shares sold - Administrator Class ...................................... NA NA
Shares issued in reinvestment of distributions - Administrator Class ... NA NA
Shares redeemed - Administrator Class .................................. NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Administrator Class .... NA NA
------------- -------------
Shares sold - Institutional Class ...................................... 210,632,930 152,067,708
Shares issued in reinvestment of distributions - Institutional Class ... 223,674 466,151
Shares redeemed - Institutional Class .................................. (131,025,048) (102,863,106)
------------- -------------
Net increase in shares outstanding - Institutional Class ............... 79,831,556 49,670,753
------------- -------------
Shares sold - Investor Class ........................................... 54,631,466 279,131,426
Shares issued in reinvestment of distributions - Investor Class ........ 275,695 5,623,380
Shares redeemed - Investor Class ....................................... (105,463,845) (332,158,669)
------------- -------------
Net decrease in shares outstanding - Investor Class .................... (50,556,684) (47,403,863)
------------- -------------
Shares sold - Service Class ............................................ NA NA
Shares issued in reinvestment of distributions - Service Class ......... NA NA
Shares redeemed - Service Class ........................................ NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Service Class .......... NA NA
------------- -------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS ..................................................... 29,274,872 2,266,890
============= =============
Ending balance of undistributed/overdistributed net investment income ..... $ 3 $ 3
------------- -------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 89
Statements of Changes in Net Assets
NATIONAL TAX-FREE MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND 100% TREASURY MONEY MARKET FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
547,515,758 2,123,658,304 4,181,390,440 16,042,997,923 123,749,026 792,379,688
510,918 20,254,527 35,675 5,484,813 13,056 2,185,272
(1,011,104,131) (2,137,935,035) (4,625,519,094) (16,202,411,965) (178,997,932) (786,394,353)
- --------------- --------------- ---------------- ---------------- --------------- ---------------
(463,077,455) 5,977,796 (444,092,979) (153,929,229) (55,235,850) 8,170,607
- --------------- --------------- ---------------- ---------------- --------------- ---------------
306,911,216 634,488,238 251,784,336 621,596,071 NA NA
830,320 8,739,557 6,492 613,450 NA NA
(277,209,771) (643,344,000) (273,299,537) (489,786,230) NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
30,531,765 (116,205) (21,508,709) 132,423,291 NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
4,455,193,456 10,580,142,601 21,702,878,115 44,427,682,682 NA NA
3,201,700 19,983,612 412,696 14,105,020 NA NA
(4,372,684,364) (9,622,792,083) (21,180,650,411) (42,300,759,328) NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
85,710,792 977,334,130 522,640,400 2,141,028,374 NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
NA NA NA NA NA NA
- --------------- --------------- ---------------- ---------------- --------------- ---------------
891,447,048 2,883,412,321 3,605,598,682 13,764,905,639 4,322,113,588 36,467,163,543
227,352 4,852,802 4,384 948,304 124,250 9,944,383
(1,424,074,740) (2,687,176,781) (3,721,810,154) (14,090,636,543) (5,920,598,950) (34,876,231,697)
- --------------- --------------- ---------------- ---------------- --------------- ---------------
(532,400,340) 201,088,342 (116,207,088) (324,782,600) (1,598,361,112) 1,600,876,229
- --------------- --------------- ---------------- ---------------- --------------- ---------------
(879,235,238) 1,184,284,063 (59,168,376) 1,794,739,836 (1,653,596,962) 1,609,046,836
=============== =============== ================ ================ =============== ===============
$ (4) $ (2) $ (7,929) $ 20,214 $ 203,583 $ 203,584
- --------------- --------------- ---------------- ---------------- --------------- ---------------
90 Wells Fargo Advantage Money Market 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
--------- ------------- -------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............. $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
GOVERNMENT MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
MINNESOTA MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............. $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
- ----------
(1.) During each period, various fees and expenses were waived and reimbursed as
indicated. The ratio of Gross Expenses to Average Net Assets reflects the
expense ratio in the absence of any waivers and reimbursements (Note 3).
(2.) Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
(3.) Commencement of operations.
(4.) The Fund changed its fiscal year-end from March 31 to February 28.
(5.) The Fund changed its fiscal year-end from October 31 to February 28.
(6.) Amount is less than $0.005.
(7.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 4):
Gross Expenses Net Expenses
-------------- ------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.84% 0.51%
March 1, 2008 to February 28, 2009 .......... 0.84% 0.65%
GOVERNMENT MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.63% 0.33%
March 1, 2008 to February 28, 2009 .......... 0.63% 0.63%
MINNESOTA MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.91% 0.61%
March 1, 2008 to February 28, 2009 .......... 0.88% 0.80%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 91
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.02% 0.89%(7) (0.32)% 0.57%(7) 0.01% $2,214,157
0.00(6) $1.00 1.19% 0.85%(7) (0.19)% 0.66%(7) 1.22% $3,291,922
0.00 $1.00 2.79% 0.83% (0.18)% 0.65% 2.85% $3,837,463
0.00 $1.00 2.81% 0.84% (0.19)% 0.65% 2.85% $3,064,445
0.00 $1.00 2.01% 0.84% (0.19)% 0.65% 1.85% $2,552,430
0.00 $1.00 0.78% 0.84% (0.19)% 0.65% 0.79% $2,423,170
0.00 $1.00 0.36% 0.85% (0.20)% 0.65% 0.36% $2,262,957
0.00 $1.00 0.01% 0.66%(7) (0.29)% 0.37%(7) 0.01% $ 913,121
0.00 $1.00 1.29% 0.64%(7) 0.00% 0.64%(7) 1.22% $1,101,904
0.00 $1.00 4.39% 0.64% 0.00% 0.64% 4.38% $1,921,647
0.00 $1.00 4.57% 0.64% 0.00% 0.64% 4.61% $2,866,700
0.00 $1.00 3.13% 0.65% 0.00% 0.65% 2.78% $1,224,209
0.00 $1.00 1.17% 0.65% 0.00% 0.65% 1.11% $ 566,832
0.00 $1.00 0.46% 0.71% (0.04)% 0.67% 0.47% $ 365,169
0.00 $1.00 0.05% 0.96%(7) (0.29)% 0.67%(7) 0.02% $ 122,914
0.00 $1.00 1.22% 0.90%(7) (0.08)% 0.82%(7) 1.24% $ 179,690
0.00 $1.00 2.71% 0.88% (0.08)% 0.80% 2.77% $ 182,601
0.00 $1.00 2.73% 0.90% (0.10)% 0.80% 2.78% $ 118,011
0.00 $1.00 1.90% 0.88% (0.08)% 0.80% 1.75% $ 138,917
0.00 $1.00 0.66% 0.89% (0.09)% 0.80% 0.68% $ 119,148
0.00 $1.00 0.28% 0.90% (0.10)% 0.80% 0.28% $ 117,237
92 Wells Fargo Advantage Money Market 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
--------- ------------- -------------- -------------
MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
Class B
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.00 0.00 0.00
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............. $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............. $1.00 0.05 0.00 (0.05)
April 11, 2005(3) to February 28, 2006(4) ...... $1.00 0.03 0.00 (0.03)
MUNICIPAL MONEY MARKET FUND
Investor Class
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............. $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............. $1.00 0.03 0.00 (0.03)
November 1, 2005 to February 28,2006(5) ........ $1.00 0.01 0.00 (0.01)
November 1, 2004 to October 31, 2005 ........... $1.00 0.02 0.00 (0.02)
November 1, 2003 to October 31, 2004 ........... $1.00 0.01 0.00 (0.01)
NATIONAL TAX-FREE MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............. $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
July 28, 2003(3) to March 31, 2004 ............. $1.00 0.00 0.00 0.00
- ----------
(7.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 4):
Gross Expenses Net Expenses
-------------- ------------
MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.83% 0.68%
March 1, 2008 to February 28, 2009 .......... 0.80% 0.76%
Class B
March 1, 2009 to August 31, 2009 ............ 1.58% 0.75%
March 1, 2008 to February 28, 2009 .......... 1.55% 1.46%
Investor Class
March 1, 2009 to August 31, 2009 ............ 0.87% 0.60%
March 1, 2008 to February 28, 2009 .......... 0.87% 0.65%
MUNICIPAL MONEY MARKET FUND
Investor Class
March 1, 2009 to August 31, 2009 ............ 0.92% 0.64%
March 1, 2008 to February 28, 2009 .......... 0.92% 0.64%
NATIONAL TAX-FREE MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.65% 0.56%
March 1, 2008 to February 28, 2009 .......... 0.65% 0.65%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 93
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.09% 0.91%(7) (0.15)% 0.76%(7) 0.04% $ 6,260,634
0.00(6) $1.00 1.75% 0.83%(7) (0.04)% 0.79%(7) 1.74% $ 8,894,795
0.00 $1.00 4.37% 0.81% (0.05)% 0.76% 4.48% $11,659,129
0.00 $1.00 4.46% 0.82% (0.06)% 0.76% 4.54% $ 8,430,922
0.00 $1.00 2.96% 0.83% (0.07)% 0.76% 2.69% $ 6,580,685
0.00 $1.00 1.02% 0.87% (0.11)% 0.76% 1.03% $ 5,268,694
0.00 $1.00 0.41% 0.93% (0.17)% 0.76% 0.41% $ 5,694,911
0.00 $1.00 0.01% 1.66%(7) (0.82)% 0.84%(7) 0.01% $ 801,648
0.00(6) $1.00 1.04% 1.58%(7) (0.09)% 1.49%(7) 1.03% $ 1,238,714
0.00 $1.00 3.66% 1.57% (0.06)% 1.51% 3.71% $ 1,438,346
0.00 $1.00 3.70% 1.57% (0.06)% 1.51% 3.76% $ 1,431,103
0.00 $1.00 2.16% 1.58% (0.07)% 1.51% 1.99% $ 1,264,470
0.00 $1.00 0.41% 1.62% (0.28)% 1.34% 0.44% $ 1,293,680
0.00 $1.00 0.12% 1.68% (0.63)% 1.05% 0.12% $ 1,591,061
0.00 $1.00 0.15% 0.96%(7) (0.28)% 0.68%(7) 0.07% $ 837,459
0.00(6) $1.00 1.82% 0.90%(7) (0.22)% 0.68%(7) 1.85% $ 921,649
0.00 $1.00 4.50% 0.94% (0.29)% 0.65% 4.60% $ 926,851
0.00 $1.00 4.56% 0.99% (0.34)% 0.65% 4.65% $ 764,268
0.00 $1.00 3.02% 1.00% (0.35)% 0.65% 2.74% $ 700,278
0.00 $1.00 0.18% 0.96%(7) (0.28)% 0.68%(7) 0.09% $ 290,556
0.00 $1.00 1.55% 0.94%(7) (0.28)% 0.66%(7) 1.56% $ 341,112
0.00 $1.00 2.99% 1.01% (0.37)% 0.64% 3.01% $ 388,516
0.00 $1.00 2.97% 1.04% (0.40)% 0.64% 3.02% $ 439,112
0.00 $1.00 2.45% 1.04% (0.40)% 0.64% 0.81% $ 539,844
0.00 $1.00 1.64% 0.86% (0.20)% 0.66% 1.69% $ 597,924
0.00 $1.00 0.81% 0.65% (0.02)% 0.63% 0.83% $ 875,447
0.00 $1.00 0.08% 0.69%(7) (0.09)% 0.60%(7) 0.04% $ 1,105,341
0.00 $1.00 1.27% 0.67%(7) 0.00% 0.67%(7) 1.32% $ 1,568,362
0.00 $1.00 2.86% 0.65% 0.00% 0.65% 2.91% $ 1,562,483
0.00 $1.00 2.89% 0.65% 0.00%(6) 0.65% 2.92% $ 1,164,801
0.00 $1.00 2.07% 0.66% (0.01)% 0.65% 1.89% $ 1,001,084
0.00 $1.00 0.80% 0.65% 0.00% 0.65% 0.82% $ 712,405
0.00 $1.00 0.37% 0.65% 0.00% 0.65% 0.25% $ 621,663
94 Wells Fargo Advantage Money Market 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
--------- ------------- -------------- -------------
TREASURY PLUS MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
July 28, 20033 to March 31, 2004 ............... $1.00 0.00 0.00 0.00
100% TREASURY MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(6)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(4) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
- ----------
(7.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 4):
Gross Expenses Net Expenses
-------------- ------------
TREASURY PLUS MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.65% 0.21%
March 1, 2008 to February 28, 2009 .......... 0.64% 0.46%
100% TREASURY MONEY MARKET FUND
Class A
March 1, 2009 to August 31, 2009 ............ 0.80% 0.22%
March 1, 2008 to February 28, 2009 .......... 0.82% 0.57%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 95
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.01% 0.66%(7) (0.43)% 0.23%(7) 0.01% $2,038,047
0.00 $1.00 0.75% 0.66%(7) (0.18)% 0.48%(7) 0.79% $2,482,147
0.00 $1.00 3.95% 0.65% 0.00% 0.65% 3.99% $2,636,076
0.00 $1.00 4.46% 0.65% 0.00%(6) 0.65% 4.54% $2,891,708
0.00 $1.00 2.87% 0.65% 0.00% 0.65% 2.64% $2,773,558
0.00 $1.00 1.02% 0.66% (0.01)% 0.65% 1.02% $2,496,955
0.00 $1.00 0.39% 0.66% (0.01)% 0.65% 0.26% $2,457,864
0.00 $1.00 0.01% 0.82%(7) (0.58)% 0.24%(7) 0.01% $ 251,225
0.00 $1.00 0.68% 0.83%(7) (0.25)% 0.58%(7) 0.74% $ 306,451
0.00 $1.00 3.75% 0.83% (0.18)% 0.65% 3.81% $ 298,220
0.00 $1.00 4.23% 0.84% (0.19)% 0.65% 4.29% $ 256,430
0.00 $1.00 2.72% 0.83% (0.18)% 0.65% 2.50% $ 201,384
0.00 $1.00 0.94% 0.86% (0.21)% 0.65% 0.96% $ 160,233
0.00 $1.00 0.37% 0.90% (0.25)% 0.65% 0.36% $ 162,883
96 Wells Fargo Advantage Money Market 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 August 31,
2009, was comprised of 98 separate series. These financial statements present
the California Tax-Free Money Market Fund, Government Money Market Fund,
Minnesota Money Market Fund, Money Market Fund, Municipal Money Market Fund,
National Tax-Free Money Market Fund, Treasury Plus Money Market Fund, and 100%
Treasury Money Market Fund (each, a "Fund", collectively, the "Funds").
Each Fund, except the California Tax-Free Money Market Fund and Minnesota Money
Market Fund, is a diversified series of the Trust. The California Tax-Free Money
Market Fund and Minnesota Money Market Fund are non-diversified series of the
Trust.
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 U.S. Generally Accepted Accounting Principles ("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. Management has considered the circumstances under which the Fund
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through October 22, 2009 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
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
The Funds invest only in securities with remaining maturities not exceeding 397
days (13 months). Certain floating- and variable-rate instruments in the
portfolio may have maturities in excess of 397 days provided that these variable
rate instruments are either government securities or carry a demand feature that
permits the holder to tender the instruments back to the issuer at par value
prior to maturity.
The amortized cost method is used to value portfolio securities, which
approximates fair value. The amortized cost method involves valuing a security
at its cost, plus accretion of discount or minus amortization of premium over
the period until maturity, which approximates market value. The Funds seeks to
maintain a constant net asset value of $1.00 per share, although there is no
assurance that it will be able to do so.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FAIR VALUATION MEASUREMENTS
In accordance with Financial Accounting Standards No. 157, Fair Value
Measurements ("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
Wells Fargo Advantage Money Market Funds 97
Notes to Financial Statements
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 inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Funds' investments in securities:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES * (Level 1) (Level 2) (Level 3) as of 08/31/09
- --------------------------- ------------- ----------------- ------------------- ----------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
Commercial paper $0 $ 256,796,000 $ 0 $ 256,796,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 2,782,355,329 0 2,782,355,329
TOTAL $0 $ 3,039,151,329 $ 0 $ 3,039,151,329
GOVERNMENT MONEY MARKET FUND
Commercial paper $0 $ 1,139,400,050 $ 0 $ 1,139,400,050
Corporate debt securities 0 1,056,945,640 0 1,056,945,640
Debt securities issued by U.S. Treasury
and U.S. government agencies 0 14,520,951,911 0 14,520,951,911
Repurchase agreements 0 12,086,400,000 0 12,086,400,000
TOTAL $0 $28,803,697,601 $ 0 $28,803,697,601
MINNESOTA MONEY MARKET FUND
Commercial paper $0 $ 1,100,000 $ 0 $ 1,100,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 121,715,374 0 121,715,374
TOTAL $0 $ 122,815,374 $ 0 $ 122,815,374
MONEY MARKET FUND
Commercial paper $0 $ 4,202,281,146 $37,042,824 $ 4,239,323,970
Corporate debt securities 0 1,398,846,471 0 1,398,846,471
Debt securities issued by states in the
U.S. and its political subdivisions 0 584,032,556 0 584,032,556
Repurchase agreements 0 646,526,567 0 646,526,567
Other 0 1,084,005,385 0 1,084,005,385
TOTAL $0 $ 7,915,692,125 $37,042,824 $ 7,952,734,949
98 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES * (Level 1) (Level 2) (Level 3) as of 08/31/09
- --------------------------- ------------- ----------------- ------------------- ----------------
MUNICIPAL MONEY MARKET FUND
Commercial paper $0 $ 17,840,000 $0 $ 17,840,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 395,824,642 0 395,824,642
TOTAL $0 $ 413,664,642 $0 $ 413,664,642
NATIONAL TAX-FREE MONEY MARKET FUND
Commercial paper $0 $ 338,436,000 $0 $ 338,436,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 5,120,834,445 0 5,120,834,445
TOTAL $0 $5,459,270,445 $0 $5,459,270,445
TREASURY PLUS MONEY MARKET FUND
Repurchase agreements $0 $7,105,300,000 $0 $7,105,300,000
Debt securities issued by U.S. Treasury
and U.S. government agencies 0 1,428,449,594 0 1,428,449,594
Total $0 $8,533,749,594 $0 $8,533,749,594
100% TREASURY MONEY MARKET FUND
Debt securities issued by U.S. Treasury
and U.S. government agencies $0 $6,619,079,649 $0 $6,619,079,649
TOTAL $0 $6,619,079,649 $0 $6,619,079,649
* Further details on the major security types listed above for each fund can
be found in the Portfolio of Investments.
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Money Market
Fund
------------
BALANCE AS OF 2/28/2009 $37,769,154
COMMERCIAL PAPER
Accrued discounts (premiums) 0
Realized gain (loss) 0
Change in unrealized appreciation
(depreciation) (726,330)
Net purchases (sales) 0
Transfer in (out) of Level 3 0
BALANCE AS OF 08/31/2009 $37,042,824
Money Market
Fund
------------
Change in unrealized appreciation (depreciation)
relating to securities held at the end
of reporting period. $(726,330)
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. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
Wells Fargo Advantage Money Market Funds 99
Notes to Financial Statements
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to shareholders
monthly. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at August 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 August 31, 2009, no
provision for income tax would be required in the fund's financial statements.
The Fund's 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: March 31, 2005; February 28, 2006; February 28, 2007; February 29, 2008;
February 28, 2009) are subject to examination by the Internal Revenue Service
and state departments of revenue. At February 28, 2009, the Funds' prior fiscal
year, net capital loss carryforwards, which are available to offset future net
realized capital gains, were:
Capital Loss
FUND Expiration Year Carryforwards
- ---- --------------- -------------
MONEY MARKET FUND 2017 $1,094,543
MUNICIPAL MONEY MARKET FUND 2015 131
TREASURY PLUS MONEY MARKET FUND 2013 61,122
2017 19,571
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC ("Funds Management"). The repurchase agreements must be fully
collateralized based on values that are marked to market daily. The collateral
may be held by an agent bank under a tri-party agreement. It is the custodian's
responsibility to value collateral daily and to take action to obtain additional
collateral as necessary to maintain market value equal to or greater than the
resale price. The repurchase agreements are collateralized by instruments such
as U.S. Treasury, federal agency, or high-grade corporate obligations. There
could be potential loss to a Fund in the event that such Fund is delayed or
prevented from exercising its rights to dispose of the collateral, including the
risk of a possible decline in the value of the underlying obligations during the
period in which a Fund seeks to assert its rights. The inputs or methodologies
used for valuing securities are not necessarily an indication of the risk
associated with investing in these securities.
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
100 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
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 August 31, 2009, the following Fund 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 the Fund's net assets invested in these securities:
Defaulted SIVs % of Net
FUND ($ Market Value) Assets
- ---- ---------------- --------
MONEY MARKET FUND $37,042,824 0.47%
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with 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)
- ---- ---------------- ------------- ------------- ---------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
GOVERNMENT MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
MINNESOTA MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
MUNICIPAL MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
NATIONAL TAX-FREE MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
TREASURY PLUS MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
Wells Fargo Advantage Money Market Funds 101
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)
- ---- ---------------- ------------- ------------- ---------------- -------------
100% TREASURY MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
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 All asset levels 0.22
CLASS B All asset levels 0.22
INVESTOR CLASS All asset levels 0.27
The Trust has entered into an agreement with Boston Financial Data Services,
Inc. ("BFDS") as the transfer agent for the Trust. BFDS is entitled to receive
fees from the administrator of 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 MONEY MARKET FUNDS 0.02
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
Administrator Institutional Investor Service
Fund Class A Class B Class Class Class Class
- ---- ------- ------- ------------- ------------- -------- -------
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.25% NA NA 0.00% NA 0.25%
GOVERNMENT MONEY MARKET FUND 0.25% NA 0.10% 0.00% NA 0.25%
MINNESOTA MONEY MARKET FUND 0.25% NA NA NA NA NA
MONEY MARKET FUND 0.25% 0.25% NA NA 0.25% NA
MUNICIPAL MONEY MARKET FUND NA NA NA 0.00% 0.25% NA
NATIONAL TAX-FREE MONEY MARKET FUND 0.25% NA 0.10% 0.00% NA 0.25%
TREASURY PLUS MONEY MARKET FUND 0.25% NA 0.10% 0.00% NA 0.25%
100% TREASURY MONEYMARKET FUND 0.25% NA NA NA NA 0.25%
102 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
For the six-month period ended August 31, 2009, shareholder servicing fees were
paid as follows:
Administrator Institutional Investor Service
Fund Class A Class B Class Class Class Class
- ---- ----------- ---------- ------------- ------------- ---------- ----------
CALIFORNIA TAX-FREE MONEY MARKET FUND $3,248,342 NA NA $ 0 NA $ 748,193
GOVERNMENT MONEY MARKET FUND 1,221,863 NA $683,320 0 NA 7,145,627
MINNESOTA MONEY MARKET FUND 173,469 NA NA NA NA NA
MONEY MARKET FUND 9,076,314 $1,150,651 NA NA $1,084,681 NA
MUNICIPAL MONEY MARKET FUND NA NA NA 0 397,158 NA
NATIONAL TAX-FREE MONEY MARKET FUND 1,600,857 NA 256,001 0 NA 2,017,927
TREASURY PLUS MONEY MARKET FUND 2,678,218 NA 64,664 0 NA 1,035,057
100% TREASURY MONEY MARKET FUND 301,859 NA NA NA NA 7,773,804
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B shares of the
Money Market Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class B shares and paid to Wells Fargo Funds Distributor,
LLC, the principal underwriter of each Fund, at an annual rate of up to 0.75% of
average daily net assets.
For the six-month period ended August 31, 2009, distribution fees incurred are
disclosed on the Statements of Operations.
OTHER FEES AND EXPENSES
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.
CUSTODY AND FUND ACCOUNTING AGREEMENT
On August 10, 2009, the Funds entered into a contract with State Street Bank and
Trust Company ("State Street"), whereby State Street will be responsible for
providing custody services and fund accounting services to the Funds (the
"Custody and Fund Accounting Agreement"). Pursuant to the Custody and Fund
Accounting Agreement, State Street will be entitled to an annual asset-based fee
for domestic custody services for the Funds of 0.10 basis points of the
complexwide net assets, and for certain specific transaction fees which are set
forth in the Custody and Fund Accounting Agreement. State Street also will be
entitled to a fee for global custody services for any non-US assets in the
Funds, which is divided into an annual asset-based fee ranging from 1.00 basis
points to 55.00 basis points of month-end assets held, and specific trading
fees, both of which vary by country, and are also set forth in the Custody and
Fund Accounting Agreement. Also pursuant to the Custody and Fund Accounting
Agreement, State Street will be entitled to receive annual asset-based fees for
providing fund accounting services to the Funds. State Street is expected to
replace WFB and PNC as the Funds' custodian and fund accountant, respectively,
on or about January 11, 2010.
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 August 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 June 30, 2010, to waive fees and/or reimburse
expenses to the extent necessary to maintain a certain net operating expense
ratio for the Funds. These net operating expense ratios in effect for the
six-month period ended August 31, 2009, were as follows:
Wells Fargo Advantage Money Market Funds 103
Notes to Financial Statements
Net Operating Expense Ratios
----------------------------
Investor
FUND Class A Class B Class
- ---- ------- ------- --------
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.65% NA NA
GOVERNMENT MONEY MARKET FUND 0.65% NA NA
MINNESOTA MONEY MARKET FUND 0.80% NA NA
MONEY MARKET FUND 0.76% 1.51% 0.65%
MUNICIPAL MONEY MARKET FUND NA NA 0.64%
NATIONAL TAX-FREE MONEY MARKET FUND 0.65% NA NA
TREASURY PLUS MONEY MARKET FUND 0.65% NA NA
100% TREASURY MONEY MARKET FUND 0.65% NA NA
4. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS
On March 31, 2009, the U.S. Department of the Treasury (the "Treasury")
announced a second extension of the Temporary Guarantee Program for Money Market
Funds beginning on May 1, 2009 through September 18, 2009 (the "Extended
Program"). On April 8, 2009, the Board of Trustees of Wells Fargo Funds Trust
and Wells Fargo Variable Trust (collectively, the "Board") unanimously approved
the participation of each money market fund in the Extended Program, except for
the Treasury Plus Money Market Fund and 100% Treasury Money Market Fund (the
"Funds").
Consistent with the Funds' participation in the initial three-month term and the
first extension, the Extended Program applies only to shareholders of record of
each Fund as of September 19, 2008. Subject to certain conditions and
limitations, in the event that the market-based net asset value per share of a
Fund falls below $0.995 and the Fund liquidates its holdings, any shares held by
an investor in the Fund as of the close of business on September 19, 2008, or
held by the investor when the market-based net asset value per share of the Fund
falls below $0.995, whichever is less, are insured against loss under the
Extended Program. Shares acquired by investors after September 19, 2008 are
generally not eligible for protection under the Extended Program.
Participation in the Extended Program required a payment to the Treasury in the
amount of either 0.015% or 0.023%, depending upon the market-based net asset
value of a Fund as of September 19, 2008 (the "Program Participation Payment").
The Board has determined that the Program Participation Payment is an
extraordinary expense that will be borne by each Fund without regard to the
expense cap currently in effect for such Fund. The Program Participation Payment
is borne by the current assets of each Fund as a whole, notwithstanding that the
Extended Program applies to only shareholders of record as of September 19,
2008, as described above.
5. SUBSEQUENT EVENTS
On September 11, 2009, WFB, an affiliate of the Money Market Fund, purchased
$33,198,302 of Victoria Finance LLC from the Fund at amortized cost (a price in
excess of the security's current fair value). The excess of purchase price over
current fair value amounted to $16,267,085 and will be treated as a
reimbursement from affiliate for losses realized on securities.
104 Wells Fargo Advantage Money Market Funds
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"), and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 133 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ -------------------- ------------------------------------------------------------- -------------------
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)
Isaiah Harris, Jr. Trustee, since 2009 Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 Advertising and Publishing Corp. from 2005 to 2007, President Deluxe Corporation
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.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Trustee, since 2009 James Irvin Miller Professor of Accounting at the Graduate None
58 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.
Wells Fargo Advantage Money Market Funds 105
Other Information
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ -------------------- ------------------------------------------------------------- -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
56 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
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
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
50 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 Funds None
49 2000; Chief Legal Management, LLC since 2001. Managing Counsel of Wells Fargo
Officer, since 2003 Bank, N.A. since 2000.
David Berardi(3) Treasurer and Vice President of Evergreen Investment Management Company, None
34 Assistant Treasurer, LLC since 2008. Assistant Vice President of Evergreen
since 2009 Investment Services, Inc. from 2004 to 2008. Manager of Fund
Reporting and Control for Evergreen Investment Management
Company, LLC since 2004.
Jeremy DePalma(3) Treasurer and Senior Vice President of Evergreen Investment Management None
35 Assistant Treasurer, Company, LLC since 2008. Vice President, Evergreen Investment
since 2009 Services, Inc. from 2004 to 2007. Assistant Vice President,
Evergreen Investment Services, Inc. from 2000 to 2004 and the
head of the Fund Reporting and Control Team within Fund
Administration since 2005.
Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, LLC None
45 Officer, since 2007 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.) Effective June 1, 2009.
106 Wells Fargo Advantage Money Market Funds
Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
CALIFORNIA LIMITED-TERM TAX-FREE FUND, CALIFORNIA TAX-FREE FUND, COLORADO
TAX-FREE FUND AND MINNESOTA TAX-FREE FUND
The Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"),
all of the members of which have no direct or indirect interest in the
investment advisory and sub-advisory agreements and are not "interested persons"
of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act")
(the "Independent Trustees"), are required to annually review and consider the
continuation of the investment advisory and sub-advisory agreements. During the
most recent six months covered by this report, the Board reviewed and
re-approved: (i) an investment advisory agreement with Wells Fargo Funds
Management, LLC ("Funds Management") for the California Limited-Term Tax-Free
Fund, California Tax-Free Fund, Colorado Tax-Free Fund and Minnesota Tax-Free
Fund (the "Funds"); and (ii) an investment sub-advisory agreement with Wells
Capital Management Incorporated ("Wells Capital Management") for the Funds. The
investment advisory agreement with Funds Management and the investment
sub-advisory agreement with Wells Capital Management are collectively referred
to as the "Advisory Agreements."
More specifically, at a meeting held on March 27, 2009, the Board considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 27, 2009, meeting, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Board also met regularly throughout the year
and received information that was useful to them in considering the continuation
of the Advisory Agreements. The Independent Trustees were assisted in their
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and Wells Capital Management under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel. The
Board received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds, tenures and responsibilities of the portfolio
managers primarily responsible for day-to-day portfolio management of the Funds.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Board further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management. In addition, the Board took into account the
administrative services provided to the Funds by Funds Management and its
affiliates.
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 with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. 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 provided to the Funds by
Funds Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each Fund over various time
periods ended December 31, 2008. The Board also considered these results in
comparison to the median performance of a universe of mutual funds that was
determined by Lipper Inc. ("Lipper") to be similar to each Fund (the
"Universe"), as well as to the Funds' benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
received a description of the methodology used by Lipper to select the mutual
funds in the Universe.
Wells Fargo Advantage Money Market Funds 107
Other Information
The Board noted that the performance of each Fund was better than, equal to, or
not appreciably below the median performance of its Universe for all time
periods.
The Board received and considered information regarding each Fund's contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 fees, service fees, fee waivers/caps and/or
expense reimbursements. The Board also considered these fees in comparison to
the median fees of a narrower group of mutual funds that was determined by
Lipper to be similar to the Funds (the "Expense Group") and to other comparative
data. The Board received a description of the methodology used by Lipper to
select the mutual funds in the Expense Group. The Board noted that the net
operating expense ratios for each Fund were lower than or in range of each
Fund's Expense Group's median net operating expense ratios.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's
Expense Group. The Board noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, equal to, or not appreciably
higher than, the median rates of each Fund's respective Expense Group. In
addition, the Board concluded that the combined investment
advisory/administration fee rates for the Funds (before and after waivers/caps
and/or expense reimbursements) were reasonable in relation to each Fund's
respective Expense Group, and reasonable in relation to the services provided.
The Board also concluded that the Sub-Advisory Agreement Rates were reasonable
in relation to the services provided.
PROFITABILITY
The Board received and considered a profitability analysis of Funds Management,
as well as an analysis of the profitability to all Wells Fargo businesses of
providing services to each Fund and the Fund complex as a whole. The Board also
considered related information provided by Funds Management in a separate
presentation on financial matters made at the February 2009 Board meeting. The
Board concluded that, in light of the costs of providing investment management
and other services to the Funds, the profits and other ancillary benefits that
Funds Management and its affiliates received with regard to providing these
services to each Fund and the Fund complex as a whole were not unreasonable.
The Board did not consider separate profitability information with respect to
Wells Capital Management, as its profitability from its relationship with the
Funds was not a material factor in determining whether to renew the investment
sub-advisory agreement. The Board noted that the profitability of Wells Capital
Management, which is affiliated with Funds Management, was included in the
profitability analysis provided by Funds Management.
ECONOMIES OF SCALE
The Board received and considered general information regarding economies of
scale with respect to the management of the Funds, including whether the Funds
have appropriately benefited from any economies of scale and the potential for
future realization of economies of scale. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
108 Wells Fargo Advantage Money Market Funds
Other Information
economies of scale are, or will be, shared reasonably with Fund shareholders,
most particularly through Advisory Agreement Rate breakpoints and waivers/caps
and/or expense reimbursements applicable to the Funds.
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 those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Funds and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Funds
(such as the ability to market to shareholders other financial products offered
by Funds Management and its affiliates, including Wells Capital Management).
The Board also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares are offered and sold. The
Board noted that the Funds are part of one of the few fund families that have
both direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for each Fund was in the
best interest of the Fund and its shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
Wells Fargo Advantage Money Market Funds 109
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
ETF -- Exchange-Traded Fund
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 Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MMD -- Municipal Market Data
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
SPDR -- Standard & Poor's Depositary Receipts
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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WELLS ADVANTAGE
FARGO FUNDS
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 FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (GRAPHIC)
Printed on Recycled paper
(C) 2009 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 118014 10-09
SMMM/SAR128 08-09
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(GRAPHIC)
Semi-Annual Report
August 31, 2009
WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
ADMINISTRATOR, INSTITUTIONAL, SELECT, AND SERVICE CLASS
- - WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND(SM)
- - WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND
- - WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND
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WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY
Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
California Tax-Free Money Market Fund .................................... 4
Cash Investment Money Market Fund ........................................ 6
Government Money Market Fund ............................................. 8
Heritage Money Market Fund ............................................... 10
Municipal Money Market Fund .............................................. 12
National Tax-Free Money Market Fund ...................................... 14
Prime Investment Money Market Fund ....................................... 16
Treasury Plus Money Market Fund .......................................... 18
100% Treasury Money Market Fund .......................................... 20
FUND EXPENSES ............................................................ 22
PORTFOLIO OF INVESTMENTS
California Tax-Free Money Market Fund .................................... 25
Cash Investment Money Market Fund ........................................ 35
Government Money Market Fund ............................................. 46
Heritage Money Market Fund ............................................... 51
Municipal Money Market Fund .............................................. 62
National Tax-Free Money Market Fund ...................................... 68
Prime Investment Money Market Fund ....................................... 88
Treasury Plus Money Market Fund .......................................... 97
100% Treasury Money Market Fund .......................................... 98
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 100
Statements of Operations ................................................. 104
Statements of Changes in Net Assets ...................................... 106
Financial Highlights ..................................................... 116
NOTES TO FINANCIAL STATEMENTS ............................................ 124
OTHER INFORMATION ........................................................ 132
LIST OF ABBREVIATIONS .................................................... 137
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 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 $160 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF AUGUST 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
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 Money Market Funds
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE TREND OVER THE SIX-MONTH PERIOD WAS ONE OF STEADY IMPROVEMENT IN INVESTOR
CONFIDENCE AND IN CREDIT MARKET CONDITIONS.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE MONEY MARKET FUNDS for the six-month period that ended August 31,
2009. At the beginning of the period in March 2009, the credit markets were at
the early stages of a recovery in the wake of the credit crisis from late 2008.
We began to see the positive effects from government intervention programs in
the spring of 2009 as the credit system began to build a steadier foundation and
investors increasingly returned to both the credit markets and the equity
markets. The trend over the six-month period was one of steady improvement in
investor confidence and in credit market conditions. Overall, the six-month
period finished with indications of stronger investor sentiment than when it
began.
CREDIT MARKETS SHOWED SIGNS OF IMPROVEMENT.
After the credit crisis of late 2008, short-term credit markets slowly regained
their footing in early 2009. Many investors remained skeptical of certain
financial institutions for several months which caused areas of the credit
markets to remain partially or fully illiquid for months after the crisis. Thus,
the thawing of the frozen credit system relied on the government to break the
ice as the lender of last resort. Even though the government had been chipping
away at the ice for several months, the real thawing did not begin until the
spring of 2009. By leading the way back to the market, several investors slowly
began to follow the government's example, believing that in the worst case
scenario the government would likely step in. As the months went by this
government-inspired investor confidence began to stand on its own two feet.
Investors increasingly traded with each other once again and relied less and
less on selling to the government as the buyer and lender of last resort.
GOVERNMENT PROGRAMS SERVED THEIR PURPOSE AND BEGAN TO DECLINE IN USE.
Several government programs were implemented in late 2008 and had positive
effect during 2009. For money market eligible securities, the most impactful
programs were the Asset-Backed Commercial Paper Money Market Fund Liquidity
Facility (AMLF), the Commercial Paper Funding Facility (CPFF), and the Temporary
Liquidity Guarantee Program (TLGP). All of these facilities were aimed at
reconstructing a market for short-term credit securities. Because investors were
largely unwilling to lend and invest money in an environment of unusually high
risk, the government was compelled to step in to fill the void. This resulted in
a market made by government intervention which served investors well and
produced a foundation for investors to trade on. Towards the end of the third
quarter of 2009, the need for such programs lessened as markets increasingly
functioned on their own merits without explicit government support. Thus, the
government reassessed its intervention and scheduled the retirement of several
programs for the end of October 2009. Credit markets showed little sign of
concern for the end of the programs which, in our view, was an indication of how
far credit markets had improved over the last six months. Looking further back
over the last 12 months since the Lehman Brothers collapse of 2008 and the
resulting credit crisis, credit markets seemed to have satisfactorily stabilized
and have begun to show signs of business as usual.
Wells Fargo Advantage Money Market Funds 3
Letter to Shareholders
SHORT-TERM DEBT SECURITIES HAVE IMPROVED CONSIDERABLY WITH THE IMPROVED CREDIT
MARKETS, BUT ANY PERSISTENT PRESSURES ON THE BUSINESS MARKETS MAY CONTINUE TO
STRESS THE RISK PROFILES OF SOME SECURITIES.
OUR OPTIMISM IS TEMPERED WITH CAUTION.
Although credit markets have improved considerably since the fall of 2008, in
our opinion, there are still reasons to remain prudent. Although we have seen
signs of economic improvement, several of the economic measures still remind us
that we are not yet in a full recovery. Unemployment figures finished the
six-month period at better levels than their lows from March 2009, but remain
suggestive of recessionary conditions. We believe that when the final economic
numbers for the third quarter of 2009 are calculated that the quarter might
prove to be the first positive growth quarter in more than a year, but this will
not necessarily mean that the downturn is behind us. Short-term debt securities
have improved considerably with the improved credit markets, but any persistent
pressures on the business markets may continue to stress the risk profiles of
some securities.
Our response to these ongoing economic developments remains the same. We
continue to manage our money market funds with a cautious and conservative
assessment of the continued risks in the financial markets. Our priority is to
be a stable custodian of investor assets, which is often underappreciated during
stable market conditions, but quickly recognized during more difficult times.
The Wells Fargo Advantage Money Market Funds seek to provide our investors with
the preservation of principal, ample liquidity, and competitive returns that are
characteristic of a preeminent money market fund manager.
A STEADY INVESTMENT DISCIPLINE AND BROAD DIVERSIFICATION OPTIONS MAY HELP.
Experience tells us that strict adherence to time-tested strategies has its
rewards. As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a
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 does provide you with one way of managing risk.
Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
4 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND -
INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND (the Fund) seeks
current income exempt from federal income tax and California individual income
tax, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
January 1, 1992
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (8%)
Municipal Bonds (92%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
90-179 days (4%)
1 day (6%)
2-7 days (84%)
8-14 days (2%)
30-59 days (3%)
60-89 days (1%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 5
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND -
INSTITUTIONAL AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
CALIFORNIA TAX-FREE MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------------- -------- ------ ------ -------
Institutional Class (WCTXX) 0.16 0.95 2.13 1.89
Service Class (WFCXX) 0.05 0.71 2.06 1.86
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Institutional Service
- ----------------------- ------------- -------
7-Day Current Yield 0.14% 0.01%
7-Day Compound Yield 0.14% 0.01%
30-Day Simple Yield 0.15% 0.01%
30-Day Compound Yield 0.15% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) Institutional Class shares incepted on March 31, 2008. Performance shown
since November 8, 1999 for the Institutional Class shares reflects the
performance of the Service Class shares, and includes expenses that are not
applicable to and higher than those of the Institutional Class shares.
Institutional Class shares incepted on March 31, 2008. Performance shown
prior to November 8, 1999 for the Institutional Class reflects the
performance of the Class A shares and includes expenses that are not
applicable to and higher than those of the Institutional Class shares, but
does not include Class A sales charges. If it did include Class A sales
charges, returns would be lower. Performance shown prior to the inception
of the Service Class shares on November 8, 1999, reflects the performance
of the Class A shares, and includes expenses that are not applicable to and
are higher than those of the Service Class shares.
(3.) The investment adviser has contractually committed through June 30, 2010,
to waive fees and/or reimburse expenses to the extent necessary to maintain
a certain net operating expense ratio for the Fund. Without these
reductions, the Fund's returns would have been lower. Without waived fees
and/or reimbursed expenses, the Fund's 7-day current yield would have been
(0.11)% and (0.39)% for Institutional and Service share Classes,
respectively.
6 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL, SELECT AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND (the Fund) seeks
current income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 14, 1987
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Certificates of Deposit (9%)
Commercial Paper (58%)
Floating Rate Bonds (9%)
Municipal Bonds (8%)
Repurchase Agreements (3%)
Short Term Corporate Bonds (3%)
Time Deposits (10%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (17%)
2-7 days (15%)
8-14 days (9%)
15-29 days (11%)
30-59 days (21%)
60-89 days (11%)
90-179 days (8%)
180-269 days (2%)
270+ days (6%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL, SELECT AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
CASH INVESTMENT MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- --------------------------------- -------- ------ ------ -------
Administrator Class (WFAXX) 0.21 1.13 3.28 3.11
Institutional Class (WFIXX) 0.28 1.26 3.42 3.29
Select Class (WFQXX) 0.32 1.34 3.45 3.30
Service Class (NWIXX) 0.13 0.96 3.11 3.01
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Administrator Institutional Select Service
- ----------------------- ------------- ------------- ------ -------
7-Day Current Yield 0.15% 0.28% 0.35% 0.01%
7-Day Compound Yield 0.15% 0.28% 0.35% 0.01%
30-Day Simple Yield 0.18% 0.31% 0.38% 0.02%
30-Day Compound Yield 0.18% 0.31% 0.38% 0.02%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) Performance shown prior to the inception of the Administrator Class shares
on July 31, 2003, reflects the performance of the Service 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 November 8, 1999, reflects the
performance of the Service Class shares, and includes expenses that are not
applicable to and are higher than those of the Institutional Class shares.
Performance shown prior to the inception of the Select Class on June 29,
2007 reflects the performance of the Institutional Class shares, and
includes expenses that are not applicable to and are higher than those of
the Select Class shares. Performance shown prior to November 8, 1999, for
the Select Class shares reflects the performance of the Service Class
shares, and includes expenses that are not applicable to and are higher
than those of the Select Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without waived fees
and/or reimbursed expenses, the Fund's 7-day current yield would have been
0.12%, 0.23%, 0.27%, and (0.06)% for Administrator, Institutional, Select,
and Service share Classes, respectively.
8 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND (the Fund) seeks current
income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
November 16, 1987
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Corporate Bonds & Notes (4%)
Commercial Paper (4%)
Federal Agencies (50%)
Repurchase Agreements (42%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (30%)
2-7 days (12%)
8-14 days (6%)
15-29 days (7%)
30-59 days (9%)
60-89 days (11%)
90-179 days (15%)
180-269 days (1%)
270+ days (9%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
GOVERNMENT MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ---------------------------- -------- ------ ------ -------
Administrator Class (WGAXX) 0.02 0.47 3.03 2.93
Institutional Class (GVIXX) 0.07 0.60 3.18 3.02
Service Class (NWGXX) 0.01 0.39 2.89 2.84
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Administrator Institutional Service
- ----------------------- ------------- ------------- -------
7-Day Current Yield 0.01% 0.03% 0.01%
7-Day Compound Yield 0.01% 0.03% 0.01%
30-Day Simple Yield 0.01% 0.04% 0.01%
30-Day Compound Yield 0.01% 0.04% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND ITSELF.
- ----------
(2.) Performance shown prior to the inception of the Administrator Class shares
on July 31, 2003, reflects the performance of the Service 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 July 28, 2003, reflects the performance
of the Service Class shares, and includes expenses that are not applicable
to and are higher than those of the Institutional Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.14)%, (0.02)%,
(0.31)% for Administrator, Institutional, and Service share Classes,
respectively.
10 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SELECT CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND (the Fund) seeks current
income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
June 29, 1995
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Commercial Paper (66%)
Floating Rate Bonds (4%)
Municipal Bonds (5%)
Repurchase Agreements (6%)
Short Term Corporate Bonds (2%)
Time Deposits (8%)
Certificates of Deposit (9%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (19%)
2-7 days (13%)
8-14 days (6%)
15-29 days (12%)
30-59 days (21%)
60-89 days (14%)
90-179 days (9%)
180-269 days (2%)
270+ days (4%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SELECT CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
HERITAGE MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- -------------------------- -------- ------ ------ -------
Administrator Class (SHMXX) 0.20 1.11 3.24 3.10
Institutional Class (SHIXX) 0.26 1.24 3.42 3.29
Select Class (WFJXX) 0.30 1.31 3.45 3.30
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Administrator Institutional Select
- ----------------------- ------------- ------------- ------
7-Day Current Yield 0.14% 0.27% 0.34%
7-Day Compound Yield 0.14% 0.27% 0.34%
30-Day Simple Yield 0.16% 0.29% 0.36%
30-Day Compound Yield 0.16% 0.29% 0.36%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) Performance shown prior to the inception of the Institutional Class on
March 31, 2000, 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 the inception
of the Select Class on June 29, 2007, reflects the performance of the
Institutional Class shares, and includes expenses that are not applicable
to and are higher than those of the Select Class shares. Performance shown
prior to March 31, 2000 for the Select Class shares reflects the
performance of the Administrator Class shares, and includes expenses that
are not applicable to and are higher than those of the Select Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.10%, 0.22%, and
0.26% for Administrator, Institutional, and Select share Classes,
respectively.
12 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND -
INSTITUTIONAL CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND (the Fund) seeks current
income exempt from regular federal income tax, while preserving capital and
liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 23, 1986
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (4%)
Municipal Bonds (96%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (13%)
2-7 days (80%)
8-14 days (2%)
30-59 days (2%)
90-179 days (3%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND - INSTITUTIONAL CLASS
(CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
MUNICIPAL MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- --------------------------- -------- ------ ------ -------
Institutional Class (WFMXX) 0.31 1.27 2.20 2.20
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009)
- -----------------------
7-Day Current Yield 0.41%
7-Day Compound Yield 0.41%
30-Day Simple Yield 0.46%
30-Day Compound Yield 0.46%
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. INVESMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) Performance shown prior to the inception of the Institutional Class on
March 31, 2008, 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.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.13%.
14 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND - ADMINISTRATOR,
INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND (the Fund) seeks
current income exempt from federal income tax, while preserving capital and
liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
January 7, 1988
PORTFOLIO ALLOCATION(1) (AS OF AUGUST 31, 2009)
(PIE CHART)
PORTFOLIO COM[POSITION(1)(AS OF AUGUST 31, 2009)
Municipal Commercial Paper 6%
Municipal Bonds 94%
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2009)
(PIE CHART)
1 days 19%
2-7 days 73%
30-59 days 3%
60-89 days 1%
90-179 days 4%
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 15
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND - ADMINISTRATOR,
INSTITUTIONAL AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
NATIONAL TAX-FREE MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ----------------------------------- -------- ------ ------ -------
Administrator Class (WNTXX) 0.16 0.93 2.26 2.09
Institutional Class (WFNXX) 0.21 1.03 2.39 2.24
Service Class (MMIXX) 0.09 0.79 2.13 2.03
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Administrator Institutional Service
- ----------------------- ------------- ------------- -------
7-Day Current Yield 0.06% 0.16% 0.01%
7-Day Compound Yield 0.06% 0.16% 0.01%
30-Day Simple Yield 0.11% 0.21% 0.01%
30-Day Compound Yield 0.11% 0.21% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) Performance shown prior to the inception of the Administrator Class shares
on April 11, 2005, reflects the performance of the Service 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 November 8, 1999, reflects the
performance of the Service Class shares, and includes expenses that are not
applicable to and are higher than those of the Institutional Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.00%, 0.10%, and
(0.19)% for Administrator, Institutional, and Service share Classes,
respectively.
16 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND -
INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND (the Fund) seeks
current income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
September 2, 1998
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Certificates of Deposit (10%)
Commercial Paper (60%)
Floating Rate Bonds (8%)
Municipal Bonds (5%)
Repurchase Agreements (7%)
Short Term Corporate Bonds (2%)
Time Deposits (8%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (18%)
2-7 days (14%)
8-14 days (8%)
15-29 days (9%)
30-59 days (26%)
60-89 days (12%)
90-179 days (7%)
180-269 days (2%)
270+ days (4%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 17
Performance Highlights
WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND -
INSTITUTIONAL AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
PRIME INVESTMENT MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ---------------------------------- -------- ------ ------ -------
Institutional Class (PIIXX) 0.22 1.14 3.37 3.11
Service Class (NWRXX) 0.06 0.81 3.02 2.89
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Institutional Service
- ----------------------- ------------- -------
7-Day Current Yield 0.25% 0.01%
7-Day Compound Yield 0.25% 0.01%
30-Day Simple Yield 0.26% 0.01%
30-Day Compound Yield 0.26% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) Performance shown prior to the inception of the Institutional Class shares
on July 28, 2003, reflects the performance of the Service Class shares, and
includes expenses that are not applicable to and are higher than those of
the Institutional Class shares.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.20% and (0.09)%
for Institutional and Service share Classes, respectively.
18 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND (the Fund) seeks
current income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 1, 1985
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
U.S. Treasury Notes (2%)
Repurchase Agreements (84%)
U.S. Treasury Bills (14%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 day (83%)
15-29 days (3%)
30-59 days (9%)
60-89 days (3%)
90-179 days (2%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 19
Performance Highlights
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND -
ADMINISTRATOR, INSTITUTIONAL AND SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2009)
TREASURY PLUS MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------- -------- ------ ------ -------
Administrator Class (WTPXX) 0.01 0.14 2.79 2.79
Institutional Class (PISXX) 0.02 0.19 2.93 2.93
Service Class (PRVXX) 0.01 0.13 2.67 2.68
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(3)
(AS OF AUGUST 31, 2009) Administrator Institutional Service
- ----------------------- ------------- ------------- -------
7-Day Current Yield 0.01% 0.01% 0.01%
7-Day Compound Yield 0.01% 0.01% 0.01%
30-Day Simple Yield 0.01% 0.01% 0.01%
30-Day Compound Yield 0.01% 0.01% 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND ITSELF.
- ----------
(2.) Performance shown prior to the inception of the Administrator Class on
March 31, 2008, reflects the performance of the Institutional Class,
adjusted to reflect Administrator Class expenses.
(3.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.22)%, (0.10)%,
and (0.38)% for Administrator, Institutional, and Service share Classes,
respectively.
20 Wells Fargo Advantage Money Market Funds
Performance Highlights
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND - SERVICE CLASS
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND (the Fund) seeks
current income exempt from most state and local individual income taxes, while
preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
December 3, 1990
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
U.S. Treasury Notes (1%)
U.S. Treasury Bills (99%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
2-7 days (5%)
8-14 days (5%)
15-29 days (17%)
30-59 days (32%)
60-89 days (27%)
90-179 days (13%)
180-269 days (1%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Funds 21
Performance Highlights
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND -
SERVICE CLASS (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
100% TREASURY MONEY MARKET FUND 6 Month* 1 Year 5 Year 10 Year
- ------------------------------- -------- ------ ------ -------
Service Class (NWTXX) 0.01 0.20 2.54 2.57
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. THE U.S. GOVERNMENT
GUARANTEE APPLIES TO CERTAIN OF THE UNDERLYING SECURITIES HELD BY THE FUND AND
NOT TO SHARES OF THE FUND ITSELF.
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.51)%.
22 Wells Fargo Advantage Money Market Funds
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (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 March 1, 2009 to
August 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
CALIFORNIA TAX-FREE MONEY MARKET FUND 03-01-2009 08-31-2009 the Period(1) Expense Ratio
- ------------------------------------- ------------- ------------- ------------- -------------
INSTITUTIONAL CLASS
Actual $1,000.00 $1,001.60 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
Actual $1,000.00 $1,000.50 $2.27 0.45%
Hypothetical (5% return before expenses) $1,000.00 $1,022.94 $2.29 0.45%
CASH INVESTMENT MONEY MARKET FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,002.10 $1.67 0.33%
Hypothetical (5% return before expenses) $1,000.00 $1,023.54 $1.68 0.33%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,002.80 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SELECT CLASS
Actual $1,000.00 $1,003.20 $0.66 0.13%
Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%
SERVICE CLASS
Actual $1,000.00 $1,001.30 $2.52 0.50%
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
Wells Fargo Advantage Money Market Funds 23
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
GOVERNMENT MONEY MARKET FUND 03-01-2009 08-31-2009 the Period(1) Expense Ratio
- ------------------------------------- ------------- ------------- ------------- -------------
ADMINISTRATOR CLASS
Actual $1,000.00 $1,000.20 $1.76 0.35%
Hypothetical (5% return before expenses) $1,000.00 $1,023.44 $1.79 0.35%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,000.70 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
Actual $1,000.00 $1,000.10 $2.52 0.50%
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
HERITAGE MONEY MARKET FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,002.00 $1.67 0.33%
Hypothetical (5% return before expenses) $1,000.00 $1,023.54 $1.68 0.33%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,002.60 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SELECT CLASS
Actual $1,000.00 $1,003.00 $0.66 0.13%
Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%
MUNICIPAL MONEY MARKET FUND
INSTITUTIONAL CLASS
Actual $1,000.00 $1,003.10 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
NATIONAL TAX-FREE MONEY MARKET FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,001.60 $1.51 0.30%
Hypothetical (5% return before expenses) $1,000.00 $1,023.69 $1.53 0.30%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,002.10 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
Actual $1,000.00 $1,000.90 $2.27 0.45%
Hypothetical (5% return before expenses) $1,000.00 $1,022.94 $2.29 0.45%
PRIME INVESTMENT MONEY MARKET FUND
INSTITUTIONAL CLASS
Actual $1,000.00 $1,002.20 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
Actual $1,000.00 $1,000.60 $2.77 0.55%
Hypothetical (5% return before expenses) $1,000.00 $1,022.43 $2.80 0.55%
24 Wells Fargo Advantage Money Market Funds
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
TREASURY PLUS MONEY MARKET FUND 03-01-2009 08-31-2009 the Period(1) Expense Ratio
- ------------------------------------- ------------- ------------- ------------- -------------
ADMINISTRATOR CLASS
Actual $1,000.00 $1,000.10 $1.76 0.35%
Hypothetical (5% return before expenses) $1,000.00 $1,023.44 $1.79 0.35%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,000.20 $1.01 0.20%
Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
Actual $1,000.00 $1,000.10 $2.52 0.50%
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
100% TREASURY MONEY MARKET FUND
SERVICE CLASS
Actual $1,000.00 $1,000.10 $2.52 0.50%
Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
- ----------
(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 Money Market Funds 25
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER: 8.46%
$ 14,365,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT 0.25% 10/06/2009 $ 14,365,000
22,500,000 CALIFORNIA PCFA 0.35 10/01/2009 22,500,000
4,210,000 DUBLIN SAN RAMON SERVICE DISTRICT EAST BAY MUD WATER AUTHORITY 0.30 11/05/2009 4,210,000
26,300,000 GOLDEN GATE BRIDGE, HIGHWAY & TRANSPORTATION DISTRICT 0.35 10/08/2009 26,300,000
12,245,000 IMPERIAL IRRIGATION DISTRICT CALIFORNIA ELECTRIC & WATER SYSTEM 0.30 09/09/2009 12,245,000
6,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS 0.35 09/03/2009 6,000,000
15,000,000 LOS ANGELES METROPOLITAN TRANSPORTATION 0.35 11/06/2009 15,000,000
6,000,000 LOS ANGELES MUNICIPAL IMPROVEMENT 0.30 12/09/2009 6,000,000
15,000,000 LOS ANGELES MUNICIPAL IMPROVEMENT 0.30 12/10/2009 15,000,000
30,700,000 SACRAMENTO MUD 0.40 01/15/2010 30,700,000
5,000,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 0.80 09/10/2009 5,000,000
22,561,000 SAN DIEGO REGIONAL AIRPORT AUTHORITY 0.40 12/03/2009 22,561,000
16,880,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.35 01/13/2010 16,880,000
8,425,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.40% 12/09/2009 8,425,000
8,425,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.45 01/12/2010 8,425,000
43,185,000 SAN JOAQUIN TRANSPORTATION AUTHORITY 0.32 09/08/2009 43,185,000
TOTAL COMMERCIAL PAPER (COST $256,796,000) 256,796,000
---------------
MUNICIPAL BONDS & NOTES: 91.64%
CALIFORNIA: 90.26%
10,865,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA AIR
FORCE VILLAGE WEST INCORPORATED (OTHER REVENUE, KBC BANK NV
LOC)ss+/- 0.30 05/15/2035 10,865,000
8,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2038 8,000,000
10,110,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA COLMA
BART APARTMENTS SERIES A (HOUSING REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.45 11/15/2035 10,110,000
5,435,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
FRANCIS PARKER SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, BANK OF
NEW YORK LOC)ss+/- 0.23 09/01/2036 5,435,000
19,455,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.13 11/15/2035 19,455,000
4,180,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA LA
JOLLA COUNTY DAY SCHOOL SERIES A (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 09/01/2036 4,180,000
3,100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MARIN
ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.26 07/01/2029 3,100,000
10,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MENLO
SCHOOL (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.18 09/01/2033 10,000,000
11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
FINE ARTS BUILDING PROJECTS A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33 07/15/2035 11,200,000
6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
GAIA BUILDING PROJECT SERIES A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33 09/15/2032 6,965,000
8,970,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR
GENEVA POINTE APARTMENTS A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.32 03/15/2037 8,970,000
2,635,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE,
LASALLE NATIONAL BANK NA LOC)ss+/- 0.12 06/01/2037 2,635,000
2,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA SAINT
ANTHONY FOUNDATION (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.25 03/01/2037 2,200,000
3,380,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA SAN
FRANCISCO UNIVERSITY SERIES A (PRIVATE SCHOOL REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.55 04/01/2035 3,380,000
10,500,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS SACRED
HEART SERIES FB (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 06/01/2030 10,500,000
1,895,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTEREY APARTMENTS SERIES B
(MFHR, FNMA INSURED)ss+/- 0.30 05/15/2027 1,895,000
12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS (MFHR, FHLMC
INSURED)ss+/- 0.30 07/01/2033 12,600,000
26 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS PROJECT SERIES C
(MFHR LOC, FNMA INSURED)ss+/- 0.33% 07/15/2033 $ 6,000,000
10,400,000 ARCADIA CA USD (PROPERTY TAX REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.39 08/01/2037 10,400,000
7,768,500 ARCADIA CA USD SERIES 2679 (OTHER REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.54 08/01/2013 7,768,500
5,900,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.82 09/01/2035 5,900,000
26,400,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A
(IDR, KBC BANK NV LOC)ss+/- 0.33 12/01/2028 26,400,000
25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING AUTHORITY GE
CAPITAL CORPORATION SERIES A (ELECTRIC REVENUE)ss+/- 0.36 10/01/2020 25,040,000
3,925,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2043 3,925,000
39,770,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA INSTITUTE
OF TECHNOLOGY SERIES B (COLLEGE & UNIVERSITY REVENUE, GO OF
INSTITUTION INSURED)ss+/- 0.14 10/01/2036 39,770,000
12,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHARLES R DREW
UNIVERSITY (OTHER REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 1.17 11/01/2042 12,500,000
5,100,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY PITZER COLLEGE SERIES
B (COLLEGE & UNIVERSITY REVENUE, BANK OF NEW YORK LOC)ss+/- 0.20 04/01/2045 5,100,000
5,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK COLBURN
SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.45 08/01/2037 5,500,000
5,910,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK JEWISH
COMMUNITY CENTER SERIES A (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.12 12/01/2031 5,910,000
2,600,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LYCEE
FRANCIAS DE LOS ANGELES PROJECT (COLLEGE & UNIVERSITY REVENUE,
MELLON BANK NA LOC)ss+/- 0.25 09/01/2036 2,600,000
520,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II
R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/- 0.27 07/01/2030 520,000
6,225,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SAGE HILL
SCHOOL PROJECT (OTHER REVENUE, AIB GROUP LOC)ss+/- 0.39 06/01/2038 6,225,000
3,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SOUTHERN CA
PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.43 10/01/2025 3,000,000
10,775,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST.
