N-CSRS 1 g46631_ncsrsfundstrust.txt G46631_NCSRSFUNDSTRUST.TXT 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, 2009 Date of reporting period: August 31, 2008 ITEM 1. REPORT TO SHAREHOLDERS =============================== (WELLS FARGO ADVANTAGE FUNDS LOGO) (LOGO) Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY Semi-Annual Report August 31, 2008 (GRAPHIC) 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 ......................................................... 16 Target 2020 Fund ......................................................... 17 Target 2025 Fund ......................................................... 17 Target 2030 Fund ......................................................... 17 Target 2035 Fund ......................................................... 18 Target 2040 Fund ......................................................... 18 Target 2045 Fund ......................................................... 19 Target 2050 Fund ......................................................... 19 FINANCIAL STATEMENTS Statements of Assets and Liabilities ..................................... 20 Statements of Operations ................................................. 24 Statements of Changes in Net Assets ...................................... 26 Financial Highlights ..................................................... 36 NOTES TO FINANCIAL STATEMENTS ............................................ 46 MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS Diversified Fixed Income Portfolio ....................................... 52 Diversified Stock Portfolio .............................................. 81 Money Market Portfoio .................................................... 178 FINANCIAL STATEMENTS Statements of Assets and Liabilities ..................................... 182 Statements of Operations ................................................. 183 Statements of Changes in Net Assets ...................................... 184 Financial Highlights ..................................................... 186 Notes to Financial Statements ............................................ 187 Other Information ........................................................ 194 List of Abbreviations .................................................... 200
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE WELLS FARGO ADVANTAGE FUNDS(R) (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 120 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. INTEGRITY. EXPERTISE. SOLUTIONS. GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished itself by safely delivering people and their valuables to distant destinations. To meet the needs of a vibrant, expanding nation, the company successfully forged partnerships with local specialists who knew the terrain. Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to put the same time and effort into selecting independent portfolio management teams who oversee our Funds. It's our way of maintaining this early commitment to integrity and expertise and to providing solutions that help you reach your destination. INDEPENDENT THINKING. With a primary focus on delivering long-term performance and risk management, our approach offers investors access to the strategic thinking of independent investment teams from 15 different management firms. While each of our teams concentrates on a specific strategy, collectively they provide in-depth knowledge and insight across distinct investment styles. TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular investment styles and for their consistent, repeatable processes. All remain independent and free to concentrate solely on managing money and producing results. Our strict adherence to this approach provides a consistent focus on long-term results and allows investors to tap into the expertise of leading institutional investment managers to create fully diversified portfolios. SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with strategic investment solutions that help navigate the complex and ever-changing investment landscape. Our diverse family of mutual funds includes more than 100 Funds that cover a broad spectrum of investment styles and asset classes, and each Fund has its own disciplined approach to investing. NOT PART OF THE SEMI-ANNUAL REPORT. WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $150 BILLION IN ASSETS UNDER MANAGEMENT, AS OF AUGUST 31, 2008. 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 Specialized Financial Services Fund Specialized Technology Fund Strategic Small Cap Value Fund U.S. Value Fund BOND FUNDS California Limited-Term Tax-Free Fund California Tax-Free Fund Colorado Tax-Free Fund Diversified Bond Fund Government Securities Fund(1) High Income Fund Income Plus Fund Inflation-Protected Bond Fund Intermediate Tax-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. 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 REAL ESTATE CRISIS THAT ORIGINATED IN THE UNITED STATES CONTINUED TO AFFECT GLOBAL STOCK AND BOND MARKETS THROUGH MORTGAGE-RELATED ASSETS. 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, 2008. The economy continued to struggle under the heaviness of slower growth, high energy prices, a continuing correction in the housing market, and tighter lending practices that presented financial challenges to businesses, consumers, and government entities. THE CREDIT CRISIS CONTINUES. The real estate crisis that originated in the United States continued to affect global stock and bond markets through mortgage-related assets. The events leading up to the crisis included easy access to credit that encouraged an explosion in mortgage lending, a subsequent rise in home prices, and the packaging of mortgage loans into securities that were often purchased with borrowed money. When home price appreciation stalled in 2006, subprime mortgage borrowers found it difficult to make their mortgage payments as access to credit all but disappeared. The price correction in the market value of homes also prevented some speculators from being able to sell their homes to pay off their full mortgage balances. Others without an eye toward speculation found it difficult to refinance their mortgages because the decline in property values hurt their loan to value ratios and prevented them from qualifying for a new loan. The end result was an increase in mortgage defaults and late payments, which resulted in reduced cash flows to mortgage-backed securities and the added need to raise cash to cover the debt-financed positions. The July collapse of IndyMac Bank, one of the largest mortgage originators in the United States, underscored some of the more acute risks in the market. REGULATORS RESPONDED IN MANY WAYS. Central banks were pressured on many sides. Credit-related problems led to reduced bank lending and dampened consumer sentiment, posing a threat to economic growth. At the same time, rising prices for food and energy put upward pressure on inflation. The Fed focused first on sluggish growth by lowering the federal funds rate (the rate at which member banks borrow money from each other) by 100 basis points (100 basis points equals 1.00%) over the period, with the last rate cut occurring on April 30, 2008. The Fed also lowered the discount rate (the rate at which banks borrow money directly from the Fed) and agreed to make the discount window available to nonbank dealers and to lend to banks for longer-than-normal periods to help ease some of the constraints on liquidity. The U.S. Treasury department provided further market support by requesting and receiving the authority to bail out troubled mortgage giants Fannie Mae and Freddie Mac, if it deemed the action to be necessary. Wells Fargo Advantage Dow Jones Target Date Funds 3 Letter to Shareholders Across the Atlantic, the Bank of England launched a program in April that allowed banks to temporarily swap high-quality securities for U.K. Treasury bills. The European Central Bank (ECB) also acted to provide liquidity. In contrast to other major banks, however, the ECB raised its key rate in July, warning against a replay of 1970s-style inflation if central banks cut interest rates in the face of rising inflation. INVESTORS SOUGHT RELATIVE SAFETY IN HIGH-QUALITY BONDS. During the six-month period, higher-quality bonds outperformed as the market continued to grapple with credit-related volatility. Mortgage-related securities rebounded, in part because of increased investor confidence that the U.S. government would bail out mortgage giants Fannie Mae and Freddie Mac. High-yield bonds posted modestly positive returns after trailing badly earlier in the year. STOCK MARKETS STRUGGLED IN MOST AREAS. The S&P 500 Index returned a negative 2.57% for the six-month period. Value stocks sharply underperformed growth stocks, largely because of continued weakness in financials as the credit fallout from the housing crisis continued to work its way through the system. Most international markets posted negative returns on twin fears of inflation and recession, with Asian markets especially hard hit. Energy stocks were one of the brighter spots in the market, as oil prices softened but remained above year-ago levels. MANY VARIABLES ARE AT WORK IN THE MARKET. Inflation continues to be a potential risk, and the full effect of the struggling mortgage market is still unknown. Fluctuating energy prices and ongoing geopolitical tension continues 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 represent investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. 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 ACROSS THE ATLANTIC, THE BANK OF ENGLAND LAUNCHED A PROGRAM IN APRIL THAT ALLOWED BANKS TO TEMPORARILY SWAP HIGH-QUALITY SECURITIES FOR U.K. TREASURY BILLS. 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 as specified in the following table:
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, 2008) TARGET TODAY FUND (PIE CHART) Bonds (63%) Cash (21%) International Stocks (5%) Domestic Stocks (11%)
TARGET 2010 FUND (PIE CHART) Bonds (62%) Cash (4%) International Stocks (11%) Domestic Stocks (23%)
TARGET 2015 FUND (PIE CHART) Bonds (51%) Cash (4%) International Stocks (14%) Domestic Stocks (31%)
TARGET 2020 FUND (PIE CHART) Bonds (39%) Cash (4%) International Stocks (18%) Domestic Stocks (39%)
TARGET 2025 FUND (PIE CHART) Bonds (27%) Cash (4%) International Stocks (22%) Domestic Stocks (47%)
TARGET 2030 FUND (PIE CHART) Bonds (17%) Cash (4%) International Stocks (25%) Domestic Stocks (54%)
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, 2008) (continued) TARGET 2035 FUND (PIE CHART) Bonds (10%) Cash (4%) International Stocks (27%) Domestic Stocks (59%)
TARGET 2040 FUND (PIE CHART) Bonds (6%) Cash (4%) International Stocks (28%) Domestic Stocks (62%)
TARGET 2045 FUND (PIE CHART) Bonds (5%) Cash (4%) International Stocks (29%) Domestic Stocks (62%)
(PIE CHART) TARGET 2050 FUND Bonds (5%) Cash (4%) International Stocks (29%) Domestic Stocks (62%)
Balanced funds may invest in stocks and bonds. 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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). These Funds are exposed to foreign investment risk and smaller company investment risk. Consult the Funds' prospectus for additional information on these and other risks. 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 (%) (AS OF AUGUST 31, 2008)
Including Sales Charge Excluding Sales Charge Expense Ratio ------------------------------------- --------------------------------------- ----------------- 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(6) Net(7) --------- ------ ------ ------- --------- ------ ------ ------- -------- ------ WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(2) Class A (STWRX) (7.37) (4.69) 3.17 3.67 (1.68) 1.17 4.40 4.29 1.25 1.15 Class B (WFOKX) (7.03) (4.57) 3.26 3.85 (2.03) 0.43 3.61 3.85 2.00 1.90 Class C (WFODX) (3.01) (0.54) 3.63 3.62 (2.01) 0.46 3.63 3.62 2.00 1.90 Administrator (WFLOX) (1.52) 1.44 4.72 4.54 1.08 0.85 Institutional (WOTDX) (1.42) 1.66 4.89 4.62 0.81 0.62 Investor (WFBTX) (1.62) 1.32 4.46 4.32 1.38 0.91 BENCHMARKS Dow Jones Target Today Index(3) (1.06) 2.22 5.59 6.15 Russell 3000(R) Index(4) (1.55) (10.22) 7.57 5.52 Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 4.61 5.58 WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(2) Class A (STNRX) (8.00) (5.75) 4.10 4.00 (2.35) 0.02 5.34 4.62 1.25 1.18 Class B (SPTBX) (7.73) (5.78) 4.21 4.19 (2.73) (0.78) 4.54 4.19 2.00 1.93 Class C (WFOCX) (3.67) (1.74) 4.55 3.95 (2.67) (0.74) 4.55 3.95 2.00 1.93 Administrator (WFLGX) (2.20) 0.31 5.65 4.84 1.07 0.88 Institutional (WFOAX) (2.10) 0.45 5.81 4.92 0.81 0.65 Investor (WFCTX) (2.21) 0.29 5.40 4.65 1.37 0.94 BENCHMARKS Dow Jones Target 2010 Index(3) (1.70) 1.32 7.45 7.53 Russell 3000(R) Index(4) (1.55) (10.22) 7.57 5.52 Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 4.61 5.58
* 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, B, AND C SHARES ARE CLOSED TO NEW INVESTORS. Balanced funds may invest in stocks and bonds. 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). These Funds are exposed to foreign investment risk, mortgage- and asset-backed securites risk, and smaller company investment risk. Consult the Funds' prospectus for additional information on these and other risks. 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 (%) (AS OF AUGUST 31, 2008) (continued)
Expense Ratio Since ----------------- 6 Months* 1 Year Inception Gross(6) Net(7) --------- ------ --------- -------- ------ WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND Administrator (WFFFX) (2.54) (1.78) (1.43) 3.58 0.89 Institutional (WFSCX) (2.37) (1.57) (1.26) 3.71 0.66 Investor (WFQEX) (2.45) (1.72) (1.39) 3.77 0.95 BENCHMARKS Dow Jones Target 2015 Index(3) (1.97) (0.95) 11.41 Russell 3000(R) Index(4) (1.55) (10.22) (10.36) Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 6.86
Including Sales Charge Excluding Sales Charge ------------------------------------- --------------------------------------- WELLS FARGO ADVANTAGE 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year DOW JONES TARGET 2020 FUND(2) --------- ------ ------ ------- --------- ------ ------ --------- Class A (STTRX) (8.31) (9.77) 5.11 3.98 (2.73) (4.24) 6.36 4.60 1.27 1.20 Class B (STPBX) (8.11) (9.96) 5.23 4.18 (3.11) (4.96) 5.55 4.18 2.02 1.95 Class C (WFLAX) (4.14) (6.02) 5.56 3.93 (3.14) (5.02) 5.56 3.93 2.02 1.95 Administrator (WFLPX) (2.63) (3.97) 6.68 4.86 1.09 0.90 Institutional (WFOBX) (2.45) (3.75) 6.90 4.97 0.82 0.67 Investor (WFDTX) (2.64) (4.06) 6.45 4.64 1.39 0.96 BENCHMARKS Dow Jones Target 2020 Index(3) (2.26) (3.08) 9.29 8.42 Russell 3000(R) Index(4) (1.55) (10.22) 7.57 5.52 Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 4.61 5.58
Since Inception --------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND Administrator (WFTRX) (2.65) (5.42) (5.86) 3.68 0.90 Institutional (WFTYX) (2.74) (5.37) (5.82) 3.41 0.67 Investor (WFGYX) (2.76) (5.51) (5.94) 4.31 0.96 BENCHMARKS Dow Jones Target 2025 Index(3) (2.55) (5.05) 11.88 Russell 3000(R) Index(4) (1.55) (10.22) (10.36) Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 6.86
* Returns for periods of less than one year are not annualized. 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 (%) (AS OF AUGUST 31, 2008) (continued)
Including Sales Charge Excluding Sales Charge Expense Ratio ------------------------------------- ---------------------------------------- ------------- Gross Net 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year (6) (7) --------- ------ ------ ------- --------- ------ ------- --------- ----- ---- WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND(2) Class A (STHRX) (8.80) (13.15) 5.72 4.06 (3.21) (7.83) 6.98 4.68 1.29 1.21 Class B (SGPBX) (8.62) (13.56) 5.85 4.26 (3.62) (8.56) 6.17 4.26 2.04 1.96 Class C (WFDMX) (4.60) (9.58) 6.18 4.01 (3.60) (8.58) 6.18 4.01 2.04 1.96 Administrator (WFLIX) (3.05) (7.61) 7.30 4.93 1.11 0.91 Institutional (WFOOX) (2.94) (7.40) 7.50 5.03 0.85 0.68 Investor (WFETX) (3.13) (7.64) 7.06 4.72 1.41 0.97 BENCHMARKS Dow Jones Target 2030 Index(3) (2.82) (6.72) 10.67 8.93 Russell 3000(R) Index(4) (1.55) (10.22) 7.57 5.52 Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 4.61 5.58
Since Inception --------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND Administrator (WFQWX) (3.20) (8.27) (9.00) 5.39 0.92 Institutional (WFQRX) (3.23) (8.27) (9.00) 5.64 0.69 Investor (WFQTX) (3.17) (8.31) (9.04) 5.72 0.98 BENCHMARKS Dow Jones Target 2035 Index(3) (3.03) (7.93) 11.96 Russell 3000(R) Index(4) (1.55) (10.22) (10.36) Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 6.86
10 Year --------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(2) Class A (STFRX) (9.01) (14.86) 6.40 4.08 (3.45) (9.65) 7.66 4.70 1.29 1.22 Class B (SLPBX) (8.85) (15.30) 6.55 4.27 (3.85) (10.30) 6.86 4.27 2.04 1.97 Class C (WFOFX) (4.85) (11.34) 6.85 4.03 (3.85) (10.34) 6.85 4.03 2.04 1.97 Administrator (WFLWX) (3.33) (9.36) 7.99 4.98 1.11 0.92 Institutional (WFOSX) (3.15) (9.14) 8.20 5.08 0.85 0.69 Investor (WFFTX) (3.34) (9.43) 7.74 4.74 1.41 0.98 BENCHMARKS Dow Jones Target 2040 Index(3) (3.15) (8.55) 11.03 9.02 Russell 3000(R) Index(4) (1.55) (10.22) 7.57 5.52 Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 4.61 5.58
* 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 (%) (AS OF AUGUST 31, 2008) (continued)
Expense Ratio ------------- Since Gross Net 6 Months* 1 Year Inception (6) (7) --------- ------ --------- ----- ---- WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND Administrator (WFQYX) (3.51) (9.24) (9.83) 13.36 0.92 Institutional (WFQPX) (3.38) (9.04) (9.65) 12.60 0.69 Investor (WFQSX) (3.49) (9.23) (9.89) 12.55 0.98 BENCHMARKS Dow Jones Target 2045 Index(3) (3.16) (8.61) 11.97 Russell 3000(R) Index(4) (1.55) (10.22) (10.36) Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 6.86 WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND Administrator (WFQDX) (3.28) (9.29) (9.79) 5.13 0.92 Institutional (WFQFX) (3.10) (9.01) (9.55) 5.32 0.69 Investor (WFQGX) (3.26) (9.30) (9.79) 5.25 0.98 BENCHMARKS Dow Jones Target 2050 Index(3) (3.16) (8.61) 11.97 Russell 3000(R) Index(4) (1.55) (10.22) (10.36) Lehman Brothers U.S. Aggregate Index(5) 0.18 5.86 6.86
* 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) Portfolio allocation by asset class is subject to change. (2) Prior to June 26, 2006, the WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND was named the Wells Fargo Advantage Outlook Today Fund. Performance shown prior to the inception of the Class C shares on December 1, 1998, reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance shown prior to the inception of the Administrator 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 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 shares 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). Prior to June 26, 2006, the WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND was named the Wells Fargo Advantage Outlook 2010 Fund. Performance shown prior to the inception of the Class C shares on December 1, 1998, reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance shown prior to the inception of the Administrator 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 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 shares 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). Prior to June 26, 2006, the WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND was named the Wells Fargo Advantage Outlook 2020 Fund. Performance shown prior to the inception of the Class C shares on December 1, 1998, reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance shown prior to the inception of the Administrator 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 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 shares 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). Prior to June 26, 2006, the WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND was named the Wells Fargo Advantage Outlook 2030 Fund. Performance shown prior to the inception of the Class C shares on December 1, 1998, reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance shown prior to the inception of the Administrator 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 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 shares n 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). Prior to June 26, 2006, the WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND was named the Wells Fargo Advantage Outlook 2040 Fund. Performance shown prior to the inception of the Class C shares on July 1, 1998, reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance shown prior to the inception of the Administrator 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 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 shares 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). Wells Fargo Advantage Dow Jones Target Date Funds 11 Performance Highlights WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (CONTINUED) (3) 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 became 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. (4) 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. (5) The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury, government related, corporate agency, mortgage-backed securities, and asset-backed securities. You cannot invest directly in an Index. (6) For the Class A, Class B, Class C, Administrator Class, and Institutional Class shares, reflects the gross expense ratio, including the underlying master portfolios' fees and expenses, as stated in the July 1, 2008 prospectus and is based on the Fund's previous fiscal year expenses as reported in the Financial Highlights. The gross expense ratios for the Investor Class shares reflect the gross expense ratios, including the underlying master portfolios' fees and expenses, as stated in the July 1, 2008 prospectus. These gross expense ratios are based on restated expected expenses for the current fiscal year, which differ from the gross expense ratios reflected in the Financial Highlights, which are based on the Funds' previous fiscal year expenses. (7) The investment adviser has contractually committed through June 30, 2009, to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio shown. The investment adviser may also, from time to time, voluntarily waive additional fees and/or reimburse expenses as deemed appropriate by the investment adviser. Without these reductions, the Fund's returns would have been lower. 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, 2008 to August 31, 2008). 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 03-01-2008 08-31-2008 the Period(1) Expense Ratio ------------- ------------- ------------- ------------- WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND CLASS A Actual $1,000.00 $ 983.20 $5.75 1.15% Hypothetical (5% Return before expenses) $1,000.00 $1,019.41 $5.85 1.15% CLASS B Actual $1,000.00 $ 979.70 $9.48 1.90% Hypothetical (5% Return before expenses) $1,000.00 $1,015.63 $9.65 1.90% CLASS C Actual $1,000.00 $ 979.90 $9.48 1.90% Hypothetical (5% Return before expenses) $1,000.00 $1,015.63 $9.65 1.90% ADMINISTRATOR CLASS Actual $1,000.00 $ 984.80 $4.25 0.85% Hypothetical (5% Return before expenses) $1,000.00 $1,020.92 $4.33 0.85% INSTITUTIONAL CLASS Actual $1,000.00 $ 985.80 $3.10 0.62% Hypothetical (5% Return before expenses) $1,000.00 $1,022.08 $3.16 0.62% INVESTOR CLASS Actual $1,000.00 $ 983.80 $4.55 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 03-01-2008 08-31-2008 the Period(1) Expense Ratio ------------- ------------- ------------- ------------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND CLASS A Actual $1,000.00 $ 976.50 $5.88 1.18% Hypothetical (5% Return before expenses) $1,000.00 $1,019.26 $6.01 1.18% CLASS B Actual $1,000.00 $ 972.70 $9.60 1.93% Hypothetical (5% Return before expenses) $1,000.00 $1,015.48 $9.80 1.93% CLASS C Actual $1,000.00 $ 973.30 $9.60 1.93% Hypothetical (5% Return before expenses) $1,000.00 $1,015.48 $9.80 1.93% ADMINISTRATOR CLASS Actual $1,000.00 $ 978.00 $4.39 0.88% Hypothetical (5% Return before expenses) $1,000.00 $1,020.77 $4.48 0.88% INSTITUTIONAL CLASS Actual $1,000.00 $ 979.00 $3.24 0.65% Hypothetical (5% Return before expenses) $1,000.00 $1,021.93 $3.31 0.65% INVESTOR CLASS Actual $1,000.00 $ 977.90 $4.69 0.94% Hypothetical (5% Return before expenses) $1,000.00 $1,020.47 $4.79 0.94% WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND ADMINISTRATOR CLASS Actual $1,000.00 $ 974.60 $4.43 0.89% Hypothetical (5% Return before expenses) $1,000.00 $1,020.72 $4.53 0.89% INSTITUTIONAL CLASS Actual $1,000.00 $ 976.30 $3.29 0.66% Hypothetical (5% Return before expenses) $1,000.00 $1,021.88 $3.36 0.66% INVESTOR CLASS Actual $1,000.00 $ 975.50 $4.73 0.95% Hypothetical (5% Return before expenses) $1,000.00 $1,020.42 $4.84 0.95% WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND CLASS A Actual $1,000.00 $ 972.70 $5.97 1.20% Hypothetical (5% Return before expenses) $1,000.00 $1,019.16 $6.11 1.20% CLASS B Actual $1,000.00 $ 968.90 $9.68 1.95% Hypothetical (5% Return before expenses) $1,000.00 $1,015.38 $9.91 1.95% CLASS C Actual $1,000.00 $ 968.60 $9.68 1.95% Hypothetical (5% Return before expenses) $1,000.00 $1,015.38 $9.91 1.95% ADMINISTRATOR CLASS Actual $1,000.00 $ 973.70 $4.48 0.90% Hypothetical (5% Return before expenses) $1,000.00 $1,020.67 $4.58 0.90% INSTITUTIONAL CLASS Actual $1,000.00 $ 975.50 $3.34 0.67% Hypothetical (5% Return before expenses) $1,000.00 $1,021.83 $3.41 0.67% INVESTOR CLASS Actual $1,000.00 $ 973.60 $4.78 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 03-01-2008 08-31-2008 the Period(1) Expense Ratio ------------- ------------- ------------- ------------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(2) ADMINISTRATOR CLASS Actual $1,000.00 $ 973.50 $4.48 0.90% Hypothetical (5% Return before expenses) $1,000.00 $1,020.67 $4.58 0.90% INSTITUTIONAL CLASS Actual $1,000.00 $ 972.60 $3.33 0.67% Hypothetical (5% Return before expenses) $1,000.00 $1,021.83 $3.41 0.67% INVESTOR CLASS Actual $1,000.00 $ 972.40 $4.77 0.96% Hypothetical (5% Return before expenses) $1,000.00 $1,020.37 $4.89 0.96% WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND CLASS A Actual $1,000.00 $ 967.90 $6.00 1.21% Hypothetical (5% return before expenses) $1,000.00 $1,019.11 $6.16 1.21% CLASS B Actual $1,000.00 $ 963.80 $9.70 1.96% Hypothetical (5% return before expenses) $1,000.00 $1,015.32 $9.96 1.96% CLASS C Actual $1,000.00 $ 964.00 $9.70 1.96% Hypothetical (5% return before expenses) $1,000.00 $1,015.32 $9.96 1.96% ADMINISTRATOR CLASS Actual $1,000.00 $ 969.50 $4.52 0.91% Hypothetical (5% return before expenses) $1,000.00 $1,020.62 $4.63 0.91% INSTITUTIONAL CLASS Actual $1,000.00 $ 970.60 $3.38 0.68% Hypothetical (5% return before expenses) $1,000.00 $1,021.78 $3.47 0.68% INVESTOR CLASS Actual $1,000.00 $ 968.70 $4.81 0.97% Hypothetical (5% return before expenses) $1,000.00 $1,020.32 $4.94 0.97% WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND(2) ADMINISTRATOR CLASS Actual $1,000.00 $ 968.00 $4.56 0.92% Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $4.69 0.92% INSTITUTIONAL CLASS Actual $1,000.00 $ 967.70 $3.42 0.69% Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $3.52 0.69% INVESTOR CLASS Actual $1,000.00 $ 968.30 $4.86 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 03-01-2008 08-31-2008 the Period(1) Expense Ratio ------------- ------------- ------------- ------------- WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND CLASS A Actual $1,000.00 $ 965.50 $ 6.04 1.22% Hypothetical (5% return before expenses) $1,000.00 $1,019.06 $ 6.21 1.22% CLASS B Actual $1,000.00 $ 961.50 $ 9.74 1.97% Hypothetical (5% return before expenses) $1,000.00 $1,015.27 $10.01 1.97% CLASS C Actual $1,000.00 $ 961.50 $ 9.74 1.97% Hypothetical (5% return before expenses) $1,000.00 $1,015.27 $10.01 1.97% ADMINISTRATOR CLASS Actual $1,000.00 $ 966.70 $ 4.56 0.92% Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92% INSTITUTIONAL CLASS Actual $1,000.00 $ 968.50 $ 3.42 0.69% Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69% INVESTOR CLASS Actual $1,000.00 $ 966.60 $ 4.86 0.98% Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98% WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND ADMINISTRATOR CLASS Actual $1,000.00 $ 964.90 $ 4.56 0.92% Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92% INSTITUTIONAL CLASS Actual $1,000.00 $ 966.20 $ 3.42 0.69% Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69% INVESTOR CLASS Actual $1,000.00 $ 965.10 $ 4.85 0.98% Hypothetical (5% return before expenses) $1,000.00 $1,020.27 $ 4.99 0.98% WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND ADMINISTRATOR CLASS Actual $1,000.00 $ 967.20 $ 4.56 0.92% Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $ 4.69 0.92% INSTITUTIONAL CLASS Actual $1,000.00 $ 969.00 $ 3.42 0.69% Hypothetical (5% return before expenses) $1,000.00 $1,021.73 $ 3.52 0.69% INVESTOR CLASS Actual $1,000.00 $ 967.40 $ 4.86 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 multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period divided by 366 (to reflect the six month period). (2) The contractual net operating expense ratios shown for the Target 2025 and Target 2035 Funds differ from the net expense ratios reflected in the Financial Highlights, which are based on the blended net expense ratios of these Funds inclusive of the additional voluntary waivers and/or reimbursements made by the Investment adviser. 16 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of Investments--August 31, 2008 (Unaudited) DOW JONES TARGET TODAY FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATEDMASTER PORTFOLIOS: 99.78% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 98,901,851 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 26,228,849 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 33,313,505 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $160,335,338) 158,444,205 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $160,335,338)* 99.78% $158,444,205 OTHER ASSETS AND LIABILITIES, NET 0.22 341,419 ------ ------------ TOTAL NET ASSETS 100.00% $158,785,624 ------ ------------
DOW JONES TARGET 2010 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.99% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $279,847,820 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 152,624,664 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 18,031,028 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $460,313,459) 450,503,512 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $460,313,459)* 99.99% $450,503,512 OTHER ASSETS AND LIABILITIES, NET 0.01 24,275 ------ ------------ TOTAL NET ASSETS 100.00% $450,527,787 ------ ------------
DOW JONES TARGET 2015 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ----------- INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.26% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $17,160,543 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 15,326,185 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 1,354,373 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $34,952,456) 33,841,101 ----------- TOTAL INVESTMENTS IN SECURITIES (COST $34,952,456)* 100.26% $33,841,101 OTHER ASSETS AND LIABILITIES, NET (0.26) (86,408) ------ ----------- TOTAL NET ASSETS 100.00% $33,754,693 ------ -----------
---------- * 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 Dow Jones Target Date Funds 17 Portfolio of Investments--August 31, 2008 (Unaudited) DOW JONES TARGET 2020 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.00% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $327,304,750 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 481,605,124 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 33,720,770 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $873,856,054) 842,630,644 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $873,856,054)* 100.00% $842,630,644 OTHER ASSETS AND LIABILITIES, NET 0.00 (30,270) ------ ------------ TOTAL NET ASSETS 100.00% $842,600,374 ------ ------------
DOW JONES TARGET 2025 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.11% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 10,473,194 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 26,266,756 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 1,531,470 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $40,138,300) 38,271,420 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $40,138,300)* 100.11% $ 38,271,420 OTHER ASSETS AND LIABILITIES, NET (0.11) (43,527) ------ ------------ TOTAL NET ASSETS 100.00% $ 38,227,893 ------ ------------
DOW JONES TARGET 2030 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.00% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $104,208,044 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 470,022,159 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 23,934,571 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $632,505,295) 598,164,774 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $632,505,295)* 100.00% $598,164,774 OTHER ASSETS AND LIABILITIES, NET 0.00 (21,430) ------ ------------ TOTAL NET ASSETS 100.00% $598,143,344 ------ ------------
---------- * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 18 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of Investments--August 31, 2008 (Unaudited) DOW JONES TARGET 2035 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.31% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 2,265,936 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 19,346,420 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 900,795 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $23,824,212) 22,513,151 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $23,824,212)* 100.31% $ 22,513,151 OTHER ASSETS AND LIABILITIES, NET (0.31) (68,571) ------ ------------ TOTAL NET ASSETS 100.00% $ 22,444,580 ------ ------------
DOW JONES TARGET 2040 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.05% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 25,870,169 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 381,228,339 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 16,966,943 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $446,350,129) 424,065,451 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $446,350,129)* 100.05% $424,065,451 OTHER ASSETS AND LIABILITIES, NET (0.05) (224,481) ------ ------------ TOTAL NET ASSETS 100.00% $423,840,970 ------ ------------
---------- * 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 Dow Jones Target Date Funds 19 Portfolio of Investments--August 31, 2008 (Unaudited) DOW JONES TARGET 2045 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.64% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 477,436 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 7,791,587 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 344,651 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $9,136,716) 8,613,674 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $9,136,716)* 100.64% $ 8,613,674 OTHER ASSETS AND LIABILITIES, NET (0.64) (54,593) ------ ------------ TOTAL NET ASSETS 100.00% $ 8,559,081 ------ ------------
DOW JONES TARGET 2050 FUND
FACE/SHARE AMOUNT SECURITY NAME VALUE ----------- -------------------------------------------------------- ------------ INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.14% NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 1,590,335 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 25,953,723 NA WELLS FARGO ADVANTAGE MONEY MARKET PORTFOLIO 1,148,008 TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $30,322,582) 28,692,066 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $30,322,582)* 100.14% $ 28,692,066 OTHER ASSETS AND LIABILITIES, NET (0.14) (39,497) ------ ------------ TOTAL NET ASSETS 100.00% $ 28,652,569 ------ ------------
---------- * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 20 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Target Today Target 2010 Fund Fund ------------ ------------ ASSETS Investments In securities, at market value .................... $158,444,205 $450,503,512 ------------ ------------ Total investments at market value (see cost below) ... 158,444,205 450,503,512 ------------ ------------ Receivable for Fund shares issued .................... 477,568 272,665 Receivable from investment advisor and affiliates .... 0 0 ------------ ------------ Total assets ............................................ 158,921,773 450,776,177 ------------ ------------ LIABILITIES Payable for Fund shares redeemed ..................... 66,670 47,827 Payable to investment advisor and affiliates (Note 3) .......................................... 45,679 113,493 Accrued expenses and other liabilities ............... 23,800 87,070 ------------ ------------ Total liabilities ....................................... 136,149 248,390 ------------ ------------ TOTAL NET ASSETS ........................................ $158,785,624 $450,527,787 ============ ============ NET ASSETS CONSIST OF Paid-in capital ...................................... $159,425,938 $453,868,704 Undistributed net investment income (loss) ........... 925,684 2,823,438 Undistributed net realized gain (loss) on investments ....................................... 322,373 3,651,788 Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and liabilities denominated in foreign currencies ........................................ (1,888,371) (9,816,143) ------------ ------------ TOTAL NET ASSETS ........................................ $158,785,624 $450,527,787 ============ ============ COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets - Class A ................................. $ 29,605,216 $ 56,585,352 Shares outstanding - Class A ......................... 3,022,668 4,624,785 Net asset value per share - Class A .................. $ 9.79 $ 12.24 Maximum offering price per share - Class A(2) ........ $ 10.39 $ 12.99 Net assets - Class B ................................. $ 6,411,834 $ 6,968,886 Shares outstanding - Class B ......................... 639,691 568,252 Net asset value and offering price per share - Class B ........................................... $ 10.02 $ 12.26 Net assets - Class C ................................. $ 6,045,995 $ 3,274,300 Shares outstanding - Class C ......................... 605,394 264,536 Net asset value and offering price per share - Class C ........................................... $ 9.99 $ 12.38 Net assets - Administrator Class ..................... $ 44,432,626 $129,657,882 Shares outstanding - Administrator Class ............. 4,452,175 10,502,072 Net asset value and offering price per share - Administrator Class ............................... $ 9.98 $ 12.35 Net assets - Institutional Class ..................... $ 63,127,838 $243,920,799 Shares outstanding - Institutional Class ............. 6,327,363 19,758,952 Net asset value and offering price per share - Institutional Class ............................... $ 9.98 $ 12.35 Net assets - Investor Class .......................... $ 9,162,115 $ 10,120,568 Shares outstanding - Investor Class .................. 919,428 821,073 Net asset value and offering price per share - Investor Class .................................... $ 9.97 $ 12.33 ------------ ------------ Investments at cost ..................................... $160,335,338 $460,313,459 ------------ ------------
(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 21 Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Fund Fund Fund Fund Fund Fund ----------- ------------ ----------- ------------ ----------- ------------ $33,841,101 $842,630,644 $38,271,420 $598,164,774 $22,513,151 $424,065,451 ----------- ------------ ----------- ------------ ----------- ------------ 33,841,101 842,630,644 38,271,420 598,164,774 22,513,151 424,065,451 ----------- ------------ ----------- ------------ ----------- ------------ 4,027 413,047 26,843 271,971 6,182 69,556 0 0 9,447 0 0 0 ----------- ------------ ----------- ------------ ----------- ------------ 33,845,128 843,043,691 38,307,710 598,436,745 22,519,333 424,135,007 ----------- ------------ ----------- ------------ ----------- ------------ 0 71,128 0 45,345 0 43,343 3,758 219,902 0 151,666 40 125,857 86,677 152,287 79,817 96,390 74,713 124,837 ----------- ------------ ----------- ------------ ----------- ------------ 90,435 443,317 79,817 293,401 74,753 294,037 ----------- ------------ ----------- ------------ ----------- ------------ $33,754,693 $842,600,374 $38,227,893 $598,143,344 $22,444,580 $423,840,970 =========== ============ =========== ============ =========== ============ $35,819,959 $861,024,341 $40,369,730 $622,886,036 $24,116,581 $432,928,526 (537,404) 3,977,164 174,791 1,939,850 64,473 955,916 (415,941) 8,836,617 (448,877) 7,675,830 (424,937) 12,204,880 (1,111,921) (31,237,748) (1,867,751) (34,358,372) (1,311,537) (22,248,352) ----------- ------------ ----------- ------------ ----------- ------------ $33,754,693 $842,600,374 $38,227,893 $598,143,344 $22,444,580 $423,840,970 =========== ============ =========== ============ =========== ============ NA $117,321,670 NA $ 89,340,494 NA $132,436,390 NA 8,842,936 NA 6,474,845 NA 8,602,084 NA $ 13.27 NA $ 13.80 NA $ 15.40 NA $ 14.08 NA $ 14.64 NA $ 16.34 NA $ 8,837,435 NA $ 6,061,110 NA $ 7,461,608 NA 672,177 NA 447,809 NA 506,111 NA $ 13.15 NA $ 13.54 NA $ 14.74 NA $ 2,837,528 NA $ 2,098,252 NA $ 2,491,570 NA 214,000 NA 154,787 NA 169,416 NA $ 13.26 NA $ 13.56 NA $ 14.71 $12,407,890 $232,042,334 $ 9,492,299 $150,297,975 $ 5,595,017 $101,008,062 1,313,665 17,264,580 1,034,304 10,777,776 630,953 6,457,410 $ 9.45 $ 13.44 $ 9.18 $ 13.95 $ 8.87 $ 15.64 $14,262,647 $464,465,118 $20,272,812 $335,015,130 $10,226,685 $172,323,277 1,526,672 34,492,802 2,217,342 24,014,344 1,162,683 11,005,812 $ 9.34 $ 13.47 $ 9.14 $ 13.95 $ 8.80 $ 15.66 $ 7,084,156 $ 17,096,289 $ 8,462,782 $ 15,330,383 $ 6,622,878 $ 8,120,063 749,416 1,271,925 923,363 1,100,058 745,195 519,376 $ 9.45 $ 13.44 $ 9.17 $ 13.94 $ 8.89 $ 15.63 ----------- ------------ ----------- ------------ ----------- ------------ $34,952,456 $873,856,054 $40,138,300 $632,505,295 $23,824,212 $446,350,129 ----------- ------------ ----------- ------------ ----------- ------------
22 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Target 2045 Target 2050 Fund Fund ----------- ----------- ASSETS Investments In securities, at market value .................... $8,613,674 $28,692,066 ---------- ----------- Total investments at market value (see cost below) ... 8,613,674 28,692,066 ---------- ----------- Receivable for Fund shares issued .................... 20,701 42,509 Receivable from investment advisor and affiliates .... 2,945 0 ---------- ----------- Total assets ............................................ 8,637,320 28,734,575 ---------- ----------- LIABILITIES Payable to investment advisor and affiliates (Note 3) .......................................... 0 1,208 Accrued expenses and other liabilities ............... 78,239 80,798 ---------- ----------- Total liabilities ....................................... 78,239 82,006 ---------- ----------- TOTAL NET ASSETS ........................................ $8,559,081 $28,652,569 ========== =========== NET ASSETS CONSIST OF Paid-in capital ...................................... $9,175,542 $30,615,248 Undistributed net investment income (loss) ........... 24,161 79,454 Undistributed net realized gain (loss) on investments ....................................... (117,424) (410,983) Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and liabilities denominated in foreign currencies ........................................ (523,198) (1,631,150) ---------- ----------- TOTAL NET ASSETS ........................................ $8,559,081 $28,652,569 ========== =========== COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets - Administrator Class ..................... $1,704,172 $10,062,310 Shares outstanding - Administrator Class ............. 194,173 1,144,118 Net asset value and offering price per share - Administrator Class ............................... $ 8.78 $ 8.79 Net assets - Institutional Class ..................... $5,346,852 $17,750,628 Shares outstanding - Institutional Class ............. 612,247 2,020,158 Net asset value and offering price per share - Institutional Class ............................... $ 8.73 $ 8.79 Net assets - Investor Class .......................... $1,508,057 $ 839,631 Shares outstanding - Investor Class .................. 171,253 95,316 Net asset value and offering price per share - Investor Class .................................... $ 8.81 $ 8.81 ---------- ----------- Investments at cost ..................................... $9,136,716 $30,322,582 ---------- -----------
(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. 24 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Target Today Target 2010 Fund Fund ------------ ------------ INVESTMENT INCOME Dividends allocated from affiliated Master Portfolios(1) ............................. $ 459,325 $ 2,321,980 Interest allocated from affiliated Master Portfolios ................................. 2,583,184 6,337,467 Expenses allocated from affiliated Master Portfolios ................................. (260,223) (850,053) Waivers allocated from affiliated Master Portfolios .................................. 1,637 1,762 ----------- ------------ Total investment income ................................................................. 2,783,923 7,811,156 ----------- ------------ EXPENSES Advisory fees ........................................................................ 198,718 575,066 Administration fees Fund Level ........................................................................ 39,744 115,013 Class A ........................................................................... 42,660 83,579 Class B ........................................................................... 10,287 11,673 Class C ........................................................................... 9,151 4,866 Administrator Class ............................................................... 23,082 66,517 Institutional Class ............................................................... 24,831 99,185 Investor Class .................................................................... 12,448 14,774 Shareholder servicing fees (Note 3) .................................................. 120,833 264,898 Accounting fees ...................................................................... 18,199 24,336 Distribution fees (Note 3) Class B ........................................................................... 27,554 31,267 Class C ........................................................................... 24,512 13,034 Professional fees .................................................................... 12,948 11,769 Registration fees .................................................................... 43,776 37,227 Shareholder reports .................................................................. 14,529 45,638 Trustees' fees ....................................................................... 4,323 4,323 Other fees and expenses .............................................................. 4,846 7,272 ----------- ------------ Total expenses .......................................................................... 632,441 1,410,437 ----------- ------------ LESS Waived fees and reimbursed expenses (Note 3) ......................................... (166,149) (365,782) Net expenses ......................................................................... 466,292 1,044,655 ----------- ------------ Net investment income (loss) ............................................................ 2,317,631 6,766,501 ----------- ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities transactions allocated from Master Portfolios ............................. (39,752) 2,465,699 Futures transactions allocated from Master Portfolios ................................ 2,160 (32,174) ----------- ------------ Net realized gain and loss from investments ............................................. (37,592) 2,433,525 ----------- ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities transactions allocated from Master Portfolios ............................. (4,854,314) (19,385,128) Forwards, futures, options, swaps and short sales allocated from Master Portfolios ... 0 0 ----------- ------------ Net change in unrealized appreciation (depreciation) of investments ..................... (4,854,314) (19,385,128) ----------- ------------ Net realized and unrealized gain (loss) on investments .................................. (4,891,906) (16,951,603) ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......................... $(2,574,275) $(10,185,102) =========== ============ (1) Net of foreign withholding taxes of ................................................ $ 35,045 $ 158,425
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Dow Jones Target Date Funds 25 Statements of Operations--For the Six Months Ended August 31, 2008 (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 ----------- ------------ ----------- ------------ ----------- ------------ ----------- ----------- $ 177,025 $ 6,456,593 $ 288,432 $ 5,992,972 $ 195,575 $ 4,840,347 $ 82,800 $ 254,634 319,695 7,353,557 205,574 2,503,017 48,789 788,265 12,853 39,881 (53,364) (1,619,984) (64,009) (1,190,750) (37,114) (871,930) (15,091) (46,897) 96 2,623 89 1,486 41 932 16 47 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- 443,452 12,192,789 430,086 7,306,725 207,291 4,757,614 80,578 247,665 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- 35,208 1,051,421 40,627 745,794 22,845 536,387 9,178 28,744 7,042 210,284 8,125 149,159 4,569 107,277 1,836 5,749 NA 173,240 NA 132,300 NA 196,938 NA NA NA 14,132 NA 9,359 NA 12,015 NA NA NA 4,428 NA 3,252 NA 4,046 NA NA 5,873 117,081 4,252 77,157 2,280 52,357 688 4,001 4,755 182,076 7,497 130,486 3,850 66,276 1,967 5,771 8,853 29,021 10,265 24,717 7,978 12,874 2,051 1,108 20,290 482,206 17,200 337,918 10,815 329,124 3,033 10,710 14,603 40,682 15,187 29,261 16,098 25,096 15,327 15,291 NA 37,854 NA 25,068 NA 32,182 NA NA NA 11,861 NA 8,711 NA 10,837 NA NA 12,262 11,835 12,262 13,117 12,262 10,354 12,262 12,262 24,999 46,990 26,040 46,771 22,385 45,050 25,194 26,452 12,554 54,923 12,540 40,093 12,442 53,952 12,344 12,467 4,323 4,323 4,323 4,323 4,323 4,323 4,323 4,323 3,052 10,310 3,057 8,512 2,956 8,196 2,937 2,960 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- 153,814 2,482,667 161,375 1,785,998 122,803 1,507,284 91,140 129,838 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (94,045) (578,632) (160,288) (442,804) (98,817) (321,644) (77,777) (87,328) 59,769 1,904,035 1,087 1,343,194 23,986 1,185,640 13,363 42,510 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- 383,683 10,288,754 428,999 5,963,531 183,305 3,571,974 67,215 205,155 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (70,478) 5,306,826 17,130 3,533,497 84,002 4,575,706 45,053 127,238 (2,997) (70,962) (5,490) (106,157) (3,328) 12,599 (1,118) (3,022) ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (73,475) 5,235,864 11,640 3,427,340 80,674 4,588,305 43,935 124,216 ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (1,091,121) (38,019,035) (1,515,028) (28,030,098) (1,042,373) (22,728,118) (419,170) (1,240,439) (5,649) 0 (9,672) 0 (7,584) 0 (2,999) (10,456) ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (1,096,770) (38,019,035) (1,524,700) (28,030,098) (1,049,957) (22,728,118) (422,169) (1,250,895) ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- (1,170,245) (32,783,171) (1,513,060) (24,602,758) (969,283) (18,139,813) (378,234) (1,126,679) ----------- ------------ ----------- ------------ ----------- ------------ --------- ----------- $ (786,562) $(22,494,417) $(1,084,061) $(18,639,227) $ (785,978) $(14,567,839) $(311,019) $ (921,524) =========== ============ =========== ============ =========== ============ ========= =========== $ 11,032 $ 386,979 $ 16,538 $ 337,741 $ 10,740 $ 266,996 $ 4,549 $ 14,053
26 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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets .................................................. $146,979,992 $ 92,056,790 OPERATIONS Net investment income (loss) .......................................... 2,317,631 3,946,840 Net realized gain (loss) on investments ............................... (37,592) 2,146,348 Net change in unrealized appreciation (depreciation) of investments ... (4,854,314) (634,032) ------------ ------------- Net increase (decrease) in net assets resulting from operations .......... (2,574,275) 5,459,156 ------------ ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A ............................................................ (431,458) (1,198,526) Class B ............................................................ (72,522) (263,874) Class C ............................................................ (67,191) (209,971) Administrator Class ................................................ (708,153) (983,734) Institutional Class ................................................ (1,005,802) (1,146,588) Investor Class ..................................................... (90,242) (21,742) Net realized gain on sales of investments Class A ............................................................ 0 (339,070) Class B ............................................................ 0 (93,051) Class C ............................................................ 0 (75,208) Administrator Class ................................................ 0 (421,583) Institutional Class ................................................ 0 (393,287) Investor Class ..................................................... 0 (9,014) ------------ ------------- Total distributions to shareholders ...................................... (2,375,368) (5,155,648) ------------ ------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold - Class A ................................... 5,631,799 9,783,743 Reinvestment of distributions - Class A ............................... 416,853 1,481,981 Cost of shares redeemed - Class A ..................................... (5,920,070) (16,321,900) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Class A ............................................. 128,582 (5,056,176) ------------ ------------- Proceeds from shares sold - Class B ................................... 14,305 68,632 Reinvestment of distributions - Class B ............................... 65,832 332,020 Cost of shares redeemed - Class B ..................................... (1,865,736) (3,361,075) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Class B ............................................. (1,785,599) (2,960,423) ------------ ------------- Proceeds from shares sold - Class C ................................... 14,809 119,415 Reinvestment of distributions - Class C ............................... 62,029 264,110 Cost of shares redeemed - Class C ..................................... (710,079) (1,808,367) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Class C ............................................. (633,241) (1,424,842) ------------ ------------- Proceeds from shares sold - Administrator Class ....................... 37,945,936 107,853,885 Reinvestment of distributions - Administrator Class ................... 707,951 1,404,770 Cost of shares redeemed - Administrator Class ......................... (41,272,055) (77,561,582) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Administrator Class ................................. (2,618,168) 31,697,073 ------------ ------------- Proceeds from shares sold - Institutional Class ....................... 85,659,775 115,314,341 Reinvestment of distributions - Institutional Class ................... 998,098 1,539,875 Cost of shares redeemed - Institutional Class ......................... (71,665,986) (87,189,078) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ................................. 14,991,887 29,665,138 ------------ ------------- Proceeds from shares sold - Investor Class ............................ 7,812,068 3,172,643 Reinvestment of distributions - Investor Class ........................ 90,242 30,583 Cost of shares redeemed - Investor Class .............................. (1,230,496) (504,302) ------------ ------------- Net increase (decrease) in net assets resulting from capital share transaction - Investor Class ....................................... 6,671,814 2,698,924 ------------ ------------- Net increase (decrease) in net assets resulting from capital share transactions - Total .................................................. 16,755,275 54,619,694 ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS .................................... 11,805,632 54,923,202 ============ ============= ENDING NET ASSETS ........................................................ $158,785,624 $ 146,979,992 ============ =============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Dow Jones Target Date Funds 27 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, 2008 Year Ended August 31, 2008 Period Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 424,028,803 $ 269,094,418 $ 21,691,396 $ 0 $ 753,057,819 $ 513,661,995 6,766,501 11,162,959 383,683 176,457 10,288,754 16,030,833 2,433,525 7,750,964 (73,475) (328,631) 5,235,864 21,472,067 (19,385,128) (4,396,404) (1,096,770) (15,151) (38,019,035) (33,130,485) ------------- ------------- ------------ ------------ ------------- ------------- (10,185,102) 14,517,519 (786,562) (167,325) (22,494,417) 4,372,415 ------------- ------------- ------------ ------------ ------------- ------------- (829,870) (2,016,564) NA NA (1,254,929) (3,246,842) (82,844) (277,184) NA NA (64,579) (199,338) (35,461) (88,175) NA NA (21,156) (55,022) (1,992,525) (4,049,087) (434,841) (41,589) (2,643,379) (5,499,181) (4,011,021) (4,426,294) (420,595) (44,254) (5,628,266) (6,732,139) (108,922) (58,289) (164,693) (4,796) (163,582) (124,744) 0 (801,475) NA NA 0 (3,559,072) 0 (136,992) NA NA 0 (319,221) 0 (48,176) NA NA 0 (89,531) 0 (1,745,257) 0 0 0 (6,080,957) 0 (2,408,591) 0 0 0 (8,484,625) 0 (41,237) 0 0 0 (217,943) ------------- ------------- ------------ ------------ ------------- ------------- (7,060,643) (16,097,321) (1,020,129) (90,639) (9,775,891) (34,608,615) ------------- ------------- ------------ ------------ ------------- ------------- 7,783,877 21,826,856 NA NA 16,614,470 43,772,142 811,309 2,762,389 NA NA 1,233,637 6,716,285 (10,754,201) (33,691,253) NA NA (20,425,590) (74,483,288) ------------- ------------- ------------ ------------ ------------- ------------- (2,159,015) (9,102,008) NA NA (2,577,483) (23,994,861) ------------- ------------- ------------ ------------ ------------- ------------- 82,314 186,782 NA NA 38,180 284,878 78,725 395,193 NA NA 59,927 467,100 (2,624,239) (6,138,601) NA NA (2,435,488) (5,810,673) ------------- ------------- ------------ ------------ ------------- ------------- (2,463,200) (5,556,626) NA NA (2,337,381) (5,058,695) ------------- ------------- ------------ ------------ ------------- ------------- 43,952 76,687 NA NA 228,981 209,689 33,847 130,591 NA NA 19,591 134,133 (283,871) (805,821) NA NA (611,567) (1,025,398) ------------- ------------- ------------ ------------ ------------- ------------- (206,072) (598,543) NA NA (362,995) (681,576) ------------- ------------- ------------ ------------ ------------- ------------- 49,355,110 190,794,127 13,606,223 23,041,088 101,114,916 262,735,749 1,992,472 5,791,974 434,841 41,589 2,643,377 11,580,137 (55,199,836) (157,546,313) (10,218,462) (13,500,229) (96,846,863) (207,514,798) ------------- ------------- ------------ ------------ ------------- ------------- (3,852,254) 39,039,788 3,822,602 9,582,448 6,911,430 66,801,088 ------------- ------------- ------------ ------------ ------------- ------------- 193,456,696 402,462,892 12,970,357 26,527,974 391,732,404 696,625,069 3,990,824 6,834,885 327,879 44,254 5,592,381 15,216,763 (150,622,685) (281,267,271) (8,426,863) (16,470,911) (282,739,429) (491,650,324) ------------- ------------- ------------ ------------ ------------- ------------- 46,824,835 128,030,506 4,871,373 10,101,317 114,585,356 220,191,508 ------------- ------------- ------------ ------------ ------------- ------------- 7,174,201 10,356,439 5,549,833 2,411,825 10,040,385 18,963,661 106,132 99,526 164,694 4,796 163,582 342,579 (1,679,898) (5,754,895) (538,514) (151,026) (4,610,031) (6,931,680) ------------- ------------- ------------ ------------ ------------- ------------- 5,600,435 4,701,070 5,176,013 2,265,595 5,593,936 12,374,560 ------------- ------------- ------------ ------------ ------------- ------------- 43,744,729 156,514,187 13,869,988 21,949,360 121,812,863 269,632,024 ------------- ------------- ------------ ------------ ------------- ------------- 26,498,984 154,934,385 12,063,297 21,691,396 89,542,555 239,395,824 ============= ============= ============ ============ ============= ============= $ 450,527,787 $ 424,028,803 $ 33,754,693 $ 21,691,396 $ 842,600,374 $ 753,057,819 ============= ============= ============ ============ ============= =============
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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- SHARES ISSUED AND REDEEMED Shares sold - Class A ................................................. 563,033 969,017 Shares issued in reinvestment of distributions - Class A .............. 41,898 147,641 Shares redeemed - Class A ............................................. (593,226) (1,617,058) ----------- ----------- Net increase (decrease) in shares outstanding - Class A ............... 11,705 (500,400) ----------- ----------- Shares sold - Class B ................................................. 1,427 6,640 Shares issued in reinvestment of distributions - Class B .............. 6,454 32,329 Shares redeemed - Class B ............................................. (182,274) (326,038) ----------- ----------- Net increase (decrease) in shares outstanding - Class B ............... (174,393) (287,069) ----------- ----------- Shares sold - Class C ................................................. 1,449 11,617 Shares issued in reinvestment of distributions - Class C ............. 6,109 25,797 Shares redeemed - Class C ............................................. (69,910) (175,680) ----------- ----------- Net increase (decrease) in shares outstanding - Class C ............... (62,352) (138,266) ----------- ----------- Shares sold - Administrator Class ..................................... 3,706,285 10,475,016 Shares issued in reinvestment of distributions - Administrator Class .. 69,831 137,375 Shares redeemed - Administrator Class ................................. (4,033,469) (7,534,132) ----------- ----------- Net increase (decrease) in shares outstanding - Administrator Class ... (257,353) 3,078,259 ----------- ----------- Shares sold - Institutional Class ..................................... 8,399,582 11,223,840 Shares issued in reinvestment of distributions - Institutional Class .. 98,505 150,676 Shares redeemed - Institutional Class ................................. (7,039,021) (8,489,214) ----------- ----------- Net increase (decrease) in shares outstanding - Institutional Class ... 1,459,066 2,885,302 ----------- ----------- Shares sold - Investor Class .......................................... 768,097 308,989 Shares issued in reinvestment of distributions - Investor Class ....... 8,944 2,995 Shares redeemed - Investor Class ...................................... (122,184) (49,035) ----------- ----------- Net increase (decrease) in shares outstanding - Investor Class ........ 654,857 262,949 ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .................................................... 1,631,530 5,300,775 =========== =========== Ending balance of undistributed net investment income (loss) ............. $ 925,684 $ 983,421 ----------- -----------
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, 2008 Year Ended August 31, 2008 Period Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unudited) February 29, 2008 (Unudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- 618,221 1,712,079 NA NA 1,208,277 3,025,013 64,629 217,404 NA NA 89,624 468,058 (856,786) (2,638,398) NA NA (1,491,942) (5,150,736) ------------ ------------ ----------- ----------- ------------ ------------ (173,936) (708,915) NA NA (194,041) (1,657,665) ------------ ------------ ----------- ----------- ------------ ------------ 6,540 14,576 NA NA 2,776 21,412 6,249 31,019 NA NA 4,389 32,843 (207,493) (480,336) NA NA (178,076) (406,292) ------------ ------------ ----------- ----------- ------------ ------------ (194,704) (434,741) NA NA (170,911) (352,037) ------------ ------------ ----------- ----------- ------------ ------------ 3,472 5,956 NA NA 16,342 14,469 2,663 10,152 NA NA 1,423 9,358 (22,393) (62,447) NA NA (44,593) (70,343) ------------ ------------ ----------- ----------- ------------ ------------ (16,258) (46,339) NA NA (26,828) (46,516) ------------ ------------ ----------- ----------- ------------ ------------ 3,906,552 14,807,623 1,357,247 2,249,792 7,245,183 17,906,397 157,343 451,851 44,602 4,093 189,688 796,979 (4,361,430) (12,221,966) (1,020,025) (1,322,044) (6,946,441) (14,166,350) ------------ ------------ ----------- ----------- ------------ ------------ (297,535) 3,037,508 381,824 931,841 488,430 4,537,026 ------------ ------------ ----------- ----------- ------------ ------------ 15,170,550 31,196,147 1,361,708 2,663,041 28,111,528 47,757,712 315,361 533,161 34,023 4,408 400,723 1,046,306 (11,838,275) (21,908,758) (885,864) (1,650,644) (20,289,135) (33,930,626) ------------ ------------ ----------- ----------- ------------ ------------ 3,647,636 9,820,550 509,867 1,016,805 8,223,116 14,873,392 ------------ ------------ ----------- ----------- ------------ ------------ 566,076 807,568 564,239 238,755 722,557 1,296,591 8,405 7,756 16,906 472 11,738 23,619 (132,883) (448,852) (55,859) (15,097) (332,253) (470,876) ------------ ------------ ----------- ----------- ------------ ------------ 441,598 366,472 525,286 224,130 402,042 849,334 ------------ ------------ ----------- ----------- ------------ ------------ 3,406,801 12,034,535 1,416,977 2,172,776 8,721,808 18,203,534 ============ ============ =========== =========== ============ ============ $ 2,823,438 $ 3,117,580 $ (537,404) $ 99,042 $ 3,977,164 $ 3,464,301 ------------ ------------ ----------- ----------- ------------ ------------
30 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, 2008 Period Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net ssets ................................................... $ 26,885,451 $ 0 OPERATIONS Net investment income (loss) .......................................... 428,999 130,382 Net realized gain (loss) on investments ............................... 11,640 (458,810) Net change in unrealized appreciation (depreciation) of investments ... (1,524,700) (343,051) ------------ ------------ Net increase (decrease) in net assets resulting from operations .......... (1,084,061) (671,479) ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A ............................................................ NA NA Class B ............................................................ NA NA Class C ............................................................ NA NA Administrator Class ................................................ (87,960) (22,239) Institutional Class ................................................ (180,367) (40,466) Investor Class ..................................................... (46,245) (8,741) 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 ...................................... (314,572) (71,446) ------------ ------------ 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 ....................... 12,374,344 19,973,360 Reinvestment of distributions - Administrator Class ................... 87,960 22,239 Cost of shares redeemed - Administrator Class ......................... (9,749,396) (12,416,509) ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Administrator Class ................................. 2,712,908 7,579,090 ------------ ------------ Proceeds from shares sold - Institutional Class ....................... 14,135,618 45,231,785 Reinvestment of distributions - Institutional Class ................... 149,234 40,466 Cost of shares redeemed - Institutional Class ......................... (10,597,929) (27,741,623) ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ................................. 3,686,923 17,530,628 ------------ ------------ Proceeds from shares sold - Investor Class ............................ 7,766,662 2,873,443 Reinvestment of distributions - Investor Class ........................ 46,245 8,735 Cost of shares redeemed - Investor Class .............................. (1,471,663) (363,520) ------------ ------------ Net increase (decrease) in net assets resulting from capital share transaction - Investor Class ....................................... 6,341,244 2,518,658 ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Total ............................................... 12,741,075 27,628,376 ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS .................................... 11,342,442 26,885,451 ============ ============ ENDING NET ASSETS ........................................................ $ 38,227,893 $ 26,885,451 ============ ============
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 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, 2008 Year Ended August 31, 2008 Period Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unudited) February 29, 2008 (Unudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 542,087,105 $ 330,528,529 $ 14,242,148 $ 0 $ 403,327,780 $ 322,544,996 5,963,531 8,288,397 183,305 55,026 3,571,974 5,343,933 3,427,340 17,121,745 80,674 (512,903) 4,588,305 22,192,382 (28,030,098) (37,660,592) (1,049,957) (261,580) (22,728,118) (38,532,731) ------------- ------------- ------------ ------------ ------------- ------------- (18,639,227) (12,250,450) (785,978) (719,457) (14,567,839) (10,996,416) ------------- ------------- ------------ ------------ ------------- ------------- (684,257) (1,639,501) NA NA (890,150) (2,005,758) (23,972) (63,725) NA NA (38,759) (59,707) (8,951) (19,467) NA NA (14,114) (18,281) (1,309,736) (2,621,587) (37,578) (2,913) (722,913) (1,772,609) (3,108,460) (3,615,823) (70,422) (32,655) (1,281,413) (1,489,746) (105,216) (88,326) (22,788) (139) (46,443) (42,950) 0 (3,338,366) NA NA 0 (7,792,051) 0 (260,111) NA NA 0 (588,056) 0 (80,720) NA NA 0 (172,847) 0 (5,116,898) 0 0 0 (6,027,733) 0 (7,600,118) 0 0 0 (5,427,021) 0 (246,177) 0 0 0 (222,483) ------------- ------------- ------------ ------------ ------------- ------------- (5,240,592) (24,690,819) (130,788) (35,707) (2,993,792) (25,619,242) ------------- ------------- ------------ ------------ ------------- ------------- 10,449,088 37,976,891 NA NA 12,796,848 34,511,499 668,538 4,907,673 NA NA 867,366 9,558,774 (14,112,684) (52,921,582) NA NA (17,739,865) (57,155,071) ------------- ------------- ------------ ------------ ------------- ------------- (2,995,058) (10,037,018) NA NA (4,075,651) (13,084,798) ------------- ------------- ------------ ------------ ------------- ------------- 29,860 250,905 NA NA 35 547,691 23,785 307,011 NA NA 37,254 616,358 (1,115,891) (3,841,732) NA NA (2,147,940) (7,306,911) ------------- ------------- ------------ ------------ ------------- ------------- (1,062,246) (3,283,816) NA NA (2,110,651) (6,142,862) ------------- ------------- ------------ ------------ ------------- ------------- 347,306 120,970 NA NA 401,770 190,974 8,753 97,738 NA NA 13,506 181,514 (551,997) (295,055) NA NA (829,814) (516,642) ------------- ------------- ------------ ------------ ------------- ------------- (195,938) (76,347) NA NA (414,538) (144,154) ------------- ------------- ------------ ------------ ------------- ------------- 61,156,934 207,804,462 7,839,765 12,675,024 55,358,745 144,947,196 1,309,729 7,738,485 37,578 2,913 722,913 7,799,309 (68,998,399) (152,486,698) (5,526,828) (8,835,524) (68,714,654) (114,530,710) ------------- ------------- ------------ ------------ ------------- ------------- (6,531,736) 63,056,249 2,350,515 3,842,413 (12,632,996) 38,215,795 ------------- ------------- ------------ ------------ ------------- ------------- 280,674,001 554,424,898 6,001,357 22,775,024 182,653,792 282,100,798 3,094,691 11,215,941 66,713 32,655 1,279,896 6,916,767 (199,174,798) (376,947,546) (4,453,266) (13,466,184) (129,912,605) (195,962,451) ------------- ------------- ------------ ------------ ------------- ------------- 84,593,894 188,693,293 1,614,804 9,341,495 54,021,083 93,055,114 ------------- ------------- ------------ ------------ ------------- ------------- 8,781,860 16,668,415 5,672,229 1,909,058 5,217,540 9,417,288 105,029 333,459 22,788 139 46,259 265,171 (2,759,747) (6,854,390) (541,138) (95,793) (1,976,225) (4,183,112) ------------- ------------- ------------ ------------ ------------- ------------- 6,127,142 10,147,484 5,153,879 1,813,404 3,287,574 5,499,347 ------------- ------------- ------------ ------------ ------------- ------------- 79,936,058 248,499,845 9,119,198 14,997,312 38,074,821 117,398,442 ------------- ------------- ------------ ------------ ------------- ------------- 56,056,239 211,558,576 8,202,432 14,242,148 20,513,190 80,782,784 ============= ============= ============ ============ ============= ============= $ 598,143,344 $ 542,087,105 $ 22,444,580 $ 14,242,148 $ 423,840,970 $ 403,327,780 ============= ============= ============ ============ ============= =============
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, 2008 Period Ended (Unaudited) February 29, 2008 ---------------- ----------------- 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 ............................ 1,277,680 2,004,489 Shares issued in reinvestment of distributions - Administrator Class ....................................... 9,201 2,251 Shares redeemed - Administrator Class ........................ (1,008,604) (1,250,713) ----------- ----------- Net increase (decrease) in shares outstanding - Administrator Class ....................................... 278,277 756,027 ----------- ----------- Shares sold - Institutional Class ............................ 1,526,311 4,693,843 Shares issued in reinvestment of distributions - Institutional Class ..................................................... 15,664 4,112 Shares redeemed - Institutional Class ........................ (1,142,149) (2,880,439) ----------- ----------- Net increase (decrease) in shares outstanding - Institutional Class ..................................................... 399,826 1,817,516 ----------- ----------- Shares sold - Investor Class ................................. 815,304 292,650 Shares issued in reinvestment of distributions - Investor Class ..................................................... 4,842 886 Shares redeemed - Investor Class ............................. (152,462) (37,857) ----------- ----------- Net increase (decrease) in shares outstanding - Investor Class ..................................................... 667,684 255,679 ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ................................... 1,345,787 2,829,222 =========== =========== Ending balance of undistributed net investment income (loss) ....................................................... $ 174,791 $ 60,364 ----------- -----------
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, 2008 Year Ended August 31, 2008 Period Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- 727,341 2,432,574 NA NA 801,029 1,913,024 46,187 319,208 NA NA 53,180 548,767 (984,646) (3,383,734) NA NA (1,112,110) (3,169,882) ------------ ------------ --------- ----------- ----------- ------------ (211,118) (631,952) NA NA (257,901) (708,091) ------------ ------------ --------- ----------- ----------- ------------ 2,180 18,093 NA NA 3 31,932 1,670 20,366 NA NA 2,382 37,028 (78,396) (252,508) NA NA (139,128) (422,430) ------------ ------------ --------- ----------- ----------- ------------ (74,546) (214,049) NA NA (136,743) (353,470) ------------ ------------ --------- ----------- ----------- ------------ 23,758 7,896 NA NA 25,081 11,116 614 6,487 NA NA 866 10,931 (38,627) (19,209) NA NA (53,311) (30,752) ------------ ------------ --------- ----------- ----------- ------------ (14,255) (4,826) NA NA (27,364) (8,705) ------------ ------------ --------- ----------- ----------- ------------ 4,202,687 13,201,469 834,942 1,262,503 3,389,876 7,952,570 89,593 498,282 4,030 298 43,654 440,785 (4,745,077) (9,704,693) (589,535) (881,285) (4,213,134) (6,305,840) ------------ ------------ --------- ----------- ----------- ------------ (452,797) 3,995,058 249,437 381,516 (779,604) 2,087,515 ------------ ------------ --------- ----------- ----------- ------------ 19,398,069 35,755,201 665,776 2,425,322 11,230,892 15,825,905 211,704 722,832 7,207 3,374 77,242 391,219 (13,764,894) (24,505,838) (492,338) (1,446,658) (7,989,230) (11,045,884) ------------ ------------ --------- ----------- ----------- ------------ 5,844,879 11,972,195 180,645 982,038 3,318,904 5,171,240 ------------ ------------ --------- ----------- ----------- ------------ 608,572 1,056,730 614,137 197,848 320,883 506,969 7,186 21,532 2,433 14 2,795 15,051 (191,409) (432,257) (59,144) (10,093) (119,525) (224,061) ------------ ------------ --------- ----------- ----------- ------------ 424,349 646,005 557,426 187,769 204,153 297,959 ------------ ------------ --------- ----------- ----------- ------------ 5,516,512 15,762,431 987,508 1,551,323 2,321,445 6,486,448 ============ ============ ========= =========== =========== ============ $ 1,939,850 $ 1,216,911 $ 64,473 $ 11,956 $ 955,916 $ 377,734 ------------ ------------ --------- ----------- ----------- ------------
34 Wells Fargo Advantage Dow Jones Target Date Funds Statements of Changes in Net Assets
TARGET 2045 FUND TARGET 2050 FUND ---------------------------------- ---------------------------------- For the For the Six Months Six Months Ended For the Ended For the August 31, 2008 Period Ended August 31, 2008 Period Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 --------------- ----------------- --------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets .................................... $ 5,834,789 $ 0 $ 13,856,846 $ 0 OPERATIONS Net investment income (loss) ............................ 67,215 20,011 205,155 48,050 Net realized gain (loss) on investments ................. 43,935 (163,613) 124,216 (541,353) Net change in unrealized appreciation (depreciation) of investments ....................................... (422,169) (101,029) (1,250,895) (380,255) ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from operations .............................................. (311,019) (244,631) (921,524) (873,558) ----------- ----------- ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Administrator Class .................................. (12,067) 0 (44,826) (8,758) Institutional Class .................................. (29,684) (13,873) (87,706) (23,146) Investor Class ....................................... (5,181) 0 (3,098) 0 ----------- ----------- ------------ ------------ Total distributions to shareholders ........................ (46,932) (13,873) (135,630) (31,904) ----------- ----------- ------------ ------------ CAPITAL SHARES TRANSACTIONS Proceeds from shares sold - Administrator Class ......... 2,634,832 3,242,283 18,793,801 18,021,230 Reinvestment of distributions - Administrator Class ..... 12,067 0 44,826 8,758 Cost of shares redeemed - Administrator Class ........... (1,801,778) (2,206,124) (13,821,679) (12,271,319) ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Administrator Class ..... 845,121 1,036,159 5,016,948 5,758,669 ----------- ----------- ------------ ------------ Proceeds from shares sold - Institutional Class ......... 4,101,669 11,225,637 34,507,909 26,008,337 Reinvestment of distributions - Institutional Class ..... 29,340 13,873 87,579 23,146 Cost of shares redeemed - Institutional Class ........... (2,913,529) (6,749,471) (24,296,355) (17,387,985) ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ..... 1,217,480 4,490,039 10,299,133 8,643,498 ----------- ----------- ------------ ------------ Proceeds from shares sold - Investor Class .............. 1,174,739 637,423 840,379 762,973 Reinvestment of distributions - Investor Class .......... 5,180 0 3,079 0 Cost of shares redeemed - Investor Class ................ (160,277) (70,328) (306,662) (402,832) ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from capital share transaction - Investor Class ........... 1,019,642 567,095 536,796 360,141 ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions - Total .............................. 3,082,243 6,093,293 15,852,877 14,762,308 ----------- ----------- ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS ...................... 2,724,292 5,834,789 14,795,723 13,856,846 =========== =========== ============ ============ ENDING NET ASSETS .......................................... $ 8,559,081 $ 5,834,789 $ 28,652,569 $ 13,856,846 =========== =========== ============ ============ SHARES ISSUED AND REDEEMED Shares sold - Administrator Class ....................... 283,605 323,839 2,060,974 1,856,605 Shares issued in reinvestment of distributions - Administrator Class .................................. 1,308 0 4,833 899 Shares redeemed - Administrator Class ................... (194,074) (220,505) (1,514,597) (1,264,596) ----------- ----------- ------------ ------------ Net increase (decrease) in shares outstanding - Administrator Class .................................. 90,839 103,334 551,210 592,908 ----------- ----------- ------------ ------------ Shares sold - Institutional Class ....................... 453,203 1,206,318 3,796,325 2,704,169 Shares issued in reinvestment of distributions - Institutional Class .................................. 3,179 1,436 9,448 2,381 Shares redeemed - Institutional Class ................... (321,655) (730,234) (2,672,954) (1,819,211) ----------- ----------- ------------ ------------ Net increase (decrease) in shares outstanding - Institutional Class .................................. 134,727 477,520 1,132,819 887,339 ----------- ----------- ------------ ------------ Shares sold - Investor Class ............................ 128,820 67,290 92,018 77,821 Shares issued in reinvestment of distributions - Investor Class ................................................ 558 0 331 NA Shares redeemed - Investor Class ........................ (17,794) (7,621) (33,647) (41,207) ----------- ----------- ------------ ------------ Net increase (decrease) in shares outstanding - Investor Class ................................................ 111,584 59,669 58,702 36,614 ----------- ----------- ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .............................. 337,150 640,523 1,742,731 1,516,861 =========== =========== ============ ============ Ending balance of undistributed net investment income (loss) .................................................. $ 24,161 $ 3,878 $ 79,454 $ 9,929 ----------- ----------- ------------ ------------
The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 36 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, 2008 to August 31, 2008 (Unaudited) .. $10.10 0.13(5) (0.30) (0.14) 0.00 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) March 1, 2003 to February 29, 2004 ............ $ 8.96 0.15 1.22 (0.16) 0.00 Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $10.33 0.10(5) (0.31) (0.10) 0.00 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) March 1, 2003 to February 29, 2004 ............ $ 9.12 0.09 1.24 (0.10) 0.00 Class C March 1, 2008 to August 31, 2008 (Unaudited) .. $10.30 0.10(5) (0.31) (0.10) 0.00 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) March 1, 2003 to February 29, 2004 ............ $ 9.11 0.08 1.24 (0.10) 0.00 Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $10.29 0.15(5) (0.30) (0.16) 0.00 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) March 1, 2003 to February 29, 2004 ............ $ 9.10 0.19 1.23 (0.19) 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $10.29 0.16(5) (0.30) (0.17) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $10.28 0.15(5) (0.30) (0.16) 0.00 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 operations. (5) Calculated based upon average shares outstanding. (6) Amount calculated 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 37 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 $ 9.79 2.68% 1.27% (0.12)% 1.15% (1.68)% 22% $29,605 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 $10.17 1.58% 1.36% (0.08)% 1.28% 15.41% 33% $39,856 0.00 $10.02 1.93% 2.02% (0.12)% 1.90% (2.03)% 22% $ 6,412 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 $10.35 0.91% 2.11% (0.16)% 1.95% 14.65% 33% $22,616 0.00 $ 9.99 1.93% 2.02% (0.12)% 1.90% (2.01)% 22% $ 6,046 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 $10.33 0.88% 2.10% (0.14)% 1.96% 14.61% 33% $13,800 0.00 $ 9.98 2.98% 1.09% (0.24)% 0.85% (1.52)% 22% $44,433 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 $10.33 1.89% 1.03% (0.06)% 0.97% 15.73% 33% $12,410 0.00 $ 9.98 3.21% 0.83% (0.21)% 0.62% (1.42)% 22% $63,128 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 $ 9.97 2.91% 1.39% (0.48)% 0.91% (1.62)% 22% $ 9,162 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
38 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, 2008 to August 31, 2008 (Unaudited) .. $12.71 0.16(5) (0.45) (0.18) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.25 0.15 1.98 (0.16) 0.00 Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $12.73 0.12(5) (0.46) (0.13) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.26 0.08 1.98 (0.09) 0.00 Class C March 1, 2008 to August 31, 2008 (Unaudited) .. $12.85 0.12(5) (0.46) (0.13) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.35 0.07 2.00 (0.09) 0.00 Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $12.82 0.18(5) (0.46) (0.19) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.33 0.19 1.99 (0.19) 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $12.81 0.20(5) (0.45) (0.21) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $12.80 0.18(5) (0.46) (0.19) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $10.04 0.13(5) (0.36) (0.36) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.92 0.14(5) (0.36) (0.36) 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, 2008 to August 31, 2008 (Unaudited) .. $10.03 0.13(5) (0.37) (0.34) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.19(5) (0.10) (0.06) 0.00 TARGET (2020) Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $13.78 0.14(5) (0.51) (0.14) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.36 0.14 2.60 (0.14) 0.00
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Dow Jones Target Date Funds 39 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 $12.24 2.59% 1.26% (0.08)% 1.18% (2.35)% 24% $ 56,585 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 $12.22 1.36% 1.33% (0.05)% 1.28% 20.94% 31% $ 88,910 0.00 $12.26 1.84% 2.01% (0.08)% 1.93% (2.73)% 24% $ 6,969 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 $12.23 0.70% 2.09% (0.14)% 1.95% 20.16% 31% $ 34,284 0.00 $12.38 1.84% 2.00% (0.07)% 1.93% (2.67)% 24% $ 3,274 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 $12.33 0.67% 2.08% (0.12)% 1.96% 20.13% 31% $ 8,190 0.00 $12.35 2.89% 1.08% (0.20)% 0.88% (2.20)% 24% $129,658 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 $12.32 1.66% 1.00% (0.04)% 0.96% 21.33% 31% $ 63,530 0.00 $12.35 3.12% 0.81% (0.16)% 0.65% (2.10)% 24% $243,921 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 $12.33 2.81% 1.37% (0.43)% 0.94% (2.21)% 24% $ 10,121 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 $ 9.45 2.64% 1.54% (0.65)% 0.89% (2.54)% 22% $ 12,408 0.00 $10.04 2.90% 3.58% (3.02)% 0.56% 0.88% 54% $ 9,354 0.00 $ 9.34 2.87% 1.27% (0.61)% 0.66% (2.37)% 22% $ 14,263 0.00 $ 9.92 2.91% 3.71% (3.18)% 0.53% 0.92% 54% $ 10,088 0.00 $ 9.45 2.56% 1.79% (0.84)% 0.95% (2.45)% 22% $ 7,084 0.00 $10.03 2.85% 3.79% (3.19)% 0.60% 0.85% 54% $ 2,249 0.00 $13.27 2.09% 1.25% (0.05)% 1.20% (2.73)% 20% $117,322 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 $12.96 1.16% 1.32% (0.04)% 1.28% 26.58% 31% $139,981
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 2020 (continued) Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $13.66 0.09(5) (0.51) (0.09) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.28 0.06 2.57 (0.06) 0.00 Class C March 1, 2008 to August 31, 2008 (Unaudited) .. $13.78 0.09(5) (0.52) (0.09) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.34 0.06 2.60 (0.07) 0.00 Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $13.96 0.17(5) (0.53) (0.16) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.47 0.18 2.62 (0.17) 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $13.98 0.18(5) (0.52) (0.17) 0.00 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, 20044 to February 28, 2005 ........... $12.87 0.09 0.76 (0.12) 0.00 Investor Class March 1, 2008 to August 31, 2008 (Unaudited) .. $13.96 0.16(5) (0.52) (0.16) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.53 0.13(5) (0.38) (0.10) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.49 0.13(5) (0.39) (0.09) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.51 0.12(5) (0.37) (0.09) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.14(5) (0.57) (0.06) 0.00 TARGET 2030 Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $14.36 0.12(5) (0.58) (0.10) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.48 0.13 3.17 (0.13) (0.12) Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $14.09 0.06(5) (0.56) (0.05) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.32 0.06 3.11 (0.06) (0.12)
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 $13.15 1.35% 2.00% (0.05)% 1.95% (3.11)% 20% $ 8,837 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 $12.85 0.51% 2.08% (0.13)% 1.95% 25.71% 31% $ 32,803 0.00 $13.26 1.35% 1.99% (0.04)% 1.95% (3.14)% 20% $ 2,838 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 $12.93 0.47% 2.07% (0.11)% 1.96% 25.79% 31% $ 8,040 0.00 $13.44 2.39% 1.07% (0.17)% 0.90% (2.63)% 20% $232,042 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 $13.10 1.48% 0.99% (0.03)% 0.96% 26.96% 31% $116,214 0.00 $13.47 2.62% 0.80% (0.13)% 0.67% (2.45)% 20% $464,465 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 $13.44 2.32% 1.36% (0.40)% 0.96% (2.64)% 20% $ 17,096 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 $ 9.18 2.65% 1.49% (1.09)% 0.40% (2.65)% 18% $ 9,492 0.00 $ 9.53 2.13% 3.68% (3.17)% 0.51% (4.30)% 42% $ 7,206 0.00 $ 9.14 2.66% 1.23% (0.83)% 0.40% (2.74)% 18% $ 20,273 0.00 $ 9.49 2.09% 3.41% (2.94)% 0.47% (4.16)% 42% $ 17,248 0.00 $ 9.17 2.57% 1.75% (1.35)% 0.40% (2.76)% 18% $ 8,463 0.00 $ 9.51 2.19% 4.33% (3.81)% 0.52% (4.29)% 42% $ 2,432 0.00 $13.80 1.65% 1.28% (0.07)% 1.21% (3.21)% 16% $ 89,341 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 $13.53 1.15% 1.33% (0.05)% 1.28% 31.73% 27% $106,449 0.00 $13.54 0.91% 2.03% (0.07)% 1.96% (3.62)% 16% $ 6,061 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 $13.31 0.50% 2.09% (0.15)% 1.94% 30.82% 27% $ 21,131
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 2030 (continued) Class C March 1, 2008 to August 31, 2008 (Unaudited) .. $14.11 0.06(5) (0.56) (0.05) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.33 0.06 3.12 (0.07) (0.12) Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $14.50 0.14(5) (0.57) (0.12) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.57 0.18 3.19 (0.17) (0.12) Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $14.51 0.16(5) (0.58) (0.14) 0.00 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, 20044 to February 28, 2005 ........... $13.42 0.08 0.94 (0.11) 0.00 Investor Class March 1, 2008 to August 31, 2008 (Unaudited) .. $14.50 0.13(5) (0.57) (0.12) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.24 0.09(5) (0.38) (0.08) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.15 0.10(5) (0.38) (0.07) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.24 0.08(5) (0.37) (0.06) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.10(5) (0.86) (0.00)(6) 0.00 TARGET 2040 Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $16.04 0.11(5) (0.65) (0.10) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.65 0.12(5) 3.75 (0.12) 0.00 Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $15.40 0.05(5) (0.64) (0.07) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.28 0.04(5) 3.61 (0.07) 0.00 Class C March 1, 2008 to August 31, 2008 (Unaudited) .. $15.36 0.05(5) (0.63) (0.07) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.28 0.03(5) 3.62 (0.07) 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 $13.56 0.90% 2.02% (0.06)% 1.96% (3.60)% 16% $ 2,098 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 $13.32 0.45% 2.08% (0.12)% 1.96% 30.88% 27% $ 5,559 0.00 $13.95 1.95% 1.10% (0.19)% 0.91% (3.05)% 16% $150,298 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 $13.65 1.46% 1.00% (0.04)% 0.96% 32.13% 27% $ 56,586 0.00 $13.95 2.17% 0.83% (0.15)% 0.68% (2.94)% 16% $335,015 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 $13.94 1.85% 1.39% (0.42)% 0.97% (3.13)% 16% $ 15,330 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 $ 8.87 1.94% 1.82% (1.09)% 0.73% (3.20)% 15% $ 5,595 0.00 $ 9.24 1.58% 5.39% (4.86)% 0.53% (7.52)% 33% $ 3,524 0.00 $ 8.80 2.14% 1.58% (1.01)% 0.57% (3.23)% 15% $ 10,227 0.00 $ 9.15 1.52% 5.64% (5.15)% 0.49% (7.48)% 33% $ 8,983 0.00 $ 8.89 1.78% 2.04% (1.22)% 0.82% (3.17)% 15% $ 6,623 0.00 $ 9.24 1.59% 5.74% (5.24)% 0.50% (7.59)% 33% $ 1,736 0.00 $15.40 1.42% 1.31% (0.09)% 1.22% (3.45)% 14% $132,436 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 $14.40 0.95% 1.33% (0.06)% 1.27% 36.52% 18% $156,806 0.00 $14.74 0.68% 2.06% (0.09)% 1.97% (3.85)% 14% $ 7,462 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 $13.86 0.31% 2.09% (0.15)% 1.94% 35.58% 18% $ 42,603 0.00 $14.71 0.68% 2.05% (0.08)% 1.97% (3.85)% 14% $ 2,492 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 $13.86 0.28% 2.08% (0.14)% 1.94% 35.62% 18% $ 5,146
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 2040 (continued) Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $16.29 0.14(5) (0.68) (0.11) 0.00 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 March 1, 2003 to February 29, 2004 ............ $10.77 0.16(5) 3.81 (0.15) 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $16.29 0.16(5) (0.67) (0.12) 0.00 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, 20044 to February 28, 2005 ........... $14.47 0.15(5) 1.06 (0.21) 0.00 Investor Class March 1, 2008 to August 31, 2008 (Unaudited) .. $16.28 0.13(5) (0.67) (0.11) 0.00 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.18 0.08(5) (0.39) (0.09) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.09 0.09(5) (0.39) (0.06) 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, 2008 to August 31, 2008 (Unaudited) .. $ 9.17 0.07(5) (0.38) (0.05) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.09(5) (0.92) 0.00 0.00 TARGET 2050 Administrator Class March 1, 2008 to August 31, 2008 (Unaudited) .. $ 9.14 0.08(5) (0.38) (0.05) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.08(5) (0.92) (0.02) 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited) .. $ 9.13 0.09(5) (0.37) (0.06) 0.00 June 29, 2007(4) to February 29, 2008 ......... $10.00 0.08(5) (0.90) (0.05) 0.00 Investor Class March 1, 2008 to August 31, 2008 (Unaudited) .. $ 9.16 0.07(5) (0.37) (0.05) 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 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 $15.64 1.72% 1.13% (0.21)% 0.92% (3.33)% 14% $101,008 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 $14.59 1.29% 1.01% (0.05)% 0.96% 37.06% 18% $ 33,396 0.00 $15.66 1.92% 0.86% (0.17)% 0.69% (3.15)% 14% $172,323 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 $15.63 1.61% 1.42% (0.44)% 0.98% (3.34)% 14% $ 8,120 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 $ 8.78 1.67% 2.99% (2.07)% 0.92% (3.51)% 14% $ 1,704 0.00 $ 9.18 1.45% 13.36% (12.80)% 0.56% (8.20)% 30% $ 948 0.00 $ 8.73 1.93% 2.80% (2.11)% 0.69% (3.38)% 14% $ 5,347 0.00 $ 9.09 1.46% 12.60% (12.07)% 0.53% (8.12)% 30% $ 4,339 0.00 $ 8.81 1.57% 3.19% (2.21)% 0.98% (3.49)% 14% $ 1,508 0.00 $ 9.17 1.43% 12.57% (12.01)% 0.56% (8.30)% 30% $ 547 0.00 $ 8.79 1.65% 1.70% (0.78)% 0.92% (3.28)% 14% $ 10,062 0.00 $ 9.14 1.18% 5.13% (4.26)% 0.87% (8.37)% 30% $ 5,420 0.00 $ 8.79 1.86% 1.43% (0.74)% 0.69% (3.10)% 14% $ 17,751 0.00 $ 9.13 1.32% 5.32% (4.65)% 0.67% (8.26)% 30% $ 8,102 0.00 $ 8.81 1.56% 1.97% (0.99)% 0.98% (3.26)% 14% $ 840 0.00 $ 9.16 1.06% 5.27% (4.33)% 0.94% (8.40)% 30% $ 335
46 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, 2008, was comprised of 98 separate series (each, a "Fund", collectively, the "Funds"). 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 2030 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 (together, the "Target Date 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 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 seeks to achieve its investment objective by investing all investable assets in one or more separate diversified portfolios (each, a "Master Portfolio," collectively, the "Master Portfolios") of Wells Fargo Master Trust, a registered open-end management investment company. 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 in the report containing 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 by 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 as of August 31, 2008 are as follows:
Target Target Target Target Target Target Target Target Target Target Today 2010 2015 2020 2025 2030 2035 2040 2045 2050 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ DIVERSIFIED STOCK PORTFOLIO 2% 10% 0%(1) 30% 2% 29% 1% 24% 0%(1) 2% DIVERSIFIED FIXED INCOME PORTFOLIO 11% 32% 2% 38% 1% 12% 0%(1) 3% 0%(1) 1% MONEY MARKET PORTFOLIO 25% 14% 1% 26% 1% 18% 1% 13% 0%(1) 1%
(1) Percentage calculated is less than 0.5%. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Wells Fargo Advantage Dow Jones Target Date Funds 47 Notes to 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. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of August 31, 2008 in valuing the Funds' investments in securities:
Total Fair Value FUND Level 1 Level 2 Level 3 as of 8/31/2008 ---- ------------ ------- ------- ---------------- TARGET TODAY $158,444,205 $0 $0 $158,444,285 TARGET 2010 450,503,512 0 0 450,503,512 TARGET 2015 33,841,101 0 0 33,841,101 TARGET 2020 842,630,644 0 0 842,630,644 TARGET 2025 38,271,420 0 0 38,271,420 TARGET 2030 598,164,774 0 0 598,164,774 TARGET 2035 22,513,151 0 0 22,513,131 TARGET 2040 424,065,451 0 0 424,065,451 TARGET 2045 8,613,674 0 0 8,613,674 TARGET 2050 28,692,066 0 0 28,692,066
SECURITY TRANSACTIONS AND INCOME RECOGNITION Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the interest method. 48 Wells Fargo Advantage Dow Jones Target Date Funds Notes to Financial Statements 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. 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, 2008. 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, 2008, 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, 2005; February 28, 2006; February 28, 2007; February 29, 2008) are subject to examination by the Internal Revenue Service and state departments of revenue. At February 29, 2008, net capital loss carryforwards, which are available to offset future net realized capital gains, were:
Capital Loss FUND Expiration Year Carryforwards ---- --------------- ------------- TARGET 2015 2016 $21,683 TARGET 2025 2016 35,733 TARGET 2035 2016 41,922 TARGET 2045 2016 38,270 TARGET 2050 2016 42,819
At February 29, 2008, current year deferred post-October capital losses, which will be treated as realized for tax purposes on the first day of the succeeding year, were:
Deferred Post-October FUND Capital Loss ---- --------------------- TARGET 2015 $292,575 TARGET 2025 378,292 TARGET 2035 437,168 TARGET 2045 112,431 TARGET 2050 454,577
Wells Fargo Advantage Dow Jones Target Date Funds 49 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 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. 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*
* Effective July 1, 2008, the class-level administration fee for Investor Class was reduced by 0.02%, as shown in the table. Prior to July 1, 2008, the class-level administration fee for Investor Class was 0.40%. 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
50 Wells Fargo Advantage Dow Jones Target Date Funds Notes to Financial Statements For the six-month period ended August 31, 2008, shareholder servicing fees paid were as follows:
Administrator Investor FUND Class A Class B Class C Class Class ---- -------- ------- ------- ------------- -------- TARGET TODAY $ 37,949 $ 9,185 $8,023 $ 57,705 $ 7,971 TARGET 2010 74,624 10,321 4,231 166,292 9,430 TARGET 2015 NA NA NA 14,622 5,668 TARGET 2020 154,678 12,518 3,826 292,703 18,481 TARGET 2025 NA NA NA 10,629 6,571 TARGET 2030 118,125 8,356 2,798 192,892 15,747 TARGET 2035 NA NA NA 5,701 5,114 TARGET 2040 175,837 10,727 3,462 130,893 8,205 TARGET 2045 NA NA NA 1,721 1,312 TARGET 2050 NA NA NA 10,002 708
DISTRIBUTION FEES The Trust has adopted a Distribution Plan (the "Plan") for Class B and Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily net assets. For the six-month period ended August 31, 2008, distribution fees incurred are disclosed in the Statements of Operations. OTHER FEES PNC Global Investment Servicing ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual asset based fee and an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses in the Statements of Operations, for the six-month period ended August 31, 2008, 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, 2009, 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. Net operating expense ratios in effect for the six-month period ended August 31, 2008, were as follows:
Net Operating Expense Ratios ---------------------------------------------------------------------- Administrator Institutional Investor FUND Class A Class B Class C Class Class Class ---- ------- ------- ------- ------------- ------------- -------- TARGET TODAY 1.15% 1.90% 1.90% 0.85% 0.62% 0.91% TARGET 2010 1.18% 1.93% 1.93% 0.88% 0.65% 0.94% TARGET 2015 NA NA NA 0.89% 0.66% 0.95% TARGET 2020 1.20% 1.95% 1.95% 0.90% 0.67% 0.96% TARGET 2025(1) NA NA NA 0.90% 0.67% 0.96% TARGET 2030 1.21% 1.96% 1.96% 0.91% 0.68% 0.97% TARGET 2035(2) NA NA NA 0.92% 0.69% 0.98% TARGET 2040 1.22% 1.97% 1.97% 0.92% 0.69% 0.98% TARGET 2045 NA NA NA 0.92% 0.69% 0.98% TARGET 2050 NA NA NA 0.92% 0.69% 0.98%
Wells Fargo Advantage Dow Jones Target Date Funds 51 Notes to Financial Statements (1) In addition to the contractual net operating expense ratios shown in the table, the net operating expense ratio for Administrator, Institutional and Investor Classes was further lowered on a voluntary basis by Funds Management to 0.40% from November 6, 2007. Fnancial Highlights reflect a blended net expense ratios. (2) Ratios shown in the table reflect the current contractual net operating expense ratios. Financial Highlights reflect a blended net expense ratios. 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, 2008, were as follows:
FUND Purchases at Cost Sales Proceeds ---- ----------------- -------------- TARGET TODAY $ 53,628,316 $ 31,998,985 TARGET 2010 172,236,593 100,815,627 TARGET 2015 12,116,610 6,961,282 TARGET 2020 280,652,055 157,620,727 TARGET 2025 11,814,252 6,464,169 TARGET 2030 172,041,619 91,638,963 TARGET 2035 6,126,221 3,188,444 TARGET 2040 111,804,094 57,389,945 TARGET 2045 2,261,586 1,158,508 TARGET 2050 7,533,021 3,858,830
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) share in a revolving Credit Agreement with The Bank of New York, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. The agreement permits borrowings of up to $150 million, collectively. Interest is charged to each Fund based on its borrowing at a rate equal to the Federal Funds Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to 0.1% per annum of the credit line. For the six-month period ended August 31, 2008, there were no borrowings by the Target Date Funds under the agreement. 6. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133."FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 52 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- CORPORATE BONDS & NOTES: 21.01% AGRICULTURAL SERVICES: 0.02% $ 150,000 BUNGE LIMITED FINANCE CORPORATION 5.10% 07/15/2015 $ 129,916 -------------- APPAREL & ACCESSORY STORES: 0.06% 150,000 JCPENNEY CORPORATION INCORPORATED 6.38 10/15/2036 121,885 250,000 JCPENNEY CORPORATION INCORPORATED 7.95 04/01/2017 252,134 65,000 KOHL'S CORPORATION 6.00 01/15/2033 51,493 65,000 LIMITED BRANDS 5.25 11/01/2014 54,736 480,248 -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.01% 100,000 VF CORPORATION 5.95 11/01/2017 99,573 -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.04% 100,000 AUTOZONE INCORPORATED 6.50 01/15/2014 101,261 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 243,091 344,352 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01% 100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 96,835 -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.01% 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 58,987 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 55,081 114,068 -------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.26% 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 151,949 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 166,534 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 96,943 50,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 44,652 200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 203,982 180,000 HOME DEPOT INCORPORATED<< 4.63 08/15/2010 179,085 100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 99,813 50,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 47,433 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 615,291 250,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 197,231 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 395,954 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 73,658 2,272,525 -------------- BUSINESS SERVICES: 0.34% 150,000 COMPUTER SCIENCES CORPORATION++ 6.50 03/15/2018 151,906 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 188,616 100,000 FISERV INCORPORATED 6.13 11/20/2012 101,486 100,000 FISERV INCORPORATED 6.80 11/20/2017 101,626 1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,790,234 130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 108,944 250,000 ORACLE CORPORATION 5.75 04/15/2018 250,713 250,000 ORACLE CORPORATION 6.50 04/15/2038 252,611 2,946,136 --------------
Wells Fargo Advantage Master Portfolios 53 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- CHEMICALS & ALLIED PRODUCTS: 1.05% $ 150,000 ABBOTT LABORATORIES 5.60% 05/15/2011 $ 157,565 1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,017,946 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 155,441 100,000 AMGEN INCORPORATED 6.38 06/01/2037 97,482 250,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 236,355 150,000 CLOROX COMPANY 5.00 03/01/2013 148,516 300,000 CLOROX COMPANY 5.00 01/15/2015 286,389 100,000 CLOROX COMPANY 5.45 10/15/2012 100,836 90,000 CLOROX COMPANY 5.95 10/15/2017 89,931 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 101,254 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 103,195 100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 101,654 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 561,336 200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 201,711 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 48,978 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 22,488 250,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 254,834 180,000 E.I. DU PONT DE NEMOURS & COMPANY 6.88 10/15/2009 185,953 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 203,562 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 388,072 125,000 GENENTECH INCORPORATED 4.40 07/15/2010 126,940 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 244,316 250,000 JOHNSON & JOHNSON 5.55 08/15/2017 264,060 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 62,461 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 143,737 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 64,293 100,000 MONSANTO COMPANY 5.50 08/15/2025 93,513 300,000 PFIZER INCORPORATED 4.50 02/15/2014 302,294 50,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 50,754 100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 102,046 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 74,117 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 159,804 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 513,385 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 100,666 150,000 PROCTER & GAMBLE COMPANY 6.88 09/15/2009 155,431 75,000 ROHM & HAAS COMPANY 7.85 07/15/2029 80,044 225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 214,686 120,000 SCHERING-PLOUGH CORPORATION 6.75 12/01/2033 119,007 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 180,098 500,000 WYETH 5.45 04/01/2017 501,335 180,000 WYETH 5.50 02/15/2016 182,100 625,000 WYETH 6.00 02/15/2036 614,246 300,000 WYETH 6.95 03/15/2011 318,558 9,131,389 -------------- COMMUNICATIONS: 2.00% 65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 62,412 300,000 AT&T INCORPORATED 4.13 09/15/2009 301,691 325,000 AT&T INCORPORATED 5.10 09/15/2014 321,445 500,000 AT&T INCORPORATED<< 5.60 05/15/2018 489,932 300,000 AT&T INCORPORATED 6.25 03/15/2011 311,533 570,000 AT&T INCORPORATED 6.50 09/01/2037 548,606 550,000 AT&T INCORPORATED 8.00 11/15/2031 628,653 360,000 AT&T WIRELESS 7.88 03/01/2011 385,077 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,098,921
54 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- COMMUNICATIONS (continued) $ 225,000 AT&T WIRELESS 8.75% 03/01/2031 $ 268,757 250,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 269,197 325,000 BELLSOUTH CORPORATION 4.20 09/15/2009 327,076 325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 322,278 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 163,125 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 174,157 180,000 BRITISH TELEPHONE PLC 8.63 12/15/2010 193,226 180,000 CBS CORPORATION 4.63 05/15/2018 149,468 100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 88,033 240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 216,613 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 341,192 100,000 COMCAST CORPORATION 4.95 06/15/2016 92,285 300,000 COMCAST CORPORATION 5.30 01/15/2014 292,582 200,000 COMCAST CORPORATION 5.45 11/15/2010 203,952 75,000 COMCAST CORPORATION 5.88 02/15/2018 72,217 225,000 COMCAST CORPORATION 5.90 03/15/2016 219,873 500,000 COMCAST CORPORATION 6.30 11/15/2017 496,026 150,000 COMCAST CORPORATION 6.45 03/15/2037 138,344 200,000 COMCAST CORPORATION 6.50 11/15/2035 188,163 400,000 COMCAST CORPORATION 6.95 08/15/2037 390,348 180,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 178,772 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 175,587 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 315,111 100,000 EMBARQ CORPORATION 6.74 06/01/2013 95,757 350,000 EMBARQ CORPORATION 7.08 06/01/2016 324,738 120,000 MOTOROLA INCORPORATED 7.63 11/15/2010 121,334 300,000 QWEST CORPORATION 6.88 09/15/2033 222,000 500,000 QWEST CORPORATION 7.50 06/15/2023 417,500 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 63,186 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 388,012 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 143,186 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 230,428 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 253,200 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 160,803 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 44,173 360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 369,910 325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 325,203 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 302,632 300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 305,034 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 229,590 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 495,092 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 308,949 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 87,785 500,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 529,924 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,083,025 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 372,425 200,000 VIACOM INCORPORATED 5.50 05/15/2033 148,181 180,000 VIACOM INCORPORATED 5.75 04/30/2011 178,581 180,000 VIACOM INCORPORATED 6.25 04/30/2016 171,428 50,000 VIACOM INCORPORATED 6.75 10/05/2037 44,946 180,000 VIACOM INCORPORATED 6.88 04/30/2036 162,547 300,000 VODAFONE GROUP PLC 7.75 02/15/2010 313,880 17,318,101 --------------
Wells Fargo Advantage Master Portfolios 55 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- DEPOSITORY INSTITUTIONS: 3.29% $ 150,000 ABBEY NATIONAL CAPITAL TRUST I+/- 8.96% 12/31/2049 $ 162,833 180,000 BAC CAPITAL TRUST VI 5.63 03/08/2035 144,515 200,000 BAC CAPITAL TRUST XI 6.63 05/23/2036 177,181 50,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 34,623 1,250,000 BANK OF AMERICA CORPORATION 4.50 08/01/2010 1,257,654 250,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 231,992 1,500,000 BANK OF AMERICA CORPORATION 5.38 09/11/2012 1,491,209 700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 678,149 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 222,997 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 93,274 500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 466,431 1,000,000 BANK OF AMERICA CORPORATION 7.80 02/15/2010 1,042,143 500,000 BANK OF AMERICA NA SERIES BKNT 6.00 10/15/2036 431,766 450,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 01/14/2011 455,264 150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 149,810 500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40 06/15/2011 529,146 240,000 BANK ONE CORPORATION 7.63 10/15/2026 252,201 250,000 BANK ONE CORPORATION 8.00 04/29/2027 244,290 100,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2049 77,949 250,000 BB&T CORPORATION 5.20 12/23/2015 220,884 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 805,316 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 874,841 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 715,279 1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 934,952 625,000 CITIGROUP INCORPORATED 6.50 01/18/2011 641,481 250,000 CITIGROUP INCORPORATED 6.50 08/19/2013 250,273 500,000 CITIGROUP INCORPORATED 6.88 03/05/2038 482,001 500,000 COMERCIA BANK SERIES BKNT 5.75 11/21/2016 398,839 100,000 COMERICA CAPITAL TRUST II+/- 6.58 02/20/2037 51,958 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 96,412 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 369,798 200,000 HSBC BANK USA NA NEW YORK<< 4.63 04/01/2014 188,223 225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 189,626 250,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 240,996 2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 1,984,362 600,000 JPMORGAN CHASE & COMPANY 5.60 06/01/2011 615,991 1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 968,382 800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 828,766 350,000 KEYBANK NA 5.80 07/01/2014 275,437 250,000 LEHMAN BROTHERS HOLDINGS 6.88 07/17/2037 204,707 250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 189,918 200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 185,953 100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 98,087 360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 221,257 450,000 PNC FUNDING CORPORATION 5.13 12/14/2010 451,290 250,000 REGIONS BANK 6.45 06/26/2037 152,422 150,000 SUNTRUST BANK 5.00 09/01/2015 129,777 250,000 SUNTRUST CAPITAL VIII+/- 6.10 12/15/2049 170,393 200,000 UBS AG STAMFORD CT 5.88 07/15/2016 192,218 360,000 UBS PREFERRED FUNDING TRUST I+/- 8.62 12/31/2049 346,657 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 179,218 275,000 US BANK NA SERIES BKNT 4.95 10/30/2014 266,677 50,000 USB CAPITAL IX+/- 6.19 12/31/2049 32,750 250,000 WACHOVIA BANK NA 5.85 02/01/2037 180,587 150,000 WACHOVIA CAPITAL TRUST I+/- 5.80 03/15/2042 81,000
56 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- DEPOSITORY INSTITUTIONS (continued) $ 300,000 WACHOVIA CORPORATION 5.25% 08/01/2014 $ 255,386 400,000 WACHOVIA CORPORATION 5.50 08/01/2035 274,131 500,000 WACHOVIA CORPORATION 5.63 10/15/2016 412,795 1,000,000 WACHOVIA CORPORATION 5.75 02/01/2018 848,163 325,000 WASHINGTON MUTUAL INCORPORATED 5.25 09/15/2017 193,375 900,000 WELLS FARGO & COMPANY(L) 4.20 01/15/2010 905,418 1,000,000 WELLS FARGO & COMPANY(L) 5.25 10/23/2012 999,430 1,500,000 WELLS FARGO & COMPANY(L) 5.30 08/26/2011 1,527,921 500,000 WELLS FARGO BANK NA(L) 4.75 02/09/2015 468,230 150,000 WELLS FARGO BANK NA(L) 5.95 08/26/2036 134,652 75,000 WESTERN UNION COMPANY 5.40 11/17/2011 75,558 75,000 WESTERN UNION COMPANY 5.93 10/01/2016 73,306 75,000 WESTERN UNION COMPANY 6.20 11/17/2036 66,646 28,595,166 -------------- EATING & DRINKING PLACES: 0.13% 250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 243,332 105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 97,333 20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 17,464 100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 102,843 150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 149,194 100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 99,717 100,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 98,974 100,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 99,073 50,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 48,398 50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 46,201 120,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 128,953 1,131,482 -------------- ELECTRIC, GAS & SANITARY SERVICES: 2.19% 105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 105,808 100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 97,178 100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 96,374 75,000 AMERENUE 5.40 02/01/2016 70,356 100,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED SERIES C 5.38 03/15/2010 101,113 750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 725,784 100,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 99,769 315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 270,444 500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 506,315 100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 93,403 50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 49,288 180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 181,240 450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 454,058 150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 144,507 50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 45,288 100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 95,096 250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 223,061 65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 58,108 50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 50,546 100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 99,815 180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 4.88 02/01/2013 180,013 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 5.85 04/01/2018 100,987 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 6.75 04/01/2038 103,690 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES 06-C 5.50 09/15/2016 99,269 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES D 5.30 12/01/2016 48,810
Wells Fargo Advantage Master Portfolios 57 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- ELECTRIC, GAS & SANITARY SERVICES (ccontinued) $ 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES E 5.70% 12/01/2036 $ 45,041 100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 95,781 200,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.00 04/01/2012 205,227 150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 147,588 150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 149,706 100,000 DOMINION RESOURCES INCORPORATED 4.75 12/15/2010 100,396 180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 182,438 50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 48,987 125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 113,849 350,000 DTE ENERGY COMPANY 6.35 06/01/2016 348,606 150,000 DTE ENERGY COMPANY 7.05 06/01/2011 155,933 125,000 DUKE CAPITAL LLC 5.67 08/15/2014 122,539 100,000 DUKE CAPITAL LLC 8.00 10/01/2019 107,765 75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 75,746 500,000 DUKE ENERGY CORPORATION SERIES D 7.38 03/01/2010 524,110 120,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 126,302 100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 99,106 55,000 ENERGY TRANSFER PARTNERS 6.13 02/15/2017 53,569 30,000 ENERGY TRANSFER PARTNERS 6.63 10/15/2036 28,100 250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 252,368 100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 100,990 100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 101,545 100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 100,339 100,000 ENTERGY LOUISIANA LLC++ 6.00 05/01/2018 96,033 125,000 EXELON CORPORATION 4.90 06/15/2015 115,685 65,000 EXELON CORPORATION 5.63 06/15/2035 55,862 150,000 EXELON GENERATION COMPANY LLC 6.95 06/15/2011 155,787 150,000 FIRST ENERGY CORPORATION SERIES B 6.45 11/15/2011 154,102 430,000 FIRST ENERGY CORPORATION SERIES C 7.38 11/15/2031 461,322 100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 100,916 150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 142,347 100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 97,709 50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 49,531 800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 828,957 200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 199,025 100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 102,662 250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 249,313 100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 95,533 50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 48,037 100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 96,150 125,000 KEYSPAN CORPORATION 5.80 04/01/2035 104,851 100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 100,134 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 243,363 75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 68,093 180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 184,587 100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 92,657 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 237,482 1,000,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 1,072,334 180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 158,725 65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 55,503 90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 87,533 100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 99,087 170,000 NORTHWEST PIPELINE CORPORATION++ 6.05 06/15/2018 166,779 65,000 ONEOK INCORPORATED 5.20 06/15/2015 61,323 200,000 ONEOK PARTNERS LP 6.15 10/01/2016 197,318 125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 122,556
58 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- ELECTRIC, GAS & SANITARY SERVICES (continued) $ 250,000 PACIFIC GAS & ELECTRIC COMPANY 5.80% 03/01/2037 $ 232,985 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 192,031 100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 99,757 100,000 PACIFICORP 5.65 07/15/2018 99,888 720,000 PACIFICORP 6.25 10/15/2037 699,473 200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 198,218 500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 486,145 50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 50,278 180,000 PROGRESS ENERGY INCORPORATED 7.10 03/01/2011 188,443 120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 135,017 150,000 PSEG POWER LLC 7.75 04/15/2011 158,391 75,000 PSEG POWER LLC 8.63 04/15/2031 91,001 150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 166,751 100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 95,717 100,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 91,794 100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 99,302 180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 164,291 75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 71,548 100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 102,868 250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 238,211 100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 94,775 100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 92,755 75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 67,847 200,000 TENNESSEE VALLEY AUTHORITY<< 4.50 04/01/2018 197,635 150,000 TENNESSEE VALLEY AUTHORITY<< 5.50 07/18/2017 159,466 50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 43,294 105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION++ 6.05 06/15/2018 102,988 75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 75,973 75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 72,735 75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 74,837 100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 99,314 105,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 99,266 65,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 60,186 150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 148,053 100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 91,965 50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 46,256 125,000 WISCONSIN ENERGY CORPORATION+/- 6.25 05/15/2049 103,465 100,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 99,433 100,000 XCEL ENERGY INCORPORATED 7.00 12/01/2010 104,263 18,984,262 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.03% 50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 49,881 120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 109,198 100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 95,505 254,584 -------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.01% 100,000 QUEST DIAGNOSTICS INCORPORATED 5.13 11/01/2010 100,597 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.02% 200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 182,517 -------------- FOOD & KINDRED PRODUCTS: 0.71% 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 172,429 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 47,379 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 205,010
Wells Fargo Advantage Master Portfolios 59 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FOOD & KINDRED PRODUCTS (continued) $ 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38% 09/15/2035 $ 292,811 100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 98,107 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 102,116 180,000 COCA-COLA ENTERPRISES INCORPORATED 4.38 09/15/2009 181,512 100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 101,569 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 190,410 200,000 COCA-COLA ENTERPRISES INCORPORATED 8.00 09/15/2022 236,313 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 145,736 150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 155,498 120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 136,128 150,000 DR. PEPPER SNAPPLE GROUP INCORPORATED++ 6.82 05/01/2018 152,740 100,000 DR. PEPPER SNAPPLE GROUP INCORPORATED++ 7.45 05/01/2038 102,782 200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 201,285 100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 99,270 225,000 GENERAL MILLS INCORPORATED 6.00 02/15/2012 232,594 150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 164,905 100,000 HJ HEINZ COMPANY 5.35 07/15/2013 100,460 975,000 HJ HEINZ COMPANY 6.63 07/15/2011 1,025,608 350,000 KELLOGG COMPANY SERIES B 6.60 04/01/2011 370,071 125,000 KRAFT FOODS INCORPORATED 4.13 11/12/2009 124,496 350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 346,739 275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 279,277 250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 252,853 75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 70,397 100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 97,900 60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 59,701 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 110,947 250,000 SARA LEE CORPORATION 6.25 09/15/2011 256,063 75,000 WM. WRIGLEY JR. COMPANY 4.30 07/15/2010 74,007 6,187,113 -------------- FOOD STORES: 0.09% 100,000 KROGER COMPANY 4.95 01/15/2015 95,201 50,000 KROGER COMPANY 6.15 01/15/2020 49,713 350,000 KROGER COMPANY 6.75 04/15/2012 367,824 75,000 KROGER COMPANY 7.50 04/01/2031 81,191 100,000 SAFEWAY INCORPORATED 4.95 08/16/2010 100,345 75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 79,563 773,837 -------------- FORESTRY: 0.05% 180,000 WEYERHAEUSER COMPANY 6.75 03/15/2012 184,989 225,000 WEYERHAEUSER COMPANY 7.38 03/15/2032 215,562 400,551 -------------- FURNITURE & FIXTURES: 0.10% 50,000 CINTAS CORPORATION #2 6.15 08/15/2036 45,839 180,000 MASCO CORPORATION 5.88 07/15/2012 167,876 350,000 MASCO CORPORATION 6.13 10/03/2016 306,613 200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 193,119 165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 149,298 862,745 -------------- GENERAL MERCHANDISE STORES: 0.36% 100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 104,648 200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 203,950
60 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- GENERAL MERCHANDISE STORES (continued) $ 405,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.35% 03/15/2012 $ 379,146 100,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.90 12/01/2016 86,346 350,000 TARGET CORPORATION 5.38 05/01/2017 339,573 100,000 TARGET CORPORATION 6.50 10/15/2037 98,450 150,000 TARGET CORPORATION 7.00 07/15/2031 155,435 500,000 WAL-MART STORES INCORPORATED 4.13 02/15/2011 507,085 180,000 WAL-MART STORES INCORPORATED 4.55 05/01/2013 183,375 325,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 282,494 100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 97,556 650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 665,425 3,103,483 -------------- HEALTH SERVICES: 0.34% 350,000 AETNA INCORPORATED 5.75 06/15/2011 354,968 350,000 AMGEN INCORPORATED<< 5.85 06/01/2017 351,865 350,000 ANTHEM INCORPORATED 6.80 08/01/2012 365,772 180,000 CARDINAL HEALTH INCORPORATED 5.85 12/15/2017 173,619 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 501,432 750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 792,863 225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 224,120 100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 100,111 100,000 SCHERING-PLOUGH CORPORATION 5.55 12/01/2013 101,478 2,966,228 -------------- HOLDING & OTHER INVESTMENT OFFICES: 0.60% 50,000 ALLIED CAPITAL CORPORATION 6.63 07/15/2011 48,314 100,000 AMERIPRISE FINANCIAL INCORPORATED 5.35 11/15/2010 99,395 350,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 348,143 500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 498,433 100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 100,797 65,000 COLONIAL REALTY LP 5.50 10/01/2015 57,702 1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,402,296 50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 41,609 180,000 ERP OPERATING LP 5.25 09/15/2014 166,007 1,000,000 ERP OPERATING LP<< 5.50 10/01/2012 959,530 75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 70,341 360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 344,244 100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 82,525 180,000 ISTAR FINANCIAL INCORPORATED 5.15 03/01/2012 131,400 350,000 ISTAR FINANCIAL INCORPORATED SERIES 1 5.88 03/15/2016 245,000 140,000 LEHMAN BROTHERS HOLDINGS 7.50 05/11/2038 123,982 150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 140,009 100,000 MACK-CALI REALTY LP 7.75 02/15/2011 104,363 100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 95,353 100,000 SIMON PROPERTY GROUP INCORPORATED 5.30 05/30/2013 96,063 100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 93,813 5,249,319 -------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.04% 75,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 67,200 100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 94,571 100,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 6.25 02/15/2013 94,721 50,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 7.38 11/15/2015 47,615 50,000 WYNDHAM WORLDWIDE CORPORATION 6.00 12/01/2016 43,064 347,171 --------------
Wells Fargo Advantage Master Portfolios 61 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.41% $ 250,000 CATERPILLAR INCORPORATED 6.05% 08/15/2036 $ 248,655 75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 79,479 500,000 DEERE & COMPANY 7.85 05/15/2010 533,022 100,000 DELL INCORPORATED++ 6.50 04/15/2038 95,334 200,000 DELL INCORPORATED 7.10 04/15/2028 205,986 100,000 DOVER CORPORATION 5.45 03/15/2018 99,924 60,000 DOVER CORPORATION 6.60 03/15/2038 62,896 180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 193,532 200,000 IBM CORPORATION 4.75 11/29/2012 205,231 500,000 IBM CORPORATION 5.70 09/14/2017 509,882 250,000 IBM CORPORATION 5.88 11/29/2032 246,951 100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 98,242 100,000 ORACLE CORPORATION 5.00 01/15/2011 102,484 350,000 ORACLE CORPORATION 5.25 01/15/2016 348,754 135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 135,955 60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 61,221 250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 238,640 100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 98,959 3,565,147 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.12% 500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 499,383 75,000 AON CORPORATION 8.21 01/01/2027 70,073 100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 95,604 75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 65,617 200,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.15 09/15/2010 200,055 75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 68,219 998,951 -------------- INSURANCE CARRIERS: 0.98% 75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 75,555 75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 66,347 150,000 AETNA INCORPORATED 6.63 06/15/2036 141,150 330,000 ALLSTATE CORPORATION 5.55 05/09/2035 277,938 500,000 AMERICAN INTERNATIONAL GROUP+++/- 8.18 05/15/2049 386,191 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED<< 5.05 10/01/2015 210,290 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 189,842 50,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 03/15/2037 33,175 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED++ 8.25 08/15/2018 246,455 600,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 505,199 75,000 ASSURANT INCORPORATED 6.75 02/15/2034 61,944 275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION++ 5.00 08/15/2013 278,302 150,000 CHUBB CORPORATION 5.75 05/15/2018 143,922 80,000 CHUBB CORPORATION 6.00 05/11/2037 70,866 350,000 CHUBB CORPORATION+/- 6.38 03/29/2049 309,805 100,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 94,720 50,000 CIGNA CORPORATION 6.15 11/15/2036 43,575 75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 70,497 65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 62,555 50,000 CNA FINANCIAL CORPORATION 6.00 08/15/2011 50,696 50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 48,091 180,000 GE GLOBAL INSURANCE HOLDINGS 7.00 02/15/2026 174,298 100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 86,456 350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75 05/15/2013 333,105 250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 237,522 100,000 LOEWS CORPORATION 5.25 03/15/2016 95,944
62 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- INSURANCE CARRIERS (continued) $ 65,000 MBIA INCORPORATED 5.70% 12/01/2034 $ 35,173 250,000 METLIFE INCORPORATED 5.00 11/24/2013 243,653 100,000 METLIFE INCORPORATED 6.13 12/01/2011 102,248 280,000 METLIFE INCORPORATED 6.38 06/15/2034 265,461 75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 75,469 75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 66,777 100,000 PROTECTIVE LIFE SECURED TRUST 4.85 08/16/2010 100,738 105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 105,194 65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 61,056 500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 437,928 180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 141,398 75,000 SAFECO CORPORATION 4.88 02/01/2010 74,134 180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 179,124 100,000 THE TRAVELERS COMPANIES INCORPORATED 5.38 06/15/2012 101,581 150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 144,019 65,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 60,348 75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 71,510 250,000 TRAVELERS COS INCORPORATED+/- 6.25 03/15/2037 212,911 125,000 UNITEDHEALTH GROUP INCORPORATED 4.88 03/15/2015 115,418 250,000 UNITEDHEALTH GROUP INCORPORATED 5.25 03/15/2011 249,169 250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 202,755 100,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 95,635 150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 133,392 100,000 UNITRIN INCORPORATED 6.00 05/15/2017 83,949 100,000 WELLPOINT INCORPORATED 5.00 01/15/2011 99,559 100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 93,557 75,000 WELLPOINT INCORPORATED 5.85 01/15/2036 63,587 500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 482,192 100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 81,287 8,473,662 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.12% 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 58,941 50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 51,736 350,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 349,011 125,000 MEDTRONIC INCORPORATED SERIES B 4.38 09/15/2010 126,844 225,000 RAYTHEON COMPANY 4.85 01/15/2011 227,047 100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 101,905 150,000 XEROX CORPORATION 6.35 05/15/2018 145,100 1,060,584 -------------- METAL MINING: 0.14% 1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,060,000 150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 144,332 1,204,332 -------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.02% 100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 97,537 50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 45,112 142,649 -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.07% 75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 76,927 360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 364,061 200,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 200,557 641,545 --------------
Wells Fargo Advantage Master Portfolios 63 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- MISCELLANEOUS RETAIL: 0.11% $ 65,000 CVS CAREMARK CORPORATION 4.00% 09/15/2009 $ 64,542 200,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 195,819 250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 249,725 65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 61,763 180,000 FEDERATED DEPARTMENT STORES INCORPORATED 6.90 04/01/2029 151,602 250,000 WALGREEN COMPANY 4.88 08/01/2013 252,315 975,766 -------------- MOTION PICTURES: 0.13% 180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 177,862 450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 416,396 180,000 WALT DISNEY COMPANY 6.38 03/01/2012 192,633 75,000 WALT DISNEY COMPANY 7.00 03/01/2032 85,207 250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 256,741 1,128,839 -------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.03% 100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 101,141 100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 102,493 70,000 UNITED PARCEL SERVICE INCORPORATED 6.20 01/15/2038 70,466 274,100 -------------- NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.01% 75,000 GOODRICH CORPORATION 7.63 12/15/2012 82,282 -------------- NETWORKING PRODUCTS: 0.05% 180,000 CISCO SYSTEMS INCORPORATED 5.25 02/22/2011 185,923 275,000 CISCO SYSTEMS INCORPORATED<< 5.50 02/22/2016 279,420 465,343 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 2.03% 100,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 4.25 02/26/2010 100,683 200,000 AMERICAN EXPRESS+/- 6.80 09/01/2049 173,616 250,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 242,127 500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00 09/13/2017 459,348 500,000 AMERICAN EXPRESS COMPANY<< 7.00 03/19/2018 491,032 100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 91,907 180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTN 4.88 05/15/2010 167,901 1,000,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNH 5.38 10/01/2012 867,659 180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNI 5.40 12/01/2015 132,411 300,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 314,863 100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 90,951 200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 143,930 50,000 CAPITAL ONE CAPITAL IV+/- 6.75 02/17/2037 34,478 115,000 CAPITAL ONE FINANCIAL COMPANY SERIES MTN 5.70 09/15/2011 107,951 300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 268,794 180,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 4.30 06/01/2010 182,077 275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 277,209 65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTNF 4.75 02/17/2015 62,620 90,000 CIT GROUP INCORPORATED 5.40 02/13/2012 68,137 500,000 CIT GROUP INCORPORATED+/- 6.10 03/15/2049 194,873 275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 223,328 125,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 119,932 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 4.80 05/01/2013 988,806 525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 536,211
64 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- NON-DEPOSITORY CREDIT INSTITUTIONS (continued) $ 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88% 01/14/2038 $ 450,218 300,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 284,501 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 489,150 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.63 09/15/2017 1,466,096 450,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.13 09/01/2009 453,992 1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,189,674 400,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 6.75 03/15/2032 404,236 200,000 HSBC FINANCE CAPITAL TRUST IX+/- 5.91 11/30/2035 159,294 1,000,000 HSBC FINANCE CORPORATION 4.13 11/16/2009 997,084 300,000 HSBC FINANCE CORPORATION 4.63 09/15/2010 299,241 325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 309,820 450,000 HSBC FINANCE CORPORATION 5.25 01/14/2011 450,465 800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 817,872 1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,029,218 250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 269,746 100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 98,866 500,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 483,998 180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 139,469 150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 02/02/2037 122,386 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION<< 5.50 07/01/2013 153,349 180,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC 7.25 03/01/2012 192,282 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC 8.00 03/01/2032 170,620 65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 48,222 300,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 245,420 180,000 TEXTRON FINANCIAL CORPORATION 4.60 05/03/2010 179,363 175,000 TOYOTA MOTOR CREDIT CORPORATION 4.25 03/15/2010 178,274 100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 96,765 100,000 UNILEVER CAPITAL CORPORATION 7.13 11/01/2010 107,397 17,627,862 -------------- OFFICE EQUIPMENT: 0.04% 70,000 XEROX CORPORATION 5.50 05/15/2012 69,528 250,000 XEROX CORPORATION 6.75 02/01/2017 252,788 322,316 -------------- OIL & GAS EXTRACTION: 0.66% 100,000 ANADARKO PETROLEUM CORPORATION 5.95 09/15/2016 97,450 100,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 91,911 100,000 APACHE CORPORATION 5.25 04/15/2013 102,045 30,000 APACHE CORPORATION 5.63 01/15/2017 30,367 100,000 APACHE CORPORATION 6.00 01/15/2037 95,668 100,000 APACHE CORPORATION 6.25 04/15/2012 105,962 150,000 BJ SERVICES COMPANY 6.00 06/01/2018 152,636 65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 57,123 300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 328,172 750,000 CONOCOPHILLIPS COMPANY 8.75 05/25/2010 814,675 1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,253,574 120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 138,462 500,000 EL PASO ENERGY CORPORATION++ 5.90 04/01/2017 473,759 150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 142,582 150,000 HALLIBURTON COMPANY 5.50 10/15/2010 155,550 180,000 HESS CORPORATION 7.88 10/01/2029 202,143 120,000 NEXEN INCORPORATED 7.88 03/15/2032 129,001 180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 193,113 150,000 PANHANDLE EAST PIPE LINE 6.20 11/01/2017 140,870
Wells Fargo Advantage Master Portfolios 65 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- OIL & GAS EXTRACTION (continued) $ 250,000 PC FINANCIAL PARTNERSHIP 5.00% 11/15/2014 $ 234,562 50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 48,802 65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 61,232 125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 119,135 125,000 XTO ENERGY INCORPORATED 6.10 04/01/2036 110,916 500,000 XTO ENERGY INCORPORATED 6.75 08/01/2037 471,596 5,751,306 -------------- PAPER & ALLIED PRODUCTS: 0.17% 125,000 INTERNATIONAL PAPER COMPANY 4.00 04/01/2010 121,452 180,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 158,598 500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 508,020 300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 308,723 200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 210,791 200,000 PACTIV CORPORATION 6.40 01/15/2018 197,161 1,504,745 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 0.19% 150,000 CONOCOPHILLIPS 4.40 05/15/2013 148,611 100,000 CONOCOPHILLIPS 5.90 05/15/2038 98,610 125,000 ENTERPRISE PRODUCTS OPERATING LP 4.95 06/01/2010 124,844 65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 63,818 120,000 HESS CORPORATION 7.30 08/15/2031 126,626 150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 152,835 125,000 MARATHON OIL CORPORATION 6.00 10/01/2017 123,618 50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 46,534 100,000 SEMPRA ENERGY 6.00 02/01/2013 103,102 100,000 SUNOCO INCORPORATED 5.75 01/15/2017 92,834 500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 473,863 100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 96,564 1,651,859 -------------- PHARMACEUTICALS: 0.03% 300,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 300,162 -------------- PIPELINES: 0.27% 100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 97,114 100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 98,173 75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 79,712 65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 62,890 75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 72,046 100,000 EQUITABLE RESOURCES INCORPORATED 6.50 04/01/2018 101,315 100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 97,473 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 97,244 500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 479,341 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 85,193 50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 48,769 150,000 PLAINS ALL AMERICAN PIPELINE LP++ 6.50 05/01/2018 147,559 200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 180,764 250,000 TEPPCO PARTNERS LP 5.90 04/15/2013 250,276 250,000 TEPPCO PARTNERS LP 6.65 04/15/2018 251,556 100,000 TEPPCO PARTNERS LP 7.55 04/15/2038 100,457 75,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 71,895 2,321,777 --------------
66 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- PRIMARY METAL INDUSTRIES: 0.15% $ 25,000 ALCOA INCORPORATED 5.55% 02/01/2017 $ 23,158 300,000 ALCOA INCORPORATED 5.90 02/01/2027 255,393 25,000 ALCOA INCORPORATED 5.95 02/01/2037 21,187 200,000 ALCOA INCORPORATED 6.00 07/15/2013 200,233 250,000 ALCOA INCORPORATED 6.50 06/01/2011 258,688 50,000 ALCOA INCORPORATED 6.75 07/15/2018 49,781 75,000 ALCOA INCORPORATED 6.75 01/15/2028 70,602 50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 48,492 100,000 NUCOR CORPORATION 5.00 06/01/2013 101,382 150,000 NUCOR CORPORATION 5.85 06/01/2018 151,314 50,000 NUCOR CORPORATION 6.40 12/01/2037 49,343 100,000 US STEEL CORPORATION 6.05 06/01/2017 91,952 1,321,525 -------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.06% 100,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 96,404 75,000 RR DONNELLEY & SONS COMPANY 4.95 05/15/2010 74,466 65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 59,853 20,000 RR DONNELLEY & SONS COMPANY 5.63 01/15/2012 19,724 50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 45,896 250,000 VIACOM CORPORATION 7.70 07/30/2010 258,691 555,034 -------------- RAILROAD TRANSPORTATION: 0.29% 500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 485,384 60,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 59,229 50,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 47,485 100,000 CSX CORPORATION 5.60 05/01/2017 90,651 100,000 CSX CORPORATION 6.00 10/01/2036 81,338 70,000 CSX CORPORATION 6.15 05/01/2037 57,380 250,000 CSX CORPORATION 6.25 04/01/2015 244,957 300,000 CSX CORPORATION 6.30 03/15/2012 301,700 200,000 CSX CORPORATION 7.45 04/01/2038 192,608 275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 249,252 100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 99,210 360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 341,394 200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 194,970 40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 36,641 2,482,199 -------------- REAL ESTATE: 0.02% 200,000 DUKE REALTY LP 6.25 05/15/2013 197,226 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.27% 100,000 CAMDEN PROPERTY TRUST 5.70 05/15/2017 90,067 200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 168,918 75,000 HEALTHCARE REALTY TRUST INCORPORATED 8.13 05/01/2011 77,778 75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 58,145 325,000 INTERNATIONAL LEASE FINANCE CORPORATION 5.00 04/15/2010 310,467 100,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.40 02/15/2012 88,777 250,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.55 09/05/2012 217,458 125,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 114,275 75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 65,046 100,000 PROLOGIS 5.25 11/15/2010 100,043 300,000 PROLOGIS TRUST 5.63 11/15/2016 264,040
Wells Fargo Advantage Master Portfolios 67 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) $ 100,000 PROLOGIS TRUST<< 6.63% 05/15/2018 $ 92,121 100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 90,213 100,000 REGENCY CENTERS LP 5.88 06/15/2017 91,159 50,000 SIMON PROPERTY GROUP LP 5.00 03/01/2012 48,319 50,000 SIMON PROPERTY GROUP LP<< 5.25 12/01/2016 44,903 300,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 296,738 125,000 SIMON PROPERTY GROUP LP 5.75 12/01/2015 123,245 2,341,712 -------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.01% 100,000 COOPER US INCORPORATED 6.10 07/01/2017 101,970 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.18% 180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 168,803 600,000 BEAR STEARNS COMPANIES INCORPORATED 5.50 08/15/2011 598,172 25,000 BEAR STEARNS COMPANIES INCORPORATED<< 5.55 01/22/2017 23,328 120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 117,964 500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 519,341 225,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTNB 4.55 06/23/2010 225,741 750,000 CITIGROUP CAPITAL XXI+/- 8.30 12/21/2049 677,007 500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 497,793 250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 264,118 50,000 EATON VANCE CORPORATION 6.50 10/02/2017 49,034 200,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/31/2049 123,958 700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 672,585 275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 255,917 100,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 99,580 500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 474,784 70,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 58,962 100,000 GOLDMAN SACHS GROUP INCORPORATED<< 6.15 04/01/2018 95,657 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,209,946 450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 373,957 725,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 750,253 325,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 285,952 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 6.88 01/15/2011 1,037,678 150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 115,400 50,000 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST V SERIES MTN+/- 5.86 12/31/2049 26,125 200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 5.50 04/04/2016 176,035 500,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 6.50 07/19/2017 442,606 1,000,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 6.75 12/28/2017 896,856 500,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.00 07/19/2012 472,482 95,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.20 09/26/2014 88,990 125,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.88 05/02/2018 116,378 35,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 7.00 09/27/2027 31,209 200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTNG 4.80 03/13/2014 173,330 450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 407,174 500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 423,222 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 08/15/2012 958,575 250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 226,464 300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 225,106 100,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 79,455 500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 453,563 500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 5.77 07/25/2011 491,315 190,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN<< 6.88 04/25/2018 174,992 525,000 MORGAN STANLEY 5.38 10/15/2015 471,148 500,000 MORGAN STANLEY 6.60 04/01/2012 502,446
68 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued) $ 120,000 MORGAN STANLEY 7.25% 04/01/2032 $ 113,044 500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 435,535 1,500,000 MORGAN STANLEY SERIES MTN<< 5.25 11/02/2012 1,445,291 500,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 438,932 1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 929,123 18,895,326 -------------- TOBACCO PRODUCTS: 0.08% 125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 123,829 150,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 147,571 100,000 PHILIP MORRIS INTERNATIONAL INCORPORATED<< 6.38 05/16/2038 98,352 200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 197,117 100,000 UST INCORPORATED 5.75 03/01/2018 98,494 665,363 -------------- TRANSPORTATION BY AIR: 0.07% 75,000 CONTINENTAL AIRLINES INCORPORATED SERIES A 5.98 04/19/2022 61,313 107,518 DELTA AIR LINES INCORPORATED 6.82 08/10/2022 87,853 120,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 144,733 200,000 NORTHWEST AIRLINES INCORPORATED 7.03 11/01/2019 158,000 120,000 RAYTHEON COMPANY 7.20 08/15/2027 131,861 583,760 -------------- TRANSPORTATION EQUIPMENT: 0.47% 180,000 BOEING COMPANY 6.13 02/15/2033 181,245 100,000 DAIMLER FINANCE NA LLC 5.88 03/15/2011 100,705 330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 327,846 200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 209,143 500,000 DAIMLER FINANCE NA LLC 8.00 06/15/2010 525,538 225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 231,364 100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 99,314 100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 99,191 250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 232,734 150,000 HONEYWELL INTERNATIONAL INCORPORATED<< 7.50 03/01/2010 159,207 150,000 JOHNSON CONTROLS INCORPORATED 5.25 01/15/2011 151,991 350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 345,398 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 604,279 180,000 UNITED TECHNOLOGIES CORPORATION 4.38 05/01/2010 184,084 100,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 100,414 430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 494,072 4,046,525 -------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.03% 300,000 MCKESSON HBOC INCORPORATED 5.25 03/01/2013 297,401 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.04% 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 164,433 25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25 05/01/2037 20,510 125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 122,363 307,306 -------------- TOTAL CORPORATE BONDS & NOTES (COST $189,190,264) 182,360,772 --------------
Wells Fargo Advantage Master Portfolios 69 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FOREIGN CORPORATE BONDS@: 2.83% $ 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13% 09/15/2030 $ 170,501 180,000 ALCAN INCORPORATED 5.00 06/01/2015 167,517 100,000 ALCAN INCORPORATED 6.13 12/15/2033 89,791 100,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 96,930 100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 91,130 100,000 AMVESCAP PLC 5.63 04/17/2012 96,558 75,000 ANADARKO FINANCE COMPANY SERIES B 6.75 05/01/2011 77,643 325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 337,997 750,000 ARCELORMITTAL++ 5.38 06/01/2013 735,602 75,000 ASTRAZENECA PLC 5.40 06/01/2014 77,100 500,000 ASTRAZENECA PLC 5.90 09/15/2017 519,337 350,000 ASTRAZENECA PLC 6.45 09/15/2037 358,933 150,000 AXA SA 8.60 12/15/2030 142,612 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 59,695 300,000 BARCLAYS BANK PLC 5.45 09/12/2012 299,749 250,000 BHP BILLITON FINANCE LIMITED 5.00 12/15/2010 253,827 150,000 BHP BILLITON FINANCE LIMITED 5.25 12/15/2015 144,953 200,000 BHP BILLITON FINANCE LIMITED 5.40 03/29/2017 191,280 300,000 BRITISH TELECOMMUNICATIONS PLC 9.13 12/15/2030 353,507 125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 109,881 100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 107,012 500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 549,671 350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 362,132 65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 61,758 150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 144,766 200,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 184,212 360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75 03/15/2033 296,083 65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 53,719 65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 63,733 275,000 CIT GROUP FUNDING COMPANY OF CANADA 4.65 07/01/2010 237,148 275,000 CIT GROUP FUNDING COMPANY OF CANADA 5.20 06/01/2015 193,504 25,000 CIT GROUP FUNDING COMPANY OF CANADA 5.60 11/02/2011 19,835 325,000 CONOCO FUNDING COMPANY 6.35 10/15/2011 346,539 150,000 CONOCOPHILLIPS CANADA 5.63 10/15/2016 154,067 100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 101,567 100,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 101,365 50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 50,860 1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 980,910 500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 503,432 275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 264,191 325,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.50 06/15/2010 343,964 330,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 363,717 175,000 DIAGEO CAPITAL PLC 4.38 05/03/2010 176,077 50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 50,583 50,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 49,555 75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 69,877 125,000 DIAGEO FINANCE BV 5.30 10/28/2015 123,329 100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 94,878 100,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 99,592 100,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 94,815 250,000 FRANCE TELECOM SA 7.75 03/01/2011 266,388 225,000 FRANCE TELECOM SA 8.50 03/01/2031 269,691 250,000 GRUPO TELEVISA SA 6.00 05/15/2018 244,520 100,000 HANSON PLC 6.13 08/15/2016 93,266 850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 775,067
70 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FOREIGN CORPORATE BONDS@ (continued) $ 100,000 HUSKY ENERGY INCORPORATED 6.80% 09/15/2037 $ 93,797 180,000 ING GROEP NV+/- 5.78 12/31/2049 148,142 100,000 LAFARGE SA 6.15 07/15/2011 98,905 75,000 LAFARGE SA<< 6.50 07/15/2016 70,367 100,000 NEXEN INCORPORATED 5.65 05/15/2017 95,598 100,000 NEXEN INCORPORATED 6.40 05/15/2037 89,693 250,000 NORSK HYDRO ASA 6.80 01/15/2028 264,771 75,000 ORIX CORPORATION 5.48 11/22/2011 70,585 100,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 103,845 75,000 POTASH CORPORATION SASKATCHEWAN 5.88 12/01/2036 69,073 750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 754,586 500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 532,144 200,000 ROYAL BANK OF CANADA 5.65 07/20/2011 206,940 360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 349,902 100,000 ROYAL BANK OF SCOTLAND GROUP PLC+/- 7.65 12/31/2049 94,345 120,000 ROYAL KPN NV 8.00 10/01/2010 127,097 75,000 ROYAL KPN NV 8.38 10/01/2030 85,869 225,000 SANTANDER CENTRAL HISPANO ISSUANCES LIMITED 7.63 09/14/2010 237,735 500,000 SHELL INTERNATIONAL FINANCE 4.95 03/22/2012 517,037 75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 70,384 150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 143,567 100,000 TALISMAN ENERGY 6.25 02/01/2038 86,200 65,000 TECK COMINCO LIMITED 6.13 10/01/2035 52,561 300,000 TELECOM ITALIA CAPITAL SA 4.00 01/15/2010 295,643 200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 180,263 150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 122,235 350,000 TELECOM ITALIA CAPITAL SA 6.20 07/18/2011 357,685 50,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 50,780 150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 150,958 550,000 TELEFONICA EMISIONES SAU<< 7.05 06/20/2036 558,493 180,000 TELEFONICA EUROPE BV 7.75 09/15/2010 189,754 120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 135,719 65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 63,075 180,000 TELUS CORPORATION 8.00 06/01/2011 192,692 200,000 THOMSON CORPORATION 5.70 10/01/2014 199,240 65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 60,867 100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 83,768 585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 527,908 120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 129,471 500,000 TYCO ELECTRONICS GROUP SA 6.00 10/01/2012 496,206 400,000 TYCO INTERNATIONAL GROUP SA 6.00 11/15/2013 397,637 75,000 TYCO INTERNATIONAL GROUP SA 6.88 01/15/2029 61,618 1,000,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 974,864 355,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 355,108 210,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 205,797 180,000 VODAFONE GROUP PLC 4.63 07/15/2018 159,495 1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 985,258 75,000 VODAFONE GROUP PLC 5.38 01/30/2015 72,672 250,000 VODAFONE GROUP PLC 7.88 02/15/2030 267,766 100,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 97,593 300,000 WEATHERFORD INTERNATIONAL LIMITED 6.50 08/01/2036 289,151 50,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 49,813 100,000 XL CAPITAL LIMITED 5.25 09/15/2014 90,473 100,000 XL CAPITAL LIMITED 6.25 05/15/2027 80,927 TOTAL FOREIGN CORPORATE BONDS (COST $25,282,178) 24,512,438 --------------
Wells Fargo Advantage Master Portfolios 71 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FOREIGN GOVERNMENT BONDS@: 24.21% $ 193,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00% 02/15/2017 $ 168,693 98,000 AUSTRALIA GOVERNMENT BOND SERIES 513 (AUD) 6.50 05/15/2013 86,926 448,000 AUSTRALIA GOVERNMENT BOND SERIES 611 (AUD) 5.75 06/15/2011 385,644 98,000 AUSTRALIA GOVERNMENT BOND SERIES 909 (AUD) 7.50 09/15/2009 85,482 385,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 612,016 1,000,000 BELGIUM GOVERNMENT BOND SERIES 35 (EUR) 5.75 09/28/2010 1,509,595 1,364,000 BELGIUM GOVERNMENT BOND SERIES 38 (EUR) 5.00 09/28/2012 2,049,302 700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,103,781 1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,458,380 80,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 120,392 600,000 BELGIUM GOVERNMENT BOND SERIES 45 (EUR) 3.00 03/28/2010 863,699 250,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 353,555 745,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.25 01/04/2011 1,121,653 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,778,079 1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 2,110,208 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,512,529 1,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 1,686,402 2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,275,374 660,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 986,882 1,010,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 1,453,701 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,408,133 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,466,936 1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00 07/04/2016 2,468,546 1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 1,769,702 655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,139,994 100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 164,996 1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,277,325 200,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 219,815 700,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 723,265 1,300,000 CANADIAN GOVERNMENT BOND (CAD) 5.50 06/01/2010 1,282,296 450,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 536,165 95,000 CANADIAN GOVERNMENT BOND SERIES A55 (CAD) 8.00 06/01/2023 130,013 593,000 CANADIAN GOVERNMENT BOND SERIES VW17 (CAD) 8.00 06/01/2027 845,223 1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2010 195,143 925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 177,341 1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 189,939 2,500,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 506,044 700,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2009 140,006 1,420,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 292,487 473,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 116,682 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,360,880 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2009 730,576 2,200,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 3,192,427 300,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 434,077 2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 3,139,864 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 2,218,840 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 3,010,269 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,227,627 950,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50 04/25/2010 1,420,345 570,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 966,016 1,800,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 3,564,720 1,155,000 FRENCH TREASURY NOTE BTAN (EUR) 3.00 01/12/2011 1,651,184 1,024,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.00 01/15/2010 1,475,895 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 1,972,995 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,844,500 500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 11/01/2009 732,366
72 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FOREIGN GOVERNMENT BONDS@ (continued) $ 1,047,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25% 02/01/2015 $ 1,509,644 2,750,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 3,879,750 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 1,925,188 1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 1,962,922 2,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.50 11/01/2010 4,350,213 1,475,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,429,993 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,592,431 230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 481,308 467,700,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 43 (JPY) 0.50 12/20/2009 4,289,869 1,150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 47 (JPY) 0.50 06/20/2010 10,541,006 437,850,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 220 (JPY) 1.70 03/22/2010 4,087,992 800,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 226 (JPY) 1.80 12/20/2010 7,528,557 270,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 2,533,130 215,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 2,018,657 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 3,730,760 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 3,794,601 670,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,087,159 600,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 5,681,737 180,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 1,697,880 50,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 472,521 279,650,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 2,612,238 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 3,525,790 480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 4,589,845 700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 6,669,384 140,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 1,304,076 100,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 946,203 140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,280,713 150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 1,373,252 253,250,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 2,733,713 391,850,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 3,594,369 94,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 921,584 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,130,636 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,416,343 190,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 1,753,920 500,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 4,585,821 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 1,433,675 850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,221,516 95,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 125,252 2,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 07/15/2010 3,752,201 410,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 662,494 85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 162,670 862,000 SPAIN GOVERNMENT BOND (EUR) 4.00 01/31/2010 1,258,350 350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 462,152 752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,106,134 1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 1,577,834 442,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 694,397 750,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 1,237,042 650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 1,023,652 2,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 402,938 1,520,000 SWEDEN GOVERNMENT BOND SERIES 1045 (SEK) 5.25 03/15/2011 240,699 1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 276,558 3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 503,023 1,000,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 1,769,227 675,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,174,689 600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 1,077,253 1,700,000 UNITED KINGDOM GILT (GBP) 4.75 06/07/2010 3,111,466 575,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 1,066,254
Wells Fargo Advantage Master Portfolios 73 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- ------------- FOREIGN GOVERNMENT BONDS@ (continued) $ 500,000 UNITED KINGDOM GILT (GBP) 4.75% 03/07/2020 $ 921,234 1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 2,127,755 250,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 464,076 585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 1,098,575 350,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 663,424 1,100,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 2,357,684 200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 474,828 TOTAL FOREIGN GOVERNMENT BONDS (COST $201,213,941) 210,195,182 ------------- AGENCY NOTES - INTEREST BEARING: 6.75% FEDERAL FARM CREDIT BANK: 0.01% 100,000 FFCB<< 5.00 10/23/2009 102,198 ------------- FEDERAL HOME LOAN BANK: 1.98% 6,000,000 FHLB<< 2.75 06/18/2010 5,963,190 1,500,000 FHLB 3.38 02/27/2013 1,466,982 1,000,000 FHLB<< 4.38 03/17/2010 1,019,667 1,000,000 FHLB 4.88 09/08/2017 1,020,723 1,500,000 FHLB 5.00 09/18/2009 1,527,650 2,050,000 FHLB<< 5.00 10/16/2009 2,054,883 1,000,000 FHLB<< 5.00 11/17/2017 1,029,449 100,000 FHLB 5.13 08/14/2013 104,995 1,200,000 FHLB<< 5.38 08/19/2011 1,256,340 100,000 FHLB 5.38 09/30/2022 104,561 100,000 FHLB<< 5.50 10/19/2016 101,669 800,000 FHLB SERIES 363<< 4.50 11/15/2012 819,630 400,000 FHLB SERIES 467<< 5.25 06/18/2014 422,848 250,000 FHLB SERIES 656 5.38 05/18/2016 264,976 17,157,563 ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.78% 2,000,000 FHLMC<< 2.88 04/30/2010 1,989,030 5,000,000 FHLMC<< 2.88 06/28/2010 4,977,690 2,000,000 FHLMC<< 3.75 06/28/2013 1,980,596 800,000 FHLMC<< 4.50 07/15/2013 818,254 650,000 FHLMC 4.75 01/19/2016 664,240 1,500,000 FHLMC 4.88 06/13/2018 1,533,858 1,000,000 FHLMC<< 5.13 04/18/2011 1,042,952 1,200,000 FHLMC<< 5.13 07/15/2012 1,255,991 250,000 FHLMC<< 5.20 03/05/2019 248,424 150,000 FHLMC<< 5.25 10/06/2011 150,212 650,000 FHLMC<< 5.25 04/18/2016 683,916 1,000,000 FHLMC<< 5.38 01/09/2014 1,005,760 250,000 FHLMC 5.45 09/02/2011 249,836 150,000 FHLMC 5.55 10/04/2016 154,851 250,000 FHLMC 5.60 09/26/2013 250,402 100,000 FHLMC 5.60 10/17/2013 100,309 2,000,000 FHLMC<< 6.00 07/06/2017 2,036,088 100,000 FHLMC 6.00 10/20/2021 100,813 1,000,000 FHLMC<< 6.00 03/30/2022 1,004,852 1,000,000 FHLMC 6.00 04/16/2037 984,409 200,000 FHLMC<< 6.25 07/15/2032 231,833 300,000 FHLMC 6.75 03/15/2031 367,022 1,700,000 FHLMC<< 6.88 09/15/2010 1,818,801 650,000 FHLMC SERIES MTN 5.00 12/14/2018 529,192 24,179,331 -------------
74 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.98% $ 1,500,000 FNMA<< 4.38% 09/15/2012 $ 1,530,348 3,500,000 FNMA<< 4.38 03/15/2013 3,565,107 3,500,000 FNMA<< 4.63 12/15/2009 3,568,597 950,000 FNMA<< 5.00 03/15/2016 985,221 500,000 FNMA 5.00 02/13/2017 515,601 1,200,000 FNMA<< 5.00 05/11/2017 1,237,740 2,200,000 FNMA<< 5.25 08/01/2012 2,032,342 1,000,000 FNMA<< 5.38 04/11/2022 995,832 200,000 FNMA 5.45 10/18/2021 202,107 75,000 FNMA 5.63 11/15/2021 75,361 150,000 FNMA 5.63 07/15/2037 158,564 200,000 FNMA 6.21 08/06/2038 225,843 1,000,000 FNMA<< 6.63 09/15/2009 1,034,502 300,000 FNMA 6.63 11/15/2030 360,803 500,000 FNMA 7.25 05/15/2030 641,075 50,000 FNMA SERIES 1 5.50 11/17/2016 50,605 17,179,648 -------------- TOTAL AGENCY NOTES - INTEREST BEARING (COST $58,195,114) 58,618,740 -------------- AGENCY SECURITIES: 25.98% FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.49% 800,000 FHLMC 4.88 11/15/2013 830,919 1,000,000 FHLMC 6.63 09/15/2009 1,036,165 3,541,444 FHLMC #1J1139<< 4.74 06/01/2038 3,500,056 1,355,765 FHLMC #1J1368 5.91 10/01/2036 1,383,255 783,482 FHLMC #783191+/- 5.66 04/01/2037 776,725 6,229,548 FHLMC #A11964<< 5.00 08/01/2033 6,026,617 1,256,729 FHLMC #A15183 6.00 11/01/2033 1,274,050 1,029,123 FHLMC #A15966 5.00 11/01/2033 995,599 1,520,468 FHLMC #A16693 5.50 12/01/2033 1,507,688 1,186,144 FHLMC #A19717 5.00 03/01/2034 1,145,651 2,299,656 FHLMC #A24888 6.00 07/01/2034 2,327,757 2,312,112 FHLMC #A29757 5.50 01/01/2035 2,287,259 1,613,736 FHLMC #A35253 5.50 06/01/2035 1,596,390 1,086,621 FHLMC #A36541 5.00 08/01/2035 1,047,489 1,313,118 FHLMC #A41694 5.50 01/01/2036 1,299,003 3,171,782 FHLMC #A43030<< 6.00 02/01/2036 3,202,612 2,797,717 FHLMC #A47041 5.00 09/01/2035 2,696,963 658,317 FHLMC #A54804 6.50 06/01/2036 677,130 1,872,837 FHLMC #A56988 5.50 02/01/2037 1,848,317 997,536 FHLMC #A80659 5.00 02/01/2037 960,677 4,563,247 FHLMC #E01425<< 4.50 08/01/2018 4,490,074 12,672 FHLMC #E63170 6.00 03/01/2011 12,976 446,795 FHLMC #E95352 4.50 04/01/2018 440,180 1,811,467 FHLMC #G01740 5.50 12/01/2034 1,797,373 1,307,472 FHLMC #G02074 5.50 02/01/2036 1,293,418 508,714 FHLMC #G02184 5.00 04/01/2036 490,394 1,492,474 FHLMC #G02386 6.00 11/01/2036 1,506,981 607,054 FHLMC #G02422 6.00 12/01/2036 612,955 2,428,611 FHLMC #G02478 5.50 12/01/2036 2,398,331 829,943 FHLMC #G03303 4.50 09/01/2035 773,161 5,232,566 FHLMC #G03616<< 6.00 12/01/2037 5,280,155 962,727 FHLMC #G04173 6.50 12/01/2037 989,938 3,000,154 FHLMC #G04385 5.50 07/01/2038 2,960,874
Wells Fargo Advantage Master Portfolios 75 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 475,645 FHLMC #G08190 4.50% 01/01/2037 $ 441,664 432,342 FHLMC #G08192 5.50 04/01/2037 426,681 956,280 FHLMC #G11950 4.50 10/01/2018 942,121 442,843 FHLMC #G12697 5.50 05/01/2022 446,781 496,722 FHLMC #G13223 4.00 05/01/2023 466,779 14,108 FHLMC #J02886 6.00 06/01/2021 14,450 780,655 FHLMC #J04533 6.00 03/01/2022 799,433 16,297 FHLMC #J04871 6.00 05/01/2022 16,689 431,950 FHLMC #J05191 6.00 07/01/2022 442,341 66,330 FHLMC #J05194 5.00 07/01/2022 65,748 354,803 FHLMC #J05195 5.00 07/01/2022 352,100 862,469 FHLMC #J05228 5.00 07/01/2022 854,907 416,254 FHLMC #J05243 5.00 07/01/2022 412,604 399,264 FHLMC #J05408 5.00 08/01/2022 395,763 460,712 FHLMC #J05455 5.00 09/01/2022 456,672 1,000,000 FHLMC TBA%% 5.00 09/01/2021 990,000 1,000,000 FHLMC TBA%% 5.50 09/01/2022 1,007,500 4,000,000 FHLMC TBA%% 5.50 09/01/2037 3,943,752 4,000,000 FHLMC TBA%% 6.00 09/01/2021 4,090,000 2,250,000 FHLMC TBA%% 6.00 09/01/2036 2,268,281 4,000,000 FHLMC TBA%% 6.50 09/01/2037 4,108,752 82,410,150 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 13.86% 300,000 FNMA## 4.47 06/01/2017 203,775 600,000 FNMA 4.63 10/15/2013 616,149 1,000,000 FNMA<< 6.00 05/15/2011 1,065,392 700,000 FNMA 6.13 03/15/2012 753,983 500,000 FNMA 7.13 01/15/2030 632,045 1,000,000 FNMA<< 7.25 01/15/2010 1,055,758 200,000 FNMA## 7.69 10/09/2019 86,516 558,129 FNMA #190360 5.00 08/01/2035 538,378 1,181,053 FNMA #254950 5.50 11/01/2033 1,172,971 595,200 FNMA #255407 5.00 09/01/2024 582,603 628,065 FNMA #255857 5.50 08/01/2025 628,027 269,781 FNMA #256758 4.50 05/01/2022 261,555 544,383 FNMA #256851 7.00 08/01/2037 570,025 388,009 FNMA #535733 6.50 08/01/2015 403,180 1,099,080 FNMA #545414 5.50 01/01/2017 1,120,422 763,530 FNMA #725690 6.00 08/01/2034 773,815 521,569 FNMA #725773<< 5.50 09/01/2034 517,348 1,390,389 FNMA #729333 5.50 07/01/2033 1,380,875 940,633 FNMA #745627+/- 5.50 04/01/2036 951,425 170,036 FNMA #753669 6.00 11/01/2033 172,592 1,946,143 FNMA #767097 4.00 06/01/2019 1,845,250 916,797 FNMA #775199+/- 4.27 05/01/2034 908,499 871,708 FNMA #776966 5.00 04/01/2034 842,495 2,982,182 FNMA #777075 5.00 04/01/2034 2,886,900 588,220 FNMA #779510 5.00 06/01/2019 589,253 3,019,412 FNMA #793607 5.00 09/01/2019 3,024,716 711,113 FNMA #793675 6.00 09/01/2034 720,691 751,188 FNMA #794514 5.00 10/01/2019 752,508 616,439 FNMA #795047 5.50 10/01/2034 611,450 606,877 FNMA #796334 6.00 10/01/2034 615,052 838,328 FNMA #804666 6.00 11/01/2034 849,620 2,142,599 FNMA #805412 5.50 01/01/2035 2,122,916
76 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 750,921 FNMA #811460 5.00% 06/01/2020 $ 748,251 464,985 FNMA #812338 6.00 03/01/2035 470,667 92,061 FNMA #821030 4.50 05/01/2035 85,763 260,261 FNMA #822651 4.50 04/01/2035 242,455 3,285,439 FNMA #824601 5.50 12/01/2034 3,258,851 634,504 FNMA #828346 5.00 07/01/2035 612,051 169,066 FNMA #828698 5.00 07/01/2035 163,083 659,365 FNMA #829190 5.00 07/01/2035 636,032 608,327 FNMA #830957 5.50 08/01/2035 602,738 622,213 FNMA #831406 6.00 03/01/2036 629,136 1,084,525 FNMA #831625 7.00 06/01/2036 1,136,137 51,162 FNMA #832199 4.50 07/01/2035 47,661 1,330,362 FNMA #834657 5.50 08/01/2035 1,318,140 2,333,785 FNMA #835284 5.50 09/01/2035 2,312,345 2,865,810 FNMA #835331 5.50 08/01/2035 2,839,483 365,127 FNMA #836068 4.50 10/01/2020 357,722 528,581 FNMA #836958 4.50 10/01/2035 492,418 2,936,981 FNMA #839064<< 6.00 01/01/2036 2,972,870 1,294,373 FNMA #843901 4.50 09/01/2035 1,205,817 4,914,987 FNMA #844158<< 5.00 11/01/2035 4,741,056 5,362,594 FNMA #844703<< 5.50 12/01/2035 5,313,331 244,343 FNMA #845782 4.50 10/01/2020 239,388 462,007 FNMA #847926 4.50 12/01/2020 452,637 1,327,577 FNMA #851264 5.50 05/01/2021 1,340,910 4,538,073 FNMA #865283<< 5.50 02/01/2036 4,490,003 1,534,342 FNMA #868424+/- 5.74 03/01/2036 1,561,580 705,969 FNMA #878198 5.50 09/01/2036 698,490 1,663,561 FNMA #879094+/- 5.35 05/01/2036 1,687,716 859,834 FNMA #888221 5.50 03/01/2037 850,726 4,090,993 FNMA #888645<< 5.00 08/01/2037 3,936,403 683,649 FNMA #888815 4.50 11/01/2022 663,162 2,440,962 FNMA #895995 6.50 07/01/2036 2,513,770 1,123,563 FNMA #897130 6.50 09/01/2036 1,157,030 2,533,513 FNMA #902738 5.00 11/01/2036 2,441,482 225,588 FNMA #904767+/- 5.51 12/01/2036 228,203 602,328 FNMA #907860+/- 5.52 02/01/2037 609,854 680,546 FNMA #908182 5.50 12/01/2021 687,381 1,619,609 FNMA #908249 6.50 12/01/2036 1,667,918 852,632 FNMA #909855 5.50 02/01/2037 842,887 872,410 FNMA #910093+/- 5.77 03/01/2037 889,206 233,352 FNMA #910535+/- 5.54 01/01/2037 235,985 453,506 FNMA #914224+/- 5.46 03/01/2037 458,945 827,572 FNMA #917101 5.00 05/01/2037 796,300 1,930,600 FNMA #917882 5.00 05/01/2037 1,857,646 464,107 FNMA #918049 6.50 05/01/2037 477,852 1,313,191 FNMA #918619 5.50 06/01/2037 1,298,181 3,826,615 FNMA #919640<< 6.00 09/01/2037 3,867,779 1,814,834 FNMA #922674+/- 4.78 04/01/2036 1,843,364 1,155,459 FNMA #922675+/- 4.80 06/01/2035 1,160,114 746,127 FNMA #928433 7.00 05/01/2037 781,272 509,316 FNMA #928507 6.50 06/01/2037 524,399 2,009,867 FNMA #933465 5.50 02/01/2038 1,986,894 5,387,454 FNMA #941164<< 6.00 10/01/2037 5,445,409 717,218 FNMA #949594 6.00 08/01/2022 735,476 1,008,776 FNMA #950300 6.00 08/01/2037 1,021,103 1,327,222 FNMA #955801 6.00 10/01/2037 1,341,499
Wells Fargo Advantage Master Portfolios 77 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 634,885 FNMA #974886+/- 4.38% 04/01/2038 $ 618,058 1,750,000 FNMA TBA%% 4.50 09/01/2023 1,694,767 1,000,000 FNMA TBA%% 5.00 09/01/2021 990,625 1,000,000 FNMA TBA%% 5.00 09/01/2036 961,250 2,000,000 FNMA TBA%% 5.50 09/01/2037 1,975,000 3,000,000 FNMA TBA%% 6.00 09/01/2036 3,029,064 750,000 FNMA TBA%% 7.00 09/01/2037 784,454 120,286,373 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 2.63% 1,859 GNMA #337120 6.50 11/15/2023 1,923 2,021 GNMA #379192 6.50 12/15/2023 2,091 2,057,606 GNMA #520782<< 5.00 03/15/2035 2,014,905 1,139,491 GNMA #605373<< 5.50 09/15/2034 1,141,530 213,286 GNMA #617417 6.50 02/15/2037 220,109 703,939 GNMA #632007 6.50 10/15/2036 726,668 1,611,322 GNMA #633305<< 5.50 12/15/2035 1,613,199 1,129,398 GNMA #648391<< 5.50 11/15/2035 1,130,713 783,454 GNMA #653068 5.50 03/15/2036 783,877 897,313 GNMA #654920 6.00 06/15/2036 912,367 245,120 GNMA #658328 4.50 03/15/2037 230,218 346,925 GNMA #663342 6.50 12/15/2036 358,127 173,811 GNMA #664629 7.00 03/15/2037 182,799 187,191 GNMA #667470 6.00 05/15/2037 190,276 695,371 GNMA #668585 6.00 08/15/2037 706,829 677,348 GNMA #669078 6.00 06/15/2037 688,509 432,666 GNMA #671433 6.00 07/15/2037 439,795 187,604 GNMA #782167 6.00 06/15/2037 190,644 1,750,000 GNMA TBA%% 5.00 09/01/2036 1,707,892 4,250,000 GNMA TBA%% 5.50 09/01/2036 4,242,031 3,750,000 GNMA TBA%% 6.00 09/01/2036 3,805,080 1,500,000 GNMA TBA%% 6.50 09/01/2036 1,545,000 22,834,582 -------------- TOTAL AGENCY SECURITIES (COST $223,091,906) 225,531,105 -------------- US TREASURY SECURITIES: 17.66% US TREASURY BONDS: 5.72% 3,250,000 US TREASURY BOND<< 4.38 02/15/2038 3,226,896 450,000 US TREASURY BOND<< 4.50 02/15/2036 454,500 1,200,000 US TREASURY BOND<< 4.75 02/15/2037 1,261,126 4,000,000 US TREASURY BOND<< 5.50 08/15/2028 4,538,124 1,150,000 US TREASURY BOND<< 6.00 02/15/2026 1,367,871 1,000,000 US TREASURY BOND 6.25 08/15/2023 1,205,781 1,500,000 US TREASURY BOND<< 6.25 05/15/2030 1,871,016 1,700,000 US TREASURY BOND 6.38 08/15/2027 2,116,500 950,000 US TREASURY BOND 6.63 02/15/2027 1,209,617 1,500,000 US TREASURY BOND 6.88 08/15/2025 1,941,093 2,000,000 US TREASURY BOND<< 7.50 11/15/2016 2,528,594 1,100,000 US TREASURY BOND<< 8.00 11/15/2021 1,511,125 4,000,000 US TREASURY BOND<< 8.13 08/15/2019 5,414,064 1,700,000 US TREASURY BOND 8.50 02/15/2020 2,371,367 2,500,000 US TREASURY BOND<< 8.75 05/15/2017 3,406,055 2,900,000 US TREASURY BOND<< 8.75 08/15/2020 4,136,351 1,275,000 US TREASURY BOND 8.88 08/15/2017 1,756,412
78 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- US TREASURY BONDS (continued) $ 2,700,000 US TREASURY BOND<< 8.88% 02/15/2019 $ 3,802,359 3,900,000 US TREASURY BOND<< 9.13 05/15/2018 5,530,688 49,649,539 -------------- US TREASURY NOTES: 11.94% 5,000,000 US TREASURY NOTE<< 2.88 06/30/2010 5,052,735 1,000,000 US TREASURY NOTE<< 3.13 11/30/2009 1,011,484 550,000 US TREASURY NOTE<< 3.13 04/30/2013 552,191 4,300,000 US TREASURY NOTE<< 3.38 09/15/2009 4,353,415 3,000,000 US TREASURY NOTE<< 3.38 10/15/2009 3,040,782 3,500,000 US TREASURY NOTE<< 3.38 06/30/2013 3,549,217 3,500,000 US TREASURY NOTE<< 3.50 12/15/2009 3,562,342 2,000,000 US TREASURY NOTE 3.50 05/31/2013 2,039,532 4,300,000 US TREASURY NOTE<< 3.63 06/15/2010 4,406,158 5,000,000 US TREASURY NOTE<< 3.88 09/15/2010 5,159,765 8,500,000 US TREASURY NOTE<< 3.88 10/31/2012 8,822,737 6,750,000 US TREASURY NOTE<< 3.88 02/15/2013 6,997,327 2,700,000 US TREASURY NOTE<< 3.88 05/15/2018 2,715,819 5,500,000 US TREASURY NOTE<< 4.00 03/15/2010 5,655,975 4,300,000 US TREASURY NOTE<< 4.25 01/15/2011 4,485,773 9,700,000 US TREASURY NOTE<< 4.25 08/15/2013 10,221,375 4,000,000 US TREASURY NOTE<< 4.25 11/15/2013 4,220,624 1,870,000 US TREASURY NOTE<< 4.25 11/15/2014 1,979,425 3,800,000 US TREASURY NOTE<< 4.50 04/30/2012 4,024,139 2,000,000 US TREASURY NOTE<< 4.50 05/15/2017 2,117,812 3,000,000 US TREASURY NOTE<< 4.63 10/31/2011 3,177,186 3,000,000 US TREASURY NOTE 4.63 02/29/2012 3,184,686 4,000,000 US TREASURY NOTE<< 4.63 07/31/2012 4,260,312 2,500,000 US TREASURY NOTE<< 4.75 03/31/2011 2,639,063 2,500,000 US TREASURY NOTE<< 5.00 08/15/2011 2,671,875 3,500,000 US TREASURY NOTE<< 6.50 02/15/2010 3,718,204 103,619,953 -------------- TOTAL US TREASURY SECURITIES (COST $150,211,670) 153,269,492 --------------
SHARES ----------------- COLLATERAL FOR SECURITIES LENDING: 29.56% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.23% 4,831,739 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 4,831,739 4,831,739 DAILY ASSETS FUND INSTITUTIONAL 4,831,739 4,831,739 DREYFUS CASH MANAGEMENT FUND 4,831,739 4,831,739 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 4,831,739 19,326,956 --------------
PRINCIPAL ----------------- COLLATERAL INVESTED IN OTHER ASSETS: 27.33% $ 4,026,449 ALPINE SECURITIZATION CORPORATION++ 2.47 09/18/2008 4,021,200 715,813 AMSTEL FUNDING CORPORATION++ 2.50 09/02/2008 715,664 4,115,926 AMSTEL FUNDING CORPORATION++ 2.70 09/03/2008 4,114,691 1,521,103 ASPEN FUNDING CORPORATION++ 2.12 09/02/2008 1,520,834 1,655,318 ASPEN FUNDING CORPORATION++ 2.48 09/25/2008 1,652,353 3,668,542 ATLANTIS ONE FUNDING CORPORATION++ 2.55 09/26/2008 3,661,526
Wells Fargo Advantage Master Portfolios 79 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED) $ 29,258,862 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $29,265,787) 2.13% 09/02/2008 $ 29,258,862 4,473,832 BASF FINANCE EUROPE NV+++/- 2.80 10/17/2008 4,472,111 4,026,449 CAFCO LLC++ 2.40 09/22/2008 4,020,275 1,610,580 CANCARA ASSET SECURITIZATION LIMITED++ 2.50 09/04/2008 1,610,020 1,610,580 CBA (DELAWARE) FINANCE INCORPORATED 2.35 09/02/2008 1,610,264 1,001,622 CHEYNE FINANCE LLC+++/-####(a)(i) 1.99 02/25/2008 16,527 3,489,589 CRC FUNDING LLC++ 2.42 09/23/2008 3,483,959 6,173,888 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $6,175,397) 2.20 09/02/2008 6,173,888 4,294,521 DANSKE BANK A/S COPENHAGEN 1.88 09/02/2008 4,294,521 6,442,318 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 6,442,318 2,594,823 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 2,594,823 5,637,028 DANSKE BANK A/S COPENHAGEN 2.15 09/02/2008 5,637,028 5,189,645 DANSKE BANK A/S COPENHAGEN 2.18 09/02/2008 5,189,645 5,189,645 DANSKE BANK A/S COPENHAGEN 2.20 09/02/2008 5,189,645 5,815,982 DANSKE BANK A/S COPENHAGEN 2.23 09/02/2008 5,815,982 1,252,673 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $1,252,976) 2.18 09/02/2008 1,252,673 21,921,777 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $21,926,990) 2.14 09/02/2008 21,921,777 3,131,682 ERASMUS CAPITAL CORPORATION++ 2.48 09/02/2008 3,131,035 4,026,449 FAIRWAY FINANCE CORPORATION++ 2.54 09/16/2008 4,021,619 2,073,084 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/22/2008 2,069,839 2,594,823 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/25/2008 2,590,231 1,089,557 FORTIS BANQUE LUXEMBOURG 2.47 09/18/2008 1,088,137 984,243 GEMINI SECURITIZATION INCORPORATED++ 2.47 09/26/2008 982,420 2,236,916 GRAMPIAN FUNDING LIMITED++ 2.56 09/24/2008 2,232,939 2,152,290 GRYPHON FUNDING LIMITED+/-(a)(i) 0.00 08/23/2009 957,124 3,131,682 ING USA ANNUITY & LIFE INSURANCE+/-(a)(i) 2.55 10/16/2008 3,131,682 1,789,533 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $1,789,970) 2.20 09/02/2008 1,789,533 24,158,693 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $24,164,411) 2.13 09/02/2008 24,158,693 1,700,056 JUPITER SECURITIZATION CORPORATION++ 2.45 09/25/2008 1,697,048 1,879,009 LIBERTY STREET FUNDING CORPORATION++ 2.47 09/17/2008 1,876,689 1,275,042 LIBERTY STREET FUNDING CORPORATION++ 2.48 09/19/2008 1,273,285 1,207,935 LMA AMERICAS LLC++ 2.58 09/23/2008 1,205,857 4,026,449 MAZARIN FUNDING CORPORATION++ 2.50 09/26/2008 4,018,899 2,236,916 METLIFE GLOBAL FUNDING I+++/- 2.47 10/21/2008 2,236,545 1,179,034 MONT BLANC CAPITAL CORPORATION 2.55 09/05/2008 1,178,533 715,813 MONT BLANC CAPITAL CORPORATION++ 2.55 09/08/2008 715,357 1,375,703 MORGAN STANLEY+/- 2.62 10/15/2008 1,375,703 2,236,916 NATEXIS BANQUES POPULAIRES+++/- 2.80 09/08/2008 2,236,863 447,383 NORDEA NORTH AMERICA INCORPORATED 2.39 09/16/2008 446,878 671,075 OLD LINE FUNDING CORPORATION++ 2.50 09/08/2008 670,655 3,489,589 PRUDENTIAL PLC++ 2.42 09/10/2008 3,487,009 4,026,449 RANGER FUNDING CORPORATION++ 2.45 09/24/2008 4,019,598 2,952,729 SALISBURY RECEIVABLES COMPANY++ 2.50 09/10/2008 2,950,474 2,684,299 SCALDIS CAPITAL LIMITED++ 2.60 09/24/2008 2,679,453 3,972,763 SHEFFIELD RECEIVABLES CORPORATION++ 2.48 09/09/2008 3,970,026 4,026,449 SOLITAIRE FUNDING LLC++ 2.45 09/26/2008 4,019,050 3,579,066 STANFIELD VICTORIA FUNDING LLC+++/-####(a)(i) 2.79 04/03/2008 2,863,253 2,013,224 STARBIRD FUNDING CORPORATION++ 2.70 09/23/2008 2,009,601 2,147,439 STARBIRD FUNDING CORPORATION++ 2.76 09/24/2008 2,143,338
80 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------------- ----------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 3,847,496 SWEDBANK MORTGAGE AB 2.48% 09/19/2008 $ 3,842,195 8,947,664 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/-(a)(i) 2.32 10/31/2008 8,947,664 805,290 TULIP FUNDING CORPORATION++ 2.45 09/26/2008 803,810 2,236,916 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- 2.49 10/08/2008 2,236,648 2,236,916 VICTORIA FINANCE LLC+/-####(a)(i) 2.48 05/02/2008 1,789,533 2,236,916 VICTORIA FINANCE LLC+++/-####(a)(i) 2.22 08/07/2008 1,789,531 237,307,333 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $258,859,069) 256,634,289 -------------- SHORT-TERM INVESTMENTS: 5.84% 50,718,476 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 2.25 09/02/2008 50,718,476 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $50,718,476) 50,718,476 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $1,156,762,618)* 133.84% $1,161,840,494 OTHER ASSETS AND LIABILITIES, NET 133.84% (293,740,415) ------ -------------- TOTAL NET ASSETS 100.00% $ 868,100,079 ------ --------------
---------- << 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 $4,037,157. @ Foreign bond principal is denominated in US dollars. %% Securities issued on a when-issued (TBA) basis. (See Note 2) ## Zero coupon bond. Interest rate presented is yield to maturity. #### 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 Fund does not pay an investment advisory fee for such investments. +++ Short-term security of an affiliate of the Fund with a cost of $50,718,476. * 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 Master Portfolios 81 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- COMMON STOCKS: 98.92% ADMINISTRATION OF ECONOMIC PROGRAMS: 0.02% 59,505 HINDUSTAN UNILEVER LIMITED $ 330,831 -------------- ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS: 0.01% 4,900 KURITA WATER INDUSTRIES LIMITED 159,449 2,200 TOMRA SYSTEMS ASA 14,891 174,340 -------------- AEROSPACE, DEFENSE: 0.07% 39,567 BE AEROSPACE INCORPORATED+ 947,630 29,073 ROLLS ROYCE GROUP PLC 209,830 1,157,460 -------------- AGRICULTURAL PRODUCTION CROPS: 0.00% 1,105 EBRO PULEVA SA 19,059 54,500 SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK PT 21,443 40,502 -------------- AGRICULTURAL SERVICES: 0.13% 4,978 ABB GRAIN LIMITED 35,081 31,900 ASIATIC DEVELOPMENT BHD 52,424 14,500 ASTRA AGRO LESTARI TBK PT 28,224 5,199 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 13,987 11,455 AWB LIMITED 28,683 52,400 CHAODA MODERN AGRICULTURE LIMITED 55,648 15,000 CHINA GREEN HOLDINGS LIMITED 13,272 2,456 CRESUD SACIFYA 27,016 154,000 GOLDEN AGRI-RESOURCES LIMITED 68,431 1,909 GRAIN CORPORATION LIMITED 14,335 900 HOKUTO CORPORATION 20,321 140,200 IOI CORPORATION BHD 209,863 22,500 KUALA LUMPUR KEPONG BHD 78,633 43,600 OLAM INTERNATIONAL LIMITED 64,024 1,400 SAKATA SEED CORPORATION 20,819 3,600 UNITED PLANTATIONS BHD 12,613 35,785 VCA ANTECH INCORPORATED+ 1,100,031 3,000 YARA INTERNATIONAL ASA 185,752 2,029,157 -------------- AIRPORT DEVELOPMENT, MAINTENANCE: 0.01% 30,262 AUCKLAND INTERNATIONAL AIRPORT LIMITED 44,815 22,746 EMPRESA BRASILEIRA DE AERONAUTICA SA 192,992 237,807 -------------- AMUSEMENT & RECREATION SERVICES: 0.32% 20 ACCORDIA GOLF COMPANY LIMITED 20,531 19,611 ARISTOCRAT LEISURE LIMITED 98,506 500 ARUZE CORPORATION 12,946 1,500 AVEX GROUP HOLDINGS INCORPORATED 15,433 21,800 BALLY TECHNOLOGIES INCORPORATED+ 746,214 44,700 BEC WORLD PCL 29,110 31,200 BERJAYA SPORTS TOTO BHD 41,821 60,000 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED 13,088 1,141 CLUB MEDITERRANEE+ 51,466
82 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- AMUSEMENT & RECREATION SERVICES (continued) 1,500 DAIICHIKOSHO COMPANY LIMITED $ 15,423 1,861 FLIGHT CENTRE LIMITED 30,297 11 FUJI TELEVISION NETWORK INCORPORATED 15,789 917 GESTEVISION TELECINCO SA 11,797 1,414 GREAT CANADIAN GAMING CORPORATION+ 11,399 1,200 H.I.S COMPANY LIMITED 14,788 1,900 HEIWA CORPORATION 16,930 6,777 INFORMA PLC 52,474 14,128 INTERNATIONAL GAME TECHNOLOGY 302,763 13,233 INTERNATIONAL SPEEDWAY CORPORATION CLASS A 524,953 1,614 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES 20,257 5,760 KANGWON LAND INCORPORATED 101,115 74 KUONI REISEN HOLDING 35,178 10,365 LADBROKERS PLC 42,602 15,000 LI NING COMPANY LIMITED 37,263 14,795 LIFE TIME FITNESS INCORPORATED+<< 523,003 2,636 Lottomatica SpA 81,109 72,300 MEDIA PRIMA BHD 32,102 8,400 NAMCO BANDAI HOLDINGS INCORPORATED 103,310 140 NIPPON TELEVISION NETWORK CORPORATION 13,931 4,627 OPAP SA 162,039 2,100 ORIENTAL LAND COMPANY LIMITED 138,083 14 PACIFIC GOLF GROUP INTERNATIONAL 12,990 664 PADDY POWER PLC 15,537 1,797 PARTYGAMING PLC 6,815 25,577 PINNACLE ENTERTAINMENT INCORPORATED+<< 283,649 147,415 RESORTS WORLD BHD 117,098 2,880 RESORTTRUST INCORPORATED 31,008 12 ROUND ONE CORPORATION 9,840 7,100 SEGA SAMMY HOLDINGS INCORPORATED 67,343 3,000 SHOCHIKU COMPANY LIMITED 16,619 18,880 TABCORP HOLDINGS LIMITED 137,919 47,996 TATTERSALL'S LIMITED 107,444 10,167 TEN NETWORK HOLDINGS LIMITED 14,659 7,540 TICKETMASTER+<< 161,578 3,000 TOEI COMPANY LIMITED 16,415 11,000 TOKYO DOME CORPORATION 50,284 12,000 TOKYOTOKEIBA COMPANY LIMITED 19,415 30 USJ COMPANY LIMITED 17,923 5,631 WILLIAM HILL PLC 28,967 19,959 WMS INDUSTRIES INCORPORATED<< 670,622 1,200 YOSHIMOTO KOGYO COMPANY LIMITED 11,936 5,113,781 -------------- APPAREL: 0.00% 37,000 China Hongxing Sports Limited 9,739 -------------- APPAREL & ACCESSORY STORES: 0.83% 13,448 ABERCROMBIE & FITCH COMPANY CLASS A 705,348 1,100 ADERANS COMPANY LIMITED 17,537 3,388 ADIDAS-SALOMON AG 198,342 28,768 AEROPOSTALE INCORPORATED+<< 1,002,852 3,300 AOKI HOLDINGS INCORPORATED 43,447 3,400 AOYAMA TRADING COMPANY LIMITED 61,545 1,272 BEIERSDORF AG 73,879 144,000 BELLE INTERNATIONAL HOLDINGS LIMITED 144,609
Wells Fargo Advantage Master Portfolios 83 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- APPAREL & ACCESSORY STORES (continued) 2,512 BULGARI SPA $ 25,690 18,938 CATO CORPORATION 333,498 461 CHARLES VOEGELE HOLDING AG 23,937 74,978 CHARMING SHOPPES INCORPORATED+<< 404,881 118,841 CHICO'S FAS INCORPORATED+ 682,147 58,000 CHINA DONGXIANG GROUP COMPANY 23,258 2,000 CHIYODA COMPANY LIMITED 29,185 22,845 CHRISTOPHER & BANKS CORPORATION<< 219,769 11,400 CITIZEN HOLDINGS COMPANY LIMITED 78,725 181,689 COMPAL ELECTRONIC INCORPORATED 162,984 2,549 DEBENHAMS PLC 2,300 356 DOUGLAS HOLDING AG 15,839 28,491 DRESS BARN INCORPORATED+<< 463,264 3,000 FAST RETAILING COMPANY LIMITED 302,808 3,183 FINISH LINE INCORPORATED CLASS A 38,482 950 GEOX SPA 11,541 48,000 GIORDANO INTERNATIONAL LIMITED 17,416 9,000 HANKYU DEPARTMENT STORES 55,370 6,422 HMV GROUP PLC 15,445 3,755 INDUSTRIA DE DISENO TEXTIL SA 174,633 21,284 J.CREW GROUP INCORPORATED+<< 562,110 12,791 KOHL'S CORPORATION+ 628,933 4,180 L'OREAL SA 414,905 58,500 LIMITED BRANDS 1,216,800 519 LOTTE SHOPPING COMPANY LIMITED 141,226 12,300 MARUI COMPANY LIMITED 89,886 3,051 NEXT PLC 58,870 2,400 NISHIMATSUYA CHAIN COMPANY LIMITED 21,313 26,809 NORDSTROM INCORPORATED 833,760 653 ORIFLAME COSMETICS SA 37,749 48,028 PACIFIC SUNWEAR OF CALIFORNIA+ 304,017 1,430 PINAULT-PRINTEMPTS-REDOUTE SA 166,293 730 POINT INCORPORATED 24,409 122 PUMA AG RUDOLF DASSLER SPORT 38,326 142,531 QUANTA COMPUTER INCORPORATED 214,214 2,386 REITMAN'S CANADA LIMITED CLASS A 36,741 1,000 RIGHT ON COMPANY LIMITED 11,056 26,430 ROSS STORES INCORPORATED 1,062,750 3,000 SEIKO HOLDINGS CORPORATION CLASS C 11,195 900 SHIMANURA COMPANY LIMITED 50,403 13,000 SHISEIDO COMPANY LIMITED 304,379 25,236 SIGNET GROUP PLC 28,812 816 SWATCH GROUP AG 36,657 504 SWATCH GROUP AG CLASS B 118,455 11,000 TAKASHIMAYA COMPANY LIMITED 94,035 18,357 TRUWORTHS INTERNATIONAL LIMITED 74,388 14,419 UNDER ARMOUR INCORPORATED+ 486,064 1,900 UNI-CHARM CORPORATION 141,350 1,900 UNITED ARROWS LIMITED 13,177 18,368 URBAN OUTFITTERS INCORPORATED+<< 654,268 17,500 Yue Yuen Industrial Holdings Limited 48,484 13,253,756 --------------
84 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.49% 7,091 BILLABONG INTERNATIONAL LIMITED $ 77,602 96,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 15,167 6,414 BURBERRY GROUP PLC 52,208 9,076 GUESS? INCORPORATED<< 338,263 5,000 GUNZE LIMITED 21,155 7,951 HENNES & Mauritz AB Class B 394,017 1,094 HERMES INTERNATIONAL 155,363 2,749 INFOSYS TECHNOLOGIES LIMITED 108,770 57,500 JONES APPAREL GROUP INCORPORATED 1,141,950 1,000 KATAKURA INDUSTRIES COMPANY LIMITED 12,472 64,100 LIZ CLAIBORNE INCORPORATED 1,039,061 43 LPP SA+ 26,532 3,000 MIZUNO CORPORATION 15,022 1,650 NOBEL BIOCARE HOLDING AG 55,340 5,000 ONWARD KASHIYAMA COMPANY LIMITED 54,300 24,269 PHILLIPS-VAN HEUSEN CORPORATION 923,678 9,294 POLO RALPH LAUREN CORPORATION 705,229 11,500 PORTS DESIGN LIMITED 28,745 113,304 POU CHEN CORPORATION 86,232 82,994 QUIKSILVER INCORPORATED+<< 639,884 3,000 SANYO SHOKAI LIMITED 14,296 12,706 THE GYMBOREE CORPORATION+<< 498,711 3,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 24,745 4,000 TOKYO STYLE COMPANY LIMITED 33,284 17,500 VF CORPORATION 1,386,875 5,000 WACOAL CORPORATION 58,798 34,000 YGM TRADING LIMITED 23,263 7,930,962 -------------- APPLICATIONS SOFTWARE: 0.01% 17,158 Wipro Limited<< 198,690 AUTO PARTS & EQUIPMENT: 0.01% 4,240 Hyundai Autonet Company Limited 14,846 96,200 Somboon Advance Technology PCL 35,682 1,551,500 Yarnapund PCL 38,969 89,497 -------------- AUTO PARTS - ORIGINAL EQUIPMENT: 0.00% 1,800 Tokai Rika Company Limited 26,098 -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.67% 108,714 Toyota Motor Corporation 4,850,644 19,075 Advance Auto Parts Incorporated 820,988 1,200 Autobacs Seven Company Limited 33,347 25,855 AutoNation Incorporated+<< 293,454 6,800 AutoZone Incorporated+<< 933,164 5,118 Bayerische Motoren Werke AG 209,379 11,200 Bridgestone Corporation 188,420 1,200 Canadian Tire Corporate Limited Class A 60,995 31,982 CarMax Incorporated+<< 473,334 28,439 Copart Incorporated+ 1,251,600 24 D'ieteren SA 6,038 9,616 Freeworld Coatings Limited 9,359 22,000 Hotai Motor Company Limited 55,269 92,300 Nissan Motor Company Limited 701,119
Wells Fargo Advantage Master Portfolios 85 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS (continued) 20,500 O'REILLY AUTOMOTIVE INCORPORATED+ $ 596,960 3,010 PEUGEOT SA 143,010 1,420 USS COMPANY LIMITED 97,681 10,724,761 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.05% 3,749 BAJAJ AUTO LIMITED 41,320 3,188 GHABBOUR AUTO+ 26,570 11,340 RYDER SYSTEM INCORPORATED 731,657 799,547 -------------- BANKING: 0.00% 569 EFG INTERNATIONAL 17,255 40 ST. GALLER KANTONALBANK 17,033 5 YACHIYO BANK LIMITED 12,130 46,418 -------------- BEVERAGES: 0.00% 2,737 COCA-COLA ICECEK URETIM AS+ 24,811 -------------- BIOPHARMACEUTICALS: 0.02% 22,743 THERAVANCE INCORPORATED+<< 309,987 -------------- BUILDING: 0.00% 1,216 BOVIS HOMES GROUP PLC 9,665 -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.61% 4,977 AMEC PLC 76,343 6,846 BALFOUR BEATTY PLC 51,271 3,720 BARRATT DEVELOPMENTS PLC 9,918 1,697 BELLWAY PLC 18,920 1,204 BERKELEY GROUP HOLDINGS PLC 18,581 958 BILFINGER BERGER AG 67,365 5,799 CARILLION PLC 34,655 18,100 CENTEX CORPORATION 293,582 184,900 CH KARNCHANG PCL 23,653 200,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 339,425 5,000 COMSYS HOLDINGS CORPORATION 44,282 35,000 CONTINENTAL ENGINEERING CORPORATION+ 15,816 35,602 CSR LIMITED 80,790 1,283 DAELIM INDUSTRIAL COMPANY LIMITED 79,078 4,234 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED 44,966 23,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 226,013 59,800 DIALOG GROUP BHD 19,801 53,310 DR HORTON INCORPORATED 664,243 1,172 EIFFAGE SA 77,855 7,293 ENKA INSAAT VE SANAYI AS 64,651 1,422 FLEETWOOD CORPORATION LIMITED 11,175 147,600 GAMUDA BHD 111,737 5,412 GLOBE TRADE CENTRE SA+ 59,248 1,860 GS ENGINEERING & CONSTRUCTION CORPORATION 142,823 500 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 7,717 45,000 HASEKO CORPORATION 45,674 5,153 HASTIE GROUP LIMITED 12,101 673 HOCHTIEF AG 56,680 3,639 HOLCIM LIMITED 261,647