MARGARETS EPISCOPAL SCHOOL (OTHER REVENUE, ALLIED IRISH BANK
PLC LOC)ss+/- 0.55 01/01/2038 10,775,000
5,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK THE BAY
INSTITUTE AQUARIUM FOUNDATION (OTHER REVENUE, FHLMC
INSURED)ss+/- 0.20 06/01/2025 5,500,000
3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY (ECONOMIC DEVELOPMENT
REVENUE, PACIFIC NATIONAL LOC)ss+/- 0.20 12/01/2042 3,500,000
15,350,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
INCORPORATED PROJECT SERIES A (SOLID WASTE REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.35 02/01/2019 15,350,000
2,000,000 CALIFORNIA PCFA WADHAM ENERGY (PCR, BNP PARIBAS LOC)ss+/- 0.29 11/01/2017 2,000,000
6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER REVENUE, BANQUE
NATIONALE PARIS LOC)ss+/- 0.29 11/01/2017 6,275,000
400,000 CALIFORNIA SERIES B (HFFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 09/01/2028 400,000
1,500,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 07/01/2033 1,500,000
19,300,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFFA REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.65 11/15/2036 19,300,000
3,000,000 CALIFORNIA STATE CDA MFHR BAY VISTA MEADOW PARK NN1 (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.30 12/15/2037 3,000,000
12,290,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST COMPANY
NA LOC)ss+/- 0.20 05/01/2022 12,290,000
4,380,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 05/01/2022 4,380,000
7,700,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE, FSA INSURED)ss+/- 0.55 05/01/2022 7,700,000
9,740,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE, KBC
BANK NV LOC)ss+/- 0.10 05/01/2022 9,740,000
64,915,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)ss+/- 0.35 05/01/2017 64,915,000
Wells Fargo Advantage Money Market Funds 27
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 2,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G7 (WATER REVENUE, FSA
INSURED)ss+/- 0.60% 05/01/2017 $ 2,000,000
3,995,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 0.27 06/01/2016 3,995,000
8,000,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C11 (SALES TAX REVENUE,
BNP PARIBAS LOC)ss+/- 0.15 07/01/2023 8,000,000
38,605,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C16 (SALES TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.75 07/01/2023 38,605,000
9,630,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)ss 5.75 10/01/2009 9,754,167
15,530,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)ss 5.75 10/01/2009 15,730,240
15,530,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)ss 5.88 10/01/2009 15,731,814
22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.64 04/01/2010 22,315,000
8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER REVENUE, CALYON BANK
LOC)ss+/- 0.20 05/01/2040 8,560,000
425,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.26 05/01/2040 425,000
3,800,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B4
(PROPERTY TAX REVENUE, CITIBANK NA LOC)ss+/- 0.22 05/01/2034 3,800,000
2,100,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5
(PROPERTY TAX REVENUE, CITIBANK NA LOC )ss+/- 0.20 05/01/2034 2,100,000
12,825,000 CALIFORNIA STATEWIDE CDA (HOSPITAL REVENUE, CITIBANK NA LOC)ss+/- 0.94 08/15/2032 12,825,000
5,625,000 CALIFORNIA STATEWIDE CDA (PRIVATE SCHOOL REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.45 10/01/2036 5,625,000
9,880,000 CALIFORNIA STATEWIDE CDA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.21 08/01/2033 9,880,000
5,300,000 CALIFORNIA STATEWIDE CDA 1030 POST STREET APARTMENTS SERIES Y
(MFHR, FHLMC INSURED)ss+/- 0.33 02/01/2039 5,300,000
2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C (MFHR, FNMA
INSURED)ss+/- 0.42 07/01/2027 2,155,000
6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL SERIES H (MFHR)ss+/- 0.33 07/01/2027 6,270,000
2,745,000 CALIFORNIA STATEWIDE CDA ARBOR RIDGE APARTMENTS SERIES B (MFHR,
FHLMC INSURED)ss+/- 0.36 11/01/2036 2,745,000
4,155,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS INCORPORATED
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 05/01/2035 4,155,000
36,550,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 04/01/2039 36,550,000
9,390,000 CALIFORNIA STATEWIDE CDA BELMONT PROJECT SERIES F (MFHR, FNMA
LOC)ss+/- 0.31 06/15/2038 9,390,000
7,180,000 CALIFORNIA STATEWIDE CDA CHADWICK SCHOOL (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.26 10/01/2029 7,180,000
4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT APARTMENTS SERIES L (MFHR,
FHLMC INSURED)ss+/- 0.36 09/01/2040 4,000,000
6,000,000 CALIFORNIA STATEWIDE CDA CHILDRENS HOSPITAL SERIES C (HCFR, BANK
OF AMERICA NA LOC)ss+/- 0.12 08/15/2034 6,000,000
2,000,000 CALIFORNIA STATEWIDE CDA CULINARY INSTITUTE OF AMERICA (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 10/01/2038 2,000,000
1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS SERIES TT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.35 12/15/2034 1,925,000
6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS SERIES C (MFHR,
FHLMC INSURED)ss+/- 0.30 01/01/2038 6,000,000
3,310,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO SERIES F (HOUSING REVENUE,
CITIBANK NA LOC)ss+/- 0.37 07/01/2038 3,310,000
5,580,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS SERIES JJ (MFHR, US
BANK NA LOC)ss+/- 0.16 11/01/2031 5,580,000
18,110,000 CALIFORNIA STATEWIDE CDA LIVERMORE VALLEY ARTS CENTER PROJECT
(OTHER REVENUE, BANK OF NEW YORK LOC)ss+/- 0.16 12/01/2036 18,110,000
6,135,000 CALIFORNIA STATEWIDE CDA MARIN HORIZON SCHOOL (PRIVATE SCHOOL
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2036 6,135,000
6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE SERIES A (MFHR, FNMA
INSURED)ss+/- 0.25 02/15/2036 6,500,000
10,700,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY APARTMENTS SERIES M
(MFHR, FHLMC INSURED)ss+/- 0.32 12/01/2034 10,700,000
3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS SERIES R
(MFHR, FNMA INSURED)ss+/- 0.35 10/15/2030 3,985,000
12,000,000 CALIFORNIA STATEWIDE CDA MFHR IMPERIAL PARK APARTMENTS SERIES 00
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.50 11/01/2040 12,000,000
3,200,000 CALIFORNIA STATEWIDE CDA MFHR SERIES AA (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33 04/15/2035 3,200,000
11,330,000 CALIFORNIA STATEWIDE CDA NATIONAL CENTER INTERNATIONAL SCHOOLS A
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.50 05/01/2026 11,330,000
7,840,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y (MFHR, FNMA
INSURED)ss+/- 0.32 08/01/2031 7,840,000
28 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK APARTMENTS SERIES Y (MFHR,
FNMA INSURED)ss+/- 0.33% 10/15/2030 $ 8,640,000
150,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.12 07/01/2034 150,000
5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR APARTMENTS SERIES B (MFHR,
FNMA INSURED)ss+/- 0.33 05/15/2037 5,265,000
15,500,000 CALIFORNIA STATEWIDE CDA SERIES 2680 (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.49 05/18/2018 15,500,000
5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE PROJECT SERIES A
(MFHR, FNMA INSURED)ss+/- 0.33 05/01/2027 5,665,000
4,025,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM SERIES A (HCFR,
CITIBANK NA LOC)ss+/- 0.25 08/01/2035 4,025,000
3,375,000 CALIFORNIA STATEWIDE CDA TIGER WOODS LEARNING FOUNDATION (PRIVATE
SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.15 07/01/2036 3,375,000
1,900,000 CALIFORNIA STATEWIDE CDA TOURO UNIVERSITY PROJECT (COLLEGE &
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 09/01/2029 1,900,000
10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN DIEGO (COLLEGE &
UNIVERSITY REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.18 10/01/2045 10,000,000
4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR PROJECT MM (MFHR, EAST
WEST BANK LOC)ss+/- 0.32 11/01/2035 4,000,000
3,620,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA SERIES CCC (MFHR,
FNMA INSURED)ss+/- 0.33 11/15/2039 3,620,000
4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH APARTMENTS SERIES D
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.35 11/15/2035 4,375,000
79,950,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES A (OTHER
REVENUE, BANK OF NEW YORK LOC)ss+/- 0.52 06/01/2039 79,950,000
1,160,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY CENTER FOR EARLY
EDUCATION (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.55 09/01/2031 1,160,000
4,538,000 CALIFORNIA UNIVERSITY OF SAN FRANCISCO SERIES 2005B (EDUCATIONAL
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 10/01/2035 4,538,000
1,900,000 CASTACIC CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 2.00 09/01/2026 1,900,000
6,555,000 CENTRAL BASIN CA MUNICIPAL WATER DISTRIBUTION SERIES B (WATER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.26 08/01/2037 6,555,000
2,100,000 CONCORD CA MFHR (OTHER REVENUE, FHLMC INSURED)ss+/- 0.45 12/01/2016 2,100,000
14,500,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS SERIES B (MFHR, FHLMC
INSURED)ss+/- 0.30 07/01/2036 14,500,000
3,005,000 CONTRA COSTA COUNTY CA HOUSING AUTHORITY SERIES C (HOUSING
REVENUE, FHLMC INSURED)ss+/- 0.23 11/15/2017 3,005,000
2,000,000 CONTRA COSTA COUNTY CA MFHR (HOUSING REVENUE, FHLMC INURED)ss+/- 0.28 10/15/2033 2,000,000
2,000,000 CONTRA COSTA COUNTY CA MFHR SERIES B REMARKETED 09/28/94 (MFHR,
FNMA INSURED)ss+/- 0.24 11/15/2022 2,000,000
26,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-287 (OTHER REVENUE,
MBIA INSURED)ss+/- 0.31 09/01/2037 26,375,000
5,775,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-445 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.41 08/01/2032 5,775,000
5,142,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-477 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.49 12/01/2024 5,142,000
8,465,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-448 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31 07/01/2032 8,465,000
4,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-457 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2032 4,000,000
14,406,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2042 14,406,000
10,530,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490 (TAX INCREMENTAL
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 02/01/2031 10,530,000
4,105,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.34 07/01/2031 4,105,000
5,870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600 (WATER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.31 02/01/2038 5,870,000
5,505,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2028 5,505,000
4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2031 4,065,000
2,995,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 08/01/2031 2,995,000
4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 02/01/2024 4,520,000
Wells Fargo Advantage Money Market Funds 29
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 11,910,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31% 09/01/2027 $ 11,910,000
11,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 08/01/2033 11,570,000
7,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-649 (PROPERTY TAX
REVENUE, MBIA INSURED)ss+/- 0.31 06/01/2031 7,570,000
8,453,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-670 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 06/01/2028 8,453,000
2,385,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 11/01/2038 2,385,000
1,690,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525 (OTHER REVENUE,
FGIC INSURED)ss+/- 0.31 06/01/2035 1,690,000
1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-575 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.31 09/01/2029 1,025,000
6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.31 06/01/2028 6,460,000
22,025,000 EAST BAY CA MUD SERIES A1 (WATER REVENUE)ss+/- 0.39 06/01/2026 22,025,000
21,400,000 EAST BAY CA MUD SERIES A2 (WATER REVENUE)ss+/- 0.39 06/01/2026 21,400,000
31,500,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 31,500,000
23,320,000 EAST BAY CA MUD SUBSERIES A4 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 23,320,000
6,950,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2038 6,950,000
6,805,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.40 06/01/2027 6,805,000
3,530,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES D (WATER REVENUE, LLOYDS BANK LOC)ss+/- 0.16 07/01/2023 3,530,000
8,260,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES F (WATER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 07/01/2038 8,260,000
10,720,000 ELSINORE VALLEY CA MUNICIPAL WATER DISTRICT COP SERIES B (WATER &
SEWER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.50 07/01/2035 10,720,000
9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.33 08/15/2026 9,800,000
19,805,000 GOLDEN STATE CA TOBACCO SECURITIZATION CORPORATION CLASS A (OTHER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 06/01/2045 19,805,000
18,055,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT EAGLE 20060117 CLASS A (OTHER REVENUE, FGIC
INSURED)ss+/- 0.54 06/01/2035 18,055,000
11,500,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11432 (OTHER REVENUE, CITIBANK
NA LOC)ss+/- 0.59 06/01/2045 11,500,000
19,085,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11442 (OTHER REVENUE, CITIBANK
NA LOC)ss+/- 0.59 06/01/2045 19,085,000
4,800,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES 2966 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 06/01/2014 4,800,000
7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON HILLS SERIES A
(HOUSING REVENUE LOC, FNMA INSURED)ss+/- 0.24 06/15/2025 7,400,000
4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A REMARKETED 03/17/94 (MFHR, FGIC
INSURED)ss+/- 0.23 07/15/2014 4,000,000
6,450,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT SERIES A
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.16 08/01/2032 6,450,000
1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.24 01/01/2025 1,000,000
5,190,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (LEASE
REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2028 5,190,000
7,505,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (LEASE
REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2038 7,505,000
4,955,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 2.15 02/01/2018 4,955,000
11,000,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #07-22-A
(OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.10 09/02/2032 11,000,000
10,730,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #97-17
(OTHER REVENUE, STATE STREET BANK & TRUST LOC)ss+/- 0.10 09/02/2023 10,730,000
4,000,000 IRVINE RANCH CA WATER DISTRICT BANK OF AMERICA INSURED (WATER &
SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 04/01/2033 4,000,000
13,610,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3164 (PROPERTY TAX
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 08/01/2015 13,610,000
6,700,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS
SERIES A (MFHR, FNMA INSURED)ss+/- 0.21 02/15/2031 6,700,000
30 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS
PROJECT SERIES C (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25% 12/01/2026 $ 5,500,000
4,000,000 LOMA LINDA CA HOSPITAL LOMA LINDA UNIVERSITY MEDICAL CENTER B
(HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 12/01/2038 4,000,000
17,000,000 LOMA LINDA CA LOMA LINDA UNIVERSITY SERIES B (HEALTHCARE
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 12/01/2037 17,000,000
5,355,000 LOS ANGELES CA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.23 08/01/2035 5,355,000
13,090,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A (MFHR, FHLMC
INSURED)ss+/- 0.30 08/01/2018 13,090,000
4,780,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT SERIES 2864 (PROPERTY
TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 08/01/2014 4,780,000
7,265,000 LOS ANGELES CA COMMUNITY RDA MFHR SECOND & CENTRAL APARTMENTS
PROJECT (HOUSING REVENUE, HSBC USA NA LOC)ss+/- 0.27 12/01/2038 7,265,000
6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING PROJECT SERIES A
(MFHR, FNMA INSURED)ss+/- 0.36 12/15/2034 6,290,000
4,930,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 12/01/2035 4,930,000
2,710,000 LOS ANGELES CA COP NOTRE DAME HIGH SCHOOL SERIES A (LEASE REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 09/01/2036 2,710,000
5,000,000 LOS ANGELES CA COP SAMUEL A FRYER YAVNEY SERIES A (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.34 08/01/2038 5,000,000
500,000 LOS ANGELES CA COP WINDWARD SERIES A (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.55 07/01/2037 500,000
2,000,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL
AIRPORT SERIES C1 (AIRPORT REVENUE, BANQUE NATIONALE
PARIS LOC)ss+/- 0.20 05/15/2020 2,000,000
9,250,000 LOS ANGELES CA DW&P CLASS A (WATER REVENUE, AMBAC INSURED)ss+/- 0.39 07/01/2035 9,250,000
7,980,000 LOS ANGELES CA DW&P ROCS RR II-11531 (WATER & SEWER REVENUE, MBIA
INSURED)ss+/- 0.42 01/01/2013 7,980,000
11,600,000 LOS ANGELES CA DW&P SUBSERIES A4 (POWER REVENUE, LLOYDS
BANK LOC)ss+/- 0.16 07/01/2035 11,600,000
4,700,000 LOS ANGELES CA MFHR FOUNTAIN PARK PROJECT SERIES P (MFHR,
CALIFORNIA BANK & TRUST NA LOC)ss+/- 0.28 04/15/2033 4,700,000
3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE APARTMENTS (MFHR, EAST WEST
BANK LOC)ss+/- 0.32 07/01/2027 3,540,000
21,300,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A2 (POWER REVENUE, US BANK
NA LOC)ss+/- 0.20 07/01/2035 21,300,000
16,700,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A3 (POWER REVENUE)ss+/- 0.16 07/01/2035 16,700,000
5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A6 (UTILITIES REVENUE)ss+/- 0.20 07/01/2035 5,000,000
10,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A8 (WATER REVENUE)ss+/- 0.20 07/01/2035 10,000,000
4,610,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.42 07/01/2015 4,610,000
39,225,000 LOS ANGELES CA SUBSERIES B1 (WATER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)ss+/- 0.15 07/01/2035 39,225,000
13,200,000 LOS ANGELES CA WASTE WATER SUBSERIES D (SEWER REVENUE, BANK OF
NOVA SCOTIA)ss+/- 0.18 06/01/2028 13,200,000
2,800,000 LOS ANGELES CA WASTE WATER SYSTEM SERIES 2254 (OTHER REVENUE, MBIA
INSURED)ss+/- 0.54 06/01/2013 2,800,000
7,000,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G (SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.21 06/01/2032 7,000,000
7,340,000 LOS ANGELES CA WATER & POWER SERIES 2971 (ELECTRIC REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.54 01/01/2014 7,340,000
4,300,000 LOS ANGELES CA WATTS ATHENS APARTMENTS SERIES A (HOUSING REVENUE,
FHLB INSURED)ss+/- 0.32 08/15/2030 4,300,000
2,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING
REVENUE, FHLMC INSURED)ss+/- 0.50 09/01/2030 2,500,000
5,100,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY SERIES
C3 (SALES TAX REVENUE, SUMITOMO MITSUI BANK LOC)ss+/- 0.17 07/01/2025 5,100,000
5,000,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING PROJECT SERIES A
(OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2024 5,000,000
5,065,000 LOS RIOS CA COMMUNITY COLLEGE DISTRICT SERIES 2972 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 02/01/2013 5,065,000
9,260,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX ALLOCATION REVENUE,
STATE STREET BANK & TRUST LOC)ss+/- 0.14 10/01/2042 9,260,000
9,030,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX ALLOCATION
REVENUE, AMBAC INSURED)ss+/- 0.14 01/01/2031 9,030,000
10,515,000 METROPOLITAN WATER DISTRICT SOUTHERN CA (WATER REVENUE, CITIBANK
NA LOC)ss+/- 0.29 02/01/2015 10,515,000
Wells Fargo Advantage Money Market Funds 31
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 25,600,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS CLASS A
(WATER REVENUE, CITIBANK NA LOC)ss+/- 0.29% 07/01/2037 $ 25,600,000
700,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES C (WATER REVENUE)ss+/- 0.18 07/01/2027 700,000
6,150,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES B1
(OTHER REVENUE, CITIBANK NA LOC)ss+/- 0.20 07/01/2028 6,150,000
7,185,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES C
(WATER REVENUE, DEXIA INSURED)ss+/- 0.30 10/01/2029 7,185,000
1,550,000 MONTEREY PENINSULA CA WATER MANAGEMENT DISTRICT
(LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.25 07/01/2022 1,550,000
52,520,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA REDEVELOPMENT
PROJECT A (OTHER REVENUE, SCOTIA BANK LOC)ss+/- 0.20 09/01/2033 52,520,000
15,750,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.26 12/01/2040 15,750,000
10,100,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A
(ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2032 10,100,000
6,070,000 ORANGE COUNTY CA (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 12/15/2028 6,070,000
4,700,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT ISSUE G SERIES 1
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 4,700,000
1,500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE ISSUE G SERIES 2
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 1,500,000
4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK RIDGE VILLAS
PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.24 11/15/2028 4,000,000
14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT PARK PLACE
APARTMENTS ISSUE A (HOUSING REVENUE, FHLB INSURED)ss+/- 0.31 04/01/2024 14,900,000
8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D HARBOR
POINTE PROJECT (HOUSING REVENUE, FHLMC LOC)ss+/- 0.24 12/01/2022 8,619,000
500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES G3
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.23 11/15/2028 500,000
4,244,000 ORANGE COUNTY CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT
01-1 SERIES A (SPECIAL TAX REVENUE, KBC BANK NV LOC)ss+/- 0.12 09/02/2033 4,244,000
5,060,000 ORANGE COUNTY CA SANITATION DISTRICT SERIES A
(LEASE REVENUE)ss+/- 0.18 08/01/2029 5,060,000
1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES 25297
(SEWER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 02/01/2015 1,075,000
45,800,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B
(LEASE REVENUE)ss+/- 0.18 08/01/2030 45,800,000
52,015,000 ORANGE COUNTY CA WATER DISTRICT SERIES A (WATER REVENUE, LLOYDS
TSB BANK PLC LOC)ss+/- 0.16 08/01/2042 52,015,000
9,615,000 PASADENA CA COMMUNITY DEVELOPMENT COMMISSION HOLLY STREET
APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.19 12/15/2033 9,615,000
19,400,000 PITTSBURG CA PUBLIC FINANCING AUTHORITY WATER (WATER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.45 06/01/2035 19,400,000
7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY SERIES B (OTHER
REVENUE, UBS AG LOC)ss+/- 0.19 08/15/2031 7,000,000
160,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 03/01/2037 160,000
3,245,000 RIVERSIDE CA ELECTRIC PUTTERS SERIES 3042Z (ELECTRIC REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.16 04/01/2016 3,245,000
4,350,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.23 10/01/2035 4,350,000
1,500,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN VIEW APARTMENTS
SERIES A (MFHR, REDLANDS FEDERAL S&L LOC)ss+/- 0.24 08/01/2025 1,500,000
2,300,000 RIVERSIDE COUNTY CA IDA IDR CRYOGENIC PROJECT ISSUE B (IDR, BANK
OF AMERICA NA LOC)ss+/- 0.31 07/05/2014 2,300,000
14,750,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.55 02/01/2035 14,750,000
13,200,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.55 02/01/2035 13,200,000
7,500,000 ROSEVILLE CA SPECIAL TAX COMMUNITY DISTRICT #1 HIGHLAND
PREREFUNDED (SPECIAL TAX REVENUE)ss 6.30 09/01/2009 7,650,000
7,000,000 SACRAMENTO CA HOUSING AUTHORITY SHENANDOAH APARTMENTS SERIES F
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 09/15/2036 7,000,000
5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.24 07/15/2029 5,000,000
32 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR ARLINGTON CREEK
APARTMENT SERIES I (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32% 05/15/2034 $ 7,000,000
6,835,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR CASCADES
SERIES D (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 09/15/2035 6,835,000
9,140,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR LOGAN PART APARTMENTS
ISSUE E (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.36 05/01/2042 9,140,000
6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK
APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 02/15/2033 6,000,000
2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS AT WINTER
SERIES C2 (MFHR, FHLMC INSURED)ss+/- 0.21 08/01/2034 2,900,000
4,700,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS
PROJECT ISSUE A (MFHR, FHLMC INSURED)ss+/- 0.31 12/01/2022 4,700,000
10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS SERIES B
(MFHR, FNMA INSURED)ss+/- 0.21 08/15/2027 10,000,000
5,800,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY ROCS
RR II 11579 (SEWER REVENUE, CITIBANK NA LOC)ss+/- 0.42 06/01/2030 5,800,000
6,700,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SERIES A (SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 12/01/2036 6,700,000
13,525,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SERIES D (SEWER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.12 12/01/2039 13,525,000
5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SUBORDINATE LIEN SACRAMENTO DISTRICT E (SEWER REVENUE,
US BANK NA LOC)ss+/- 0.20 12/01/2040 5,000,000
5,050,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SUBORDINATE LIEN SACRAMENTO REGULATION C (SEWER REVENUE,
CREDIT AGRICOLE INDOSUEZ LOC)ss+/- 0.23 12/01/2030 5,050,000
7,000,000 SAN BERNARDINO CA REDEVELOPMENT AGENCY SILVER WOODS APARTMENTS
PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.33 05/01/2026 7,000,000
7,319,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE REVENUE, BANK
OF AMERICA NA LOC)ss+/- 0.21 03/01/2024 7,319,000
5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT (WATER
REVENUE, UBS AG LOC)ss+/- 0.20 08/01/2037 5,500,000
6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS
PROJECT SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 05/15/2029 6,115,000
5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT
SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 05/15/2029 5,600,000
4,785,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES A (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 04/01/2038 4,785,000
4,085,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.15 04/01/2038 4,085,000
24,000,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.35 04/01/2038 24,000,000
1,545,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES 2873 (WATER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.54 05/01/2013 1,545,000
5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND SERIES
37D (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.65 05/01/2030 5,000,000
16,750,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SERIES 37C
(AIRPORT REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.65 05/01/2029 16,750,000
4,655,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SERIES
B (AIRPORT REVENUE)ss+/- 0.75 05/01/2029 4,655,000
5,425,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION MOSCONE CENTER
(LEASE REVENUE, STATE STREET BANK & TRUST LOC)ss+/- 0.21 04/01/2030 5,425,000
2,700,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE APARTMENTS
SERIES B (MFHR, CITIBANK NA LOC)ss+/- 0.43 03/01/2036 2,700,000
40,000,000 SAN FRANCISCO CA CITY & COUNTY RDA FILLMORE CENTER SERIES B1
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.27 12/01/2017 40,000,000
6,540,000 SAN FRANCISCO CA CITY & COUNTY RDA NOTRE DAME APARTMENTS SERIES G
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.35 12/01/2033 6,540,000
9,325,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO CEPEDA PLACE SERIES D
(MFHR, CITIBANK NA LOC)ss+/- 0.43 11/01/2033 9,325,000
Wells Fargo Advantage Money Market Funds 33
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 1,400,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY (MFHR, FNMA
INSURED)ss+/- 0.28% 06/15/2034 $ 1,400,000
3,190,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.26 08/01/2032 3,190,000
9,250,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT HUNTERS POINT SERIES A (TAX REVENUE, KBC
BANK NV LOC)ss+/- 0.37 08/01/2036 9,250,000
3,130,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR LELAND
POLK SENIOR COMMUNITY SERIES A (MFHR, CITIBANK NA LOC)ss+/- 0.43 12/01/2019 3,130,000
6,250,000 SAN JOAQUIN HILLS CA TRANSPORTATION CORRIDOR AGENCY (TOLL ROAD
REVENUE)## 0.98 01/01/2010 6,238,608
8,900,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.30 02/01/2037 8,900,000
9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR, FNMA
INSURED)ss+/- 0.43 02/01/2038 9,360,000
7,100,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATION (HOUSING REVENUE,
BANK OF NEW YORK LOC)ss+/- 0.40 08/01/2035 7,100,000
5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.23 07/15/2018 5,025,000
37,545,000 SANTA CLARA CA SUBSERIES B (ELECTRIC PLANT REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2027 37,545,000
20,750,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE FACILITIES
PROJECTS SERIES M (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 05/15/2035 20,750,000
5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS PROJECT
SERIES A (MFHR, FNMA INSURED)ss+/- 0.24 12/15/2025 5,900,000
3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS (HOUSING REVENUE, FHLB
INSURED)ss+/- 0.32 05/01/2040 3,120,000
16,440,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.22 06/01/2010 16,440,000
17,695,000 SIMI VALLEY CA SERIES A (MFHR)ss+/- 0.23 07/01/2023 17,695,000
5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.31 09/01/2019 5,700,000
32,900,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT (ELECTRIC REVENUE, KBC
BANK NV LOC)ss+/- 0.21 07/01/2036 32,900,000
118,685,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT REVENUE
(UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.90 07/01/2019 118,685,000
9,900,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT PALO VERDE SUB SERIES A
(OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 07/01/2017 9,900,000
6,000,000 STOCKTON CA HCFR SERIES A (HCFR, CITIBANK NA LOC)ss+/- 0.18 12/01/2032 6,000,000
8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY
TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.94 02/01/2013 8,220,000
12,460,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/15/2038 12,460,000
12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS (HOUSING REVENUE,
EAST WEST BANK LOC)ss+/- 0.24 08/01/2037 12,000,000
7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.25 05/15/2029 7,750,000
3,200,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 07/15/2018 3,200,000
7,425,000 VAL VERDE CA USD COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.21 03/01/2036 7,425,000
3,620,000 WALNUT CREEK CA CREEKSIDE DRIVE (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.21 04/01/2027 3,620,000
10,000,000 WHITTIER CA WHITTIER COLLEGE (COLLEGE & UNIVERSITY REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 10,000,000
8,340,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-12225 (PROPERTY
TAX REVENUE, CITIBANK NA LOC)ss+/- 0.39 10/01/2016 8,340,000
2,740,394,329
---------------
OTHER: 0.46%
8,030,000 BB&T MUNICIPAL TRUST (LEASE REVENUE, BRANCH BANKING & TRUST
LOC)ss+/- 0.24 09/01/2026 8,030,000
6,000,000 BB&T MUNICIPAL TRUST (OTHER REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.30 08/01/2034 6,000,000
14,030,000
---------------
34 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
PUERTO RICO: 0.92%
$ 5,331,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A (SALES TAX
REVENUE, AMBAC INSURED)ss+/- 0.32% 08/01/2049 $ 5,331,000
11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.18 07/01/2034 11,000,000
11,600,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.18 07/01/2034 11,600,000
27,931,000
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,782,355,329) 2,782,355,329
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,039,151,329)* 100.10% $ 3,039,151,329
OTHER ASSETS AND LIABILITIES, NET (0.10) (2,961,217)
------ ---------------
TOTAL NET ASSETS 100.00% $ 3,036,190,112
------ ---------------
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
## Zero coupon bond. Interest rate presented is yield to maturity.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 35
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CERTIFICATES OF DEPOSIT: 9.22%
$ 41,100,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45% 10/01/2009 $ 41,100,000
111,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/05/2009 111,001,047
80,000,000 BANK OF AMERICA NA 0.31 11/02/2009 80,000,000
14,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 14,001,172
14,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 14,000,162
160,400,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 160,400,000
112,500,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 112,500,000
85,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.40 11/04/2009 85,000,000
78,000,000 BNP PARIBAS (NEW YORK) 0.77 11/12/2009 78,000,000
54,600,000 CALYON (NEW YORK) 0.55 03/22/2010 54,615,258
65,000,000 CALYON (NEW YORK) 0.61 02/05/2010 65,005,646
18,000,000 CALYON (NEW YORK)+/- 0.64 06/29/2010 17,971,963
56,500,000 CALYON (NEW YORK) 0.66 02/01/2010 56,500,000
83,000,000 CREDIT AGRICOLE SA 0.43 09/03/2009 83,000,000
44,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 44,000,830
75,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 75,000,000
150,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 150,000,000
35,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 35,000,000
40,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.30 10/27/2009 40,000,000
80,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.30 11/03/2009 80,000,000
190,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 190,000,000
81,000,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 81,000,000
47,000,000 SOCIETE GENERALE (NEW YORK)+/-ss 0.37 05/05/2011 47,000,000
162,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/05/2010 162,000,000
51,000,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 51,000,678
165,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 165,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $2,093,096,756) 2,093,096,756
---------------
COMMERCIAL PAPER: 59.14%
17,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 16,997,502
22,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 21,996,944
18,000,000 ACTS RETIREMENT-LIFE## 0.65 10/01/2009 17,990,250
28,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 27,999,347
89,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 88,996,885
47,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 46,996,162
47,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 46,947,451
60,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 59,949,567
65,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 64,932,508
34,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 33,963,016
46,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/09/2009 45,981,600
66,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/17/2009 65,947,200
71,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 70,989,054
61,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/14/2009 60,959,249
40,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.27 10/07/2009 39,989,200
13,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.30 11/10/2009 12,992,417
25,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.31 11/04/2009 24,986,222
17,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 16,994,059
34,800,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 09/02/2009 34,799,633
14,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 10/07/2009 13,994,680
35,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.25 09/24/2009 34,994,410
5,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.28 09/01/2009 5,000,000
40,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 11/30/2009 39,971,000
5,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/01/2009 5,000,000
10,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/02/2009 9,999,917
20,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/14/2009 19,997,833
36 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 6,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30% 10/13/2009 $ 5,997,900
25,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.33 10/05/2009 24,992,208
11,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 10,999,096
63,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.51 09/14/2009 62,988,398
59,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.55 09/08/2009 58,993,690
64,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.57 09/08/2009 63,992,907
22,000,000 ARABELLA FINANCE LLC##++(p) 0.71 09/04/2009 21,998,698
9,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 12/02/2009 8,992,410
40,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.58 11/18/2009 40,000,000
103,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.63 11/02/2009 103,000,000
50,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.68 09/25/2009 49,977,333
2,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.95 09/01/2009 2,000,000
30,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.06 07/09/2010 30,000,000
175,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.14 06/16/2010 175,000,000
59,400,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.27 10/02/2009 59,386,190
53,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.30 11/06/2009 52,970,850
17,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.32 09/01/2009 17,000,000
9,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.34 09/28/2009 8,997,705
42,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.37 09/04/2009 41,998,705
50,000,000 ATLANTIS ONE FUNDING##++(p) 0.30 10/19/2009 49,980,000
9,750,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/21/2009 9,745,667
47,250,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/23/2009 47,228,160
15,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 11/02/2009 14,991,733
30,000,000 ATLANTIS ONE FUNDING##++(p) 0.33 10/13/2009 29,988,450
28,300,000 BANCO BILBAO VIZCAYA (LONDON)##++ 0.35 11/24/2009 28,276,888
47,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/04/2009 46,914,773
24,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/06/2009 23,955,120
32,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/10/2009 31,936,533
21,219,000 BANK OF AMERICA NA## 0.33 11/23/2009 21,202,856
4,000,000 BANK OF AMERICA NA## 0.65 02/16/2010 3,987,867
42,000,000 BANK OF MONTREAL## 0.34 10/02/2009 41,987,703
84,000,000 BANK OF MONTREAL## 0.34 10/08/2009 83,970,647
100,000,000 BARCLAYS US FUNDING LLC## 0.64 03/01/2010 99,678,222
47,750,000 BARTON CAPITAL LLC#++(p) 0.27 10/07/2009 47,737,108
42,000,000 BASF SE##++ 0.60 12/17/2009 41,925,100
78,750,000 BNZ INTERNATIONAL FUNDING##++ 0.30 11/03/2009 78,708,656
7,000,000 BNZ INTERNATIONAL FUNDING##++ 0.35 11/16/2009 6,994,828
34,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45 11/09/2009 33,970,675
33,000,000 CAFCO LLC##++(p) 0.29 09/23/2009 32,994,253
30,000,000 CAFCO LLC##++(p) 0.30 11/19/2009 29,980,250
10,000,000 CAFCO LLC##++(p) 0.35 11/02/2009 9,993,972
14,000,000 CAFCO LLC##++(p) 0.37 10/13/2009 13,993,957
31,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.35 10/19/2009 30,985,533
40,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/06/2009 39,965,533
38,250,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/10/2009 38,215,044
50,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 49,981,042
70,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 10/02/2009 69,960,819
10,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/08/2009 9,974,139
137,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/23/2009 136,591,473
26,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 25,918,353
4,500,000 CHARTA LLC##++(p) 0.34 10/22/2009 4,497,833
45,000,000 CHARTA LLC##++(p) 0.34 10/26/2009 44,976,625
68,000,000 CHARTA LLC##++(p) 0.40 10/06/2009 67,973,556
34,750,000 CHARTA LLC##++(p) 0.41 10/09/2009 34,734,961
21,000,000 CIESCO LLC##++(p) 0.25 10/02/2009 20,995,479
21,750,000 CIESCO LLC##++(p) 0.33 10/08/2009 21,742,623
Wells Fargo Advantage Money Market Funds 37
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 23,000,000 CIESCO LLC##++(p) 0.37% 10/20/2009 $ 22,988,417
57,000,000 CIESCO LLC##++(p) 0.40 09/14/2009 56,991,767
4,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.27 09/14/2009 3,999,610
66,550,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.40 11/19/2009 66,491,584
42,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 41,993,560
19,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 19,000,000
50,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/11/2009 49,996,528
77,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.28 10/13/2009 76,974,847
8,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/09/2009 7,997,467
3,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.45 09/01/2009 3,000,000
10,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.57 11/20/2009 9,987,333
35,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 11/02/2009 34,960,819
70,500,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.68 12/01/2009 70,378,818
34,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.75 09/02/2009 33,999,292
121,000,000 CRC FUNDING LLC##++(p) 0.27 09/18/2009 120,984,573
30,000,000 CRC FUNDING LLC##++(p) 0.30 11/19/2009 29,980,250
33,000,000 CRC FUNDING LLC##++(p) 0.30 11/23/2009 32,977,175
26,000,000 CRC FUNDING LLC##++(p) 0.32 11/17/2009 25,982,204
3,000,000 CRC FUNDING LLC##++(p) 0.35 11/02/2009 2,998,192
46,000,000 CRC FUNDING LLC##++(p) 0.38 10/15/2009 45,978,636
57,000,000 CRC FUNDING LLC##++(p) 0.41 10/09/2009 56,975,332
3,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.40 09/22/2009 2,999,300
17,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 11/20/2009 16,979,222
132,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.60 11/05/2009 131,857,000
67,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.65 10/13/2009 66,949,192
49,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 48,971,417
26,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.77 09/03/2009 25,998,888
46,000,000 DANSKE CORPORATION##++ 0.34 09/25/2009 45,989,573
37,000,000 DANSKE CORPORATION##++ 0.35 09/03/2009 36,999,281
54,750,000 DANSKE CORPORATION##++ 0.53 01/15/2010 54,640,378
139,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 139,000,000
31,000,000 DNB NOR BANK ASA##++ 0.51 09/28/2009 30,988,143
47,250,000 DNB NOR BANK ASA##++ 0.75 09/09/2009 47,242,125
46,000,000 DNB NOR BANK ASA##++ 0.77 09/08/2009 45,993,158
20,000,000 E. ON AG##++ 0.56 11/19/2009 19,975,422
9,500,000 E. ON AG##++ 0.67 09/21/2009 9,496,464
50,000,000 E. ON AG##++ 0.67 09/29/2009 49,973,944
82,000,000 E. ON AG##++ 0.67 10/01/2009 81,954,217
138,000,000 E. ON AG##++ 0.69 09/10/2009 137,976,195
41,000,000 E. ON AG##++ 0.70 09/01/2009 41,000,000
23,000,000 E. ON AG##++ 0.70 09/03/2009 22,999,106
9,000,000 EBBETS FUNDING LLC##++(p) 0.70 10/26/2009 8,990,375
52,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/02/2009 51,998,845
46,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/10/2009 45,990,800
50,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/16/2009 49,983,333
37,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 36,976,978
89,000,000 EBBETS FUNDING LLC##++(p) 0.80 10/01/2009 88,940,667
100,000,000 EKSPORTFINANS ASA##++ 0.26 11/30/2009 99,935,000
85,000,000 EKSPORTFINANS ASA##++ 0.40 10/20/2009 84,953,722
117,500,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 117,495,105
9,000,000 ENTERPRISE FUNDING LLC##++(p) 0.30 12/22/2009 8,991,600
66,793,000 ENTERPRISE FUNDING LLC##++(p) 0.36 09/14/2009 66,784,317
14,612,000 ENTERPRISE FUNDING LLC##++(p) 0.42 01/11/2010 14,589,498
3,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/01/2009 3,000,000
38,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/14/2009 37,996,295
34,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.30 09/15/2009 33,996,033
38 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 21,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.43% 10/01/2009 $ 20,992,475
17,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 16,997,818
30,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 29,997,833
43,000,000 FORTIS FUNDING LLC##++ 0.25 09/14/2009 42,996,118
59,000,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 58,988,053
50,000,000 GDF SUEZ##++ 0.22 09/16/2009 49,995,417
5,000,000 GDF SUEZ##++ 0.23 10/01/2009 4,999,042
25,000,000 GDF SUEZ##++ 0.23 10/05/2009 24,994,569
7,000,000 GDF SUEZ##++ 0.26 09/16/2009 6,999,256
10,000,000 GDF SUEZ##++ 0.27 09/15/2009 9,998,950
15,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 14,999,900
18,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.22 09/22/2009 17,997,690
19,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 18,997,451
22,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 22,000,000
46,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 45,999,693
20,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 19,998,889
4,000,000 GOVCO LLC##++(p) 0.29 11/24/2009 3,997,293
9,000,000 GOVCO LLC##++(p) 0.35 10/27/2009 8,995,100
15,250,000 GOVCO LLC##++(p) 0.37 10/22/2009 15,242,006
12,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 11,991,120
61,750,000 GOVCO LLC##++(p) 0.40 09/11/2009 61,743,139
35,700,000 GRAMPIAN FUNDING LLC##++(p) 0.54 11/24/2009 35,655,018
31,800,000 GRAMPIAN FUNDING LLC##++(p) 0.56 11/20/2009 31,760,427
13,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/09/2009 12,991,355
62,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/27/2009 61,939,240
53,250,000 GRAMPIAN FUNDING LLC##++(p) 0.65 10/21/2009 53,201,927
50,000,000 GRAMPIAN FUNDING LLC##++(p) 0.66 10/07/2009 49,967,000
42,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 41,973,960
27,000,000 ICICI BANK LIMITED## 0.38 09/30/2009 26,991,735
16,000,000 ING USA FUNDING LLC## 0.17 09/25/2009 15,998,187
37,000,000 ING USA FUNDING LLC## 0.50 12/08/2009 36,949,639
50,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 49,997,750
43,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 42,995,485
56,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 56,000,000
57,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 56,998,163
8,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.23 09/09/2009 7,999,591
100,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.25 09/18/2009 99,988,194
6,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.30 10/20/2009 5,997,550
9,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.31 09/02/2009 8,999,923
10,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 10,000,000
79,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 10/14/2009 78,938,665
73,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/01/2009 73,000,000
31,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/22/2009 30,986,438
28,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.30 11/02/2009 27,985,533
32,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.37 09/18/2009 31,994,409
9,000,000 LMA AMERICAS LLC##++(p) 0.26 10/21/2009 8,996,750
13,000,000 LMA AMERICAS LLC##++(p) 0.30 10/21/2009 12,994,583
19,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 18,999,419
9,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 8,998,900
42,000,000 MARKET STREET FUNDING LLC##++(p) 0.22 09/23/2009 41,994,353
12,315,000 MARKET STREET FUNDING LLC##++(p) 0.28 11/18/2009 12,307,529
18,532,000 MARKET STREET FUNDING LLC##++(p) 0.30 09/08/2009 18,530,919
59,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 58,990,265
11,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 10,999,465
41,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 40,986,447
8,000,000 METLIFE SHORT TERM FUND##++ 0.34 09/09/2009 7,999,396
Wells Fargo Advantage Money Market Funds 39
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 70,000,000 METLIFE SHORT TERM FUND##++ 0.79% 10/19/2009 $ 69,926,267
54,000,000 METLIFE SHORT TERM FUND##++ 0.80 10/20/2009 53,941,200
12,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/02/2009 11,999,700
25,500,000 METLIFE SHORT TERM FUND##++ 0.90 09/16/2009 25,490,438
29,500,000 METLIFE SHORT TERM FUND##++ 0.90 09/17/2009 29,488,200
30,000,000 METLIFE SHORT TERM FUND##++ 1.00 09/01/2009 30,000,000
41,253,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.24 10/07/2009 41,243,099
18,250,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.29 09/08/2009 18,248,971
19,000,000 MONTGOMERY COUNTY MD 0.30 10/06/2009 19,000,000
55,000,000 NATIONAL AUSTRALIA FUNDING DELAWARE INCORPORATED##++ 0.90 10/23/2009 54,928,500
33,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/27/2009 32,970,492
30,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/30/2009 29,972,250
30,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.38 11/30/2009 29,971,500
24,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.47 10/27/2009 23,982,453
70,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.50 12/28/2009 69,885,278
54,600,000 NATIONWIDE BUILDING SOCIETY##++ 0.56 09/18/2009 54,585,561
197,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 196,998,687
100,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 100,000,000
75,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 74,998,500
32,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 09/08/2009 31,998,009
25,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 11/17/2009 24,982,889
16,800,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 16,800,000
38,250,000 OLD LINE FUNDING LLC##++(p) 0.36 09/21/2009 38,242,350
13,000,000 PORT OF OAKLAND CA## 0.65 09/09/2009 12,998,122
39,000,000 PRUDENTIAL PLC##++ 0.40 11/12/2009 38,968,800
42,000,000 PRUDENTIAL PLC##++ 0.45 10/13/2009 41,977,950
17,000,000 PRUDENTIAL PLC##++ 0.46 10/27/2009 16,987,836
14,000,000 PRUDENTIAL PLC##++ 0.46 10/29/2009 13,989,624
22,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 21,987,338
84,200,000 PRUDENTIAL PLC##++ 0.75 09/15/2009 84,175,442
8,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 10/13/2009 7,997,200
85,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.34 12/02/2009 84,926,144
11,486,000 REGENCY MARKETS # 1 LLC##++(p) 0.24 09/16/2009 11,484,851
23,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 22,997,764
65,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.26 09/10/2009 64,995,775
19,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.38 10/27/2009 18,988,769
53,052,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.40 09/15/2009 53,043,747
17,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 16,981,111
10,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.52 11/05/2009 9,990,611
8,000,000 RHEINGOLD SECURITIZATION##++(p) 0.40 09/10/2009 7,999,200
22,000,000 RHEINGOLD SECURITIZATION##++(p) 0.43 12/01/2009 21,976,087
35,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 10/13/2009 34,981,625
3,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/10/2009 2,997,083
41,004,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 40,962,996
6,000,000 RHEINGOLD SECURITIZATION##++(p) 0.55 09/29/2009 5,997,433
6,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/23/2009 5,998,167
10,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.55 09/29/2009 9,995,722
10,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64 09/16/2009 9,997,333
135,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.65 09/25/2009 134,941,500
8,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 8,000,000
74,250,000 SANPAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 74,200,108
62,000,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED## 0.65 12/02/2009 61,897,011
67,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/03/2009 66,998,884
115,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 114,991,375
65,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/14/2009 64,992,958
24,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 23,997,200
40 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 39,500,000 SCALDIS CAPITAL LLC##++(p) 0.30% 09/18/2009 $ 39,494,404
9,000,000 SHEFFIELD RECEIVABLES##++(p) 0.35 10/05/2009 8,997,025
37,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 36,994,244
95,300,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/19/2009 95,258,068
43,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/20/2009 42,980,686
13,000,000 SOLITAIRE FUNDING LLC##++(p) 0.38 11/24/2009 12,988,473
77,000,000 SOLITAIRE FUNDING LLC##++(p) 0.40 11/17/2009 76,934,122
95,750,000 STADSHYPOTEK DELAWARE##++ 0.40 09/02/2009 95,748,936
110,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/03/2009 109,997,372
97,250,000 STADSHYPOTEK DELAWARE##++ 0.43 09/30/2009 97,216,314
10,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 9,995,556
18,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/25/2009 17,989,375
30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/20/2009 29,982,667
60,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/24/2009 59,963,600
4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 10/23/2009 3,998,440
4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 10/26/2009 3,998,350
15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/18/2009 14,991,225
16,080,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 16,071,871
29,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 28,985,113
19,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/12/2009 18,989,360
38,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/09/2009 37,985,961
40,077,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 10/07/2009 40,062,572
4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/01/2009 4,000,000
7,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/02/2009 6,999,928
70,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/03/2009 69,998,561
35,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/04/2009 34,998,921
70,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/09/2009 69,994,244
15,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 14,999,025
45,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 44,985,750
28,000,000 SWEDBANK AB##++ 0.54 12/02/2009 27,961,360
81,000,000 SWEDBANK AB##++ 0.55 12/15/2009 80,870,062
64,000,000 SWEDBANK AB##++ 0.55 12/22/2009 63,890,489
103,750,000 SWEDBANK AB##++ 0.56 12/17/2009 103,577,314
74,000,000 SWEDBANK AB##++ 0.87 02/09/2010 73,712,078
74,000,000 SWEDBANK AB##++ 0.89 02/16/2010 73,692,653
50,092,000 TASMAN FUNDING INCORPORATED##++(p) 0.65 09/21/2009 50,073,911
9,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.70 10/14/2009 8,992,475
23,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.95 09/04/2009 22,998,179
16,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.25 09/04/2009 15,999,667
13,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.28 11/09/2009 12,993,023
10,549,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 11/09/2009 10,542,732
29,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.38 10/13/2009 28,987,143
158,764,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 09/14/2009 158,741,068
23,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 10/26/2009 22,985,944
5,023,000 TICONDEROGA FUNDING LLC##++(p) 0.23 09/30/2009 5,022,069
46,000,000 TOYOTA MOTOR CREDIT CORPORATION## 0.31 09/04/2009 45,998,812
5,000,000 TULIP FUNDING CORPORATION##++(p) 0.22 09/28/2009 4,999,175
18,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 18,000,000
64,000,000 TULIP FUNDING CORPORATION##++(p) 0.38 10/13/2009 63,971,627
24,000,000 UBS FINANCE DELAWARE LLC## 0.55 10/28/2009 23,979,100
95,000,000 UBS FINANCE DELAWARE LLC## 0.57 10/13/2009 94,936,825
5,000,000 UBS FINANCE DELAWARE LLC## 0.60 12/30/2009 4,990,000
15,000,000 UBS FINANCE DELAWARE LLC## 0.62 12/30/2009 14,969,000
150,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/14/2009 149,962,083
81,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/16/2009 80,976,375
80,000,000 UBS FINANCE DELAWARE LLC## 0.72 12/04/2009 79,849,600
Wells Fargo Advantage Money Market Funds 41
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 30,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.60% 12/21/2009 $ 29,944,500
106,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.90 12/09/2009 105,737,650
5,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.50 09/24/2009 4,998,403
67,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.55 09/14/2009 66,986,693
75,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 74,904,187
24,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/23/2009 24,000,000
18,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/24/2009 18,000,000
27,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 26,999,325
14,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 13,999,475
33,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 33,000,000
28,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 27,999,611
17,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.22 09/25/2009 16,997,507
10,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.23 09/24/2009 9,998,531
4,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/02/2009 3,999,972
15,013,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2009 15,012,791
53,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/04/2009 52,998,896
11,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 10,999,465
18,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 17,999,000
15,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 14,998,958
15,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/14/2009 14,998,646
14,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 13,998,639
40,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 39,986,000
27,250,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37 10/07/2009 27,239,917
60,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37 10/08/2009 59,977,183
83,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.38 10/02/2009 82,972,841
98,250,000 WESTPAC SECURITIES NZ LIMITED##++ 0.40 09/15/2009 98,234,717
75,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 75,000,000
35,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.60 09/14/2009 34,992,417
28,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.25 09/10/2009 27,998,250
2,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.30 10/23/2009 1,999,133
18,130,000 WINDMILL FUNDING CORPORATION##++(p) 0.33 10/22/2009 18,121,524
8,000,000 YORKTOWN CAPITAL LLC##++(p) 0.28 12/16/2009 7,993,402
15,086,000 YORKTOWN CAPITAL LLC##++(p) 0.31 12/16/2009 15,072,230
27,368,000 YORKTOWN CAPITAL LLC##++(p) 0.34 12/02/2009 27,344,220
TOTAL COMMERCIAL PAPER (COST $13,416,427,771) 13,416,427,771
---------------
CORPORATE BONDS & NOTES: 7.79%
11,470,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.40 11/15/2029 11,470,000
96,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 96,000,000
104,000,000 BASF FINANCE EUROPE NV+/-++ 0.52 11/20/2009 104,000,000
126,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 0.46 09/10/2009 126,000,000
71,000,000 CITIBANK NA+/- 0.65 09/30/2010 71,000,000
200,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.59 07/30/2010 200,083,215
104,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.71 06/24/2010 104,000,000
195,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.75 06/04/2010 195,000,000
4,000,000 CREDIT AGRICOLE SA (LONDON)+/-++ 0.42 05/28/2010 3,995,416
15,000,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 15,015,496
12,220,000 GBG LLC+/-ss++ 0.50 09/01/2027 12,220,000
93,000,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 93,000,000
155,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 155,000,000
13,830,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.60 06/01/2033 13,830,000
49,150,000 MERRILL LYNCH & COMPANY 4.79 08/04/2010 50,562,230
85,200,000 RABOBANK NEDERLAND NV+/-++(i) 0.68 10/09/2009 85,200,000
100,000,000 ROYAL BANK OF CANADA+/-++ 0.64 10/15/2009 100,000,000
239,500,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 239,500,000
42 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CORPORATE BONDS & NOTES (continued)
$ 26,000,000 SANTANDER US DEBT SA UNIPERSONAL+/-++ 0.55% 07/23/2010 $ 25,919,863
12,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 12,000,000
53,000,000 THE NATURE CONSERVANCY+/-++ 1.77 10/05/2009 53,000,000
TOTAL CORPORATE BONDS & NOTES (COST $1,766,796,220) 1,766,796,220
---------------
MEDIUM TERM NOTES: 2.94%
156,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.76 10/22/2009 156,045,240
20,000,000 EKSPORTFINANS A/S+/- 0.53 08/03/2010 20,000,000
35,000,000 EKSPORTFINANS A/S+/- 0.73 06/11/2010 35,000,000
37,000,000 EUROPEAN INVESTMENT BANK 0.92 01/26/2010 37,085,470
210,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 210,000,000
182,000,000 ING USA GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 182,000,000
2,500,000 THE GOLDMAN SACHS GROUP INCORPORATED 7.80 01/28/2010 2,568,292
25,000,000 US BANCORP+/- 1.05 06/04/2010 25,087,110
TOTAL MEDIUM TERM NOTES (COST $667,786,112) 667,786,112
---------------
MUNICIPAL BONDS & NOTES: 6.74%
23,700,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION CASA DE LAS
CAMPANAS A (HOSPITAL REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.13 09/01/2037 23,700,000
30,600,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
CROSSING APARTMENTS SERIES A (HOUSING REVENUE,
FNMA INSURED)+/-ss 0.30 12/15/2037 30,600,000
17,600,000 ALLIANCE OH HOSPITAL ALLIANCE OBLIGATED GROUP (HCFR, RADIAN
INSURED)+/-ss 0.15 12/01/2032 17,600,000
16,775,000 AURORA CO HOSPITAL REF-CHILDRENS HOSPITAL ASSOCIATION PROJECT-B
(HEALTH FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.45 12/01/2036 16,775,000
20,500,000 BLOOMINGTON ASSOCIATES MINNESOTA (HOUSING REVENUE,
LASALLE NATIONAL BANK NA LOC)+/-ss 0.40 08/01/2037 20,500,000
20,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARD
ENVIRONMENTAL REVENUE CITGO PETROLEUM CORPORATION (IDR, NATIXIS
LOC)+/-ss 0.16 07/01/2026 20,000,000
11,900,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH AMERICA
SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.45 07/01/2024 11,900,000
53,510,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR)+/-ss 0.14 11/01/2026 53,510,000
22,000,000 CALIFORNIA SERIES I (HFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.24 07/01/2035 22,000,000
17,750,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 17,750,000
11,395,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 05/01/2022 11,395,000
13,100,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7
(WATER REVENUE, FSA INSURED)+/-ss 0.55 05/01/2022 13,100,000
31,600,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.50 05/01/2022 31,600,000
48,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 48,000,000
14,900,000 CALIFORNIA STATEWIDE CDA DUBLIN RANCH SENIOR APARTMENTS
(MFHR, BANK OF AMERICA NA LOC)+/-ss 0.30 12/15/2037 14,900,000
11,337,000 CALIFORNIA STATEWIDE CDA IVY HILL APARTMENTS PROJECT SERIES I
(MFHR, FNMA INSURED)+/-ss 0.32 02/01/2033 11,337,000
3,000,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y
(MFHR, FNMA INSURED)+/-ss 0.32 08/01/2031 3,000,000
5,200,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M
(MFHR, FNMA INSURED)+/-ss 0.32 08/15/2034 5,200,000
12,800,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE, BANK OF AMERICA
NA LOC)+/-ss 0.12 07/01/2034 12,800,000
11,000,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT
(MFHR, FNMA INSURED)+/-ss 0.31 10/15/2026 11,000,000
2,315,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 07/01/2034 2,315,000
12,485,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 11/01/2035 12,485,000
9,926,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1 (HOUSING REVENUE,
GO OF AUTHORITY INSURED)+/-ss 0.50 10/01/2038 9,926,000
Wells Fargo Advantage Money Market Funds 43
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES (continued)
$ 23,420,000 COLORADO HOUSING & FINANCE AUTHORITY SERIES C1 (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.50% 11/01/2033 $ 23,420,000
66,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE TAXABLE CLASS I
SERIES A-2 (HOUSING REVENUE, DEXIA INSURED)+/-ss 0.65 05/01/2038 66,000,000
53,285,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY
PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 53,285,000
46,000,000 COOK COUNTY IL (OTHER REVENUE, HARRIS TRUST SAVINGS BANK LOC)+/-ss 0.70 11/01/2030 46,000,000
17,000,000 COOK COUNTY IL (OTHER REVENUE, NORTHERN TRUST
CORPORATION LOC)+/-ss 0.70 11/01/2030 17,000,000
110,000,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A
(LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 110,000,000
11,350,000 DICKINSON TX INDEPENDENT SCHOOL DISTRICT SERIES SGA 94 (PROPERTY
TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)+/-ss 0.18 02/15/2028 11,350,000
12,900,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C
(ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 10/01/2035 12,900,000
15,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT EAGLE 20060117 CLASS A (OTHER REVENUE,
FGIC INSURED)+/-ss 0.54 06/01/2035 15,000,000
17,800,000 GULF COAST WASTE DISPOSAL AUTHORITY (OTHER REVENUE, BP PLC
GUARANTEE AGREEMENT)+/-ss 0.12 07/01/2042 17,800,000
21,600,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN B3 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 21,600,000
21,500,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 21,500,000
8,900,000 ILLINOIS FINANCE AUTHORITY PROVENA HEALTH SERIES B (HOSPITAL
REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.13 08/15/2044 8,900,000
30,080,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.33 07/01/2035 30,080,000
15,200,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE APARTMENTS SERIES A
(MFHR, FHLMC INSURED)+/-ss 0.28 10/01/2019 15,200,000
17,900,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS
(HOUSING REVENUE, FHLMC INSURED)+/-ss 0.50 09/01/2030 17,900,000
24,825,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B
(OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.32 10/01/2031 24,825,000
14,600,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 14,600,000
6,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 6,000,000
6,825,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH CARE FACILITIES
SERIES A (HCFR, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2034 6,825,000
62,945,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES B1
(HCFR, BANK OF NEW YORK LOC)+/-ss 0.18 11/15/2034 62,945,000
4,700,000 MINNESOTA STATE OFFICE OF HIGHER EDUCATION SERIES B
(EDUCATIONAL FACILITIES REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.36 12/01/2043 4,700,000
21,595,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED,
BANK OF AMERICA NA LOC)+/-ss 0.60 11/01/2028 21,594,048
29,000,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY TAX REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 11/01/2028 29,000,000
16,700,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.14 02/01/2036 16,700,000
21,800,000 NEW BRITAIN CONNECTICUT TAXABLE PENSION SERIES C (PROPERTY TAX
REVENUE, BANK OF AMERICA NA LOC)+/-ss 2.26 02/01/2026 21,800,000
18,000,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D
(TOLL ROAD REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 18,000,000
27,500,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A
(OTHER REVENUE, FGIC INSURED)+/-ss 0.39 07/15/2036 27,500,000
17,500,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600 WEST 42ND B
(OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 0.95 11/01/2041 17,500,000
44 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES (continued)
$ 51,730,000 OHIO HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE SECURITIES
PROGRAM (HOUSING REVENUE, GNMA INSURED)+/-ss 0.45% 09/01/2029 $ 51,730,000
25,000,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
(HOUSING REVENUE, GNMA INSURED)+/-ss 0.65 09/01/2039 25,000,000
13,700,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.33 06/01/2032 13,700,000
14,000,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.29 11/01/2029 14,000,000
23,960,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.21 02/01/2035 23,960,000
5,000,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS
LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA
LOC)+/-ss 0.44 10/01/2038 5,000,000
53,500,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 03/01/2037 53,500,000
6,600,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.23 10/01/2035 6,600,000
13,550,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY NATOMAS PARK APARTMENTS
ISSUE B (HOUSING REVENUE, FNMA INSURED)+/-ss 0.31 07/15/2035 13,550,000
7,945,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS PROJECT
ISSUE A (MFHR, FHLMC INSURED)+/-ss 0.31 12/01/2022 7,945,000
10,325,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.31 01/15/2033 10,325,000
7,500,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN APARTMENTS
SERIES B (HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 01/15/2035 7,500,000
37,000,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION CA MOSCONE
CENTER (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.20 04/01/2030 37,000,000
7,700,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY (MFHR, FNMA
INSURED)+/-ss 0.28 06/15/2034 7,700,000
5,800,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED)+/-ss 0.41 09/15/2032 5,800,000
12,000,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A
(OTHER REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 12,000,000
7,500,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER FRANCES
HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.33 07/01/2020 7,500,000
2,000,000 UMATILLA INDIAN RESERVATION OR CONFEDERATED TRIBES (OTHER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.33 12/01/2028 2,000,000
32,000,000 VERMONT STUDENT ASSISTANCE CORPORATION EDUCATION LOAN SERIES C-1
(OTHER REVENUE, LLOYDS BANK LOC)+/-ss 0.34 12/15/2040 32,000,000
2,365,000 WAYNE COUNTY AIRPORT AUTHORITY SERIES F (AIRPORT REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.34 12/01/2016 2,365,000
8,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY WV UTD HEALTH
SYSTEMS SERIES A (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.14 06/01/2041 8,000,000
TOTAL MUNICIPAL BONDS & NOTES (COST $1,528,492,048) 1,528,492,048
---------------
REPURCHASE AGREEMENTS: 3.38%
20,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $20,000,122) 0.22 09/01/2009 20,000,000
74,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $74,000,576) 0.28 09/01/2009 74,000,000
59,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $59,000,541) 0.33 09/01/2009 59,000,000
8,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $8,000,044) 0.20% 09/01/2009 8,000,000
74,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $74,000,617) 0.30 09/01/2009 74,000,000
197,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $197,001,040) 0.19 09/01/2009 197,000,000
50,204,035 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $50,204,342) 0.22 09/01/2009 50,204,035
Wells Fargo Advantage Money Market Funds 45
Portfolio of Investments--August 31, 2009 (Unaudited)
CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
REPURCHASE AGREEMENTS (continued)
$ 194,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $194,001,401) 0.26% 09/01/2009 $ 194,000,000
11,320,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $11,320,069) 0.22 09/01/2009 11,320,000
20,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $20,000,122) 0.22 09/01/2009 20,000,000
59,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $59,000,508) 0.31 09/01/2009 59,000,000
TOTAL REPURCHASE AGREEMENTS (COST $766,524,035) 766,524,035
---------------
SECURED MASTER NOTE AGREEMENT: 2.02%
296,427,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48 09/09/2034 296,427,000
160,912,000 CITIGROUP GLOBAL MARKET INCORPORATED+/-ss 0.68 09/09/2049 160,912,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $457,339,000) 457,339,000
---------------
TIME DEPOSITS: 10.04%
213,000,000 BANK OF IRELAND 0.35 09/01/2009 213,000,000
151,000,000 BANK OF IRELAND 0.60 09/04/2009 151,000,000
274,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 274,000,000
200,000,000 BRANCH BANKING & TRUST 0.08 09/01/2009 200,000,000
200,000,000 CITIBANK NA NASSAU 0.19 09/01/2009 200,000,000
278,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 278,000,000
195,000,000 DEUTSCHE BANK CAYMAN 0.13 09/01/2009 195,000,000
287,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 287,000,000
274,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 274,000,000
207,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 207,000,000
TOTAL TIME DEPOSITS (COST $2,279,000,000) 2,279,000,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $22,975,461,942)* 101.27% $22,975,461,942
OTHER ASSETS AND LIABILITIES, NET (1.27) (289,182,937)
------ ---------------
TOTAL NET ASSETS 100.00% $22,686,279,005
====== ===============
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers"under rule
144A or securities offered pursuant to section 4(2) of the Securities Act
of 1933, as amended.
(p) Asset-backed commercial paper.