86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued) 2,963 HYUNDAI DEVELOPMENT COMPANY $ 111,909 2,554 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED 130,894 33,000 IJM CORPORATION BHD 48,849 13,306 IMPREGILO SPA 71,018 82,400 ITALIAN-THAI DEVELOPMENT PCL 10,493 9,000 JGC CORPORATION 172,344 2,686 JM AB 32,168 49,000 KAJIMA CORPORATION 150,839 589 KIER GROUP PLC 12,368 6,000 KINDEN CORPORATION 57,317 1,860 KONINKLIJKE BAM GROEP NV 32,808 1,172 KUMHO INDUSTRIAL COMPANY LIMITED 15,748 151,700 LAND & HOUSES PCL 29,182 5,243 LEIGHTON HOLDINGS LIMITED 206,898 826 LENNAR CORPORATION CLASS B 9,317 5,000 MAEDA CORPORATION 15,248 2,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 12,813 25,900 MALAYSIAN RESOURCES CORPORATION BHD+ 5,820 5,300 MDC HOLDINGS INCORPORATED 219,685 1,000 NCC AB 13,082 90,747 NEW WORLD DEVELOPMENT LIMITED 137,732 7,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 15,477 23,000 OBAYASHI CORPORATION 106,387 9,000 OKUMURA CORPORATION 32,410 406 PBG SA+ 42,310 4,800 PEAB AB 32,530 8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED+ 9,713 4,747 PERSIMMON PLC 32,132 625 POLNORD SA+ 12,828 34,558 PYI CORPORATION LIMITED 3,356 100 ROCKWOOL INTERNATIONAL AS 9,693 18,751 RYLAND GROUP INCORPORATED 434,648 16,000 SEKISUI CHEMICAL COMPANY LIMITED 99,096 21,000 SEKISUI HOUSE LIMITED 198,469 30,000 SEMBCORP INDUSTRIES LIMITED 87,082 26,000 SHIMIZU CORPORATION 109,682 46,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 90,868 291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL 28,756 446 STRABAG SE 27,479 48,000 TAISEI CORPORATION 109,267 16,685 TAYLOR WOODROW PLC 16,398 11,000 TODA CORPORATION 39,586 25,836 TOLL BROTHERS INCORPORATED+ 642,800 8,065 UNITED CONSTRUCTION GROUP LIMITED 94,660 5,000 UNITED ENGINEERS 9,474 51,000 UNITED FIBER SYSTEM LIMITED 3,043 40,191 URBI DESARROLLOS URBANOS SA DE CV+ 112,645 4,564 VINCI SA 790,418 21,871 WALTER INDUSTRIES INCORPORATED 2,051,500 11,000 YANLORD LAND GROUP LIMITED 12,282 1,878 YIT OYJ 29,212 27,700 YTL CORPORATION BHD 52,042 10,000 ZELAN BHD 5,094 182 ZPH STALPRODUKT SA 42,929 9,840,808 --------------
Wells Fargo Advantage Master Portfolios 87 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.43% 42,000 ASAHI GLASS COMPANY LIMITED $ 445,873 7,000 CENTRAL GLASS COMPANY LIMITED 27,284 10,600 DAIKIN INDUSTRIES LIMITED 357,309 4,800 DCM JAPAN HOLDINGS COMPANY LIMITED 35,032 22,202 FASTENAL COMPANY<< 1,152,950 19,969 FLETCHER BUILDING LIMITED 104,010 800 FLSMIDTH & COMPANY A/S 64,142 21,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 49,455 622 GEBERIT AG 90,533 1,859 GRAFTON GROUP PLC 10,417 58,230 HOME DEPOT INCORPORATED 1,579,198 1,000 KCI KONECRANES OYJ 33,006 2,000 KEIYO COMPANY LIMITED 9,973 34,665 KINGFISHER PLC 83,734 1,140 KINGSPAN GROUP PLC 12,978 2,600 KOMERI COMPANY LIMITED 75,914 66,794 LOWE'S COMPANIES INCORPORATED 1,645,804 13,000 MATSUSHITA ELECTRIC WORKS LIMITED 120,161 23,000 NIPPON SHEET GLASS COMPANY LIMITED 117,783 1,435 REECE AUSTRALIA LIMITED 24,592 1,300 RINNAI CORPORATION 47,078 1,161 RONA INCORPORATED+ 14,761 18,607 SANDVIK AB 230,602 9,000 SANWA SHUTTER CORPORATION 33,508 805 SCHINDLER HOLDING AG 55,302 4,140 SCHNEIDER ELECTRIC SA 416,148 89,000 TECHTRONIC INDUSTRIES COMPANY 82,856 484 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 30,113 1,242 WIENERBERGER AG 32,592 6,983,108 -------------- BUSINESS SERVICES: 5.98% 266,760 3COM CORPORATION+ 565,531 15,371 ACI WORLDWIDE INCORPORATED+<< 278,523 48,496 ACTIVISION BLIZZARD INCORPORATED+ 1,591,639 2,517 ADECCO SA 118,103 10,166 ADMINISTAFF INCORPORATED 278,548 24,944 ADOBE SYSTEMS INCORPORATED+ 1,068,352 7,745 ADVENT SOFTWARE INCORPORATED+<< 358,206 8,857 AEGIS GROUP PLC 18,036 13,792 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 734,286 25,642 AKAMAI TECHNOLOGIES INCORPORATED+ 587,202 12,607 ALLIANCE DATA SYSTEMS CORPORATION+<< 809,874 336 ALTRAN+ 2,948 1,596 ALTRAN TECHNOLOGIES SA+ 13,942 38,229 ANSYS INCORPORATED+ 1,695,456 12,377 ARBITRON INCORPORATED<< 593,601 56,678 ARIBA INCORPORATED+<< 834,867 3,691 ASIAN PAINTS LIMITED 102,853 1,947 ASSECO POLAND SA 52,974 5,982 ASX LIMITED 179,477 916 ATOS ORIGIN SA+ 49,229 5,644 AUSDRILL LIMITED 12,309 37,607 AUTODESK INCORPORATED+ 1,336,177 2,848 AUTONOMY CORPORATION PLC+ 59,475
88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUSINESS SERVICES (continued) 65,330 AVIS BUDGET GROUP INCORPORATED+ $ 497,815 32,114 AVOCENT CORPORATION+ 753,716 30,700 BMC SOFTWARE INCORPORATED+<< 999,592 985 BOLSAS Y MARCADOS ESPANOLES 29,389 51,706 BRAMBLES LIMITED 339,265 18,700 CA INCORPORATED 447,117 13,268 CACI INTERNATIONAL INCORPORATED CLASS A+ 672,024 41,100 CADENCE DESIGN SYSTEMS INCORPORATED+ 328,389 9,628 CAPITA GROUP PLC 123,876 9,841 CERNER CORPORATION+<< 453,178 4,600 CGI GROUP INCORPORATED+ 50,211 37,784 CHECK POINT SOFTWARE TECHNOLOGIES+ 925,330 37,000 CHINA EVERBRIGHT INTERNATIONAL LIMITED 7,637 234,000 CHINA UNICOM LIMITED 370,188 10,462 CHOICEPOINT INCORPORATED+ 509,081 29,600 CITRIX SYSTEMS INCORPORATED+ 895,992 25,402 COGNEX CORPORATION 513,882 48,148 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,411,699 31,766 COMPUTER SCIENCES CORPORATION+ 1,493,955 16,393 COMPUTERSHARE LIMITED 126,321 55,883 COMPUWARE CORPORATION+ 638,743 25,377 CONVERGYS CORPORATION+ 374,311 22,627 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 427,650 2,600 CSK HOLDINGS CORPORATION 41,020 15 CYBERAGENT INCORPORATED 14,333 1,600 DAISEKI COMPANY LIMITED 51,781 1,850 DAVIS SERVICE GROUP PLC 11,465 2,629 DCC PLC 63,594 2,478 DE LA RUE 39,650 34,699 DELUXE CORPORATION 572,880 17 DENA COMPANY LIMITED 82,941 74 DENTSU INCORPORATED 148,807 17,723 DIGITAL RIVER INCORPORATED+<< 775,381 19,745 DIMENSION DATA HOLDINGS PLC 18,977 743 DISCOUNT INVESTMENT CORPORATION 16,618 7,045 DST SYSTEMS INCORPORATED+<< 435,029 800 DTS CORPORATION 11,181 74,768 EARTHLINK INCORPORATED+<< 696,838 53,608 EBAY INCORPORATED+ 1,336,447 14,332 ELECTRONIC ARTS INCORPORATED+ 699,545 36,821 ELECTRONICS FOR IMAGING INCORPORATED+<< 610,860 17,023 EXPERIAN GROUP LIMITED 128,224 35,448 F5 NETWORKS INCORPORATED+ 1,209,131 7,132 FACTSET RESEARCH SYSTEMS INCORPORATED 447,248 31,174 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 681,152 1,415 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 45,605 26,314 FISERV INCORPORATED+ 1,364,644 7,014 FOCUS MEDIA HOLDING LIMITED+<< 229,498 6,081 FORRESTER RESEARCH INCORPORATED+<< 210,342 21,000 GALLANT VENTURE LIMITED+ 9,672 1,693 GARDA WORLD SECURITY CORPORATION CLASS A+ 20,282 2,863 GEMALTO NV+ 122,360 40,073 GLG PARTNERS INCORPORATED+<< 332,205 12,087 GLOBAL PAYMENTS INCORPORATED 582,714 10,785 GOOGLE INCORPORATED CLASS A+ 4,996,583 24,931 GREATEK ELECTRONIC INCORPORATED 26,641
Wells Fargo Advantage Master Portfolios 89 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUSINESS SERVICES (continued) 84,000 GUANGDONG INVESTMENT LIMITED $ 28,521 4,345 HAVAS SA 16,844 4,000 HAW PAR CORPORATION LIMITED 17,938 53,636 HENRY JACK & ASSOCIATES INCORPORATED 1,074,329 700 HITACHI INFORMATION SYSTEMS LIMITED 15,245 29,075 HLTH CORPORATION+<< 361,984 687 HOMESERVE PLC 18,020 38,500 HONG KONG EXCHANGES & CLEARING LIMITED 497,324 13,130 HOUSING DEVELOPMENT FINANCE CORPORATION 692,852 9,000 HYFLUX LIMITED 17,939 717 I-FLEX SOLUTIONS LIMITED 19,454 237 ILIAD SA 24,434 24,915 INDUSTREA LIMITED 11,554 13,463 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 25,378 38,226 INFORMATICA CORPORATION+ 644,873 24,277 INFOSYS TECHNOLOGIES LIMITED ADR<< 1,002,155 33,267 ITAUSA INVESTIMENTOS ITAU SA 316,343 94,683 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 890,020 5,289 INTERSERVE PLC 40,416 19,947 INTERWOVEN INCORPORATED+ 293,620 1,200 INTRUM JUSTITIA AB 18,731 48,042 INTUIT INCORPORATED+<< 1,444,623 2,831 INVOCARE LIMITED 12,763 407 IPSOS 13,684 2,812 IRESS MARKET TECHNOLOGY LIMITED 15,378 29,187 IRON MOUNTAIN INCORPORATED+ 843,796 718 JC DECAUX SA 15,901 23,684 JUNIPER NETWORKS INCORPORATED+<< 608,679 795 JYSKE BANK+ 44,516 12 KABU.COM SECURITIES COMPANY LIMITED 10,955 16 KAKAKU.COM INCORPORATED 46,473 22 KENEDIX INCORPORATED 12,531 45,138 KEPPEL CORPORATION LIMITED 313,465 900 KOEI COMPANY LIMITED 12,643 2,384 KONE OYJ 73,836 4,000 KYOWA EXEO CORPORATION 39,108 9,807 LAMAR ADVERTISING COMPANY+<< 364,330 15,636 LENDER PROCESSING SERVICES INCORPORATED 520,679 1,470 LG DACOM CORPORATION 27,525 23,209 LOGICACMG PLC 56,482 452 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 12,707 30,166 MAN GROUP PLC 310,848 63,000 MARUBENI CORPORATION 389,805 3,259 MASTERCARD INCORPORATED CLASS A 790,470 26,012 MCAFEE INCORPORATED+ 1,029,035 39,600 MENTOR GRAPHICS CORPORATION+<< 483,120 3,363 MICHAEL PAGE INTERNATIONAL PLC 22,406 383,071 MICROSOFT CORPORATION 10,454,008 56,100 MITSUBISHI CORPORATION 1,541,015 3,000 MITSUI-SOKO COMPANY LIMITED 14,756 44 MONEX BEANS HOLDINGS INCORPORATED 21,786 51,000 MONEYGRAM INTERNATIONAL INCORPORATED+<< 86,700 18,445 MONSTER WORLDWIDE INCORPORATED+<< 360,415 700 MOSHI MOSHI HOTLINE INCORPORATED 18,825 64,677 MPS GROUP INCORPORATED+ 745,079 26,285 NCR CORPORATION+ 695,501
90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUSINESS SERVICES (continued) 8,300 NETEASE.COM INCORPORATED ADR+<< $ 216,713 22,894 NETFLIX INCORPORATED+<< 706,051 500 NIPPON KANZAI COMPANY LIMITED 13,452 1,400 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 15,480 68,150 NOVELL INCORPORATED+ 438,205 600 NS SOLUTIONS CORPORATION 9,656 14,485 NWS HOLDINGS LIMITED 31,982 600 OPEN TEXT CORPORATION+ 21,332 179,815 ORACLE CORPORATION+ 3,943,343 78,446 PARAMETRIC TECHNOLOGY CORPORATION+ 1,575,196 3,458 PATNI COMPUTER SYSTEMS LIMITED 18,014 57,463 PEROT SYSTEMS CORPORATION CLASS A+ 1,022,841 1,297 PERPETUAL TRUSTEES AUSTRALIA LIMITED 49,532 24,488 PSION PLC 41,143 47,790 QUEST SOFTWARE INCORPORATED+<< 706,814 65,248 REALNETWORKS INCORPORATED+ 432,594 29,417 RED HAT INCORPORATED+ 617,757 44,457 RENT-A-CENTER INCORPORATED+ 1,007,396 1,500 RITCHIE BROS AUCTIONEERS INCORPORATED 39,979 24,540 ROBERT HALF INTERNATIONAL INCORPORATED 628,224 3,331 RPS GROUP PLC 18,167 34,381 S1 CORPORATION+ 262,327 983 S1 CORPORATION INCORPORATED (KOREA) 53,992 16,093 SALESFORCE.COM INCORPORATED+ 901,530 15,385 SAP AG 862,016 16,451 SATYAM COMPUTER SERVICES LIMITED<< 366,199 4,800 SECURITAS AB 64,860 5,403 SECURITAS SYSTEMS AB CLASS B 9,719 7,640 SEEK LIMITED 34,252 117 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 149,915 197,500 SHENZHEN INTERNATIONAL HOLDINGS 15,564 1,020 SHREE CEMENT LIMITED 13,614 4,000 SIA ENGINEERING COMPANY 7,129 37,000 SINGAPORE EXCHANGE LIMITED 163,386 4 SO-NET ENTERTAINMENT CORPORATION 11,342 216 SOFTWARE AG 15,800 1,700 SOHGO SECURITY SERVICES COMPANY LIMITED 19,346 39,900 SONICWALL INCORPORATED+ 260,946 29,364 SOTHEBY'S HOLDINGS INCORPORATED 791,066 37,863 SPHERION CORPORATION+ 196,130 2,200 SQUARE ENIX COMPANY LIMITED 72,521 18,906 SRA INTERNATIONAL INCORPORATED CLASS A+ 443,913 7,000 STELLA INTERNATIONAL 11,134 900 SUMISHO COMPUTER SYSTEMS 16,017 4,000 SUMITOMO WAREHOUSE COMPANY LIMITED 14,695 26,500 SWIRE PACIFIC LIMITED 264,699 38,368 SYMANTEC CORPORATION+<< 855,990 16,000 TAIWAN SECOM+ 27,834 32,815 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 822,672 4,846 TAYLOR NELSON SOFRES PLC 24,163 559 TELEPERFORMANCE 19,964 17,207 TELETECH HOLDINGS INCORPORATED+ 265,332 309,736 TELMEX INTERNACIONAL SAB DE CV+ 219,890 863 TEMENOS GROUP AG+ 22,645 17,450 THE BRINK'S COMPANY 1,217,661 187 THOMSON REUTERS ADR<< 31,440
Wells Fargo Advantage Master Portfolios 91 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- BUSINESS SERVICES (continued) 126,102 TIBCO SOFTWARE INCORPORATED+ $ 1,032,775 800 TKC AS 14,242 600 TOKYU LIVABLE INCORPORATED 3,845 14,076 TOMKINS PLC 38,024 929 TOMTOM NV+ 22,946 1,700 TOPPAN FORMS COMPANY LIMITED 20,434 39,741 TOTAL SYSTEM SERVICES INCORPORATED 791,641 7,659 TOWER AUSTRALIA GROUP LIMITED 19,460 8,100 TOYOTA TSUSHO CORPORATION 138,502 1,810 TRAVIS PERKINS PLC 22,043 231,602 UNISYS CORPORATION+ 947,252 49,900 UNITED ONLINE INCORPORATED<< 525,447 876 USG PEOPLE NV 15,854 44,020 VALUECLICK INCORPORATED+<< 567,418 31,500 VERISIGN INCORPORATED+<< 1,007,055 12,488 VIAD CORPORATION 390,625 4,200 VIGNETTE CORPORATION+ 57,246 1,430 VIOHALCO SA 11,708 6,234 VMWARE INCORPORATED+<< 247,490 19,264 WEBSENSE INCORPORATED+<< 436,137 53,500 WHARF HOLDINGS LIMITED 193,348 52,800 WIND RIVER SYSTEMS INCORPORATED+<< 583,440 13 WORKS APPLICATIONS COMPANY LIMITED+ 14,696 18,868 WPP GROUP PLC 183,651 1,726 WS ATKINS PLC 29,153 58,250 YAHOO! INCORPORATED+ 1,128,885 520 YAHOO! JAPAN CORPORATION 199,290 700 ZENRIN COMPANY LIMITED 10,256 95,982,871 -------------- CASINO & GAMING: 0.05% 4,328 MGM MIRAGE+<< 152,302 11,856 PENN NATIONAL GAMING INCORPORATED+ 400,970 2,799 WYNN RESORTS LIMITED+<< 267,081 820,353 -------------- CHEMICALS & ALLIED PRODUCTS: 7.38% 53,694 ABBOTT LABORATORIES 3,083,646 2,458 ACTELION LIMITED+ 141,092 2,300 ADEKA CORPORATION 16,653 2,600 AGRIUM INCORPORATED 219,915 1,900 AICA KOGYO COMPANY LIMITED 16,776 4,544 AIR LIQUIDE SA 551,916 6,740 AIR PRODUCTS & CHEMICALS INCORPORATED 619,069 6,000 AIR WATER INCORPORATED 74,120 4,882 AKZO NOBEL NV 297,914 14,650 ALBEMARLE CORPORATION 582,191 18,309 ALBERTO-CULVER COMPANY 478,963 31,922 ALEXION PHARMACEUTICALS INCORPORATED+<< 1,439,044 44,552 ALKERMES INCORPORATED+<< 595,660 180 AMOREPACIFIC CORPORATION 106,823 4,573 APP PHARMACEUTICALS INCORPORATED+ 108,243 3,400 ARISAWA MANUFACTURING COMPANY LIMITED 21,620 49,000 ASAHI KASEI CORPORATION 230,128 18,300 ASTELLAS PHARMA INCORPORATED 824,265 25,260 ASTRAZENECA PLC 1,231,476
92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- CHEMICALS & ALLIED PRODUCTS (continued) 18,900 AVERY DENNISON CORPORATION $ 911,736 17,107 BARR PHARMACEUTICALS INCORPORATED+ 1,155,407 16,318 BASF AG 941,452 20,600 BATU KAWAN BHD 50,212 13,407 BIOGEN IDEC INCORPORATED+ 682,819 41,089 BIOMARIN PHARMACEUTICAL INCORPORATED+<< 1,238,422 1,400 BIOVAIL CORPORATION 15,295 68,125 BRISTOL-MYERS SQUIBB COMPANY 1,453,788 9,497 CABOT CORPORATION 262,782 3,906 CARDIOME PHARMA CORPORATION+ 34,469 30,222 CELANESE CORPORATION CLASS A 1,165,360 8,993 CF INDUSTRIES HOLDINGS INCORPORATED 1,370,533 10,473 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+<< 687,134 417 CHEMRING GROUP PLC 17,680 46,772 CHEMTURA CORPORATION 308,227 36,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED+ 24,352 85,000 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION+ 30,545 16,000 CHINA PHARMACEUTICAL GROUP LIMITED+ 5,262 1,181 CHRISTIAN DIOR SA 125,630 8,600 CHUGAI PHARMACEUTICAL COMPANY LIMITED 142,054 2,000 CHUGOKU MARINE PAINTS LIMITED+ 14,561 27,617 CHURCH & DWIGHT COMPANY INCORPORATED 1,726,063 1,144 CIBA SPECIALTY CHEMICALS AG 28,178 645 CIECH SA 15,981 3,406 CLARIANT AG 30,590 207 CLARINS 16,824 22,100 CLOROX COMPANY 1,306,110 23,676 COLGATE-PALMOLIVE COMPANY 1,800,086 1,741 CRODA INTERNATIONAL 21,925 20,210 CSL LIMITED 705,336 23,762 CUBIST PHARMACEUTICALS INCORPORATED+<< 523,477 19,989 CYTEC INDUSTRIES INCORPORATED 1,015,441 11,000 DAICEL CHEMICAL INDUSTRIES LIMITED 55,781 24,000 DAIICHI SANKYO COMPANY LIMITED 722,039 25,000 DAINIPPON INK & CHEMICALS INCORPORATED 55,405 6,000 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 53,170 608 DC CHEMICAL COMPANY LIMITED 164,284 15,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 42,294 31,844 DOW CHEMICAL COMPANY 1,086,836 5,130 DR. REDDYS LABORATORIES LIMITED 67,488 500 EARTH CHEMICAL COMPANY LIMITED 12,756 15,467 EASTMAN CHEMICAL COMPANY 932,969 29,538 ECOLAB INCORPORATED 1,351,068 31,191 EI DU PONT DE NEMOURS & COMPANY 1,386,128 10,100 EISAI COMPANY LIMITED 401,666 7,369 ELAN CORPORATION PLC+ 101,411 33,400 ELI LILLY & COMPANY 1,558,110 28,336 ETERNAL CHEMICAL COMPANY LIMITED 21,744 1,500 FANCL CORPORATION 17,731 29,614 FERRO CORPORATION 652,693 20,000 FIBRECHEM TECHNOLOGIES LIMITED 6,621 12,017 FMC CORPORATION 883,730 13,969 FOREST LABORATORIES INCORPORATED+<< 498,554 205,000 FORMOSA CHEMICALS & FIBRE CORPORATION 352,022 231,000 FORMOSA PLASTICS CORPORATION 450,139 1,818 FRUTAROM INDUSTRIES LIMITED 17,695
Wells Fargo Advantage Master Portfolios 93 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- CHEMICALS & ALLIED PRODUCTS (continued) 21,203 GENENTECH INCORPORATED+ $ 2,093,796 11,953 GENZYME CORPORATION+ 935,920 42,502 GILEAD SCIENCES INCORPORATED+ 2,239,005 95 GIVAUDAN SA 79,053 93,029 GLAXOSMITHKLINE PLC 2,189,056 672 H LUNDBECK AS 15,610 4,453 HANWHA CHEMICAL CORPORATION 41,977 36,872 HB FULLER COMPANY 961,253 2,007 HENKEL KGAA 70,130 3,542 HENKEL KGAA PREFERRED 138,820 2,070 HIKMA PHARMACEUTICALS PLC 15,743 3,500 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 155,458 5,100 HITACHI CHEMICAL COMPANY LIMITED 92,778 569 HONAM PETROCHEMICAL CORPORATION 33,646 18,707 HUNTSMAN CORPORATION 244,126 26,315 IDEXX LABORATORIES INCORPORATED+ 1,481,535 9,806 IMCLONE SYSTEMS INCORPORATED+ 631,506 30,763 IMMUCOR INCORPORATED+<< 990,876 2,538 INCITEC PIVOT LIMITED 345,227 490 INTERCELL AG+ 21,443 12,772 INTERMUNE INCORPORATED+<< 242,285 16,015 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 643,963 33,129 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 1,176,742 13,706 INVITROGEN CORPORATION+ 581,957 346 IPSEN 18,742 363,121 IRPC PCL 41,784 10,000 ISHIHARA SANGYO KAISHA LIMITED+ 16,696 21,807 ISRAEL CHEMICALS LIMITED 361,988 3,656 JOHNSON MATTHEY PLC 108,182 8,600 JSR CORPORATION 148,158 2,252 K+S AG 271,788 3,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 26,871 368,000 KALBE FARMA TBK PT 29,963 12,000 KANEKA CORPORATION 75,366 9,000 KANSAI PAINT COMPANY LIMITED 56,779 19,000 KAO CORPORATION 537,947 301 KCC CORPORATION 98,734 1,400 KEMIRA OYJ 17,498 49,686 KING PHARMACEUTICALS INCORPORATED+ 568,408 20,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 92,250 2,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 43,509 700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 23,722 2,897 KONINKLIJKE DSM NV 166,736 2,000 KYORIN COMPANY LIMITED 26,979 15,000 KYOWA HAKKO KOGYO COMPANY LIMITED 164,037 8,346 LA SEDA DE BARCELONA SA+ 11,459 1,325 LANXESS 50,948 431 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H 74,517 1,100 LINTEC CORPORATION 19,478 9,000 LION CORPORATION 43,677 705 LONZA GROUP AG 99,522 13,842 LUBRIZOL CORPORATION 733,488 12,486 MAKHTESHIM-AGAN INDUSTRIES LIMITED 84,303 600 MANDOM CORPORATION 16,076 55,529 MEDAREX INCORPORATED+ 409,804 22,223 MEDICINES COMPANY+ 541,352
94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- CHEMICALS & ALLIED PRODUCTS (continued) 74,913 MERCK & COMPANY INCORPORATED $ 2,672,147 1,271 MERCK KGAA 145,638 1,400 METHANEX CORPORATION 35,508 8,427 MINERALS TECHNOLOGIES INCORPORATED 553,485 1,900 MIRACA HOLDINGS INCORPORATED 42,377 47,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 268,730 16,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 90,622 31,000 MITSUI CHEMICALS INCORPORATED 153,005 24,808 MONSANTO COMPANY 2,834,314 300 MURAMOTO ELECTRON THAILAND PCL 981 60,672 MYLAN LABORATORIES INCORPORATED+<< 782,062 22,639 NALCO HOLDING COMPANY 517,754 313,000 NAN YA PLASTICS CORPORATION 489,671 26,657 NBTY INCORPORATED+ 886,079 800 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 21,646 2,000 NIHON PARKERIZING COMPANY LIMITED 27,901 6,000 NIPPON KAYAKU COMPANY LIMITED 38,182 9,000 NIPPON PAINT COMPANY LIMITED 32,346 2,000 NIPPON SHINYAKU COMPANY LIMITED 24,918 6,000 NIPPON SHOKUBAI COMPANY LIMITED 38,479 5,000 NIPPON SODA COMPANY LIMITED 24,340 6,000 NISSAN CHEMICAL INDUSTRIES LIMITED 65,734 5,800 NITTO DENKO CORPORATION 174,101 6,000 NOF CORPORATION 24,963 1,400 NOVA CHEMICALS CORPORATION 40,610 42,487 NOVARTIS AG 2,366,888 6,840 NOVO NORDISK AS CLASS B 381,822 2,637 NUFARM LIMITED 37,288 45,255 OLIN CORPORATION 1,217,812 13,400 OM GROUP INCORPORATED+ 497,140 289 OMEGA PHARMA SA 14,627 4,300 ONO PHARMACEUTICAL COMPANY LIMITED 225,161 23,490 ONYX PHARMACEUTICALS INCORPORATED+<< 960,036 33,660 ORIENTAL UNION CHEMICAL CORPORATION+ 24,540 844 ORION OYJ 15,890 8,961 OSI PHARMACEUTICALS INCORPORATED+<< 452,531 23,374 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 332,846 24,153 PAREXEL INTERNATIONAL CORPORATION+ 767,341 173 PAZ OIL COMPANY LIMITED 25,526 48,409 PDL BIOPHARMA INCORPORATED+ 584,297 2,943 PETKIM PETROKIMYA HOLDING SA 13,417 239,848 PFIZER INCORPORATED 4,583,495 11,540 PHARMERICA CORPORATION+<< 273,152 5,628 PPG INDUSTRIES INCORPORATED 353,776 14,402 PRAXAIR INCORPORATED 1,293,876 141,420 PROCTER & GAMBLE COMPANY 9,866,873 37,895 PT TEMPO SCAN PACIFIC TBK 2,236 20,400 PTT CHEMICAL PCL 40,812 3,917 PZ CUSSONS PLC 12,426 10,241 RANBAXY LABORATORIES LIMITED 120,093 10,691 RECKITT BENCKISER GROUP 540,478 6,569 RECORDATI SPA 45,965 2,099 RHODIA SA 40,822 638 RICHTER GEDEON PLC 126,434 44 RIETER HOLDING AG 14,254 24,853 ROHM & HAAS COMPANY 1,865,218
Wells Fargo Advantage Master Portfolios 95 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- CHEMICALS & ALLIED PRODUCTS (continued) 4,000 ROHTO PHARMACEUTICAL COMPANY LIMITED $ 47,749 82,088 RPM INTERNATIONAL INCORPORATED 1,773,101 3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 9,168 8,883 SANOFI-AVENTIS SA 630,209 17,805 SANOFI-AVENTIS SA ADR 631,187 3,200 SANTEN PHARMACEUTICAL COMPANY LIMITED 86,606 3,000 SANYO CHEMICAL INDUSTRIES LIMITED 14,683 400 SAWAI PHARMACEUTICAL COMPANY LIMITED 17,650 120 SCHERING AG 18,438 74,024 SCHERING-PLOUGH CORPORATION 1,436,066 1,400 SEIKAGAKU CORPORATION 14,586 31,654 SENSIENT TECHNOLOGIES CORPORATION 924,613 16,229 SEPRACOR INCORPORATED+ 298,614 1,010 SGL CARBON AG+ 60,614 14,900 SHIN-ETSU CHEMICAL COMPANY LIMITED 828,890 11,000 SHIONOGI & COMPANY LIMITED 247,983 10,492 SHIRE LIMITED 184,844 333 SHISEIDO COMPANY LIMITED 7,886 44,000 SHOWA DENKO KK 116,979 9,866 SIDI KERIR PETROCHEMCIALS COMPANY 30,309 42,051 SIGMA PHARMACEUTICALS LIMITED 46,679 17,644 SIGMA-ALDRICH CORPORATION 1,001,473 114,000 SINOCHEM HONG KONG HOLDING LIMITED 74,097 14,771 SMITH & NEPHEW PLC 177,259 4,995 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 191,909 1,193 SOLVAY SA 146,065 867 STADA ARZNEIMITTEL AG 47,216 10,468 STERLITE INDUSTRIES INDIA LIMITED ADR 41,313 700 SUMIDA ELECTRIC 13,541 7,000 SUMITOMO BAKELITE COMPANY LIMITED 36,113 61,000 SUMITOMO CHEMICAL COMPANY LIMITED 374,303 1,646 SYMRISE AG 28,356 1,758 SYNGENTA AG 471,688 35,000 TAIWAN FERTILIZER COMPANY LIMITED 107,670 14,000 TAIYO NIPPON SANSO CORPORATION 124,905 3,000 TAKASAGO INTERNATIONAL CORPORATION 16,693 28,600 TAKEDA PHARMACEUTICAL COMPANY LIMITED 1,494,072 7,000 TANABE SEIYAKU COMPANY LIMITED 98,073 332 TESSENDERLO CHEMIE NV 18,358 7,045 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 333,685 34,292 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 1,623,383 611,100 THAI PETROCHEM 72,764 6,700 THE MOSAIC COMPANY 715,158 72,700 TITAN CHEMICALS CORPORATION 22,234 6,000 TOAGOSEI COMPANY LIMITED 22,630 8,000 TOKAI CARBON COMPANY LIMITED 82,019 9,000 TOKUYAMA CORPORATION 60,872 1,000 TOKYO OHKA KOKYO 18,126 22,000 TOSOH CORPORATION 79,912 6,000 TOYO INK MANUFACTURING COMPANY LIMITED 19,659 3,609 TRANSPORTADORA DE GAS DEL SUR SA<< 12,992 2,000 TSUMURA & COMPANY 55,749 13,969 TURK SISE VE CAM FABRIKALARI AS 18,846 36,000 UBE INDUSTRIES LIMITED JAPAN 128,699 2,614 UCB SA 102,220 161,000 UNILEVER INDONESIA TBK PT 126,844
96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ---------------------------------------------------- -------------- CHEMICALS & ALLIED PRODUCTS (continued) 9,501 UNITED THERAPEUTICS CORPORATION+<< $ 1,008,341 48,402 USEC INCORPORATED+<< 278,796 62,912 VALSPAR CORPORATION 1,488,498 21,500 VERTEX PHARMACEUTICALS INCORPORATED+ 577,490 3,441 VICTREX PLC 51,014 259 WACKER CHEMIE AG 47,589 25,800 WR GRACE & COMPANY+ 678,282 46,591 WYETH 2,016,458 8,000 ZEON CORPORATION 32,163 9,144 ZEP INCORPORATED 179,131 1,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 10,034 118,598,456 -------------- COAL MINING: 0.92% 29,650 ALPHA NATURAL RESOURCES INCORPORATED+ 2,938,315 22,844 ARCH COAL INCORPORATED 1,239,059 39,170 BHP BILLITON PLC 1,219,988 837,000 BUMI RESOURCES TBK PT 497,573 11,086 CENTENNIAL COAL COMPANY LIMITED 53,997 173,962 CHINA COAL ENERGY COMPANY 291,236 172,500 CHINA SHENHUA ENERGY COMPANY LIMITED 589,047 8,221 CONSOL ENERGY INCORPORATED 556,644 621 CUDECO LIMITED+ 1,434 2,529 FELIX RESOURCES LIMITED 43,350 1,770 FORDING CANADIAN COAL TRUST 157,446 19,513 FOUNDATION COAL HOLDINGS INCORPORATED 1,154,194 30,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED+ 16,267 2,693 GLOUCESTER COAL LIMITED 26,873 32,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 37,102 3,755 KUMBA IRON ORE LIMITED 122,526 4,158 MACARTHUR COAL LIMITED 47,502 6,099 MINERAL DEPOSIT LIMITED+ 2,693 4,901 NEYVELI LIGNITE CORPORATION LIMITED 12,589 33,140 PATRIOT COAL CORPORATION+<< 1,987,074 12,519 PEABODY ENERGY CORPORATION 788,071 17,508 PENN VIRGINIA CORPORATION<< 1,158,679 89,000 PT ASTRA INTERNATIONAL INCORPORATED 200,426 36,500 PT TAMBANG BATUBARA BUKIT ASAM TBK 57,405 23,584 SASOL LIMITED 1,298,189 7,118 SINO GOLD MINING LIMITED+ 25,954 10,000 STRAITS ASIA RESOURCES LIMITED 17,793 2,322 UK COAL PLC+ 18,255 5,002 WHITEHAVEN COAL LIMITED 15,499 88,000 YANZHOU COAL MINING COMPANY LIMITED 152,099 14,727,279 COMMERCIAL SERVICES: 0.00% -------------- 4,000 PARK24 COMPANY LIMITED 20,803 -------------- COMMUNICATIONS: 4.20% 53,900 ADVANCED INFO SERVICE PCL THB 141,676 2,110 AGORA SA 26,994 36,888 ALCATEL SA 224,259 2,211 ALVARION LIMITED+ 14,118 834,565 AMERICA MOVIL SA DE CV 2,146,726 11,397 AMERICA MOVIL SA DE CV CLASS A+ 29,205
Wells Fargo Advantage Master Portfolios 97 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- COMMUNICATIONS (continued) 18,538 AMERICAN TOWER CORPORATION CLASS A+ $ 766,176 14,102 ANIXTER INTERNATIONAL INCORPORATED+<< 1,040,869 9,685 APN NEWS & MEDIA LIMITED 27,412 1,753 ARNOLDO MONDADORI EDITORE SPA 9,594 1,300 ASATSU-DK INCORPORATED 33,766 87,800 ASTRO ALL ASIA NETWORKS PLC 87,182 207,205 AT&T INCORPORATED 6,628,488 15,840 AUSTAR UNITED COMMUNICATIONS LIMITED+ 15,960 14,200 BCE INCORPORATED+ 538,017 2,508 BELGACOM SA 99,866 729 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 19,100 44,555 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED+ 79,395 33,778 BHARTI AIRTEL LIMITED+ 638,727 3,100 BRASIL TELECOM PARTICIPACOES SA+ 101,558 32,305 BRIGHTPOINT INCORPORATED+ 278,146 19,725 BRITISH SKY BROADCASTING PLC 167,128 133,256 BT GROUP PLC 418,229 51,297 CABLE & WIRELESS PLC 165,379 37,259 CABLEVISION SYSTEMS CORPORATION 1,202,348 176,500 CARSO GLOBAL TELECOM SA DE CV+ 899,429 21,214 CENTURYTEL INCORPORATED 819,497 46,392 CHAMPION TECHNOLOGY HOLDINGS LIMITED 4,844 154,176 CHARTER COMMUNICATIONS INCORPORATED+<< 161,885 152,000 CHINA MOBILE LIMITED 1,725,504 76,500 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED 180,987 656,000 CHINA TELECOM CORPORATION LIMITED 333,831 219,000 CHUNGHWA TELECOM COMPANY LIMITED 542,911 23,072 CIA DE TELECOMUNICACIONES DE CHILE SA CLASS A 32,848 165,870 CINCINNATI BELL INCORPORATED+<< 646,893 1 CITADEL BROADCASTING CORPORATION<< 1 350 CITIC 1616 HOLDINGS LIMITED 79 394 COGECO CABLE INCORPORATED+ 16,327 4,296 COLT TELECOM GROUP SA+ 10,091 87,509 COMCAST CORPORATION CLASS A 1,853,441 43,000 COMCAST CORPORATION CLASS A SPECIAL (NON VOTING) 909,020 11,025 COMPAL COMMUNICATIONS INCORPORATED 15,067 896 CORUS ENTERTAINMENT INCORPORATED CLASS B 16,480 39,874 CROWN CASTLE INTERNATIONAL CORPORATION+ 1,491,288 7,803 CTC MEDIA INCORPORATED+ 151,378 11,824 CYBERTAN TECHNOLOGY INCORPORATED 17,114 3,713 CYFROWY POLSAT SA+ 23,705 36,622 D-LINK CORPORATION 44,130 3,066 DAILY MAIL & GENERAL TRUST CLASS A NV 20,699 1,000 DAIMEI TELECOM ENGINEERING CORPORATION 7,781 2,000 DENKI KOGYO COMPANY LIMITED 11,670 51,654 DEUTSCHE TELEKOM AG 855,287 17,500 DIGI.COM BHD 118,438 32,043 DIRECTV GROUP INCORPORATED+ 903,933 33,673 DISH NETWORK CORPORATION+ 949,915 11,582 DISH TV INDIA LIMITED+ 9,684 18,527 ECHOSTAR CORPORATION+ 580,636 1,150 EGYPTIAN COMPANY FOR MOBILE SERVICES 26,760 2,200 ELISA OYJ 46,930 29,608 EMBARQ CORPORATION 1,396,313 9,059 EMPRESA NACIONAL DE TELECOMUNICACIONES SA 118,372 1,800 ENIRO AB 7,821
98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- COMMUNICATIONS (continued) 16,874 ENTERCOM COMMUNICATIONS CORPORATION<< $ 103,100 13,493 EQUINIX INCORPORATED+<< 1,086,187 1,544 EUTELSAT COMMUNICATIONS+ 42,802 76,343 EXTREME NETWORKS+ 267,201 43,981 FAIRFAX MEDIA LIMITED 105,758 1,757 FAIRPOINT COMMUNICATIONS INCORPORATED<< 15,553 93,723 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 136,295 25,257 FOUNDRY NETWORKS INCORPORATED+ 464,476 22,053 FRANCE TELECOM SA 650,232 11,057 FRANCE TELECOM SA ADR 325,297 970 GLOBE TELECOM INCORPORATED 23,124 123,902 GRUPO TELEVISA SA 573,556 5,840 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 124,828 2,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 13,801 8,346 HURRIYET GAZETECILIK VE MATBAACILIK AS 11,724 18,850 IAC INTERACTIVECORP+ 312,902 50,926 IDEA CELLULAR LIMITED+ 94,874 27,700 IDT CORPORATION+<< 42,935 4,997 INDEPENDENT NEWS & MEDIA PLC 10,854 6,770 INMARSAT PLC 63,018 47,251 ITV PLC 38,430 21,381 J2 GLOBAL COMMUNICATIONS INCORPORATED+<< 527,469 4,000 JAPAN RADIO COMPANY LIMITED+ 9,118 46 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 34,916 106 KDDI CORPORATION 617,260 3,000 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LIMITED 11,171 19,114 KINGSTON COMMUNICATIONS (HULL) PLC 13,604 5,139 KT CORPORATION 210,724 3,740 KT FREETEL COMPANY LIMITED 98,128 1,998 LAGARDERE SCA 111,532 7,713 LEAP WIRELESS INTERNATIONAL INCORPORATED+<< 344,463 7,535 LIBERTY GLOBAL INCORPORATED+ 250,313 7,710 LIBERTY GLOBAL INCORPORATED SERIES A+ 271,238 26,331 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+ 357,838 777 M6 METROPOLE TELEVISION 17,302 19,843 MAGYAR TELEKOM PLC 101,725 8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 18,070 1,079 MANITOBA TELECOM SERVICES INCORPORATED 42,375 20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED 14,351 10,697 MEDIASET SPA 77,664 21,400 MOBILONE LIMITED 28,852 580 MOBISTAR SA 42,941 5,673 MPHASIS LIMITED 31,042 70,261 MTN GROUP LIMITED 1,080,230 11,178 NEUSTAR INCORPORATED CLASS A+ 268,384 2,686 NICE SYSTEMS LIMITED+ 81,965 27,947 NII HOLDINGS INCORPORATED+ 1,467,776 166 NIPPON TELEGRAPH & TELEPHONE CORPORATION 816,079 5,940 NORTEL NETWORKS CORPORATION+ 35,915 298 NTT DOCOMO INCORPORATED 469,653 30,114 NTT DOCOMO INCORPORATED ADR<< 471,284 25,402 ORASCOM TELECOM HOLDING SAE 259,412 3,554 PARTNER COMMUNICATIONS 76,867 136,000 PCCW LIMITED 85,090 3,370 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 198,060 11,676 PORTUGAL TELECOM SGPS SA 121,988
Wells Fargo Advantage Master Portfolios 99 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- COMMUNICATIONS (continued) 25,190 POWER GRID CORPORATION OF INDIA LIMITED $ 52,871 786 PROSIEBENSAT.1 MEDIA AG 8,024 109,000 PT INDONESIAN SATELLITE CORPORATION TBK 71,946 2,716 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA 21,342 2,081 PUBLICIS GROUPE 69,748 249 RAKUTEN INCORPORATED 138,690 15,580 RCN CORPORATION+<< 215,939 10,887 REED ELSEVIER NV 182,032 20,458 REED ELSEVIER PLC 233,816 32,828 RELIANCE COMMUNICATIONS LIMITED++ 295,291 23,396 RELIANCE INDUSTRIES LIMITED++ 2,253,035 26,855 RENTOKIL INITIAL PLC 35,506 8,400 ROGERS COMMUNICATIONS INCORPORATED 304,419 30,284 ROYAL KPN NV 513,832 543 RTL GROUP 50,920 379,400 SAMART CORPORATION PCL 74,794 16,135 SAVVIS INCORPORATED+<< 256,224 42,546 SBA COMMUNICATIONS CORPORATION+<< 1,486,132 51,873 SEAT PAGINE GIALLE SPA 7,884 5,891 SES FDR 142,174 6,200 SHAW COMMUNICATIONS INCORPORATED CLASS B 133,716 188,600 SHIN SATELLITE PCL+ 29,193 33,937 SINCLAIR BROADCAST GROUP INCORPORATED 240,613 244,100 SINGAPORE TELECOMMUNICATIONS LIMITED 602,455 1,760 SK TELECOM COMPANY LIMITED 324,269 4,812 SKY NETWORK TELEVISION LIMITED 16,304 33 SKY PERFECT JSAT HOLDINGS INCORPORATED 12,440 1,941 SOCIETE TELEVISION FRANCAISE 1 33,724 96,927 SPRINT NEXTEL CORPORATION+ 845,203 19,000 STARHUB LIMITED 36,128 371 SWISSCOM AG 118,881 145,448 TAIWAN MOBILE COMPANY LIMITED 260,036 2,337 TATA COMMUNICATIONS LIMITED 21,824 26,492 TATA TELESERVICES MAHARASHTRA LIMITED+ 15,801 447 TDC AS 24,648 4,654 TELE NORTE LESTE PARTICIPACOES SA 115,522 5,189 TELE2 AB 79,813 2,951 TELECOM ARGENTINA SA ADR 39,248 66,271 TELECOM CORPORATION OF NEW ZEALAND LIMITED 151,683 12,733 TELECOM EGYPT 39,205 97,374 TELECOM ITALIA RNC SPA 123,420 177,566 TELECOM ITALIA SPA 285,590 60,000 TELECOM MALAYSIA BHD 63,037 3,803 TELECOMUNICACOES DE SAO PAULO SA 108,724 1,200 TELEFONAKTIEBOLAGET LM ERICSSON 13,520 49,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 568,229 39,044 TELEFONICA DEL PERU SAA+ 39,950 72,583 TELEFONICA SA 1,793,419 309,736 TELEFONOS DE MEXICO SA DE CV 379,837 5,281 TELEKOM AUSTRIA AG 113,513 32,978 TELEKOMUNIKACJA POLSKA SA+ 330,873 1,178 TELEMAR NORTE LESTE SA 61,278 678 TELENET GROUP HOLDING NV+ 15,443 12,400 TELENOR ASA 194,889 8,493 TELEPHONE & DATA SYSTEMS INCORPORATED 326,131
100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- COMMUNICATIONS (continued) 36,651 TELIASONERA AB $ 255,419 9,578 TELKOM SOUTH AFRICA LIMITED 173,158 133,703 TELSTRA CORPORATION LIMITED 496,317 3,543 TELUS CORPORATION 142,314 2,400 TELUS CORPORATION (NON-VOTING) 94,911 30,000 TENCENT HOLDINGS LIMITED 254,590 26,600 TIM PARTICIPACOES SA 59,238 5,886 TISCALI SPA+ 13,103 60,000 TM INTERNATIONAL SDN BHD+ 110,505 2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 36,040 2,973 TRINITY MIRROR PLC 5,808 262,500 TRUE CORPORATION PCL+ 21,466 270,800 TT&T PCL+ 5,773 28,738 TURKCELL ILETISIM HIZMETLERI AS 190,116 300 TV TOKYO CORPORATION 11,285 21,369 TW TELECOM INCORPORATED+<< 327,800 4,035 UNITED BUSINESS MEDIA LIMITED 43,614 1,385 UNITED INTERNET AG 20,156 2,282 UNITED STATES CELLULAR CORPORATION+ 119,349 99,724 VERIZON COMMUNICATIONS INCORPORATED 3,502,307 341 VIACOM INCORPORATED+ 10,097 20,215 VIVENDI SA 780,966 23,800 VIVO PARTICIPACOES SA 124,110 543,726 VODAFONE GROUP PLC 1,389,519 39,382 VODAFONE GROUP PLC ADR 1,006,210 4,000 VTECH HOLDINGS LIMITED 23,867 92,623 WINDSTREAM CORPORATION 1,150,378 11,533 YELL GROUP PLC 22,605 9,447 ZINWELL CORPORATION+ 17,790 18,360 ZYXEL COMMUNICATIONS CORPORATION 14,970 67,420,012 -------------- COMPUTER TECHNOLOGIES: 0.04% 21,618 METAVANTE TECHNOLOGIES INCORPORATED+ 511,050 521 UBISOFT ENTERTAINMENT+ 48,599 559,649 -------------- COMPUTERS & OFFICE EQUIPMENT: 0.01% 14,214 AGILYSYS INCORPORATED 184,924 243,600 CALCOMP ELECTRONICS PCL THB 29,739 214,663 -------------- CONSTRUCTION: 0.00% 489 BUDIMEX SA+ 18,586 -------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.20% 1,497 BOSKALIS WESTMINSTER 88,421 10,478 CHEMED CORPORATION 458,308 28,257 EMCOR GROUP INCORPORATED+ 962,716 155 FLUGHAFEN WIEN AG 12,572 142,000 HKC HOLDINGS LIMITED 23,844 17,386 INSITUFORM TECHNOLOGY INCORPORATED+<< 319,207 5,899 IVRCL INFRASTRUCTURES & PROJECTS LIMITED 40,703 11 KOBENHAVNS LUFTHAVNE 3,530 3,769 ORASCOM CONSTRUCTION INDUSTRIES 237,773
Wells Fargo Advantage Master Portfolios 101 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS (CONTINUED) 27,300 QUANTA SERVICES INCORPORATED+ $ 871,962 63,108 STEINHOFF INTERNATIONAL HOLDINGS LIMITED 150,899 1,110 WELLSTREAM HOLDINGS PLC 25,224 3,195,159 -------------- CONSUMER SERVICES: 0.03% 1,040 HAKUHODO DY HOLDINGS INCORPORATED 53,006 4,382 LVMH MOET HENNESSY LOUIS VUITTON SA 465,360 518,366 -------------- DEPOSITORY INSTITUTIONS: 8.07% 14,000 77 BANK LIMITED 79,899 28,302 ABSA GROUP LIMITED 399,560 27,900 AFFIN HOLDINGS BHD 15,150 33,916 AFRICAN BANK INVESTMENTS LIMITED 122,002 3,420 AGRICULTURAL BANK OF GREECE 11,863 53,373 AKBANK TAS 273,852 7,938 ALLAHABAD BANK 11,223 5,637 ALLIANCE & LEICESTER PLC 33,429 16,090 ALLIED IRISH BANKS PLC 202,774 6,430 ALPHA BANK AE 163,617 14,470 AMCORE FINANCIAL INCORPORATED 127,192 87,300 AMMB HOLDINGS BHD 78,309 12,830 ANCHOR BANCORP WISCONSIN INCORPORATED<< 98,534 10,732 ANDHRA BANK 13,585 11,483 ANGLO IRISH BANK CORPORATION PLC 99,469 14,000 AOZORA BANK LIMITED 27,283 23,123 ASSOCIATED BANC-CORP<< 404,653 17,337 ASTORIA FINANCIAL CORPORATION 378,813 30,351 ASYA KATILIM BANKASI AS+ 65,893 70,049 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 986,405 10,168 AXIS BANK LIMITED 165,494 10,613 BANCA CARIGE SPA 35,440 55,229 BANCA MONTE DEI PASCHI DI SIENA SPA 145,075 1,746 BANCA PICCOLO CREDITO VALTELLINESE SCARL 17,261 6,183 BANCA POPOLARE DI MILANO SCARL 61,579 52,376 BANCO BILBAO VIZCAYA ARGENTARIA SA 883,784 9,665 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 162,662 4,656 BANCO BPI SA 15,646 20,566 BANCO BRADESCO SA 334,599 66,015 BANCO COMERCIAL PORTUGUES SA 114,053 1,001,489 BANCO DE CHILE 73,244 1,619 BANCO DE CREDITO DEL PERU 4,992 4,433 BANCO DE CREDITO E INVERSIONES 126,225 33,466 BANCO DE ORO+ 30,003 9,008 BANCO DE SABADE 70,136 6,804 BANCO DE VALENCIA SA(a) 77,863 31,968 BANCO DO BRASIL SA 465,399 1,017 BANCO ESPANOL DE CREDITO SA 13,898 3,640 BANCO ESPIRITO SANTO SA 47,033 1,141 BANCO GUIPUZCOANO SA 12,713 9,933 BANCO ITAU HOLDING FINANCEIRA SA 166,963 2,243 BANCO MACRO SA 44,950 1,704 BANCO PASTOR SA 16,500 10,595 BANCO POPOLARE SPA+ 201,820
102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 12,089 BANCO POPULAR ESPANOL SA $ 127,750 9,388 BANCO SABADELL SA 461,109 80,772 BANCO SANTANDER CENTRAL HISPANO SA 1,373,074 27,707 BANCO SANTANDER CENTRAL HISPANO SA ADR 470,465 4,041,047 BANCO SANTANDER CHILE SA 170,863 51,523 BANCORPSOUTH INCORPORATED<< 1,186,059 18,000 BANGKOK BANK PCL (NON VOTING DEPOSITORY RECEIPT) 61,048 565,000 BANK CENTRAL ASIA TBK PT 194,248 1,486 BANK HANDLOWY W WARSZAWIE SA 41,266 43,193 BANK LEUMI LE-ISRAEL 178,145 287,000 BANK MANDIRI PERSERO TBK PT 87,745 13,321 BANK MILLENNIUM SA 40,484 210,000 BANK NIAGA 20,231 173,010 BANK OF AMERICA CORPORATION 5,387,531 65,500 BANK OF AYUDHYA PCL 38,908 7,611 BANK OF BARODA 48,618 1,580,000 BANK OF CHINA LIMITED 679,165 56,181 BANK OF EAST ASIA LIMITED 222,081 236 BANK OF GREECE 21,721 6,796 BANK OF INDIA 41,109 18,414 BANK OF IRELAND 147,608 15,000 BANK OF KYOTO LIMITED 156,442 8,700 BANK OF MONTREAL 381,250 39,443 BANK OF NEW YORK MELLON CORPORATION 1,365,122 17,300 BANK OF NOVA SCOTIA 799,176 7,491 BANK OF QUEENSLAND LIMITED 101,262 49,200 BANK OF THE PHILIPPINE ISLANDS 49,380 1,400 BANK OF THE RYUKYUS LIMITED+ 11,185 52,000 BANK OF YOKOHAMA LIMITED 278,534 5,042 BANK PEKAO SA 400,586 309 BANK PRZEMYSLOWO HANDLOWY PBK 9,866 225,000 BANK RAKYAT INDONESIA 142,366 400 BANK SARASIN & CIE AG 17,238 1,007 BANK ZACHODNI WBK SA 77,505 5,808 BANKINTER SA 61,675 42 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 12,712 3 BANQUE NATIONALE DE BELGIQUE 13,195 138,428 BARCLAYS PLC 885,787 18,586 BB&T CORPORATION<< 557,580 5,903 BBVA BANCO FRANCES SA+ 34,001 7,122 BENDIGO BANK LIMITED 70,093 15,636 BNP PARIBAS ADR 707,640 7,149 BNP PARIBAS SA 641,302 124,500 BOC HONG KONG HOLDINGS LIMITED 276,858 4,203 BOK FINANCIAL CORPORATION 183,083 1,396 BRE BANK SA+ 217,079 99,500 BUMIPUTRA COMMERCE HOLDINGS BHD 243,487 6,200 CANADIAN IMPERIAL BANK OF COMMERCE 374,698 739 CANADIAN WESTERN BANK 16,634 5,024 CANARA BANK 24,366 33,424 CATHAY GENERAL BANCORP<< 647,089 5,000 CENTRAL FINANCE COMPANY LIMITED 10,493 189,000 CHANG HWA COMMERCIAL BANK 111,838 31,000 CHIBA BANK LIMITED 169,876 7,202 CHINA BANKING CORPORATION 86,745 288,000 CHINA CITIC BANK 165,082
Wells Fargo Advantage Master Portfolios 103 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 496,162 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION $ 156,378 24,000 CHINA EVERBRIGHT LIMITED+ 43,088 134,800 CHINA MERCHANTS BANK COMPANY LIMITED 449,478 5,000 CHUKYO BANK LIMITED THE+ 13,813 191,200 CITIGROUP INCORPORATED 3,630,888 46,249 CITIZENS REPUBLIC BANCORP INCORPORATED+<< 169,734 7,732 CITY NATIONAL CORPORATION 382,657 136,610 COLONIAL BANCGROUP INCORPORATED<< 863,375 30,298 COMERICA INCORPORATED 851,071 13,180 COMMERCE BANCSHARES INCORPORATED 593,102 11,816 COMMERCIAL INTERNATIONAL BANK 102,059 10,540 COMMERZBANK AG 308,738 48,013 COMMONWEALTH BANK OF AUSTRALIA 1,727,947 51,100 COSMOS BANK TAIWAN(a) 2,625 17,616 CREDIT AGRICOLE SA 373,472 1,169 CREDITO EMILIANO SPA 10,971 11,348 CULLEN FROST BANKERS INCORPORATED 631,857 5,070 DAEGU BANK 56,206 8,000 DAH SING BANKING GROUP LIMITED 11,198 2,831 DAH SING FINANCIAL HOLDINGS LIMITED 17,347 7,340 DANSKE BANK 206,545 39,000 DBS GROUP HOLDINGS LIMITED 493,135 9,255 DEUTSCHE BANK AG 785,997 1,633 DEUTSCHE POSTBANK AG 106,524 10,135 DEXIA 143,232 19,709 DIME COMMUNITY BANCSHARES 323,622 13,800 DNB NOR ASA 159,991 151,840 E.SUN FINANCIAL HOLDING COMPANY LIMITED 58,486 5,440 EFG EUROBANK ERGASIAS SA 109,434 12,923 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING 113,306 640 EMPORIKI BANK OF GREECE SA+ 12,442 5,140 ENERGY SAVINGS ESCROW SHARES+(a) 0 143,000 ENTIE COMMERCIAL BANK+(a) 23,351 16,500 EON CAPITAL BHD 21,419 3,503 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 209,340 87,000 FAR EASTERN INTERNATIONAL BANK 22,062 16,000 FERROCHINA LIMITED 10,170 15,729 FIFTH THIRD BANCORP<< 248,204 49,460 FIRST BANCORP (PUERTO RICO)<< 467,397 123,940 FIRST HORIZON NATIONAL CORPORATION+<< 1,391,846 32,886 FIRST MIDWEST BANCORP INCORPORATED<< 735,989 74,183 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 1,109,778 9,114 FIRSTFED FINANCIAL CORPORATION+ 143,090 49,910 FIRSTMERIT CORPORATION 1,010,178 216,714 FIRSTRAND LIMITED 461,492 58,081 FNB CORPORATION PA 678,967 48,791 FORTIS+ 541,789 31,807 FRONTIER FINANCIAL CORPORATION<< 354,648 240,000 FUBON FINANCIAL HOLDING COMPANY LIMITED 202,137 30,000 FUKUOKA FINANCIAL GROUP INCORPORATED 105,526 115,217 FULTON FINANCIAL CORPORATION<< 1,228,213 14,429 GETIN HOLDING SA+ 61,469 813 GREEK POSTAL SAVINGS BANK 10,917 79,679 GRUPO SECURITY SA 24,863 18,000 GUNMA BANK LIMITED 101,323 10,004 HANA FINANCIAL GROUP INCORPORATED 354,396
104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 25,000 HANG SENG BANK LIMITED $ 493,082 68,394 HBOS PLC 391,485 23,312 HBOS PLC ADR<< 134,256 2,182 HDFC BANK LIMITED 63,023 4,397 HDFC BANK LIMITED ADR<< 397,885 5,000 HIGASHI-NIPPON BANK LIMITED 16,103 49,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 117,144 479 HOME CAPITAL GROUP INCORPORATED 15,586 66,300 HONG LEONG BANK BHD 112,004 6,000 HONG LEONG SINGAPORE FINANCE LIMITED 13,851 68,900 HONG LOENG FINANCIAL GROUP BHD 98,381 209,415 HSBC HOLDINGS PLC 3,295,096 195,840 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 145,537 96,303 HUDSON CITY BANCORP INCORPORATED 1,775,827 73,996 HUNTINGTON BANCSHARES INCORPORATED<< 541,651 2,090 HYPO REAL ESTATE HOLDING AG 50,868 3,660 ICICI BANK LIMITED 55,723 17,440 ICICI BANK LIMITED ADR 540,989 3,899 INDIAN BANK 11,118 9,647 INDIAN OVERSEAS BANK 19,528 3,486,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 2,386,980 5,970 INDUSTRIAL BANK OF KOREA 84,793 152 ING BANK SLASKI SA 32,789 33,069 INTERNATIONAL BANCSHARES CORPORATION<< 854,503 152,594 INTESA SANPAOLO 819,103 20,149 INTESA SANPAOLO RNC 97,512 18,129 ISRAEL DISCOUNT BANK LIMITED+ 29,793 5,000 JACCS COMPANY LIMITED 12,191 7,532 JARDINE STRATEGIC HOLDINGS LIMITED 119,156 27,000 JOYO BANK LIMITED 124,310 121,277 JPMORGAN CHASE & COMPANY 4,667,952 3,344 JULIUS BAER HOLDING AG 203,500 6,000 KANSAI URBAN BANKING CORPORATION 8,213 27,000 KASIKORNBANK PCL THB 56,312 2,822 KBC GROEP NV 268,113 92,650 KEYCORP 1,112,723 6,000 KIATNAKIN FINANCE 3,329 26,000 KIYO HOLDINGS 40,351 6,200 KOREA EXCHANGE BANK 77,649 1,740 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 56,949 8,334 KOTAK MAHINDRA BANK LIMITED 113,802 1,838 KREDYT BANK SA 11,309 127,400 KRUNG THAI BANK PCL 26,976 377 LAURENTIAN BANK OF CANADA+ 14,273 178 LIECHTENSTEIN LANDESBANK 12,779 93,576 LLOYDS TSB GROUP PLC 516,442 15,714 M&T BANK CORPORATION<< 1,121,037 9,929 MACQUARIE GROUP LIMITED 368,183 97,125 MALAYAN BANKING BHD 223,805 134,800 MALAYSIAN PLANTATIONS BHD 107,313 48,302 MARSHALL & ILSLEY CORPORATION+ 743,851 8,588 MEDIOBANCA SPA 122,335 371,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 233,285 396,470 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,013,593 41,000 MITSUI TRUST HOLDINGS INCORPORATED 226,041 5,000 MIYAZAKI BANK LIMITED 12,808
Wells Fargo Advantage Master Portfolios 105 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 422 MIZUHO FINANCIAL GROUP INCORPORATED $ 1,796,415 54,000 MIZUHO TRUST & BANKING COMPANY LIMITED 77,761 59,826 NATIONAL AUSTRALIA BANK LIMITED 1,241,398 2,600 NATIONAL BANK OF CANADA 122,483 3,333 NATIONAL BANK OF GREECE SA 146,931 24,348 NATIONAL BANK OF GREECE SA ADR 214,506 127,773 NATIONAL CITY CORPORATION<< 643,976 8,355 NATIXIS 70,187 10,227 NEDBANK GROUP LIMITED 138,148 68,759 NEW YORK COMMUNITY BANCORP INCORPORATED<< 1,133,836 67,760 NEWALLIANCE BANCSHARES INCORPORATED 928,990 1,100 NIS GROUP COMPANY LIMITED 1,344 28,000 NISHI-NIPPON CITY BANK LIMITED 73,147 30,290 NORDEA BANK AB 402,346 4,039 NORTHERN ROCK PLC(a) 6,626 1,400 OKO BANK 22,594 44,938 OLD NATIONAL BANCORP<< 783,269 14,000 ORIENT CORPORATION 20,080 4,403 ORIENTAL BANK OF COMMERCE 16,427 12,788 OTP BANK NYRT+ 573,520 86,000 OVERSEA-CHINESE BANKING CORPORATION LIMITED 487,344 31,560 PACIFIC CAPITAL BANCORP<< 464,248 16,869 PACWEST BANCORP 382,589 4,960 PARK NATIONAL CORPORATION<< 304,048 33,100 PHATRA SECURITIES PCL 26,343 5,110 PIRAEUS BANK SA 137,729 23,973 PKO BANK POLSKI SA 515,335 11,991 PNC FINANCIAL SERVICES GROUP<< 862,752 49,495 POPULAR INCORPORATED<< 403,384 29,378 PROSPERITY BANCSHARES INCORPORATED<< 939,215 18,969 PROVIDENT BANKSHARES CORPORATION<< 146,820 37,927 PROVIDENT FINANCIAL SERVICES INCORPORATED 578,387 69,581 PT BANK DANAMON INDONESIA TBK 40,693 821,500 PT BANK INTERNASIONAL INDONESIA TBK 41,299 264,000 PT BANK PAN INDONESIA TBK 26,586 84,300 PUBLIC BANK BHD 252,671 6,035 PUNJAB NATIONAL BANK LIMITED 65,389 6,120 PUSAN BANK 68,060 1,008 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 110,187 23,430 REGIONS FINANCIAL CORPORATION<< 217,196 210 RESONA HOLDINGS INCORPORATED 244,422 73,600 RHB CAPITAL BHD 90,246 48,041 RMB HOLDINGS LIMITED 163,012 22,900 ROYAL BANK OF CANADA 1,051,399 280,199 ROYAL BANK OF SCOTLAND GROUP PLC 1,191,709 10 SAPPORO HOLDINGS 53,823 3,823 SBERBANK 900,317 1,689 SCOTIABANK PERU SA+ 54,947 18,346 SEKERBANK TAS 34,769 10,000 SENSHU BANK LIMITED 18,188 8,750 SESA GOA LIMITED+ 31,567 24 SEVEN BANK LIMITED 60,975 8,000 SHIGA BANK 52,557 300 SHIMIZU BANK LIMITED THE 11,457 246,876 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED 135,635 43,000 SHINSEI BANK LIMITED 146,215
106 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 27,000 SHIZUOKA BANK LIMITED $ 270,524 107,800 SIAM CITY BANK PCL 41,873 21,500 SIAM COMMERCIAL BANK PCL 47,094 334,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 116,324 8,150 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 145,737 1,713 SNS REAAL 28,465 490,509 SOCIEDAD MATRIZ BANCO DE CHILE CLASS B 51,667 5,778 SOCIETE GENERALE 557,360 19,202 SOCIETE GENERALE ADR 373,732 49,354 SOUTH FINANCIAL GROUP INCORPORATED<< 335,607 97,734 SOVEREIGN BANCORP INCORPORATED+ 944,113 20,110 ST. GEORGE BANK LIMITED 518,622 56,506 STANDARD BANK GROUP LIMITED 659,245 24,639 STANDARD CHARTERED PLC 666,330 6,577 STATE BANK OF INDIA LIMITED++ 348,227 49,681 STERLING BANCSHARES INCORPORATED (TEXAS) 488,861 31,158 STERLING FINANCIAL CORPORATION<< 317,500 282 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 1,707,218 61,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 364,124 35,048 SUNCORP-METWAY LIMITED 340,280 11,790 SUNTRUST BANKS INCORPORATED 493,883 9,000 SURUGA BANK LIMITED 96,433 57,034 SUSQUEHANNA BANCSHARES INCORPORATED<< 911,403 14,625 SVB FINANCIAL GROUP+<< 819,731 7,800 SVENSKA HANDELSBANKEN 187,681 6,800 SWEDBANK AB 119,495 1,010 SYDBANK AG 32,909 7,938 SYNDICATE BANK 10,596 16,000 SYNEAR FOOD HOLDINGS LIMITED 4,338 55,317 SYNOVUS FINANCIAL CORPORATION<< 508,916 91,000 TA CHONG BANK LIMITED 23,636 258,000 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 79,181 78,000 TAIWAN BUSINESS BANK+ 24,586 24,222 TCF FINANCIAL CORPORATION<< 381,497 15,516 THANACHART CAPITAL PCL 5,166 400 THE AICHI BANK LIMITED 27,541 5,000 THE AKITA BANK LIMITED 19,254 5,000 THE AOMORI BANK LIMITED 19,173 8,000 THE AWA BANK LIMITED 42,311 600 THE BANK OF IKEDA LIMITED 20,672 700 THE BANK OF IWATE LIMITED 39,586 7,000 THE BANK OF NAGOYA LIMITED 38,105 600 THE BANK OF OKINAWA LIMITED 21,062 6,000 THE BANK OF SAGA LIMITED 17,274 1,400 THE CHIBA KOGYO BANK LIMITED+ 16,832 8,000 THE CHUGOKU BANK LIMITED 104,600 5,000 THE DAISAN BANK LIMITED 16,779 12,000 THE DAISHI BANK LIMITED 47,800 5,000 THE EHIME BANK LIMITED 14,594 6,000 THE EIGHTEENTH BANK LIMITED 15,879 7,000 THE FUKUI BANK LIMITED 21,956 23,000 THE HACHIJUNI BANK LIMITED 133,383 14,000 THE HIGO BANK LIMITED 80,856 22,000 THE HIROSHIMA BANK LIMITED 82,379 11,000 THE HOKKOKU BANK LIMITED 40,347
Wells Fargo Advantage Master Portfolios 107 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 8,000 THE HOKUETSU BANK LIMITED $ 17,196 8,000 THE HYAKUGO BANK LIMITED 45,084 14,000 THE HYAKUJUSHI BANK LIMITED 73,933 11,000 THE IYO BANK LIMITED 116,728 11,000 THE JUROKU BANK LIMITED 45,576 3,000 THE KAGAWA BANK LIMITED 15,555 7,000 THE KAGOSHIMA BANK LIMITED 46,332 10,000 THE KEIYO BANK LIMITED 46,724 5,000 THE MICHINOKU BANK LIMITED 12,083 4,000 THE MIE BANK LIMITED 17,296 7,000 THE MINATO BANK LIMITED 10,419 1,100 THE MUSASHINO BANK LIMITED 32,089 10,000 THE NANTO BANK LIMITED 53,945 9,000 THE OGAKI KYORITSU BANK LIMITED 46,204 4,000 THE OITA BANK LIMITED 21,042 5,000 THE SAN-IN GODO BANK LIMITED 38,677 6,000 THE SHIKOKU BANK LIMITED 21,060 3,000 THE TOCHIGI BANK LIMITED 16,435 6,000 THE TOHO BANK LIMITED 23,988 3,000 THE TOKUSHIMA BANK LIMITED 12,533 6,200 TISCO BANK PCL 3,258 2,682,766 TMB BANK PCL+ 87,754 800 TOKYO TOMIN BANK LIMITED 12,876 12,131 TORONTO-DOMINION BANK 709,831 1,801 TORONTO-DOMINION BANK ADR 104,908 47,646 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 465,978 34,170 TRUSTMARK CORPORATION 655,722 110,007 TURKIYE GARANTI BANKASI AS 325,676 40,814 TURKIYE IS BANKASI 193,903 23,212 TURKIYE VAKIFLAR BANKASI TAO 43,873 73,754 UCBH HOLDINGS INCORPORATED<< 431,461 40,571 UMPQUA HOLDINGS CORPORATION<< 566,371 42,354 UNIBANCO - UNIAO DE BANCOS BRASILEIROS SA 228,140 231,501 UNICREDITO ITALIANO SPA 1,245,630 10,301 UNION BANK OF HONG KONG 22,566 10,211 UNION BANK OF INDIA 32,881 10,356 UNIONBANCAL CORPORATION<< 763,030 11,398 UNIONE DI BANCHE SCPA 254,786 29,152 UNITED BANKSHARES INCORPORATED<< 750,664 30,547 UNITED COMMUNITY BANKS INCORPORATED<< 359,233 4,444 UNITED MIZRAHI BANK LIMITED 28,257 43,000 UNITED OVERSEAS BANK LIMITED 572,342 59,763 US BANCORP 1,904,049 250 VALIANT HOLDING AG 44,518 24,806 VALLEY NATIONAL BANCORP<< 496,368 62 VERWALTUNGS-UND PRIVAT-BANK AG 12,049 361 VONTOBEL HOLDINGS AG 12,014 75,934 WACHOVIA CORPORATION 1,206,591 57,817 WASHINGTON FEDERAL INCORPORATED<< 996,187 29,392 WASHINGTON MUTUAL INCORPORATED<< 119,038 35,518 WEBSTER FINANCIAL CORPORATION 757,244 108,365 WELLS FARGO & COMPANY(L) 3,280,209 34,393 WESTERN UNION COMPANY 949,935 68,319 WESTPAC BANKING CORPORATION 1,365,338 43,382 WHITNEY HOLDING CORPORATION<< 939,220 13,237 WILMINGTON TRUST CORPORATION<< 310,672
108 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- DEPOSITORY INSTITUTIONS (continued) 7,000 WING HANG BANK LIMITED $ 79,567 3,800 WING LUNG BANK LIMITED 72,418 15,015 WINTRUST FINANCIAL CORPORATION 349,099 4,000 YAMAGATA BANK LIMITED 21,133 9,000 YAMAGUCHI FINANCIAL GROUP 103,317 8,719 YES BANK LIMITED+ 26,381 20,900 ZIONS BANCORPORATION<< 560,956 129,568,338 -------------- DIVERSIFIED OPERATIONS: 0.05% 7,785 BOUSTEAD HOLDINGS BHD 11,412 2,686 CHARTER PLC 46,410 278,043 CHINA RARE EARTH HOLDINGS LIMITED 42,505 78,000 HUTCHISON WHAMPOA LIMITED 724,109 20,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 11,840 836,276 -------------- DURABLE GOODS - CONSUMER: 0.00% 29,743 GOODMAN FIELDER LIMITED 37,503 -------------- E-COMMERCE/SERVICES: 0.07% 13,627 AMAZON.COM INCORPORATED+ 1,101,198 -------------- EATING & DRINKING PLACES: 0.53% 836 AUTOGRILL SPA 10,403 21,267 BOB EVANS FARMS INCORPORATED 596,965 19,741 BRINKER INTERNATIONAL INCORPORATED 373,500 5,271 C&C GROUP PLC 19,010 1,100 CBRL GROUP INCORPORATED 28,424 30,125 CHEESECAKE FACTORY INCORPORATED+<< 463,021 2,100 CHIPOTLE MEXICAN GRILL INCORPORATED+ 145,572 25,700 DARDEN RESTAURANTS INCORPORATED 752,753 7,268 DINEEQUITY INCORPORATED<< 144,342 11,982 ENTERPRISE INNS PLC 65,920 16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED 19,093 3,909 HEINEKEN NV 183,265 2,300 ITO EN LIMITED 35,197 26,100 JACK IN THE BOX INCORPORATED+<< 619,353 800 KISOJI COMPANY LIMITED 15,996 2,914 MARSTON'S PLC 10,390 39,514 MCDONALD'S CORPORATION 2,451,844 4,377 MITCHELLS & BUTLERS PLC 22,796 547 OBRASCON HUARTE LAIN SA 15,434 11,386 PF CHANG'S CHINA BISTRO INCORPORATED+ 295,808 4,791 PUNCH TAVERNS PLC 25,295 33,204 RUBY TUESDAY INCORPORATED 232,096 14,915 SABMILLER PLC 320,375 2,000 SAIZERIYA COMPANY LIMITED 19,953 14,000 SAPPORO HOLDINGS LIMITED 102,068 8,000 TAKARA HOLDINGS INCORPORATED 55,025 2,804 TIM HORTONS INCORPORATION 88,572 30,935 TRIARC COMPANIES INCORPORATED CLASS B<< 179,732 16,900 WENDY'S INTERNATIONAL INCORPORATED 410,163 4,182 WHITBREAD PLC 85,800 21,872 YUM! BRANDS INCORPORATED 780,393 8,568,558 --------------
Wells Fargo Advantage Master Portfolios 109 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- EDUCATIONAL SERVICES: 0.29% 21,752 APOLLO GROUP INCORPORATED CLASS A+<< $ 1,385,167 3,000 BENESSE CORPORATION 131,529 57,299 CORINTHIAN COLLEGES INCORPORATED+<< 760,358 9,557 DEVRY INCORPORATED+<< 492,950 6,196 ITT EDUCATIONAL SERVICES INCORPORATED+ 550,886 6,704 NAVITAS LIMITED 13,685 6,129 STRAYER EDUCATION INCORPORATED 1,286,109 4,620,684 -------------- ELECTRIC, GAS & SANITARY SERVICES: 5.77% 1,091 ACEA SPA 19,225 22,545 AEM SPA 70,464 30,369 AES CORPORATION+<< 463,431 15,363 AGL ENERGY LIMITED 201,547 51,749 AGL RESOURCES INCORPORATED 1,710,822 26,713 ALLEGHENY ENERGY INCORPORATED 1,210,900 17,082 ALLETE INCORPORATED 721,202 17,023 ALLIANT ENERGY CORPORATION 594,954 76,091 ALLIED WASTE INDUSTRIES INCORPORATED+ 1,022,663 552,035 ALMENDRAL SA 50,601 1,019 ALSTOM PROJECTS INDIA LIMITED 8,726 42,006 AMEREN CORPORATION 1,758,371 13,998 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 546,482 25,734 AQUA AMERICA INCORPORATED<< 470,675 395,800 ASIAN INSULATORS PCL 72,247 447 ATCO LIMITED 20,418 59,953 ATMOS ENERGY CORPORATION 1,651,106 339,271 AU OPTRONICS CORPORATION 402,806 35,171 AVISTA CORPORATION 784,313 15,992 BABCOCK & BROWN POWER 2,587 7,217 BHARAT HEAVY ELECTRICAL LIMITED 277,957 177 BKW FMB ENERGIE AG 19,920 25,523 BLACK HILLS CORPORATION 862,933 2,500 BRADESPAR SA 49,555 18,774 BRITISH ENERGY GROUP PLC 250,711 306 BROOKFIELD INFRASTRUCTURE PARTNERS LP 5,508 58,410 CENTERPOINT ENERGY INCORPORATED 927,551 9,200 CENTRAIS ELECTRICAS BRASILEIRAS SA 165,939 8,700 CENTRAIS ELECTRICAS BRASILEIRAS SA PREFERRED B 131,941 63,745 CENTRICA PLC 379,471 7,540 CEZ AS 567,121 45,000 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 13,801 40,000 CHINA RESOURCES POWER HOLDINGS COMPANY 98,329 27,100 CHUBU ELECTRIC POWER COMPANY INCORPORATED 645,770 10,592 CIA GENERAL DE ELECTRICIDAD SA 61,765 39,852 CLECO CORPORATION 1,004,669 57,000 CLP HOLDINGS LIMITED 462,410 45,243 CMS ENERGY CORPORATION<< 613,948 956,543 COLBUN SA 201,476 1,202 COMPANIA CERVECERIAS UNIDAS SA ADR 48,791 9,115 CONSOLIDATED EDISON INCORPORATED 372,804 10,055 CONTACT ENERGY LIMITED 58,704 19,578 COVANTA HOLDING CORPORATION+ 544,660 4,954 CPFL ENERGIA SA 103,365 20,339 CROSSTEX ENERGY INCORPORATED<< 662,441 20,086 DOMINION RESOURCES INCORPORATED 874,344
110 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRIC, GAS & SANITARY SERVICES (continued) 22,820 DPL INCORPORATED<< $ 566,392 5,365 DRAX GROUP PLC 72,776 32,874 DTE ENERGY COMPANY<< 1,385,968 43,766 DUKE ENERGY CORPORATION 763,279 1,600 DUSKIN COMPANY LIMITED 25,831 99,107 DYNEGY INCORPORATED CLASS A+ 590,678 32,893 E.ON AG 1,920,936 10,068 EDISON INTERNATIONAL 462,323 19,099 EDISON SPA 35,470 142,472 EL PASO CORPORATION<< 2,387,831 29,577 EL PASO ELECTRIC COMPANY 629,694 5,500 ELECTRIC POWER DEVELOPMENT COMPANY 202,205 4,580 ELECTRICITE DE FRANCE 391,701 10,700 ELECTRICITY GENERATING PCL 23,053 1,846 EMERA INCORPORATED 40,960 149,915 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 228,052 2,452 ENAGAS 62,334 6,000 ENBRIDGE INCORPORATED 251,629 390 ENBW ENERGIE BADEN-WUERTTEMBERG AG 24,976 1,351 ENDESA SA 58,333 73,773 ENEL SPA 677,367 9,984 ENERGEN CORPORATION 557,507 31,913 ENERGY EAST CORPORATION 868,034 814 ENERGY SAVINGS INCOME FUND 10,729 587,564 ENERSIS SA (CHILE) 202,814 6,639 ENTERGY CORPORATION 686,406 15,239 ENVESTRA LIMITED 9,108 23,063 EXELON CORPORATION 1,751,865 80,100 FIRST PHILIPPINE HOLDINGS CORPORATION 47,628 10,584 FIRSTENERGY CORPORATION 768,822 2,546 FORTIS INCORPORATED 62,535 7,329 FORTUM OYJ 300,825 13,013 FPL GROUP INCORPORATED 781,561 63,606 FRONTIER COMMUNICATIONS CORPORATION<< 799,527 3,194 GAMESA CORPORATION TECNOLOGICA SA 151,061 1,893 GAS NATURAL SDG SA 87,699 44,288 GREAT PLAINS ENERGY INCORPORATED 1,038,556 56,529 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED<< 1,495,192 5,474 HERA SPA 18,421 7,200 HOKURIKU ELECTRIC POWER COMPANY 179,474 45,605 HONG KONG ELECTRIC HOLDINGS LIMITED 289,557 204,000 HUANENG POWER INTERNATIONAL INCORPORATED 151,737 73,126 IBERDROLA SA 881,120 30,043 IDACORP INCORPORATED<< 895,281 15,433 INTEGRYS ENERGY GROUP INCORPORATED 806,683 23,930 INTERNATIONAL POWER PLC 171,779 20,785 ITC HOLDINGS CORPORATION 1,164,168 31,100 KANSAI ELECTRIC POWER COMPANY INCORPORATED 763,155 12,665 KOREA ELECTRIC POWER CORPORATION 383,192 1,080 KOREA GAS CORPORATION 77,754 16,500 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 363,325 2,314 LINDE AG 291,065 22,000 MANILA ELECTRIC COMPANY 26,631 33,747 MDU RESOURCES GROUP INCORPORATED 1,115,001 13,710 NATIONAL FUEL GAS COMPANY 648,620 29,988 NICOR INCORPORATED<< 1,376,149
Wells Fargo Advantage Master Portfolios 111 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRIC, GAS & SANITARY SERVICES (continued) 54,983 NISOURCE INCORPORATED $ 906,120 816 NORDEX AG+ 29,531 31,384 NORTHEAST UTILITIES 843,916 17,748 NORTHWEST NATURAL GAS COMPANY<< 864,860 25,570 NORTHWESTERN CORPORATION 672,491 39,742 NRG ENERGY INCORPORATED+<< 1,495,889 21,056 NSTAR 712,535 18,491 OGE ENERGY CORPORATION 623,147 19,472 ONEOK INCORPORATED 851,121 74,000 OSAKA GAS COMPANY LIMITED 269,237 5,271 PENNON GROUP PLC 58,781 40,188 PEPCO HOLDINGS INCORPORATED 1,018,766 505,000 PERUSAHAAN GAS NEGARA PT 139,609 11,200 PETRONAS GAS BHD 32,913 11,965 PG&E CORPORATION 494,513 46,620 PIEDMONT NATURAL GAS COMPANY INCORPORATED<< 1,344,987 20,191 PINNACLE WEST CAPITAL CORPORATION 710,521 47,201 PNM RESOURCES INCORPORATED 556,500 187,000 PNOC ENERGY DEVELOPMENT CORPORATION 18,406 41,731 PORTLAND GENERAL ELECTRIC COMPANY 1,069,148 12,566 PPL CORPORATION 550,014 8,729 PROGRESS ENERGY INCORPORATED 381,283 1,690 PUBLIC POWER CORPORATION SA 42,591 17,702 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 721,711 23,663 PUGET ENERGY INCORPORATED 660,198 1,227 Q-CELLS AG+ 123,595 28,822 QUESTAR CORPORATION 1,495,574 16,600 RATCHABURI ELECTRICITY GENERATING HOLDING PCL 18,059 1,710 RED ELECTRICA DE ESPANA 100,890 5,599 RELIANCE ENERGY LIMITED 124,872 69,293 RELIANT ENERGY INCORPORATED+ 1,180,060 2,142 RENEWABLE ENERGY CORPORATION AS+ 65,855 32,491 REPUBLIC SERVICES INCORPORATED 1,067,979 7 ROMANDE ENERGIE HOLDING SA 18,416 7,315 RWE AG 789,093 9,000 SAIBU GAS COMPANY LIMITED 21,015 21,266 SCANA CORPORATION 833,627 14,313 SCOTTISH & SOUTHERN ENERGY PLC 376,996 7,809 SEMPRA ENERGY 452,297 3,708 SEVERN TRENT PLC 91,936 3,771 SHANKS GROUP PLC 15,059 8,300 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 221,712 2,500 SHIZUOKA GAS COMPANY LIMITED 8,381 47,195 SIERRA PACIFIC RESOURCES 530,472 26,638 SOUTHERN COMPANY 999,191 16,101 SOUTHERN UNION COMPANY 419,592 29,134 SOUTHWEST GAS CORPORATION 884,217 21,824 SP AUSNET 21,443 21,137 SPECTRA ENERGY CORPORATION 559,285 13,757 STERICYCLE INCORPORATED+ 815,790 4,897 SUEZ ENVIRONNEMENT SA+ 140,673 40,712 TECO ENERGY INCORPORATED 726,302 80,900 TENAGA NASIONAL BHD 187,471 19,033 TERNA SPA 76,474 10,200 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 229,526 400 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 21,255
112 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRIC, GAS & SANITARY SERVICES (continued) 18,200 TOHOKU ELECTRIC POWER COMPANY INCORPORATED $ 433,648 49,300 TOKYO ELECTRIC POWER COMPANY INCORPORATED 1,406,553 82,000 TOKYO GAS COMPANY LIMITED 342,126 7,429 TRACTEBEL ENERGIA SA 90,743 3,200 TRANSALTA CORPORATION 111,961 4,899 TRANSPACIFIC INDUSTRIES GROUP LIMITED 29,352 3,817 TRUSTPOWER LIMITED 21,096 71,052 UGI CORPORATION 1,953,930 6,012 UNION FENOSA SA 152,344 23,413 UNISOURCE ENERGY CORPORATION<< 752,260 12,594 UNITED UTILITIES GROUP PLC 163,866 51,420 VECTREN CORPORATION 1,426,391 6,465 VEOLIA ENVIRONNEMENT 346,761 1,003 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 75,626 29,394 WASTE CONNECTIONS INCORPORATED+<< 1,067,296 17,253 WASTE MANAGEMENT INCORPORATED 606,961 32,663 WGL HOLDINGS INCORPORATED 1,051,749 26,700 WILLIAMS COMPANIES INCORPORATED 824,763 23,472 WISCONSIN ENERGY CORPORATION 1,097,785 2,000 WOONGJIN COWAY COMPANY LIMITED 60,878 85,738 XCEL ENERGY INCORPORATED 1,758,486 20,000 XINAO GAS HOLDINGS LIMITED 31,728 92,706,391 -------------- ELECTRICAL PRODUCTS: 0.00% 10,395 INVENTEC APPLIANCES CORPORATION 16,284 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.13% 16,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED+ 12,771 114,142 ACER INCORPORATED 227,728 16,737 ACTEL CORPORATION+ 230,636 18,249 ACUITY BRANDS INCORPORATED 794,014 64,319 ADAPTEC INCORPORATED+ 243,769 77,900 ADC TELECOMMUNICATIONS INCORPORATED+ 798,475 88,480 ADVANCED MICRO DEVICES INCORPORATED+<< 556,539 206,283 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED+ 148,736 6,800 ADVANTEST CORPORATION 142,063 1,171 AIXTRON AG+ 12,309 42,534 ALCO HOLDINGS LIMITED 8,720 1,200 ALPINE ELECTRONICS INCORPORATED 12,084 8,900 ALPS ELECTRIC COMPANY LIMITED 80,438 47,816 ALTERA CORPORATION 1,082,554 16,993 AMETEK INCORPORATED 824,840 71,141 AMKOR TECHNOLOGY INCORPORATED+ 534,269 27,935 AMPHENOL CORPORATION CLASS A 1,327,471 9,000 ANRITSU CORPORATION 24,660 3,169 ARCELIK AS 12,286 35,433 ARM HOLDINGS PLC 71,572 59,200 ARRIS GROUP INCORPORATED+ 560,033 5,100 ASIA OPTICAL COMPANY INCORPORATED 9,211 688 ASM INTERNATIONAL NV+ 17,050 6,500 ASM PACIFIC TECHNOLOGY 43,793 189,550 ASUSTEK COMPUTER INCORPORATED 435,771 24,800 ATHEROS COMMUNICATIONS INCORPORATED+<< 808,728 14,764 ATMI INCORPORATED+ 360,094 14 AXELL CORPORATION 46,779
Wells Fargo Advantage Master Portfolios 113 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 82 BANG & OLUFSEN AS $ 3,734 712,000 BANK OF COMMUNICATIONS LIMITED 816,403 99 BARCO NV 4,623 46,243 BENCHMARK ELECTRONICS INCORPORATED+ 762,547 1,435 BF UTILITIES LIMITED+ 71,525 21,246 BROADCOM CORPORATION CLASS A+ 511,179 9,100 BROTHER INDUSTRIES LIMITED 101,862 26,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED 9,969 2,400 CANON ELECTRONICS INCORPORATED 43,761 43,700 CANON INCORPORATED 1,959,672 7 CANON INCORPORATED ADR 313 7,738 CELESTICA INCORPORATED+<< 64,999 10,845 CERADYNE INCORPORATED+ 488,676 27,000 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 9,188 82 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED ADR+ 280 26,900 CHECKPOINT SYSTEMS INCORPORATED+ 572,701 17,640 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 36,941 305,844 CHI MEI OPTOELECTRONICS CORPORATION 256,872 30,000 CHINA WATER AFFAIRS GROUP LIMITED+ 6,184 1,900 CHIYODA INTEGRE COMPANY LIMITED 26,393 4,245 CHLORIDE GROUP 19,322 269,000 CHUNGHWA PICTURE TUBES LIMITED 56,204 1,304 CIA ENERGETICA DE MINAS GERAIS 23,989 37,281 CIENA CORPORATION+ 647,944 274,749 CISCO SYSTEMS INCORPORATED+ 6,607,713 8,000 CLARION COMPANY LIMITED+ 11,432 2,200 CMK CORPORATION 13,574 28,730 CONEXANT SYSTEMS INCORPORATED+ 169,220 2,000 CORONA CORPORATION 25,847 34,200 CREE INCORPORATED+<< 797,202 23,054 CTS CORPORATION 305,235 13,137 CYMER INCORPORATED+<< 393,322 23,600 CYPRESS SEMICONDUCTOR CORPORATION+ 765,112 16,000 DAIDO STEEL COMPANY LIMITED 88,749 9,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 38,132 6,000 DAISHINKU CORPORATION 25,245 9,900 DARFON ELECTRONICS CORPORATION 18,914 22,600 DELTA ELECTRONICS (THAILAND) PCL 11,155 8,414 DIONEX CORPORATION+ 548,509 8,156 DOLBY LABORATORIES INCORPORATED CLASS A+ 331,949 19,590 DSP GROUP INCORPORATED+ 151,823 1,900 EIZO NANAO CORPORATION 38,458 6,393 ELECTROCOMPONENTS PLC 20,091 3,662 ELECTROLUX AB CLASS B 46,985 43,000 ELITEGROUP COMPUTER SYSTEMS 15,052 37,537 ENERGIAS DE PORTUGAL SA 190,648 8,790 ENERGIZER HOLDINGS INCORPORATED+ 746,623 3,900 ENPLAS CORPORATION 37,656 1,042 EPCOS AG+ 26,898 28,210 EPISTAR CORPORATION 50,483 17,584 EVERLIGHT ELECTRONICS COMPANY LIMITED 41,573 796 EVERTZ TECHNOLOGIES LIMITED 15,106 180 EVS BROADCAST EQUIPMENT SA 15,555 6,700 FANUC LIMITED 498,469 10,300 FARADAY TECHNOLOGY CORPORATION 17,587 2,016 FIRST SOLAR INCORPORATED+ 557,726
114 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 140,700 FLEXTRONICS INTERNATIONAL LIMITED+ $ 1,255,046 2,400 FOSTER ELECTRIC COMPANY LIMITED 47,192 1,000 FUNAI ELECTRIC COMPANY LIMITED 21,530 1,300 FUTABA CORPORATION CHIBA 21,831 348,307 GENERAL ELECTRIC COMPANY 9,787,427 27,796 GENTEX CORPORATION 442,790 4,219 GLOBAL UNICHIP CORPORATION 28,607 1,963 GN STORE NORD 10,966 70,579 GRAFTECH INTERNATIONAL LIMITED+ 1,434,165 25,000 GS YUASA CORPORATION 127,837 2,300 HAMAMATSU PHOTONICS 57,033 194,800 HANA MICROELECTRONICS PCL 100,700 190,963 HANNSTAR DISPLAY CORPORATION 50,218 8,786 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 298,988 63,101 HARMONIC INCORPORATED+ 555,289 21,567 HARRIS CORPORATION 1,129,248 1,100 HI-LEX CORPORATION 13,916 900 HIOKI EE CORPORATION 16,246 1,500 HIROSE ELECTRIC COMPANY LIMITED 145,489 7,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 156,417 1,400 HORIBA LIMITED 27,633 2,200 HOSIDEN CORPORATION 36,604 17,206 HUTCHINSON TECHNOLOGY INCORPORATED+ 249,315 15,307 HYNIX SEMICONDUCTOR INCORPORATED+ 269,396 5,200 IBIDEN COMPANY LIMITED 153,363 1,100 IDEC CORPORATION 12,405 21,151 IMATION CORPORATION 449,247 510 INDESIT COMPANY SPA 5,815 12,084 INFINEON TECHNOLOGIES AG+ 103,009 134,713 INNOLUX DISPLAY CORPORATION 219,004 95,400 INOTERA MEMORIES INCORPORATED 36,684 264,834 INTEL CORPORATION 6,056,754 20,153 INTERDIGITAL INCORPORATED+<< 534,861 29,801 INTERNATIONAL RECTIFIER CORPORATION+ 622,841 24,589 INTERSIL CORPORATION CLASS A 576,120 35,700 JABIL CIRCUIT INCORPORATED 601,902 34,422 JDS UNIPHASE CORPORATION+ 349,728 3,000 JEOL LIMITED 10,792 7,000 JUKI CORPORATION 12,880 51 KABA HOLDING 13,753 56,056 KEMET CORPORATION+ 90,811 19,000 KENWOOD CORPORATION 16,543 5,831 KESA ELECTRICALS PLC 17,124 1,300 KEYENCE CORPORATION 262,965 16,583 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 31,870 27,138 KLA-TENCOR CORPORATION 1,005,734 3,700 KOA CORPORATION 21,313 17,756 KONINKLIJKE PHILIPS ELECTRONICS NV 576,895 3,147 KONTRON AG 40,054 2,324 KUDELSKI SA 29,716 6,900 KYOCERA CORPORATION 578,290 20,259 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,105,720 7,493 LAIRD GROUP PLC 51,765 73,730 LATTICE SEMICONDUCTOR CORPORATION+ 172,528 1,528 LEGRAND SA 39,064 4,571 LG ELECTRONICS INCORPORATED 421,112
Wells Fargo Advantage Master Portfolios 115 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 17,433 LINCOLN ELECTRIC HOLDINGS INCORPORATED $ 1,408,063 32,882 LINEAR TECHNOLOGY CORPORATION 1,073,268 9,451 LITTELFUSE INCORPORATED+ 335,321 1,515 LS CABLE LIMITED 109,785 1,600 MABUCHI MOTOR COMPANY LIMITED 74,708 148,683 MACRONIX INTERNATIONAL 58,948 5,701 MAKITA CORPORATION 147,368 8,700 MALAYSIAN PACIFIC INDUSTRIES 18,053 3,800 MARUBUN CORPORATION 23,903 48,935 MEDIATEK INCORPORATED 561,896 187 MELEXIS NV 2,863 10,493 MEMC ELECTRONIC MATERIALS INCORPORATED+ 515,101 23,476 METHODE ELECTRONICS INCORPORATED 258,001 35,335 MICREL INCORPORATED 325,435 2,113 MICRO-STAR INTERNATIONAL COMPANY LIMITED 1,466 116,400 MICRON TECHNOLOGY INCORPORATED+ 493,536 1,369 MICRONAS SEMICONDUCTOR HOLDING 8,622 600 MICRONICS JAPAN COMPANY LIMITED 12,419 30,657 MICROSEMI CORPORATION+ 843,068 600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 8,669 14,000 MINEBEA COMPANY LIMITED 61,392 2,700 MITSUMI ELECTRIC COMPANY LIMITED 72,001 13,121 MOLEX INCORPORATED 316,479 14,401 MOLEX INCORPORATED CLASS A 332,087 17,073 MOOG INCORPORATED CLASS A+<< 809,260 50,780 MOSEL VITELIC INCORPORATED 32,810 8,100 MURATA MANUFACTURING COMPANY LIMITED 355,929 10,132 NAN YA PRINTED CIRCUIT BOARD CORPORATION 47,194 115,516 NANYA TECHNOLOGY CORPORATION 38,885 43,317 NATIONAL GRID PLC 563,851 71,000 NEC CORPORATION 327,200 800 NEC ELECTRONICS CORPORATION+ 20,260 8,000 NEC TOKIN CORPORATION 26,895 54,983 NETAPP INCORPORATED+ 1,400,967 408 NEXANS SA 51,413 11,000 NGK INSULATORS LIMITED 132,017 1,700 NICHICON CORPORATION 13,836 1,000 NIDEC COPAL CORPORATION 12,482 7,000 NIDEC COPAL ELECTRONICS CORPORATION 36,623 3,000 NIDEC SANKYO CORPORATION 15,938 300 NIHON DEMPA KOGYO COMPANY LIMITED 6,297 4,200 NINTENDO COMPANY LIMITED 1,971,732 11,000 NIPPON CARBON COMPANY LIMITED 51,469 3,000 NIPPON CHEMI-CON CORPORATION 10,603 8,000 NISSIN ELECTRIC COMPANY LIMITED 34,995 1,300 NITTO KOGYO CORPORATION 12,094 66,313 NOKIA OYJ 1,660,304 557 NORDDEUTSCHE AFFINERIE AG 25,781 1,600 NORITZ CORPORATION 14,964 21,623 NOVATEK MICROELECTRONICS CORPORATION LIMITED 46,437 16,900 NOVELLUS SYSTEMS INCORPORATED+<< 383,123 39,543 NTPC LIMITED 156,159 45 NTT DATA CORPORATION 184,706 24,973 NVIDIA CORPORATION+ 315,659 111 OC OERLIKON CORPORATION AG+ 25,961 34,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED 46,109
116 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 3,000 OLYMPUS CORPORATION $ 97,469 8,104 OMRON CORPORATION 142,450 63,099 ON SEMICONDUCTOR CORPORATION+<< 597,548 1,600 ONEX CORPORATION 43,021 14,000 OPENWAVE SYSTEMS INCORPORATED+<< 20,160 2,730 OPTEX COMPANY LIMITED 30,674 21,398 PAN-INTERNATIONAL INDUSTRIAL 38,881 7,772 PARK ELECTROCHEMICAL CORPORATION 217,771 11 PHOENIX MECANO AG 4,923 23,214 PHOENIX PRECISION TECHNOLOGY CORPORATION 12,959 25,063 PHOTRONICS INCORPORATED+ 81,956 32,604 PLANTRONICS INCORPORATED 841,183 20,500 PLEXUS CORPORATION+ 574,615 144,256 PMC-SIERRA INCORPORATED+ 1,298,304 13,504 POLYCOM INCORPORATED+ 378,652 24,035 POWERTECH TECHNOLOGY INCORPORATED 74,515 18,366 PREMIER FARNELL PLC 65,253 1,708 PRYSMIAN SPA 41,806 26,700 QLOGIC CORPORATION+<< 498,756 73,997 QUALCOMM INCORPORATED 3,895,942 21,076 RAMBUS INCORPORATED+ 370,727 18,207 REALTEK SEMICONDUCTOR CORPORATION 36,786 14,110 REGAL-BELOIT CORPORATION 662,465 8,285 RESEARCH IN MOTION LIMITED+ 1,009,447 7,040 REUNERT LIMITED 53,063 1,070 REXEL SA 16,187 180,127 RF MICRO DEVICES INCORPORATED+<< 698,893 5,995 RICHTEK TECHNOLOGY CORPORATION 49,389 25,565 RICOH COMPANY LIMITED 421,992 25,648 ROCKWELL COLLINS INCORPORATED 1,348,828 3,700 ROHM COMPANY LIMITED 213,020 800 ROLAND CORPORATION 13,015 1,094 ROTORK PLC 21,807 700 RYOSAN COMPANY LIMITED 15,039 3,839 SAFRAN SA 68,226 2,670 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED 79,190 6,200 SAMSUNG ELECTRONICS COMPANY LIMITED 2,908,245 1,707 SAMSUNG SDI COMPANY LIMITED 129,673 2,686 SAMSUNG TECHWIN COMPANY LIMITED 76,630 7,000 SANKEN ELECTRIC COMPANY LIMITED 36,041 360,264 SANMINA-SCI CORPORATION+ 846,620 900 SANSHIN ELECTRONICS COMPANY LIMITED 8,015 6,000 SANYO DENKI COMPANY LIMITED 22,651 348 SEB SA 18,884 8,200 SECOM COMPANY LIMITED 377,742 5,800 SEIKO EPSON CORPORATION 167,328 589,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 27,503 41,265 SEMTECH CORPORATION+<< 610,309 38,000 SHARP CORPORATION 483,476 9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 18,985 2,200 SHINKAWA LIMITED 27,046 3,100 SHINKO ELECTRIC INDUSTRIES 43,151 54,100 SILICON IMAGE INCORPORATED+ 374,913 49,000 SILICON INTEGRATED SYSTEMS CORPORATION 12,042 23,205 SILICON LABORATORIES INCORPORATED+ 782,241 216,140 SIRIUS XM RADIO INCORPORATED+<< 287,466
Wells Fargo Advantage Master Portfolios 117 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 107,730 SKYWORKS SOLUTIONS INCORPORATED<< $ 1,044,981 7,846 SMITHS GROUP PLC 163,138 11,000 SMK CORPORATION 47,448 36,294 SONY CORPORATION 1,387,443 1,237 SPECTRIS PLC 18,677 2,000 STAR MICRONICS COMPANY LIMITED 24,881 14,112 STERLITE INDUSTRIES INDIA LIMITED 199,702 13,769 STMICROELECTRONICS NV 179,816 1,500 SUMIDA ELECTRIC CORPORATION 13,877 11,564 SUNPLUS TECHNOLOGY COMPANY LIMITED 10,140 6,404 SUNPOWER CORPORATION+<< 624,710 829 TAIHAN ELECTRIC WIRE COMPANY LIMITED 23,979 7,000 TAIYO YUDEN COMPANY LIMITED 77,148 16,000 TAMURA CORPORATION 43,170 1,100 TANBERG ASA 23,796 5,750 TATA POWER COMPANY LIMITED 135,848 193,000 TATUNG COMPANY LIMITED 70,423 618,000 TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED+ 16,870 93,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 40,795 2,000 TEIKOKY TSUSHIN KOGYO COMPANY 5,759 38,680 TEKELEC+ 634,739 16,482 TELEFLEX INCORPORATED 1,064,243 4,469 TELEFONICA O2 CZECH REPUBLIC AS 138,013 73,964 TELLABS INCORPORATED+ 385,352 20,202 TESSERA TECHNOLOGIES INCORPORATED+<< 470,101 60,610 TEXAS INSTRUMENTS INCORPORATED 1,485,551 9,391 THOMAS & BETTS CORPORATION+ 432,737 3,226 THOMSON REUTERS PLC 90,127 1,000 TOA CORPORATION 5,834 14,000 TOKO INCORPORATED 19,704 6,100 TOKYO ELECTRON LIMITED 345,123 29,000 TOKYO ROPE MANUFACTURING 80,854 800 TOKYO SEIMITSU COMPANY LIMITED 10,392 5,000 TOSHIBA TEC CORPORATION 25,119 300 TOYO TANSO COMPANY LIMITED 18,146 15,148 TRANSCEND INFORMATION INCORPORATED 39,415 24,612 TRIDENT MICROSYSTEMS INCORPORATED+<< 77,528 18,126 TRIPOD TECHNOLOGY CORPORATION 40,061 95,707 TRIQUINT SEMICONDUCTOR INCORPORATED+<< 601,997 4,000 TRULY INTERNATIONAL 3,432 876 ULTRA ELECTRONICS HOLDINGS 22,014 1,200 ULVAC INCORPORATED 41,563 43,511 UNIVERSAL SCIENTIFIC+ 22,640 32,511 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+<< 1,050,105 8,821 VECTOR LIMITED 14,289 7,000 VENTURE CORPORATION LIMITED 49,165 53,000 VIA TECHNOLOGIES INCORPORATED+ 36,405 8,000 VICTOR COMPANY OF JAPAN LIMITED+ 13,451 114,836 VISHAY INTERTECHNOLOGY INCORPORATED+ 1,020,892 13 WACOM COMPANY LIMITED 23,521 134,000 WALSIN LIHWA CORPORATION 46,394 4,000 WEARNE BROTHERS 13,253 70,904 WESTAR ENERGY INCORPORATED 1,605,976 15,300 WHIRLPOOL CORPORATION 1,244,808 146,000 WINDBOND ELECTRONICS CORPORATION 26,255 37,000 WINTEK CORPORATION 23,036
118 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 57,400 XILINX INCORPORATED<< $ 1,491,252 40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(a) 0 118,000 YAGEO CORPORATION 34,961 5,000 YAMAICHI ELECTRONICS COMPANY LIMITED 23,018 9,000 YASKAWA ELECTRIC CORPORATION 62,866 9,700 YOKOGAWA ELECTRIC CORPORATION 70,482 3,200 YOKOWO COMPANY LIMITED 19,392 32,920 ZORAN CORPORATION+ 292,988 114,607,335 -------------- ELECTRONICS: 0.00% 4,008 CARPHONE WAREHOUSE PLC 14,488 -------------- ENERGY: 0.01% 57 ATEL HOLDING AG 34,539 665 BAYTEX ENERGY TRUST+ 20,355 444 SECHILIENNE SA 32,499 1,240 SOLARWORLD AG 64,281 151,674 -------------- ENERGY - EXPLORATION & PRODUCTION: 0.01% 39,234 RELIANCE NATURAL RESOURCES LIMITED+ 83,645 -------------- ENGINEERING CONSTRUCTION: 0.01% 2,422 AKER KVAERNER ASA 55,413 20,000 ANHUI CONCH CEMENT COMPANY LIMITED 103,397 10,000 PEACE MARK HOLDINGS LIMITED 1,922 160,732 -------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.52% 27,437 ACCENTURE LIMITED CLASS A 1,134,794 2,885 ACERGY SA 49,638 11,000 AECOM TECHNOLOGY CORPORATION+ 351,560 21,139 AMYLIN PHARMACEUTICALS INCORPORATED+<< 464,635 1,876 AUSENCO LIMITED 25,222 11,467 AVENG LIMITED 98,523 134,920 BEARINGPOINT INCORPORATED+<< 153,809 46,000 BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED CLASS H 36,186 874 BHARAT EARTH MOVERS LIMITED 14,631 5,017 BOUYGUES SA 302,381 19,436 CELGENE CORPORATION+ 1,346,915 10,844 CEPHALON INCORPORATED+<< 830,867 6,000 CHIYODA CORPORATION 50,148 1,100 CHUDENKO CORPORATION+ 15,839 10,042 CORE LABORATORIES NV 1,246,614 14,152 CORPORATE EXECUTIVE BOARD COMPANY 515,133 22,840 CV THERAPEUTICS INCORPORATED+ 262,432 10,243 DOWNER EDI LIMITED 64,803 7,860 FLUOR CORPORATION 629,822 557 FRAPORT AG 35,824 23,121 GEN-PROBE INCORPORATED+ 1,381,480 3,341 GROUPE AEROPLAN INCORPORATED 52,229 9,836 HCL TECHNOLOGIES LIMITED 51,692 13,603 HEWITT ASSOCIATES INCORPORATED+<< 546,977 1,600 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED 17,815 6,912 IHS INCORPORATED+ 443,474
Wells Fargo Advantage Master Portfolios 119 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued) 1,336 IMTECH NV $ 34,276 39,232 INCYTE CORPORATION+<< 401,343 38,400 ISIS PHARMACEUTICALS INCORPORATED+<< 678,912 20,093 JACOBS ENGINEERING GROUP INCORPORATED+ 1,483,265 33,163 JAIPRAKASH ASSOCIATES LIMITED 122,854 3,000 JAPAN AIRPORT TERMINAL COMPANY LIMITED 38,007 3,000 KANDENKO COMPANY LIMITED 18,038 375 KBC ANCORA 27,139 2,000 KYUDENKO CORPORATION 12,994 50,200 MALAYSIA AIRPORTS HOLDINGS BHD 39,514 3,059 MONADELPHOUS GROUP LIMITED 42,840 9,910 MOODY'S CORPORATION<< 402,941 19,222 MYRIAD GENETICS INCORPORATED+<< 1,310,940 10,448 NAGARJUNA CONSTRUCTION COMPANY 29,467 2,000 NAVIGANT CONSULTING INCORPORATED+<< 34,620 14,594 PAYCHEX INCORPORATED 497,364 16,262 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 663,490 552 POL-AQUA SA+ 12,087 244,400 POWER LINE ENGINEERING PCL 17,131 9,437 PUNJ LLOYD LIMITED 64,016 6,817 QINETIQ PLC 27,867 6,721 QUEST DIAGNOSTICS INCORPORATED<< 363,270 32,977 REGENERON PHARMACEUTICAL INCORPORATED+ 716,260 20,819 RESOURCES GLOBAL PROFESSIONALS+<< 503,403 124,696 SAIC INCORPORATED+<< 2,500,155 1,530 SAMSUNG ENGINEERING COMPANY LIMITED 97,246 2,000 SANKI ENGINEERING COMPANY LIMITED 14,664 1,300 SHINKO PLANTECH COMPANY LIMITED 13,203 2,400 SNC-LAVALIN GROUP INCORPORATED 119,797 391,200 SOLARTRON PCL 17,024 578 STANTEC INCORPORATED+ 16,712 1,200 TAIKISHA 16,315 2,000 TAKASAGO THERMAL ENGINEERING COMPANY 19,572 38,663 TETRA TECH INCORPORATED+<< 1,104,989 3,000 TOYO ENGINEERING CORPORATION 15,638 4,865 TRANSFIELD SERVICES LIMITED 34,972 20,000 TRANSMILE GROUP BHD 6,679 35,359 URS CORPORATION+ 1,695,818 10,268 VOLTAS LIMITED 28,681 18,217 WATSON WYATT & COMPANY HOLDINGS 1,067,334 16,400 WCT ENGINEERING BHD 14,931 24,449,211 -------------- ENTERTAINMENT: 0.01% 15,258 CROWN LIMITED 119,266 1,189 PREMIERE AG+ 22,041 141,307 -------------- ENVIRONMENTAL CONTROL: 0.00% 672 BUREAU VERITAS SA+ 38,127 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.57% 2,103 ACERINOX SA 39,747 14,056 ALLIANT TECHSYSTEMS INCORPORATED+<< 1,479,113 27,512 APTARGROUP INCORPORATED 1,111,210 14,325 ARCELOR SA 1,123,824
120 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT (continued) 5,200 ASSA ABLOY AB CLASS B $ 74,274 160 BOEHLER-UDDEHOLM AG 17,227 424 CCL INDUSTRIES INCORPORATED CLASS B+ 14,036 22,850 COMMERCIAL METALS COMPANY 594,786 46,763 ECM LIBRA BHD(a) 0 5,200 FORTUNE BRANDS INCORPORATED 305,864 200 FP CORPORATION 5,434 400 FUJI SEAL INTERNATIONAL INCORPORATED 7,295 156 HOGANAS AB 2,979 1,450 HUHTAMAKI OYJ 14,600 2,000 HULAMIN LIMITED 5,173 5,269 JINDAL STEEL & POWER LIMITED 226,501 114,000 KOBE STEEL LIMITED 272,635 1,237 MERCATOR MINERALS LIMITED+ 9,588 26,936 NAMPAK LIMITED 51,386 8,550 NCI BUILDING SYSTEMS INCORPORATED+<< 327,294 41,000 NISSHIN STEEL COMPANY LIMITED 109,541 17,000 NTN CORPORATION 94,505 11,940 SHAW GROUP INCORPORATED+ 591,508 5,500 SKF AB CLASS B 83,293 24,950 SNAP-ON INCORPORATED 1,422,649 2,651 SSAB SVENSKT STAL AB CLASS A 64,632 1,350 SSAB SVENSKT STAL AB CLASS B 29,265 156,000 SUMITOMO METAL INDUSTRIES LIMITED 689,139 2,800 VALMONT INDUSTRIES INCORPORATED 298,872 1,806 VOESTALPINE AG 97,761 9,164,131 -------------- FINANCE & FINANCIAL SERVICES: 0.18% 636,000 ASIA PLUS SECURITIES PCL 38,636 18,644 AUSTRALIAN WEALTH MANAGEMENT LIMITED 22,885 9,954 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 22,999 2,373,000 CHINA CONSTRUCTION BANK 1,923,277 33,145 JANUS CAPITAL GROUP INCORPORATED 893,921 848,000 KGI SECURITIES COMPANY LIMITED 34,836 2,936,554 -------------- FINANCIAL: 0.00% 3,313 LONDON STOCK EXCHANGE GROUP PLC 47,609 -------------- FINANCIAL SERVICES: 0.28% 186,000 AYALA LAND INCORPORATED 41,126 4,300 BANGKOK BANK PCL 14,706 43,866 BANK HAPOALIM LIMITED 170,629 27,887 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 556,903 362,000 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 232,917 4,125 GRUPO FINANCIERO GALICIA SA ADR+ 19,800 34,662 ING GROEP NV 1,079,872 676 KOMERCNI BANKA AS 148,836 17,010 KOOKMIN BANK 930,587 17,852 SHINHAN FINANCIAL GROUP COMPANY LIMITED 809,953 9,770 WOORI FINANCE HOLDINGS COMPANY LIMITED 128,604 1,174 ZURICH FINANCIAL SERVICES AG 306,492 4,440,425 --------------
Wells Fargo Advantage Master Portfolios 121 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FISHING, HUNTING & TRAPPING: 0.00% 214 LIGHTHOUSE CALEDONIA ASA+ $ 212 25,200 MARINE HARVEST+ 17,552 9,700 NIPPON SUISAN KAISHA LIMITED 33,654 51,418 -------------- FOOD & BEVERAGE: 0.00% 2,959 BRITVIC PLC 12,630 -------------- FOOD & KINDRED PRODUCTS: 2.64% 25,000 AJINOMOTO COMPANY INCORPORATED 227,788 31,963 ALICORP SA 25,991 24,736 ANHEUSER-BUSCH COMPANIES INCORPORATED 1,678,585 26,800 ARCHER-DANIELS-MIDLAND COMPANY 682,328 1,015 ARYZTA AG+ 49,437 16,500 ASAHI BREWERIES LIMITED 305,626 30,000 ASIA FOOD & PROPERTIES LIMITED 10,297 5,000 ASIA PACIFIC BREWERIES LIMITED 45,625 5,244 ASSOCIATED BRITISH FOODS PLC 76,933 450 AXFOOD AB 14,135 27 BARRY CALLEBAUT AG 17,725 13,802 BIDVEST GROUP LIMITED 203,911 1,722 BIM BIRLESIK MAGAZALAR AS+ 66,515 1,841 BIOCON LIMITED 16,331 23,287 CADBURY PLC 267,246 1,800 CARLSBERG AS 159,790 15,047 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+<< 868,061 49,000 CHINA MENGNIU DAIRY COMPANY 147,889 26,000 CHINA YURUN FOOD GROUP LIMITED 44,364 4,944 CIA CERVECERIAS UNIDAS SA 34,712 2,100 CIA DE BEBIDAS DAS AMERICAS 113,774 332 CJ CHEILJEDANG CORPORATION+ 72,037 889 CJ CORPORATION 46,543 17,114 COCA-COLA AMATIL LIMITED 124,999 2 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 13,585 74,233 COCA-COLA COMPANY 3,865,312 2,615 COCA-COLA HELLENIC BOTTLING COMPANY SA 64,402 3,900 COCA-COLA WEST JAPAN COMPANY LIMITED 90,195 20,000 COFCO INTERNATIONAL LIMITED 7,924 34,511 COMPASS GROUP PLC 229,668 16,514 CONAGRA FOODS INCORPORATED 351,253 38,426 CONSTELLATION BRANDS INCORPORATED CLASS A+<< 811,173 31,811 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,424,815 724 CSM 19,389 1,680 DAIRY CREST GROUP PLC 14,312 750 DANISCO AS 50,356 2,056 DAVID CAMPARI-MILANO SPA 17,162 37,371 DEL MONTE FOODS COMPANY 318,401 44,555 DIAGEO PLC 822,893 400 DYDO DRINCO INCORPORATED 11,508 250 EAST ASIATIC COMPANY LIMITED A/S 15,122 4,000 EZAKI GLICO COMPANY LIMITED 40,373 73,205 FOSTER'S GROUP LIMITED 349,395 2,200 FUJI OIL COMPANY LIMITED 23,578 11,733 GENERAL MILLS INCORPORATED 776,490 400 GENMAB A/S+ 25,817
122 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FOOD & KINDRED PRODUCTS (continued) 5,161 GLENMARK PHARMACEUTICALS LIMITED $ 73,666 1,518 GREENE KING PLC 14,784 168 GREGGS PLC 10,848 8,497 GROUPE DANONE 592,297 29,600 GRUPO BIMBO SAB DE CV 197,760 29,700 GRUPO MODELO SA DE CV 142,308 10,100 H.J. HEINZ COMPANY 508,232 11,874 HANSEN NATURAL CORPORATION+<< 326,298 1,495 HEINEKEN HOLDING NV 66,310 76,021 HERCULES INCORPORATED 1,638,253 24,789 HERSHEY COMPANY 894,635 261 HITE BREWERY COMPANY LIMITED+ 50,138 328 HITE HOLDINGS COMPANY LIMITED 10,338 14,243 HORMEL FOODS CORPORATION 507,905 3,200 HOUSE FOODS CORPORATION 52,086 3,507 INBEV NA 243,114 188,424 INDOFOOD SUKSES MAKMUR TBK PT 45,888 5,000 ITOHAM FOODS INCORPORATED 26,081 31,461 J SAINSBURY PLC 198,990 521,200 JG SUMMIT HOLDINGS 80,432 11,088 JM SMUCKER COMPANY 601,302 3,100 KAGOME COMPANY LIMITED 49,697 1,997 KERRY GROUP PLC 54,157 6,000 KIKKOMAN CORPORATION 74,241 34,000 KIRIN BREWERY COMPANY LIMITED 508,703 1,159 KONINKLIJKE WESSANEN NV 11,067 45,720 KRAFT FOODS INCORPORATED CLASS A 1,440,637 7,100 KULIM (MALAYSIA) BERHAD 15,826 2 LINDT & SPRUENGLI AG 55,253 14 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) 35,881 10,129 LION NATHAN LIMITED 77,468 24 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 21,441 38 LOTTE CONFECTIONERY COMPANY LIMITED 45,716 836 MARTSON PLC 27,644 14,000 MARUHA NICHIRO HOLDINGS INCORPORATED 25,699 21,404 MCCORMICK & COMPANY INCORPORATED 865,792 10,000 MEIJI DAIRIES CORPORATION 57,104 12,000 MEIJI SEIKA KAISHA LIMITED 56,502 600 MEITO SANGYO COMPANY LIMITED 12,626 9,000 MORINAGA & COMPANY LIMITED 17,142 6,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 17,635 1,680 NESTLE INDIA LIMITED 67,701 2,000 NESTLE MALAYSIA BHD 15,913 68,214 NESTLE SA 3,005,483 15 NESTLE SA ADR 664 10,000 NICHIREI CORPORATION 57,043 7,421 NICHOLAS PIRAMAL INDIA LIMITED 56,649 5,000 NIPPON FLOUR MILLS COMPANY LIMITED 23,902 7,000 NIPPON MEAT PACKERS INCORPORATED 113,647 8,000 NISSHIN SEIFUN GROUP INCORPORATED 110,382 3,800 NISSIN FOOD PRODUCTS COMPANY LIMITED 125,494 24,790 NORTHERN FOODS PLC 29,363 6,355 NORTHUMBRIAN WATER GROUP PLC 35,653 338 NUTRECO HOLDING NV 20,866 764 OPG GROEP NV 12,772
Wells Fargo Advantage Master Portfolios 123 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FOOD & KINDRED PRODUCTS (continued) 179 ORION CORPORATION $ 35,890 2,336 OSEM INVESTMENT LIMITED 29,565 26,309 PARMALAT SPA 72,391 21,000 PEOPLES FOOD HOLDINGS LIMITED 13,532 26,850 PEPSI BOTTLING GROUP INCORPORATED 794,223 12,079 PEPSIAMERICAS INCORPORATED 283,011 73,723 PEPSICO INCORPORATED 5,048,551 3,043 PERNOD-RICARD 284,478 32,700 PPB GROUP BHD 90,261 4,500 QP CORPORATION 42,597 24,572 RALCORP HOLDINGS INCORPORATED+<< 1,508,701 252 REMY COINTREAU SA 13,281 10,456 RIDLEY CORPORATION LIMITED 10,107 600 RIKEN VITAMIN COMPANY LIMITED 17,471 38,100 SAN MIGUEL CORPORATION 37,090 2,152 SAPUTO INCORPORATED 55,857 24,000 SARA LEE CORPORATION<< 324,000 5,000 SHOWA SANGYO COMPANY LIMITED 14,076 25,276 SMITHFIELD FOODS INCORPORATED+<< 508,300 6,500 SNOW BRAND MILK PRODUCTS COMPANY LIMITED 19,755 1,497 SODEXHO ALLIANCE SA 101,013 857 SUEDZUCKER AG 14,526 3,964 SUN PHARMACEUTICAL INDUSTRIES LIMITED 132,040 7,036 TATE & LYLE PLC 56,706 205,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 32,410 4,000 THE NISSHIN OILLIO GROUP LIMITED 22,168 7,423 TIGER BRANDS LIMITED 130,560 156,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 186,659 1,910 TONGAAT-HULETT 19,344 14,948 TOOTSIE ROLL INDUSTRIES INCORPORATED<< 425,719 4,000 TOYO SUISAN KAISHA LIMITED 99,753 13,800 TREEHOUSE FOODS INCORPORATED+ 383,088 57,350 TYSON FOODS INCORPORATED CLASS A 832,722 600 UNICHARM PETCARE CORPORATION 19,135 26,711 UNILEVER NV 737,032 22,055 UNILEVER PLC 591,562 5,468 UNITED BREWERIES LIMITED 21,168 18,387 VINA CONCHA Y TORO SA 36,756 30,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 14,245 35,318 WILLIAM MORRISON SUPERMARKETS PLC 181,314 38,930 WILMAR INTERNATIONAL LIMITED 103,103 10,000 WM. WRIGLEY JR. COMPANY 794,800 5,700 YAKULT HONSHA COMPANY LIMITED 162,206 7,000 YAMAZAKI BAKING COMPANY LIMITED 82,585 42,454,944 -------------- FOOD STORES: 0.46% 13,200 AJISEN CHINA HOLDINGS LIMITED 11,057 1,581 ALIMENTATION COUCHE TARD INCORPORATED CLASS B 19,357 277,000 C.P. SEVEN ELEVEN PCL 84,945 4,000 CAFE DE CORAL HOLDINGS LIMITED 7,689 10,982 CARREFOUR SA 580,507 1,010 CASINO GUICHARD PERRACHON SA 98,974 213 COLRUYT SA 58,072 1,987 DELHAIZE GROUP 128,189
124 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FOOD STORES (continued) 107,244 DISTRIBUCION Y SERVICIO D&S SA $ 40,994 468 EMPIRE COMPANY LIMITED+ 20,570 800 GEORGE WESTON LIMITED 35,510 15,100 JOLLIBEE FOODS CORPORATION 14,239 2,100 KAPPA CREATE COMPANY LIMITED 39,091 2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 33,349 300 KESKO OYJ A SHARES 11,224 1,100 KESKO OYJ B SHARES 33,886 19,826 KONINKLIJKE AHOLD NV+ 247,883 1,600 LOBLAW COMPANIES LIMITED 45,643 392 LUMINAR GROUP HOLDINGS PLC 1,704 2,200 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED 30,406 1,579 METRO AG 87,784 4,329 MIGROS TURK TAS 78,461 500 MINISTOP COMPANY LIMITED 9,662 1,100 MOS FOOD SERVICES INCORPORATED 13,857 800 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 8,856 12,695 PANERA BREAD COMPANY+<< 682,229 2,000 PLENUS COMPANY LIMITED 29,472 24,000 PRESIDENT CHAIN STORE CORPORATION 70,511 12,307 RIPLEY CORPORATION SA 8,353 1,300 ROYAL HOLDINGS COMPANY LIMITED 11,731 14,916 SAFEWAY INCORPORATED 392,887 31,980 SEVEN & I HOLDINGS COMPANY LIMITED 931,499 23,782 SHOPRITE HOLDINGS LIMITED 141,770 453 SLIGRO FOOD GROUP NV 15,616 300 ST. MARC HOLDINGS COMPANY LIMITED 10,634 34,770 STARBUCKS CORPORATION+<< 541,021 136,158 TESCO PLC 943,764 13,600 THE PANTRY INCORPORATED+<< 249,424 1,000 WATAMI FOOD SERVICE COMPANY 16,446 22,276 WHOLE FOODS MARKET INCORPORATED+<< 407,874 44,612 WOOLWORTHS LIMITED 1,077,046 400 YAOKO COMPANY LIMITED 13,853 37 YOSHINOYA D&C COMPANY LIMITED 39,367 2,200 ZENSHO COMPANY LIMITED 8,149 7,333,555 -------------- FOOTWEAR: 0.05% 7,000 ASICS CORPORATION 61,672 34,264 CROCS INCORPORATED+<< 142,196 5,700 DECKERS OUTDOOR CORPORATION+ 648,033 851,901 -------------- FORESTRY: 0.03% 8,791 GUNNS LIMITED 12,644 5,700 SUMITOMO FORESTING 40,714 7,024 WEYERHAEUSER COMPANY 389,762 443,120 -------------- FURNITURE & FIXTURES: 0.39% 3,110 CERSANIT-KRASNYSTAW SA 21,869 480 DOREL INDUSTRIES INCORPORATED CLASS B+ 15,275 18,565 ETHAN ALLEN INTERIORS INCORPORATED<< 503,854 30,361 FURNITURE BRANDS INTERNATIONAL INCORPORATED 271,731
Wells Fargo Advantage Master Portfolios 125 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- FURNITURE & FIXTURES (continued) 23,525 HERMAN MILLER INCORPORATED $ 661,994 24,332 HNI CORPORATION<< 563,042 6,141 HOUSEWARES INTERNATIONAL LIMITED 6,809 1,000 ITOKI CORPORATION 3,638 7,772 KINETIC CONCEPTS INCORPORATED+ 273,264 29,000 KINGBOARD LAMINATES HOLDINGS LIMITED 15,408 34,624 LA-Z-BOY INCORPORATED 262,104 33,846 LEGGETT & PLATT INCORPORATED<< 755,104 73,178 MASCO CORPORATION 1,394,773 56,019 NEWELL RUBBERMAID INCORPORATED 1,013,944 5,775 NOBIA AB 30,985 4,000 NORITAKE COMPANY LIMITED 15,057 3,000 OKAMURA CORPORATION 19,090 1,000 SANGETSU COMPANY LIMITED 18,644 16,944 SELECT COMFORT CORPORATION+<< 40,666 27,044 STEELCASE INCORPORATED 300,188 3,600 TOKYO STEEL MANUFACTURING COMPANY LIMITED 38,010 6,225,449 -------------- GAMING: 0.00% 471 BWIN INTERACTIVE ENTERTAINMENT AG+ 13,059 -------------- GAS DISTRIBUTION: 0.09% 6,312 AYGAZ AS 16,833 14,020 GAIL INDIA LIMITED 125,095 22,556 GAZ DE FRANCE 1,298,488 1,440,416 -------------- GENERAL MERCHANDISE STORES: 1.14% 34,533 99 CENTS ONLY STORES+ 295,602 1,711 ARCANDOR AG 13,543 2,300 ASKUL CORPORATION 34,094 3,000 BELLUNA COMPANY LIMITED 15,206 33,600 BIG C SUPERCENTER PCL 48,496 38,857 BIG LOTS INCORPORATED+ 1,149,001 12,633 BJ'S WHOLESALE CLUB INCORPORATED+ 480,433 33,819 CASEY'S GENERAL STORES INCORPORATED<< 980,751 2,100 CAWACHI LIMITED 44,366 61,805 CENCOSUD SA 180,202 2,900 CIRCLE K SUNKUS COMPANY LIMITED 47,505 8,869 COMPAGNIE FINANCIERE RICHEMONT AG 516,042 13,371 DAVID JONES LIMITED 49,530 1,100 DON QUIJOTE COMPANY LIMITED 19,307 23,706 DSG INTERNATIONAL PLC 21,301 26,801 FAMILY DOLLAR STORES INCORPORATED 667,881 3,600 FAMILYMART COMPANY LIMITED 145,810 33,600 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED+ 24,628 30,536 FOOT LOCKER INCORPORATED 497,431 23,953 FRED'S INCORPORATED 335,821 15,000 GOLDEN EAGLE RETAIL GROUP LIMITED 13,882 42,895 HARVEY NORMAN HOLDINGS LIMITED 135,369 221 HELLENIC DUTY FREE SHOPS SA 3,489 15,010 HOME RETAIL GROUP 69,106 679 HYUNDAI DEPARTMENT STORE COMPANY LIMITED 55,451 24,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 11,639
126 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- GENERAL MERCHANDISE STORES (continued) 5,000 IZUMIYA COMPANY LIMITED $ 28,331 38,900 JCPENNEY COMPANY INCORPORATED 1,515,933 7 JELMOLI HOLDING AG 17,122 3,400 LAWSON INCORPORATED 155,837 19,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 24,154 14,148 MACY'S INCORPORATED 294,561 26,993 MARKS & SPENCER GROUP PLC 128,640 1,800 MATSUYA COMPANY LIMITED 32,189 14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED+ 10,419 11,550 ORGANIZACION SORIANA SAB DE CV CLASS B 35,944 11,335 PACIFIC BRANDS LIMITED 21,520 1,800 PARCO COMPANY LIMITED 20,554 14,348 PICK'N PAY STORES LIMITED 54,966 290 RALLYE SA 13,173 77,699 SACI FALABELLA 301,249 83,769 SAKS INCORPORATED+<< 954,967 655 SEARS CANADA INCORPORATED+ 13,565 2,520 SEARS HOLDINGS CORPORATION+<< 231,719 690 SHINSEGAE COMPANY LIMITED 342,625 12,000 SIAM MAKRO PLC 29,264 1,091 SONAE CAPITAL+ 1,311 8,731 SONAE SGPS SA 8,883 2,200 SUGI PHARMACY COMPANY LIMITED 63,379 2,400 SUNDRUG COMPANY LIMITED 49,758 33,931 TARGET CORPORATION 1,799,022 20,200 TJX COMPANIES INCORPORATED 732,048 600 TSURUHA HOLDINGS INCORPORATED 19,861 22,122 UNION DE CERVECERIAS PERUANAS BACKUS & JOHNSTON SAA 19,487 55 VALORA HOLDING AG 13,038 137,250 WAL-MART DE MEXICO SA DE CV SERIES V 500,535 85,128 WAL-MART STORES INCORPORATED 5,028,511 3,951 WAREHOUSE GROUP LIMITED 9,210 56,000 WUMART STORES INCORPORATED 57,190 18,384,851 -------------- HEALTH SERVICES: 1.34% 602 ABENGOA SA 16,100 29,433 APRIA HEALTHCARE GROUP INCORPORATED+ 582,185 82,500 BANGKOK DUSIT MEDICAL SERVICE PCL THB 85,536 27,400 BANGKOK DUSIT MEDICAL SERVICES PCL 29,134 99 BASILEA PHARMACEUTICA+ 15,257 184 BIOMERIEUX 20,016 57,733 BIOTON SA+ 10,611 6,414 BROOKDALE SENIOR LIVING INCORPORATED<< 141,429 47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 33,469 702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 38,096 19,208 COMMUNITY HEALTH SYSTEMS INCORPORATED+<< 662,868 10,173 COVANCE INCORPORATED+ 959,721 936 CRUCELL NV+ 15,082 16,907 DAVITA INCORPORATED+ 970,293 1,438 DIVI'S LABORATORIES LIMITED 49,503 24,371 EDWARDS LIFESCIENCES CORPORATION+<< 1,443,007 28,264 ENZON PHARMACEUTICALS INCORPORATED+<< 255,789 2,941 FRESENIUS MEDICAL CARE AG & COMPANY 157,706 256 FRESENIUS SE 21,424 1,914 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED 50,758
Wells Fargo Advantage Master Portfolios 127 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HEALTH SERVICES (continued) 2,262 GRIFOLS SA $ 67,144 165,253 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 960,120 16,347 HEALTHSCOPE LIMITED 58,759 36,667 HEALTHSOUTH REHABILITATION CORPORATION+<< 659,639 15,315 HEALTHWAYS INCORPORATED+ 291,751 57,686 HUMAN GENOME SCIENCES INCORPORATED+ 427,453 7,540 INTERVAL LEISURE GROUP INCORPORATED+<< 97,942 17,671 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,292,634 36,860 LIFEPOINT HOSPITALS INCORPORATED+ 1,243,656 14,300 LINCARE HOLDINGS INCORPORATED+<< 471,900 17,206 MAGELLAN HEALTH SERVICES INCORPORATED+<< 749,493 2,000 MDS INCORPORATED+ 30,646 22,118 MEDI-CLINIC CORPORATION 52,762 38,489 NEKTAR THERAPEUTICS+<< 152,801 69,244 NETWORK HEALTHCARE HOLDINGS LIMITED 77,199 700 NOVOZYMES A/S CLASS B 70,296 20,166 ODYSSEY HEALTHCARE INCORPORATED+ 196,417 315 ORPEA+ 18,277 19,065 PARKWAY HOLDINGS LIMITED 29,872 20,799 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 1,184,503 9,326 PRIMARY HEALTH CARE LIMITED 41,805 23,867 PSYCHIATRIC SOLUTIONS INCORPORATED+<< 900,979 2,775 QIAGEN NV+ 58,852 2,445 RAMSAY HEALTH CARE LIMITED 22,581 1,387 RHOEN KLINIKUM AG 46,387 12,188 ROCHE HOLDING AG 2,050,977 11,720 RYMAN HEALTHCARE LIMITED 14,056 10,777 SONIC HEALTHCARE LIMITED 132,976 2,071 SOUTHERN CROSS HEALTHCARE LIMITED 5,724 18,838 SUNRISE SENIOR LIVING INCORPORATED+ 382,977 2 TAKARA BIO INCORPORATED+ 4,525 320,134 TENET HEALTHCARE CORPORATION+<< 1,930,408 7,101 UNIVERSAL HEALTH SERVICES CLASS B 438,700 50,463 VALEANT PHARMACEUTICALS INTERNATIONAL+<< 923,978 855 VALLOUREC SA 237,853 20,630 WATSON PHARMACEUTICALS INCORPORATED+ 625,295 2,266 ZELTIA SA 17,737 21,527,058 -------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.30% 3,491 ABB LIMITED INDIA 69,118 404 ACCIONA SA 80,337 2,955 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 130,846 2,240 AUTOSTRADA TORINO-MILANO SPA 37,339 1,563 AWILCO OFFSHORE ASA+ 24,205 10,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 43,370 6,555 CIA DE CONCESSOES RODOVIARIAS 121,408 4,420 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 139,829 676 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA 33,862 24,228 FOSTER WHEELER LIMITED+ 1,203,889 14,698 GMR INFRASTRUCTURE LIMITED+ 34,112 1,360 GRUPO FERROVIAL SA 67,953 1,350 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 37,025 2,540 HELLENIC TECHNODOMIKI TEV SA 24,912 28,000 HITACHI ZOSEN CORPORATION+ 29,944 11,000 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 8,339
128 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS (continued) 2,414 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED $ 524,661 8,699 LANCO INFRATECH LIMITED+ 57,114 37,796 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,312,655 1,000 NAMURA SHIPBUILDING COMPANY LIMITED 3,842 136,500 PLUS EXPRESSWAYS BHD 114,489 8,980 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 255,406 4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED+ 8,179 7,789 SKANSKA AB 98,000 14,631 TECHNICAL OLYMPIC SA 12,879 335,000 TRUBA ALAM MANUNGGAL ENGINEERING PT+ 17,330 31,371 UNITECH LIMITED 112,470 3,806 VINCI SA 216,125 2,919 VT GROUP PLC 32,767 4,852,405 -------------- HOLDING & OTHER INVESTMENT OFFICES: 3.64% 5,778 3I GROUP PLC 96,550 40,201 ABB LIMITED 986,039 372 ACKERMANS & VAN HAAREN NV 36,870 8,025 ADANI ENTERPRISES LIMITED 106,405 7,423 ADCOCK INGRAM HOLDINGS LIMITED+ 36,163 6,228 AFFILIATED MANAGERS GROUP INCORPORATED+<< 593,030 445 AFRICA ISRAEL INVESTMENTS LIMITED 16,797 23,332 ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL SA OF PHARMACEUTICAL & ORGANIC PRODUCTS 58,210 3,660 ALCON INCORPORATED 623,261 13,701 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 1,475,735 6,000 ALLIED GROUP LIMITED 20,075 3,479 AMALGAMATED HOLDINGS 14,016 15,621 AMB PROPERTY CORPORATION<< 709,037 8,981 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 96,326 108,520 ANNALY CAPITAL MANAGEMENT INCORPORATED<< 1,623,459 21,153 ANTARCHILE SA 334,158 1,668 ARC ENERGY TRUST 47,457 8,096 ASHMORE GROUP PLC 37,594 14,484 ASPEN INSURANCE HOLDINGS LIMITED 392,516 14,585 ASPEN PHARMACARE HOLDINGS LIMITED 88,407 12,254 AVALONBAY COMMUNITIES INCORPORATED 1,225,400 997 AVEVA GROUP PLC 26,603 8,734 AYALA CORPORATION CLASS A 56,607 104,259 BABCOCK & BROWN INFRASTRUCTURE GROUP 48,331 9,616 BARLOWORLD LIMITED 85,166 16,000 BEIJING ENTERPRISES HOLDINGS LIMITED 59,391 48,204 BIOMED REALTY TRUST INCORPORATED 1,290,903 400 BOARDWALK REAL ESTATE INVESTMENT TRUST+ 14,692 4,786 BODYCOTE PLC 20,230 98 BOLLORE INVESTISSEMENT 17,406 5,389 BOSTON PROPERTIES INCORPORATED<< 552,211 11,200 BRADESPAR SA 221,939 21,977 BRE PROPERTIES INCORPORATED 1,059,951 9,650 BROOKFIELD ASSET MANAGEMENT INCORPORATED 299,461 8,408 CAMDEN PROPERTY TRUST 410,394 491 CANADIAN REAL ESTATE INVESTMENT TRUST+ 13,752 44,068 CBL & ASSOCIATES PROPERTIES INCORPORATED 955,835 869 CI FINANCIAL INCOME FUND 19,028 53,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED+ 42,514 41,400 CITIC RESOURCES HOLDINGS LIMITED+ 9,849
Wells Fargo Advantage Master Portfolios 129 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HOLDING & OTHER INVESTMENT OFFICES (continued) 2,926 CLAL INDUSTRIES AND INVESTMENTS+ $ 11,405 832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED 14,366 1,302 CLOSE BROTHERS GROUP PLC 14,920 29,520 COLONIAL PROPERTIES TRUST<< 558,223 42,837 CONNECTEAST GROUP 29,935 20,947 CORPORATE OFFICE PROPERTIES TRUST<< 819,028 549 CORPORATION FINANCIERA ALBA 28,874 1,000 D CARNEGIE & COMPANY AB 12,525 51,000 DAIWA SECURITIES GROUP INCORPORATED 393,742 116,212 DCT INDUSTRIAL TRUST INCORPORATED 866,942 3,279 DEERFIELD CAPITAL CORPORATION<< 2,787 181 DELEK GROUP LIMITED 21,765 24,121 DEVELOPERS DIVERSIFIED REALTY CORPORATION 808,295 64,663 DIAMONDROCK HOSPITALITY 595,546 25,479 DIGITAL REALITY TRUST INCORPORATED<< 1,168,722 19,241 DOGAN SIRKETLER GRUBU HOLDINGS 27,970 7,934 DOGAN YAYIN HOLDING+ 13,205 1,100 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 18,105 29,213 DUKE REALTY CORPORATION 731,201 11,000 E-REVOLUTION COMPANY LIMITED+ 1,415 30,069 EMECO HOLDINGS LIMITED 25,666 25,624 EMPRESAS COPEC SA 311,336 5,946 ENODIS PLC 34,788 8,852 EQSTRA HOLDINGS LIMITED+ 16,387 9,624 EQUITY LIFESTYLE PROPERTIES INCORPORATED 478,120 9,200 EQUITY RESIDENTIAL 388,240 10,814 ESSEX PROPERTY TRUST INCORPORATED 1,269,023 848 EURAZEO 83,340 10,173 EXTERRAN HOLDINGS INCORPORATED+ 465,008 40,000 FELCOR LODGING TRUST INCORPORATED 320,400 970 FIBI HOLDINGS LIMITED 15,609 72,600 FIRST GEN CORPORATION 39,220 43,290 FRANKLIN STREET PROPERTIES CORPORATION<< 551,082 956 GAGFAH SA 13,239 2,283 GEA GROUP AG 71,764 10,922 GEMINA SPA 13,568 111,500 GENTING BHD 191,161 145 GIMV NV 8,812 171,440 GOME ELECTRICAL APPLIANCES HOLDINGS LIMITED 70,396 23,126 GOODMAN PROPERTY TRUST 18,271 2,000 GREAT EASTERN HOLDINGS LIMITED 21,575 25,473 GRUPO CARSO SA DE CV+ 99,833 2,050 GS HOLDINGS CORPORATION 51,642 86,000 GUANGZHOU INVESTMENT COMPANY LIMITED 11,438 971 H&R REAL ESTATE INVESTMENT TRUST 16,808 20,411 HACI OMER SABANCI HOLDING AS 85,390 47,435 HCP INCORPORATED 1,718,096 7,256 HENDERSON GROUP PLC 17,135 5,600 HKR INTERNATIONAL LIMITED 2,661 14,456 HOME PROPERTIES INCORPORATED<< 762,554 18,209 HOSPITALITY PROPERTIES TRUST 412,980 104,100 HOST HOTELS & RESORTS INCORPORATED<< 1,488,630 149,840 HRPT PROPERTIES TRUST<< 1,135,787 5,000 HUFVUDSTADEN AB 42,211 1,661 HUNTING PLC 26,948 8,170 ICAP PLC 70,349
130 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HOLDING & OTHER INVESTMENT OFFICES (continued) 251 IDB DEVELOPMENT CORPORATION LIMITED+ $ 5,477 5,448 IG GROUP HOLDINGS PLC 34,275 8,852 IMPERIAL HOLDING LIMITED 61,962 134,610 IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMERICA LATINA SA DE CV+ 183,403 3,200 INDUSTRIVARDEN AB CLASS A 43,024 1,200 INDUSTRIVARDEN AB CLASS C 14,371 11,580 INFRATIL LIMITED 18,585 4,745 INVERCAP SA 56,912 6,151 INVESTEC PLC 44,970 96,123 INVESTIMENTOS ITAU SA 566,121 8,121 INVESTOR AB 170,986 4,600 INVESTOR AB A SHARES 93,795 10,000 IOI PROPERTIES BHD 13,758 25,987 ISTAR FINANCIAL INCORPORATED<< 145,267 518 ISTITUTO FINANZIARIO INDUSTRIALE SPA+ 11,162 18,800 J FRONT RETAILING COMPANY LIMITED 101,638 1,100 JAFCO COMPANY LIMITED 37,741 3,000 JAPAN ASIA INVESTMENT COMPANY LIMITED 10,204 10,988 JARDINE MATHESON HOLDINGS LIMITED 317,333 603 JM FINANCIAL LIMITED 18,344 14,321 KILROY REALTY CORPORATION 716,766 43,842 KIMCO REALTY CORPORATION<< 1,628,292 1,586 KKR FINANCIAL CORPORATION 14,877 157,800 KNM GROUP BHD 68,968 15,148 KOC HOLDING AS 52,402 17,672 LASALLE HOTEL PROPERTIES 460,709 7,649 LG CORPORATION 436,580 18,603 LIBERTY PROPERTY TRUST 702,449 26,000 LION DIVERSIFIED HOLDINGS BHD 6,242 11,926 MACERICH COMPANY 738,577 12,743 MACK-CALI REALTY CORPORATION 515,072 22,890 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP 58,420 87,790 MACQUARIE INFRASTRUCTURE GROUP 163,605 6,568 MACQUARIE LEISURE TRUST GROUP 10,672 3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 69,646 20,400 METROPOLITAN BANK & TRUST COMPANY 16,698 11,134 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 558,481 10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED 12,553 4,072 MITIE GROUP 16,572 440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,362 1,057 MLP AG 21,442 109,200 MMC CORPORATION BHD 67,237 222,700 MULPHA INTERNATIONAL BHD+ 76,531 42,700 MULTI-PURPOSE HOLDINGS BHD 18,268 13,385 MURRAY & ROBERTS HOLDINGS LIMITED 180,648 49,359 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,119,956 1,128 NATIONALE A PORTEFEUILLE 82,209 65,221 NATIONWIDE HEALTH PROPERTIES INCORPORATED 2,244,907 33,905 NEWCASTLE INVESTMENT CORPORATION<< 235,301 3 NIPPON ACCOMMODATIONS FUND INCORPORATED 13,553 742 NPIL RESEARCH & DEVELOPMEN+ 2,850 429 PARGESA HOLDING SA 44,296 36,691 PETROBRAS ENERGIA PARTICIPACIONES SA+<< 416,076 34,426 PLUM CREEK TIMBER COMPANY 1,708,218 19,100 POST PROPERTIES INCORPORATED 600,695 5,848 PUBLIC STORAGE INCORPORATED CLASS D 516,495
Wells Fargo Advantage Master Portfolios 131 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HOLDING & OTHER INVESTMENT OFFICES (continued) 39,104 RAIT FINANCIAL TRUST<< $ 231,887 2,500 RATOS AB B SHARES 68,218 68,367 REALTY INCORPORATEDOME CORPORATION 1,755,665 20,623 REDWOOD TRUST INCORPORATED<< 386,681 11,093 REGENCY CENTERS CORPORATION 687,433 20,838 REMGRO LIMITED 505,422 1,117 RHJ INTERNATIONAL+ 11,269 859 SBI HOLDINGS INCORPORATED 154,014 2,049 SCHRODERS PLC 37,784 14,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 37,786 5,982 SIEMENS INDIA LIMITED 74,190 119,440 SIME DARBY BHD 238,382 10,198 SIMON PROPERTY GROUP INCORPORATED 967,586 83,500 SINO-OCEAN LAND HOLDINGS LIMITED 41,134 9,335 SL GREEN REALTY CORPORATION<< 802,810 4,996 SM INVESTMENTS CORPORATION 30,534 313 SOFINA SA 35,417 25,900 SOFTBANK CORPORATION 427,531 154 SOLVAC SA 21,903 52 SONY FINANCIAL HOLDINGS INCORPORATED 193,029 47,957 STRATEGIC HOTEL & RESORTS INCORPORATED<< 442,164 608 STX CORPORATION 16,893 16,799 SUN HUNG KAI PROPERTIES LIMITED<< 231,599 4,109 SUN INTERNATIONAL LIMITED 50,287 38,436 SUNSTONE HOTEL INVESTORS INCORPORATED<< 545,022 35,000 SWIRE PACIFIC LIMITED B SHARES 69,600 3,970 TAKEFUJI CORPORATION 52,583 22,612 TAUBMAN CENTERS INCORPORATED<< 1,097,586 26,000 TCC INTERNATIONAL HOLDINGS LIMITED+ 9,360 4,886 TEKFEN HOLDING AS 33,614 121 THE ISRAEL CORPORATION LIMITED+ 122,751 25,772 UDR INCORPORATED 638,630 34,600 UEM WORLD BHD 25,345 216,000 UNITED ENERGY GROUP LIMITED+ 20,130 25,000 VALUE PARTNERS GROUP LIMITED 18,677 27,598 VENTAS INCORPORATED 1,253,501 46,646 VIRGIN MEDIA INCORPORATED 531,764 200 VORNADO REALTY TRUST 19,892 227,000 WANT WANT CHINA HOLDINGS LIMITED 101,036 4,884 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 46,894 83,640 WATERLAND FINANCIAL HOLDINGS 24,033 15,088 WEINGARTEN REALTY INVESTORS 498,658 475 WENDEL INVESTISSEMENT 52,372 110,442 YTL POWER INTERNATIONAL BHD 61,114 58,531,339 -------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.37% 900 AMER SPORTS OYJ 12,119 44,042 BED BATH & BEYOND INCORPORATED+ 1,350,328 15,450 BEST BUY COMPANY INCORPORATED 691,697 8,000 BEST DENKI COMPANY LIMITED 38,265 100,996 CIRCUIT CITY STORES INCORPORATED+<< 181,793 8,178 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED 10,042 570 FOURLIS HOLDINGS SA 12,068 10,092 GALIFORM PLC 6,143 4,347 GAME GROUP PLC 21,333
132 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES (continued) 2,714 JB HI-FI LIMITED $ 31,986 8,526 JD GROUP LIMITED 33,267 2,000 JOSHIN DENKI COMPANY LIMITED 16,131 1,600 K'S HOLDINGS CORPORATION 29,051 3,900 KOKUYO COMPANY LIMITED 31,459 77,310 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 1,589,018 1,400 NAFCO COMPANY LIMITED 19,542 1,700 NITORI COMPANY LIMITED 94,408 51,819 PIER 1 IMPORTS INCORPORATED+<< 229,040 6,700 PIONEER CORPORATION 50,858 25,608 RADIOSHACK CORPORATION<< 486,808 3,000 SHIMANO INCORPORATED 121,287 8,586 THOMSON 39,830 11,000 TOTO LIMITED 81,563 16,703 WILLIAMS-SONOMA INCORPORATED<< 295,476 1,800 XEBIO COMPANY LIMITED 33,163 3,340 YAMADA DENKI COMPANY LIMITED 239,950 7,200 YAMAHA CORPORATION 126,407 5,873,032 -------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.32% 6,000 ASSOCIATED INTERNATIONAL HOTELS+ 13,129 13,000 BANYAN TREE HOLDINGS LIMITED 9,092 23,974 BOYD GAMING CORPORATION+<< 292,243 5,169 CHOICE HOTELS INTERNATIONAL INCORPORATED 139,511 16,983 EGYPTIAN FOR TOURISM RESORTS+ 10,239 12,352 EIH LIMITED 41,133 2,200 FORMOSA INTERNATIONAL HOTELS CORPORATION 35,194 2,000 FUJITA KANKO INCORPORATED 14,769 18,065 GAYLORD ENTERTAINMENT COMPANY+<< 625,952 22,238 HONGKONG & SHANGHAI HOTELS LIMITED 31,683 450 IMPERIAL HOTEL LIMITED 10,989 20,653 INDIAN HOTELS COMPANY LIMITED 35,828 4,460 INTERCONTINENTAL HOTELS GROUP PLC 60,193 29,000 KLCC PROPERTY HOLDINGS BHD 23,088 4,691 LAS VEGAS SANDS CORPORATION+<< 222,400 13,809 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 389,552 2,220 MILLENNIUM & COPTHORNE HOTELS PLC 12,491 72,600 MINOR INTERNATIONAL PCL 25,232 1,136 ORBIS SA 26,933 18,719 ORIENT EXPRESS HOTELS LIMITED CLASS A<< 672,012 52,000 SHANGRI-LA ASIA LIMITED 99,850 14,533 SINO HOTELS HOLDINGS LIMITED 6,690 14,482 SKY CITY ENTERTAINMENT GROUP LIMITED 36,434 27,501 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 996,911 8,724 TUI TRAVEL PLC 33,393 13,552 VAIL RESORTS INCORPORATED+<< 596,152 36,065 WYNDHAM WORLDWIDE CORPORATION 695,333 5,156,426 -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.33% 22,500 3M COMPANY 1,611,000 83,500 A-MAX HOLDINGS LIMITED+ 2,917 23,866 ACTUANT CORPORATION CLASS A<< 752,972 20,948 ADVANTECH COMPANY LIMITED 47,115
Wells Fargo Advantage Master Portfolios 133 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 3,452 ALSTOM RGPT $ 350,662 14,000 AMADA COMPANY LIMITED 84,798 638 ANDRITZ AG 39,126 40,388 APPLE INCORPORATED+ 6,846,978 61,781 APPLIED MATERIALS INCORPORATED 1,107,116 2,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 13,511 7,175 ASTEC INDUSTRIES INCORPORATED+<< 246,820 10,638 ATLAS COPCO AB CLASS A 148,492 5,775 ATLAS COPCO AB CLASS B 73,893 65,762 AXCELIS TECHNOLOGIES INCORPORATED+ 311,054 14,033 BAKER HUGHES INCORPORATED 1,122,780 76,032 BENQ CORPORATION 38,274 11,153 BLACK BOX CORPORATION 399,724 826 BNK PETROLEUM INCORPORATED+ 1,376 150 BOBST GROUP AG 10,565 33,424 BRIGGS & STRATTON CORPORATION<< 501,360 76,030 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 564,143 42,498 BROOKS AUTOMATION INCORPORATED+ 408,406 80 BUCHER INDUSTRIES AG 16,402 11,947 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 834,498 36,238 CAMERON INTERNATIONAL CORPORATION+ 1,688,328 3,700 CANON FINETECH INCORPORATED 44,829 2,869 CAP GEMINI SA 169,387 1,700 CAPCOM COMPANY LIMITED 51,968 26,959 CARLISLE COMPANIES INCORPORATED 873,202 9,700 CASIO COMPUTER COMPANY LIMITED 107,950 23,400 CATCHER TECHNOLOGY COMPANY LIMITED 78,528 6,000 CHEN HSONG HOLDINGS 1,815 18,832 CHICONY ELECTRONICS COMPANY LIMITED 33,813 21,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 18,229 3,000 CHUGAI RO COMPANY LIMITED+ 14,337 2,400 CKD CORPORATION 11,734 28,350 CLEVO COMPANY+ 36,279 1,514 CRANE GROUP LIMITED 17,945 10,191 CROMPTON GREAVES LIMITED 62,393 30,240 CUMMINS INCORPORATED 1,970,438 8,000 DAIHEN CORPORATION 30,985 1,169 DASSAULT SYSTEMES SA 70,651 80,188 DELL INCORPORATED+ 1,742,485 89,403 DELTA ELECTRONICS INCORPORATED 239,460 12,737 DIEBOLD INCORPORATED 505,022 1,100 DISCO CORPORATION 40,909 29,921 DONALDSON COMPANY INCORPORATED 1,313,831 2,155 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 153,218 4,360 DOOSAN INFRACORE COMPANY LIMITED 84,227 38,200 DOVER CORPORATION 1,886,316 13,695 DRESSER RAND GROUP INCORPORATED+ 555,469 13,012 DRIL-QUIP INCORPORATED+ 715,790 34 EACCESS LIMITED 19,916 32,800 EATON CORPORATION 2,400,304 16,000 EBARA CORPORATION 37,431 95,920 EMC CORPORATION+ 1,465,658 74,246 ENTEGRIS INCORPORATED+ 457,355 9,194 FLOWSERVE CORPORATION 1,214,711 20,433 FMC TECHNOLOGIES INCORPORATED+<< 1,094,391 90,000 FONG'S INDUSTRIES COMPANY LIMITED 29,521
134 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 30,600 FOXCONN TECHNOLOGY COMPANY LIMITED $ 151,039 23,000 FUJI HEAVY INDUSTRIES LIMITED 131,482 1,600 FUJI MACHINE MANUFACTURING COMPANY LIMITED 23,083 1,100 FUJI SOFT INCORPORATED 19,695 75,000 FUJITSU LIMITED 518,389 10,000 FURUKAWA COMPANY LIMITED 16,979 24,346 GAMESTOP CORPORATION CLASS A+ 1,068,059 22,501 GARDNER DENVER INCORPORATED+ 1,015,695 689 GILDEMEISTER AG 16,599 113,815 HEWLETT-PACKARD COMPANY 5,340,200 3,200 HEXAGON AB 51,575 32,370 HIGH TECH COMPUTER CORPORATION 599,779 1,000 HISAKA WORKS LIMITED 20,724 3,200 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED 74,806 5,000 HITACHI KOKI COMPANY LIMITED 58,771 122,000 HITACHI LIMITED 898,523 900 HITACHI SOFTWARE ENGINEERING COMPANY LIMITED 18,300 250,000 HON HAI PRECISION INDUSTRY COMPANY LIMITED 1,254,134 4,000 HOSOKAWA MICRON CORPORATION 18,428 34,573 IDEX CORPORATION 1,281,621 1,249 INDRA SISTEMAS SA 31,973 10,672 INGERSOLL-RAND COMPANY LIMITED CLASS A 394,117 20,325 INTERMEC INCORPORATED+<< 408,329 48,246 INTERNATIONAL BUSINESS MACHINES CORPORATION 5,872,986 105,840 INVENTEC COMPANY LIMITED 62,093 8,000 ISEKI & COMPANY LIMITED 21,150 3,006 IT HOLDINGS CORPORATION+ 47,297 1,300 ITOCHU TECHNO-SCIENCE CORPORATION 35,673 15,785 JOHN BEAN TECHNOLOGIES CORPORATION+ 205,206 52,000 JOHNSON ELECTRIC HOLDINGS LIMITED 21,068 17,240 JOY GLOBAL INCORPORATED 1,224,730 12,356 KAYDON CORPORATION 688,600 5,000 KITZ CORPORATION 22,479 33,030 KOMATSU LIMITED 691,301 3,500 KONAMI CORPORATION 106,879 39,865 KUBOTA CORPORATION 278,344 32,759 KULICKE & SOFFA INDUSTRIES INCORPORATED+<< 168,381 20,031 LAM RESEARCH CORPORATION+ 736,340 10,297 LARSEN & TOUBRO LIMITED 601,345 126,000 LENOVO GROUP LIMITED 84,451 19,100 LEXMARK INTERNATIONAL INCORPORATED+ 687,027 8,380 LG PHILLIPS LCD COMPANY LIMITED 206,495 98,882 LITE-ON TECHNOLOGY CORPORATION 97,146 3,810 LOGITECH INTERNATIONAL SA+ 101,565 2,251 MAHARASHTRA SEAMLESS LIMITED 14,656 4,000 MAKINO MILLING MACHINE COMPANY LIMITED 18,296 1 MAKITA CORPORATION 26 1,767 MAN AG 172,417 20,715 MANITOWOC COMPANY INCORPORATED 521,604 1,000 MARUYAMA MANUFACTURING COMPANY INCORPORATED 1,932 2,000 MAX COMPANY LIMITED 19,159 8,000 MEIDENSHA CORPORATION 21,180 800 MEITEC CORPORATION 22,079 2,000 MELCO HOLDINGS INCORPORATED 45,432 2,085 METSO OYJ 81,034 35,363 MICROS SYSTEMS INCORPORATED+<< 1,089,888
Wells Fargo Advantage Master Portfolios 135 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 2,700 MISUMI GROUP INCORPORATED $ 46,718 4,996 MISYS PLC 15,218 62,132 MITAC INTERNATIONAL CORPORATION 34,830 76,000 MITSUBISHI ELECTRIC CORPORATION 644,548 6,300 MITSUI HIGH-TEC INCORPORATED 43,020 3,000 MIURA COMPANY LIMITED 65,890 500 MODEC INCORPORATED 15,842 19,026 MODINE MANUFACTURING COMPANY 300,991 3,400 MORI SEIKI COMPANY LIMITED 43,955 4,000 NABTESCO CORPORATION 41,498 8,000 NACHI-FUJIKOSHI CORPORATION 25,500 18,848 NATIONAL OILWELL VARCO INCORPORATED+ 1,389,663 601 NCSOFT CORPORATION 28,651 149 NEC CORPORATION ADR(a) 656 897 NEOPOST SA 93,517 17 NET ONE SYSTEMS COMPANY LIMITED 22,706 900 NETUREN COMPANY LIMITED 6,658 1,900 NIHON UNISYS LIMITED 29,685 2,000 NIPPON THOMPSON COMPANY LIMITED 10,581 5,600 NOMURA RESEARCH INSTITUTE LIMITED 127,073 12,967 NORDSON CORPORATION 695,420 27,785 NUANCE COMMUNICATIONS INCORPORATED+<< 439,003 270 OBIC COMPANY LIMITED 47,695 1,107 OCE NV 10,749 900 OILES CORPORATION 15,531 1,500 OKAYA & COMPANY LIMITED 17,583 1,000 ORACLE CORPORATION JAPAN 43,575 1,000 ORGANO CORPORATION 7,172 3,095 ORMAT INDUSTRIES 34,475 700 OTSUKA CORPORATION 50,211 679 OUTOTEC OYJ 30,845 24,669 PALL CORPORATION 1,001,808 63,484 PALM INCORPORATED+<< 540,249 28,000 PARKER HANNIFIN CORPORATION 1,793,960 956 PASON SYSTEMS INCORPORATED+ 13,938 20,135 PENTAIR INCORPORATED<< 739,961 42,400 PITNEY BOWES INCORPORATED 1,447,960 588 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 8,787 124,567 QUANTUM CORPORATION+<< 220,484 1,108 RAMIRENT OYJ 7,702 3,700 RISO KAGAKU CORPORATION 48,077 119,000 RITEK CORPORATION+ 23,203 8,000 RYOBI LIMITED 26,407 19,416 SAGE GROUP PLC 74,029 98,000 SANYO ELECTRIC COMPANY LIMITED+ 195,406 292 SCHINDLER HOLDING SA 20,872 10,203 SCIENTIFIC GAMES CORPORATION CLASS A+ 307,212 668 SHAW INDUSTRIES LIMITED CLASS A+ 18,553 21,000 SHIHLIN ELECTRIC+ 22,615 900 SHIMA SEIKI MANUFACTURING LIMITED 20,943 4,954 SIMS GROUP LIMITED 145,222 1,900 SINTOKOGIO LIMITED 14,939 976 SKF AB 15,611 2,200 SMC CORPORATION 226,188 16,978 SMITH INTERNATIONAL INCORPORATED 1,183,335 118,500 SONUS NETWORKS INCORPORATED+<< 400,530
136 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 1,061 SPIRAX-SARCO ENGINEERING PLC $ 21,390 8,500 SPX CORPORATION 1,013,625 7,500 STANLEY ELECTRIC COMPANY LIMITED 151,091 15,730 STANLEY WORKS 754,254 750 SULZER AG 92,152 21,000 SUMITOMO HEAVY INDUSTRIES LIMITED 102,113 4,000 TADANO LIMITED 30,779 10,052 TATA CONSULTANCY SERVICES LIMITED 184,551 1,665 TATA TEA LIMITED 26,680 4,500 TDK CORPORATION 260,683 27,854 TERADATA CORPORATION+ 684,373 16,211 TEREX CORPORATION 815,251 2,505 THERMAX INDIA LIMITED 27,762 4,600 THK COMPANY LIMITED 74,741 760 TIETOENATOR OYJ 14,922 15,303 TIMKEN COMPANY 494,593 12,000 TORI HOLDINGS COMPANY LIMITED 767 16,899 TORO COMPANY<< 690,662 114,000 TOSHIBA CORPORATION 635,873 3,000 TOSHIBA MACHINE COMPANY LIMITED 13,160 32,000 TPV TECHNOLOGY LIMITED 15,582 3,500 TREND MICRO INCORPORATED 118,452 11,000 TSUBAKIMOTO CHAIN COMPANY 56,009 500 UNION TOOL COMPANY+ 12,034 11,000 UNISTEEL TECHNOLOGY LIMITED 14,971 20,076 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,268,000 29,235 VERIFONE HOLDINGS INCORPORATED+<< 589,378 10,490 WATSCO INCORPORATED<< 536,983 5,496 WEIR GROUP PLC 92,172 44,281 WESTERN DIGITAL CORPORATION+ 1,207,100 528 WINCOR NIXDORF AG 38,864 51,151 WISTRON CORPORATION 74,059 2,900 YAMAZEN CORPORATION 10,003 70,000 YIEH PHUI ENTERPRISE+ 28,096 1,925 ZARDOYA-OTIS SA 38,901 9,950 ZEBRA TECHNOLOGIES CORPORATION+ 310,639 85,551,481 -------------- INDUSTRIAL MACHINERY, COMPONENTS: 0.00% 338 DEMAG CRANES AG 18,405 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.50% 9,112 AON CORPORATION 432,729 17,958 ARTHUR J. GALLAGHER & COMPANY 475,528 759 BALOISE HOLDING AG 64,935 2,773 BENFIELD GROUP LIMITED 17,333 378,000 CATHAY FINANCIAL HOLDING COMPANY LIMITED 722,724 568 CNP ASSURANCES 68,179 670 GRUPO CATALANA OCCIDENTE SA 19,096 438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED 19,068 15,710 HILB ROGAL & HOBBS COMPANY 715,591 28,524 HUMANA INCORPORATED+ 1,323,514 2,365 JARDINE LLOYD THOMPSON GROUP PLC 19,457 17,509 MARSH & MCLENNAN COMPANIES INCORPORATED 559,062 3,200 MATSUI SECURITIES COMPANY LIMITED 22,575 26,737 NATIONAL FINANCIAL PARTNERS CORPORATION<< 539,285 41,904 STANDARD LIFE PLC 190,903
Wells Fargo Advantage Master Portfolios 137 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INSURANCE AGENTS, BROKERS & SERVICE (continued) 10,000 TOKYO TATEMONO COMPANY LIMITED $ 48,014 70,353 UNUM GROUP 1,787,670 27,981 WILLIS GROUP HOLDINGS LIMITED 963,106 7,988,769 -------------- INSURANCE CARRIERS: 3.89% 11,568 ACE LIMITED 608,592 2,965 ADMIRAL GROUP PLC 52,358 21,769 AEGON NV 256,439 22,794 AETNA INCORPORATED 983,333 17,000 AIOI INSURANCE COMPANY LIMITED 83,692 4,510 AKSIGORTA AS 19,165 6,639 ALLEANZA ASSICURAZIONI SPA 63,011 901 ALLEGHANY CORPORATION 288,320 7,847 ALLIANZ AG 1,307,109 5 ALLIANZ AG ADR 83 9,386 ALLIED WORLD ASSURANCE HOLDINGS 362,487 18,927 ALLSTATE CORPORATION 854,176 127 AMB GENERALI HOLDING AG 21,483 185,149 AMBAC FINANCIAL GROUP INCORPORATED<< 1,325,667 14,981 AMERICAN FINANCIAL GROUP INCORPORATED 427,408 82,109 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,764,522 3,093 AMERICAN NATIONAL INSURANCE COMPANY 295,227 23,094 AMERIGROUP CORPORATION+ 597,673 5,039 AMLIN PLC 26,579 67,931 AMP LIMITED 402,170 10,514 ARCH CAPITAL GROUP LIMITED+ 733,457 20,364 ASSICURAZIONI GENERALI SPA 678,499 19,766 ASSURANT INCORPORATED 1,154,927 40,315 ASSURED GUARANTY LIMITED<< 655,522 44,271 AVIVA PLC 413,251 30,681 AXA ASIA PACIFIC HOLDINGS LIMITED 135,302 30,616 AXA SA 976,879 29,069 AXIS CAPITAL HOLDINGS LIMITED 971,777 5,842 BEAZLEY GROUP PLC 11,816 3,585 BRIT INSURANCE HOLDINGS PLC 12,624 2,598 CATLIN GROUP LIMITED 15,443 29,423 CENTENE CORPORATION+ 664,371 20,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED+ 41,406 355,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 1,349,321 12,936 CHUBB CORPORATION 621,057 9,380 CIGNA CORPORATION 392,834 30,034 CINCINNATI FINANCIAL CORPORATION 890,208 36,813 CONSECO INCORPORATED+ 330,213 27,334 DELPHI FINANCIAL GROUP CLASS A 733,371 18,724 DISCOVERY HOLDINGS LIMITED 53,953 540 DONGBU INSURANCE COMPANY LIMITED 15,119 10,568 ENDURANCE SPECIALTY HOLDINGS LIMITED 344,728 8,548 ERIE INDEMNITY COMPANY 395,345 155 EULER HERMES SA 12,405 12,347 EVEREST REINSURANCE GROUP LIMITED 1,014,059 300 FAIRFAX FINANCIAL HOLDINGS LIMITED 65,832 424 FBD HOLDINGS PLC 8,840 43,556 FIDELITY NATIONAL TITLE GROUP INCORPORATED<< 611,091 15,564 FIRST AMERICAN CORPORATION 393,302 1,309 FONDIARIA-SAI SPA 24,477
138 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INSURANCE CARRIERS (continued) 37,272 FRIENDS PROVIDENT PLC $ 66,867 6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 16,320 14,584 GENWORTH FINANCIAL INCORPORATED<< 234,073 4,100 GREAT-WEST LIFECO INCORPORATED 123,950 959 HANNOVER RUECKVERSICHERUNG AG 40,918 10,682 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 673,821 22,297 HCC INSURANCE HOLDINGS INCORPORATED 561,438 17,199 HEALTH NET INCORPORATED+ 475,552 64 HELVETIA HOLDING AG 19,836 27,084 HORACE MANN EDUCATORS CORPORATION 403,552 1,272 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 44,265 478 ING CANADA INCORPORATED 18,007 66,922 INSURANCE AUSTRALIA GROUP LIMITED 226,219 11,817 IPC HOLDINGS LIMITED 374,244 3,397 KOREA REINSURANCE COMPANY 31,171 102,655 LEGAL & GENERAL GROUP PLC 187,289 5,960 LIBERTY GROUP LIMITED 54,378 9,160 LINCOLN NATIONAL CORPORATION 464,943 15,094 LOEWS CORPORATION 655,532 26,000 MANULIFE FINANCIAL CORPORATION 933,189 10,365 MAPFRE SA 49,569 1,525 MARKEL CORPORATION+ 564,250 31,509 MAX CAPITAL GROUP LIMITED 819,234 47,005 MBIA INCORPORATED+<< 762,421 2,596 MEDIOLANUM SPA 11,260 4,916 MERCURY GENERAL CORPORATION 250,421 1,194 MERITZ FIRE MARINE INSURANCE 10,298 15,120 METLIFE INCORPORATED 819,504 51,239 MGIC INVESTMENT CORPORATION<< 430,920 2,804 MILANO ASSICURAZIONI SPA 14,284 30,300 MILLEA HOLDINGS INCORPORATED 1,027,692 14,800 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 485,427 58,646 MONTPELIER RE HOLDINGS LIMITED 949,479 3,601 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 559,080 226 MUTUAL & FEDERAL INSURANCE COMPANY LIMITED 519 31,216 NATIONWIDE FINANCIAL SERVICES 1,605,751 28,000 NIPPONKOA INSURANCE COMPANY LIMITED 183,706 9,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED 46,879 88,654 OLD MUTUAL PLC 156,793 44,885 OLD REPUBLIC INTERNATIONAL CORPORATION 490,593 10,845 PARTNERRE LIMITED 747,329 25,740 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 1,537,450 72,972 PHOENIX COMPANIES INCORPORATED 869,097 120,000 PICC PROPERTY & CASUALTY COMPANY LIMITED 67,753 67,500 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED 492,556 33,089 PLATINUM UNDERWRITERS HOLDINGS LIMITED 1,196,167 49,577 PMI GROUP INCORPORATED<< 177,981 6,000 POWER CORPORATION OF CANADA 185,798 3,700 POWER FINANCIAL CORPORATION 120,673 8,709 PRINCIPAL FINANCIAL GROUP INCORPORATED 398,785 13,436 PROASSURANCE CORPORATION+ 724,200 13,508 PROTECTIVE LIFE CORPORATION 490,205 14,962 PRUDENTIAL FINANCIAL INCORPORATED 1,102,849 41,615 PRUDENTIAL PLC 413,265 31,802 QBE INSURANCE GROUP LIMITED 646,791 49,013 RADIAN GROUP INCORPORATED<< 187,720
Wells Fargo Advantage Master Portfolios 139 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- INSURANCE CARRIERS (continued) 5,552 REINSURANCE GROUP OF AMERICA INCORPORATED<< $ 267,384 12,892 RENAISSANCERE HOLDINGS LIMITED 653,753 8,986 RLI CORPORATION 502,407 63,924 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 175,007 18,009 SAFECO CORPORATION 1,217,408 2,082 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED 378,113 103,022 SANLAM LIMITED 237,662 2,513 SCOR REGROUPE 57,896 36,167 SELECTIVE INSURANCE GROUP INCORPORATED 873,071 515 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL 24,385 34,000 SOMPO JAPAN INSURANCE INCORPORATED 306,561 3,034 ST. JAMES'S PLACE PLC 12,297 1 STANCORP FINANCIAL GROUP INCORPORATED 27 7,000 STOREBRAND ASA 54,409 9,700 SUN LIFE FINANCIAL INCORPORATED 374,096 671 SWISS LIFE HOLDING 122,071 6,025 SWISS REINSURANCE 370,588 8,950 T&D HOLDINGS INCORPORATED 469,617 10,000 TAIWAN LIFE INSURANCE COMPANY LIMITED 10,053 20,910 THE TRAVELERS COMPANIES INCORPORATED 923,386 200 TOPDANMARK AS+ 29,498 17,999 TORCHMARK CORPORATION 1,075,260 12,124 UNIPOL SPA 30,227 57,202 UNITEDHEALTH GROUP INCORPORATED 1,741,801 9,420 UNITRIN INCORPORATED 240,493 30,163 W.R. BERKLEY CORPORATION 710,640 6,016 WELLCARE HEALTH PLANS INCORPORATED+ 251,228 18,300 WELLPOINT INCORPORATED+ 966,057 1,199 WHITE MOUNTAIN INSURANCE GROUP LIMITED 567,007 35,444 XL CAPITAL LIMITED CLASS A 712,424 61,882 YAPI VE KREDI BANKASI AS 137,551 24,882 ZENITH NATIONAL INSURANCE CORPORATION 950,244 12,540 ZURICH FINANCIAL SERVICES AG 329,384 62,435,191 -------------- INSURANCE-MULTI LINE: 0.00% 1,751 FONDIARIA SAI SPA 48,516 -------------- INTERNET SOFTWARE: 0.00% 6 ACCESS COMPANY LIMITED+ 11,647 732 FREENET AG 10,648 22,295 -------------- INVESTMENT COMPANIES: 0.00% 260 BB BIOTECH AG 22,159 -------------- INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.01% 104,000 ABOITIZ EQUITY VENTURES INCORPORATED 16,470 48,500 BERJAYA CORPORATION BHD 10,873 1,319 GROUPE BRUXELLES LAMBERT SA 137,151 2,719 TULLETT PREBON PLC 21,832 186,326 -------------- JUSTICE, PUBLIC ORDER & SAFETY: 0.09% 52,471 CORRECTIONS CORPORATION OF AMERICA+ 1,395,729 --------------
140 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- LEATHER & LEATHER PRODUCTS: 0.11% 28,217 BROWN SHOE COMPANY INCORPORATED<< $ 428,898 15,786 COACH INCORPORATED+ 457,636 9,364 GENESCO INCORPORATED+<< 342,816 31,014 TIMBERLAND COMPANY+ 522,896 1,752,246 -------------- LEGAL SERVICES: 0.15% 21,152 FTI CONSULTING INCORPORATED+ 1,552,557 3,699 PRE-PAID LEGAL SERVICES INCORPORATED<< 165,123 15,669 RAYONIER INCORPORATED 704,948 2,422,628 -------------- LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION: 0.01% 18 AP MOLLER-MAERSK AS 201,379 14,482 MACMAHON HOLDINGS LIMITED 21,667 223,046 -------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.07% 3,799 BABCOCK INTERNATIONAL GROUP 41,462 162,500 BARITO PACIFIC TBK PT+ 27,213 1,859 CANFOR CORPORATION+ 19,014 33,500 CHAMPION ENTERPRISES INCORPORATED+<< 163,815 70,495 LOUISIANA-PACIFIC CORPORATION+ 686,621 694 PFLEIDERER AG 10,412 2,276 SINO-FOREST CORPORATION+ 42,871 325 TECNICAS REUNIDAS SA 21,445 120,930 TERRANOVA SA 19,693 504 WEST FRASER TIMBER COMPANY LIMITED+ 18,607 1,051,153 -------------- MACHINERY: 0.03% 3,500 DAIFUKU COMPANY LIMITED 28,648 1 HUSQVARNA AB 6 4,105 HUSQVARNA AB B SHARES 33,119 14,000 JAPAN STEEL WORKS 241,107 5,000 OKUMA CORPORATION 35,939 3,400 OSG CORPORATION 29,131 575 RHEINMETALL BERLIN 36,602 2,589 SEVAN MARINE ASA+ 26,599 431,151 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.98% 2,200 A&D COMPANY LIMITED 16,198 26,185 ADVANCED MEDICAL OPTICS INCORPORATED+<< 566,382 30,318 AFFYMETRIX INCORPORATED+<< 260,128 2,819 AGFA-GEVAERT NV 22,449 16,663 AGILENT TECHNOLOGIES INCORPORATED+ 579,206 10,300 ALFA LAVAL AB 140,563 13,804 ALLERGAN INCORPORATED 771,229 708 ALTANA AG 11,294 30,959 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+<< 551,070 33,745 APPLIED BIOSYSTEMS 1,231,355 11,808 ARTHROCARE CORPORATION+<< 302,757 13,310 BAYER AG 1,051,921 9,662 BECKMAN COULTER INCORPORATED 713,249
Wells Fargo Advantage Master Portfolios 141 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 10,482 BECTON DICKINSON & COMPANY $ 915,917 201 BEKAERT SA 35,051 8,043 BIO-RAD LABORATORIES INCORPORATED+ 865,427 26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ 11,276 65,653 BOSTON SCIENTIFIC CORPORATION+ 824,602 15,789 CELERA CORPORATION+ 221,046 24,100 CEPHEID INCORPORATED+<< 448,260 2,298 COCHLEAR LIMITED 107,817 14,610 COHU INCORPORATED 243,987 412 COLOPLAST AS CLASS B 29,497 1,365 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 56,046 2,700 COSEL COMPANY LIMITED 24,288 16,594 CR BARD INCORPORATED 1,550,709 11,197 DANAHER CORPORATION 913,339 22,262 DENTSPLY INTERNATIONAL INCORPORATED<< 872,448 17,643 DRS TECHNOLOGIES INCORPORATED 1,404,736 57,802 EASTMAN KODAK COMPANY<< 935,814 1,156 ELEKTA AB CLASS B 24,538 17,133 ENERGY CONVERSION DEVICES INCORPORATED+<< 1,287,888 11,126 ESCO TECHNOLOGIES INCORPORATED+<< 529,709 3,600 ESPEC CORPORATION 25,224 3,852 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 204,917 12,898 ESTERLINE TECHNOLOGIES CORPORATION+ 728,608 17,941 FISHER & PAYKEL HEALTHCARE CORPORATION 39,450 21,900 FLIR SYSTEMS INCORPORATED+ 781,830 20,886 FORMFACTOR INCORPORATED+<< 400,802 21,700 FOSSIL INCORPORATED+ 649,264 1,153 FRESENIUS AG 93,911 18,000 FUJIFILM HOLDINGS CORPORATION 495,288 13,000 FUJIKURA LIMITED 60,512 500 FUKUDA DENSHI COMPANY LIMITED 11,014 25,000 FURUKAWA ELECTRIC COMPANY LIMITED 128,914 5,792 GARMIN LIMITED<< 201,330 2,800 GETINGE AB 63,796 40,000 GOLDEN MEDITECH COMPANY LIMITED 11,922 11,156 HAEMONETICS CORPORATION+<< 699,704 4,905 HALMA PLC 17,981 6,000 HITACHI CABLE LIMITED 21,611 400 HOGY MEDICAL COMPANY LIMITED 19,209 40,915 HOLOGIC INCORPORATED+<< 868,216 15,900 HOYA CORPORATION 324,124 6,331 INTUITIVE SURGICAL INCORPORATED+ 1,869,354 36,600 ION GEOPHYSICAL CORPORATION+<< 589,992 14,311 ITRON INCORPORATED+<< 1,482,333 18,500 KONICA MINOLTA HOLDINGS INCORPORATED 254,982 4,162 LARGAN PRECISION COMPANY LIMITED 56,165 2,058 LUXOTTICA GROUP SPA 51,642 52,123 MEDTRONIC INCORPORATED 2,845,916 14,529 MENTOR CORPORATION<< 358,576 5,567 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 585,648 8,422 MILLIPORE CORPORATION+ 631,734 9,571 MINE SAFETY APPLIANCES COMPANY<< 347,714 3,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 36,454 25,843 NATIONAL INSTRUMENTS CORPORATION 834,212 14,632 NEWPORT CORPORATION+ 137,102 1,500 NIHON KOHDEN CORPORATION 32,706
142 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 13,000 NIKON CORPORATION $ 421,930 1,000 NIPRO CORPORATION 18,251 5,932 OLYMPUS CORPORATION ADR<< 195,137 21,244 ORBOTECH LIMITED 229,435 951 ORION OYJ 17,900 5,000 OSAKI ELECTRIC COMPANY LIMITED 28,487 69,000 OSIM INTERNATIONAL LIMITED 12,173 3,500 PARIS MIKI INCORPORATED 29,471 5,016 PHARMAXIS LIMITED+ 9,456 692 PHONAK HOLDING AG 50,054 11,929 RESMED INCORPORATED+<< 558,277 20,951 ROCKWELL AUTOMATION INCORPORATED 989,097 14,266 ROPER INDUSTRIES INCORPORATED<< 842,835 9,000 SHIMADZU CORPORATION 84,349 5,002 SILEX SYSTEMS LIMITED+ 30,648 41,090 SIRF TECHNOLOGY HOLDINGS INCORPORATED+<< 76,017 2,425 SSL INTERNATIONAL PLC 20,887 15,306 ST. JUDE MEDICAL INCORPORATED+ 701,474 41,978 STERIS CORPORATION<< 1,543,531 84 STRAUMANN HOLDING AG 22,511 14,308 STRYKER CORPORATION 961,355 27,700 SUMITOMO ELECTRIC INDUSTRIES LIMITED 317,873 3,300 SUZUKEN COMPANY LIMITED 118,546 1,153 SYNTHES INCORPORATED 159,551 8,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 169,692 600 TAMRON COMPANY LIMITED 10,960 201 TECAN GROUP AG 11,390 16,922 TECHNE CORPORATION+ 1,305,871 13,984 TELEDYNE TECHNOLOGIES INCORPORATED+ 871,623 33,908 TERADYNE INCORPORATED+<< 316,362 6,900 TERUMO CORPORATION 383,863 1,200 TGS NOPEC GEOPHYSICAL COMPANY ASA+ 16,024 970 TITAN INDUSTRIES LIMITED 27,777 1,200 TOA MEDICAL ELECTRONICS COMPANY 52,333 1,400 TOPCON CORPORATION 9,304 18,543 TRIMBLE NAVIGATION LIMITED+ 627,681 4,300 USHIO INCORPORATED 65,124 13,387 VARIAN INCORPORATED+<< 665,468 3,191 VESTAS WIND SYSTEMS AS+ 432,998 15,965 WATERS CORPORATION+ 1,089,611 396 WILLIAM DEMANT HOLDING+ 19,116 4,100 YAMATAKE CORPORATION 79,538 10,955 ZIMMER HOLDINGS INCORPORATED+ 793,032 47,869,365 -------------- MEDIA: 0.00% 820 MODERN TIMES GROUP MTG B SHARES 43,402 977 VOCENTO SA 10,733 54,135 -------------- MEDICAL EQUIPMENT & SUPPLIES: 0.08% 19,831 INVACARE CORPORATION<< 504,302 15,300 NUVASIVE INCORPORATED+<< 729,198 1,233,500 --------------
Wells Fargo Advantage Master Portfolios 143 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MEDICAL MANAGEMENT SERVICES: 0.06% 281,100 BANGKOK CHAIN HOSPITAL PCL $ 60,341 24,199 COVENTRY HEALTH CARE INCORPORATED+ 847,449 907,790 -------------- MEDICAL PRODUCTS: 0.18% 29,000 BAXTER INTERNATIONAL INCORPORATED 1,965,040 8,975 ILLUMINA INCORPORATED+<< 773,017 397 ROCHE HOLDINGS AG - BEARER SHARES 72,915 2,810,972 -------------- METAL MINING: 1.10% 3,793 ACCOR SA 250,835 5,420 ADITYA BIRLA MINERALS LIMITED 7,531 3,611 AFRICAN RAINBOW MINERALS LIMITED 121,248 2,222 AGNICO EAGLE MINES LIMITED 127,548 40,215 ALUMINA LIMITED(a) 165,951 8,931 ANDEAN RESOURCES LIMITED+ 9,767 152,174 ANEKA TAMBANG TBK PT 31,109 23,311 ANGLO AMERICAN PLC 1,239,108 3,120 ANGLO PLATINUM LIMITED 393,010 15,923 ANGLOGOLD ASHANTI LIMITED 428,042 5,164 AQUILA RESOURCES LIMITED+ 71,575 2,262 AURIZON MINES LIMITED+ 7,030 6,457 AVOCA RESOURCES LIMITED+ 10,228 5,200 BANPU PCL 59,067 3,268 BANRO CORPORATION+ 11,326 14,400 BARRICK GOLD CORPORATION 501,111 9,025 BHARAT FORGE LIMITED 54,337 4,500 BOLIDEN AB 28,349 5,200 CAMECO CORPORATION 156,421 19,141 CENTAMIN EGYPT LIMITED+ 17,883 156,000 CHINA MINING RESOURCES GROUP LIMITED+ 8,545 8,246 CIA DE MINAS BUENAVENTURA SA 192,775 29,894 CIA MINERA MILPO SA 79,002 62,246 CIA VALE DO RIO DOCE 1,652,383 15,156 CLEVELAND CLIFFS INCORPORATED 1,534,090 9,842 COAL OF AFRICA LIMITED+ 25,654 243,200 COEUR D'ALENE MINES CORPORATION+<< 435,328 629 COMPASS RESOURCES NL+ 339 1,265 DENISON MINES CORPORATION+ 7,160 8,467 EASTERN PLATINUM LIMITED+ 12,519 4,392 ELDORADO GOLD CORPORATION+ 34,911 9,374 EQUINOX MINERALS LIMITED+ 35,314 191 ERAMET 104,586 5,033 EURASIAN NATURAL RESOURCES CORPORATION 91,955 2,612 EUROPEAN GOLDFIELDS LIMITED+ 10,430 1,084 FIRST QUANTUM MINERALS LIMITED 69,932 842 FNX MINING COMPANY INCORPORATED+ 12,291 75,806 FORTESCUE METALS GROUP LIMITED+ 492,487 1,514 FRANCO-NEVADA CORPORATION 30,157 6,162 GABRIEL RESOURCES LIMITED+ 13,000 1,892 GAMMON LAKE RESOURCES INCORPORATED+ 17,605 14,745 GINDALBIE METALS LIMITED+ 11,365 30,510 GOLD FIELDS LIMITED 279,181 11,936 GOLDCORP INCORPORATED 406,035 197,591 GRUPO MEXICO SAB DE CV 329,167
144 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- METAL MINING (continued) 1,859 GUYANA GOLDFIELDS INCORPORATED+ $ 5,935 15,239 HARMONY GOLD MINING COMPANY LIMITED+ 132,894 3,616 HINDALCO INDUSTRIES LIMITED 10,008 6,787 HINDUSTAN ZINC LIMITED 87,863 2,100 HUDBAY MINERALS INCORPORATED+ 21,241 4,701 IAMGOLD CORPORATION 30,992 29,966 IMPALA PLATINUM HOLDINGS LIMITED 845,507 4,101 INDEPENDENCE GROUP NL 11,514 13,243 INDOPHIL RESOURCES NL+ 13,733 676 INMET MINING CORPORATION 40,714 95,928 INTERNATIONAL NICKEL INDONESIA TBK 38,755 4,042 IVANHOE MINES LIMITED+ 45,491 12,681 KAGARA ZINC LIMITED 33,740 2,214 KATANGA MINING LIMITED+ 23,979 4,511 KAZAKHMYS PLC 105,857 5,753 KGHM POLSKA MIEDZ SA 193,691 3,013 KINGSGATE CONSOLIDATED LIMITED 12,764 9,769 KINROSS GOLD CORPORATION 161,007 587 KOREA ZINC COMPANY LIMITED 67,856 260 LABRADOR IRON ORE ROYALTY INCOME FUND+ 13,644 2,540 LONMIN PLC 160,425 4,655 LUNDIN MINING CORPORATION+ 22,271 6,401 MINARA RESOURCES LIMITED 8,454 5,400 MINCOR RESOURCES NL 8,708 4,880 MINEFINDERS CORPORATION+ 38,606 3,262 MIRABELA NICKEL LIMITED+ 13,929 22,000 MITSUI MINING & SMELTING COMPANY LIMITED 58,619 12,447 MURCHISON METALS LIMITED+ 23,501 15,826 NEWCREST MINING LIMITED 371,129 19,764 NEWMONT MINING CORPORATION 891,356 926 NEWMONT MINING CORPORATION OF CANADA LIMITED 41,582 3,000 NIPPON DENKO COMPANY LIMITED 25,818 19,000 NIPPON LIGHT METAL COMPANY LIMITED 28,667 6,396 NORTHAM PLATINUM LIMITED 44,513 306,000 OCEAN GRAND HOLDINGS LIMITED 39,600 28,126 OM HOLDINGS LIMITED 57,837 700 ONOKEN COMPANY LIMITED 10,427 1,618 OUTOKUMPU OYJ 38,744 5,000 PACIFIC METALS COMPANY LIMITED 31,998 1,279 PAN AMERICAN SILVER CORPORATION+ 34,330 46,179 PAN AUSTRALIAN RESOURCES LIMITED+ 34,137 12,593 QUEST CAPITAL CORPORATION 20,399 2,243 RED BACK MINING INCORPORATED+ 14,470 8,671 RESOLUTE MINING LIMITED+ 11,854 10,210 RIO TINTO LIMITED 1,107,003 17,318 RIO TINTO PLC 1,643,981 6,431 RIVERSDALE MINING LIMITED 56,984 5,152 SALLY MALAY MINING LIMITED 9,604 8,750 SESA GOA LIMITED 31,355 4,146 SHERRITT INTERNATIONAL CORPORATION 37,290 680 SILVER STANDARD RESOURCES INCORPORATED+ 17,272 1,187 SILVER WHEATON CORPORATION+ 13,750 1,891 SILVERCORP METALS INCORPORATED 7,907 944 SOCIEDAD MINERA CERRO VERDE SA+ 21,004 3,920 SOCIEDAD MINERA EL BROCAL SA+ 52,063 5,760 SOUTHERN COPPER CORPORATION<< 147,053
Wells Fargo Advantage Master Portfolios 145 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- METAL MINING (continued) 28,404 STILLWATER MINING COMPANY+<< $ 211,610 11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 11,783 42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 9,200 5,907 SXR URANIUM ONE INCORPORATED+ 25,313 6,222 SYLVANIA RESOURCES LIMITED+ 7,548 7,175 TECK COMINCO INCORPORATED LIMITED 299,777 1,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 29,449 80,000 TIMAH TBK PT 22,347 1,200 TOHO TITANIUM COMPANY LIMITED 17,754 54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL 10,824 8,018 UNITED PHOSPHORUS LIMITED 60,867 1,983 VEDANTA RESOURCES PLC 65,475 26,014 VOLCAN CIA MINERA SAA+ 30,849 4,171 WESTERN AREAS NL+ 33,099 11,308 YAMANA GOLD INCORPORATED 122,798 176,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 119,059 17,729,264 -------------- MINING: 0.01% 947 ASSORE LIMITED 92,233 1,908 AURELIAN RESOURCES INCORPORATED+ 10,872 103,105 -------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.53% 588 ABER DIAMOND CORPORATION 11,519 5,780 ANTOFAGASTA PLC 64,968 122,403 BHP BILLITON LIMITED 4,299,017 53,023 BOART LONGYEAR GROUP 88,695 2,604 BRADKEN LIMITED 24,403 43,000 CHINA MOLYBDENUM COMPANY LIMITED 27,988 11,000 DOWA MINING COMPANY LIMITED 61,282 22,086 ILUKA RESOURCES LIMITED 84,196 65,000 JIANGXI COPPER COMPANY LIMITED 103,159 82,553 LIHIR GOLD LIMITED+ 167,387 17,759 LYNAS CORPORATION LIMITED+ 17,364 14,182 MINSUR SA 32,866 45,000 MITSUBISHI MATERIALS CORPORATION 159,682 40,000 MONGOLIA ENERGY COMPANY LIMITED+ 36,948 18,676 MOUNT GIBSON IRON LIMITED 38,225 118,707 OXIANA LIMITED 176,731 16,220 PALADIN RESOURCES LIMITED+ 80,024 5,100 POTASH CORPORATION OF SASKATCHEWAN 887,433 813 QUADRA MINING LIMITED+ 12,978 1,115 RANDGOLD RESOURCES LIMITED 49,440 22,281 ST BARBARA LIMITED+ 4,084 3,800 STRAITS RESOURCES LIMITED 17,930 21,000 SUMITOMO METAL MINING COMPANY LIMITED 267,551 1,850 UMICORE 81,069 14,545 VULCAN MATERIALS COMPANY<< 1,088,555 11,144 XSTRATA PLC 621,315 8,504,809 -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.14% 901 AALBERTS INDUSTRIES NV 13,856 307 ADVANCED METALLURGICAL GROUP NV+ 18,418 6,434 AFRICAN OXYGEN LIMITED 22,546
146 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES (continued) 180,000 ALLIANCE GLOBAL GROUP INCORPORATED+ $ 18,117 1,800 AMANO CORPORATION 15,499 21,000 ANTA SPORTS PRODUCTS LIMITED 14,874 608 AREVA T&D INDIA LIMITED 20,941 882 BHARAT ELECTRONICS LIMITED 18,376 26,491 BLUESCOPE STEEL LIMITED 208,300 17,441 BLYTH INCORPORATED 275,742 5,263 BUNZL PLC 68,411 43,491 CALLAWAY GOLF COMPANY 590,608 1,859 CAMPBELL BROTHERS LIMITED 55,820 2,353 CHEIL INDUSTRIES INCORPORATED 111,487 25,200 CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED+ 2,180 26,356 CIPLA LIMITED INDIA 143,471 2,628 COLGATE PALMOLIVE INDIA LIMITED 24,356 5,789 COOKSON GROUP PLC 68,335 4,431 CUMMINS INDIA LIMITED 31,819 11,414 DABUR INDIA LIMITED 23,592 903 DOOSAN CORPORATION+ 101,299 2,181 ELSWEDY CABLES HOLDING COMPANY+ 55,198 64,000 FIRST PACIFIC COMPANY LIMITED 39,504 32,000 FOSUN INTERNATIONAL+ 17,885 65,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 48,238 26,966 FUTURIS CORPORATION LIMITED 31,798 47,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 18,145 7,800 GINTECH ENERGY CORPORATION+ 59,248 4,300 GLORY LIMITED 91,735 3,402 GRASIM INDUSTRIES LIMITED 148,191 6,598 GWA INTERNATIONAL LIMITED+ 16,025 25,025 HASBRO INCORPORATED 935,935 32,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 107,046 41,318 HILLENBRAND INCORPORATED 982,542 4,142 HILLS INDUSTRIES LIMITED 15,049 47,917 HINDALCO INDUSTRIES LIMITED++ 139,438 700 HITACHI MAXELL LIMITED 7,820 237,835 IDT INTERNATIONAL LIMITED+ 8,461 5,387 IMI PLC 48,942 4,223 INDUSTRIAS PENOLES SA DE CV 69,776 11,785 INVENSYS PLC+ 60,134 51,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 87,300 261 ITALMOBILIARE SPA 13,723 19,106 JAKKS PACIFIC INCORPORATED+<< 476,695 2,900 JAPAN CASH MACHINE COMPANY LIMITED 24,969 98,763 JOHNSON & JOHNSON 6,955,878 12,000 JS GROUP CORPORATION 162,903 70,000 KAWASAKI HEAVY INDUSTRIES LIMITED 154,340 332 KOOR INDUSTRIES LIMITED 14,597 2,100 KOSE CORPORATION 57,096 626 KRONES AG 45,800 469 LEONI AG 20,808 21,105 LITE-ON IT CORPORATION+ 16,287 2,025 LUPIN LIMITED 33,482 72,495 MATTEL INCORPORATED 1,401,328 2,109 MELROSE PLC 6,206 117,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 558,787 1,200 MITSUBISHI PENCIL COMPANY LIMITED 15,383 5,500 MITSUI MINING COMPANY LIMITED 18,752
Wells Fargo Advantage Master Portfolios 147 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES (continued) 11,505 MORGAN CRUCIBLE COMPANY $ 48,085 7,106 MOSER BAER INDIA LIMITED 16,303 100 NAKANISHI INCORPORATED 9,151 3,781 NATIONAL ALUMINIUM COMPANY LIMITED 33,035 5,937 NEW HOPE CORPORATION LIMITED 23,666 2,000 NIKKISO COMPANY LIMITED 12,284 2,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 16,082 15,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 200,085 431 NKT HOLDING AS 24,456 63,600 NOBLE GROUP LIMITED 85,937 14,333 ORICA LIMITED 303,549 8,000 RELIANCE INDUSTRIES LIMITED<<++ 777,950 386 RHI AG+ 17,485 100 ROCKWOOL INTERNATIONAL AS 9,828 2,100 SANRIO COMPANY LIMITED 23,891 5,402 SHREE PRECOATED STEELS LIMITED 11,591 60,000 SINGAMAS CONTAINER HOLDING 14,463 57,472 SUZLON ENERGY LIMITED 282,942 2,700 TOMY COMPANY LIMITED 17,773 823 TRELLEBORG AB CLASS B 14,266 16,924 TYCO INTERNATIONAL LIMITED 725,701 40,824 UNIMICRON TECHNOLOGY CORPORATION 45,337 2,771 UNITED SPIRITS LIMITED 84,715 10,093 VIDEOCON INDUSTRIES LIMITED 62,162 1,339 WARTSILA OYJ CLASS B 76,898 21,664 WESFARMERS LIMITED 567,995 55,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 23,179 351 ZAKLADY AZOTOWE PULAWY SA+ 15,299 18,357,599 -------------- MISCELLANEOUS RETAIL: 1.01% 28,000 AEON COMPANY LIMITED 321,117 309 AKER ASA CLASS A 14,259 24,000 ALIBABA.COM LIMITED+ 30,208 3,800 ARCS COMPANY LIMITED 53,036 73,646 BLOCKBUSTER INCORPORATED+<< 176,750 37,777 BORDERS GROUP INCORPORATED+<< 264,439 38,000 CHINA RESOURCES ENTERPRISE LIMITED 102,836 50,000 CITIC PACIFIC LIMITED 173,465 9,434 COMERCIAL SIGLO XXL SA 35,326 20,027 COSTCO WHOLESALE CORPORATION 1,343,011 5,800 CREDIT SAISON COMPANY LIMITED 116,847 3,800 CULTURE CONVENIENCE CLUB COMPANY LIMITED 23,648 65,476 CVS CORPORATION 2,396,422 36,131 DICK'S SPORTING GOODS INCORPORATED+ 827,039 36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 21,075 39,755 DILLARD'S INCORPORATED<< 507,671 9,710 EXPRESS SCRIPTS INCORPORATED+ 712,811 2,723 FAES FARMA SA 22,229 8,378 FOSCHINI LIMITED 46,163 500 FUJI COMPANY LIMITED 7,992 22 GEO COMPANY LIMITED 21,420 4,400 HEIWADO COMPANY LIMITED 70,075 900 HIKARI TSUSHIN INCORPORATED 22,911 7,540 HSN INCORPORATED+<< 110,458 7,634 INDIABULLS FINANCIAL SERVICES LIMITED 42,963
148 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MISCELLANEOUS RETAIL (continued) 4,706 INMOBILIARIA COLONIAL SA $ 2,601 13,500 ISETAN MITSUKOSHI HOLDINGS LIMITED 150,470 4,200 IZUMI COMPANY LIMITED 61,199 1,094 JEAN COUTU GROUP INCORPORATED CLASS A 8,706 10,000 KASUMI COMPANY LIMITED 60,688 4,000 LIFE CORPORATION 61,049 14,418 LONGS DRUG STORES CORPORATION 1,033,050 10,124 MARVEL ENTERTAINMENT INCORPORATED+<< 342,900 9,114 MASSMART HOLDINGS LIMITED 98,218 136,000 METRO HOLDINGS LIMITED 64,847 20,483 MSC INDUSTRIAL DIRECT COMPANY<< 1,043,199 5,988 NATURA COSMETICOS SA 69,909 14,241 NUTRI SYSTEM INCORPORATED<< 282,969 3,190 ORIX CORPORATION 388,613 15,302 ORKLA ASA 196,301 20,406 PETSMART INCORPORATED 550,350 5,337 PRICELINE.COM INCORPORATED+<< 496,234 107,964 RITE AID CORPORATION+<< 130,636 800 RYOHIN KEIKAKU COMPANY LIMITED 42,927 14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 5,488 940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 24,478 1,700 SHIMACHU COMPANY LIMITED 40,878 4,000 SHOPPERS DRUG MART CORPORATION 208,702 2,930 SK NETWORKS COMPANY LIMITED+ 44,854 32,402 STAPLES INCORPORATED 784,128 450 STOCKMANN OYJ ABP 12,686 2,400 THE DAIEI INCORPORATED+ 18,972 8,000 UNY COMPANY LIMITED 88,192 45,281 WALGREEN COMPANY 1,649,587 37,659 WOOLWORTHS HOLDINGS LIMITED 61,398 28,771 ZALE CORPORATION+<< 785,736 16,274,136 -------------- MISCELLANEOUS SERVICES: 0.06% 9,077 DUN & BRADSTREET CORPORATION 834,812 48,000 GLOBAL BIO-CHEM TECHNOLOGY 18,229 4,636 IFIL INVESTMENTS SPA 30,201 47,471 INVERSIONES AGUAS METROPOLITANAS SA 49,068 932,310 -------------- MOTION PICTURES: 0.47% 549 ASTRAL MEDIA INCORPORATED 17,187 17,619 AVID TECHNOLOGY INCORPORATED+<< 409,466 3,000 ESUN HOLDINGS LIMITED+ 562 484,500 GLOBAL MEDIACOM TBK PT 20,235 82,941 NEWS CORPORATION CLASS A 1,174,445 19,787 NEWS CORPORATION CLASS B 284,141 10,000 TELEVISION BROADCASTS LIMITED 55,816 165,189 TIME WARNER INCORPORATED 2,704,144 4,800 TOHO COMPANY LIMITED TOKYO 101,464 6,370 TVN SA PLN 49,999 80,700 WALT DISNEY COMPANY 2,610,645 13,569 ZEE ENTERTAINMENT ENTERPRISES LIMITED 66,689 7,494,793 --------------
Wells Fargo Advantage Master Portfolios 149 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.34% 15,206 ARKANSAS BEST CORPORATION $ 526,432 36,788 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 135,621 8,754 CON-WAY INCORPORATED 429,821 2,176 CONTAINER CORPORATION OF INDIA 43,272 32,000 COSCO PACIFIC LIMITED 48,675 2,980 DSV A/S 57,591 28,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORPORATION+ 18,168 2,389 FORD OTOMOTIV SANAYI AS 18,416 12,658 FORWARD AIR CORPORATION 446,701 5,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 17,015 1,400 HITACHI TRANSPORT SYSTEM LIMITED 18,952 23,105 LANDSTAR SYSTEM INCORPORATED<< 1,132,607 3,167 MAINFREIGHT LIMITED 15,624 5,000 MITSUBISHI LOGISTICS CORPORATION 56,705 18,734 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 243,987 39,000 NIPPON EXPRESS COMPANY LIMITED 182,354 2,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 20,255 13,030 OLD DOMINION FREIGHT LINE+ 433,508 9,000 SANKYU INCORPORATED 42,598 700 SCANIA AB 10,410 6,000 SEINO HOLDINGS COMPANY LIMITED 35,082 2,000 SHIBUSAWA WAREHOUSE COMPANY LIMITED THE 10,917 47,300 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 91,418 34,580 WERNER ENTERPRISES INCORPORATED<< 788,770 38,592 YRC WORLDWIDE INCORPORATED+<< 698,515 5,523,414 -------------- MULTI MEDIA: 0.00% 1,710 SANOMAWSOY OYJ 33,936 -------------- MULTI-INDUSTRY COMPANIES: 0.01% 38,000 FRASER & NEAVE LIMITED 116,530 -------------- NEWSPAPERS: 0.00% 105 AXEL SPRINGER AG 10,985 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53% 2,820 ACOM COMPANY LIMITED 78,543 3,000 AEON CREDIT SERVICE COMPANY LIMITED 34,121 2,600 AIFUL CORPORATION 21,014 46,780 AMERICAN EXPRESS COMPANY 1,856,230 77,440 AMERICREDIT CORPORATION+<< 819,315 1 APOLLO INVESTMENT CORPORATION<< 18 462 BANCA ITALEASE SPA 3,990 1,251 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO 12,360 7,122 BRADFORD & BINGLEY PLC 6,354 12,573 CAPITAL ONE FINANCIAL CORPORATION<< 554,972 42,650 CAPITAL SOURCE INCORPORATED<< 536,537 8,749 CATTLES PLC 18,980 1,200 CENTURY LEASING SYSTEM INCORPORATED 12,378 53,979 CIT GROUP INCORPORATED<< 556,523 19,607 COMPUCREDIT CORPORATION+ 101,760 17,759 CREDIT SUISSE GROUP 823,710 33,007 FANNIE MAE+<< 225,768 10,849 FINANSBANK AS TURKEY 54,743 217,803 FIRST FINANCIAL HOLDING COMPANY LIMITED 164,431
150 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- NON-DEPOSITORY CREDIT INSTITUTIONS (continued) 39,079 FIRST MARBLEHEAD CORPORATION+<< $ 161,005 110,100 FOMENTO ECONOMICO MEXICANO SAB DE CV 488,251 700 FUYO GENERAL LEASE COMPANY LIMITED 20,844 4,600 HITACHI CAPITAL CORPORATION 69,652 4,265 HOLDING DI PARTECIPAZIONI INDUSTRIALI SPA 9,657 2,700 IBJ LEASING COMPANY LIMITED 49,727 26,947 IFCI LIMITED 27,039 45,372 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 93,789 4,261 INTERNATIONAL PERSONAL FINANCE PLC 24,035 6,011 IRISH LIFE & PERMANENT PLC 55,969 2,530 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 88,581 263 ORIX CORPORATION ADR 16,159 34,591 PEOPLE'S UNITED FINANCIAL INCORPORATED 619,871 5,321 POWER FINANCE CORPORATION LIMITED 16,095 3,150 PROMISE COMPANY LIMITED 70,597 1,666 PROVIDENT FINANCIAL PLC 27,504 11,518 REDECARD SA 209,303 600 RICOH LEASING COMPANY LIMITED 12,012 7,952 SAMPO OYJ 200,052 447 SAMSUNG CARD COMPANY LIMITED 16,291 11 SHINKIN CENTRAL BANK 43,192 4,640 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED 35,718 8,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 28,359 3,100 TOKYO LEASING COMPANY 29,098 161,069 TRANSCEND INFORMATION INCORPORATED 118,593 1,256 TREE.COM INCORPORATED+<< 9,546 14,611 TURKIYE HALK BANKASI AS 80,492 8,503,178 -------------- NON-FERROUS METALS: 0.00% 800 SUMITOMO TITANIUM CORPORATION 30,660 -------------- OFFICE EQUIPMENT: 0.04% 42,100 XEROX CORPORATION 586,453 -------------- OIL & GAS EXTRACTION: 5.43% 845 ABAN OFFSHORE LIMITED 39,711 1,639 ADDAX PETROLEUM CORPORATION 62,624 1,122 ADVANTAGE ENERGY+ 12,818 520 ALTAGAS INCORPORATEDOME TRUST+ 12,469 16,256 ANADARKO PETROLEUM CORPORATION 1,003,483 2,300 AOC HOLDINGS INCORPORATED 23,891 11,493 APACHE CORPORATION 1,314,569 11,177 ARC ENERGY LIMITED+(a) 12,381 879 ARKEMA 42,399 19,379 ARROW ENERGY NL+ 57,465 23,630 ATWOOD OCEANICS INCORPORATED+ 960,796 15,833 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 47,273 2,755 BANKERS PETROLEUM LIMITED+ 12,586 24,795 BEACH PETROLEUM LIMITED 24,302 58,027 BG GROUP PLC 1,287,119 5,902 BHARAT PETROLEUM CORPORATION LIMITED 40,300 1,758 BIRCHCLIFF ENERGY LIMITED+ 21,143 58,600 BJ SERVICES COMPANY 1,573,410 617 BONAVISTA ENERGY TRUST+ 19,071 680 BOURBON SA 38,713
Wells Fargo Advantage Master Portfolios 151 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- OIL & GAS EXTRACTION (continued) 326,855 BP PLC $ 3,141,600 15,006 CABOT OIL & GAS CORPORATION 666,867 2,068 CAIRN ENERGY PLC+ 111,885 59,664 CAIRN INDIA LIMITED+ 334,953 425 CALFRAC WELL SERVICES LIMITED+ 10,215 9,327 CANADIAN NATURAL RESOURCES LIMITED 796,194 3,818 CANADIAN OIL SANDS TRUST 185,039 19,608 CHENIERE ENERGY INCORPORATED+<< 73,726 22,770 CHESAPEAKE ENERGY CORPORATION 1,102,068 852,000 CHINA PETROLEUM & CHEMICAL CORPORATION 820,492 255 CIA ESPANOLA DE PETROLEOS SA 26,347 2,838 CIMAREX ENERGY COMPANY 157,623 80,000 CNPC (HONG KONG) LIMITED 30,668 1,801 COMPTON PETROLEUM CORPORATION+ 15,333 3,414 CONNACHER OIL & GAS LIMITED+ 13,183 1,363 CORRIDOR RESOURCES INCORPORATED+ 7,445 30,000 COSMO OIL COMPANY LIMITED 87,622 745 CRESCENT POINT ENERGY TRUST 27,532 839 CREW ENERGY INCORPORATED+ 11,853 1,383 DANA PETROLEUM PLC+ 37,863 29,053 DELTA PETROLEUM CORPORATION+<< 521,792 38,976 DENBURY RESOURCES INCORPORATED+<< 970,113 14,505 DEVON ENERGY CORPORATION 1,480,235 2,934 DIAMOND OFFSHORE DRILLING INCORPORATED 322,476 11,000 DNO ASA 17,667 3,983 DRAGON OIL PLC+ 22,497 13,067 ENCANA CORPORATION 982,179 277,500 ENERGI MEGA PERSADA 21,359 2,124 ENERGY RESOURCES OF AUSTRALIA LIMITED+ 36,509 25,459 ENERGY WORLD CORPORATION LIMITED+ 20,718 1,978 ENERPLUS RESOURCES 85,767 9,439 ENI SPA<< 614,007 24,142 ENSCO INTERNATIONAL INCORPORATED 1,636,345 2,021 ENSIGN ENERGY SERVICES INCORPORATED 45,510 11,248 EOG RESOURCES INCORPORATED 1,174,516 20,727 EQUITABLE RESOURCES INCORPORATED 1,034,485 48,461 ESSAR OIL LIMITED 228,972 1,056 ESTABLISSEMENTS MAUREL ET PROM 21,828 57,043 EXCO RESOURCES INCORPORATED+<< 1,510,499 12,361 FOREST OIL CORPORATION+<< 703,588 397 FRED OLSEN ENERGY ASA+ 20,978 1,079 GALLEON ENERGY INCORPORATED A+ 14,369 3,647 GALP ENERGIA SGPS SA 73,333 164,551 GAZPROM ADR 6,417,489 38,562 GLOBAL INDUSTRIES LIMITED+ 372,895 121,048 GREY WOLF INCORPORATED+<< 1,054,328 5,054 GRUPA LOTOS SA+ 60,286 40,238 HALLIBURTON COMPANY 1,768,053 932 HARVEST ENERGY TRUST 19,091 12,868 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 395,948 1,450 HELLENIC PETROLEUM SA 18,219 15,321 HELMERICH & PAYNE INCORPORATED 875,136 983 HIGHPINE OIL & GAS LIMITED+ 12,591 147,189 HONG KONG & CHINA GAS COMPANY LIMITED 330,244 61,794 HORIZON OIL LIMITED+ 16,853 4,700 HUSKY ENERGY INCORPORATED 207,777
152 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- OIL & GAS EXTRACTION (continued) 900 IDEMITSU KOSAN COMPANY LIMITED $ 79,927 1,591 IMPERIAL ENERGY CORPORATION PLC+ 33,855 5,244 INDIAN OIL CORPORATION LIMITED 47,494 1,000 JAPAN PETROLEUM EXPLORATION COMPANY 66,389 6,158 JOHN WOOD GROUP PLC 53,397 37,939 LUKOIL ADR<< 2,835,940 3,959 LUNDIN PETROLEUM AB+ 43,185 303 MAJOR DRILLING GROUP INTERNATIONAL+ 12,271 9,088 MANGALORE REFINERY & PETROCHEMICALS LIMITED 12,745 54,334 MARINER ENERGY INCORPORATED+ 1,580,576 174,000 MEDCO ENERGI INTERNASIONAL TBK PT 92,375 2,619 MOL HUNGARIAN OIL & GAS PLC 281,346 1,893 NESTE OIL OYJ LIMITED 45,138 8,600 NEXEN INCORPORATED 269,550 14,594 NEXUS ENERGY LIMITED+ 17,241 604 NIKO RESOURCES LIMITED 43,858 37,000 NIPPON MINING HOLDINGS INCORPORATED 205,520 54,000 NIPPON OIL CORPORATION 336,793 12,004 NOBLE CORPORATION 603,681 7,593 NOBLE ENERGY INCORPORATED 544,646 11,687 NORSK HYDRO ASA 124,544 1,005 NUVISTA ENERGY LIMITED+ 14,198 28,462 OCCIDENTAL PETROLEUM CORPORATION 2,258,744 8,443 OCEANEERING INTERNATIONAL INCORPORATED+ 526,928 17,887 OIL & NATURAL GAS CORPORATION LIMITED 414,165 37,539 OIL REFINERIES LIMITED 23,620 32,207 OIL SEARCH LIMITED 164,546 3,636 OILEXCO INCORPORATED+ 51,537 2,895 OMV AG 185,473 2,891 OPTI CANADA INCORPORATED+ 52,413 30,849 ORIGIN ENERGY LIMITED 425,561 3,013 PACIFIC RUBIALES ENERGY CORPORATION+ 29,341 75,554 PARKER DRILLING COMPANY+<< 700,386 2,004 PENGROWTH ENERGY TRUST 35,577 3,356 PENN WEST ENERGY TRUST 98,504 8,400 PETRO-CANADA 371,426 1,232 PETROBANK ENERGY & RESOURCES LIMITED+ 54,418 1,072,000 PETROCHINA COMPANY LIMITED 1,374,312 3,921 PETROFAC LIMITED 46,507 113,562 PETROLEO BRASILEIRO SA 2,994,414 2,756 PETROLEUM GEO-SERVICES ASA+ 59,196 823 PEYTO ENERGY TRUST+ 13,463 910 PRECISION DRILLING TRUST 19,318 1,318 PREMIER OIL PLC+ 30,149 26,559 PRIDE INTERNATIONAL INCORPORATED+ 1,020,131 845 PROEX ENERGY LIMITED+ 16,155 1,900 PROSAFE ASA 17,108 4,255 PROVIDENT ENERGY TRUST+ 45,443 102,181 PTT AROMATICS & REFINING PCL 63,925 92 PTT AROMATICS & REFINING PCL (FOREIGN) 57 65,100 PTT EXPLORATION & PRODUCTION PCL 281,814 7,700 PTT PCL 59,441 31,800 PTT PCL (FOREIGN) 224,755 15,191 QUEENSLAND GAS COMPANY LIMITED+ 54,963 17,113 QUICKSILVER RESOURCES INCORPORATED+<< 413,963 24,624 RANGE RESOURCES CORPORATION 1,143,046
Wells Fargo Advantage Master Portfolios 153 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- OIL & GAS EXTRACTION (continued) 1,475 REAL RESOURCES INCORPORATED+ $ 29,575 13,472 REPSOL YPF SA 416,696 8,115 ROC OIL COMPANY LIMITED+ 8,248 22,506 ROWAN COMPANIES INCORPORATED 831,372 47,554 ROYAL DUTCH SHELL PLC CLASS B 1,635,220 4,788 SAIPEM SPA 189,460 22,455 SANTOS LIMITED 384,127 44,700 SAPURACREST PETROLEUM BHD 17,123 3,882 SARAS SPA 20,793 839 SAVANNA ENERGY SERVICES CORPORATION+ 15,851 54,600 SCHLUMBERGER LIMITED 5,144,412 10,281 SEACOR HOLDINGS INCORPORATED+<< 906,270 6,300 SHOWA SHELL SEKIYU KK 71,222 12,355 SNAM RETE GAS SPA 77,182 834 SOCO INTERNATIONAL+ 22,856 56,684 SOUTHWESTERN ENERGY COMPANY+ 2,174,965 26,974 ST. MARY LAND & EXPLORATION COMPANY 1,138,842 9,340 SUNSHINE GAS LIMITED+ 22,621 33,897 SUPERIOR ENERGY SERVICES INCORPORATED+<< 1,594,515 44,120 SURGUTNEFTEGAZ<< 163,244 127,200 SURGUTNEFTEGAZ ADR<< 896,760 16,900 TALISMAN ENERGY INCORPORATED 298,750 2,122 TECHNIP SA+ 174,152 501 TESCO CORPORATION+(a) 14,844 32,721 TETRA TECHNOLOGIES INCORPORATED+ 724,443 10,613 TIDEWATER INCORPORATED 643,891 9,000 TONENGENERAL SEKIYU KK 72,415 36,745 TOTAL SA 2,639,619 14,439 TRANSOCEAN INCORPORATED 1,836,641 1,946 TRICAN WELL SERVICE LIMITED 39,294 11,374 TULLOW OIL PLC 170,482 25,290 ULTRA PETROLEUM CORPORATION+ 1,723,514 7,531 UTS ENERGY CORPORATION+ 29,080 2,097 VENTURE PRODUCTION PLC+ 31,481 485 VERMILION ENERGY TRUST 19,641 30,932 WEATHERFORD INTERNATIONAL LIMITED+ 1,193,357 1,617 WESTERNZAGROS RESOURCES LIMITED+ 3,792 18,258 WHITING PETROLEUM CORPORATION+ 1,757,150 16,583 WOODSIDE PETROLEUM LIMITED 890,722 23,213 XTO ENERGY INCORPORATED 1,170,167 87,183,940 -------------- OIL FIELD SERVICES: 0.00% 879 FUGRO NV 67,789 -------------- PAPER & ALLIED PRODUCTS: 0.47% 25,300 ABITIBIBOWATER INCORPORATED+<< 166,474 1,791 AHLSTROM OYJ 38,089 19,504 BEMIS COMPANY INCORPORATED 544,552 10,000 C C LAND HOLDINGS LIMITED 4,217 4,969 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA 151,178 2,817 CORPORATE EXPRESS AUSTRALIA LIMITED 12,035 3,000 DAIO PAPER CORPORATION 25,872 98,115 DOMTAR CORPORATION+ 560,237 4,990 DS SMITH PLC 11,648 3,400 GREIF INCORPORATED CLASS A 234,974
154 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- PAPER & ALLIED PRODUCTS (continued) 5,000 HOKUETSU PAPER MILLS LIMITED $ 21,755 600 HOLMEN AB CLASS B 19,141 14,500 INTERNATIONAL PAPER COMPANY 392,225 14,316 KIMBERLY-CLARK CORPORATION 883,011 12,000 LEE & MAN PAPER MANUFACTURING LIMITED 11,983 33,758 MEADWESTVACO CORPORATION 893,912 9,000 MITSUBISHI PAPER MILLS LIMITED 21,434 5,436 MONDI PLC 32,271 682 MONDI SWIECIE SA 11,058 6,201 NEENAH PAPER INCORPORATED 120,423 33,000 NINE DRAGONS PAPER HOLDINGS LIMITED 20,205 38 NIPPON PAPER GROUP INCORPORATED 108,523 500 NORSKE SKOGINDUSTRIER ASA 2,726 50,682 OFFICEMAX INCORPORATED 620,348 35,000 OJI PAPER COMPANY LIMITED 182,845 20,716 PACKAGING CORPORATION OF AMERICA 533,437 15,985 PAPERLINX LIMITED 26,574 516 POTLATCH CORPORATION 24,092 8,000 RENGO COMPANY LIMITED 57,779 8,799 SAPPI LIMITED 92,641 1,521 SMURFIT KAPPA GROUP PLC 9,814 306 SOCIETE BIC SA 18,462 20,066 SONOCO PRODUCTS COMPANY 693,481 9,100 STORA ENSO OYJ 91,178 1,000 SVENSKA CELLULOSA AB CLASS A 11,446 11,200 SVENSKA CELLULOSA AB CLASS B 380,587 8,361 UPM-KYMMENE OYJ 142,853 32,782 WAUSAU PAPER CORPORATION 282,253 80,580 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED+ 26,377 7,482,110 -------------- PERSONAL SERVICES: 0.36% 26,600 CINTAS CORPORATION 819,280 65,411 H & R BLOCK INCORPORATED 1,670,597 3,350 PANTALOON RETAIL INDIA LIMITED 25,708 18,965 REGIS CORPORATION 520,779 53,978 SALLY BEAUTY HOLDINGS INCORPORATED+<< 460,972 178,643 SERVICE CORPORATION INTERNATIONAL US 1,823,945 5,325 WEIGHT WATCHERS INTERNATIONAL INCORPORATED<< 210,870 6,932 WORLEYPARSONS LIMITED 218,212 5,750,363 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 2.48% 41,013 POLISH OIL & GAS 61,506 10,872 ASHLAND INCORPORATED 444,991 4,220 CALTEX AUSTRALIA LIMITED 45,139 72,466 CHEVRON CORPORATION 6,255,265 58,000 CHINA SHIPPING DEVELOPMENT COMPANY LIMITED CLASS H 137,043 533,000 CNOOC LIMITED 828,709 689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+ 28,318 49,794 CONOCOPHILLIPS 4,108,503 23,135 ENI SPA 750,437 890 ERG SPA 18,072 187,722 EXXON MOBIL CORPORATION 15,019,637 89,000 FORMOSA PETROCHEMICAL CORPORATION 213,896
Wells Fargo Advantage Master Portfolios 155 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- PETROLEUM REFINING & RELATED INDUSTRIES (continued) 15,300 FRONTIER OIL CORPORATION $ 296,361 27,018 HEADWATERS INCORPORATED+<< 415,807 4,030 HINDUSTAN PETROLEUM CORPORATION LIMITED 18,319 20,249 HOLLY CORPORATION 647,968 5,000 IMPERIAL OIL LIMITED 257,158 35 INPEX HOLDINGS INCORPORATED 381,121 24,561 MARATHON OIL CORPORATION 1,106,953 681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 12,932 8,446 MURPHY OIL CORPORATION 663,264 6,240 PETROL OFISI 32,506 45,300 PETRONAS DAGANGAN BHD 89,221 1,138 PETROPLUS HOLDINGS AG+ 52,090 14,648 POLSKI KONCERN NAFTOWY ORLEN SA 211,650 1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA 10,625 41,106 RELIANCE PETROLEUM LIMITED+ 145,732 61,620 ROYAL DUTCH SHELL PLC CLASS A 2,144,449 3,283 S-OIL CORPORATION 194,684 2,137 SBM OFFSHORE NV 51,702 4,137 SEADRILL LIMITED 112,901 14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 45,980 10,000 SINGAPORE PETROLEUM COMPANY LIMITED 37,572 1,860 SK CORPORATION 185,265 3,645 SK ENERGY COMPANY LIMITED 284,862 15,475 STATOIL ASA 474,707 16,000 SUNCOR ENERGY INCORPORATED 916,180 23,592 SUNOCO INCORPORATED 1,047,013 27,592 TESORO CORPORATION 511,832 37,200 THAI OIL PCL 50,791 17,000 TOHO GAS COMPANY LIMITED 95,663 5,604 TUPRAS TURKIYE PETROL RAFINERILERI AS 131,263 18,551 VALERO ENERGY CORPORATION 644,833 10,188 WD-40 COMPANY<< 355,459 12,286 WORLD FUEL SERVICES CORPORATION 353,960 39,892,339 -------------- PHARMACEUTICALS: 0.03% 22,108 SAVIENT PHARMACEUTICALS INCORPORATED+<< 502,515 -------------- PIPELINES: 0.03% 11,896 APA GROUP 36,975 64,000 CHINA GAS HOLDINGS LIMITED+ 15,146 1,727 INTER PIPELINE+ 16,053 1,032 PEMBINA PIPELINE+ 17,884 9,400 TRANSCANADA CORPORATION 356,506 442,564 -------------- PRIMARY METAL INDUSTRIES: 1.67% 4,000 AICHI STEEL CORPORATION 16,353 17,871 AK STEEL HOLDING CORPORATION<< 940,193 28,365 ALCOA INCORPORATED 911,367 14,684 ALLEGHENY TECHNOLOGIES INCORPORATED 719,516 186,000 ALUMINUM CORPORATION OF CHINA LIMITED 164,019 9,419 AQUARIUS PLATINUM LIMITED 85,918 1,700 ASAHI PRETEC CORPORATION 43,155 31,298 ASHOK LEYLAND LIMITED 23,664
156 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- PRIMARY METAL INDUSTRIES (continued) 19,925 BELDEN CDT INCORPORATED<< $ 732,045 578 BOSCH LIMITED 54,286 4,118 CAP SA 148,979 21,124 CARPENTER TECHNOLOGY CORPORATION 819,822 422,856 CHINA STEEL CORPORATION 517,570 2,600 CHUBU STEEL PLATE COMPANY LIMITED 20,203 53,000 CHUNG HUNG STEEL CORPORATION 32,008 19,039 CIA SIDERURGICA NACIONAL SA 663,445 29,257 COMMSCOPE INCORPORATED+ 1,432,715 19,019 CURTISS-WRIGHT CORPORATION<< 1,024,554 2,370 DONGKUK STEEL MILL COMPANY LIMITED 84,453 164 EL EZZ ALDEKHELA STEEL ALEXANDRIA 43,385 2,964 EL EZZ STEEL COMPANY 14,299 27,031 EREGLI DEMIR VE CELIK FABRIKALARI TAS 181,571 3,309 EXXARO RESOURCES LIMITED 49,330 23,690 FENG HSIN IRON & STEEL COMPANY 45,534 22,461 GENERAL CABLE CORPORATION+ 1,105,530 1,742 GERDAU AMERISTEEL CORPORATION 24,609 19,467 GERDAU SA 296,185 2,000 GODO STEEL LIMITED 5,980 8,000 HITACHI METALS LIMITED 118,789 9,683 HUBBELL INCORPORATED CLASS B 421,307 2,650 HYUNDAI STEEL COMPANY 122,647 20,800 JFE HOLDINGS INCORPORATED 879,008 80,880 JSC MMC NORILSK NICKEL ADR<< 1,601,424 6,047 JSW STEEL LIMITED 104,582 24,000 KURIMOTO LIMITED 22,945 700 KYOEI STEEL LIMITED 14,496 903 LINDAB INTERNATIONAL AB 14,789 3,200 MARUICHI STEEL TUBE LIMITED 95,385 13,941 MATTHEWS INTERNATIONAL CORPORATION 700,675 65,000 MIDAS HOLDINGS LIMITED 23,892 10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 37,228 9,306 MITTAL STEEL SOUTH AFRICA LIMITED 219,217 24,727 MUELLER INDUSTRIES INCORPORATED 693,592 1,152 MYTILINEOS HOLDINGS SA 13,350 14,000 NAKAYAMA STEEL WORKS LIMITED 44,921 5,418,300 NAKORNTHAI STRIP MILL PCL+ 49,056 19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 44,969 240,000 NIPPON STEEL CORPORATION 1,138,470 4,500 NIPPON YAKIN KOGYO COMPANY LIMITED 22,156 17,000 NSK LIMITED 121,610 12,400 NUCOR CORPORATION 651,000 35,275 ONESTEEL LIMITED 206,101 33,800 PARKSON HOLDINGS BHD 46,288 39,075 POLIMEX MOSTOSTAL SA 88,719 1,192 PORTMAN LIMITED+ 19,030 3,612 POSCO 1,553,657 6,280 PRECISION CASTPARTS CORPORATION 648,473 2,052 RAUTARUUKKI OYJ 69,602 10,178 RTI INTERNATIONAL METALS INCORPORATED+ 344,118 9,000 SANYO SPECIAL STEEL COMPANY LIMITED 49,447 54,000 SHOUGANG CONCORD INTERNATIONAL ENTERPRISES COMPANY LIMITED 12,793 26,750 STEEL AUTHORITY OF INDIA LIMITED 94,061 22,094 TATA STEEL LIMITED 299,030 7,667 TENARIS SA 209,042
Wells Fargo Advantage Master Portfolios 157 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- PRIMARY METAL INDUSTRIES (continued) 12,042 TEXAS INDUSTRIES INCORPORATED<< $ 634,252 6,271 THYSSENKRUPP AG 312,865 684 TIMMINCO LIMITED+ 9,598 15,191 TITANIUM METALS CORPORATION<< 218,902 3,000 TOHO ZINC COMPANY LIMITED 9,987 1,800 TOPRE CORPORATION 14,878 4,000 TOPY INDUSTRIES LIMITED 11,342 17,256 TREDEGAR CORPORATION 341,669 36,000 TUNG HO STEEL ENTERPRISE CORPORATION 47,403 23,910 UNITED STATES STEEL CORPORATION 3,181,704 6,794 USINAS SIDERURGICAS DE MINAS GERAIS SA 230,871 7,024 WELSPUN-GUJARAT STAHL LIMITED 50,578 42,309 WORTHINGTON INDUSTRIES<< 744,638 1,700 YAMATO KOGYO COMPANY LIMITED 61,957 6,000 YODOGAWA STEEL WORKS LIMITED 30,646 26,897,847 -------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.74% 34,567 ACCO BRANDS CORPORATION+ 293,474 6,597 AGGREKO PLC 86,438 10,623 AH BELO CORPORATION 51,522 31,440 AMERICAN GREETINGS CORPORATION CLASS A 505,555 56,199 BELO CORPORATION CLASS A 411,939 17,150 BOWNE & COMPANY INCORPORATED 207,515 19,695 CBS CORPORATION CLASS B 318,665 5,850 COMPAGNIE INDUSTRIALI RIUNITE 14,927 24,000 DAI NIPPON PRINTING COMPANY LIMITED 338,844 46,418 GANNETT COMPANY INCORPORATED<< 825,776 30,066 HARTE HANKS INCORPORATED 371,315 22,001 HAYS PLC 38,169 783 HEIDELBERGER DRUCKMASCHINEN AG 16,018 93,124 IDEARC INCORPORATED+<< 153,655 2,506 INTERTEK GROUP PLC 44,795 20,687 JOHN WILEY & SONS INCORPORATED 984,287 2,905 JOHNSTON PRESS PLC 2,478 600 KADOKAWA GROUP HOLDINGS INCORPORATED 14,128 4,000 KOMORI CORPORATION 58,365 26,521 LEE ENTERPRISES INCORPORATED<< 99,454 36,614 MCCLATCHY COMPANY CLASS A<< 132,909 15,614 MCGRAW-HILL COMPANIES INCORPORATED 668,904 12,689 MEDIA GENERAL INCORPORATED CLASS A<< 156,075 16,991 MEREDITH CORPORATION 482,205 13,946 NASPERS LIMITED 350,235 24,968 NEW YORK TIMES COMPANY CLASS A 324,334 1,300 NISSHA PRINTING COMPANY LIMITED 70,210 2,104 PAGESJAUNES SA 30,099 13,392 PEARSON PLC 165,408 1,137 PROMOTORA DE INFORMACIONES SA 9,902 12,441 PUBLISHING & BROADCASTING LIMITED 34,561 541 QUEBECOR INCORPORATED+ 14,434 1,462 RANDSTAD HOLDINGS NV 44,830 43,048 RH DONNELLEY CORPORATION+<< 161,430 42,829 RR DONNELLEY & SONS COMPANY 1,194,073 600 SCHIBSTED ASA 15,410 7,208 SERCO GROUP PLC 56,390 7,526 SEVEN NETWORK LIMITED 50,359
158 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued) 63,000 SINGAPORE PRESS HOLDINGS LIMITED $ 182,238 33,600 STAR PUBLICATIONS LIMITED 32,624 503 TELEGRAAF MEDIA GROEP NV 13,293 3,900 THOMSON CORPORATION 131,310 23,000 TOPPAN PRINTING COMPANY LIMITED 207,302 1,036 TORSTAR CORPORATION+ 14,928 1,052 TRANSCONTINENTAL INCORPORATED+ 16,348 32,208 VALASSIS COMMUNICATIONS INCORPORATED+<< 303,077 25,729 VIACOM INCORPORATED CLASS B+<< 758,491 18,044 VISTAPRINT LIMITED+<< 599,783 953 WASHINGTON POST COMPANY CLASS B 568,465 4,997 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED 38,820 4,738 WOLTERS KLUWER NV 115,315 4,067 YELLOW PAGES INCOME FUND 38,533 11,819,614 -------------- RAILROAD TRANSPORTATION: 0.63% 78,069 ALL AMERICA LATINA LOGISTICA 143,685 10,500 BURLINGTON NORTHERN SANTA FE CORPORATION 1,127,700 7,900 CANADIAN NATIONAL RAILWAY COMPANY 414,493 2,800 CANADIAN PACIFIC RAILWAY LIMITED 170,827 72 CENTRAL JAPAN RAILWAY COMPANY 747,927 184,000 CHINA RAILWAY GROUP LIMITED CLASS H+ 141,186 18,400 CSX CORPORATION 1,190,112 147 EAST JAPAN RAILWAY COMPANY 1,169,248 13,800 GENESEE & WYOMING INCORPORATED+<< 593,538 50,000 HANKYU HANSHIN HOLDINGS INCORPORATED 220,225 18,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 76,496 21,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 134,355 20,000 KEIO CORPORATION 111,223 11,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 60,809 66,000 KINTETSU CORPORATION 205,095 53,692 MTR CORPORATION LIMITED 172,861 28,000 NAGOYA RAILROAD COMPANY LIMITED 78,410 17,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 69,133 12,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 41,762 13,100 NORFOLK SOUTHERN CORPORATION 963,243 22,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 151,724 14,000 SAGAMI RAILWAY COMPANY LIMITED 52,124 30,000 TOBU RAILWAY COMPANY LIMITED 136,234 18,010 UNION PACIFIC CORPORATION 1,511,039 89,250 WAN HAI LINES LIMITED 48,334 70 WEST JAPAN RAILWAY COMPANY 338,261 10,070,044 -------------- REAL ESTATE: 1.00% 433 AAREAL BANK AG+ 10,381 14,959 ABACUS PROPERTY GROUP 16,132 2,800 AEON MALL COMPANY LIMITED 80,252 44,000 AGILE PROPERTY HOLDINGS LIMITED 32,410 18,000 ALLGREEN PROPERTIES LIMITED 10,127 13,849 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A<< 490,809 17,000 ASCENDAS INDIA TRUST 8,578 200 ATRIUM COMPANY LIMITED 1,053 10,515 AUSTRALAND PROPERTY GROUP 5,704
Wells Fargo Advantage Master Portfolios 159 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- REAL ESTATE (continued) 16,393 BABCOCK & BROWN JAPAN PROPERTY TRUST $ 11,452 162 BEFIMMO SCA SICAFI 18,003 8,650 BRITISH LAND COMPANY PLC 120,044 2,419 BRIXTON PLC 10,478 40,600 BROOKFIELD PROPERTIES CORPORATION 853,831 2,000 BUKIT SEMBAWANG ESTATES LIMITED 9,691 5,168 BUNNINGS WAREHOUSE PROPERTY TRUST 8,352 1,016 CA IMMOBILIEN ANLAGEN AG+ 14,660 27,000 CAPITACOMMERICAL TRUST 32,056 66,000 CAPITALAND LIMITED 201,590 1,600 CASTELLUM AB 16,378 55,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 23,230 30,072 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+<< 393,041 13,000 CDL HOSPITALITY TRUSTS 10,502 24,714 CENTRO PROPERTIES GROUP 3,641 35,798 CENTRO RETAIL GROUP 7,450 61,146 CFS RETAIL PROPERTY TRUST 112,711 38,000 CHAMPION REIT 18,711 5,198 CHARTER HALL GROUP 3,932 53,000 CHEUNG KONG HOLDINGS LIMITED 753,340 134,000 CHINA OVERSEAS LAND & INVESTMENT LIMITED 222,576 52,000 CHINA RESOURCES LAND LIMITED 60,879 80 CHINA VANKE COMPANY LIMITED CLASS B 71 43,164 CHINESE ESTATES HOLDINGS LIMITED 60,387 20,000 CITY DEVELOPMENTS LIMITED 145,070 52,962 COMMONWEALTH PROPERTY OFFICE FUND 62,968 1,137 CONWERT IMMOBILIEN INVEST SE+ 16,641 239,000 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 106,741 19,063 CROMWELL GROUP 11,416 5 DA OFFICE INVESTMENT CORPORATION 21,334 5,400 DAIBIRU CORPORATION 50,792 7,000 DAIKYO INCORPORATED+ 9,885 3,200 DAITO TRUST CONSTRUCTION COMPANY LIMITED 132,659 117,854 DB RREEF TRUST 148,305 2,531 DERWENT VALLEY HOLDINGS PLC 50,313 33,225 DLF LIMITED 368,833 11,760 ECHO INVESTMENT 23,126 390 EUROCOMMERCIAL PROPERTIES NV 16,367 2,000 FABEGE AB 14,381 36,446 FAR EAST CONSORTIUM 7,942 20,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 37,002 29,446 FIRST INDUSTRIAL REALTY TRUST INCORPORATED<< 694,631 8,649 FKP PROPERTY GROUP 33,117 333 FONCIERE DES REGIONS 37,966 10,488 FOREST CITY ENTERPRISES INCORPORATED 301,635 14,033 FORESTAR REAL ESTATE GROUP INCORPORATED+ 282,905 40,000 FRANSHION PROPERTIES CHINA LIMITED 14,497 2 FRONTIER REAL ESTATE INVESTMENT CORPORATION 11,528 2,050 GAZIT GLOBE LIMITED 16,416 252 GECINA SA 31,086 116,600 GENTING INTERNATIONAL PLC+ 41,965 4 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 42,087 310 GOLDCREST COMPANY LIMITED 5,078 273,900 GOLDEN LAND PROPERTY PCL 44,397 76,700 GPT GROUP 113,163 10,236 GREAT EAGLE HOLDINGS LIMITED 28,357
160 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- REAL ESTATE (continued) 1,892 GREAT PORTLAND ESTATES PLC $ 12,602 12,000 GREENTOWN CHINA HOLDINGS LIMITED 9,195 40,000 GUANGZHOU R&F PROPERTIES 69,217 14,666 GUOCOLAND LIMITED 19,563 4,593 HAMMERSON PLC 79,239 27,000 HANG LUNG GROUP LIMITED 115,014 64,000 HANG LUNG PROPERTIES LIMITED 202,581 3,000 HEIWA REAL ESTATE COMPANY LIMITED 12,008 945 HELIOPOLIS HOUSING 8,613 18,000 HENDERSON INVESTMENTS LIMITED 1,194 35,762 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 215,574 43,000 HONGKONG LAND HOLDINGS LIMITED 155,660 30,000 HOPEWELL HOLDINGS 114,313 10,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 9,912 6,000 HOTEL PROPERTIES LIMITED 7,490 8,868 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED 57,612 19,703 HYSAN DEVELOPMENT COMPANY LIMITED 53,844 314 ICADE 29,279 56,200 IGB CORPORATION BHD 22,229 6,108 IMMOEAST IMMOBILIEN ANLAGEN AG+ 39,131 6,839 IMMOFINANZ IMMOBILIEN ANLAGEN AG 62,118 7,280 INDIABULLS REAL ESTATE LIMITED 47,308 40,170 ING INDUSTRIAL FUND 54,673 39,341 ING OFFICE FUND 48,386 855 IRSA INVERSIONES Y REPRESENTACIONES SA ADR 7,798 1,008 IVG IMMOBILIEN AG 18,517 3 JAPAN EXCELLENT INCORPORATED 14,140 4 JAPAN LOGISTICS FUND INCORPORATED 21,784 300 JOINT CORPORATION 525 4,644 JONES LANG LASALLE INCORPORATED 231,271 6 KENEDIX REALTY INVESTMENT 27,011 10,000 KEPPEL LAND LIMITED 27,163 21,856 KERRY PROPERTIES LIMITED 104,220 20,993 KIWI INCOME PROPERTY TRUST 16,276 1,056 KLEPIERRE 42,095 12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 18,529 1,731 KUNGSLEDEN 13,357 18,000 KWG PROPERTY HOLDING LIMITED+ 8,224 7,588 LAND SECURITIES GROUP PLC 187,470 12,206 LEND LEASE CORPORATION LIMITED 100,337 4,000 LEOPALACE21 CORPORATION 40,717 4,742 LIBERTY INTERNATIONAL PLC 84,696 644,500 LIPPO KARAWACI TBK PT 54,107 350 LUNDBERGFORETAGEN AB 16,816 128,255 MACQUAIRE OFFICE TRUST 113,625 51,572 MACQUARIE COUNTRYWIDE TRUST 45,719 22,034 MACQUARIE DDR TRUST 6,558 58,285 MACQUARIE GOODMAN GROUP 157,075 71,000 MAPLETREE LOGISTICS TRUST 33,366 257,000 MEGAWORLD CORPORATION 8,056 4,470 MEINL EUROPEAN LAND LIMITED+ 45,287 700 MI DEVELOPMENTS INCORPORATED+ 14,833 5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 9,996 24,000 MIDLAND HOLDINGS LIMITED 12,163 9,000 MIRAMAR HOTEL & INVESTMENT 11,180 46,944 MIRVAC GROUP 115,178
Wells Fargo Advantage Master Portfolios 161 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- REAL ESTATE (continued) 17,147 MIRVAC REAL ESTATE INVESTMENT TRUST $ 7,897 49,000 MITSUBISHI ESTATE COMPANY LIMITED 1,082,356 31,000 MITSUI FUDOSAN COMPANY LIMITED 646,016 35,000 NEO-CHINA GROUP HOLDINGS LIMITED(a) 22,826 4 NEW CITY RESIDENCE INVESTMENT CORPORATION 5,768 31,600 NEW WORLD CHINA LAND LIMITED 11,607 429 NEXITY SA 9,918 9 NIPPON COMMERCIAL INVESTMENT CORPORATION 18,381 9 NIPPON RESIDENTIAL INVESTMENT CORPORATION 23,885 1,600 NOMURA REAL ESTATE HOLDING INCORPORATED 32,789 40 NTT URBAN DEVELOPMENT CORPORATION 53,379 7 ORIX JREIT INCORPORATED 37,916 36,602 PHH CORPORATION+ 558,181 4 PREMIER INVESTMENT COMPANY 17,529 597 PSP SWISS PROPERTY AG 36,157 1,378 QUINTAIN ESTATES & DEVELOPMENT PLC 4,746 9,839 REGUS GROUP PLC+ 13,323 28,000 RUENTEX DEVELOPMENT COMPANY LIMITED 22,241 1,177 SACYR VALLEHERMOSO SA 21,289 6,561 SEGRO PLC 52,186 1,988 SHAFTESBURY PLC 15,307 30,000 SHENZHEN INVESTMENT LIMITED 7,973 34,000 SHIMAO PROPERTY HOLDING LIMITED 38,057 1,300 SHOEI 12,778 52,000 SHUI ON LAND LIMITED 39,459 60,000 SHUN TAK HOLDINGS LIMITED 34,921 151 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE 19,480 4,000 SINGAPORE LAND LIMITED 15,466 64,827 SINO LAND COMPANY 113,476 186,563 SM PRIME HOLDINGS INCORPORATED 32,679 53,500 SOHO CHINA LIMITED 27,875 46,050 SP SETIA BHD 45,690 58,229 STEWART ENTERPRISES INCORPORATED<< 545,023 52,002 STOCKLAND 232,726 40 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 1,176 17,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 338,406 33,000 SUN HUNG KAI PROPERTIES LIMITED 449,970 5,777 SUNLAND GROUP LIMITED 11,830 600 SURUGA CORPORATION(a) 303 342 SWISS PRIME SITE AG 20,144 40,300 TALAAT MOUSTAFA GROUP+ 48,585 23,399 TIAN AN CHINA INVESTMENT 13,406 11,023 TISHMAN SPEYER OFFICE FUND 10,507 2,500 TOC COMPANY LIMITED 9,666 21,000 TOKYU LAND CORPORATION 88,593 4,500 TOWA REAL ESTATE DEVELOPMENT COMPANY LIMITED 3,373 1,424 UNIBAIL 295,665 40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD 67,855 16,000 UNITED OVERSEAS LAND LIMITED 32,348 6 UNITED URBAN INVESTMENT CORPORATION 25,207 4,800 URBAN CORPORATION 87 52,951 VALAD PROPERTY GROUP 23,331 218 VASTNED RETAIL NV 16,921 68,136 WESTFIELD GROUP 999,844 33,000 WHEELOCK & COMPANY 78,267 10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED 9,207
162 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- REAL ESTATE (continued) 20,000 WHEELOCK PROPERTIES LIMITED $ 14,702 7,000 WING TAI HOLDINGS LIMITED 6,598 2 ZEPHYR COMPANY LIMITED(a) 1 16,025,191 -------------- REAL ESTATE DEVELOPING & MANAGEMENT: 0.00% 18,718 AMP NZ OFFICE TRUST 13,606 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.47% 30,000 ASCENDAS REIT 48,118 58,292 BRANDYWINE REALTY TRUST 1,014,281 341 CALLOWAY REAL ESTATE INVESTMENT TRUST 6,808 36,019 CAPITAMALL TRUST 69,215 107 COFINIMMO SA 19,376 983 CORIO NV 72,298 9,375 FEDERAL REALTY INVESTMENT TRUST<< 711,375 3 FUKUOKA REIT CORPORATION 14,941 3 HANKYU REIT INCORPORATED 12,349 17,881 HEALTH CARE REIT INCORPORATED<< 927,487 33,841 HEALTHCARE REALTY TRUST INCORPORATED 970,221 18 JAPAN PRIME REALTY INVESTMENT CORPORATION 38,980 14 JAPAN REAL ESTATE INVESTMENT CORPORATION 130,575 14 JAPAN RETAIL FUND INVESTMENT CORPORATION 57,948 13,000 K-REIT ASIA 11,587 38,966 LEXINGTON CORPORATE PROPERTIES TRUST<< 580,983 23,000 MACQUARIE MEAG PRIME REIT 17,012 2 MORI HILLS REIT INVESTMENT CORPORATION 7,699 4 MORI TRUST SOGO REIT INCORPORATED+ 34,435 20 NIPPON BUILDING FUND INCORPORATED 216,411 9 NOMURA REAL ESTATE OFFICE FUND 64,606 26,258 PENNSYLVANIA REIT 521,221 1,702 RIOCAN REIT 34,527 75,766 SENIOR HOUSING PROPERTIES TRUST<< 1,642,607 44,000 SUNTEC REIT 45,040 59,556 THE LINK REIT 140,008 5 TOKYU REIT INCORPORATED 36,268 3 TOP REIT INCORPORATED 10,972 264 WERELDHAVE NV 29,443 7,486,791 -------------- RENTAL AUTO/EQUIPMENT: 0.04% 36,854 UNITED RENTALS INCORPORATED+<< 596,666 -------------- RETAIL: 0.00% 2,451 WH SMITH PLC 16,508 -------------- RETAIL DEPARTMENT STORES: 0.04% 3,200 EDION CORPORATION 25,174 20,849 MEN'S WEARHOUSE INCORPORATED<< 456,593 65,000 PARKSON RETAIL GROUP LIMITED 93,236 188,400 ROBINSON DEPARTMENT STORE PCL 54,473 629,476 -------------- RETAIL-GROCERY: 0.00% 4,153 SUPER-SOL LIMITED 19,093 --------------
Wells Fargo Advantage Master Portfolios 163 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.22% 16,064 A SCHULMAN INCORPORATED $ 389,070 30,637 AMCOR LIMITED 143,792 4,835 ANSELL LIMITED 50,920 3,000 BANDO CHEMICAL INDUSTRIES LIMITED 8,989 7,323 BRIDGESTONE CORPORATION 251,016 44,298 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 58,844 2,298 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 148,956 2,690 CONTINENTAL AG 291,625 38,278 COOPER TIRE & RUBBER COMPANY 365,938 4,510 HANKOOK TIRE COMPANY LIMITED 65,871 320 HEXPOL AB+ 2,679 4,000 KUREHA CORPORATION 22,447 3,000 MITSUBOSHI BELTING COMPANY LIMITED 15,586 33,772 NAN KANG RUBBER TIRE COMPANY LIMITED+ 31,290 900 NITTA CORPORATION 13,751 31,500 SEALED AIR CORPORATION 763,245 1,200 TOKAI RUBBER INDUSTRIES INCORPORATED 13,384 5,000 TOYO TIRE & RUBBER COMPANY LIMITED 12,913 21,000 TSRC CORPORATION+ 25,345 700 UPONOR OYJ 9,625 14,601 WEST PHARMACEUTICAL SERVICES INCORPORATED<< 712,675 15,000 YOKOHAMA RUBBER COMPANY LIMITED 78,479 3,476,440 -------------- SCHOOLS: 0.00% 9,288 ABC LEARNING CENTRES LIMITED 4,307 40,000 RAFFLES EDUCATION CORPORATION LIMITED 23,510 27,817 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.69% 8,137 ABERDEEN ASSET MANAGEMENT PLC 21,256 780 AGF MANAGEMENT LIMITED 17,976 7,850 ALLCO FINANCE GROUP LIMITED 2,539 7,675 AMERIPRISE FINANCIAL INCORPORATED 344,991 1,647 AZIMUT HOLDING SPA 14,397 10,476 BABCOCK & BROWN LIMITED 21,852 900 BLACKROCK INCORPORATED NEW YORK SHARES 195,525 91,614 BMF BOVESPA SA+ 701,438 20,100 BURSA MALAYSIA BHD 40,617 2,587 CABCHARGE AUSTRALIA LIMITED 15,280 66,990 CAPITAL SECURITIES CORPORATION 33,071 42,990 CHARLES SCHWAB CORPORATION 1,031,330 3,296 CME GROUP INCORPORATED 1,105,579 10,529 CRITERIA CAIXACORP SA 53,417 4,830 DAEWOO SECURITIES COMPANY LIMITED 72,376 3,253 DEUTSCHE BOERSE AG 307,325 1,056 DUNDEE CORPORATION CLASS A+ 14,073 281,666 E*TRADE FINANCIAL CORPORATION+<< 901,331 19,353 FEDERATED INVESTORS INCORPORATED CLASS B 647,164 7,440 FRANKLIN RESOURCES INCORPORATED 777,480 82,408 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A+ 150,807 370,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 211,983 12,443 GOLDMAN SACHS GROUP INCORPORATED 2,040,279 37,584 GRUPO FINANCIERO BANORTE SA DE CV 150,588 42,110 GRUPO FINANCIERO INBURSA SA DE CV 147,182
164 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued) 3,000 GUOCO GROUP LIMITED $ 31,449 820 HELLENIC EXCHANGES SA HOLDING 9,678 2,756 HYUNDAI SECURITIES COMPANY 27,875 1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 14,656 1,700 IGM FINANCIAL INCORPORATED 71,071 8,280 INDIA INFOLINE LIMITED 23,988 11,204 INTERCONTINENTAL EXCHANGE INCORPORATED+ 986,288 1,274 INTERMEDIATE CAPITAL GROUP PLC 32,009 64,634 INVESCO LIMITED+ 1,656,569 9,235 INVESTEC LIMITED 68,803 18,680 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 597,760 3,500 JAPAN SECURITIES FINANCE COMPANY LIMITED 24,274 23,028 JEFFERIES GROUP INCORPORATED<< 442,368 12,000 KIM ENG HOLDINGS LIMITED 10,795 86,600 KIM ENG SECURITIES THAILAND PCL 39,203 4,103 KINNEVIK INVESTMENT AB 60,865 62,258 KNIGHT CAPITAL GROUP INCORPORATED+ 1,073,328 27,500 LEGG MASON INCORPORATED 1,224,575 24,477 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 393,835 48,561 MACQUARIE AIRPORTS GROUP 132,188 2,000 MARUSAN SECURITIES COMPANY LIMITED+ 11,420 61,000 MASTERLINK SECURITIES CORPORATION+ 20,690 1,300 MIRAE ASSET SECURITIES COMPANY LIMITED 105,764 12,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 12,505 34,852 MORGAN STANLEY 1,423,007 25,173 NASDAQ STOCK MARKET INCORPORATED+ 822,905 37,400 NOMURA HOLDINGS INCORPORATED 495,983 30,500 NOMURA HOLDINGS INCORPORATED ADR<< 406,260 10,203 NYSE EURONEXT (PARIS) INCORPORATED 414,140 137 NYSE EURONEXT INCORPORATED 5,401 7,000 OKASAN HOLDINGS INCORPORATED 34,695 21,700 OPTIONSXPRESS HOLDINGS INCORPORATED 500,619 12 PACIFIC MANAGEMENT CORPORATION 1,423 178 PARTNERS GROUP 23,692 7,520 PIPER JAFFRAY COMPANIES INCORPORATED+ 285,835 4,384 PLATINUM ASSET MANAGEMENT LIMITED 13,449 86,828 POLARIS SECURITIES COMPANY LIMITED 39,801 100,000 POLYTEC ASSET HOLDINGS LIMITED 17,303 50,250 PRESIDENT SECURITIES CORPORATION 28,563 710 RATHBONE BROTHERS 11,688 18,981 RAYMOND JAMES FINANCIAL INCORPORATED<< 585,184 5,085 RELIANCE CAPITAL LIMITED 157,473 150,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED+ 10,674 4 RISA PARTNERS INCORPORATED 3,529 2,747 SAMSUNG SECURITIES COMPANY LIMITED 148,847 1,063 SCHRODERS PLC 17,419 22,394 SEI INVESTMENTS COMPANY 528,946 140 SFCG COMPANY LIMITED 11,394 21,000 SHINKO SECURITIES COMPANY LIMITED 61,020 45,800 SUMITOMO CORPORATION 570,613 18,762 SWS GROUP INCORPORATED 378,617 42,736 T. ROWE PRICE GROUP INCORPORATED 2,536,809 10,857 TD AMERITRADE HOLDING CORPORATION+<< 221,809 5,234 TONG YANG INVESTMENT BANK 46,900 1,321 TSX GROUP INCORPORATED 43,084 48,571 UBS AG 1,055,740
Wells Fargo Advantage Master Portfolios 165 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued) 11,000 UOB-KAY HIAN HOLDINGS LIMITED $ 10,030 189 VAN LANSCHOT NV 13,852 6,230 WOORI INVESTMENT & SECURITIES COMPANY LIMITED 108,141 7,000 YAMANASHI CHOU BANK LIMITED 37,037 27,163,694 -------------- SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 0.04% 8,439 ASML HOLDING NV+ 199,014 10,275 CABOT MICROELECTRONICS CORPORATION+<< 396,821 2,200 CSR PLC+ 13,148 608,983 -------------- SEMICONDUCTORS: 0.15% 135,471 SILICONWARE PRECISION INDUSTRIES COMPANY 185,247 1,049,120 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1,932,305 606,302 UNITED MICROELECTRONICS CORPORATION 252,760 2,370,312 -------------- SOCIAL SERVICES: 0.03% 5,568 ABERTIS INFRAESTRUCTURAS SA 115,011 3,631 ATLANTIA SPA 96,120 4,616 BRISA-AUTO ESTRADAS DE PORTUGAL SA 42,916 16,407 G4S PLC 69,626 35,855 TRANSURBAN GROUP 165,828 489,501 -------------- STEEL PRODUCERS, PRODUCTS: 0.01% 632 SALZGITTER AG 96,870 -------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.48% 11,567 ADELAIDE BRIGHTON LIMITED 35,752 59,156 AMBUJA CEMENTS LIMITED 107,560 94,170 ASIA CEMENT CORPORATION 103,803 5,289 ASSOCIATED CEMENT COMPANIES LIMITED 67,207 26,242 BORAL LIMITED 144,176 1,819 BRICKWORKS LIMITED 18,534 751 BUZZI UNICEM SPA 14,868 11,173 CEMENTOS BIO-BIO SA 23,969 2,855 CEMENTOS LIMA SA 33,372 410,126 CEMEX SAB DE CV 822,027 29,980 CHINA INTERNATIONAL MARINE CONTAINERS COMPANY LIMITED CLASS B 24,823 800 CHOFU SEISAKUSHO COMPANY LIMITED 14,418 116 CIMENTS FRANCAIS SA 15,988 3,113 CIMPOR CIMENTOS DE PORTUGAL SA 19,552 5,200 CLEANUP CORPORATION 19,768 5,166 COMPAGNIE DE SAINT-GOBAIN 315,622 71,476 CORNING INCORPORATED 1,468,117 8,811 CRH PLC 229,843 101,100 DYNASTY CERAMIC PCL 48,424 19,457 EAGLE MATERIALS INCORPORATED<< 594,022 3,000 FUJITEC COMPANY LIMITED 15,394 375 GERRESHEIMER AG 18,857 60,344 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 25,350 273 HEIDELBERGCEMENT AG 30,738 480 IMERYS SA 30,741
166 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS (continued) 8,370 INDIA CEMENTS LIMITED $ 26,181 40,000 INDOCEMENT TUNGGAL PRAKARSA TBK PT 27,799 888 ITALCEMENTI SPA 12,436 1,337 ITALCEMENTI SPA RNC 15,320 16,454 JAMES HARDIE INDUSTRIES NV 65,233 33,000 K WAH INTERNATIONAL HOLDINGS LIMITED 10,088 30,270 LAFARGE MALAYAN CEMENT BHD 40,886 2,381 LAFARGE SA 287,239 365 MADRAS CEMENTS LIMITED 20,944 3,000 NICHIAS CORPORATION 8,431 2,000 NIHON YAMAMURA GLASS COMPANY LIMITED 3,606 17,250 OWENS CORNING INCORPORATED+<< 417,278 33,669 OWENS-ILLINOIS INCORPORATED+ 1,501,637 3,000 PANAHOME CORPORATION 17,512 25,992 PRETORIA PORTLAND CEMENT COMPANY LIMITED 114,590 9,903 REXAM PLC 73,088 250 SA DES CIMENTS VICAT 15,284 65,000 SEMEN GRESIK PERSERO TBK PT 28,541 14,100 SIAM CEMENT PCL 67,663 2,155 SIG PLC 21,237 51 SIKA AG 64,684 4,510 SUEZ CEMENT COMPANY 30,090 9,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 15,114 33,000 TAIHEIYO CEMENT CORPORATION 54,119 144,854 TAIWAN CEMENT CORPORATION 141,578 80,490 TAIWAN GLASS INDUSTRIAL CORPORATION 59,968 4,000 TAKARA STANDARD COMPANY LIMITED 19,862 5,677 TATA CHEMICALS LIMITED 42,317 960 TITAN CEMENT COMPANY SA 35,551 6,700 TOYO SEIKAN KAISHA LIMITED 121,428 2,000 ULTRA TECH CEMENT LIMITED 26,608 105,500 UNITED TRACTORS TBK PT 118,306 331,800 VANACHAI GROUP PCL 29,071 7,776,614 -------------- TELECOMMUNICATIONS: 0.03% 10,500 BRASIL TELECOM PARTICIPACOES SA 137,466 3,084 FIRST QUANTUM MINERALS LIMITED<< 198,958 1,224 HOT TELECOMMUNICATION SYSTEM LIMITED 12,961 58,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED+ 72,383 421,768 -------------- TEXTILE MILL PRODUCTS: 0.23% 2,920 ADITYA BIRLA NUVO LIMITED 85,880 17,794 ALBANY INTERNATIONAL CORPORATION CLASS A<< 545,742 2,687 CENTURY TEXTILE & INDUSTRIES LIMITED 28,442 86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 5,568 161,272 FAR EASTERN TEXTILE COMPANY LIMITED 147,936 43,000 FORMOSA TAFFETA COMPANY LIMITED 32,497 1,637 GILDAN ACTIVEWEAR INCORPORATED+ 38,420 23,663 INTERFACE INCORPORATED 311,642 8,000 KURABO INDUSTRIES LIMITED 13,556 13,000 KURARAY COMPANY LIMITED 135,469 406 LAKSHMI MACHINE WORKS LIMITED 9,872 21,000 MITSUBISHI RAYON COMPANY LIMITED 56,671
Wells Fargo Advantage Master Portfolios 167 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- TEXTILE MILL PRODUCTS (continued) 11,079 MOHAWK INDUSTRIES INCORPORATED+<< $ 765,005 6,000 NISSHINBO INDUSTRIES INCORPORATED 66,061 9,000 NITTO BOSEKI COMPANY LIMITED 17,732 1,360 NYRSTAR 12,112 2,100 SEIREN COMPANY LIMITED 11,082 6,092 SPOTLESS GROUP LIMITED 18,916 62,000 TAINAN SPINNING COMPANY LIMITED 21,236 41,000 TEIJIN LIMITED 131,373 22,000 TEXWINCA HOLDINGS LIMITED 18,886 52,000 TORAY INDUSTRIES INCORPORATED 228,916 40,000 TOYOBO COMPANY LIMITED 66,601 17,000 UNITIKA 15,468 298,300 UNIVERSAL ROBINA CORPORATION 67,825 33,506 WOLVERINE WORLD WIDE INCORPORATED 882,213 3,735,121 -------------- THEATERS & ENTERTAINMENT: 0.05% 52,254 REGAL ENTERTAINMENT GROUP CLASS A<< 875,777 -------------- TOBACCO PRODUCTS: 0.71% 72,412 ALTRIA GROUP INCORPORATED 1,522,824 14,000 AMVIG HOLDINGS LIMITED 12,530 6,700 BRITISH AMERICAN TOBACCO MALAYSIA BHD 77,798 24,921 BRITISH AMERICAN TOBACCO PLC 841,938 518 EASTERN TOBACCO 28,335 25,000 HUABAO INTERNATIONAL HOLDINGS LIMITED 18,340 17,178 IMPERIAL TOBACCO GROUP PLC 566,375 105,978 ITC LIMITED 451,630 176 JAPAN TOBACCO INCORPORATED 835,280 73,193 PHILIP MORRIS INTERNATIONAL 3,930,464 68,500 PT GUDANG GARAM TBK 48,084 5,772 REYNOLDS AMERICAN INCORPORATED 305,801 861 ROTHMANS INCORPORATED+ 24,164 3,500 SOUZA CRUZ SA 92,052 4,000 SWEDISH MATCH AB 78,876 486,000 TELEKOMUNIKASI INDONESIA TBK PT 425,886 12,046 UNIVERSAL CORPORATION 625,428 29,160 UST INCORPORATED 1,562,684 11,448,489 -------------- TRANSPORTATION BY AIR: 0.47% 30 ACE AVIATION HOLDINGS INCORPORATED+ 311 463 AEROPORTS DE PARIS 40,352 116,000 AIR CHINA 59,139 4,507 AIR FRANCE-KLM 108,434 58,400 AIRASIA BHD+ 18,499 53,200 AIRPORTS OF THAILAND PCL 56,323 24,397 ALASKA AIR GROUP INCORPORATED+<< 512,581 32,900 ALITALIA SPA+ 21,478 20,000 ALL NIPPON AIRWAYS COMPANY LIMITED 73,983 49,734 AMR CORPORATION+<< 513,752 1,917 ARRIVA PLC 27,654 62,440 BAE SYSTEMS PLC 544,953 6,732 BRITISH AIRWAYS PLC+ 30,616 34,000 CATHAY PACIFIC AIRWAYS LIMITED 63,049
168 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- TRANSPORTATION BY AIR (continued) 591 CHC HELICOPTER CORPORATION+ $ 16,943 54,582 CHINA AIRLINES 18,453 15,943 COBHAM PLC 66,643 21,866 CONTINENTAL AIRLINES INCORPORATED CLASS B+ 355,323 3,411 DEUTSCHE LUFTHANSA AG 73,246 2,133 EASYJET PLC+ 12,731 1,099 ELBIT SYSTEMS LIMITED 60,354 6,450 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 144,393 128,000 EVA AIRWAYS CORPORATION+ 46,855 10,000 FEDEX CORPORATION 828,200 4,249 FINMECCANICA SPA 113,645 52 FLUGHAFEN ZUERICH AG 18,936 10,277 IBERIA LINEAS AEREAS DE ESPANA SA 30,468 28,000 JAPAN AIRLINES CORPORATION+ 59,433 63 JAZZ AIR INCOME FUND 350 122,943 JETBLUE AIRWAYS CORPORATION+<< 746,264 740 KLOECKNER & COMPANY 29,501 1,500 KOREAN AIR LINES COMPANY LIMITED 52,765 5,565 LAN AIRLINES SA 65,716 23,067 MALAYSIAN AIRLINE SYSTEM BHD 22,871 16,312 MEGGITT PLC 68,196 33,414 QANTAS AIRWAYS LIMITED 96,196 5,200 RYANAIR HOLDINGS PLC ADR+<< 118,352 39,272 SKYWEST INCORPORATED 671,158 33,300 SOUTHWEST AIRLINES COMPANY 507,159 8,860 TAV HAVALIMANLARI HOLDING AS+ 54,224 76,300 THAI AIRWAYS INTERNATIONAL PCL 32,312 1,403 THALES SA 79,072 2,957 TUI AG 58,808 3,565 TURK HAVA YOLLARI ANONIM ORTAKLIGI+ 19,424 25,013 UAL CORPORATION+<< 277,894 68,905 US AIRWAYS GROUP INCORPORATED+<< 585,003 25,119 VIRGIN BLUE HOLDINGS LIMITED+ 12,320 1,900 WESTJET AIRLINES LIMITED+ 26,716 734 ZODIAC SA 36,805 7,477,853 -------------- TRANSPORTATION EQUIPMENT: 2.10% 123,000 AAPICO HITECH PCL 32,583 16,244 AAR CORPORATION+<< 257,792 7,100 AISIN SEIKI COMPANY LIMITED 186,916 2,600 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 17,405 28,534 AMERICAN AXLE & MANUFACTURING HOLDINGS<< 138,675 5,547 AMTEK AUTO LIMITED 22,310 48,917 ARVIN INDUSTRIES INCORPORATED 734,244 9,293 ASHTEAD GROUP PLC 12,830 3,749 BAJAJ AUTO+ 50,191 3,749 BAJAJ FINSERV+ 45,848 664 BAYERISCHE MOTOREN WERKE AG 22,715 4,521 BBA AVIATION PLC 10,929 31,214 BOEING COMPANY 2,046,390 28,658 BOMBARDIER INCORPORATED CLASS B 222,668 13,000 BOSCH CORPORATION 71,018 59,279 BRUNSWICK CORPORATION<< 817,457 4,000 CAE INCORPORATED 42,193
Wells Fargo Advantage Master Portfolios 169 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- TRANSPORTATION EQUIPMENT (continued) 7,000 CALSONIC KANSEI CORPORATION $ 23,274 30,150 CHINA MOTOR COMPANY LIMITED 17,597 24 CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED+ 7 21,534 CLARCOR INCORPORATED 859,853 45 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 18,725 10,000 DAIHATSU MOTOR COMPANY LIMITED 123,099 15,561 DAIMLERCHRYSLER AG 907,057 18,100 DENSO CORPORATION 469,215 166,000 DENWAY MOTORS LIMITED 59,142 94,900 DRB-HICOM BHD 27,524 1,300 EXEDY CORPORATION 29,354 1,100 FCC COMPANY LIMITED 18,020 13,038 FIAT SPA (COMMON) 201,565 1,014 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES)+ 10,716 1,069 FIAT SPA (PREFERRED)+ 11,367 97,679 FORD MOTOR COMPANY+<< 435,648 1,900 FUTABA INDUSTRIAL COMPANY LIMITED 30,570 11,721 GENERAL DYNAMICS CORPORATION 1,081,848 16,602 GENERAL MOTORS CORPORATION+<< 166,020 32,779 GENUINE PARTS COMPANY 1,390,485 115 GEORG FISCHER AG 43,652 10,427 GKN PLC 46,507 19,907 GOODRICH CORPORATION 1,020,234 14,605 GROUP 1 AUTOMOTIVE INCORPORATED 309,042 899 GUD HOLDINGS LIMITED 5,135 48,200 HARLEY-DAVIDSON INCORPORATED 1,917,396 12,964 HARSCO CORPORATION 682,425 4,377 HERO HONDA MOTORS LIMITED 82,086 16,000 HINO MOTORS LIMITED 77,929 66,700 HONDA MOTOR COMPANY LIMITED 2,166,260 25 HONDA MOTOR COMPANY LIMITED ADR<< 814 23,710 HONEYWELL INTERNATIONAL INCORPORATED 1,189,531 527 HYUNDAI MIPO DOCKYARD COMPANY LIMITED 75,387 3,050 HYUNDAI MOBIS 253,263 6,730 HYUNDAI MOTOR COMPANY LIMITED 439,705 46,000 ISUZU MOTORS LIMITED 172,317 30,084 ITT CORPORATION 1,917,855 2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 12,421 19,886 JOHNSON CONTROLS INCORPORATED 614,875 8,500 JTEKT CORPORATION 108,363 1,200 KANTO AUTO WORKS LIMITED 15,452 5,000 KAYABA INDUSTRY COMPANY LIMITED 18,263 2,100 KEIHIN CORPORATION 34,801 11,580 KIA MOTORS CORPORATION 138,095 28,870 KING YUAN ELECTRONICS COMPANY LIMITED 12,645 4,000 KOITO MANUFACTURING COMPANY LIMITED 48,142 43,724 LEAR CORPORATION+ 549,173 924 LINAMAR CORPORATION+ 10,277 1,900 MAGNA INTERNATIONAL INCORPORATED CLASS A 168,581 10,072 MAHINDRA & MAHINDRA LIMITED 133,958 4,971 MARUTI SUZUKI INDIA LIMITED 72,644 33,000 MAZDA MOTOR CORPORATION 175,653 136,000 MITSUBISHI MOTORS CORPORATION+ 203,150 24,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 48,216 558 MTU AERO ENGINES HOLDINGS 19,405
170 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- TRANSPORTATION EQUIPMENT (continued) 800 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED $ 17,636 7,000 NGK SPARK PLUG COMPANY LIMITED 77,356 6,000 NHK SPRING COMPANY LIMITED 40,342 1,700 NIFCO INCORPORATED 36,642 2,000 NIPPON SEIKI COMPANY LIMITED 25,002 5,000 NIPPON SHARYO LIMITED 15,478 6,000 NISSAN SHATAI COMPANY LIMITED 44,673 900 NISSIN KOGYO COMPANY LIMITED 16,074 4,400 NOK CORPORATION 63,055 1,960 NOKIAN RENKAAT OYJ 69,801 11,056 NORTHROP GRUMMAN CORPORATION 761,206 23,600 ORIENTAL HOLDINGS BHD 38,994 10,782 OSHKOSH TRUCK CORPORATION 166,258 28,055 PIRELLI & COMPANY SPA 18,945 1,396 PORSCHE AG 195,961 4,000 PRESS KOGYO COMPANY LIMITED 15,440 1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 8,759 12,700 PROTON HOLDINGS BHD 11,186 3,304 RENAULT SA 275,895 4,000 RIKEN CORPORATION 13,593 800 SAAB AB 19,279 4,000 SANDEN CORPORATION 15,477 36,758 SANYANG INDUSTRIAL COMPANY LIMITED 13,956 5,320 SCANIA AB CLASS B 76,080 27,200 SEMBCORP MARINE LIMITED 72,091 11,000 SHINMAYWA INDUSTRIES LIMITED 36,354 1,800 SHOWA CORPORATION 12,803 62,500 SINOTRUK HONG KONG LIMITED 52,751 44,054 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,004,431 1,879 STX SHIPBUILDING COMPANY LIMITED 31,605 6,900 SUMITOMO RUBBER INDUSTRIES 55,046 13,919 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 244,557 16,500 SUZUKI MOTOR CORPORATION 347,746 700 TACHI-S COMPANY LIMITED 8,073 900 TAKATA CORPORATION 15,445 10,088 TATA MOTORS LIMITED<< 99,468 8,400 TEXTRON INCORPORATED 345,240 13,600 THAI STANLEY ELECTRIC PCL 47,664 4,538 TOFAS TURK OTOMOBIL FABRIKASI AS 15,167 2,400 TOYODA GOSEI COMPANY LIMITED 53,484 1,500 TOYOTA AUTO BODY COMPANY LIMITED 26,286 4,300 TOYOTA BOSHOKU CORPORATION 69,514 8,200 TOYOTA INDUSTRIES CORPORATION 236,199 12,988 TRINITY INDUSTRIES INCORPORATED<< 467,308 10,000 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 191,800 1,200 TS TECH COMPANY LIMITED 17,464 46,800 UMW HOLDINGS BHD 84,559 31,361 UNITED TECHNOLOGIES CORPORATION 2,056,968 1,133 VALEO SA 40,398 2,495 VOLKSWAGEN AG 745,089 7,800 VOLVO AB CLASS A 85,153 16,980 VOLVO AB CLASS B 192,460 158 VOSSLOH AG 20,548 20,488 WABTEC CORPORATION 1,210,226 18,100 WINNEBAGO INDUSTRIES INCORPORATED<< 205,435
Wells Fargo Advantage Master Portfolios 171 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- TRANSPORTATION EQUIPMENT (continued) 20,000 XINYI GLASS HOLDING COMPANY LIMITED $ 10,528 7,600 YAMAHA MOTOR COMPANY LIMITED 117,079 65,416 YANG MING MARINE TRANSPORT 31,750 31,930 YUE LOONG MOTOR 25,617 33,710,296 -------------- TRANSPORTATION SERVICES: 0.50% 20,968 ASCIANO GROUP 87,079 48,400 BANGKOK EXPRESSWAY PCL 24,737 104,000 BERLIAN LAJU TANKER 19,886 394 CARGOTEC CORPORATION 12,079 28,410 CH ROBINSON WORLDWIDE INCORPORATED<< 1,480,445 15,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY LIMITED 29,176 3,274 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 37,900 63,000 COMFORTDELGRO CORPORATION LIMITED 66,622 1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 15,271 14,423 DEUTSCHE POST AG 337,787 41,889 EXPEDIA INCORPORATED+ 739,760 34,056 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 1,229,081 6,997 FIRSTGROUP PLC 77,114 27,555 GATX CORPORATION 1,207,736 291 GLOVIS COMPANY LIMITED 17,988 462 GO-AHEAD GROUP PLC 16,352 11,000 GOODPACK LIMITED 10,991 348 HAMBURGER HAFEN UND LOGISTIK AG 21,763 24,900 HERTZ GLOBAL HOLDINGS INCORPORATED+ 236,799 9,000 KAMIGUMI COMPANY LIMITED 69,464 700 KINTETSU WORLD EXPRESS INCORPORATED 12,709 547 KONINKLIJKE VOPAK NV 32,207 554 KOREA EXPRESS COMPANY LIMITED+ 48,652 786 KUEHNE & NAGEL INTERNATIONAL AG 62,227 2,184 NATIONAL EXPRESS GROUP PLC 41,250 508 OESTERREICHISCHE POST AG 20,075 23,393 PACER INTERNATIONAL INCORPORATED 493,124 143 PANALPINA WELTTRANSPORT HOLDINGS AG 11,368 41,000 POS MALAYSIA & SERVICES HOLDINGS BHD+ 22,294 1,684 SBS TRANSIT LIMITED 2,480 20,200 SINGAPORE AIRLINES LIMITED 216,024 50,000 SINGAPORE POST LIMITED 35,848 101,500 SINOTRANS SHIPPING LIMITED 40,717 19,000 SMRT CORPORATION LIMITED 24,566 299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 25,888 8,599 STAGECOACH GROUP PLC 49,917 5,854 THE GREAT EASTERN SHIPPING COMPANY LIMITED 50,768 7,473 THOMAS COOK GROUP PLC 31,119 6,847 TNT NV 255,403 1,085 TOGNUM AG 23,724 37,000 TOKYU CORPORATION 189,831 25,119 TOLL HOLDINGS LIMITED 148,725 7,600 TRANSPORT INTERNATIONAL HOLDINGS LIMITED 27,633 13,114 UTI WORLDWIDE INCORPORATED 263,591 17,000 YAMATO HOLDINGS COMPANY LIMITED 200,511 8,068,681 --------------
172 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- WATER TRANSPORTATION: 0.39% 17 A.P. MOLLER-MAERSK A/S+ $ 190,496 14,200 CARNIVAL CORPORATION 526,252 2,700 CARNIVAL PLC 92,563 45,650 CHINA SHIPPING CONTAINER LINES COMPANY LIMITED CLASS H 11,144 29,545 CIA SUDAMERICANA DE VAPORES SA+ 39,758 227 COMPAGNIE MARITIME BELGE SA 12,078 28,000 COSCO CORPORATION SINGAPORE LIMITED 44,754 123,500 COSCO HOLDINGS 234,291 340 D S NORDEN 32,124 4,000 DAIICHI CHUO KISEN KAISHA 23,800 524 DS TORM AS 17,995 133,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 75,369 30,000 EZRA HOLDINGS LIMITED 37,982 578 FORTH PORTS PLC 18,122 17,601 GENERAL MARITIME CORPORATION<< 434,745 3,210 HANJIN SHIPPING COMPANY LIMITED 81,552 2,670 HYUNDAI MERCHANT MARINE COMPANY LIMITED 94,566 2,200 IINO KAIUN KAISHA LIMITED 16,789 134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 82,915 61,000 JAYA HOLDINGS LIMITED 53,113 22,000 KAWASAKI KISEN KAISHA LIMITED 155,974 8,290 KIRBY CORPORATION+ 379,599 14,000 MALAYSIAN BULK CARRIERS BHD 14,318 33,900 MISC BHD 86,552 42,000 MITSUI OSK LINES LIMITED 497,787 16,000 NEPTUNE ORIENT LINES LIMITED 25,215 45,000 NIPPON YUSEN KABUSHIKI KAISHA 359,112 7,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 23,977 16,687 OVERSEAS SHIPHOLDING GROUP INCORPORATED<< 1,197,125 52,000 PACIFIC BASIN SHIPPING LIMITED 70,495 17,127 PETRONET LNG LIMITED 23,017 73,800 REGIONAL CONTAINER LINES PCL 32,546 26,216 ROYAL CARIBBEAN CRUISES LIMITED<< 712,551 266 SCHMITT INDUSTRIES INCORPORATED 20,496 10,900 SCOMI MARINE BHD 1,594 2,000 SHINWA KAIUN KAISHA LIMITED 9,840 18,800 SINCERE NAVIGATION CORPORATION 24,948 30,000 STX PAN OCEAN COMPANY LIMITED 52,342 8,332 TEEKAY CORPORATION 296,286 74,400 THORESEN THAI AGENCIES PCL 69,533 22,000 U-MING TRANSPORT CORPORATION 57,991 6,231,706 -------------- WHOLESALE TRADE NON-DURABLE GOODS: 1.00% 11,314 AIRGAS INCORPORATED 670,241 25,072 ALFA SA DE CV 130,691 1,300 ALFRESA HOLDINGS CORPORATION 84,540 27,223 AMERISOURCEBERGEN CORPORATION 1,116,415 8,561 BROWN-FORMAN CORPORATION CLASS B<< 616,478 30,400 DEAN FOODS COMPANY+<< 765,168 131 EMS-CHEMIE HOLDINGS AG 16,107 19,358 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+<< 439,814 39,500 ESPRIT HOLDINGS LIMITED 326,083 30,295 FRESH DEL MONTE PRODUCE INCORPORATED+<< 703,147 77 GALENICA AG 30,493
Wells Fargo Advantage Master Portfolios 173 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- WHOLESALE TRADE NON-DURABLE GOODS (continued) 14,374 HENRY SCHEIN INCORPORATED+ $ 840,592 10,313 HERBALIFE LIMITED 485,743 2,500 HITACHI HIGH-TECHNOLOGIES CORPORATION 46,103 7,084 INCHCAPE PLC 33,256 172,900 IT CITY PCL 29,952 57,000 ITOCHU CORPORATION 458,552 8,439 JARDINE CYCLE & CARRIAGE LIMITED 105,250 2,722 JERONIMO MARTINS 23,317 5,700 KT&G CORPORATION 479,087 2,579 LG CHEM LIMITED 223,261 78,000 LI & FUNG LIMITED 237,181 13,242 MCKESSON CORPORATION 765,123 3,448 MEDA AB CLASS A 42,381 24,362 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,141,360 7,400 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 111,234 1,581 METRO INCORPORATED CLASS A 43,925 35,323 NU SKIN ENTERPRISES INCORPORATED 591,660 24,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 12,300 2,200 SANKYO COMPANY LIMITED 104,167 3,300 SASKATCHEWAN WHEAT POOL+ 38,072 4,000 SATORI ELECTRIC COMPANY LIMITED 25,128 14,983 SIEMENS AG 1,626,369 47,457 SMURFIT-STONE CONTAINER CORPORATION+ 239,658 50,900 SOJITZ CORPORATION 145,231 630 SOS CUETARA SA 12,574 42,539 SUPERVALU INCORPORATED 986,479 27,948 SYSCO CORPORATION 889,585 1,400 TOHO PHARMACEUTICAL 24,610 14,969 TRACTOR SUPPLY COMPANY+ 637,979 175,770 UNI-PRESIDENT ENTERPRISES CORPORATION 189,012 3,158 UNITED DRUG PLC 18,300 10,966 UNITED STATIONERS INCORPORATED<< 543,694 9,784 WOLSELEY PLC 78,944 16,129,256 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.94% 1,800 ABC-MART INCORPORATED 44,808 3,176 ALESCO CORPORATION LIMITED 18,726 600 AS ONE CORPORATION 12,804 23,065 AVNET INCORPORATED+ 676,958 18,518 BORGWARNER INCORPORATED<< 765,719 2,500 CANON MARKETING JAPAN INCORPORATED 41,030 1,194 CELESIO AG 45,675 135,000 CMC MAGNETICS CORPORATION 34,741 4,440 DAEWOO INTERNATIONAL CORPORATION 132,396 12,180 DIGITAL CHINA HOLDINGS LIMITED 6,174 2,700 FINNING INTERNATIONAL INCORPORATED 61,435 3,100 FUJI ELECTRONICS COMPANY LIMITED 26,270 4,800 HAKUTO COMPANY LIMITED 42,325 3,309 HALFORDS GROUP 17,713 2,640 HANWHA CHEMICAL (KOREA) CORPORATION 89,554 12,000 HANWHA CHEMICAL CORPORATION 53,665 41,318 HILL-ROM HOLDINGS INCORPORATED+<< 1,237,061 1,526 HYOSUNG CORPORATION 102,498 44,221 IKON OFFICE SOLUTIONS INCORPORATED 765,466
174 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE ----------------- ----------------------------------------------------- -------------- WHOLESALE TRADE-DURABLE GOODS (continued) 2,200 INABA DENKI SANGYO COMPANY LIMITED $ 55,705 29,319 INGRAM MICRO INCORPORATED+ 554,422 31,055 INSIGHT ENTERPRISES INCORPORATED+ 516,755 2,000 ITOCHU ENEX COMPANY LIMITED 12,356 7,000 IWATANI INTERNATIONAL CORPORATION 19,105 4,000 JAPAN PULP & PAPER COMPANY LIMITED 13,777 9,000 JFE SHOJI HOLDINGS INCORPORATED 51,697 3,800 KAGA ELECTRONICS COMPANY LIMITED 47,017 12,000 KANEMATSU CORPORATION+ 13,510 3,500 KATO SANGYO COMPANY LIMITED 46,847 3,100 KURODA ELECTRIC COMPANY LIMITED 35,759 30 KYOCERA CORPORATION 2,511 1,600 LG INTERNATIONAL CORPORATION 33,413 20,276 LKQ CORPORATION+ 379,769 1,300 MACNICA INCORPORATED 16,323 6,612 MARTIN MARIETTA MATERIALS INCORPORATED<< 746,495 23,972 METCASH LIMITED 80,672 33 MITSUBISHI CORPORATION 1,843 61,000 MITSUI & COMPANY LIMITED 1,040,010 263 MITSUI & COMPANY LIMITED ADR 89,444 6,000 NAGASE & COMPANY LIMITED 56,819 4,600 NIDEC CORPORATION 309,202 23,508 OMNICARE INCORPORATED 758,133 19,089 PATTERSON COMPANIES INCORPORATED+ 621,156 23,926 PEP BOYS-MANNY, MOE & JACK<< 210,549 20,417 POOL CORPORATION<< 495,316 8,092 PREMIER FOODS PLC 12,789 14,773 RELIANCE STEEL & ALUMINUM COMPANY 842,209 807 RUSSEL METALS INCORPORATED 23,341 700 RYOSHOKU LIMITED 13,296 800 RYOYO ELECTRO CORPORATION 7,721 6,831 SAMSUNG CORPORATION 296,553 1,291 STRAUSS GROUP LIMITED 15,897 988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 6,100 120,494 SYCAMORE NETWORKS INCORPORATED+ 421,729 7,000 TAT HONG HOLDINGS LIMITED+ 6,139 35,246 TECH DATA CORPORATION+ 1,203,298 2,600 TOMEN ELECTRONICS CORPORATION 29,858 818 TOROMONT INDUSTRIES LIMITED+ 25,038 3,700 TOYO CORPORATION 39,676 900 TRUSCO NAKAYAMA CORPORATION 12,302 451 TRYGVESTA A/S 30,622 2,100 VALOR COMPANY LIMITED 18,600 18,717 WESCO INTERNATIONAL INCORPORATED+ 719,481 31,945 WPG HOLDINGS COMPANY LIMITED 34,377 10,380 WW GRAINGER INCORPORATED 934,469 15,077,118 -------------- TOTAL COMMON STOCKS (COST $1,696,267,931) 1,588,958,776 --------------