(i) Illiquid security.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
46 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
AGENCY NOTES - DISCOUNT: 30.30%
FEDERAL FARM CREDIT BANK: 1.25%
$ 10,000,000 FFCB## 0.58% 09/08/2009 $ 9,998,872
25,000,000 FFCB## 0.53 11/13/2009 24,973,132
80,000,000 FFCB## 0.65 11/20/2009 79,884,444
40,000,000 FFCB## 0.28 11/23/2009 39,974,178
200,000,000 FFCB## 0.30 01/04/2010 199,791,667
354,622,293
---------------
FEDERAL HOME LOAN BANK: 7.19%
20,000,000 FHLB## 0.23 09/03/2009 19,999,744
402,608,000 FHLB## 0.16 09/04/2009 402,602,800
250,000,000 FHLB## 0.20 10/01/2009 249,958,333
300,000,000 FHLB## 0.19 10/16/2009 299,930,625
178,849,000 FHLB## 0.32 10/28/2009 178,758,383
79,268,000 FHLB## 0.32 10/30/2009 79,226,428
55,000,000 FHLB## 0.28 11/18/2009 54,966,991
100,000,000 FHLB## 0.31 11/18/2009 99,933,917
250,000,000 FHLB## 0.30 11/19/2009 249,835,417
51,527,000 FHLB## 0.27 11/20/2009 51,496,084
50,000,000 FHLB## 0.34 12/07/2009 49,954,194
75,000,000 FHLB## 0.27 12/08/2009 74,944,875
235,000,000 FHLB## 0.32 01/08/2010 234,730,533
2,046,338,324
---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 7.71%
35,000,000 FHLMC## 0.25 09/21/2009 34,995,139
191,150,000 FHLMC## 0.54 09/21/2009 191,092,655
166,160,000 FHLMC## 0.63 09/21/2009 166,101,844
80,217,000 FHLMC## 0.27 10/13/2009 80,191,732
250,000,000 FHLMC## 0.27 10/15/2009 249,917,500
250,000,000 FHLMC## 0.25 10/20/2009 249,914,931
184,500,000 FHLMC## 0.27 11/02/2009 184,414,208
85,796,000 FHLMC## 0.27 11/04/2009 85,754,818
208,637,000 FHLMC## 0.30 11/09/2009 208,517,034
50,000,000 FHLMC## 0.34 12/07/2009 49,954,194
250,000,000 FHLMC## 0.28 12/21/2009 249,784,167
250,000,000 FHLMC## 0.33 01/04/2010 249,713,542
99,500,000 FHLMC## 0.28 01/05/2010 99,402,455
96,100,000 FHLMC## 0.32 01/19/2010 95,980,409
2,195,734,628
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 14.15%
72,400,000 FNMA## 0.25 09/01/2009 72,400,000
63,899,000 FNMA## 0.25 09/01/2009 63,899,000
125,050,000 FNMA## 0.25 09/01/2009 125,050,000
33,025,000 FNMA## 0.25 09/01/2009 33,025,000
200,000,000 FNMA## 0.37 09/25/2009 199,950,667
300,000,000 FNMA## 0.63 09/25/2009 299,874,000
178,899,000 FNMA## 0.18 10/01/2009 178,872,165
152,362,500 FNMA## 0.26 10/01/2009 152,329,488
105,188,000 FNMA## 0.26 10/01/2009 105,165,209
Wells Fargo Advantage Money Market Funds 47
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 242,330,000 FNMA## 0.27% 10/05/2009 $ 242,268,206
328,282,000 FNMA## 0.32 10/28/2009 328,115,670
170,375,000 FNMA## 0.30 11/12/2009 170,272,775
20,000,000 FNMA## 0.34 11/16/2009 19,985,644
250,000,000 FNMA## 0.25 11/17/2009 249,866,319
50,000,000 FNMA## 0.25 11/18/2009 49,972,917
15,750,000 FNMA## 0.23 12/01/2009 15,740,843
49,250,000 FNMA## 0.23 12/01/2009 49,221,367
55,000,000 FNMA## 0.34 12/02/2009 54,952,211
87,950,000 FNMA## 0.27 12/09/2009 87,884,697
336,653,000 FNMA## 0.32 12/09/2009 336,356,745
250,000,000 FNMA## 0.28 12/14/2009 249,797,778
143,000,000 FNMA## 0.37 12/28/2009 142,826,573
200,000,000 FNMA## 0.30 01/14/2010 199,775,000
250,000,000 FNMA## 0.32 01/19/2010 249,688,889
250,000,000 FNMA## 0.32 01/20/2010 249,686,667
100,000,000 FNMA## 0.32 01/21/2010 99,873,778
4,026,851,608
---------------
TOTAL AGENCY NOTES - DISCOUNT (COST $8,623,546,853) 8,623,546,853
---------------
AGENCY NOTES - INTEREST BEARING: 18.94%
FEDERAL FARM CREDIT BANK: 4.38%
27,750,000 FFCB 5.00 09/21/2009 27,819,270
40,000,000 FFCB+/- 0.11 10/09/2009 39,996,800
84,070,000 FFCB 5.00 10/23/2009 84,610,044
26,000,000 FFCB 4.13 11/13/2009 26,175,391
250,000,000 FFCB+/- 0.10 11/16/2009 250,000,000
11,000,000 FFCB 2.75 11/20/2009 11,059,190
3,300,000 FFCB 4.75 12/07/2009 3,338,421
200,000,000 FFCB+/- 0.16 01/25/2010 200,000,000
200,000,000 FFCB+/- 0.19 02/22/2010 199,985,956
90,000,000 FFCB+/- 0.28 03/01/2010 90,023,185
20,000,000 FFCB 1.05 03/18/2010 20,072,105
66,200,000 FFCB 2.75 05/04/2010 67,215,577
100,000,000 FFCB+/- 0.52 07/23/2010 100,000,000
125,000,000 FFCB+/- 0.21 07/27/2010 125,000,000
1,245,295,939
---------------
FEDERAL HOME LOAN BANK: 5.07%
455,000,000 FHLB+/- 0.65 09/10/2009 455,021,458
28,950,000 FHLB 2.25 10/02/2009 28,998,427
24,000,000 FHLB 3.50 11/03/2009 24,134,710
47,000,000 FHLB 4.25 11/20/2009 47,403,976
190,790,000 FHLB 5.00 12/11/2009 193,225,953
100,000,000 FHLB+/- 0.18 12/28/2009 99,985,239
100,000,000 FHLB+/- 0.40 02/19/2010 99,984,027
125,000,000 FHLB 0.55 05/28/2010 125,136,000
370,000,000 FHLB+/- 0.43 07/27/2010 369,945,379
1,443,835,169
---------------
48 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 7.70%
$ 550,000,000 FHLMC+/- 0.24% 09/18/2009 $ 550,004,019
250,000,000 FHLMC+/- 0.19 09/28/2009 249,995,416
213,600,000 FHLMC 4.75 11/03/2009 215,214,294
11,535,000 FHLMC 2.68 11/16/2009 11,591,134
65,000,000 FHLMC 4.13 11/30/2009 65,607,375
500,000,000 FHLMC+/- 0.63 09/03/2010 499,883,015
250,000,000 FHLMC+/- 0.62 09/10/2010 249,923,190
350,000,000 FHLMC+/- 0.58 09/24/2010 349,925,792
2,192,144,235
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.79%
250,000,000 FNMA+/- 0.38 09/03/2009 250,000,000
200,000,000 FNMA+/- 0.36 10/07/2009 199,996,058
59,023,000 FNMA 3.88 12/10/2009 59,587,744
509,583,802
---------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $5,390,859,145) 5,390,859,145
---------------
CORPORATE BONDS & NOTES: 3.71%
DEPOSITORY INSTITUTIONS: 0.30%
85,000,000 JPMORGAN CHASE & COMPANY TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 1.16 12/02/2010 85,713,095
---------------
DIVERSIFIED FINANCIAL SERVICES: 0.98%
145,600,000 CITIGROUP INCORPORATED TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 1.18 12/09/2010 146,901,957
130,000,000 GENERAL ELECTRIC CAPITAL CORPORATION TEMPORARY LIQUIDITY
GUARANTEE PROGRAM+/- 1.26 12/09/2010 131,330,588
278,232,545
---------------
DOMESTIC BANKS: 2.43%
228,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 228,000,000
350,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.66 09/13/2010 350,000,000
115,000,000 CITIBANK NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.65 09/30/2010 115,000,000
693,000,000
---------------
TOTAL CORPORATE BONDS & NOTES (COST $1,056,945,640) 1,056,945,640
---------------
AGENCY SECURITIES: 1.78%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.88%
250,000,000 FHLMC 6.63 09/15/2009 250,600,582
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 0.90%
199,227,000 FNMA 6.63 09/15/2009 199,705,627
54,840,000 FNMA 7.25 01/15/2010 56,239,704
255,945,331
---------------
TOTAL AGENCY SECURITIES (COST $506,545,913) 506,545,913
---------------
REPURCHASE AGREEMENTS: 42.47%
600,000,000 Bank of America NA - 102% Collateralized By US Government
Securities (Maturity Value $600,003,367) 0.22 09/01/2009 600,000,000
500,000,000 Bank of America Securities LLC - 102% Collateralized By
US Government Securities (Maturity Value $500,003,056) 0.22 09/01/2009 500,000,000
1,000,000,000 Barclays Capital Incorporated - 102% Collateralized By
US Government Securities (Maturity Value $1,000,013,333) 0.16 09/03/2009 1,000,000,000
1,000,000,000 Barclays Capital Incorporated - 102% Collateralized By
US Government Securities (Maturity Value $1,000,017,778) 0.16 09/04/2009 1,000,000,000
Wells Fargo Advantage Money Market Funds 49
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
REPURCHASE AGREEMENTS (continued)
$ 500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $500,003,056) 0.22% 09/01/2009 $ 500,000,000
750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $750,006,667) 0.16 09/02/2009 750,000,000
2,000,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $2,000,012,222) 0.22 09/01/2009 2,000,000,000
1,550,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $1,550,009,472) 0.22 09/01/2009 1,550,000,000
400,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $400,002,556) 0.23 09/01/2009 400,000,000
100,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $100,000,583) 0.21 09/01/2009 100,000,000
76,700,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $76,700,469) 0.22 09/01/2009 76,700,000
875,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $875,005,347) 0.22 09/01/2009 875,000,000
1,550,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,550,009,472) 0.22 09/01/2009 1,550,000,000
1,000,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $1,000,046,667) 0.21 09/08/2009 1,000,000,000
100,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $100,000,583) 0.21 09/01/2009 100,000,000
84,700,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $84,700,471) 0.20 09/01/2009 84,700,000
TOTAL REPURCHASE AGREEMENTS (COST $12,086,400,000) 12,086,400,000
---------------
COMMERCIAL PAPER: 4.00%
FINANCIAL SERVICES: 4.00%
100,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/09/2009 99,995,111
150,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/11/2009 149,990,833
100,000,000 CITIGROUP FUNDING TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.22 09/17/2009 99,990,222
250,000,000 GE CAPITAL TEMPORARY LIQUIDITY GUARANTEE PROGRAM## 0.40 11/02/2009 249,827,778
75,192,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/03/2009 75,156,472
15,797,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 15,789,979
117,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 116,940,850
50,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/12/2009 49,972,000
25,196,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/16/2009 25,181,638
80,767,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/17/2009 80,720,357
25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/18/2009 24,985,375
100,859,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/19/2009 100,801,454
50,078,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/23/2009 50,047,981
TOTAL COMMERCIAL PAPER (COST $1,139,400,050) 1,139,400,050
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $28,803,697,601)* 101.20% $28,803,697,601
OTHER ASSETS AND LIABILITIES, NET (1.20) (342,493,117)
------ ---------------
TOTAL NET ASSETS 100.00% $28,461,204,484
------ ---------------
50 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
GOVERNMENT MONEY MARKET FUND
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
+/- Variable rate investments.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 51
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
CERTIFICATES OF DEPOSIT: 8.54%
$ 37,000,000 ABBEY NATIONAL TREASURY SERVICE+/- 1.01% 07/12/2010 $ 37,134,528
50,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.72 05/05/2010 50,073,800
72,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/01/2009 72,000,000
60,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/05/2009 60,000,566
135,000,000 BANK OF AMERICA NA 0.31 11/02/2009 135,000,000
22,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 22,001,842
22,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 22,000,254
60,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 60,000,000
65,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 65,000,000
124,200,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.40 11/04/2009 124,200,000
57,000,000 BNP PARIBAS (NEW YORK) 0.77 11/12/2009 57,000,000
50,000,000 CALYON (NEW YORK) 0.55 03/22/2010 50,013,973
55,000,000 CALYON (NEW YORK) 0.61 02/05/2010 55,004,778
20,500,000 CALYON (NEW YORK)+/- 0.64 06/29/2010 20,468,069
46,000,000 CALYON (NEW YORK) 0.66 02/01/2010 46,000,000
50,000,000 CALYON (NEW YORK)+/- 1.03 07/12/2010 50,146,119
30,000,000 CALYON (NEW YORK)+/- 1.15 06/03/2010 30,093,717
19,000,000 CREDIT AGRICOLE SA 0.43 09/03/2009 19,000,000
32,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 32,000,603
75,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 75,000,000
60,000,000 LLOYDS TSB BANK PLC (NEW YORK) 0.62 11/09/2009 59,998,837
150,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 150,000,000
129,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 129,000,000
43,750,000 NATIONAL CITY BANK+/- 0.61 01/21/2010 43,652,551
65,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.30 10/27/2009 65,000,000
70,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.30 11/03/2009 70,000,000
128,100,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 128,100,000
28,500,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 28,500,000
75,000,000 SOCIETE GENERALE (NEW YORK)+/-ss 0.37 05/05/2011 75,000,000
113,500,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/05/2010 113,500,000
49,700,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 49,700,661
105,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 105,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $2,099,590,298) 2,099,590,298
---------------
COMMERCIAL PAPER: 65.06%
18,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 17,997,355
23,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 22,996,806
29,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 28,999,323
98,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 97,996,570
51,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 50,995,835
49,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 48,945,215
62,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 61,947,886
130,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 129,865,017
34,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 33,963,016
45,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/09/2009 44,982,000
67,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/17/2009 66,946,400
61,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 60,990,596
38,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/14/2009 37,974,614
6,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.27 10/07/2009 5,998,380
17,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.30 11/10/2009 16,990,083
14,750,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.31 11/04/2009 14,741,871
14,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 13,995,108
82,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 09/02/2009 81,999,134
40,750,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 09/16/2009 40,743,548
14,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 10/07/2009 13,994,680
52,250,000 ANTALIS US FUNDING CORPORATION##++(p) 0.25 09/24/2009 52,241,655
52 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 55,020,000 ANTALIS US FUNDING CORPORATION##++(p) 0.28% 09/01/2009 $ 55,020,000
13,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 11/30/2009 12,990,575
8,400,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/01/2009 8,400,000
10,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/02/2009 9,999,917
10,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 10/13/2009 9,996,500
10,500,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 10,499,137
12,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.38 10/26/2009 11,993,033
38,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.51 09/14/2009 37,993,002
29,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.55 09/08/2009 28,996,899
60,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.57 09/08/2009 59,993,350
24,000,000 ARABELLA FINANCE LLC##++(p) 0.71 09/04/2009 23,998,580
36,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 11/09/2009 35,977,230
72,500,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 12/02/2009 72,438,859
37,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.37 11/30/2009 36,965,775
13,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.58 11/18/2009 13,000,000
70,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.63 11/02/2009 70,000,000
25,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.68 09/25/2009 24,988,667
7,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.95 09/01/2009 7,000,000
63,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.06 07/09/2010 63,000,000
40,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.14 06/16/2010 40,000,000
54,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.27 10/02/2009 53,987,445
8,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.30 11/06/2009 7,995,600
16,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.32 09/01/2009 16,000,000
8,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.34 09/28/2009 7,997,960
50,750,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.35 01/05/2010 50,687,831
32,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.37 09/04/2009 31,999,013
35,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 1.10 09/18/2009 34,981,819
37,000,000 ATLANTIS ONE FUNDING##++(p) 0.30 10/19/2009 36,985,200
69,500,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/19/2009 69,470,347
53,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/21/2009 52,976,444
72,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/23/2009 71,966,720
75,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 11/02/2009 74,958,667
24,000,000 ATLANTIS ONE FUNDING##++(p) 0.33 10/13/2009 23,990,760
5,000,000 ATLANTIS ONE FUNDING##++(p) 0.33 10/14/2009 4,998,029
50,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 0.35 11/24/2009 49,959,167
70,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/04/2009 69,873,067
23,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/06/2009 22,956,990
30,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/10/2009 29,940,500
32,000,000 BANK OF AMERICA NA## 0.33 11/23/2009 31,975,653
5,000,000 BANK OF AMERICA NA## 0.65 02/16/2010 4,984,833
40,000,000 BANK OF MONTREAL## 0.34 10/02/2009 39,988,289
81,000,000 BANK OF MONTREAL## 0.34 10/08/2009 80,971,695
124,750,000 BARCLAYS US FUNDING LLC## 0.64 03/01/2010 124,348,582
9,000,000 BASF SE##++ 0.52 01/14/2010 8,982,450
49,250,000 BASF SE##++ 0.55 01/14/2010 49,148,422
33,250,000 BASF SE##++ 0.60 12/17/2009 33,190,704
12,000,000 BNZ INTERNATIONAL FUNDING##++ 0.30 11/03/2009 11,993,700
50,000,000 BNZ INTERNATIONAL FUNDING##++ 0.35 11/16/2009 49,963,056
32,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45 11/09/2009 31,972,400
15,000,000 BRYANT PARK FUNDING LLC##++(p) 0.25 09/02/2009 14,999,896
40,000,000 CAFCO LLC##++(p) 0.29 09/23/2009 39,993,033
15,000,000 CAFCO LLC##++(p) 0.29 09/17/2009 14,998,067
66,000,000 CAFCO LLC##++(p) 0.30 11/19/2009 65,956,550
104,000,000 CAFCO LLC##++(p) 0.35 11/02/2009 103,937,311
17,600,000 CAFCO LLC##++(p) 0.37 10/13/2009 17,592,403
19,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.35 10/19/2009 18,991,133
Wells Fargo Advantage Money Market Funds 53
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 39,750,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47% 11/06/2009 $ 39,715,749
60,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/10/2009 59,945,167
59,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.55 10/13/2009 58,962,142
37,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.62 09/09/2009 36,994,902
15,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.64 09/18/2009 14,995,467
40,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 39,984,834
50,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/08/2009 49,870,694
66,700,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/23/2009 66,501,104
46,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 45,855,547
31,730,000 CHARTA LLC##++(p) 0.29 09/17/2009 31,725,910
41,000,000 CHARTA LLC##++(p) 0.34 10/22/2009 40,980,252
37,000,000 CHARTA LLC##++(p) 0.34 10/26/2009 36,980,781
17,520,000 CHARTA LLC##++(p) 0.37 10/22/2009 17,510,817
28,250,000 CHARTA LLC##++(p) 0.38 10/15/2009 28,236,879
63,500,000 CHARTA LLC##++(p) 0.40 10/06/2009 63,475,306
43,000,000 CHARTA LLC##++(p) 0.41 10/09/2009 42,981,391
79,750,000 CHARTA LLC##++(p) 0.42 09/18/2009 79,734,183
27,000,000 CIESCO LLC##++(p) 0.25 10/02/2009 26,994,187
40,000,000 CIESCO LLC##++(p) 0.33 10/08/2009 39,986,433
17,000,000 CIESCO LLC##++(p) 0.35 10/09/2009 16,993,719
24,000,000 CIESCO LLC##++(p) 0.37 10/20/2009 23,987,913
99,500,000 CIESCO LLC##++(p) 0.40 09/23/2009 99,475,678
4,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.27 09/14/2009 3,999,610
87,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.40 11/19/2009 86,923,633
43,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 42,993,407
20,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 20,000,000
46,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/11/2009 45,996,806
93,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.28 10/13/2009 92,969,620
37,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/07/2009 36,988,900
84,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/09/2009 83,973,400
38,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 11/16/2009 37,975,933
2,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.45 09/01/2009 2,000,000
11,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.57 11/20/2009 10,986,067
12,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 10/13/2009 11,990,900
32,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 11/02/2009 31,964,178
55,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.68 12/01/2009 54,905,461
50,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.75 09/02/2009 49,998,958
66,000,000 CRC FUNDING LLC##++(p) 0.30 11/19/2009 65,956,550
51,000,000 CRC FUNDING LLC##++(p) 0.30 11/23/2009 50,964,725
33,000,000 CRC FUNDING LLC##++(p) 0.32 11/17/2009 32,977,413
29,700,000 CRC FUNDING LLC##++(p) 0.35 11/02/2009 29,682,097
33,000,000 CRC FUNDING LLC##++(p) 0.38 10/15/2009 32,984,673
72,000,000 CRC FUNDING LLC##++(p) 0.41 10/09/2009 71,968,840
3,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.40 09/22/2009 2,999,300
25,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 11/20/2009 24,969,444
35,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.60 11/05/2009 34,962,083
64,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.65 10/13/2009 63,951,467
40,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 39,976,667
128,750,000 DANSKE CORPORATION##++ 0.34 09/25/2009 128,720,817
27,214,000 DANSKE CORPORATION##++ 0.35 09/03/2009 27,213,471
14,000,000 DANSKE CORPORATION##++ 0.53 01/15/2010 13,971,969
146,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 146,000,000
19,000,000 DNB NOR BANK ASA##++ 0.51 09/28/2009 18,992,733
45,000,000 DNB NOR BANK ASA##++ 0.75 09/09/2009 44,992,500
70,000,000 DNB NOR BANK ASA##++ 0.77 09/08/2009 69,989,588
22,000,000 E.ON AG##++ 0.56 11/19/2009 21,972,964
54 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 9,975,000 E.ON AG##++ 0.59% 11/02/2009 $ 9,964,864
50,000,000 E.ON AG##++ 0.67 09/21/2009 49,981,389
64,750,000 E.ON AG##++ 0.67 09/22/2009 64,724,694
100,000,000 E.ON AG##++ 0.67 10/01/2009 99,944,167
44,000,000 E.ON AG##++ 0.70 09/01/2009 44,000,000
20,000,000 E.ON AG##++ 0.70 09/03/2009 19,999,222
5,000,000 EBBETS FUNDING LLC##++(p) 0.70 10/26/2009 4,994,653
68,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/02/2009 67,998,489
79,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/16/2009 78,973,667
129,500,000 EBBETS FUNDING LLC##++(p) 0.80 09/28/2009 129,422,300
20,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 19,987,556
18,000,000 EBBETS FUNDING LLC##++(p) 0.80 10/01/2009 17,988,000
45,000,000 EKSPORTFINANS ASA##++ 0.26 11/30/2009 44,970,750
30,000,000 EKSPORTFINANS ASA##++ 0.38 10/22/2009 29,983,850
71,000,000 EKSPORTFINANS ASA##++ 0.40 10/20/2009 70,961,344
132,000,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 131,994,500
74,775,000 ENTERPRISE FUNDING LLC##++(p) 0.30 12/22/2009 74,705,210
11,500,000 ENTERPRISE FUNDING LLC##++(p) 0.31 10/05/2009 11,496,633
31,000,000 ENTERPRISE FUNDING LLC##++(p) 0.42 01/11/2010 30,952,260
3,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/01/2009 3,000,000
46,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/14/2009 45,995,515
6,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.30 09/15/2009 5,999,300
17,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.43 10/01/2009 16,993,908
18,768,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 18,765,591
24,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.30 11/03/2009 23,987,400
30,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 29,997,833
41,000,000 FORTIS FUNDING LLC##++ 0.25 09/14/2009 40,996,299
63,700,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 63,687,101
50,000,000 GDF SUEZ##++ 0.22 09/16/2009 49,995,417
36,500,000 GDF SUEZ##++ 0.23 10/01/2009 36,493,004
38,000,000 GDF SUEZ##++ 0.23 10/05/2009 37,991,746
11,000,000 GDF SUEZ##++ 0.26 09/16/2009 10,998,831
12,000,000 GDF SUEZ##++ 0.27 09/15/2009 11,998,740
15,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 14,999,900
25,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.22 09/22/2009 24,996,792
20,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 19,997,317
20,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 20,000,000
44,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 43,999,707
39,250,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 39,247,819
32,000,000 GOVCO LLC##++(p) 0.29 11/24/2009 31,978,347
22,000,000 GOVCO LLC##++(p) 0.33 11/16/2009 21,984,673
43,000,000 GOVCO LLC##++(p) 0.34 11/18/2009 42,968,323
50,000,000 GOVCO LLC##++(p) 0.37 10/19/2009 49,975,333
57,000,000 GOVCO LLC##++(p) 0.37 10/22/2009 56,970,122
24,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 23,982,240
50,000,000 GOVCO LLC##++(p) 0.40 09/11/2009 49,994,444
75,000,000 GOVCO LLC##++(p) 0.40 09/23/2009 74,981,667
45,000,000 GRAMPIAN FUNDING LLC##++(p) 0.54 11/24/2009 44,943,300
164,000,000 GRAMPIAN FUNDING LLC##++(p) 0.56 11/20/2009 163,795,911
39,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/09/2009 38,974,065
34,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/27/2009 33,966,680
69,000,000 GRAMPIAN FUNDING LLC##++(p) 0.65 10/21/2009 68,937,708
20,000,000 GRAMPIAN FUNDING LLC##++(p) 0.66 10/07/2009 19,986,800
18,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 17,988,840
46,500,000 ICICI BANK LIMITED## 0.38 09/30/2009 46,485,766
Wells Fargo Advantage Money Market Funds 55
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 17,000,000 ING USA FUNDING LLC## 0.17% 09/25/2009 $ 16,998,073
103,000,000 ING USA FUNDING LLC## 0.50 12/08/2009 102,859,806
53,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 52,997,615
45,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 44,995,275
58,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 58,000,000
58,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 57,998,131
7,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.23 09/09/2009 6,999,642
9,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.30 10/20/2009 8,996,325
26,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.31 09/02/2009 25,999,776
10,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 10,000,000
71,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 10/14/2009 70,944,876
50,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 11/03/2009 49,943,125
98,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/01/2009 98,000,000
25,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.22 09/28/2009 24,995,875
45,650,000 LMA AMERICAS LLC##++(p) 0.26 10/21/2009 45,633,515
134,000,000 LMA AMERICAS LLC##++(p) 0.30 10/21/2009 133,944,167
72,100,000 LMA AMERICAS LLC##++(p) 0.33 10/27/2009 72,062,989
18,615,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 18,614,431
10,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 9,998,778
63,250,000 MARKET STREET FUNDING LLC##++(p) 0.22 09/23/2009 63,241,496
62,000,000 MARKET STREET FUNDING LLC##++(p) 0.28 11/18/2009 61,962,387
167,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 166,972,445
20,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 19,999,028
39,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 38,987,108
7,000,000 METLIFE SHORT TERM FUND##++ 0.34 09/09/2009 6,999,471
55,000,000 METLIFE SHORT TERM FUND##++ 0.62 11/05/2009 54,938,431
64,750,000 METLIFE SHORT TERM FUND##++ 0.79 10/19/2009 64,681,797
40,000,000 METLIFE SHORT TERM FUND##++ 0.80 10/20/2009 39,956,444
29,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/02/2009 28,999,275
18,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/16/2009 17,993,250
34,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/17/2009 33,986,400
19,000,000 METLIFE SHORT TERM FUND##++ 1.00 09/01/2009 19,000,000
61,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.24 10/07/2009 60,985,360
18,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.29 09/08/2009 17,998,985
42,000,000 MONTGOMERY COUNTY MD 0.30 10/06/2009 42,000,000
51,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/27/2009 50,954,397
46,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.37 11/30/2009 45,957,450
66,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.38 11/30/2009 65,937,300
28,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.47 10/27/2009 27,979,529
22,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.50 12/28/2009 21,963,944
20,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.56 09/18/2009 19,994,711
165,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.65 09/08/2009 164,979,146
207,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 206,998,620
105,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 105,000,000
80,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 79,998,400
24,980,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 09/08/2009 24,978,446
33,700,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 11/17/2009 33,676,934
45,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/21/2009 44,978,125
19,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/23/2009 18,990,394
17,000,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 17,000,000
29,000,000 OLD LINE FUNDING LLC##++(p) 0.36 09/21/2009 28,994,200
46,000,000 PRUDENTIAL PLC##++ 0.40 11/12/2009 45,963,200
60,000,000 PRUDENTIAL PLC##++ 0.43 10/29/2009 59,958,433
35,000,000 PRUDENTIAL PLC##++ 0.45 10/13/2009 34,981,625
14,000,000 PRUDENTIAL PLC##++ 0.46 10/27/2009 13,989,982
56 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 19,000,000 PRUDENTIAL PLC##++ 0.46% 10/29/2009 $ 18,985,919
25,000,000 PRUDENTIAL PLC##++ 0.55 10/05/2009 24,987,014
16,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 15,990,791
15,000,000 PRUDENTIAL PLC##++ 0.57 09/23/2009 14,994,775
50,000,000 PRUDENTIAL PLC##++ 0.58 09/29/2009 49,977,444
68,000,000 PRUDENTIAL PLC##++ 0.75 09/15/2009 67,980,167
14,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 10/13/2009 13,995,100
100,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 11/10/2009 99,941,667
51,450,000 RANGER FUNDING COMPANY LLC##++(p) 0.33 09/02/2009 51,449,528
111,250,000 RANGER FUNDING COMPANY LLC##++(p) 0.34 12/02/2009 111,153,336
14,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.24 09/16/2009 13,998,600
23,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 22,997,764
64,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.26 09/10/2009 63,995,840
28,483,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.38 10/27/2009 28,466,163
8,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.40 09/15/2009 7,998,756
21,350,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 21,326,278
98,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.52 11/05/2009 97,907,989
5,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.63 09/21/2009 4,998,250
5,000,000 RHEINGOLD SECURITIZATION##++(p) 0.33 09/25/2009 4,998,900
35,000,000 RHEINGOLD SECURITIZATION##++(p) 0.43 12/01/2009 34,961,957
27,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 09/29/2009 26,990,550
35,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 10/13/2009 34,981,625
6,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/10/2009 5,994,167
84,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 83,916,000
10,695,000 RHEINGOLD SECURITIZATION##++(p) 0.55 09/29/2009 10,690,425
9,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/23/2009 8,997,250
3,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/28/2009 2,998,875
23,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.55 09/29/2009 22,990,161
10,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64 09/16/2009 9,997,333
8,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 8,000,000
50,000,000 SAN PAOLO IMI US FINANCIAL COMPANY## 0.40 10/30/2009 49,967,222
18,000,000 SAN PAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 17,987,905
14,000,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED## 0.65 12/02/2009 13,976,744
60,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/03/2009 59,999,000
156,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 155,988,300
60,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/14/2009 59,993,500
24,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 23,997,200
53,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/18/2009 52,992,492
26,000,000 SHEFFIELD RECEIVABLES##++(p) 0.35 10/05/2009 25,991,406
38,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 37,994,089
204,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/19/2009 203,910,240
56,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/20/2009 55,974,847
30,000,000 SOLITAIRE FUNDING LLC##++(p) 0.38 11/24/2009 29,973,400
100,250,000 SOLITAIRE FUNDING LLC##++(p) 0.40 11/17/2009 100,164,231
162,000,000 STADSHYPOTEK DELAWARE##++ 0.40 09/02/2009 161,998,200
100,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/30/2009 99,965,361
11,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 10,995,111
32,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/20/2009 31,981,511
62,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/24/2009 61,962,387
41,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 10/23/2009 40,984,010
30,101,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 10/26/2009 30,088,583
44,811,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/18/2009 44,784,786
15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 14,992,417
56,864,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 56,834,810
23,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/12/2009 22,987,120
Wells Fargo Advantage Money Market Funds 57
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (CONTINUED)
$ 11,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35% 10/09/2009 $ 10,995,936
20,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 10/07/2009 19,992,800
41,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/01/2009 41,000,000
81,450,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/02/2009 81,449,163
30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/16/2009 29,995,375
15,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 14,999,025
25,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 24,992,083
14,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/19/2009 13,994,400
6,550,000 SWEDBANK AB##++ 0.54 12/02/2009 6,540,961
60,000,000 SWEDBANK AB##++ 0.55 12/15/2009 59,903,750
99,750,000 SWEDBANK AB##++ 0.55 12/22/2009 99,579,317
55,000,000 SWEDBANK AB##++ 0.56 12/17/2009 54,908,456
50,000,000 SWEDBANK AB##++ 0.87 02/09/2010 49,805,458
50,000,000 SWEDBANK AB##++ 0.89 02/16/2010 49,792,333
25,900,000 TASMAN FUNDING INCORPORATED##++(p) 0.35 10/14/2009 25,889,172
11,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.70 10/14/2009 10,990,803
17,609,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.28 11/09/2009 17,599,550
22,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 11/09/2009 21,986,928
58,168,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.35 10/19/2009 58,140,855
71,049,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.38 10/13/2009 71,017,502
12,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 09/14/2009 11,998,267
28,138,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 10/26/2009 28,120,805
43,000,000 TICONDEROGA FUNDING LLC##++(p) 0.23 09/30/2009 42,992,033
100,000,000 TOYOTA CREDIT PUERTO RICO## 0.33 09/09/2009 99,992,667
17,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/14/2009 16,992,893
16,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/15/2009 15,993,156
128,750,000 TOYOTA MOTOR CREDIT CORPORATION## 0.31 09/04/2009 128,746,674
42,000,000 TULIP FUNDING CORPORATION##++(p) 0.22 09/28/2009 41,993,070
18,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 18,000,000
160,196,000 TULIP FUNDING CORPORATION##++(p) 0.38 10/13/2009 160,124,980
28,000,000 UBS FINANCE DELAWARE LLC## 0.55 10/28/2009 27,975,617
107,600,000 UBS FINANCE DELAWARE LLC## 0.57 10/13/2009 107,528,446
24,000,000 UBS FINANCE DELAWARE LLC## 0.60 12/30/2009 23,952,000
75,000,000 UBS FINANCE DELAWARE LLC## 0.62 12/30/2009 74,845,000
30,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/14/2009 29,992,417
60,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/16/2009 59,982,500
74,000,000 UBS FINANCE DELAWARE LLC## 0.72 12/04/2009 73,860,880
66,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.60 12/21/2009 65,877,900
51,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.90 12/09/2009 50,873,775
25,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.50 09/24/2009 24,992,014
63,500,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.55 09/14/2009 63,487,388
69,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 68,911,852
33,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/23/2009 33,000,000
22,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/24/2009 22,000,000
29,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 28,999,275
14,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 13,999,475
35,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 35,000,000
29,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 28,999,597
25,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.22 09/25/2009 24,996,333
15,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.23 09/24/2009 14,997,796
41,500,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/02/2009 41,499,712
8,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/04/2009 7,999,833
20,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 19,999,028
28,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 27,998,444
15,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 14,998,958
58 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 15,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25% 09/14/2009 $ 14,998,646
14,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 13,998,639
23,250,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 23,241,863
20,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37 10/07/2009 19,992,600
47,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.37 10/08/2009 46,982,127
20,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.38 10/02/2009 19,993,456
20,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.40 09/15/2009 19,996,889
77,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 77,000,000
19,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.60 09/14/2009 18,995,883
13,500,000 WINDMILL FUNDING CORPORATION##++(p) 0.30 10/23/2009 13,494,150
52,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.33 10/22/2009 51,975,690
136,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.40 10/06/2009 135,947,111
63,896,000 YORKTOWN CAPITAL LLC##++(p) 0.28 12/16/2009 63,843,321
21,000,000 YORKTOWN CAPITAL LLC##++(p) 0.31 12/16/2009 20,980,832
35,000,000 YORKTOWN CAPITAL LLC##++(p) 0.34 12/02/2009 34,969,582
TOTAL COMMERCIAL PAPER (COST $15,990,987,617) 15,990,987,617
---------------
CORPORATE BONDS & NOTES: 3.46%
56,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 56,000,000
10,000,000 BANK OF IRELAND+/-++ 0.89 10/02/2009 10,000,000
7,000,000 BASF FINANCE EUROPE NV+/-++ 0.52 11/20/2009 7,000,000
34,250,000 BBVA US SENIOR SAU+/-++ 0.69 03/12/2010 34,258,501
42,000,000 CITIBANK NA+/- 0.65 09/30/2010 42,000,000
81,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.71 06/24/2010 81,000,000
135,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.75 06/04/2010 135,000,000
75,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.80 10/02/2009 75,000,000
5,000,000 CREDIT AGRICOLE SA (LONDON)+/-++ 0.42 05/28/2010 4,994,270
40,000,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 40,041,324
7,459,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.52 05/10/2010 7,450,673
19,500,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 19,500,000
65,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 65,000,000
29,110,000 MERRILL LYNCH & COMPANY 4.25 02/08/2010 29,518,960
46,600,000 RABOBANK NEDERLAND NV+/-++(i) 0.68 10/09/2009 46,600,000
48,000,000 ROYAL BANK OF CANADA+/-++ 0.64 10/15/2009 48,000,000
90,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 90,000,000
51,035,000 SANTANDER US DEBT SA UNIPERSONAL+/-++ 0.55 07/23/2010 50,977,566
8,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 8,000,000
TOTAL CORPORATE BONDS & NOTES (COST $850,341,294) 850,341,294
---------------
MEDIUM TERM NOTES: 1.44%
47,210,000 BEAR STEARNS COMPANY+/- 0.55 05/18/2010 47,227,476
25,920,000 BEAR STEARNS COMPANY+/- 0.91 07/19/2010 25,966,773
35,000,000 EKSPORTFINANS A/S+/- 0.53 08/03/2010 35,000,000
30,000,000 EKSPORTFINANS A/S+/- 0.73 06/11/2010 30,000,000
15,000,000 EUROPEAN INVESTMENT BANK 0.92 01/26/2010 15,034,650
20,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 20,000,000
35,000,000 ING USA GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 35,000,000
18,720,000 JPMORGAN CHASE & COMPANY+/- 0.64 06/22/2010 18,714,604
15,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 0.69 02/05/2010 14,957,158
15,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 0.71 03/23/2010 14,920,303
39,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 0.73 12/04/2009 38,964,612
57,000,000 US BANCORP+/- 1.05 06/04/2010 57,198,610
TOTAL MEDIUM TERM NOTES (COST $352,984,186) 352,984,186
---------------
Wells Fargo Advantage Money Market Funds 59
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES: 4.93%
$ 15,655,000 ACADEMY OF THE NEW CHURCH (OTHER REVENUE)+/-ss 0.40% 02/01/2025 $ 15,655,000
17,800,000 BALTIMORE MD PACKAGE SYSTEMS FACILITIES (PARKING FACILITIES
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.32 07/01/2032 17,800,000
10,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARd
ENVIRONMENTAL REVENUE CITGO PETROLEUM CORPORATION (IDR,
NATIXIS LOC)+/-ss 0.16 07/01/2026 10,000,000
3,345,000 CALIFORNIA HFA HOME MORTGAGE SERIES F (HOUSING REVENUE, FORTIS
BANQUE LOC)+/-ss 2.25 08/01/2040 3,345,000
40,700,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 40,700,000
20,000,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 20,000,000
12,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST COMPANY
NA LOC)+/-ss 0.20 05/01/2022 12,000,000
15,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 05/01/2022 15,000,000
40,155,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C15 (POWER
REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.13 05/01/2022 40,155,000
17,500,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE, FSA INSURED)+/-ss 0.55 05/01/2022 17,500,000
20,600,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.50 05/01/2022 20,600,000
28,600,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 28,600,000
53,180,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.26 05/01/2040 53,180,000
22,700,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5
(PROPERTY TAX REVENUE, CITIBANK NA LOC )+/-ss 0.20 05/01/2034 22,700,000
25,000,000 CALIFORNIA STATEWIDE CDA RADY CHILDRENS HOSPITAL SERIES A
(HOSPITAL REVENUE, WELLS FARGO BANK)+/-ss 0.30 08/15/2047 25,000,000
11,000,000 CALIFORNIA STATEWIDE CDA SERIES F (HCFR, BANK OF AMERICA
NA LOC)+/-ss 0.26 07/01/2041 11,000,000
10,000,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.22 01/01/2037 10,000,000
9,817,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1 (HOUSING REVENUE,
GO OF AUTHORITY INSURED)+/-ss 0.50 10/01/2038 9,817,000
5,000,000 COLORADO HOUSING & FINANCE AUTHORITY SERIES C1 (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.50 11/01/2033 5,000,000
77,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE SERIES B-1 (HOUSING
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 3.50 05/01/2038 77,000,000
30,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE TAXABLE CLASS I
SERIES A-2 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)+/-ss 0.65 05/01/2038 30,000,000
29,980,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY
PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 29,980,000
38,470,000 COLORADO HOUSING FINANCE AUTHORITY SERIES C1 (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.40 11/01/2032 38,470,000
16,850,000 COLUMBIA AL IDA SERIES A (IDR)+/-ss 0.15 06/01/2022 16,850,000
19,900,000 COLUMBIA AL IDA SERIES B (PCR)+/-ss 0.15 05/01/2022 19,900,000
19,000,000 COOK COUNTY IL (OTHER REVENUE, HARRIS TRUST SAVINGS BANk
LOC)+/-ss 0.70 11/01/2030 19,000,000
24,000,000 COOK COUNTY IL (OTHER REVENUE, NORTHERN TRUST CORPORATION
LOC)+/-ss 0.70 11/01/2030 24,000,000
60,000,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 60,000,000
8,400,000 GREGG COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION GOOD
SHEPHERD SERIES C (HCFR, RADIAN INSURED)+/-ss 0.15 10/01/2029 8,400,000
15,000,000 GULF COAST WASTE DISPOSAL AUTHORITY (OTHER REVENUE, GUARANTEE
AGREEMENT BP PLC)+/-ss 0.12 07/01/2042 15,000,000
19,500,000 HOUSTON TX UTILITY SYSTEM (SEWER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)+/-ss 0.30 05/15/2034 19,500,000
8,300,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN B3 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 8,300,000
13,800,000 ILLINOIS FINANCE AUTHORITY RESURRECTION HEALTH SERIES B
(HFFA REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.23 05/15/2035 13,800,000
7,600,000 KENTUCKY INCORPORATED PUBLIC ENERGY AUTHORITY SERIES A (OTHER
REVENUE, SOCIETE GENERALE LOC)+/-ss 0.13 08/01/2016 7,600,000
995,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.33 07/01/2035 995,000
60 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES (continued)
$ 13,020,000 LANCASTER COUNTY HOSPITAL AUTHORITY HEALTH SYSTEM LANCASTER
GENERAL HOSPITAL (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.18% 07/01/2041 $ 13,020,000
17,740,000 LOUISIANA PUBLIC FACILITIES AUTHORITY (HOSPITAL REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.18 07/01/2028 17,740,000
17,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY SUBSERIES D-1
(AIRPORT REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2039 17,000,000
5,575,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES C (WATER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.18 07/01/2027 5,575,000
13,500,000 MICHIGAN STATE STRATEGIC FUND LIMITED TAXABLE WATERFRONT SERIES A
(IDR, DEUTSCHE BANK AG LOC)+/-ss 0.53 03/01/2039 13,500,000
7,300,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 7,300,000
18,800,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2025 18,800,000
5,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 5,000,000
29,750,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH CARE FACILITIES
SERIES A (HCFR, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2034 29,750,000
5,135,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES E (HOUSING REVENUE,
GO OF AUTHORITY)+/-ss 0.45 07/01/2038 5,135,000
6,500,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE,
GO OF AUTHORITY)+/-ss 0.45 07/01/2048 6,500,000
23,085,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY TAX REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 11/01/2028 23,085,000
21,900,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D
(TOLL ROAD REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 21,900,000
12,900,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A2 (OTHER REVENUE,
UBS AG LOC)+/-ss 0.20 06/15/2024 12,900,000
16,900,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE,
UBS AG LOC)+/-ss 0.17 12/15/2026 16,900,000
65,000,000 NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY SUBSERIES B-1
(WATER & SEWER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.18 06/15/2024 65,000,000
34,000,000 NEW YORK NEW YORK SUBSERIES J3 (PROPERTY TAX REVENUE, ALLIED IRISH
BANK PLC LOC)+/-ss 0.12 08/01/2023 34,000,000
13,400,000 SACRAMENTO CA MUNICIPAL UTILITY DISTRICT SERIES J (ELECTRIC
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.18 08/15/2028 13,400,000
46,500,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES A (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.20 04/01/2038 46,500,000
52,245,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.15 04/01/2038 52,245,000
10,000,000 SAN JOSE CA FINANCING AUTHORITY TAXABLE LAND SERIES F (OTHER
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.35 06/01/2034 10,000,000
2,000,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A (OTHER
REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 2,000,000
2,000,000 WAUKESHA HEALTH SYSTEM INCORPORATED (HFR, JPMORGAN CHASE BANK
LOC)+/-ss 0.60 08/15/2026 2,000,000
540,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F (AIRPORT REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.34 12/01/2016 540,000
5,500,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY WV UTD HEALTH
SYSTEMS SERIES A (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.14 06/01/2041 5,500,000
TOTAL MUNICIPAL BONDS & NOTES (COST $1,212,137,000) 1,212,137,000
---------------
REPURCHASE AGREEMENTS: 6.45%
376,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $376,002,298) 0.22 09/01/2009 376,000,000
79,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $79,000,614) 0.28 09/01/2009 79,000,000
150,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $150,000,833) 0.20 09/01/2009 150,000,000
63,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $63,000,578) 0.33 09/01/2009 63,000,000
79,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $79,000,658) 0.30 09/01/2009 79,000,000
Wells Fargo Advantage Money Market Funds 61
Portfolio of Investments--August 31, 2009 (Unaudited)
HERITAGE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
REPURCHASE AGREEMENTS (continued)
$ 26,400,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $26,400,139) 0.19% 09/01/2009 $ 26,400,000
373,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $373,002,279) 0.22 09/01/2009 373,000,000
376,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $376,002,298) 0.22 09/01/2009 376,000,000
63,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $63,000,543) 0.31 09/01/2009 63,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,585,400,000) 1,585,400,000
---------------
SECURED MASTER NOTE AGREEMENT: 1.88%
300,441,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48 09/09/2034 300,441,000
163,092,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/-ss 0.68 09/09/2049 163,092,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $463,533,000) 463,533,000
---------------
TIME DEPOSITS: 8.35%
226,000,000 BANK OF IRELAND 0.35 09/01/2009 226,000,000
147,000,000 BANK OF IRELAND 0.60 09/04/2009 147,000,000
292,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 292,000,000
250,000,000 CITIBANK NA NASSAU 0.19 09/01/2009 250,000,000
293,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 293,000,000
25,000,000 DEUTSCHE BANK CAYMAN 0.13 09/01/2009 25,000,000
305,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 305,000,000
292,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 292,000,000
222,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 222,000,000
TOTAL TIME DEPOSITS (COST $2,052,000,000) 2,052,000,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $24,606,973,395)* 100.11% $24,606,973,395
OTHER ASSETS AND LIABILITIES, NET (0.11) (27,710,353)
------ ---------------
TOTAL NET ASSETS 100.00% $24,579,263,042
------ ---------------
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(p) Asset-backed commercial paper.
(i) Illiquid security.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
62 WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER: 4.25%
$ 5,000,000 ASCENSION PARISH LA 0.70% 09/09/2009 $ 5,000,000
3,000,000 ILLINOIS FINANCE AUTHORITY 0.50 01/07/2010 3,000,000
3,500,000 LONG ISLAND POWER AUTHORITY 0.50 02/09/2010 3,500,000
340,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 340,000
1,000,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 1,000,000
5,000,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 0.80 09/10/2009 5,000,000
TOTAL COMMERCIAL PAPER (COST $17,840,000) 17,840,000
---------------
MUNICIPAL BONDS & NOTES: 94.23%
ALABAMA: 1.62%
6,800,000 COLUMBIA AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY
PROJECT (IDR)ss+/- 0.20 06/01/2028 6,800,000
---------------
ARIZONA: 3.18%
7,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 07/01/2036 7,000,000
2,500,000 MARICOPA COUNTY AZ IDA TRANS-MATIC MANUFACTURING PRODUCTION
PROJECT (IDR, NATIONAL CITY BANK LOC)ss+/- 0.51 10/01/2026 2,500,000
3,080,000 MARICOPA COUNTY AZ IDA VILLAGE AT SUN VALLEY APARTMENTS PROJECT
(MFHR, FNMA INSURED)ss+/- 0.52 11/01/2043 3,080,000
800,000 PIMA COUNTY AZ IDA EASTSIDE APARTMENTS SERIES B (MFHR, FNMA
INSURED)ss+/- 0.42 02/15/2031 800,000
13,380,000
---------------
CALIFORNIA: 6.25%
1,425,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK
PLC LOC)ss+/- 0.13 11/15/2035 1,425,000
1,585,000 ARCADIA CA UNIFIED SCHOOL DISTRICT (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 08/01/2037 1,585,000
2,100,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A (IDR,
KBC BANK NV LOC)ss+/- 0.33 12/01/2028 2,100,000
5,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C (IDR, JPMORGAN
CHASE LOC)ss+/- 0.15 11/01/2026 5,000,000
10,860,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER
REVENUE, BNP PARIBAS LOC)ss+/- 0.08 05/01/2022 10,860,000
3,185,000 CALIFORNIA STATEWIDE CDA TYRELLA GARDENS APARTMENTS SERIES B
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.45 06/01/2036 3,185,000
525,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF
NEW YORK LOC)ss+/- 0.55 02/01/2035 525,000
460,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY MFHR LELAND
POLK SENIOR COMMUNITY SERIES A (MFHR, CITIBANK NA LOC)ss+/- 0.43 12/01/2019 460,000
1,120,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED)ss+/- 0.41 09/15/2032 1,120,000
26,260,000
---------------
COLORADO: 4.32%
7,000,000 AURORA CO HOUSING AUTHORITY LIBERTY CREEK PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.39 02/15/2038 7,000,000
5,000,000 COLORADO COLLEGE INVESTMENT SERIES I-A (OTHER REVENUE, LLOYDS
BANK LOC)ss+/- 0.38 12/01/2042 5,000,000
3,890,000 COLORADO HOUSING & FINANCE AUTHORITY READY FOODS INCORPORATED
PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC)ss+/- 0.54 01/01/2032 3,890,000
1,000,000 FORT COLLINS CO ECONOMIC DEVELOPMENT OAKRIDGE PROJECT SERIES A
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.62 12/01/2032 1,000,000
1,250,000 HUDSON CO SERIES A (IDR, US BANK NA LOC)ss+/- 0.72 11/01/2020 1,250,000
18,140,000
---------------
DISTRICT OF COLUMBIA: 1.80%
1,775,000 DISTRICT OF COLUMBIA CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 11/01/2045 1,775,000
2,030,000 DISTRICT OF COLUMBIA ENTERPRISE ZONE 14TH & IRVING (IDR,
BANK OF AMERICA NA LOC)ss+/- 0.55 05/01/2022 2,030,000
Wells Fargo Advantage Money Market Funds 63
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
DISTRICT OF COLUMBIA (continued)
$ 3,755,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2855
(AIRPORT REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54% 10/01/2014 $ 3,755,000
7,560,000
---------------
FLORIDA: 8.68%
3,815,000 DEUTSCHE BANK FL SPEARS LIFERS TRUST SERIES DB-563 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.37 10/01/2022 3,815,000
9,515,000 FLORIDA HOUSING FINANCE CORPORATION PINEWOOD POINTE SERIES C
(STATE AGENCY HOUSING REVENUE, NATIXIS)ss+/- 0.78 06/01/2044 9,515,000
1,265,000 JACKSONVILLE FL HFA CHRISTINE COVE APARTMENTS (MFHR, FHLMC
INSURED)ss+/- 0.45 09/15/2038 1,265,000
1,800,000 MIAMI DADE COUNTY FL IDA FLORIDA POWER & LIGHT COMPANY PROJECT
(LEASE REVENUE)ss+/- 0.25 02/01/2023 1,800,000
7,130,000 ORANGE COUNTY FL HOUSING FINANCE AUTHORITY LAKESIDE POINTE
APARTMENTS SERIES B (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 05/15/2038 7,130,000
10,480,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES E2 (OTHER
REVENUE, ROYAL BANK OF CANADA)ss+/- 0.49 01/01/2034 10,480,000
2,465,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY GLENRIDGE
PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND LOC)ss+/- 0.28 06/01/2036 2,465,000
36,470,000
---------------
ILLINOIS: 5.33%
3,670,000 CHICAGO IL ENTERPRISE ZONE GARDNER GIBSON PROJECT (ECONOMIC
DEVELOPMENT REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.59 07/01/2033 3,670,000
500,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.22 01/01/2037 500,000
280,000 CHICAGO IL WASTEWATER TRANSMISSION SUBSERIES C-2 (SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.18 01/01/2039 280,000
260,000 DES PLAINES IL FINZER ROLLER INCORPORATED PROJECT (IDR, HARRIS
TRUST SAVINGS BANK LOC)ss+/- 1.25 08/01/2021 260,000
2,695,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCL INCORPORATED PROJECT
(IDR, GE CAPITAL CORPORATION LOC)ss+/- 1.42 06/01/2017 2,695,000
1,600,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY UNIVERSAL PRESS
INCORPORATED PROJECT SERIES A (IDR, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.60 07/01/2020 1,600,000
900,000 ILLINOIS FINANCE AUTHORITY INX INTERNATIONAL INK COMPANY (IDR,
JPMORGAN CHASE BANK LOC)ss+/- 0.42 01/01/2034 900,000
710,000 ILLINOIS FINANCE AUTHORITY MERUG LLC SERIES B (IDR, JPMORGAN CHASE
BANK LOC)ss+/- 1.42 12/01/2018 710,000
2,600,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY BRAINARD LANDINGS
APARTMENTS (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.40 05/01/2042 2,600,000
1,755,000 LAKE COUNTY IL BROWN PAPER GOODS PROJECT (IDR, BANK ONE CHICAGO
NA LOC)ss+/- 1.42 10/01/2021 1,755,000
1,370,000 LAKE COUNTY IL COUNTRYSIDE LANDFILL INCORPORATED (SOLID WASTE
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.45 04/01/2021 1,370,000
2,600,000 LAKE COUNTY IL NORTHPOINT ASSOCIATION (IDR, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.42 07/01/2029 2,600,000
1,500,000 LAKE ZURICH IL (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE
BANK LOC)ss+/- 1.42 12/01/2009 1,500,000
1,960,000 VERNON HILLS IL NORTHWESTERN TOOL & DIE PROJECT (IDR, LASALLE
NATIONAL BANK NA LOC)ss+/- 0.63 04/01/2025 1,960,000
22,400,000
---------------
INDIANA: 3.33%
1,860,000 ANGOLA IN PINE MANOR INCORPORATED PROJECT (IDR, NATIONAL CITY
BANK LOC)ss+/- 0.66 08/01/2023 1,860,000
1,925,000 GREENSBURG IN COMMUNITY PARTNERS VILLAGE II (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.42 09/01/2029 1,925,000
3,700,000 INDIANA BOND BANK ADVANCED FUNDING PROGRAM SERIES A (EDUCATIONAL
FACILITIES REVENUE) 2.00 01/05/2010 3,711,361
2,160,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY IN SHELBY GRAVEL
INCORPORATED PROJECT (IDR, NATIONAL CITY BANK OF INDIANA
LOC)ss+/- 0.66 10/01/2017 2,160,000
1,500,000 NOBLESVILLE IN GREYSTONE APARTMENTS PROJECT SERIES B (HOUSING
REVENUE, FEDERAL HOME LOAN BANK LOC)ss+/- 0.60 03/01/2041 1,500,000
2,820,000 ST .JOSEPH COUNTY MIDCORR LAND DEVELOPMENT LLC PROJECT
(IDR, NATIONAL CITY BANK LOC)ss+/- 0.71 10/01/2023 2,820,000
13,976,361
---------------
64 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
IOWA: 1.36%
$ 5,590,000 DES MOINES IA ELLIOT AVIATION PROJECT (OTHER REVENUE, US BANK NA
LOC)ss+/- 0.52% 08/01/2027 $ 5,590,000
125,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HCFR,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 06/01/2027 125,000
5,715,000
---------------
KANSAS: 1.36%
1,000,000 OLATHE KS DIAMANT BOART SERIES A (IDR, SVENOKA HANDELSBANKEN
LOC)ss+/- 0.60 03/01/2027 1,000,000
4,695,000 OLATHE KS ISL LLC PROJECT (OTHER REVENUE, US BANK NA LOC)ss+/- 0.54 08/01/2027 4,695,000
5,695,000
---------------
KENTUCKY: 5.97%
6,650,000 HOPKINS COUNTY KY LOK CORPORATION PROJECT (IDR, PNC BANK NA
LOC)ss+/- 0.44 10/01/2017 6,650,000
3,050,000 JEFFERSON COUNTY KY (IDR, NATIONAL CITY BANK LOC)ss+/- 0.56 09/01/2022 3,050,000
1,687,000 KENTON COUNTY KY PACKAGING UNLIMITED NORTHERN KY (IDR, NATIONAL
CITY BANK LOC)ss+/- 0.56 05/01/2014 1,687,000
6,225,000 KENTUCKY EDFA (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.32 10/01/2028 6,225,000
7,450,000 LOGAN COUNTY KY SOLID WASTE MANAGEMENT LLC PROJECT (OTHER REVENUE,
PNC BANK NA LOC)ss+/- 0.42 03/01/2021 7,450,000
25,062,000
---------------
MICHIGAN: 0.81%
2,180,000 MACOMB COUNTY MI ECONOMIC DEVELOPMENT CORPORATION (IDR, NATIONAL
CITY BANK LOC)ss+/- 0.71 12/01/2017 2,180,000
1,220,000 MICHIGAN STATE STRATEGIC FUND FITZ LAND LLC PROJECT (IDR, NATIONAL
CITY BANK LOC)ss+/- 0.81 08/01/2025 1,220,000
3,400,000
---------------
MINNESOTA: 15.04%
510,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.39 11/15/2032 510,000
1,805,000 BLOOMINGTON MN NORLAN PARTNERS SERIES B (HOUSING REVENUE,
LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 07/15/2032 1,805,000
5,090,000 BLOOMINGTON MN SERIES A1 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.39 07/15/2032 5,090,000
1,800,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA
INSURED)ss+/- 0.39 06/15/2038 1,800,000
1,985,000 HENNEPIN COUNTY MN HOUSING & RDA STONE ARCH APARTMENTS PROJECT
(MFHR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.42 04/15/2035 1,985,000
2,400,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE,
FNMA INSURED)ss+/- 0.39 06/15/2038 2,400,000
2,945,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 2,945,000
610,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 610,000
2,740,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE,
US BANK NA LOC)ss+/- 0.44 10/01/2024 2,740,000
2,780,000 MINNEAPOLIS MN SECOND STREET ACQUISITION SERIES A (HOUSING
REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 01/01/2033 2,780,000
205,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 205,000
335,000 MINNESOTA STATE HEFAR OLAF COLLEGE FIVE M2 (COLLEGE & UNIVERSITY
REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2020 335,000
2,685,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE,
FHLB INSURED)ss+/- 0.35 07/01/2048 2,685,000
330,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF
AUTHORITY)ss+/- 0.52 01/01/2010 330,000
305,000 MINNESOTA STATE RESIDENTIAL HOUSING SERIES G (HOUSING REVENUE,
GO OF AUTHORITY)ss+/- 0.33 01/01/2032 305,000
925,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.39 08/01/2034 925,000
2,900,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS
LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA
LOC)ss+/- 0.44 10/01/2038 2,900,000
405,000 ST. ANTHONY MN LANDINGS SILVER LAKE SERIES A (MFHR, LASALLE
NATIONAL BANK NA LOC)ss+/- 0.44 10/01/2037 405,000
Wells Fargo Advantage Money Market Funds 65
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MINNESOTA (continued)
$ 2,000,000 ST. LOUIS PARK MN INDEPENDENT SCHOOL DISTRICT # 283 SERIES B
(PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 2.00% 09/04/2009 $ 2,000,211
5,275,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT
(MFHR, FNMA INSURED)ss+/- 0.39 09/15/2031 5,275,000
3,760,000 ST. PAUL MN HEATING REVENUE SERIES F (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 1.65 12/01/2023 3,760,000
9,250,000 ST. PAUL MN HOUSING & RDA BRIGECREEK SENIOR PLACE SERIES A
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 06/15/2037 9,250,000
645,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES L (IDR, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 1.65 03/01/2018 645,000
565,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 1.35 12/01/2019 565,000
1,420,000 ST. PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A
(HOUSING REVENUE, FNMA INSURED)ss+/- 0.39 06/01/2032 1,420,000
2,595,000 ST. PAUL MN HOUSING & RDA LEASED HOUSING ASSOCIATION SERIES A
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.44 09/01/2035 2,595,000
6,835,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES R
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2022 6,835,000
100,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT
SERIES A (IDR, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.78 06/01/2011 100,000
63,200,211
---------------
MISSISSIPPI: 1.90%
7,995,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST RELATION TO MISSISSIPPI
HOME SERIES A (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.58 12/01/2047 7,995,000
---------------
MISSOURI: 1.21%
3,300,000 HANNIBAL MO IDA BUCKHORN RUBBER PRODUCTS PROJECT (IDR, BANK ONE
CHICAGO NA LOC)ss+/- 1.42 03/01/2010 3,300,000
1,765,000 SAINT LOUIS COUNTY MO IDA HEATHERBROOK GARDENS (HOUSING REVENUE,
US BANK NA LOC)ss+/- 0.63 03/01/2022 1,765,000
5,065,000
---------------
NEVADA: 0.75%
3,170,000 NEVADA HOUSING DIVISION MULTI-UNIT HOUSING PROJECT A (HOUSING
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.64 10/01/2030 3,170,000
---------------
NEW JERSEY: 1.18%
4,945,000 NEW JERSEY STATE TRANSPORTATION SERIES 146 (FUEL SALES TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.79 12/15/2011 4,945,000
---------------
NEW MEXICO: 0.67%
1,300,000 NEW MEXICO HOUSING AUTHORITY REGION III EL PUEBLO APARTMENTS
PROJECT SERIES A(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.54 12/01/2044 1,300,000
1,500,000 NEW MEXICO HOUSING AUTHORITY REGION III MADEIRA COURT APARTMENTS
PROJECT SERIES B (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.54 12/01/2044 1,500,000
2,800,000
---------------
NORTH CAROLINA: 2.41%
2,825,000 LEE COUNTY NC INDUSTRIAL FACILITIES & PCFA CHALLENGE PRINTING
COMPANY PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.63 07/01/2027 2,825,000
7,315,000 STANLEY COUNTY NC INDUSTRIAL FACILITIES & PCFA CHICAGO TUBE
COMPANY IDR JPMORGAN CHASE BANK LOC)ss+/- 0.42 04/01/2018 7,315,000
10,140,000
---------------
66 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
NORTH DAKOTA: 2.23%
$ 3,000,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES A
(HOUSING REVENUE, LLOYDS BANK LOC)ss+/- 0.34% 07/01/2037 $ 3,000,000
3,500,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES B (HOUSING
REVENUE, KBC BANK NV LOC)ss+/- 0.34 01/01/2035 3,500,000
1,530,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY HOME MORTGAGE FINANCING
(HOUSING REVENUE, FHLB INSURED)ss+/- 0.37 01/01/2030 1,530,000
1,320,000 NORTH DAKOTA STATE HOUSING FINANCE AGENCY HOUSING FINANCE PROGRAM
SERIES B (HOUSING REVENUE, FHLB INSURED)ss+/- 0.34 07/01/2033 1,320,000
9,350,000
---------------
OHIO: 3.00%
3,000,000 DAYTON OH AIR FREIGHT SERIES C (IDR) 6.05 10/01/2009 3,000,455
4,050,000 DAYTON OH AIR FREIGHT SERIES E (IDR) 6.05 10/01/2009 4,050,615
1,190,000 FRANKLIN COUNTY OH LIFELINE SHELTER SYSTEMS PROJECT (IDR,
BANK ONE CHICAGO NA LOC)ss+/- 1.32 10/01/2021 1,190,000
1,200,000 MONTGOMERY COUNTY OH CAMBRIDGE COMMONS APARTMENTS A
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.35 04/01/2038 1,200,000
3,170,000 STATE OF OHIO SOLID WASTE BP EXPLORATION & OIL PROJECT
(OTHER REVENUE)ss+/- 0.13 08/01/2034 3,170,000
12,611,070
---------------
OREGON: 0.45%
1,905,000 PORTLAND OR HOUSING AUTHORITY FLOYD LIGHT HOUSING PROJECT
(HOUSING REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.60 12/01/2027 1,905,000
---------------
OTHER: 7.50%
31,500,000 SUNAMERICA TRUST CERTIFICATES VARIOUS STATES CLASS A SERIES 2
(OTHER REVENUE, FHLMC INSURED)ss+/- 0.64 07/01/2041 31,500,000
---------------
PENNSYLVANIA: 2.14%
8,995,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST RELATING TO
PHILADELPHIA PA SERIES B (OTHER REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.58 04/01/2048 8,995,000
---------------
TENNESSEE: 2.34%
8,000,000 HUNTINGDON TN INDUSTRIAL DEVELOPMENT BOARD BEHLEN MANUFACTURING
COMPANY PROJECT (IDR, LASALLE BANK NA LOC)ss+/- 0.47 05/01/2020 8,000,000
1,840,000 PULASKI & GILES COUNTY TN LOMAR DEVELOPMENT COMPANY PROJECT
(IDR, US BANK NA LOC)ss+/- 0.67 01/01/2017 1,840,000
9,840,000
---------------
TEXAS: 3.77%
1,500,000 GULF COAST TX WASTE DISPOSAL AUTHORITY BP COMPANY CHEMICAL PROJECT
SERIES B (IDR, BP PLC GUARANTEE AGREEMENT)ss+/- 0.12 09/01/2038 1,500,000
12,200,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST SERIES A (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.58 12/01/2047 12,200,000
2,120,000 TEXAS HOUSING OPTIONS INCORPORATED MILL CITY SERIES A (HOUSING
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.55 05/01/2036 2,120,000
15,820,000
---------------
VERMONT: 0.28%
1,180,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL
PROJECT A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2034 1,180,000
---------------
VIRGINIA: 0.04%
175,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES B
(HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.15 07/01/2037 175,000
---------------
WELLS FARGO ADVANTAGE MONEY MARKET FUNDS 67
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
WASHINGTON: 2.12%
$ 1,300,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY MERCER
ISLAND PARTNERS LLC PROJECT (IDR, US BANK NA LOC)ss+/- 0.62% 06/01/2027 $ 1,300,000
5,000,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY WASTE
MANAGEMENT INCORPORATED PROJECT (OTHER REVENUE, PNC BANK NA
LOC)ss+/- 0.55 06/01/2020 5,000,000
1,590,000 WASHINGTON STATE HOUSING FINANCE COMMISSION WHISPERWOOD APARTMENTS
PROJECT SERIES A (MFHR, FNMA INSURED)ss+/- 0.37 05/15/2035 1,590,000
1,000,000 WASHINGTON STATE SERIES R-A (OTHER REVENUE, FIRST SECURITY
BANK LOC) 5.50 09/01/2009 1,000,000
8,890,000
---------------
WEST VIRGINIA: 1.68%
7,055,000 PLEASANTS COUNTY WV SIMONTON BUILDING PRODUCTS PROJECT (IDR, PNC
BANK NA LOC)ss+/- 0.49 12/01/2019 7,055,000
---------------
WISCONSIN: 1.13%
2,400,000 APPLETON WI GREAT NORTHERN CORPORATION PROJECT A (IDR, US BANK
NA LOC)ss+/- 0.45 09/01/2019 2,400,000
2,330,000 TWO RIVERS WI RIVERSIDE FOODS INCORPORATED PROJECT (IDR, FHLB
INSURED)ss+/- 0.50 12/01/2022 2,330,000
4,730,000
---------------
WYOMING: 0.38%
1,600,000 CHEYENNE WY GROBET FILE CO INC PROJECT (IDR, NATIONAL CITY
BANK LOC)ss+/- 0.71 08/01/2017 1,600,000
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $395,824,642) 395,824,642
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $413,664,642)* 98.48% $ 413,664,642
OTHER ASSETS AND LIABILITIES, NET 1.52 6,393,437
------ ---------------
TOTAL NET ASSETS 100.00% $ 420,058,079
------ ---------------
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
68 WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER: 6.19%
$ 10,000,000 CLARK COUNTY NV 0.40% 11/02/2009 $ 10,000,000
15,000,000 CLARK COUNTY NV 0.40 11/05/2009 15,000,000
18,870,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.40 03/11/2010 18,870,000
35,500,000 ILLINOIS FINANCE AUTHORITY 0.50 01/07/2010 35,500,000
53,700,000 LONG ISLAND POWER AUTHORITY 0.50 02/09/2010 53,700,000
9,038,000 LOS ANGELES METRO TRANS 0.70 09/02/2009 9,038,000
7,325,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 7,325,000
8,715,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 8,715,000
36,631,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 0.30 11/30/2009 36,631,000
27,667,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 0.35 12/10/2009 27,667,000
5,000,000 MONTGOMERY COUNTY PA INDUSTRIAL 0.43 10/07/2009 5,000,000
9,300,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 9,300,000
8,800,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 8,800,000
23,500,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 23,500,000
11,300,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 11,300,000
15,900,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 15,900,000
32,400,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 32,400,000
9,790,000 UNIVERSITY OF VIRGINIA 0.40 10/13/2009 9,790,000
TOTAL COMMERCIAL PAPER (COST $338,436,000) 338,436,000
---------------
MUNICIPAL BONDS & NOTES: 93.74%
ALABAMA: 1.11%
8,700,000 EUTAW AL IDA PCR ALABAMA POWER COMPANY PROJECT (IDR)ss+/- 0.15 06/01/2028 8,700,000
12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY
PROJECT SERIES C (IDR)ss+/- 0.33 08/01/2017 12,000,000
40,000,000 MOBILE AL INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES SERIES A
(HFFA REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.26 02/01/2040 40,000,000
60,700,000
---------------
ALASKA: 0.40%
6,185,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507 (OTHER REVENUE, 0.34 12/01/2034 6,185,000
FGIC INSURED)ss+/-
15,920,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532 (OTHER REVENUE, 0.34 12/01/2041 15,920,000
MBIA INSURED)ss+/-
22,105,000
---------------
ARIZONA: 0.64%
22,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 07/01/2036 22,000,000
10,125,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.32 04/15/2030 10,125,000
3,000,000 YAVAPAI COUNTY AZ IDA NORTHERN ARIZONA HEALTHCARE SERIES B (HCFR,
BANCO BILBAO VIZCAYA LOC)ss+/- 0.26 12/01/2039 3,000,000
35,125,000
---------------
CALIFORNIA: 14.71%
6,765,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.13 11/15/2035 6,765,000
9,665,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE,
LASALLE NATIONAL BANK NA LOC)ss+/- 0.12 06/01/2037 9,665,000
8,615,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS SACRED
HEART SERIES FA (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 06/01/2030 8,615,000
1,020,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS SCHOOLS SACRED
HEART SERIES FB (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 06/01/2030 1,020,000
Wells Fargo Advantage Money Market Funds 69
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 27,155,000 ARCADIA CA UNIFIED SCHOOL DISTRICT (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39% 08/01/2037 $ 27,155,000
5,115,000 ARCADIA USD CA CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK
INSURED)ss+/- 0.39 08/01/2037 5,115,000
23,050,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.82 09/01/2035 23,050,000
17,800,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.23 10/01/2043 17,800,000
11,850,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHAPMAN UNIVERSITY
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.45 12/01/2030 11,850,000
11,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY JUDAISM
SERIES A (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.52 12/01/2028 11,500,000
11,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK COLBURN
SCHOOL SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.45 08/01/2037 11,200,000
19,595,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS ANGELES
COUNTY MUSEUM SERIES A (RECREATIONAL FACILITIES REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.10 09/01/2037 19,595,000
27,725,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ORANGE
COUNTY PERFORMING SERIES A (RECREATIONAL FACILITIES REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.10 07/01/2034 27,725,000
23,100,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK RAND
CORPORATION SERIES B (ECONOMIC DEVELOPMENT REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.10 04/01/2042 23,100,000
3,145,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II
R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/- 0.27 07/01/2030 3,145,000
2,700,000 CALIFORNIA SERIES I (HFA REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.24 07/01/2035 2,700,000
4,995,000 CALIFORNIA STATE (PROPERTY TAX REVENUE, AMBAC INSURED)ss+/- 0.27 04/01/2012 4,995,000
29,460,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER
REVENUE, BNP PARIBAS LOC)ss+/- 0.08 05/01/2022 29,460,000
53,050,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 05/01/2022 53,050,000
29,555,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE, FSA INSURED)ss+/- 0.55 05/01/2022 29,555,000
10,000,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE, KBC
BANK NV LOC)ss+/- 0.10 05/01/2022 10,000,000
4,535,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.50 05/01/2022 4,535,000
9,435,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C11 (SALES TAX REVENUE,
BNP PARIBAS LOC)ss+/- 0.15 07/01/2023 9,435,000
63,790,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 04/01/2039 63,790,000
19,750,000 CALIFORNIA STATEWIDE CDA RADY CHILDRENS HOSPITAL SERIES B
(HEALTHCARE FACILITIES REVENUE, BANK OF THE WEST LOC)ss+/- 0.11 08/15/2047 19,750,000
9,040,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY YMCA EAST
BAY PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.26 06/01/2027 9,040,000
11,000,000 CORONA CA HOUSEHOLD BANK PROJECT B (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.26 02/01/2023 11,000,000
9,530,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE, DEXIA CREDIT LOCAL
DE FRANCE LOC)ss+/- 0.40 06/01/2038 9,530,000
10,225,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT LOCAL
DE FRANCE LOC)ss+/- 0.40 06/01/2038 10,225,000
20,595,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER AGENCY SERIES A
(LEASE REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 03/01/2036 20,595,000
15,900,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT ROCS RR II R-11442 (OTHER REVENUE, CITIBANK NA
LOC)ss+/- 0.59 06/01/2045 15,900,000
6,085,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM
(LEASE REVENUE, FIRST SECURITY BANK LOC)ss+/- 2.15 02/01/2038 6,085,000
70 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CALIFORNIA (continued)
$ 6,400,000 LOS ANGELES CA MULTIFAMILY MUSEUM TER APARTMENT SERIES H (MFHR,
BANK OF AMERICA NA LOC)ss+/- 0.23% 11/01/2009 $ 6,400,000
15,850,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.42 07/01/2037 15,850,000
8,425,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX
ALLOCATION REVENUE, AMBAC INSURED)ss+/- 0.14 01/01/2031 8,425,000
2,250,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.26 12/01/2040 2,250,000
7,360,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A
(ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.35 07/01/2032 7,360,000
34,400,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.21 02/01/2035 34,400,000
18,100,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.21 03/01/2037 18,100,000
7,800,000 RIVERSIDE CA COP SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.23 10/01/2035 7,800,000
20,475,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)ss+/- 0.55 02/01/2035 20,475,000
25,585,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE, DEXIA
CREDIT LOCAL DE FRANCE LOC)ss+/- 0.55 02/01/2035 25,585,000
56,950,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.35 04/01/2038 56,950,000
29,200,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES D (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.40 04/01/2038 29,200,000
14,200,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.26 08/01/2032 14,200,000
845,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.22 06/01/2010 845,000
33,345,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT REVENUE
(UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.90 07/01/2019 33,345,000
1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484
(PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.94 02/01/2013 1,880,000
3,600,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/15/2038 3,600,000
803,610,000
---------------
COLORADO: 1.89%
2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK
NA LOC)ss+/- 0.39 12/01/2017 2,765,000
1,995,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK
NA LOC)ss+/- 0.39 12/01/2028 1,995,000
13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT CENTER PROJECT (TAX
INCREMENTAL REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.30 12/01/2030 13,785,000
1,315,000 COLORADO ECFA NATIONAL JEWISH FEDERATION SERIES A4 (RECREATIONAL
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.18 02/01/2034 1,315,000
6,000,000 COLORADO HEALTH FACILITIES AUTHORITY CROSSROADS MARANATHA PROJECTS
(OTHER REVENUE, US BANK NA LOC)ss+/- 0.32 12/01/2043 6,000,000
8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
DISTRICT (OTHER REVENUE, US BANK NA LOC)ss+/- 0.39 12/01/2038 8,625,000
5,000,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
DISTRICT (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.39 12/01/2028 5,000,000
7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.39 12/01/2036 7,560,000
6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A (MHFR, FHLMC
INSURED)ss+/- 0.33 04/15/2014 6,600,000
14,255,000 FITZSIMONS RDA COLORADO UNIVERSITY PHYSICIANS INCORPORATED
(COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.52 01/01/2025 14,255,000
11,250,000 MOFFAT COUNTY CO TRI STATE GENERAL ASSOCIATION PROJECT (IDR,
BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2036 11,250,000
6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE COURT APARTMENTS
PROJECT (MFHR, US BANK NA LOC)ss+/- 0.39 11/01/2033 6,520,000
Wells Fargo Advantage Money Market Funds 71
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COLORADO (continued)
$ 10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE, BANQUE
NATIONALE PARIS LOC)ss+/- 0.39% 12/01/2030 $ 10,600,000
7,220,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN DISTRICT (PROPERTY
TAX REVENUE, US BANK NA LOC)ss+/- 0.39 11/15/2034 7,220,000
103,490,000
---------------
DISTRICT OF COLUMBIA: 2.45%
14,000,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2 (RECREATIONAL FACILITIES
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 02/01/2036 14,000,000
20,225,000 DISTRICT OF COLUMBIA CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 11/01/2045 20,225,000
9,645,000 DISTRICT OF COLUMBIA GEORGETOWN UNIVERSITY SERIES B2 (COLLEGE AND
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.25 04/01/2041 9,645,000
6,950,000 DISTRICT OF COLUMBIA GEORGETOWN UNIVERSITY SERIES C2 (COLLEGE AND
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 04/01/2041 6,950,000
14,520,000 DISTRICT OF COLUMBIA NATIONAL ASSOCIATION OF YOUNG CHILDREN (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 04/01/2036 14,520,000
54,890,000 DISTRICT OF COLUMBIA SERIES C (PROPERTY TAX REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)ss+/- 0.55 06/01/2027 54,890,000
13,695,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 10/01/2038 13,695,000
133,925,000
---------------
FLORIDA: 8.24%
22,325,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF FLORIDA PROJECT
SERIES A (HCFR, BNP PARIBAS LOC)ss+/- 0.28 10/01/2032 22,325,000
5,710,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT (HFFA
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 08/01/2031 5,710,000
8,835,000 BROWARD COUNTY FL HFA ISLAND CLUB APARTMENTS SERIES A (MFHR,
FHLMC INSURED)ss+/- 0.41 07/01/2031 8,835,000
6,385,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547 (OTHER REVENUE,
MBIA INSURED)ss+/- 0.34 10/01/2026 6,385,000
4,530,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 04/01/2027 4,530,000
4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS PROJECT (HOUSING
REVENUE, US BANK NA LOC)ss+/- 0.30 07/01/2025 4,000,000
10,000,000 ESCAMBIA COUNTY FL HEALTH FACILITIES AUTHORITY AZALEA TRACE
INCORPORATED SERIES B (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.15 11/15/2029 10,000,000
13,200,000 ESCAMBIA COUNTY FL SOLID WASTE DISPOSAL SYSTEM GULF POWER
COMPANY PROJECT 2ND SERIES (OTHER REVENUE)ss+/- 0.18 04/01/2039 13,200,000
11,150,000 FLORIDA CAPITAL TRANSFER AGENCY PORTOFINO VILLAS SERIES A (OTHER
REVENUE, FNMA INSURED)ss+/- 0.32 04/15/2036 11,150,000
12,700,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION HOUSING
PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.33 02/01/2038 12,700,000
5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED)ss+/- 0.28 12/01/2013 5,100,000
9,250,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C
(ELECTRIC REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 10/01/2035 9,250,000
11,375,000 FLORIDA USF FINANCING CORPORATION COP MASTER LEASE PROGRAM SERIES
B1 (LEASE REVENUE, AMBAC INSURED)ss+/- 0.30 07/01/2035 11,375,000
340,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT (HCFR,
WACHOVIA BANK LOC)ss+/-(q) 0.53 12/01/2014 340,000
19,500,000 HALIFAX FL HOSPITAL MEDICAL CENTER (HCFR, WACHOVIA BANK
LOC)ss+/-(q) 0.28 06/01/2048 19,500,000
59,405,000 JACKSONVILLE FL ECONOMIC DEVELOPMENT COMMISSION SHANDS MEDICAL
CENTER INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 02/01/2029 59,405,000
72 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
FLORIDA (continued)
$ 5,970,000 JACKSONVILLE FL HEALTH FACILITIES AUTHORITY SERIES A (HEALTH
FACILITIES FINANCING AUTHORITY REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.12% 08/15/2033 $ 5,970,000
10,150,000 MIAMI DADE COUNTY FL EXPRESSWAY AUTHORITY SERIES 1339 (TOLL
ROAD REVENUE, FINANCIAL GUARANTY INSURANCE COMPANY LOC)ss+/- 0.74 07/01/2012 10,150,000
10,000,000 MIAMI DADE COUNTY FL SPECIAL OBLIGATION JUVENILE COURTHOUSE
SERIES B (OTHER REVENUE, AMBAC INSURED)ss+/- 0.20 04/01/2043 10,000,000
16,900,000 NORTH BROWARD FL HOSPITAL DISTRICT (HCFR, MBIA INSURED)ss+/- 0.28 01/15/2027 16,900,000
14,400,000 NORTH BROWARD FL HOSPITAL DISTRICT SERIES A (HCFR, MBIA
INSURED)ss+/- 0.28 01/15/2027 14,400,000
1,415,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT SERIES A (IDR,
BANK OF AMERICA NA LOC)ss+/- 0.35 05/01/2027 1,415,000
3,625,000 ORANGE COUNTY FL EDUCATIONAL FACILITIES AUTHORITY ROLLINS
COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA
NA LOC)ss+/- 0.33 12/01/2034 3,625,000
26,580,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO REGIONAL
HEALTH CARE SERIES A2 (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.50 10/01/2041 26,580,000
6,700,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY PRESBYTERIAN
RETIREMENT SERIES B (HOUSING REVENUE, BRANCH BANKING & TRUST
LOC)ss+/- 0.28 11/01/2035 6,700,000
3,700,000 ORANGE COUNTY FL IDA LAKE HIGHLAND SCHOOL INCORPORATED (OTHER
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 08/01/2032 3,700,000
2,000,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES E (LEASE REVENUE,
WACHOVIA BANK LOC)ss+/-(Q) 0.20 08/01/2022 2,000,000
4,060,000 PALM BEACH COUNTY FL CHILDRENS HOME PROJECT (OTHER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.33 05/01/2038 4,060,000
2,885,000 PALM BEACH COUNTY FL JUPITER MEDICAL CENTER INCORPORATED
SERIES B (HCFR, WACHOVIA BANK LOC)ss+/-(Q) 0.48 08/01/2020 2,885,000
3,200,000 PALM BEACH COUNTY FL KINGS ACADEMY INCORPORATED PROJECT
(PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC)ss+/-(Q) 0.28 08/01/2031 3,200,000
300,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED (COLLEGE &
UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.49 05/01/2025 300,000
7,520,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2089 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.54 08/01/2026 7,520,000
7,845,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2925Z (LEASE
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 08/01/2011 7,845,000
2,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT
(RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION
LOC)ss+/- 0.32 05/01/2031 2,500,000
5,000,000 SAINT PETERSBURG FL HEALTH FACILITIES AUTHORITY PRESBYTERIAN
RETIREMENT (OTHER REVENUE, BRANCH BANKING & TRUST)ss+/- 0.28 11/01/2039 5,000,000
45,680,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY
GLENRIDGE PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND
LOC)ss+/- 0.28 06/01/2036 45,680,000
5,090,000 SARASOTA COUNTY FL PLANNED PARENTHOOD INCORPORATED PROJECT
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(Q) 0.51 10/01/2041 5,090,000
1,255,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY (PRIVATE SCHOOL
REVENUE, WACHOVIA BANK LOC)ss+/-(Q) 0.48 02/01/2034 1,255,000
39,460,000 SOUTH FL WATER MANAGEMENT DISTRICT COP CLASS A (LEASE REVENUE,
AMBAC INSURED)ss+/- 0.39 10/01/2036 39,460,000
19,860,000 TAMPA BAY FL WATER UTILITY SYSTEM (WATER REVENUE, FGIC
INSURED)ss+/- 1.35 10/01/2023 19,860,000
449,900,000
---------------
GEORGIA: 2.59%
12,650,000 ATLANTA GA AIRPORT PASSENGER FACILITY CHARGE (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.79 01/01/2013 12,650,000
6,005,000 ATLANTA GA WESTSIDE PROJECT SERIES B (TAX INCREMENTAL REVENUE,
WACHOVIA BANK LOC)ss+/-(Q) 0.33 12/01/2023 6,005,000
3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON APARTMENTS PROJECT
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 03/01/2024 3,195,000
Wells Fargo Advantage Money Market Funds 73
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
GEORGIA (continued)
$ 7,500,000 COBB COUNTY GA KENNESTONE HOSPITAL AUTHORITY (HEALTHCARE
FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35% 04/01/2040 $ 7,500,000
10,125,000 COWETA COUNTY GA DEVELOPMENT AUTHORITY YATES PROJECT (OTHER
REVENUE)ss+/- 0.16 06/01/2032 10,125,000
4,620,000 DEKALB COUNTY NEWTOWN GWINETT GA JOINT REAL ESTATE STUDENT I
(COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2035 4,620,000
8,375,000 DEKALB COUNTY NEWTOWN GWINETT GA REAL ESTATE PACKAGE I LLC
(COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2032 8,375,000
14,670,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL
PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 04/01/2024 14,670,000
11,630,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.20 10/01/2033 11,630,000
12,190,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER REVENUE,
FINANCIAL GUARANTY INSURANCE COMPANY LOC)ss+/- 0.44 07/01/2012 12,190,000
9,535,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY SENIOR
LIVING FACILITIES LANIER VILLAGE SERIES B (HCFR, BANK OF
AMERICA NA LOC)ss+/- 0.15 11/15/2033 9,535,000
5,500,000 GEORGIA PRIVATE COLLEGES & UNIVERSITY AUTHORITY MERCER
UNIVERSITY PROJECT SERIES A (OTHER REVENUE, BRANCH BANKING &
TRUST LOC)ss+/- 0.32 10/01/2036 5,500,000
26,005,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY
(OTHER REVENUE)ss+/- 0.15 09/01/2029 26,005,000
9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 01/01/2034 9,285,000
141,285,000
---------------
HAWAII: 0.09%
5,000,000 HAWAII STATE HOUSING FINANCE & DEVELOPMENT CORPORATION LOKAHI KAU
(MFHR, FHLMC INSURED)ss+/- 0.29 12/01/2041 5,000,000
---------------
IDAHO: 0.20%
10,800,000 COEUR D ALENE ID (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 08/15/2022 10,800,000
---------------
ILLINOIS: 8.41%
2,000,000 AURORA IL ECONOMIC DEVELOPMENT (COLLEGE AND UNIVERSITY REVENUE,
HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.35 03/01/2035 2,000,000
2,970,000 CHICAGO IL BOARD OF EDUCATION (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 12/01/2026 2,970,000
16,260,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010 (PROPERTY TAX REVENUE,
AMBAC INSURED)ss+/- 1.34 12/01/2030 16,260,000
12,500,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.22 01/01/2037 12,500,000
17,325,000 CHICAGO IL PARK DISTRICT (PROPERTY TAX REVENUE, FIRST SECURITY
BANK LOC)ss+/- 0.39 01/01/2011 17,325,000
11,110,000 CHICAGO IL WASTEWATER TRANSMISSION SUBSERIES C-2 (SEWER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.18 01/01/2039 11,110,000
18,580,000 COOK COUNTY IL (PROPERTY TAX REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.39 11/15/2011 18,580,000
1,615,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555 (OTHER REVENUE,
FIRST SECURITY BANK LOC)ss+/- 0.34 12/01/2021 1,615,000
4,560,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 01/01/2022 4,560,000
16,900,000 HOFFMAN ESTATES IL HOFFMAN ESTATES ECONOMIC (TAX REVENUE,
NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 01/01/2010 16,900,000
4,370,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY AURORA CENT CATHOLIC HIGH
SCHOOL (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 04/01/2024 4,370,000
5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO ACADEMY OF SCIENCES
(RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.41 01/01/2033 5,480,000
4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK COMMUNICATIONS PROJECT
(OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 03/01/2017 4,500,000
74 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
ILLINOIS (continued)
$ 1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE FOREST ACADEMY
(OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41% 12/01/2024 $ 1,000,000
4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 10/01/2031 4,300,000
22,435,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCCORMICK THEOLOGICAL
PROJECT B (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.41 06/01/2035 22,435,000
9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT
(HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 04/01/2035 9,000,000
14,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ROOSEVELT UNIVERSITY
PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.41 04/01/2025 14,500,000
10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST. IGNATIUS COLLEGE
(OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 06/01/2024 10,000,000
34,600,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY YMCA METROPOLITAN CHICAGO
PROJECT (RECREATIONAL FACILITIES REVENUE, HARRIS TRUST SAVINGS
BANK LOC)ss+/- 0.32 06/01/2029 34,600,000
5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO ZOOLOGICAL
SOCIETY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION
LOC)ss+/- 0.41 12/15/2025 5,000,000
7,055,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY DOMINICAN UNIVERSITY
SERIES B (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.34 10/01/2030 7,055,000
185,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY LIBRARY
PROJECT (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.32 03/01/2028 185,000
5,425,000 ILLINOIS FINANCE AUTHORITY BELOIT MEMORIAL HOSPITAL INCORPORATED
SERIES A (HOSPITAL REVENUE, RADIAN INSURED)ss+/- 0.20 04/01/2036 5,425,000
8,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES A (OTHER
REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.29 04/01/2033 8,385,000
5,320,000 ILLINOIS FINANCE AUTHORITY BRITISH HOME RETIRED MEN (HEALTHCARE
FACILITIES REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 11/01/2027 5,320,000
8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL HEALTHCARE SERIES D
(HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.22 01/01/2048 8,600,000
12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 07/01/2035 12,750,000
11,500,000 ILLINOIS FINANCE AUTHORITY LOYOLA ACADEMY (PRIVATE SCHOOL REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.41 10/01/2037 11,500,000
8,305,000 ILLINOIS FINANCE AUTHORITY POLLUTION CONTROL (POLLUTION CONTROL
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.28 05/01/2021 8,305,000
24,970,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES (HFFA REVENUE,
NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 09/01/2024 24,970,000
20,000,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (OTHER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.86 09/01/2031 20,000,000
11,800,000 ILLINOIS FINANCE AUTHORITY RESURRECTION HEALTH SERIES B (HFFA
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.23 05/15/2035 11,800,000
10,100,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS MUSEUM (OTHER
REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 02/01/2035 10,100,000
43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO - STATES,
TERRITORIES, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 09/01/2035 43,570,000
13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE (PRIVATE SCHOOL
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.41 12/01/2036 13,000,000
5,820,000 ILLINOIS FINANCE AUTHORITY THE CATHERINE COOK SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.41 01/01/2037 5,820,000
7,200,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT (HCFR, NORTHERN
TRUST CORPORATION LOC)ss+/- 0.41 11/01/2035 7,200,000
4,500,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE & UNIVERSITY
REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 10/01/2033 4,500,000
7,530,000 ILLINOIS STATE SERIES G (GO STATES, BANK OF AMERICA NA LOC)ss+/- 0.54 05/01/2012 7,530,000
3,900,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A (COLLEGE &
UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.33 10/01/2032 3,900,000
Wells Fargo Advantage Money Market Funds 75
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
ILLINOIS (continued)
$ 2,900,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER REVENUE,
LASALLE NATIONAL BANK NA LOC)ss+/- 0.36% 10/01/2026 $ 2,900,000
5,810,000 MONMOUTH IL INDUSTRIAL PROJECT MONMOUTH COLLEGE PROJECT
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK
PLC LOC)ss+/- 0.55 06/01/2035 5,810,000
3,415,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 06/01/2034 3,415,000
8,520,000 WARREN COUNTY IL MONMOUTH COLLEGE PROJECT (COLLEGE & UNIVERSITY
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 12/01/2032 8,520,000
459,565,000
---------------
INDIANA: 2.12%
2,910,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549 (OTHER REVENUE,
FGIC INSURED)ss+/- 0.34 07/10/2021 2,910,000
21,300,000 GOSHEN IN ECONOMIC DEVELOPMENT GOSHEN COLLEGE PROJECT (COLLEGE &
UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.32 10/01/2042 21,300,000
37,300,000 INDIANA BOND BANK ADVANCED FUNDING PROGRAM SERIES A (EDUCATIONAL
FACILITIES REVENUE) 2.00 01/05/2010 37,414,532
5,470,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER PROJECT
(HCFR)ss+/- 0.36 07/01/2038 5,470,000
7,100,000 INDIANA FINANCE AUTHORITY SISTERS OF SAINT FRANCIS SERIES H (HCFR,
JPMORGAN CHASE BANK LOC)ss+/- 0.25 09/01/2048 7,100,000
5,300,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY
CLARIAN HEALTH SERIES C (OTHER REVENUE, BRANCH BANKING &
TRUST LOC)ss+/- 0.23 02/15/2030 5,300,000
8,930,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY
CLARIAN HEALTH SERIES D (OTHER REVENUE, BRANCH BANKING &
TRUST)ss+/- 0.23 02/15/2030 8,930,000
4,660,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION
SERIES A (HCFR, US BANK NA LOC)ss+/- 0.20 10/01/2032 4,660,000
3,625,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY SYCAMORE SCHOOL
PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.50 08/01/2024 3,625,000
11,905,000 INDIANAPOLIS IN CANAL SQUARE APARTMENTS (MFHR, FHLMC INSURED)ss+/- 0.35 04/01/2033 11,905,000
3,440,000 INDIANAPOLIS IN INDUSTRIAL MULTIFAMILY HOUSING WASHINGTON POINTE
PROJECT A (OTHER REVENUE, FNMA INSURED)ss+/- 0.28 08/15/2040 3,440,000
3,800,000 MARION IN ECONOMIC DEVELOPMENT WESLEYAN UNIVERSITY PROJECT
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 06/01/2036 3,800,000
115,854,532
---------------
IOWA: 2.06%
9,880,000 HILLS IA MERCY HOSPITAL PROJECT (HCFR, ALLIED IRISH BANK
PLC LOC)ss+/- 0.43 08/01/2035 9,880,000
14,510,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE,
KBC BANK NV LOC)ss+/- 0.21 11/01/2026 14,510,000
2,960,000 IOWA FINANCE AUTHORITY CEDARWOOD HILLS PROJECT SERIES A (MFHR,
FHLMC INSURED)ss+/- 0.32 05/01/2031 2,960,000
11,475,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HCFR,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 06/01/2027 11,475,000
9,465,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL
FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.43 03/01/2036 9,465,000
15,715,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES LLC PROJECT A
(HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.32 06/01/2039 15,715,000
2,100,000 IOWA HIGHER EDUCATION LOAN AUTHORITY MOUNT MERCY COLLEGE PROJECT
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.20 07/01/2025 2,100,000
8,295,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE DUBUQUE
PROJECT (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.20 05/01/2029 8,295,000
4,695,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE PROJECT
(OTHER REVENUE, JPMORGAN CHASE BANK, NORTHERN TRUST COMPANY
LOC)ss+/- 0.20 10/01/2038 4,695,000
14,705,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES AMBROSE
(COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST COMPANY LOC)ss+/- 0.20 04/01/2033 14,705,000
76 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
IOWA (continued)
$ 4,070,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES DES MOINES
UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.43% 10/01/2033 $ 4,070,000
14,815,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES UNIVERSITY
OF DUBUQUE (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.20 04/01/2035 14,815,000
112,685,000
---------------
KENTUCKY: 0.67%
1,060,000 CHRISTIAN COUNTY KY ASSOCIATION OF COUNTIES LEASING TRUST SERIES B
(OTHER REVENUE, US BANK NA LOC)ss+/- 0.13 08/01/2037 1,060,000
11,180,000 JEFFERSON COUNTY KY STUDENT HOUSING UNIVERSITY OF LOUISVILLE
PROJECT SERIES (LEASE REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.29 09/01/2029 11,180,000
9,425,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN GOVERNMENT WATERFORD
PLACE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.33 01/01/2034 9,425,000
5,000,000 TRIMBLE COUNTY KY ASSOCIATION OF COUNTIES LEASING TRUST SERIES A
(LEASE REVENUE, US BANK NA LOC)ss+/- 0.13 12/01/2038 5,000,000
4,900,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES A (OTHER
REVENUE, US BANK NA LOC)ss+/- 0.19 07/01/2038 4,900,000
5,000,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES B (LEASE
REVENUE, US BANK NA LOC)ss+/- 0.19 12/01/2038 5,000,000
36,565,000
---------------
LOUISIANA: 1.39%
870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-577 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 12/01/2020 870,000
7,845,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB INSURED)ss+/- 0.30 09/01/2033 7,845,000
9,900,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 1.36 12/01/2036 9,900,000
34,350,000 LOUISIANA STATE GAS & FUELS TAX CLASS A (SALES TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/01/2035 34,350,000
23,100,000 LOUISIANA STATE SERIES A (PROPERTY TAX REVENUE, BANQUE NATIONALE
PARIS LOC)ss+/- 0.20 07/15/2026 23,100,000
76,065,000
---------------
MAINE: 0.25%
12,000,000 MAINE FINANCE AUTHORITY FOXCROFT ACADEMY (OTHER REVENUE, TD
BANKNORTH NA LOC)ss+/- 0.31 06/01/2038 12,000,000
1,700,000 SOUTH BERWICK ME BERWICK ACADEMY ISSUE (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.39 08/01/2024 1,700,000
13,700,000
---------------
MARYLAND: 0.26%
7,700,000 MARYLAND STATE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY
UPPER CHESAPEAKE HOSPITAL SERIES A (HEALTHCARE FACILITIES
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 01/01/2043 7,700,000
2,745,000 MONTGOMERY COUNTY MD ECONOMIC DEVELOPMENT (HOSPITAL REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.48 03/01/2032 2,745,000
3,555,000 WESTMINSTER MD (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 04/01/2030 3,555,000
14,000,000
---------------
MASSACHUSETTS: 1.00%
4,095,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-528 (OTHER
REVENUE, XL CAPITAL ASSURANCE COMPANY INSURED)ss+/- 0.32 05/01/2039 4,095,000
5,000,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY BUCKINGHAM
BROWN & NICHOLS (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.29 06/01/2036 5,000,000
Wells Fargo Advantage Money Market Funds 77
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MASSACHUSETTS (continued)
$ 4,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY OCEAN SPRAY
CRANBERRIES PROJECT (IDR, WACHOVIA BANK LOC)ss+/-(q) 0.46% 10/15/2011 $ 4,500,000
10,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SHADY HILL SCHOOL
(OTHER REVENUE, TD BANKNORTH NA LOC)ss+/- 0.31 06/01/2038 10,600,000
6,450,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SOLOMON
SCHECHTER DAY SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.39 11/01/2037 6,450,000
7,600,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
BAYSTATE MEDICAL CENTER SERIES J1 (HEALTHCARE FACILITIES
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.25 07/01/2044 7,600,000
10,000,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
SOUTH SHORE PROPERTY SERIES A (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.26 07/01/2033 10,000,000
6,200,000 MASSACHUSETTS STATE SCHOOL BUILDING AUTHORITY SERIES 2479Z (OTHER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 08/15/2013 6,200,000
54,445,000
---------------
MICHIGAN: 1.25%
28,070,000 DETROIT MI (SEWER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.79 07/01/2010 28,070,000
9,585,000 KENTWOOD MI PUBLIC SCHOOLS CLASS A (PROPERTY TAX REVENUE, FIRST
SECURITY BANK LOC)ss+/- 0.39 05/01/2022 9,585,000
5,400,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND COMMUNITY
HOSPITAL SERIES B (HOSPITAL REVENUE, BANK ONE MICHIGAN
LOC)ss+/- 0.31 01/01/2034 5,400,000
17,100,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE
SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 10/15/2030 17,100,000
8,200,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE
SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 10/15/2030 8,200,000
68,355,000
---------------
MINNESOTA: 5.97%
9,115,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.32 11/15/2033 9,115,000
1,540,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN HOMES
SERIES A UNITED STATES BANK INSURED (HCFR, US BANK NA LOC)ss+/- 0.18 09/01/2029 1,540,000
919,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA
LOC)ss+/- 0.18 09/01/2029 919,000
5,725,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER REVENUE, FHLMC
INSURED)ss+/- 0.32 07/01/2038 5,725,000
3,495,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA INSURED)ss+/- 0.32 07/15/2030 3,495,000
8,350,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR, FHLMC
INSURED)ss+/- 0.32 01/01/2035 8,350,000
6,110,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK
LOC)ss+/- 0.20 11/01/2035 6,110,000
7,000,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION PROJECT
(HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2020 7,000,000
2,850,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN FOUNDATION PROJECT
(HOSPITAL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2027 2,850,000
3,900,000 COHASSET MN POWER & LIGHT COMPANY PROJECT B (IDR, LASALLE NATIONAL
BANK NA LOC)ss+/- 0.33 06/01/2013 3,900,000
1,250,000 COHASSET MN POWER & LIGHT COMPANY PROJECT C (IDR, ABN
AMRO BANK INSURED)ss+/- 0.33 06/01/2013 1,250,000
3,250,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR, FHLB
INSURED)ss+/- 0.33 05/01/2027 3,250,000
4,830,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION (ECONOMIC
DEVELOPMENT REVENUE, US BANK NA LOC)ss+/- 0.23 01/01/2012 4,830,000
2,000,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL LYNCH CAPITAL
SERVICES LOC)ss+/- 0.50 06/01/2029 2,000,000
3,345,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE,
AMBAC INSURED)ss+/- 0.34 01/01/2030 3,345,000
800,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT (MFHR, FNMA
INSURED)ss+/- 0.32 02/15/2031 800,000
3,080,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC INSURED)ss+/- 0.33 12/01/2029 3,080,000
78 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
MINNESOTA (continued)
$ 5,250,000 FOREST LAKE MN KILKENNY COURT APARTMENTS PROJECT (OTHER REVENUE,
FNMA INSURED)ss+/- 0.34% 08/15/2038 $ 5,250,000
11,085,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED PROJECT (HOUSING
REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2035 11,085,000
1,620,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.32 03/01/2029 1,620,000
2,100,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.37 10/01/2023 2,100,000
6,450,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.37 10/01/2031 6,450,000
7,245,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 7,245,000
13,930,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 13,930,000
11,990,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2037 11,990,000
1,075,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH CARE FACILITIES
SERIES A (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2034 1,075,000
700,000 MINNEAPOLIS MN MACPHAIL CENTER FOR MUSIC PROJECT (STATE & LOCAL
GOVERNMENTS, US BANK NA LOC)ss+/- 0.18 08/01/2036 700,000
1,607,000 MINNEAPOLIS MN MINNEHAHA ACADEMY PROJECT (PRIVATE SCHOOL
REVENUE, US BANK NA LOC)ss+/- 0.18 05/01/2026 1,607,000
1,040,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER
REVENUE, US BANK NA LOC)ss+/- 0.18 10/01/2021 1,040,000
18,880,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.20 08/15/2025 18,880,000
7,320,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD EVANGELICAL
LUTHERAN PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 09/01/2021 7,320,000
31,390,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE
FACILITY ESSENTIAL C4 (HCFR, ASSURED GUARANTY)ss+/- 0.21 02/15/2030 31,390,000
2,255,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1 (COLLEGE &
UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.25 04/01/2027 2,255,000
2,915,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 5H (COLLEGE &
UNIVERSITY REVENUE, HARRIS TRUST & SAVINGS BANK LOC)ss+/- 0.20 10/01/2030 2,915,000
155,000 MINNESOTA STATE HEFAR TRUSTEES HAMLINE UNIVERSITY SERIES 6E3
(COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK
LOC)ss+/- 0.30 10/01/2016 155,000
3,105,000 MINNESOTA STATE OLAF COLLEGE SERIES 5-M1 (COLLEGE & UNIVERSITY
REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.20 10/01/2032 3,105,000
5,520,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 10/01/2021 5,520,000
8,030,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2025 8,030,000
14,665,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 04/01/2027 14,665,000
2,085,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE,
BANK OF NEW YORK LOC)ss+/- 0.32 10/01/2032 2,085,000
5,520,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2034 5,520,000
2,665,000 MINNETONKA MN MINNETONKA HILLS APARTMENTS (MFHR, FNMA
INSURED)ss+/- 0.32 11/15/2031 2,665,000
9,540,000 OAK PARK HEIGHTS MN BOUTWELLS LANDING PROJECT (HOUSING REVENUE,
FHLMC)ss+/- 0.32 11/01/2035 9,540,000
5,150,000 PINE CITY MN STATE AGENCY (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 04/15/2036 5,150,000
2,865,000 PLYMOUTH MN LANCASTER VILLAGE APARTMENTS PROJECT (HOUSING REVENUE,
FNMA INSURED)ss+/- 0.32 09/15/2031 2,865,000
300,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT (HCFR, US BANK NA
LOC)ss+/- 0.18 10/01/2029 300,000
8,670,000 ROSEWELL MN ROSWELL LLC PROJECT SERIES A (COLLEGE & UNIVERSITY
REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 0.28 07/01/2036 8,670,000
Wells Fargo Advantage Money Market Funds 79
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- -------------- ------------------------------------------------------------------ -------- ----------- ---------------
MINNESOTA (continued)
$ 1,185,000 SPRING LAKE PARK MN SENIOR HOUSING OAK CREST APARTMENTS PROJECT
(HOUSING REVENUE, US BANK NA LOC)ss+/- 0.32% 02/15/2033 $ 1,185,000
2,000,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT
(MFHR, FNMA INSURED)ss+/- 0.32 05/15/2032 2,000,000
4,970,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL
FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 10/01/2025 4,970,000
11,300,000 ST. LOUIS PARK MN KNOLLWOOD PLACE (MFHR, FNMA INSURED)ss+/- 0.32 10/01/2035 11,300,000
1,045,000 ST. LOUIS PARK MN MFHR PARKSHORE PROJECT (HOUSING REVENUE, FNMA
INSURED)ss+/- 0.32 08/01/2034 1,045,000
1,000,000 ST. PAUL MN HOUSING & RDA HIGHLAND RIDGE PROJECT (MFHR, FNMA
INSURED)ss+/- 0.32 10/01/2033 1,000,000
5,510,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 05/01/2022 5,510,000
5,020,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.43 10/01/2025 5,020,000
1,250,000 ST. PAUL MN PORT AUTHORITY AMHERST H WILDER FOUNDATION SERIES 06-3
(RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC)ss+/- 0.20 04/01/2036 1,250,000
3,415,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES M (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2021 3,415,000
1,210,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.23 03/01/2012 1,210,000
1,580,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES Q (OTHER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 1.50 03/01/2022 1,580,000
1,870,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J
(OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.75 12/01/2025 1,870,000
3,590,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE, FHLMC
INSURED)ss+/- 0.32 02/01/2034 3,590,000
7,160,000 ST. PAUL MN PORT AUTHORITY TAX INCREMENT WESTGATE OFFICE &
INDUSTRIAL CENTER PROJECT (IDR, US BANK NA LOC)ss+/- 0.48 02/01/2015 7,160,000
8,310,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.43 05/01/2025 8,310,000
3,220,000 UNIVERSITY OF MINNESOTA SERIES A (COLLEGE & UNIVERSITY REVENUE,
GO OF UNIVERSITY)ss+/- 0.20 08/15/2031 3,220,000
326,316,000
---------------
MISSISSIPPI: 0.60%
14,825,000 MISSISSIPPI BUSINESS FINANCE CORPORATION JACKSON STATE UNIVERSITY
SERIES A1 (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 01/01/2033 14,825,000
18,090,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TINDALL CORPORATION
PROJECT (IDR, WACHOVIA BANK LOC)ss+/-(q) 0.28 04/01/2028 18,090,000
32,915,000
---------------
MISSOURI: 1.97%
4,300,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR, FHLMC
INSURED)ss+/- 0.35 08/01/2035 4,300,000
6,200,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH
THIRD BANK LOC)ss+/- 0.33 01/01/2030 6,200,000
17,700,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN FOUNDATION
(OTHER REVENUE )ss+/- 0.20 04/01/2027 17,700,000
1,905,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN SERIES A
(COLLEGE & UNIVERSITY REVENUE LOC)ss+/- 0.20 04/01/2027 1,905,000
8,015,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD ASSOCIATION OF MUNICIPAL
UTILITIES (LEASE REVENUE, US BANK NA LOC)ss+/- 0.20 06/01/2033 8,015,000
13,000,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD EWING MARION KAUFFMAN
PROJECT SERIES A (OTHER REVENUE)ss+/- 0.20 06/01/2037 13,000,000
5,300,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS
MERCY HOSPITAL SERIES A (HCFR, UBS AG LOC)ss+/- 0.31 05/15/2032 5,300,000
2,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS
MERCY HOSPITAL SERIES B (HCFR, UBS AG LOC)ss+/- 0.31 05/15/2023 2,000,000
10,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY MOTHER OF
GOOD COUNSEL HOME PROJECT (HCFR, ALLIED IRISH BANK PLC
LOC)ss+/- 1.36 07/01/2037 10,000,000
80 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MISSOURI (continued)
$ 5,900,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY RANKEN
TECHNICAL COLLEGE (COLLEGE AND UNIVERSITY REVENUE, RADIAN
INSURED)ss+/- 0.20% 11/15/2031 $ 5,900,000
145,000 MISSOURI STATE HEFA ST. LOUIS UNIVERSITY PROJECT SERIES A
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.18 10/01/2009 145,000
16,100,000 MISSOURI STATE MO HEALTH & EDUCATIONAL FACILITIES AUTHORITY THE
WASHINGTON UNIVERSITY SERIES A (COLLEGE AND UNIVERSITY REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.16 09/01/2030 16,100,000
16,000,000 SAINT LOUIS COUNTY MO IDA PELICAN COVE PROJECT (MFHR, FNMA
INSURED)ss+/- 0.35 03/15/2034 16,000,000
1,000,000 ST. LOUIS COUNTY MO IDA WHITFIELD SCHOOL INCORPORATED SERIES B
(COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.45 06/15/2024 1,000,000
107,565,000
---------------
NEBRASKA: 0.83%
40,000,000 CENTRAL PLAINS NE ENERGY PROJECT NUMBER 2 (OTHER REVENUE)ss+/- 0.33 08/01/2039 40,000,000
5,100,000 NUCKOLLS COUNTY NE AGREX INCORPORATED PROJECT (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.32 02/01/2015 5,100,000
45,100,000
---------------
NEVADA: 1.63%
19,120,000 CLARK COUNTY NV ECONOMIC DEVELOPMENT OPPORTUNITY VILLAGE
FOUNDATION PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.44 01/01/2037 19,120,000
9,700,000 CLARK COUNTY NV LUTHERAN SECONDARY SCHOOL ASSOCIATION PROJECT
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.39 02/01/2030 9,700,000
34,000,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE, BANK OF
NEW YORK LOC)ss+/- 0.31 10/01/2035 34,000,000
11,910,000 RENO NV CAPITAL IMPROVEMENT SERIES A (TAX REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.30 06/01/2032 11,910,000
14,115,000 RENO NV SALES TAX REVENUE SR LIEN RETRAC RENO PROJECT (SALES
TAX REVENUE, BANK OF NEW YORK LOC)ss+/- 0.12 06/01/2042 14,115,000
88,845,000
---------------
NEW HAMPSHIRE: 1.48%
5,025,000 NEW HAMPSHIRE HEALTH & EDUCATION FACILITIES AUTHORITY BREWSTER
ACADEMY (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.55 09/01/2031 5,025,000
13,550,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATIONAL FACILITIES
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.42 09/01/2036 13,550,000
6,680,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION (HFFA
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 01/01/2037 6,680,000
13,000,000 NEW HAMPSHIRE HEFA FRISBIE MEMORIAL HOSPITAL (HFFA REVENUE,
BANK OF AMERICA NA LOC)ss+/- 0.27 10/01/2036 13,000,000
3,390,000 NEW HAMPSHIRE HEFA HEALTH CARE SERIES A (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.32 01/01/2030 3,390,000
4,085,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.55 07/01/2038 4,085,000
21,235,000 NEW HAMPSHIRE HEFA SAINT ANSELM COLLEGE (OTHER REVENUE, RBS
CITIZENS NA)ss+/- 0.35 06/01/2038 21,235,000
8,300,000 NEW HAMPSHIRE HEFA TILTON SCHOOL (OTHER REVENUE, BANK OF NOVA
SCOTIA LOC)ss+/- 0.54 02/01/2036 8,300,000
5,670,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY ALICE PECK DAY
HEALTH SYSTEM (HOUSING REVENUE, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2043 5,670,000
80,935,000
---------------
NEW JERSEY: 0.20%
5,400,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-511 (OTHER REVENUE,
MBIA INSURED)ss+/- 0.32 01/01/2032 5,400,000
2,745,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE, AGC-ICC
INSURED)ss+/- 0.47 06/15/2012 2,745,000
Wells Fargo Advantage Money Market Funds 81
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
NEW JERSEY (CONTINUED)
$ 2,550,000 NEW JERSEY STATE TRANSPORTATION SERIES 146 (FUEL SALES TAX
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.79% 12/15/2011 $ 2,550,000
10,695,000
---------------
NEW MEXICO: 0.42%
5,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A1 (OTHER REVENUE,
STATE STREET BANK & TRUST LOC)ss+/- 0.25 06/15/2024 5,000,000
11,100,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A2 (OTHER REVENUE,
UBS AG LOC)ss+/- 0.20 06/15/2024 11,100,000
6,575,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE,
UBS AG LOC)ss+/- 0.17 12/15/2026 6,575,000
22,675,000
---------------
NEW YORK: 1.40%
11,250,000 METROPOLITAN NY TRANSITION AUTHORITY (TRANSPORTATION REVENUE,
AMBAC INSURED)ss+/- 1.32 11/15/2023 11,250,000
14,800,000 NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILDING AID CLASS A
(TAX REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 01/15/2037 14,800,000
39,605,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY (TRANSPORTATION
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.79 11/15/2025 39,605,000
10,700,000 NEW YORK NY CITY IDA SERIES B (IDR, BANK OF AMERICA NA LOC)ss+/- 0.13 11/01/2039 10,700,000
76,355,000
---------------
NORTH CAROLINA: 1.41%
4,900,000 MECKLENBURG COUNTY NC COP (LEASE REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 02/01/2025 4,900,000
6,000,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY CAMPBELL
UNIVERSITY (COLLEGE AND UNIVERSITY REVENUE, BRANCH BANKING &
TRUST)ss+/- 0.33 10/01/2034 6,000,000
7,100,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY O'NEAL SCHOOL
PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.33 09/01/2029 7,100,000
7,890,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY WOLFPACK CLUB
SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 07/01/2035 7,890,000
1,045,000 NORTH CAROLINA EDUCATIONAL FACILITIES FINANCE AGENCY CHARLOTTE DAY
SCHOOL (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 08/01/2020 1,045,000
12,080,000 NORTH CAROLINA MEDICAL CARE COMMISSION CAROL WOODS PROJECT (HCFR,
RADIAN INSURED)ss+/- 0.20 04/01/2031 12,080,000
4,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION POOLED EQUIPMENT FINANCING
PROJECT (HCFR, KBC BANK NV LOC)ss+/- 0.23 12/01/2025 4,200,000
4,900,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH SYSTEM
SERIES B1 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.21 12/01/2036 4,900,000
10,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH SYSTEM
SERIES B2 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.32 12/01/2036 10,200,000
4,680,000 NORTH CAROLINA MEDICAL CARE COMMISSION WAYNE MEMORIAL HOSPITAL
(HCFR, BRANCH BANKING & TRUST)ss+/- 0.28 10/01/2036 4,680,000
2,170,000 NORTH CAROLINA MEDICAL CARE COMMUNITY PRESBYTERIAN HOME PROJECT
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.28 08/01/2024 2,170,000
7,730,000 NORTH CAROLINA MEDICAL CARE COMMUNITY SOUTHMINSTER PROJECT (HCFR,
WACHOVIA BANK LOC)ss+/-(q) 0.28 10/01/2015 7,730,000
4,300,000 PIEDMONT TRIAD NC AIRPORT AUTHORITY SERIES A (AIRPORT REVENUE,
BRANCH BANKING & TRUST)ss+/- 0.33 07/01/2032 4,300,000
77,195,000
---------------
NORTH DAKOTA: 0.60%
10,185,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A1 (HCFR, ASSURED
GUARANTY)ss+/- 0.28 02/15/2037 10,185,000
22,800,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A2 (HCFR, ASSURED
GUARANTY)ss+/- 0.32 02/15/2037 22,800,000
32,985,000
---------------
82 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
OHIO: 3.22%
$ 8,890,000 ALLEN COUNTY OH HOSPITAL FACILITIES CATHOLIC HEALTHCARE SERIES A
(HCFR, BANK OF AMERICA NA LOC)ss+/- 0.13% 10/01/2031 $ 8,890,000
9,000,000 CLEVELAND OH AIRPORT SYSTEM SERIES D (AIRPORT REVENUE, KBC BANK
NV LOC)ss+/- 0.40 01/01/2024 9,000,000
12,800,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE
PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.22 01/01/2037 12,800,000
15,050,000 CUYAHOGA COUNTY OH ECONOMIC DEVELOPMENT CLEVELAND BOTANICAL
GARDENS PROJECT (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH
BANK PLC LOC)ss+/- 0.60 07/01/2031 15,050,000
3,350,000 DAYTON OH AIR FREIGHT SERIES C (IDR) 6.05 10/01/2009 3,350,508
6,665,000 FRANKLIN COUNTY OH CHELSEA FIRST COMMUNITY VILLAGE PROJECT (HFFA
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.29 03/01/2036 6,665,000
15,555,000 FRANKLIN COUNTY OH HEALTH CARE FACILITIES MOTHER ANGELINE MCCRORY
PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.55 04/01/2035 15,555,000
4,870,000 GEAUGA COUNTY OH SISTERS OF NOTRE DAME PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)ss+/- 0.65 08/01/2016 4,870,000
12,765,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.30 12/01/2026 12,765,000
22,450,000 LANCASTER OH PORT AUTHORITY (OTHER REVENUE)ss+/- 0.32 05/01/2038 22,450,000
14,025,000 OHIO STATE HIGHER EDUCATION FACILITIES OHIO DOMINICAN UNIVERSITY
PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.28 12/01/2037 14,025,000
9,770,000 PARMA OH PARMA COMMUNITY GENERAL HOSPITAL SERIES C (HCFR,
JPMORGAN CHASE BANK LOC)ss+/- 0.29 11/01/2030 9,770,000
10,000,000 PORTAGE COUNTY OH ROBINSON MEMORIAL HOSPITAL (HCFR, JPMORGAN
CHASE BANK LOC)ss+/- 0.39 09/01/2033 10,000,000
2,810,000 WARREN COUNTY OH CINCINNATI ELECTRICITY CORPORATION PROJECT (IDR,
SCOTIABANK LOC)ss+/- 0.52 09/01/2015 2,810,000
16,552,000 WARREN COUNTY OH HEALTH CARE FACILITIES OTTERBEIN HOMES SERIES B
(HEALTHCARE FACILITIES REVENUE, US BANK NA LOC)ss+/- 0.21 07/01/2023 16,552,000
11,285,000 WASHINGTON COUNTY OH MARIETTA AREA HEALTH PROJECT (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)ss+/- 0.23 03/01/2033 11,285,000
175,837,508
---------------
OKLAHOMA: 0.43%
8,155,000 EDMOND OK ECONOMIC DEVELOPMENT AUTHORITY EDMOND PROJECT SERIES A
(COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
LOC)ss+/- 0.50 06/01/2031 8,155,000
5,095,000 OKLAHOMA STATE IDA TEAL RIDGE MANOR CORPORATION PROJECT (HCFR,
BANK OF AMERICA NA LOC)ss+/- 0.38 11/01/2018 5,095,000
10,090,000 OKLAHOMA STATE MUNICIPAL POWER AUTHORITY SERIES 1880 (ELECTRIC
REVENUE, FGIC INSURED)ss+/- 0.74 01/01/2015 10,090,000
23,340,000
---------------
OREGON: 0.21%
7,825,000 MULTNOMAH COUNTY OR HOSPITAL FACILITIES AUTHORITY HOLLADAY PARK
PLAZA PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.13 11/15/2033 7,825,000
3,700,000 OREGON STATE FACILITIES AUTHORITY HAZELDEN SPRINGBROOK PROJECT A
(OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.54 11/01/2025 3,700,000
11,525,000
---------------
OTHER: 0.25%
3,245,000 NORTHEAST TAX EXEMPT GRANTOR TRUST CERTIFICATES (OTHER REVENUE,
BANK OF AMERICA NA LOC)ss+/- 1.50 04/01/2019 3,245,000
10,480,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4202 (PROPERTY
TAX REVENUE, FGIC INSURED)ss+/- 1.34 06/01/2034 10,480,000
13,725,000
---------------
Wells Fargo Advantage Money Market Funds 83
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
PENNSYLVANIA: 2.75%
$ 13,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC SENIOR
LIVING CORPORATION (HCFR, FNMA INSURED)ss+/- 0.28% 07/15/2028 $ 13,275,000
10,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES A (OTHER
REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.35 11/01/2020 10,000,000
9,600,000 BEAVER COUNTY PA IDA FIRSTENERGY NUCLEAR SERIES B (IDR, CITIBANK
NA LOC)ss+/- 0.27 12/01/2035 9,600,000
10,000,000 BEAVER COUNTY PA IDA MET EDISON COMPANY PROJECT SERIES A (OTHER
REVENUE, BANK OF SCOTLAND LOC)ss+/- 0.30 07/15/2021 10,000,000
2,800,000 DELAWARE COUNTY PA AUTHORITY ELWYN PROJECT SERIES B (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.20 06/01/2020 2,800,000
11,175,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER REVENUE, AMBAC
INSURED)ss+/- 0.36 10/01/2025 11,175,000
5,180,000 GROVE CITY PA AREA HOSPITAL AUTHORITY JOHN XXIII HOME PROJECT
(HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 0.65 02/01/2030 5,180,000
8,835,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY HEALTH SYSTEM LANCASTER
GENERAL HOSPITAL (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.18 07/01/2041 8,835,000
10,320,000 LANCASTER COUNTY PA CONVENTION CENTER HOTEL ROOM RENT TAX (OTHER
REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.28 03/01/2047 10,320,000
3,615,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT
SERIES A (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 09/01/2031 3,615,000
2,160,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT
SERIES B (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 05/01/2032 2,160,000
17,255,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT
SERIES C (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.20 11/01/2019 17,255,000
3,165,000 MONTGOMERY COUNTY PA (OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.18 10/01/2030 3,165,000
7,250,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING SERIES A
(COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.45 07/01/2034 7,250,000
4,170,000 PENNSYLVANIA STATE HEFAR STUDENT HOUSING REVENUE SERIES A
(OTHER REVENUE SOVEREIGN BANK FSB LOC)ss+/- 0.35 11/01/2036 4,170,000
5,500,000 PENNSYLVANIA STATE HIGHER EDUCATIONAL FACILITIES AUTHORITY
ASSOCIATION OF INDEPENDENT COLLEGES SERIES I1 (COLLEGE AND
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.60 11/01/2031 5,500,000
8,575,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT CHESTNUT HILL
COLLEGE SERIES B (EDUCATIONAL FACILITIES REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.48 10/01/2036 8,575,000
1,050,000 PHILADELPHIA PA GAS WORKS SERIES A2 (UTILITIES REVENUE, JPMORGAN
CHASE BANK LOC)ss+/- 0.22 09/01/2034 1,050,000
9,000,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES C13 (HCFR, ROYAL
BANK OF CANADA)ss+/- 0.39 11/01/2011 9,000,000
7,505,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES E11 (HCFR, ROYAL
BANK OF CANADA)ss+/- 0.39 12/01/2011 7,505,000
150,430,000
---------------
PUERTO RICO: 0.14%
7,395,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY SERIES
A (FUEL SALES TAX REVENUE, SCOTIABANK LOC)ss+/- 0.45 07/01/2028 7,395,000
---------------
SOUTH CAROLINA: 1.23%
9,520,000 SOUTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY FOR PRIVATE
NONPROFIT INSTITUTIONS (OTHER REVENUE, BANK OF AMERICA NA
LOC)ss+/- 0.33 06/01/2025 9,520,000
2,720,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA
JEWISH COMMUNITY CENTER (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA
BANK LOC)ss+/-(q) 0.48 12/01/2024 2,720,000
8,300,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ECONOMIC
DEVELOPMENT REVENUE HEARTLAND HALL EPISCOPAL (IDR, WACHOVIA
BANK LOC)ss+/-(q) 0.33 08/01/2029 8,300,000
6,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL
INDUSTRIALS INCORPORATED PROJECT (HCFR, WACHOVIA BANK
LOC)ss+/-(q) 0.48 10/01/2032 6,000,000
84 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
SOUTH CAROLINA (continued)
$ 16,620,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL
INDUSTRIES OF LOWER SC (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA
BANK LOC)ss+/-(q) 0.33% 10/01/2028 $ 16,620,000
7,100,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GREENVILLE
BAPTIST PROJECT (HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.33 10/01/2019 7,100,000
12,260,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY WUREF
DEVELOPMENT PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.33 07/01/2033 12,260,000
4,640,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY SC STATE
UNIVERSITY HOUSING LLC SERIES A (COLLEGE AND UNIVERSITY
REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 03/01/2027 4,640,000
67,160,000
---------------
SOUTH DAKOTA: 1.49%
3,200,000 LAWRENCE COUNTY SD HOMESTAKE MINING SERIES B (IDR, BANK OF
MONTREAL LOC)ss+/- 0.24 07/01/2032 3,200,000
6,495,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY (MFHR, FNMA
INSURED)ss+/- 0.34 02/15/2031 6,495,000
7,500,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY SERIES H (HOUSING
REVENUE) 2.50 01/04/2010 7,534,279
35,800,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA
HEALTH SUBSERIES A1 (OTHER REVENUE, US BANK NA LOC)ss+/- 0.34 07/01/2038 35,800,000
8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA
HEALTH SUBSERIES A2 (HCFR, US BANK NA LOC)ss+/- 0.23 07/01/2038 8,000,000
8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
REGIONAL HEALTH (OTHER REVENUE, US BANK NA LOC)ss+/- 0.20 09/01/2027 8,000,000
7,500,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY HOSPITALS & HEALTH SERIES C
(HCFR, US BANK NA LOC)ss+/- 0.34 11/01/2019 7,500,000
4,900,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY SERIES B (HCFR, US BANK
NA LOC)ss+/- 0.34 11/01/2034 4,900,000
81,429,279
---------------
TENNESSEE: 1.41%
5,650,000 BLOUNT COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT PUBLIC
IMPORT E1 SERIES A (OTHER REVENUE, BRANCH BANKING & TRUST)ss+/- 0.33 06/01/2037 5,650,000
11,335,000 CHATTANOOGA TN INDUSTRIAL DEVELOPMENT BOARD SERIES 2055 (OTHER
REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.54 04/01/2015 11,335,000
6,080,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY MET GOVERNMENT NASHVILLE
& DAVIDSON (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 07/01/2026 6,080,000
5,560,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 07/01/2034 5,560,000
800,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.14 02/01/2038 800,000
19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN STEWARTS
FERRY APARTMENTS (IDR, FHLMC INSURED)ss+/- 0.33 01/01/2034 19,985,000
3,300,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING
LOAN POOL (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 11/01/2027 3,300,000
5,900,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING
REVENUE TENNESSEE COUNTY LOAN POOL (OTHER REVENUE LOC)ss+/- 0.14 04/01/2032 5,900,000
9,135,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)ss+/- 0.50 06/01/2032 9,135,000
2,250,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT PUBLIC
IMPROVEMENT SERIES A4 (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.17 06/01/2025 2,250,000
7,055,000 SHELBY COUNTY TN INDUSTRIAL DEVELOPMENT BOARD YMCA PROJECTS
(OTHER REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.48 10/01/2022 7,055,000
77,050,000
---------------
Wells Fargo Advantage Money Market Funds 85
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
TEXAS: 7.79%
$ 6,260,000 AUSTIN TX SUBSERIES A (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.42% 11/15/2029 $ 6,260,000
6,640,000 AUSTIN TX SUBSERIES B (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)ss+/- 0.75 11/15/2029 6,640,000
6,500,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION VISTA MEADOWS PROJECT
(HOUSING REVENUE, FHLMC INSURED)ss+/- 0.32 09/01/2036 6,500,000
17,300,000 CARROLL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.25 08/15/2032 17,300,000
20,555,000 CRAWFORD TX EDUCATIONAL FACILITIES CORPORATION CONCORDIA
UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK
LOC)ss+/-(q) 0.28 06/01/2037 20,555,000
2,275,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514 (OTHER REVENUE,
PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 02/15/2038 2,275,000
9,380,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-526 (OTHER REVENUE,
FGIC INSURED)ss+/- 0.34 07/01/2026 9,380,000
1,255,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-548 (OTHER REVENUE,
FGIC INSURED)ss+/- 0.34 11/15/2029 1,255,000
1,800,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT SERIES 2852 (PROPERTY TAX
REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 02/15/2016 1,800,000
5,090,000 GALVESTON COUNTY TX HOUSING FINANCE CORPORATION VILLAGE BY THE SEA
APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 02/15/2032 5,090,000
32,800,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE CORPORATION
HERMAN HEALTH SERIES D2 (HCFR, AIB GROUP)ss+/- 0.55 06/01/2029 32,800,000
14,700,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE CORPORATION
HERMANN HEALTH SERIES D1 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.24 06/01/2029 14,700,000
5,060,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION (OTHER
REVENUE, ASSURED GUARANTY)ss+/- 0.51 05/15/2016 5,060,000
12,600,000 HOUSTON TX SERIES SG 139 (COLLEGE & UNIVERSITY REVENUE, SOCIETE
GENERALE LOC)ss+/- 0.40 11/15/2029 12,600,000
109,300,000 HOUSTON TX UTILITY SYSTEM SERIES B1 (WATER REVENUE, BANK OF
AMERICA NA LOC)ss+/- 0.33 05/15/2034 109,300,000
25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B4 (WATER & SEWER REVENUE, BANK
OF AMERICA NA LOC)ss+/- 0.30 05/15/2034 25,000,000
30,815,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE, BANK
OF AMERICA NA LOC)ss+/- 0.30 05/15/2034 30,815,000
10,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER REVENUE, MBIA
INSURED)ss+/- 0.51 12/01/2023 10,000,000
4,060,000 JUDSON TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE,
ASSURED GUARANTY)ss+/- 0.49 02/01/2031 4,060,000
5,770,000 KENDALL COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION
MORNINGSIDE MINISTRIES SERIES A (HCFR, ALLIED IRISH BANK PLC
LOC)ss+/- 0.63 01/01/2041 5,770,000
21,395,000 MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORPORATION CROW CEMENT COMPANY
PROJECT (IDR, UBS AG LOC)ss+/- 0.23 12/01/2009 21,395,000
9,000,000 NORTH EAST TX INDEPENDENT SCHOOL DISTRICT SERIES 2058 (OTHER
REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss+/- 0.34 08/01/2015 9,000,000
7,500,000 PANHANDLE TX REGIONAL HOUSING FINANCE CORPORATION JASON AVENUE
RESIDENTIAL APARTMENTS (MFHR, FHLMC INSURED)ss+/- 0.35 08/01/2041 7,500,000
600,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR, TOTAL FINA ELF
SA LOC)ss+/- 0.26 04/01/2027 600,000
16,000,000 ROCKWALL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE,
DEXIA INSURED)ss+/- 0.70 08/01/2037 16,000,000
10,940,000 SAN ANTONIO TX ELECTRIC & GAS (ELECTRIC REVENUE)ss+/- 0.29 02/01/2016 10,940,000
13,900,000 TEXAS STATE DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS COSTA IBIZA
APARTMENTS (MFHR, FNMA INSURED)ss+/- 0.35 08/01/2041 13,900,000
18,000,000 TEXAS STATE TAX & REVENUE ANTIC NOTES (OTHER REVENUE) 2.50 08/31/2010 18,362,126
800,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER FRANCES
HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.33 07/01/2020 800,000
425,657,126
---------------
86 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
UTAH: 0.18%
$ 9,675,000 WEST JORDAN UT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.28% 12/01/2034 $ 9,675,000
---------------
VERMONT: 0.35%
2,300,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY
BRATTLEBORO MEMORIAL HOSPITAL PROJECT A (HCFR, TD BANKNORTH
NA)ss+/- 0.20 10/01/2028 2,300,000
580,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY FLETCHER
ALLEN HOSPITAL SERIES A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.21 12/01/2030 580,000
3,140,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY LANDMARK
COLLEGE PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, TD
BANKNORTH NA LOC)ss+/- 0.20 07/01/2033 3,140,000
2,220,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY
NORTHEASTERN VERMONT REGIONAL HOSPITAL SERIES A (HCFR, TD
BANKNORTH NA LOC)ss+/- 0.20 10/01/2029 2,220,000
10,840,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL
PROJECT A (HCFR, TD BANKNORTH NA LOC)ss+/- 0.20 10/01/2034 10,840,000
19,080,000
---------------
VIRGINIA: 1.30%
9,300,000 ALBERMARLE COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY UNIVERSITY
VIRGINIA HEALTH SERVICES FOUNDATION (HCFR, BANK OF AMERICA NA
LOC)ss+/- 0.14 03/01/2039 9,300,000
7,480,000 CAPITAL REGION AIRPORT COMMISSION VA SERIES B (AIRPORT REVENUE,
WACHOVIA BANK LOC)ss+/-(q) 0.28 06/01/2035 7,480,000
9,400,000 HANOVER COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY BON SECOURS
HEALTH SERIES D2 (OTHER REVENUE, US BANK NA LOC)ss+/- 0.20 11/01/2025 9,400,000
15,200,000 HANOVER COUNTY VA IDA COVENENT WOODS (HEALTHCARE FACILITIES
REVENUE, BRANCH BANKING & TRUST)ss+/- 0.33 07/01/2029 15,200,000
12,550,000 JAMES CITY COUNTY VA IDA CHAMBREL PROJECT (OTHER REVENUE,
FNMA INSURED)ss+/- 0.35 11/15/2032 12,550,000
110,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES A
(OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.18 07/01/2037 110,000
3,825,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES B
(HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.15 07/01/2037 3,825,000
12,900,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY FRIENDSHIP FOUNDATION
(HCFR, WACHOVIA BANK LOC)ss+/-(q) 0.33 07/01/2022 12,900,000
70,765,000
---------------
WASHINGTON: 1.55%
2,180,000 EVERETT WA (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.38 12/01/2021 2,180,000
6,930,000 KING CITY WA PUBLIC HOSPITAL DISTRICT #1 (PROPERTY TAX REVENUE,
ASSURED GUARANTY)ss+/- 0.49 12/01/2015 6,930,000
5,055,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)ss+/- 0.33 07/01/2035 5,055,000
5,870,000 KING COUNTY WA SCHOOL DISTRICT #415 (PROPERTY TAX REVENUE,
FIRST SECURITY BANK LOC)ss+/- 1.34 12/01/2018 5,870,000
7,920,000 SEATTLE WA (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.39 03/02/2021 7,920,000
12,530,000 SEATTLE WA WATER SYSTEM (WATER REVENUE, FIRST SECURITY BANK
LOC)ss+/- 0.39 09/01/2012 12,530,000
7,650,000 WASHINGTON STATE (COLLEGE AND UNIVERSITY REVENUE, CITIBANK NA
LOC)ss+/- 0.29 01/01/2029 7,650,000
12,000,000 WASHINGTON STATE HEFAR UNIVERSITY OF PUGET SOUND SERIES B (COLLEGE
& UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35 10/01/2036 12,000,000
6,840,000 WASHINGTON STATE HEFAR UNIVERSITY PUGET SOUND PROJECT A PUTTABLE
(COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.35 10/01/2030 6,840,000
5,775,000 WASHINGTON STATE HOUSING FINANCE COMMISSION NONPROFIT TACOMA ART
MUSEUM PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST
CORPORATION LOC)ss+/- 0.20 06/01/2032 5,775,000
8,000,000 WASHINGTON STATE SERIES R-A (OTHER REVENUE, FIRST SECURITY BANK
LOC) 5.50 09/01/2009 8,000,000
3,800,000 WASHINGTON STATE SUNNYSIDE COMMUNITY HOSPITAL (HCFR, US
BANK NA LOC)ss+/- 0.48 10/01/2017 3,800,000
84,550,000
---------------
Wells Fargo Advantage Money Market Funds 87
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
WEST VIRGINIA: 1.16%
$ 15,820,000 MONONGALIA COUNTY WV BUILDING COMMISSION SERIES A (HCFR,
JPMORGAN CHASE BANK LOC)ss+/- 0.39% 07/01/2040 $ 15,820,000
47,750,000 WEST VIRGINIA STATE PARKWAYS ECONOMIC DEVELOPMENT & TOURISM
AUTHORITY (OTHER REVENUE, GO OF AUTHORITY INSURED)ss+/- 0.37 04/15/2019 47,750,000
63,570,000
---------------
WISCONSIN: 3.27%
7,750,000 MILWAUKEE WI RDA UNIVERSITY OF WISCONSIN KENILWORTH PROJECT
(COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.39 09/01/2040 7,750,000
6,565,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY BELOIT
MEMORIAL HOSPITAL INCORPORATED (HCFR, JPMORGAN CHASE BANK
LOC)ss+/- 0.20 04/01/2036 6,565,000
30,720,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
GUNDERSEN LUTHERAN SERIES B (HCFR, FIRST SECURITY BANK
LOC)ss+/- 1.65 12/01/2029 30,720,000
4,145,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY LAWRENCE
UNIVERSITY (COLLEGE AND UNIVERSITY REVENUE, JPMORGAN CHASE BANK
LOC)ss+/- 0.39 02/01/2039 4,145,000
41,700,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
UNIVERSITY OF WISCONSIN MEDICAL FOUNDATION (HCFR, JPMORGAN
CHASE BANK LOC)ss+/- 0.28 05/01/2030 41,700,000
2,400,000 WISCONSIN STATE HEFA ALVERNO COLLEGE PROJECT (COLLEGE & UNIVERSITY
REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 0.43 11/01/2017 2,400,000
55,745,000 WISCONSIN STATE HEFA CUSTODIAL RECEIPTS BELOIT COLLEGE (COLLEGE
AND UNIVERSITY REVENUE, XL CAPITAL ASSURANCE COMPANY
INSURED)ss+/- 0.30 06/01/2037 55,745,000
6,935,000 WISCONSIN STATE HEFA FORT HEALTHCARE INCORPORATED SERIES A (OTHER
REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.20 05/01/2037 6,935,000
11,390,000 WISCONSIN STATE HEFA HESS MEMORIAL HOSPITAL INCORPORATED (HFFA
REVENUE, US BANK NA LOC)ss+/- 0.39 05/01/2024 11,390,000
1,100,000 WISCONSIN STATE HEFA LUTHERAN COLLEGE PROJECT (COLLEGE &
UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.20 06/01/2033 1,100,000
6,375,000 WISCONSIN STATE HEFA MERITER RETIREMENT SERVICES SERIES B (OTHER
REVENUE, US BANK NA LOC)ss+/- 0.37 03/01/2038 6,375,000
3,940,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES SERIES A (OTHER
REVENUE, KBC BANK NV LOC)ss+/- 0.37 03/01/2038 3,940,000
178,765,000
---------------
WYOMING: 0.77%
42,125,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT SERIES A (PCR,
BARCLAYS BANK PLC LOC)ss+/- 0.24 07/01/2015 42,125,000
---------------
TOTAL MUNICIPAL BONDS & NOTES (COST $5,120,834,445) 5,120,834,445
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $5,459,270,445)* 99.93% $ 5,459,270,445
OTHER ASSETS AND LIABILITIES, NET 0.07 3,750,032
------ ---------------
TOTAL NET ASSETS 100.00% $ 5,463,020,477
====== ===============
- ----------
ss These securities are subject to a demand feature which reduces the
effective maturity.
+/- Variable rate investments.
(q) Credit enhancement is provided by an affiliate.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of the financial statements.