Wells Fargo Advantage Master Portfolios 175 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
EXPIRATION SHARES SECURITY NAME DATE VALUE ----------------- ----------------------------------------------------- ------------- -------------- RIGHTS: 0.00% 21,769 AEGON NV RIGHTS+(a) 09/15/2008 $ 0 1,052 CENTROS COMERCIALES SUDAMERICANOS SA RIGHTS+(a) 09/17/2008 0 29,545 CIA SUDAMERICANA DE VAPORES SA RIGHTS+(a) 09/17/2008 246 5,928 EL EZZ STEEL REBARS RIGHTS+(a) 09/25/2008 21,374 1,550 HINDALCO INDUSTRIES RIGHTS+(a) 09/25/2008 1,083 83 KOOR INDUSTRIES LIMITED RIGHTS+(a) 08/31/2008 250 375 LEIGHTON HOLDINGS RIGHTS+(a) 09/11/2008 3,242 53,250 MAPLETREE LOGISTICS TRUST RIGHTS+ 10/03/2008 188 13,600 METRO HOLDINGS LIMITED RIGHTS+(a) 09/12/2008 5,566 10,887 REED ELSEVIER RIGHTS+(a) 08/29/2008 0 61,620 ROYAL DUTCH SHELL RIGHTS+(a) 09/10/2008 0 17,583 UNITED TRACTORS RIGHTS+(a) 09/08/2008 5,517 TOTAL RIGHTS (COST $31,195) 37,466 -------------- WARRANTS: 0.00% 2,479 BEACH PETROLEUM LIMITED WARRANTS+ 06/10/2010 211 107,854 CHAMPION TECHNOLOGY HOLDINGS LIMITED WARRANTS+ 04/16/2009 166 6,000 CHINA OVERSEAS LAND & INVESTMENTS WARRANTS+ 08/27/2008 28 3,300 IJM LAND BHD WARRANTS+(a) 09/11/2013 0 1,111 INDUSTRIAL & COMMERCIAL BANK OF CHINA ASIA LIMITED WARRANTS+ 11/06/2008 41 203,875 MATAHARI PUTRA WARRANTS+ 07/12/2010 602 17,250 OSIM WARRANTS+(a) 06/23/2011 0 700 TAT HONG HOLDINGS LIMITED WARRANTS+ 08/02/2013 69 TOTAL WARRANTS (COST $1,132) 1,117 -------------- PREFERRED STOCKS: 0.67% 23,200 ARACRUZ CELULOSE SA PREFERRED CLASS B 127,813 75,279 BANCO BRADESCO SA 1,381,355 58,863 BANCO ITAU HOLDING FINANCEIRA SA 1,115,137 557 CASINO GUICHARD PERRACHON SA PREFERRED 40,230 7,654 CIA DE BEBIDAS DAS AMERICAS PREFERRED SHARES 474,642 13,147 CIA ENERGETICA DE MINAS GERAIS PREFERRED 282,871 97,030 COMPANHIA VALE DO RIO DOCE CLASS A 2,267,407 8,213 EMBOTELLADORA ANDINA SA A SHARES PREFERRED+ 22,202 7,326 EMBOTELLADORA ANDINA SA B SHARES PREFERRED 22,289 21,702 GERDAU SA PREFERRED 405,282 5,767 MALAYSIAN AIRLINE PREFERRED SHARES 1,385 5,256 METALURGICA GERDAU SA 133,206 156,604 PETROLEO BRASILEIRO SA 3,371,309 597 RWE AG PREFERRED 52,000 12,177 TELE NORTE LESTE PARTICIPACOES SA 281,416 9,782 UNIPOL PREFERRED 18,232 12,402 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A 435,896 1,861 VOLKSWAGEN AG PREFERRED 286,621 TOTAL PREFERRED STOCKS (COST $8,136,829) 10,719,293 -------------- COLLATERAL FOR SECURITIES LENDING: 14.58% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.28% 5,148,658 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 5,148,658 5,148,658 DAILY ASSETS FUND INSTITUTIONAL 5,148,658 5,148,658 DREYFUS CASH MANAGEMENT FUND 5,148,658 5,148,658 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 5,148,658 20,594,632 --------------
176 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS: 13.30% $ 3,775,682 ALPINE SECURITIZATION CORPORATION++ 2.47% 09/18/2008 $ 3,770,760 686,488 AMSTEL FUNDING CORPORATION++ 2.50 09/02/2008 686,345 3,844,331 AMSTEL FUNDING CORPORATION++ 2.70 09/03/2008 3,843,178 1,510,273 ASPEN FUNDING CORPORATION++ 2.12 09/02/2008 1,510,006 1,699,057 ASPEN FUNDING CORPORATION++ 2.48 09/25/2008 1,696,014 3,089,195 ATLANTIS ONE FUNDING CORPORATION++ 2.55 09/26/2008 3,083,287 1,716,219 BANCO SANTANDER TOTTA LOAN+++/- 2.49 10/15/2008 1,715,857 25,400,045 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $25,406,056) 2.13 09/02/2008 25,400,045 1,716,219 BANK OF IRELAND+++/- 2.80 10/14/2008 1,716,074 3,775,682 CAFCO LLC++ 2.40 09/22/2008 3,769,893 1,372,975 CANCARA ASSET SECURITIZATION LIMITED++ 2.50 09/04/2008 1,372,499 1,510,273 CBA (DELAWARE) FINANCE INCORPORATED 2.35 09/02/2008 1,509,977 1,752,652 CHEYNE FINANCE LLC++(a)+/-####(i) 1.99 02/25/2008 28,919 1,349,363 CHEYNE FINANCE LLC(a)+/-####(i) 2.17 05/19/2008 22,264 3,226,492 CRC FUNDING LLC++ 2.42 09/23/2008 3,221,287 5,560,550 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $5,561,909) 2.20 09/02/2008 5,560,550 3,241,869 DANSKE BANK A/S COPENHAGEN 1.88 09/02/2008 3,241,869 5,903,794 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 5,903,794 2,402,707 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 2,402,707 5,148,658 DANSKE BANK A/S COPENHAGEN 2.15 09/02/2008 5,148,658 4,736,765 DANSKE BANK A/S COPENHAGEN 2.18 09/02/2008 4,736,765 4,736,765 DANSKE BANK A/S COPENHAGEN 2.20 09/02/2008 4,736,765 3,569,736 DANSKE BANK A/S COPENHAGEN 2.23 09/02/2008 3,569,736 1,167,029 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $1,167,312) 2.18 09/02/2008 1,167,029 19,084,358 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $19,088,896) 2.14 09/02/2008 19,084,358 3,020,546 ERASMUS CAPITAL CORPORATION++ 2.48 09/02/2008 3,019,922 3,775,682 FAIRWAY FINANCE CORPORATION++ 2.54 09/16/2008 3,771,154 1,922,166 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/22/2008 1,919,157 2,402,707 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/25/2008 2,398,455 1,201,353 FORTIS BANQUE LUXEMBOURG 2.47 09/18/2008 1,199,787 1,029,732 GEMINI SECURITIZATION INCORPORATED++ 2.47 09/26/2008 1,027,824 2,402,707 GRAMPIAN FUNDING LIMITED++ 2.56 09/24/2008 2,398,435 6,667,831 GRYPHON FUNDING LIMITED(a)+/-(i) 0.00 08/23/2009 2,965,185 4,462,170 ING USA ANNUITY & LIFE INSURANCE(a)+/-(i) 2.55 10/16/2008 4,462,170 1,578,922 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $1,579,308) 2.20 09/02/2008 1,578,922 19,564,899 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $19,569,529) 2.13 09/02/2008 19,564,899 1,722,810 JUPITER SECURITIZATION CORPORATION++ 2.45 09/25/2008 1,719,761 1,578,922 LIBERTY STREET FUNDING CORPORATION++ 2.47 09/17/2008 1,576,972 1,321,489 LIBERTY STREET FUNDING CORPORATION++ 2.48 09/19/2008 1,319,668 1,132,705 LMA AMERICAS LLC++ 2.58 09/23/2008 1,130,756 3,775,682 MAZARIN FUNDING CORPORATION++ 2.50 09/26/2008 3,768,603 1,270,002 MONT BLANC CAPITAL CORPORATION 2.55 09/05/2008 1,269,462 823,785 MONT BLANC CAPITAL CORPORATION++ 2.55 09/08/2008 823,260 317,501 MORGAN STANLEY+/- 2.62 10/15/2008 317,501 515,896 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $516,005) 1.90 09/02/2008 515,896 514,866 NORDEA NORTH AMERICA INCORPORATED 2.39 09/16/2008 514,285 3,432,438 NORTHERN ROCK PLC+++/- 2.49 10/03/2008 3,428,775 626,557 OLD LINE FUNDING CORPORATION++ 2.50 09/08/2008 626,166 3,226,492 PRUDENTIAL PLC++ 2.42 09/10/2008 3,224,106
Wells Fargo Advantage Master Portfolios 177 Portfolio of Investments--August 31, 2008 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 3,775,682 RANGER FUNDING CORPORATION++ ................ 2.45% 09/24/2008 $ 3,769,258 2,883,248 SALISBURY RECEIVABLES COMPANY++ ............. 2.50 09/10/2008 2,881,046 3,089,195 SCALDIS CAPITAL LIMITED++ ................... 2.60 09/24/2008 3,083,617 3,707,034 SHEFFIELD RECEIVABLES CORPORATION++ ......... 2.48 09/09/2008 3,704,480 3,775,682 SOLITAIRE FUNDING LLC++ ..................... 2.45 09/26/2008 3,768,744 3,432,438 STANFIELD VICTORIA FUNDING LLC++(a)+/-####(i) .......................... 2.81 02/15/2008 2,745,951 2,128,112 STANFIELD VICTORIA FUNDING LLC++(a)+/-####(i) .......................... 2.79 04/03/2008 1,702,489 1,887,841 STARBIRD FUNDING CORPORATION++ .............. 2.70 09/23/2008 1,884,443 1,922,166 STARBIRD FUNDING CORPORATION++ .............. 2.76 09/24/2008 1,918,495 3,569,736 SWEDBANK MORTGAGE AB ........................ 2.48 09/19/2008 3,564,818 851,107 TULIP FUNDING CORPORATION++ ................. 2.45 09/26/2008 849,544 1,716,219 UNICREDITO ITALIANO BANK (IRELAND)+++/- ..... 2.50 10/14/2008 1,715,982 1,716,219 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- ............................. 2.49 10/08/2008 1,716,013 2,951,897 VICTORIA FINANCE LLC++(a)+/-####(i) ......... 2.20 07/28/2008 2,361,518 1,716,219 VICTORIA FINANCE LLC++(a)+/-####(i) ......... 2.22 08/07/2008 1,372,975 3,432,438 WHITE PINE FINANCE LLC++(a)+/-####(i) ....... 2.85 02/22/2008 3,147,544 213,626,674 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $239,065,119) 234,221,306 -------------- SHARES SHORT-TERM INVESTMENTS: 0.48% 7,768,252 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 7,768,252 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $7,768,252) 7,768,252 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $1,951,270,458)* 114.65% $1,841,706,210 OTHER ASSETS AND LIABILITIES, NET (14.65) (235,312,402) ------- -------------- TOTAL NET ASSETS 100.00% $1,606,393,808 ------- --------------
+ 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 $3,541,312. (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. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund does not pay an investment advisory fee for such investments. +++ Security of an affiliate of the fund with a cost of $7,768,252. * 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. 178 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- AGENCY NOTES - INTEREST BEARING: 1.52% FEDERAL HOME LOAN BANK: 1.52% $ 1,000,000 FHLB+/- 2.49% 01/28/2009 $ 1,000,000 1,000,000 FHLB+/- 2.49 01/30/2009 1,000,000 2,000,000 -------------- TOTAL AGENCY NOTES - INTEREST BEARING (COST $2,000,000) 2,000,000 -------------- CORPORATE BONDS & NOTES: 4.20% BANKING: 0.61% 800,000 ALLIED IRISH BANKS PLC+++/- 2.47 11/18/2008 800,000 -------------- DOMESTIC BANKS: 0.39% 260,000 MORGAN STANLEY+/- 2.19 09/15/2008 259,950 250,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 250,000 509,950 -------------- FINANCIAL SERVICES: 0.76% 1,000,000 IRISH LIFE & PERMANENT+++/- 2.50 03/20/2009 1,000,000 -------------- FOREIGN BANKS: 1.30% 700,000 BES FINANCE LIMITED+++/- 2.52 03/02/2009 700,000 1,000,000 INTESA BANK IRELAND PLC+++/- 2.49 03/25/2009 1,000,000 1,700,000 -------------- MUNICIPAL: 1.14% 1,500,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 1,500,000 -------------- TOTAL CORPORATE BONDS & NOTES (COST $5,509,950) 5,509,950 -------------- MUNICIPAL BONDS & NOTES: 1.49% COLORADO: 0.19% 250,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 3.00 05/01/2049 250,000 -------------- MINNESOTA: 0.20% 260,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE, GENERAL OBLIGATION OF AUTHORITY)+/-ss 2.70 07/01/2048 260,000 -------------- NEW JERSEY: 0.15% 200,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 2.60 11/01/2037 200,000 -------------- OHIO: 0.19% 250,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I (HOUSING REVENUE, GOVERNMENT NATIONAL MORTGAGE ASSOCIATION)+/-ss 2.70 09/01/2039 250,000 -------------- TENNESSEE: 0.76% 1,000,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK)+/-ss 2.55 07/01/2033 1,000,000 -------------- TOTAL MUNICIPAL BONDS & NOTES (COST $1,960,000) 1,960,000 --------------
Wells Fargo Advantage Master Portfolios 179 Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- COMMERCIAL PAPER: 50.48% $ 1,000,000 ACTS RETIREMENT-LIFE## 2.92% 09/09/2008 $ 999,432 1,000,000 ALPINE SECURITIZATION++## 2.47 09/25/2008 998,422 800,000 AMSTEL FUNDING CORPORATION++## 2.73 09/09/2008 799,571 1,000,000 AMSTEL FUNDING CORPORATION++## 2.73 09/22/2008 998,483 450,000 AMSTEL FUNDING CORPORATION++## 2.75 09/12/2008 449,656 500,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++## 3.04 04/20/2009 490,289 250,000 ASB FINANCE LIMITED (LONDON)++## 3.01 05/07/2009 244,837 500,000 ATLANTIC ASSET SECURITIZATION CORPORATION++## 2.49 09/04/2008 499,931 500,000 BEAGLE FUNDING LLC++## 2.72 09/17/2008 499,433 1,000,000 BELMONT FUNDING LLC++## 2.75 09/04/2008 999,847 500,000 BRYANT PARK FUNDING LLC++## 2.75 09/08/2008 499,771 500,000 CAFCO LLC++## 2.67 09/04/2008 499,926 750,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE++## 2.71 09/12/2008 749,435 500,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE++## 2.97 10/21/2008 497,979 550,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/10/2008 549,690 950,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/15/2008 949,129 600,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/18/2008 599,323 1,500,000 CHARTA LLC++## 2.60 09/02/2008 1,500,000 300,000 CHARTA LLC++## 2.70 10/20/2008 298,920 500,000 CHARTA LLC++## 2.80 09/17/2008 499,417 750,000 CIESCO LLC++## 2.80 09/18/2008 749,067 1,250,000 CITIBANK CREDIT CARD ISSUANCE TRUST++## 2.49 09/11/2008 1,249,222 1,250,000 CITIBANK CREDIT CARD ISSUANCE TRUST++## 2.80 09/12/2008 1,249,028 900,000 CITIBANK OMNI MASTER TRUST++## 2.75 09/19/2008 898,831 500,000 CITIBANK OMNI MASTER TRUST++## 3.08 12/10/2008 495,765 1,000,000 CLIPPER RECEIVABLES COMPANY LLC++## 2.57 09/02/2008 1,000,000 1,000,000 CLIPPER RECEIVABLES COMPANY LLC++## 2.57 09/03/2008 999,929 450,000 EBBETS FUNDING LLC++## 2.70 09/04/2008 449,933 1,000,000 EBBETS FUNDING LLC++## 2.70 09/18/2008 998,800 1,000,000 EBBETS FUNDING LLC++## 2.75 09/08/2008 999,542 1,000,000 ELYSIAN FUNDING LLC++## 2.60 09/05/2008 999,783 1,500,000 ENTERPRISE FUNDING LLC++## 2.48 09/08/2008 1,499,380 500,000 ENTERPRISE FUNDING LLC++## 2.49 09/08/2008 499,793 800,000 ERASMUS CAPITAL CORPORATION++## 2.60 09/09/2008 799,596 1,000,000 ERASMUS CAPITAL CORPORATION++## 2.60 09/15/2008 999,061 500,000 EUREKA SECURITIZATION++## 2.62 09/16/2008 499,492 1,000,000 FAIRWAY FINANCE CORPORATION++## 2.51 09/18/2008 998,884 1,000,000 FAIRWAY FINANCE CORPORATION++## 2.53 09/08/2008 999,578 1,000,000 FALCON ASSET SECURITIES COMPANY LLC++## 2.48 09/11/2008 999,380 1,000,000 FORTIS FUNDING LLC++## 2.52 09/12/2008 999,300 750,000 FORTIS FUNDING LLC++## 2.67 10/07/2008 748,057 650,000 GALLEON CAPITAL LLC++## 2.57 09/04/2008 649,907 1,000,000 GALLEON CAPITAL LLC++## 2.60 09/02/2008 1,000,000 550,000 GALLEON CAPITAL LLC++## 2.60 09/03/2008 549,960 750,000 GEMINI SECURITIZATION CORPORATION LLC++## 2.68 09/02/2008 750,000 500,000 GEMINI SECURITIZATION CORPORATION LLC++## 2.68 09/04/2008 499,926 500,000 GOVCO LLC++## 2.72 11/17/2008 497,129 500,000 IRISH LIFE & PERMANENT++## 2.76 09/30/2008 498,927 1,000,000 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++## 2.72 09/17/2008 998,867 450,000 LIBERTY STREET FUNDING LLC++## 2.58 09/09/2008 449,774 1,250,000 LIBERTY STREET FUNDING LLC++## 2.59 09/15/2008 1,248,831 250,000 LIBERTY STREET FUNDING LLC++## 2.87 12/01/2008 248,206 500,000 MAZARIN FUNDING CORPORATION++## 2.60 09/02/2008 500,000 1,000,000 MAZARIN FUNDING CORPORATION++## 2.62 09/09/2008 999,491 700,000 METLIFE SHORT TERM FUND++## 2.56 09/15/2008 699,353 1,000,000 METLIFE SHORT TERM FUND++## 2.65 10/01/2008 997,865 1,000,000 METLIFE SHORT TERM FUND++## 2.93 12/09/2008 992,024
180 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- COMMERCIAL PAPER (continued) $ 250,000 MONT BLANC CAPITAL CORPORATION++## 2.50% 09/03/2008 $ 249,983 500,000 MONT BLANC CAPITAL CORPORATION++## 2.62 09/04/2008 499,927 1,000,000 NATIONWIDE BUILDING SOCIETY++## 2.40 09/04/2008 999,867 1,000,000 NIEUW AMSTERDAM RECEIVABLES++## 2.60 09/02/2008 1,000,000 2,000,000 OLD LINE FUNDING LLC++## 2.50 09/12/2008 1,998,611 500,000 PARK AVENUE RECEIVABLES++## 2.47 09/05/2008 499,897 1,000,000 PARK AVENUE RECEIVABLES++## 2.48 09/05/2008 999,793 500,000 PICAROS FUNDING LLC++## 2.53 09/15/2008 499,543 2,000,000 PICAROS FUNDING LLC++## 2.54 09/04/2008 1,999,718 750,000 REGENCY MARKETS #1 LLC++## 2.59 09/15/2008 749,298 1,500,000 SCALDIS CAPITAL LLC++## 2.59 09/22/2008 1,497,842 250,000 SCALDIS CAPITAL LLC++## 2.78 10/30/2008 248,880 1,000,000 STARBIRD FUNDING CORPORATION++## 2.70 09/25/2008 998,275 400,000 STARBIRD FUNDING CORPORATION++## 2.80 10/03/2008 399,036 500,000 STARBIRD FUNDING CORPORATION++## 2.95 10/17/2008 498,156 600,000 SURREY FUNDING CORPORATION++## 2.63 09/09/2008 599,693 500,000 SURREY FUNDING CORPORATION++## 2.64 09/12/2008 499,633 1,000,000 SWEDBANK## 2.74 10/24/2008 996,042 500,000 SWEDBANK## 2.81 09/08/2008 499,766 1,000,000 SWEDBANK## 2.96 11/25/2008 993,093 1,000,000 SWEDBANK## 3.00 11/26/2008 992,917 300,000 THAMES ASSET GLOBAL SECURITIES++## 2.55 09/10/2008 299,830 400,000 THAMES ASSET GLOBAL SECURITIES++## 2.55 09/15/2008 399,632 700,000 THAMES ASSET GLOBAL SECURITIES++## 2.57 09/09/2008 699,650 500,000 UNICRED INTERNATIONAL BANK IRELAND++## 2.93 11/25/2008 496,582 500,000 VARIABLE FUNDING CAPITAL++## 2.83 11/25/2008 496,698 1,000,000 VERSAILLES COMMERCIAL PAPER LLC++## 2.55 09/05/2008 999,788 1,000,000 VICTORIA FINANCE LLC+++/-####(a)(i) 4.82 01/17/2008 800,000 TOTAL COMMERCIAL PAPER (COST $66,448,317) 66,248,322 -------------- EXTENDABLE BONDS: 5.98% 700,000 BASF FINANCE EUROPE NV+++/- 2.80 09/18/2009 700,000 750,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+++/- 2.77 09/10/2009 750,000 500,000 COMMONWEALTH BANK AUSTRALIA+++/- 2.99 08/03/2009 500,000 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 1,500,000 500,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 500,000 750,000 IBM INTERNATIONAL GROUP CAPITAL+++/- 3.03 09/25/2009 750,000 750,000 ING USA GLOBAL FUNDING+/- 3.14 09/18/2009 750,000 1,400,000 RABOBANK NEDERLAND+++/- 2.99 09/09/2009 1,400,000 500,000 ROYAL BANK OF CANADA+++/- 2.77 09/15/2009 500,000 500,000 SVENSKA HANDELSBANKEN+++/- 3.15 08/25/2009 500,000 TOTAL EXTENDABLE BONDS (COST $7,850,000) 7,850,000 -------------- MEDIUM TERM NOTES: 3.43% 1,000,000 BNP PARIBAS+/- 2.77 09/16/2008 1,000,000 1,000,000 MBIA GLOBAL FUNDING LLC+++/- 3.01 11/18/2008 1,000,000 1,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 1,000,000 500,000 ROYAL BANK SCOTLAND GROUP PLC+++/- 2.96 09/18/2008 500,000 1,000,000 TOTTA IRELAND PLC+++/- 2.47 09/05/2008 1,000,000 TOTAL MEDIUM TERM NOTES (COST $4,500,000) 4,500,000 -------------- SECURED MASTER NOTE AGREEMENT: 3.45% 2,167,000 BANK OF AMERICA SECURITIES+++/-ss (e) 2.26 -- 2,167,000 2,354,000 CITIGROUP GLOBAL+++/-ss (e) 2.25 -- 2,354,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $4,521,000) 4,521,000 --------------
Wells Fargo Advantage Master Portfolios 181 Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------- ------------- ------------- -------------- TIME DEPOSITS: 12.19% $ 2,000,000 ALLIED IRISH BANKS PLC ..................... 2.15% 09/02/2008 $ 2,000,000 2,000,000 BANCO BILBAO VIZCAYA ARGENTINA ............. 2.20 09/02/2008 2,000,000 2,000,000 BANK OF IRELAND ............................ 2.23 09/02/2008 2,000,000 1,000,000 BNP PARIBAS PARIS .......................... 2.15 09/02/2008 1,000,000 2,000,000 DANSKE BANK A/S COPENHAGEN ................. 2.15 09/02/2008 2,000,000 2,000,000 DEXIA CREDIT LOCAL DE FRANCE ............... 2.18 09/02/2008 2,000,000 3,000,000 KBC BANK NV BRUSSELS ....................... 1.88 09/02/2008 3,000,000 2,000,000 SOCIETE GENERALE PARIS ..................... 2.18 09/02/2008 2,000,000 TOTAL TIME DEPOSITS (COST $16,000,000) ................... 16,000,000 -------------- CERTIFICATES OF DEPOSIT: 8.53% 1,000,000 ABN AMRO BANK (LONDON) ..................... 2.85 09/10/2008 1,000,000 1,000,000 ALLIED IRISH BANKS (NEW YORK) .............. 2.86 09/09/2008 1,000,000 1,000,000 BANCO BILBOA VIZCAYA ARGENTINA (NEW YORK) .. 2.70 09/04/2008 1,000,002 2,000,000 BANK OF SOCTLAND PLC (NEW YORK)+/- ......... 3.22 08/14/2009 2,000,000 750,000 BARCLAYS BANK PLC (NEW YORK)+/- ............ 2.97 02/27/2009 750,000 1,000,000 BNP PARIBAS NY BRANCH ...................... 3.12 02/20/2009 1,000,000 750,000 FORTIS BANK (NEW YORK) ..................... 2.80 10/17/2008 750,000 1,000,000 INTESA SANPAOLO SPA LOND ................... 2.53 09/08/2008 1,000,000 700,000 NATIXIS NY BRANCH .......................... 2.92 12/01/2008 700,000 500,000 NATIXIS NY BRANCH+/-ss ................ 2.99 04/01/2010 500,000 1,000,000 UNICREDITO ITALIANO NY ..................... 3.00 12/08/2008 1,000,000 500,000 US BANK NATIONAL ASSOCIATION ............... 2.86 04/20/2009 500,000 TOTAL CERTIFICATES OF DEPOSIT (COST $11,200,002) ......... 11,200,002 -------------- REPURCHASE AGREEMENTS: 9.37% 2,301,419 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,301,966) ................ 2.14 09/02/2008 2,301,419 3,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $3,000,733) ..... 2.20 09/02/2008 3,000,000 1,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,242) ................ 2.18 09/02/2008 1,000,000 1,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,244) ................ 2.20 09/02/2008 1,000,000 3,000,000 LEHMAN BROTHERS COMMERCIAL - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $3,000,833) ................ 2.50 09/02/2008 3,000,000 2,000,000 MERRILL PIERCE FENNER & SMITH - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,000,489) ................ 2.20 09/02/2008 2,000,000 TOTAL REPURCHASE AGREEMENTS (COST $12,301,419) 12,301,419 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $132,290,688)* 100.64% $ 132,090,693 OTHER ASSETS AND LIABILITIES, NET (0.64) (844,580) ------ -------------- TOTAL NET ASSETS 100.00% $ 131,246,113 ------ --------------
---------- ++ 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. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. #### 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. (e) The security is a private placement with no stated maturity date. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 182 Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Diversified Fixed Diversified Money Market Income Portfolio Stock Portfolio Portfolio ----------------- --------------- ------------- ASSETS Investments In securities, at market value (including securities on loan) .................................................... $ 850,452,078 $1,596,436,443 $ 119,789,274 Collateral received for securities loaned (Note 2) .......... 256,634,289 234,221,306 0 Investments in affiliates ................................... 54,754,127 11,048,461 0 Repurchase Agreements ....................................... 0 0 12,301,419 -------------- -------------- ------------- Total investments at market value (see cost below) ............. 1,161,840,494 1,841,706,210 132,090,693 -------------- -------------- ------------- Cash 0 0 50,000 Foreign currency, at value ..................................... 350,720 4,636,974 0 Receivable for investments sold ................................ 8,557,440 22,786 0 Receivables for dividends and interest ......................... 9,831,239 3,179,173 126,628 Prepaid expenses and other assets .............................. 5,961 47,473 0 -------------- -------------- ------------- Total assets 1,180,585,854 1,849,592,616 132,267,321 -------------- -------------- ------------- LIABILITIES Payable for daily variation margin on futures contracts ........ 0 336,039 0 Foreign taxes payable .......................................... 195 0 0 Payable for investments purchased .............................. 53,171,499 3,217,552 1,000,000 Unrealized depreciation on forward foreign currency contracts .. 195,763 0 0 Payable upon receipt of securities loaned (Note 2) ............. 258,859,069 239,065,119 0 Payable to investment advisor and affiliates (Note 3) .......... 256,464 575,668 13,753 Accrued expenses and other liabilities .......................... 2,785 4,430 7,455 -------------- -------------- ------------- Total liabilities ................................................. 312,485,775 243,198,808 1,021,208 -------------- -------------- ------------- TOTAL NET ASSETS .................................................. $ 868,100,079 $1,606,393,808 $ 131,246,113 ============== ============== ============= Investments at cost ............................................... $1,156,762,618 $1,951,270,458 $ 132,290,688 -------------- -------------- ------------- Foreign currencies at cost ........................................ $ 361,813 $ 4,715,777 $ 0 -------------- -------------- ------------- Securities on loan, at market value (Note 2) ...................... $ 255,114,613 $ 228,531,646 $ 0 -------------- -------------- -------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 183 Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Diversified Fixed Diversified Money Market Income Portfolio Stock Portfolio Portfolio ----------------- --------------- ------------ INVESTMENT INCOME Dividends(1)..................................................... $ 0 $ 19,413,944 $ 0 Interest......................................................... 18,253,170 0 1,856,030 Interest from affiliated securities.............................. 483,289 124,099 0 Securities lending income, net................................... 405,169 725,951 0 ------------ ------------ ------------ Total investment income............................................. 19,141,628 20,263,994 1,856,030 ------------ ------------ ------------ EXPENSES Advisory fees.................................................... 1,249,638 2,769,512 66,030 Custody fees..................................................... 166,618 569,513 13,206 Accounting fees.................................................. 9,512 9,284 7,522 Professional fees................................................ 34,270 35,070 25,756 Shareholder reports.............................................. 802 1,201 652 Trustees' fees................................................... 4,323 4,323 4,323 Other fees and expenses.......................................... 3,919 32,375 1,565 ------------ ------------ ------------ Total expenses...................................................... 1,469,082 3,421,278 119,054 ------------ ------------ ------------ LESS Waived fees and reimbursed expenses (Note 3)..................... (3,054) (1,066) (4,609) Net expenses..................................................... 1,466,028 3,420,212 114,445 ------------ ------------ ------------ Net investment income (loss)........................................ 17,675,600 16,843,782 1,741,585 ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities, foreign currencies and foreign currency translation...................................................... 1,605,873 10,180,012 (15,354) Futures transactions............................................. 0 (210,492) 0 Affiliated Securities............................................ 0 (11,042) 0 ------------ ------------ ------------ Net realized gain and loss from investments......................... 1,605,873 9,958,478 (15,354) ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities, foreign currencies and foreign currency translation...................................................... (32,081,013) (81,036,666) (91,600) Forward foreign currency contracts............................... (389,715) 0 0 Futures transactions 0 (515,770) 0 ------------ ------------ ------------ Net change in unrealized appreciation (depreciation) of investments...................................................... (32,470,728) (81,552,436) (91,600) ------------ ------------ ------------ Net realized and unrealized gain (loss) on investments.............. (30,864,855) (71,593,958) (106,954) ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..... $(13,189,255) $(54,750,176) $ 1,634,631 ============ ============ ============ (1) Net of foreign withholding taxes of............................. $ 0 $ 1,091,986 $ 0
The accompanying notes are an integral part of these financial statements. 184 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
DIVERSIFIED FIXED INCOME PORTFOLIO -------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- ------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ................................ $747,540,015 $ 511,061,689 OPERATIONS Net investment income (loss) ........................ 17,675,600 29,765,957 Net realized gain (loss) on investments ............. 1,605,873 8,403,026 Net change in unrealized appreciation (depreciation) of investments .................... (32,470,728) 27,138,722 ------------ ------------- Net increase (decrease) in net assets resulting from operations .......................................... (13,189,255) 65,307,705 ------------ ------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ....................................... 200,946,962 497,469,524 Withdrawals ......................................... (67,197,643) (326,298,903) ------------ ------------- Net increase (decrease) from transactions in investors' beneficial interests ................................ 133,749,319 171,170,621 ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS .................. 120,560,064 236,478,326 ============ ============= ENDING NET ASSETS ...................................... $868,100,079 $ 747,540,015 ============ =============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 185 Statements of Changes in Net Assets
DIVERSIFIED STOCK PORTFOLIO MONEY MARKET PORTFOLIO --------------------------------- --------------------------------- For the For the For the For the Six Months Ended Year Ended Six Months Ended Year Ended August 31, 2008 February 29, August 31, 2008 February 29, (Unaudited) 2008 (Unaudited) 2008 ---------------- -------------- ---------------- -------------- $1,472,810,890 $ 876,896,308 $124,923,826 $ 152,041,503 16,843,782 20,075,836 1,741,585 6,417,043 9,958,478 60,160,849 (15,354) 7,006 (81,552,436) (142,485,632) (91,600) (108,395) -------------- -------------- ------------ -------------- (54,750,176) (62,248,947) 1,634,631 6,315,654 -------------- -------------- ------------ -------------- 309,988,247 859,258,927 34,758,135 88,952,041 (121,655,153) (201,095,398) (30,070,479) (122,385,372) -------------- -------------- ------------ -------------- 188,333,094 658,163,529 4,687,656 (33,433,331) -------------- -------------- ------------ -------------- 133,582,918 595,914,582 6,322,287 (27,117,677) ============== ============== ============ ============== $1,606,393,808 $1,472,810,890 $131,246,113 $ 124,923,826 ============== ============== ============ ==============
186 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, 2008 to August 31, 2008 (Unaudited) ............................. 4.25% 0.35% 0.00%(5) 0.35% (1.63)% 31% 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, 2008 to August 31, 2008 (Unaudited) ............................. 2.08% 0.42% 0.00%(5) 0.42% (3.51)% 13% 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% MONEY MARKET PORTFOLIO March 1, 2008 to August 31, 2008 (Unaudited) ............................. 2.64% 0.18% (0.01)% 0.17% 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 187 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 Money Market 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 accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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. In the absence of any sale of securities listed on the NASDAQ, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed "stale" and the valuations will be determined in accordance with the Funds' Fair Valuation Procedures. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price. Debt securities with original maturities of 60 days or less and other short-term debt securities in which cash collateral received for securities loaned may be invested, generally are valued at amortized cost. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. 188 Wells Fargo Advantage Master Portfolios Notes to Financial Statements Money Market 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. 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. Money Market Portfolio maintains an accumulating net asset value. 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. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of August 31, 2008 in valuing the Funds' investments in securities:
Total Fair Value MASTER PORTFOLIOS Level 1 Level 2 Level 3 as of 08/31/2008 ---------------------------------- -------------- -------------- ----------- ---------------- DIVERSIFIED FIXED INCOME PORTFOLIO $ 0 $1,142,099,327 $19,741,167 $1,161,840,494 DIVERSIFIED STOCK PORTFOLIO 1,203,602,551 618,675,333 19,428,326 1,841,706,210 MONEY MARKET PORTFOLIO 0 131,290,693 800,000 132,090,693
The following is a summary of the inputs used as of August 31, 2008 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 $(884,866) $0 $0 $(884,866) DIVERSIFIED STOCK PORTFOLIO 20,379 0 0 20,379 MONEY MARKET PORTFOLIO 0 0 0 0
* Other financial instruments include: futures, options, sale commitments, and swaps. Wells Fargo Advantage Master Portfolios 189 Notes to Financial Statements Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determing value:
Diversified Fixed Diversified Money Market Income Portfolio Stock Portfolio Portfolio ----------------- --------------- ------------ BALANCE AS OF 02/29/2008 $22,011,439 $23,131,367 $891,600 Accrued discounts (premiums) 21 0 0 Realized gain (loss) (1,076,028) (3,200,220) 0 Unrealized appreciation (depreciation) (326,207) 9,020 (91,600) Net purchases (sales) 56,610 (1,049,754) 0 Net transfer in (out) of level 3 (924,668) 537,913 0 BALANCE AS OF 08/31/2008 $19,741,167 $19,428,326 $800,000
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. 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, 2008, 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) are subject to examination by the Internal Revenue Service and state departments of revenue. 190 Wells Fargo Advantage Master Portfolios Notes to Financial Statements 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. As of August 31, 2008, 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 300,000 British Pound 12/5/08 $ 547,380 $ (524) 1,750,000 Euro 12/5/08 2,549,664 17,674 130,000,000 Japanese Yen 12/5/08 1,191,349 3,229
FUTURES CONTRACTS The Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between parties to buy or sell a security at a set price on a future date. Upon entering into such a contract, a Fund is required to pledge to the broker an amount of cash, U.S. Government obligations or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange on which the futures contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission (the "SEC") for long futures positions, the Fund is required to segregate highly liquid securities as permitted by the SEC in connection with futures transactions in an amount generally equal to the value of the underlying contracts. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contract may not correlate with changes in the value of the underlying securities. At August 31, 2008, the following Fund held futures contracts:
Notional Net Unrealized Contract Appreciation PORTFOLIO Contracts Type Expiration Date Amount (Depreciation) --------------------------- --------- ------------- --------------- ---------- -------------- DIVERSIFIED STOCK PORTFOLIO 9 Long Midcap 400 September 2008 $ 781,095 $ (46,155) 10 Long Russell Mini September 2008 733,984 (715,084) 32 Long S&P 500 Index September 2008 2,175,627 (123,627)
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. 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 Wells Fargo Advantage Master Portfolios 191 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 high-quality short-term debt investments (including money market instruments) that have been evaluated and approved by the Fund's adviser and are permissible investments for the Fund. Cash collateral is invested on behalf of a Fund in a manner similar to the Fund's investment of its cash reserves and the Fund bears all of the gains and losses on such investments. The net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. In either case, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. Wells Fargo Bank, N.A., the Funds' custodian, acts as the securities lending agent for the Funds and receives for its services 25% of the revenues earned on the securities lending activities (reduced from 30% effective September 1, 2007) 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 a portion of the period, 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, 2008, 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, 2008, 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 $ 6,458,844 0.74 DIVERSIFIED STOCK PORTFOLIO 11,381,660 0.71 MONEY MARKET PORTFOLIO 800,000 0.61
192 Wells Fargo Advantage Master Portfolios 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 MONEY MARKET 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 MONEY MARKET PORTFOLIO 0.02
OTHER FEES PNC Global Investment Servicing ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses on the Statements of Operations, for the six-month period ended August 31, 2008, were waived by Funds Management, first from advisory fees, and then any remaining amount consecutively from custody fees collected, if any. Wells Fargo Advantage Master Portfolios 193 Notes to Financial Statements 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, 2008, were as follows:
PORTFOLIO Purchases at Cost Sales Proceeds ---------------------------------- ----------------- -------------- DIVERSIFIED FIXED INCOME PORTFOLIO $410,520,295 $250,682,726 DIVERSIFIED STOCK PORTFOLIO 419,694,071 210,412,752
5. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133."FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 194 Wells Fargo Advantage Dow Jones Target Date 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"). This table supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information1 of each Fund. Each of the Trustees 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"). All of the non-interested Trustees are also members of the Audit and Governance Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees. NON-INTERESTED TRUSTEES
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships -------------------- ------------------------- ------------------------------------------------ --------------------- Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None 66 University of Wake Forest University. Prior thereto, the Thomas Goho Chair of Finance of Wake Forest University, Calloway School of Business and Accountancy, from 2006-2007 and Associate Professor of Finance from 1999-2005. Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser None 65 Chairman, since 2005 Water Company and President of Crystal Geyser (Lead Trustee since 2001) Roxane Water Company. Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer None 59 and Chief Investment Officer of Minneapolis Retirement Fund from 1996 to 2008. Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, None 55 Wharton 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 None 56 Initiative Foundation, a non-profit organization since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None 68
Wells Fargo Advantage Dow Jones Target Date Funds 195 Other Information INTERESTED TRUSTEE(3)
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships -------------------- ------------------------- ------------------------------------------------ --------------------- J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior None 63 thereto, Chairman of Whitepoint Capital, LLC until 2004.
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, None 49 N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells None 48 Chief Legal Counsel, Fargo Funds Management, LLC since 2001. Vice since 2003 President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996. Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, None 49 Reporting and Tax for Wells Fargo Funds Management, LLC since 2007. Director of Fund Administration and SEC Reporting for TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB Fund Services, Inc. from 2004 to 2005. Controller for Sungard Transaction Networks from 2002 to 2004. Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None 44 since 2007 Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and 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) As of August 31, 2008, one of the seven Trustees is considered an "interested person" of the Trusts as defined in the Investment Company Act of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC. 196 Wells Fargo Advantage Dow Jones Target Date Funds 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 MONEY MARKET PORTFOLIO Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Boards of Trustees (each a "Board" and collectively, the "Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master Trust ("Master Trust") (collectively, the "Trusts"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of each Trust, as defined in the 1940 Act (the "Independent Trustees"), will annually review and consider the continuation of the investment advisory and sub-advisory agreements. In this regard, the Boards reviewed and re-approved during the six months covered by this report: (i) investment advisory agreements 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 Money Market 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 Money Market 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 28, 2008, the Boards, including the Independent Trustees advised by their independent legal counsel, 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 28, 2008, 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 the day-to-day management services for the Funds. 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, and the appointment of a new Chief Compliance Officer for the Funds. In addition, the Boards took into account the administrative services provided to the Funds by Funds Management and its affiliates. Wells Fargo Advantage Dow Jones Target Date Funds 197 Other Information 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 of the Funds over various time periods ended December 31, 2007. They also considered these results in comparison to the median performance of a universe of relevant funds that was determined by Lipper Inc. ("Lipper") to be similar to the Funds (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 Boards were provided with a description of the methodology used by Lipper to select the mutual funds in the Universe. The Boards noted that the performance of each Fund, except the Target Today Fund was better than, equal to, or not appreciably below, the median performance of each Fund's Universe for all time periods. The Board of Funds Trust noted that the performance of the Target Today Fund was lower than the median performance of its Universe for most time periods and required further review. As part of its further review, the Board received an analysis of, and discussed factors contributing to, the underperformance of the Target Today Fund. The Board requested continued reports on the performance of the Target Today Fund. The Boards received and considered information regarding each Fund's contractual advisory fee and net operating expense ratio and their various components, including actual management fees, transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The Boards also considered comparisons of these fees to the respective median fees of narrower groups of funds that were determined by Lipper to be the most similar to the Funds (the "Peer Group") and to other comparative data. The Boards were provided with a description of the methodology used by Lipper to select the mutual funds in the Peer Group. The Boards noted that the net operating expense ratios of the Funds were equal to, lower than, or not appreciably higher than, each Fund's Peer Group's median net operating expense ratio. Based on the above-referenced considerations and other factors, the Boards concluded that the overall performance and expense results supported the re-approvals 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 Peer Group. The Boards noted that the Advisory Agreement Rates and the Net Advisory Rates for each Fund were lower than or equal to the median rates of each Fund's respective Peer 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 Peer Group, and reasonable in relation to the services provided. The Board of Funds Trust also considered and approved Funds Management's recommendation to reduce administration fees for certain share classes of the Target Date Funds in coming to its conclusion. The Boards also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the current and proposed Sub-Advisory Agreement Rates were fair and equitable, based on their consideration of the factors described above. 198 Wells Fargo Advantage Dow Jones Target Date Funds Other Information PROFITABILITY The Boards received and considered a detailed profitability analysis of Funds Management based on the Advisory Agreement Rates and Net Advisory Rates, as well as an analysis of the profitability to other Wells Fargo businesses of providing services to the Funds. The Boards also considered related information provided by Funds Management in a separate presentation on financial matters made at the February 2008 board meetings. The Boards 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 the Funds were not unreasonable. The Board of Master Trust did not consider separate profitability information with respect to Wells Capital Management, as its profitability from its relationship with the Money Market Portfolio was not a material factor in determining whether to renew the agreement. The Boards did not consider separate profitability information with respect to GIA and SSgA, which are not affiliated with Funds Management. The Boards considered that the sub-advisory fees paid to these sub-advisers had been negotiated by Funds Management on an arm's length basis and that these sub-advisers' profitability from their relationships with the Target Date Funds, Diversified Fixed Income Portfolio and Diversified Stock Portfolio was not a material factor in determining whether to renew the agreements. ECONOMIES OF SCALE The Boards received and considered general information regarding whether there have been economies of scale with respect to the management of the Funds, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Funds. The Boards also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the February 2008 board meetings. 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. Wells Fargo Advantage Dow Jones Target Date Funds 199 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 the Funds was in the best interest of the Funds and their shareholders/interestholders. Accordingly, the Boards unanimously approved the continuation of the Advisory Agreements for an additional one year period. 200 Wells Fargo Advantage Dow Jones Target Date Funds List of Abbreviations The following is a list of common abbreviations for terms and entities which may have appeared in this report. ABAG -- Association of Bay Area Governments ADR -- American Depositary Receipt AMBAC -- American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax ARM -- Adjustable Rate Mortgages BART -- Bay Area Rapid Transit CDA -- Community Development Authority CDO -- Collateralized Debt Obligation CDSC -- Contingent Deferred Sales Charge CGIC -- Capital Guaranty Insurance Company CGY -- Capital Guaranty Corporation CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee COP -- Certificate of Participation CP -- Commercial Paper CTF -- Common Trust Fund DW&P -- Department of Water & Power DWR -- Department of Water Resources ECFA -- Educational & Cultural Facilities Authority EDFA -- Economic Development Finance Authority ETET -- Eagle Tax-Exempt Trust FFCB -- Federal Farm Credit Bank FGIC -- Financial Guaranty Insurance Corporation FHA -- Federal Housing Authority FHAG -- Federal Housing Agency FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association FSA -- Farm Service Agency GDR -- Global Depositary Receipt GNMA -- Government National Mortgage Association GO -- General Obligation HCFR -- Healthcare Facilities Revenue HEFA -- Health & Educational Facilities Authority HEFAR -- Higher Education Facilities Authority Revenue HFA -- Housing Finance Authority HFFA -- Health Facilities Financing Authority HUD -- Housing & Urban Development IDA -- Industrial Development Authority IDAG -- Industrial Development Agency IDR -- Industrial Development Revenue LIBOR -- London Interbank Offered Rate LLC -- Limited Liability Corporation LOC -- Letter of Credit LP -- Limited Partnership MBIA -- Municipal Bond Insurance Association MFHR -- Multi-Family Housing Revenue MTN -- Medium Term Note MUD -- Municipal Utility District PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue PFA -- Public Finance Authority PFFA -- Public Facilities Financing Authority plc -- Public Limited Company PSFG -- Public School Fund Guaranty R&D -- Research & Development RDA -- Redevelopment Authority RDFA -- Redevelopment Finance Authority REITS -- Real Estate Investment Trusts SFHR -- Single Family Housing Revenue SFMR -- Single Family Mortgage Revenue SLMA -- Student Loan Marketing Association TBA -- To Be Announced TRAN -- Tax Revenue Anticipation Notes USD -- Unified School District XLCA -- XL Capital Assurance THIS PAGE IS INTENTIONALLY LEFT BLANK. THIS PAGE IS INTENTIONALLY LEFT BLANK. (LOGO) Reduce Clutter. Save Trees. Sign up for electronic delivery of prospectuses and shareholder reports at www.wellsfargo.com/advantagedelivery (WELLS FARGO ADVANTAGE FUNDS LOGO) More information about WELLS FARGO ADVANTAGE FUNDS is available free upon request. To obtain literature, please write, e-mail, visit the Funds' Web site, or call: WELLS FARGO ADVANTAGE FUNDS P.O. Box 8266 Boston, MA 02266-8266 E-mail: wfaf@wellsfargo.com Web site: www.wellsfargo.com/advantagefunds Individual Investors: 1-800-222-8222 Retail Investment Professionals: 1-888-877-9275 Institutional Investment Professionals: 1-866-765-0778 THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222 OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY. "Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Global Index Advisors, Inc. and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Lehman Brothers Bond Indexes, which are published by Lehman Brothers 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 Lehman Brothers, and neither Dow Jones nor Lehman Brothers 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 Lehman Brothers Bond Indexes. IN NO EVENT SHALL DOW JONES, LEHMAN BROTHERS OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (C) 2008 Wells Fargo Funds Management, LLC. www.wellsfargo.com/advantagefunds All rights reserved. 111850 10-08 SOFLD/SAR101 08-08 (WELLS FARGO ADVANTAGE FUNDS LOGO) (LOGO) Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder report at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY Semi-Annual Report August 31, 2008 (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 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 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 ............................................. 34 Minnesota Money Market Fund .............................................. 38 Money Market Fund ........................................................ 41 Municipal Money Market Fund .............................................. 46 National Tax-Free Money Market Fund ...................................... 52 Treasury Plus Money Market Fund .......................................... 72 100% Treasury Money Market Fund .......................................... 73 FINANCIAL STATEMENTS Statements of Assets and Liabilities ..................................... 74 Statements of Operations ................................................. 76 Statements of Changes in Net Assets ...................................... 78 Financial Highlights ..................................................... 86 NOTES TO FINANCIAL STATEMENTS ............................................ 90 OTHER INFORMATION ........................................................ 97 LIST OF ABBREVIATIONS .................................................... 102
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (GRAPHIC) WELLS FARGO ADVANTAGE FUNDS(R) 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 120 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. Integrity. Expertise. Solutions. GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished itself by safely delivering people and their valuables to distant destinations. To meet the needs of a vibrant, expanding nation, the company successfully forged partnerships with local specialists who knew the terrain. Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to put the same time and effort into selecting independent portfolio management teams who oversee our Funds. It's our way of maintaining this early commitment to integrity and expertise and to providing solutions that help you reach your destination. INDEPENDENT THINKING. With a primary focus on delivering long-term performance and risk management, our approach offers investors access to the strategic thinking of independent investment teams from 15 different management firms. While each of our teams concentrates on a specific strategy, collectively they provide in-depth knowledge and insight across distinct investment styles. TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular investment styles and for their consistent, repeatable processes. All remain independent and free to concentrate solely on managing money and producing results. Our strict adherence to this approach provides a consistent focus on long-term results and allows investors to tap into the expertise of leading institutional investment managers to create fully diversified portfolios. SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with strategic investment solutions that help navigate the complex and ever-changing investment landscape. Our diverse family of mutual funds includes more than 100 Funds that cover a broad spectrum of investment styles and asset classes, and each Fund has its own disciplined approach to investing. NOT PART OF THE SEMI-ANNUAL REPORT. WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $150 BILLION IN ASSETS UNDER MANAGEMENT, AS OF AUGUST 31, 2008. 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 Specialized Financial Services Fund Specialized Technology Fund Strategic Small Cap Value Fund U.S. Value Fund BOND FUNDS California Limited-Term Tax-Free Fund California Tax-Free Fund Colorado Tax-Free Fund Diversified Bond Fund Government Securities Fund(1) High Income Fund Income Plus Fund Inflation-Protected Bond Fund Intermediate Tax-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 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. 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 WORRIES ABOUT THE CREDIT MARKET DETERIORATION RESUMED IN THE SUMMER, AND INVESTORS AGAIN SOUGHT SAFETY BY MOVING THEIR ASSETS INTO GOVERNMENT DEBT AND AAA-RATED MONEY MARKET FUNDS. GIVEN RECENT MARKET CONDITIONS, WE BELIEVE THAT IT IS IMPORTANT TO STAY VIGILANT TOWARD REDUCING CREDIT RISK WHILE GENERATING COMPETITIVE LEVELS OF DAILY YIELD. 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, 2008. The economy continued to struggle under the heaviness of slower growth, high energy prices, a continuing correction in the housing market, and tighter lending practices that presented financial challenges to businesses, consumers, and government entities. THE LAST SIX MONTHS HAVE BEEN FAR MORE EVENTFUL THAN USUAL IN FIXED-INCOME MARKETS, BOTH FROM A VOLATILITY STANDPOINT AS WELL AS FROM AN ECONOMIC PERSPECTIVE. The credit crunch that began in the summer of 2007 resurfaced repeatedly throughout the first eight months of 2008. Yields on corporate bonds and structured products rose relative to comparable U.S. Treasuries as investors sought safety in an uncertain environment. This flight to quality deepened throughout the first quarter of 2008 before the markets enjoyed a temporary respite in April and May 2008. Worries about the credit market deterioration resumed in the summer, and investors again sought safety by moving their assets into government debt and AAA-rated money market funds. The credit crunch continued to spur a broad deleveraging of financial risk over the last six months. Early in the year, money market yields fluctuated dramatically in response to strong policy interventions by the Fed. Interest rates were cut by 125 basis points in January (100 basis points equals 1.00%), followed by subsequent cuts of 75 basis points in March and 25 basis points in April. As a result, money market yields declined sharply. These declines persisted until around the middle of the second quarter, when the interest rate environment stabilized. The Fed stopped cutting rates and paused at 2.00%, which provided a firmer yield environment for money market funds. MANAGING RISK IN THE SHORT-TERM CREDIT MARKETS. The Wells Fargo Advantage Money Market Funds continued to provide competitive yields while maintaining liquidity. Given recent market conditions, we believe that it is important to stay vigilant toward reducing credit risk while generating competitive levels of daily yield. In our view, it is more important to thoroughly manage risk than to stretch for additional yield. Consequently, our team continues to focus on holding the highest-quality credits for our Funds while minimizing undue exposure to interest rate risk. We have recently favored a strategy of maintaining a lower weighted-average maturity to provide better liquidity management and to reduce risk in individual credits. We will likely continue with this strategy over the upcoming months and for as long as credit market conditions continue to be uncertain. We will pursue strategies that best uphold our primary objectives of providing competitive cash-equivalent yields while seeking to protect capital and to provide liquidity. Wells Fargo Advantage Money Market Funds 3 Letter to Shareholders MANY VARIABLES ARE AT WORK IN THE MARKET. Inflation continues to be a potential risk, and the full effect of the struggling subprime mortgage market is still unknown. Fluctuating energy prices and ongoing geopolitical tension continues to put pressure on consumers and businesses alike. Experience tells us that strict adherence to time-tested strategies has its rewards. As a whole, Wells Fargo Advantage Funds represent investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. 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 - 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 COMPOSITION (1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (7%) Municipal Bonds (93%)
MATURITY DISTRIBUTION (1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (86%) 30-59 days (4%) 60-89 days (2%) 90-179 days (1%) 180-269 days (1%) 270+ days (6%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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(2) (%) (AS OF AUGUST 31, 2008)
CALIFORNIA TAX-FREE MONEY MARKET FUND 6-Month* 1-Year 5-Year 10-Year ------------------------------------- -------- ------ ------ ------- Class A (SGCXX) 0.65 1.96 1.83 1.84
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.08% 7-Day Compound Yield 1.09% 30-Day Simple Yield 1.06% 30-Day Compound Yield 1.06%
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, 2009, 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 0.90%. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Repurchase Agreements (43%) FNMA (16%) FHLMC (14%) FHLB (19%) FFCB (8%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (52%) 15-29 days (16%) 30-59 days (14%) 60-89 days (8%) 90-179 days (9%) 180-269 days (1%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
GOVERNMENT MONEY MARKET FUND 6-Month* 1-Year 5-Year 10-Year ---------------------------- -------- ------ ------ ------- Class A (WFGXX) 0.89 2.86 2.80 3.07
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.68% 7-Day Compound Yield 1.69% 30-Day Simple Yield 1.65% 30-Day Compound Yield 1.66%
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) The investment adviser has committed through June 30, 2009, 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 1.68%. As of August 31, 2008, the current expense ratio of the Fund was lower than the capped operating expense ratio so the current yield and the yield without waived fees and/or reimbursed expenses are identical. Performance shown prior to the inception (November 8, 1999) of the Class A shares reflects the performance of the Service Class shares, adjusted to reflect Class A expenses. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (4%) Municipal Bonds (96%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (89%) 15-29 days (1%) 30-59 days (1%) 60-89 days (2%) 90-179 days (1%) 180-269 days (2%) 270 + days (4%)
---------- (1) Portfolio composition and maturity distribution are subject to change. Wells Fargo Advantage Money Market Funds 9 Performance Highlights WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND - CLASS A (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008) MINNESOTA MONEY MARKET FUND 6-Month* 1-Year 5-Year Life of Fund --------------------------- -------- ------ ------ ------------ Class A (WMNXX) 0.63 1.90 1.75 1.67 * Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.17% 7-Day Compound Yield 1.18% 30-Day Simple Yield 1.12% 30-Day Compound Yield 1.12%
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, 2009, 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 1.09%. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Corporate Bonds (1%) Floating/Variable Rate Bonds/Notes (25%) Municipal Bonds/Notes (3%) Repurchase Agreements (20%) Time Deposits (13%) Commercial Paper (31%) Certificates of Deposit (7%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (65%) 15-29 days (17%) 30-59 days (9%) 60-89 days (6%) 90-179 days (2%) 180-269 (1%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
MONEY MARKET FUND 6-Month* 1-Year 5-Year 10-Year ----------------- -------- ------ ------ ------- Class A (STGXX) 1.04 3.13 2.79 3.09 Class B 0.66 2.36 2.11 2.63 Including Sales Charge (4.34) (2.64) 1.74 2.63 Investor Class (WMMXX) 1.09 3.25 2.86 3.13
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) Investor (AS OF AUGUST 31, 2008) Class A Class B Class ----------------------- ------- ------- -------- 7-Day Current Yield 1.77% 1.02% 1.88% 7-Day Compound Yield 1.78% 1.02% 1.89% 30-Day Simple Yield 1.76% 1.01% 1.87% 30-Day Compound Yield 1.77% 1.01% 1.88%
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) The investment adviser has committed through June 30, 2009, 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 1.72%, 0.97%, and 1.67% for Class A, B, and Investor share Classes, respectively. Performance shown prior to the inception (April 11, 2005) of the Investor Class shares 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. 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 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (2%) Municipal Bonds (98%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (95%) 60-89 days (2%) 90-179 days (1%) 270 + days (2%)
---------- (1) Portfolio composition and maturity distribution are subject to change. Wells Fargo Advantage Money Market Funds 13 Performance Highlights WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND - INVESTOR CLASS (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008)
MUNICIPAL MONEY MARKET FUND 6-Month* 1-Year 5-Year 10-Year --------------------------- -------- ------ ------ ------- Investor Class (SXFXX) 0.81 2.19 2.06 2.38
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY INVESTOR CLASS(2) (AS OF AUGUST 31, 2008) ------------------------------------ 7-Day Current Yield 1.46% 7-Day Compound Yield 1.47% 30-Day Simple Yield 1.41% 30-Day Compound Yield 1.42%
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) The investment adviser has committed through June 30, 2009, 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 1.20%. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (7%) Municipal Bonds (93%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (86%) 15-29 days (1%) 30-59 days (3%) 60-89 days (2%) 90-179 days (4%) 270+ days (4%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
NATIONAL TAX-FREE MONEY MARKET FUND 6-Month* 1-Year 5-Year 10-Year ----------------------------------- -------- ------ ------ ------- Class A (NWMXX) 0.72 2.06 1.89 2.03
--------- * Returns for periods of less than one year are not annualized. FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) 7-Day Current Yield 1.23% 7-Day Compound Yield 1.23% 30-Day Simple Yield 1.20% 30-Day Compound Yield 1.21%
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, 2009, 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 1.23%. As of August 31, 2008, the current expense ratio of the Fund was lower than the capped operating expense ratio so the current yield and the yield without waived fees and/or reimbursed expenses are identical. Performance shown prior to the inception (July 28, 2003) of the Class A shares reflects the performance of the Service Class shares, adjusted to reflect Class A expenses. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Repurchase Agreements (95%) U.S. Treasury (5%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (95%) 90-179 days (5%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
TREASURY PLUS MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year ------------------------------- --------- ------ ------ ------- Class A (PIVXX) 0.68 2.36 2.61 2.97
* Returns for periods of less than one year are not annualized. FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) 7-Day Current Yield 1.39% 7-Day Compound Yield 1.40% 30-Day Simple Yield 1.38% 30-Day Compound Yield 1.39%
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, 2009, 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 1.39%. As of August 31, 2008, the current expense ratio of the Fund was lower than the capped operating expense ratio so the current yield and the yield without waived fees and/or reimbursed expenses are identical. Performance shown prior to the inception (July 28, 2003) of the Class A shares reflects the performance of the Service Class shares, adjusted to reflect Class A expenses. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) U.S. Treasury Bills (100%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (17%) 15-29 days (17%) 30-59 days (25%) 60-89 days (27%) 90-179 days (12%) 180-269 days (2%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
100% TREASURY MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year ------------------------------- --------- ------ ------ ------- Class A (WFTXX) 0.58 2.18 2.45 2.81
* Returns for periods of less than one year are not annualized. FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) 7-Day Current Yield 1.18% 7-Day Compound Yield 1.19% 30-Day Simple Yield 1.18% 30-Day Compound Yield 1.18%
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, 2009, 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 1.01% Performance shown prior to the inception (November 8, 1999) of the Class A shares reflects the performance of the Service Class shares, adjusted to reflect Class A expenses. 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, 2008 to August 31, 2008. 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 03-01-2008 08-31-2008 Period(1) Expense Ratio ------------- ------------- ----------- ------------- WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND CLASS A Actual $1,000.00 $1,006.50 $3.28 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 0.65% WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND CLASS A Actual $1,000.00 $1,008.90 $3.28 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 0.65% WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND CLASS A Actual $1,000.00 $1,006.30 $4.03 0.80% Hypothetical (5% return before expenses) $1,000.00 $1,021.11 $4.06 0.80% WELLS FARGO ADVANTAGE MONEY MARKET FUND CLASS A Actual $1,000.00 $1,010.40 $3.84 0.76% Hypothetical (5% return before expenses) $1,000.00 $1,021.32 $3.86 0.76% CLASS B Actual $1,000.00 $1,006.60 $7.62 1.51% Hypothetical (5% return before expenses) $1,000.00 $1,017.55 $7.66 1.51% INVESTOR CLASS Actual $1,000.00 $1,010.90 $3.29 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 0.65%
Wells Fargo Advantage Money Market Funds 21 Fund Expenses
Beginning Ending Expenses Account Value Account Value Paid During Net Annual 03-01-2008 08-31-2008 Period(1) Expense Ratio ------------- ------------- ----------- ------------- WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND INVESTOR CLASS Actual $1,000.00 $1,008.10 $3.23 0.64% Hypothetical (5% return before expenses) $1,000.00 $1,021.92 $3.25 0.64% WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND CLASS A Actual $1,000.00 $1,007.20 $3.28 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 0.65% WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND CLASS A Actual $1,000.00 $1,006.80 $3.28 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 0.65% WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND CLASS A Actual $1,000.00 $1,005.80 $3.28 0.65% Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $3.30 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, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MUNICIPAL BONDS & NOTES: 92.81% CALIFORNIA: 90.40% $ 2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67% 07/01/2038 $ 2,000,000 5,375,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA COLMA BART APARTMENTS SERIES A (HOUSING REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.95 11/15/2035 5,375,000 45,950,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA CROSSING APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 12/15/2037 45,950,000 3,800,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.10 11/15/2035 3,800,000 2,280,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA LA JOLLA COUNTY DAY SCHOOL SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 09/01/2036 2,280,000 13,700,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MENLO SCHOOL (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 09/01/2033 13,700,000 11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR FINE ARTS BUILDING PROJECTS A (HOUSING REVENUE LOC)ss +/- 1.80 07/15/2035 11,200,000 6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR GAIA BUILDING PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.80 09/15/2032 6,965,000 8,970,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR GENEVA POINTE APARTMENTS A (HOUSING REVENUE LOC)ss +/- 1.97 03/15/2037 8,970,000 18,475,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 2.20 06/01/2037 18,475,000 22,800,000 ABN AMRO MUNITOPS CERTIFICATE TRUST 2006-11 CALIFORNIA (COLLEGE AND UNIVERSITY REVENUE, MBIA INSURED)ss +/- 3.34 11/01/2013 22,800,000 7,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-34 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24 02/01/2011 7,000,000 8,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-40 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.91 08/01/2013 8,500,000 12,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-41 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 4.00 06/01/2014 12,500,000 7,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-73 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 2.24 08/01/2014 7,000,000 15,700,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2007-05 (LEASE REVENUE, MBIA INSURED)ss +/- 3.34 11/01/2027 15,700,000 3,075,000 ALAMEDA CA CORRIDOR TRANSPORTATION AUTHORITY SERIES 1514 (TRANSPORTATION REVENUE, MBIA INSURED)ss +/- 2.31 10/01/2032 3,075,000 2,200,000 ALAMEDA COUNTY CA IDA BEMA ELECTRONIC MANUFACTURING PROJECT SERIES A (IDR, COMERICA BANK NA LOC)ss +/- 1.99 04/01/2034 2,200,000 2,105,000 ALAMEDA COUNTY CA IDA P.J.'S LUMBER INCORPORATED PROJECT (IDR, COMERICA BANK LOC)ss +/- 1.99 12/01/2033 2,105,000 5,510,000 ANAHEIM CA CITY SCHOOL DISTRICT RR II R-10018Z (OTHER REVENUE, MBIA INSURED)ss +/- 1.86 08/01/2031 5,510,000 12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS (MFHR, FHLMC INSURED) ss +/- 1.97 07/01/2033 12,600,000 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS PROJECT SERIES C (MFHR LOC, FNMA INSURED)ss +/- 1.97 07/15/2033 6,000,000 8,160,000 ANAHEIM CA PFA LEASE REVENUE (OTHER REVENUE LOC, FSA INSURED)ss +/- 2.72 09/01/2024 8,160,000 10,885,000 ANAHEIM CA PFA ROC II R 12204 (OTHER REVENUE, MBIA INSURED)ss +/- 2.00 10/01/2034 10,885,000 2,485,000 ANAHEIM CA RDA TAX ALLOCATION SERIES 2534 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.34 02/01/2016 2,485,000 11,665,000 ARCADIA CA USD SERIES 2679 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 08/01/2013 11,665,000 12,500,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.86 09/01/2035 12,500,000 26,400,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A (IDR LOC) ss +/- 1.83 12/01/2028 26,400,000 13,325,000 CALIFORNIA ADVENTIST HEALTH SYSTEMS SERIES A (HFFA REVENUE, WACHOVIA BANK NA LOC)ss +/- 2.15 09/01/2025 13,325,000 16,950,000 CALIFORNIA ADVENTIST HEALTH SYSTEMS SERIES B (HFFA REVENUE, WACHOVIA BANK NA LOC)ss +/- 2.15 09/01/2025 16,950,000 25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING AUTHORITY GE CAPITAL CORPORATION SERIES A (ELECTRIC REVENUE)ss +/- 1.85 10/01/2020 25,040,000 48,900,000 CALIFORNIA COMMUNITIES NOTES PROGRAM TRAN SERIES A-3 (OTHER REVENUE) 3.00 06/30/2009 49,439,423
Wells Fargo Advantage Money Market Funds 23 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (CONTINUED) $ 41,750,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA INSTITUTE OF TECHNOLOGY SERIES B (COLLEGE & UNIVERSITY REVENUE, GO OF INSTITUTION)ss +/- 1.60% 10/01/2036 $ 41,750,000 9,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHARLES R. DREW UNIVERSITY (OTHER REVENUE)ss +/- 1.70 11/01/2042 9,500,000 5,300,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY PITZER COLLEGE SERIES B (COLLEGE & UNIVERSITY REVENUE, BANK OF NEW YORK LOC)ss +/- 1.55 04/01/2045 5,300,000 600,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE ART CENTER DESIGN COLLEGE SERIES A (EDUCATIONAL FACILITIES REVENUE LOC, ALLIED IRISH BANK PLC LOC)ss +/- 1.75 12/01/2032 600,000 30,000,000 CALIFORNIA HEALTH FACILITIES FINANCING STANFORD HOSPITAL A2 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.55 11/15/2040 30,000,000 1,855,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.65 02/01/2016 1,855,000 35,115,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.65 02/01/2035 35,115,000 5,500,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.65 08/01/2035 5,500,000 12,465,000 CALIFORNIA HFA HOME MORTGAGE SERIES F (OTHER REVENUE, LLOYDS BANK LOC)ss +/- 1.77 02/01/2037 12,465,000 6,000,000 CALIFORNIA HFA MULTIFAMILY HOUSING REVENUE SERIES B (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 2.45 08/01/2040 6,000,000 75,755,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES F (HOUSING REVENUE)ss +/- 1.77 02/01/2038 75,755,000 3,615,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES M (HOUSING REVENUE LOC)ss +/- 2.25 02/01/2025 3,615,000 8,535,000 CALIFORNIA HFA REVENUE HOUSING PROGRAM SERIES A (HOUSING REVENUE LOC)ss +/- 1.77 08/01/2036 8,535,000 8,250,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK CALIFORNIA ACADEMY SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.05 09/01/2038 8,250,000 2,625,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK CALIFORNIA ACADEMY SERIES E (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.05 09/01/2038 2,625,000 1,665,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK IDR FISH HOUSE FOODS INCORPORATED PROJECT (ECONOMIC DEVELOPMENT REVENUE, COMERICA BANK NA LOC)ss +/- 1.95 09/01/2024 1,665,000 6,300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS ANGELES COUNTY MUSEUM SERIES B (RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC)ss +/- 2.10 09/01/2037 6,300,000 4,060,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ORANGE COUNTY PERFORMING SERIES-C (RECREATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.70 07/01/2034 4,060,000 5,100,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK RAND CORPORATION SERIES A (ECONOMIC DEVELOPMENT REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.70 04/01/2042 5,100,000 8,495,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II R 8089 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.69 07/01/2036 8,495,000 9,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II R-11527 (TOLL ROAD REVENUE, AMBAC INSURED)ss +/- 1.68 07/01/2030 9,000,000 6,225,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SAGE HILL SCHOOL PROJECT (OTHER REVENUE, AIB GROUP)ss +/- 1.70 06/01/2038 6,225,000 5,135,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A1 (OTHER REVENUE)ss +/- 1.70 10/01/2047 5,135,000 8,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A2 (OTHER REVENUE)ss +/- 1.70 04/01/2009 8,500,000 6,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A3 (OTHER REVENUE)ss +/- 1.70 04/01/2009 6,000,000 6,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A4 (OTHER REVENUE)ss +/- 1.70 10/01/2047 6,000,000 3,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SOUTHERN CA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.30 10/01/2025 3,000,000 2,975,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST. MARGARETS EPISCOPAL SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 01/01/2038 2,975,000 25,900,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH AMERICA SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.95 07/01/2024 25,900,000 15,350,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT INCORPORATED PROJECT SERIES A (SOLID WASTE REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.95 02/01/2019 15,350,000 10,000,000 CALIFORNIA PCFA ENVIRONMENTAL IMPROVEMENT REVENUE (IDR LOC)ss +/- 1.70 09/01/2017 10,000,000 4,700,000 CALIFORNIA PCFA EXXON PROJECT (IDR)ss +/- 2.10 12/01/2012 4,700,000 2,000,000 CALIFORNIA PCFA WADHAM ENERGY (PCR LOC)ss +/- 1.80 11/01/2017 2,000,000
24 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.80% 11/01/2017 $ 6,275,000 48,725,000 CALIFORNIA SCHOOL CASH RESERVE PROGRAM COP SERIES A (OTHER REVENUE, US BANK NA LOC) 3.00 07/06/2009 49,271,190 10,245,000 CALIFORNIA SCRIPPS HEALTH SERIES G (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.54 10/01/2019 10,245,000 44,590,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.54 07/01/2035 44,590,000 61,100,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.54 07/01/2033 61,100,000 10,550,000 CALIFORNIA STATE (PROPERTY TAX REVENUE LOC)ss +/- 1.60 05/01/2034 10,550,000 8,860,000 CALIFORNIA STATE (PROPERTY TAX REVENUE, CITIBANK NA LOC)ss +/- 1.83 08/01/2021 8,860,000 3,000,000 CALIFORNIA STATE CDA MFHR BAY VISTA MEADOW PARK NN1 (HOUSING REVENUE, FNMA)ss +/- 1.97 12/15/2037 3,000,000 10,100,000 CALIFORNIA STATE DAILY KINDERGARTEN UNIVERSITY A-2 (OTHER REVENUE LOC)ss +/- 2.10 05/01/2034 10,100,000 5,990,000 CALIFORNIA STATE DAILY KINDERGARTEN UNIVERSITY SERIES A3 (PROPERTY TAX REVENUE, CITIBANK NA LOC)ss +/- 2.35 05/01/2034 5,990,000 51,445,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B1 (POWER REVENUE)ss +/- 2.10 05/01/2022 51,445,000 48,410,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER REVENUE, BNP PARIBAS LOC)ss +/- 2.40 05/01/2022 48,410,000 9,550,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B3 (POWER REVENUE LOC)ss +/- 2.10 05/01/2022 9,550,000 4,500,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER & WASTEWATER AUTHORITY REVENUE)ss +/- 2.25 05/01/2022 4,500,000 45,530,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.58 05/01/2022 45,530,000 8,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C4 (POWER REVENUE, JPMORGAN LOC)ss +/- 1.83 05/01/2022 8,000,000 41,690,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE LOC, FSA INSURED)ss +/- 1.90 05/01/2022 41,690,000 19,325,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C9 (ELECTRIC REVENUE LOC)ss +/- 1.58 05/01/2022 19,325,000 14,995,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES 309 (ELECTRIC REVENUE, AMBAC INSURED)ss +/- 1.94 05/01/2018 14,995,000 11,925,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C-13 (UTILITIES REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.93 05/01/2022 11,925,000 21,725,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE, KBC BANK NV LOC)ss +/- 1.90 05/01/2022 21,725,000 1,550,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C16 (POWER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.58 05/01/2022 1,550,000 40,715,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES J2 (ELECTRIC REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.35 05/01/2018 40,715,000 22,940,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES F1 (WATER REVENUE, LLOYDS BANK LOC)ss +/- 2.25 05/01/2019 22,940,000 3,500,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G1 (WATER REVENUE)ss +/- 1.53 05/01/2011 3,500,000 147,220,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.77 05/01/2017 147,220,000 2,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G7 (WATER REVENUE)ss +/- 1.83 05/01/2017 2,000,000 4,495,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE, JP MORGAN CHASE BANK LOC)ss +/- 1.82 06/01/2016 4,495,000 6,000,000 CALIFORNIA STATE DWR SERIES D194 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.05 12/01/2025 6,000,000 9,495,000 CALIFORNIA STATE DWR SUPPLY PUTTERS SERIES 3035 (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 05/01/2016 9,495,000 9,560,000 CALIFORNIA STATE MELOTS SERIES D169 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.20 12/01/2028 9,560,000 15,705,000 CALIFORNIA STATE PUBLIC WORKS BOARD CERTIFICATES SERIES D (LEASE REVENUE, AMBAC INSURED)ss +/- 4.00 12/01/2019 15,705,000 6,230,000 CALIFORNIA STATE ROCS RR II R- 11409 (OTHER REVENUE, CITIBANK NA LOC)ss +/- 1.83 08/01/2030 6,230,000 2,975,000 CALIFORNIA STATE SERIES 1435 (COLLEGE & UNIVERSITY REVENUE, MBIA INSURED)ss +/- 1.94 11/01/2013 2,975,000 3,955,000 CALIFORNIA STATE SERIES 2571 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.34 06/01/2015 3,955,000 22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC INSURED)ss +/- 2.09 04/01/2010 22,315,000 6,100,000 CALIFORNIA STATE SERIES A SUBSERIES A1 (OTHER REVENUE, FORTIS BANQUE LOC)ss +/- 1.68 05/01/2040 6,100,000 8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER REVENUE)ss +/- 1.68 05/01/2040 8,560,000 50,340,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.50 05/01/2040 50,340,000
Wells Fargo Advantage Money Market Funds 25 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 9,760,000 CALIFORNIA STATE SERIES B1 (GO SCHOOL DISTRICTS, BANQUE NATIONALE PARIS LOC)ss +/- 1.50% 05/01/2033 $ 9,760,000 22,600,000 CALIFORNIA STATE SERIES B4 (GENERAL OBLIGATION - STATES, TERRITORIES, BANQUE NATIONALE PARIS LOC)ss +/- 1.50 05/01/2033 22,600,000 4,600,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC A6 (PROPERTY TAX REVENUE LOC)ss +/- 1.40 05/01/2034 4,600,000 3,800,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B-4 (PROPERTY TAX REVENUE LOC)ss +/- 1.40 05/01/2034 3,800,000 31,650,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5 (PROPERTY TAX REVENUE LOC)ss +/- 1.48 05/01/2034 31,650,000 5,900,000 CALIFORNIA STATEWIDE CDA 1030 POST STREET APARTMENTS SERIES Y (MFHR, FHLMC INSURED)ss +/- 1.97 02/01/2039 5,900,000 2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C (MFHR, FNMA INSURED)ss +/- 2.10 07/01/2027 2,155,000 6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL SERIES H (MFHR)ss +/- 1.97 07/01/2027 6,270,000 1,280,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS INCORPORATED (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 05/01/2035 1,280,000 12,990,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.70 04/01/2039 12,990,000 4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT APARTMENTS SERIES L (MFHR, FHLMC INSURED)ss +/- 1.90 09/01/2040 4,000,000 14,900,000 CALIFORNIA STATEWIDE CDA DUBLIN RANCH SENIOR APARTMENTS (MFHR, BANK OF AMERICA NA LOC)ss +/- 1.81 12/15/2037 14,900,000 1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS SERIES TT (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 12/15/2034 1,925,000 6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS SERIES C (MFHR, FHLMC INSURED)ss +/- 1.97 01/01/2038 6,000,000 8,500,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO SERIES F (HOUSING REVENUE, CITIBANK NA LOC)ss +/- 1.81 07/01/2038 8,500,000 11,337,000 CALIFORNIA STATEWIDE CDA IVY HILL APARTMENTS PROJECT SERIES I (MFHR, FNMA INSURED)ss +/- 1.97 02/01/2033 11,337,000 5,580,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS SERIES JJ (MFHR, US BANK NA LOC)ss +/- 2.50 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 +/- 1.55 12/01/2036 18,110,000 6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE SERIES A (MFHR, FNMA INSURED)ss +/- 1.73 02/15/2036 6,500,000 10,000,000 CALIFORNIA STATEWIDE CDA MFHR BELMONT PROJECT SERIES F (MFHR LOC)ss +/- 1.97 06/15/2038 10,000,000 10,900,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY APARTMENTS SERIES M (MFHR LOC, FHLMC INSURED)ss +/- 1.97 12/01/2034 10,900,000 2,900,000 CALIFORNIA STATEWIDE CDA MFHR GLEN HAVEN APARTMENTS SERIES AA (HOUSING REVENUE LOC)ss +/- 2.02 12/01/2011 2,900,000 3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS SERIES R (MFHR LOC, FNMA INSURED)ss +/- 1.97 10/15/2030 3,985,000 3,200,000 CALIFORNIA STATEWIDE CDA MFHR SERIES AA (HOUSING REVENUE LOC)ss +/- 1.97 04/15/2035 3,200,000 3,800,000 CALIFORNIA STATEWIDE CDA NATIONAL CENTER INTERNATIONAL SCHOOLS A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.48 05/01/2026 3,800,000 14,340,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y (MFHR, FNMA INSURED)ss +/- 1.97 08/01/2031 14,340,000 8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK APARTMENTS SERIES Y (MFHR, FNMA INSURED)ss +/- 1.97 10/15/2030 8,640,000 11,200,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M (MFHR, FNMA INSURED)ss +/- 1.97 08/15/2034 11,200,000 12,525,000 CALIFORNIA STATEWIDE CDA RADY CHILDRENS HOSPITAL SERIES C (HOSPITAL REVENUE, WACHOVIA BANK LOC)ss +/- 1.60 08/15/2036 12,525,000 29,975,000 CALIFORNIA STATEWIDE CDA REVENUEss +/- 1.83 07/01/2044 29,975,000 5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR APARTMENTS SERIES B (MFHR, FNMA INSURED)ss +/- 1.97 05/15/2037 5,265,000 15,500,000 CALIFORNIA STATEWIDE CDA SERIES 2680 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.94 05/15/2016 15,500,000
26 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE PROJECT SERIES A (MFHR, FNMA INSURED)ss +/- 1.97% 05/01/2027 $ 5,665,000 4,025,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM SERIES A (HEALTHCARE FACILITIES REVENUE, CITIBANK NA LOC)ss +/- 1.56 08/01/2035 4,025,000 2,000,000 CALIFORNIA STATEWIDE CDA TOURO UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.75 09/01/2029 2,000,000 10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN DIEGO (COLLEGE & UNIVERSITY REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.70 10/01/2045 10,000,000 4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR PROJECT MM (MFHR, EAST WEST BANK LOC)ss +/- 1.81 11/01/2035 4,000,000 3,620,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA SERIES CCC (MFHR, FNMA INSURED)ss +/- 1.97 11/15/2039 3,620,000 4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH APARTMENTS SERIES D (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 11/15/2035 4,375,000 16,550,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES A (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.48 06/01/2039 16,550,000 1,160,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY CENTER FOR EARLY EDUCATION (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 09/01/2031 1,160,000 17,065,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT (MFHR LOC, FNMA INSURED)ss +/- 1.97 10/15/2026 17,065,000 1,900,000 CASTACIC CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 3.00 09/01/2026 1,900,000 5,460,000 CHICO CA USD SERIES D146 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.20 08/01/2026 5,460,000 7,930,000 CHINO BASIN CA REGIONAL FINANCING AUTHORITY INLAND EMPIRE UTILITY SERIES B (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.54 06/01/2032 7,930,000 2,100,000 CONCORD CA MFHR (OTHER REVENUE LOC)ss +/- 1.95 12/01/2016 2,100,000 14,500,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS SERIES B (MFHR, FHLMC INSURED)ss +/- 1.97 07/01/2036 14,500,000 2,000,000 CONTRA COSTA COUNTY CA MFHR (HOUSING REVENUE LOC)ss +/- 1.75 10/15/2033 2,000,000 2,000,000 CONTRA COSTA COUNTY CA MFHR SERIES B REMARKETED 09/28/94 (MFHR LOC, FNMA INSURED)ss +/- 1.75 11/15/2022 2,000,000 11,000,000 CORONA CA HOUSEHOLD BANK PROJECT Bss +/- 1.66 02/01/2023 11,000,000 7,500,000 CORONADO CA CDA ROCS RR II 451 (TAX INCREMENTAL REVENUE, AMBAC INSURED)ss +/- 2.69 09/01/2035 7,500,000 10,000,000 DESERT CA COMMUNITY COLLEGE DISTRICT CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.89 08/01/2037 10,000,000 14,406,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB 490 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.87 08/01/2042 14,406,000 5,300,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB 490 (TAX INCREMENTAL REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 02/01/2031 5,300,000 4,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-457 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.95 08/01/2032 4,000,000 1,110,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.87 07/01/2031 1,110,000 2,945,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.87 02/01/2038 2,945,000 5,765,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.87 08/01/2023 5,765,000 4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.87 08/01/2031 4,065,000 2,995,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.85 08/01/2031 2,995,000 4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.85 02/01/2024 4,520,000 11,380,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.85 09/01/2027 11,380,000 6,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.97 08/01/2033 6,570,000 2,395,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.88 11/01/2038 2,395,000 3,360,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525 (OTHER REVENUE, FGIC INSURED)ss +/- 1.85 06/01/2035 3,360,000 1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-575 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.85 09/01/2029 1,025,000
Wells Fargo Advantage Money Market Funds 27 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.85% 06/01/2028 $ 6,460,000 31,600,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.35 06/01/2038 31,600,000 15,930,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.45 06/01/2038 15,930,000 9,900,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.45 06/01/2038 9,900,000 23,420,000 EAST BAY CA MUD SUBSERIES A4 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.35 06/01/2038 23,420,000 6,950,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.57 06/01/2038 6,950,000 6,875,000 EAST BAY CA MUD SUBSERIES B2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.51 06/01/2038 6,875,000 6,905,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.57 06/01/2027 6,905,000 7,500,000 EAST BAY CA MUD SUBSERIES C1 (OTHER REVENUE)ss +/- 1.45 06/01/2026 7,500,000 4,900,000 EAST BAY CA MUD SUBSERIES C3 (OTHER REVENUE)ss +/- 1.45 06/01/2026 4,900,000 11,900,000 EAST BAY CA MUD SUBSERIES C4 (OTHER REVENUE)ss +/- 1.56 06/01/2026 11,900,000 10,000,000 EAST BAY CA MUD SUBSERIES C5 (OTHER REVENUE)ss +/- 1.35 06/01/2026 10,000,000 16,000,000 EAST BAY CA MUD SUBSERIES C6 (OTHER REVENUE)ss +/- 1.35 06/01/2026 16,000,000 3,570,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER AND SEWER CTFS PARTNERSHIP SERIES D (WATER REVENUE, LLOYDS BANK LOC)ss +/- 1.55 07/01/2023 3,570,000 8,260,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER AND SEWER CTFS PARTNERSHIP SERIES F (WATER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.57 07/01/2038 8,260,000 1,500,000 FREMONT CA COP (LEASE REVENUE, KBC BANK NV LOC)ss +/- 1.90 08/01/2022 1,500,000 9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 08/15/2026 9,800,000 8,259,000 GOLDEN STATE CA TOBACCO SECURITIZATION CORPORATION SERIES 1421 (OTHER REVENUE, AMBAC INSURED)ss +/- 2.49 06/01/2045 8,259,000 1,905,000 GROSSMONT-CUYAMACA CA COMMUNITY COLLEGE DISTRICT (OTHER REVENUE, ASSURED GUARANTY)ss +/- 1.82 08/01/2024 1,905,000 3,480,000 GROSSMONT-CUYAMACA CA COMMUNITY COLLEGE DISTRICT ROCS RR II R 8098 (OTHER REVENUE, ASSURED GUARANTY)ss +/- 1.82 08/01/2023 3,480,000 7,200,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES 2966 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 06/01/2014 7,200,000 7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON HILLS SERIES A (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.75 06/15/2025 7,400,000 4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A REMARKETED 03/17/94 (MFHR LOC, FGIC INSURED)ss +/- 1.80 07/15/2014 4,000,000 6,450,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, US BANK NA INSURED)ss +/- 2.50 08/01/2032 6,450,000 1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A (MFHR LOC, FHLMC INSURED)ss +/- 1.73 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 +/- 2.10 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 +/- 2.10 02/01/2038 7,505,000 2,825,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.10 02/01/2018 2,825,000 4,476,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 (OTHER REVENUE)ss +/- 2.25 09/02/2029 4,476,000 2,850,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 (SPECIAL TAX REVENUE LOC)ss +/- 2.25 09/02/2022 2,850,000 700,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT # 04-21-B (OTHER REVENUE, KBC BANK NV LOC)ss +/- 2.25 09/02/2030 700,000 5,185,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #05-21 SERIES A (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 2.25 09/02/2031 5,185,000 6,155,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #07-22-A (OTHER REVENUE, KBC BANK NV LOC)ss +/- 2.25 09/02/2032 6,155,000 2,200,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #87-8 (SPECIAL TAX REVENUE, KBC BANK NV LOC)ss +/- 2.25 09/02/2024 2,200,000 2,550,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #94-15 (OTHER REVENUE, STATE STREET BANK & TRUST LOC)ss +/- 2.25 09/02/2020 2,550,000 3,550,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #97-17 (OTHER REVENUE, STATE STREET BANK & TRUST LOC)ss +/- 2.25 09/02/2023 3,550,000 31,000,000 KERN COUNTY CA TRAN (OTHER REVENUE) 3.00 06/30/2009 31,352,220
28 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 13,140,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS SERIES A (MFHR, FNMA INSURED)ss +/- 1.64% 02/15/2031 $ 13,140,000 5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS PROJECT SERIES C (HOUSING REVENUE LOC)ss +/- 1.73 12/01/2026 5,500,000 17,000,000 LOMA LINDA CA LOMA LINDA UNIVERSITY SERIES B (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.50 12/01/2037 17,000,000 14,163,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT SERIES 1399 (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 2.11 05/01/2030 14,163,000 2,135,000 LONG BEACH CA HARBOR REVENUE SERIES 418 (AIRPORT REVENUE LOC, FGIC INSURED)ss +/- 2.16 05/15/2020 2,135,000 13,090,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A (MFHR, FHLMC INSURED)ss +/- 1.97 08/01/2018 13,090,000 5,380,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT SERIES 2864 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.94 08/01/2014 5,380,000 12,200,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE APARTMENTS SERIES A (MFHR, FHLMC INSURED)ss +/- 1.90 10/01/2029 12,200,000 7,265,000 LOS ANGELES CA COMMUNITY RDA MFHR SECOND & CENTRAL APARTMENTS PROJECT (HOUSING REVENUE LOC)ss +/- 1.90 12/01/2038 7,265,000 5,000,000 LOS ANGELES CA COMMUNITY RDA RR 11 R-13042 (HOUSING REVENUE, GNMA INSURED)ss +/- 1.90 01/20/2045 5,000,000 6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING PROJECT SERIES A (MFHR, F NMA INSURED)ss +/- 1.90 06/01/2037 6,290,000 3,435,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.67 12/01/2035 3,435,000 2,000,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL AIRPORT SERIES C1 (AIRPORT REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.90 05/15/2020 2,000,000 35,650,000 LOS ANGELES CA DW&Pss +/- 1.91 07/01/2039 35,650,000 9,250,000 LOS ANGELES CA DW&P CLASS A (WATER REVENUE, AMBAC INSURED)ss +/- 1.92 07/01/2035 9,250,000 2,220,000 LOS ANGELES CA HOUSING AUTHORITY MEADOWRIDGE APARTMENTS PROJECT (MFHR, FNMA INSURED)ss +/- 1.70 09/01/2018 2,220,000 4,700,000 LOS ANGELES CA MFHR FOUNTAIN PARK PROJECT SERIES P (MFHR LOC)ss +/- 1.85 04/15/2033 4,700,000 3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE APARTMENTS (MFHR, EAST WEST BANK LOC)ss +/- 1.81 07/01/2027 3,540,000 18,500,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A2 (POWER REVENUE, US BANK NA LOC)ss +/- 1.60 07/01/2035 18,500,000 5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A6 (UTILITIES REVENUE)ss +/- 1.60 07/01/2035 5,000,000 10,600,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A8 (WATER REVENUE)ss +/- 1.60 07/01/2035 10,600,000 14,965,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.99 07/01/2037 14,965,000 14,995,000 LOS ANGELES CA SERIES 184 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/-++ 1.94 01/01/2009 14,995,000 12,830,000 LOS ANGELES CA SUBSERIES B1 (ELECTRIC REVENUE)ss +/- 1.45 07/01/2034 12,830,000 45,500,000 LOS ANGELES CA SUBSERIES B1 (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.55 07/01/2035 45,500,000 17,550,000 LOS ANGELES CA TRAN (OTHER REVENUE) 3.00 06/30/2009 17,756,623 7,235,000 LOS ANGELES CA USD (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 01/01/2011 7,235,000 25,660,000 LOS ANGELES CA USD SERIES 1201 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 2.01 07/01/2030 25,660,000 1,955,500 LOS ANGELES CA USD SERIES 2008 (OTHER REVENUE, AMBAC INSURED)ss +/- 2.01 07/01/2023 1,955,500 5,485,000 LOS ANGELES CA USD SERIES 2009 (EDUCATIONAL FACILITIES REVENUE, AMBAC INSURED)ss +/- 2.01 07/01/2026 5,485,000 21,945,000 LOS ANGELES CA USD TAX & ANTICIPATION NOTES SERIES A (OTHER REVENUE) 3.00 07/30/2009 22,235,751 31,575,000 LOS ANGELES CA USD TRAN SERIES A 4.00 12/29/2008 31,656,487 20,000,000 LOS ANGELES CA USD TRAN SERIES A2 3.75 12/29/2008 20,036,445 7,000,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G (SEWER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.64 06/01/2032 7,000,000 8,600,000 LOS ANGELES CA WASTEWATER SUBSERIES D (SEWER REVENUE, BANK OF NOVA SCOTIA)ss +/- 1.55 06/01/2028 8,600,000 2,800,000 LOS ANGELES CA WASTEWATER SYSTEM SERIES 2254 (OTHER REVENUE, MBIA INSURED)ss +/- 2.19 06/01/2013 2,800,000 3,500,000 LOS ANGELES CA WASTEWATER SYSTEM SUBSERIES A (SEWER REVENUE, BANK OF NOVA SCOTIA)ss +/- 1.58 06/01/2028 3,500,000 5,995,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 182 FSA INSURED (WATER REVENUE LOC)ss +/- 2.09 01/01/2009 5,995,000 14,000,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B6 (UTILITIES REVENUE)ss +/- 2.10 07/01/2034 14,000,000 30,800,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B8 (POWER REVENUE, BANK OF AMERICA LOC)ss +/- 1.55 07/01/2034 30,800,000 8,380,000 LOS ANGELES CA WATER & POWER SERIES 2971 (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 01/01/2014 8,380,000 31,900,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING REVENUE LOC)ss +/- 1.80 09/01/2030 31,900,000
Wells Fargo Advantage Money Market Funds 29 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 26,400,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR MALIBU CANYON APARTMENTS B (HOUSING REVENUE LOC)ss +/- 1.60% 06/01/2010 $ 26,400,000 39,875,000 LOS ANGELES COUNTY CA TRAN SERIES A (OTHER REVENUE) 3.00 06/30/2009 40,334,651 3,060,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX ALLOCATION REVENUE, STATE STREET BANK & TRUST LOC)ss +/- 2.30 10/01/2042 3,060,000 6,560,000 MANTECA CA RDA TAX ALLOCATION SERIES 1423 (TAX INCREMENTAL REVENUE, AMBAC INSURED)ss +/- 2.31 10/01/2036 6,560,000 38,045,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX ALLOCATION REVENUE, AMBAC INSURED)ss +/- 2.30 01/01/2031 38,045,000 8,900,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE SERIES C2 (WATER REVENUE LOC)ss +/- 1.58 07/01/2030 8,900,000 18,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A1 (WATER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.65 07/01/2037 18,000,000 7,060,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A2 (WATER REVENUE LOC, JPMORGAN CHASE BANK INSURED)ss +/- 1.55 07/01/2023 7,060,000 4,645,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A2 (WATER REVENUE, CITIBANK NA LOC)ss +/- 1.60 07/01/2021 4,645,000 2,425,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES B2 (WATER REVENUE, CITIBANK NA LOC)ss +/- 2.40 07/01/2028 2,425,000 33,585,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES C3 (WATER REVENUE LOC)ss +/- 1.48 07/01/2030 33,585,000 7,225,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA WATERWORKS SERIES C (WATER REVENUE, DEXIA INSURED)ss +/- 1.60 10/01/2029 7,225,000 5,575,000 MODESTO CA MFHR LIVE OAK APARTMENTS PROJECT (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.90 09/15/2024 5,575,000 5,995,000 MODESTO CA PFA LEASE REVENUE SERIES 354 (LEASE REVENUE LOC, AMBAC INSURED)ss +/- 2.31 09/01/2029 5,995,000 1,969,000 MONTEREY PENINSULA CA COMMUNITY COLLEGE DISTRICT SERIES 2484 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.94 02/01/2016 1,969,000 37,405,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA REDEVELOPMENT PROJECT A (OTHER REVENUE)ss +/- 1.58 09/01/2033 37,405,000 2,000,000 MURRIETA VALLEY CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM (LEASE REVENUE, FIRST SECURITY BANK LOC)ss +/- 3.00 06/01/2039 2,000,000 12,388,000 NAPA VALLEY CA SERIES 1808 (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 2.11 08/01/2046 12,388,000 18,000,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF AMERICA NA LOC)ss +/- 1.55 12/01/2040 18,000,000 5,140,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A (ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.54 07/01/2032 5,140,000 3,899,500 NORTHERN CA POWER AGENCY PUBLIC POWER SERIES 836 (ELECTRIC REVENUE, MBIA INSURED)ss +/- 2.31 07/01/2023 3,899,500 12,500,000 OAKLAND-ALAMEDA COUNTY CA COLISEUM AUTHORITY LEASE REVENUE SERIES C1 (LEASE REVENUE LOC)ss +/- 1.78 02/01/2025 12,500,000 4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK RIDGE VILLAS PROJECT (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.73 11/15/2028 4,000,000 14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT PARK PLACE APARTMENTS ISSUE A (HOUSING REVENUE LOC, FHLB INSURED)ss +/- 1.97 04/01/2024 14,900,000 12,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B ALISO CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC)ss +/- 1.63 11/01/2022 12,600,000 8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D HARBOR POINTE PROJECT (HOUSING REVENUE, FHLMC LOC)ss +/- 1.73 12/01/2022 8,619,000 500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES G3 (HOUSING REVENUE LOC)ss +/- 1.73 11/15/2028 500,000 57,500 ORANGE COUNTY CA SANITATION DISTRICTS COP FLOATERS SERIES 1032 (SEWER REVENUE LOC)ss +/- 2.11 02/01/2033 57,500 1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES 25297 (SEWER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 02/01/2015 1,075,000 26,800,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B (LEASE REVENUE LOC)ss +/- 2.25 08/01/2030 26,800,000 52,015,000 ORANGE COUNTY CA WATER DISTRICT SERIES A (WATER REVENUE, LLOYDS TSB BANK PLC LOC)ss +/- 1.54 08/01/2042 52,015,000 9,515,000 PASADENA CA COMMUNITY DEVELOPMENT COMMISSION HOLLY STREET APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 1.90 12/15/2033 9,515,000 39,210,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 02/01/2035 39,210,000
30 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 4,950,000 PITTSBURG CA PUBLIC FINANCING AUTHORITY WATER (WATER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.55% 06/01/2035 $ 4,950,000 44,410,000 PITTSBURG CA REDEVELOPMENT AGENCY TAX ALLOCATION LOS MEDANOS COMMUNITY SERIES A (TAX ALLOCATION REVENUE LOC)ss +/- 2.30 09/01/2035 44,410,000 5,275,000 PLACENTIA YORBA LINDA CA USD SERIES 2714 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.34 02/01/2014 5,275,000 11,085,000 POWAY CA REDEVELOPMENT AGENCY TAX ALLOCATION SERIES 372 MBIA INSURED (TAX ALLOCATION REVENUE LOC)ss +/- 4.00 06/15/2011 11,085,000 7,100,000 POWAY CA UNION SCHOOL DISTRICT ROCS RR II R 12224 (PROPERTY TAX REVENUE, CITIBANK NA LOC)ss +/- 2.14 08/01/2030 7,100,000 7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY SERIES B (OTHER REVENUE, UBS AG LOC)ss +/- 1.90 08/01/2031 7,000,000 9,485,000 RANCHO SANTIAGO CA COMMUNITIES COLLEGE DISTRICT (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.05 09/01/2026 9,485,000 2,400,000 REDONDO BEACH CA PFA TAX ALLOCATION REVENUE AVIATION HIGH REDEVELOPMENT PROJECT (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.57 07/01/2030 2,400,000 8,725,000 RIVERSIDE CA COMMUNITY COLLEGE DISTRICT (OTHER REVENUE, MBIA INSURED)ss +/- 1.91 08/01/2032 8,725,000 12,000,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 03/01/2037 12,000,000 3,245,000 RIVERSIDE CA ELECTRIC PUTTERS SERIES 3042Z (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.94 04/01/2016 3,245,000 5,420,000 RIVERSIDE COUNTY CA COMMUNITY FACILITIES DISTRICT SERIES 88-4 (SPECIAL TAX REVENUE LOC, KBC BANK LOC)ss +/- 1.57 09/01/2014 5,420,000 1,600,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN VIEW APARTMENTS SERIES A (MFHR, REDLANDS FEDERAL S&L)ss +/- 1.59 08/01/2025 1,600,000 2,800,000 RIVERSIDE COUNTY CA IDA IDR CRYOGENIC PROJECT ISSUE B (IDR LOC)ss +/- 1.82 07/05/2014 2,800,000 13,500,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.60 02/01/2035 13,500,000 7,000,000 SACRAMENTO CA HOUSING AUTHORITY SHENANDOAH APARTMENTS SERIES F (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 09/15/2036 7,000,000 1,050,000 SACRAMENTO CA SUBURBAN WATER DISTRICT COP SERIES A2 (LEASE REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.54 11/01/2028 1,050,000 5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING REVENUE, FNMA INSURED)ss +/- 1.73 07/15/2029 5,000,000 5,315,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (MFHR, CITIBANK NA LOC)ss +/- 1.96 07/01/2035 5,315,000 7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR ARLINGTON CREEK APARTMENT SERIES I (HOUSING REVENUE LOC)ss +/- 1.97 05/15/2034 7,000,000 6,835,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR CASCADES SERIES D (HOUSING REVENUE)ss +/- 1.97 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 +/- 1.95 05/01/2042 9,140,000 6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK APARTMENTS SERIES A (HOUSING REVENUE LOC)ss +/- 1.97 02/15/2033 6,000,000 2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS AT WINTER SERIES C2 (MFHR, FHLMC INSURED)ss +/- 1.63 08/01/2034 2,900,000 16,200,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS PROJECT ISSUE A (MFHR, FHLMC INSURED)ss +/- 1.97 12/01/2022 16,200,000 10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS SERIES B (MFHR, FNMA INSURED)ss +/- 1.64 08/15/2027 10,000,000 1,300,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCE AUTHORITY ROCS RR II 11579 (SEWER REVENUE, CITIBANK NA LOC)ss +/- 1.82 12/01/2035 1,300,000 2,635,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY (WATER & SEWER REVENUE)ss +/- 1.83 12/01/2035 2,635,000 5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SUBORDINATE LIEN SACRAMENTO DISTRICT E (SEWER REVENUE, US BANK NA LOC)ss +/- 1.50 12/01/2040 5,000,000 5,050,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SUBORDINATE LIEN SACRAMENTO REGULATION C (SEWER REVENUE LOC, CREDIT AGRICOLE INDOSUEZ LOC)ss +/- 1.70 12/01/2030 5,050,000 7,000,000 SAN BERNARDINO CA REDEVELOPMENT AGENCY SILVER WOODS APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 1.97 05/01/2026 7,000,000 7,860,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 03/01/2024 7,860,000 5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT (WATER REVENUE, UBS AG LOC)ss +/- 1.90 08/01/2037 5,500,000
Wells Fargo Advantage Money Market Funds 31 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.73% 05/15/2029 $ 6,115,000 5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.73 05/15/2029 5,600,000 14,825,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED)ss +/- 1.97 01/15/2033 14,825,000 3,900,000 SAN DIEGO CA HOUSING AUTHORITY (MFHR, FNMA INSURED)ss +/- 1.77 11/01/2026 3,900,000 12,000,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN APARTMENTS SERIES B (HOUSING REVENUE LOC)ss +/- 1.97 01/15/2035 12,000,000 6,215,000 SAN DIEGO CA USD SERIES 758 (EDUCATIONAL FACILITIES REVENUE LOC)ss +/- 2.11 07/01/2027 6,215,000 12,855,000 SAN DIEGO CA USD SERIES PA 804 (EDUCATIONAL FACILITIES REVENUE LOC)ss +/- 1.99 07/01/2022 12,855,000 39,075,000 SAN DIEGO CA USD TAX & ANTICIPATION NOTES (PROPERTY TAX REVENUE) 3.00 07/01/2009 39,510,816 20,900,000 SAN DIEGO COUNTY & SCHOOL DISTRICT PARTNERSHIP TRANS SERIES B (OTHER REVENUE) 3.50 06/30/2009 21,216,965 11,515,000 SAN DIEGO COUNTY & SCHOOL DISTRICT PARTNERSHIPS TRAN (OTHER REVENUE) 3.50 06/30/2009 11,695,347 17,750,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES A (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.75 04/01/2038 17,750,000 40,600,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.47 04/01/2038 40,600,000 18,500,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.53 04/01/2038 18,500,000 50,590,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES D (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.45 04/01/2038 50,590,000 4,465,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES 2873 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 05/01/2013 4,465,000 3,938,500 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES I (WATER REVENUE, MBIA INSURED)ss +/- 1.99 11/01/2010 3,938,500 4,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND SERIES 37D (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.70 05/01/2030 4,000,000 2,700,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE APARTMENTS SERIES B (MFHR, CITIBANK NA LOC)ss +/- 1.99 03/01/2036 2,700,000 10,225,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO CEPEDA PLACE SERIES D (MFHR, CITIBANK NA LOC)ss +/- 1.99 11/02/2033 10,225,000 3,190,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT #4 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.57 08/01/2032 3,190,000 8,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT HUNTERS POINT SERIES A (TAX REVENUE, KBC BANK NV LOC)ss +/- 1.67 08/01/2036 8,000,000 8,000,000 SAN FRANCISCO CA CITY & COUNTY UNION SCHOOL DISTRICT MERLOTS SERIES D217 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.05 06/15/2024 8,000,000 9,000,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING REVENUE, BANK OF AMERICA BANK OF AMERICA LOC)ss +/- 1.90 02/01/2037 9,000,000 9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR)ss +/- 1.99 02/01/2038 9,360,000 7,600,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATIONss +/- 1.95 08/01/2035 7,600,000 6,857,500 SAN JOSE CA UNION SCHOOL DISTRICT SANTA CLARA COUNTY FLOATERS SERIES 761 (PROPERTY TAX REVENUE LOC, FSA INSURED)ss +/- 1.91 08/01/2027 6,857,500 8,720,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED)ss +/- 1.90 09/15/2032 8,720,000 5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS PROJECT (MFHR, FNMA INSURED)ss +/- 1.90 07/15/2018 5,025,000 10,750,000 SAN MARCOS CA PUBLIC FACILITIES AUTHORITY (TAX INCREMENTAL REVENUE, AMBAC INSURED)ss +/- 2.16 08/01/2038 10,750,000 3,955,000 SAN MATEO COUNTY CA BOARD EDUCATION COP SERIES A (LEASE REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.90 05/01/2035 3,955,000 8,180,000 SAN MATEO COUNTY CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-10022Z (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.00 09/01/2033 8,180,000 10,330,000 SAN RAMON VALLEY CA UNION SCHOOL DISTRICT MERLOTS SERIES D182 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.05 08/01/2026 10,330,000 9,000,000 SANTA CLARA CA SUBSERIES B (ELECTRIC PLANT REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.63 07/01/2027 9,000,000 22,000,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE FACILITIES PROJECTS SERIES M (LEASE REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.70 05/15/2035 22,000,000
32 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- CALIFORNIA (continued) $ 5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS PROJECT SERIES A (MFHR LOC, FNMA INSURED)ss +/- 1.73% 12/15/2025 $ 5,900,000 8,650,000 SANTA CLARA VALLEY CA TRANSPORTATION AUTHORITY (SALES TAX REVENUE, AMBAC INSURED)ss +/- 1.92 04/01/2036 8,650,000 3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS (HOUSING REVENUE, FHLB INSURED)ss +/- 1.81 05/01/2040 3,120,000 5,410,000 SIMI VALLEY CA CDA ISSUE A (HOUSING REVENUE)ss +/- 1.60 05/01/2010 5,410,000 10,000,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE LOC)ss +/- 1.73 06/01/2010 10,000,000 17,695,000 SIMI VALLEY CA SERIES A (MFHR LOC)ss +/- 1.73 07/01/2023 17,695,000 5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.97 09/01/2019 5,700,000 6,100,000 SNOWLINE CA JOINT USD COP (LEASE REVENUE, FIRST SECURITY BANK LOC)ss +/- 3.00 09/01/2022 6,100,000 22,729,000 SOUTH PLACER WASTEWATER AUTHORITY CALIFORNIA SERIES A (SEWER REVENUE, STATE STREET BANK & TRUST LOC)ss +/- 1.65 11/01/2035 22,729,000 5,135,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT SERIES 1045 (ELECTRIC REVENUE, AMBAC INSURED)ss +/- 1.86 07/01/2033 5,135,000 5,315,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY POWER PROJECT REVENUE SERIES PA 1172 (ELECTRIC PLANT REVENUE LOC)ss +/- 1.82 07/01/2011 5,315,000 11,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PROJECT PALO VERDE SUB SERIES A (OTHER REVENUE, JP MORGAN CHASE BANK LOC)ss +/- 1.60 07/01/2017 11,000,000 79,235,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT REVENUE (UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC)ss +/- 2.10 07/01/2019 79,235,000 8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.94 08/01/2029 8,220,000 6,000,000 TURLOCK CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENT PROJECT SOCIETE GENERALE LOC (LEASE REVENUE LOC)ss +/- 2.10 01/01/2031 6,000,000 2,155,000 TUSTIN CA USD SERIES 2558-Z (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.49 09/01/2011 2,155,000 7,160,000 UNIVERSITY OF CALIFORNIA MERLOTS SERIES D287 (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 2.05 05/15/2029 7,160,000 6,500,000 UNIVERSITY OF CALIFORNIA SERIES 1119 (COLLEGE & UNIVERSITY REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.91 05/15/2035 6,500,000 3,400,000 UNIVERSITY OF CALIFORNIA SERIES 2496 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.09 05/15/2014 3,400,000 17,400,000 UNIVERSITY OF CALIFORNIA SERIES K (COLLEGE & UNIVERSITY REVENUE)ss 5.30 09/01/2008 17,574,000 12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS (HOUSING REVENUE, EAST WEST BANK LOC)ss +/- 1.59 08/01/2037 12,000,000 7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A (HOUSING REVENUE LOC)ss +/- 1.73 05/15/2029 7,750,000 3,200,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 1.90 07/15/2018 3,200,000 17,600,000 VENTURA COUNTY CA (OTHER REVENUE) 3.50 07/01/2009 17,872,313 5,270,000 WALNUT VALLEY CA USD SERIES D139 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.05 08/01/2030 5,270,000 2,500,000 WESTERN RIVERSIDE COUNTY CA REGIONAL WASTEWATER TREATMENT (SEWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.25 04/01/2028 2,500,000 27,065,000 WESTLANDS CALIFORNIA WATER DISTRICT COP (LEASE REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.54 03/01/2029 27,065,000 3,300,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-12225 (PROPERTY TAX REVENUE, CITIBANK NA LOC)ss +/- 1.91 08/01/2032 3,300,000 10,400,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-8105 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.91 08/01/2032 10,400,000 4,429,581,731 ---------------- OTHER: 0.54% 26,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES 287 (OTHER REVENUE, MBIA INSURED)ss +/- 1.82 09/01/2037 26,375,000 ---------------- PUERTO RICO: 1.87% 4,990,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A (SALES TAX REVENUE, AMBAC INSURED)ss +/- 1.85 08/01/2049 4,990,000 11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.70 07/01/2034 11,000,000 7,000,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX REVENUE, WACHOVIA BANK LOC)ss +/- 1.70 07/01/2034 7,000,000 19,000,000 PUERTO RICO COMMONWEALTH (TAX REVENUE)ss +/- 2.50 07/01/2029 19,000,000
Wells Fargo Advantage Money Market Funds 33 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- PUERTO RICO (continued) $ 7,200,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY ROCS RR II R 10327CE (OTHER REVENUE)ss +/- 1.87% 08/29/2009 $ 7,200,000 10,000,000 PUERTO RICO COMMONWEALTH SERIES A6 (PROPERTY TAX REVENUE, UBS AG LOC)ss +/- 2.15 07/01/2033 10,000,000 21,375,000 PUERTO RICO COMMONWEALTH SERIES B (PROPERTY TAX REVENUE, WACHOVIA BANK LOC)ss +/- 2.15 07/01/2032 21,375,000 11,300,000 PUERTO RICO SALES TAX FINANCING CORPORATION ROCS RR II R-11147 (SALES TAX REVENUE, AMBAC INSURED)ss +/- 1.87 08/01/2049 11,300,000 91,865,000 ---------------- TOTAL MUNICIPAL BONDS & NOTES (COST $4,547,821,731) 4,547,821,731 ---------------- COMMERCIAL PAPER: 7.29% 3,000,000 EAST BAY MUNICIPAL WATER SYSTEM 1.45 10/16/2008 3,000,000 29,600,000 EAST BAY MUNICIPAL WATER SYSTEM 1.50 10/07/2008 29,600,000 26,700,000 GOLDEN GATE BRIDGE 1.55 10/09/2008 26,700,000 13,035,000 IMPERIAL IRRIGATION DISTRICT 1.43 10/24/2008 13,035,000 43,265,000 IMPERIAL IRRIGATION DISTRICT 1.45 10/24/2008 43,265,000 23,800,000 IMPERIAL IRRIGATION DISTRICT 1.55 10/24/2008 23,800,000 9,775,000 IMPERIAL IRRIGATION DISTRICT 1.65 09/08/2008 9,775,000 10,300,000 LOS ANGELES DEPARTMENT OF AIRPORTS 1.50 09/09/2008 10,300,000 4,365,000 LOS ANGELES METROPOLITAN TRANSPORTAION 1.55 10/15/2008 4,365,000 19,400,000 LOS ANGELES METROPOLITAN TRANSPORTATION 1.45 09/03/2008 19,400,000 5,000,000 LOS ANGELES METROPOLITAN TRANSPORTATION 1.47 10/14/2008 5,000,000 25,930,000 SACRAMENTO MUNICIPAL UTILITY 1.52 10/14/2008 25,930,000 5,720,000 SACRAMENTO MUNICIPAL UTILITY 1.55 10/15/2008 5,720,000 8,475,000 SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY 1.55 10/09/2008 8,475,000 14,376,000 SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY 1.60 11/13/2008 14,376,000 7,525,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 1.40 09/10/2008 7,525,000 17,290,000 SAN FRANCISCO PUBLIC UTILITY COMMISSION 1.45 02/12/2009 17,290,000 7,750,000 TURLOCK IRRIGATION DISTRICT 1.40 09/10/2008 7,750,000 7,080,000 TURLOCK IRRIGATION DISTRICT 1.50 10/09/2008 7,080,000 5,000,000 TURLOCK IRRIGATION DISTRICT 1.60 10/09/2008 5,000,000 5,400,000 UNIVERSITY OF CALIFORNIA 1.40 09/10/2008 5,400,000 28,455,000 UNIVERSITY OF CALIFORNIA 1.53 11/06/2008 28,455,000 35,835,000 UNIVERSITY OF CALIFORNIA 1.55 11/05/2008 35,835,000 TOTAL COMMERCIAL PAPER (COST $357,076,000) 357,076,000 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $4,904,897,731)* 100.10% $ 4,904,897,731 OTHER ASSETS AND LIABILITIES, NET (0.10) (4,685,939) ------ ---------------- TOTAL NET ASSETS 100.00% $ 4,900,211,792 ====== ================
---------- 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. * 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. 34 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- AGENCY NOTES - DISCOUNT: 28.41% FEDERAL FARM CREDIT BANK: 0.25% $ 75,000,000 FFCB## 2.51% 11/17/2008 $ 74,602,583 ---------------- FEDERAL HOME LOAN BANK: 6.74% 338,762,000 FHLB## 1.45 09/02/2008 338,762,000 250,000,000 FHLB## 2.24 09/03/2008 249,984,444 150,000,000 FHLB## 2.31 09/04/2008 149,980,750 500,000,000 FHLB## 2.25 09/17/2008 499,531,250 143,615,000 FHLB## 2.45 09/18/2008 143,458,619 200,000,000 FHLB## 2.28 09/26/2008 199,696,000 100,000,000 FHLB## 2.67 10/17/2008 99,666,250 250,000,000 FHLB## 2.54 10/22/2008 249,118,055 100,000,000 FHLB## 2.55 11/19/2008 99,447,500 2,029,644,868 ---------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 10.06% 156,316,000 FHLMC## 2.08 09/08/2008 156,261,941 100,000,000 FHLMC## 2.08 09/08/2008 99,965,333 100,000,000 FHLMC## 2.39 09/15/2008 99,913,694 250,000,000 FHLMC## 2.18 09/22/2008 249,697,222 50,000,000 FHLMC## 2.44 09/22/2008 49,932,222 250,000,000 FHLMC## 2.09 09/29/2008 249,608,125 100,000,000 FHLMC## 2.34 10/14/2008 99,727,000 100,000,000 FHLMC## 2.53 10/14/2008 99,704,833 145,886,000 FHLMC## 2.60 10/20/2008 145,380,262 142,840,000 FHLMC## 2.63 10/20/2008 142,339,108 185,557,000 FHLMC## 2.08 10/27/2008 184,967,341 100,000,000 FHLMC## 2.43 10/27/2008 99,628,750 171,611,000 FHLMC## 2.08 11/05/2008 170,977,946 100,000,000 FHLMC## 2.58 11/05/2008 99,541,333 250,000,000 FHLMC## 2.58 11/17/2008 248,638,333 182,000,000 FHLMC## 2.58 11/24/2008 180,917,404 100,000,000 FHLMC## 2.52 11/25/2008 99,412,000 150,000,000 FHLMC## 2.72 12/23/2008 148,730,667 150,000,000 FHLMC## 2.67 12/24/2008 148,742,875 35,000,000 FHLMC## 2.66 02/02/2009 34,605,069 100,000,000 FHLMC## 2.77 02/17/2009 98,707,333 120,600,000 FHLMC## 2.81 02/17/2009 119,018,532 3,026,417,323 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 11.36% 176,835,000 FNMA## 2.20 09/02/2008 176,835,000 17,936,000 FNMA## 2.20 09/02/2008 17,936,000 250,000,000 FNMA## 2.35 09/10/2008 249,869,444 150,000,000 FNMA## 2.38 09/17/2008 149,851,250 300,000,000 FNMA## 2.16 09/25/2008 299,586,000 75,377,000 FNMA## 2.40 10/01/2008 75,231,271 10,500,000 FNMA## 2.50 10/01/2008 10,478,854 10,000,000 FNMA## 2.50 10/01/2008 9,979,861 206,756,718 FNMA## 2.50 10/01/2008 206,340,333 40,000,000 FNMA## 4.17 10/01/2008 39,865,633 73,469,000 FNMA## 2.52 10/08/2008 73,283,858 181,000,000 FNMA## 2.46 10/10/2008 180,530,003 16,000,000 FNMA## 2.60 11/03/2008 15,928,356 150,700,000 FNMA## 2.47 11/12/2008 149,965,882
Wells Fargo Advantage Money Market Funds 35 Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: (continued) $100,000,000 FNMA## 2.19% 11/19/2008 $ 99,525,500 35,075,000 FNMA## 2.48 11/26/2008 34,869,616 150,000,000 FNMA## 2.60 12/08/2008 148,949,167 100,000,000 FNMA## 2.65 12/08/2008 99,285,972 100,000,000 FNMA## 2.60 12/17/2008 99,234,444 100,000,000 FNMA## 2.72 12/23/2008 99,153,778 100,000,000 FNMA## 2.80 01/12/2009 98,973,333 100,000,000 FNMA## 2.80 01/13/2009 98,965,555 100,000,000 FNMA## 2.71 01/20/2009 98,946,111 150,000,000 FNMA## 2.75 01/20/2009 148,395,833 150,000,000 FNMA## 2.80 01/22/2009 148,343,333 100,000,000 FNMA## 2.71 01/23/2009 98,923,528 39,813,000 FNMA## 2.65 01/28/2009 39,379,259 56,000,000 FNMA## 2.66 02/09/2009 55,337,956 250,000,000 FNMA## 2.84 02/10/2009 246,824,722 150,000,000 FNMA## 2.76 03/02/2009 147,918,500 3,418,708,352 ---------------- TOTAL AGENCY NOTES - DISCOUNT (COST $8,549,373,126) 8,549,373,126 ---------------- AGENCY NOTES - INTEREST BEARING: 28.66% FEDERAL FARM CREDIT BANK: 7.95% 130,000,000 FFCB 4.25 10/10/2008 130,232,047 177,000,000 FFCB+/- 2.32 11/03/2008 176,992,716 185,000,000 FFCB+/- 2.06 12/22/2008 184,994,393 80,000,000 FFCB+/- 2.66 12/22/2008 79,995,402 19,255,000 FFCB 4.10 12/24/2008 19,365,824 65,000,000 FFCB 3.75 01/15/2009 65,261,411 130,000,000 FFCB+/- 2.33 02/02/2009 129,989,447 100,000,000 FFCB+/- 2.33 02/23/2009 99,984,927 20,000,000 FFCB+/- 2.66 03/30/2009 19,997,864 225,000,000 FFCB+/- 2.36 04/14/2009 225,000,000 50,000,000 FFCB 4.13 04/15/2009 50,413,724 60,000,000 FFCB+/- 2.03 04/30/2009 59,989,850 250,000,000 FFCB+/- 2.06 05/27/2009 250,000,000 150,000,000 FFCB+/- 2.34 07/27/2009 149,967,646 100,000,000 FFCB+/- 2.33 08/03/2009 99,977,998 50,000,000 FFCB+/- 2.44 08/13/2009 50,000,000 50,000,000 FFCB+/- 2.45 08/13/2009 50,000,000 250,000,000 FFCB+/- 2.30 11/16/2009 250,000,000 200,000,000 FFCB+/- 2.39 02/22/2010 199,956,577 100,000,000 FFCB+/- 2.36 07/23/2010 100,000,000 2,392,119,826 ---------------- FEDERAL HOME LOAN BANK: 12.10% 48,725,000 FHLB 5.80 09/02/2008 48,725,000 150,000,000 FHLB 2.58 09/03/2008 150,000,000 35,000,000 FHLB+/- 2.66 09/19/2008 35,003,926 20,000,000 FHLB 4.25 09/26/2008 20,021,716 74,895,000 FHLB 4.50 09/26/2008 74,989,076 200,000,000 FHLB+/- 2.63 10/10/2008 199,992,028 100,000,000 FHLB 4.50 10/14/2008 100,210,656 200,000,000 FHLB 2.26 10/17/2008 200,000,000 300,000,000 FHLB 4.50 10/28/2008 301,175,247 150,000,000 FHLB+/- 2.53 12/11/2008 149,986,066
36 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE -------------- ------------------------------------------------------------------------ -------- ----------- ---------------- FEDERAL HOME LOAN BANK: (continued) $ 100,000,000 FHLB 2.22% 01/02/2009 $ 99,996,482 10,540,000 FHLB 2.25 01/07/2009 10,540,000 250,000,000 FHLB+/- 2.49 01/28/2009 250,000,000 200,000,000 FHLB+/- 2.68 02/11/2009 200,000,000 100,000,000 FHLB+/- 2.69 02/18/2009 100,000,000 300,000,000 FHLB+/- 2.25 03/27/2009 300,000,000 250,000,000 FHLB+/- 2.59 06/29/2009 249,940,478 250,000,000 FHLB+/- 2.62 07/10/2009 250,000,000 250,000,000 FHLB+/- 2.61 07/14/2009 250,000,000 100,000,000 FHLB+/- 2.61 07/14/2009 100,000,000 100,000,000 FHLB+/- 2.65 08/05/2009 99,947,120 250,000,000 FHLB+/- 2.66 08/07/2009 249,931,953 100,000,000 FHLB+/- 2.39 12/28/2009 99,939,706 100,000,000 FHLB+/- 2.77 02/19/2010 99,950,027 3,640,349,481 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 4.21% 115,450,000 FHLMC 3.63 09/15/2008 115,504,385 288,479,000 FHLMC 5.00 09/16/2008 288,754,925 35,100,000 FHLMC 5.13 10/15/2008 35,204,318 275,272,000 FHLMC 4.63 12/19/2008 277,217,454 300,000,000 FHLMC+/- 2.44 09/18/2009 300,000,000 250,000,000 FHLMC+/- 2.40 09/28/2009 249,933,623 1,266,614,705 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 4.40% 61,518,000 FNMA 5.13 09/02/2008 61,518,000 72,228,000 FNMA 5.00 09/15/2008 72,295,637 310,971,000 FNMA 4.50 10/15/2008 311,675,406 63,709,000 FNMA 3.88 11/17/2008 63,920,906 114,368,000 FNMA 3.38 12/15/2008 114,722,539 250,000,000 FNMA+/- 2.64 12/26/2008 249,965,704 250,000,000 FNMA+/- 2.23 09/03/2009 250,000,000 200,000,000 FNMA+/- 2.21 10/07/2009 199,956,208 1,324,054,400 -------------- TOTAL AGENCY NOTES - INTEREST BEARING (COST $8,623,138,412) 8,623,138,412 ============== REPURCHASE AGREEMENTS: 42.85% $2,000,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,000,473,333) 2.13 09/02/2008 2,000,000,000 100,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $100,023,556) 2.12 09/02/2008 100,000,000 1,000,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,250,000) 2.25 09/15/2008 1,000,000,000 1,750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,750,416,111) 2.14 09/02/2008 1,750,000,000 1,000,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,237,778) 2.14 09/02/2008 1,000,000,000 2,750,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,750,653,889) 2.14 09/02/2008 2,750,000,000 50,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,011,667) 2.10 09/02/2008 50,000,000 1,500,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,500,355,000) 2.13 09/02/2008 1,500,000,000
Wells Fargo Advantage Money Market Funds 37 Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE -------------- ------------------------------------------------------------------------ -------- ----------- ---------------- $1,000,000,000 HSBC USA INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,236,667) 2.13% 09/02/2008 $ 1,000,000,000 1,250,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,250,295,833) 2.13 09/02/2008 1,250,000,000 344,920,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $344,992,816) 1.90 09/02/2008 344,920,000 100,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $100,023,333) 2.10 09/02/2008 100,000,000 50,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,011,667) 2.10 09/02/2008 50,000,000 TOTAL REPURCHASE AGREEMENTS (COST $12,894,920,000) 12,894,920,000 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $30,067,431,538)* 99.92% $ 30,067,431,538 OTHER ASSETS AND LIABILITIES, NET 0.08 23,428,022 ------ ---------------- TOTAL NET ASSETS 100.00% $ 30,090,859,560 ====== ================
---------- ## Zero coupon bond. Interest rate presented is yield to maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 38 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MINNESOTA MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MUNICIPAL BONDS & NOTES: 96.09% MINNESOTA: 96.09% $ 1,915,000 ABN AMRO MUNITOPS CFFS TRUST 2007-7 MINNESOTA (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24% 02/01/2015 $ 1,915,000 420,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN HOMES SERIES A UNITED STATES BANK INSURED (HCFR, US BANK NA LOC)ss +/- 2.48 09/01/2029 420,000 600,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA LOC)ss +/- 2.48 09/01/2029 600,000 250,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 11/15/2032 250,000 305,000 BLOOMINGTON MN HOUSING & RDA MASONIC HOME CLUSTER (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.00 08/01/2025 305,000 100,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA INSURED)ss +/- 2.00 07/15/2030 100,000 200,000 BURNSVILLE MN BRIDGEWAY APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 10/15/2033 200,000 1,225,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR, FHLMC INSURED)ss +/- 2.00 01/01/2035 1,225,000 3,030,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK LOC)ss +/- 2.45 11/01/2035 3,030,000 955,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA INSURED)ss +/- 2.04 06/15/2038 955,000 1,400,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR LOC, FHLB INSURED)ss +/- 2.00 05/01/2027 1,400,000 335,000 DAKOTA COUNTY MN CDA BRENTWOOD HILLS APARTMENTS PROJECT SERIES B (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 2.15 09/01/2038 335,000 3,480,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION (ECONOMIC DEVELOPMENT REVENUE, US BANK NA LOC)ss +/- 1.70 01/01/2012 3,480,000 4,600,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL LYNCH CAPITAL SERVICES LOC)ss +/- 2.08 06/01/2029 4,600,000 3,020,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.92 01/01/2030 3,020,000 3,080,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC INSURED)ss +/- 2.00 12/01/2029 3,080,000 1,800,000 ELK RIVER MN INDEPENDENT SCHOOL DISTRICT #728 SERIES 183 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 02/01/2021 1,800,000 815,000 HENNEPIN COUNTY MN HOUSING & RDA STONE ARCH APARTMENTS PROJECT (MFHR, LASALLE NATIONAL BANK NA LOC)ss +/- 2.10 04/15/2035 815,000 1,245,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE, FNMA INSURED)ss +/- 2.04 06/15/2038 1,245,000 1,115,000 MANKATO MN SERIES E (PROPERTY TAX REVENUE, US BANK NA LOC)ss +/- 1.90 02/01/2018 1,115,000 1,110,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT (HOUSING REVENUE LOC)ss +/- 2.00 03/01/2029 1,110,000 685,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss +/- 1.90 10/01/2031 685,000 1,225,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA HEALTH CARE FACILITIES SERIES A (HEALTHCARE FACILITIES REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2034 1,225,000 7,410,000 MINNEAPOLIS & SAINT PAUL MN METROPOLITAN AIRPORTS COMMISSION SERIES SGA121 (AIRPORT REVENUE, FGIC INSURED)ss +/- 1.85 01/01/2031 7,410,000 3,170,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.10 10/01/2024 3,170,000 4,400,000 MINNEAPOLIS MN GATEWAY REAL ESTATE (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.05 10/01/2032 4,400,000 500,000 MINNEAPOLIS MN HOUSING DEVELOPMENT SYMPHONY PLACE PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 1.98 12/01/2014 500,000 1,115,000 MINNEAPOLIS MN SECOND STREET ACQUISITION SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.99 01/01/2033 1,115,000 1,720,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2037 1,720,000 5,235,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE FACILITY ESSENTIAL C4 (HCFR, GUARANTEE AGREEMENT)ss +/- 2.60 02/15/2030 5,235,000 4,090,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER MERLOTS SERIES 2003-B06 (PCR LOC)ss +/- 1.92 03/01/2021 4,090,000 7,500,000 MINNESOTA RURAL WATER FINANCE AUTHORITY PUBLIC PROJECTS CONSTRUCTION NOTES (WATER REVENUE) 2.75 06/01/2009 7,538,416 1,900,000 MINNESOTA STATE (PROPERTY TAX REVENUE)ss +/- 1.79 08/01/2024 1,900,000 4,000,000 MINNESOTA STATE (PROPERTY TAX REVENUE, JP MORGAN CHASE BANK LOC)ss +/- 1.87 06/01/2016 4,000,000 2,300,000 MINNESOTA STATE CLASS A (TAX REVENUE, CITIBANK NA LOC)ss +/- 1.88 10/01/2019 2,300,000 305,000 MINNESOTA STATE HEFAR HAMLINE UNIVERSITY SERIES 6E1 (COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss +/- 1.86 10/01/2016 305,000 1,700,000 MINNESOTA STATE HEFAR OLAF COLLEGE FIVE M2 (COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss +/- 2.45 10/01/2020 1,700,000 965,000 MINNESOTA STATE HEFAR SCHOLASTICA SERIES 6A (HOUSING REVENUE, MARSHALL & ISLEY BANK LOC)ss +/- 2.45 12/01/2034 965,000
Wells Fargo Advantage Money Market Funds 39 Portfolio of Investments--August 31, 2008 (Unaudited) MINNESOTA MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MINNESOTA (continued) $ 2,300,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 5H HARRIS TRUST & SAVINGS BANK INSURED (COLLEGE & UNIVERSITY REVENUE LOC)ss +/- 2.45% 10/01/2030 $ 2,300,000 850,000 MINNESOTA STATE HEFAR TRUSTEES HAMLINE UNIVERSITY SERIES 6E3 (COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss +/- 1.86 10/01/2016 850,000 200,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES 1 (HOUSING REVENUE, LLOYDS BANK LOC)ss +/- 1.91 01/01/2036 200,000 4,000,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE, FHLB INSURED)ss +/- 1.91 07/01/2048 4,000,000 1,610,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF AUTHORITY)ss +/- 2.02 01/01/2010 1,610,000 100,000 MINNESOTA STATE OLAF COLLEGE SERIES 5-M1 (COLLEGE AND UNIVERSITY REVENUE, HARRIS TRUST SAVINGS BANK LOC)ss +/- 2.45 10/01/2032 100,000 6,185,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 40 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 10/01/2021 6,185,000 2,860,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 04/01/2025 2,860,000 2,845,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 04/01/2027 2,845,000 3,745,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.84 10/01/2032 3,745,000 1,700,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 05/15/2034 1,700,000 3,075,000 MONTROSE MN LYMAN LUMBER COMPANY PROJECT (IDR, US BANK NA LOC)ss +/- 2.65 05/01/2026 3,075,000 3,120,000 NEW BRIGHTON MN MFHR GOLDEN POND HOUSING PROJECT (MFHR LOC)ss +/- 2.10 07/15/2032 3,120,000 1,600,000 NEW LONDON SPICER MN INDEPENDENT SCHOOL DISTRICT #345 (PROPERTY TAX REVENUE) 4.25 09/23/2008 1,600,465 500,000 OAKDALE MN COTTAGE HOMESTEADS OF ASPEN (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.10 06/01/2045 500,000 740,000 PLYMOUTH MN DAILY PRINTING INCORPORATED PROJECT (IDR, US BANK NA LOC)ss +/- 2.15 10/01/2010 740,000 1,500,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.04 08/01/2034 1,500,000 8,170,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4208 (WATER REVENUE)ss +/- 1.85 03/01/2027 8,170,000 5,085,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94 10/01/2038 5,085,000 3,250,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE LOC)ss +/- 2.48 11/01/2022 3,250,000 1,420,000 SAINT PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 2.04 06/01/2032 1,420,000 7,615,000 SCA TAX-EXEMPT TRUST PT 2523 BURNVILLE MN (HOUSING REVENUE LOC)ss +/- 2.77 01/01/2030 7,615,000 3,040,000 SOUTHERN MN MUNICIPAL POWER AGENCY (OTHER REVENUE, MBIA INSURED)ss +/- 1.91 01/01/2027 3,040,000 500,000 SPRING LAKE PARK MN SENIOR HOUSING OAK CREST APARTMENTS PROJECT (HOUSING REVENUE, US BANK NALOC)ss +/- 2.00 02/15/2033 500,000 4,000,000 ST. ANTHONY MN LANDINGS SILVER LAKE SERIES A (MFHR, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94 10/01/2037 4,000,000 305,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 10/01/2025 305,000 4,700,000 ST. LOUIS PARK MN INDEPENDENT SCHOOL DISTRICT #283 SERIES A (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 2.50 04/06/2009 4,713,491 370,000 ST. LOUIS PARK MN MFHR PARKSHORE PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 08/01/2034 370,000 4,815,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT (MFHR, FNMA INSURED)ss +/- 2.10 09/15/2031 4,815,000 2,005,000 ST. PAUL & RAMSEY COUNTY MN HOUSING & RDA ST. PAUL LEASED HOUSING ASSOCIATION (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94 09/01/2035 2,005,000 300,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES D (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 03/01/2013 300,000 580,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES I (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 06/01/2015 580,000 3,235,000 ST. PAUL MN HOUSING & RDA DISTRICT HEATING REVENUE SERIES A (WATER REVENUE LOC)ss +/- 1.85 12/01/2012 3,235,000 2,155,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.99 12/01/2019 2,155,000 1,185,000 ST. PAUL MN HOUSING & RDA KENDRICK APARTMENTS PROJECTS (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.10 01/01/2027 1,185,000 925,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 10/01/2025 925,000 1,720,000 ST. PAUL MN PORT AUTHORITY AMHERST H WILDER FOUNDATION SERIES 06-3 (RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC)ss +/- 2.45 04/01/2036 1,720,000
40 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MINNESOTA MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MINNESOTA (continued) $ 1,820,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES M (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.48% 03/01/2021 $ 1,820,000 70,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.48 03/01/2012 70,000 2,315,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES R (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.65 03/01/2022 2,315,000 595,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.85 12/01/2025 595,000 450,000 ST. PAUL MN PORT AUTHORITY HARRIS CONTRACTING COMPANY PROJECT SERIES A (IDR, US BANK NA LOC)ss +/- 2.15 05/01/2016 450,000 520,000 ST. PAUL MN PORT AUTHORITY IDEAL PRINTERS INCORPORATED SERIES A (IDR)ss +/- 2.05 04/01/2019 520,000 4,500,000 ST. PAUL MN PORT AUTHORITY SERIES 2005-4 SERIES I (ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 12/01/2025 4,500,000 605,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 05/01/2025 605,000 705,000 STEWARTVILLE MN HALCON CORPORATION PROJECT (IDR, US BANK NA LOC)ss +/- 2.15 03/01/2018 705,000 400,000 UNIVERSITY OF MINNESOTA SERIES C (COLLEGE & UNIVERSITY REVENUE, GO OF UNIVERSITY)ss +/- 1.93 12/01/2036 400,000 900,000 WAYZATA MN INDEPENDENT SCHOOL DISTRICT #284 SERIES A (PROPERTY TAX REVENUE, SCHOOL DISTRICT CREDIT PROGRAM INSURED) 4.50 02/01/2009 908,777 700,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT SERIES A (IDR, HARRIS TRUST SAVINGS BANK LOC)ss +/- 2.10 06/01/2011 700,000 185,166,149 ---------------- TOTAL MUNICIPAL BONDS & NOTES (COST $185,166,149) 185,166,149 ---------------- COMMERCIAL PAPER: 3.63% 1,500,000 ROCHESTER MN HEALTH CARE 1.55 09/08/2008 1,500,000 1,500,000 ROCHESTER MN HEALTH CARE 1.65 10/09/2008 1,500,000 4,000,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 4,000,000 TOTAL COMMERCIAL PAPER (COST $7,000,000) 7,000,000 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $192,166,149)* 99.72% $ 192,166,149 OTHER ASSETS AND LIABILITIES, NET 0.28 546,768 ------ ---------------- TOTAL NET ASSETS 100.00% $ 192,712,917 ====== ================
---------- ss These securities are subject to a demand feature which reduces the effective maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 41 Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- AGENCY NOTES - INTEREST BEARING: 0.84% $ 52,000,000 FHLB+/- 2.49% 01/28/2009 $ 52,000,000 54,000,000 FHLB+/- 2.49 01/30/2009 54,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $106,000,000) 106,000,000 ---------------- CERTIFICATES OF DEPOSIT: 5.95% 114,000,000 ABN AMRO BANK NV (LONDON)+/- 2.85 09/10/2008 114,000,000 26,000,000 ABN AMRO BANK NV (NEW YORK)+/- 3.01 10/24/2008 26,010,536 56,000,000 ALLIED IRISH BANKS (NEW YORK)+/- 2.86 09/09/2008 56,000,000 221,000,000 BANK OF SCOTLAND PLC (NEW YORK)+/- 3.22 08/14/2009 221,000,000 67,000,000 BNP PARIBAS (NEW YORK)+/- 3.12 02/20/2009 67,000,000 5,000,000 CALYON (NEW YORK)+/- 2.70 09/04/2008 5,000,008 78,000,000 FORTIS BANK (NEW YORK)+/- 2.80 10/17/2008 78,000,000 63,000,000 NATIXIS (NEW YORK)+/- 2.92 12/01/2008 63,000,000 44,000,000 NATIXIS (NEW YORK)+/- ss 2.99 04/01/2010 44,000,000 57,250,000 U.S. BANK NATIONAL ASSOCIATION+/- 2.86 04/20/2009 57,250,000 20,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 3.00 12/08/2008 20,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $751,260,544) 751,260,544 ---------------- COMMERCIAL PAPER: 31.60% 33,000,000 ALPINE SECURITIZATION CORPORATION##++ 2.47 09/25/2008 32,947,924 34,290,000 AMSTEL FUNDING CORPORATION##++ 2.70 09/03/2008 34,287,428 23,900,000 AMSTEL FUNDING CORPORATION##++ 2.73 09/09/2008 23,887,313 58,000,000 AMSTEL FUNDING CORPORATION##++ 2.75 09/12/2008 57,955,694 64,000,000 AMSTEL FUNDING CORPORATION##++ 2.73 09/22/2008 63,902,933 59,250,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.04 04/20/2009 58,099,233 30,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.41 06/11/2009 29,198,650 22,000,000 ASB FINANCE LIMITED (LONDON)##++ 2.75 09/05/2008 21,994,958 25,400,000 ASB FINANCE LIMITED (LONDON)##++ 3.01 05/07/2009 24,875,441 4,250,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++ 2.49 09/04/2008 4,249,412 8,415,000 BEAGLE FUNDING LLC##++ 2.85 09/15/2008 8,406,340 30,000,000 BEAGLE FUNDING LLC##++ 2.72 09/17/2008 29,966,000 43,000,000 BELMONT FUNDING LLC##++ 2.75 09/04/2008 42,993,431 15,700,000 BELMONT FUNDING LLC##++ 2.75 09/19/2008 15,679,612 42,000,000 BELMONT FUNDING LLC##++ 2.75 09/25/2008 41,926,208 20,000,000 BRYANT PARK FUNDING LLC##++ 2.66 09/03/2008 19,998,522 33,000,000 BRYANT PARK FUNDING LLC##++ 2.75 09/08/2008 32,984,875 50,000,000 CAFCO LLC##++ 2.67 09/04/2008 49,992,583 19,000,000 CAFCO LLC##++ 2.72 09/09/2008 18,989,951 34,000,000 CAFCO LLC##++ 2.77 09/15/2008 33,965,991 14,250,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/21/2008 14,192,394 40,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/24/2008 39,828,400 71,700,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/10/2008 71,659,529 11,400,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/15/2008 11,389,544 101,700,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/18/2008 101,585,192 14,671,000 CANCARA ASSET SECURITIZATION LLC##++ 2.56 09/24/2008 14,648,048 16,000,000 CHARIOT FUNDING LLC##++ 2.35 09/05/2008 15,996,867 20,000,000 CHARTA LLC##++ 2.50 09/02/2008 20,000,000 40,000,000 CHARTA LLC##++ 2.60 09/02/2008 40,000,000 100,000,000 CHARTA LLC##++ 2.62 09/17/2008 99,890,833 6,000,000 CIESCO LLC##++ 2.68 09/03/2008 5,999,553 10,000,000 CIESCO LLC##++ 2.80 09/18/2008 9,987,556 15,300,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.49 09/11/2008 15,290,476 50,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.80 09/12/2008 49,961,111 15,000,000 CITIBANK OMNI MASTER TRUST##++ 2.67 09/03/2008 14,998,888 10,000,000 CITIBANK OMNI MASTER TRUST##++ 2.95 09/10/2008 9,993,444
42 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- COMMERCIAL PAPER (continued) $ 55,000,000 CITIBANK OMNI MASTER TRUST##++ 2.75% 09/19/2008 $ 54,928,576 16,732,000 CITIBANK OMNI MASTER TRUST##++ 2.98 10/23/2008 16,661,363 106,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/02/2008 106,000,000 97,900,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/03/2008 97,893,011 21,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.55 09/04/2008 20,997,025 47,400,000 EBBETS FUNDING LLC##++ 2.70 09/04/2008 47,392,890 11,100,000 EBBETS FUNDING LLC##++ 2.75 09/08/2008 11,094,913 42,000,000 EBBETS FUNDING LLC##++ 2.70 09/15/2008 41,959,050 40,000,000 EBBETS FUNDING LLC##++ 2.70 09/18/2008 39,952,000 73,000,000 ELYSIAN FUNDING LLC##++ 2.60 09/05/2008 72,984,183 26,000,000 ENTERPRISE FUNDING LLC##++ 2.49 09/08/2008 25,989,210 23,900,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/09/2008 23,887,917 12,200,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/15/2008 12,188,546 36,650,000 EUREKA SECURITIZATION##++ 2.62 09/12/2008 36,623,327 1,300,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/11/2008 1,299,178 15,000,000 FAIRWAY FINANCE CORPORATION##++ 2.51 09/18/2008 14,983,267 50,000,000 FALCON ASSET SECURITIES COMPANY LLC##++ 2.48 09/11/2008 49,969,000 53,000,000 FORTIS FUNDING LLC##++ 2.52 09/12/2008 52,962,900 71,000,000 FORTIS FUNDING LLC##++ 2.67 10/07/2008 70,816,041 24,000,000 FOXBORO FUNDING LIMITED+/-(i) 3.36 02/06/2009 24,000,000 94,000,000 GALLEON CAPITAL LLC##++ 2.60 09/02/2008 94,000,000 52,600,000 GALLEON CAPITAL LLC##++ 2.60 09/03/2008 52,596,201 61,600,000 GALLEON CAPITAL LLC##++ 2.57 09/04/2008 61,591,205 43,000,000 GALLEON CAPITAL LLC##++ 2.58 09/05/2008 42,990,755 38,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.68 09/02/2008 38,000,000 12,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.57 09/03/2008 11,999,143 5,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/04/2008 4,999,250 6,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/05/2008 5,998,650 10,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.79 12/02/2008 9,929,475 19,000,000 GOVCO LLC##++ 2.72 11/17/2008 18,890,898 16,000,000 GRAMPIAN FUNDING LLC##++ 2.55 09/24/2008 15,975,067 21,000,000 IRISH LIFE & PERMANENT##++ 2.54 09/05/2008 20,995,555 10,000,000 IRISH LIFE & PERMANENT##++ 2.75 09/17/2008 9,988,542 2,059,000 IRISH LIFE & PERMANENT##++ 2.85 09/22/2008 2,055,740 6,300,000 IRISH LIFE & PERMANENT##++ 2.76 09/30/2008 6,286,476 69,500,000 KBC FINANCE PRODUCTION INTERNATIONAL LIMITED##++ 2.72 09/17/2008 69,421,233 28,000,000 KITTY HAWK FUNDING CORPORATION##++ 2.62 09/18/2008 27,967,396 52,000,000 LIBERTY STREET FUNDING LLC##++ 2.62 09/02/2008 52,000,000 14,800,000 LIBERTY STREET FUNDING LLC##++ 2.58 09/09/2008 14,792,575 15,000,000 LIBERTY STREET FUNDING LLC##++ 2.59 09/15/2008 14,985,971 58,000,000 MAZARIN FUNDING CORPORATION##++ 2.60 09/02/2008 58,000,000 53,000,000 MAZARIN FUNDING CORPORATION##++ 2.62 09/09/2008 52,972,999 9,500,000 METLIFE SHORT TERM FUNDING LLC##++ 2.56 09/15/2008 9,491,218 25,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.65 10/01/2008 24,946,632 14,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.93 12/09/2008 13,888,334 22,223,000 MONT BLANC CAPITAL CORPORATION##++ 2.50 09/03/2008 22,221,457 20,000,000 MONT BLANC CAPITAL CORPORATION##++ 2.62 09/04/2008 19,997,089 20,100,000 MONT BLANC CAPITAL CORPORATION##++ 2.59 09/18/2008 20,076,863 40,000,000 MONT BLANC CAPITAL CORPORATION##++ 2.58 09/19/2008 39,951,267 53,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.40 09/04/2008 52,992,933 21,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.38 09/05/2008 20,995,835 89,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++ 2.60 09/02/2008 89,000,000 28,000,000 OLD LINE FUNDING LLC##++ 2.50 09/12/2008 27,980,556 20,000,000 PARK AVENUE RECEIVABLES##++ 2.48 09/05/2008 19,995,867 18,000,000 PICAROS FUNDING LLC##++ 2.54 09/04/2008 17,997,460
Wells Fargo Advantage Money Market Funds 43 Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- COMMERCIAL PAPER (continued) $ 18,900,000 PICAROS FUNDING LLC##++ 2.53% 09/15/2008 $ 18,882,733 76,850,000 RANGER FUNDING COMPANY LLC##++ 2.60 09/09/2008 76,811,148 23,000,000 REGENCY MARKETS # 1 LLC##++ 2.50 09/05/2008 22,995,208 32,700,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/11/2008 32,678,827 30,130,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/15/2008 30,101,820 6,800,000 SALISBURY RECEIVABLES COMPANY##++ 2.47 09/04/2008 6,799,067 10,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/04/2008 9,998,600 11,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/26/2008 10,981,520 32,000,000 SCALDIS CAPITAL LLC##++ 2.58 09/02/2008 32,000,000 15,000,000 SCALDIS CAPITAL LLC##++ 2.82 09/12/2008 14,988,250 33,000,000 SCALDIS CAPITAL LLC##++ 2.59 09/22/2008 32,952,517 40,000,000 SOCIETE GENERALE NORTH AMERICA## 2.91 10/15/2008 39,860,967 17,000,000 SOLITAIRE FUNDING LLC##++ 2.55 09/02/2008 17,000,000 25,000,000 SOLITAIRE FUNDING LLC##++ 2.52 09/26/2008 24,958,000 53,000,000 STARBIRD FUNDING CORPORATION##++ 2.70 09/25/2008 52,908,575 25,000,000 STARBIRD FUNDING CORPORATION##++ 2.80 10/03/2008 24,939,722 8,000,000 SURREY FUNDING CORPORATION##++ 2.63 09/09/2008 7,995,909 20,000,000 SURREY FUNDING CORPORATION##++ 2.65 09/11/2008 19,986,750 6,300,000 SURREY FUNDING CORPORATION##++ 2.64 09/12/2008 6,295,380 14,100,000 SURREY FUNDING CORPORATION##++ 2.65 09/19/2008 14,082,355 2,000,000 SWEDBANK AB## 2.81 09/08/2008 1,999,065 30,000,000 SWEDBANK AB## 2.95 09/11/2008 29,977,875 50,000,000 SWEDBANK AB## 2.96 11/25/2008 49,654,667 20,000,000 SWEDBANK AB## 3.00 11/26/2008 19,858,333 22,216,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.83 09/08/2008 22,205,522 21,000,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.57 09/09/2008 20,989,506 43,600,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/10/2008 43,575,293 34,488,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/15/2008 34,456,242 18,000,000 TULIP FUNDING CORPORATION##++ 2.40 09/05/2008 17,996,400 20,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 2.93 11/25/2008 19,863,267 85,000,000 VERSAILLES CDS LLC##++ 2.55 09/05/2008 84,981,937 84,000,000 VICTORIA FINANCE LLC+/-(a)####(i)++ 4.82 01/16/2009 67,200,000 10,000,000 WINDMILL FUNDING CORPORATION##++ 2.50 09/02/2008 10,000,000 TOTAL COMMERCIAL PAPER (COST $4,007,054,417) 3,990,254,828 ---------------- CORPORATE BONDS & NOTES: 7.21% 76,000,000 ALLIED IRISH BANKS PLC+/-++ 2.47 11/18/2008 76,000,000 98,000,000 BES FINANCE LIMITED+/-++ 2.52 03/02/2009 98,000,000 124,000,000 DNB NOR BANK ASA+/-++ 2.48 03/25/2009 124,000,000 152,000,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 152,000,263 103,000,000 INTESA BANK (IRELAND) PLC+/-++ 2.49 03/25/2009 103,000,000 83,000,000 IRISH LIFE & PERMANENT PLC+/-++ 2.50 03/20/2009 83,000,000 30,060,000 MORGAN STANLEY+/- 2.19 09/15/2008 30,054,171 45,000,000 NATIONWIDE BUILDING SOCIETY+/-++ 2.52 01/06/2009 45,000,000 199,000,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 199,000,000 TOTAL CORPORATE BONDS & NOTES (COST $910,054,434) 910,054,434 ---------------- EXTENDABLE BONDS: 9.55% 113,200,000 BANK OF IRELAND+/-++ 3.05 09/02/2009 113,200,000 72,000,000 BASF FINANCE EUROPE NV+/-++ 2.80 09/18/2009 72,000,000 118,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 2.77 09/10/2009 118,000,000 76,250,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 2.99 08/03/2009 76,250,000 132,000,000 DEUTSCHE BANK+/- 3.00 08/04/2009 132,000,000 130,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 130,500,000 60,000,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 60,000,000
44 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- EXTENDABLE BONDS (continued) $ 95,000,000 IBM INTERNATIONAL GROUP CAPITAL+/-++ 3.03% 09/25/2009 $ 95,000,000 117,000,000 ING USA GLOBAL FUNDING+/- 3.14 09/18/2009 117,000,000 150,400,000 RABOBANK NEDERLAND+/-++ 2.99 09/09/2009 150,400,000 38,250,000 ROYAL BANK OF CANADA+/-++ 2.77 09/15/2009 38,250,000 69,250,000 SVENSKA HANDELSBANKEN AB+/-++ 3.15 08/25/2009 69,250,000 34,000,000 THE NATURE CONSERVANCY+/-++ 3.30 06/01/2009 34,000,000 TOTAL EXTENDABLE BONDS (COST $1,205,850,000) 1,205,850,000 ---------------- MEDIUM TERM NOTES: 6.69% 98,500,000 BNP PARIBAS+/- 2.77 09/16/2008 98,500,000 67,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/18/2009 67,000,000 121,500,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 121,500,000 53,000,000 MORGAN STANLEY+/- 2.14 10/31/2008 53,000,000 35,000,000 NORDEA BANK AB+/-++ 2.46 09/08/2008 35,000,000 96,000,000 NORDEA BANK AB+/-++ 2.48 09/10/2008 96,000,000 64,000,000 NORTHERN ROCK PLC+/-++ 2.77 10/08/2008 64,000,000 65,000,000 NORTHERN ROCK PLC+/-++ 2.53 10/31/2008 65,000,000 15,000,000 PREMIUM ASSET TRUST SERIES 04-10+/-++ 2.55 12/12/2008 15,000,000 71,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 2.96 09/18/2008 71,000,000 97,000,000 TOTTA IRELAND PLC+/-++ 2.47 09/05/2008 97,000,000 61,000,000 TOYOTA MOTOR CREDIT CORPORATION+/- 2.51 02/03/2009 61,000,000 TOTAL MEDIUM TERM NOTES (COST $844,000,000) 844,000,000 ---------------- MUNICIPAL BONDS & NOTES: 1.56% 12,000,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF FLORIDA PROJECT SERIES A (HCFR, BNP PARIBAS LOC)+/- ss 2.45 10/01/2032 12,000,000 46,000,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/- ss 3.00 05/01/2049 46,000,000 82,370,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK)+/-ss 2.55 07/01/2033 82,370,000 120,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96C+/-ss 3.35 12/15/2026 120,000 125,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96D+/-ss 3.35 12/15/2026 125,000 145,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96E+/-ss 3.35 12/15/2026 145,000 60,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96G+/-ss 3.42 12/15/2026 60,000 225,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96I+/-ss 3.35 12/15/2026 225,000 22,055,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF AMERICA NA LOC)+/-ss 2.62 11/01/2028 22,053,976 5,000,000 NEW BRITAIN CONNECTICUT TAXABLE PENSION SERIES C (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)+/-ss 2.66 02/01/2026 5,000,000 9,845,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 2.60 11/01/2037 9,845,000 12,000,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600 WEST 42ND B (OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 2.57 11/01/2041 12,000,000 7,500,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I (HOUSING REVENUE, GNMA)+/-ss 2.70 09/01/2039 7,500,000 TOTAL MUNICIPAL BONDS & NOTES (COST $197,443,976) 197,443,976 ---------------- SECURED MASTER NOTE AGREEMENT: 3.67% $102,877,000 BANK OF AMERICA SECURITIES LLC+/- 2.26 09/09/2034 102,877,000 114,377,000 BANK OF AMERICA SECURITIES LLC 2.26 09/09/2034 114,377,000 4,790,000 BANK OF AMERICA SECURITIES LLC 2.26 09/09/2034 4,790,000 241,070,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 2.25 09/09/2049 241,070,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $463,114,000) 463,114,000 ----------------
Wells Fargo Advantage Money Market Funds 45 Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- TIME DEPOSITS: 12.93% $213,000,000 ALLIED IRISH BANKS PLC 2.15% 09/02/2008 $ 213,000,000 213,000,000 BANCO BILBAO VIZCAYA ARGENTINA SA 2.20 09/02/2008 213,000,000 213,000,000 BANK OF IRELAND 2.23 09/02/2008 213,000,000 107,000,000 BNP PARIBAS PARIS 2.15 09/02/2008 107,000,000 213,000,000 DANSKE BANK AS COPENHAGEN 2.15 09/02/2008 213,000,000 213,000,000 DEXIA CREDIT LOCAL DE FRANCE 2.18 09/02/2008 213,000,000 248,000,000 KBC BANK NV BRUSSELS 1.88 09/02/2008 248,000,000 213,000,000 SOCIETE GENERALE PARIS 2.18 09/02/2008 213,000,000 TOTAL TIME DEPOSITS (COST $1,633,000,000) 1,633,000,000 ---------------- REPURCHASE AGREEMENTS: 20.11% 430,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $430,101,767) 2.13 09/02/2008 430,000,000 558,856,375 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $558,989,259) 2.14 09/02/2008 558,856,375 132,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $132,032,560) 2.22 09/02/2008 132,000,000 303,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $303,074,067) 2.20 09/02/2008 303,000,000 130,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $130,031,489) 2.18 09/02/2008 130,000,000 430,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $430,101,767) 2.13 09/02/2008 430,000,000 130,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $130,031,778) 2.20 09/02/2008 130,000,000 266,000,000 LEHMAN BROTHERS COMMERCIAL - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (266,073,889) 2.50 09/02/2008 266,000,000 160,000,000 MERRILL PIERCE FENNER & SMITH INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $160,039,111) 2.20 09/02/2008 160,000,000 TOTAL REPURCHASE AGREEMENTS (COST $2,539,856,375) 2,539,856,375 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $12,657,633,746)* 100.11% $ 12,640,834,157 OTHER ASSETS AND LIABILITIES, NET (0.11) (13,305,563) ------ ---------------- TOTAL NET ASSETS 100.00% $ 12,627,528,594 ====== ================
---------- +/- 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. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. #### This security is currently in default with regard to scheduled interest and/or principal payments. (i) Illiquid security. ++ 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 $14,014,275,225 and net unrealized appreciation (depreciation) consists of: The accompanying notes are an integral part of these financial statements. 46 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- COMMERCIAL PAPER: 1.61% $ 5,000,000 ASCENSION PARISH LA 1.77% 11/13/2008 $ 5,000,000 1,175,000 ILLINOIS FINANCE AUTHORITY 1.75 01/06/2009 1,175,000 TOTAL COMMERCIAL PAPER (COST $6,175,000) 6,175,000 ---------------- MUNICIPAL BONDS & NOTES: 94.72% ALABAMA: 2.56% 9,800,000 COLUMBIA AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY PROJECT (IDR)ss +/- 2.52 06/01/2028 9,800,000 9,800,000 ---------------- ARIZONA: 0.60% 2,300,000 PIMA COUNTY AZ IDA EASTSIDE APARTMENTS SERIES B (MFHR)ss +/- 2.12 02/15/2031 2,300,000 ---------------- COLORADO: 5.17% 7,000,000 AURORA CO HOUSING AUTHORITY LIBERTY CREEK PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.04 02/15/2038 7,000,000 5,000,000 COLORADO COLLEGE INVESTMENT SERIES I-A (OTHER REVENUE, LLOYDS BANK LOC)ss +/- 1.95 12/01/2042 5,000,000 4,000,000 COLORADO HOUSING & FINANCE AUTHORITY READY FOODS INCORPORATED PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC)ss +/- 1.92 01/01/2032 4,000,000 1,500,000 COLORADO HOUSING & FINANCE AUTHORITY WASTE MANAGEMENT INCORPORATED PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 2.15 08/01/2038 1,500,000 1,000,000 FORT COLLINS CO ECONOMIC DEVELOPMENT OAKRIDGE PROJECT SERIES A (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.10 12/01/2032 1,000,000 1,250,000 HUDSON CO SERIES A (IDR, US BANK NA LOC)ss +/- 2.15 11/01/2020 1,250,000 19,750,000 ---------------- DISTRICT OF COLUMBIA: 3.43% 5,080,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2191 (OTHER REVENUE)ss +/- 2.29 10/01/2013 5,080,000 8,010,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2855 (AIRPORT REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.99 10/01/2014 8,010,000 13,090,000 ---------------- FLORIDA: 3.72% 2,750,000 JACKSONVILLE FL HFA CHRISTINE COVE APARTMENTS (MFHR, FHLMC INSURED)ss +/- 1.95 09/15/2038 2,750,000 1,065,000 MARTIN COUNTY FL POWER & LIGHT COMPANY PROJECT (IDR)ss +/- 2.40 07/15/2022 1,065,000 1,800,000 MIAMI DADE COUNTY FL IDA FLORIDA POWER & LIGHT COMPANY PROJECT (LEASE REVENUE)ss +/- 2.55 02/01/2023 1,800,000 1,620,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES A (GENERAL OBLIGATION - SCHOOL DISTRICTS, MBIA INSURED)ss 5.25 08/01/2009 1,687,792 1,725,000 SAINT LUCIE COUNTY FL ROOF TRUSSES COMPANY PROJECT A (INDUSTRIAL DEVELOPMENT REVENUE, WACHOVIA BANK LOC)ss +/- 2.05 11/01/2021 1,725,000 80,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 02/01/2034 80,000 5,105,000 SCA TAX EXEMPT TRUST PT 2517 LEE COUNTY FL(HOUSING REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.84 01/01/2030 5,105,000 14,212,792 ---------------- GEORGIA: 2.67% 560,000 DEKALB COUNTY NEWTOWN GWINETT COUNTY GA JOINT REAL ESTATE STUDENT I (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 06/01/2035 560,000 475,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC)ss +/- 1.85 04/01/2024 475,000 6,475,000 FULTON COUNTY GA HOUSING AUTHORITY WALTON LAKES APARTMENTS PROJECT SERIES A (HOUSING REVENUE, SUNTRUST BANK LOC)ss +/- 2.00 02/01/2041 6,475,000 1,170,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER REVENUE)ss +/- 2.50 09/01/2029 1,170,000 1,520,000 STEPHENS COUNTY GA DEVELOPMENT AUTHORITY CATERPILLAR INCORPORATED PROJECT (INDUSTRIAL DEVELOPMENT REVENUE)ss +/- 2.19 08/01/2016 1,520,000 10,200,000 ----------------
Wells Fargo Advantage Money Market Funds 47 Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- IDAHO: 0.40% $ 1,510,000 BONNEVILLE COUNTY ID YELLOWSTONE PLASTICS PROJECT (IDR)ss +/- 2.20% 08/01/2014 $ 1,510,000 ---------------- ILLINOIS: 5.19% 1,785,000 GENEVA IL CONTINENTAL ENVELOPE PROJECT (IDR, BANK ONE CHICAGO NA LOC)ss +/- 3.10 04/01/2016 1,785,000 3,015,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCL INCORPORATED PROJECT (IDR)ss +/- 3.10 06/01/2017 3,015,000 500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY SURGIPATH MEDICAL INDUSTRY PROJECT (IDR)ss +/- 2.20 06/01/2011 500,000 525,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.00 04/01/2038 525,000 1,000,000 ILLINOIS FINANCE AUTHORITY INX INTERNATIONAL INK COMPANY (INDUSTRIAL DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 2.00 01/01/2034 1,000,000 825,000 ILLINOIS FINANCE AUTHORITY MERUG LLC SERIES B (IDR, JPMORGAN CHASE BANK LOC)ss +/- 3.10 12/01/2018 825,000 2,600,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY BRAINARD LANDINGS APARTMENTS (HOUSING REVENUE, US BANK NA LOC)ss +/- 1.98 05/01/2042 2,600,000 2,070,000 LAKE COUNTY IL BROWN PAPER GOODS PROJECT (IDR, BANK ONE CHICAGO NA LOC)ss +/- 3.10 10/01/2021 2,070,000 1,370,000 LAKE COUNTY IL COUNTYSIDE LANDFILL INCORPORATED (SOLID WASTE REVENUE, JP MORGAN CHASE BANK LOC)ss +/- 2.17 04/01/2021 1,370,000 2,600,000 LAKE COUNTY IL NORTHPOINT ASSOCIATION (IDR, NORTHERN TRUST CORPORATION LOC)ss +/- 2.33 07/01/2029 2,600,000 1,590,000 LAKE ZURICH IL (ECONOMIC DEVELOPMENT REVENUE, JP MORGAN CHASE BANK LOC)ss +/- 3.10 12/01/2009 1,590,000 1,960,000 VERNON HILLS IL NORTHWESTERN TOOL & DIE PROJECT (IDR, LASALLE NATIONAL BANK NA LOC)ss +/- 2.15 04/01/2025 1,960,000 19,840,000 - --------------- INDIANA: 5.39% 1,925,000 GREENSBURG IN COMMUNITY PARTNERS VILLAGE II (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.10 09/01/2029 1,925,000 2,900,000 INDIANA STATE FINANCE AUTHORITY MARION GENERAL HOSPITAL PROJECT SERIES A (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.90 07/01/2035 2,900,000 2,500,000 INDIANAPOLIS IN WASHINGTON POINTE SERIES A (HOUSING REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.14 08/15/2040 2,500,000 3,685,000 LAGRANGE COUNTY IN SERVICE REALITY LLC PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.29 03/01/2026 3,685,000 8,100,000 MADISON IN ARVIN SANGO INCORPORATED PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.12 08/01/2017 8,100,000 1,500,000 NOBLESVILLE IN GREYSTONE APARTMENTS PROJECT SERIES B (HOUSING REVENUE, FEDERAL HOME LOAN BANK)ss +/- 2.15 03/01/2041 1,500,000 20,610,000 ---------------- IOWA: 1.85% 5,800,000 DES MOINES IA ELLIOT AVIATION PROJECT (OTHER REVENUE, US BANK NA LOC)ss +/- 2.05 08/01/2027 5,800,000 280,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE, KBC BANK NV LOC)ss +/- 2.45 11/01/2036 280,000 905,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HEALTHCARE FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 06/01/2027 905,000 100,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.48 03/01/2036 100,000 7,085,000 ---------------- KANSAS: 1.57% 1,000,000 OLATHE KS DIAMANT BOART SERIES A (INDUSTRIAL DEVELOPMENT REVENUE)ss +/- 2.20 03/01/2027 1,000,000 5,000,000 OLATHE KS ISL LLC PROJECT (OTHER REVENUE, US BANK NA LOC)ss +/- 2.10 08/01/2027 5,000,000 6,000,000 ---------------- KENTUCKY: 4.46% 8,415,000 CARROL COUNTY KY SOLID WASTE DISPOSAL NORTH AMERICAN STAINLESS (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.14 05/01/2031 8,415,000 4,155,000 DAVIESS COUNTY KY PARK REGENCY (OTHER REVENUE, SOCIETE GENERALE LOC)ss +/- 1.99 07/01/2020 4,155,000
48 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- KENTUCKY (continued) $ 2,990,000 HOPKINSVILLE KY FREE-FLOW PACKAGING PROJECT (IDR, COMERCIA BANK NA LOC)ss +/- 2.08% 11/01/2019 $ 2,990,000 1,475,000 KENTUCKY ASSET LIABILITY COMMISSION TRAN SERIES A (OTHER REVENUE) 3.00 06/25/2009 1,489,338 17,049,338 ---------------- MARYLAND: 1.19% 4,540,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 531 (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 2.00 01/01/2010 4,540,000 4,540,000 ---------------- MICHIGAN: 1.40% 5,300,000 MICHIGAN MUNICIPAL BOND AUTHORITY SERIES A-2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) 3.00 08/20/2009 5,365,322 5,365,322 ---------------- MINNESOTA: 15.57% 2,410,000 BLOOMINGTON MN NORLAN PARTNERS SERIES B (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.99 07/15/2032 2,410,000 455,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK LOC)ss +/- 2.45 11/01/2035 455,000 1,800,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA INSURED)ss +/- 2.04 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 +/- 2.10 04/15/2035 1,985,000 2,400,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE, FNMA INSURED)ss +/- 2.04 06/15/2038 2,400,000 1,200,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE, US BANK NA LOC)ss +/- 2.10 10/01/2024 1,200,000 1,665,000 MINNEAPOLIS MN SECOND STREET ACQUISITION SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.99 01/01/2033 1,665,000 3,075,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE FACILITY ESSENTIAL C4 (HCFR, GUARANTEE AGREEMENT)ss +/- 2.60 02/15/2030 3,075,000 2,000,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE, FHLB INSURED)ss +/- 1.91 07/01/2048 2,000,000 620,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF AUTHORITY)ss +/- 2.02 01/01/2010 620,000 325,000 MINNESOTA STATE RESIDENTIAL HOUSING SERIES G (HOUSING REVENUE, GENERAL OBLIGATION OF AUTHORITY)ss +/- 1.95 01/01/2032 325,000 945,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 04/01/2027 945,000 70,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.84 10/01/2032 70,000 2,300,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.04 08/01/2034 2,300,000 5,015,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94 10/01/2038 5,015,000 1,135,000 RUSH CITY MN PLASTECH CORPORATION PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, US BANK NA LOC)ss +/- 2.10 09/01/2014 1,135,000 1,420,000 SAINT PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 2.04 06/01/2032 1,420,000 2,205,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT (MFHR, FNMA INSURED)ss +/- 2.10 09/15/2031 2,205,000 7,000,000 ST. PAUL & RAMSEY COUNTY MN HOUSING & RDA ST. PAUL LEASED HOUSING ASSOCIATION (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94 09/01/2035 7,000,000 3,850,000 ST. PAUL MN HEATING REVENUE SERIES F (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 12/01/2023 3,850,000 10,750,000 ST. PAUL MN HOUSING & RDA BRIGECREEK SENIOR PLACE SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.99 06/15/2037 10,750,000 450,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES I (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 06/01/2015 450,000 705,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES L (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.05 03/01/2018 705,000 605,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.99 12/01/2019 605,000
Wells Fargo Advantage Money Market Funds 49 Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MINNESOTA (continued) $ 2,595,000 ST. PAUL MN HOUSING & RDA LEASED HOUSING ASSOCIATION SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.94% 09/01/2035 $ 2,595,000 2,445,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES R (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.65 03/01/2022 2,445,000 100,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT SERIES A (IDR, HARRIS TRUST SAVINGS BANK LOC)ss +/- 2.10 06/01/2011 100,000 59,525,000 ---------------- MISSISSIPPI: 0.17% 650,000 MISSISSIPPI BUSINESS FINANCE CORPORATION ARCH ALUMINUM & GLASS PROJECT (IDR, COMERCIA BANK NA LOC)ss +/- 2.10 01/01/2014 650,000 650,000 ---------------- MISSOURI: 1.79% 3,300,000 HANNIBAL MO IDA BUCKHORN RUBBER PRODUCTS PROJECT (IDR, BANK ONE CHICAGO NA LOC)ss +/- 3.10 03/01/2010 3,300,000 1,705,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.90 01/01/2030 1,705,000 1,845,000 MISSOURI STATE PUBLIC UTILITIES COMMUNITY (OTHER REVENUE) 4.75 09/01/2008 1,845,000 6,850,000 ---------------- NEVADA: 0.83% 3,170,000 NEVADA HOUSING DIVISION MULTI-UNIT HOUSING PROJECT A (HOUSING REVENUE)ss +/- 2.00 10/01/2030 3,170,000 ---------------- NEW HAMPSHIRE: 0.42% 1,620,000 NEW HAMPSHIRE HEFA ST. ANSELM COLLEGE (OTHER REVENUE, CITIZENS BANK LOC)ss +/- 2.45 06/01/2038 1,620,000 ---------------- NEW MEXICO: 0.73% 1,300,000 NEW MEXICO HOUSING AUTHORITY REGION III EL PUEBLO APARTMENTS PROJECT SERIES A (HOUSING REVENUE, US BANK NA LOC)ss +/- 1.92 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 +/- 1.92 12/01/2044 1,500,000 2,800,000 ---------------- NORTH CAROLINA: 0.79% 3,015,000 LEE COUNTY NC INDUSTRIAL FACILITIES & PCFA CHALLENGE PRINTING COMPANY PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 2.05 07/01/2027 3,015,000 ---------------- NORTH DAKOTA: 1.70% 3,000,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES A (HOUSING REVENUE, LLOYDS BANK LOC)ss +/- 1.94 07/01/2037 3,000,000 3,500,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES B (HOUSING REVENUE)ss +/- 1.94 01/01/2035 3,500,000 6,500,000 ---------------- OHIO: 0.33% 1,250,000 FRANKLIN COUNTY OH LIFELINE SHELTER SYSTEMS PROJECT (IDR, BANK ONE CHICAGO NA LOC)ss +/- 2.95 10/01/2021 1,250,000 ---------------- OTHER: 8.51% 32,520,000 SUNAMERICA TRUST CERTIFICATES VARIOUS STATES CLASS A SERIES 2 (OTHER REVENUE, FHLMC INSURED)ss +/- 2.89 07/01/2041 32,520,000 32,520,000 ---------------- PENNSYLVANIA: 1.31% 5,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES B (OTHER REVENUE, SCOTIABANK LOC)ss +/- 1.91 11/01/2025 5,000,000 5,000,000 ----------------
50 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- SOUTH CAROLINA: 0.52% $ 2,000,000 FLORENCE COUNTY SC SOLID WASTE DISPOSAL & WASTEWATER TREATMENT ROCHE CAROLINA INCORPORATED PROJECT (IDR, DEUTSCHE BANK AG LOC)ss +/- 2.85% 04/01/2027 $ 2,000,000 2,000,000 ---------------- TENNESSEE: 7.23% 1,025,000 COFFEE COUNTY TN INDUSTRIAL BOARD INCORPORATED MCKEY PERFORATED PRODUCTS PROJECT (IDR, M&I MARSHALL & ILSLEY LOC)ss +/- 2.20 06/01/2016 1,025,000 8,000,000 HUNTINGDON TN INDUSTRIAL DEVELOPMENT BOARD BEHLEN MANUFACTURING COMPANY PROJECT (IDR, LASALLE BANK NA LOC)ss +/- 2.03 05/01/2020 8,000,000 2,025,000 PULASKI & GILES COUNTY TN LOMAR DEVELOPMENT COMPANY PROJECT (IDR, US BANK NA LOC)ss +/- 2.10 01/01/2017 2,025,000 7,340,000 SCA TAX-EXEMPT TRUST PT-2518 HAMILTON COUNTY TN INDUSTRIAL (HOUSING REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.84 01/01/2030 7,340,000 2,890,000 SCA TAX-EXEMPT TRUST PT-2520 MEMPHIS TN HEALTH EDUCATIONAL FINANCE (HOUSING REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.84 01/01/2030 2,890,000 6,355,000 SHELBY COUNTY TN HEALTH & EDUCATIONAL HOUSING FACILITIES EDEN POINTE APARTMENTS (OTHER REVENUE, REGIONS BANK LOC)ss +/- 2.10 03/01/2040 6,355,000 27,635,000 ---------------- TEXAS: 6.83% 7,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-69 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24 10/01/2014 7,500,000 6,900,000 DALLAS FORT WORTH TX INTERNATIONAL AIRPORT (AIRPORT REVENUE, AMBAC INSURED)ss +/- 2.27 11/01/2032 6,900,000 2,890,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT (GENERAL OBLIGATION - SCHOOL DISTRICTS)ss +/- 5.38 02/15/2009 2,935,456 1,000,000 HARRIS COUNTY TX TRAN (PROPERTY TAX REVENUE) 3.00 02/26/2009 1,006,914 7,500,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST SERIES A (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 2.19 12/01/2047 7,500,000 280,000 TARRANT COUNTY TX CULTURAL EDUCATIONAL FACILITIES FINANCE CORPORATION SCOTT WHITE MEMORIAL HOSPITAL SERIES C (OTHER REVENUE, COMPASS BANK)ss +/- 1.80 08/15/2046 280,000 26,122,370 ---------------- UTAH: 1.31% 5,000,000 UTAH HOUSING CORPORATION POINTE APARTMENTS PROJECT (OTHER REVENUE, US BANK NA LOC)ss +/- 1.92 08/01/2024 5,000,000 ---------------- VERMONT: 0.07% 255,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL PROJECT A (HCFR)ss +/- 2.45 10/01/2034 255,000 ---------------- VIRGINIA: 0.03% 110,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES A (OTHER REVENUE)ss +/- 2.43 07/01/2037 110,000 ---------------- WASHINGTON: 4.17% 4,700,000 PORT OF SEATTLE WA INDUSTRIAL DEVELOPMENT CORPORATION CROWLEY MARINE SERVICES PROJECT BP WEST COAST PRODUCTS LLC PROJECT (AIRPORT REVENUE, CITIBANK NA LOC)ss +/- 1.94 12/31/2021 4,700,000 1,200,000 PORT VANCOUVER WASHINGTON SPECIAL REVENUE (IDR, BANK OF AMERICA NA LOC)ss +/- 2.10 12/01/2010 1,200,000 3,155,000 SEATTLE WA SOLID WASTE SERIES 2202 (SOLID WASTE REVENUE, MBIA INSURED)ss +/- 2.04 02/01/2029 3,155,000 3,000,000 STATE OF WASHINGTON (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 2.14 07/01/2026 3,000,000 1,315,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY MERCER ISLAND PARTNERS LLC PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, US BANK NA LOC)ss +/- 2.10 06/01/2027 1,315,000 2,585,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR LAKEWOOD MEADOWS APARTMENTS PROJECT SERIES A (MFHR LOC, FNMA INSURED)ss +/- 2.10 07/15/2033 2,585,000 15,955,000 ---------------- WISCONSIN: 2.81% 2,400,000 APPLETON WI GREAT NORTHERN CORPORATION PROJECT A (IDR, US BANK NA LOC)ss +/- 2.15 09/01/2019 2,400,000 790,000 MIDDLETON WI FRISTAM PUMPS INCORPORATED PROJECT (IDR)ss +/- 2.20 05/01/2020 790,000
Wells Fargo Advantage Money Market Funds 51 Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- WISCONSIN (continued) $ 3,500,000 MILWAUKEE WI RDA HELWIG CARBON PRODUCTS SERIES A (IDR)ss +/- 2.20% 11/01/2028 $ 3,500,000 2,685,000 NEW LONDON WI WOHLT CHEESE CORPORATION PROJECT (IDR)ss +/- 2.20 07/01/2021 2,685,000 1,345,000 OREGON WI FIVE K PARTNERSHIP PROJECT A (IDR, US BANK NA LOC)ss +/- 2.10 06/01/2021 1,345,000 10,720,000 ---------------- TOTAL MUNICIPAL BONDS & NOTES (COST $362,049,822) 362,049,822 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $368,224,822)* 96.33% $ 368,224,822 OTHER ASSETS AND LIABILITIES, NET 3.67 14,014,180 ------ ---------------- TOTAL NET ASSETS 100.00% $ 382,239,002 ====== ================
---------- ss These securities are subject to a demand feature which reduces the effective maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 52 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MUNICIPAL BONDS & NOTES: 92.75% ALABAMA: 2.94% $ 5,800,000 BIRMINGHAM AL PUBLIC EDUCATIONAL BUILDING AUTHORITY STUDENT HOUSING REVENUE (OTHER REVENUE LOC)ss +/- 1.86% 07/01/2037 $ 5,800,000 51,450,000 COLUMBIA AL IDA SERIES A (IDR)ss +/- 2.47 06/01/2022 51,450,000 24,900,000 COLUMBIA AL IDA SERIES B (PCR)ss +/- 2.47 05/01/2022 24,900,000 10,000,000 DCH AL HEALTH CARE AUTHORITY (HCFR, REGIONS BANK LOC)ss +/- 1.89 06/01/2020 10,000,000 8,700,000 EUTAW AL IDA PCR ALABAMA POWER COMPANY PROJECT (IDR)ss +/- 2.47 06/01/2028 8,700,000 15,000,000 MOBILE AL EDUCATIONAL BUILDING AUTHORITY SPRING HILL COLLEGE PROJECT (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.84 09/01/2037 15,000,000 12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY PROJECT SERIES C (IDR)ss +/- 1.93 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)ss +/- 1.85 02/01/2040 40,000,000 5,650,000 PRICHARD UNIVERSITY MOBILE AL EDUCATIONAL BUILDING AUTHORITY UNIVERSITY MOBILE PROJECT (LEASE REVENUE, REGIONS BANK LOC)ss +/- 1.89 03/01/2025 5,650,000 6,900,000 TUSCALOOSA AL SPECIAL CARE FACILITIES FINANCING AUTHORITY CAPSTONE VILLAGE SERIES C (HCFR, BANQUE NATIONALE PARIS LOC)ss +/- 1.84 08/01/2010 6,900,000 180,400,000 ---------------- ALASKA: 0.50% 6,325,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507 (OTHER REVENUE, FGIC INSURED)ss +/- 1.88 12/01/2034 6,325,000 16,060,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532 (OTHER REVENUE, MBIA INSURED)ss +/- 1.88 12/01/2041 16,060,000 8,195,000 PUTTABLE FLOATING OPTION TAX EXEMPTS RECEIPTS 4018 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.84 04/01/2021 8,195,000 30,580,000 ---------------- ARIZONA: 0.23% 4,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 07/01/2036 4,000,000 10,325,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 04/15/2030 10,325,000 1 4,325,000 ---------------- CALIFORNIA: 1.74% 21,150,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-41 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 4.00 06/01/2014 21,150,000 655,000 ALAMEDA CA CORRIDOR TRANSPORTATION AUTHORITY SERIES 1514 (TRANSPORTATION REVENUE, MBIA INSURED)ss +/- 2.31 10/01/2032 655,000 21,310,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE LOC, FSA INSURED)ss +/- 1.90 05/01/2022 21,310,000 18,480,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.77 05/01/2017 18,480,000 4,325,000 DESERT CA COMMUNITY COLLEGE DISTRICT CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.89 08/01/2037 4,325,000 17,315,000 LOS ANGELES CA DW&Pss +/- 1.91 07/01/2039 17,315,000 15,000,000 LOS ANGELES CA USD TRAN SERIES A 4.00 12/29/2008 15,038,857 6,500,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCE AUTHORITY ROCS RR II 11579 (SEWER REVENUE, CITIBANK NA LOC)ss +/- 1.82 12/01/2035 6,500,000 1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.94 08/01/2029 1,880,000 106,653,857 ---------------- COLORADO: 1.74% 21,330,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-30 COLORADO (COLLEGE AND UNIVERSITY REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 06/01/2013 21,330,000
Wells Fargo Advantage Money Market Funds 53 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- COLORADO (continued) $ 2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK NA LOC)ss +/- 1.84% 12/01/2017 $ 2,765,000 2,000,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK NA LOC)ss +/- 1.84 12/01/2028 2,000,000 13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT CENTER PROJECT (TAX INCREMENTAL REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.86 12/01/2030 13,785,000 8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT DISTRICT (OTHER REVENUE, US BANK NA LOC)ss +/- 1.84 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 +/- 1.84 12/01/2028 5,000,000 7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.87 12/01/2036 7,560,000 6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A (MHFR, FHLMC INSURED)ss +/- 1.80 04/15/2014 6,600,000 14,575,000 FITZSIMONS RDA COLORADO UNIVERSITY PHYSICIANS INCORPORATED (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.90 01/01/2025 14,575,000 6,665,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE COURT APARTMENTS PROJECT (MFHR, US BANK NA LOC)ss +/- 1.89 11/01/2033 6,665,000 10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.89 12/01/2030 10,600,000 7,365,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN DISTRICT (PROPERTY TAX REVENUE, US BANK NA LOC)ss +/- 1.89 11/15/2034 7,365,000 106,870,000 ---------------- DISTRICT OF COLUMBIA: 0.51% 14,770,000 DISTRICT OF COLUMBIA NATIONAL ASSOCIATION OF YOUNG CHILDREN (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.88 04/01/2036 14,770,000 12,560,000 DISTRICT OF COLUMBIA SERIES 2011 (OTHER REVENUE, FGIC INSURED)ss +/- 2.34 06/01/2015 12,560,000 4,285,000 DISTRICT OF COLUMBIA SERIES A (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.90 06/01/2034 4,285,000 31,615,000 ---------------- FLORIDA: 10.08% 18,050,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-83 FLORIDA (TAX INCREMENTAL REVENUE, MBIA INSURED)ss +/- 3.34 01/01/2015 18,050,000 5,710,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.85 08/01/2031 5,710,000 8,835,000 BROWARD COUNTY FL HFA ISLAND CLUB APARTMENTS SERIES A (MFHR, FHLMC INSURED)ss +/- 1.87 07/01/2031 8,835,000 11,350,000 CAPITAL TRANSFER AGENCY FLORIDA PORTOFINO VILLAS SERIES A (OTHER REVENUE, FNMA INSURED)ss +/- 2.00 04/15/2036 11,350,000 14,555,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-496 (OTHER REVENUE, MBIA INSURED)ss +/- 1.95 10/01/2037 14,555,000 6,435,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547 (OTHER REVENUE, MBIA INSURED)ss +/- 1.90 10/01/2026 6,435,000 695,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-518 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.88 10/01/2028 695,000 2,265,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.88 04/01/2027 2,265,000 4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS PROJECT (HOUSING REVENUE, US BANK NA LOC)ss +/- 1.84 07/01/2025 4,000,000 53,125,000 FLORIDA GAS SUPPLY PROJECT #2-A-1 (UTILITIES REVENUE)ss +/- 1.95 11/01/2026 53,125,000 18,320,000 FLORIDA GAS SUPPLY PROJECT #2-A-2 (UTILITIES REVENUE)ss +/- 1.90 11/01/2026 18,320,000 12,700,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION HOUSING PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.86 02/01/2038 12,700,000 11,800,000 FLORIDA HEFAR FINANCING JACKSONVILLE UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, RADIAN INSURED)ss +/- 1.85 07/01/2036 11,800,000 5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED)ss +/- 1.94 12/01/2013 5,100,000 10,500,000 FLORIDA KEYS AQUEDUCT AUTHORITY (OTHER REVENUE)ss +/- 1.79 09/01/2035 10,500,000 9,980,000 FLORIDA STATE DEPARTMENT OF ENVIRONMENTAL PROTECTION SERIES 2197 (OTHER REVENUE, MBIA INSURED)ss +/- 2.04 07/01/2024 9,980,000 11,450,000 FLORIDA USF FINANCING CORPORATION COP MASTER LEASE PROGRAM SERIES B1 (LEASE REVENUE, AMBAC INSURED)ss +/- 1.80 07/01/2035 11,450,000 385,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC)ss +/- 2.05 12/01/2014 385,000 2,085,000 HILLSBOROUGH COUNTY FL SCHOOL BOARD COP SERIES C (LEASE REVENUE, 2.55 07/01/2030 2,085,000 MBIA INSURED)ss +/-
54 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- FLORIDA (continued) $ 10,685,000 Jacksonville FL Baptist Medical Center Project (HCFR, Wachovia Bank LOC)ss +/- 2.45% 08/15/2021 $ 10,685,000 20,600,000 Jacksonville FL Health Facilities Authority Baptist Medical Series B (Other Revenue, Bank of America NA LOC)ss +/- 2.45 08/15/2033 20,600,000 10,835,000 Martin County FL Power & Light Company Project (IDR)ss +/- 2.40 07/15/2022 10,835,000 10,180,000 Miami Dade County FL Expressway Authority Series 1339 (Toll Road Revenue)ss +/- 2.34 07/01/2012 10,180,000 44,225,000 Miami Dade County FL Health Facilities Authority Miami Childrens Hospital Project B2 (HCFR, MBIA Insured)ss +/- 1.80 08/01/2034 44,225,000 44,250,000 Miami Dade County FL Health Facilities Authority Miami Childrens Hospital Project B3 (HCFR, MBIA Insured)ss +/- 1.80 08/01/2034 44,250,000 6,135,000 Miami Dade County FL School Board (Lease Revenue, First Security Bank LOC)ss +/-++ 2.19 08/01/2021 6,135,000 13,490,000 Miami Dade County FL Series 2839 (Property Tax Revenue, Guarantee Agreement)ss +/- 1.99 07/01/2013 13,490,000 17,500,000 North Broward FL Hospital District (Healthcare Facilities Revenue, MBIA Insured)ss +/- 1.85 01/15/2027 17,500,000 15,000,000 North Broward FL Hospital District Series A (Healthcare Facilities Revenue, MBIA Insured)ss +/- 1.85 01/15/2027 15,000,000 1,415,000 Orange County FL Central Florida YMCA Project Series A (IDR, Bank of America NA LOC)ss +/- 1.92 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 +/- 1.90 12/01/2034 3,625,000 24,585,000 Orange County FL School Board COP Series A (General Obligation - School Districts, MBIA Insured)ss 5.25 08/01/2023 25,613,808 4,170,000 Palm Beach County FL Childrens Home Project (Other Revenue, Bank of America NA LOC)ss +/- 1.90 05/01/2038 4,170,000 3,060,000 Palm Beach County FL Jupiter Medical Center Incorporated Series B (Healthcare Facilities Revenue, Wachovia Bank LOC)ss +/- 1.90 08/01/2020 3,060,000 3,400,000 Palm Beach County FL Kings Academy Incorporated Project (Private School Revenue, Wachovia Bank LOC)ss +/- 1.86 08/01/2031 3,400,000 300,000 Palm Beach County FL Norton Gallery Incorporated (College & University Revenue, Northern Trust Corporation LOC)ss +/- 1.85 05/01/2025 300,000 12,990,000 Palm Beach County FL School Board Series 2089 (Other Revenue, First Security Bank LOC)ss +/- 1.99 08/01/2026 12,990,000 10,460,000 Palm Beach County FL School Board Series 2925Z (Lease Revenue, First Security Bank LOC)ss +/- 1.99 08/01/2011 10,460,000 5,500,000 Palm Beach County FL Zoological Society Incorporated Project (Recreational Facilities Revenue, Northern Trust Corporation LOC)ss +/- 1.86 05/01/2031 5,500,000 4,830,000 Port of Saint Joe FL (Water & Sewer Revenue, Regions Bank LOC)ss +/- 1.87 12/01/2038 4,830,000 27,135,000 Sarasota County FL Continuing Care Retirement Community Glenridge Palmer Project (HFFA Revenue, Bank of Scotland LOC)ss +/- 2.45 06/01/2036 27,135,000 5,090,000 Sarasota County FL Planned Parenthood Incorporated Project (Other Revenue, Wachovia Bank LOC)ss +/- 1.87 10/01/2041 5,090,000 15,600,000 Sarasota County FL Public Hospital District (Hospital Revenue, AMBAC Insured)ss +/- 1.81 07/01/2037 15,600,000 1,175,000 Sarasota County FL Sarasota Military Academy (Private School Revenue, Wachovia Bank LOC)ss +/- 1.90 02/01/2034 1,175,000 10,745,000 South FL Water Management District COP (Lease Revenue, AMBAC Insured)ss +/- 1.87 10/01/2022 10,745,000 19,730,000 South FL Water Management District COP Class A (Lease Revenue, AMBAC Insured)ss +/- 1.97 10/01/2036 19,730,000 19,960,000 Tampa Bay FL Water Utility System (Water Revenue, FGIC Insured)ss +/- 1.85 10/01/2023 19,960,000 14,300,000 Tampa FL University of Tampa LLC Project (HEFAR)ss +/- 1.85 10/01/2037 14,300,000 30,000,000 University of South Florida Financing Corporation COP (Lease Revenue, Wachovia Bank LOC)ss +/- 1.80 07/01/2037 30,000,000 619,338,808 ---------------- GEORGIA: 4.69% 20,000,000 Atlanta GA (Water & Sewer Revenue, Wachovia Bank LOC)ss +/- 1.82 11/01/2041 20,000,000 14,250,000 Atlanta GA Airport Passenger Facility Charge (Other Revenue, First Security Bank LOC)ss +/- 2.21 01/01/2033 14,250,000 6,205,000 Atlanta GA Westside Project Series B (Tax Incremental Revenue, Wachovia Bank LOC)ss +/- 1.88 12/01/2023 6,205,000 82,300,000 Cobb County GA (Property Tax Revenue) 2.25 12/31/2008 82,486,793
Wells Fargo Advantage Money Market Funds 55 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- GEORGIA (continued) $ 3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.90% 03/01/2024 $ 3,195,000 10,000,000 COBB COUNTY GA KENNESTONE HOSPITAL AUTHORITY (OTHER REVENUE, SUNTRUST BANK LOC)ss +/- 1.86 04/01/2040 10,000,000 8,375,000 DEKALB NEWTOWN GWINETT COUNTIES GA REAL ESTATE PACKAGE I LLC (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 06/01/2032 8,375,000 14,995,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC)ss +/- 1.85 04/01/2024 14,995,000 3,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, SUNTRUST BANK LOC)ss +/- 1.90 05/01/2037 3,500,000 3,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES B (COLLEGE & UNIVERSITY REVENUE, SUNTRUST BANK LOC)ss +/- 1.90 06/01/2032 3,500,000 9,295,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES D (OTHER REVENUE, SUNTRUST BANK LOC)ss +/- 1.90 06/01/2020 9,295,000 4,760,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL REVENUE, WACHOVIA BANK LOC)ss +/- 2.45 10/01/2033 4,760,000 22,740,000 FULTON COUNTY GA RESIDENTIAL CARE FACILITIES FIRST MORTGAGE LENBROOK PROJECT C (HOSPITAL REVENUE, BANK OF SCOTLAND LOC)ss +/- 1.85 07/01/2017 22,740,000 13,410,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER REVENUE)ss +/- 1.99 07/01/2012 13,410,000 16,000,000 GEORGIA MEDICAL CENTER HOSPITAL AUTHORITY (OTHER REVENUE)ss +/- 1.90 03/07/2013 16,000,000 12,000,000 GEORGIA MUNICIPAL GAS AUTHORITY PORTFOLIO III PROJECT SERIES B (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.92 02/01/2015 12,000,000 5,500,000 GEORGIA PRIVATE COLLEGES & UNIVERSITY AUTHORITY MERCER UNIVERSITY PROJECT SERIES A (OTHER REVENUE)ss +/- 1.88 10/01/2036 5,500,000 24,885,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER REVENUE)ss +/- 2.50 09/01/2029 24,885,000 4,000,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY SCHERER PROJECT (OTHER REVENUE)ss +/- 2.47 04/01/2032 4,000,000 9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.90 01/01/2034 9,285,000 288,381,793 ---------------- HAWAII: 0.12% 7,235,000 HAWAII STATE (TOLL ROAD REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 07/01/2019 7,235,000 ---------------- IDAHO: 1.11% 17,800,000 COEUR D ALENE ID (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.90 08/15/2022 17,800,000 49,885,000 IDAHO STATE TAX ANTICIPATION NOTES (PROPERTY TAX REVENUE) 3.00 06/30/2009 50,402,288 68,202,288 ---------------- ILLINOIS: 7.10% 16,340,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 1.84 12/01/2030 16,340,000 18,580,000 COOK COUNTY IL (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.98 11/15/2025 18,580,000 11,597,500 COOK COUNTY IL GO CERTIFICATES SERIES 458 (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 2.14 11/15/2028 11,597,500 10,595,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-502 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.00 01/01/2033 10,595,000 1,630,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.00 12/01/2021 1,630,000 5,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-623 (SALES TAX REVENUE, MBIA INSURED)ss +/- 1.88 06/15/2040 5,000,000 4,560,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.88 01/01/2022 4,560,000 24,800,000 HOFFMAN ESTATES IL HOFFMAN ESTATES ECONOMIC (TAX REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.83 01/01/2010 24,800,000 5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO ACADEMY OF SCIENCES (RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 01/01/2033 5,480,000 8,200,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO SYMPHONY ORCHESTRA PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.80 12/01/2028 8,200,000 4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK COMMUNICATIONS PROJECT (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.90 03/01/2017 4,500,000 1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE FOREST ACADEMY (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 12/01/2024 1,000,000
56 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- ILLINOIS (continued) $ 4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87% 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 +/- 1.84 06/01/2035 22,435,000 9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (HCFR, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 04/01/2035 9,000,000 14,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ROOSEVELT UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 04/01/2025 14,500,000 10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST. IGNATIUS COLLEGE (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 06/01/2024 10,000,000 5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO ZOOLOGICAL SOCIETY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 12/15/2025 5,000,000 185,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY LIBRARY PROJECT (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.98 03/01/2028 185,000 8,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES A (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.86 04/01/2033 8,385,000 7,450,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.00 04/01/2038 7,450,000 8,000,000 ILLINOIS FINANCE AUTHORITY CHICAGO SYMPHONY ORCHESTRA (RECREATIONAL FACILITIES REVENUE)ss +/- 1.80 05/01/2048 8,000,000 5,000,000 ILLINOIS FINANCE AUTHORITY CHICAGOLAND LABORERS SERIES 2 (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.84 06/01/2038 5,000,000 2,400,000 ILLINOIS FINANCE AUTHORITY ELGIN ACADEMY PROJECT (OTHER REVENUE)ss +/- 1.88 06/01/2037 2,400,000 8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL HEALTHCARE SERIES D (HCFR, NORTHERN TRUST CORPORATION LOC)ss +/- 1.79 01/01/2048 8,600,000 5,635,000 ILLINOIS FINANCE AUTHORITY LAKE COUNTY FAMILY YMCA (OTHER REVENUE)ss +/- 1.87 11/01/2037 5,635,000 12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 07/01/2035 12,750,000 26,075,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES (HFFA REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 09/01/2024 26,075,000 20,000,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.08 09/01/2031 20,000,000 8,800,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS MUSEUM (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 02/01/2035 8,800,000 4,400,000 ILLINOIS FINANCE AUTHORITY SACRED HEART SCHOOLS PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.84 07/01/2042 4,400,000 43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO - STATES, TERRITORIES, NORTHERN TRUST CORPORATION LOC)ss +/- 1.83 09/01/2035 43,570,000 13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE (PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 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 +/- 1.85 01/01/2037 5,820,000 7,200,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT (HCFR, NORTHERN TRUST CORPORATION LOC)ss +/- 1.84 11/01/2035 7,200,000 4,500,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE AND UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.90 10/01/2033 4,500,000 200,000 ILLINOIS STATE SERIES 660 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 2.34 11/01/2012 200,000 7,530,000 ILLINOIS STATE SERIES G (GO STATES, TERRITORIES)ss +/- 1.96 05/01/2012 7,530,000 5,170,000 ILLINOIS STATE SERIES II (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.04 10/01/2020 5,170,000 4,100,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.90 10/01/2032 4,100,000 6,000,000 KENDALL KANE & WILL COUNTIES IL COMMUNITY UNIT SCHOOL DISTRICT # 308 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.87 02/01/2023 6,000,000 3,000,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER REVENUE, LASALLE NATIONAL BANK NA LOC)ss +/- 1.93 10/01/2026 3,000,000
Wells Fargo Advantage Money Market Funds 57 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- ILLINOIS (continued) $ 9,970,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4124 (PROPERTY TAX REVENUE, AMBAC INSURED)ss +/- 2.09% 01/01/2023 $ 9,970,000 18,455,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4454 (OTHER REVENUE, MBIA INSURED)ss +/- 2.47 01/01/2024 18,455,000 3,650,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT (COLLEGE AND UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.90 06/01/2034 3,650,000 2,475,000 WARREN COUNTY IL MONMOUTH COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.87 12/01/2032 2,475,000 6,000,000 WILL COUNTY IL UNIVERSITY OF SAINT FRANCIS PROJECT (COLLEGE AND UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 12/01/2037 6,000,000 435,837,500 ---------------- INDIANA: 3.50% 11,190,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-11 (LEASE REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 01/15/2012 11,190,000 2,940,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549 (OTHER REVENUE, FGIC INSURED)ss +/- 1.88 07/10/2021 2,940,000 2,755,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-550 (OTHER REVENUE, FGIC INSURED)ss +/- 1.84 07/15/2026 2,755,000 95,210,000 INDIANA ADVANCE FUNDING PROGRAM NOTES SERIES A (OTHER REVENUE) 3.00 01/30/2009 95,554,712 5,595,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER PROJECT (HEALTHCARE FACILITIES REVENUE)ss +/- 2.43 07/01/2038 5,595,000 5,325,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN HEALTH SERIES C (OTHER REVENUE, BRANCH BANKING & TRUST)ss +/- 1.60 02/15/2030 5,325,000 8,980,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN HEALTH SERIES D (OTHER REVENUE, BRANCH BANKING & TRUST)ss +/- 1.80 02/15/2030 8,980,000 14,195,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY SCHNECK MEMORIAL HOSPITAL SERIES B (HOSPITAL REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.48 02/15/2036 14,195,000 10,720,000 INDIANA HFFA DEACONESS HOSPITAL INCORPORATION (HCFR, FIFTH THIRD BANK LOC)ss +/- 1.83 01/01/2022 10,720,000 1,245,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION SERIES A (HCFR, US BANK NA LOC)ss +/- 2.48 10/01/2032 1,245,000 7,000,000 INDIANA MARGARET MARY COMMUNITY HOSPITAL SERIES A (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.48 12/01/2029 7,000,000 1,600,000 INDIANA PROJECT A (HFFA REVENUE, COMERICA BANK NA LOC)ss +/- 2.48 01/01/2035 1,600,000 2,860,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY CATHEDRAL HIGH SCHOOL (PRIVATE SCHOOL REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.48 09/01/2026 2,860,000 3,000,000 INDIANA STATE FINANCE AUTHORITY MARION GENERAL HOSPITAL PROJECT SERIES A (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.90 07/01/2035 3,000,000 8,330,000 INDIANA STATE UNIVERSITY OF INDIANAPOLIS (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)ss +/- - 2.48 10/01/2030 8,330,000 9,975,000 INDIANA TRANSPORTATION FINANCE AUTHORITY SERIES DB 117 (TOLL ROAD REVENUE, FGIC INSURED)ss +/- 1.88 06/01/2029 9,975,000 11,905,000 INDIANAPOLIS IN CANAL SQUARE APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FHLMC INSURED)ss +/- 1.75 04/01/2033 11,905,000 3,000,000 INDIANAPOLIS IN GAS UTILITY SERIES D208 (OTHER REVENUE, GUARANTEE AGREEMENT)ss +/- 1.92 08/15/2027 3,000,000 5,000,000 JASPER IN HOSPITAL AUTHORITY LITTLE COMPANY MARY HOSPITAL (HCRD, FIFTH THIRD BANK LOC)ss +/- 1.86 05/01/2028 5,000,000 3,800,000 MARION IN ECONOMIC DEVELOPMENT WESLEYAN UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.90 06/01/2036 3,800,000 214,969,712 ---------------- IOWA: 1.28% 8,985,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE, KBC BANK NV LOC)ss +/- 2.45 11/01/2026 8,985,000 2,960,000 IOWA FINANCE AUTHORITY CEDARWOOD HILLS PROJECT SERIES A (MFHR, FHLMC INSURED)ss +/- 2.10 05/01/2031 2,960,000 11,095,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HEALTHCARE FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 06/01/2027 11,095,000 9,465,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.48 03/01/2036 9,465,000
58 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- IOWA (continued) $ 4,500,000 Iowa Finance Authority Morningside College Project (College & UNIVERSITY REVENUE, US BANK NA LOC)ss +/- 2.48% 10/01/2012 $ 4,500,000 5,715,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES LLC PROJECT A (HOUSING REVENUE, CITIBANK NA LOC)ss +/- 1.87 06/01/2039 5,715,000 2,100,000 IOWA HIGHER EDUCATION LOAN AUTHORITY MOUNT MERCY COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 2.48 07/01/2025 2,100,000 4,600,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE DUBUQUE PROJECT (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.48 05/01/2029 4,600,000 4,695,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 2.48 10/01/2038 4,695,000 14,890,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES AMBROSE (COLLEGE & UNIVERSITY REVENUE LOC)ss +/- 2.45 04/01/2033 14,890,000 1,900,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES DES MOINES UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.48 10/01/2033 1,900,000 7,500,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES UNIVERSITY OF DUBUQUE (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.45 04/01/2035 7,500,000 78,405,000 ---------------- KENTUCKY: 1.14% 8,145,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-38 KENTUCKY (SEWER REVENUE, AMBAC INSURED)ss +/- 3.34 05/15/2014 8,145,000 11,360,000 JEFFERSON COUNTY KY STUDENT HOUSING UNIVERSITY OF LOUISVILLE PROJECT SERIES (LEASE REVENUE, WACHOVIA BANK LOC)ss +/- 1.87 09/01/2029 11,360,000 22,250,000 KENTUCKY ASSET LIABILITY COMMISSION TRAN SERIES A (OTHER REVENUE) 3.00 06/25/2009 22,466,292 9,425,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN GOVERNMENT WATERFORD PLACE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.90 01/01/2034 9,425,000 5,100,000 LOUISVILLE & JEFFERSON COUNTY KY ST. MARY ACADEMY PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 01/01/2038 5,100,000 8,555,000 WARREN COUNTY KY BOWLING GREEN WARREN (OTHER REVENUE, GUARANTEE AGREEMENT)ss +/- 1.85 04/01/2037 8,555,000 5,000,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES A (OTHER REVENUE, US BANK NA LOC)ss +/- 1.86 07/01/2038 5,000,000 70,051,292 ---------------- LOUISIANA: 1.88% 15,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2002-17 (OTHER REVENUE, AMBAC INSURED)ss +/- 2.24 06/01/2010 15,000,000 1,285,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-577 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.88 12/01/2020 1,285,000 7,350,000 LAFAYETTE LA ECONOMIC DEVELOPMENT AUTHORITY STIRLING LAFAYETTE LLC PROJECT (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.89 02/01/2038 7,350,000 7,845,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB INSURED)ss +/- 1.94 09/01/2033 7,845,000 9,500,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES CDA LASHIP LLC PROJECT (IDR, REGIONS BANK LOC)ss +/- 1.85 09/01/2036 9,500,000 15,400,000 LOUISIANA PUBLIC FACILITIES AUTHORITY CITY PLAZA LLC PROJECT (ECONOMIC DEVELOPMENT REVENUE, REGIONS BANK LOC)ss +/- 1.87 03/01/2040 15,400,000 4,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.84 12/01/2036 4,000,000 1,500,000 LOUISIANA PUBLIC FACILITIES AUTHORITY TIGER ATHLETIC FOUNDATION PROJECT (COLLEGE & UNIVERSITY REVENUE)ss +/- 1.81 09/01/2034 1,500,000 29,350,000 LOUISIANA STATE GAS & FUELS TAX CLASS A (SALES TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.95 05/01/2035 29,350,000 24,000,000 LOUISIANA STATE SERIES A (PROPERTY TAX REVENUE, BANQUE NATIONALE PARIS LOC)ss +/- 1.75 07/01/2026 24,000,000 115,230,000 ---------------- MAINE: 0.28% 12,000,000 MAINE FINANCE AUTHORITY FOXCROFT ACADEMY (OTHER REVENUE)ss +/- 1.82 06/01/2038 12,000,000 3,660,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 529 (OTHER REVENUE)ss +/- 1.93 12/01/2010 3,660,000