88 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
CERTIFICATES OF DEPOSIT: 10.48%
$ 25,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.72% 05/05/2010 $ 25,036,900
39,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/01/2009 39,000,000
6,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 6,000,502
6,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 6,000,069
69,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 69,000,000
42,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 42,000,000
80,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.40 11/04/2009 80,000,000
56,000,000 BNP PARIBAS (NEW YORK) 0.77 11/12/2009 56,000,000
37,000,000 CALYON (NEW YORK) 0.55 03/22/2010 37,010,346
14,000,000 CALYON (NEW YORK) 0.61 02/05/2010 14,001,216
13,000,000 CALYON (NEW YORK)+/- 0.64 06/29/2010 12,979,751
77,000,000 CALYON (NEW YORK) 0.66 02/01/2010 77,000,000
54,500,000 CALYON (NEW YORK) 0.82 09/02/2009 54,500,015
10,000,000 CALYON (NEW YORK)+/- 1.15 06/03/2010 10,031,239
92,000,000 CREDIT AGRICOLE SA 0.43 09/03/2009 92,000,000
58,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 58,001,093
38,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 38,000,000
25,000,000 LLOYDS TSB BANK PLC (NEW YORK) 0.62 11/09/2009 24,999,516
84,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 84,000,000
16,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 16,000,000
30,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.30 10/27/2009 30,000,000
88,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 88,000,000
30,000,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 30,000,000
37,000,000 SOCIETE GENERALE (NEW YORK)+/-ss 0.37 05/05/2011 37,000,000
85,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/15/2010 85,000,000
11,000,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 11,000,146
83,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 83,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $1,205,560,793) 1,205,560,793
---------------
COMMERCIAL PAPER: 58.94%
8,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 7,998,824
12,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 11,998,333
14,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 13,999,673
45,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 44,998,425
24,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 23,998,040
10,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 9,988,819
31,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 30,973,943
25,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 24,974,042
16,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 15,982,596
28,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/09/2009 27,988,800
31,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/17/2009 30,975,200
31,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 30,995,221
48,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/14/2009 47,967,933
22,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.27 10/07/2009 21,994,060
3,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.30 11/10/2009 2,998,250
24,435,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 24,426,461
4,500,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 10/07/2009 4,498,290
4,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 11/30/2009 3,997,100
6,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/01/2009 6,000,000
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/02/2009 1,999,983
4,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 10/13/2009 3,998,600
14,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.33 10/05/2009 13,995,637
3,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 2,999,753
33,250,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.57 09/08/2009 33,246,315
11,000,000 ARABELLA FINANCE LLC##++(p) 0.71 09/04/2009 10,999,349
60,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 11/09/2009 59,962,050
Wells Fargo Advantage Money Market Funds 89
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 53,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33% 12/02/2009 $ 52,955,303
40,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.37 11/30/2009 39,963,000
38,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.63 11/02/2009 38,000,000
1,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.95 09/01/2009 1,000,000
38,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.06 07/09/2010 38,000,000
14,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.27 10/02/2009 13,996,745
30,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.30 11/06/2009 29,983,500
4,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.32 09/01/2009 4,000,000
2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.34 09/28/2009 1,999,490
25,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.35 01/05/2010 24,969,375
19,250,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.37 09/04/2009 19,249,406
21,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/21/2009 20,990,667
30,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/23/2009 29,986,133
30,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 0.35 11/24/2009 29,975,500
42,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/04/2009 41,923,840
12,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/06/2009 11,977,560
16,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/10/2009 15,968,267
2,000,000 BANK OF AMERICA NA## 0.65 02/16/2010 1,993,933
9,500,000 BANK OF MONTREAL## 0.34 10/02/2009 9,497,219
19,000,000 BANK OF MONTREAL## 0.34 10/08/2009 18,993,361
20,000,000 BARCLAYS US FUNDING LLC## 0.64 03/01/2010 19,935,644
27,000,000 BARTON CAPITAL LLC##++(p) 0.27 10/07/2009 26,992,710
21,000,000 BASF SE CORPORATION##++ 0.52 01/14/2010 20,959,050
45,000,000 BNZ INTERNATIONAL FUNDING##++ 0.30 11/03/2009 44,976,375
33,000,000 BNZ INTERNATIONAL FUNDING##++ 0.35 11/16/2009 32,975,617
7,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45 11/09/2009 6,993,963
28,000,000 CAFCO LLC##++(p) 0.37 10/13/2009 27,987,913
20,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.35 10/19/2009 19,990,667
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/10/2009 4,995,431
21,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.55 10/13/2009 20,986,525
60,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.62 09/09/2009 59,991,733
34,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 33,987,108
35,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 10/02/2009 34,980,410
10,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/23/2009 9,970,181
55,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 54,827,285
10,000,000 CHARTA LLC##++(p) 0.29 09/17/2009 9,998,711
11,000,000 CHARTA LLC##++(p) 0.34 10/26/2009 10,994,286
40,000,000 CHARTA LLC##++(p) 0.38 10/15/2009 39,981,422
15,000,000 CHARTA LLC##++(p) 0.40 10/06/2009 14,994,167
36,000,000 CHARTA LLC##++(p) 0.41 10/09/2009 35,984,420
35,000,000 CHARTA LLC##++(p) 0.42 09/18/2009 34,993,058
5,000,000 CIESCO LLC##++(p) 0.25 10/02/2009 4,998,924
15,000,000 CIESCO LLC##++(p) 0.33 10/08/2009 14,994,912
46,000,000 CIESCO LLC##++(p) 0.37 10/20/2009 45,976,834
2,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.27 09/14/2009 1,999,805
17,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.40 11/19/2009 16,985,078
21,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 20,996,780
10,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 10,000,000
12,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/11/2009 11,999,167
23,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.28 10/13/2009 22,992,487
26,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/07/2009 25,992,200
99,500,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 11/16/2009 99,436,983
3,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.57 11/20/2009 2,996,200
60,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 10/13/2009 59,954,500
8,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 11/02/2009 7,991,044
30,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.68 12/01/2009 29,948,433
90 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 11,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.75% 09/02/2009 $ 10,999,771
100,000,000 CRC FUNDING LLC##++(p) 0.25 10/02/2009 99,978,472
7,000,000 CRC FUNDING LLC##++(p) 0.32 11/17/2009 6,995,209
68,700,000 CRC FUNDING LLC##++(p) 0.41 10/09/2009 68,670,268
1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.40 09/22/2009 999,767
60,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.60 11/05/2009 59,935,000
85,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.65 10/13/2009 84,935,542
67,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 66,960,917
31,000,000 DANSKE CORPORATION##++ 0.34 09/25/2009 30,992,973
17,000,000 DANSKE CORPORATION##++ 0.35 09/03/2009 16,999,669
6,000,000 DANSKE CORPORATION##++ 0.53 01/15/2010 5,987,987
68,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 68,000,000
25,000,000 DNB NOR BANK ASA##++ 0.51 09/28/2009 24,990,438
25,000,000 DNB NOR BANK ASA##++ 0.75 09/09/2009 24,995,833
42,000,000 DNB NOR BANK ASA##++ 0.77 09/08/2009 41,993,753
6,000,000 E.ON AG##++ 0.56 11/19/2009 5,992,626
7,000,000 E.ON AG##++ 0.59 11/02/2009 6,992,887
15,000,000 E.ON AG##++ 0.67 09/21/2009 14,994,417
35,000,000 E.ON AG##++ 0.67 09/22/2009 34,986,321
45,000,000 E.ON AG##++ 0.69 09/10/2009 44,992,238
33,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 32,979,467
18,000,000 EBBETS FUNDING LLC##++(p) 0.80 10/01/2009 17,988,000
5,000,000 EKSPORTFINANS ASA##++ 0.26 11/30/2009 4,996,750
30,000,000 EKSPORTFINANS ASA##++ 0.38 10/22/2009 29,983,850
59,000,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 58,997,542
29,000,000 ENTERPRISE FUNDING LLC##++(p) 0.30 12/22/2009 28,972,933
9,000,000 ENTERPRISE FUNDING LLC##++(p) 0.31 10/05/2009 8,997,365
2,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/01/2009 2,000,000
11,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.27 09/14/2009 10,998,928
19,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.30 09/15/2009 18,997,783
9,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 8,998,845
16,259,000 FAIRWAY FINANCE CORPORATION##++(p) 0.30 11/03/2009 16,250,464
17,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 16,998,772
21,000,000 FORTIS FUNDING LLC##++ 0.25 09/14/2009 20,998,104
30,000,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 29,993,925
26,000,000 GDF SUEZ##++ 0.22 09/16/2009 25,997,617
15,000,000 GDF SUEZ##++ 0.23 10/01/2009 14,997,125
8,000,000 GDF SUEZ##++ 0.26 09/16/2009 7,999,150
7,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 6,999,953
10,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 9,998,658
11,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 11,000,000
22,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 21,999,853
14,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 13,999,222
13,000,000 GOVCO LLC##++(p) 0.29 11/24/2009 12,991,203
60,000,000 GOVCO LLC##++(p) 0.33 11/16/2009 59,958,200
3,000,000 GOVCO LLC##++(p) 0.35 10/27/2009 2,998,367
43,000,000 GOVCO LLC##++(p) 0.37 10/19/2009 42,978,787
38,000,000 GOVCO LLC##++(p) 0.37 10/22/2009 37,980,082
8,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 7,994,080
30,000,000 GOVCO LLC##++(p) 0.40 09/11/2009 29,996,667
30,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/09/2009 29,980,050
15,000,000 GRAMPIAN FUNDING LLC##++(p) 0.65 10/21/2009 14,986,458
22,000,000 GRAMPIAN FUNDING LLC##++(p) 0.66 10/07/2009 21,985,480
28,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 27,982,640
31,000,000 ICICI BANK LIMITED## 0.38 09/30/2009 30,990,511
8,000,000 ING USA FUNDING LLC## 0.17 09/25/2009 7,999,093
Wells Fargo Advantage Money Market Funds 91
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 25,000,000 ING USA FUNDING LLC## 0.50% 12/08/2009 $ 24,965,972
24,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 23,998,920
21,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 20,997,795
27,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 27,000,000
27,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 26,999,130
4,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.23 09/09/2009 3,999,796
6,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.30 10/20/2009 5,997,550
6,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.31 09/02/2009 5,999,948
5,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 5,000,000
55,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 11/03/2009 54,937,437
10,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/22/2009 9,995,625
16,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.30 11/02/2009 15,991,733
9,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 8,999,725
5,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 4,999,389
10,000,000 MARKET STREET FUNDING LLC##++(p) 0.30 09/08/2009 9,999,417
63,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 62,989,605
7,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 6,999,660
9,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 8,997,025
4,000,000 METLIFE SHORT TERM FUND##++ 0.34 09/09/2009 3,999,698
68,000,000 METLIFE SHORT TERM FUND##++ 0.62 11/05/2009 67,923,878
16,000,000 METLIFE SHORT TERM FUND##++ 0.80 10/20/2009 15,982,578
6,000,000 METLIFE SHORT TERM FUND##++ 1.00 09/01/2009 6,000,000
40,050,000 NATIONAL AUSTRALIA FUNDING DELAWARE INCORPORATED##++ 0.90 10/23/2009 39,997,935
104,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.47 10/27/2009 103,923,964
3,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.50 12/28/2009 2,995,083
97,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 96,999,353
49,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 49,000,000
37,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 36,999,260
7,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 11/17/2009 6,995,209
18,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/21/2009 17,991,250
8,000,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 8,000,000
18,000,000 OLD LINE FUNDING LLC##++(p) 0.36 09/21/2009 17,996,400
11,000,000 PRUDENTIAL PLC##++ 0.40 11/12/2009 10,991,200
24,000,000 PRUDENTIAL PLC##++ 0.43 10/29/2009 23,983,373
52,000,000 PRUDENTIAL PLC##++ 0.46 10/27/2009 51,962,791
13,000,000 PRUDENTIAL PLC##++ 0.46 10/29/2009 12,990,366
17,000,000 PRUDENTIAL PLC##++ 0.55 10/05/2009 16,991,169
29,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 28,983,309
35,000,000 PRUDENTIAL PLC##++ 0.57 09/23/2009 34,987,808
9,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 10/13/2009 8,996,850
22,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.34 12/02/2009 21,980,884
3,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.24 09/16/2009 2,999,700
12,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 11,998,833
49,828,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/17/2009 49,822,464
31,647,000 REGENCY MARKETS # 1 LLC##++(p) 0.26 09/10/2009 31,644,943
30,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.40 09/15/2009 29,995,333
9,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 8,990,000
7,000,000 RHEINGOLD SECURITIZATION##++(p) 0.43 12/01/2009 6,992,391
33,440,000 RHEINGOLD SECURITIZATION##++(p) 0.45 09/29/2009 33,428,296
35,750,000 RHEINGOLD SECURITIZATION##++(p) 0.45 10/13/2009 35,731,231
2,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/10/2009 1,998,056
31,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 30,969,000
7,000,000 RHEINGOLD SECURITIZATION##++(p) 0.55 09/29/2009 6,997,006
2,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/28/2009 1,999,250
92 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 6,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64% 09/16/2009 $ 5,998,400
4,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 4,000,000
8,000,000 SANPAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 7,994,624
69,000,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED## 0.65 12/02/2009 68,885,383
33,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/03/2009 32,999,450
65,250,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 65,245,106
31,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/14/2009 30,996,642
12,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 11,998,600
100,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/18/2009 99,985,833
6,000,000 SHEFFIELD RECEIVABLES##++(p) 0.35 10/05/2009 5,998,017
20,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 19,996,889
157,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/19/2009 156,930,920
11,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/20/2009 10,995,059
20,000,000 SOLITAIRE FUNDING LLC##++(p) 0.40 11/17/2009 19,982,889
5,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 4,997,778
8,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/25/2009 7,995,278
15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/20/2009 14,991,333
30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/24/2009 29,981,800
5,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/18/2009 4,997,075
7,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 6,996,461
21,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 20,989,220
6,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/12/2009 5,996,640
15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/09/2009 14,994,458
25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/03/2009 24,999,486
12,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/04/2009 11,999,630
25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/09/2009 24,997,944
8,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 7,999,480
22,500,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 22,492,875
31,000,000 SWEDBANK AB##++ 0.54 12/02/2009 30,957,220
35,000,000 SWEDBANK AB##++ 0.55 12/15/2009 34,943,854
25,000,000 SWEDBANK AB##++ 0.55 12/22/2009 24,957,222
38,000,000 SWEDBANK AB##++ 0.87 02/09/2010 37,852,148
38,000,000 SWEDBANK AB##++ 0.89 02/16/2010 37,842,173
3,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.70 10/14/2009 2,997,492
99,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.95 09/04/2009 98,992,163
6,750,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.25 09/04/2009 6,749,859
3,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.28 11/09/2009 2,998,390
8,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 11/09/2009 7,995,247
15,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.35 10/19/2009 14,993,000
19,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.38 10/13/2009 18,991,577
58,588,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 09/14/2009 58,579,538
24,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 10/26/2009 23,985,333
17,000,000 TICONDEROGA FUNDING LLC##++(p) 0.23 09/30/2009 16,996,850
69,750,000 TOYOTA CREDIT PUERTO RICO## 0.33 09/09/2009 69,744,885
73,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/14/2009 72,969,482
73,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/15/2009 72,968,772
31,000,000 TOYOTA MOTOR CREDIT CORPORATION## 0.31 09/04/2009 30,999,199
17,000,000 TULIP FUNDING CORPORATION##++(p) 0.22 09/28/2009 16,997,195
9,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 9,000,000
41,000,000 TULIP FUNDING CORPORATION##++(p) 0.38 10/13/2009 40,981,823
104,000,000 UBS FINANCE DELAWARE LLC## 0.55 10/28/2009 103,909,433
35,000,000 UBS FINANCE DELAWARE LLC## 0.57 10/13/2009 34,976,725
37,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/16/2009 36,989,208
19,000,000 UBS FINANCE DELAWARE LLC## 0.72 12/04/2009 18,964,280
15,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.50 09/24/2009 14,995,208
WELLS FARGO ADVANTAGE MONEY MARKET FUNDS 93
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
COMMERCIAL PAPER (continued)
$ 85,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.55% 09/14/2009 $ 84,983,118
39,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 38,950,177
6,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/23/2009 6,000,000
4,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/24/2009 4,000,000
14,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 13,999,650
7,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 6,999,738
17,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 17,000,000
14,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 13,999,806
9,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2009 8,999,875
30,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/04/2009 29,999,375
7,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 6,999,660
11,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 10,999,389
8,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 7,999,444
7,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/14/2009 6,999,368
7,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 6,999,319
42,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 41,985,300
40,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 40,000,000
15,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.60 09/14/2009 14,996,750
16,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.25 09/10/2009 15,999,000
38,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.33 10/22/2009 37,982,235
25,000,000 YORKTOWN CAPITAL LLC##++(p) 0.28 12/16/2009 24,979,389
7,000,000 YORKTOWN CAPITAL LLC##++(p) 0.34 12/02/2009 6,993,918
TOTAL COMMERCIAL PAPER (COST $6,782,237,676) 6,782,237,676
---------------
CORPORATE BONDS & NOTES: 5.94%
47,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 47,000,000
79,500,000 BANK OF IRELAND+/-++ 0.89 10/02/2009 79,500,000
40,000,000 BASF FINANCE EUROPE NV+/-++ 0.52 11/20/2009 40,000,000
33,000,000 CITIBANK NA+/- 0.65 09/30/2010 33,000,000
30,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.71 06/24/2010 30,000,000
90,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.75 06/04/2010 90,000,000
95,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.80 10/02/2009 95,000,000
3,500,000 CREDIT AGRICOLE SA (LONDON)+/-++ 0.42 05/28/2010 3,495,989
26,650,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 26,677,532
34,000,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 34,000,000
102,800,000 RABOBANK NEDERLAND NV+/-++(i) 0.68 10/09/2009 102,800,000
68,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 68,000,000
28,000,000 SANTANDER US DEBT SA UNIPERSONAL+/-++ 0.55 07/23/2010 27,963,573
6,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 6,000,000
TOTAL CORPORATE BONDS & NOTES (COST $683,437,094) 683,437,094
---------------
MEDIUM TERM NOTES: 1.79%
10,000,000 BEAR STEARNS COMPANY+/- 0.55 05/18/2010 10,003,483
35,000,000 EKSPORTFINANS A/S+/- 0.53 08/03/2010 35,000,000
19,000,000 EKSPORTFINANS A/S+/- 0.73 06/11/2010 19,000,000
2,000,000 EUROPEAN INVESTMENT BANK 0.92 01/26/2010 2,004,620
100,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 100,000,000
40,000,000 US BANCORP+/- 1.05 06/04/2010 40,139,375
TOTAL MEDIUM TERM NOTES (COST $206,147,478) 206,147,478
---------------
MUNICIPAL BONDS & NOTES: 5.40%
10,000,000 ACADEMY OF THE NEW CHURCH (OTHER REVENUE)+/-ss 0.40 02/01/2025 10,000,000
4,900,000 BALTIMORE MD PACKAGE SYSTEMS FACILITIES (PARKING FACILITIES
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.32 07/01/2032 4,900,000
94 WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
PORTFOLIO OF INVESTMENTS--AUGUST 31, 2009 (UNAUDITED)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES (continued)
$ 9,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARD
ENVIRONMENTAL REVENUE CITGO PETROLEUM CORPORATION (IDR, NATIXIS
LOC)+/-ss 0.16% 07/01/2026 $ 9,000,000
2,860,000 CALIFORNIA HFA HOME MORTGAGE SERIES F (HOUSING REVENUE, FORTIS
BANQUE LOC)+/-ss 2.25 08/01/2040 2,860,000
16,190,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 16,190,000
12,500,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 12,500,000
5,500,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST COMPANY
NA LOC)+/-ss 0.20 05/01/2022 5,500,000
9,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 05/01/2022 9,000,000
20,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C15 (POWER
REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.13 05/01/2022 20,000,000
10,400,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER
REVENUE, FSA INSURED)+/-ss 0.55 05/01/2022 10,400,000
16,100,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.50 05/01/2022 16,100,000
18,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 18,000,000
23,000,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.26 05/01/2040 23,000,000
10,000,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5
(PROPERTY TAX REVENUE, CITIBANK NA LOC )+/-ss 0.20 05/01/2034 10,000,000
4,000,000 CALIFORNIA STATEWIDE CDA SERIES F (HCFR, BANK OF AMERICA NA
LOC)+/-ss 0.26 07/01/2041 4,000,000
27,100,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.22 01/01/2037 27,100,000
14,725,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1 (HOUSING REVENUE,
GO OF AUTHORITY INSURED)+/-ss 0.50 10/01/2038 14,725,000
7,000,000 COLORADO HOUSING & FINANCE AUTHORITY SERIES C1 (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.50 11/01/2033 7,000,000
43,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE SERIES B-1 (HOUSING
REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 3.50 05/01/2038 43,000,000
19,990,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT
B II (HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 19,990,000
4,000,000 COLUMBIA AL IDA SERIES A (IDR)+/-ss 0.15 06/01/2022 4,000,000
5,000,000 COLUMBIA AL IDA SERIES B (PCR)+/-ss 0.15 05/01/2022 5,000,000
6,400,000 COOK COUNTY IL (OTHER REVENUE, HARRIS TRUST SAVINGS BANK LOC)+/-ss 0.70 11/01/2030 6,400,000
3,600,000 COOK COUNTY IL (OTHER REVENUE, NORTHERN TRUST CORPORATION
LOC)+/-ss 0.70 11/01/2030 3,600,000
40,000,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 40,000,000
9,000,000 GULF COAST WASTE DISPOSAL AUTHORITY (OTHER REVENUE, BP PLC
GUARANTEE AGREEMENT)+/-ss 0.12 07/01/2042 9,000,000
11,000,000 HOUSTON TX UTILITY SYSTEM (SEWER REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)+/-ss 0.30 05/15/2034 11,000,000
8,900,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN B3 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 8,900,000
18,205,000 IOWA FINANCIAL AUTHORITY SFMR (HOUSING REVENUE, GNMA INSURED)+/-ss 0.37 01/01/2039 18,205,000
5,600,000 KENTUCKY INCORPORATED PUBLIC ENERGY AUTHORITY SERIES A (OTHER
REVENUE, SOCIETE GENERALE LOC)+/-ss 0.13 08/01/2016 5,600,000
1,990,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.33 07/01/2035 1,990,000
10,000,000 LANCASTER COUNTY HOSPITAL AUTHORITY HEALTH SYSTEM LANCASTER
GENERAL HOSPITAL (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.18 07/01/2041 10,000,000
13,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY SUBSERIES D-1
(AIRPORT REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2039 13,000,000
Wells Fargo Advantage Money Market Funds 95
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
MUNICIPAL BONDS & NOTES (continued)
$ 4,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE SERIES
C (WATER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.18% 07/01/2027 $ 4,000,000
4,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 4,000,000
9,600,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE
SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2025 9,600,000
3,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 3,000,000
7,625,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH CARE FACILITIES
SERIES A (HCFR, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2034 7,625,000
9,430,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES E (HOUSING REVENUE,
GO OF AUTHORITY)+/-ss 0.45 07/01/2038 9,430,000
12,000,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE,
GO OF AUTHORITY)+/-ss 0.45 07/01/2048 12,000,000
19,540,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF
AMERICA NA LOC)+/-ss 0.60 11/01/2028 19,539,138
8,000,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY TAX REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 11/01/2028 8,000,000
6,000,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D (TOLL
ROAD REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 6,000,000
20,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE,
UBS AG LOC)+/-ss 0.17 12/15/2026 20,000,000
19,998,000 NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY SUBSERIES B-1
(WATER & SEWER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.18 06/15/2024 19,998,000
20,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES A2 (PROPERTY TAX
REVENUE, STATE AID WITHHOLDING)+/-ss 0.33 09/01/2030 20,000,000
8,000,000 SACRAMENTO CA MUNICIPAL UTILITY DISTRICT SERIES J (ELECTRIC
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.18 08/15/2028 8,000,000
27,000,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX
SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.15 04/01/2038 27,000,000
11,000,000 SAN JOSE CA FINANCING AUTHORITY TAXABLE LAND SERIES F (OTHER
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.35 06/01/2034 11,000,000
3,000,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A (OTHER
REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 3,000,000
1,400,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F (AIRPORT REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.34 12/01/2016 1,400,000
7,420,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY WV UTD HEALTH
SYSTEMS SERIES A (HOSPITAL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.14 06/01/2041 7,420,000
TOTAL MUNICIPAL BONDS & NOTES (COST $620,972,138) 620,972,138
---------------
REPURCHASE AGREEMENTS: 7.34%
209,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $209,001,277) 0.22 09/01/2009 209,000,000
37,000,000 BANK OF AMERICA SECURITIZATION LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $37,000,288) 0.28 09/01/2009 37,000,000
30,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $30,000,275) 0.33 09/01/2009 30,000,000
83,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $83,000,461) 0.20 09/01/2009 83,000,000
37,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $37,000,308) 0.30 09/01/2009 37,000,000
209,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $209,001,277) 0.22 09/01/2009 209,000,000
900,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $900,005) 0.19 09/01/2009 900,000
96 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
REPURCHASE AGREEMENTS (CONTINUED)
$ 209,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $209,001,277) 0.22% 09/01/2009 $ 209,000,000
30,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $30,000,258) 0.31 09/01/2009 30,000,000
---------------
TOTAL REPURCHASE AGREEMENTS (COST $844,900,000) 844,900,000
SECURED MASTER NOTE AGREEMENT: 2.09%
155,704,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48 09/09/2034 155,704,000
84,523,000 CITIGROUP GLOBAL MARKET INCORPORATED+/-ss 0.68 09/09/2049 84,523,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $240,227,000) 240,227,000
---------------
TIME DEPOSITS: 8.01%
106,000,000 BANK OF IRELAND 0.35 09/01/2009 106,000,000
68,000,000 BANK OF IRELAND 0.60 09/04/2009 68,000,000
138,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 138,000,000
90,000,000 CITIBANK NA NASSAU 0.19 09/01/2009 90,000,000
135,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 135,000,000
143,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 143,000,000
138,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 138,000,000
104,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 104,000,000
TOTAL TIME DEPOSITS (COST $922,000,000) 922,000,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $11,505,482,179)* 99.99% $11,505,482,179
OTHER ASSETS AND LIABILITIES, NET 0.01 1,070,942
------ ---------------
TOTAL NET ASSETS 100.00% $11,506,553,121
====== ===============
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(p) Asset-backed commercial paper.
(i) Illiquid security.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 97
Portfolio of Investments--August 31, 2009 (Unaudited)
TREASURY PLUS MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
US TREASURY SECURITIES: 16.78%
US TREASURY BILLS: 14.41%
$ 2,133,000 CASH MANAGEMENT BILL## 0.09% 09/15/2009 $ 2,132,925
250,000,000 US TREASURY BILL## 0.18 09/24/2009 249,971,250
250,000,000 US TREASURY BILL## 0.18 10/01/2009 249,962,500
250,000,000 US TREASURY BILL## 0.19 10/08/2009 249,951,180
150,000,000 US TREASURY BILL## 0.39 10/08/2009 149,940,646
100,000,000 US TREASURY BILL## 0.40 10/08/2009 99,959,403
40,000,000 US TREASURY BILL## 0.19 11/19/2009 39,983,761
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,928,125
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,927,083
10,000,000 US TREASURY BILL## 0.28 02/18/2010 9,987,014
25,000,000 US TREASURY BILL## 0.25 03/04/2010 24,968,402
1,226,712,289
---------------
US TREASURY NOTES: 2.37%
200,000,000 US TREASURY NOTE 4.63 11/15/2009 201,737,305
---------------
TOTAL US TREASURY SECURITIES (COST $1,428,449,594) 1,428,449,594
---------------
REPURCHASE AGREEMENTS: 83.49%
85,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $85,000,472) 0.20 09/01/2009 85,000,000
1,750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,750,010,208) 0.21 09/01/2009 1,750,000,000
500,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $500,002,778) 0.20 09/01/2009 500,000,000
1,750,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,750,009,722) 0.20 09/01/2009 1,750,000,000
60,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $60,000,317) 0.19 09/01/2009 60,000,000
110,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $110,000,306) 0.10 09/01/2009 110,000,000
750,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $750,004,167) 0.20 09/01/2009 750,000,000
1,750,000,000 JPMORGAN SECURITIES INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $1,750,009,722) 0.20 09/01/2009 1,750,000,000
350,300,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $350,301,946) 0.20 09/01/2009 350,300,000
TOTAL REPURCHASE AGREEMENTS (COST $7,105,300,000) 7,105,300,000
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $8,533,749,594)* 100.27% $ 8,533,749,594
OTHER ASSETS AND LIABILITIES, NET (0.27) (23,253,538)
------ ---------------
TOTAL NET ASSETS 100.00% $ 8,510,496,056
====== ===============
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
98 Wells Fargo Advantage Money Market Funds
Portfolio of Investments--August 31, 2009 (Unaudited)
100% TREASURY MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
US TREASURY SECURITIES: 105.16%
US TREASURY BILLS: 104.44%
$ 26,900,000 CASH MANAGEMENT BILL## 0.03% 09/15/2009 $ 26,899,738
69,370,000 CASH MANAGEMENT BILL## 0.08 09/15/2009 69,367,842
52,867,000 CASH MANAGEMENT BILL## 0.09 09/15/2009 52,865,150
45,155,000 CASH MANAGEMENT BILL## 0.10 09/15/2009 45,153,244
23,780,000 CASH MANAGEMENT BILL## 0.19 09/15/2009 23,778,289
10,000 CASH MANAGEMENT BILL## 0.50 09/15/2009 9,998
2,130,000 CASH MANAGEMENT BILL## 0.51 09/15/2009 2,129,578
3,915,000 US TREASURY BILL## 0.13 09/03/2009 3,914,972
101,960,000 US TREASURY BILL## 0.14 09/03/2009 101,959,235
100,000,000 US TREASURY BILL## 0.15 09/03/2009 99,999,167
33,945,000 US TREASURY BILL## 0.16 09/03/2009 33,944,698
100,000,000 US TREASURY BILL## 0.45 09/03/2009 99,997,528
257,020,000 US TREASURY BILL## 0.19 09/10/2009 257,007,792
100,000,000 US TREASURY BILL## 0.45 09/10/2009 99,988,750
128,340,000 US TREASURY BILL## 0.07 09/17/2009 128,336,007
100,000,000 US TREASURY BILL## 0.13 09/17/2009 99,994,222
199,710,000 US TREASURY BILL## 0.16 09/17/2009 199,695,798
125,000,000 US TREASURY BILL## 0.12 09/24/2009 124,990,217
276,370,000 US TREASURY BILL## 0.18 09/24/2009 276,338,217
100,000,000 US TREASURY BILL## 0.18 10/01/2009 99,985,000
400,000,000 US TREASURY BILL## 0.21 10/01/2009 399,931,667
53,440,000 US TREASURY BILL## 0.09 10/08/2009 53,435,057
296,430,000 US TREASURY BILL## 0.19 10/08/2009 296,373,637
100,000,000 US TREASURY BILL## 0.40 10/08/2009 99,959,403
85,365,000 US TREASURY BILL## 0.11 10/15/2009 85,354,045
176,605,000 US TREASURY BILL## 0.18 10/15/2009 176,566,147
300,000,000 US TREASURY BILL## 0.20 10/22/2009 299,917,125
150,000,000 US TREASURY BILL## 0.34 10/22/2009 149,928,281
281,905,000 US TREASURY BILL## 0.19 10/29/2009 281,818,705
150,000,000 US TREASURY BILL## 0.30 10/29/2009 149,928,708
350,000,000 US TREASURY BILL## 0.19 11/05/2009 349,883,090
100,000,000 US TREASURY BILL## 0.33 11/05/2009 99,939,965
35,895,000 US TREASURY BILL## 0.16 11/12/2009 35,883,873
350,000,000 US TREASURY BILL## 0.19 11/12/2009 349,867,000
100,000,000 US TREASURY BILL## 0.31 11/12/2009 99,938,000
360,000,000 US TREASURY BILL## 0.19 11/19/2009 359,853,850
400,000,000 US TREASURY BILL## 0.16 11/27/2009 399,842,917
100,000,000 US TREASURY BILL## 0.31 11/27/2009 99,926,292
250,000,000 US TREASURY BILL## 0.15 12/03/2009 249,903,628
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,928,125
75,000,000 US TREASURY BILL## 0.35 12/10/2009 74,927,083
75,000,000 US TREASURY BILL## 0.35 12/17/2009 74,922,648
100,000,000 US TREASURY BILL## 0.29 01/28/2010 99,882,042
100,000,000 US TREASURY BILL## 0.28 02/04/2010 99,880,833
50,000,000 US TREASURY BILL## 0.29 02/11/2010 49,935,479
90,000,000 US TREASURY BILL## 0.28 02/18/2010 89,883,126
50,000,000 US TREASURY BILL## 0.26 02/25/2010 49,937,312
75,000,000 US TREASURY BILL## 0.25 03/04/2010 74,905,208
6,573,808,688
---------------
Wells Fargo Advantage Money Market Funds 99
Portfolio of Investments--August 31, 2009 (Unaudited)
100% TREASURY MONEY MARKET FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
--------- ------------------------------------------------------------------ -------- ----------- ---------------
US TREASURY NOTES: 0.72%
$ 45,215,000 US TREASURY NOTE 3.38% 09/15/2009 $ 45,270,961
---------------
TOTAL US TREASURY SECURITIES (COST $6,619,079,649) 6,619,079,649
TOTAL INVESTMENTS IN SECURITIES
(COST $6,619,079,649)* 105.16% $ 6,619,079,649
OTHER ASSETS AND LIABILITIES, NET (5.16) (324,637,180)
------ ---------------
TOTAL NET ASSETS 100.00% $ 6,294,442,469
====== ===============
- ----------
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
100 Wells Fargo Advantage Money Market Funds
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
California Cash Investment
Tax-Free Money Money Market
Market Fund Fund
-------------- ---------------
ASSETS
Investments
In securities, at value ........................................... $3,039,151,329 $22,208,937,907
In repurchase agreements .......................................... 0 766,524,035
-------------- ---------------
Total investments at value (see cost below) .......................... 3,039,151,329 22,975,461,942
-------------- ---------------
Cash ................................................................. 84,907 1,017,856
Receivable for Fund shares issued .................................... 0 688,759
Receivable for investments sold ...................................... 0 3,999,182
Receivables for interest ............................................. 2,585,290 7,394,442
Prepaid expenses and other assets .................................... 0 0
Prepaid temporary government guarantee program (Note 5) .............. 94,348 371,855
-------------- ---------------
Total assets ............................................................ 3,041,915,874 22,988,934,036
-------------- ---------------
LIABILITIES
Payable for investments purchased .................................... 4,725,000 295,838,022
Dividends payable .................................................... 23,628 1,804,469
Payable to investment advisor and affiliates (Note 3) ................ 245,002 3,398,731
Accrued expenses and other liabilities ............................... 732,132 1,613,809
-------------- ---------------
Total liabilities ....................................................... 5,725,762 302,655,031
-------------- ---------------
TOTAL NET ASSETS ........................................................ $3,036,190,112 $22,686,279,005
============== ===============
NET ASSETS CONSIST OF
Paid-in capital ...................................................... $3,036,049,157 $22,686,031,806
Undistributed/overdistributed net investment income .................. (1,037) (7,747)
Undistributed net realized gain (loss) on investments ................ 141,992 254,946
-------------- ---------------
TOTAL NET ASSETS ........................................................ $3,036,190,112 $22,686,279,005
============== ===============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ................................................. $2,214,156,667 NA
Shares outstanding - Class A ......................................... 2,213,937,144 NA
Net asset value per share - Class A .................................. $ 1.00 NA
Net assets - Administrator Class ..................................... NA $ 1,406,888,592
Shares outstanding - Administrator Class ............................. NA 1,406,955,187
Net asset value and offering price per share - Administrator Class ... NA $ 1.00
Net assets - Institutional Class ..................................... $ 327,810,643 $ 9,615,551,151
Shares outstanding - Institutional Class ............................. 327,816,303 9,615,447,885
Net asset value and offering price per share - Institutional Class ... $ 1.00 $ 1.00
Net assets - Investor Class .......................................... NA NA
Shares outstanding - Investor Class .................................. NA NA
Net asset value and offering price per share - Investor Class ........ NA NA
Net assets - Select Class ............................................ NA $ 6,557,882,547
Shares outstanding - Select Class .................................... NA 6,557,551,116
Net asset value and offering price per share - Select Class .......... NA $ 1.00
Net assets - Service Class ........................................... $ 494,222,802 $ 5,105,956,715
Shares outstanding - Service Class ................................... 494,243,166 5,106,562,820
$ 1.00 $ 1.00
-------------- ---------------
Investments at cost ..................................................... $3,039,151,329 $22,975,461,942
-------------- ---------------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 101
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
Government Heritage Municipal National Prime Investment Treasury Plus
Money Market Money Market Money Market Tax-Free Money Money Market Money Market
Fund Fund Fund Market Fund Fund Fund
- --------------- --------------- ------------ -------------- ---------------- --------------
$16,717,297,601 $23,021,573,395 $413,664,642 $5,459,270,445 $10,660,582,179 $1,428,449,594
12,086,400,000 1,585,400,000 0 0 844,900,000 7,105,300,000
- --------------- --------------- ------------ -------------- ---------------- --------------
28,803,697,601 24,606,973,395 413,664,642 5,459,270,445 11,505,482,179 8,533,749,594
- --------------- --------------- ------------ -------------- ---------------- --------------
80,282 89,626 6,054,214 178,557 124,928 97,490
5,398 105,367 0 625 0 5,111
0 34,992,844 0 20,000,219 13,997,138 0
30,383,541 5,718,808 491,315 3,436,722 3,467,043 2,779,462
89,712 265,833 0 0 0 0
618,380 144,379 7,544 119,508 269,711 0
- --------------- --------------- ------------ -------------- ---------------- --------------
28,834,874,914 24,648,290,252 420,217,715 5,483,006,076 11,523,340,999 8,536,631,657
- --------------- --------------- ------------ -------------- ---------------- --------------
369,147,979 63,069,982 0 18,362,127 13,005,151 24,968,403
529,146 2,786,405 253 259,269 1,521,995 43,338
3,374,925 3,026,444 84,279 789,282 1,913,079 545,275
618,380 144,379 75,104 574,921 347,653 578,585
- --------------- --------------- ------------ -------------- ---------------- --------------
373,670,430 69,027,210 159,636 19,985,599 16,787,878 26,135,601
- --------------- --------------- ------------ -------------- ---------------- --------------
$28,461,204,484 $24,579,263,042 $420,058,079 $5,463,020,477 $11,506,553,121 $8,510,496,056
=============== =============== ============ ============== ================ ==============
$28,461,173,462 $24,578,779,025 $420,058,207 $5,462,666,999 $11,506,240,853 $8,510,584,679
31,022 4 3 (4) 0 (7,929)
0 484,013 (131) 353,482 312,268 (80,694)
- --------------- --------------- ------------ -------------- ---------------- --------------
$28,461,204,484 $24,579,263,042 $420,058,079 $5,463,020,477 $11,506,553,121 $8,510,496,056
=============== =============== ============ ============== ================ ==============
$ 913,121,269 NA NA $1,105,340,730 NA $2,038,047,018
913,103,874 NA NA 1,105,252,468 NA 2,038,135,687
$ 1.00 NA NA $ 1.00 NA $ 1.00
$ 939,416,389 $ 1,548,569,251 NA $ 548,074,840 NA $ 110,914,110
939,403,981 1,548,513,283 NA 547,999,558 NA 110,914,582
$ 1.00 $ 1.00 NA $ 1.00 NA $ 1.00
$21,092,041,765 $11,295,017,773 $129,502,278 $2,466,915,357 $10,429,504,348 $5,615,058,706
21,092,130,463 11,294,845,716 129,502,309 2,466,792,001 10,429,225,837 5,615,246,631
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
NA NA $290,555,801 NA NA NA
NA NA 290,555,792 NA NA NA
NA NA $ 1.00 NA NA NA
NA $11,735,676,018 NA NA NA NA
NA 11,735,420,027 NA NA NA NA
NA $ 1.00 NA NA NA NA
$ 5,516,625,061 NA NA $1,342,689,550 $ 1,077,048,773 $ 746,476,222
5,516,574,620 NA NA 1,342,421,045 1,077,022,478 746,503,874
$ 1.00 NA NA $ 1.00 $ 1.00 $ 1.00
- --------------- --------------- ------------ -------------- ---------------- ---------------
$28,803,697,601 $24,606,973,395 $413,664,642 $5,459,270,445 $11,505,482,179 $8,533,749,594
- --------------- --------------- ------------ -------------- ---------------- ---------------
102 Wells Fargo Advantage Money Market Funds
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
100% Treasury
Money Market
Fund
--------------
ASSETS
Investments
In securities, at value (see cost below) ................. $6,619,079,649
--------------
Cash ........................................................ 50,539
Receivable for Fund shares issued ........................... 350,235
Receivables for interest .................................... 704,948
Receivable from investment advisor and affiliates (Note 3) .. 260,330
Prepaid temporary government guarantee program (Note 5) ..... 164
--------------
Total assets ................................................... 6,620,445,865
--------------
LIABILITIES
Payable for investments purchased ........................... 324,808,837
Dividends payable ........................................... 28,930
Accrued expenses and other liabilities ...................... 1,165,629
--------------
Total liabilities .............................................. 326,003,396
--------------
TOTAL NET ASSETS ............................................... $6,294,442,469
==============
NET ASSETS CONSIST OF
Paid-in capital ............................................. $6,292,654,770
Undistributed net investment income ......................... 203,583
Undistributed net realized gain on investments .............. 1,584,116
--------------
TOTAL NET ASSETS ............................................... $6,294,442,469
==============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ........................................ $ 251,224,605
Shares outstanding - Class A ................................ 251,110,548
Net asset value per share - Class A ......................... $ 1.00
Net assets - Service Class .................................. $6,043,217,864
Shares outstanding - Service Class .......................... 6,041,535,529
Net asset value per share - Service Class ................... $ 1.00
--------------
Investments at cost ............................................ $6,619,079,649
--------------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
104 Wells Fargo Advantage Money Market Funds
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
California Cash
Tax-Free Investment
Money Market Money Market
Fund Fund
------------ ------------
INVESTMENT INCOME
Interest............................................ $10,541,601 $88,598,413
----------- -----------
EXPENSES
Advisory fees....................................... 5,108,142 11,293,584
Administration fees
Fund Level....................................... 905,963 4,140,130
Class A.......................................... 2,871,611 NA
Administrator Class.............................. NA 686,307
Institutional Class.............................. 165,746 4,087,225
Investor Class NA NA
Select Class..................................... NA 1,035,961
Service Class.................................... 359,359 3,490,010
Custody fees........................................ 362,385 2,258,717
Shareholder servicing fees (Note 3)................. 3,996,535 7,955,898
Accounting fees..................................... 105,160 577,265
Professional fees................................... 17,322 18,966
Registration fees................................... 74,230 283,113
Shareholder reports................................. 96,250 149,610
Trustees' fees...................................... 5,289 5,289
Temporary government guarantee program (Note 5)..... 978,109 3,859,933
Other fees and expenses............................. 46,657 431,417
----------- -----------
Total expenses...................................... 15,092,758 40,273,425
----------- -----------
LESS
Waived fees and reimbursed expenses (Note 3)........ (5,778,454) (6,093,824)
Expense reductions.................................. (44) (1,466)
Net expenses........................................ 9,314,260 34,178,135
----------- -----------
Net investment income............................... 1,227,341 54,420,278
----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN AND LOSS FROM INVESTMENTS......... (26,063) 1,272,531
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS... $ 1,201,278 $55,692,809
=========== ===========
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 105
Statements of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
National Prime
Government Heritage Municipal Tax-Free Investment Treasury Plus 100% Treasury
Money Market Money Market Money Market Money Market Money Market Money Market Money Market
Fund Fund Fund Fund Fund Fund Fund
- ------------ ------------ ------------ ------------ ------------ ------------- -------------
$ 79,402,654 $61,099,416 $1,677,836 $20,217,287 $40,367,476 $ 9,799,662 $ 8,027,841
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
20,760,447 8,703,083 595,833 3,035,178 5,898,750 4,200,639 8,884,201
6,980,189 3,362,980 99,306 1,464,756 2,521,680 1,930,940 1,551,828
1,099,706 NA NA 1,408,952 NA 2,367,158 292,756
683,320 545,964 NA 271,427 NA 64,959 NA
13,375,208 3,328,707 31,638 1,052,918 4,102,416 2,115,696 NA
NA NA 429,471 NA NA NA NA
NA 1,598,495 NA NA NA NA NA
3,429,901 NA NA 968,605 924,876 498,096 3,743,745
4,152,090 1,740,617 39,722 607,035 1,179,750 840,128 650,572
9,050,810 545,756 397,158 3,874,785 1,926,825 3,777,939 8,075,663
998,985 396,707 20,721 165,075 270,433 212,095 173,104
13,767 17,697 16,484 17,776 20,489 13,039 18,487
672,026 165,283 8,594 88,145 106,887 107,552 111,412
632,260 79,777 2,784 111,439 59,023 116,503 94,540
5,289 5,289 5,289 5,289 5,289 5,289 5,289
6,410,871 1,496,802 78,219 1,238,966 2,754,693 491,717 473,514
338,067 302,423 2,644 66,521 110,390 90,765 93,088
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
68,602,936 22,289,580 1,727,863 14,376,867 19,881,501 16,832,515 24,168,199
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
(15,431,796) (5,473,746) (555,489) (2,587,298) (2,846,578) (8,108,868) (16,465,669)
(1,159) (476) (55) 23 (512) (2,849) 0
53,169,981 16,815,358 1,172,319 11,789,592 17,034,411 8,720,798 7,702,530
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
26,232,673 44,284,058 505,517 8,427,695 23,333,065 1,078,864 325,311
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
0 288,698 0 272,970 183,138 0 237,558
- ------------ ----------- ---------- ----------- ----------- ----------- ------------
$ 26,232,673 $44,572,756 $ 505,517 $ 8,700,665 $23,516,203 $ 1,078,864 $ 562,869
============ =========== ========== =========== =========== =========== ============
106 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND
-------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................ $ 4,371,522,330 $ 4,808,408,788
OPERATIONS
Net investment income ........................................................... 1,227,341 63,179,147
Net realized gain (loss) on investments ......................................... (26,063) 666,351
Net realized gain of capital support agreement .................................. 0 0
Net change in unrealized appreciation of credit support agreement ............... 0 0
Net change in unrealized depreciation of investments ............................ 0 0
--------------- ---------------
Net increase in net assets resulting from operations ............................... 1,201,278 63,845,498
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ...................................................................... (223,091) (45,403,227)
Administrator Class .......................................................... NA NA
Institutional Class .......................................................... (665,693) (4,676,760)
Select class ................................................................. NA NA
Service class ................................................................ (338,557) (13,097,748)
Net realized gain on sales of investments
Class A ...................................................................... 0 (521,362)
Administrator Class .......................................................... NA NA
Institutional Class .......................................................... NA (45,226)
Service class ................................................................ 0 (130,023)
--------------- ---------------
Total distributions to shareholders ................................................ (1,227,341) (63,874,346)
--------------- ---------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ............................................. 1,389,747,463 4,548,812,448
Reinvestment of distributions - Class A ......................................... 216,180 43,357,812
Cost of shares redeemed - Class A ............................................... (2,467,710,314) (5,137,690,921)
--------------- ---------------
Net decrease in net assets resulting from capital share transactions - Class A .. (1,077,746,671) (545,520,661)
--------------- ---------------
Proceeds from shares sold - Administrator Class ................................. NA NA
Reinvestment of distributions - Administrator Class ............................. NA NA
Cost of shares redeemed - Administrator Class ................................... NA NA
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ........................................... NA NA
--------------- ---------------
Proceeds from shares sold - Institutional Class ................................. 900,910,980 2,067,029,869
Reinvestment of distributions - Institutional Class ............................. 401,397 3,288,168
Cost of shares redeemed - Institutional Class ................................... (944,070,372) (1,699,743,739)
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share
transactions - Institutional Class ........................................... (42,757,995) 370,574,298
--------------- ---------------
Proceeds from shares sold - Select Class ........................................ NA NA
Reinvestment of distributions - Select Class .................................... NA NA
Cost of shares redeemed - Select Class .......................................... NA NA
--------------- ---------------
Net increase in net assets resulting from capital share transactions -
Select Class ................................................................. NA NA
--------------- ---------------
Proceeds from shares sold - Service Class ....................................... 431,624,173 1,881,382,541
Reinvestment of distributions - Service Class ................................... 98,365 4,343,250
Cost of shares redeemed - Service Class ......................................... (646,524,027) (2,147,637,038)
--------------- ---------------
Net decrease in net assets resulting from capital share transactions -
Service Class ................................................................ (214,801,489) (261,911,247)
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share transactions -
Total ........................................................................ (1,335,306,155) (436,857,610)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS .............................................. (1,335,332,218) (436,886,458)
=============== ===============
ENDING NET ASSETS .................................................................. $ 3,036,190,112 $ 4,371,522,330
=============== ===============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 107
Statements of Changes in Net Assets
CASH INVESTMENT MONEY MARKET FUND GOVERNMENT MONEY MARKET FUND HERITAGE MONEY MARKET FUND
- ------------------------------------ -------------------------------------- ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ----------------- ------------------ ---------------- -----------------
$ 21,639,252,133 $ 21,844,243,904 $ 51,618,895,393 $ 33,481,429,832 $ 12,847,438,353 $ 3,556,419,692
54,420,278 458,172,754 26,232,673 535,855,183 44,284,058 162,859,917
1,272,531 (894,668) 0 0 288,698 39,462
0 0 0 0 0 314,806
0 0 0 0 0 1,083,837
0 0 0 0 0 (166,094)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
55,692,809 457,278,086 26,232,673 535,855,183 44,572,756 164,131,928
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
NA NA (49,858) (18,051,861) NA NA
(2,881,346) (36,501,427) (271,973) (22,654,121) (1,862,171) (13,390,439)
(28,480,797) (214,179,642) (25,620,962) (412,700,215) (20,334,332) (77,053,366)
(15,321,809) (77,020,427) NA NA (22,087,552) (72,427,423)
(7,736,325) (130,471,257) (289,879) (82,448,985) NA NA
NA NA 0 0 NA NA
0 0 0 0 0 (108,451)
0 0 0 0 0 (84,183)
0 0 0 0 NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(54,420,277) (458,172,753) (26,232,672) (535,855,182) (44,284,055) (163,063,862)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
NA NA 148,360,181 497,947,772 NA NA
NA NA 49,161 17,969,720 NA NA
NA NA (337,191,881) (1,335,660,176) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
NA NA (188,782,539) (819,742,684) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
1,211,612,940 3,338,902,124 1,860,177,728 6,463,393,720 3,328,779,821 2,349,413,290
2,518,229 31,423,024 149,319 12,735,719 923,169 8,563,225
(1,222,583,626) (4,204,392,641) (2,701,204,831) (6,640,270,464) (2,699,746,785) (2,048,434,540)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(8,452,457) (834,067,493) (840,877,784) (164,141,025) 629,956,205 309,541,975
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
27,627,212,329 49,663,675,103 82,491,774,163 194,237,357,815 20,136,490,400 17,391,802,191
14,332,349 123,410,835 12,941,176 216,904,092 9,720,075 32,987,819
(28,158,648,862) (48,849,148,568) (103,806,594,426) (175,325,662,671) (14,713,403,935) (13,142,360,607)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(517,104,184) 937,937,370 (21,301,879,087) 19,128,599,236 5,432,806,540 4,282,429,403
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
19,124,674,446 25,697,956,688 NA NA 21,924,968,208 20,239,801,901
11,897,185 56,173,206 NA NA 13,970,445 47,385,727
(16,312,370,895) (25,046,213,433) NA NA (16,270,165,410) (15,589,208,411)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
2,824,200,736 707,916,461 NA NA 5,668,773,243 4,697,979,217
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
17,161,468,856 19,135,205,412 16,316,341,212 38,386,241,975 NA NA
3,410,286 61,537,551 36,356 12,105,979 NA NA
(18,417,768,897) (20,212,626,405) (17,142,529,068) (38,405,597,921) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(1,252,889,755) (1,015,883,442) (826,151,500) (7,249,967) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
1,045,754,340 (204,097,104) (23,157,690,910) 18,137,465,560 11,731,535,988 9,289,950,595
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
1,047,026,872 (204,991,771) (23,157,690,909) 18,137,465,561 11,731,824,689 9,291,015,167
================ ================ ================= ================= ================ ================
$ 22,686,279,005 $ 21,639,252,133 $ 28,461,204,484 $ 51,618,895,393 $ 24,579,263,042 $ 12,847,438,353
================ ================ ================= ================= ================ ================
108 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND
-------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- ------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ........................................................... $ 1,389,747,463 $ 4,548,812,448
Shares issued in reinvestment of distributions - Class A ........................ 216,180 43,357,812
Shares redeemed - Class A ....................................................... (2,467,710,314) (5,137,690,921)
--------------- ---------------
Net decrease in shares outstanding - Class A .................................... (1,077,746,671) (545,520,661)
--------------- ---------------
Shares sold - Administrator Class ............................................... NA NA
Shares issued in reinvestment of distributions - Administrator Class ............ NA NA
Shares redeemed - Administrator Class ........................................... NA NA
--------------- ---------------
Net increase (decrease) in shares outstanding - Administrator Class ............. NA NA
--------------- ---------------
Shares sold - Institutional Class ............................................... 900,910,980 2,067,029,869
Shares issued in reinvestment of distributions - Institutional Class ............ 401,397 3,288,168
Shares redeemed - Institutional Class ........................................... (944,070,372) (1,699,743,739)
--------------- ---------------
Net increase (decrease) in shares outstanding - Institutional Class ............. (42,757,995) 370,574,298
--------------- ---------------
Shares sold - Select Class ...................................................... NA NA
Shares issued in reinvestment of distributions - Select Class ................... NA NA
Shares redeemed - Select Class .................................................. NA NA
--------------- ---------------
Net increase in shares outstanding - Select Class ............................... NA NA
--------------- ---------------
Shares sold - Service Class ..................................................... 431,624,173 1,881,382,541
Shares issued in reinvestment of distributions - Service class .................. 98,365 4,343,250
Shares redeemed - Service class ................................................. (646,524,027) (2,147,637,038)
--------------- ---------------
Net decrease in shares outstanding - Service Class .............................. (214,801,489) (261,911,247)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .................................................................... (1,335,306,155) (436,857,610)
=============== ===============
Ending balance of undistributed/overdistributed net investment income .............. $ (1,037) $ (1,037)
--------------- ---------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 109
Statements of Changes in Net Assets
CASH INVESTMENT MONEY MARKET FUND GOVERNMENT MONEY MARKET FUND HERITAGE MONEY MARKET FUND
- ------------------------------------ ------------------------------------- ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ----------------- ----------------- ---------------- -----------------
NA NA $ 148,360,181 $ 497,947,772 NA NA
NA NA 49,161 17,969,720 NA NA
NA NA (337,191,881) (1,335,660,176) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
NA NA (188,782,539) (819,742,684) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
$ 1,211,612,940 $ 3,338,902,124 1,860,177,728 6,463,393,720 $ 3,328,779,821 $ 2,349,413,290
2,518,229 31,423,024 149,319 12,735,719 923,169 8,563,225
(1,222,583,626) (4,204,392,641) (2,701,204,831) (6,640,270,464) (2,699,746,785) (2,048,434,540)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(8,452,457) (834,067,493) (840,877,784) (164,141,025) 629,956,205 309,541,975
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
27,627,212,329 49,663,675,106 82,491,774,163 194,237,357,816 20,136,490,400 17,391,802,192
14,332,349 123,410,835 12,941,176 216,904,092 9,720,075 32,987,819
(28,158,648,862) (48,849,148,568) (103,806,594,426) (175,325,662,671) (14,713,403,935) (13,142,360,607)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(517,104,184) 937,937,373 (21,301,879,087) 19,128,599,237 5,432,806,540 4,282,429,404
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
19,124,674,446 25,697,956,688 NA NA 21,924,968,208 20,239,801,900
11,897,185 56,173,206 NA NA 13,970,445 47,385,727
(16,312,370,895) (25,046,213,433) NA NA (16,270,165,410) (15,589,208,411)
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
2,824,200,736 707,916,461 NA NA 5,668,773,243 4,697,979,216
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
17,161,468,856 19,135,201,385 16,316,341,212 38,386,241,975 NA NA
3,410,286 61,537,551 36,356 12,105,979 NA NA
(18,417,768,897) (20,212,626,405) (17,142,529,068) (38,405,597,921) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
(1,252,889,755) (1,015,887,469) (826,151,500) (7,249,967) NA NA
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
1,045,754,340 (204,101,128) (23,157,690,910) 18,137,465,561 11,731,535,988 9,289,950,595
================ ================ ================= ================= ================ ================
$ (7,747) $ (7,748) $ 31,022 $ 31,021 $ 4 $ 1
- ---------------- ---------------- ----------------- ----------------- ---------------- ----------------
110 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .......................................................... $ 390,783,207 $ 388,515,904
OPERATIONS
Net investment income ......................................................... 505,517 6,267,957
Net realized gain on investments .............................................. 0 413
Net realized gain of capital support agreement ................................ 0 0
Net change in unrealized appreciation of capital support agreement ............ 0 0
Net change in unrealized depreciation of investments .......................... 0 0
------------- -------------
Net increase in net assets resulting from operations ............................. 505,517 6,268,370
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .................................................................... NA NA
Administrator Class ........................................................ NA NA
Institutional Class ........................................................ (224,670) (489,012)
Investor Class ............................................................. (280,847) (5,778,945)
Service Class .............................................................. NA NA
Net realized gain on sales of investments
Class A .................................................................... NA NA
Administrator Class ........................................................ NA NA
Institutional Class ........................................................ NA NA
Service Class .............................................................. NA NA
------------- -------------
Total distributions to shareholders .............................................. (505,517) (6,267,957)
------------- -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ........................................... NA NA
Reinvestment of distributions - Class A ....................................... NA NA
Cost of shares redeemed - Class A ............................................. NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions
- Class A .................................................................. NA NA
------------- -------------
Proceeds from shares sold - Administrator Class ............................... NA NA
Reinvestment of distributions - Administrator Class ........................... NA NA
Cost of shares redeemed - Administrator Class ................................. NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions
- Administrator Class ...................................................... NA NA
------------- -------------
Proceeds from shares sold - Institutional Class ............................... 210,632,930 152,067,708
Reinvestment of distributions - Institutional Class ........................... 223,674 466,151
Cost of shares redeemed - Institutional Class ................................. (131,025,048) (102,863,106)
------------- -------------
Net increase in net assets resulting from capital share transactions -
Institutional Class ........................................................ 79,831,556 49,670,753
------------- -------------
Proceeds from shares sold - Investor Class .................................... 54,631,466 279,131,426
Reinvestment of distributions - Investor Class ................................ 275,695 5,623,380
Cost of shares redeemed - Investor Class ...................................... (105,463,845) (332,158,669)
------------- -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class .............................................. (50,556,684) (47,403,863)
------------- -------------
Proceeds from shares sold - Service Class ..................................... NA NA
Reinvestment of distributions - Service Class ................................. NA NA
Cost of shares redeemed - Service Class ....................................... NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Service Class ............................................... NA NA
------------- -------------
Net increase (decrease) in net assets resulting from capital share transactions
- Total ....................................................................... 29,274,872 2,266,890
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ............................................ 29,274,872 2,267,303
============= =============
ENDING NET ASSETS ................................................................ $ 420,058,079 $ 390,783,207
============= =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 111
Statements of Changes in Net Assets
NATIONAL TAX-FREE MONEY MARKET FUND PRIME INVESTMENT MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
$ 6,341,982,747 $ 5,158,034,269 $ 10,649,227,443 $ 8,927,810,131 $ 8,569,692,575 $ 6,774,952,740
8,427,695 95,033,256 23,333,065 194,615,732 1,078,864 66,685,987
272,970 723,479 183,138 (25,184,437) 0 0
0 0 0 26,968,360 0 0
0 0 0 17,341,096 0 0
0 0 0 (14,228,707) 0 0
--------------- --------------- ---------------- ----------------- ---------------- ----------------
8,700,665 95,756,735 23,516,203 199,512,344 1,078,864 66,685,987
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(506,896) (20,489,704) NA NA (108,143) (19,300,283)
(856,074) (8,905,643) NA NA (6,526) (614,370)
(5,526,441) (39,431,748) (22,480,484) (162,366,889) (950,742) (35,734,600)
NA NA NA NA NA NA
(1,538,286) (26,206,163) (852,581) (33,217,896) (41,596) (11,036,735)
0 (293,961) NA NA 0 0
NA (96,168) NA NA NA NA
0 (359,482) 0 (766,699) 0 0
0 (330,682) 0 (221,766) 0 0
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(8,427,697) (96,113,551) (23,333,065) (196,573,250) (1,107,007) (66,685,988)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
547,515,758 2,123,658,304 NA NA 4,181,390,440 16,042,997,923
510,918 20,254,527 NA NA 35,675 5,484,813
(1,011,104,131) (2,137,935,035) NA NA (4,625,519,094) (16,202,411,965)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(463,077,455) 5,977,796 NA NA (444,092,979) (153,929,229)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
306,911,216 634,488,238 NA NA 251,784,336 621,596,071
830,320 8,739,557 NA NA 6,492 613,450
(277,209,771) (643,344,000) NA NA (273,299,537) (489,786,230)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
30,531,765 (116,205) NA NA (21,508,709) 132,423,291
--------------- --------------- ---------------- ----------------- ---------------- ----------------
4,455,193,456 10,580,163,832 45,231,408,335 73,064,512,821 21,702,878,115 44,427,682,682
3,201,700 19,983,612 7,480,562 51,231,205 412,696 14,105,020
(4,372,684,364) (9,622,792,083) (44,231,986,574) (71,221,048,152) (21,180,650,411) (42,300,759,328)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
85,710,792 977,355,361 1,006,902,323 1,894,695,874 522,640,400 2,141,028,374
--------------- --------------- ---------------- ----------------- ---------------- ----------------
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
--------------- --------------- ---------------- ----------------- ---------------- ----------------
NA NA NA NA NA NA
--------------- --------------- ---------------- ----------------- ---------------- ----------------
891,447,048 2,883,412,321 41,307,565,437 133,263,105,578 3,605,598,682 13,764,905,639
227,352 4,852,802 48,387 1,822,623 4,384 948,304
(1,424,074,740) (2,687,176,781) (41,457,373,607) (133,441,145,857) (3,721,810,154) (14,090,636,543)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(532,400,340) 201,088,342 (149,759,783) (176,217,656) (116,207,088) (324,782,600)
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(879,235,238) 1,184,305,294 857,142,540 1,718,478,218 (59,168,376) 1,794,739,836
--------------- --------------- ---------------- ----------------- ---------------- ----------------
(878,962,270) 1,183,948,478 857,325,678 1,721,118,006 (59,196,519) 1,794,739,835
=============== =============== ================ ================= ================ ================
$ 5,463,020,477 $ 6,341,982,747 $ 11,506,553,121 $ 10,649,227,443 $ 8,510,496,056 $ 8,569,692,575
=============== =============== ================ ================= ================ ================
112 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. NA NA
Shares issued in reinvestment of distributions - Class A .............................. NA NA
Shares redeemed - Class A ............................................................. NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Class A ............................... NA NA
------------- -------------
Shares sold - Administrator Class ..................................................... NA NA
Shares issued in reinvestment of distributions - Administrator Class .................. NA NA
Shares redeemed - Administrator Class ................................................. NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Administrator Class ................... NA NA
------------- -------------
Shares sold - Institutional Class ..................................................... $ 210,632,930 $ 152,067,708
Shares issued in reinvestment of distributions - Institutional Class .................. 223,674 466,151
Shares redeemed - Institutional Class ................................................. (131,025,048) (102,863,106)
------------- -------------
Net increase in shares outstanding - Institutional Class .............................. 79,831,556 49,670,753
------------- -------------
Shares sold - Investor Class .......................................................... 54,631,466 279,131,426
Shares issued in reinvestment of distributions - Investor Class ....................... 275,695 5,623,380
Shares redeemed - Investor Class ...................................................... (105,463,845) (332,158,669)
------------- -------------
Net decrease in shares outstanding - Investor Class ................................... (50,556,684) (47,403,863)
------------- -------------
Shares sold - Service Class ........................................................... NA NA
Shares issued in reinvestment of distributions - Service Class ........................ NA NA
Shares redeemed - Service Class ....................................................... NA NA
------------- -------------
Net increase (decrease) in shares outstanding - Service Class ......................... NA NA
------------- -------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 29,274,872 2,266,890
============= =============
Ending balance of undistributed/overdistributed net investment income .................... $ 3 $ 3
------------- -------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 113
Statements of Changes in Net Assets
NATIONAL TAX-FREE MONEY MARKET FUND PRIME INVESTMENT MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND
- ------------------------------------ ------------------------------------ ------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- ----------------- ---------------- -----------------
$ 547,515,758 $ 2,123,658,304 NA NA $ 4,181,390,440 $ 16,042,997,923
510,918 20,254,527 NA NA 35,675 5,484,813
(1,011,104,131) (2,137,935,035) NA NA (4,625,519,094) (16,202,411,965)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
(463,077,455) 5,977,796 NA NA (444,092,979) (153,929,229)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
306,911,216 634,488,238 NA NA 251,784,336 621,596,071
830,320 8,739,557 NA NA 6,492 613,450
(277,209,771) (643,344,000) NA NA (273,299,537) (489,786,230)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
30,531,765 (116,205) NA NA (21,508,709) 132,423,291
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
4,455,193,456 10,580,142,601 $ 45,231,408,335 $ 73,064,512,821 21,702,878,115 44,427,682,682
3,201,700 19,983,612 7,480,562 51,231,205 412,696 14,105,020
(4,372,684,364) (9,622,792,083) (44,231,986,574) (71,221,048,152) (21,180,650,411) (42,300,759,328)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
85,710,792 977,334,130 1,006,902,323 1,894,695,874 522,640,400 2,141,028,374
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
NA NA NA NA NA NA
NA NA NA NA NA NA
NA NA NA NA NA NA
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
NA NA NA NA NA NA
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
891,447,048 2,883,412,321 41,307,565,437 133,263,105,578 3,605,598,682 13,764,905,639
227,352 4,852,802 48,387 1,822,623 4,384 948,304
(1,424,074,740) (2,687,176,781) (41,457,373,607) (133,441,145,857) (3,721,810,154) (14,090,636,543)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
(532,400,340) 201,088,342 (149,759,783) (176,217,656) (116,207,088) (324,782,600)
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
(879,235,238) 1,184,284,063 857,142,540 1,718,478,218 (59,168,376) 1,794,739,836
=============== =============== ================ ================= ================ =================
$ (4) $ (2) $ 0 $ 0 $ (7,929) $ 20,214
- --------------- --------------- ---------------- ----------------- ---------------- -----------------
114 Wells Fargo Advantage Money Market Funds
Statements of Changes in Net Assets
100% TREASURY MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................ $ 7,947,801,874 $ 6,337,429,815
OPERATIONS
Net investment income ........................... 325,311 55,720,253
Net realized gain on investments ................ 237,558 2,323,870
--------------- ----------------
Net increase in net assets resulting from operations 562,869 58,044,123
--------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ......................................... (13,293) (2,207,216)
Service Class ................................ (312,019) (53,513,039)
Net realized gain on sales of investments
Class A ......................................... 0 (35,390)
Service Class ................................ 0 (976,855)
--------------- ----------------
Total distributions to shareholders ................ (325,312) (56,732,500)
--------------- ----------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ............. 123,749,026 792,379,687
Reinvestment of distributions - Class A ......... 13,056 2,185,272
Cost of shares redeemed - Class A ............... (178,997,932) (786,394,353)
--------------- ----------------
Net increase (decrease) in net assets resulting from
capital share transactions - Class A ............ (55,235,850) 8,170,606
--------------- ----------------
Proceeds from shares sold - Service Class ....... 4,322,113,588 36,467,177,144
Reinvestment of distributions - Service Class ... 124,250 9,944,383
Cost of shares redeemed - Service Class ......... (5,920,598,950) (34,876,231,697)
--------------- ----------------
Net increase (decrease) in net assets resulting from
capital share transactions - Service Class ...... (1,598,361,112) 1,600,889,830
--------------- ----------------
Net increase (decrease) in net assets resulting from
capital share transactions - Total .............. (1,653,596,962) 1,609,060,436
--------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS .............. (1,653,359,405) 1,610,372,059
--------------- ----------------
ENDING NET ASSETS .................................. $ 6,294,442,469 $ 7,947,801,874
--------------- ----------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 115
Statements of Changes in Net Assets
100% TREASURY MONEY MARKET FUND
------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ........................... $ 123,749,026 $ 792,379,688
Shares issued in reinvestment of distributions -
Class A ...................................... 13,056 2,185,272
Shares redeemed - Class A ....................... (178,997,932) (786,394,353)
--------------- ----------------
Net increase (decrease) in shares outstanding -
Class A ...................................... (55,235,850) 8,170,607
--------------- ----------------
Shares sold - Service Class ..................... 4,322,113,588 36,467,163,543
Shares issued in reinvestment of distributions -
Service Class ................................ 124,250 9,944,383
Shares redeemed - Service Class ................. (5,920,598,950) (34,876,231,697)
--------------- ----------------
Net increase (decrease) in shares outstanding -
Service Class ................................ (1,598,361,112) 1,600,876,229
--------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS ....... (1,653,596,962) 1,609,046,836
--------------- ----------------
Ending balance of undistributed net investment
income .......................................... $ 203,583 $ 203,584
--------------- ----------------
116 Wells Fargo Advantage Money Market Funds
Financial Highlights
Beginning Net Net Realized Distributions
Net Asset Investment and Unrealized from Net
Value Per Income Gain (Loss) Investment
Share (Loss) on Investments Income
--------- ---------- -------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 31, 2008(3) to February 28, 2009 ........ $1.00 0.01 0.00 (0.01)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
CASH INVESTMENT MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
July 31, 2003(3) to March 31, 2004 ............ $1.00 0.01 0.00 (0.01)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.02 0.00 (0.02)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
Select Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
June 29, 2007(3) to February 29, 2008 ......... $1.00 0.03 0.00 (0.03)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (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 would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
(3.) Commencement of operations.
(4.) The Fund changed its fiscal year end from March 31 to February 28.
(5.) The Fund changed its fiscal year end from October 31 to February 28.
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 5):
Gross Net
Expenses Expenses
-------- --------
CALIFORNIA TAX-FREE MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 ........... 0.45% 0.20%
March 31, 2008 to February 28, 2009 ........ 0.44% 0.20%
Service Class
March 1, 2009 to August 31, 2009 ........... 0.74% 0.42%
March 1, 2008 to February 28, 2009 ......... 0.73% 0.45%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 117
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ------------------------------------------------ Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.32% 0.51%(6) (0.26)% 0.25%(6) 0.16% $ 327,811
0.00(7) $1.00 1.59% 0.46%(6) (0.24)% 0.22%(6) 1.47% $ 370,572
0.00 $1.00 0.11% 0.79%(6) (0.32)% 0.47%(6) 0.05% $ 494,223
0.00(7) $1.00 1.43% 0.75%(6) (0.28)% 0.47%(6) 1.42% $ 709,029
0.00 $1.00 2.94% 0.73% (0.28)% 0.45% 3.05% $ 970,945
0.00 $1.00 3.01% 0.73% (0.28)% 0.45% 3.06% $ 500,204
0.00 $1.00 2.18% 0.74% (0.29)% 0.45% 2.04% $ 416,048
0.00 $1.00 1.00% 0.66% (0.21)% 0.45% 0.99% $ 356,093
0.00 $1.00 0.56% 0.50% (0.05)% 0.45% 0.56% $ 367,216
0.00 $1.00 0.42% 0.40%(6) (0.04)% 0.36%(6) 0.21% $ 1,406,889
0.00 $1.00 2.23% 0.38%(6) (0.04)% 0.34%(6) 2.19% $ 1,415,264
0.00 $1.00 4.77% 0.37% (0.04)% 0.33% 4.92% $ 2,249,470
0.00 $1.00 4.87% 0.37% (0.02)% 0.35% 4.96% $ 1,364,223
0.00 $1.00 3.37% 0.37% (0.02)% 0.35% 3.06% $ 1,150,617
0.00 $1.00 1.57% 0.37% (0.02)% 0.35% 1.45% $ 619,286
0.00 $1.00 0.79% 0.39% (0.04)% 0.35% 0.53% $ 281,124
0.00 $1.00 0.56% 0.28%(6) (0.05)% 0.23%(6) 0.28% $ 9,615,551
0.00 $1.00 2.28% 0.26%(6) (0.05)% 0.21%(6) 2.32% $10,132,093
0.00 $1.00 4.94% 0.25% (0.05)% 0.20% 5.06% $ 9,194,540
0.00 $1.00 5.01% 0.25% (0.05)% 0.20% 5.12% $ 7,830,847
0.00 $1.00 3.50% 0.25% (0.05)% 0.20% 3.21% $ 6,497,267
0.00 $1.00 1.61% 0.26% (0.06)% 0.20% 1.60% $ 5,998,383
0.00 $1.00 0.97% 0.26% (0.04)% 0.22% 0.98% $ 5,839,329
0.00 $1.00 0.59% 0.24%(6) (0.08)% 0.16%(6) 0.32% $ 6,557,883
0.00 $1.00 2.29% 0.23%(6) (0.08)% 0.15%(6) 2.40% $ 3,733,381
0.00 $1.00 4.81% 0.20% (0.07)% 0.13% 3.31% $ 3,025,485
0.00 $1.00 0.27% 0.57%(6) (0.04)% 0.53%(6) 0.13% $ 5,105,957
0.00 $1.00 1.99% 0.56%(6) (0.04)% 0.52%(6) 2.02% $ 6,358,514
0.00 $1.00 4.64% 0.54% (0.04)% 0.50% 4.75% $ 7,374,749
0.00 $1.00 4.71% 0.54% (0.04)% 0.50% 4.80% $ 6,328,867
0.00 $1.00 3.12% 0.54% (0.04)% 0.50% 2.92% $ 5,793,762
0.00 $1.00 1.26% 0.55% (0.05)% 0.50% 1.30% $ 6,879,632
0.00 $1.00 0.70% 0.55% (0.06)% 0.49% 0.70% $ 8,472,548
Gross Net
Expenses Expenses
-------- --------
CASH INVESTMENT MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 ........... 0.37% 0.33%
March 1, 2008 to February 28, 2009 ......... 0.37% 0.33%
Institutional Class
March 1, 2009 to August 31, 2009 ........... 0.25% 0.20%
March 1, 2008 to February 28, 2009 ......... 0.25% 0.20%
Select Class
March 1, 2009 to August 31, 2009 ........... 0.21% 0.13%
March 1, 2008 to February 28, 2009 ......... 0.21% 0.13%
Service Class
March 1, 2009 to August 31, 2009 ........... 0.54% 0.50%
March 1, 2008 to February 28, 2009 ......... 0.54% 0.50%
(7.) Amount is less than $0.005.