Wells Fargo Advantage Money Market Funds 59 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MAINE (CONTINUED) $ 1,800,000 SOUTH BERWICK ME BERWICK ACADEMY ISSUE (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.86% 08/01/2024 $ 1,800,000 17,460,000 ---------------- MARYLAND: 0.32% 7,000,000 MARYLAND STATE HEALTH & HEFAR UNIVERSITY OF MARYLAND MEDICAL SYSTEM SERIES A (HCFR, CITIBANK NA LOC)ss +/- 1.83 07/01/2041 7,000,000 2,745,000 MONTGOMERY COUNTY MD ECONOMIC DEVELOPMENT (HOSPITAL REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 03/01/2032 2,745,000 6,365,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 537 (OTHER REVENUE)ss +/- 1.93 01/01/2010 6,365,000 3,650,000 WESTMINSTER MD (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.86 04/01/2030 3,650,000 19,760,000 ---------------- MASSACHUSETTS: 1.21% 5,000,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY BUCKINGHAM BROWN & NICHOLS (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 06/01/2036 5,000,000 3,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY JUSTICE RESOURCE INSTITUTE (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.87 01/01/2032 3,600,000 4,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY OCEAN SPRAY CRANBERRIES PROJECT (IDR, WACHOVIA BANK LOC)ss +/- 1.88 10/15/2011 4,500,000 10,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SHADY HILL SCHOOL (OTHER REVENUE)ss +/- 1.82 06/01/2038 10,600,000 6,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SOLOMON SCHECHTER DAY SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.86 11/01/2037 6,500,000 3,025,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY ESSEX MUSEUM (RECREATIONAL FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.85 07/01/2033 3,025,000 10,000,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SOUTH SHORE PROPERTY SERIES A (HEALTHCARE FACILITIES REVENUE, WACHOVIA BANK LOC)ss +/- 1.83 07/01/2033 10,000,000 6,200,000 MASSACHUSETTS STATE SCHOOL BUILDING AUTHORITY SERIES 2479Z (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.99 08/15/2013 6,200,000 25,142,000 MASSACHUSETTS STATE SERIES 535 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 1.88 11/01/2017 25,142,000 74,567,000 ---------------- MICHIGAN: 4.01% 2,200,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2003-35 MICHIGAN (LEASE REVENUE, MBIA INSURED)ss +/- 3.34 10/15/2011 2,200,000 5,780,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-33 MICHIGAN (LEASE REVENUE, AMBAC INSURED)ss +/- 4.00 10/15/2013 5,780,000 13,915,000 DETROIT MI (SEWER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.19 07/01/2032 13,915,000 9,375,000 DETROIT MI CITY SCHOOL DISTRICT (OTHER REVENUE, FGIC INSURED)ss +/- 1.98 05/01/2033 9,375,000 13,000,000 EASTERN MICHIGAN UNIVERSITY (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.85 06/01/2036 13,000,000 8,185,000 FARMINGTON HILLS MI HOSPITAL FINANCE BOTSFORD OBLIGATED SERIES A (HCFR, US BANK NA LOC)ss +/- 2.48 02/15/2038 8,185,000 14,000,000 GRAND VALLEY MI STATE UNIVERSITY (COLLEGE & UNIVERSITY REVENUE)ss +/- 1.86 12/01/2025 14,000,000 9,585,000 KENTWOOD MI PUBLIC SCHOOLS CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.97 05/01/2020 9,585,000 8,260,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.88 04/01/2032 8,260,000 3,000,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY LAW SCHOOL PROJECT SERIES B (OTHER REVENUE)ss +/- 1.85 07/01/2037 3,000,000 4,125,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY LIMITED OBLIGATION DAVENPORT UNIVERSITY (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 08/01/2038 4,125,000 90,040,000 MICHIGAN MUNICIPAL BOND AUTHORITY SERIES A-2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) 3.00 08/20/2009 91,149,727 15,988,000 MICHIGAN STATE BUILDING AUTHORITY SERIES 2354 (LEASE REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.34 10/15/2014 15,988,000 5,100,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND COMMUNITY HOSPITAL SERIES B (HOSPITAL REVENUE, BANK ONE MICHIGAN LOC)ss +/- 1.88 01/01/2034 5,100,000
60 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MICHIGAN (CONTINUED) $ 8,900,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.80% 10/15/2030 $ 8,900,000 8,200,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.80 10/15/2030 8,200,000 490,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION DE LA SALLE COLLEGIATE PROJECT (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.88 06/01/2031 490,000 5,370,000 MICHIGAN STATE STRATEGIC FUNDING LIMITED OBLIGATION ENVIRONMENTAL RESEARCH INSTITUTE SERIES A (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.92 10/01/2015 5,370,000 6,835,000 OAKLAND COUNTY MI ECONOMIC DEVELOPMENT CORPORATION LIMITED OBLIGATION PONTIAC VISION SCHOOLS PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.90 08/01/2020 6,835,000 13,020,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 494 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.45 09/15/2024 13,020,000 246,477,727 ---------------- MINNESOTA: 5.23% 5,350,000 ABN AMRO MUNITOPS CFFS TRUST 2007-7 MINNESOTA (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24 02/01/2015 5,350,000 9,315,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 11/15/2033 9,315,000 780,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN HOMES SERIES A UNITED STATES BANK INSURED (HCFR, US BANK NA LOC)ss +/- 2.48 09/01/2029 780,000 3,074,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA LOC)ss +/- 2.48 09/01/2029 3,074,000 5,725,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER REVENUE, FHLMC INSURED)ss +/- 2.00 07/01/2038 5,725,000 4,000,000 BROOKLYN CENTER MN BROOKDALE CORPORATION II PROJECT (IDR, FIRSTAR BANK NA LOC)ss +/- 2.48 12/01/2014 4,000,000 3,495,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA INSURED)ss +/- 2.00 07/15/2030 3,495,000 7,125,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR, FHLMC INSURED)ss +/- 2.00 01/01/2035 7,125,000 1,580,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK LOC)ss +/- 2.45 11/01/2035 1,580,000 1,250,000 COHASSET MN POWER & LIGHT COMPANY PROJECT C (IDR LOC, ABN AMRO BANK INSURED)ss +/- 1.90 06/01/2013 1,250,000 1,850,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR LOC, FHLB INSURED)ss +/- 2.00 05/01/2027 1,850,000 3,345,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.92 01/01/2030 3,345,000 8,930,000 EAGAN MN MFHR FLOATS PT 1221 (MFHR LOC)ss +/- 2.02 12/01/2029 8,930,000 800,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT (MFHR, FNMA INSURED)ss +/- 2.00 02/15/2031 800,000 7,375,000 ELK RIVER MN INDEPENDENT SCHOOL DISTRICT #728 SERIES 183 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 02/01/2021 7,375,000 5,250,000 FOREST LAKE MN KILKENNY COURT APARTMENTS PROJECT (OTHER REVENUE, FNMA INSURED)ss +/- 1.71 08/15/2038 5,250,000 11,285,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 05/15/2035 11,285,000 510,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT (HOUSING REVENUE LOC)ss +/- 2.00 03/01/2029 510,000 2,165,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss +/- 1.90 10/01/2023 2,165,000 7,130,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss +/- 1.90 10/01/2031 7,130,000 20,920,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINIC SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2037 20,920,000 7,775,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA HEALTH CARE FACILITIES SERIES A (HEALTHCARE FACILITIES REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2034 7,775,000 24,500,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA SERIES B1 (HEALTHCARE FACILITIES REVENUE, BANK OF NEW YORK LOC)ss +/- 1.75 11/15/2034 24,500,000 1,700,000 MINNEAPOLIS MN MACPHAIL CENTER FOR MUSIC PROJECT (STATE & LOCAL GOVERNMENTS, US BANK NA LOC)ss +/- 2.48 08/01/2036 1,700,000 3,330,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC)ss +/- 2.48 10/01/2021 3,330,000 3,875,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B (HCFR, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2025 3,875,000 7,100,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60 08/15/2025 7,100,000
Wells Fargo Advantage Money Market Funds 61 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MINNESOTA (CONTINUED) $ 26,080,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.60% 08/15/2037 $ 26,080,000 9,310,000 MINNEAPOLIS ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION MUNI TRUST RECEIPTS SERIES SG136 (AIRPORT REVENUE LOC)ss +/- 1.87 01/01/2025 9,310,000 10,780,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE FACILITY ESSENTIAL C4 (HCFR, GUARANTEE AGREEMENT)ss +/- 2.60 02/15/2030 10,780,000 880,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER MERLOTS SERIES 2003-B06 (PCR LOC)ss +/- 1.92 03/01/2021 880,000 100,000 MINNESOTA STATE (PROPERTY TAX REVENUE)ss +/- 1.79 08/01/2024 100,000 1,000,000 MINNESOTA STATE CLASS A (TAX REVENUE, CITIBANK NA LOC)ss +/- 1.88 10/01/2019 1,000,000 2,255,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1 (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss +/- 2.63 04/01/2027 2,255,000 9,815,000 MINNESOTA STATE HEFAR SCHOLASTICA SERIES 6A (HOUSING REVENUE, MARSHALL & ISLEY BANK LOC)ss +/- 2.45 12/01/2034 9,815,000 2,860,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 10/01/2021 2,860,000 5,235,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 04/01/2025 5,235,000 5,585,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 04/01/2027 5,585,000 585,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.84 10/01/2032 585,000 3,820,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 05/15/2034 3,820,000 2,665,000 MINNETONKA MN MINNETONKA HILLS APARTMENTS (MFHR, FNMA INSURED)ss +/- 2.00 11/15/2031 2,665,000 9,685,000 OAK PARK HEIGHTS MN BOUTWELLS LANDING PROJECT (HOUSING REVENUE, FHLMC)ss +/- 2.00 11/01/2035 9,685,000 5,150,000 PINE CITY MN (STATE AGENCY HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 05/15/2036 5,150,000 2,865,000 PLYMOUTH MN LANCASTER VILLAGE APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 2.00 09/15/2031 2,865,000 255,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4208 (WATER REVENUE)ss +/- 1.85 03/01/2027 255,000 550,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT (HCFR, US BANK NA LOC)ss +/- 2.48 10/01/2029 550,000 2,205,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE LOC)ss +/- 2.48 11/01/2022 2,205,000 8,670,000 ROSEWELL NM ROSWELL LLC PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE)ss +/- 1.87 07/01/2036 8,670,000 2,000,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT (MFHR, FNMA)ss +/- 2.00 05/15/2032 2,000,000 475,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 10/01/2025 475,000 11,300,000 ST. LOUIS PARK MN KNOLLWOOD PLACE (MFHR, FNMA INSURED)ss +/- 2.00 10/01/2035 11,300,000 2,510,000 ST. PAUL MN HOUSING & RDA DISTRICT HEATING REVENUE SERIES A (WATER REVENUE LOC)ss +/- 1.85 12/01/2012 2,510,000 1,000,000 ST. PAUL MN HOUSING & RDA HIGHLAND RIDGE PROJECT (MFHR, FNMA INSURED)ss +/- 2.00 10/01/2033 1,000,000 5,755,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.48 05/01/2022 5,755,000 5,255,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 10/01/2025 5,255,000 1,665,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES M (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.48 03/01/2021 1,665,000 1,460,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 2.48 03/01/2012 1,460,000 1,630,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES Q (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.85 03/01/2022 1,630,000 1,905,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.85 12/01/2025 1,905,000 3,590,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.00 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 +/- 2.00 02/01/2015 7,160,000 5,805,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.45 05/01/2025 5,805,000 321,394,000 ----------------
62 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- MISSISSIPPI: 0.95% $ 14,825,000 MISSISSIPPI BUSINESS FINANCE CORPORATION JACKSON STATE UNIVERSITY SERIES A1 (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.88% 01/01/2033 $ 14,825,000 12,870,000 MISSISSIPPI BUSINESS FINANCE CORPORATION RENAISSANCE COLONY PARK LLC (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.89 05/01/2035 12,870,000 19,140,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TINDALL CORPORATION PROJECT (IDR, WACHOVIA BANK LOC)ss +/- 1.86 04/01/2028 19,140,000 6,000,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TRI STATE TRUCK CENTER INCORPORATED PROJECT (OTHER REVENUE, REGIONS BANK LOC)ss +/- 1.89 03/01/2033 6,000,000 5,585,000 RESET OPTION CERTIFICATES TRUST MISSISSIPPI DEVELOPMENT (TOLL ROAD REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.19 01/01/2025 5,585,000 58,420,000 ---------------- MISSOURI: 2.18% 13,065,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-90 (COLLEGE & UNIVERSITY REVENUE, ABN AMRO BANK NV LOC)ss +/- 1.83 01/15/2015 13,065,000 4,300,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR, FHLMC INSURED)ss +/- 1.93 08/01/2035 4,300,000 465,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.90 01/01/2030 465,000 17,700,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN FOUNDATION (OTHER REVENUE LOC)ss +/- 2.45 04/01/2027 17,700,000 1,905,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN SERIES A (COLLEGE & UNIVERSITY REVENUE LOC)ss +/- 2.45 04/01/2027 1,905,000 8,600,000 KANSAS CITY MO SPECIAL OBLIGATION ROE BARTLE SERIES E (TAX REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.81 04/15/2034 8,600,000 2,400,000 KANSAS CITY MO SPECIAL OBLIGATION ROE BARTLE SERIES F (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.81 04/15/2025 2,400,000 8,305,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD ASSOCIATION OF MUNICIPAL UTILITIES (LEASE REVENUE, US BANK NA LOC)ss +/- 2.45 06/01/2033 8,305,000 13,000,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD EWING MARION KAUFFMAN PROJECT SERIES A (OTHER REVENUE)ss +/- 2.45 06/01/2037 13,000,000 5,400,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS MERCY HOSPITAL SERIES A (HEALTHCARE FACILITIES REVENUE, UBS AG LOC)ss +/- 1.85 05/15/2032 5,400,000 2,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS MERCY HOSPITAL SERIES B (HEALTHCARE FACILITIES REVENUE, UBS AG LOC)ss +/- 1.85 05/15/2023 2,000,000 11,630,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY LUTHERAN CHURCH EXTENSION (PRIVATE SCHOOL REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.40 07/15/2037 11,630,000 8,350,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES A (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 11/15/2040 8,350,000 7,500,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES B (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 11/15/2040 7,500,000 7,500,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES C (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.75 11/15/2040 7,500,000 3,600,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY THE WASHINGTON UNIVERSITY SERIES D (COLLEGE AND UNIVERSITY REVENUE, GENERAL OBLIGATION OF INSTITUTION)ss +/- 2.45 09/01/2030 3,600,000 4,400,000 MISSOURI STATE HEFA BAPTIST COLLEGE (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss +/- 2.48 11/15/2022 4,400,000 1,475,000 MISSOURI STATE HEFA BETHESDA HEALTH GROUP (HCFR, US BANK NA LOC)ss +/- 2.48 08/01/2034 1,475,000 2,100,000 MISSOURI STATE HEFA BETHESDA HEALTH GROUP SERIES A (HCFR, US BANK NA LOC)ss +/- 2.45 08/01/2031 2,100,000 145,000 MISSOURI STATE HEFA ST. LOUIS UNIVERSITY PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 2.48 10/01/2009 145,000 9,200,000 MISSOURI STATE HEFA WASHINGTON UNIVERSITY SERIES C (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 2.45 09/01/2030 9,200,000 1,000,000 ST. LOUIS COUNTY MO IDA WHITFIELD SCHOOL INCORPORATED SERIES B (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss +/- 1.85 06/15/2024 1,000,000 134,040,000 ----------------
Wells Fargo Advantage Money Market Funds 63 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- NEBRASKA: 0.12% $ 2,370,000 LANCASTER COUNTY NE HOSPITAL AUTHORITY HEALTH FACILITIES REVENUE IMMANUEL HEALTH SYSTEM SERIES A (HFFA REVENUE LOC)ss +/- 2.60% 07/01/2030 $ 2,370,000 5,100,000 NUCKOLLS COUNTY NE AGREX INCORPORATED PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 2.00 02/01/2015 5,100,000 7,470,000 ---------------- NEVADA: 1.25% 13,600,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-47 NEVADA (PROPERTY TAX REVENUE, MBIA INSURED)ss +/-++ 3.34 05/01/2014 13,600,000 12,030,000 CLARK COUNTY NV ECONOMIC DEVELOPMENT OPPORTUNITY VILLAGE FOUNDATION PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 01/01/2037 12,030,000 1,900,000 CLARK COUNTY NV LUTHERAN SECONDARY SCHOOL ASSOCIATION PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.85 02/01/2030 1,900,000 4,255,000 CLARK COUNTY NV SCHOOL DISTRICT SERIES D221 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.17 06/15/2026 4,255,000 34,000,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.85 10/01/2035 34,000,000 10,715,000 TRUCKEE MEADOWS NV WATER AUTHORITY SERIES 1879 (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.34 07/01/2014 10,715,000 76,500,000 ---------------- NEW HAMPSHIRE: 1.34% 8,500,000 NEW HAMPSHIRE HEALTH & EDUCATION FACILITIES AUTHORITY LRG HEALTHCARE (OTHER REVENUE, RBS CITIZENS NA)ss +/- 1.86 01/01/2038 8,500,000 13,785,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.84 09/01/2036 13,785,000 6,780,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION (HFFA REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.86 01/01/2037 6,780,000 13,000,000 NEW HAMPSHIRE HEFA FRISBIE MEMORIAL HOSPITAL (HFFA REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.88 10/01/2036 13,000,000 3,595,000 NEW HAMPSHIRE HEFA HEALTH CARE SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.90 01/01/2030 3,595,000 4,085,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.87 07/01/2038 4,085,000 19,395,000 NEW HAMPSHIRE HEFA ST. ANSELM COLLEGE (OTHER REVENUE, CITIZENS BANK LOC)ss +/- 2.45 06/01/2038 19,395,000 8,500,000 NEW HAMPSHIRE HEFA TILTON SCHOOL (OTHER REVENUE, BANK OF NOVA SCOTIA)ss +/- 1.86 02/01/2036 8,500,000 4,685,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY ALICE PECK DAY HEALTH SYSTEM (HOUSING REVENUE, TD BANKNORTH NA)ss +/- 2.45 10/01/2043 4,685,000 82,325,000 ---------------- NEW JERSEY: 2.01% 5,400,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-511 (OTHER REVENUE, MBIA INSURED)ss +/- 1.87 01/01/2032 5,400,000 30,550,000 NEW JERSEY BUILDING AUTHORITY SUBSERIES A2 (OTHER REVENUE, BANK OF NEW YORK LOC)ss +/- 1.65 06/15/2023 30,550,000 3,330,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE)ss +/- 1.87 06/15/2031 3,330,000 41,000,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE, FGIC INSURED)ss +/- 1.83 09/01/2027 41,000,000 35,560,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4036 (TRANSPORTATION REVENUE, AMBAC INSURED)ss +/- 1.83 01/01/2025 35,560,000 7,355,000 SALEM COUNTY NJ IMPROVEMENT AUTHORITY FRIENDS HOME WOODSTOWN INCORPORATED (HCFR, ALLIED IRISH BANK PLC LOC)ss +/- 1.95 04/01/2034 7,355,000 123,195,000 ---------------- NEW MEXICO: 1.30% 5,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A1 (OTHER REVENUE, STATE STREET BANK & TRUST LOC)ss +/- 1.80 06/15/2024 5,000,000 24,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A2 (OTHER REVENUE, UBS AG LOC)ss +/- 1.90 06/15/2024 24,000,000 43,200,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE, UBS AG LOC)ss +/- 1.90 12/15/2026 43,200,000 7,400,000 SANTA FE COUNTY NM ARCHIDICESE SANTA FE SCHOOL SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.90 06/01/2028 7,400,000 79,600,000 ----------------
64 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- NEW YORK: 2.53% $ 9,700,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-49 NEW YORK (TRANSPORTATION REVENUE, MBIA INSURED)ss +/- 2.24% 11/15/2014 $ 9,700,000 11,315,000 METROPOLITAN NY TRANSITION AUTHORITY (TRANSPORTATION REVENUE, AMBAC INSURED)ss +/- 1.83 11/15/2023 11,315,000 14,425,000 MONROE COUNTY NY IDA CHERRY RIDGE ASSISTED LIVING (HOUSING REVENUE, HOUSEHOLD SERVICES BANK CORPORATION LOC)ss +/- 1.80 01/01/2035 14,425,000 4,560,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY SERIES D213 (SALES TAX REVENUE, WACHOVIA BANK LOC)ss +/- 1.92 11/01/2021 4,560,000 28,260,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A (OTHER REVENUE, FGIC INSURED)ss +/- 1.96 07/15/2036 28,260,000 7,150,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.25 08/01/2023 7,150,000 5,720,000 NEW YORK STATE DORMITORY AUTHORITY PT 3594 (HCFR, FIRST SECURITY BANK LOC)ss +/- 2.75 08/15/2015 5,720,000 39,700,000 NEW YORK TSASC INCORPORATED SERIES 1 (OTHER REVENUE)ss 6.25 07/15/2034 41,617,344 5,180,000 TOBACCO SETTLEMENT FINANCING CORPORATION NEW YORK (OTHER REVENUE)ss +/- 1.87 06/01/2021 5,180,000 14,405,000 TOBACCO SETTLEMENT FINANCING CORPORATION NEW YORK SERIES 4508 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.87 06/01/2021 14,405,000 13,225,000 TROY NY IDA SERIES D (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 1.65 09/01/2042 13,225,000 155,557,344 ---------------- NORTH CAROLINA: 0.76% 5,200,000 MECKLENBURG COUNTY NC COP (LEASE REVENUE LOC)ss +/- 1.83 02/01/2025 5,200,000 5,000,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY HILL CENTER PROJECT (OTHER REVENUE, SUNTRUST BANK LOC)ss +/- 1.90 07/01/2028 5,000,000 7,300,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY O'NEAL SCHOOL PROJECT (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 09/01/2029 7,300,000 6,600,000 NORTH CAROLINA MEDICAL CARE COMMISSION BLUE RIDGE SERIES B (HCFR, WACHOVIA BANK LOC)ss +/- 2.45 01/01/2036 6,600,000 2,270,000 NORTH CAROLINA MEDICAL CARE COMMUNITY PRESBYTERIAN HOME PROJECT (HCFR, WACHOVIA BANK LOC)ss +/- 1.86 08/01/2024 2,270,000 8,775,000 NORTH CAROLINA MEDICAL CARE COMMUNITY SOUTHMINSTER PROJECT (HCFR, WACHOVIA BANK LOC)ss +/- 1.81 10/01/2015 8,775,000 5,000,000 PIEDMONT TRIAD NC AIRPORT AUTHORITY SERIES A (AIRPORT REVENUE, BRANCH BANKING & TRUST)ss +/- 1.90 07/01/2032 5,000,000 6,585,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4186 (HCFR, FIRST SECURITY BANK LOC)ss +/- 2.77 11/01/2020 6,585,000 46,730,000 ---------------- NORTH DAKOTA: 0.33% 10,185,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A1 (HCFR, GUARANTEE AGREEMENT)ss +/- 1.85 02/15/2037 10,185,000 10,000,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A2 (HCFR, GUARANTEE AGREEMENT)ss +/- 1.95 02/15/2037 10,000,000 20,185,000 ---------------- OHIO: 3.06% 8,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-4 OHIO (COLLEGE & UNIVERSITY REVENUE, AMBAC INSURED)ss +/- 3.34 06/01/2012 8,000,000 8,000,000 BUTLER COUNTY OH HOSPITAL FACILITIES CINCINNATI CHILDRENS SERIES O (HEALTHCARE FACILITIES REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.81 05/15/2036 8,000,000 1,000,000 CINCINNATI & HAMILTON COUNTY OH PORT AUTHORITY KENWOOD OFFICE ASSOCIATION PROJECT (ECONOMIC DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC)ss +/- 3.20 09/01/2025 1,000,000 40,000,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.77 01/01/2037 40,000,000 7,250,000 DELAWARE COUNTY OH HEALTH CARE FACILITIES WILLOW BROOK CHRISTIAN SERIES B (HOUSING REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 01/01/2013 7,250,000 6,665,000 FRANKLIN COUNTY OH CHELSEA FIRST COMMUNITY VILLAGE PROJECT (HFFA REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.93 03/01/2036 6,665,000 4,900,000 GEAUGA COUNTY OH HEALTH CARE FACILITIES MONTEFIORED HOUSING CORPORATION PROJECT (HEALTHCARE FACILITIES REVENUE, FIFTH THIRD BANK LOC)ss +/- 2.02 01/01/2026 4,900,000
Wells Fargo Advantage Money Market Funds 65 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- OHIO (continued) $ 11,970,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.86% 12/01/2026 $ 11,970,000 3,055,000 LAKE COUNTY OH PORT AUTHORITY LAKE ERIR COLLEGE PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 08/01/2034 3,055,000 22,750,000 LANCASTER OH PORT AUTHORITY (OTHER REVENUE)ss +/- 1.82 05/01/2038 22,750,000 3,000,000 MAHONING COUNTY OH FORUM HEALTH OBLIGATION GROUP SERIES B (HOSPITAL REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.89 12/01/2027 3,000,000 2,190,000 OHIO STATE HEFAR SERIES A (LEASE REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.80 09/01/2027 2,190,000 14,230,000 OHIO STATE HIGHER EDUCATION FACILITIES OHIO DOMINICAN UNIVERSITY PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 12/01/2037 14,230,000 20,000,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.88 11/01/2029 20,000,000 10,035,000 PARMA OH PARMA COMMUNITY GENERAL HOSPITAL SERIES C (HCFR, JPMORGAN CHASE BANK LOC)ss +/- 1.88 11/01/2030 10,035,000 5,150,000 SUMMIT COUNTY OH PORT AUTHORITY WELLNESS INSTITUTE (AIRPORT REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.88 11/01/2036 5,150,000 2,810,000 WARREN COUNTY OH CINCINNATI ELECTRICITY CORPORATION PROJECT (IDR, SCOTIABANK LOC)ss +/- 2.05 09/01/2015 2,810,000 12,000,000 WASHINGTON COUNTY OH MARIETTA AREA HEALTH PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.90 03/01/2033 12,000,000 5,000,000 WILLIAMS COUNTY OH HOSPITAL FACILITIES COMMUNITY HOSPITALS & WELLNESS CENTER (OTHER REVENUE, FIFTH THIRD BANK LOC)ss +/- 1.86 01/01/2041 5,000,000 188,005,000 ---------------- OKLAHOMA: 0.26% 5,335,000 OKLAHOMA STATE IDA TEAL RIDGE MANOR CORPORATION PROJECT (HCFR, BANK OF AMERICA NA LOC)ss +/- 1.95 11/01/2018 5,335,000 10,700,000 OKLAHOMA STATE MUNICIPAL POWER AUTHORITY SERIES 1880 (ELECTRIC REVENUE, FGIC INSURED)ss +/- 2.34 01/01/2015 10,700,000 16,035,000 ---------------- OREGON: 0.32% 19,200,000 OREGON STATE SERIES A (PROPERTY TAX REVENUE) 3.00 06/30/2009 19,402,272 ---------------- OTHER: 1.10% 9,695,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2003-5 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.84 08/15/2010 9,695,000 3,347,000 NORTHEAST TAX EXEMPT GRANTOR TRUST CERTIFICATES (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 2.06 04/01/2019 3,347,000 10,495,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4202 (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 1.84 06/01/2034 10,495,000 38,800,000 PUTTABLE FLOATING OPTION TAX EXEMPTS RECEIPTS 389 (HCFR, MBIA INSURED)ss +/- 1.83 08/15/2026 38,800,000 5,405,000 US BANCORP PROJECT FUNDING TRUST SERIES A (OTHER REVENUE)ss +/-++ 1.88 01/01/2010 5,405,000 67,742,000 ---------------- PENNSYLVANIA: 4.74% 13,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC SENIOR LIVING CORPORATION (HCFR, FNMA INSURED)ss +/- 1.90 07/15/2028 13,275,000 10,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES A (OTHER REVENUE)ss +/- 1.83 11/01/2020 10,000,000 10,000,000 BEAVER COUNTY PA IDA MET EDISON COMPANY PROJECT SERIES A (OTHER REVENUE, BANK OF SCOTLAND LOC)ss +/- 1.80 07/15/2021 10,000,000 105,190,000 DAUPHIN COUNTY PA GENERAL AUTHORITY SCHOOL DISTRICT POOLED FINANCING PROGRAM II (OTHER REVENUE, BANK OF NOVA SCOTIA)ss +/- 1.84 09/01/2032 105,190,000 18,200,000 DELAWARE COUNTY PA AUTHORITY ELWYN PROJECT SERIES B (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 2.45 06/01/2020 18,200,000 11,225,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER REVENUE, AMBAC INSURED)ss +/- 1.85 10/01/2025 11,225,000 1,020,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-554 (OTHER REVENUE, FGIC INSURED)ss +/- 1.88 06/01/2034 1,020,000
66 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- PENNSYLVANIA (CONTINUED) $ 10,320,000 LANCASTER COUNTY PA CONVENTION CENTER HOTEL ROOM RENT TAX (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.86% 03/01/2047 $ 10,320,000 3,615,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES A (HEALTHCARE FACILITIES REVENUE, WACHOVIA BANK LOC)ss +/- 2.45 09/01/2031 3,615,000 4,065,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES B (HCFR, WACHOVIA BANK LOC)ss +/- 2.45 05/01/2032 4,065,000 1,370,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES C (HCFR, WACHOVIA BANK LOC)ss +/- 2.45 11/01/2019 1,370,000 3,165,000 MONTGOMERY COUNTY PA (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.85 10/01/2030 3,165,000 20,000,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY SERIES F01 (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.92 10/01/2027 20,000,000 7,350,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING SERIES A (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 1.84 07/01/2034 7,350,000 3,410,000 PENNSYLVANIA STATE HEFAR SERIES B (COLLEGE & UNIVERSITY REVENUE LOC)ss +/- 1.90 06/01/2035 3,410,000 4,170,000 PENNSYLVANIA STATE HEFAR STUDENT HOUSING REVENUE SERIES A (OTHER REVENUE LOC)ss +/- 1.86 11/01/2036 4,170,000 8,720,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT CHESTNUT HILL COLLEGE SERIES B (EDUCATIONAL FACILITIES REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 10/01/2036 8,720,000 1,050,000 PHILADELPHIA PA GAS WORKS SERIES A2 (UTILITIES REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.77 09/01/2034 1,050,000 20,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES A2 (PROPERTY TAX REVENUE, STATE AID WITHHOLDING)ss +/- 1.90 09/01/2030 20,000,000 17,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES B2 (PROPERTY TAX REVENUE, STATE AID WITHHOLDING)ss +/- 1.81 09/01/2030 17,000,000 18,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES B4 (PROPERTY TAX REVENUE, WACHOVIA BANK LOC)ss +/- 1.81 09/01/2021 18,000,000 291,145,000 ---------------- PUERTO RICO: 0.38% 4,000,000 PUERTO RICO COMMONWEALTH (TAX REVENUE)ss +/- 2.50 07/01/2029 4,000,000 11,800,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY ROCS RR II R 10327CE (OTHER REVENUE)ss +/- 1.87 08/29/2009 11,800,000 7,395,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY SERIES A (FUEL SALES TAX REVENUE, SCOTIABANK LOC)ss +/- 1.60 07/01/2028 7,395,000 23,195,000 ---------------- SOUTH CAROLINA: 1.19% 14,575,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2002-32 (FUEL SALES TAX REVENUE, AMBAC INSURED)ss +/- 3.34 10/01/2010 14,575,000 4,000,000 BERKELEY COUNTY SC AMOCO CHEMICAL COMPANY PROJECT (INDUSTRIAL DEVELOPMENT REVENUE)ss +/- 2.60 07/01/2012 4,000,000 2,820,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA JEWISH COMMUNITY CENTER (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 12/01/2024 2,820,000 8,400,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ECONOMIC DEVELOPMENT REVENUE HEARTLAND HALL EPISCOPAL (IDR LOC)ss +/- 1.88 08/01/2029 8,400,000 6,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL INDUSTRIALS INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC)ss +/- 1.90 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 +/- 1.88 10/01/2028 16,620,000 7,800,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GREENVILLE BAPTIST PROJECT (HCFR, WACHOVIA BANK LOC)ss +/- 1.88 10/01/2019 7,800,000 12,580,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY WUREF DEVELOPMENT PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.88 07/01/2033 12,580,000 72,795,000 ----------------
Wells Fargo Advantage Money Market Funds 67 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- SOUTH DAKOTA: 1.34% $ 12,640,000 SIOUX FALLS SD SERIES 2057 (SALES TAX REVENUE, MBIA INSURED)ss +/- 2.19% 05/15/2015 $ 12,640,000 36,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA HEALTH SUBSERIES A1 (OTHER REVENUE, US BANK NA LOC)ss +/- 1.87 07/01/2038 36,000,000 8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA HEALTH SUBSERIES A2 (HEALTHCARE FACILITIES REVENUE, US BANK NA LOC)ss +/- 1.60 07/01/2038 8,000,000 13,500,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REGIONAL HEALTH (OTHER REVENUE, US BANK NA LOC)ss +/- 2.45 09/01/2027 13,500,000 7,500,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY HOSPITALS & HEALTH SERIES C (HCFR LOC)ss +/- 1.89 11/01/2019 7,500,000 4,900,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY SERIES B (HCFR, US BANK NA LOC)ss +/- 1.89 11/01/2034 4,900,000 82,540,000 ---------------- TENNESSEE: 0.88% 11,345,000 CHATTANOOGA TN INDUSTRIAL DEVELOPMENT BOARD SERIES 2055 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.99 04/01/2015 11,345,000 6,200,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE, SUNTRUST BANK LOC)ss +/- 1.85 07/01/2024 6,200,000 5,315,000 MEMPHIS TN SERIES 1018 (OTHER REVENUE, MBIA INSURED)ss +/- 2.34 10/01/2019 5,315,000 19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN STEWARTS FERRY APARTMENTS (IDR, FHLMC INSURED)ss +/- 1.90 01/01/2034 19,985,000 3,600,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING LOAN POOL (OTHER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.90 11/01/2027 3,600,000 7,400,000 SHELBY COUNTY TN INDUSTRIAL DEVELOPMENT BOARD YMCA PROJECTS (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.90 10/01/2022 7,400,000 53,845,000 ---------------- TEXAS: 8.96% 9,995,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-22 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.83 08/15/2013 9,995,000 11,130,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-16 (WATER REVENUE, MBIA INSURED)ss +/- 2.24 09/01/2014 11,130,000 7,595,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-55 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.83 02/01/2014 7,595,000 4,890,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-59 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.83 08/01/2013 4,890,000 26,305,000 AUSTIN TRUST VARIOUS STATES SERIES 2008-3304 (WATER & SEWER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.84 11/15/2036 26,305,000 3,865,000 AUSTIN TX (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.19 11/15/2017 3,865,000 7,000,000 AUSTIN TX ELECTRIC UTILITY SYSTEM (ELECTRIC REVENUE, AMBAC INSURED)ss +/- 1.87 11/15/2022 7,000,000 6,415,000 AUSTIN TX SERIES A63 (WATER & SEWER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.92 05/15/2022 6,415,000 6,640,000 AUSTIN TX SUBSERIES B (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.90 11/15/2029 6,640,000 6,500,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION VISTA MEADOWS PROJECT (HOUSING REVENUE, FHLMC INSURED)ss +/- 2.00 09/01/2036 6,500,000 21,655,000 CRAWFORD TX EDUCATIONAL FACILITIES CORPORATION CONCORDIA UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC)ss +/- 1.85 06/01/2037 21,655,000 5,010,000 CYPRESS FAIRBANKS TX INDEPENDENT SCHOOL DISTRICT (OTHER REVENUE, CITIBANK NA LOC)ss +/- 1.74 02/15/2019 5,010,000 6,100,000 DALLAS TX AREA RAPID TRANSIT (OTHER REVENUE, AMBAC INSURED)ss +/- 1.95 12/01/2026 6,100,000 2,275,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.88 02/15/2038 2,275,000 3,550,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-559 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.88 02/15/2025 3,550,000 9,455,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-526 (OTHER REVENUE, FGIC INSURED)ss +/- 1.88 07/01/2026 9,455,000 1,270,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-548 (OTHER REVENUE, FGIC INSURED)ss +/- 1.88 11/15/2029 1,270,000 4,325,000 ECTOR COUNTY TX INDEPENDENT SCHOOL DISTRICT CLASS A (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.73 08/15/2021 4,325,000 3,800,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT SERIES 2852 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.99 02/15/2016 3,800,000 5,090,000 GALVESTON COUNTY TX HOUSING FINANCE CORPORATION VILLAGE BY THE SEA APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED)ss +/- 1.94 02/15/2032 5,090,000
68 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- TEXAS (continued) $ 8,995,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION (HCFR, MBIA INSURED)ss +/- 1.85% 07/01/2015 $ 8,995,000 14,375,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION SERIES 357 (HCFR, MBIA INSURED)ss +/- 1.89 07/01/2029 14,375,000 2,070,000 HARRIS COUNTY TX SERIES 646 (PROPERTY TAX REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 1.87 10/01/2012 2,070,000 8,500,000 HARRIS COUNTY TX TRAN (PROPERTY TAX REVENUE) 3.00 02/26/2009 8,558,770 15,240,000 HOUSTON TX (UTILITIES REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.19 11/15/2036 15,240,000 9,875,000 HOUSTON TX FINANCE CORPORATION ROCS RR II R-850 (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.80 05/01/2033 9,875,000 4,245,000 HOUSTON TX INDEPENDENT SCHOOL DISTRICT SERIES 462 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.92 02/15/2026 4,245,000 12,600,000 HOUSTON TX SERIES SG 139 (COLLEGE & UNIVERSITY REVENUE, SOCIETE GENERALE LOC)ss +/- 1.85 11/15/2029 12,600,000 30,500,000 HOUSTON TX UTILITY SYSTEM (SEWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)ss +/- 1.80 05/15/2034 30,500,000 19,000,000 HOUSTON TX UTILITY SYSTEM SERIES B1 (WATER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.80 05/15/2034 19,000,000 25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B4 (WATER & SEWER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.80 05/15/2034 25,000,000 25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.80 05/15/2034 25,000,000 10,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER REVENUE, MBIA INSURED)ss +/- 2.06 12/01/2023 10,000,000 20,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 12/01/2031 20,000,000 15,560,000 LUBBOCK TX (OTHER REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.96 02/15/2027 15,560,000 9,000,000 NORTH EAST TX INDEPENDENT SCHOOL DISTRICT SERIES 2058 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.87 08/01/2015 9,000,000 3,900,000 NORTH TEXAS MUNICIPAL WATER DISTRICT (WATER REVENUE, MBIA INSURED)ss +/- 2.19 09/01/2014 3,900,000 7,500,000 PANHANDLE TX REGIONAL HOUSING FINANCE CORPORATION JASON AVENUE RESIDENTIAL APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FHLMC INSURED)ss +/- 1.94 08/01/2041 7,500,000 600,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR, GUARANTEE AGREEMENT)ss +/- 1.85 04/01/2027 600,000 16,000,000 ROCKWALL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, DEXIA INSURED)ss +/- 1.84 08/01/2037 16,000,000 44,000,000 SAN ANTONIO TX HOTEL OCCUPANCY (OTHER REVENUE, WACHOVIA BANK LOC)ss +/- 1.80 08/15/2034 44,000,000 10,000,000 SPRING BRANCH TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.79 02/01/2038 10,000,000 12,760,000 SPRING BRANCH TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED)ss +/- 1.79 02/01/2038 12,760,000 9,120,000 TARRANT COUNTY TX CULTURAL EDUCATIONAL FACILITIES FINANCE CORPORATION SCOTT WHITE MEMORIAL HOSPITAL SERIES C (OTHER REVENUE, COMPASS BANK)ss +/- 1.80 08/15/2046 9,120,000 5,080,000 TEXAS STATE (PROPERTY TAX REVENUE, BANK OF NEW YORK LOC)ss +/- 1.82 04/01/2030 5,080,000 13,900,000 TEXAS STATE DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS COSTA IBIZA APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FNMA INSURED)ss +/- 1.91 08/01/2041 13,900,000 23,700,000 TEXAS STATE TRAN (GO - STATES, TERRITORIES) 3.00 08/28/2009 24,017,438 20,700,000 TRAVIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION LONGHORN VILLAGE PROJECT SERIES B (HOUSING REVENUE, BANK OF SCOTLAND LOC)ss +/- 1.83 07/01/2037 20,700,000 550,461,208 --------------- UTAH: 0.16% 9,675,000 WEST JORDAN UT (HOUSING REVENUE, FNMA INSURED)ss +/- 1.94 12/01/2034 9,675,000 --------------- VERMONT: 0.43% 9,120,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY FLETCHER ALLEN HOSPITAL SERIES A (HCFR)ss +/- 1.79 12/01/2030 9,120,000 3,140,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY LANDMARK COLLEGE PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE)ss +/- 2.45 07/01/2033 3,140,000 2,225,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY NORTHEASTERN VERMONT REGIONAL HOSPITAL SERIES A (HCFR)ss +/- 2.50 10/01/2029 2,225,000 11,955,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL PROJECT A (HCFR)ss +/- 2.45 10/01/2034 11,955,000 26,440,000 -------------- VIRGINIA: 0.71% 7,580,000 CAPITAL REGION AIRPORT COMMISSION VA SERIES B (AIRPORT REVENUE, WACHOVIA BANK LOC)ss +/- 1.86 06/01/2035 7,580,000 12,450,000 JAMES CITY COUNTY VA IDA CHAMBREL PROJECT (OTHER REVENUE, FNMA INSURED)ss +/- 1.98 11/15/2032 12,450,000 8,800,000 LEXINGTON VA IDA (IDR, WACHOVIA BANK LOC)ss +/- 2.45 12/01/2036 8,800,000
Wells Fargo Advantage Money Market Funds 69 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- VIRGINIA (continued) $ 14,500,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY FRIENDSHIP FOUNDATION (HCFR, WACHOVIA BANK LOC)ss +/- 1.88% 07/01/2022 $ 14,500,000 43,330,000 --------------- WASHINGTON: 3.38% 15,420,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2001-23 KING COUNTY WA SCHOOL DISTRICT #001 SETTLE SERIES A (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24 12/01/2009 15,420,000 14,155,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2001-6 (PROPERTY TAX REVENUE, MBIA INSURED)ss +/- 2.24 01/01/2009 14,155,000 5,118,500 ENERGY NORTHWEST WA ELECTRIC CERTIFICATES SERIES C (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/-++ 1.88 01/01/2010 5,118,500 2,180,000 EVERETT WA (PROPERTY TAX REVENUE LOC, BANK OF AMERICA NA LOC)ss +/- 1.95 12/01/2021 2,180,000 6,930,000 KING CITY WA PUBLIC HOSPITAL DISTRICT #1 (PROPERTY TAX REVENUE, GUARANTEE AGREEMENT)ss +/- 1.88 12/01/2037 6,930,000 43,240,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE, FHLMC INSURED)ss +/- 1.90 07/01/2035 43,240,000 5,885,000 KING COUNTY WA SCHOOL DISTRICT #415 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.84 12/01/2018 5,885,000 7,920,000 SEATTLE WA (ELECTRIC REVENUE, FIRST SECURITY BANK LOC)ss +/- 2.19 03/01/2022 7,920,000 4,845,000 SEATTLE WA SOLID WASTE SERIES 2202 (SOLID WASTE REVENUE, MBIA INSURED)ss +/- 2.04 02/01/2029 4,845,000 12,530,000 SEATTLE WA WATER SYSTEM (OTHER REVENUE, MBIA INSURED)ss +/- 1.97 09/01/2033 12,530,000 4,885,000 STATE OF WASHINGTON (PROPERTY TAX REVENUE, FGIC INSURED)ss +/- 2.14 07/01/2026 4,885,000 6,665,000 WASHINGTON DC CONVENTION CENTER AUTHORITY SERIES 1731 (TAX REVENUE, AMBAC INSURED)ss +/- 2.34 10/01/2030 6,665,000 7,830,000 WASHINGTON DC CONVENTION CENTER AUTHORITY SERIES 1736 (OTHER REVENUE, AMBAC INSURED)ss +/- 2.34 10/01/2036 7,830,000 2,500,000 WASHINGTON STATE (PROPERTY TAX REVENUE)ss +/- 1.79 07/01/2026 2,500,000 5,000,000 WASHINGTON STATE (PROPERTY TAX REVENUE)ss +/- 1.81 07/01/2031 5,000,000 8,800,000 WASHINGTON STATE CLASS A (PROPERTY TAX REVENUE)ss +/- 1.81 07/01/2033 8,800,000 12,000,000 WASHINGTON STATE HEFAR UNIVERSITY OF PUGET SOUND SERIES B (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.87 10/01/2036 12,000,000 7,000,000 WASHINGTON STATE HEFAR UNIVERSITY PUGET SOUND PROJECT A PUTTABLE (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss +/- 1.87 10/01/2030 7,000,000 5,775,000 WASHINGTON STATE HOUSING FINANCE COMMISSION NONPROFIT TACOMA ART MUSEUM PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.48 06/01/2032 5,775,000 22,825,000 WASHINGTON STATE ROCS RRII R-12100 (OTHER REVENUE, FGIC INSURED)ss +/- 1.95 01/01/2031 22,825,000 2,165,000 WASHINGTON STATE SERIES 593 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss +/- 1.99 07/01/2012 2,165,000 4,100,000 WASHINGTON STATE SUNNYSIDE COMMUNITY HOSPITAL (HCFR, US BANK NA LOC)ss +/- 2.00 10/01/2017 4,100,000 207,768,500 --------------- WEST VIRGINIA: 0.48% 15,985,000 MONONGALIA COUNTY WV BUILDING COMMISSION SERIES A (HCFR, JPMORGAN CHASE BANK LOC)ss +/- 1.87 07/01/2040 15,985,000 13,700,000 WEST VIRGINIA STATE PARKWAYS ECONOMIC DEVELOPMENT & TOURISM AUTHORITY (OTHER REVENUE, GENERAL OBLIGATION OF AUTHORITY)ss +/- 1.82 04/15/2019 13,700,000 29,685,000 --------------- WISCONSIN: 2.29% 3,615,000 MILWAUKEE WI RDA REDEVELOPMENT MILWAUKEE SCHOOL ENGINEER PROJECT A (COLLEGE & UNIVERSITY REVENUE, MARSHALL & ISLEY BANK LOC)ss +/- 2.01 07/01/2023 3,615,000 15,530,000 WISCONSIN PUBLIC POWER INCORPORATED SERIES 1150 (POWER REVENUE)ss +/- 1.99 07/01/2013 15,530,000 7,045,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY BELOIT MEMORIAL HOSPITAL INCORPORATED (HEALTHCARE FACILITIES REVENUE, JPMORGAN CHASE BANK LOC)ss +/- 2.48 04/01/2036 7,045,000 13,420,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY MERITER HOSPITAL INCORPORATED PROJECT (HCFR, MARSHALL & ISLEY BANK LOC)ss +/- 2.48 12/01/2032 13,420,000 6,000,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY MERITER HOSPITAL INCORPORATED SERIES A (HEALTHCARE FACILITIES REVENUE, US BANK NA LOC)ss +/- 2.45 12/01/2024 6,000,000 2,400,000 WISCONSIN STATE HEFA ALVERNO COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC)ss +/- 2.48 11/01/2017 2,400,000
70 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE ------------ ------------------------------------------------------------------------ -------- ----------- ---------------- WISCONSIN (continued) $ 300,000 WISCONSIN STATE HEFA AURORA HEALTH CARE SERIES A (HOSPITAL REVENUE, MARSHALL & ISLEY BANK LOC)ss +/- 2.45% 04/01/2028 $ 300,000 7,900,000 WISCONSIN STATE HEFA EDGEWOOD COLLEGE (OTHER REVENUE, US BANK NA LOC)ss +/- 2.48 10/01/2031 7,900,000 11,390,000 WISCONSIN STATE HEFA HESS MEMORIAL HOSPITAL INCORPORATED (HFFA REVENUE, US BANK NA LOC)ss +/- 1.84 05/01/2024 11,390,000 1,100,000 WISCONSIN STATE HEFA LUTHERAN COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss +/- 2.48 06/01/2033 1,100,000 6,375,000 WISCONSIN STATE HEFA MERITER RETIREMENT SERVICES SERIES B (OTHER REVENUE, US BANK NA LOC)ss +/- 1.90 03/01/2038 6,375,000 10,900,000 WISCONSIN STATE HEFA NATIONAL REGENCY OF NEW BERLIN (HCFR, MARSHALL & ISLEY BANK LOC)ss +/- 2.48 08/15/2034 10,900,000 3,155,000 WISCONSIN STATE HEFA RIVERVIEW HOSPITAL ASSOCIATION (HCFR, FIRSTAR BANK NA LOC)ss +/- 2.48 10/01/2030 3,155,000 12,990,000 WISCONSIN STATE HEFA ROC-RR-II-R-708CE (HCFR, CITIBANK NA LOC)ss +/- 1.88 08/15/2030 12,990,000 27,520,000 WISCONSIN STATE HEFAR BAY AREA MEDICAL CENTER INCORPORATED (HCFR, MARSHALL & ISLEY BANK LOC)ss +/- 2.48 02/01/2038 27,520,000 7,100,000 WISCONSIN STATE HEFAR FRANCISCAN SISTERS SERIES B (HCFR, MARSHALL & ISLEY BANK LOC)ss +/- 1.85 09/01/2033 7,100,000 3,940,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES SERIES A (OTHER REVENUE, KBC BANK NV LOC)ss +/- 1.90 03/01/2038 3,940,000 140,680,000 --------------- WYOMING: 0.69% 42,125,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT SERIES A (PCR, BARCLAYS BANK PLC LOC)ss +/- 1.84 07/01/2015 42,125,000 --------------- TOTAL MUNICIPAL BONDS & NOTES (COST $5,696,645,301) 5,696,645,301 --------------- COMMERCIAL PAPER: 7.06% 14,605,000 AMERICAN MUNICIPAL POWER OHIO 1.68 12/01/2008 14,605,000 22,275,000 BOSTON WATER & SEWER 1.57 10/07/2008 22,275,000 27,393,000 HILLSBOROUGH COUNTY FL 1.50 09/25/2008 27,393,000 4,528,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.65 10/07/2008 4,528,000 20,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.70 11/13/2008 20,000,000 17,825,000 ILLINOIS FINANCE AUTHORITY 1.75 01/06/2009 17,825,000 6,988,000 JOHNS HOPKINS UNIVERSITY 1.60 10/07/2008 6,988,000 28,600,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.60 10/07/2008 28,600,000 8,500,000 ROCHESTER MN HEALTH CARE 1.55 09/08/2008 8,500,000 15,000,000 ROCHESTER MN HEALTH CARE 1.60 10/07/2008 15,000,000 21,500,000 ROCHESTER MN HEALTH CARE 1.65 10/09/2008 21,500,000 81,600,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 81,600,000 10,600,000 ROCHESTER MN HEALTH CARE 1.55 11/13/2008 10,600,000 10,000,000 ROCHESTER MN HEALTH CARE 1.65 01/08/2009 10,000,000 34,255,000 SAN ANTONIO ELECTRIC & GAS 1.95 09/04/2008 34,255,000 15,250,000 SAN ANTONIO ELECTRIC & GAS 1.65 10/07/2008 15,250,000 28,700,000 TEXAS DEPARTMENT OF TRANSPORTATION 1.60 10/08/2008 28,700,000 9,385,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.65 10/15/2008 9,385,000 22,750,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.50 10/16/2008 22,750,000 23,855,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.70 11/07/2008 23,855,000 10,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.65 11/10/2008 10,000,000 TOTAL COMMERCIAL PAPER (COST $433,609,000) 433,609,000 ----------------
Wells Fargo Advantage Money Market Funds 71 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
PRINCIPAL SECURITY NAME VALUE ------------ ------------------------------------------------------------------------ ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $6,130,254,301)* 99.81% $ 6,130,254,301 OTHER ASSETS AND LIABILITIES, NET 0.19 11,738,820 ------ ---------------- TOTAL NET ASSETS 100.00% $ 6,141,993,121 ====== ================
---------- 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. * 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. 72 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) TREASURY PLUS MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE -------------- ---------------------------------------------------------------------- -------- ----------- ---------------- US TREASURY SECURITIES: 5.26% US TREASURY BILLS: 5.26% $ 25,000,000 US TREASURY BILL## 1.89% 11/20/2008 $ 24,897,135 350,000,000 US TREASURY BILL## 1.95 01/15/2009 347,460,313 372,357,448 ---------------- TOTAL US TREASURY SECURITIES (COST $372,357,448) 372,357,448 ---------------- REPURCHASE AGREEMENTS: 94.85% 300,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $300,058,333) 1.75 09/02/2008 300,000,000 75,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $75,016,417) 1.97 09/02/2008 75,000,000 500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,109,444) 1.97 09/02/2008 500,000,000 500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,111,111) 2.00 09/02/2008 500,000,000 500,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,112,778) 2.03 09/03/2008 500,000,000 500,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES ($1,000,225,556) 2.05 09/12/2008 500,000,000 1,000,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES ($500,113,889) 2.03 09/02/2008 1,000,000,000 500,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,112,778) 2.03 09/04/2008 500,000,000 800,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $800,179,556) 2.02 09/02/2008 800,000,000 50,000,000 GOLDMAN SACHS & Company - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,010,556) 1.90 09/02/2008 50,000,000 1,250,000,000 HSBC USA Incorporated - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,250,280,556) 2.02 09/02/2008 1,250,000,000 500,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MARKET VALUE $500,111,111) 2.00 09/02/2008 500,000,000 147,565,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $147,596,153) 1.90 09/02/2008 147,565,000 100,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MARKET VALUE $100,021,889) 1.97 09/02/2008 100,000,000 TOTAL REPURCHASE AGREEMENTS (COST $6,722,565,000) 6,722,565,000 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $7,094,922,448)* 100.11% $ 7,094,922,448 OTHER ASSETS AND LIABILITIES, NET (0.11) (7,660,405) ------ ---------------- TOTAL NET ASSETS 100.00% $ 7,087,262,043 ====== ================
---------- ## 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 73 Portfolio of Investments--August 31, 2008 (Unaudited) 100% TREASURY MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE -------------- ---------------------------------------------------------------------- -------- ----------- ---------------- US TREASURY SECURITIES: 96.61% US TREASURY BILLS: 96.61% $ 44,465,000 US TREASURY BILL## 1.70% 09/04/2008 $ 44,460,815 150,000,000 US TREASURY BILL## 1.71 09/04/2008 149,985,750 250,000,000 US TREASURY BILL## 1.86 09/04/2008 249,974,306 100,000,000 US TREASURY BILL## 1.93 09/04/2008 99,989,333 350,000,000 US TREASURY BILL## 1.84 09/11/2008 349,839,875 150,000,000 US TREASURY BILL## 1.88 09/11/2008 149,929,687 250,000,000 US TREASURY BILL## 1.89 09/15/2008 249,829,826 63,200,000 US TREASURY BILL## 1.79 09/18/2008 63,149,721 3,725,000 US TREASURY BILL## 1.81 09/18/2008 3,722,020 100,000,000 US TREASURY BILL## 1.86 09/18/2008 99,917,778 300,000,000 US TREASURY BILL## 2.05 09/18/2008 299,728,000 325,000,000 US TREASURY BILL## 1.85 09/25/2008 324,617,944 75,000,000 US TREASURY BILL## 1.34 10/02/2008 74,916,875 50,000,000 US TREASURY BILL## 1.51 10/02/2008 49,937,708 77,825,000 US TREASURY BILL## 1.63 10/02/2008 77,719,611 225,000,000 US TREASURY BILL## 1.89 10/02/2008 224,647,500 150,000,000 US TREASURY BILL## 1.63 10/09/2008 149,750,250 235,210,000 US TREASURY BILL## 1.86 10/09/2008 234,761,566 65,895,000 US TREASURY BILL## 1.62 10/16/2008 65,765,333 325,000,000 US TREASURY BILL## 1.66 10/16/2008 324,344,583 350,000,000 US TREASURY BILL## 1.57 10/23/2008 349,226,500 100,000,000 US TREASURY BILL## 1.65 10/30/2008 99,734,972 147,560,000 US TREASURY BILL## 1.70 10/30/2008 147,157,038 100,000,000 US TREASURY BILL## 1.74 10/30/2008 99,722,889 350,000,000 US TREASURY BILL## 1.72 11/06/2008 348,919,375 50,000,000 US TREASURY BILL## 1.75 11/06/2008 49,843,819 400,000,000 US TREASURY BILL## 1.83 11/13/2008 398,544,000 50,000,000 US TREASURY BILL## 1.85 11/13/2008 49,816,500 375,000,000 US TREASURY BILL## 1.84 11/20/2008 373,494,062 75,000,000 US TREASURY BILL## 1.89 11/20/2008 74,691,406 350,000,000 US TREASURY BILL## 1.69 11/28/2008 348,579,000 75,000,000 US TREASURY BILL## 2.15 01/02/2009 74,459,896 75,000,000 US TREASURY BILL## 2.09 01/08/2009 74,448,000 200,000,000 US TREASURY BILL## 1.94 01/15/2009 198,556,250 75,000,000 US TREASURY BILL## 2.00 01/15/2009 74,443,125 100,000,000 US TREASURY BILL## 1.91 02/26/2009 99,070,750 6,147,696,063 ---------------- TOTAL US TREASURY SECURITIES (COST $6,147,696,063) 6,147,696,063 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $6,147,696,063)* 96.61% $ 6,147,696,063 OTHER ASSETS AND LIABILITIES, NET 3.39 215,922,118 ------ ---------------- TOTAL NET ASSETS 100.00% $ 6,363,618,181 ====== ================
---------- ## 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. 74 Wells Fargo Advantage Money Market Funds Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
California Tax-Free Government Money Market Money Market Fund Fund -------------- --------------- ASSETS Investments In securities, at market value (including securities on loan) ............. $4,904,897,731 $17,172,511,538 Repurchase Agreements ..................................................... 0 12,894,920,000 -------------- --------------- Total investments at market value (see cost below) ........................... 4,904,897,731 30,067,431,538 -------------- --------------- Cash ......................................................................... 89,540 55,003 Receivable for Fund shares issued ............................................ 176,000 152,204 Receivable for investments sold .............................................. 0 0 Receivables for dividends and interest ....................................... 13,226,672 59,477,658 -------------- --------------- Total assets ................................................................. 4,918,389,943 30,127,116,403 -------------- --------------- LIABILITIES Payable for investments purchased ............................................ 14,456,248 0 Dividends payable ............................................................ 1,155,134 29,262,921 Payable to investment advisor and affiliates (Note 3) ........................ 1,509,320 5,651,058 Accrued expenses and other liabilities ....................................... 1,057,449 1,342,864 -------------- --------------- Total liabilities ............................................................... 18,178,151 36,256,843 -------------- --------------- TOTAL NET ASSETS ................................................................ $4,900,211,792 $30,090,859,560 ============== =============== NET ASSETS CONSIST OF Paid-in capital .............................................................. $4,899,670,431 $30,090,828,538 Undistributed net investment income (loss) ................................... (1,078) 31,022 Undistributed net realized gain (loss) on investments ........................ 542,439 0 Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and liabilities denominated in foreign currencies ................................................................ 0 0 -------------- --------------- TOTAL NET ASSETS ................................................................ $4,900,211,792 $30,090,859,560 ============== =============== COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets - Class A ......................................................... $3,771,699,164 $ 1,361,945,992 Shares outstanding - Class A ................................................. 3,771,173,501 1,361,928,438 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 $ 1,391,714,988 Shares outstanding - Administrator Class ..................................... NA 1,391,702,876 Net asset value and offering price per share - Administrator Class ........... NA $ 1.00 Net assets - Institutional Class ............................................. $ 314,304,030 $21,113,247,486 Shares outstanding - Institutional Class ..................................... 314,293,547 21,113,334,709 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 ................................................... $ 814,208,598 $ 6,223,951,094 Shares outstanding - Service Class ........................................... 814,150,838 6,223,901,993 Net asset value and offering price per share - Service Class ................. $ 1.00 $ 1.00 -------------- --------------- Investments at cost ............................................................. $4,904,897,731 $30,067,431,538 -------------- ---------------
---------- (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 75 Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
National Minnesota Municipal Tax-Free Treasury Plus 100% Treasury Money Market Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund Fund ------------ --------------- ------------ -------------- -------------- -------------- $192,166,149 $10,100,977,782 $368,224,822 $6,130,254,301 $ 372,357,448 $6,147,696,063 0 2,539,856,375 0 0 6,722,565,000 0 ------------ --------------- ------------ -------------- -------------- -------------- 192,166,149 12,640,834,157 368,224,822 6,130,254,301 7,094,922,448 6,147,696,063 ------------ --------------- ------------ -------------- -------------- -------------- 72,860 50,000 51,998 112,785 50,500 59,860 27,918 914,668 0 240,156 0 0 0 0 13,306,712 0 0 224,093,043 620,445 16,250,747 946,578 17,714,646 2,117,345 1 ------------ --------------- ------------ -------------- -------------- -------------- 192,887,372 12,658,049,572 382,530,110 6,148,321,888 7,097,090,293 6,371,848,967 ------------ --------------- ------------ -------------- -------------- -------------- 0 20,000,000 0 0 0 0 17,943 814,495 30,382 4,251,941 7,105,765 5,666,544 90,890 6,421,216 109,018 1,308,365 1,738,094 1,291,425 65,622 3,285,267 151,708 768,461 984,391 1,272,817 ------------ --------------- ------------ -------------- -------------- -------------- 174,455 30,520,978 291,108 6,328,767 9,828,250 8,230,786 ------------ --------------- ------------ -------------- -------------- -------------- $192,712,917 $12,627,528,594 $382,239,002 $6,141,993,121 $7,087,262,043 $6,363,618,181 ============ =============== ============ ============== ============== ============== $192,721,607 $12,645,628,873 $382,239,543 $6,141,147,005 $7,087,322,523 $6,362,591,058 0 (2) 3 (1) 643 196,540 (8,690) (1,300,688) (544) 846,117 (61,123) 830,583 0 (16,799,589) 0 0 0 0 ------------ --------------- ------------ -------------- -------------- -------------- $192,712,917 $12,627,528,594 $382,239,002 $6,141,993,121 $7,087,262,043 $6,363,618,181 ============ =============== ============ ============== ============== ============== $192,712,917 $10,250,371,568 NA $1,558,423,588 $2,692,502,092 $ 265,988,524 192,721,379 10,267,673,416 NA 1,558,175,077 2,692,584,082 265,907,206 $ 1.00 $1.00 NA $1.00 $ 1.00 $ 1.00 NA $ 1,474,019,094 NA NA NA NA NA 1,474,083,734 NA NA NA NA NA $ 1.00 NA NA NA NA NA NA NA $ 540,998,810 $ 69,633,122 NA NA NA NA 540,877,775 69,633,124 NA NA NA NA $1.00 $ 1.00 NA NA NA $ 8,440,785 $2,306,256,770 $3,264,167,535 NA NA NA 8,440,784 2,306,017,423 3,264,336,915 NA NA NA $ 1.00 $1.00 $1.00 NA NA $ 903,137,932 $373,798,217 NA NA NA NA 903,191,881 373,798,652 NA NA NA NA $ 1.00 $ 1.00 NA NA NA NA NA NA $1,736,313,953 $1,060,959,294 $6,097,629,657 NA NA NA 1,735,874,801 1,060,984,497 6,096,688,758 $ 0 $ 0 $0 $ 1.00 $ 1.00 $ 1.00 ------------ --------------- ------------ -------------- -------------- -------------- $192,166,149 $12,657,633,746 $368,224,822 $6,130,254,301 $7,094,922,448 $6,147,696,063 ------------ --------------- ------------ -------------- -------------- --------------
76 Wells Fargo Advantage Money Market Funds Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
California Tax-Free Government Money Market Money Market Fund Fund ------------ ------------ INVESTMENT INCOME Interest .......................................................... $48,426,907 $373,309,046 ----------- ------------ Total investment income .............................................. 48,426,907 373,309,046 ----------- ------------ EXPENSES Advisory fees ..................................................... 7,049,472 15,533,695 Administration fees Fund Level ..................................................... 1,256,688 5,412,163 Class A ........................................................ 4,323,511 1,732,130 Class B ........................................................ NA NA Administrator Class ............................................ NA 733,183 Institutional Class ............................................ 80,049 8,704,358 Investor Class ................................................. NA NA Service Class .................................................. 547,577 3,759,281 Custody fees ...................................................... 504,321 3,106,739 Shareholder servicing fees (Note 3) ............................... 6,053,865 10,533,347 Accounting fees ................................................... 123,941 692,951 Distribution fees (Note 3) Class B ........................................................ NA NA Professional fees ................................................. 14,538 16,392 Registration fees ................................................. 17,173 123,747 Shareholder reports ............................................... 48,721 245,271 Trustees' fees .................................................... 4,323 4,323 Other fees and expenses ........................................... 26,605 174,309 ----------- ------------ Total expenses ....................................................... 20,050,784 50,771,889 ----------- ------------ LESS Waived fees and reimbursed expenses (Note 3) ...................... (5,021,307) (5,796,783) Net expenses ...................................................... 15,029,477 44,975,106 ----------- ------------ Net investment income (loss) ......................................... 33,397,430 328,333,940 ----------- ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities ........................................................ 344,124 0 ----------- ------------ Net realized gain (loss) from investments ......................... 344,124 0 ----------- ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities ........................................................ 0 0 ----------- ------------ Net change in unrealized appreciation (depreciation) of investments .. 0 0 ----------- ------------ Net realized and unrealized gain (loss) from investments ............. 344,124 0 ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ...... $33,741,554 $328,333,940 =========== ============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 77 Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Minnesota Municipal National Treasury 100% Money Money Tax-Free Plus Money Treasury Market Money Market Market Money Market Money Fund Fund Fund Market Fund Fund Market Fund ---------- ------------ ---------- ----------- ----------- ----------- $2,106,034 $189,942,353 $4,314,755 $59,403,909 $69,155,917 $57,937,388 ---------- ------------ ---------- ----------- ----------- ----------- 2,106,034 189,942,353 4,314,755 59,403,909 69,155,917 57,937,388 ---------- ------------ ---------- ----------- ----------- ----------- 313,225 17,667,436 580,869 2,900,711 3,477,722 8,838,826 52,204 2,781,901 96,812 1,410,969 1,641,774 1,544,568 229,698 12,259,060 NA 1,725,466 2,717,497 324,625 NA 1,606,742 NA NA NA NA NA NA NA 265,905 29,221 NA NA NA 692 805,010 1,252,830 NA NA 1,465,879 609,316 NA NA NA NA NA NA 1,013,090 776,685 3,704,582 20,882 1,353,230 27,725 580,142 695,544 646,942 261,021 16,908,705 481,125 4,335,830 4,731,684 8,086,770 3,480 328,169 663 140,577 173,515 150,271 NA 5,477,529 NA NA NA NA 2,779 14,656 963 17,747 14,689 16,035 262 53,542 396 50,012 38,799 21,799 90 24,156 1,000 38,405 72,349 35,035 4,323 4,323 4,323 4,323 4,323 4,323 2,511 85,979 1,775 49,769 55,721 25,561 ---------- ------------ ---------- ----------- ----------- ----------- 890,475 60,031,307 1,805,659 13,337,956 15,682,353 23,399,337 ---------- ------------ ---------- ----------- ----------- ----------- (55,207) (3,639,488) (569,972) (1,643,007) (1,289,437) (7,004,461) 835,268 56,391,819 1,235,687 11,694,949 14,392,916 16,394,876 ---------- ------------ ---------- ----------- ----------- ----------- 1,270,766 133,550,534 3,079,068 47,708,960 54,763,001 41,542,512 ---------- ------------ ---------- ----------- ----------- ----------- 4,962 (1,632,372) 0 408,791 0 788,606 ---------- ------------ ---------- ----------- ----------- ----------- 4,962 (1,632,372) 0 408,791 0 788,606 ---------- ------------ ---------- ----------- ----------- ----------- 0 (7,694,400) 0 0 0 0 ---------- ------------ ---------- ----------- ----------- ----------- 0 (7,694,400) 0 0 0 0 ---------- ------------ ---------- ----------- ----------- ----------- 4,962 (9,326,772) 0 408,791 0 788,606 ---------- ------------ ---------- ----------- ----------- ----------- $1,275,728 $124,223,762 $3,079,068 $48,117,751 $54,763,001 $42,331,118 ========== ============ ========== =========== =========== ===========
78 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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets .................................................................... $ 4,808,408,788 $ 3,564,648,630 OPERATIONS Net investment income (loss) ............................................................ 33,398,803 111,828,771 Net realized gain (loss) on investments ................................................. 344,124 341,720 Net change in unrealized appreciation (depreciation) of investments ..................... 0 0 --------------- --------------- Net increase (decrease) in net assets resulting from operations ............................ 33,742,927 112,170,491 --------------- --------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A .............................................................................. (24,972,308) (92,774,150) Class B .............................................................................. NA NA Administrator Class .................................................................. NA NA Institutional Class .................................................................. (1,542,695) NA Investor Class ....................................................................... NA NA Service Class ........................................................................ (6,882,428) (19,056,032) Net realized gain on sales of investments Class A .............................................................................. NA (185,825) Service Class ........................................................................ NA (43,137) --------------- --------------- Total distributions to shareholders ........................................................ (33,397,431) (112,059,144) --------------- --------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold - Class A ..................................................... 2,296,395,824 5,103,771,816 Reinvestment of distributions - Class A ................................................. 23,749,372 85,788,614 Cost of shares redeemed - Class A ....................................................... (2,386,176,170) (4,416,712,360) --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Class A ............................................................................ (66,030,974) 772,848,070 --------------- --------------- 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 - 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 ......................................... 809,803,951 NA Reinvestment of distributions - Institutional Class ..................................... 1,028,314 NA Cost of shares redeemed - Institutional Class ........................................... (496,538,718) NA --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ................................................................ 314,293,547 NA --------------- --------------- Proceeds from shares sold - Investor Class .............................................. NA NA Reinvestment of distributions - Investor Class .......................................... NA NA Cost of shares redeemed - Investor Class ................................................ NA NA --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Investor Class ..................................................................... NA NA --------------- --------------- Proceeds from shares sold - Service Class ............................................... 1,023,382,128 2,126,696,136 Reinvestment of distributions - Service Class ........................................... 2,412,333 10,261,692 Cost of shares redeemed - Service Class ................................................. (1,182,599,526) (1,666,157,087) --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Service Class ...................................................................... (156,805,065) 470,800,741 --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Total .... 91,457,508 1,243,648,811 --------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS ...................................................... 91,803,004 1,243,760,158 =============== =============== ENDING NET ASSETS .......................................................................... $ 4,900,211,792 $ 4,808,408,788 =============== ===============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 79 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 33,481,429,832 $ 17,470,019,473 $ 182,600,793 $ 118,010,906 $14,024,326,939 $ 10,626,293,423 328,333,940 1,026,033,455 1,270,766 3,615,286 133,550,534 527,716,827 0 0 4,962 3,427 (1,632,372) 595,000 0 0 0 0 (7,694,400) (9,105,189) ---------------- ---------------- ------------- ------------- --------------- ---------------- 328,333,940 1,026,033,455 1,275,728 3,618,713 124,223,762 519,206,638 ---------------- ---------------- ------------- ------------- --------------- ---------------- (14,011,730) (117,180,294) (1,270,766) (3,615,287) (114,189,701) (437,621,096) NA NA NA NA (9,397,202) (52,967,013) (15,174,791) (64,767,356) NA NA NA NA (239,911,605) (583,006,486) NA NA NA NA NA NA NA NA (9,963,632) (37,128,718) (59,235,812) (261,079,318) NA NA NA NA NA 0 NA 0 NA 0 NA 0 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (328,333,938) (1,026,033,454) (1,270,766) (3,615,287) (133,550,535) (527,716,827) ---------------- ---------------- ------------- ------------- --------------- ---------------- 213,172,662 1,801,462,824 226,736,865 468,088,275 3,135,543,735 19,543,700,591 13,973,937 116,550,093 1,231,081 3,403,148 114,029,052 427,981,073 (786,847,262) (2,863,085,094) (217,860,784) (406,904,962) (4,647,741,093) (16,736,391,641) ---------------- ---------------- ------------- ------------- --------------- ---------------- (559,700,663) (945,072,177) 10,107,162 64,586,461 (1,398,168,306) 3,235,290,023 ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 719,596,964 1,865,767,562 NA NA NA NA 9,520,244 52,768,001 NA NA NA NA (694,211,895) (1,910,420,221) ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 34,905,313 8,115,342 ---------------- ---------------- ------------- ------------- --------------- ---------------- 3,261,937,151 11,133,674,556 NA NA NA NA 8,559,048 32,210,304 NA NA NA NA (3,823,216,113) (10,401,231,678) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (552,719,914) 764,653,182 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- 59,149,312,513 104,620,372,905 NA NA NA NA 130,831,338 274,115,268 NA NA NA NA (61,432,219,454) (89,395,762,971) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (2,152,075,603) 15,498,725,202 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 340,046,144 813,906,563 NA NA NA NA 9,809,369 35,933,014 NA NA NA NA (374,064,092) (686,701,237) ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA (24,208,579) 163,138,340 ---------------- ---------------- ------------- ------------- --------------- ---------------- 23,086,222,704 45,791,819,742 NA NA NA NA 8,661,154 34,083,782 NA NA NA NA (23,220,957,952) (45,132,799,373) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (126,074,094) 693,104,151 0 NA 0 NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (3,390,570,274) 16,011,410,358 10,107,162 64,586,461 (1,387,471,572) 3,406,543,705 ---------------- ---------------- ------------- ------------- --------------- ---------------- (3,390,570,272) 16,011,410,359 10,112,124 64,589,887 (1,396,798,345) 3,398,033,516 ================ ================ ============= ============= =============== ================ $ 30,090,859,560 $ 33,481,429,832 $ 192,712,917 $ 182,600,793 $12,627,528,594 $ 14,024,326,939 ================ ================ ============= ============= =============== ================
80 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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- SHARES ISSUED AND REDEEMED Shares sold - Class A .............................................................. 2,296,395,824 5,103,771,816 Shares issued in reinvestment of distributions - Class A ........................... 23,749,371 85,788,614 Shares redeemed - Class A .......................................................... (2,386,176,170) (4,416,712,360) --------------- --------------- Net increase (decrease) in shares outstanding - Class A ............................ (66,030,975) 772,848,070 --------------- --------------- 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 - 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 .................................................. 809,803,951 NA Shares issued in reinvestment of distributions - Institutional Class ............... 1,028,314 NA Shares redeemed - Institutional Class .............................................. (496,538,718) NA --------------- --------------- Net increase (decrease) in shares outstanding - Institutional Class ................ 314,293,547 NA --------------- --------------- Shares sold - Investor Class ....................................................... NA NA Shares issued in reinvestment of distributions - Investor Class .................... NA NA Shares redeemed - Investor Class ................................................... NA NA --------------- --------------- Net increase (decrease) in shares outstanding - Investor Class ..................... NA NA --------------- --------------- Shares sold - Service Class ........................................................ 1,023,382,129 2,126,696,136 Shares issued in reinvestment of distributions - Service Class ..................... 2,412,333 10,261,692 Shares redeemed - Service Class .................................................... (1,182,599,526) (1,666,157,087) --------------- --------------- Net increase (decrease) in shares outstanding - Service Class ...................... (156,805,064) 470,800,741 --------------- --------------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ....................................................................... 91,457,508 1,243,648,811 =============== =============== Ending balance of undistributed net investment income (loss) .......................... $ (1,078) $ (2,450) --------------- ---------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 81 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- 213,172,666 1,801,462,824 226,736,863 468,088,275 3,135,542,938 19,543,700,591 13,973,937 116,550,093 1,231,081 3,403,148 114,029,052 427,981,073 (786,847,262) (2,863,085,094) (217,860,784) (406,904,962) (4,647,741,093) (16,736,391,641 ---------------- ---------------- ------------- ------------- --------------- ---------------- (559,700,659) (945,072,177) 10,107,160 64,586,461 (1,398,169,103) 3,235,290,023 ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 719,596,963 1,865,767,562 NA NA NA NA 9,520,244 52,768,001 NA NA NA NA (694,211,895) (1,910,420,220 ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 34,905,312 8,115,343 ---------------- ---------------- ------------- ------------- --------------- ---------------- 3,261,937,151 11,133,674,556 NA NA NA NA 8,559,048 32,210,304 NA NA NA NA (3,823,216,113) (10,401,231,678) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (552,719,914) 764,653,182 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- 59,149,312,512 104,620,372,905 NA NA NA NA 130,831,338 274,115,268 NA NA NA NA (61,432,219,454) (89,395,762,971) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (2,152,075,604) 15,498,725,202 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA 340,046,028 813,906,360 NA NA NA NA 9,809,369 35,933,014 NA NA NA NA (374,064,101) (686,701,246) ---------------- ---------------- ------------- ------------- --------------- ---------------- NA NA NA NA (24,208,704) 163,138,128 ---------------- ---------------- ------------- ------------- --------------- ---------------- 23,086,222,704 45,791,819,742 NA NA NA NA 8,661,154 34,083,782 NA NA NA NA (23,220,957,952) (45,132,799,373) NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (126,074,094) 693,104,151 NA NA NA NA ---------------- ---------------- ------------- ------------- --------------- ---------------- (3,390,570,271) 16,011,410,358 10,107,160 64,586,461 (1,387,472,495) 3,406,543,494 ================ ================ ============= ============= =============== ================ $ 31,022 $ 31,020 $ 0 $ 0 $ (2) $ (1) ---------------- ---------------- ------------- ------------- --------------- ----------------
82 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND -------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- ------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ................................................. $ 388,515,904 $439,112,425 OPERATIONS Net investment income (loss) ......................................... 3,079,068 11,981,205 Net realized gain (loss) on investments .............................. 0 48,562 Net change in unrealized appreciation (depreciation) of investments .. 0 NA ------------- ------------ Net increase (decrease) in net assets resulting from operations ......... 3,079,068 12,029,767 ------------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A ........................................................... NA NA Class B ........................................................... NA NA Administrator Class ............................................... NA NA Institutional Class ............................................... (16,248) NA Investor Class .................................................... (3,062,820) (11,979,938) 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 ..................................... (3,079,068) (11,979,938) ------------- ------------ 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 - 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 ...................... 13,547,172 NA Reinvestment of distributions - Institutional Class .................. 15,784 NA Cost of shares redeemed - Institutional Class ........................ (5,122,172) NA ------------- ------------ Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ................................ 8,440,784 NA ------------- ------------ Proceeds from shares sold - Investor Class ........................... 140,246,273 228,470,905 Reinvestment of distributions - Investor Class ....................... 2,997,771 11,455,419 Cost of shares redeemed - Investor Class ............................. (157,961,730) (290,572,674) ------------- ------------ Net increase (decrease) in net assets resulting from capital share transactions - Investor Class ..................................... (14,717,686) (50,646,350) ------------- ------------ 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 ...................................... 0 NA ------------- ------------ Net increase (decrease) in net assets resulting from capital share transactions - Total ................................................. (6,276,902) (50,646,350) ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS ................................... (6,276,902) (50,596,521) ============= ============ ENDING NET ASSETS ....................................................... $ 382,239,002 $388,515,904 ============= ============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 83 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 5,158,034,269 $ 4,157,270,399 $ 6,774,952,740 $ 5,997,566,905 $ 6,337,429,815 $ 4,306,393,579 47,708,960 153,413,437 54,763,001 267,485,091 41,542,512 200,495,730 408,791 483,111 0 56,896 788,606 709,044 0 NA 0 NA 0 NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 48,117,751 153,896,548 54,763,001 267,541,987 42,331,118 201,204,774 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- (11,017,291) (37,389,379) (16,657,172) (111,958,053) (1,675,422) (9,837,716) NA NA NA NA NA NA (4,656,471) (17,613,845) (483,961) NA NA NA (18,428,203) (54,462,925) (27,981,553) (103,395,876) NA NA NA NA NA NA NA NA (13,606,996) (43,947,288) (9,640,316) (52,131,162) (39,867,092) (190,658,013) NA (4,844) NA 0 NA (31,431) NA (1,839) NA NA NA NA NA (8,601) NA 0 NA NA NA (5,086) NA 0 NA (619,567) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- (47,708,961) (153,433,807) (54,763,002) (267,485,091) (41,542,514) (201,146,727) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 1,066,072,940 2,248,059,928 9,087,994,129 18,539,662,245 360,226,409 522,588,845 10,400,719 36,317,398 4,714,834 32,480,113 1,628,872 9,712,529 (1,080,650,708) (1,886,820,303) (9,036,282,777) (18,827,798,808) (394,123,868) (490,511,994) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- (4,177,049) 397,557,023 56,426,186 (255,656,450) (32,268,587) 41,789,380 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- NA NA NA NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 270,752,703 422,715,460 197,683,331 NA NA NA 4,616,841 17,091,399 480,762 NA NA NA (252,075,768) (464,028,423) (128,530,968) NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 23,293,776 (24,221,564) 69,633,125 NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 5,909,257,619 13,543,873,677 15,035,969,683 27,627,181,791 NA NA 8,621,181 25,538,408 10,720,526 39,821,129 NA NA (5,015,587,223) (13,312,631,478) (14,733,931,151) (26,537,662,775) NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 902,291,577 256,780,607 312,759,058 1,129,340,145 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 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 1,537,105,573 3,191,429,110 7,892,065,964 20,584,561,708 20,730,678,848 20,643,640,581 2,604,894 9,642,327 830,176 5,369,508 5,461,648 12,200,485 (1,477,568,709) (2,830,886,374) (8,019,405,205) (20,686,285,972) (20,678,472,147) (18,666,652,257) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 62,141,758 370,185,063 (126,509,065) (96,354,756) 57,668,349 1,989,188,809 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 983,550,062 1,000,301,129 312,309,304 777,328,939 25,399,762 2,030,978,189 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 983,958,852 1,000,763,870 312,309,303 777,385,835 26,188,366 2,031,036,236 =============== ================ ================ ================ ================ ================ $ 6,141,993,121 $ 5,158,034,269 $ 7,087,262,043 $ 6,774,952,740 $ 6,363,618,181 $ 6,337,429,815 =============== ================ ================ ================ ================ ================
84 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND -------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- ------------- 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 - 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 .................................... 13,547,172 NA Shares issued in reinvestment of distributions - Institutional Class.. 15,784 NA Shares redeemed - Institutional Class ................................ (5,122,172) NA ------------- ------------- Net increase (decrease) in shares outstanding - Institutional Class .. 8,440,784 NA ------------- ------------- Shares sold - Investor Class ......................................... 140,246,272 228,470,806 Shares issued in reinvestment of distributions - Investor Class ...... 2,997,771 11,455,419 Shares redeemed - Investor Class ..................................... (157,961,730) (290,572,674) ------------- ------------- Net increase (decrease) in shares outstanding - Investor Class ....... (14,717,687) (50,646,449) ------------- ------------- 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 ................................................... (6,276,903) (50,646,449) ============= ============= Ending balance of undistributed net investment income (loss) $ 3 $ 3 ------------- -------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 85 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- 1,066,072,939 2,248,059,928 9,087,994,130 18,539,662,245 360,226,411 522,588,845 10,400,719 36,317,398 4,714,834 32,480,113 1,628,872 9,712,529 (1,080,650,708) (1,886,820,303) (9,036,282,777) (18,827,798,808) (394,123,868) (490,511,994) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- (4,177,050) 397,557,023 56,426,187 (255,656,450) (32,268,585) 41,789,380 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- NA NA NA NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 270,752,704 422,715,461 197,683,330 NA NA NA 4,616,841 17,091,399 480,762 NA NA NA (252,075,768) (464,028,423) (128,530,968) NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 23,293,777 (24,221,563) 69,633,124 NA NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 5,909,236,386 13,543,873,677 15,035,969,683 27,627,181,791 NA NA 8,621,181 25,538,408 10,720,526 39,821,129 NA NA (5,015,587,223) (13,312,631,478) (14,733,931,151) (26,537,662,775) NA NA --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 902,270,344 256,780,607 312,759,058 1,129,340,145 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 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 1,537,105,573 3,191,429,110 7,892,065,964 20,584,561,708 20,730,678,845 20,643,640,581 2,604,894 9,642,327 830,176 5,369,508 5,461,648 12,200,485 (1,477,568,709) (2,830,886,374) (8,019,405,205) (20,686,285,972) (20,678,472,147) (18,666,652,257) --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 62,141,758 370,185,063 (126,509,065) (96,354,756) 57,668,346 1,989,188,809 --------------- ---------------- ---------------- ---------------- ---------------- ---------------- 983,528,829 1,000,301,130 312,309,304 777,328,939 25,399,761 2,030,978,189 =============== ================ ================ ================ ================ ================ $ (1) $ 0 $ 643 $ 644 $ 196,540 $ 196,542 --------------- ---------------- ---------------- ---------------- ---------------- ----------------
86 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, 2008 to August 31, 2008 (Unaudited) .. $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 April 1, 2002 to March 31, 2003 ............... $1.00 0.01 0.00 (0.01) GOVERNMENT MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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 April 1, 2002 to March 31, 2003 ............... $1.00 0.01 0.00 (0.01) MINNESOTA MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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 April 1, 2002 to March 31, 2003 ............... $1.00 0.01 0.00 (0.01) MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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 0.00 0.00 0.00 April 1, 2002 to March 31, 2003 ............... $1.00 0.01 0.00 (0.01) Class B March 1, 2008 to August 31, 2008 (Unaudited) .. $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 April 1, 2002 to March 31, 2003 ............... $1.00 0.00 0.00 0.00
---------- (1) During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 3). (2) Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods of less than one year are not annualized. (3) Commencement of operations. (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 calculated is less than $0.005. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 87 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 1.27% 0.83% (0.18)% 0.65% 0.65% $ 3,771,699 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 0.72% 0.77% (0.12)% 0.65% 0.73% $ 2,357,684 0.00 $1.00 1.78% 0.63% 0.00% 0.63% 0.89% $ 1,361,946 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 0.97% 0.81% (0.06)% 0.75% 1.02% $ 245,642 0.00 $1.00 1.22% 0.85% (0.05)% 0.80% 0.63% $ 192,713 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 0.00 $1.00 0.72% 0.83% (0.03)% 0.80% 0.73% $ 127,193 0.00 $1.00 2.05% 0.80% (0.04)% 0.76% 1.04% $10,250,372 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 1.01% 0.97% (0.21)% 0.76% 1.01% $ 6,728,119 0.00 $1.00 1.29% 1.55% (0.04)% 1.51% 0.66% $ 1,474,019 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 0.32% 1.61% (0.15)% 1.46% 0.31% $ 1,882,817
88 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 --------- ------------- -------------- ------------- Investor Class March 1, 2008 to August 31, 2008 (Unaudited) .. $1.00 0.01 0.00 (0.01) 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, 2008 to August 31, 2008 (Unaudited) .. $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) 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) November 1, 2002 to October 31, 2003 .......... $1.00 0.01 0.00 (0.01) NATIONAL TAX-FREE MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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 TREASURY PLUS MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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, 2003(3) to March 31, 2004 ............ $1.00 0.00 0.00 0.00 100% TREASURY MONEY MARKET FUND Class A March 1, 2008 to August 31, 2008 (Unaudited) .. $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 April 1, 2002 to March 31, 2003 ............... $1.00 0.01 0.00 (0.01)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 89 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 2.16% 0.90% (0.25)% 0.65% 1.09% $ 903,138 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 1.59% 0.94% (0.30)% 0.64% 0.81% $ 373,798 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 0.94% 0.61% 0.00% 0.61% 0.92% $1,563,333 0.00 $1.00 1.41% 0.65% 0.00% 0.65% 0.72% $1,558,424 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 0.00 $1.00 1.36% 0.65% 0.00% 0.65% 0.68% $2,692,502 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 1.14% 0.82% (0.17)% 0.65% 0.58% $ 265,988 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 0.00 $1.00 0.94% 0.81% (0.16)% 0.65% 0.96% $ 209,285
90 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, 2008, was comprised of 98 separate series (each, a "Fund", collectively, the "Funds"). These financial statements present the California Tax-Free Money Market Fund, Government Money Market Fund, Minnesota Money Market Fund, Money Market Fund, Municipal Money Market Fund, National Tax-Free Money Market Fund, Treasury Plus Money Market Fund, and 100% Treasury Money Market Fund. Each Fund, except the California Tax-Free Money Market Fund and Minnesota Money Market Fund, is a diversified series of the Trust. The California Tax-Free Money Market Fund and Minnesota Money Market Fund are non-diversified series of the Trust. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 Fund(s) seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so. Investments which are not valued using the method discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best Wells Fargo Advantage Money Market Funds 91 Notes to Financial Statements information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of August 31, 2008 in valuing the Funds' investments in securities:
Total Fair Value Portfolio Level 1 Level 2 Level 3 as of 08/31/2008 --------- ------- --------------- ----------- ---------------- CALIFORNIA TAX-FREE MONEY MARKET FUND $0 $ 4,904,897,731 $ 0 $ 4,904,897,731 GOVERNMENT MONEY MARKET FUND 0 20,888,932,978 0 20,888,932,978 MINNESOTA MONEY MARKET FUND 0 30,067,431,538 0 30,067,431,538 MONEY MARKET FUND 0 12,573,634,157 67,200,000 12,640,834,157 MUNICIPAL MONEY MARKET FUND 0 368,224,822 0 368,224,822 NATIONAL TAX-FREE MONEY MARKET FUND 0 6,130,254,301 0 6,130,254,301 TREASURY PLUS MONEY MARKET FUND 0 7,094,922,448 0 7,094,922,448 100% TREASURY MONEY MARKET FUND 0 6,147,696,063 0 6,147,696,063
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Money Market Fund ------------ BALANCE AS OF 2/29/2008 $74,894,400 Accrued discounts (premiums) 0 Realized gain (loss) 0 Unrealized appreciation (depreciation) (7,694,400) Net purchases (sales) 0 Net transfer in (out) of Level 3 0 BALANCE AS OF 08/31/2008 $67,200,000
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. 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. 92 Wells Fargo Advantage Money Market Funds Notes to Financial Statements 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 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, 2008. 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, 2008, 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) are subject to examination by the Internal Revenue Service and state departments of revenue. At February 29, 2008, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were:
Expiration Capital Loss FUND Year Carryforwards ---- ---------- ------------- MINNESOTA MONEY MARKET FUND 2013 $11,598 2014 326 2015 1,728 MUNICIPAL MONEY MARKET FUND 2015 544 TREASURY PLUS MONEY MARKET FUND 2013 61,122
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, 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. Wells Fargo Advantage Money Market Funds 93 Notes to Financial Statements As of August 31, 2008, 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:
FUND Defaulted SIVs ($MV) % of Net Assets ---- -------------------- --------------- MONEY MARKET FUND 67,200,000 0.53%
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 $1billion 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 0.010 100% 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
94 Wells Fargo Advantage Money Market Funds Notes to Financial Statements ADMINISTRATION AND TRANSFER AGENT FEES The Trust has entered into an Administration Agreement with Funds Management. Under this Agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive the following annual fees:
Administration Fees Average Daily (% of Average Net Assets Daily Net Assets) ---------------- ------------------- FUND LEVEL First $5 billion 0.05 Next $5 billion 0.04 Over $10 billion 0.03 CLASS A All asset levels 0.22 CLASS B All asset levels 0.22 INVESTOR CLASS All asset levels 0.34
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%
For the six-month period ended August 31, 2008, shareholder servicing fees paid were as follows:
Administrator Institutional Investor Service Fund Class A Class B Class Class Class Class ---- ----------- ---------- ------------- ------------- ---------- ---------- CALIFORNIA TAX-FREE MONEY MARKET FUND $ 4,913,080 NA NA $ 0 NA $1,140,785 GOVERNMENT MONEY MARKET FUND 1,968,329 NA $733,182 0 NA 7,831,836 MINNESOTA MONEY MARKET FUND 261,021 NA NA NA NA NA MONEY MARKET FUND 13,930,750 $1,825,843 NA NA $1,152,112 NA MUNICIPAL MONEY MARKET FUND NA NA NA 0 481,125 NA NATIONAL TAX-FREE MONEY MARKET FUND 1,960,756 NA 264,471 0 NA 2,110,603 TREASURY PLUS MONEY MARKET FUND 3,088,065 NA 25,525 0 NA 1,618,094 100% TREASURY MONEY MARKET FUND 368,892 NA NA NA NA 7,717,878
Wells Fargo Advantage Money Market Funds 95 Notes to Financial Statements 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 at an annual rate of up to 0.75% of average daily net assets. For the six-month period ended August 31, 2008, distribution fees incurred are disclosed on the Statements of Operations. OTHER FEES PNC, Inc. ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual asset based fee and an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES Funds Management waived fees or reimbursed expenses proportionately from all classes, first from advisory fees, and then from any class specific expenses, if applicable. Funds Management has committed through June 30, 2009 to waive fees and/or reimburse expenses to the extent necessary to maintain certain net operating expense ratios for the Funds. These net operating expense ratios during the period were as follows:
Net Operating Expense Ratios ---------------------------------- Fund Class A Class B Investor 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. LEGAL AND REGULATORY MATTERS In 2004, the predecessor Strong Funds' prior investment adviser and affiliates (collectively, "Strong") entered into agreements with certain regulators, including the Securities and Exchange Commission and the New York Attorney General ("NYAG"), to settle market-timing investigations. In the settlements, Strong agreed to pay investor restoration and civil penalties. Although some portion of these payments is likely to be distributed to predecessor Strong Fund shareholders, no determination has yet been made as to the distribution of these amounts, and the successor funds are not expected to receive any portion of these payments. The NYAG settlement imposed fee reductions across the predecessor fund complex (excluding money market funds and very short-term income funds) totaling at least $35 million by May 2009. Funds Management has agreed to honor these fee reductions for the benefit of shareholders across the successor funds. Although civil litigation against Strong and certain predecessor Strong Funds relating to these matters is continuing, neither the current adviser nor the successor funds is a party to any such suit. 96 Wells Fargo Advantage Money Market Funds Notes to Financial Statements 5. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133." FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 6. SUBSEQUENT EVENT On October 3, 2008, the Board of Trustees of Wells Fargo Funds Trust (the "Board") unanimously approved the participation of the Wells Fargo Advantage Money Market Funds (the "Funds'") in the initial term of the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds (the "Program"). The Board also unanimously approved a change to each Fund's Amended and Restated Fee and Expense Agreement to exclude "extraordinary expenses" from the types of operating expenses that may not exceed the capped operating expense ratio of the Fund. The Program applies only to shareholders of record of each Fund as of September 19, 2008 who continuously maintain an account balance with the Fund since that date. 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 Program. Shares acquired by investors after September 19, 2008 are generally not eligible for protection under the Program. Participation in the initial three months of the Program (through December 18, 2008) requires a payment to the Treasury in the amount of either 0.01% or 0.015%, 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 Secretary of the Treasury may extend the Program beyond its initial three month term through the close of business on September 18, 2009. If the Program is extended, the Board will consider whether each Fund should continue to participate. Wells Fargo Advantage Money Market Funds 97 Other Information PROXY VOTING INFORMATION A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at WWW.SEC.GOV. PORTFOLIO HOLDINGS INFORMATION The complete portfolio holdings for each Fund, except money market funds, are publicly available on the Funds'Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or more delayed basis and for money market funds, on a monthly, seven-day delayed basis. In addition, top ten holdings information for each Fund is publicly available on the Funds'Web site on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. BOARD OF TRUSTEES The following table provides basic information about the Board of Trustees (the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information(1) of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 133 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the "Fund Complex"). All of the non-interested Trustees are also members of the Audit and Governance Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees. NON-INTERESTED TRUSTEES
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- --------------------------------------------------------------- -------------------- Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens University of None 66 Wake Forest University. Prior thereto, the Thomas Goho Chair of Finance of Wake Forest University, Calloway School of Business and Accountancy, from 2006-2007 and Associate Professor of Finance from 1999-2005. Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water Company None 65 Chairman, since 2005 and President of Crystal Geyser Roxane Water Company. (Lead Trustee since 2001) Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None 59 Investment Officer of Minneapolis Retirement Fund from 1996 to 2008. Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None 55 University of Pennsylvania. Director of the Boettner Center on Pensions and Retirement Research. Research associate and board member, Penn Aging Research Center. Research associate, National Bureau of Economic Research. Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative Foundation, None 56 a non-profit organization since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None 68
98 Wells Fargo Advantage Money Market Funds Other Information INTERESTED TRUSTEE(3)
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- --------------------------------------------------------------- -------------------- J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None 64 Chairman of Whitepoint Capital, LLC until 2004.