118 Wells Fargo Advantage Money Market 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
--------- ------------- -------------- -------------
GOVERNMENT MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............ $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
July 31, 20033 to March 31, 2004 .............. $1.00 0.01 0.00 (0.01)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............ $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.02 0.00 (0.02)
July 28, 20033 to March 31, 2004 .............. $1.00 0.01 0.00 (0.01)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............ $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
HERITAGE MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
November 1, 2005 to February 28, 2006(5) ...... $1.00 0.01 0.00 (0.01)
November 1, 2004 to October 31, 2005 .......... $1.00 0.03 0.00 (0.03)
November 1, 2003 to October 31, 2004 .......... $1.00 0.01 0.00 (0.01)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
November 1, 2005 to February 28, 2006(5) ...... $1.00 0.01 0.00 (0.01)
November 1, 2004 to October 31, 2005 .......... $1.00 0.03 0.00 (0.03)
November 1, 2003 to October 31, 2004 .......... $1.00 0.01 0.00 (0.01)
- ----------
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 5):
Gross Expenses Net Expenses
-------------- ------------
GOVERNMENT MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 .... 0.37% 0.31%
March 1, 2008 to February 28, 2009 .. 0.36% 0.35%
Institutional Class
March 1, 2009 to August 31, 2009 .... 0.25% 0.20%
March 1, 2008 to February 28, 2009 .. 0.24% 0.20%
Service Class
March 1, 2009 to August 31, 2009 .... 0.54% 0.33%
March 1, 2008 to February 28, 2009 .. 0.53% 0.50%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 119
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.04% 0.40%(6) (0.06)% 0.34%(6) 0.02% $ 939,416
0.00 $1.00 1.42% 0.37%(6) (0.01)% 0.36%(6) 1.50% $ 1,780,294
0.00 $1.00 4.55% 0.37% (0.02)% 0.35% 4.68% $ 1,944,435
0.00 $1.00 4.82% 0.37% (0.02)% 0.35% 4.92% $ 1,179,768
0.00 $1.00 3.33% 0.38% (0.03)% 0.35% 3.05% $ 876,234
0.00 $1.00 1.59% 0.38% (0.03)% 0.35% 1.41% $ 596,740
0.00 $1.00 0.75% 0.37% (0.02)% 0.35% 0.50% $ 160,507
0.00 $1.00 0.15% 0.28%(6) (0.05)% 0.23%(6) 0.07% $21,092,042
0.00 $1.00 1.42% 0.26%(6) (0.04)% 0.22%(6) 1.65% $42,393,921
0.00 $1.00 4.54% 0.25% (0.05)% 0.20% 4.83% $23,265,323
0.00 $1.00 5.00% 0.25% (0.05)% 0.20% 5.07% $ 7,766,684
0.00 $1.00 3.45% 0.26% (0.06)% 0.20% 3.19% $ 4,508,755
0.00 $1.00 1.66% 0.26% (0.06)% 0.20% 1.57% $ 3,964,854
0.00 $1.00 0.90% 0.25% (0.05)% 0.20% 0.61% $ 1,471,711
0.00 $1.00 0.01% 0.57%(6) (0.21)% 0.36%(6) 0.01% $ 5,516,625
0.00 $1.00 1.31% 0.54%(6) (0.03)% 0.51%(6) 1.35% $ 6,342,777
0.00 $1.00 4.42% 0.54% (0.04)% 0.50% 4.52% $ 6,350,025
0.00 $1.00 4.66% 0.54% (0.04)% 0.50% 4.76% $ 5,656,867
0.00 $1.00 3.13% 0.55% (0.05)% 0.50% 2.91% $ 5,350,480
0.00 $1.00 1.26% 0.55% (0.05)% 0.50% 1.26% $ 5,230,613
0.00 $1.00 0.65% 0.55% (0.05)% 0.50% 0.65% $ 4,767,774
0.00 $1.00 0.34% 0.39%(6) (0.04)% 0.35%(6) 0.20% $ 1,548,569
0.00(7) $1.00 2.09% 0.38%(6) (0.04)% 0.34%(6) 2.19% $ 918,595
0.00 $1.00 4.68% 0.38% (0.04)% 0.34% 4.90% $ 608,865
0.00 $1.00 4.80% 0.40% (0.02)% 0.38% 4.91% $ 287,293
0.00 $1.00 3.91% 0.40% (0.02)% 0.38% 1.29% $ 288,971
0.00 $1.00 2.41% 0.56% (0.17)% 0.39% 2.54% $ 301,694
0.00 $1.00 0.86% 0.68% (0.28)% 0.40% 0.88% $ 452,770
0.00 $1.00 0.49% 0.27%(6) (0.05)% 0.22%(6) 0.26% $11,295,018
0.00(7) $1.00 2.09% 0.27%(6) (0.05)% 0.22%(6) 2.32% $ 5,862,075
0.00 $1.00 4.77% 0.26% (0.06)% 0.20% 5.06% $ 1,579,225
0.00 $1.00 4.98% 0.28% (0.10)% 0.18% 5.12% $ 353,755
0.00 $1.00 4.13% 0.28% (0.10)% 0.18% 1.36% $ 419,084
0.00 $1.00 2.97% 0.28% (0.10)% 0.18% 2.75% $ 338,723
0.00 $1.00 1.07% 0.26% (0.08)% 0.18% 1.10% $ 162,280
Gross Expenses Net Expenses
-------------- ------------
HERITAGE MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 .... 0.37% 0.33%
March 1, 2008 to February 28, 2009 .. 0.37% 0.33%
Institutional Class
March 1, 2009 to August 31, 2009 .... 0.25% 0.20%
March 1, 2008 to February 28, 2009 .. 0.25% 0.20%
Select Class
March 1, 2009 to August 31, 2009 .... 0.21% 0.13%
March 1, 2008 to February 28, 2009 .. 0.21% 0.13%
120 Wells Fargo Advantage Money Market 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
--------- ------------- -------------- -------------
HERITAGE MONEY MARKET FUND (CONTINUED)
Select Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00(7) 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
June 29, 2007(3) to February 29, 2008 ......... $1.00 (0.03) 0.06 (0.03)
MUNICIPAL MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00(7) 0.00(7)
March 31, 2008(3) to February 28, 2009 ........ $1.00 0.02 0.00 (0.02)
NATIONAL TAX-FREE MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00(7) 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 11, 2005(3) to February 28, 2006 ........ $1.00 0.02 0.00 (0.02)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00(7) 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00(7) 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
PRIME INVESTMENT MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.02 0.00 (0.02)
July 28, 2003(3) to March 31, 2004 ............ $1.00 0.01 0.00 (0.01)
- ----------
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 5):
Gross Expenses Net Expenses
-------------- ------------
MUNICIPAL MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 ..... 0.48% 0.20%
March 31, 2008 to February 28, 2009 .. 0.47% 0.20%
NATIONAL TAX-FREE MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 ..... 0.38% 0.30%
March 1, 2008 to February 28, 2009 ... 0.38% 0.30%
Institutional Class
March 1, 2009 to August 31, 2009 ..... 0.26% 0.20%
March 1, 2008 to February 28, 2009 ... 0.26% 0.20%
Service Class
March 1, 2009 to August 31, 2009 ..... 0.55% 0.44%
March 1, 2008 to February 28, 2009 ... 0.55% 0.45%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 121
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ------------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- ---------- -------- --------- ---------------
0.00 $1.00 0.55% 0.23%(6) (0.08)% 0.15%(6) 0.30% $11,735,676
0.00 $1.00 2.14% 0.23%(6) (0.08)% 0.15%(6) 2.40% $ 6,066,768
0.00 $1.00 4.58% 0.22% (0.09)% 0.13% 3.30% $ 1,368,330
0.00 $1.00 0.57% 0.52%(6) (0.28)% 0.24%(6) 0.31% $ 129,502
0.00 $1.00 2.18% 0.51%(6) (0.27)% 0.24%(6) 1.77% $ 49,671
0.00 $1.00 0.32% 0.42%(6) (0.08)% 0.34%(6) 0.16% $ 548,075
0.00(7) $1.00 1.63% 0.40%(6) (0.08)% 0.32%(6) 1.68% $ 517,520
0.00 $1.00 3.24% 0.38% (0.08)% 0.30% 3.27% $ 517,666
0.00 $1.00 3.23% 0.38% (0.08)% 0.30% 3.28% $ 541,840
0.00 $1.00 2.39% 0.39% (0.09)% 0.30% 2.21% $ 561,788
0.00 $1.00 0.42% 0.30%(6) (0.06)% 0.24%(6) 0.21% $ 2,466,915
0.00(7) $1.00 1.77% 0.28%(6) (0.06)% 0.22%(6) 1.78% $ 2,381,083
0.00 $1.00 3.31% 0.26% (0.06)% 0.20% 3.37% $ 1,403,838
0.00 $1.00 3.35% 0.26% (0.06)% 0.20% 3.39% $ 1,146,902
0.00 $1.00 2.46% 0.27% (0.07)% 0.20% 2.31% $ 700,534
0.00 $1.00 1.37% 0.26% (0.06)% 0.20% 1.27% $ 1,032,250
0.00 $1.00 0.82% 0.26% (0.04)% 0.22% 0.85% $ 302,140
0.00 $1.00 0.19% 0.59%(6) (0.11)% 0.48%(6) 0.09% $ 1,342,690
0.00(7) $1.00 1.47% 0.57%(6) (0.10)% 0.47%(6) 1.52% $ 1,875,018
0.00 $1.00 3.07% 0.55% (0.10)% 0.45% 3.12% $ 1,674,047
0.00 $1.00 3.09% 0.55% (0.10)% 0.45% 3.13% $ 1,303,728
0.00 $1.00 2.23% 0.56% (0.11)% 0.45% 2.08% $ 1,160,594
0.00 $1.00 1.01% 0.55% (0.10)% 0.45% 1.02% $ 1,195,511
0.00 $1.00 0.62% 0.55% (0.10)% 0.45% 0.62% $ 1,262,512
0.00 $1.00 0.44% 0.30%(6) (0.05)% 0.25%(6) 0.22% $10,429,504
0.00(7) $1.00 2.13% 0.28%(6) (0.05)% 0.23%(6) 2.22% $ 9,422,441
0.00 $1.00 4.87% 0.25% (0.05)% 0.20% 4.99% $ 7,525,254
0.00 $1.00 5.06% 0.26% (0.06)% 0.20% 5.10% $ 7,088,329
0.00 $1.00 3.46% 0.26% (0.06)% 0.20% 3.23% $ 2,889,532
0.00 $1.00 1.87% 0.26% (0.06)% 0.20% 1.58% $ 3,271,052
0.00 $1.00 0.89% 0.25% (0.05)% 0.20% 0.60% $ 1,085,856
- ----------
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 5):
Gross Expenses Net Expenses
-------------- ------------
PRIME INVESTMENT MONEY MARKET FUND
Institutional Class
March 1, 2009 to August 31, 2009 ..... 0.25% 0.20%
March 1, 2008 to February 28, 2009 ... 0.25% 0.20%
Service Class
March 1, 2009 to August 31, 2009 ..... 0.54% 0.52%
March 1, 2008 to February 28, 2009 ... 0.55% 0.55%
122 Wells Fargo Advantage Money Market 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
---------- ------------- -------------- -------------
PRIME INVESTMENT MONEY MARKET FUND (CONTINUED)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) ................. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ........................... $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ........................... $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ........................... $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ........................ $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 .............................. $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 .............................. $1.00 0.01 0.00 (0.01)
TREASURY PLUS MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 (Unaudited) ................. $1.00 0.00 0.00 0.00(7)
March 31, 2008(3) to February 28, 2009 ....................... $1.00 0.01 0.00 (0.01)
Institutional Class
March 1, 2009 to August 31, 2009 (Unaudited) ................. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ........................... $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ........................... $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ........................... $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ........................ $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 .............................. $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 .............................. $1.00 0.01 0.00 (0.01)
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) ................. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ........................... $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ........................... $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ........................... $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(4) ........................ $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 .............................. $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 .............................. $1.00 0.01 0.00 (0.01)
100% TREASURY MONEY MARKET FUND
Service Class
March 1, 2009 to August 31, 2009 (Unaudited) ................. $1.00 0.00 0.00 0.00(7)
March 1, 2008 to February 28, 2009 ........................... $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ........................... $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ........................... $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(4) ........................ $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 .............................. $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 .............................. $1.00 0.01 0.00 (0.01)
- ----------
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 5):
Gross Expenses Net Expenses
-------------- ------------
TREASURY PLUS MONEY MARKET FUND
Administrator Class
March 1, 2009 to August 31, 2009 ....................................... 0.38% 0.21%
March 1, 2008 to February 28, 2009 ..................................... 0.37% 0.28%
Institutional Class
March 1, 2009 to August 31, 2009 ....................................... 0.26% 0.19%
March 1, 2008 to February 28, 2009 ..................................... 0.26% 0.18%
Service Class
March 1, 2009 to August 31, 2009 ....................................... 0.55% 0.21%
March 1, 2009 to August 31, 2009 ....................................... 0.55% 0.40%
100% TREASURY MONEY MARKET FUND
Service Class
March 1, 2009 to August 31, 2009 ....................................... 0.73% 0.22%
March 1, 2008 to February 28, 2009 ..................................... 0.72% 0.45%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Funds 123
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- ----------- -------- ----------- --------- ---------------
0.00 $1.00 0.11% (0.59)%(6) 0.02% (0.57)%(6) 0.06% $1,077,049
0.00(7) $1.00 1.83% 0.57%(6) 0.00% 0.57%(6) 1.87% $1,226,787
0.00 $1.00 4.55% 0.55% 0.00% 0.55% 4.63% $1,402,557
0.00 $1.00 4.64% 0.55% 0.00% 0.55% 4.74% $1,190,293
0.00 $1.00 3.18% 0.55% 0.00% 0.55% 2.90% $1,332,129
0.00 $1.00 1.20% 0.55% 0.00% 0.55% 1.22% $ 816,105
0.00 $1.00 0.59% 0.55% (0.01)% 0.54% 0.60% $1,466,176
0.00 $1.00 0.01% 0.39%(6) (0.17)% 0.22%(6) 0.01% $ 110,914
0.00 $1.00 0.73% 0.39%(6) (0.09)% 0.30%(6) 0.84% $ 132,423
0.00 $1.00 0.04% 0.27%(6) (0.07)% 0.20%(6) 0.02% $5,615,059
0.00 $1.00 0.81% 0.28%(6) (0.08)% 0.20%(6) 1.08% $5,092,437
0.00 $1.00 4.19% 0.26% (0.06)% 0.20% 4.45% $2,951,408
0.00 $1.00 4.93% 0.26% (0.06)% 0.20% 5.01% $1,822,046
0.00 $1.00 3.29% 0.26% (0.06)% 0.20% 3.07% $1,166,102
0.00 $1.00 1.39% 0.27% (0.07)% 0.20% 1.48% $1,268,636
0.00 $1.00 0.88% 0.26% (0.06)% 0.20% 0.88% $1,964,435
0.00 $1.00 0.01% 0.56%(6) (0.34)% 0.22%(6) 0.01% $ 746,476
0.00 $1.00 0.93% 0.56%(6) (0.15)% 0.41%(6) 0.88% $ 862,686
0.00 $1.00 4.11% 0.55% (0.05)% 0.50% 4.14% $1,187,468
0.00 $1.00 4.61% 0.55% (0.05)% 0.50% 4.70% $1,283,813
0.00 $1.00 2.99% 0.55% (0.05)% 0.50% 2.78% $ 940,104
0.00 $1.00 1.12% 0.56% (0.06)% 0.50% 1.17% $1,205,795
0.00 $1.00 0.60% 0.55% (0.06)% 0.49% 0.60% $1,324,943
0.00 $1.00 0.01% 0.74%(6) (0.50)% 0.24%(6) 0.01% $6,043,218
0.00 $1.00 0.74% 0.73%(6) (0.27)% 0.46%(6) 0.86% $7,641,351
0.00 $1.00 3.85.% 0.73% (0.23)% 0.50% 3.97% $6,039,209
0.00 $1.00 4.36% 0.74% (0.24)% 0.50% 4.44% $4,049,964
0.00 $1.00 2.89% 0.73% (0.23)% 0.50% 2.64% $3,581,797
0.00 $1.00 1.12% 0.68% (0.18)% 0.50% 1.11% $3,031,989
0.00 $1.00 0.52% 0.55% (0.06)% 0.49% 0.53% $2,978,019
124 Wells Fargo Advantage Money Market 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 August 31,
2009, was comprised of 98 separate series. These financial statements present
the California Tax-Free Money Market Fund, Cash Investment Money Market Fund,
Government Money Market Fund, Heritage Money Market Fund, Municipal Money Market
Fund, National Tax-Free Money Market Fund, Prime Investment Money Market Fund,
Treasury Plus Money Market Fund, and 100% Treasury Money Market Fund (each, a
"Fund", collectively, the "Funds"). Each Fund, except for the California
Tax-Free Money Market Fund, is a diversified series of the Trust. The California
Tax-Free Money Market Fund is a non-diversified series of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with U.S. Generally Accepted Accounting Principles ("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. Management has considered the circumstances under which the Fund
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through October 22, 2009 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
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
The Funds invests only in securities with remaining maturities not exceeding 397
days (13 months). Certain floating- and variable-rate instruments in the
portfolio may have maturities in excess of 397 days provided that these variable
rate instruments are either government securities or carry a demand feature that
permits the holder to tender the instruments back to the issuer at par value
prior to maturity.
The amortized cost method is used to value portfolio securities, which
approximates fair value. The amortized cost method involves valuing a security
at its cost, plus accretion of discount or minus amortization of premium over
the period until maturity, which approximates market value. The Funds seeks to
maintain a constant net asset value of $1.00 per share, although there is no
assurance that it will be able to do so.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FAIR VALUATION MEASUREMENTS
In accordance with Financial Accounting Standards No. 157, Fair Value
Measurements ("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
Wells Fargo Advantage Money Market Funds 125
Notes to Financial Statements
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 inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Funds' investments in securities:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES* (Level 1) (Level 2) (Level 3) as of 08/31/09
- -------------------------- ------------- ----------------- ------------------- ----------------
CALIFORNIA TAX--FREE MONEY MARKET FUND
Commercial paper $0 $ 256,796,000 $0 $ 256,796,000
Debt securities issued by states in the U.S.
and its political subdivisions 0 2,782,355,329 0 2,782,355,329
--- --------------- --- ---------------
TOTAL $0 $ 3,039,151,329 $0 $ 3,039,151,329
--- --------------- --- ---------------
CASH INVESTMENT MONEY MARKET FUND
Commercial paper $0 $13,416,427,771 $0 $13,416,427,771
Corporate debt securities 0 2,891,921,332 0 2,891,921,332
Debt securities issued by states in the U.S.
and its political subdivisions 0 1,528,492,048 0 1,528,492,048
Repurchase agreements 0 766,524,035 0 766,524,035
Other 0 4,372,096,756 0 4,372,096,756
--- --------------- --- ---------------
TOTAL $0 $22,975,461,942 $0 $22,975,461,942
--- --------------- --- ---------------
GOVERNMENT MONEY MARKET FUND
Commercial paper $0 $ 1,139,400,050 $0 $ 1,139,400,050
Corporate debt securities 0 1,056,945,640 0 1,056,945,640
Debt securities issued by U.S. Treasury
and U.S. government agencies 0 14,520,951,911 0 14,520,951,911
Repurchase agreements 0 12,086,400,000 0 12,086,400,000
--- --------------- --- ---------------
TOTAL $0 $28,803,697,601 $0 $28,803,697,601
--- --------------- --- ---------------
HERITAGE MONEY MARKET FUND
Commercial paper $0 $15,990,987,617 $0 $15,990,987,617
Corporate debt securities 0 1,666,858,480 0 1,666,858,480
Debt securities issued by states in the U.S.
and its political subdivisions 0 1,212,137,000 0 1,212,137,000
Repurchase agreements 0 1,585,400,000 0 1,585,400,000
Other 0 4,151,590,298 0 4,151,590,298
--- --------------- --- ---------------
TOTAL $0 $24,606,973,395 $0 $24,606,973,395
--- --------------- --- ---------------
126 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs Total Fair Value
INVESTMENTS IN SECURITIES* (Level 1) (Level 2) (Level 3) as of 08/31/09
- -------------------------- ------------- ----------------- ------------------- ----------------
MUNICIPAL MONEY MARKET FUND
Commercial paper $0 $ 17,840,000 $0 $ 17,840,000
Debt securities issued by states in the U.S.
and its political subdivisions 0 395,824,642 0 395,824,642
--- --------------- --- ---------------
TOTAL $0 $ 413,664,642 $0 $ 413,664,642
--- --------------- --- ---------------
NATIONAL TAX--FREE MONEY MARKET FUND
Commercial paper $0 $ 338,436,000 $0 $ 338,436,000
Debt securities issued by states in the U.S.
and its political subdivisions 0 5,120,834,445 0 5,120,834,445
--- --------------- --- ---------------
TOTAL $0 $ 5,459,270,445 $0 $ 5,459,270,445
--- --------------- --- ---------------
PRIME INVESTMENT MONEY MARKET FUND
Commercial paper $0 $ 6,782,237,676 $0 $ 6,782,237,676
Corporate debt securities 0 1,129,811,572 0 1,129,811,572
Debt securities issued by states in the U.S.
and its political subdivisions 0 620,972,138 0 620,972,138
Repurchase agreements 0 844,900,000 0 844,900,000
Other 0 2,127,560,793 0 2,127,560,793
--- --------------- --- ---------------
TOTAL $0 $11,505,482,179 $0 $11,505,482,179
--- --------------- --- ---------------
TREASURY PLUS MONEY MARKET FUND
Repurchase agreements $0 $ 7,105,300,000 $0 $ 7,105,300,000
Debt securities issued by U.S. Treasury and
U.S. government agencies 0 1,428,449,594 0 1,428,449,594
--- --------------- --- ---------------
TOTAL $0 $ 8,533,749,594 $0 $ 8,533,749,594
--- --------------- --- ---------------
100% TREASURY MONEY MARKET FUND
Debt securities issued by U.S. Treasury and
U.S. government agencies $0 $ 6,619,079,649 $0 $ 6,619,079,649
--- --------------- --- ---------------
TOTAL $0 $ 6,619,079,649 $0 $ 6,619,079,649
--- --------------- --- ---------------
* Further details on the major security types listed above for each fund can
be found in the Portfolio of Investments.
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. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to shareholders
monthly. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
Wells Fargo Advantage Money Market Funds 127
Notes to Financial Statements
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 August 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 August 31, 2009, no
provision for income tax would be required in the fund's financial statements.
The Fund's 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: October 31, 2005; February 28, 2006; February 28, 2007; February 29,
2008; February 28, 2009) are subject to examination by the Internal Revenue
Service and state departments of revenue.
At February 28, 2009, the Funds' prior fiscal year, net capital loss
carryforwards, which are available to offset future net realized capital gains,
were:
FUND Expiration Year Capital Loss Carryforwards
- ---- --------------- --------------------------
Cash Investment Money Market Fund 2013 $122,917
2017 894,668
Municipal Money Market Fund 2015 131
Treasury Plus Money Market Fund 2013 61,122
2017 19,571
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC ("Funds Management"). The repurchase agreements must be fully
collateralized based on values that are marked to market daily. The collateral
may be held by an agent bank under a tri-party agreement. It is the custodian's
responsibility to value collateral daily and to take action to obtain additional
collateral as necessary to maintain market value equal to or greater than the
resale price. The repurchase agreements are collateralized by instruments such
as U.S. Treasury, federal agency, or high-grade corporate obligations. There
could be potential loss to a Fund in the event that such Fund is delayed or
prevented from exercising its rights to dispose of the collateral, including the
risk of a possible decline in the value of the underlying obligations during the
period in which a Fund seeks to assert its rights. The inputs or methodologies
used for valuing securities are not necessarily an indication of the risk
associated with investing in these securities.
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.
128 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with 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)
- ---- ---------------- ------------- ------------- ---------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
CASH INVESTMENT MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
GOVERNMENT MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
HERITAGE MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
MUNICIPAL MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
NATIONAL TAX-FREE MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
PRIME INVESTMENT MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
TREASURY PLUS MONEY MARKET FUND All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
100% TREASURY MONEY MARKET FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
Wells Fargo Advantage Money Market Funds 129
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
ADMINISTRATOR CLASS All asset levels 0.10
INSTITUTIONAL CLASS All asset levels 0.08
SELECT CLASS All asset levels 0.04
SERVICE CLASS All asset levels 0.12
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 of 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 MONEY MARKET FUNDS 0.02
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
Administrator Institutional Select Service
FUND Class A Class Class Class Class
- ---- ------- ------------- ------------- ------ -------
CALIFORNIA TAX-FREE MONEY MARKET FUND 0.25% NA 0.00% NA 0.25%
CASH INVESTMENT MONEY MARKET FUND NA 0.10% 0.00% 0.00% 0.25%
GOVERNMENT MONEY MARKET FUND 0.25% 0.10% 0.00% NA 0.25%
HERITAGE MONEY MARKET FUND NA 0.10% 0.00% 0.00% NA
MUNICIPAL MONEY MARKET FUND NA NA 0.00% NA NA
NATIONAL TAX-FREE MONEY MARKET FUND 0.25% 0.10% 0.00% NA 0.25%
PRIME INVESTMENT MONEY MARKET FUND NA NA 0.00% NA 0.25%
TREASURY PLUS MONEY MARKET FUND 0.25% 0.10% 0.00% NA 0.25%
100% TREASURY MONEY MARKET FUND 0.25% NA NA NA 0.25%
For the six-month period ended August 31, 2009, shareholder servicing fees were
paid as follows:
Administrator Institutional Service
FUND Class A Class Class Class
- ---- ---------- ------------- ------------- ----------
CALIFORNIA TAX-FREE MONEY MARKET FUND $3,248,342 NA $ 0 $ 748,193
CASH INVESTMENT MONEY MARKET FUND NA $685,043 NA 7,270,855
GOVERNMENT MONEY MARKET FUND 1,221,863 683,320 NA 7,145,627
130 Wells Fargo Advantage Money Market Funds
Notes to Financial Statements
Administrator Institutional Service
FUND Class A Class Class Class
- ---- --------- ------------- ------------- ---------
HERITAGE MONEY MARKET FUND NA 545,756 NA NA
MUNICIPAL MONEY MARKET FUND NA NA 0 NA
NATIONAL TAX-FREE MONEY MARKET FUND 1,600,857 256,001 0 2,017,927
PRIME INVESTMENT MONEY MARKET FUND NA NA NA 1,926,825
TREASURY PLUS MONEY MARKET FUND 2,678,218 64,664 0 1,035,057
100% TREASURY MONEY MARKET FUND 301,859 NA NA 7,773,804
OTHER FEES AND EXPENSE
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.
CUSTODY AND FUND ACCOUNTING AGREEMENT
On August 10, 2009, the Funds entered into a contract with State Street Bank and
Trust Company ("State Street"), whereby State Street will be responsible for
providing custody services and fund accounting services to the Funds (the
"Custody and Fund Accounting Agreement"). Pursuant to the Custody and Fund
Accounting Agreement, State Street will be entitled to an annual asset-based fee
for domestic custody services for the Funds of 0.10 basis points of the
complexwide net assets, and for certain specific transaction fees which are set
forth in the Custody and Fund Accounting Agreement. State Street also will be
entitled to a fee for global custody services for any non-US assets in the
Funds, which is divided into an annual asset-based fee ranging from 1.00 basis
points to 55.00 basis points of month-end assets held, and specific trading
fees, both of which vary by country, and are also set forth in the Custody and
Fund Accounting Agreement. Also pursuant to the Custody and Fund Accounting
Agreement, State Street will be entitled to receive annual asset-based fees for
providing fund accounting services to the Funds. State Street is expected to
replace WFB and PNC as the Funds' custodian and fund accountant, respectively,
on or about January 11, 2010.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statements of
Operations, for the six months ended Ausgust 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 June 30, 2010 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 August 31, 2009, were as follows:
Net Operating Expense Ratios
----------------------------------
FUND Administrator Class Institutional Class Select Class Service Class
- ---- ------------------- ------------------- ------------ -------------
CALIFORNIA TAX-FREE MONEY MARKET FUND NA 0.20% NA 0.45%
CASH INVESTMENT MONEY MARKET FUND 0.33% 0.20% 0.13% 0.50%
GOVERNMENT MONEY MARKET FUND 0.35% 0.20% NA 0.50%
HERITAGE MONEY MARKET FUND 0.33% 0.20% 0.13% NA
MUNICIPAL MONEY MARKET FUND NA 0.20% NA NA
NATIONAL TAX-FREE MONEY MARKET FUND 0.30% 0.20% NA 0.45%
PRIME INVESTMENT MONEY MARKET FUND NA 0.20% NA 0.55%
TREASURY PLUS MONEY MARKET FUND 0.35% 0.20% NA 0.50%
100% TREASURY MONEY MARKET FUND NA NA NA 0.50%
Wells Fargo Advantage Money Market Funds 131
Notes to Financial Statements
4. CAPITAL SUPPORT AGREEMENT
With respect to Prime Investment Money Market Fund ("Prime Fund") and Heritage
Money Market Fund ("Heritage Fund") (collectively, the "Specified Funds"), WFB
(the "Capital Support Provider"), an affiliate of Funds Management, entered into
a Capital Support Agreement with the Trust on behalf of the Specified Funds,
dated February 1, 2008 (the "Agreement").The Agreement established the
obligations of the Capital Support Provider to make a capital contribution to a
Specified Fund in order to prevent realized losses from the disposition of any
portion of certain covered securities and avoid any downgrade in the ratings
assigned to the Specified Funds by certain nationally recognized statistical
rating organizations ("NRSROs"). The Agreement was entered into at no cost to
the Specified Funds, and the Capital Support Provider was not entitled to obtain
any shares or other property from the Specified Funds in exchange for its
contributions. The amounts the Capital Support Provider could have been required
to contribute under the Agreement was limited to $128.5 million and $1.5 million
in aggregate principal amount of Victoria Finance LLC (formerly known as
Stanfield Victoria Funding, LLC) Variable Rate Interest Bearing Commercial
Paper, a security issued by a structured investment vehicle that had defaulted
due to an enforcement action (such security, including any debt securities
received by either Specified Fund in exchange therefor that do not qualify as
"eligible securities" as defined in Rule 2a-7 of the 1940 Act, the "Covered
Securities"), held by Prime Fund and Heritage Fund, respectively, plus an
interest factor payable thereon ("Covered Interest"), including interest payable
after the scheduled maturity date of the Covered Securities at a rate specified
in the Agreement (collectively, the "Maximum Contribution Amount"). The
contribution obligation under the Agreement was subject to certain other
conditions and restrictions. The obligation to make contributions under the
Agreement terminated no later than August 1, 2008 or earlier upon the payment of
the Maximum Contribution Amount. On July 22, 2008, Funds Management purchased
$128.5 million and $1.5 million in total par value of Victoria Finance LLC from
Prime Fund and Heritage Fund, respectively. In accordance with Rule 17a-9 under
the 1940 Act, these securities were purchased for cash at a price equal to the
securities' amortized cost plus interest accrued (i) on the securities and (ii)
under Agreement previously entered into between WFB and the Trust. The purchase
resulted in the immediate termination of the Agreement.
5. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS
On March 31, 2009, the U.S. Department of the Treasury (the "Treasury")
announced a second extension of the Temporary Guarantee Program for Money Market
Funds beginning on May 1, 2009 through September 18, 2009 (the "Extended
Program"). On April 8, 2009, the Board of Trustees of Wells Fargo Funds Trust
and Wells Fargo Variable Trust (collectively, the "Board") unanimously approved
the participation of each money market fund in the Extended Program, except for
the Treasury Plus Money Market Fund and 100% Treasury Money Market Fund (the
"Funds").
Consistent with the Funds' participation in the initial three-month term and the
first extension, the Extended Program applies only to shareholders of record of
each Fund as of September 19, 2008. Subject to certain conditions and
limitations, in the event that the market-based net asset value per share of a
Fund falls below $0.995 and the Fund liquidates its holdings, any shares held by
an investor in the Fund as of the close of business on September 19, 2008, or
held by the investor when the market-based net asset value per share of the Fund
falls below $0.995, whichever is less, are insured against loss under the
Extended Program. Shares acquired by investors after September 19, 2008 are
generally not eligible for protection under the Extended Program.
Participation in the Extended Program required a payment to the Treasury in the
amount of either 0.015% or 0.023%, depending upon the market-based net asset
value of a Fund as of September 19, 2008 (the "Program Participation Payment").
The Board has determined that the Program Participation Payment is an
extraordinary expense that will be borne by each Fund without regard to the
expense cap currently in effect for such Fund. The Program Participation Payment
is borne by the current assets of each Fund as a whole, notwithstanding that the
Extended Program applies to only shareholders of record as of September 19,
2008, as described above.
132 Wells Fargo Advantage Money Market Funds
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"), and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information1 of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 133 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------------ ------------------------- --------------------------------------------------------- -----------------------
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)
Isaiah Harris, Jr. Trustee, since 2009 Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 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.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement
Fund from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Trustee, since 2009 James Irvin Miller Professor of Accounting at the None
58 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.
Wells Fargo Advantage Money Market Funds 133
Other Information
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------------ ------------------------- --------------------------------------------------------- -----------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
56 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. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
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
50 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
49 Chief Legal Officer, Management, LLC since 2001. Managing Counsel of Wells
since 2003 Fargo Bank, N.A. since 2000.
David Berardi(3) Treasurer and Vice President of Evergreen Investment Management None
34 Assistant Treasurer, Company, LLC since 2008. Assistant Vice President of
since 2009 Evergreen Investment Services, Inc. from 2004 to 2008.
Manager of Fund Reporting and Control for Evergreen
Investment Management Company, LLC since 2004.
Jeremy DePalma(3) Treasurer and Senior Vice President of Evergreen Investment Management None
35 Assistant Treasurer, Company, LLC since 2008. Vice President, Evergreen
since 2009 Investment Services, Inc. from 2004 to 2007. Assistant
Vice President, Evergreen Investment Services, Inc. from
2000 to 2004 and the head of the Fund Reporting and
Control Team within Fund Administration since 2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 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.) Effective June 1, 2009.
134 Wells Fargo Advantage Money Market Funds
Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
CALIFORNIA TAX-FREE MONEY MARKET FUND, CASH INVESTMENT MONEY MARKET FUND,
GOVERNMENT MONEY MARKET FUND, HERITAGE MONEY MARKET FUND, NATIONAL TAX-FREE
MONEY MARKET FUND, PRIME INVESTMENT MONEY MARKET FUND, TREASURY PLUS MONEY
MARKET FUND AND 100% TREASURY MONEY MARKET FUND
The Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"),
all of the members of which have no direct or indirect interest in the
investment advisory and sub-advisory agreements and are not "interested persons"
of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act")
(the "Independent Trustees"), are required to annually review and consider the
continuation of the investment advisory and sub-advisory agreements. During the
six months covered by this report, the Board reviewed and re-approved: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the California Tax-Free Money Market Fund, Cash Investment
Money Market Fund, Government Money Market Fund, Heritage Money Market Fund,
National Tax-Free Money Market Fund, Prime Investment Money Market Fund,
Treasury Plus Money Market Fund and 100% Treasury Money Market Fund (the
"Funds"); and (ii) an investment sub-advisory agreement with Wells Capital
Management Incorporated ("Wells Capital Management") for the Funds. The
investment advisory agreement with Funds Management and the investment
sub-advisory agreement with Wells Capital Management are collectively referred
to as the "Advisory Agreements."
More specifically, at a meeting held on March 27, 2009, the Board considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 27, 2009, meeting, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Board also met regularly throughout the year
and received information that was useful to it in considering the continuation
of the Advisory Agreements. The Independent Trustees were assisted in their
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and Wells Capital Management under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel. The
Board received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds, tenures and responsibilities of the portfolio
managers primarily responsible for day-to-day portfolio management of the Funds.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Board further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management. In addition, the Board took into account the
administrative services provided to the Funds by Funds Management and its
affiliates.
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 with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. 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 provided to the Funds by
Funds Management and Wells Capital Management.
Wells Fargo Advantage Money Market Funds 135
Other Information
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each Fund over various time
periods ended December 31, 2008. The Board also considered these results in
comparison to the median performance of a universe of mutual funds that was
determined by Lipper Inc. ("Lipper") to be similar to each Fund (the
"Universe"), as well as to each Fund's benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
received a description of the methodology used by Lipper to select the mutual
funds in the Universe.
The Board noted that the performance of each Fund was better than, equal to, or
not appreciably below, the median performance of each Fund's Universe for all
time periods.
The Board received and considered information regarding each Fund's contractual
advisory fees, and net operating expense ratio and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 fees, service fees, fee waivers/caps and/or
expense reimbursements. The Board also considered these fees in comparison to
the median fees of a narrower group of mutual funds that was determined by
Lipper to be similar to the Funds (the "Expense Group") and to other comparative
data. The Board received a description of the methodology used by Lipper to
select the mutual funds in the Expense Group. The Board noted that the net
operating expense ratios for each Fund were lower than or in range of each
Fund's Expense Group's median net operating expense ratios.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's
Expense Group. The Board noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, equal to, or not appreciably
higher than, the median rates of each Fund's respective Expense Group. In
addition, the Board concluded that the combined investment
advisory/administration fee rates for the Funds (before and after waivers/caps
and/or expense reimbursements) were reasonable in relation to each Fund's
respective Expense Group, and reasonable in relation to the services provided.
The Board also concluded that the Sub-Advisory Agreement Rates were reasonable
in relation to the services provided.
PROFITABILITY
The Board received and considered a profitability analysis of Funds Management
based on the Advisory Agreement Rates and the Net Advisory Rates, as well as an
analysis of the profitability to all Wells Fargo businesses of providing
services to each Fund and the Fund complex as a whole. The Board also considered
related information provided by Funds Management in a separate presentation on
financial matters made at the February 2009 Board meeting. The Board concluded
that, in light of the costs of providing investment management and other
services to the Funds, the profits and other ancillary benefits that Funds
Management and its affiliates received with regard to providing these services
to each Fund and the Fund complex as a whole were not unreasonable. The Board
did not consider separate profitability information with respect to Wells
Capital Management, as its profitability from its relationship with the Funds
was not a material factor in determining whether to renew the investment
sub-advisory agreement.
136 Wells Fargo Advantage Money Market Funds
Other Information
ECONOMIES OF SCALE
The Board received and considered general information regarding economies of
scale with respect to the management of the Funds, including whether the Funds
have appropriately benefited from any economies of scale and the potential for
future realization of economies of scale. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders,
and for the Funds with Advisory Agreement Rate breakpoints, most particularly
through such breakpoints and waivers/caps and/or expense reimbursements.
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 those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Funds and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Funds
(such as the ability to market to shareholders other financial products offered
by Funds Management and its affiliates, including Wells Capital Management).
The Board also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares are offered and sold. The
Board noted that the Funds are part of one of the few fund families that have
both direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for each Fund was in the
best interest of the Fund and its shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
Wells Fargo Advantage Money Market Funds 137
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
ETF -- Exchange-Traded Fund
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 Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MMD -- Municipal Market Data
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
SPDR -- Standard & Poor's Depositary Receipts
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 [GRAPHIC]
118015 10-09
(C) 2009 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds SMMINS/SAR116 08-09
WELLS ADVANTAGE
FARGO FUNDS
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Semi-Annual Report
August 31, 2009
WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM)
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CONTENTS
LETTER TO SHAREHOLDERS .................................................... 2
PERFORMANCE HIGHLIGHTS
Overland Express Sweep Fund ............................................... 4
FUND EXPENSES ............................................................. 6
PORTFOLIO OF INVESTMENTS
Overland Express Sweep Fund ............................................... 7
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ....................................... 14
Statement of Operations ................................................... 15
Statements of Changes in Net Assets ....................................... 16
Financial Highlights ...................................................... 18
NOTES TO FINANCIAL STATEMENTS ............................................. 20
OTHER INFORMATION ......................................................... 25
LIST OF ABBREVIATIONS ..................................................... 30
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 $160 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF AUGUST 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
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 Overland Express Sweep Fund
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE TREND OVER THE SIX-MONTH PERIOD WAS ONE OF STEADY IMPROVEMENT IN INVESTOR
CONFIDENCE AND IN CREDIT MARKET CONDITIONS.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE OVERLAND EXPRESS SWEEP FUND for the six-month period that ended August
31, 2009. At the beginning of the period in March 2009, the credit markets were
at the early stages of a recovery in the wake of the credit crisis from late
2008. We began to see the positive effects from government intervention programs
in the spring of 2009 as the credit system began to build a steadier foundation
and investors increasingly returned to both the credit markets and the equity
markets. The trend over the six-month period was one of steady improvement in
investor confidence and in credit market conditions. Overall, the six-month
period finished with indications of stronger investor sentiment than when it
began.
CREDIT MARKETS SHOWED SIGNS OF IMPROVEMENT.
After the credit crisis of late 2008, short-term credit markets slowly regained
their footing in early 2009. Many investors remained skeptical of certain
financial institutions for several months which caused areas of the credit
markets to remain partially or fully illiquid for months after the crisis. Thus,
the thawing of the frozen credit system relied on the government to break the
ice as the lender of last resort. Even though the government had been chipping
away at the ice for several months, the real thawing did not begin until the
spring of 2009. By leading the way back to the market, several investors slowly
began to follow the government's example, believing that in the worst case
scenario the government would likely step in. As the months went by this
government-inspired investor confidence began to stand on its own two feet.
Investors increasingly traded with each other once again and relied less and
less on selling to the government as the buyer and lender of last resort.
GOVERNMENT PROGRAMS SERVED THEIR PURPOSE AND BEGAN TO DECLINE IN USE.
Several government programs were implemented in late 2008 and had positive
effect during 2009. For money market eligible securities, the most impactful
programs were the Asset-Backed Commercial Paper Money Market Fund Liquidity
Facility (AMLF), the Commercial Paper Funding Facility (CPFF), and the Temporary
Liquidity Guarantee Program (TLGP). All of these facilities were aimed at
reconstructing a market for short-term credit securities. Because investors were
largely unwilling to lend and invest money in an environment of unusually high
risk, the government was compelled to step in to fill the void. This resulted in
a market made by government intervention which served investors well and
produced a foundation for investors to trade on. Towards the end of the third
quarter of 2009, the need for such programs lessened as markets increasingly
functioned on their own merits without explicit government support. Thus, the
government reassessed its intervention and scheduled the retirement of several
programs for the end of October 2009. Credit markets showed little sign of
concern for the end of the programs which, in our view, was an indication of how
far credit markets had improved over the last six months. Looking further back
over the last 12 months since the Lehman Brothers collapse of 2008 and the
resulting credit crisis, credit markets seemed to have satisfactorily stabilized
and have begun to show signs of business as usual.
Wells Fargo Advantage Overland Express Sweep Fund 3
Letter to Shareholders
OUR OPTIMISM IS TEMPERED WITH CAUTION.
Although credit markets have improved considerably since the fall of 2008, in
our opinion, there are still reasons to remain prudent. Although we have seen
signs of economic improvement, several of the economic measures still remind us
that we are not yet in a full recovery. Unemployment figures finished the
six-month period at better levels than their lows from March 2009, but remain
suggestive of recessionary conditions. We believe that when the final economic
numbers for the third quarter of 2009 are calculated that the quarter might
prove to be the first positive growth quarter in more than a year, but this will
not necessarily mean that the downturn is behind us. Short-term debt securities
have improved considerably with the improved credit markets, but any persistent
pressures on the business markets may continue to stress the risk profiles of
some securities.
Our response to these ongoing economic developments remains the same. We
continue to manage our money market funds with a cautious and conservative
assessment of the continued risks in the financial markets. Our priority is to
be a stable custodian of investor assets, which is often underappreciated during
stable market conditions, but quickly recognized during more difficult times.
The Wells Fargo Advantage Overland Express Sweep Fund seeks to provide our
investors with the preservation of principal, ample liquidity, and competitive
returns that are characteristic of a preeminent money market fund manager.
A STEADY INVESTMENT DISCIPLINE AND BROAD DIVERSIFICATION OPTIONS MAY HELP.
Experience tells us that strict adherence to time-tested strategies has its
rewards. As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a
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 does provide you with one way of managing risk.
Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
SHORT-TERM DEBT SECURITIES HAVE IMPROVED CONSIDERABLY WITH THE IMPROVED CREDIT
MARKETS, BUT ANY PERSISTENT PRESSURES ON THE BUSINESS MARKETS MAY CONTINUE TO
STRESS THE RISK PROFILES OF SOME SECURITIES.
4 Wells Fargo Advantage Overland Express Sweep Fund
Performance Highlights
WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND (the Fund) seeks current
income, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
October 1, 1991
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Short Term Corporate Bonds (2%)
Floating/Variable Rate Notes (10%)
Repurchase Agreements (18%)
Time Deposits (7%)
Commercial Paper (48%)
Certificates of Deposits (8%)
Municipal Bonds (7%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 Day (29%)
2-7 Days (15%)
8-14 Days (6%)
15-29 Days (9%)
30-59 Days (24%)
60-89 Days (8%)
90-179 Days (4%)
180-269 Days (1%)
270+ Days (4%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Overland Express Sweep Fund 5
Performance Highlights
WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
6 Month* 1 Year 5 Year 10 Year
-------- ------ ------ -------
OVERLAND EXPRESS SWEEP FUND 0.01 0.56 2.56 2.37
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY (2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.01%
7-Day Compound Yield 0.01%
30-Day Simple Yield 0.01%
30-Day Compound Yield 0.01%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been (0.69)%.
6 Wells Fargo Advantage Overland Express Sweep 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
six-month period and held for the entire six-month period, from March 1, 2009 to
August 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
OVERLAND EXPRESS SWEEP FUND 03-01-2009 08-31-2009 the Period(1) Expense Ratio
- --------------------------- ------------- ------------- ------------- -------------
Actual $1,000.00 $1,000.10 $5.44 1.08%
Hypothetical (5% return before expenses) $1,000.00 $1,019.76 $5.50 1.08%
- ----------
(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 Overland Express Sweep Fund 7
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
CERTIFICATES OF DEPOSIT: 7.67%
$ 9,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45% 10/01/2009 $ 9,000,000
10,000,000 BANK OF AMERICA NA 0.31 11/02/2009 10,000,000
2,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 2,000,023
2,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 2,000,167
10,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 10,000,000
5,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 5,000,000
15,000,000 CALYON (NEW YORK) 0.82 09/02/2009 15,000,004
5,000,000 CALYON (NEW YORK) 0.66 02/01/2010 5,000,000
7,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 7,000,132
5,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 5,000,000
10,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 10,000,000
3,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 3,000,000
10,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 10,000,000
5,000,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 5,000,000
5,000,000 SOCIETE GENERALE (NEW YORK)+/-ss 0.37 05/05/2011 5,000,000
13,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 13,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $116,000,326) 116,000,326
--------------
COMMERCIAL PAPER: 49.14%
2,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 1,999,720
1,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 999,853
2,000,000 ACTS RETIREMENT-LIFE## 0.65 10/01/2009 1,998,917
2,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 1,999,953
5,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 4,999,825
3,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 2,999,755
5,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 4,999,229
4,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 3,996,638
5,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 4,994,808
2,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 1,997,824
3,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 2,996,646
12,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 09/02/2009 11,999,873
2,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 1,999,301
1,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 999,918
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.33 10/05/2009 1,999,377
3,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.38 10/26/2009 2,998,258
3,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 11/30/2009 2,997,825
12,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.55 09/08/2009 11,998,717
1,000,000 ARABELLA FINANCE LLC##++(p) 0.71 09/04/2009 999,941
1,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.95 09/01/2009 1,000,000
2,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.63 11/02/2009 2,000,000
2,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.33 11/09/2009 1,998,735
8,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.58 11/18/2009 8,000,000
5,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 1.06 07/09/2010 5,000,000
2,000,000 ATLANTIC ASSET SECURITIZATION
CORPORATION##++(p) 0.32 09/01/2009 2,000,000
5,000,000 ATLANTIC ASSET SECURITIZATION
CORPORATION##++(p) 0.37 09/04/2009 4,999,846
1,000,000 ATLANTIC ASSET SECURITIZATION
CORPORATION##++(p) 0.34 09/28/2009 999,745
7,000,000 ATLANTIC ASSET SECURITIZATION
CORPORATION##++(p) 0.35 01/05/2010 6,991,425
1,340,000 BANK OF AMERICA NA## 0.20 09/17/2009 1,339,881
200,000 BANK OF AMERICA NA## 0.65 02/16/2010 199,393
4,000,000 BANK OF MONTREAL## 0.34 10/02/2009 3,998,829
7,000,000 BANK OF MONTREAL## 0.34 10/08/2009 6,997,554
5,000,000 BARCLAYS US FUNDING LLC## 0.64 03/01/2010 4,983,911
3,000,000 BARTON CAPITAL LLC##++(p) 0.27 10/07/2009 2,999,190
6,000,000 BASF SE CORPORATION##++ 0.60 12/17/2009 5,989,300
2,000,000 BASF SE CORPORATION##++ 0.52 01/14/2010 1,996,100
8 Wells Fargo Advantage Overland Express Sweep Fund
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 3,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45% 11/09/2009 $ 2,997,413
10,000,000 BNZ INTERNATIONAL FUNDING##++ 0.35 11/16/2009 9,992,611
17,000,000 CAFCO LLC##++(p) 0.29 09/17/2009 16,997,809
3,000,000 CAFCO LLC##++(p) 0.37 10/13/2009 2,998,705
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.64 09/18/2009 4,998,489
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 4,998,104
2,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 1,993,719
6,000,000 CHARTA LLC##++(p) 0.40 10/06/2009 5,997,667
10,000,000 CHARTA LLC##++(p) 0.41 10/09/2009 9,995,672
1,000,000 CHARTA LLC##++(p) 0.38 10/15/2009 999,536
3,000,000 CIESCO LLC##++(p) 0.40 09/14/2009 2,999,567
10,000,000 CIESCO LLC##++(p) 0.35 10/09/2009 9,996,306
7,000,000 CIESCO LLC##++(p) 0.37 10/20/2009 6,996,475
1,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 1,000,000
3,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 2,999,540
7,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/07/2009 6,997,900
1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.45 09/01/2009 1,000,000
8,000,000 CRC FUNDING LLC##++(p) 0.41 10/09/2009 7,996,538
6,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 5,996,500
4,000,000 DANSKE CORPORATION##++ 0.35 09/03/2009 3,999,922
3,000,000 DANSKE CORPORATION##++ 0.53 01/15/2010 2,993,993
8,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 8,000,000
5,000,000 E.ON AG##++ 0.70 09/01/2009 5,000,000
11,000,000 E.ON AG##++ 0.69 09/10/2009 10,998,103
1,000,000 E.ON AG##++ 0.67 10/01/2009 999,442
2,000,000 E.ON AG##++ 0.59 11/02/2009 1,997,968
10,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/02/2009 9,999,778
1,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/10/2009 999,800
5,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/28/2009 4,997,000
1,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 999,378
3,000,000 EBBETS FUNDING LLC##++(p) 0.80 10/01/2009 2,998,000
2,000,000 EBBETS FUNDING LLC##++(p) 0.70 10/26/2009 1,997,861
5,000,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 4,999,792
13,000,000 EKSPORTFINANS ASA##++ 0.40 10/20/2009 12,992,922
5,000,000 ENTERPRISE FUNDING LLC##++(p) 0.36 09/14/2009 4,999,350
3,000,000 ENTERPRISE FUNDING LLC##++(p) 0.31 10/05/2009 2,999,122
1,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 999,872
4,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.30 11/03/2009 3,997,900
2,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 1,999,856
4,000,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 3,999,190
5,500,000 GDF SUEZ##++ 0.27 09/15/2009 5,499,423
3,000,000 GDF SUEZ##++ 0.22 09/16/2009 2,999,725
1,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 999,993
2,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 2,000,000
3,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 2,999,980
3,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 2,999,833
1,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 999,866
4,000,000 GOVCO LLC##++(p) 0.37 10/22/2009 3,997,903
1,000,000 GOVCO LLC##++(p) 0.35 10/27/2009 999,456
2,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 1,998,520
7,000,000 GOVCO LLC##++(p) 0.34 11/18/2009 6,994,843
5,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 4,996,900
5,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/09/2009 4,996,675
2,000,000 GRAMPIAN FUNDING LLC##++(p) 0.65 10/21/2009 1,998,194
5,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/27/2009 4,995,100
Wells Fargo Advantage Overland Express Sweep Fund 9
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 1,000,000 ING USA FUNDING LLC## 0.17% 09/25/2009 $ 999,887
3,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 3,000,000
3,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 2,999,903
3,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 2,999,865
3,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 2,999,685
1,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 1,000,000
14,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/01/2009 14,000,000
3,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 10/14/2009 2,997,671
3,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 11/03/2009 2,996,588
2,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.30 11/02/2009 1,998,967
20,000,000 LMA AMERICAS LLC##++(p) 0.33 10/27/2009 19,989,733
1,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 999,969
1,000,000 MARKET STREET FUNDING LLC##++(p) 0.30 09/08/2009 999,942
1,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 999,878
1,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 999,951
5,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 4,999,175
3,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 2,999,008
4,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/02/2009 3,999,900
3,000,000 METLIFE SHORT TERM FUND##++ 0.79 10/19/2009 2,996,840
3,000,000 METLIFE SHORT TERM FUND##++ 0.80 10/20/2009 2,996,733
9,000,000 METLIFE SHORT TERM FUND##++ 0.62 11/05/2009 8,989,925
4,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.29 09/08/2009 3,999,774
7,000,000 NATIONAL AUSTRALIA FUNDING DELAWARE INCORPORATED##++ 0.90 10/23/2009 6,990,900
5,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.56 09/18/2009 4,998,678
5,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.50 12/28/2009 4,991,806
11,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 10,999,927
6,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 6,000,000
5,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 4,999,900
7,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/21/2009 6,996,597
13,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/23/2009 12,993,428
1,000,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 1,000,000
4,000,000 OLD LINE FUNDING LLC##++(p) 0.36 09/21/2009 3,999,200
2,000,000 PORT OF OAKLAND CA## 0.65 09/09/2009 1,999,711
11,000,000 PRUDENTIAL PLC##++ 0.75 09/15/2009 10,996,792
3,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 2,998,273
9,000,000 PRUDENTIAL PLC##++ 0.45 10/13/2009 8,995,275
1,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 999,903
7,904,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.63 09/21/2009 7,901,234
1,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 998,889
5,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 09/29/2009 4,998,250
5,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 4,995,000
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 1,000,000
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64 09/16/2009 999,733
3,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/28/2009 2,998,875
3,000,000 SANPAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 2,997,984
4,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 3,999,700
1,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 999,883
3,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 2,999,533
5,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/19/2009 4,997,800
14,000,000 STADSHYPOTEK DELAWARE##++ 0.40 09/02/2009 13,999,844
1,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/30/2009 999,654
1,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 999,556
1,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 999,494
4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 3,997,947
2,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/20/2009 1,998,844
10 Wells Fargo Advantage Overland Express Sweep Fund
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
COMMERCIAL PAPER (continued)
$ 4,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26% 11/24/2009 $ 3,997,573
1,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/25/2009 999,410
1,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 999,935
7,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 6,997,784
2,000,000 SWEDBANK AB##++ 0.55 12/15/2009 1,996,792
8,000,000 SWEDBANK AB##++ 0.55 12/22/2009 7,986,311
5,000,000 SWEDBANK AB##++ 0.87 02/09/2010 4,980,546
5,000,000 SWEDBANK AB##++ 0.89 02/16/2010 4,979,233
3,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.35 10/14/2009 2,998,746
9,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 09/14/2009 8,998,700
7,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.40 10/26/2009 6,995,722
1,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 1,000,000
7,000,000 UBS FINANCE DELAWARE LLC## 0.57 10/13/2009 6,995,345
5,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.50 09/24/2009 4,998,403
5,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 4,993,613
2,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 2,000,000
2,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 1,999,972
2,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 1,999,950
1,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 999,963
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2009 999,986
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 999,951
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 999,944
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 999,931
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/14/2009 999,910
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 999,903
4,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.60 09/14/2009 3,999,133
4,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.38 10/02/2009 3,998,691
2,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 1,999,300
5,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 5,000,000
2,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.25 09/10/2009 1,999,875
16,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.40 10/06/2009 15,993,778
2,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.33 10/22/2009 1,999,065
TOTAL COMMERCIAL PAPER (COST $743,581,967) 743,581,967
--------------
CORPORATE BONDS & NOTES: 7.73%
8,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 8,000,000
18,800,000 BANK OF IRELAND+/-++ 0.89 10/02/2009 18,800,000
6,000,000 BASF FINANCE EUROPE NV+/-++ 0.52 11/20/2009 6,000,000
7,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 0.46 09/10/2009 7,000,000
5,000,000 CITIBANK NA+/- 0.65 09/30/2010 5,000,000
3,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.80 10/02/2009 3,000,000
12,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.75 06/04/2010 12,000,000
5,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.71 06/24/2010 5,000,000
2,000,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 2,002,066
1,980,000 GBG LLC+/-ss++ 0.50 09/01/2027 1,980,000
6,000,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 6,000,000
7,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 7,000,000
4,940,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.60 06/01/2033 4,940,000
15,300,000 RABOBANK NEDERLAND NV+/-++(i) 0.68 10/09/2009 15,300,000
12,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 12,000,000
2,000,000 SANTANDER US DEBT SA UNIPERSONAL+/-++ 0.55 07/23/2010 1,993,836
1,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 1,000,000
TOTAL CORPORATE BONDS & NOTES (COST $117,015,902) 117,015,902
--------------
Wells Fargo Advantage Overland Express Sweep Fund 11
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
MEDIUM TERM NOTES: 2.78%
$ 9,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.76% 10/22/2009 $ 9,002,610
2,000,000 EKSPORTFINANS A/S+/- 0.73 06/11/2010 2,000,000
3,000,000 EUROPEAN INVESTMENT BANK 0.92 01/26/2010 3,006,930
15,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 15,000,000
10,000,000 ING USA GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 10,000,000
3,000,000 US BANCORP+/- 1.05 06/04/2010 3,010,453
TOTAL MEDIUM TERM NOTES (COST $42,019,993) 42,019,993
--------------
MUNICIPAL BONDS & NOTES: 6.58%
2,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARD
ENVIRONMENTAL REVENUE CITGO PETROLEUM CORPORATION (IDR, NATIXIS
LOC)+/-ss 0.16 07/01/2026 2,000,000
2,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH AMERICA
SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.45 07/01/2024 2,500,000
3,000,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR, JPMORGAN CHASE
BANK LOC)+/-ss 0.14 11/01/2026 3,000,000
1,300,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE,
FSA INSURED)+/-ss 0.55 05/01/2022 1,300,000
3,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST
SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 3,000,000
1,500,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M (MFHR, FNMA
INSURED)+/-ss 0.32 08/15/2034 1,500,000
2,000,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT (MFHR, FNMA
INSURED)+/-ss 0.31 10/15/2026 2,000,000
2,000,000 COLORADO HOUSING & FINANCE AUTHORITY SERIES C1 (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.50 11/01/2033 2,000,000
10,000,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE TAXABLE CLASS I SERIES A-2
(HOUSING REVENUE, DEXIA INSURED)+/-ss 0.65 05/01/2038 10,000,000
2,000,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 2,000,000
9,000,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 9,000,000
3,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA TOBACCO
SETTLEMENT EAGLE 20060117 CLASS A (OTHER REVENUE, FGIC INSURED)+/-ss 0.54 06/01/2035 3,000,000
1,000,000 GULF COAST WASTE DISPOSAL AUTHORITY (OTHER REVENUE, BP PLC GUARANTEE
AGREEMENT)+/-ss 0.12 07/01/2042 1,000,000
2,000,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN SERIES B3 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 2,000,000
5,000,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN SERIES B5 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 5,000,000
995,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE, FHLMC
INSURED)+/-ss 0.33 07/01/2035 995,000
500,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE APARTMENTS SERIES A
(MFHR, FHLMC INSURED)+/-ss 0.28 10/01/2019 500,000
1,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.50 09/01/2030 1,500,000
2,500,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B (OTHER
REVENUE, CITIBANK NA LOC)+/-ss 0.32 10/01/2031 2,500,000
2,000,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN WEATHERLY RIDGE
APARTMENTS (HOUSING REVENUE, US BANK NA LOC)+/-ss 0.34 12/01/2041 2,000,000
1,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS CLINICS
SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 1,000,000
500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINICS
SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 500,000
5,000,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES B1 (HCFR, BANK OF NEW
YORK LOC)+/-ss 0.18 11/15/2034 5,000,000
6,770,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF
AMERICA NA LOC)+/-ss 0.60 11/01/2028 6,769,701
12 Wells Fargo Advantage Overland Express Sweep Fund
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 700,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY TAX REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65% 11/01/2028 $ 700,000
1,000,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.14 02/01/2036 1,000,000
1,000,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D (TOLL ROAD
REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 1,000,000
2,000,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A (OTHER
REVENUE, FGIC INSURED)+/-ss 0.39 07/15/2036 2,000,000
1,500,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600 WEST 42ND B (OTHER
REVENUE, BANK OF NEW YORK LOC)+/-ss 0.95 11/01/2041 1,500,000
1,000,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I (HOUSING
REVENUE, GNMA INSURED)+/-ss 0.65 09/01/2039 1,000,000
1,000,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT (PRIVATE
SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.33 06/01/2032 1,000,000
2,000,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 02/01/2035 2,000,000
1,000,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS LP
SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)+/-ss 0.44 10/01/2038 1,000,000
1,000,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 03/01/2037 1,000,000
500,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A (HOUSING
REVENUE, FNMA INSURED)+/-ss 0.31 01/15/2033 500,000
500,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN APARTMENTS SERIES B
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 01/15/2035 500,000
3,435,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION MOSCONE CENTER
(LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.20 04/01/2030 3,435,000
1,800,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED)+/-ss 0.41 09/15/2032 1,800,000
500,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A (OTHER
REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 500,000
500,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER FRANCES
HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.33 07/01/2020 500,000
4,000,000 UMATILLA INDIAN RESERVATION OR CONFEDERATED TRIBES (OTHER REVENUE, BANK
OF AMERICA NA LOC)+/-ss 0.33 12/01/2028 4,000,000
5,000,000 VERMONT STUDENT ASSISTANCE CORPORATION EDUCATION LOAN SERIES C-1 (OTHER
REVENUE, LLOYDS BANK LOC)+/-ss 0.34 12/15/2040 5,000,000
1,000,000 WASHINGTON STATE HOUSING FINANCE COMMISSION WHISPERWOOD APARTMENTS
PROJECT SERIES A (MFHR, FNMA INSURED)+/-ss 0.37 05/15/2035 1,000,000
TOTAL MUNICIPAL BONDS & NOTES (COST $99,499,701) 99,499,701
--------------
REPURCHASE AGREEMENTS: 18.26%
72,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $72,000,440) 0.22 09/01/2009 72,000,000
5,000,000 BANK OF AMERICA SECURITIZATION LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $5,000,039) 0.28 09/01/2009 5,000,000
29,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $29,000,161) 0.20 09/01/2009 29,000,000
4,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $4,000,037) 0.33 09/01/2009 4,000,000
5,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $5,000,042) 0.30 09/01/2009 5,000,000
72,386,727 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $72,387,169) 0.22 09/01/2009 72,386,727
13,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $13,000,094) 0.26 09/01/2009 13,000,000
Wells Fargo Advantage Overland Express Sweep Fund 13
Portfolio of Investments--August 31, 2009 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- --------- ----------------------------------------------------------------------- -------- ---------- --------------
REPURCHASE AGREEMENTS (continued)
$ 72,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $72,000,440) 0.22% 09/01/2009 $ 72,000,000
4,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $4,000,034) 0.31 09/01/2009 4,000,000
TOTAL REPURCHASE AGREEMENTS (COST $276,386,727) 276,386,727
--------------
SECURED MASTER NOTE AGREEMENT: 2.08%
20,493,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48 09/09/2034 20,493,000
11,125,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/-ss 0.68 09/09/2049 11,125,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $31,618,000) 31,618,000
--------------
TIME DEPOSITS: 6.74%
14,000,000 BANK OF IRELAND 0.35 09/01/2009 14,000,000
2,000,000 BANK OF IRELAND 0.60 09/04/2009 2,000,000
18,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 18,000,000
17,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 17,000,000
19,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 19,000,000
18,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 18,000,000
14,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 14,000,000
TOTAL TIME DEPOSITS (COST $102,000,000) 102,000,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,528,122,616)* 100.98% $1,528,122,616
OTHER ASSETS AND LIABILITIES, NET (0.98) (14,881,794)
------ --------------
TOTAL NET ASSETS 100.00% $1,513,240,822
====== --------------
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(p) Asset-backed commercial paper.
(i) Illiquid security.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
14 Wells Fargo Advantage Overland Express Sweep Fund
Statement of Assets and Liabilities--August 31, 2009 (Unaudited)
ASSETS
Investments
In securities, at value ................................. $1,251,735,889
In repurchase agreements ................................ 276,386,727
--------------
Total investments at value (see cost below) ................ 1,528,122,616
--------------
Cash ....................................................... 50,000
Receivables for interest ................................... 458,642
Prepaid temporary government guarantee program (Note 4) .... 26,506
--------------
Total assets .................................................. 1,528,657,764
--------------
LIABILITIES
Payable for investments purchased .......................... 15,031,664
Dividends payable .......................................... 7,265
Payable to investment advisor and affiliates (Note 3) ...... 207,336
Accrued expenses and other liabilities ..................... 170,677
--------------
Total liabilities ............................................. 15,416,942
--------------
TOTAL NET ASSETS .............................................. $1,513,240,822
==============
NET ASSETS CONSIST OF
Paid-in capital ............................................ $1,513,159,623
Overdistributed net investment income ...................... (1)
Undistributed net realized gain on investments ............. 81,200
--------------
TOTAL NET ASSETS .............................................. $1,513,240,822
==============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE (1)
Net assets ................................................. $1,513,240,822
Shares outstanding ......................................... 1,513,184,536
Net asset value and offering price per share ............... $ 1.00
--------------
Investments at cost ........................................... $1,528,122,616
--------------
- ----------
(1.) The Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Overland Express Sweep Fund 15
Statement of Operations--For the Six Months Ended August 31, 2009 (Unaudited)
INVESTMENT INCOME
Interest .................................................... $ 6,111,002
-----------
Total investment income ........................................ 6,111,002
-----------
EXPENSES
Advisory fees ............................................... 2,328,173
Administration fees ......................................... 2,162,780
Custody fees ................................................ 160,206
Shareholder servicing fees (Note 3) ......................... 2,002,574
Accounting fees ............................................. 47,369
Distribution fees (Note 3) .................................. 2,002,574
Professional fees ........................................... 12,638
Registration fees ........................................... 22,973
Shareholder reports ......................................... 66,110
Trustees' fees .............................................. 5,289
Temporary government guarantee program (Note 4) ............. 275,230
Other fees and expenses ..................................... 9,914
-----------
Total expenses ................................................. 9,095,830
-----------
LESS
Waived fees and reimbursed expenses (Note 3) ................ (3,065,106)
Net expenses ................................................ 6,030,724
-----------
Net investment income .......................................... 80,278
-----------
NET REALIZED GAIN FROM INVESTMENTS ............................. 34,286
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 114,564
===========
The accompanying notes are an integral part of these financial statements.
16 Wells Fargo Advantage Overland Express Sweep Fund
Statements of Changes in Net Assets
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................ $1,856,336,339 $ 1,411,937,302
OPERATIONS
Net investment income ........................................... 80,278 21,142,027
Net realized gain on investments ................................ 34,286 46,914
-------------- ---------------
Net increase in net assets resulting from operations ............... 114,564 21,188,941
-------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income ........................................... (80,278) (21,142,028)
Net realized gain on sales of investments ....................... 0 (6,732)
-------------- ---------------
Total distributions to shareholders ................................ (80,278) (21,148,760)
-------------- ---------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold ....................................... 6,199,780,255 10,228,991,235
Reinvestment of distributions ................................... 32,577 8,270,524
Cost of shares redeemed ......................................... (6,542,942,635) (9,792,902,903)
-------------- ---------------
Net increase (decrease) in net assets resulting from capital share
transactions .................................................... (343,129,803) 444,358,856
-------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS .............................. (343,095,517) 444,399,037
============== ===============
ENDING NET ASSETS .................................................. $1,513,240,822 $ 1,856,336,339
============== ===============
SHARES ISSUED AND REDEEMED
Shares sold ..................................................... 6,199,780,255 10,228,991,235
Shares issued in reinvestment of distributions .................. 32,577 8,270,524
Shares redeemed ................................................. (6,542,942,635) (9,792,902,903)
-------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .............................................. (343,129,803) 444,358,856
============== ===============
ENDING BALANCE OF OVERDISTRIBUTED NET INVESTMENT INCOME ............ $ (1) $ (1)
============== ===============
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
18 Wells Fargo Advantage Overland Express Sweep Fund
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
--------- ------------- -------------- -------------
OVERLAND EXPRESS SWEEP FUND
March 1, 2009 to August 31, 2009 (Unaudited) ... $1.00 0.00 0.00 0.00(5)
March 1, 2008 to February 28, 2009 ............. $1.00 0.01 0.00 (0.01)
March 1, 2007 to February 29, 2008 ............. $1.00 0.04 0.00 (0.04)
March 1, 2006 to February 28, 2007 ............. $1.00 0.04 0.00 (0.04)
April 1, 2005 to February 28, 2006(3) .......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ................ $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ................ $1.00 0.00 0.00 0.00
- ----------
(1.) During each period, various fees and expenses were waived and reimbursed.
The ratio of Gross Expenses to Average Net Assets reflects the expense
ratio in the absence of any waivers and reimbursements.
(2.) Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
(3.) The Fund changed its fiscal year-end from March 31 to February 28.
(4.) The following represents expenses ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 4):
Gross Expenses Net Expenses
-------------- ------------
March 1, 2009 to August 31, 2009 .... 1.10% 0.72%
March 1, 2008 to February 28, 2009 .. 1.10% 1.08%
(5.) Amount calculated is less than 0.005%.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Overland Express Sweep Fund 19
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ------------------------------------------------ Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- --------- -------- --------- ---------------
0.00 $1.00 0.01% 1.13%(4) (0.38)% 0.75%(4) 0.01% $1,513,241
0.00(5) $1.00 1.35% 1.11%(4) (0.02)% 1.09%(4) 1.44% $1,856,336
0.00 $1.00 4.09% 1.10% (0.02)% 1.08% 4.18% $1,411,937
0.00 $1.00 4.04% 1.09% (0.01)% 1.08% 4.21% $1,052,976
0.00 $1.00 2.62% 1.08% 0.00%(5) 1.08% 2.40% $4,962,681
0.00 $1.00 0.72% 1.17% (0.10)% 1.07% 0.72% $4,232,638
0.00 $1.00 0.10% 1.35% (0.28)% 1.07% 0.10% $4,477,980
20 Wells Fargo Advantage Overland Express Sweep 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 August 31,
2009, was comprised of 98 separate series. These financial statements present
the Overland Express Sweep Fund (the "Fund").
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with U.S. Generally Accepted Accounting Principles ("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. Management has considered the circumstances under which the Fund
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through October 22, 2009 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
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
The Fund invests only in securities with remaining maturities not exceeding 397
days (13 months). Certain floating- and variable-rate instruments in the
portfolio may have maturities in excess of 397 days, but carry a demand feature
that permits the holder to tender the instruments back to the issuer at par
value prior to maturity.
The amortized cost method is used to value portfolio securities, which
approximates fair value. The amortized cost method involves valuing a security
at its cost, plus accretion of discount or minus amortization of premium over
the period until maturity, which approximates market value. The Fund seeks to
maintain a constant net asset value of $1.00 per share, although there is no
assurance that it will be able to do so.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FAIR VALUATION MEASUREMENTS
In accordance with Financial Accounting Standards No. 157, FAIR VALUE
MEASUREMENTS ("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.)
Wells Fargo Advantage Overland Express Sweep Fund 21
Notes to Financial Statements
- - Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Fund's investments in securities:
Significant Total Fair
Significant Other Unobservable Value
Quoted Prices Observable Inputs Inputs as of
INVESTMENTS IN SECURITIES* (Level 1) (Level 2) (Level 3) 8/31/2009
- -------------------------- ------------- ----------------- ------------ --------------
Commercial paper $0 $ 743,581,967 $0 $ 743,581,967
Corporate debt securities 0 190,653,895 0 190,653,895
Debt securities issued by states in
the U.S. and its political subdivisions 0 99,499,701 0 99,499,701
Repurchase agreements 0 276,386,727 0 276,386,727
Other 0 218,000,326 0 218,000,326
TOTAL $0 $1,528,122,616 $0 $1,528,122,616
* Further details on the major security types listed above for each fund can
be found in the Portfolio of Investments.
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. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to shareholders
monthly. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
The Fund is treated as a separate entity for federal income tax purposes. It is
the policy of the Fund of the Trust to continue to qualify as a regulated
investment company by complying with 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 August 31, 2009.
Management has analyzed the Fund's tax positions taken on federal income tax
returns for all open tax years and has concluded that as of August 31, 2009, no
provision for income tax would be required in the Fund's financial statements.
The Fund's 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: February 28, 2006; February 28, 2007; February 29, 2008; February 28,
2009) are subject to examination by the Internal Revenue Service and state
departments of revenue.
REPURCHASE AGREEMENTS
The Fund may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC ("Funds Management"). The repurchase agreements must be fully
collateralized based on values that are marked to market daily. The collateral
may be held by an agent bank under a tri-party agreement. It is the custodian's
responsibility to value collateral daily and to take action to obtain additional
22 Wells Fargo Advantage Overland Express Sweep Fund
Notes to Financial Statements
collateral as necessary to maintain market value equal to or greater than the
resale price. The repurchase agreements are collateralized by instruments such
as U.S. Treasury, federal agency, or high-grade corporate obligations. There
could be potential loss to a Fund in the event that such Fund is delayed or
prevented from exercising its rights to dispose of the collateral, including the
risk of a possible decline in the value of the underlying obligations during the
period in which a Fund seeks to assert its rights.
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with 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 are entitled to be paid a monthly fee at the following
annual rates:
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ---- ---------------- ------------- ------------- ---------------- --------------
OVERLAND EXPRESS SWEEP FUND First $1 billion 0.300 Wells Capital First $1 billion 0.050
Next $4 billion 0.275 Management Next $2 billion 0.030
Over $5 billion 0.250 Incorporated Next $3 billion 0.020
Over $6 billion 0.010
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)
---------------- -------------------
OVERLAND EXPRESS SWEEP FUND First $5 billion 0.27
Next $5 billion 0.26
Over $10 billion 0.25
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
FUND Daily Net Assets
- ---- ----------------
OVERLAND EXPRESS SWEEP 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
FUND Daily Net Assets
- ---- ----------------
OVERLAND EXPRESS SWEEP FUND 0.25
For the six-month period ended August 31, 2009, shareholder servicing fees were
paid by the Fund are disclosed on the Statement of Operations.
Wells Fargo Advantage Overland Express Sweep Fund 23
Notes to Financial Statements
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for the Fund pursuant to
Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Fund and
paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of the
fund, at an annual rate of up to 0.25% of average daily net assets.
For the six-month period ended August 31, 2009, distribution fees incurred are
disclosed on the Statement of Operations.
OTHER FEES AND EXPENSES
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.
The 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.
CUSTODY AND FUND ACCOUNTING AGREEMENT
On August 10, 2009, the Funds entered into a contract with State Street Bank and
Trust Company ("State Street"), whereby State Street will be responsible for
providing custody services and fund accounting services to the Funds (the
"Custody and Fund Accounting Agreement"). Pursuant to the Custody and Fund
Accounting Agreement, State Street will be entitled to an annual asset-based fee
for domestic custody services for the Funds of 0.10 basis points of the
complexwide net assets, and for certain specific transaction fees which are set
forth in the Custody and Fund Accounting Agreement. State Street also will be
entitled to a fee for global custody services for any non-US assets in the
Funds, which is divided into an annual asset-based fee ranging from 1.00 basis
points to 55.00 basis points of month-end assets held, and specific trading
fees, both of which vary by country, and are also set forth in the Custody and
Fund Accounting Agreement. Also pursuant to the Custody and Fund Accounting
Agreement, State Street will be entitled to receive annual asset-based fees for
providing fund accounting services to the Funds. State Street is expected to
replace WFB and PNC as the Funds' custodian and fund accountant, respectively,
on or about January 11, 2010.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statement of
Operations, for the six-month period ended August 31, 2009, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has contractually committed through June 30,
2010 to waive fees and/or reimburse expenses to the extent necessary to maintain
a certain net operating expense ratio for the Fund. Net operating expense ratio
during the period was as follows:
Net Operating
FUND Expense Ratio
- ---- -------------
OVERLAND EXPRESS SWEEP FUND 1.08%
4. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS
On March 31, 2009, the U.S. Department of the Treasury (the "Treasury")
announced a second extension of the Temporary Guarantee Program for Money Market
Funds beginning on May 1, 2009 through September 18, 2009 (the "Extended
Program"). On April 8, 2009, the Board of Trustees of Wells Fargo Funds Trust
and Wells Fargo Variable Trust (collectively, the "Board") unanimously approved
the participation of each money market fund in the Extended Program, except for
the Treasury Plus Money Market Fund and 100% Treasury Money Market Fund (the
"Funds").
Consistent with the Funds'participation in the initial three-month term and the
first extension, the Extended Program applies only to shareholders of record of
each Fund as of September 19, 2008. Subject to certain conditions and
limitations, in the event that the market-based net asset value per share of a
Fund falls below $0.995 and the Fund liquidates its holdings, any shares held by
an investor in the Fund as of the close of business on September 19, 2008, or
held by the investor when the market-based net asset value per share of the Fund
falls below $0.995, whichever is less, are insured against loss under the
Extended Program. Shares acquired by investors after September 19, 2008 are
generally not eligible for protection under the Extended Program.
24 Wells Fargo Advantage Overland Express Sweep Fund
Notes to Financial Statements
Participation in the Extended Program required a payment to the Treasury in the
amount of either 0.015% or 0.023%, depending upon the market-based net asset
value of a Fund as of September 19, 2008 (the "Program Participation Payment").
The Board has determined that the Program Participation Payment is an
extraordinary expense that will be borne by each Fund without regard to the
expense cap currently in effect for such Fund. The Program Participation Payment
is borne by the current assets of each Fund as a whole, notwithstanding that the
Extended Program applies to only shareholders of record as of September 19,
2008, as described above.
Wells Fargo Advantage Overland Express Sweep Fund 25
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"), and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 133 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- --------------- -------------------- --------------------------------------------------------- -------------------
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)
Isaiah Harris, Trustee, since 2009 Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
Jr. Advertising and Publishing Corp. from 2005 to 2007, Deluxe Corporation
56 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.
Judith M. Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
Johnson Investment Officer of Minneapolis Employees Retirement
60 Fund from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Trustee, since 2009 James Irvin Miller Professor of Accounting at the None
58 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.
26 Wells Fargo Advantage Overland Express Sweep Fund
Other Information
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- --------------- -------------------- --------------------------------------------------------- -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
56 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. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
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
50 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 Funds None
49 2000; Management, LLC since 2001. Managing Counsel of Wells
Chief Legal Officer, Fargo Bank, N.A. since 2000.
since 2003
David Berardi(3) Treasurer and Vice President of Evergreen Investment Management None
34 Assistant Treasurer, Company, LLC since 2008. Assistant Vice President of
since 2009 Evergreen Investment Services, Inc. from 2004 to 2008.
Manager of Fund Reporting and Control for Evergreen
Investment Management Company, LLC since 2004.
Jeremy Treasurer and Senior Vice President of Evergreen Investment Management None
DePalma(3) Assistant Treasurer, Company, LLC since 2008. Vice President, Evergreen
35 since 2009 Investment Services, Inc. from 2004 to 2007. Assistant
Vice President, Evergreen Investment Services, Inc. from
2000 to 2004 and the head of the Fund Reporting and
Control Team within Fund Administration since 2005.
Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, None
45 Officer, LLC since 2007. Chief Compliance Officer of Parnassus
since 2007 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.) Effective June 1, 2009.
Wells Fargo Advantage Overland Express Sweep Fund 27
Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
OVERLAND EXPRESS SWEEP FUND
The Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"),
all of the members of which have no direct or indirect interest in the
investment advisory and sub-advisory agreements and are not "interested persons"
of the Trust, as defined in the Investment Company Act of 1940 (the "1940 Act")
(the "Independent Trustees"), are required to annually review and consider the
continuation of the investment advisory and sub-advisory agreements. During the
six months covered by this report, the Board reviewed and re-approved: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Overland Express Sweep Fund (the "Fund"); and (ii) an
investment sub-advisory agreement with Wells Capital Management Incorporated
("Wells Capital Management") for the Fund. The investment advisory agreement
with Funds Management and the investment sub-advisory agreement with Wells
Capital Management are collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 27, 2009, the Board considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 27, 2009, meeting, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Board also met regularly throughout the year
and received information that was useful to them in considering the continuation
of the Advisory Agreements. The Independent Trustees were assisted in their
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Fund by Funds Management
and Wells Capital Management under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel. The
Board received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds, tenures and responsibilities of the portfolio
managers primarily responsible for day-to-day portfolio management of the Fund.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Board further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management. In addition, the Board took into account the
administrative services provided to the 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 with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. 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 provided to the Fund by
Funds Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for the Fund over various time
periods ended December 31, 2008. The Board also considered these results in
comparison to the median performance of a universe of mutual funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Fund (the "Universe"),
as well as to the Fund's benchmark index and to other comparative data. Lipper
is an independent provider of investment company data. The Board received a
description of the methodology used by Lipper to select the mutual funds in the
Universe.
The Board noted that the Fund's performance was not appreciably below the median
performance of its Universe for all time periods.
28 Wells Fargo Advantage Overland Express Sweep Fund
Other Information
The Board received and considered information regarding the Fund's contractual
advisory fees, and net operating expense ratio and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 fees, service fees, fee waivers/caps and/or
expense reimbursements. The Board also considered these fees in comparison to
the median fees of a narrower group of mutual funds that was determined by
Lipper to be similar to the Fund (the "Expense Group") and to other comparative
data. The Board received a description of the methodology used by Lipper to
select the mutual funds in the Expense Group. The Board noted that the net
operating expense ratio of the Fund was in range of the Fund's Expense Group's
median net operating expense ratio.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-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
payable by the Fund to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Fund's 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 payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in the Expense Group.
The Board noted that the Advisory Agreement Rates and the Net Advisory Rates for
the Fund were not appreciably higher than the median rates of its Expense Group.
In addition, the Board concluded that the combined investment
advisory/administration fee rates for the Fund (before and after waivers/caps
and/or expense reimbursements) were reasonable in relation to the Fund's Expense
Group, and reasonable in relation to the services provided.
The Board also concluded that the Sub-Advisory Agreement Rates were reasonable
in relation to the services provided.
PROFITABILITY
The Board received and considered a profitability analysis of Funds Management,
as well as an analysis of the profitability to all Wells Fargo businesses of
providing services to each Fund and the Fund complex as a whole. The Board also
considered related information provided by Funds Management in a separate
presentation on financial matters made at the February 2009 Board meeting. The
Board concluded that, in light of the costs of providing investment management
and other services to the Fund, the profits and other ancillary benefits that
Funds Management and its affiliates received with regard to providing these
services to each Fund and the Fund complex as whole were not unreasonable. The
Board did not consider separate profitability information with respect to Wells
Capital Management, as its profitability from its relationship with the Fund was
not a material factor in determining whether to renew the investment
sub-advisory agreement. The Board noted that the profitability of Wells Capital
Management, which is affiliated with Funds Management, was included in the
profitability analysis provided by Funds Management.
ECONOMIES OF SCALE
The Board received and considered general information regarding economies of
scale with respect to the management of the Fund, including whether the Fund has
appropriately benefited from any economies of scale and the potential for future
realization of economies of scale. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders,
most particularly through Advisory Agreement Rate breakpoints and waivers/caps
and/or expense reimbursements applicable to the Fund.
Wells Fargo Advantage Overland Express Sweep Fund 29
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 those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Fund. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Fund and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Fund
(such as the ability to market to shareholders other financial products offered
by Funds Management and its affiliates, including Wells Capital Management).
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 are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Fund and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Fund, including
the principal channels through which the Fund's shares are offered and sold. The
Board noted that the Fund is part of one of the few fund families that have both
direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Fund receives throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for the Fund was in the
best interest of the Fund and its shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
30 Wells Fargo Advantage Overland Express Sweep 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
ETF -- Exchange-Traded Fund
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 Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MMD -- Municipal Market Data
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
SPDR -- Standard & Poor's Depositary Receipts
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 FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(GRAPHIC)
Printed on Recycled paper
(C) 2009 Wells Fargo Funds
Management, LLC. 118017 10-09
All rights reserved. www.wellsfargo.com/advantagefunds SOES/SAR118 08-09
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reports at www.wellsfargo.com/advantagedelivery
(GRAPHIC)
SEMI-ANNUAL REPORT
August 31, 2009
WELLS FARGO ADVANTAGE MONEY MARKET FUNDS
- - WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST
- - WELLS FARGO ADVANTAGE MONEY MARKET TRUST
- - WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST
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shareholder reports at www.wellsfargo.com/advantagedelivery
Contents
LETTER TO SHAREHOLDERS .................. 2
PERFORMANCE HIGHLIGHTS
California Tax-Free Money Market Trust .. 4
Money Market Trust ...................... 6
National Tax-Free Money Market Trust .... 8
FUND EXPENSES ........................... 10
PORTFOLIO OF INVESTMENTS
California Tax-Free Money Market Trust .. 11
Money Market Trust ...................... 17
National Tax-Free Money Market Trust .... 26
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .... 34
Statements of Operations ................ 35
Statements of Changes in Net Assets ..... 36
Financial Highlights .................... 38
NOTES TO FINANCIAL STATEMENTS ........... 40
OTHER INFORMATION ....................... 45
LIST OF ABBREVIATIONS ................... 50
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
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 110 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $160 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF AUGUST 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
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 Money Market Trusts
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE TREND OVER THE SIX-MONTH PERIOD WAS ONE OF STEADY IMPROVEMENT IN INVESTOR
CONFIDENCE AND IN CREDIT MARKET CONDITIONS.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE MONEY MARKET FUNDS for the six-month period that ended August 31,
2009. At the beginning of the period in March 2009, the credit markets were at
the early stages of a recovery in the wake of the credit crisis from late 2008.
We began to see the positive effects from government intervention programs in
the spring of 2009 as the credit system began to build a steadier foundation and
investors increasingly returned to both the credit markets and the equity
markets. The trend over the six-month period was one of steady improvement in
investor confidence and in credit market conditions. Overall, the six-month
period finished with indications of stronger investor sentiment than when it
began.
CREDIT MARKETS SHOWED SIGNS OF IMPROVEMENT.
After the credit crisis of late 2008, short-term credit markets slowly regained
their footing in early 2009. Many investors remained skeptical of certain
financial institutions for several months which caused areas of the credit
markets to remain partially or fully illiquid for months after the crisis. Thus,
the thawing of the frozen credit system relied on the government to break the
ice as the lender of last resort. Even though the government had been chipping
away at the ice for several months, the real thawing did not begin until the
spring of 2009. By leading the way back to the market, several investors slowly
began to follow the government's example, believing that in the worst case
scenario the government would likely step in. As the months went by this
government-inspired investor confidence began to stand on its own two feet.
Investors increasingly traded with each other once again and relied less and
less on selling to the government as the buyer and lender of last resort.
GOVERNMENT PROGRAMS SERVED THEIR PURPOSE AND BEGAN TO DECLINE IN USE.
Several government programs were implemented in late 2008 and had positive
effect during 2009. For money market eligible securities, the most impactful
programs were the Asset-Backed Commercial Paper Money Market Fund Liquidity
Facility (AMLF), the Commercial Paper Funding Facility (CPFF), and the Temporary
Liquidity Guarantee Program (TLGP). All of these facilities were aimed at
reconstructing a market for short-term credit securities. Because investors were
largely unwilling to lend and invest money in an environment of unusually high
risk, the government was compelled to step in to fill the void. This resulted in
a market made by government intervention which served investors well and
produced a foundation for investors to trade on. Towards the end of the third
quarter of 2009, the need for such programs lessened as markets increasingly
functioned on their own merits without explicit government support. Thus, the
government reassessed its intervention and scheduled the retirement of several
programs for the end of October 2009. Credit markets showed little sign of
concern for the end of the programs which, in our view, was an indication of how
far credit markets had improved over the last six months. Looking further back
over the last 12 months since the Lehman Brothers collapse of 2008 and the
resulting credit crisis, credit markets seemed to have satisfactorily stabilized
and have begun to show signs of business as usual.
Wells Fargo Advantage Money Market Trusts 3
Letter to Shareholders
OUR OPTIMISM IS TEMPERED WITH CAUTION.
Although credit markets have improved considerably since the fall of 2008, in
our opinion, there are still reasons to remain prudent. Although we have seen
signs of economic improvement, several of the economic measures still remind us
that we are not yet in a full recovery. Unemployment figures finished the
six-month period at better levels than their lows from March 2009, but remain
suggestive of recessionary conditions. We believe that when the final economic
numbers for the third quarter of 2009 are calculated that the quarter might
prove to be the first positive growth quarter in more than a year, but this will
not necessarily mean that the downturn is behind us. Short-term debt securities
have improved considerably with the improved credit markets, but any persistent
pressures on the business markets may continue to stress the risk profiles of
some securities.
Our response to these ongoing economic developments remains the same. We
continue to manage our money market funds with a cautious and conservative
assessment of the continued risks in the financial markets. Our priority is to
be a stable custodian of investor assets, which is often underappreciated during
stable market conditions, but quickly recognized during more difficult times.
The Wells Fargo Advantage Money Market Funds seek to provide our investors with
the preservation of principal, ample liquidity, and competitive returns that are
characteristic of a preeminent money market fund manager.
A STEADY INVESTMENT DISCIPLINE AND BROAD DIVERSIFICATION OPTIONS MAY HELP.
Experience tells us that strict adherence to time-tested strategies has its
rewards. As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a
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 does provide you with one way of managing risk.
Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
SHORT-TERM DEBT SECURITIES HAVE IMPROVED CONSIDERABLY WITH THE IMPROVED CREDIT
MARKETS, BUT ANY PERSISTENT PRESSURES ON THE BUSINESS MARKETS MAY CONTINUE TO
STRESS THE RISK PROFILES OF SOME SECURITIES.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
4 Wells Fargo Advantage Money Market Trusts
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST (the Fund)
seeks current income exempt from federal income tax and California individual
income tax, while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
May 5, 1997
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (7%)
Municipal Bonds (93%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 Day (7%)
2-14 Days (86%)
30-59 Days (3%)
60-89 Days (1%)
90-179 Days (3%)
- ----------
(1.) Portfolio allocation and maturity distribution are subject to change and
may have changed since the date specified and are calculated based on the
total investments of the Fund.
Wells Fargo Advantage Money Market Trusts 5
Performance Highlights
WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
6 Month* 1 Year 5 Year 10 Year
-------- ------ ------ -------
CALIFORNIA TAX-FREE MONEY MARKET TRUST 0.16 0.96 2.31 2.11
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.15%
7-Day Compound Yield 0.15%
30-Day Simple Yield 0.16%
30-Day Compound Yield 0.16%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.14%.
6 Wells Fargo Advantage Money Market Trusts
Performance Highlights
WELLS FARGO ADVANTAGE MONEY MARKET TRUST
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MONEY MARKET TRUST (the Fund) seeks current income,
while preserving capital and liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
September 17, 1990
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Commercial Paper (58%)
Floating & Variable Rate Bonds/Notes (8%)
Short-Term Corporate Bonds (2%)
Repurchase Agreements (6%)
Time Deposits (8%)
Municipal Bonds (8%)
Certificates of Deposit (10%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 Day (18%)
2-14 Days (21%)
15-29 Days (10%)
30-59 Days (29%)
60-89 Days (10%)
90-179 Days (7%)
180-269 Days (2%)
270+ Days (3%)
- ----------
(1.) Portfolio allocation and maturity distribution and are subject to change
and may have changed since the date specified and are calculated based on
the total investments of the Fund.
Wells Fargo Advantage Money Market Trusts 7
Performance Highlights
WELLS FARGO ADVANTAGE MONEY MARKET TRUST (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
6 Month* 1 Year 5 Year 10 Year
-------- ------ ------ -------
MONEY MARKET TRUST 0.22 1.08 3.38 3.29
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.21%
7-Day Compound Yield 0.22%
30-Day Simple Yield 0.24%
30-Day Compound Yield 0.24%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND.
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.21%. As of
August 31, 2009, amounts waived and/or reimbursed did not have a material
impact on the Fund's contractual expense ratio, therefore the current yield
and the yield without waived fees and/or reimbursed expenses are identical.
8 Wells Fargo Advantage Money Market Trusts
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST (the Fund) seeks
current income exempt from federal income tax, while preserving capital and
liquidity.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC.
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
David D. Sylvester
FUND INCEPTION
November 10, 1997
PORTFOLIO ALLOCATION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
Municipal Commercial Paper (4%)
Municipal Bonds (96%)
MATURITY DISTRIBUTION(1)
(AS OF AUGUST 31, 2009)
(PIE CHART)
1 Day (35%)
2-14 Days (56%)
15-29 Days (1%)
30-59 Days (5%)
60-89 Days (1%)
90-179 Days (2%)
- ----------
(1.) Portfolio allocation and maturity distribution and are subject to change
and may have changed since the date specified and are calculated based on
the total investments of the Fund.
Wells Fargo Advantage Money Market Trusts 9
Performance Highlights
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF AUGUST 31, 2009)
6 Month* 1 Year 5 Year 10 Year
-------- ------ ------ -------
NATIONAL TAX-FREE MONEY MARKET TRUST 0.18 0.98 2.37 2.26
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2)
(AS OF AUGUST 31, 2009)
7-Day Current Yield 0.16%
7-Day Compound Yield 0.16%
30-Day Simple Yield 0.15%
30-Day Compound Yield 0.15%
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURNS WILL
FLUCTUATE. THE FUND'S YIELD FIGURES MORE CLOSELY REFLECT THE CURRENT EARNINGS OF
THE FUND THAN THE TOTAL RETURN FIGURES. CURRENT PERFORMANCE MAY BE LOWER OR
HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS
AVAILABLE AT THE FUNDS' WEB SITE - www.wellsfargo.com/advantagefunds.
THE FUND IS SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES
CHARGE. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE
DESCRIBED IN THE FUND'S CURRENT PROSPECTUS.
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND
SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS
POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. A PORTION OF THE
FUND'S INCOME MAY BE SUBJECT TO FEDERAL, STATE AND/OR LOCAL INCOME TAXES OR THE
ALTERNATIVE MINIMUM TAX (AMT).
- ----------
(2.) The investment adviser has committed through June 30, 2010, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Without waived fees and/or reimbursed
expenses, the Fund's 7-day current yield would have been 0.14%.
10 Wells Fargo Advantage Money Market Trusts
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (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 March 1, 2009 to
August 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
03-01-2009 08-31-2009 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
Actual $1,000.00 $1,001.60 $1.26 0.25%
Hypothetical (5% Return before expenses) $1,000.00 $1,023.95 $1.28 0.25%
MONEY MARKET TRUST
Actual $1,000.00 $1,002.20 $1.41 0.28%
Hypothetical (5% Return before expenses) $1,000.00 $1,023.79 $1.43 0.28%
NATIONAL TAX-FREE MONEY MARKET TRUST
Actual $1,000.00 $1,001.80 $1.11 0.22%
Hypothetical (5% Return before expenses) $1,000.00 $1,024.10 $1.12 0.22%
- ----------
(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 Money Market Trusts 11
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER: 6.51%
$ 2,635,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT 0.25% 10/06/2009 $ 2,635,000
5,000,000 CALIFORNIA POLLUTION CONTROL FINANCE AUTHORITY ENVIRONMENTAL
IMPROVEMENT REVENUE BONDS 0.35 10/01/2009 5,000,000
790,000 DSRD EDMUND RECREATIONAL WATER AUTHORITY 0.30 11/05/2009 790,000
4,200,000 GOLDEN GATE BRIDGE, HIGHWAY & TRANSPORTATION DISTRICT
(JPMORGAN CHASE BANK LOC) 0.35 10/08/2009 4,200,000
1,500,000 LOS ANGELES DEPARTMENT OF AIRPORTS 0.35 09/03/2009 1,500,000
2,500,000 LOS ANGELES METROPOLITAN TRANSPORTATION 0.35 11/06/2009 2,500,000
5,800,000 SACRAMENTO MUD 0.40 01/15/2010 5,800,000
3,615,000 SAN DIEGO REGIONAL AIRPORT AUTHORITY 0.40 12/03/2009 3,615,000
3,120,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.35 01/13/2010 3,120,000
1,575,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.40 12/09/2009 1,575,000
1,575,000 SAN FRANCISCO PUBLIC UTILITIES COMMISSION 0.45 01/12/2010 1,575,000
4,115,000 SAN JOAQUIN TRANSPORTATION AUTHORITY 0.32 09/08/2009 4,115,000
TOTAL COMMERCIAL PAPER (COST $36,425,000) 36,425,000
--------------
MUNICIPAL BONDS & NOTES: 93.60%
CALIFORNIA: 92.71%
2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
BERKELEYAN PROJECT A (OTHER REVENUE, FNMA INSURED)+/-ss 0.33 05/15/2033 2,000,000
1,500,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)+/-ss 0.55 07/01/2038 1,500,000
2,665,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
JEWISH
HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)+/-ss 0.13 11/15/2035 2,665,000
1,310,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MARIN COUNTRY DAY SCHOOL (PRIVATE SCHOOL REVENUE, US BANK
NA LOC)+/-ss 0.20 07/01/2037 1,310,000
5,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MENLO SCHOOL (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK
PLC LOC)+/-ss 0.18 09/01/2033 5,000,000
3,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MFHR FINE ARTS BUILDING PROJECTS A (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.33 07/15/2035 3,000,000
3,100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MFHR GAIA BUILDING PROJECT SERIES A (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.33 09/15/2032 3,100,000
2,175,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
MFHR GENEVA POINTE APARTMENTS A (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.32 03/15/2037 2,175,000
4,035,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT
REVENUE, LASALLE NATIONAL BANK NA LOC)+/-ss 0.12 06/01/2037 4,035,000
2,300,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
SAINT ANTHONY FOUNDATION (OTHER REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.25 03/01/2037 2,300,000
1,120,000 ALAMEDA CA PFA SERIES A (HOUSING REVENUE, FNMA INSURED)+/-ss 0.26 05/15/2035 1,120,000
2,000,000 ANAHEIM CA HOUSING AUTHORITY COBBLESTONE APARTMENTS SERIES B
(MFHR, FNMA INSURED)+/-ss 0.35 03/15/2033 2,000,000
6,765,000 ARCADIA CA USD CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY
BANK INSURED)+/-ss 0.39 08/01/2037 6,765,000
911,500 ARCADIA CA USD SERIES 2679 (OTHER REVENUE, FIRST SECURITY BANK
LOC)+/-ss 0.54 08/01/2013 911,500
2,280,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.82 09/01/2035 2,280,000
290,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING AUTHORITY GE
CAPITAL CORPORATION SERIES A (ELECTRIC REVENUE)+/-ss 0.36 10/01/2020 290,000
3,780,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA
INSTITUTE OF TECHNOLOGY SERIES B (COLLEGE & UNIVERSITY
REVENUE, GO OF INSTITUTION INSURED)+/-ss 0.14 10/01/2036 3,780,000
8,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHARLES R DREW
UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, SOVEREIGN BANK
FSB LOC)+/-ss 1.17 11/01/2042 8,500,000
6,250,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY LA
VERNE (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH
BANK PLC LOC)+/-ss 0.50 03/01/2038 6,250,000
12 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CALIFORNIA (continued)
$ 800,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK INDIA
COMMUNITY CENTER (OTHER REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.12% 12/01/2036 $ 800,000
400,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LYCEE
FRANCIAS DE LOS ANGELES PROJECT (COLLEGE & UNIVERSITY
REVENUE, MELLON BANK NA LOC)+/-ss 0.25 09/01/2036 400,000
1,980,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS
RR II R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)+/-ss 0.27 07/01/2030 1,980,000
3,775,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
SAGE HILL SCHOOL PROJECT (OTHER REVENUE, AIB GROUP
LOC)+/-ss 0.39 06/01/2038 3,775,000
1,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
SOUTHERN CA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)+/-ss 0.43 10/01/2025 1,000,000
3,825,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
ST. MARGARETS EPISCOPAL SCHOOL (OTHER REVENUE, ALLIED
IRISH BANK PLC LOC)+/-ss 0.55 01/01/2038 3,825,000
3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY SERRA CATHOLIC SCHOOL
(PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.55 05/01/2039 3,500,000
2,150,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT
INCORPORATED PROJECT SERIES A (SOLID WASTE REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.35 02/01/2019 2,150,000
6,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C (IDR, JPMORGAN
CHASE BANK LOC)+/-ss 0.15 11/01/2026 6,000,000
1,125,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (RESOURCE RECOVERY
REVENUE, BANQUE NATIONALE PARIS LOC)+/-ss 0.29 11/01/2017 1,125,000
4,650,000 CALIFORNIA SCRIPPS HEALTH SERIES B (HEFAR, WACHOVIA BANK
LOC)+/-ss(q) 0.16 10/01/2031 4,650,000
4,775,000 CALIFORNIA SCRIPPS HEALTH SERIES F (HEFAR, NORTHERN TRUST
CORPORATION LOC)+/-ss 0.16 10/01/2031 4,775,000
100,000 CALIFORNIA SERIES B (HFFA REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.12 09/01/2028 100,000
11,500,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFFA REVENUE, FIRST
SECURITY BANK LOC)+/-ss 0.65 11/15/2036 11,500,000
4,410,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST
COMPANY NA LOC)+/-ss 0.20 05/01/2022 4,410,000
26,295,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE,
KBC BANK NV LOC)+/-ss 0.10 05/01/2022 26,295,000
1,820,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C13 (UTILITIES
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.50 05/01/2022 1,820,000
11,800,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G1 (WATER REVENUE,
BANK OF NOVA SCOTIA LOC)+/-ss 0.15 05/01/2011 11,800,000
115,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
FIRST SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 115,000
890,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.27 06/01/2016 890,000
3,565,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C11 (SALES TAX
REVENUE, BNP PARIBAS LOC)+/-ss 0.15 07/01/2023 3,565,000
700,000 CALIFORNIA STATE ECONOMIC RECOVERY SERIES C16 (SALES TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.75 07/01/2023 700,000
2,750,000 CALIFORNIA STATE EDFA JOSEPH SCHMIDT PROJECT SERIES A
(IDR, BANQUE NATIONALE PARIS LOC)+/-ss 0.47 12/01/2026 2,750,000
5,900,000 CALIFORNIA STATE PREREFUNDED (OTHER REVENUE, FGIC INSURED)SS 5.75 10/01/2009 5,976,073
2,175,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC
INSURED)+/-ss 0.64 04/01/2010 2,175,000
3,500,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER REVENUE,
CALYON BANK LOC)+/-ss 0.20 05/01/2040 3,500,000
7,175,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B4
(PROPERTY TAX REVENUE CITIBANK NA LOC)+/-ss 0.22 05/01/2034 7,175,000
8,300,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5
(PROPERTY TAX REVENUE, CITIBANK NA LOC )+/-ss 0.20 05/01/2034 8,300,000
5,100,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C (MFHR, FNMA
INSURED)+/-ss 0.42 07/01/2027 5,100,000
6,755,000 CALIFORNIA STATEWIDE CDA ARBOR RIDGE APARTMENTS SERIES B
(MFHR, FHLMC INSURED)+/-ss 0.36 11/01/2036 6,755,000
2,455,000 CALIFORNIA STATEWIDE CDA BIRCHCREST APARTMENTS SERIES S
(MFHR, US BANK NA LOC)+/-ss 0.16 08/01/2032 2,455,000
2,000,000 CALIFORNIA STATEWIDE CDA CULINARY INSTITUTE OF AMERICA (OTHER
REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.55 10/01/2038 2,000,000
4,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS SERIES C
(MFHR, FHLMC INSURED)+/-ss 0.30 01/01/2038 4,000,000
1,195,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS SERIES JJ
(MFHR, US BANK NA LOC)+/-ss 0.16 11/01/2031 1,195,000
720,000 CALIFORNIA STATEWIDE CDA LIVERMORE VALLEY ARTS CENTER PROJECT
(OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 0.16 12/01/2036 720,000
4,660,000 CALIFORNIA STATEWIDE CDA MFHR GREENBACK MANOR APARTMENTS
SERIES A COLLATERALIZED BY FHLB (MFHR, EAST WEST BANK
LOC)+/-ss 0.95 02/01/2028 4,660,000
Wells Fargo Advantage Money Market Trusts 13
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CALIFORNIA (continued)
$ 3,800,000 CALIFORNIA STATEWIDE CDA MFHR SERIES AA (HOUSING REVENUE, FNMA 0.33% 04/15/2035 $ 3,800,000
INSURED)+/-ss
3,900,000 CALIFORNIA STATEWIDE CDA NATIONAL CENTER INTERNATIONAL
SCHOOLS A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
LOC)+/-ss 0.50 05/01/2026 3,900,000
790,000 CALIFORNIA STATEWIDE CDA REVENUE (OTHER REVENUE, BANK OF
AMERICA NA LOC)+/-ss 0.12 07/01/2034 790,000
2,100,000 CALIFORNIA STATEWIDE CDA SERIES 2680 (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.49 05/15/2018 2,100,000
1,940,000 CALIFORNIA STATEWIDE CDA TIGER WOODS LEARNING FOUNDATION
(PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.15 07/01/2036 1,940,000
830,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA SERIES CCC (MFHR,
FNMA INSURED)+/-ss 0.33 11/15/2039 830,000
3,605,000 CALIFORNIA STATEWIDE CDA VILLAGE AT SHAW APARTMENTS SERIES E
(MFHR, FNMA INSURED)+/-ss 0.35 11/15/2035 3,605,000
2,000,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES A
(OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 0.52 06/01/2039 2,000,000
1,755,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT (MFHR, FNMA
INSURED)+/-ss 0.31 10/15/2026 1,755,000
1,300,000 CONTRA COSTA COUNTY CA MFHR SERIES B REMARKETED 09/28/94
(MFHR, FNMA INSURED)+/-ss 0.24 11/15/2022 1,300,000
5,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES 445 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.41 08/01/2032 5,000,000
6,695,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-287
(OTHER REVENUE, MBIA INSURED)+/-ss 0.31 09/01/2037 6,695,000
8,800,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600
(WATER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.31 02/01/2038 8,800,000
720,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.31 08/01/2028 720,000
110,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.31 08/01/2031 110,000
110,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629 (PROPERTY TAX
REVENUE, MBIA INSURED)+/-ss 0.31 08/01/2031 110,000
2,155,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.31 08/01/2033 2,155,000
1,200,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-649 (PROPERTY TAX
REVENUE, MBIA INSURED)+/-ss 0.31 06/01/2031 1,200,000
325,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500
(OTHER REVENUE, AMBAC INSURED)+/-ss 0.34 11/01/2038 325,000
1,695,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525
(OTHER REVENUE, FGIC INSURED)+/-ss 0.31 06/01/2035 1,695,000
705,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625
(OTHER REVENUE, AMBAC INSURED)+/-ss 0.31 06/01/2028 705,000
3,205,000 EAST BAY CA MUD SERIES A1 (WATER REVENUE)+/-ss 0.39 06/01/2026 3,205,000
3,215,000 EAST BAY CA MUD SERIES A2 (WATER REVENUE)+/-ss 0.39 06/01/2026 3,215,000
895,000 EAST BAY CA MUD SUBSERIES C (SEWER REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)+/-ss 0.40 06/01/2027 895,000
5,905,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES D (WATER REVENUE, LLOYDS BANK LOC)+/-ss 0.16 07/01/2023 5,905,000
2,890,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER COP
SERIES F (WATER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.24 07/01/2038 2,890,000
2,810,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER AGENCY
SERIES A (LEASE REVENUE, DEXIA CREDIT LOCAL DE FRANCE
LOC)+/-ss 0.35 03/01/2036 2,810,000
1,285,000 ELSINORE VALLEY CA MUNICIPAL WATER DISTRICT COP SERIES B
(WATER & SEWER REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.50 07/01/2035 1,285,000
7,425,000 GROSSMONT CUYAMACA CA COMMUNITY COLLEGE DISTRICT ROCS RR II
R-11519 (PROPERTY TAX REVENUE, CITY NATIONAL BANK LOC)+/-ss 0.42 08/01/2023 7,425,000
7,705,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM
(LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 2.15 02/01/2028 7,705,000
4,875,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM
(LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 2.15 02/01/2038 4,875,000
3,120,000 HIGHLAND CA RDA JEFFREY COURT SENIOR APARTMENTS (MFHR, FHLB
INSURED)+/-ss 0.80 03/01/2028 3,120,000
3,100,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT
#07-22-A (OTHER REVENUE, KBC BANK NV LOC)+/-ss 0.10 09/02/2032 3,100,000
370,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT
#97-17 (OTHER REVENUE, STATE STREET BANK & TRUST LOC)+/-ss 0.10 09/02/2023 370,000
2,325,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 364 (PROPERTY TAX
REVENUE, JPMORGAN CHASE BANK LOC)+/-ss++ 0.27 08/01/2015 2,325,000
14 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CALIFORNIA (continued)
$ 3,935,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3547 (WATER
REVENUE, JPMORGAN CHASE BANK LOC)+/-ss++ 0.27% 07/01/2017 $ 3,935,000
4,710,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS
SERIES A (MFHR, FNMA INSURED)+/-ss 0.21 02/15/2031 4,710,000
2,000,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS
PROJECT SERIES C (HOUSING REVENUE, FNMA INSURED)+/-ss 0.25 12/01/2026 2,000,000
5,410,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A (MFHR, FHLMC
INSURED)+/-ss 0.30 08/01/2018 5,410,000
3,100,000 LOS ANGELES CA COMMUNITY RDA MFHR SECOND & CENTRAL APARTMENTS
PROJECT (HOUSING REVENUE, HSBC USA NA LOC)+/-ss 0.27 12/01/2038 3,100,000
1,790,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE REVENUE,
ALLIED IRISH BANK PLC LOC)+/-ss 0.55 12/01/2035 1,790,000
3,280,000 LOS ANGELES CA COP NOTRE DAME HIGH SCHOOL SERIES A (LEASE
REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.55 09/01/2036 3,280,000
1,075,000 LOS ANGELES CA COP WINDWARD SERIES A (PRIVATE SCHOOL REVENUE,
ALLIED IRISH BANK PLC LOC)+/-ss 0.55 07/01/2037 1,075,000
2,525,000 LOS ANGELES CA DW&P ROCS RR II-11531 (WATER & SEWER REVENUE,
MBIA 0.42 INSURED)+/-ss 0.42 07/01/2025 2,525,000
3,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A2 (POWER REVENUE,
US BANK NA LOC)+/-ss 0.20 07/01/2035 3,000,000
2,600,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A8 (ELECTRIC POWER &
LIGHT REVENUES)+/-ss 0.20 07/01/2035 2,600,000
6,275,000 LOS ANGELES CA SUBSERIES B1 (WATER REVENUE, DEXIA CREDIT LOCAL
DE FRANCE LOC)+/-ss 0.15 07/01/2035 6,275,000
6,600,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING PROJECT SERIES
A (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.23 10/01/2024 6,600,000
1,200,000 LOS ANGELES CA WASTE WATER SUBSERIES D (SEWER REVENUE, BANK OF
NOVA SCOTIA)+/-ss 0.18 06/01/2028 1,200,000
2,995,000 LOS ANGELES CA WASTE WATER SYSTEM SERIES 2254 (OTHER REVENUE,
MBIA INSURED)+/-ss 0.54 06/01/2013 2,995,000
1,330,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G (SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.21 06/01/2032 1,330,000
535,000 LOS ANGELES CA WATER & POWER SERIES 2971 (ELECTRIC REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.54 01/01/2014 535,000
1,200,000 LOS ANGELES COUNTY CA METROPOLITAN TRANSPORTATION AUTHORITY
SERIES C3 (SALES TAX REVENUE, SUMITOMO MITSUI BANK LOC)+/-ss 0.17 07/01/2025 1,200,000
1,450,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX ALLOCATION REVENUE,
STATE STREET BANK & TRUST LOC)+/-ss 0.14 10/01/2042 1,450,000
2,860,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX
ALLOCATION REVENUE, AMBAC INSURED)+/-ss 0.14 01/01/2031 2,860,000
2,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CA (WATER REVENUE,
CITIBANK NA LOC)+/-ss++ 0.29 02/01/2015 2,000,000
4,200,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS CLASS A
(WATER REVENUE, CITIBANK NA LOC)+/-ss 0.29 07/01/2037 4,200,000
125,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE
SERIES C (WATER REVENUE )+/-ss 0.18 07/01/2027 125,000
4,850,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES C
(WATER REVENUE, DEXIA INSURED)+/-ss 0.30 10/01/2029 4,850,000
4,640,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA REDEVELOPMENT
PROJECT A (OTHER REVENUE, SCOTIA BANK LOC)+/-ss 0.20 09/01/2033 4,640,000
7,400,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A
(ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 07/01/2032 7,400,000
12,908,000 NORTHSTAR CA COMMUNITY HOUSING CORPORATION SERIES A (MFHR, US
BANK NA LOC)+/-ss 0.39 06/01/2041 12,908,000
1,050,000 OCEANSIDE CA ACE-SHADOW WAY (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.26 03/01/2049 1,050,000
3,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT ISSUE G SERIES 1
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.23 11/15/2028 3,000,000
12,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B ALISO
CREEK PROJECT (HOUSING REVENUE, FHLMC LOC)+/-ss 0.15 11/01/2022 12,600,000
830,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D HARBOR
POINT PROJECT (HOUSING REVENUE, FHLMC LOC)+/-ss 0.24 12/01/2022 830,000
5,000,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B (LEASE
REVENUE)+/-ss 0.18 08/01/2030 5,000,000
1,290,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.21 02/01/2035 1,290,000
2,640,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 03/01/2037 2,640,000
1,000,000 RIVERSIDE CA ELECTRIC PUTTERS SERIES 3042Z (ELECTRIC REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.16 04/01/2016 1,000,000
Wells Fargo Advantage Money Market Trusts 15
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CALIFORNIA (continued)
$ 10,000,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF NEW YORK
LOC)+/-ss 0.55% 02/01/2035 $ 10,000,000
1,110,000 ROSEVILLE CA SPECIAL TAX COMMUNITY DISTRICT #1 HIGHLAND
PREREFUNDED (SPECIAL TAX REVENUE)SS 6.30 09/01/2025 1,132,200
1,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.24 07/15/2029 1,000,000
3,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR ARLINGTON CREEK
APARTMENT SERIES I (HOUSING REVENUE, FNMA INSURED)+/-ss 0.32 05/15/2034 3,000,000
860,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR LOGAN PART
APARTMENTS ISSUE E (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.36 05/01/2042 860,000
4,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY OAK VALLEY APARTMENTS
SERIES D (MFHR, FNMA INSURED)+/-ss 0.41 02/15/2031 4,000,000
1,855,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS
PROJECT ISSUE A (MFHR, FHLMC INSURED)+/-ss 0.31 12/01/2022 1,855,000
2,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
ROCS RR II 11579 (SEWER REVENUE, CITIBANK NA LOC)+/-ss 0.42 12/01/2035 2,000,000
2,325,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SERIES D (SEWER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.12 12/01/2039 2,325,000
5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY
SUBORDINATE LIEN SACRAMENTO REGULATION C (SEWER REVENUE,
CREDIT AGRICOLE INDOSUEZ LOC)+/-ss 0.23 12/01/2030 5,000,000
1,500,000 SAN BERNARDINO COUNTY CA PARKVIEW SERIES A (HOUSING REVENUE,
FNMA INSURED)+/-ss 0.25 02/15/2027 1,500,000
2,690,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND
SERIES 37D (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.65 05/01/2030 2,690,000
845,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SERIES B
(AIRPORT REVENUE)+/-ss 0.75 09/15/2010 845,000
2,375,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION MOSCONE
CENTER (LEASE REVENUE, STATE STREET BANK & TRUST LOC)+/-ss 0.21 04/01/2030 2,375,000
2,135,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE APARTMENTS
SERIES B (MFHR, CITIBANK NA LOC)+/-ss 0.43 03/01/2036 2,135,000
7,500,000 SAN FRANCISCO CA CITY & COUNTY RDA FILLMORE CENTER SERIES B1
(HOUSING REVENUE, FHLMC INSURED)+/-ss 0.27 12/01/2017 7,500,000
4,250,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY
FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.26 08/01/2032 4,250,000
2,385,000 SAN FRANCISCO CITY & COUNTY RDA COMMUNITY FACILITIES DISTRICT
# 4 (ECONOMIC DEVELOPMENT REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.25 08/01/2031 2,385,000
1,240,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR, FNMA
INSURED)+/-ss 0.43 02/01/2038 1,240,000
1,500,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATION (HOUSING
REVENUE, BANK OF NEW YORK LOC)+/-ss 0.40 08/01/2035 1,500,000
2,500,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA
INSURED)+/-ss 0.41 09/15/2032 2,500,000
995,000 SANTA CLARA CA SUBSERIES B (ELECTRIC REVENUE, DEXIA CREDIT
LOCAL DE FRANCE LOC)+/-ss 0.35 07/01/2027 995,000
2,025,000 SEQUOIA CA UNIVERSITY HIGH SCHOOL DISTRICT (OTHER REVENUE,
FIRST SECURITY BANK LOC)+/-ss 0.54 07/01/2014 2,025,000
4,000,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT (ELECTRIC REVENUE,
KBC BANK NV LOC)+/-ss 0.21 07/01/2036 4,000,000
1,285,000 SOUTHERN CA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT
REVENUE (UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)+/-ss 0.90 07/01/2019 1,285,000
2,700,000 TAHOE FOREST CA HOSPITAL DISTRICT REVENUE (HOSPITAL REVENUE,
US BANK NA LOC)+/-ss 0.14 07/01/2033 2,700,000
3,200,000 UNION CITY CA MFHR HOUSING MISSION SIERRA SERIES A (HOUSING
REVENUE, FNMA INSURED)+/-ss 0.25 07/15/2029 3,200,000
3,440,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY REVENUE, FIRST
SECURITY BANK LOC)+/-ss 0.39 05/15/2038 3,440,000
520,000 UNIVERSITY OF CALIFORNIA SERIES 2475 (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.27 05/15/2014 520,000
6,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS (HOUSING
REVENUE, EAST WEST BANK LOC)+/-ss 0.24 08/01/2037 6,000,000
2,000,000 WHITTIER CA WHITTIER COLLEGE (COLLEGE & UNIVERSITY REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.28 12/01/2038 2,000,000
1,500,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-12225
(PROPERTY TAX REVENUE, CITIBANK NA LOC)+/-ss 0.39 08/01/2032 1,500,000
518,737,773
--------------
OTHER: 0.40%
2,210,000 BB&T MUNICIPAL TRUST (OTHER REVENUE, FIRST SECURITY BANK
LOC)+/-ss 0.30 08/01/2034 2,210,000
--------------
16 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
PUERTO RICO: 0.49%
$ 153,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A
(SALES TAX REVENUE, AMBAC INSURED)+/-ss 0.32% 08/01/2049 $ 153,000
2,605,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY
SERIES A (FUEL SALES TAX REVENUE, SCOTIABANK LOC)+/-ss 0.45 07/01/2028 2,605,000
2,758,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $523,705,773) 523,705,773
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $560,130,773)* 100.11% $ 560,130,773
OTHER ASSETS AND LIABILITIES, NET (0.11) (594,876)
------ --------------
TOTAL NET ASSETS 100.00% $ 559,535,897
====== ==============
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(q) Credit enhancement is provided by an affiliate.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Trusts 17
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
CERTIFICATES OF DEPOSIT: 10.17%
$ 5,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.72% 05/05/2010 $ 5,007,380
9,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/01/2009 9,000,000
11,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK) 0.45 10/05/2009 11,000,104
1,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.91 09/02/2009 1,000,012
1,000,000 BANK OF NOVA SCOTIA (HOUSTON)+/- 0.89 09/08/2009 1,000,084
20,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.40 11/04/2009 20,000,000
10,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.51 04/07/2010 10,000,000
5,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 1.16 06/24/2010 5,000,000
12,000,000 BNP PARIBAS (NEW YORK) 0.77 11/12/2009 12,000,000
25,000,000 CALYON (NEW YORK) 0.82 09/02/2009 25,000,007
6,000,000 CALYON (NEW YORK) 0.66 02/01/2010 6,000,000
5,000,000 CALYON (NEW YORK) 0.61 02/05/2010 5,000,434
10,000,000 CALYON (NEW YORK) 0.55 03/22/2010 10,002,795
15,000,000 CREDIT AGRICOLE SA 0.43 09/03/2009 15,000,000
5,000,000 INTESA SANPAOLO SPA 0.37 09/18/2009 5,000,094
9,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.56 05/10/2010 9,000,000
16,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.75 07/26/2010 16,000,000
13,000,000 NATIONAL BANK CANADA (NEW YORK) 0.30 11/24/2009 13,000,000
15,000,000 RABOBANK NEDERLAND NV (NEW YORK) 0.75 11/09/2009 15,000,000
12,000,000 ROYAL BANK OF CANADA (NEW YORK)+/- 0.90 10/01/2009 12,000,000
19,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.43 04/05/2010 19,000,000
14,000,000 SOCIETE GENERALE (NEW YORK)+/-ss 0.37 05/05/2011 14,000,000
5,000,000 SVENSKA HANDELSBANKEN (NEW YORK) 0.35 09/17/2009 5,000,066
19,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 0.82 10/14/2009 19,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $262,010,976) 262,010,976
--------------
COMMERCIAL PAPER: 57.88%
2,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.25 09/21/2009 1,999,716
2,000,000 ABN-AMRO NORTH AMERICA INCORPORATED## 0.23 09/24/2009 1,999,706
2,000,000 ACTS RETIREMENT-LIFE## 0.65 10/01/2009 1,998,917
3,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/03/2009 2,999,930
11,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/04/2009 10,999,615
5,000,000 ALLIED IRISH BANKS NA##++ 0.42 09/08/2009 4,999,592
8,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/04/2009 7,998,767
4,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.80 09/09/2009 3,998,400
8,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.85 09/14/2009 7,994,656
6,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/18/2009 5,994,957
11,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/22/2009 10,988,578
4,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.78 09/23/2009 3,995,649
5,000,000 AMSTEL FUNDING CORPORATION##++(p) 1.75 09/24/2009 4,994,410
2,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.37 10/05/2009 1,999,301
5,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.27 10/07/2009 4,998,650
1,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.38 10/07/2009 999,620
5,000,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.31 11/04/2009 4,997,244
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/01/2009 2,000,000
2,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.30 09/02/2009 1,999,983
1,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.37 09/09/2009 999,918
7,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.25 09/24/2009 6,998,882
5,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.38 10/26/2009 4,997,097
5,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 0.57 09/08/2009 4,999,446
3,000,000 ARABELLA FINANCE LLC##++(p) 0.71 09/04/2009 2,999,823
5,000,000 ASB FINANCE LIMITED (LONDON)##++ 0.95 09/01/2009 5,000,000
9,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.63 11/02/2009 9,000,000
8,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.58 11/18/2009 8,000,000
2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.32 09/01/2009 2,000,000
18 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (continued)
$ 4,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 1.10% 09/18/2009 $ 3,997,922
1,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.34 09/28/2009 999,745
10,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.27 10/02/2009 9,997,675
7,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.30 11/06/2009 6,996,150
6,000,000 ATLANTIS ONE FUNDING##++(p) 0.30 10/19/2009 5,997,600
5,000,000 ATLANTIS ONE FUNDING##++(p) 0.32 10/19/2009 4,997,867
11,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/04/2009 10,980,053
2,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/06/2009 1,996,260
3,000,000 BANCO BILBAO VIZCAYA (LONDON)##++ 1.02 11/10/2009 2,994,050
4,000,000 BANK OF AMERICA NA## 0.33 11/23/2009 3,996,957
500,000 BANK OF AMERICA NA## 0.65 02/16/2010 498,483
4,000,000 BANK OF MONTREAL## 0.34 10/02/2009 3,998,829
9,000,000 BANK OF MONTREAL## 0.34 10/08/2009 8,996,855
2,000,000 BASF SE CORPORATION##++ 0.52 01/14/2010 1,996,100
10,000,000 BNZ INTERNATIONAL FUNDING##++ 0.30 11/03/2009 9,994,750
4,000,000 BNZ INTERNATIONAL FUNDING##++ 0.45 11/09/2009 3,996,550
8,000,000 CAFCO LLC##++(p) 0.29 09/17/2009 7,998,969
10,000,000 CAFCO LLC##++(p) 0.29 09/23/2009 9,998,258
2,000,000 CAFCO LLC##++(p) 0.30 11/19/2009 1,998,683
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 09/22/2009 4,998,104
9,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.65 10/02/2009 8,994,963
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/06/2009 4,995,692
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 11/10/2009 4,995,431
16,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/23/2009 15,952,289
5,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.95 12/29/2009 4,984,299
10,000,000 CHARTA LLC##++(p) 0.29 09/17/2009 9,998,711
7,000,000 CHARTA LLC##++(p) 0.40 10/06/2009 6,997,278
30,000,000 CHARTA LLC##++(p) 0.38 10/15/2009 29,986,067
15,000,000 CIESCO LLC##++(p) 0.40 09/14/2009 14,997,833
1,000,000 CIESCO LLC##++(p) 0.25 10/02/2009 999,785
2,000,000 CIESCO LLC##++(p) 0.33 10/08/2009 1,999,322
8,000,000 CIESCO LLC##++(p) 0.35 10/09/2009 7,997,044
1,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.27 09/14/2009 999,903
4,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++(p) 0.40 11/19/2009 3,996,489
2,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/01/2009 2,000,000
8,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.25 09/11/2009 7,999,444
5,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.23 09/25/2009 4,999,233
13,000,000 CLIPPER RECEIVABLES COMPANY LLC##++(p) 0.30 10/07/2009 12,996,100
7,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 10/13/2009 6,994,692
5,500,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.65 11/02/2009 5,493,843
8,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.68 12/01/2009 7,986,249
20,000,000 CRC FUNDING LLC##++(p) 0.38 10/15/2009 19,990,711
2,000,000 CRC FUNDING LLC##++(p) 0.32 11/17/2009 1,998,631
2,000,000 CRC FUNDING LLC##++(p) 0.30 11/19/2009 1,998,683
7,000,000 CRC FUNDING LLC##++(p) 0.30 11/23/2009 6,995,158
1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.40 09/22/2009 999,767
5,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.70 10/01/2009 4,997,083
4,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.65 10/13/2009 3,996,967
17,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.60 11/05/2009 16,981,583
3,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 11/20/2009 2,996,333
7,000,000 DANSKE CORPORATION##++ 0.34 09/25/2009 6,998,413
1,000,000 DANSKE CORPORATION##++ 0.53 01/15/2010 997,998
16,000,000 DEXIA DELAWARE LLC## 0.26 09/01/2009 16,000,000
10,000,000 DNB NOR BANK ASA##++ 0.77 09/08/2009 9,998,513
4,000,000 DNB NOR BANK ASA##++ 0.75 09/09/2009 3,999,333
Wells Fargo Advantage Money Market Trusts 19
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (continued)
$ 1,000,000 E.ON AG##++ 0.70% 09/03/2009 $ 999,961
6,000,000 E.ON AG##++ 0.67 10/01/2009 5,996,650
4,000,000 E.ON AG##++ 0.59 11/02/2009 3,995,936
2,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/10/2009 1,999,600
3,000,000 EBBETS FUNDING LLC##++(p) 0.80 09/29/2009 2,998,133
2,000,000 EBBETS FUNDING LLC##++(p) 0.80 10/01/2009 1,998,667
1,000,000 EBBETS FUNDING LLC##++(p) 0.70 10/26/2009 998,931
10,000,000 EKSPORTFINANS ASA##++ 1.50 09/02/2009 9,999,584
30,000,000 EKSPORTFINANS ASA##++ 0.40 10/20/2009 29,983,667
20,000,000 ENTERPRISE FUNDING LLC##++(p) 0.36 09/14/2009 19,997,400
2,000,000 ENTERPRISE FUNDING LLC##++(p) 0.31 10/05/2009 1,999,414
8,000,000 ENTERPRISE FUNDING LLC##++(p) 0.30 12/22/2009 7,992,533
1,000,000 ENTERPRISE FUNDING LLC##++(p) 0.42 01/11/2010 998,460
4,000,000 ERASMUS CAPITAL CORPORATION##++(p) 0.30 09/15/2009 3,999,533
2,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.21 09/23/2009 1,999,743
8,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.30 11/03/2009 7,995,800
3,000,000 FORTIS BANQUE LUXEMBOURG## 0.26 09/11/2009 2,999,783
8,000,000 FORTIS FUNDING LLC##++ 0.25 09/14/2009 7,999,278
7,000,000 FORTIS FUNDING LLC##++ 0.27 09/28/2009 6,998,583
2,500,000 GDF SUEZ##++ 0.27 09/15/2009 2,499,738
6,000,000 GDF SUEZ##++ 0.22 09/16/2009 5,999,450
2,000,000 GDF SUEZ##++ 0.26 09/16/2009 1,999,788
4,000,000 GDF SUEZ##++ 0.23 10/01/2009 3,999,233
5,000,000 GDF SUEZ##++ 0.23 10/05/2009 4,998,914
2,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/02/2009 1,999,987
3,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/01/2009 3,000,000
5,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.24 09/02/2009 4,999,967
2,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.25 09/09/2009 1,999,889
3,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.22 09/22/2009 2,999,615
2,000,000 GOTHAM FUNDING CORPORATION##++(p) 0.23 09/22/2009 1,999,732
10,000,000 GOVCO LLC##++(p) 0.37 10/19/2009 9,995,067
2,000,000 GOVCO LLC##++(p) 0.35 10/27/2009 1,998,911
1,000,000 GOVCO LLC##++(p) 0.37 11/12/2009 999,260
4,000,000 GOVCO LLC##++(p) 0.29 11/24/2009 3,997,293
3,000,000 GRAMPIAN FUNDING LLC##++(p) 0.72 10/02/2009 2,998,140
8,000,000 GRAMPIAN FUNDING LLC##++(p) 0.66 10/07/2009 7,994,720
4,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/09/2009 3,997,340
5,000,000 GRAMPIAN FUNDING LLC##++(p) 0.65 10/21/2009 4,995,486
10,000,000 GRAMPIAN FUNDING LLC##++(p) 0.63 10/27/2009 9,990,200
6,000,000 GRAMPIAN FUNDING LLC##++(p) 0.54 11/24/2009 5,992,440
9,000,000 ICICI BANK LIMITED## 0.38 09/30/2009 8,997,245
2,000,000 ING USA FUNDING LLC## 0.17 09/25/2009 1,999,773
5,000,000 ING USA FUNDING LLC## 0.50 12/08/2009 4,993,194
6,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/01/2009 6,000,000
6,000,000 IRISH LIFE & PERMANENT##++ 0.58 09/03/2009 5,999,807
5,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/04/2009 4,999,775
5,000,000 IRISH LIFE & PERMANENT##++ 0.54 09/08/2009 4,999,475
2,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.31 09/02/2009 1,999,983
1,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.23 09/09/2009 999,949
2,000,000 KITTY HAWK FUNDING CORPORATION##++(p) 0.30 10/20/2009 1,999,183
1,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.40 09/01/2009 1,000,000
24,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.75 09/22/2009 23,989,500
17,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 10/14/2009 16,986,801
4,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.65 11/03/2009 3,995,450
10,000,000 LIBERTY STREET FUNDING LLC##++(p) 0.37 09/18/2009 9,998,253
20 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (CONTINUED)
$ 25,000,000 LMA AMERICAS LLC##++(p) 0.33% 10/27/2009 $ 24,987,167
2,000,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 0.55 09/03/2009 1,999,939
1,000,000 MARKET STREET FUNDING LLC##++(p) 0.20 09/23/2009 999,878
8,000,000 MARKET STREET FUNDING LLC##++(p) 0.22 09/23/2009 7,998,924
1,000,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/08/2009 999,951
16,000,000 MATCHPOINT MASTER TRUST##++(p) 0.22 09/28/2009 15,997,360
4,000,000 MATCHPOINT MASTER TRUST##++(p) 0.35 10/05/2009 3,998,678
5,000,000 METLIFE SHORT TERM FUND##++ 1.00 09/01/2009 5,000,000
1,000,000 METLIFE SHORT TERM FUND##++ 0.34 09/09/2009 999,924
5,000,000 METLIFE SHORT TERM FUND##++ 0.90 09/17/2009 4,998,000
18,000,000 METLIFE SHORT TERM FUND##++ 0.79 10/19/2009 17,981,040
15,000,000 METLIFE SHORT TERM FUND##++ 0.80 10/20/2009 14,983,667
4,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.29 09/08/2009 3,999,774
7,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.24 10/07/2009 6,998,320
2,000,000 MONTGOMERY COUNTY MD 0.30 10/06/2009 2,000,000
5,000,000 NATIONWIDE BUILDING SOCIETY##++(p) 0.56 09/18/2009 4,998,678
21,000,000 NATIONWIDE BUILDING SOCIETY##++(p) 0.47 10/27/2009 20,984,647
7,000,000 NATIONWIDE BUILDING SOCIETY##++(p) 0.37 11/27/2009 6,993,741
5,500,000 NATIONWIDE BUILDING SOCIETY##++(p) 0.37 11/30/2009 5,494,913
2,000,000 NATIONWIDE BUILDING SOCIETY##++(p) 0.38 11/30/2009 1,998,100
22,000,000 NATIXIS COMMERCIAL PAPER##++ 0.24 09/02/2009 21,999,853
11,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/01/2009 11,000,000
8,000,000 NATIXIS US FINANCE COMPANY## 0.24 09/04/2009 7,999,840
8,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.35 10/23/2009 7,995,956
2,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.32 11/17/2009 1,998,631
2,000,000 OAKLAND-ALAMEDA COUNTY 0.75 09/01/2009 2,000,000
2,440,000 PORT OF OAKLAND CA## 0.65 09/09/2009 2,439,648
3,000,000 PRUDENTIAL PLC##++ 0.56 10/08/2009 2,998,273
10,000,000 PRUDENTIAL PLC##++ 0.45 10/13/2009 9,994,750
35,000,000 PRUDENTIAL PLC##++ 0.44 10/15/2009 34,981,178
3,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.30 10/13/2009 2,998,950
6,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.34 12/02/2009 5,994,787
8,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.26 09/10/2009 7,999,480
2,000,000 REGENCY MARKETS # 1 LLC##++(p) 0.25 09/15/2009 1,999,806
7,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.40 09/15/2009 6,998,911
3,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.63 09/21/2009 2,998,950
4,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.38 10/27/2009 3,997,636
2,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.50 11/20/2009 1,997,778
6,000,000 RHEINGOLD SECURITIZATION##++(p) 0.45 09/29/2009 5,997,900
2,000,000 RHEINGOLD SECURITIZATION##++(p) 0.55 09/29/2009 1,999,144
3,000,000 RHEINGOLD SECURITIZATION##++(p) 0.50 11/12/2009 2,997,000
2,000,000 RHEINGOLD SECURITIZATION##++(p) 0.43 12/01/2009 1,997,826
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.70 09/01/2009 1,000,000
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.64 09/16/2009 999,733
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.50 09/23/2009 999,694
1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.55 09/29/2009 999,572
2,000,000 SANPAOLO IMI US FINANCIAL COMPANY## 0.41 10/30/2009 1,998,656
11,000,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED## 0.65 12/02/2009 10,981,728
8,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/03/2009 7,999,866
11,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/10/2009 10,999,175
7,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/14/2009 6,999,242
2,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 09/15/2009 1,999,767
2,000,000 SHEFFIELD RECEIVABLES##++(p) 0.35 10/05/2009 1,999,339
4,000,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/21/2009 3,999,378
3,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/20/2009 2,998,653
5,000,000 SOLITAIRE FUNDING LLC##++(p) 0.40 11/17/2009 4,995,722
Wells Fargo Advantage Money Market Trusts 21
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (CONTINUED)
$ 1,000,000 SOLITAIRE FUNDING LLC##++(p) 0.38% 11/24/2009 $ 999,113
5,000,000 STADSHYPOTEK DELAWARE##++ 0.43 09/30/2009 4,998,268
3,260,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/04/2009 3,259,899
7,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/09/2009 6,997,414
1,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/04/2009 999,556
1,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/05/2009 999,494
2,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/06/2009 1,998,973
3,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/20/2009 2,998,267
7,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/24/2009 6,995,753
2,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.25 11/25/2009 1,998,819
2,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/10/2009 1,999,870
10,000,000 SURREY FUNDING CORPORATION##++(p) 0.30 10/09/2009 9,996,833
5,200,000 SWEDBANK AB##++ 0.54 12/02/2009 5,192,824
4,000,000 SWEDBANK AB##++ 0.55 12/22/2009 3,993,156
9,000,000 SWEDBANK AB##++ 0.87 02/09/2010 8,964,983
9,000,000 SWEDBANK AB##++ 0.89 02/16/2010 8,962,620
8,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.95 09/04/2009 7,999,367
7,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.35 10/14/2009 6,997,074
5,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.25 09/04/2009 4,999,896
4,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.38 10/13/2009 3,998,227
15,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.35 10/19/2009 14,993,000
1,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.28 11/09/2009 999,463
1,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 11/09/2009 999,406
5,000,000 TICONDEROGA FUNDING LLC##++(p) 0.23 09/30/2009 4,999,074
9,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/14/2009 8,996,238
9,000,000 TOYOTA CREDIT PUERTO RICO## 0.35 10/15/2009 8,996,150
7,000,000 TOYOTA MOTOR CREDIT CORPORATION## 0.31 09/04/2009 6,999,819
2,000,000 TULIP FUNDING CORPORATION##++(p) 0.25 09/01/2009 2,000,000
4,000,000 TULIP FUNDING CORPORATION##++(p) 0.22 09/28/2009 3,999,340
9,000,000 TULIP FUNDING CORPORATION##++(p) 0.38 10/13/2009 8,996,010
9,000,000 UBS FINANCE DELAWARE LLC## 0.70 09/14/2009 8,997,725
21,000,000 UBS FINANCE DELAWARE LLC## 0.55 10/28/2009 20,981,712
13,000,000 UBS FINANCE DELAWARE LLC## 0.72 12/04/2009 12,975,560
3,000,000 UBS FINANCE DELAWARE LLC## 0.60 12/30/2009 2,994,000
13,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.90 12/09/2009 12,967,825
2,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.60 12/21/2009 1,996,300
4,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.55 09/14/2009 3,999,206
9,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 0.73 11/03/2009 8,988,503
1,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/23/2009 1,000,000
1,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY 0.22 09/24/2009 1,000,000
4,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/01/2009 4,000,000
3,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.50 09/02/2009 2,999,958
3,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/03/2009 2,999,925
1,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.45 09/04/2009 999,963
17,293,569 VICTORIA FINANCE LLC+/-++####(a)(i)(p) 4.82 01/17/2008 8,819,720
7,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/04/2009 6,999,854
1,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/08/2009 999,951
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/09/2009 1,999,888
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/11/2009 1,999,861
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/14/2009 1,999,819
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/15/2009 1,999,806
2,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.23 09/24/2009 1,999,706
3,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.22 09/25/2009 2,999,560
2,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.60 09/14/2009 1,999,567
6,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.40 09/15/2009 5,999,067
22 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER (CONTINUED)
$ 2,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.38% 10/02/2009 $ 1,999,346
4,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.36 10/06/2009 3,998,600
8,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.44 08/20/2010 8,000,000
3,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.33 10/22/2009 2,998,598
2,000,000 YORKTOWN CAPITAL LLC##++(p) 0.34 12/02/2009 1,998,262
7,000,000 YORKTOWN CAPITAL LLC##++(p) 0.28 12/16/2009 6,994,229
3,000,000 YORKTOWN CAPITAL LLC##++(p) 0.31 12/16/2009 2,997,262
TOTAL COMMERCIAL PAPER (COST $1,500,337,737) 1,491,863,973
--------------
CORPORATE BONDS & NOTES: 7.27%
1,470,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.40 11/15/2029 1,470,000
12,000,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.42 02/05/2010 12,000,000
27,500,000 BANK OF IRELAND+/-++ 0.89 10/02/2009 27,500,000
23,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 0.46 09/10/2009 23,000,000
7,000,000 CITIBANK NA+/- 0.65 09/30/2010 7,000,000
20,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.75 06/04/2010 20,000,000
9,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 0.71 06/24/2010 9,000,000
3,000,000 CREDIT SUISSE USA INCORPORATED+/- 0.75 01/15/2010 3,003,099
995,000 GBG LLC+/-ss++ 0.50 09/01/2027 995,000
14,000,000 HSBC USA INCORPORATED+/- 0.93 10/15/2009 14,000,000
7,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC+/-++ 0.63 09/25/2009 7,000,000
1,980,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.60 06/01/2033 1,980,000
37,500,000 RABOBANK NEDERLAND NV+/-++ 0.68 10/09/2009 37,500,000
7,000,000 ROYAL BANK OF CANADA+/-++ 0.64 10/15/2009 7,000,000
15,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 1.03 10/09/2009 15,000,000
1,000,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 1.43 10/01/2011 1,000,000
TOTAL CORPORATE BONDS & NOTES (COST $187,448,099) 187,448,099
--------------
MEDIUM TERM NOTES: 2.27%
17,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.76 10/22/2009 17,004,930
4,000,000 EKSPORTFINANS A/S+/- 0.73 06/11/2010 4,000,000
22,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.32 10/09/2009 22,500,000
10,000,000 ING USA GLOBAL FUNDING TRUST+/-(i) 1.08 10/19/2009 10,000,000
5,000,000 US BANCORP+/- 1.05 06/04/2010 5,017,422
TOTAL MEDIUM TERM NOTES (COST $58,522,352) 58,522,352
--------------
MUNICIPAL BONDS & NOTES: 6.64%
1,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION CASA DE LAS
CAMPANAS A (HOSPITAL REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.13 09/01/2037 1,000,000
1,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA
CROSSING APARTMENTS SERIES A
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 12/15/2037 1,000,000
2,000,000 CALCASIEU PARISH LA INCORPORATED INDUSTRIAL DEVELOPMENT BOARD
ENVIRONMENTAL REVENUE CITGO PETROLEUM CORPORATION
(IDR, NATIXIS LOC)+/-ss 0.16 07/01/2026 2,000,000
2,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH
AMERICA SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.45 07/01/2024 2,500,000
5,000,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY
(IDR, JPMORGAN CHASE BANK LOC)+/-ss 0.14 11/01/2026 5,000,000
1,000,000 CALIFORNIA SERIES J
(HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2033 1,000,000
1,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1
(POWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 05/01/2022 1,000,000
2,100,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7
(WATER REVENUE, FSA INSURED)+/-ss 0.55 05/01/2022 2,100,000
4,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6
(WATER REVENUE, FIRST SECURITY BANK INSURED)+/-ss 0.35 05/01/2017 4,000,000
2,500,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M
(MFHR, FNMA INSURED)+/-ss 0.32 08/15/2034 2,500,000
Wells Fargo Advantage Money Market Trusts 23
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 2,000,000 CALIFORNIA STATEWIDE CDA REVENUE
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.12% 07/01/2034 $ 2,000,000
1,000,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT
(MFHR, FNMA INSURED)+/-ss 0.31 10/15/2026 1,000,000
1,000,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY TENNESSEE MUNICIPAL
BUILDING FUND (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 11/01/2035 1,000,000
5,000,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE
PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.22 01/01/2037 5,000,000
2,945,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1
(HOUSING REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.50 10/01/2038 2,945,000
6,350,000 COLORADO HOUSING & FINANCE AUTHORITY SINGLE TAXABLE CLASS I
SERIES A-2 (HOUSING REVENUE, DEXIA INSURED)+/-ss 0.65 05/01/2038 6,350,000
5,990,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY
PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 0.40 05/01/2049 5,990,000
600,000 COOK COUNTY IL (OTHER REVENUE, HARRIS TRUST SAVINGS
BANK LOC)+/-ss 0.70 11/01/2030 600,000
400,000 COOK COUNTY IL (OTHER REVENUE, NORTHERN TRUST CORPORATION
LOC)+/-ss 0.70 11/01/2030 400,000
13,000,000 DENVER COMPANY CITY & COUNTY SCHOOL DISTRICT #1 SERIES A
(LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.80 12/15/2037 13,000,000
11,000,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY
SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 10/01/2035 11,000,000
4,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA
TOBACCO SETTLEMENT EAGLE 20060117 CLASS A
(OTHER REVENUE, FGIC INSURED)+/-ss 0.54 06/01/2035 4,000,000
2,000,000 GULF COAST WASTE DISPOSAL AUTHORITY
(RESOURCE RECOVERY REVENUE)+/-ss 0.12 07/01/2042 2,000,000
3,500,000 HOUSTON TX UTILITY SYSTEM FIRST LIEN B3
(WATER & SEWER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 3,500,000
5,000,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.30 05/15/2034 5,000,000
1,000,000 ILLINOIS FINANCE AUTHORITY PROVENA HEALTH SERIES B
(HOSPITAL REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.13 08/15/2044 1,000,000
295,000 KING COUNTY WA HOUSING AUTHORITY SERIES A
(HOUSING REVENUE, FHLMC INSURED)+/-ss 0.33 07/01/2035 295,000
500,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE APARTMENTS
SERIES A (MFHR, FHLMC INSURED)+/-ss 0.28 10/01/2019 500,000
3,000,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS
(HOUSING REVENUE, FHLMC INSURED)+/-ss 0.50 09/01/2030 3,000,000
1,500,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B
(OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.32 10/01/2031 1,500,000
3,000,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN
WEATHERLY RIDGE APARTMENTS
(HOUSING REVENUE, US BANK NA LOC)+/-ss 0.34 12/01/2041 3,000,000
3,300,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 3,300,000
5,500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES B1
(HCFR, BANK OF NEW YORK LOC)+/-ss 0.18 11/15/2034 5,500,000
12,445,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A
(GO UNLIMITED, BANK OF AMERICA NA LOC)+/-ss 0.60 11/01/2028 12,444,451
3,000,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B
(PROPERTY TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.65 11/01/2028 3,000,000
3,900,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
(OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 02/01/2036 3,900,000
3,930,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE
SERIES 4
(HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 1.20 11/01/2037 3,930,000
3,000,000 NEW JERSEY TURNPIKE AUTHORITY TURNPIKE REVENUE SERIES 1991 D
(TOLL ROAD REVENUE, SOCIETE GENERALE LOC)+/-ss 1.80 01/01/2018 3,000,000
3,000,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A
(OTHER REVENUE, FGIC INSURED)+/-ss 0.39 07/15/2036 3,000,000
7,000,000 OHIO HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE SECURITIES
PROGRAM (HOUSING REVENUE, GNMA INSURED)+/-ss 0.45 09/01/2029 7,000,000
4,000,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
(HOUSING REVENUE, GNMA INSURED)+/-ss 0.65 09/01/2039 4,000,000
24 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 1,000,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
(PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.33% 06/01/2032 $ 1,000,000
3,000,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.21 02/01/2035 3,000,000
1,000,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY
APARTMENTS LP SERIES A
(HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)+/-ss 0.44 10/01/2038 1,000,000
1,000,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.21 03/01/2037 1,000,000
5,000,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.23 10/01/2035 5,000,000
5,000,000 SACRAMENTO CA MUNICIPAL UTILITY DISTRICT SERIES J
(ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.18 08/15/2028 5,000,000
2,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY NATOMAS PARK APARTMENTS
ISSUE B (HOUSING REVENUE, FNMA INSURED)+/-ss 0.31 07/15/2035 2,000,000
1,000,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.31 01/15/2033 1,000,000
1,000,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN APARTMENTS
SERIES B (HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 01/15/2035 1,000,000
1,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY
(MFHR, FNMA INSURED)+/-ss 0.28 06/15/2034 1,000,000
1,500,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A
(OTHER REVENUE, NATIONAL AUSTRALIA BANK NA LOC)+/-ss 0.32 06/01/2045 1,500,000
1,000,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER
FRANCES HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.33 07/01/2020 1,000,000
3,500,000 VERMONT STUDENT ASSISTANCE CORPORATION EDUCATION LOAN
SERIES C-1 (OTHER REVENUE, LLOYDS BANK LOC)+/-ss 0.34 12/15/2040 3,500,000
TOTAL MUNICIPAL BONDS & NOTES (COST $171,254,451) 171,254,451
--------------
REPURCHASE AGREEMENTS: 5.61%
23,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $23,000,141) 0.22 09/01/2009 23,000,000
8,000,000 BANK OF AMERICA SECURITIZATION LLC - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $8,000,062) 0.28 09/01/2009 8,000,000
7,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $7,000,064) 0.33 09/01/2009 7,000,000
9,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $9,000,050) 0.20 09/01/2009 9,000,000
8,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $8,000,067) 0.30 09/01/2009 8,000,000
14,600,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $14,600,077) 0.19 09/01/2009 14,600,000
23,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $23,000,141) 0.22 09/01/2009 23,000,000
22,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY
US GOVERNMENT SECURITIES (MATURITY VALUE $22,000,159) 0.26 09/01/2009 22,000,000
23,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $23,000,141) 0.22 09/01/2009 23,000,000
7,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US
GOVERNMENT SECURITIES (MATURITY VALUE $7,000,060) 0.31 09/01/2009 7,000,000
TOTAL REPURCHASE AGREEMENTS (COST $144,600,000) 144,600,000
--------------
SECURED MASTER NOTE AGREEMENT: 2.17%
36,279,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.48 09/09/2034 36,279,000
19,694,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/-ss 0.68 09/09/2049 19,694,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $55,973,000) 55,973,000
--------------
Wells Fargo Advantage Money Market Trusts 25
Portfolio of Investments--August 31, 2009 (Unaudited)
MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
TIME DEPOSITS: 8.58%
$ 24,000,000 BANK OF IRELAND 0.35% 09/01/2009 $ 24,000,000
15,000,000 BANK OF IRELAND 0.60 09/04/2009 15,000,000
31,000,000 BNP PARIBAS (PARIS) 0.19 09/01/2009 31,000,000
20,000,000 CITIBANK NA NASSAU 0.19 09/01/2009 20,000,000
30,000,000 DANSKE BANK A/S COPENHAGEN 0.22 09/02/2009 30,000,000
15,000,000 DEUTSCHE BANK CAYMAN 0.13 09/01/2009 15,000,000
32,000,000 DEXIA BANK GRAND CAYMAN 0.21 09/01/2009 32,000,000
31,000,000 KBC BANK NV BRUSSELS 0.22 09/01/2009 31,000,000
23,000,000 SOCIETE GENERALE (PARIS) 0.20 09/01/2009 23,000,000
TOTAL TIME DEPOSITS (COST $221,000,000) 221,000,000
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,601,146,615)* 100.59% $2,592,672,851
OTHER ASSETS AND LIABILITIES, NET (0.59) (15,128,830)
------ --------------
TOTAL NET ASSETS 100.00% $2,577,544,021
------ --------------
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(p) Asset-backed Commercial Paper.
#### 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.
* Cost for federal income tax purposes is $2,601,146,615 and net unrealized
appreciation (depreciation) consists of:
Gross Unrealized Appreciation $ 0
Gross Unrealized Depreciation (8,473,764)
-----------
Net Unrealized Depreciation $(8,473,764)
The accompanying notes are an integral part of these financial statements.
26 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COMMERCIAL PAPER: 3.93%
$ 3,000,000 CLARK COUNTY NV 0.40% 11/05/2009 $ 3,000,000
1,130,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.40 03/11/2010 1,130,000
1,500,000 ILLINOIS FINANCE AUTHORITY 0.50 01/07/2010 1,500,000
2,000,000 LONG ISLAND POWER AUTHORITY 0.50 02/09/2010 2,000,000
750,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 1.00 10/08/2009 750,000
700,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 700,000
700,000 ROCHESTER MN HEALTH CARE 0.38 10/08/2009 700,000
3,000,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 3,000,000
3,000,000 ROCHESTER MN HEALTH CARE 0.35 10/21/2009 3,000,000
1,375,000 UNIVERSITY OF VIRGINIA 0.40 10/13/2009 1,375,000
TOTAL COMMERCIAL PAPER (COST $17,155,000) 17,155,000
--------------
MUNICIPAL BONDS & NOTES: 96.28%
ARIZONA: 0.15%
670,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.32 04/15/2030 670,000
--------------
CALIFORNIA: 21.10%
2,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
CONTEMPORARY JEWISH MUSEUM (RECREATIONAL FACILITIES REVENUE,
BANK OF AMERICA NA LOC)+/-ss 0.12 12/01/2036 2,200,000
4,255,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS
RR II R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)+/-ss 0.27 07/01/2030 4,255,000
1,165,000 CALIFORNIA SCHOOL FACILITIES FINANCING CORPORATE COP IMPORTANT
FINANCING PROJECT SERIES C (LEASE REVENUE, KBC BANK NV
LOC)+/-ss 0.23 07/01/2022 1,165,000
200,000 CALIFORNIA SERIES B (HFFA REVENUE, BANK OF AMERICA
NA LOC)+/-ss 0.12 09/01/2028 200,000
31,800,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2
(POWER REVENUE, BNP PARIBAS LOC)+/-ss 0.08 05/01/2022 31,800,000
1,000,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM SERIES A (HCFR, 0.25 08/01/2035 1,000,000
CITIBANK NA LOC)+/-ss
10,000,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY JOHN
MUIR HEALTH SERIES B (HOSPITAL REVENUE, UBS AG LOC)+/-ss 0.10 08/15/2036 10,000,000
4,435,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.31 08/01/2028 4,435,000
2,000,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS
SERIES A (MFHR, FNMA INSURED)+/-ss 0.21 02/15/2031 2,000,000
11,325,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX
ALLOCATION REVENUE, AMBAC INSURED)+/-ss 0.14 01/01/2031 11,325,000
1,140,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A
(ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.35 07/01/2032 1,140,000
22,350,000 ONTARIO CA MULTIFAMILY REVENUE (HOUSING REVENUE, FHLMC
INSURED)+/-ss 0.23 12/01/2035 22,350,000
275,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B (LEASE 0.18 08/01/2030 275,000
REVENUE)+/-ss
92,145,000
--------------
COLORADO: 4.17%
5,000,000 ARISTA METROPOLITAN DISTRICT BROOMFIELD EVENT CENTER SERIES A
(SALES TAX REVENUE, COMPASS BANK LOC)+/-ss 1.40 12/01/2030 5,000,000
1,535,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US 0.39 12/01/2028 1,535,000
BANK NA LOC)+/-ss
3,680,000 COLORADO ECFA NATIONAL JEWISH FEDERATION SERIES A4
(RECREATIONAL FACILITIES REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.18 02/01/2034 3,680,000
3,100,000 COLORADO ECFA REVENUE NATIONAL JEWISH FEDERAL BUILDING
(RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE BANK
LOC)+/-ss 0.18 07/01/2036 3,100,000
1,965,000 DENVER CO CITY & COUNTY WESTERN STOCK SHOW PROJECT (IDR, US
BANK NA LOC)+/-ss 0.42 07/01/2029 1,965,000
215,000 DENVER CO URBAN RENEWAL AUTHORITY (TAX INCREMENTAL REVENUE,
COMPASS BANK LOC)+/-ss 1.20 09/01/2017 215,000
200,000 DENVER CO URBAN RENEWAL AUTHORITY DOWNTOWN DENVER SERIES C
(TAX INCREMENTAL REVENUE, COMPASS BANK LOC)+/-ss 1.20 09/01/2017 200,000
1,860,000 FITZSIMONS RDA COLORADO UNIVERSITY PHYSICIANS INCORPORATED
(COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.52 01/01/2025 1,860,000
Wells Fargo Advantage Money Market Trusts 27
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
COLORADO (continued)
$ 650,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE, BANQUE 0.39% 12/01/2030 $ 650,000
NATIONALE PARIS LOC)+/-ss
18,205,000
--------------
DISTRICT OF COLUMBIA: 1.35%
2,365,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507 (OTHER
REVENUE, FGIC INSURED)+/-ss 0.34 12/01/2034 2,365,000
3,110,000 DISTRICT OF COLUMBIA SERIES C (PROPERTY TAX REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.55 06/01/2027 3,110,000
405,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY (COLLEGE AND
UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.14 10/01/2038 405,000
5,880,000
--------------
FLORIDA: 8.56%
1,390,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT (HFFA
REVENUE, WACHOVIA BANK LOC)+/-ss(q) 0.28 08/01/2031 1,390,000
550,000 CAPITAL TRANSFER AGENCY FLORIDA PORTOFINO VILLAS SERIES A
(OTHER REVENUE, FNMA INSURED)+/-ss 0.32 04/15/2036 550,000
13,395,000 ESCAMBIA COUNTY FL HEALTH FACILITIES AUTHORITY AZALEA TRACE
INCORPORATED SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.15 11/15/2029 13,395,000
6,600,000 ESCAMBIA COUNTY FL SOLID WASTE DISPOSAL SYSTEM GULF POWER
COMPANY PROJECT 2ND SERIES (OTHER REVENUE)+/-ss 0.18 04/01/2039 6,600,000
2,000,000 FLORIDA HFA (MFHR, FHLMC INSURED)+/-ss 0.28 12/01/2013 2,000,000
295,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT
(HCFR, WACHOVIA BANK LOC)+/-ss(q) 0.53 12/01/2014 295,000
600,000 HILLSBOROUGH COUNTY FL SCHOOL BOARD COP SERIES C (LEASE
REVENUE, MBIA INSURED)+/-ss 0.20 07/01/2030 600,000
2,405,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT SERIES A
(IDR, BANK OF AMERICA NA LOC)+/-ss 0.35 05/01/2027 2,405,000
1,070,000 ORANGE COUNTY FL HEALTH FACILITIES AUTHORITY ORLANDO REGIONAL
HEALTH CARE SERIES A2 (HCFR, FIRST SECURITY BANK LOC)+/-ss 0.50 10/01/2041 1,070,000
4,000,000 PALM BEACH COUNTY FL JEWISH COMMUNITY CAMPUS CORPORATION
(RECREATIONAL FACILITIES REVENUE, AMBAC INSURED)+/-ss 0.49 03/01/2027 4,000,000
1,165,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED (COLLEGE &
UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)+/-ss 0.49 05/01/2025 1,165,000
1,295,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY
GLENRIDGE PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND
LOC)+/-ss 0.28 06/01/2036 1,295,000
2,600,000 SARASOTA COUNTY FL PLANNED PARENTHOOD INCORPORATED PROJECT
(OTHER REVENUE, WACHOVIA BANK LOC)+/-ss(q) 0.51 10/01/2041 2,600,000
37,365,000
--------------
GEORGIA: 0.50%
1,340,000 DEKALB COUNTY NEWTOWN GWINETT COUNTY GA JOINT REAL ESTATE
STUDENT I (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK
LOC)+/-ss(q) 0.28 06/01/2035 1,340,000
665,000 GAINESVILLE & HALL COUNTY GA DEVELOPMENT AUTHORITY SENIOR
LIVING FACILITIES LANIER VILLAGE SERIES B (HCFR, BANK OF
AMERICA NA LOC)+/-ss 0.15 11/15/2033 665,000
195,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER 0.15 09/01/2029 195,000
REVENUE)+/-ss
2,200,000
--------------
HAWAII: 0.05%
200,000 HAWAII STATE HOUSING FINANCE & DEVELOPMENT CORPORATION LOKAHI
KAU (MFHR, FHLMC INSURED)+/-ss 0.29 12/01/2041 200,000
--------------
ILLINOIS: 9.91%
2,645,000 CHANNAHON IL MORRIS HOSPITAL SERIES A (HCFR, US BANK NA
LOC)+/-ss 0.31 12/01/2023 2,645,000
4,000,000 CHICAGO IL NEIGHBORHOODS ALIVE 21 PROGRAM (PROPERTY TAX
REVENUE, NORTHERN TRUST CORPORATION LOC)+/-ss 0.17 01/01/2037 4,000,000
4,000,000 CHICAGO IL NEIGHBORHOODS ALIVE 21 SERIES B4 (PROPERTY TAX
REVENUE, BANK OF NEW YORK LOC)+/-ss 0.17 01/01/2037 4,000,000
28 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
ILLINOIS (continued)
$ 3,910,000 CHICAGO IL WASTEWATER TRANSMISSION SUBSERIES C-2 (SEWER
REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.18% 01/01/2039 $ 3,910,000
3,140,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-502 (OTHER
REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.34 01/01/2033 3,140,000
300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY PROJECT
(PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.41 10/01/2031 300,000
1,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ROOSEVELT UNIVERSITY
PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK
LOC)+/-ss 0.41 04/01/2025 1,500,000
3,945,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY DOMINICAN UNIVERSITY
SERIES B (COLLEGE AND UNIVERSITY REVENUE, ALLIED IRISH BANK
PLC LOC)+/-ss 0.34 10/01/2030 3,945,000
2,515,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY LIBRARY
PROJECT (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)+/-ss 0.32 03/01/2028 2,515,000
8,000,000 ILLINOIS FINANCE AUTHORITY BELOIT MEMORIAL HOSPITAL
INCORPORATED SERIES A (HOSPITAL REVENUE, RADIAN INSURED)+/-ss 0.20 04/01/2036 8,000,000
3,995,000 ILLINOIS FINANCE AUTHORITY CHILDREN'S MUSEUM REMARKET
(RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION
LOC)+/-ss 0.41 07/01/2034 3,995,000
500,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE &
UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)+/-ss 0.33 10/01/2033 500,000
3,500,000 ILLINOIS INTERNATIONAL PORT DISTRICT (AIRPORT REVENUE, LASALLE 0.34 01/01/2023 3,500,000
NATIONAL BANK NA LOC)+/-ss
1,300,000 ILLINOIS STATE SERIES G (GO STATES)+/-ss 0.54 05/01/2012 1,300,000
43,250,000
--------------
INDIANA: 1.66%
3,000,000 INDIANA BOND BANK ADVANCED FUNDING PROGRAM SERIES A
(EDUCATIONAL FACILITIES REVENUE) 2.00 01/05/2010 3,009,212
2,975,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY
CLARIAN HEALTH SERIES C (OTHER REVENUE, BRANCH BANKING &
TRUST LOC)+/-ss 0.23 02/15/2030 2,975,000
1,275,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION
SERIES A (HCFR, US BANK NA LOC)+/-ss 0.20 10/01/2032 1,275,000
7,259,212
--------------
IOWA: 1.22%
3,210,000 HILLS IA MERCY HOSPITAL PROJECT (HCFR, ALLIED IRISH BANK PLC 0.43 08/01/2035 3,210,000
LOC)+/-ss
535,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS
(EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC
LOC)+/-ss 0.43 03/01/2036 535,000
1,285,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES LLC
PROJECT A (HOUSING REVENUE, CITIBANK NA LOC)+/-ss 0.32 06/01/2039 1,285,000
290,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE DUBUQUE
PROJECT (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
CORPORATION LOC)+/-ss 0.20 05/01/2029 290,000
5,320,000
--------------
KENTUCKY: 1.22%
2,940,000 CHRISTIAN COUNTY KY ASSOCIATION OF COUNTIES LEASING TRUST
SERIES B (OTHER REVENUE, US BANK NA LOC)+/-ss 0.13 08/01/2037 2,940,000
2,400,000 JEFFERSON COUNTY KY INDUSTRIAL DEVELOPMENT (IDR, UBS AG
LOC)+/-ss 0.36 08/01/2021 2,400,000
5,340,000
--------------
LOUISIANA: 0.25%
1,110,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB INSURED)+/-ss 0.30 09/01/2033 1,110,000
--------------
MASSACHUSETTS: 0.37%
1,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY BUCKINGHAM
BROWN & NICHOLS (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE
BANK LOC)+/-ss 0.29 06/01/2036 1,600,000
--------------
Wells Fargo Advantage Money Market Trusts 29
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
MICHIGAN: 0.25%
$ 1,100,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND COMMUNITY
HOSPITAL SERIES B (HOSPITAL REVENUE, BANK ONE MICHIGAN
LOC)+/-ss 0.31% 01/01/2034 $ 1,100,000
--------------
MINNESOTA: 3.72%
930,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED PROJECT (HOUSING
REVENUE, FNMA INSURED)+/-ss 0.32 11/15/2033 930,000
575,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA
LOC)+/-ss 0.18 09/01/2029 575,000
1,800,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE, FNMA
INSURED)+/-ss 0.39 11/15/2032 1,800,000
100,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA
INSURED)+/-ss 0.32 07/15/2030 100,000
280,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW
YORK LOC)+/-ss 0.20 11/01/2035 280,000
860,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC INSURED)+/-ss 0.33 12/01/2029 860,000
135,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED PROJECT
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.32 05/15/2035 135,000
1,340,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDREN'S HOSPITALS
CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.20 08/15/2037 1,340,000
500,000 MINNEAPOLIS MN HOUSING DEVELOPMENT SYMPHONY PLACE PROJECT
(HOUSING REVENUE, FNMA INSURED)+/-ss 0.30 12/01/2014 500,000
45,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER
REVENUE, US BANK NA LOC)+/-ss 0.18 10/01/2021 45,000
665,000 MINNESOTA STATE HEFAR OLAF COLLEGE FIVE M2 (COLLEGE &
UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)+/-ss 0.20 10/01/2020 665,000
2,905,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.60 10/01/2021 2,905,000
1,535,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE &
UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.60 04/01/2027 1,535,000
3,040,000 ROSEWELL MN ROSWELL LLC PROJECT SERIES A (COLLEGE & UNIVERSITY
REVENUE, SOVEREIGN BANK FSB LOC)+/-ss 0.28 07/01/2036 3,040,000
430,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE,
ALLIED IRISH BANK PLC LOC)+/-ss 0.43 05/01/2022 430,000
720,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE, FHLMC
INSURED)+/-ss 0.32 02/01/2034 720,000
400,000 UNIVERSITY OF MINNESOTA SERIES C (COLLEGE & UNIVERSITY
REVENUE, GO OF UNIVERSITY INSURED)+/-ss 0.20 12/01/2036 400,000
16,260,000
--------------
MISSOURI: 1.81%
810,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR, FHLMC
INSURED)+/-ss 0.35 08/01/2035 810,000
250,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN FOUNDATION
(OTHER REVENUE)+/-ss 0.20 04/01/2027 250,000
2,495,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN SERIES A
(COLLEGE & UNIVERSITY REVENUE)+/-ss 0.20 04/01/2027 2,495,000
2,000,000 KANSAS CITY MO SPECIAL OBLIGATION ROE BARTLE SERIES F (TAX
REVENUE, DEXIA CREDIT LOCAL DE FRANCE)+/-ss 0.37 04/15/2025 2,000,000
330,000 MISSOURI STATE HEFA SOUTHWEST BAPTIST UNIVERSITY PROJECT
(HCFR, BANK OF AMERICA NA LOC)+/-ss 0.20 10/01/2033 330,000
2,000,000 SAINT LOUIS COUNTY MO IDA PELICAN COVE PROJECT (MFHR, FNMA
INSURED)+/-ss 0.33 03/15/2034 2,000,000
7,885,000
--------------
NEVADA: 1.25%
585,000 CLARK COUNTY NV ECONOMIC DEVELOPMENT OPPORTUNITY VILLAGE
FOUNDATION PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC
LOC)+/-ss 0.44 01/01/2037 585,000
1,705,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE, BANK OF NEW
YORK LOC)+/-ss 0.31 10/01/2035 1,705,000
3,170,000 RENO NV SALES TAX REVENUE SR LIEN RETRAC RENO PROJECT (SALES
TAX REVENUE, BANK OF NEW YORK LOC)+/-ss 0.12 06/01/2042 3,170,000
5,460,000
--------------
30 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
NEW HAMPSHIRE: 2.74%
$ 620,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION (HFFA
REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.55% 01/01/2037 $ 620,000
1,830,000 NEW HAMPSHIRE HEFA HEALTH CARE SERIES A (OTHER REVENUE,
JPMORGAN CHASE BANK LOC)+/-ss 0.32 01/01/2030 1,830,000
9,180,000 NEW HAMPSHIRE HEFA SAINT ANSELM COLLEGE (OTHER REVENUE, RBS
CITIZENS NA)+/-ss 0.33 06/01/2038 9,180,000
330,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY ALICE PECK DAY
HEALTH SYSTEM (HOUSING REVENUE, TD BANKNORTH NA)+/-ss 0.20 10/01/2043 330,000
11,960,000
--------------
NEW JERSEY: 2.06%
4,000,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE,
BANK OF NOVA SCOTIA LOC)+/-ss 0.10 09/01/2031 4,000,000
5,000,000 NEW JERSEY STATE TRANSIT CORPORATION SERIES A (LEASE REVENUE,
AMBAC INSURED) 6.13 09/15/2009 5,010,691
9,010,691
--------------
NEW MEXICO: 0.12%
525,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE,
UBS AG LOC)+/-ss 0.17 12/15/2026 525,000
--------------
NEW YORK: 0.33%
1,435,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY (TRANSPORTATION
REVENUE, FIRST SECURITY BANK LOC)+/-ss++ 0.79 11/15/2025 1,435,000
--------------
NORTH CAROLINA: 5.22%
3,270,000 NORTH CAROLINA EDUCATIONAL FACILITIES FINANCE AGENCY CHARLOTTE
DAY SCHOOL (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
LOC)+/-ss 0.33 08/01/2020 3,270,000
5,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION HOSPICE
ALAMANCE-CASWELL (HCFR, BRANCH BANKING & TRUST LOC)+/-ss 0.33 12/01/2033 5,000,000
5,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION LUTHERAN RETIREMENT
PROJECT (HCFR, BRANCH BANKING & TRUST LOC)+/-ss 0.33 01/01/2037 5,000,000
4,300,000 NORTH CAROLINA MEDICAL CARE COMMISSION POOLED EQUIPMENT
FINANCING PROJECT (HCFR, KBC BANK NV LOC)+/-ss 0.23 12/01/2025 4,300,000
5,200,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY HEALTH
SYSTEM SERIES B2 (HCFR, BRANCH BANKING & TRUST LOC)+/-ss 0.32 12/01/2036 5,200,000
22,770,000
--------------
OHIO: 1.83%
1,200,000 DAYTON OH AIR FREIGHT SERIES C (IDR) 6.05 10/01/2009 1,200,182
1,200,000 DAYTON OH AIR FREIGHT SERIES E (IDR) 6.05 10/01/2009 1,200,182
2,335,000 FRANKLIN COUNTY OH CHELSEA FIRST COMMUNITY VILLAGE PROJECT
(HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.29 03/01/2036 2,335,000
440,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE, JPMORGAN
CHASE BANK LOC)+/-ss 0.30 12/01/2026 440,000
1,881,000 HAMILTON COUNTY OH AFFORDABLE HOUSING SERIES B (HOUSING
REVENUE, FHLB INSURED)+/-ss 0.38 01/01/2035 1,881,000
945,000 INDEPENDENCE OH ECONOMIC DEVELOPMENT SERIES 2001 (IDR, US BANK
NA LOC)+/-ss 0.46 12/01/2016 945,000
8,001,364
--------------
OREGON: 2.31%
5,730,000 MEDFORD OR HOSPITAL FACILITIES AUTHORITY CASCADE MANOR PROJECT
(HCFR, KBC BANK NV LOC)+/-ss 0.18 07/01/2036 5,730,000
310,000 MULTNOMAH COUNTY OR HOSPITAL FACILITIES AUTHORITY HOLLADAY
PARK PLAZA PROJECT (HCFR, ALLIED IRISH BANK PLC LOC)+/-ss 0.13 11/15/2033 310,000
4,050,000 MULTNOMAH COUNTY OR HOSPITAL FACILITIES AUTHORITY OREGON
BAPTIST RETIREMENT (HCFR, US BANK NA LOC)+/-ss 0.31 11/01/2034 4,050,000
10,090,000
--------------
OTHER: 0.30%
1,300,000 BB&T MUNICIPAL TRUST (LEASE REVENUE, BRANCH BANKING & TRUST
LOC)+/-ss 0.24 09/01/2026 1,300,000
--------------
Wells Fargo Advantage Money Market Trusts 31
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
PENNSYLVANIA: 6.23%
$ 4,205,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC SENIOR
LIVING CORPORATION (HCFR, FNMA INSURED)+/-ss 0.28% 07/15/2028 $ 4,205,000
995,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER REVENUE, AMBAC
INSURED)+/-ss 0.36 10/01/2025 995,000
10,930,000 MONTGOMERY COUNTY IDA (HCFR, RADIAN INSURED, TD BANKNORTH NA
LOC)+/-ss 0.15 11/15/2029 10,930,000
450,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING SERIES A
(COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 0.45 07/01/2034 450,000
830,000 PENNSYLVANIA STATE HEFAR STUDENT HOUSING REVENUE SERIES A
(OTHER REVENUE, SOVEREIGN BANK FSB LOC)+/-ss 0.35 11/01/2036 830,000
4,995,000 RBC MUNICIPAL PRODUCTS INCORPORATED TRUST SERIES E11
(HCFR, ROYAL BANK OF CANADA LOC)+/-ss 0.39 12/01/2011 4,995,000
4,800,000 SOUTHEASTERN PA TRANSPORTATION AUTHORITY (TRANSPORTATION
REVENUE, PNC BANK NA LOC)+/-ss 0.25 03/01/2022 4,800,000
27,205,0000
--------------
SOUTH DAKOTA: 1.17%
100,000 LAWRENCE COUNTY SD HOMESTAKE MINING SERIES B (IDR, BANK OF
MONTREAL LOC)+/-ss 0.24 07/01/2032 100,000
5,000,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY SERIES A (HOUSING
REVENUE)+/-ss 0.27 05/01/2039 5,000,000
5,100,000
--------------
TENNESSEE: 5.01%
3,000,000 ALCOA MARYVILLE BLOUNT COUNTY TN INDUSTRIAL DEVELOPMENT BOARD
SERIES A (OTHER REVENUE, BRANCH BANKING & TRUST LOC)+/-ss 0.33 06/01/2036 3,000,000
9,895,000 BLOUNT COUNTY TN PUBLIC BUILDING AUTHORITY SERIES E3D (OTHER
REVENUE, KBC BANK NV LOC)+/-ss 0.17 06/01/2026 9,895,000
5,000,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY (HCFR, BRANCH
BANKING & TRUST LOC)+/-ss 0.33 06/01/2035 5,000,000
3,995,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL GOVERNMENT
PUBLIC IMPROVEMENT SERIES A4 (OTHER REVENUE, KBC BANK NV
LOC)+/-ss 0.17 06/01/2025 3,995,000
21,890,000
--------------
TEXAS: 4.37%
2,260,000 AUSTIN TX SUBSERIES B (TAX REVENUE, DEXIA CREDIT LOCAL DE
FRANCE LOC)+/-ss 0.75 11/15/2029 2,260,000
4,000,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION PALISADES PARK
APARTMENTS PROJECT (MFHR, FNMA INSURED)+/-ss 0.32 09/01/2039 4,000,000
995,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514 (OTHER
REVENUE, PERMANENT SCHOOL FUND GUARANTEED INSURED)+/-ss 0.34 02/15/2038 995,000
200,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
CORPORATION HERMAN HEALTH SERIES D2 (HCFR, AIB GROUP LOC)+/-ss 0.55 06/01/2029 200,000
300,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
CORPORATION HERMANN HEALTH SERIES D1 (HCFR, JPMORGAN CHASE
BANK LOC)+/-ss 0.24 06/01/2029 300,000
1,100,000 HOUSTON TX SERIES SG 139 (COLLEGE & UNIVERSITY REVENUE,
SOCIETE GENERALE LOC)+/-ss 0.40 11/15/2029 1,100,000
2,495,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER REVENUE, MBIA
INSURED)+/-ss 0.51 12/01/2023 2,495,000
4,105,000 MIDLOTHIAN TX INDUSTRIAL DEVELOPMENT CORPORATION CROW CEMENT
COMPANY PROJECT (IDR, UBS AG LOC)+/-ss 0.23 12/01/2009 4,105,000
2,400,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR)+/-ss 0.26 04/01/2027 2,400,000
1,200,000 TEXAS STATE TAX & REVENUE ANTICIPATION NOTES (OTHER REVENUE) 2.50 08/31/2010 1,224,141
19,079,141
--------------
VERMONT: 1.96%
8,540,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY
FLETCHER ALLEN HOSPITAL SERIES A (HCFR, TD BANKNORTH NA
LOC)+/-ss 0.21 12/01/2030 8,540,000
--------------
VIRGINIA: 0.92%
4,000,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY
SERIES B (HCFR, BRANCH BANKING & TRUST LOC)+/-ss 0.15 07/01/2037 4,000,000
--------------
32 Wells Fargo Advantage Money Market Trusts
Portfolio of Investments--August 31, 2009 (Unaudited)
NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- --------------- ------------- --------------- ------------- --------------
WASHINGTON: 0.46%
$ 420,000 EVERETT WA (PROPERTY TAX REVENUE LOC, BANK OF AMERICA NA
LOC)+/-ss 0.38% 12/01/2021 $ 420,000
245,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE,
FHLMC INSURED)+/-ss 0.33 07/01/2035 245,000
350,000 WASHINGTON STATE (COLLEGE AND UNIVERSITY REVENUE, CITIBANK NA
LOC)+/-ss++ 0.29 01/01/2029 350,000
1,000,000 WASHINGTON STATE SERIES R-A (OTHER REVENUE, FIRST SECURITY
BANK LOC) 5.50 09/01/2009 1,000,000
2,015,000
--------------
WEST VIRGINIA: 2.24%
6,100,000 WEIRTON WV MUNICIPAL HOSPITAL BUILDING COMMISSION WEIRTON
MEDICAL CENTER INCORPORATED (HCFR, PNC BANK NA LOC)+/-ss 0.29 12/01/2031 6,100,000
3,700,000 WEST VIRGINIA STATE PARKWAYS ECONOMIC DEVELOPMENT & TOURISM
AUTHORITY (OTHER REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.37 04/15/2019 3,700,000
9,800,000
--------------
WISCONSIN: 0.86%
3,750,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES SERIES A
(OTHER REVENUE, KBC BANK NV LOC)+/-ss 0.37 03/01/2038 3,750,000
--------------
WYOMING: 0.61%
2,675,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT SERIES A
(PCR, BARCLAYS BANK PLC LOC)+/-ss 0.24 07/01/2015 2,675,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $420,395,408) 420,395,408
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $437,550,408)* 100.21% $ 437,550,408
OTHER ASSETS AND LIABILITIES, NET (0.21) (896,210)
------ --------------
TOTAL NET ASSETS 100.00% $ 436,654,198
------ --------------
- ----------
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(q) Credit enhancement is provided by an affiliate.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
34 Wells Fargo Advantage Money Market Trusts
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
California National
Tax-Free Money Money Tax-Free Money
Market Trust Market Trust Market Trust
-------------- -------------- --------------
ASSETS
Investments
In securities, at value (see cost below) .................. $560,130,773 $2,592,672,851 $437,550,408
Cash ......................................................... 51,352 89,106 51,358
Receivable for investments sold .............................. 0 3,999,182 0
Receivables for interest ..................................... 398,487 771,470 384,123
Prepaid temporary government guarantee program (Note 4) ...... 13,921 100,852 5,071
Prepaid expenses and other assets ............................ 0 0 5,837
------------ -------------- ------------
Total assets .................................................... 560,594,533 2,597,633,461 437,996,797
------------ -------------- ------------
LIABILITIES
Payable for investments purchased ............................ 845,000 19,017,374 1,224,142
Dividends payable ............................................ 76,067 509,457 49,426
Payable to investment advisor and affiliates (Note 3) ........ 90,673 417,248 69,031
Accrued expenses and other liabilities ....................... 46,896 145,361 0
------------ -------------- ------------
Total liabilities ............................................... 1,058,636 20,089,440 1,342,599
------------ -------------- ------------
TOTAL NET ASSETS ................................................ $559,535,897 $2,577,544,021 $436,654,198
============ ============== ============
NET ASSETS CONSIST OF
Paid-in capital .............................................. $559,540,059 $2,585,974,394 $436,630,207
Undistributed/overdistributed net investment income .......... (386) 1 918
Undistributed net realized gain (loss) on investments ........ (3,776) 43,390 23,073
Net unrealized depreciation of investments ................... 0 (8,473,764) 0
------------ -------------- ------------
TOTAL NET ASSETS ................................................ $559,535,897 $2,577,544,021 $436,654,198
============ ============== ============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets ................................................... $559,535,897 $2,577,544,021 $436,654,198
Shares outstanding ........................................... 559,527,383 2,586,052,716 436,623,643
Net asset value and offering price per share ................. $ 1.00 $ 1.00 $ 1.00
------------ -------------- ------------
Investments at cost ............................................. $560,130,773 $2,601,146,615 $437,550,408
------------ -------------- ------------
- ----------
(1.) Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Trusts 35
Statements of Assets and Liabilities--August 31, 2009 (Unaudited)
California National
Tax-Free Money Money Tax-Free Money
Market Trust Market Trust Market Trust
-------------- ------------ --------------
INVESTMENT INCOME
Interest ............................................. $ 1,666,690 $ 9,554,106 $ 1,196,370
----------- ----------- -----------
EXPENSES
Administration fees .................................. 505,811 2,245,720 367,093
Custody fees ......................................... 59,507 264,202 43,187
Accounting fees ...................................... 26,406 80,023 20,417
Professional fees .................................... 12,442 14,787 16,569
Registration fees .................................... 1,062 50,298 6,120
Shareholder reports .................................. 5,682 20,408 4,347
Trustees' fees ....................................... 5,289 5,289 5,289
Temporary government guarantee program (Note 4) ...... 144,333 1,030,064 52,544
Other fees and expenses .............................. 6,598 29,267 3,027
----------- ----------- -----------
Total expenses ....................................... 767,130 3,740,058 518,593
----------- ----------- -----------
LESS
Waived fees and reimbursed expenses (Note 3) ......... (27,703) (67,970) (34,174)
Net expenses ......................................... 739,427 3,672,088 484,419
----------- ----------- -----------
Net investment income ................................... 927,263 5,882,018 711,951
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN AND LOSS FROM INVESTMENTS ............. (3,776) 149,802 23,073
----------- ----------- -----------
NET CHANGE IN UNREALIZED DEPRECIATION OF INVESTMENTS .... 0 (172,851) 0
----------- ----------- -----------
Net realized and unrealized gain (loss) on investments .. (3,776) (23,049) 23,073
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .... $ 923,487 $ 5,858,969 $ 735,024
=========== =========== ===========
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Money Market Trusts
Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET TRUST
---------------------------------------
For the
Six Months Ended For the
August 31, 2009 Year Ended
(Unaudited) February 28, 2009
---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................. $ 651,563,307 $ 720,667,146
OPERATIONS
Net investment income ................................................. 927,263 11,863,709
Net realized gain (loss) on investments ............................... (3,776) 77,552
Net change in unrealized appreciation (depreciation) of investments ... 0 0
------------- ---------------
Net increase in net assets resulting from operations ..................... 923,487 11,941,261
------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income ................................................. (927,263) (11,863,708)
Net realized gain on sales of investments ............................. 0 (99,336)
------------- ---------------
Total distributions to shareholders ...................................... (927,263) (11,963,044)
------------- ---------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold ............................................. 668,814,924 1,792,551,071
Reinvestment of distributions ......................................... 13,608 214,116
Cost of shares redeemed ............................................... (760,852,166) (1,861,847,243)
------------- ---------------
Net increase (decrease) in net assets resulting from capital share
transactions .......................................................... (92,023,634) (69,082,056)
------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS .................................... (92,027,410) (69,103,839)
============= ===============
ENDING NET ASSETS ........................................................ $ 559,535,897 $ 651,563,307
============= ===============
SHARES ISSUED AND REDEEMED
Shares sold ........................................................... 668,814,924 1,792,551,071
Shares issued in reinvestment of distributions ........................ 13,608 214,116
Shares redeemed ....................................................... (760,852,166) (1,861,847,243)
------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .................................................... (92,023,634) (69,082,056)
============= ===============
Ending balance of undistributed/overdistributed net investment income .... $ (386) $ (386)
------------- ---------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Trusts 37
Statements of Changes in Net Assets
MONEY MARKET TRUST NATIONAL TAX-FREE MONEY MARKET TRUST
- ------------------------------------ ------------------------------------
For the For the
Six Months Ended For the Six Months Ended For the
August 31, 2009 Year Ended August 31, 2009 Year Ended
(Unaudited) February 28, 2009 (Unaudited) February 28, 2009
- ---------------- ----------------- ---------------- -----------------
$ 2,614,622,654 $ 3,754,221,000 $ 363,678,322 $ 324,273,448
5,882,018 67,538,122 711,951 5,571,235
149,802 (106,412) 23,073 13,379
(172,851) (6,133,011) 0 0
- --------------- ---------------- --------------- ---------------
5,858,969 61,298,699 735,024 5,584,614
- --------------- ---------------- --------------- ---------------
(5,882,019) (67,538,122) (711,954) (5,571,235)
0 (52,372) 0 (1,301)
- --------------- ---------------- --------------- ---------------
(5,882,019) (67,590,494) (711,954) (5,572,536)
- --------------- ---------------- --------------- ---------------
4,769,517,167 16,207,155,322 5,104,343,380 3,752,125,514
36,183 79 9,642 15,749
(4,806,608,933) (17,340,461,952) (5,031,400,216) (3,712,748,467)
- --------------- ---------------- --------------- ---------------
(37,055,583) (1,133,306,551) 72,952,806 39,392,796
- --------------- ---------------- --------------- ---------------
(37,078,633) (1,139,598,346) 72,975,876 39,404,874
=============== ================ =============== ===============
$ 2,577,544,021 $ 2,614,622,654 $ 436,654,198 $ 363,678,322
=============== ================ =============== ===============
4,769,517,167 16,207,155,322 5,104,343,380 3,752,125,514
36,183 79 9,642 15,749
(4,806,608,933) (17,340,461,952) (5,031,400,216) (3,712,748,467)
- --------------- ---------------- --------------- ---------------
(37,055,583) (1,133,306,551) 72,952,806 39,392,796
=============== ================ =============== ===============
$ 1 $ 2 $ 918 $ 921
- --------------- ---------------- --------------- ---------------
38 Wells Fargo Advantage Money Market Trusts
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
--------- ------------- -------------- -------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(5)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(3) ......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(5)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.05 0.00 (0.05)
March 1, 2006 to February 28, 2007 ............ $1.00 0.05 0.00 (0.05)
April 1, 2005 to February 28, 2006(3) ......... $1.00 0.03 0.00 (0.03)
April 1, 2004 to March 31, 2005 ............... $1.00 0.02 0.00 (0.02)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (0.01)
NATIONAL TAX-FREE MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 (Unaudited) .. $1.00 0.00 0.00 0.00(5)
March 1, 2008 to February 28, 2009 ............ $1.00 0.02 0.00 (0.02)
March 1, 2007 to February 29, 2008 ............ $1.00 0.03 0.00 (0.03)
March 1, 2006 to February 28, 2007 ............ $1.00 0.03 0.00 (0.03)
April 1, 2005 to February 28, 2006(3) ......... $1.00 0.02 0.00 (0.02)
April 1, 2004 to March 31, 2005 ............... $1.00 0.01 0.00 (0.01)
April 1, 2003 to March 31, 2004 ............... $1.00 0.01 0.00 (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 would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods
less than one year are not annualized.
(3.) The Fund changed its fiscal year-end from March 31 to February 28.
(4.) Amount is less than .005%.
(5.) Amount is less than $0.005.
(6.) The following represents expense ratios excluding expenses related to
Temporary Government Guarantee Program (see Note 4):
Gross Expenses Net Expenses
-------------- ------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 ..... 0.21% 0.20%
March 1, 2008 to February 28, 2009 ... 0.20% 0.20%
MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 ..... 0.21% 0.20%
March 1, 2008 to February 28, 2009 ... 0.20% 0.20%
NATIONAL TAX-FREE MONEY MARKET TRUST
March 1, 2009 to August 31, 2009 ..... 0.22% 0.20%
March 1, 2008 to February 28, 2009 ... 0.22% 0.20%
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Money Market Trusts 39
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)(1)
Distributions Net Asset ----------------------------------------------- Net Assets at
from Net Value Per Net Investment Gross Expenses Net Total End of Period
Realized Gains Share Income (Loss) Expenses Waived Expenses Return(2) (000's omitted)
- -------------- --------- -------------- -------- -------- -------- --------- ---------------
0.00 $1.00 0.31% 0.26%(6) (0.01)% 0.25%(6) 0.16% $ 559,536
0.00(5) $1.00 1.66% 0.22%(6) 0.00%(4) 0.22%(6) 1.69% $ 651,563
0.00 $1.00 3.24% 0.21% (0.01)% 0.20% 3.31% $ 720,667
0.00 $1.00 3.26% 0.21% (0.01)% 0.20% 3.31% $ 573,293
0.00 $1.00 2.43% 0.21% (0.01)% 0.20% 2.26% $ 485,164
0.00 $1.00 1.24% 0.21% (0.01)% 0.20% 1.24% $ 556,885
0.00 $1.00 0.81% 0.21% (0.01)% 0.20% 0.82% $ 501,853
0.00 $1.00 0.45% 0.28%(6) 0.00%(4) 0.28%(6) 0.22% $2,577,544
0.00(5) $1.00 2.21% 0.23%(6) 0.00%(4) 0.23%(6) 2.16% $2,614,623
0.00 $1.00 4.90% 0.20% 0.00%(4) 0.20% 5.05% $3,754,221
0.00 $1.00 5.03% 0.20% 0.00%(4) 0.20% 5.13% $2,674,810
0.00 $1.00 3.53% 0.20% 0.00%(4) 0.20% 3.23% $2,599,058
0.00 $1.00 1.59% 0.20% 0.00%(4) 0.20% 1.61% $2,070,151
0.00 $1.00 0.98% 0.21% (0.01)% 0.20% 1.00% $1,448,899
0.00 $1.00 0.33% 0.24%(6) (0.02)% 0.22%(6) 0.18% $ 436,654
0.00(5) $1.00 1.65% 0.23%(6) (0.02)% 0.21%(6) 1.78% $ 363,678
0.00 $1.00 3.31% 0.22% (0.02)% 0.20% 3.36% $ 324,273
0.00 $1.00 3.31% 0.21% (0.01)% 0.20% 3.39% $ 295,865
0.00 $1.00 2.49% 0.21% (0.01)% 0.20% 2.30% $ 599,064
0.00 $1.00 1.18% 0.22% (0.02)% 0.20% 1.25% $ 293,653
0.00 $1.00 0.86% 0.21% (0.01)% 0.20% 0.86% $ 563,985
40 Wells Fargo Advantage Money Market Trusts
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 August 31,
2009, was comprised of 98 separate series. These financial statements present
the California Tax-Free Money Market Trust, Money Market Trust, and National
Tax-Free Money Market Trust (each, a "Fund", collectively, the "Funds"). Each
Fund, except for the California Tax-Free Money Market Trust, is a diversified
series of the Trust. The California Tax-Free Money Market Trust is a
non-diversified series of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with U.S. Generally Accepted Accounting Principles ("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. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through October 22, 2009 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
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
The Funds invest only in securities with remaining maturities not exceeding 397
days (13 months). Certain floating- and variable-rate instruments in the
portfolio may have maturities in excess of 397 days, but carry a demand feature
that permits the holder to tender the instruments back to the issuer at par
value prior to maturity.
The amortized cost method is used to value portfolio securities, which
approximates fair value. The amortized cost method involves valuing a security
at its cost, plus accretion of discount or minus amortization of premium over
the period until maturity, which approximates market value. The Funds seek to
maintain a constant net asset value of $1.00 per share, although there is no
assurance that they will be able to do so.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FAIR VALUATION MEASUREMENTS
In accordance with Financial Accounting Standards No. 157, FAIR VALUE
MEASUREMENTS ("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,
Wells Fargo Advantage Money Market Trusts 41
Notes to Financial Statements
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 Funds' own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of August 31, 2009 in valuing
the Funds' investments in securities:
Significant
Significant Other Unobservable Total Fair
Quoted Price Observable Inputs Inputs Value as
INVESTMENT IN SECURITIES* (Level 1) (Level 2) (Level 3) of 8/31/2009
- ------------------------- ------------ ----------------- ------------ --------------
CALIFORNIA TAX-FREE MONEY MARKET TRUST
Commercial paper $0 $ 36,425,000 $ 0 $ 36,425,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 523,705,773 0 $ 523,705,773
TOTAL $0 $ 560,130,773 $ 0 $ 560,130,773
MONEY MARKET TRUST
Commercial paper $0 $1,483,044,253 $8,819,720 $1,491,863,973
Corporate debt securities 0 301,943,451 0 301,943,451
Debt securities issued by states in the
U.S. and its political subdivisions 0 171,254,451 0 171,254,451
Repurchase agreements 0 144,600,000 0 144,600,000
Other 0 483,010,976 0 483,010,976
TOTAL $0 $2,583,853,131 $8,819,720 $2,592,672,851
NATIONAL TAX-FREE MONEY MARKET TRUST
Commercial paper $0 $ 17,155,000 $ 0 $ 17,155,000
Debt securities issued by states in the
U.S. and its political subdivisions 0 420,395,408 0 420,395,408
TOTAL $0 $ 437,550,408 $ 0 $ 437,550,408
* Further details on the major security types listed above can be found in
the Portfolio of Investments.
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Money Market
Trust
------------
BALANCE AS OF 02/28/2009 $8,992,571
COMMERCIAL PAPER
Accrued discounts (premiums) 0
Realized gain (loss) 0
Change in unrealized appreciation (depreciation) (172,851)
Net purchases (sales) 0
Transfer in (out) of Level 3 0
BALANCE AS OF 08/31/2009 $8,819,720
42 Wells Fargo Advantage Money Market Trusts
Notes to Financial Statements
Money Market Trust
------------------
Change in unrealized appreciation (depreciation)
relating to securities held at the end
of reporting period $(172,851)
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of the identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared daily and distributed to shareholders
monthly. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company 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
August 31, 2009.
Management has analyzed each Fund's tax positions taken on federal income tax
returns for all open tax years and has concluded that as of August 31, 2009, no
provision for income tax would be required in the Fund's financial statements.
The Fund's 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: February 28, 2006; February 28, 2007; February 29, 2008; February 28,
2009) are subject to examination by the Internal Revenue Service and state
departments of revenue.
At February 28, 2009, the Funds' prior fiscal year-end, net capital loss
carryforwards, which are available to offset future net realized capital gains,
were:
Capital Loss
FUND Expiration Year Carryforwards
- ---- --------------- -------------
MONEY MARKET TRUST 2017 $106,412
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC ("Funds Management"). The repurchase agreements must be fully
collateralized based on values that are marked to market daily. The collateral
may be held by an agent bank under a tri-party agreement. It is the custodian's
responsibility to value collateral daily and to take action to obtain additional
collateral as necessary to maintain market value equal to or greater than the
resale price. The repurchase agreements are collateralized by instruments such
as U.S. Treasury, federal agency, or high-grade corporate obligations. There
could be potential loss to a Fund in the event that such Fund is delayed or
prevented from exercising its rights to dispose of the collateral, including the
risk of a possible decline in the value of the underlying obligations during the
period in which a Fund seeks to assert its rights.
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
Wells Fargo Advantage Money Market Trusts 43
Notes to Financial Statements
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 August 31, 2009, the following Fund owned certain of these types of
structured securities 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 the Fund's net assets invested in these securities:
Defaulted SIVs
FUND ($ Market Value) % of Net Assets
- ---- ---------------- ---------------
MONEY MARKET TRUST $8,819,720 0.34
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with 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 advisory contract, Funds Management does not receive a fee for
providing those services.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Average % of Average
Daily Net Assets Daily Net Assets
---------------- ----------------
ALL FUNDS First $5 billion 0.17
Next $5 billion 0.16
Over $10 billion 0.15
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 FUNDS 0.02
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.
44 Wells Fargo Advantage Money Market Trusts
Notes to Financial Statements
CUSTODY AND FUND ACCOUNTING AGREEMENT
On August 10, 2009, the Funds entered into a contract with State Street Bank and
Trust Company ("State Street"), whereby State Street will be responsible for
providing custody services and fund accounting services to the Funds (the
"Custody and Fund Accounting Agreement"). Pursuant to the Custody and Fund
Accounting Agreement, State Street will be entitled to an annual asset-based fee
for domestic custody services for the Funds of 0.10 basis points of the
complexwide net assets, and for certain specific transaction fees which are set
forth in the Custody and Fund Accounting Agreement. State Street also will be
entitled to a fee for global custody services for any non-US assets in the
Funds, which is divided into an annual asset-based fee ranging from 1.00 basis
points to 55.00 basis points of month-end assets held, and specific trading
fees, both of which vary by country, and are also set forth in the Custody and
Fund Accounting Agreement. Also pursuant to the Custody and Fund Accounting
Agreement, State Street will be entitled to receive annual asset-based fees for
providing fund accounting services to the Funds. State Street is expected to
replace WFB and PNC as the Funds' custodian and fund accountant, respectively,
on or about January 11, 2010.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements of
Operations, for the six-month period ended August 31, 2009, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has committed through June 30, 2010, to
waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Net operating expense ratio
during the period was as follows:
Net Operating
Expense Ratios
--------------
ALL FUNDS 0.20%
4. TEMPORARY GUARANTEE PROGRAM FOR MONEY MARKET FUNDS
On March 31, 2009, the U.S. Department of the Treasury (the "Treasury")
announced a second extension of the Temporary Guarantee Program for Money Market
Funds beginning on May 1, 2009 through September 18, 2009 (the "Extended
Program"). On April 8, 2009, the Board of Trustees of Wells Fargo Funds Trust
and Wells Fargo Variable Trust (collectively, the "Board") unanimously approved
the participation of each money market fund in the Extended Program, except for
the Treasury Plus Money Market Fund and 100% Treasury Money Market Fund (the
"Funds").
Consistent with the Funds' participation in the initial three-month term and the
first extension, the Extended Program applies only to shareholders of record of
each Fund as of September 19, 2008. Subject to certain conditions and
limitations, in the event that the market-based net asset value per share of a
Fund falls below $0.995 and the Fund liquidates its holdings, any shares held by
an investor in the Fund as of the close of business on September 19, 2008, or
held by the investor when the market-based net asset value per share of the Fund
falls below $0.995, whichever is less, are insured against loss under the
Extended Program. Shares acquired by investors after September 19, 2008 are
generally not eligible for protection under the Extended Program.
Participation in the Extended Program required a payment to the Treasury in the
amount of either 0.015% or 0.023%, depending upon the market-based net asset
value of a Fund as of September 19, 2008 (the "Program Participation Payment").
The Board has determined that the Program Participation Payment is an
extraordinary expense that will be borne by each Fund without regard to the
expense cap currently in effect for such Fund. The Program Participation Payment
is borne by the current assets of each Fund as a whole, notwithstanding that the
Extended Program applies to only shareholders of record as of September 19,
2008, as described above.
5. CONCENTRATION OF RISK
California Tax-Free Money Market Trust invests a substantial portion of it's
assets in issuers of municipal debt securities located in a single state,
therefore, it may be more affected by economic and political developments in
that state or region than would be a comparable general tax-exempt mutual fund.
6. SUBSEQUENT EVENTS
On September 11, 2009, WFB, an affiliate of the Money Market Trust, purchased
$4,966,689 of Victoria Finance LLC from the Fund at amortized cost (a price in
excess of the security's current fair value). The excess of purchase price over
current fair value amounted to $2,433,665 and will be treated as a reimbursement
from affiliate for losses realized on securities.
Wells Fargo Advantage Money Market Trusts 45
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"), and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 133 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
NON-INTERESTED TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ---------------------- ------------------------------------------------------------ -------------------
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)
Isaiah Harris, Jr. Trustee, since 2009 Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
56 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.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Trustee, since 2009 James Irvin Miller Professor of Accounting at the Graduate None
58 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.
46 Wells Fargo Advantage Money Market Trusts
Other Information
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
- ------------ ---------------------- ------------------------------------------------------------ -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
56 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
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
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
50 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
49 Chief Legal Officer, Management, LLC since 2001. Managing Counsel of Wells Fargo
since 2003 Bank, N.A. since 2000.
David Berardi(3) Treasurer and Vice President of Evergreen Investment Management Company, None
34 Assistant Treasurer, LLC since 2008. Assistant Vice President of Evergreen
since 2009 Investment Services, Inc. from 2004 to 2008. Manager of Fund
Reporting and Control for Evergreen Investment Management
Company, LLC since 2004.
Jeremy DePalma(3) Treasurer and Senior Vice President of Evergreen Investment Management sNone
35 Assistant Treasurer, Company, LLC since 2008. Vice President, Evergreen
since 2009 Investment Services, Inc. from 2004 to 2007. Assistant Vice
President, Evergreen Investment Services, Inc. from 2000 to
2004 and the head of the Fund Reporting and Control Team
within Fund Administration since 2005.
Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, None
45 Officer, 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.) Effective June 1, 2009.
Wells Fargo Advantage Money Market Trusts 47
Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
CALIFORNIA TAX-FREE MONEY MARKET TRUST, MONEY MARKET TRUST AND NATIONAL TAX-FREE
MONEY MARKET TRUST
The Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"),
all of the members of which have no direct or indirect interest in the
investment advisory and sub-advisory agreements and are not "interested
persons"of the Trust, as defined in the Investment Company Act of 1940 (the
"1940 Act") (the "Independent Trustees"), are required to annually review and
consider the continuation of the investment advisory and sub-advisory
agreements. During the six months covered by this report, the Board reviewed and
re-approved: (i) an investment advisory agreement with Wells Fargo Funds
Management, LLC ("Funds Management") for the California Tax-Free Money Market
Trust, National Tax-Free Money Market Trust and Money Market Trust (the
"Funds"); and (ii) an investment sub-advisory agreement with Wells Capital
Management Incorporated ("Wells Capital Management") for the Funds. The
investment advisory agreement with Funds Management and the investment
sub-advisory agreement with Wells Capital Management are collectively referred
to as the "Advisory Agreements."
More specifically, at a meeting held on March 27, 2009, the Board considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 27, 2009, meeting, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Board also met regularly throughout the year
and received information that was useful to them in considering the continuation
of the Advisory Agreements. The Independent Trustees were assisted in their
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and Wells Capital Management under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees'independent legal counsel. The
Board received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds, tenures and responsibilities of the portfolio
managers primarily responsible for day-to-day portfolio management of the Funds.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Board further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management. In addition, the Board took into account the
administrative services provided to the Funds by Funds Management and its
affiliates.
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 with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. 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 provided to the Funds by
Funds Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each Fund over various time
periods ended December 31, 2008. The Board also considered these results in
comparison to the median performance of a universe of mutual funds that was
determined by Lipper Inc. ("Lipper") to be similar to each Fund (the
"Universe"), as well as to each Fund's benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
received a description of the methodology used by Lipper to select the mutual
funds in the Universe.
The Board noted that the performance of each Fund was better than the median
performance of each Fund's Universe for all time periods.
48 Wells Fargo Advantage Money Market Trusts
Other Information
The Board received and considered information regarding each Fund's contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 fees, service fees, fee waivers/caps and/or
expense reimbursements. The Board also considered these fees in comparison to
the median fees of a narrower group of mutual funds that was determined by
Lipper to be similar to the Funds (the "Expense Group") and to other comparative
data. The Board received a description of the methodology used by Lipper to
select the mutual funds in the Expense Group. The Board noted that the net
operating expense ratios for each Fund was lower than, or in range of each
Fund's Expense Group's median net operating expense ratios.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's
Expense Group. The Board noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, or not appreciably higher than,
the median rates of each Fund's respective Expense Group. In addition, the Board
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Expense Group, and reasonable
in relation to the services provided.
The Board also concluded that the Sub-Advisory Agreement Rates were reasonable
in relation to the services provided.
PROFITABILITY
The Board received and considered a profitability analysis of Funds Management,
as well as an analysis of the profitability to all Wells Fargo businesses of
providing services to each Fund and the Fund complex as a whole. The Board also
considered related information provided by Funds management in a separate
presentation on financial matters made at the February 2009 Board meeting. The
Board concluded that, in light of the costs of providing investment management
and other services to the Funds, the profits and other ancillary benefits that
Funds Management and its affiliates received with regard to providing these
services to each Fund and the Fund complex as a whole were not unreasonable. The
Board did not consider separate profitability information with respect to Wells
Capital Management, as its profitability from its relationship with the Funds
was not a material factor in determining whether to renew the investment
sub-advisory agreement. The Board noted that the profitability of Wells Capital
Management, which is affiliated with Funds Management, was included in the
profitability analysis provided by Funds Management.
ECONOMIES OF SCALE
The Board received and considered general information regarding economies of
scale with respect to the management of the Funds, including whether the Funds
have appropriately benefited from any economies of scale and the potential for
future realization of economies of scale. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders.
Wells Fargo Advantage Money Market Trusts 49
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 those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Funds and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Funds
(such as the ability to market to shareholders other financial products offered
by Funds Management and its affiliates, including Wells Capital Management).
The Board also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares are offered and sold. The
Board noted that the Funds are part of one of the few fund families that have
both direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for each Fund was in the
best interest of the Fund and its shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
50 Wells Fargo Advantage Money Market Trusts
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
ETF -- Exchange-Traded Fund
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 Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MMD -- Municipal Market Data
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
SPDR -- Standard & Poor's Depositary Receipts
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
(REDUCE CLUTTER. SAVE TREES. LOGO) REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
WELLS ADVANTAGE
FARGO FUNDS
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 FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(LOGO)
Printed on Recycled paper
(C) 2009 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
118016 10-09
SMMF/SAR119 08-09
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.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (Continued)
========================================================================
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: October 23, 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: October 23, 2009
By: /s/ Jeremy M. DePalma
-------------------------
Jeremy M. DePalma
Treasurer
Date: October 23, 2009
By: /s/ David S. Berardi
-------------------------
David S. Berardi
Treasurer
Date: October 23, 2009