OFFICERS
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- --------------------------------------------------------------- -------------------- Karla M. Rabusch President, since Executive Vice President of Wells Fargo Bank, N.A. and None 49 2003 President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. C. David Messman Secretary, since Senior Vice President and Secretary of Wells Fargo Funds None 48 2000; Chief Legal Management, LLC since 2001. Vice President and Managing Senior Counsel, since 2003 Counsel of Wells Fargo Bank, N.A. since 1996. Stephen W. Leonhardt Treasurer, since Vice President and Manager of Fund Accounting, Reporting and None 49 2007 Tax for Wells Fargo Funds Management, LLC since 2007. Director of Fund Administration and SEC Reporting for TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB Fund Services, Inc. from 2004 to 2005. Controller for Sungard Transaction Networks from 2002 to 2004. Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, LLC None 44 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 and 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) As of August 31, 2008, one of the seven Trustees is considered an "interested person" of the Trusts as defined in the Investment Company Act of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC. Wells Fargo Advantage Money Market Funds 99 Other Information BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS: 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 Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), will annually review and consider the continuation of the investment advisory and sub-advisory agreements. In this regard, the Board reviewed and re-approved, during the six months covered by this report: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds Management") for 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 (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 28, 2008, the Board, including the Independent Trustees advised by their independent legal counsel, 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 28, 2008, 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 services for 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, and the appointment of a new Chief Compliance Officer for the Funds. 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. 100 Wells Fargo Advantage Money Market Funds Other Information FUND PERFORMANCE AND EXPENSES The Board considered the performance results for each of the Funds over various time periods ended December 31, 2007. The Board also considered these results in comparison to the median performance of a universe of relevant funds that was determined by Lipper Inc. ("Lipper") to be similar to the Funds (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 was provided with 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 its 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 and non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The Board also considered comparisons of these fees to the respective median fees of narrower groups of funds that were determined by Lipper to be the most similar to the Funds (the "Peer Group") and to other comparative data. The Board was provided with a description of the methodology used by Lipper to select the mutual funds in the Peer Group. The Board noted that the net operating expense ratios for each Fund were lower than, equal to, or not appreciably higher than, each Fund's Peer 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 Peer 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 Peer 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 Peer Group, and reasonable in relation to the services provided. The Board also considered and approved Funds Management's recommendation to reduce administration fees for a share class of certain Funds in coming to its conclusion. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were fair and equitable, based on its consideration of the factors described above. PROFITABILITY The Board received and considered a detailed profitability analysis of Funds Management based on the Advisory Agreement Rates and Net Advisory Rates, as well as an analysis of the profitability to other Wells Fargo businesses of providing services to the Funds. The Board also considered related information provided by Funds Management in a separate presentation on financial matters made at the February 2008 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 the Funds were not unreasonable. The Board did not consider separate profitability information with respect to Wells Capital Management, as its profitability from its relationships with the Funds was not a material factor in determining whether to renew the agreement. Wells Fargo Advantage Money Market Funds 101 Other Information ECONOMIES OF SCALE The Board received and considered general information regarding whether there have been economies of scale with respect to the management of the Funds, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Funds. The Board also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the February 2008 board meeting. 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 the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period. 102 Wells Fargo Advantage Money Market Funds List of Abbreviations The following is a list of common abbreviations for terms and entities which may have appeared in this report. ABAG -- Association of Bay Area Governments ADR -- American Depositary Receipt AMBAC -- American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax ARM -- Adjustable Rate Mortgages BART -- Bay Area Rapid Transit CDA -- Community Development Authority CDO -- Collateralized Debt Obligation CDSC -- Contingent Deferred Sales Charge CGIC -- Capital Guaranty Insurance Company CGY -- Capital Guaranty Corporation CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee COP -- Certificate of Participation CP -- Commercial Paper CTF -- Common Trust Fund DW&P -- Department of Water & Power DWR -- Department of Water Resources ECFA -- Educational & Cultural Facilities Authority EDFA -- Economic Development Finance Authority ETET -- Eagle Tax-Exempt Trust FFCB -- Federal Farm Credit Bank FGIC -- Financial Guaranty Insurance Corporation FHA -- Federal Housing Authority FHAG -- Federal Housing Agency FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association FSA -- Farm Service Agency GDR -- Global Depositary Receipt GNMA -- Government National Mortgage Association GO -- General Obligation HCFR -- Healthcare Facilities Revenue HEFA -- Health & Educational Facilities Authority HEFAR -- Higher Education Facilities Authority Revenue HFA -- Housing Finance Authority HFFA -- Health Facilities Financing Authority HUD -- Housing & Urban Development IDA -- Industrial Development Authority IDAG -- Industrial Development Agency IDR -- Industrial Development Revenue LIBOR -- London Interbank Offered Rate LLC -- Limited Liability Corporation LOC -- Letter of Credit LP -- Limited Partnership MBIA -- Municipal Bond Insurance Association MFHR -- Multi-Family Housing Revenue MTN -- Medium Term Note MUD -- Municipal Utility District PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue PFA -- Public Finance Authority PFFA -- Public Facilities Financing Authority plc -- Public Limited Company PSFG -- Public School Fund Guaranty R&D -- Research & Development RDA -- Redevelopment Authority RDFA -- Redevelopment Finance Authority REITS -- Real Estate Investment Trusts SFHR -- Single Family Housing Revenue SFMR -- Single Family Mortgage Revenue SLMA -- Student Loan Marketing Association TBA -- To Be Announced TRAN -- Tax Revenue Anticipation Notes USD -- Unified School District XLCA -- XL Capital Assurance (LOGO) Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY (WELLS FARGO ADVANTAGE FUNDS LOGO) More information about WELLS FARGO ADVANTAGE FUNDS is available free upon request. To obtain literature, please write, e-mail, visit the Funds' Web site, or call: WELLS FARGO ADVANTAGE FUNDS P.O. Box 8266 Boston, MA 02266-8266 E-mail: wfaf@wellsfargo.com Web site: www.wellsfargo.com/advantagefunds Individual Investors: 1-800-222-8222 Retail Investment Professionals: 1-888-877-9275 Institutional Investment Professionals: 1-866-765-0778 THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222 OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for WELLS FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (C) 2008 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 111849 10-08 SMMM/SAR128 08-08
(WELLS FARGO ADVANTAGE FUNDS LOGO) (LOGO) Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY (GRAPHIC) Semi-Annual Report August 31, 2008 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 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 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 ....................................... 37 Government Money Market Fund ............................................ 42 Heritage Market Fund .................................................... 46 Municipal Money Market Fund ............................................. 51 National Tax-Free Money Market Fund ..................................... 56 Prime Investment Money Market Fund ...................................... 75 Treasury Plus Money Market Fund ......................................... 79 100% Treasury Money Market Fund ......................................... 80 FINANCIAL STATEMENTS Statements of Assets and Liabilities .................................... 82 Statements of Operations ................................................ 86 Statements of Changes in Net Assets ..................................... 90 Financial Highlights .................................................... 100 NOTES TO FINANCIAL STATEMENTS ........................................... 106 OTHER INFORMATION ....................................................... 114 LIST OF ABBREVIATIONS ................................................... 119
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (GRAPHIC) WELLS FARGO ADVANTAGE FUNDS(R) 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 120 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. Integrity. Expertise. Solutions. GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished itself by safely delivering people and their valuables to distant destinations. To meet the needs of a vibrant, expanding nation, the company successfully forged partnerships with local specialists who knew the terrain. Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to put the same time and effort into selecting independent portfolio management teams who oversee our Funds. It's our way of maintaining this early commitment to integrity and expertise and to providing solutions that help you reach your destination. INDEPENDENT THINKING. With a primary focus on delivering long-term performance and risk management, our approach offers investors access to the strategic thinking of independent investment teams from 15 different management firms. While each of our teams concentrates on a specific strategy, collectively they provide in-depth knowledge and insight across distinct investment styles. TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular investment styles and for their consistent, repeatable processes. All remain independent and free to concentrate solely on managing money and producing results. Our strict adherence to this approach provides a consistent focus on long-term results and allows investors to tap into the expertise of leading institutional investment managers to create fully diversified portfolios. SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with strategic investment solutions that help navigate the complex and ever-changing investment landscape. Our diverse family of mutual funds includes more than 100 Funds that cover a broad spectrum of investment styles and asset classes, and each Fund has its own disciplined approach to investing. NOT PART OF THE SEMI-ANNUAL REPORT. WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $150 BILLION IN ASSETS UNDER MANAGEMENT, AS OF AUGUST 31, 2008. 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 Specialized Financial Services Fund Specialized Technology Fund Strategic Small Cap Value Fund U.S. Value Fund BOND FUNDS California Limited-Term Tax-Free Fund California Tax-Free Fund Colorado Tax-Free Fund Diversified Bond Fund Government Securities Fund(1) High Income Fund Income Plus Fund Inflation-Protected Bond Fund Intermediate Tax-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. 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 WORRIES ABOUT THE CREDIT MARKET DETERIORATION RESUMED IN THE SUMMER, AND INVESTORS AGAIN SOUGHT SAFETY BY MOVING THEIR ASSETS INTO GOVERNMENT DEBT AND AAA-RATED MONEY MARKET FUNDS. GIVEN RECENT MARKET CONDITIONS, WE BELIEVE THAT IT IS IMPORTANT TO STAY VIGILANT TOWARD REDUCING CREDIT RISK WHILE GENERATING COMPETITIVE LEVELS OF DAILY YIELD. 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, 2008. The economy continued to struggle under the heaviness of slower growth, high energy prices, a continuing correction in the housing market, and tighter lending practices that presented financial challenges to businesses, consumers, and government entities. THE LAST SIX MONTHS HAVE BEEN FAR MORE EVENTFUL THAN USUAL IN FIXED-INCOME MARKETS, BOTH FROM A VOLATILITY STANDPOINT AS WELL AS FROM AN ECONOMIC PERSPECTIVE. The credit crunch that began in the summer of 2007 resurfaced repeatedly throughout the first eight months of 2008. Yields on corporate bonds and structured products rose relative to comparable U.S. Treasuries as investors sought safety in an uncertain environment. This flight to quality deepened throughout the first quarter of 2008 before the markets enjoyed a temporary respite in April and May 2008. Worries about the credit market deterioration resumed in the summer, and investors again sought safety by moving their assets into government debt and AAA-rated money market funds. The credit crunch continued to spur a broad deleveraging of financial risk over the last six months. Early in the year, money market yields fluctuated dramatically in response to strong policy interventions by the Fed. Interest rates were cut by 125 basis points in January (100 basis points equals 1.00%), followed by subsequent cuts of 75 basis points in March and 25 basis points in April. As a result, money market yields declined sharply. These declines persisted until around the middle of the second quarter, when the interest rate environment stabilized. The Fed stopped cutting rates and paused at 2.00%, which provided a firmer yield environment for money market funds. MANAGING RISK IN THE SHORT-TERM CREDIT MARKETS The Wells Fargo Advantage Money Market Funds continued to provide competitive yields while maintaining liquidity. Given recent market conditions, we believe that it is important to stay vigilant toward reducing credit risk while generating competitive levels of daily yield. In our view, it is more important to thoroughly manage risk than to stretch for additional yield. Consequently, our team continues to focus on holding the highest-quality credits for our Funds while minimizing undue exposure to interest rate risk. We have recently favored a strategy of maintaining a lower weighted-average maturity to provide better liquidity management and to reduce risk in individual credits. We will likely continue with this strategy over the upcoming months and for as long as credit market conditions continue to be uncertain. We will pursue strategies that best uphold our primary objectives of providing competitive cash-equivalent yields while seeking to protect capital and to provide liquidity. Wells Fargo Advantage Money Market Funds 3 LETTER TO SHAREHOLDERS MANY VARIABLES ARE AT WORK IN THE MARKET. Inflation continues to be a potential risk, and the full effect of the struggling subprime mortgage market is still unknown. Fluctuating energy prices and ongoing geopolitical tension continues to put pressure on consumers and businesses alike. Experience tells us that strict adherence to time-tested strategies has its rewards. As a whole, Wells Fargo Advantage Funds represent investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (7%) Municipal Bonds (93%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (86%) 30-59 days (4%) 60-89 days (2%) 90-179 days (1%) 180-269 days (1%) 270 + days (6%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
CALIFORNIA TAX-FREE MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year ------------------------------------- --------- ------ ------ ------- Institutional Class (WCTXX) 0.86 2.27 2.06 2.03 Service Class (WFCXX) 0.75 2.17 2.04 2.02
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.28% 7-Day Compound Yield 1.29% 30-Day Simple Yield 1.26% 30-Day Compound Yield 1.26%
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 contractually committed through June 30, 2009, to waive fees and/or reimburse expenses to the extent necessary to maintain the net operating expense ratio shown. Without these reductions, the Fund's returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund's 7-day current yield would have been 1.29% and 1.00% for Institutional, and Service share Classes, respectively. Performance shown prior to the inception (November 8, 1999) of the Service Class 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. 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. 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. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Floating/Variable Rate Bonds/Notes (23%) Repurchase Agreements (18%) Time Deposits (13%) Commercial Paper (29%) Certificates of Deposit (14%) Municipal Bonds (2%) Corporate Bonds (1%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (62%) 15-29 days (11%) 30-59 days (13%) 60-89 days (9%) 90-179 days (3%) 270 + days (2%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
CASH INVESTMENT MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year --------------------------------- --------- ------ ------ ------- Administrator Class (WFAXX) 1.26 3.58 3.22 3.49 Institutional Class (WFIXX) 1.33 3.71 3.37 3.65 Select Class (WFQXX) 1.37 3.78 3.38 3.66 Service Class (NWIXX) 1.18 3.40 3.06 3.41
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Administrator Institutional Select Service ----------------------- ------------- ------------- ------ ------- 7-Day Current Yield 2.24% 2.37% 2.44% 2.07% 7-Day Compound Yield 2.26% 2.40% 2.47% 2.09% 30-Day Simple Yield 2.21% 2.34% 2.41% 2.04% 30-Day Compound Yield 2.23% 2.37% 2.44% 2.06%
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, 2009, 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 2.20%, 2.32%, 2.36%, and 2.03% for Administrator, Institutional, Select, and Service share Classes, respectively. Administrator Class shares incepted on July 31, 2003. Institutional Class shares incepted on November 8, 1999. Performance shown prior to the inception of the Institutional Class shares and the Administrator 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 Administrator Class shares and Institutional Class shares. Performance shown prior to the inception (June 29, 2007) of the Select Class 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. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) FFCB (8%) Repurchase Agreements (43%) FNMA (16%) FHLB (19%) FHLMC (14%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (52%) 15-29 days (16%) 30-59 days (14%) 60-89 days (8%) 90-179 days (9%) 180-269 days (1%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
GOVERNMENT MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year ---------------------------- --------- ------ ------ ------- Administrator Class (WGAXX) 1.04 3.15 3.10 3.35 Institutional Class (GVIXX) 1.12 3.31 3.25 3.43 Service Class (NWGXX) 0.96 3.00 2.94 3.27
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Administrator Institutional Service ----------------------- ------------- ------------- ------- 7-Day Current Yield 1.96% 2.11% 1.81% 7-Day Compound Yield 1.98% 2.13% 1.83% 30-Day Simple Yield 1.93% 2.08% 1.78% 30-Day Compound Yield 1.95% 2.10% 1.80%
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, 2009, 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 1.95%, 2.07%, 1.78% for Administrator, Institutional, and Service share Classes, respectively. Administrator Class shares incepted on July 31, 2003. Institutional Class shares incepted on July 28, 2003. Performance shown prior to the inception of the Administrator Class shares and the Institutional 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 Administrator Class shares and the Institutional Class shares. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Floating/Variable Rate Bonds/Notes (13%) Repurchase Agreements (6%) Commercial Paper (58%) Municipal Bonds (1%) Time Deposits (13%) Certificate of Deposit (9%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (57%) 15-29 days (16%) 30-59 days (17%) 60-89 days (6%) 90-179 days (3%) 180-269 days (1%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
HERITAGE MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year -------------------------- --------- ------ ------ ------- Administrator Class (SHMXX) 1.27 3.58 3.17 3.49 Institutional Class (SHIXX) 1.33 3.71 3.37 3.66 Select Class (WFJXX) 1.37 3.79 3.38 3.67
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Administrator Institutional Select ----------------------- ------------- ------------- ------ 7-Day Current Yield 2.28% 2.41% 2.48% 7-Day Compound Yield 2.31% 2.44% 2.51% 30-Day Simple Yield 2.27% 2.40% 2.47% 30-Day Compound Yield 2.30% 2.43% 2.50%
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, 2009, 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 2.24%, 2.36%, and 2.40% for Administrator, Institutional, and Select share Classes, respectively. Institutional Class shares incepted on March 31, 2000. Performance shown prior to the inception date of the Institutional Class 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. Select Class shares incepted on June 29, 2007. Performance shown prior to the inception of the Select Class 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. 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 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (2%) Municipal Bonds (98%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (95%) 60-89 days (2%) 90-179 days (1%) 270+ days (2%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
MUNICIPAL MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year --------------------------- --------- ------ ------ --------- Institutional Class (WFMXX) 1.00 2.38 2.10 2.40
* Returns for periods of less than one year are not annualized. FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) 7-Day Current Yield 1.90% 7-Day Compound Yield 1.92% 30-Day Simple Yield 1.85% 30-Day Compound Yield 1.86%
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) The investment adviser has committed through June 30, 2009, 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 1.64%. Performance shown prior to the inception of the Institutional Class (March 31, 2008) reflects the performance of the Investor Class shares and includes expenses that are not applicable to and higher than those of the Institutional Class shares. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Commercial Paper (7%) Municipal Bonds (93%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (86%) 15-29 days (1%) 30-59 days (3%) 60-89 days (2%) 90-179 days (4%) 270 + days (4%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
NATIONAL TAX-FREE MONEY MARKET FUND 6 Months* 1 Year 5 Year 10 Year ----------------------------------- --------- ------ ------ ------- Administrator Class (WNTXX) 0.90 2.42 2.20 2.29 Institutional Class (WFNXX) 0.95 2.52 2.35 2.43 Service Class (MMIXX) 0.82 2.26 2.10 2.24
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Administrator Institutional Service ----------------------- ------------- ------------- -------- 7-Day Current Yield 1.57% 1.67% 1.42% 7-Day Compound Yield 1.59% 1.69% 1.43% 30-Day Simple Yield 1.55% 1.65% 1.40% 30-Day Compound Yield 1.56% 1.66% 1.41%
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, 2009, 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 1.50%, 1.62%, and 1.33% for Administrator, Institutional, and Service share Classes, respectively. Performance shown prior to the inception (April 11, 2005) of the Administrator 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 Administrator Class shares. Performance shown prior to the inception (November 8, 1999) of the Institutional 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 Institutional Class shares. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Municipal Bonds (1%) Short Term Corporate Bonds (1%) Certificates of Deposit (10%) Floating/Variable Rate Bonds/Notes (20%) Commercial Paper (44%) Time Deposits (13%) Repurchase Agreements (11%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (60%) 15-29 days (13%) 30-59 days (13%) 60-89 days (7%) 90-179 days (5%) 180-269 days (1%) 270+ days (1%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
PRIME INVESTMENT MONEY MARKET FUND 6 Months* 1 Year 5 Year Life of Fund ---------------------------------- --------- ------ ------ ------------ Institutional Class (PIIXX) 1.29 3.61 3.33 3.48 Service Class (NWRXX) 1.12 3.26 2.98 3.30
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Institutional Service ----------------------- ------------- ------- 7-Day Current Yield 2.40% 2.05% 7-Day Compound Yield 2.43% 2.07% 30-Day Simple Yield 2.38% 2.03% 30-Day Compound Yield 2.40% 2.05%
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, 2009, 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 2.34% and 2.05% for Institutional and Service share Classes, respectively. Performance shown prior to the inception (July 28, 2003) of the Institutional 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 Institutional Class shares. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) Repurchase Agreements (95%) U.S. Treasury Bills (5%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (95%) 90-179 days (5%)
---------- (1) Portfolio composition and maturity distribution are subject to change. 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, 2008)
TREASURY PLUS MONEY MARKET FUND 6-Months* 1-Year 5-Year 10-Year ------------------------------- --------- ------ ------ ------- Administrator Class (WTPXX) 0.83 2.66 2.92 3.23 Institutional Class (PISXX) 0.91 2.82 3.07 3.39 Service Class (PRVXX) 0.75 2.51 2.76 3.12
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) Institutional Service ----------------------- ------------- ------- 7-Day Current Yield 1.83% 1.53% 7-Day Compound Yield 1.85% 1.54% 30-Day Simple Yield 1.82% 1.52% 30-Day Compound Yield 1.84% 1.53%
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, 2009, 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 1.66%, 1.78% and 1.49% for Administrator, Institutional Admin and Service share Classes, respectively. Performance shown prior to the inception of the Administrator Class (March 31, 2008) reflects the performance of the Institutional Class shares and includes expenses that are not applicable to and are lower than those of the Administrator Class shares. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) (PIE CHART) U.S. Treasury Bills (100%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) (PIE CHART) 2-14 days (17%) 15-29 days (17%) 30-59 days (25%) 60-89 days (27%) 90-179 days (12%) 180-269 days (2%)
---------- (1) Portfolio composition and maturity distribution are subject to change. Wells Fargo Advantage Money Market Funds 21 Performance Highlights WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND - SERVICE CLASS (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008)
100% TREASURY MONEY MARKET FUND 6-Months* 1-Year 5-Year 10-Year ------------------------------- --------- ------ ------ ------- Service Class (NWTXX) 0.66 2.34 2.61 2.98
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.33% 7-Day Compound Yield 1.34% 30-Day Simple Yield 1.33% 30-Day Compound Yield 1.33%
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, 2009, 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 1.11%. 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, 2008 to August 31, 2008. ACTUAL EXPENSES The "Actual" line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Actual" line under the heading entitled "Expenses Paid During Period" for your applicable class of shares to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The "Hypothetical" line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the "Hypothetical" line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expenses Account Value Account Value Paid During Net Annual WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET FUND 03-01-2008 08-31-2008 Period(1) Expense Ratio ----------------------------------------------------------- ------------- ------------- ----------- ------------- INSTITUTIONAL CLASS Actual $1,000.00 $1,006.80 $0.84 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,020.07 $0.84 0.20% SERVICE CLASS Actual $1,000.00 $1,007.50 $2.27 0.45% Hypothetical (5% return before expenses) $1,000.00 $1,022.87 $2.29 0.45% WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND ADMINISTRATOR CLASS Actual $1,000.00 $1,012.60 $1.67 0.33% Hypothetical (5% return before expenses) $1,000.00 $1,023.48 $1.68 0.33% INSTITUTIONAL CLASS Actual $1,000.00 $1,013.30 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SELECT CLASS Actual $1,000.00 $1,013.70 $0.66 0.13% Hypothetical (5% return before expenses) $1,000.00 $1,024.48 $0.66 0.13% SERVICE CLASS Actual $1,000.00 $1,011.80 $2.53 0.50% Hypothetical (5% return before expenses) $1,000.00 $1,022.62 $2.54 0.50%
Wells Fargo Advantage Money Market Funds 23 Fund Expenses
Beginning Ending Expenses Account Value Account Value Paid During Net Annual WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND 03-01-2008 08-31-2008 Period(1) Expense Ratio ----------------------------------------------------------- ------------- ------------- ----------- ------------- ADMINISTRATOR CLASS Actual $1,000.00 $1,010.40 $1.77 0.35% Hypothetical (5% return before expenses) $1,000.00 $1,023.38 $1.78 0.35% INSTITUTIONAL CLASS Actual $1,000.00 $1,011.20 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SERVICE CLASS Actual $1,000.00 $1,009.60 $2.53 0.50% Hypothetical (5% return before expenses) $1,000.00 $1,022.62 $2.54 0.50% WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND ADMINISTRATOR CLASS Actual $1,000.00 $1,012.70 $1.67 0.33% Hypothetical (5% return before expenses) $1,000.00 $1,023.48 $1.68 0.33% INSTITUTIONAL CLASS Actual $1,000.00 $1,013.30 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SELECT CLASS Actual $1,000.00 $1,013.70 $0.66 0.13% Hypothetical (5% return before expenses) $1,000.00 $1,024.48 $0.66 0.13% WELLS FARGO ADVANTAGE MUNICIPAL MONEY MARKET FUND INSTITUTIONAL CLASS Actual $1,000.00 $1,008.00 $0.84 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,020.07 $0.84 0.20% WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND Administrator Class Actual $1,000.00 $1,009.00 $1.51 0.30% Hypothetical (5% return before expenses) $1,000.00 $1,023.63 $1.53 0.30% INSTITUTIONAL CLASS Actual $1,000.00 $1,009.50 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SERVICE CLASS Actual $1,000.00 $1,008.20 $2.27 0.45% Hypothetical (5% return before expenses) $1,000.00 $1,022.87 $2.29 0.45% WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND Institutional Class Actual $1,000.00 $1,012.90 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SERVICE CLASS Actual $1,000.00 $1,011.20 $2.78 0.55% Hypothetical (5% return before expenses) $1,000.00 $1,022.37 $2.80 0.55%
24 Wells Fargo Advantage Money Market Funds Fund Expenses
Beginning Ending Expenses Account Value Account Value Paid During Net Annual WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND 03-01-2008 08-31-2008 Period(1) Expense Ratio ----------------------------------------------------------- ------------- ------------- ----------- ------------- ADMINISTRATOR CLASS Actual $1,000.00 $1,007.00 $1.47 0.35% Hypothetical (5% return before expenses) $1,000.00 $1,019.44 $1.48 0.35% INSTITUTIONAL CLASS Actual $1,000.00 $1,009.10 $1.01 0.20% Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02 0.20% SERVICE CLASS Actual $1,000.00 $1,007.50 $2.54 0.50% Hypothetical (5% return before expenses) $1,000.00 $1,022.62 $2.54 0.50% WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND SERVICE CLASS Actual $1,000.00 $1,006.60 $2.52 0.50% Hypothetical (5% return before expenses) $1,000.00 $1,022.62 $2.54 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, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MUNICIPAL BONDS & NOTES: 92.81% CALIFORNIA: 90.40% $ 2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA BRANSON SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67% 07/01/2038 $ 2,000,000 5,375,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA COLMA BART APARTMENTS SERIES A (HOUSING REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.95 11/15/2035 5,375,000 45,950,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA CROSSING APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 12/15/2037 45,950,000 3,800,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA JEWISH HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.10 11/15/2035 3,800,000 2,280,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA LA JOLLA COUNTY DAY SCHOOL SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 09/01/2036 2,280,000 13,700,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MENLO SCHOOL (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 09/01/2033 13,700,000 11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR FINE ARTS BUILDING PROJECTS A (HOUSING REVENUE LOC) ss +/- 1.80 07/15/2035 11,200,000 6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR GAIA BUILDING PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.80 09/15/2032 6,965,000 8,970,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA MFHR GENEVA POINTE APARTMENTS A (HOUSING REVENUE LOC) ss +/- 1.97 03/15/2037 8,970,000 18,475,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CALIFORNIA OSHMAN FAMILY JEWISH COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 2.20 06/01/2037 18,475,000 7,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-34 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.24 02/01/2011 7,000,000 22,800,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-11 (COLLEGE AND UNIVERSITY REVENUE, MBIA INSURED) ss +/- 3.34 11/01/2013 22,800,000 8,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-40 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.91 08/01/2013 8,500,000 12,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-41 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 4.00 06/01/2014 12,500,000 7,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-73 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 2.24 08/01/2014 7,000,000 15,700,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2007-05 (LEASE REVENUE, MBIA INSURED) ss +/- 3.34 11/01/2027 15,700,000 3,075,000 ALAMEDA CA CORRIDOR TRANSPORTATION AUTHORITY SERIES 1514 (TRANSPORTATION REVENUE, MBIA INSURED) ss +/- 2.31 10/01/2032 3,075,000 2,200,000 ALAMEDA COUNTY CA IDA BEMA ELECTRONIC MANUFACTURING PROJECT SERIES A (IDR, COMERICA BANK NA LOC) ss +/- 1.99 04/01/2034 2,200,000 2,105,000 ALAMEDA COUNTY CA IDA P.J.'S LUMBER INCORPORATED PROJECT (IDR, COMERICA BANK LOC) ss +/- 1.99 12/01/2033 2,105,000 5,510,000 ANAHEIM CA CITY SCHOOL DISTRICT RR II R-10018Z (OTHER REVENUE, MBIA INSURED) ss +/- 1.86 08/01/2031 5,510,000 12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS (MFHR, FHLMC INSURED) ss +/- 1.97 07/01/2033 12,600,000 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS PROJECT SERIES C (MFHR LOC, FNMA INSURED) ss +/- 1.97 07/15/2033 6,000,000 8,160,000 ANAHEIM CA PFA LEASE REVENUE (OTHER REVENUE LOC, FSA INSURED) ss +/- 2.72 09/01/2024 8,160,000 10,885,000 ANAHEIM CA PFA ROC II R 12204 (OTHER REVENUE, MBIA INSURED) ss +/- 2.00 10/01/2034 10,885,000 2,485,000 ANAHEIM CA RDA TAX ALLOCATION SERIES 2534 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.34 02/01/2016 2,485,000 11,665,000 ARCADIA CA USD SERIES 2679 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 08/01/2013 11,665,000 12,500,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.86 09/01/2035 12,500,000 26,400,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT SERIES A (IDR LOC) ss +/- 1.83 12/01/2028 26,400,000 13,325,000 CALIFORNIA ADVENTIST HEALTH SYSTEMS SERIES A (HFFA REVENUE, WACHOVIA BANK NA LOC) ss +/- 2.15 09/01/2025 13,325,000 16,950,000 CALIFORNIA ADVENTIST HEALTH SYSTEMS SERIES B (HFFA REVENUE, WACHOVIA BANK NA LOC) ss +/- 2.15 09/01/2025 16,950,000 25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING AUTHORITY GE CAPITAL CORPORATION SERIES A (ELECTRIC REVENUE) ss +/- 1.85 10/01/2020 25,040,000 48,900,000 CALIFORNIA COMMUNITIES NOTE PROGRAM TRAN SERIES A3 (OTHER REVENUE) 3.00 06/30/2009 49,439,423 41,750,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CALIFORNIA INSTITUTE OF TECHNOLOGY SERIES B (COLLEGE & UNIVERSITY REVENUE, GO OF INSTITUTION) ss +/- 1.60 10/01/2036 41,750,000 9,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY CHARLES R DREW UNIVERSITY (OTHER REVENUE) ss +/- 1.70 11/01/2042 9,500,000
26 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (CONTINUED) $ 5,300,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY PITZER COLLEGE SERIES B (COLLEGE & UNIVERSITY REVENUE, BANK OF NEW YORK LOC) ss +/- 1.55% 04/01/2045 $ 5,300,000 600,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY REVENUE ART CENTER DESIGN COLLEGE SERIES A (EDUCATIONAL FACILITIES REVENUE LOC, ALLIED IRISH BANK PLC LOC) ss +/- 1.75 12/01/2032 600,000 30,000,000 CALIFORNIA HEALTH FACILITIES FINANCING STANFORD HOSPITAL A2 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.55 11/15/2040 30,000,000 1,855,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.65 02/01/2016 1,855,000 35,115,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.65 02/01/2035 35,115,000 5,500,000 CALIFORNIA HFA HOME MORTGAGE SERIES B (HOUSING REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.65 08/01/2035 5,500,000 12,465,000 CALIFORNIA HFA HOME MORTGAGE SERIES F (OTHER REVENUE, LLOYDS BANK LOC) ss +/- 1.77 02/01/2037 12,465,000 6,000,000 CALIFORNIA HFA MULTIFAMILY HOUSING REVENUE SERIES B (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 2.45 08/01/2040 6,000,000 75,755,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES F (HOUSING REVENUE) ss +/- 1.77 02/01/2038 75,755,000 3,615,000 CALIFORNIA HFA REVENUE HOME MORTGAGE SERIES M (HOUSING REVENUE LOC) ss +/- 2.25 02/01/2025 3,615,000 8,535,000 CALIFORNIA HFA REVENUE HOUSING PROGRAM SERIES A (HOUSING REVENUE LOC) ss +/- 1.77 08/01/2036 8,535,000 8,250,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK CALIFORNIA ACADEMY SERIES B (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.05 09/01/2038 8,250,000 2,625,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK CALIFORNIA ACADEMY SERIES E (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 2.05 09/01/2038 2,625,000 1,665,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK IDR FISH HOUSE FOODS INCORPORATED PROJECT (ECONOMIC DEVELOPMENT REVENUE, COMERICA BANK NA LOC) ss +/- 1.95 09/01/2024 1,665,000 6,300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK LOS ANGELES COUNTY MUSEUM SERIES B (RECREATIONAL FACILITIES REVENUE, BANK OF NEW YORK LOC) ss +/- 2.10 09/01/2037 6,300,000 4,060,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ORANGE COUNTY PERFORMING SERIES C (RECREATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.70 07/01/2034 4,060,000 5,100,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK RAND CORPORATION SERIES A (ECONOMIC DEVELOPMENT REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.70 04/01/2042 5,100,000 8,495,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II R 8089 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.69 07/01/2036 8,495,000 9,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ROCS RR II R-11527 (TOLL ROAD REVENUE, AMBAC INSURED) ss +/- 1.68 07/01/2030 9,000,000 6,225,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SAGE HILL SCHOOL PROJECT (OTHER REVENUE, AIB GROUP) ss +/- 1.70 06/01/2038 6,225,000 5,135,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A1 (OTHER REVENUE) ss +/- 1.70 10/01/2047 5,135,000 8,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A2 (OTHER REVENUE) ss +/- 1.70 04/01/2009 8,500,000 6,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A3 (OTHER REVENUE) ss +/- 1.70 04/01/2009 6,000,000 6,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SERIES A4 (OTHER REVENUE) ss +/- 1.70 10/01/2047 6,000,000 3,000,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK SOUTHERN CA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.30 10/01/2025 3,000,000 2,975,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK ST. MARGARETS EPISCOPAL SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 01/01/2038 2,975,000 25,900,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY ALLIED WASTE NORTH AMERICA SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.95 07/01/2024 25,900,000 15,350,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY WASTE MANAGEMENT INCORPORATED PROJECT SERIES A (SOLID WASTE REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.95 02/01/2019 15,350,000 10,000,000 CALIFORNIA PCFA ENVIRONMENTAL IMPROVEMENT REVENUE (IDR LOC) ss +/- 1.70 09/01/2017 10,000,000 4,700,000 CALIFORNIA PCFA EXXON PROJECT (IDR) ss +/- 2.10 12/01/2012 4,700,000 2,000,000 CALIFORNIA PCFA WADHAM ENERGY (PCR LOC) ss +/- 1.80 11/01/2017 2,000,000 6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.80 11/01/2017 6,275,000 48,725,000 CALIFORNIA SCHOOL CASH RESERVE PROGRAM COP SERIES A (OTHER REVENUE, US BANK NA LOC) 3.00 07/06/2009 49,271,190 10,245,000 CALIFORNIA SCRIPPS HEALTH SERIES G (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.54 10/01/2019 10,245,000
Wells Fargo Advantage Money Market Funds 27 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 44,590,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.54% 07/01/2035 $ 44,590,000 61,100,000 CALIFORNIA SERIES J (HFFA REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.54 07/01/2033 61,100,000 10,550,000 CALIFORNIA STATE (PROPERTY TAX REVENUE LOC) ss +/- 1.60 05/01/2034 10,550,000 8,860,000 CALIFORNIA STATE (PROPERTY TAX REVENUE, CITIBANK NA LOC) ss +/- 1.83 08/01/2021 8,860,000 3,000,000 CALIFORNIA STATE CDA MFHR BAY VISTA MEADOW PARK NN1 (HOUSING REVENUE, FNMA) ss +/- 1.97 12/15/2037 3,000,000 10,100,000 CALIFORNIA STATE DAILY KINDERGARTEN UNIVERSITY A-2 (OTHER REVENUE LOC) ss +/- 2.10 05/01/2034 10,100,000 5,990,000 CALIFORNIA STATE DAILY KINDERGARTEN UNIVERSITY SERIES A3 (PROPERTY TAX REVENUE, CITIBANK NA LOC) ss +/- 2.35 05/01/2034 5,990,000 51,445,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B1 (POWER REVENUE) ss +/- 2.10 05/01/2022 51,445,000 48,410,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B2 (POWER REVENUE, BNP PARIBAS LOC) ss +/- 2.40 05/01/2022 48,410,000 9,550,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B3 (POWER REVENUE LOC) ss +/- 2.10 05/01/2022 9,550,000 4,500,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER & WASTEWATER AUTHORITY REVENUE) ss +/- 2.25 05/01/2022 4,500,000 45,530,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1 (POWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.58 05/01/2022 45,530,000 8,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C4 (POWER REVENUE, JPMORGAN LOC) ss +/- 1.83 05/01/2022 8,000,000 41,690,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE LOC, FSA INSURED) ss +/- 1.90 05/01/2022 41,690,000 19,325,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C9 (ELECTRIC REVENUE LOC) ss +/- 1.58 05/01/2022 19,325,000 14,995,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES 309 (ELECTRIC REVENUE, AMBAC INSURED) ss +/- 1.94 05/01/2018 14,995,000 11,925,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C-13 (UTILITIES REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.93 05/01/2022 11,925,000 21,725,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE, KBC BANK NV LOC) ss +/- 1.90 05/01/2022 21,725,000 1,550,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C16 (POWER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.58 05/01/2022 1,550,000 40,715,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES J2 (ELECTRIC REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.35 05/01/2018 40,715,000 22,940,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES F1 (WATER REVENUE, LLOYDS BANK LOC) ss +/- 2.25 05/01/2019 22,940,000 3,500,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G1 (WATER REVENUE) ss +/- 1.53 05/01/2011 3,500,000 147,220,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.77 05/01/2017 147,220,000 2,000,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G7 (WATER REVENUE) ss +/- 1.83 05/01/2017 2,000,000 4,495,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE, JP MORGAN CHASE BANK LOC) ss +/- 1.82 06/01/2016 4,495,000 6,000,000 CALIFORNIA STATE DWR SERIES D194 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.05 12/01/2025 6,000,000 9,495,000 CALIFORNIA STATE DWR SUPPLY PUTTERS SERIES 3035 (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09 05/01/2016 9,495,000 9,560,000 CALIFORNIA STATE MELOTS SERIES D169 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.20 12/01/2028 9,560,000 15,705,000 CALIFORNIA STATE PUBLIC WORKS BOARD CERTIFICATES SERIES D (LEASE REVENUE, AMBAC INSURED) ss +/- 4.00 12/01/2019 15,705,000 6,230,000 CALIFORNIA STATE ROCS RR II R- 11409 (OTHER REVENUE, CITIBANK NA LOC) ss +/- 1.83 08/01/2030 6,230,000 2,975,000 CALIFORNIA STATE SERIES 1435 (COLLEGE & UNIVERSITY REVENUE, MBIA INSURED) ss +/- 1.94 11/01/2013 2,975,000 3,955,000 CALIFORNIA STATE SERIES 2571 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.34 06/01/2015 3,955,000 22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC INSURED) ss +/- 2.09 04/01/2010 22,315,000 6,100,000 CALIFORNIA STATE SERIES A SUBSERIES A1 (OTHER REVENUE, FORTIS BANQUE LOC) ss +/- 1.68 05/01/2040 6,100,000 8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER REVENUE) ss +/- 1.68 05/01/2040 8,560,000 50,340,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.50 05/01/2040 50,340,000 9,760,000 CALIFORNIA STATE SERIES B1 (GO SCHOOL DISTRICTS, BANQUE NATIONALE PARIS LOC) ss +/- 1.50 05/01/2033 9,760,000 22,600,000 CALIFORNIA STATE SERIES B4 (GENERAL OBLIGATION - STATES, TERRITORIES, BANQUE NATIONALE PARIS LOC) ss +/- 1.50 05/01/2033 22,600,000 4,600,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC A6 (PROPERTY TAX REVENUE LOC) ss +/- 1.40 05/01/2034 4,600,000 3,800,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B4 (PROPERTY TAX REVENUE LOC) ss +/- 1.40 05/01/2034 3,800,000 31,650,000 CALIFORNIA STATE WEEKLY KINDERGARTEN UNIVERSITY PUBLIC B5 (PROPERTY TAX REVENUE LOC) ss +/- 1.48 05/01/2034 31,650,000 5,900,000 CALIFORNIA STATEWIDE CDA 1030 POST STREET APARTMENTS SERIES Y (MFHR, FHLMC INSURED) ss +/- 1.97 02/01/2039 5,900,000 2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C (MFHR, FNMA INSURED) ss +/- 2.10 07/01/2027 2,155,000
28 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL SERIES H (MFHR) ss +/- 1.97% 07/01/2027 $ 6,270,000 1,280,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS INCORPORATED (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 05/01/2035 1,280,000 12,990,000 CALIFORNIA STATEWIDE CDA AZUSA PACIFIC UNIVERSITY PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.70 04/01/2039 12,990,000 4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT APARTMENTS SERIES L (MFHR, FHLMC INSURED) ss +/- 1.90 09/01/2040 4,000,000 14,900,000 CALIFORNIA STATEWIDE CDA DUBLIN RANCH SENIOR APARTMENTS (MFHR, BANK OF AMERICA NA LOC) ss +/- 1.81 12/15/2037 14,900,000 1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS SERIES TT (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 12/15/2034 1,925,000 6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS SERIES C (MFHR, FHLMC INSURED) ss +/- 1.97 01/01/2038 6,000,000 8,500,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO SERIES F (HOUSING REVENUE, CITIBANK NA LOC) ss +/- 1.81 07/01/2038 8,500,000 11,337,000 CALIFORNIA STATEWIDE CDA IVY HILL APARTMENTS PROJECT SERIES I (MFHR, FNMA INSURED) ss +/- 1.97 02/01/2033 11,337,000 5,580,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS SERIES JJ (MFHR, US BANK NA LOC) ss +/- 2.50 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 +/- 1.55 12/01/2036 18,110,000 6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE SERIES A (MFHR, FNMA INSURED) ss +/- 1.73 02/15/2036 6,500,000 10,000,000 CALIFORNIA STATEWIDE CDA MFHR BELMONT PROJECT SERIES F (MFHR LOC) ss +/- 1.97 06/15/2038 10,000,000 10,900,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY APARTMENTS SERIES M (MFHR LOC, FHLMC INSURED) ss +/- 1.97 12/01/2034 10,900,000 2,900,000 CALIFORNIA STATEWIDE CDA MFHR GLEN HAVEN APARTMENTS SERIES AA (HOUSING REVENUE LOC) ss +/- 2.02 12/01/2011 2,900,000 3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS APARTMENTS SERIES R (MFHR LOC, FNMA INSURED) ss +/- 1.97 10/15/2030 3,985,000 3,200,000 CALIFORNIA STATEWIDE CDA MFHR SERIES AA (HOUSING REVENUE LOC) ss +/- 1.97 04/15/2035 3,200,000 3,800,000 CALIFORNIA STATEWIDE CDA NATIONAL CENTER INTERNATIONAL SCHOOLS A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.48 05/01/2026 3,800,000 14,340,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING SERIES Y (MFHR, FNMA INSURED) ss +/- 1.97 08/01/2031 14,340,000 8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK APARTMENTS SERIES Y (MFHR, FNMA INSURED) ss +/- 1.97 10/15/2030 8,640,000 11,200,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS SERIES M (MFHR, FNMA INSURED) ss +/- 1.97 08/15/2034 11,200,000 12,525,000 CALIFORNIA STATEWIDE CDA RADY CHILDRENS HOSPITAL SERIES C (HOSPITAL REVENUE, WACHOVIA BANK LOC) ss +/- 1.60 08/15/2036 12,525,000 29,975,000 CALIFORNIA STATEWIDE CDA REVENUE ss +/- 1.83 07/01/2044 29,975,000 5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR APARTMENTS SERIES B (MFHR, FNMA INSURED) ss +/- 1.97 05/15/2037 5,265,000 15,500,000 CALIFORNIA STATEWIDE CDA SERIES 2680 (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.94 05/15/2016 15,500,000 5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE PROJECT SERIES A (MFHR, FNMA INSURED) ss +/- 1.97 05/01/2027 5,665,000 4,025,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM SERIES A (HEALTHCARE FACILITIES REVENUE, CITIBANK NA LOC) ss +/- 1.56 08/01/2035 4,025,000 2,000,000 CALIFORNIA STATEWIDE CDA TOURO UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.75 09/01/2029 2,000,000 10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN DIEGO (COLLEGE & UNIVERSITY REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.70 10/01/2045 10,000,000 4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR PROJECT MM (MFHR, EAST WEST BANK LOC) ss +/- 1.81 11/01/2035 4,000,000 3,620,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA SERIES CCC (MFHR, FNMA INSURED) ss +/- 1.97 11/15/2039 3,620,000 4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH APARTMENTS SERIES D (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 11/15/2035 4,375,000 16,550,000 CALIFORNIA STATEWIDE CDA WESTERN UNIVERSITY HEALTH SERIES A (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.48 06/01/2039 16,550,000 1,160,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY CENTER FOR EARLY EDUCATION (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 09/01/2031 1,160,000 17,065,000 CAMARILLO CA MFHR HACIENDA DE CAMARILLO PROJECT (MFHR LOC, FNMA INSURED) ss +/- 1.97 10/15/2026 17,065,000 1,900,000 CASTACIC CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 3.00 09/01/2026 1,900,000 5,460,000 CHICO CA USD SERIES D146 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.20 08/01/2026 5,460,000 7,930,000 CHINO BASIN CA REGIONAL FINANCING AUTHORITY INLAND EMPIRE UTILITY SERIES B (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.54 06/01/2032 7,930,000
Wells Fargo Advantage Money Market Funds 29 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 2,100,000 CONCORD CA MFHR (OTHER REVENUE LOC) ss +/- 1.95% 12/01/2016 $ 2,100,000 14,500,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS SERIES B (MFHR, FHLMC INSURED) ss +/- 1.97 07/01/2036 14,500,000 2,000,000 CONTRA COSTA COUNTY CA MFHR (HOUSING REVENUE LOC) ss +/- 1.75 10/15/2033 2,000,000 2,000,000 CONTRA COSTA COUNTY CA MFHR SERIES B REMARKETED 09/28/94 (MFHR LOC, FNMA INSURED) ss +/- 1.75 11/15/2022 2,000,000 11,000,000 CORONA CA HOUSEHOLD BANK PROJECT B ss +/- 1.66 02/01/2023 11,000,000 7,500,000 CORONADO CA CDA ROCS RR II 451 (TAX INCREMENTAL REVENUE, AMBAC INSURED) ss +/- 2.69 09/01/2035 7,500,000 10,000,000 DESERT CA COMMUNITY COLLEGE DISTRICT CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.89 08/01/2037 10,000,000 4,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-457 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.95 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 +/- 1.87 08/01/2042 14,406,000 5,300,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490 (TAX INCREMENTAL REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 02/01/2031 5,300,000 1,110,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.87 07/01/2031 1,110,000 2,945,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.87 02/01/2038 2,945,000 5,765,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.87 08/01/2023 5,765,000 4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.87 08/01/2031 4,065,000 2,995,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.85 08/01/2031 2,995,000 4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.85 02/01/2024 4,520,000 11,380,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.85 09/01/2027 11,380,000 6,570,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.97 08/01/2033 6,570,000 2,395,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.88 11/01/2038 2,395,000 3,360,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525 (OTHER REVENUE, FGIC INSURED) ss +/- 1.85 06/01/2035 3,360,000 1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-575 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.85 09/01/2029 1,025,000 6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.85 06/01/2028 6,460,000 31,600,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.35 06/01/2038 31,600,000 15,930,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.45 06/01/2038 15,930,000 9,900,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.45 06/01/2038 9,900,000 23,420,000 EAST BAY CA MUD SUBSERIES A4 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.35 06/01/2038 23,420,000 6,950,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.57 06/01/2038 6,950,000 6,875,000 EAST BAY CA MUD SUBSERIES B2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.51 06/01/2038 6,875,000 6,905,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.57 06/01/2027 6,905,000 7,500,000 EAST BAY CA MUD SUBSERIES C1 (OTHER REVENUE) ss +/- 1.45 06/01/2026 7,500,000 4,900,000 EAST BAY CA MUD SUBSERIES C3 (OTHER REVENUE) ss +/- 1.45 06/01/2026 4,900,000 11,900,000 EAST BAY CA MUD SUBSERIES C4 (OTHER REVENUE) ss +/- 1.56 06/01/2026 11,900,000 10,000,000 EAST BAY CA MUD SUBSERIES C5 (OTHER REVENUE) ss +/- 1.35 06/01/2026 10,000,000 16,000,000 EAST BAY CA MUD SUBSERIES C6 (OTHER REVENUE) ss +/- 1.35 06/01/2026 16,000,000 3,570,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER CTFS PARTNERSHIP SERIES D (WATER REVENUE, LLOYDS BANK LOC) ss +/- 1.55 07/01/2023 3,570,000 8,260,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA WATER & SEWER CTFS PARTNERSHIP SERIES F (WATER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.57 07/01/2038 8,260,000 1,500,000 FREMONT CA COP (LEASE REVENUE, KBC BANK NV LOC) ss +/- 1.90 08/01/2022 1,500,000 9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 08/15/2026 9,800,000 8,259,000 GOLDEN STATE CA TOBACCO SECURITIZATION CORPORATION SERIES 1421 (OTHER REVENUE, AMBAC INSURED) ss +/- 2.49 06/01/2045 8,259,000 1,905,000 GROSSMONT-CUYAMACA CA COMMUNITY COLLEGE DISTRICT (OTHER REVENUE, ASSURED GUARANTY) ss +/- 1.82 08/01/2024 1,905,000 3,480,000 GROSSMONT-CUYAMACA CA COMMUNITY COLLEGE DISTRICT ROCS RR II R 8098 (OTHER REVENUE, ASSURED GUARANTY) ss +/- 1.82 08/01/2023 3,480,000
30 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 7,200,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES 2966 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09% 06/01/2014 $ 7,200,000 7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON HILLS SERIES A (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.75 06/15/2025 7,400,000 4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A REMARKETED 03/17/94 (MFHR LOC, FGIC INSURED) ss +/- 1.80 07/15/2014 4,000,000 6,450,000 HAYWARD CA MFHR TENNYSON GARDENS APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, US BANK NA INSURED) ss +/- 2.50 08/01/2032 6,450,000 1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A (MFHR LOC, FHLMC INSURED) ss +/- 1.73 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 +/- 2.10 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 +/- 2.10 02/01/2038 7,505,000 2,825,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.10 02/01/2018 2,825,000 4,476,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 (OTHER REVENUE) ss +/- 2.25 09/02/2029 4,476,000 2,850,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 (SPECIAL TAX REVENUE LOC) ss +/- 2.25 09/02/2022 2,850,000 700,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT # 04-21-B (OTHER REVENUE, KBC BANK NV LOC) ss +/- 2.25 09/02/2030 700,000 5,185,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #05-21 SERIES A (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 2.25 09/02/2031 5,185,000 6,155,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #07-22-A (OTHER REVENUE, KBC BANK NV LOC) ss +/- 2.25 09/02/2032 6,155,000 2,200,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #87-8 (SPECIAL TAX REVENUE, KBC BANK NV LOC) ss +/- 2.25 09/02/2024 2,200,000 2,550,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #94-15 (OTHER REVENUE, STATE STREET BANK & TRUST LOC) ss +/- 2.25 09/02/2020 2,550,000 3,550,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT DISTRICT #97-17 (OTHER REVENUE, STATE STREET BANK & Trust LOC) ss +/- 2.25 09/02/2023 3,550,000 31,000,000 KERN COUNTY CA TRAN (OTHER REVENUE) 3.00 06/30/2009 31,352,220 13,140,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE APARTMENTS SERIES A (MFHR, FNMA INSURED) ss +/- 1.64 02/15/2031 13,140,000 5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET APARTMENTS PROJECT SERIES C (HOUSING REVENUE LOC) ss +/- 1.73 12/01/2026 5,500,000 17,000,000 LOMA LINDA CA LOMA LINDA UNIVERSITY SERIES B (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.50 12/01/2037 17,000,000 14,163,000 LONG BEACH CA COMMUNITY COLLEGE DISTRICT SERIES 1399 (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 2.11 05/01/2030 14,163,000 2,135,000 LONG BEACH CA HARBOR REVENUE SERIES 418 (AIRPORT REVENUE LOC, FGIC INSURED) ss +/- 2.16 05/15/2020 2,135,000 13,090,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A (MFHR, FHLMC INSURED) ss +/- 1.97 08/01/2018 13,090,000 5,380,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT SERIES 2864 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 08/01/2014 5,380,000 12,200,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE APARTMENTS SERIES A (MFHR, FHLMC INSURED) ss +/- 1.90 10/01/2029 12,200,000 7,265,000 LOS ANGELES CA COMMUNITY RDA MFHR SECOND & CENTRAL APARTMENTS PROJECT (HOUSING REVENUE LOC) ss +/- 1.90 12/01/2038 7,265,000 5,000,000 LOS ANGELES CA COMMUNITY RDA RR 11 R-13042 (HOUSING REVENUE, GNMA INSURED) ss +/- 1.90 01/20/2045 5,000,000 6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING PROJECT SERIES A (MFHR, FNMA INSURED) ss +/- 1.90 06/01/2037 6,290,000 3,435,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A (LEASE REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.67 12/01/2035 3,435,000 2,000,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL AIRPORT SERIES C1 (AIRPORT REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.90 05/15/2020 2,000,000 35,650,000 LOS ANGELES CA DW&P ss +/- 1.91 07/01/2039 35,650,000 9,250,000 LOS ANGELES CA DW&P CLASS A (WATER REVENUE, AMBAC INSURED) ss +/- 1.92 07/01/2035 9,250,000 2,220,000 LOS ANGELES CA HOUSING AUTHORITY MEADOWRIDGE APARTMENTS PROJECT (MFHR, FNMA INSURED) ss +/- 1.70 09/01/2018 2,220,000
Wells Fargo Advantage Money Market Funds 31 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 4,700,000 LOS ANGELES CA MFHR FOUNTAIN PARK PROJECT SERIES P (MFHR LOC) ss +/- 1.85% 04/15/2033 $ 4,700,000 3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE APARTMENTS (MFHR, EAST WEST BANK LOC) ss +/- 1.81 07/01/2027 3,540,000 18,500,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A2 (POWER REVENUE, US BANK NA LOC) ss +/- 1.60 07/01/2035 18,500,000 5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A6 (UTILITIES REVENUE) ss +/- 1.60 07/01/2035 5,000,000 10,600,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A8 (WATER REVENUE) ss +/- 1.60 07/01/2035 10,600,000 14,965,000 LOS ANGELES CA RR II R-11281 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.99 07/01/2037 14,965,000 14,995,000 LOS ANGELES CA SERIES 184 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/-++ 1.94 01/01/2009 14,995,000 12,830,000 LOS ANGELES CA SUBSERIES B1 (ELECTRIC REVENUE) ss +/- 1.45 07/01/2034 12,830,000 45,500,000 LOS ANGELES CA SUBSERIES B1 (WATER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.55 07/01/2035 45,500,000 17,550,000 LOS ANGELES CA TRAN (OTHER REVENUE) 3.00 06/30/2009 17,756,623 7,235,000 LOS ANGELES CA USD (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 01/01/2011 7,235,000 25,660,000 LOS ANGELES CA USD SERIES 1201 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 2.01 07/01/2030 25,660,000 1,955,500 LOS ANGELES CA USD SERIES 2008 (OTHER REVENUE, AMBAC INSURED) ss +/- 2.01 07/01/2023 1,955,500 5,485,000 LOS ANGELES CA USD SERIES 2009 (EDUCATIONAL FACILITIES REVENUE, AMBAC INSURED) ss +/- 2.01 07/01/2026 5,485,000 21,945,000 LOS ANGELES CA USD TAX & ANTICIPATION NOTES SERIES A (OTHER REVENUE) 3.00 07/30/2009 22,235,751 31,575,000 LOS ANGELES CA USD TRAN SERIES A 4.00 12/29/2008 31,656,487 20,000,000 LOS ANGELES CA USD TRAN SERIES A2 3.75 12/29/2008 20,036,445 7,000,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G (SEWER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.64 06/01/2032 7,000,000 8,600,000 LOS ANGELES CA WASTEWATER SUBSERIES D (SEWER REVENUE, BANK OF NOVA SCOTIA) ss +/- 1.55 06/01/2028 8,600,000 2,800,000 LOS ANGELES CA WASTEWATER SYSTEM SERIES 2254 (OTHER REVENUE, MBIA INSURED) ss +/- 2.19 06/01/2013 2,800,000 3,500,000 LOS ANGELES CA WASTEWATER SYSTEM SUBSERIES A (SEWER REVENUE, BANK OF NOVA SCOTIA) ss +/- 1.58 06/01/2028 3,500,000 5,995,000 LOS ANGELES CA WATER & POWER REVENUE SERIES 182 FSA INSURED (WATER REVENUE LOC) ss +/- 2.09 01/01/2009 5,995,000 14,000,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B6 (UTILITIES REVENUE) ss +/- 2.10 07/01/2034 14,000,000 30,800,000 LOS ANGELES CA WATER & POWER REVENUE SUBSERIES B8 (POWER REVENUE, BANK OF AMERICA LOC) ss +/- 1.55 07/01/2034 30,800,000 8,380,000 LOS ANGELES CA WATER & POWER SERIES 2971 (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09 01/01/2014 8,380,000 31,900,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS (HOUSING REVENUE 3 LOC) ss +/- 1.80 09/01/2030 31,900,000 26,400,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR MALIBU CANYON APARTMENTS B (HOUSING REVENUE LOC) ss +/- 1.60 06/01/2010 26,400,000 39,875,000 LOS ANGELES COUNTY CA TRAN SERIES A (OTHER REVENUE) 3.00 06/30/2009 40,334,651 3,060,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX ALLOCATION REVENUE, STATE STREET BANK & TRUST LOC) ss +/- 2.30 10/01/2042 3,060,000 6,560,000 MANTECA CA RDA TAX ALLOCATION SERIES 1423 (TAX INCREMENTAL REVENUE, AMBAC INSURED) ss +/- 2.31 10/01/2036 6,560,000 38,045,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX ALLOCATION REVENUE, AMBAC INSURED) ss +/- 2.30 01/01/2031 38,045,000 8,900,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS REVENUE SERIES C2 (WATER REVENUE LOC) ss +/- 1.58 07/01/2030 8,900,000 18,000,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A1 (WATER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.65 07/01/2037 18,000,000 7,060,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A2 (WATER REVENUE LOC, JPMORGAN CHASE BANK INSURED) ss +/- 1.55 07/01/2023 7,060,000 4,645,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES A2 (WATER REVENUE, CITIBANK NA LOC) ss +/- 1.60 07/01/2021 4,645,000 2,425,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES B2 (WATER REVENUE, CITIBANK NA LOC) ss +/- 2.40 07/01/2028 2,425,000 33,585,000 METROPOLITAN WATER DISTRICT SOUTHERN CA WATERWORKS SERIES C3 (WATER REVENUE LOC) ss +/- 1.48 07/01/2030 33,585,000 7,225,000 METROPOLITAN WATER DISTRICT SOUTHERN CALIFORNIA WATERWORKS SERIES C (WATER REVENUE, DEXIA INSURED) ss +/- 1.60 10/01/2029 7,225,000 5,575,000 MODESTO CA MFHR LIVE OAK APARTMENTS PROJECT (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.90 09/15/2024 5,575,000 5,995,000 MODESTO CA PFA LEASE REVENUE SERIES 354 (LEASE REVENUE LOC, AMBAC INSURED) ss +/- 2.31 09/01/2029 5,995,000 1,969,000 MONTEREY PENINSULA CA COMMUNITY COLLEGE DISTRICT SERIES 2484 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 02/01/2016 1,969,000 37,405,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA REDEVELOPMENT PROJECT A (OTHER REVENUE) ss +/- 1.58 09/01/2033 37,405,000
32 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 2,000,000 MURRIETA VALLEY CA USD COP SCHOOL FACILITIES BRIDGE FUNDING PROGRAM (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/- 3.00% 06/01/2039 $ 2,000,000 12,388,000 NAPA VALLEY CA SERIES 1808 (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 2.11 08/01/2046 12,388,000 18,000,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES D (HCFR, BANK OF AMERICA NA LOC) ss +/- 1.55 12/01/2040 18,000,000 5,140,000 NORTHERN CA POWER AGENCY HYDROELECTRIC PROJECT 1 SERIES A (ELECTRIC REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.54 07/01/2032 5,140,000 3,899,500 NORTHERN CA POWER AGENCY PUBLIC POWER SERIES 836 (ELECTRIC REVENUE, MBIA INSURED) ss +/- 2.31 07/01/2023 3,899,500 12,500,000 OAKLAND-ALAMEDA COUNTY CA COLISEUM AUTHORITY LEASE REVENUE SERIES C1 (LEASE REVENUE LOC) ss +/- 1.78 02/01/2025 12,500,000 4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PARK RIDGE VILLAS PROJECT (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.73 11/15/2028 4,000,000 14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE PROJECT PARK PLACE APARTMENTS ISSUE A (HOUSING REVENUE LOC, FHLB INSURED) ss +/- 1.97 04/01/2024 14,900,000 12,600,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES B ALISO CREEK PROJECT FHLMC LOC (HOUSING REVENUE LOC) ss +/- 1.63 11/01/2022 12,600,000 8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES D HARBOR POINTE PROJECT (HOUSING REVENUE, FHLMC LOC) ss +/- 1.73 12/01/2022 8,619,000 500,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE SERIES G3 (HOUSING REVENUE LOC) ss +/- 1.73 11/15/2028 500,000 57,500 ORANGE COUNTY CA SANITATION DISTRICTS COP FLOATERS SERIES 1032 (SEWER REVENUE LOC) ss +/- 2.11 02/01/2033 57,500 1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES 25297 (SEWER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09 02/01/2015 1,075,000 26,800,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES B (LEASE REVENUE LOC) ss +/- 2.25 08/01/2030 26,800,000 52,015,000 ORANGE COUNTY CA WATER DISTRICT SERIES A (WATER REVENUE, LLOYDS TSB BANK PLC LOC) ss +/- 1.54 08/01/2042 52,015,000 9,515,000 PASADENA CA COMMUNITY DEVELOPMENT COMMISSION HOLLY STREET APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 1.90 12/15/2033 9,515,000 39,210,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 02/01/2035 39,210,000 4,950,000 PITTSBURG CA PUBLIC FINANCING AUTHORITY WATER (WATER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.55 06/01/2035 4,950,000 44,410,000 PITTSBURG CA REDEVELOPMENT AGENCY TAX ALLOCATION LOS MEDANOS COMMUNITY SERIES A (TAX ALLOCATION REVENUE LOC) ss +/- 2.30 09/01/2035 44,410,000 5,275,000 PLACENTIA YORBA LINDA CA USD SERIES 2714 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.34 02/01/2014 5,275,000 11,085,000 POWAY CA REDEVELOPMENT AGENCY TAX ALLOCATION SERIES 372 MBIA INSURED (TAX ALLOCATION REVENUE LOC) ss +/- 4.00 06/15/2011 11,085,000 7,100,000 POWAY CA UNION SCHOOL DISTRICT ROCS RR II R 12224 (PROPERTY TAX REVENUE, CITIBANK NA LOC) ss +/- 2.14 08/01/2030 7,100,000 7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY SERIES B (OTHER REVENUE, UBS AG LOC) ss +/- 1.90 08/01/2031 7,000,000 9,485,000 RANCHO SANTIAGO CA COMMUNITIES COLLEGE DISTRICT (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.05 09/01/2026 9,485,000 2,400,000 REDONDO BEACH CA PFA TAX ALLOCATION REVENUE AVIATION HIGH REDEVELOPMENT PROJECT (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.57 07/01/2030 2,400,000 8,725,000 RIVERSIDE CA COMMUNITY COLLEGE DISTRICT (OTHER REVENUE, MBIA INSURED) ss +/- 1.91 08/01/2032 8,725,000 12,000,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 03/01/2037 12,000,000 3,245,000 RIVERSIDE CA ELECTRIC PUTTERS SERIES 3042Z (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 04/01/2016 3,245,000 5,420,000 RIVERSIDE COUNTY CA COMMUNITY FACILITIES DISTRICT SERIES 88-4 (SPECIAL TAX REVENUE LOC, KBC BANK LOC) ss +/- 1.57 09/01/2014 5,420,000 1,600,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN VIEW APARTMENTS SERIES A (MFHR, REDLANDS FEDERAL S&L) ss +/- 1.59 08/01/2025 1,600,000 2,800,000 RIVERSIDE COUNTY CA IDA IDR CRYOGENIC PROJECT ISSUE B (IDR LOC) ss +/- 1.82 07/05/2014 2,800,000 13,500,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.60 02/01/2035 13,500,000 7,000,000 SACRAMENTO CA HOUSING AUTHORITY SHENANDOAH APARTMENTS SERIES F (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 09/15/2036 7,000,000 1,050,000 SACRAMENTO CA SUBURBAN WATER DISTRICT COP SERIES A2 (LEASE REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.54 11/01/2028 1,050,000 5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING REVENUE, FNMA INSURED) ss +/- 1.73 07/15/2029 5,000,000 5,315,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (MFHR, CITIBANK NA LOC) ss +/- 1.96 07/01/2035 5,315,000
Wells Fargo Advantage Money Market Funds 33 Portfolio of Investments--August 31, 2008 (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 LOC) ss +/- 1.97% 05/15/2034 $ 7,000,000 6,835,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR CASCADES SERIES D (HOUSING REVENUE) ss +/- 1.97 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 +/- 1.95 05/01/2042 9,140,000 6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR NORMANDY PARK APARTMENTS SERIES A (HOUSING REVENUE LOC) ss +/- 1.97 02/15/2033 6,000,000 2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS AT WINTER SERIES C2 (MFHR, FHLMC INSURED) ss +/- 1.63 08/01/2034 2,900,000 16,200,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD APARTMENTS PROJECT ISSUE A (MFHR, FHLMC INSURED) ss +/- 1.97 12/01/2022 16,200,000 10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS SERIES B (MFHR, FNMA INSURED) ss +/- 1.64 08/15/2027 10,000,000 1,300,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCE AUTHORITY ROCS RR II 11579 (SEWER REVENUE, CITIBANK NA LOC) ss +/- 1.82 12/01/2035 1,300,000 2,635,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY (WATER & SEWER REVENUE) ss +/- 1.83 12/01/2035 2,635,000 5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SUBORDINATE LIEN SACRAMENTO DISTRICT E (SEWER REVENUE, US BANK NA LOC) ss +/- 1.50 12/01/2040 5,000,000 5,050,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCING AUTHORITY SUBORDINATE LIEN SACRAMENTO REGULATION C (SEWER REVENUE LOC, CREDIT AGRICOLE INDOSUEZ LOC) ss +/- 1.70 12/01/2030 5,050,000 7,000,000 SAN BERNARDINO CA REDEVELOPMENT AGENCY SILVER WOODS APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 1.97 05/01/2026 7,000,000 7,860,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 03/01/2024 7,860,000 5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT (WATER REVENUE, UBS AG LOC) ss +/- 1.90 08/01/2037 5,500,000 6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.73 05/15/2029 6,115,000 5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.73 05/15/2029 5,600,000 14,825,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT SERIES A (HOUSING REVENUE LOC, FNMA INSURED) ss +/- 1.97 01/15/2033 14,825,000 3,900,000 SAN DIEGO CA HOUSING AUTHORITY (MFHR, FNMA INSURED) ss +/- 1.77 11/01/2026 3,900,000 12,000,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE GARDEN APARTMENTS SERIES B (HOUSING REVENUE LOC) ss +/- 1.97 01/15/2035 12,000,000 6,215,000 SAN DIEGO CA USD SERIES 758 (EDUCATIONAL FACILITIES REVENUE LOC) ss +/- 2.11 07/01/2027 6,215,000 12,855,000 SAN DIEGO CA USD SERIES PA 804 (EDUCATIONAL FACILITIES REVENUE LOC) ss +/- 1.99 07/01/2022 12,855,000 39,075,000 SAN DIEGO CA USD TAX & ANTICIPATION NOTES (PROPERTY TAX REVENUE) 3.00 07/01/2009 39,510,816 20,900,000 SAN DIEGO COUNTY & SCHOOL DISTRICT PARTNERSHIP TRANS SERIES B (OTHER REVENUE) 3.50 06/30/2009 21,216,965 11,515,000 SAN DIEGO COUNTY & SCHOOL DISTRICT PARTNERSHIPS TRAN (OTHER REVENUE) 3.50 06/30/2009 11,695,347 17,750,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES A (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.75 04/01/2038 17,750,000 40,600,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES B (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.47 04/01/2038 40,600,000 18,500,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.53 04/01/2038 18,500,000 50,590,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY LIMITED TAX SERIES D (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.45 04/01/2038 50,590,000 4,465,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES 2873 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09 05/01/2013 4,465,000 3,938,500 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES I (WATER REVENUE, MBIA INSURED) ss +/- 1.99 11/01/2010 3,938,500 4,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION SECOND SERIES 37D (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.70 05/01/2030 4,000,000 2,700,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE APARTMENTS SERIES B (MFHR, CITIBANK NA LOC) ss +/- 1.99 03/01/2036 2,700,000 10,225,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO CEPEDA PLACE SERIES D (MFHR, CITIBANK NA LOC) ss +/- 1.99 11/02/2033 10,225,000 3,190,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT #4 (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.57 08/01/2032 3,190,000
34 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 8,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY COMMUNITY FACILITIES DISTRICT HUNTERS POINT SERIES A (TAX REVENUE, KBC BANK NV LOC) ss +/- 1.67% 08/01/2036 $ 8,000,000 8,000,000 SAN FRANCISCO CA CITY & COUNTY UNION SCHOOL DISTRICT MERLOTS SERIES D217 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.05 06/15/2024 8,000,000 9,000,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING REVENUE, BANK OF AMERICA BANK OF AMERICA LOC) ss +/- 1.90 02/01/2037 9,000,000 9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR) ss +/- 1.99 02/01/2038 9,360,000 7,600,000 SAN JOSE CA REDEVELOPMENT AGENCY TAX ALLOCATION ss +/- 1.95 08/01/2035 7,600,000 6,857,500 SAN JOSE CA UNION SCHOOL DISTRICT SANTA CLARA COUNTY FLOATERS SERIES 761 (PROPERTY TAX REVENUE LOC, FSA INSURED) ss +/- 1.91 08/01/2027 6,857,500 8,720,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA INSURED) ss +/- 1.90 09/15/2032 8,720,000 5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS PROJECT (MFHR, FNMA INSURED) ss +/- 1.90 07/15/2018 5,025,000 10,750,000 SAN MARCOS CA PUBLIC FACILITIES AUTHORITY (TAX INCREMENTAL REVENUE, AMBAC INSURED) ss +/- 2.16 08/01/2038 10,750,000 3,955,000 SAN MATEO COUNTY CA BOARD EDUCATION COP SERIES A (LEASE REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.90 05/01/2035 3,955,000 8,180,000 SAN MATEO COUNTY CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-10022Z (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.00 09/01/2033 8,180,000 10,330,000 SAN RAMON VALLEY CA UNION SCHOOL DISTRICT MERLOTS SERIES D182 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.05 08/01/2026 10,330,000 9,000,000 SANTA CLARA CA SUBSERIES B (ELECTRIC PLANT REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.63 07/01/2027 9,000,000 22,000,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE FACILITIES PROJECTS SERIES M (LEASE REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.70 05/15/2035 22,000,000 5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER APARTMENTS PROJECT SERIES A (MFHR LOC, FNMA INSURED) ss +/- 1.73 12/15/2025 5,900,000 8,650,000 SANTA CLARA VALLEY CA TRANSPORTATION AUTHORITY (SALES TAX REVENUE, AMBAC INSURED) ss +/- 1.92 04/01/2036 8,650,000 3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS (HOUSING REVENUE, FHLB INSURED) ss +/- 1.81 05/01/2040 3,120,000 5,410,000 SIMI VALLEY CA CDA ISSUE A (HOUSING REVENUE) ss +/- 1.60 05/01/2010 5,410,000 10,000,000 SIMI VALLEY CA MFHR LINCOLN WOOD RANCH (HOUSING REVENUE LOC) ss +/- 1.73 06/01/2010 10,000,000 17,695,000 SIMI VALLEY CA SERIES A (MFHR LOC) ss +/- 1.73 07/01/2023 17,695,000 5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.97 09/01/2019 5,700,000 6,100,000 SNOWLINE CA JOINT USD COP (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/- 3.00 09/01/2022 6,100,000 22,729,000 SOUTH PLACER WASTEWATER AUTHORITY CALIFORNIA SERIES A (SEWER REVENUE, STATE STREET BANK & TRUST LOC) ss +/- 1.65 11/01/2035 22,729,000 5,135,000 SOUTHERN CA PUBLIC POWER AUTHORITY PROJECT SERIES 1045 (ELECTRIC REVENUE, AMBAC INSURED) ss +/- 1.86 07/01/2033 5,135,000 5,315,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY POWER PROJECT REVENUE SERIES PA 1172 (ELECTRIC PLANT REVENUE LOC) ss +/- 1.82 07/01/2011 5,315,000 11,000,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PROJECT PALO VERDE SUB SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.60 07/01/2017 11,000,000 79,235,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY TRANSMISSION PROJECT REVENUE (UTILITIES REVENUE, LLOYDS TSB BANK PLC LOC) ss +/- 2.10 07/01/2019 79,235,000 8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 08/01/2029 8,220,000 6,000,000 TURLOCK CA IRRIGATION DISTRICT COP CAPITAL IMPROVEMENT PROJECT SOCIETE GENERALE LOC (LEASE REVENUE LOC) ss +/- 2.10 01/01/2031 6,000,000 2,155,000 TUSTIN CA USD SERIES 2558-Z (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.49 09/01/2011 2,155,000 7,160,000 UNIVERSITY OF CALIFORNIA MERLOTS SERIES D287 (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 2.05 05/15/2029 7,160,000 6,500,000 UNIVERSITY OF CALIFORNIA SERIES 1119 (COLLEGE & UNIVERSITY REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.91 05/15/2035 6,500,000 3,400,000 UNIVERSITY OF CALIFORNIA SERIES 2496 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.09 05/15/2014 3,400,000 17,400,000 UNIVERSITY OF CALIFORNIA SERIES K (COLLEGE & UNIVERSITY REVENUE) ss 5.30 09/01/2008 17,574,000 12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS (HOUSING REVENUE, EAST WEST BANK LOC) ss +/- 1.59 08/01/2037 12,000,000 7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A (HOUSING REVENUE LOC) ss +/- 1.73 05/15/2029 7,750,000 3,200,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 1.90 07/15/2018 3,200,000
Wells Fargo Advantage Money Market Funds 35 Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- CALIFORNIA (continued) $ 17,600,000 VENTURA COUNTY CA (OTHER REVENUE) 3.50% 07/01/2009 $ 17,872,313 5,270,000 WALNUT VALLEY CA USD SERIES D139 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.05 08/01/2030 5,270,000 2,500,000 WESTERN RIVERSIDE COUNTY CA REGIONAL WASTEWATER TREATMENT (SEWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.25 04/01/2028 2,500,000 27,065,000 WESTLANDS CALIFORNIA WATER DISTRICT COP (LEASE REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.54 03/01/2029 27,065,000 3,300,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-12225 (PROPERTY TAX REVENUE, CITIBANK NA LOC) ss +/- 1.91 08/01/2032 3,300,000 10,400,000 YOSEMITE CA COMMUNITY COLLEGE DISTRICT ROCS RR II R-8105 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.91 08/01/2032 10,400,000 4,429,581,731 --------------- OTHER: 0.54% 26,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES 287 (OTHER REVENUE, MBIA INSURED) ss +/- 1.82 09/01/2037 26,375,000 --------------- PUERTO RICO: 1.87% 4,990,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A (SALES TAX REVENUE, AMBAC INSURED) ss +/- 1.85 08/01/2049 4,990,000 11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.70 07/01/2034 11,000,000 7,000,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX REVENUE, WACHOVIA BANK LOC) ss +/- 1.70 07/01/2034 7,000,000 19,000,000 PUERTO RICO COMMONWEALTH (TAX REVENUE) ss +/- 2.50 07/01/2029 19,000,000 7,200,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY ROCS RR II R 10327CE (OTHER REVENUE) ss +/- 1.87 08/29/2009 7,200,000 10,000,000 PUERTO RICO COMMONWEALTH SERIES A6 (PROPERTY TAX REVENUE, UBS AG LOC) ss +/- 2.15 07/01/2033 10,000,000 21,375,000 PUERTO RICO COMMONWEALTH SERIES B (PROPERTY TAX REVENUE, WACHOVIA BANK LOC) ss +/- 2.15 07/01/2032 21,375,000 11,300,000 PUERTO RICO SALES TAX FINANCING CORPORATION ROCS RR II R-11147 (SALES TAX REVENUE, AMBAC INSURED) ss +/- 1.87 08/01/2049 11,300,000 91,865,000 --------------- TOTAL MUNICIPAL BONDS & NOTES (COST $4,547,821,731) 4,547,821,731 --------------- COMMERCIAL PAPER: 7.29% 3,000,000 EAST BAY MUNICIPAL WATER SYSTEM 1.45 10/16/2008 3,000,000 29,600,000 EAST BAY MUNICIPAL WATER SYSTEM 1.50 10/07/2008 29,600,000 26,700,000 GOLDEN GATE BRIDGE 1.55 10/09/2008 26,700,000 13,035,000 IMPERIAL IRRIGATION DISTRICT 1.43 10/24/2008 13,035,000 43,265,000 IMPERIAL IRRIGATION DISTRICT 1.45 10/24/2008 43,265,000 23,800,000 IMPERIAL IRRIGATION DISTRICT 1.55 10/24/2008 23,800,000 9,775,000 IMPERIAL IRRIGATION DISTRICT 1.65 09/08/2008 9,775,000 10,300,000 LOS ANGELES DEPARTMENT OF AIRPORTS 1.50 09/09/2008 10,300,000 4,365,000 LOS ANGELES METROPOLITAN TRANSPORTAION 1.55 10/15/2008 4,365,000 19,400,000 LOS ANGELES METROPOLITAN TRANSPORTATION 1.45 09/03/2008 19,400,000 5,000,000 LOS ANGELES METROPOLITAN TRANSPORTATION 1.47 10/14/2008 5,000,000 25,930,000 SACRAMENTO MUNICIPAL UTILITY 1.52 10/14/2008 25,930,000 5,720,000 SACRAMENTO MUNICIPAL UTILITY 1.55 10/15/2008 5,720,000 8,475,000 SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY 1.55 10/09/2008 8,475,000 14,376,000 SAN DIEGO COUNTY REGIONAL AIRPORT AUTHORITY 1.60 11/13/2008 14,376,000 7,525,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION 1.40 09/10/2008 7,525,000 17,290,000 SAN FRANCISCO PUBLIC UTILITY COMMISSION 1.45 02/12/2009 17,290,000 7,750,000 TURLOCK IRRIGATION DISTRICT 1.40 09/10/2008 7,750,000 7,080,000 TURLOCK IRRIGATION DISTRICT 1.50 10/09/2008 7,080,000 5,000,000 TURLOCK IRRIGATION DISTRICT 1.60 10/09/2008 5,000,000 5,400,000 UNIVERSITY OF CALIFORNIA 1.40 09/10/2008 5,400,000 28,455,000 UNIVERSITY OF CALIFORNIA 1.53 11/06/2008 28,455,000 35,835,000 UNIVERSITY OF CALIFORNIA 1.55 11/05/2008 35,835,000 TOTAL COMMERCIAL PAPER (COST $357,076,000) 357,076,000 ---------------
36 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET FUND
VALUE --------------- TOTAL INVESTMENTS IN SECURITIES (COST $4,904,897,731)* 100.10% $ 4,904,897,731 OTHER ASSETS AND LIABILITIES, NET (0.10) (4,685,939) ------ --------------- TOTAL NET ASSETS 100.00% $ 4,900,211,792 ------ ---------------
---------- 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. * 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 37 Portfolio of Investments--August 31, 2008 (Unaudited) CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- AGENCY NOTES - INTEREST BEARING: 0.85% $ 89,000,000 FHLB+/- 2.49% 01/28/2009 $ 89,000,000 88,000,000 FHLB+/- 2.49 01/30/2009 88,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $177,000,000) 177,000,000 --------------- CERTIFICATES OF DEPOSIT: 13.08% 190,000,000 ABN-AMRO BANK NV (LONDON)+/- 2.85 09/10/2008 190,000,000 32,000,000 ABN-AMRO BANK NV (NEW YORK)+/- 3.01 10/24/2008 32,012,968 139,000,000 ALLIED IRISH BANKS (NEW YORK)+/- 2.86 09/09/2008 139,000,000 115,000,000 AMERICAN EXPRESS CENTURION+/- 2.66 11/24/2008 115,000,000 56,000,000 BANCO BILBOA VIZCAYA ARGENTINA (NEW YORK)+/- 2.70 09/04/2008 56,000,092 180,000,000 BANK OF MONTREAL (CHICAGO)+/- 2.87 10/22/2008 180,000,000 100,000,000 BANK OF MONTREAL (CHICAGO)+/- 2.88 10/31/2008 100,000,000 362,000,000 BANK OF SCOTLAND PLC (NEW YORK)+/- 3.22 08/14/2009 362,000,000 200,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 2.87 10/20/2008 200,000,000 85,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 2.97 02/27/2009 85,000,000 200,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 3.00 04/20/2009 200,000,000 221,000,000 BNP PARIBAS (NEW YORK)+/- 3.12 02/20/2009 221,000,000 82,000,000 CALYON (NEW YORK)+/- 2.70 09/04/2008 82,000,135 225,000,000 CREDIT SUISSE (NEW YORK)+/- 2.89 10/27/2008 225,000,000 17,900,000 FORTIS BANK (NEW YORK)+/- 2.75 09/30/2008 17,898,231 25,000,000 FORTIS BANK (NEW YORK)+/- 2.80 10/17/2008 25,000,000 67,000,000 INTESA SANPAOLO SPA (LONDON)+/- 2.53 09/08/2008 67,000,000 106,000,000 NATIXIS (NEW YORK)+/- 2.92 12/01/2008 106,000,000 94,000,000 NATIXIS (NEW YORK)+/-ss 2.99 04/01/2010 94,000,000 100,000,000 U.S. BANK NATIONAL ASSOCIATION+/- 2.86 04/20/2009 100,000,000 121,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 3.00 12/08/2008 121,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $2,717,911,426) 2,717,911,426 --------------- COMMERCIAL PAPER: 30.60% 29,000,000 ACTS RETIREMENT LIFE## 2.92 09/09/2008 28,983,534 50,900,000 ALPINE SECURITIZATION CORPORATION##++ 2.47 09/25/2008 50,819,677 59,000,000 AMSTEL FUNDING CORPORATION##++ 2.70 09/03/2008 58,995,575 7,000,000 AMSTEL FUNDING CORPORATION##++ 2.73 09/09/2008 6,996,284 56,000,000 AMSTEL FUNDING CORPORATION##++ 2.75 09/12/2008 55,957,222 90,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.04 04/20/2009 88,252,000 45,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.41 06/11/2009 43,797,975 14,400,000 APRECO LLC##++ 2.55 09/16/2008 14,385,720 72,000,000 APRECO LLC##++ 2.69 09/03/2008 71,994,620 43,150,000 ASB FINANCE LIMITED (LONDON)##++ 2.75 09/05/2008 43,140,111 38,300,000 ASB FINANCE LIMITED (LONDON)##++ 3.01 05/07/2009 37,509,031 46,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++ 2.49 09/04/2008 45,993,637 30,000,000 BEAGLE FUNDING LLC##++ 2.72 09/17/2008 29,966,000 69,000,000 BELMONT FUNDING LLC##++ 2.75 09/04/2008 68,989,458 72,000,000 BELMONT FUNDING LLC##++ 2.75 09/25/2008 71,873,500 76,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 2.70 10/06/2008 75,806,200 87,658,000 BRYANT PARK FUNDING LLC##++ 2.66 09/03/2008 87,651,523 40,000,000 BRYANT PARK FUNDING LLC##++ 2.75 09/08/2008 39,981,667 38,000,000 CAFCO LLC##++ 2.67 09/04/2008 37,994,363 90,000,000 CAFCO LLC##++ 2.72 09/09/2008 89,952,400 40,000,000 CAFCO LLC##++ 2.77 09/15/2008 39,959,989 60,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.71 09/12/2008 59,954,833 93,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/21/2008 92,624,048 10,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/24/2008 9,957,100 43,200,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/08/2008 43,181,712 25,200,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/10/2008 25,185,776 48,600,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/15/2008 48,555,423
38 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 28,500,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54% 09/18/2008 $ 28,467,827 27,012,000 CHARIOT FUNDING LLC##++ 2.35 09/05/2008 27,006,710 65,000,000 CHARTA LLC##++ 2.68 09/03/2008 64,995,161 31,000,000 CHARTA LLC##++ 2.69 09/17/2008 30,965,254 17,200,000 CHARTA LLC##++ 2.70 10/20/2008 17,138,080 44,500,000 CHARTA LLC##++ 2.80 09/17/2008 44,448,083 28,000,000 CIESCO LLC##++ 2.68 09/03/2008 27,997,916 65,900,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.49 09/11/2008 65,858,977 65,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.76 10/17/2008 64,775,750 73,500,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.80 09/12/2008 73,442,833 26,000,000 CITIBANK OMNI MASTER TRUST##++ 2.67 09/03/2008 25,998,072 66,000,000 CITIBANK OMNI MASTER TRUST##++ 2.75 09/19/2008 65,914,292 10,000,000 CITIBANK OMNI MASTER TRUST##++ 2.95 09/10/2008 9,993,444 58,000,000 CITIBANK OMNI MASTER TRUST##++ 3.08 12/10/2008 57,508,740 35,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.55 09/04/2008 34,995,042 177,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/02/2008 177,000,000 165,300,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/03/2008 165,288,199 78,800,000 EBBETS FUNDING LLC##++ 2.70 09/04/2008 78,788,180 68,000,000 EBBETS FUNDING LLC##++ 2.70 09/15/2008 67,933,700 66,500,000 EBBETS FUNDING LLC##++ 2.70 09/18/2008 66,420,200 97,200,000 EBBETS FUNDING LLC##++ 2.75 09/08/2008 97,155,450 121,000,000 ELYSIAN FUNDING LLC##++ 2.60 09/05/2008 120,973,783 39,000,000 ENTERPRISE FUNDING LLC##++ 2.48 09/08/2008 38,983,880 6,000,000 ENTERPRISE FUNDING LLC##++ 2.49 09/08/2008 5,997,510 7,100,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/09/2008 7,096,411 52,000,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/15/2008 51,951,178 4,000,000 EUREKA SECURITIZATION##++ 2.62 09/16/2008 3,995,932 37,000,000 EUREKA SECURITIZATION##++ 2.72 09/09/2008 36,980,431 33,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/08/2008 32,986,085 21,500,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/11/2008 21,486,401 11,000,000 FORTIS FUNDING LLC##++ 2.52 09/12/2008 10,992,300 105,000,000 FORTIS FUNDING LLC##++ 2.67 10/07/2008 104,727,948 37,500,000 FOXBORO FUNDING LIMITED+/-(i) 3.36 02/06/2009 37,500,000 102,400,000 GALLEON CAPITAL LLC##++ 2.57 09/04/2008 102,385,380 71,000,000 GALLEON CAPITAL LLC##++ 2.58 09/05/2008 70,984,735 154,000,000 GALLEON CAPITAL LLC##++ 2.60 09/02/2008 154,000,000 88,900,000 GALLEON CAPITAL LLC##++ 2.60 09/03/2008 88,893,579 77,549,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.68 09/02/2008 77,549,000 100,500,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.68 09/04/2008 100,485,037 20,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/04/2008 19,997,000 42,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/05/2008 41,990,550 56,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.79 12/02/2008 55,605,060 36,000,000 IRISH LIFE & PERMANENT##++ 2.54 09/05/2008 35,992,380 61,000,000 IRISH LIFE & PERMANENT##++ 2.75 09/17/2008 60,930,104 28,000,000 IRISH LIFE & PERMANENT##++ 2.85 09/22/2008 27,955,667 4,400,000 LIBERTY STREET FUNDING LLC##++ 2.58 09/09/2008 4,397,793 64,300,000 LIBERTY STREET FUNDING LLC##++ 2.59 09/15/2008 64,239,862 25,000,000 LIBERTY STREET FUNDING LLC##++ 2.60 09/04/2008 24,996,389 50,000,000 LIBERTY STREET FUNDING LLC##++ 2.60 09/05/2008 49,989,167 15,000,000 LIBERTY STREET FUNDING LLC##++ 2.75 10/29/2008 14,934,688 36,000,000 LIBERTY STREET FUNDING LLC##++ 2.87 12/01/2008 35,741,700 33,657,000 LOS ANGELES DEPARTMENT OF AIRPORTS## 2.63 10/08/2008 33,568,482 11,000,000 MAZARIN FUNDING CORPORATION##++ 2.62 09/09/2008 10,994,396 76,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.93 12/09/2008 75,393,816 37,300,000 MONT BLANC CAPITAL CORPORATION##++ 2.50 09/03/2008 37,297,410 5,600,000 MONT BLANC CAPITAL CORPORATION##++ 2.59 09/18/2008 5,593,554
Wells Fargo Advantage Money Market Funds 39 Portfolio of Investments--August 31, 2008 (Unaudited) CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 40,000,000 MONT BLANC CAPITAL CORPORATION##++ 2.60% 09/05/2008 $ 39,991,333 36,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.38 09/05/2008 35,992,860 88,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.40 09/04/2008 87,988,267 88,000,000 NATIONWIDE BUILDING SOCIETY##++ 3.00 11/07/2008 87,516,000 149,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++ 2.60 09/02/2008 149,000,000 29,100,000 PICAROS FUNDING LLC##++ 2.53 09/15/2008 29,073,414 34,000,000 PICAROS FUNDING LLC##++ 2.55 09/04/2008 33,995,183 15,000,000 PICAROS FUNDING LLC##++ 2.71 10/24/2008 14,941,283 100,000,000 PRUDENTIAL PLC##++ 2.70 10/15/2008 99,677,500 50,000,000 PRUDENTIAL PLC##++ 2.72 10/23/2008 49,807,333 38,080,000 REGENCY MARKETS # 1 LLC##++ 2.50 09/05/2008 38,072,067 31,300,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/11/2008 31,279,733 29,400,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/15/2008 29,372,502 11,300,000 SALISBURY RECEIVABLES COMPANY##++ 2.47 09/04/2008 11,298,449 16,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.50 09/03/2008 15,998,889 16,600,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/04/2008 16,597,676 53,000,000 SCALDIS CAPITAL LLC##++ 2.58 09/02/2008 53,000,000 28,000,000 SCALDIS CAPITAL LLC##++ 2.59 09/22/2008 27,959,711 27,000,000 SCALDIS CAPITAL LLC##++ 2.77 10/27/2008 26,885,737 36,000,000 SCALDIS CAPITAL LLC##++ 2.78 10/30/2008 35,838,760 10,000,000 SCALDIS CAPITAL LLC##++ 2.80 10/15/2008 9,966,556 18,000,000 SCALDIS CAPITAL LLC##++ 2.82 09/12/2008 17,985,900 150,000,000 SOCIETE GENERALE NORTH AMERICA## 2.79 09/02/2008 150,000,000 72,000,000 SOLITAIRE FUNDING LLC##++ 2.56 09/03/2008 71,994,880 92,000,000 STARBIRD FUNDING CORPORATION##++ 2.70 09/25/2008 91,841,300 7,000,000 STARBIRD FUNDING CORPORATION##++ 2.80 10/03/2008 6,983,122 12,150,000 STARBIRD FUNDING CORPORATION##++ 2.95 10/17/2008 12,105,197 48,500,000 SWEDBANK AB## 2.74 10/24/2008 48,308,048 70,500,000 SWEDBANK AB## 2.81 09/08/2008 70,467,041 45,000,000 SWEDBANK AB## 2.95 09/11/2008 44,966,813 114,500,000 SWEDBANK AB## 2.96 11/25/2008 113,709,187 131,000,000 SWEDBANK AB## 3.00 11/26/2008 130,072,083 45,121,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/10/2008 45,095,431 16,250,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/15/2008 16,235,036 6,200,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.57 09/09/2008 6,196,902 11,500,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.83 09/08/2008 11,494,576 30,000,000 TULIP FUNDING CORPORATION##++ 2.40 09/05/2008 29,994,000 3,000,000 TULIP FUNDING CORPORATION##++ 2.55 09/05/2008 2,999,363 41,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 2.93 11/25/2008 40,719,697 54,250,000 VARIABLE FUNDING CAPITAL##++ 2.83 11/25/2008 53,891,769 139,500,000 VERSAILLES CDS LLC##++ 2.55 09/05/2008 139,470,356 TOTAL COMMERCIAL PAPER (COST $ 6,356,922,850) 6,356,922,850 --------------- CORPORATE BONDS & NOTES: 5.44% 6,095,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 3.00 11/15/2029 6,095,000 79,000,000 ALLIED IRISH BANKS PLC+/-++ 2.47 11/18/2008 79,000,000 105,000,000 BES FINANCE LIMITED+/-++ 2.52 03/02/2009 105,000,000 148,000,000 DNB NOR BANK ASA+/-++ 2.48 03/25/2009 148,000,000 180,000,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 180,000,000 117,500,000 INTESA BANK (IRELAND) PLC+/-++ 2.49 03/25/2009 117,500,000 83,000,000 IRISH LIFE & PERMANENT PLC+/-++ 2.50 03/20/2009 83,000,000 44,290,000 MORGAN STANLEY+/- 2.19 09/15/2008 44,281,412 80,000,000 NATIONWIDE BUILDING SOCIETY+/-++ 2.52 01/06/2009 80,000,000 288,000,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 288,000,000 TOTAL CORPORATE BONDS & NOTES (COST $1,130,876,412) 1,130,876,412 ---------------
40 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- EXTENDABLE BONDS: 6.88% $ 104,000,000 BASF FINANCE EUROPE NV+/-++ 2.80% 09/18/2009 $ 104,000,000 126,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE+/-++ 2.77 09/10/2009 126,000,000 192,000,000 DEUTSCHE BANK+/- 3.00 08/04/2009 192,000,000 210,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 210,000,000 93,000,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 93,000,000 155,000,000 IBM INTERNATIONAL GROUP CAPITAL+/-++ 3.03 09/25/2009 155,000,000 182,000,000 ING USA GLOBAL FUNDING+/- 3.14 09/18/2009 182,000,000 20,000,000 IRISH LIFE & Permanent plc 2.50 03/20/2009 20,000,000 85,200,000 RABOBANK NEDERLAND+/-++ 2.99 09/09/2009 85,200,000 100,000,000 ROYAL BANK OF CANADA+/-++ 2.77 09/15/2009 100,000,000 109,000,000 SVENSKA HANDELSBANKEN AB+/-++ 3.15 08/25/2009 109,000,000 53,000,000 THE NATURE CONSERVANCY+/-++ 3.30 06/01/2009 53,000,000 TOTAL EXTENDABLE BONDS (COST $1,429,200,000) 1,429,200,000 --------------- MEDIUM TERM NOTES: 7.88% 115,000,000 AMERICAN EXPRESS BANK FSB+/- 2.66 11/24/2008 115,000,000 15,007,000 BEAR STEARNS COMPANY INCORPORATED+/- 2.89 03/30/2009 14,960,907 108,000,000 BNP PARIBAS+/- 2.77 09/16/2008 108,000,000 100,000,000 COMMONWEALTH BANK (AUSTRIA)+/-++ 2.87 10/20/2008 100,000,000 200,000,000 MBIA GLOBAL FUNDING LLC+/-++ 3.00 11/12/2008 200,000,000 164,000,000 MBIA GLOBAL FUNDING LLC+/-++ 3.01 11/18/2008 164,000,000 71,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/18/2009 71,000,000 134,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 134,000,000 80,000,000 MORGAN STANLEY+/- 2.14 10/31/2008 80,000,000 20,000,000 MORGAN STANLEY+/- 2.51 11/21/2008 19,991,381 13,000,000 NORDEA BANK AB+/-++ 2.46 09/08/2008 13,000,000 134,000,000 NORDEA BANK AB+/-++ 2.48 09/10/2008 134,000,000 130,000,000 NORTHERN ROCK PLC+/-++ 2.53 10/31/2008 130,000,000 100,000,000 NORTHERN ROCK PLC+/-++ 2.77 10/08/2008 100,000,000 24,000,000 PREMIUM ASSET TRUST SERIES 04-10+/-++ 2.55 12/12/2008 24,000,000 95,250,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 2.96 09/18/2008 95,250,000 47,250,000 SANTANDER US DEBT SA+/-++ 2.85 10/21/2008 47,244,034 87,000,000 TOTTA IRELAND PLC+/-++ 2.47 09/05/2008 87,000,000 TOTAL MEDIUM TERM NOTES (COST $1,637,446,322) 1,637,446,322 --------------- MUNICIPAL BONDS & NOTES: 1.60% MUNICIPAL BONDS & NOTES: 1.60% 20,000,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF FLORIDA PROJECT SERIES A (HCFR, BNP PARIBAS LOC)+/- ss 20,000,000 20,500,000 BLOOMINGTON ASSOCIATES MINNESOTA (LASALLE NATIONAL BANK NA LOC)+/-ss 20,500,000 53,315,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 53,315,000 141,900,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK)+/-ss 141,900,000 955,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96A+/-ss 955,000 615,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96C+/-ss 615,000 910,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96D+/-ss 910,000 1,095,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96E+/-ss 1,095,000 470,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96G+/-ss 470,000 1,280,000 KALAMAZOO MI FUNDING COMPANY LLC SERIES 96I+/-ss 1,280,000 22,240,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF AMERICA NA LOC)+/-ss 22,238,968 21,800,000 NEW BRITAIN CONNECTICUT TAXABLE PENSION SERIES C (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)+/-ss 21,800,000 23,000,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600 WEST 42ND B (OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 23,000,000 25,000,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I (HOUSING REVENUE, GNMA)+/-ss 25,000,000 333,078,968 --------------- TOTAL MUNICIPAL BONDS & NOTES (COST $333,078,968) 333,078,968 ---------------
Wells Fargo Advantage Money Market Funds 41 Portfolio of Investments--August 31, 2008 (Unaudited) CASH INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- SECURED MASTER NOTE AGREEMENT: 3.54% $ 352,161,000 BANK OF AMERICA SECURITIES LLC+/- 2.26% $ 352,161,000 382,336,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 2.25 382,336,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $734,497,000) 734,497,000 --------------- REPURCHASE AGREEMENTS: 18.01% 475,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $475,112,417) 2.13 09/02/2008 475,000,000 907,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $907,215,664) 2.14 09/02/2008 907,000,000 240,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $240,059,200) 2.22 09/02/2008 240,000,000 504,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $504,123,200) 2.20 09/02/2008 504,000,000 216,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $216,052,320) 2.18 09/02/2008 216,000,000 475,000,000 GREENWICH CAPTIAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $475,112,417) 2.13 09/02/2008 475,000,000 216,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $216,052,800) 2.20 09/02/2008 216,000,000 443,000,000 LEHMAN BROTHERS COMMERCIAL - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $443,123,056) 2.50 09/02/2008 443,000,000 266,000,000 MERRILL PIERCE FENNER & SMITH - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $266,065,022) 2.20 09/02/2008 266,000,000 TOTAL REPURCHASE AGREEMENTS (COST $3,742,000,000) 3,742,000,000 --------------- TIME DEPOSITS: 12.66% 356,000,000 ALLIED IRISH BANKS PLC 2.15 09/02/2008 356,000,000 356,000,000 BANCO BILBAO VIZCAYA ARGENTINA SA 2.20 09/02/2008 356,000,000 363,000,000 BANK OF IRELAND 2.23 09/02/2008 363,000,000 177,000,000 BNP PARIBAS PARIS 2.15 09/02/2008 177,000,000 356,000,000 DANSKE BANK AS COPENHAGEN 2.15 09/02/2008 356,000,000 356,000,000 DEXIA CREDIT LOCAL DE FRANCE 2.18 09/02/2008 356,000,000 310,000,000 KBC BANK NV BRUSSELS 1.88 09/02/2008 310,000,000 356,000,000 SOCIETE GENERALE PARIS 2.18 09/02/2008 356,000,000 TOTAL TIME DEPOSITS (COST $2,630,000,000) 2,630,000,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $20,888,932,978)* 100.54% $20,888,932,978 OTHER ASSETS AND LIABILITIES, NET (0.54) (112,408,917) ------ --------------- TOTAL NET ASSETS 100.00% $20,776,524,061 ------ ---------------
---------- +/- 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. * 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. 42 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- AGENCY NOTES - DISCOUNT: 28.41% FEDERAL FARM CREDIT BANK: 0.25% $ 75,000,000 FFCB## 2.51% 11/17/2008 $ 74,602,583 --------------- FEDERAL HOME LOAN BANK: 6.74% 338,762,000 FHLB## 1.45 09/02/2008 338,762,000 250,000,000 FHLB## 2.24 09/03/2008 249,984,444 150,000,000 FHLB## 2.31 09/04/2008 149,980,750 500,000,000 FHLB## 2.25 09/17/2008 499,531,250 143,615,000 FHLB## 2.45 09/18/2008 143,458,619 200,000,000 FHLB## 2.28 09/26/2008 199,696,000 100,000,000 FHLB## 2.67 10/17/2008 99,666,250 250,000,000 FHLB## 2.54 10/22/2008 249,118,055 100,000,000 FHLB## 2.55 11/19/2008 99,447,500 2,029,644,868 --------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 10.06% 156,316,000 FHLMC## 2.08 09/08/2008 156,261,941 100,000,000 FHLMC## 2.08 09/08/2008 99,965,333 100,000,000 FHLMC## 2.39 09/15/2008 99,913,694 250,000,000 FHLMC## 2.18 09/22/2008 249,697,222 50,000,000 FHLMC## 2.44 09/22/2008 49,932,222 250,000,000 FHLMC## 2.09 09/29/2008 249,608,125 100,000,000 FHLMC## 2.34 10/14/2008 99,727,000 100,000,000 FHLMC## 2.53 10/14/2008 99,704,833 145,886,000 FHLMC## 2.60 10/20/2008 145,380,262 142,840,000 FHLMC## 2.63 10/20/2008 142,339,108 185,557,000 FHLMC## 2.08 10/27/2008 184,967,341 100,000,000 FHLMC## 2.43 10/27/2008 99,628,750 171,611,000 FHLMC## 2.08 11/05/2008 170,977,946 100,000,000 FHLMC## 2.58 11/05/2008 99,541,333 250,000,000 FHLMC## 2.58 11/17/2008 248,638,333 182,000,000 FHLMC## 2.58 11/24/2008 180,917,404 100,000,000 FHLMC## 2.52 11/25/2008 99,412,000 150,000,000 FHLMC## 2.72 12/23/2008 148,730,667 150,000,000 FHLMC## 2.67 12/24/2008 148,742,875 35,000,000 FHLMC## 2.66 02/02/2009 34,605,069 100,000,000 FHLMC## 2.77 02/17/2009 98,707,333 120,600,000 FHLMC## 2.81 02/17/2009 119,018,532 3,026,417,323 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 11.36% 176,835,000 FNMA## 2.20 09/02/2008 176,835,000 17,936,000 FNMA## 2.20 09/02/2008 17,936,000 250,000,000 FNMA## 2.35 09/10/2008 249,869,444 150,000,000 FNMA## 2.38 09/17/2008 149,851,250 300,000,000 FNMA## 2.16 09/25/2008 299,586,000 75,377,000 FNMA## 2.40 10/01/2008 75,231,271 10,500,000 FNMA## 2.50 10/01/2008 10,478,854 10,000,000 FNMA## 2.50 10/01/2008 9,979,861 206,756,718 FNMA## 2.50 10/01/2008 206,340,333 40,000,000 FNMA## 4.17 10/01/2008 39,865,633 73,469,000 FNMA## 2.52 10/08/2008 73,283,858 181,000,000 FNMA## 2.46 10/10/2008 180,530,003 16,000,000 FNMA## 2.60 11/03/2008 15,928,356 150,700,000 FNMA## 2.47 11/12/2008 149,965,882
Wells Fargo Advantage Money Market Funds 43 Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 100,000,000 FNMA## 2.19% 11/19/2008 $ 99,525,500 35,075,000 FNMA## 2.48 11/26/2008 34,869,616 150,000,000 FNMA## 2.60 12/08/2008 148,949,167 100,000,000 FNMA## 2.65 12/08/2008 99,285,972 100,000,000 FNMA## 2.60 12/17/2008 99,234,444 100,000,000 FNMA## 2.72 12/23/2008 99,153,778 100,000,000 FNMA## 2.80 01/12/2009 98,973,333 100,000,000 FNMA## 2.80 01/13/2009 98,965,555 100,000,000 FNMA## 2.71 01/20/2009 98,946,111 150,000,000 FNMA## 2.75 01/20/2009 148,395,833 150,000,000 FNMA## 2.80 01/22/2009 148,343,333 100,000,000 FNMA## 2.71 01/23/2009 98,923,528 39,813,000 FNMA## 2.65 01/28/2009 39,379,259 56,000,000 FNMA## 2.66 02/09/2009 55,337,956 250,000,000 FNMA## 2.84 02/10/2009 246,824,722 150,000,000 FNMA## 2.76 03/02/2009 147,918,500 3,418,708,352 --------------- TOTAL AGENCY NOTES - DISCOUNT (COST $8,549,373,126) 8,549,373,126 --------------- AGENCY NOTES - INTEREST BEARING: 28.66% FEDERAL FARM CREDIT BANK: 7.95% 130,000,000 FFCB 4.25 10/10/2008 130,232,047 177,000,000 FFCB+/- 2.32 11/03/2008 176,992,716 185,000,000 FFCB+/- 2.06 12/22/2008 184,994,393 80,000,000 FFCB+/- 2.66 12/22/2008 79,995,402 19,255,000 FFCB 4.10 12/24/2008 19,365,824 65,000,000 FFCB 3.75 01/15/2009 65,261,411 130,000,000 FFCB+/- 2.33 02/02/2009 129,989,447 100,000,000 FFCB+/- 2.33 02/23/2009 99,984,927 20,000,000 FFCB+/- 2.66 03/30/2009 19,997,864 225,000,000 FFCB+/- 2.36 04/14/2009 225,000,000 50,000,000 FFCB 4.13 04/15/2009 50,413,724 60,000,000 FFCB+/- 2.03 04/30/2009 59,989,850 250,000,000 FFCB+/- 2.06 05/27/2009 250,000,000 150,000,000 FFCB+/- 2.34 07/27/2009 149,967,646 100,000,000 FFCB+/- 2.33 08/03/2009 99,977,998 50,000,000 FFCB+/- 2.44 08/13/2009 50,000,000 50,000,000 FFCB+/- 2.45 08/13/2009 50,000,000 250,000,000 FFCB+/- 2.30 11/16/2009 250,000,000 200,000,000 FFCB+/- 2.39 02/22/2010 199,956,577 100,000,000 FFCB+/- 2.36 07/23/2010 100,000,000 2,392,119,826 --------------- FEDERAL HOME LOAN BANK: 12.10% 48,725,000 FHLB 5.80 09/02/2008 48,725,000 150,000,000 FHLB 2.58 09/03/2008 150,000,000 35,000,000 FHLB+/- 2.66 09/19/2008 35,003,926 20,000,000 FHLB 4.25 09/26/2008 20,021,716 74,895,000 FHLB 4.50 09/26/2008 74,989,076 200,000,000 FHLB+/- 2.63 10/10/2008 199,992,028 100,000,000 FHLB 4.50 10/14/2008 100,210,656 200,000,000 FHLB 2.26 10/17/2008 200,000,000 300,000,000 FHLB 4.50 10/28/2008 301,175,247 150,000,000 FHLB+/- 2.53 12/11/2008 149,986,066
44 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- FEDERAL HOME LOAN BANK (continued) $ 100,000,000 FHLB 2.22% 01/02/2009 $ 99,996,482 10,540,000 FHLB 2.25 01/07/2009 10,540,000 250,000,000 FHLB+/- 2.49 01/28/2009 250,000,000 200,000,000 FHLB+/- 2.68 02/11/2009 200,000,000 100,000,000 FHLB+/- 2.69 02/18/2009 100,000,000 300,000,000 FHLB+/- 2.25 03/27/2009 300,000,000 250,000,000 FHLB+/- 2.59 06/29/2009 249,940,478 250,000,000 FHLB+/- 2.62 07/10/2009 250,000,000 250,000,000 FHLB+/- 2.61 07/14/2009 250,000,000 100,000,000 FHLB+/- 2.61 07/14/2009 100,000,000 100,000,000 FHLB+/- 2.65 08/05/2009 99,947,120 250,000,000 FHLB+/- 2.66 08/07/2009 249,931,953 100,000,000 FHLB+/- 2.39 12/28/2009 99,939,706 100,000,000 FHLB+/- 2.77 02/19/2010 99,950,027 3,640,349,481 --------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 4.21% 115,450,000 FHLMC 3.63 09/15/2008 115,504,385 288,479,000 FHLMC 5.00 09/16/2008 288,754,925 35,100,000 FHLMC 5.13 10/15/2008 35,204,318 275,272,000 FHLMC 4.63 12/19/2008 277,217,454 300,000,000 FHLMC+/- 2.44 09/18/2009 300,000,000 250,000,000 FHLMC+/- 2.40 09/28/2009 249,933,623 1,266,614,705 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 4.40% 61,518,000 FNMA 5.13 09/02/2008 61,518,000 72,228,000 FNMA 5.00 09/15/2008 72,295,637 310,971,000 FNMA 4.50 10/15/2008 311,675,406 63,709,000 FNMA 3.88 11/17/2008 63,920,906 114,368,000 FNMA 3.38 12/15/2008 114,722,539 250,000,000 FNMA+/- 2.64 12/26/2008 249,965,704 250,000,000 FNMA+/- 2.23 09/03/2009 250,000,000 200,000,000 FNMA+/- 2.21 10/07/2009 199,956,208 1,324,054,400 --------------- TOTAL AGENCY NOTES - INTEREST BEARING (COST $8,623,138,412) 8,623,138,412 --------------- REPURCHASE AGREEMENTS: 42.85% 2,000,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,000,473,333) 2.13 09/02/2008 2,000,000,000 100,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $100,023,556) 2.12 09/02/2008 100,000,000 1,000,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,250,000) 2.25 09/15/2008 1,000,000,000 1,750,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,750,416,111) 2.14 09/02/2008 1,750,000,000 1,000,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,237,778) 2.14 09/02/2008 1,000,000,000 2,750,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,750,653,889) 2.14 09/02/2008 2,750,000,000 50,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,011,667) 2.10 09/02/2008 50,000,000 1,500,000,000 GREENWICH CAPITAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,500,355,000) 2.13 09/02/2008 1,500,000,000
Wells Fargo Advantage Money Market Funds 45 Portfolio of Investments--August 31, 2008 (Unaudited) GOVERNMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- REPURCHASE AGREEMENTS (continued) $ 1,000,000,000 HSBC USA INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,236,667) 2.13% 09/02/2008 $ 1,000,000,000 1,250,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,250,295,833) 2.13 09/02/2008 1,250,000,000 344,920,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $344,992,816) 1.90 09/02/2008 344,920,000 100,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $100,023,333) 2.10 09/02/2008 100,000,000 50,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,011,667) 2.10 09/02/2008 50,000,000 TOTAL REPURCHASE AGREEMENTS (COST $12,894,920,000) 12,894,920,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $30,067,431,538)* 99.92% $30,067,431,538 OTHER ASSETS AND LIABILITIES, NET 0.08 23,428,022 -------- --------------- TOTAL NET ASSETS 100.00% $30,090,859,560 -------- ---------------
--------- ## Zero coupon bond. Interest rate presented is yield to maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 46 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) HERITAGE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- AGENCY NOTES - INTEREST BEARING: 0.76% $ 28,000,000 FHLB+/- 2.49% 01/28/2009 $ 28,000,000 28,000,000 FHLB+/- 2.49 01/30/2009 28,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $56,000,000) 56,000,000 --------------- CERTIFICATES OF DEPOSIT: 8.67% 25,150,000 ABN AMRO BANK NV (LONDON)+/- 2.47 09/12/2008 25,149,442 30,000,000 ABN AMRO BANK NV (LONDON)+/- 2.85 09/10/2008 30,000,000 9,000,000 ALLIED IRISH BANKS (NEW YORK)+/- 2.86 09/09/2008 9,000,000 10,000,000 AMERICAN EXPRESS CENTURION+/- 2.66 11/24/2008 10,000,000 10,000,000 BANCO BILBOA VIZCAYA ARGENTINA (NEW YORK)+/- 2.70 09/04/2008 10,000,016 20,000,000 BANK OF MONTREAL (CHICAGO)+/- 2.87 10/22/2008 20,000,000 118,000,000 BANK OF SCOTLAND PLC (NEW YORK)+/- 3.22 08/14/2009 118,000,000 29,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 2.97 02/27/2009 29,000,000 13,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 3.00 04/20/2009 13,000,000 74,500,000 BNP PARIBAS (NEW YORK)+/- 3.12 02/20/2009 74,500,000 17,000,000 CALYON (NEW YORK)+/- 2.70 09/04/2008 17,000,028 25,000,000 CREDIT SUISSE (NEW YORK)+/- 2.89 10/27/2008 25,000,000 21,000,000 FORTIS BANK (NEW YORK)+/- 2.75 09/30/2008 20,998,200 16,000,000 FORTIS BANK (NEW YORK)+/- 2.80 10/17/2008 16,000,000 55,000,000 INTESA SANPAOLO SPA (LONDON)+/- 2.53 09/08/2008 55,000,000 39,000,000 NATIXIS (NEW YORK)+/- 2.92 12/01/2008 39,000,000 29,000,000 NATIXIS (NEW YORK)+/-ss 2.99 04/01/2010 29,000,000 46,000,000 ROYAL BANK OF SCOTLAND (NEW YORK)+/- 2.95 04/23/2009 46,000,000 20,000,000 U.S. BANK NATIONAL ASSOCIATION+/- 2.86 04/20/2009 20,000,000 30,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 3.00 12/08/2008 30,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $636,647,686) 636,647,686 --------------- COMMERCIAL PAPER: 57.46% 88,950,000 ALPINE SECURITIZATION CORPORATION##++ 2.47 09/25/2008 88,809,632 22,000,000 AMSTEL FUNDING CORPORATION##++ 2.70 09/03/2008 21,998,350 45,900,000 AMSTEL FUNDING CORPORATION##++ 2.73 09/09/2008 45,875,635 69,500,000 AMSTEL FUNDING CORPORATION##++ 2.73 09/22/2008 69,394,592 39,550,000 AMSTEL FUNDING CORPORATION##++ 2.75 09/12/2008 39,519,788 20,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.04 04/20/2009 19,611,556 5,850,000 APRECO LLC##++ 2.55 09/16/2008 5,844,199 5,000,000 APRECO LLC##++ 2.69 09/03/2008 4,999,626 13,500,000 APRECO LLC##++ 2.78 10/21/2008 13,448,917 25,000,000 ASB FINANCE LIMITED (LONDON)##++ 2.75 09/05/2008 24,994,271 25,400,000 ASB FINANCE LIMITED (LONDON)##++ 3.01 05/07/2009 24,875,441 19,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++ 2.49 09/04/2008 18,997,372 15,000,000 BEAGLE FUNDING LLC##++ 2.72 09/17/2008 14,983,000 5,000,000 BEAGLE FUNDING LLC##++ 2.85 09/15/2008 4,994,854 26,000,000 BELMONT FUNDING LLC##++ 2.75 09/04/2008 25,996,028 47,250,000 BELMONT FUNDING LLC##++ 2.75 09/19/2008 47,188,641 26,000,000 BELMONT FUNDING LLC##++ 2.75 09/25/2008 25,954,319 12,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 2.70 10/06/2008 11,969,400 5,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.71 09/12/2008 4,996,236 20,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/21/2008 19,919,150 48,000,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/10/2008 47,972,907 34,100,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/15/2008 34,068,723 52,900,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/18/2008 52,840,282 9,000,000 CHARIOT FUNDING LLC##++ 2.35 09/05/2008 8,998,238 50,000,000 CHARTA LLC##++ 2.62 09/17/2008 49,945,417 8,000,000 CHARTA LLC##++ 2.68 09/03/2008 7,999,404 30,100,000 CHARTA LLC##++ 2.70 10/20/2008 29,991,640 65,000,000 CHARTA LLC##++ 2.83 10/08/2008 64,816,050
Wells Fargo Advantage Money Market Funds 47 Portfolio of Investments--August 31, 2008 (Unaudited) HERITAGE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 1,000,000 CIESCO LLC##++ 2.68% 09/03/2008 $ 999,926 46,300,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.49 09/11/2008 46,271,178 81,400,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.76 10/17/2008 81,119,170 30,000,000 CITIBANK CREDIT CARD ISSUE TRUST##++ 2.80 09/12/2008 29,976,667 9,000,000 CITIBANK OMNI MASTER TRUST##++ 2.67 09/03/2008 8,999,333 39,500,000 CITIBANK OMNI MASTER TRUST##++ 2.75 09/19/2008 39,448,705 100,000,000 CITIBANK OMNI MASTER TRUST##++ 2.98 10/23/2008 99,577,833 13,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.55 09/04/2008 12,998,158 64,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/02/2008 64,000,000 59,600,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/03/2008 59,595,745 28,200,000 EBBETS FUNDING LLC##++ 2.70 09/04/2008 28,195,770 22,000,000 EBBETS FUNDING LLC##++ 2.70 09/15/2008 21,978,550 23,000,000 EBBETS FUNDING LLC##++ 2.70 09/18/2008 22,972,400 38,900,000 EBBETS FUNDING LLC##++ 2.75 09/08/2008 38,882,171 43,000,000 ELYSIAN FUNDING LLC##++ 2.60 09/05/2008 42,990,683 31,000,000 ENTERPRISE FUNDING LLC##++ 2.48 09/08/2008 30,987,187 35,000,000 ENTERPRISE FUNDING LLC##++ 2.49 09/08/2008 34,985,475 12,800,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/09/2008 12,793,529 33,847,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/10/2008 33,827,444 36,500,000 ERASMUS CAPITAL CORPORATION##++ 2.60 09/15/2008 36,465,731 25,250,000 EUREKA SECURITIZATION##++ 2.62 09/16/2008 25,224,322 24,000,000 FAIRWAY FINANCE CORPORATION##++ 2.51 09/18/2008 23,973,227 42,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/03/2008 41,997,048 27,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/08/2008 26,988,615 9,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/11/2008 8,994,308 30,000,000 FAIRWAY FINANCE CORPORATION##++ 2.83 10/08/2008 29,915,100 113,500,000 FALCON ASSET SECURITIES COMPANY LLC##++ 2.48 09/11/2008 113,429,630 70,000,000 FORTIS FUNDING LLC##++ 2.52 09/12/2008 69,951,000 22,000,000 FORTIS FUNDING LLC##++ 2.67 10/07/2008 21,942,999 6,000,000 FOXBORO FUNDING LIMITED+/-(i) 3.36 02/06/2009 6,000,000 36,700,000 GALLEON CAPITAL LLC##++ 2.57 09/04/2008 36,694,760 25,000,000 GALLEON CAPITAL LLC##++ 2.58 09/05/2008 24,994,625 57,000,000 GALLEON CAPITAL LLC##++ 2.60 09/02/2008 57,000,000 32,000,000 GALLEON CAPITAL LLC##++ 2.60 09/03/2008 31,997,689 26,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.57 09/03/2008 25,998,144 8,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.68 09/04/2008 7,998,809 16,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.79 12/02/2008 15,887,160 17,000,000 GRAMPIAN FUNDING LLC##++ 2.55 09/24/2008 16,973,508 13,000,000 IRISH LIFE & PERMANENT##++ 2.54 09/05/2008 12,997,248 59,000,000 IRISH LIFE & PERMANENT##++ 2.75 09/17/2008 58,932,396 21,300,000 IRISH LIFE & PERMANENT##++ 2.76 09/30/2008 21,254,276 15,000,000 IRISH LIFE & PERMANENT##++ 2.85 09/22/2008 14,976,250 23,000,000 KBC FINANCE PRODUCTION INTERNATIONAL LIMITED##++ 2.72 09/16/2008 22,975,671 28,500,000 LIBERTY STREET FUNDING LLC##++ 2.58 09/09/2008 28,485,703 45,000,000 LIBERTY STREET FUNDING LLC##++ 2.59 09/15/2008 44,957,912 108,000,000 LIBERTY STREET FUNDING LLC##++ 2.62 09/02/2008 108,000,000 40,000,000 MAZARIN FUNDING CORPORATION##++ 2.60 09/02/2008 40,000,000 71,000,000 MAZARIN FUNDING CORPORATION##++ 2.62 09/09/2008 70,963,829 31,900,000 METLIFE SHORT TERM FUNDING LLC##++ 2.56 09/15/2008 31,870,510 40,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.65 10/01/2008 39,914,611 21,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.93 12/09/2008 20,832,502 13,600,000 MONT BLANC CAPITAL CORPORATION##++ 2.50 09/03/2008 13,599,056 10,597,000 MONT BLANC CAPITAL CORPORATION##++ 2.59 09/18/2008 10,584,802 9,000,000 MONT BLANC CAPITAL CORPORATION##++ 2.60 09/05/2008 8,998,050 13,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.38 09/05/2008 12,997,422 32,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.40 09/04/2008 31,995,733 53,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++ 2.60 09/02/2008 53,000,000
48 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) HERITAGE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 75,000,000 OLD LINE FUNDING LLC##++ 2.50% 09/12/2008 $ 74,947,917 28,926,000 PARK AVENUE RECEIVABLES##++ 2.47 09/05/2008 28,920,046 37,000,000 PARK AVENUE RECEIVABLES##++ 2.48 09/05/2008 36,992,353 51,000,000 PICAROS FUNDING LLC##++ 2.53 09/15/2008 50,953,406 35,000,000 PICAROS FUNDING LLC## 2.54 09/04/2008 34,995,061 27,000,000 PICAROS FUNDING LLC## 2.55 09/04/2008 26,996,175 35,000,000 PICAROS FUNDING LLC##++ 2.71 10/24/2008 34,862,994 100,000,000 PRUDENTIAL PLC##++ 2.72 10/23/2008 99,614,667 34,250,000 PRUDENTIAL PLC##++ 2.83 10/03/2008 34,166,535 13,107,000 REGENCY MARKETS # 1 LLC##++ 2.50 09/05/2008 13,104,269 21,900,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/11/2008 21,885,820 47,070,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/15/2008 47,025,976 4,100,000 SALISBURY RECEIVABLES COMPANY##++ 2.47 09/04/2008 4,099,437 6,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/04/2008 5,999,160 4,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/26/2008 3,993,280 19,000,000 SCALDIS CAPITAL LLC##++ 2.58 09/02/2008 19,000,000 83,000,000 SCALDIS CAPITAL LLC##++ 2.59 09/22/2008 82,880,572 4,000,000 SCALDIS CAPITAL LLC##++ 2.77 10/27/2008 3,983,072 40,000,000 SCALDIS CAPITAL LLC##++ 2.80 10/15/2008 39,866,222 19,000,000 SOCIETE GENERALE NORTH AMERICA## 2.79 09/02/2008 19,000,000 38,000,000 SOLITAIRE FUNDING LLC##++ 2.52 09/26/2008 37,936,160 37,000,000 SOLITAIRE FUNDING LLC##++ 2.55 09/02/2008 37,000,000 32,000,000 STARBIRD FUNDING CORPORATION##++ 2.70 09/25/2008 31,944,800 18,350,000 STARBIRD FUNDING CORPORATION##++ 2.80 10/03/2008 18,305,756 22,000,000 STARBIRD FUNDING CORPORATION##++ 2.95 10/17/2008 21,918,875 15,000,000 SURREY FUNDING CORPORATION##++ 2.63 09/02/2008 15,000,000 27,190,000 SURREY FUNDING CORPORATION##++ 2.63 09/09/2008 27,176,095 21,300,000 SURREY FUNDING CORPORATION##++ 2.64 09/12/2008 21,284,380 42,300,000 SURREY FUNDING CORPORATION##++ 2.65 09/19/2008 42,247,066 110,000,000 SWEDBANK AB## 2.74 10/24/2008 109,564,644 5,000,000 SWEDBANK AB## 2.81 09/08/2008 4,997,663 28,000,000 SWEDBANK AB## 2.96 11/25/2008 27,806,613 30,000,000 SWEDBANK AB## 3.00 11/26/2008 29,787,500 20,000,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/10/2008 19,988,667 40,000,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.57 09/09/2008 39,980,011 37,800,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.83 09/08/2008 37,782,171 44,360,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.85 09/22/2008 44,289,763 45,000,000 THUNDER BAY FUNDING LLC##++ 2.50 09/08/2008 44,981,250 11,000,000 TULIP FUNDING CORPORATION##++ 2.40 09/05/2008 10,997,800 18,000,000 TULIP FUNDING CORPORATION##++ 2.55 09/05/2008 17,996,175 11,000,000 UNICREDITO ITALIANO BANK OF IRELAND##++ 2.93 11/25/2008 10,924,797 52,000,000 VERSAILLES CDS LLC##++ 2.55 09/05/2008 51,988,950 8,500,000 VICTORIA FINANCE LLC+/-(i)####(a) 4.82 02/15/2008 6,800,000 17,000,000 WINDMILL FUNDING CORPORATION##++ 2.50 09/02/2008 17,000,000 TOTAL COMMERCIAL PAPER (COST $4,224,052,198) 4,222,352,336 --------------- CORPORATE BONDS & NOTES: 1.57% 3,300,000 ALLIED IRISH BANKS PLC+/-++ 2.47 11/18/2008 3,300,000 7,500,000 DNB NOR BANK ASA+/-++ 2.48 03/25/2009 7,500,000 7,000,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 7,000,000 5,000,000 INTESA BANK (IRELAND) plc+/-++ 2.49 03/25/2009 5,000,000 4,000,000 IRISH LIFE & Permanent PLC+/-++ 2.50 03/20/2009 4,000,000 2,070,000 MORGAN STANLEY+/- 2.19 09/15/2008 2,069,599 86,500,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 86,500,000 TOTAL CORPORATE BONDS & NOTES (COST $115,369,599) 115,369,599 ---------------
Wells Fargo Advantage Money Market Funds 49 Portfolio of Investments--August 31, 2008 (Unaudited) HERITAGE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- EXTENDABLE BONDS: 5.23% $ 10,000,000 BANK OF IRELAND+/-++ 3.05% 09/02/2009 $ 10,000,000 7,000,000 BASF FINANCE EUROPE NV+/-++ 2.80 09/18/2009 7,000,000 75,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 2.99 08/03/2009 75,000,000 58,000,000 DEUTSCHE BANK+/- 3.00 08/04/2009 58,000,000 20,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 20,000,000 19,500,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 19,500,000 65,000,000 IBM INTERNATIONAL GROUP CAPITAL+/-++ 3.03 09/25/2009 65,000,000 35,000,000 ING USA GLOBAL FUNDING+/- 3.14 09/18/2009 35,000,000 46,600,000 RABOBANK NEDERLAND+/-++ 2.99 09/09/2009 46,600,000 48,000,000 ROYAL BANK OF CANADA+/-++ 2.77 09/15/2009 48,000,000 TOTAL EXTENDABLE BONDS (COST $384,100,000) 384,100,000 --------------- MEDIUM TERM NOTES: 3.16% 10,000,000 AMERICAN EXPRESS BANK FSB+/- 2.66 11/24/2008 10,000,000 4,000,000 BNP PARIBAS+/- 2.77 09/16/2008 4,000,000 20,000,000 MBIA GLOBAL FUNDING LLC+/-++ 3.01 11/18/2008 20,000,000 3,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/18/2009 3,000,000 5,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 5,000,000 5,000,000 MORGAN STANLEY+/- 2.14 10/31/2008 5,000,000 30,000,000 MORGAN STANLEY+/- 2.51 11/21/2008 29,987,072 44,000,000 NEW YORK LIFE GLOBAL FUNDING+/-++ 2.90 05/13/2009 44,000,000 2,000,000 NORDEA BANK AB+/-++ 2.46 09/08/2008 2,000,000 5,000,000 NORDEA BANK AB+/-++ 2.48 09/10/2008 5,000,000 35,000,000 PRICOA GLOBAL FUND+/-++ 2.87 09/12/2008 35,000,660 5,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 2.96 09/18/2008 5,000,000 4,000,000 TOTTA IRELAND PLC+/-++ 2.47 09/05/2008 4,000,000 60,000,000 TOYOTA MOTOR CREDIT CORPORATION+/- 2.51 02/03/2009 60,000,000 TOTAL MEDIUM TERM NOTES (COST $231,987,732) 231,987,732 --------------- MUNICIPAL BONDS & NOTES: 1.21% 15,655,000 ACADEMY OF THE NEW CHURCH+/-ss 2.72 02/01/2025 15,655,000 30,000,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 3.00 05/01/2049 30,000,000 18,600,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK)+/-ss 2.55 07/01/2033 18,600,000 5,910,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES E (HOUSING REVENUE, GO OF AUTHORITY)+/-ss 2.70 07/01/2038 5,910,000 6,500,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE, GO OF AUTHORITY)+/-ss 2.70 07/01/2048 6,500,000 10,000,000 SAN JOSE CA FINANCING AUTHORITY TAXABLE LAND SERIES F (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 2.65 06/01/2034 10,000,000 2,000,000 WAUKESHA HEALTH SYSTEM INCORPORATED (HFR)+/-ss 2.60 08/15/2026 2,000,000 TOTAL MUNICIPAL BONDS & NOTES (COST $88,665,000) 88,665,000 --------------- REPURCHASE AGREEMENTS: 6.03% 40,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $40,009,467) 2.13 09/02/2008 40,000,000 25,310,023 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $25,316,041) 2.14 09/02/2008 25,310,023 90,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $90,022,200) 2.22 09/02/2008 90,000,000 40,000,000 GREENWICH CAPTIAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $40,009,467) 2.13 09/02/2008 40,000,000 155,000,000 LEHMAN BROTHERS COMMERCIAL - 102% COLLATERALIZED BY US Government SECURITIES (MATURITY VALUE $155,043,056) 2.50 09/02/2008 155,000,000 93,000,000 MERRILL PIERCE FENNER & SMITH - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $93,022,733) 2.20 09/02/2008 93,000,000 TOTAL REPURCHASE AGREEMENTS (COST $443,310,023) 443,310,023 ---------------
50 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) HERITAGE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- SECURED MASTER NOTE AGREEMENT: 3.33% $ 117,323,000 BANK OF AMERICA SECURITIES LLC+/- 2.26% $ 117,323,000 127,374,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 2.25 127,374,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $244,697,000) 244,697,000 --------------- TIME DEPOSITS: 13.02% 125,000,000 ALLIED IRISH BANKS PLC 2.15 09/02/2008 125,000,000 125,000,000 BANCO BILBAO VIZCAYA ARGENTINA SA 2.20 09/02/2008 125,000,000 125,000,000 BANK OF IRELAND 2.23 09/02/2008 125,000,000 63,000,000 BNP PARIBAS PARIS 2.15 09/02/2008 63,000,000 125,000,000 DANSKE BANK AS COPENHAGEN 2.15 09/02/2008 125,000,000 125,000,000 DEXIA CREDIT LOCAL DE FRANCE 2.18 09/02/2008 125,000,000 144,000,000 KBC BANK NV BRUSSELS 1.88 09/02/2008 144,000,000 125,000,000 SOCIETE GENERALE PARIS 2.18 09/02/2008 125,000,000 TOTAL TIME DEPOSITS (COST $957,000,000) 957,000,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $7,381,829,238)* 100.44% $ 7,380,129,376 OTHER ASSETS AND LIABILITIES, NET (0.44) (32,257,478) ------ --------------- TOTAL NET ASSETS 100.00% $ 7,347,871,898 ------ ---------------
---------- +/- 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. (i) Illiquid security. #### 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. ++ 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, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER: 1.61% $ 5,000,000 ASCENSION PARISH LA 1.77% 11/13/2008 $ 5,000,000 1,175,000 ILLINOIS FINANCE AUTHORITY 1.75 01/06/2009 1,175,000 TOTAL COMMERCIAL PAPER (COST $6,175,000) 6,175,000 --------------- MUNICIPAL BONDS & NOTES: 94.72% ALABAMA: 2.56% 9,800,000 COLUMBIA AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY PROJECT (IDR) ss +/- 2.52 06/01/2028 9,800,000 9,800,000 --------------- ARIZONA: 0.60% 2,300,000 PIMA COUNTY AZ IDA EASTSIDE APARTMENTS SERIES B (MFHR) ss +/- 2.12 02/15/2031 2,300,000 --------------- COLORADO: 5.17% 7,000,000 AURORA CO HOUSING AUTHORITY LIBERTY CREEK PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 2.04 02/15/2038 7,000,000 5,000,000 COLORADO COLLEGE INVESTMENT SERIES I-A (OTHER REVENUE, LLOYDS BANK LOC) ss +/- 1.95 12/01/2042 5,000,000 4,000,000 COLORADO HOUSING & FINANCE AUTHORITY READY FOODS INCORPORATED PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC) ss +/- 1.92 01/01/2032 4,000,000 1,500,000 COLORADO HOUSING & FINANCE AUTHORITY WASTE MANAGEMENT INCORPORATED PROJECT (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 2.15 08/01/2038 1,500,000 1,000,000 FORT COLLINS CO ECONOMIC DEVELOPMENT OAKRIDGE PROJECT SERIES A (HOUSING REVENUE, US BANK NA LOC) ss +/- 2.10 12/01/2032 1,000,000 1,250,000 HUDSON CO SERIES A (IDR, US BANK NA LOC) ss +/- 2.15 11/01/2020 1,250,000 19,750,000 --------------- DISTRICT OF COLUMBIA: 3.43% 5,080,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2191 (OTHER REVENUE) ss +/- 2.29 10/01/2013 5,080,000 8,010,000 METROPOLITAN WASHINGTON DC AIRPORT AUTHORITY SERIES 2855 (AIRPORT REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 10/01/2014 8,010,000 13,090,000 --------------- FLORIDA: 3.72% 2,750,000 JACKSONVILLE FL HFA CHRISTINE COVE APARTMENTS (MFHR, FHLMC INSURED) ss +/- 1.95 09/15/2038 2,750,000 1,065,000 MARTIN COUNTY FL POWER & LIGHT COMPANY PROJECT (IDR) ss +/- 2.40 07/15/2022 1,065,000 1,800,000 MIAMI DADE COUNTY FL IDA FLORIDA POWER & LIGHT COMPANY PROJECT (LEASE REVENUE) ss +/- 2.55 02/01/2023 1,800,000 1,620,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES A (GO - SCHOOL DISTRICTS, MBIA INSURED) ss 5.25 08/01/2009 1,687,792 1,725,000 SAINT LUCIE COUNTY FL ROOF TRUSSES COMPANY PROJECT A (INDUSTRIAL DEVELOPMENT REVENUE, WACHOVIA BANK LOC) ss +/- 2.05 11/01/2021 1,725,000 80,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 02/01/2034 80,000 5,105,000 SCA TAX EXEMPT TRUST PT 2517 LEE COUNTY FL (HOUSING REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.84 01/01/2030 5,105,000 14,212,792 --------------- GEORGIA: 2.67% 560,000 DEKALB COUNTY NEWTOWN GWINETT COUNTY GA JOINT REAL ESTATE STUDENT I (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 06/01/2035 560,000 475,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC) ss +/- 1.85 04/01/2024 475,000 6,475,000 FULTON COUNTY GA HOUSING AUTHORITY WALTON LAKES APARTMENTS PROJECT SERIES A (HOUSING REVENUE, SUNTRUST BANK LOC) ss +/- 2.00 02/01/2041 6,475,000 1,170,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER REVENUE) ss +/- 2.50 09/01/2029 1,170,000 1,520,000 STEPHENS COUNTY GA DEVELOPMENT AUTHORITY CATERPILLAR INCORPORATED PROJECT (INDUSTRIAL DEVELOPMENT REVENUE) ss +/- 2.19 08/01/2016 1,520,000 10,200,000 ---------------
52 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- IDAHO: 0.40% $ 1,510,000 BONNEVILLE COUNTY ID YELLOWSTONE PLASTICS PROJECT (IDR) ss +/- 2.20% 08/01/2014 $ 1,510,000 --------------- ILLINOIS: 5.19% 1,785,000 GENEVA IL CONTINENTAL ENVELOPE PROJECT (IDR, BANK ONE CHICAGO NA LOC) ss +/- 3.10 04/01/2016 1,785,000 3,015,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCL INCORPORATED PROJECT (IDR) ss +/- 3.10 06/01/2017 3,015,000 500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY SURGIPATH MEDICAL INDUSTRY PROJECT (IDR) ss +/- 2.20 06/01/2011 500,000 525,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 2.00 04/01/2038 525,000 1,000,000 ILLINOIS FINANCE AUTHORITY INX INTERNATIONAL INK COMPANY (INDUSTRIAL DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.00 01/01/2034 1,000,000 825,000 ILLINOIS FINANCE AUTHORITY MERUG LLC SERIES B (IDR, JPMORGAN CHASE BANK LOC) ss +/- 3.10 12/01/2018 825,000 2,600,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY BRAINARD LANDINGS APARTMENTS (HOUSING REVENUE, US BANK NA LOC) ss +/- 1.98 05/01/2042 2,600,000 2,070,000 LAKE COUNTY IL BROWN PAPER GOODS PROJECT (IDR, BANK ONE CHICAGO NA LOC) ss +/- 3.10 10/01/2021 2,070,000 1,370,000 LAKE COUNTY IL COUNTYSIDE LANDFILL INCORPORATED (SOLID WASTE REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.17 04/01/2021 1,370,000 2,600,000 LAKE COUNTY IL NORTHPOINT ASSOCIATION (IDR, NORTHERN TRUST CORPORATION LOC) ss +/- 2.33 07/01/2029 2,600,000 1,590,000 LAKE ZURICH IL (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 3.10 12/01/2009 1,590,000 1,960,000 VERNON HILLS IL NORTHWESTERN TOOL & DIE PROJECT (IDR, LASALLE NATIONAL BANK NA LOC) ss +/- 2.15 04/01/2025 1,960,000 19,840,000 --------------- INDIANA: 5.39% 1,925,000 GREENSBURG IN COMMUNITY PARTNERS VILLAGE II (HOUSING REVENUE, FHLMC INSURED) ss +/- 2.10 09/01/2029 1,925,000 2,900,000 INDIANA STATE FINANCE AUTHORITY MARION GENERAL HOSPITAL PROJECT SERIES A (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.90 07/01/2035 2,900,000 2,500,000 INDIANAPOLIS IN WASHINGTON POINTE SERIES A (HOUSING REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.14 08/15/2040 2,500,000 3,685,000 LAGRANGE COUNTY IN SERVICE REALITY LLC PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.29 03/01/2026 3,685,000 8,100,000 MADISON IN ARVIN SANGO INCORPORATED PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.12 08/01/2017 8,100,000 1,500,000 NOBLESVILLE IN GREYSTONE APARTMENTS PROJECT SERIES B (HOUSING REVENUE, FEDERAL HOME LOAN BANK) ss +/- 2.15 03/01/2041 1,500,000 20,610,000 --------------- IOWA: 1.85% 5,800,000 DES MOINES IA ELLIOT AVIATION PROJECT (OTHER REVENUE, US BANK NA LOC) ss +/- 2.05 08/01/2027 5,800,000 280,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE, KBC BANK NV LOC) ss +/- 2.45 11/01/2036 280,000 905,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HEALTHCARE FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.45 06/01/2027 905,000 100,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.48 03/01/2036 100,000 7,085,000 --------------- KANSAS: 1.57% 1,000,000 OLATHE KS DIAMANT BOART SERIES A (INDUSTRIAL DEVELOPMENT REVENUE) ss +/- 2.20 03/01/2027 1,000,000 5,000,000 OLATHE KS ISL LLC PROJECT (OTHER REVENUE, US BANK NA LOC) ss +/- 2.10 08/01/2027 5,000,000 6,000,000 --------------- KENTUCKY: 4.46% 8,415,000 CARROL COUNTY KY SOLID WASTE DISPOSAL NORTH AMERICAN STAINLESS (INDUSTRIAL DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.14 05/01/2031 8,415,000 4,155,000 DAVIESS COUNTY KY PARK REGENCY (OTHER REVENUE, SOCIETE GENERALE LOC) ss +/- 1.99 07/01/2020 4,155,000 2,990,000 HOPKINSVILLE KY FREE-FLOW PACKAGING PROJECT (IDR, COMERCIA BANK NA LOC) ss +/- 2.08 11/01/2019 2,990,000 1,475,000 KENTUCKY ASSET LIABILITY COMMISSION TRAN SERIES A (OTHER REVENUE) 3.00 06/25/2009 1,489,338 17,049,338 ---------------
Wells Fargo Advantage Money Market Funds 53 Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MARYLAND: 1.19% $ 4,540,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 531 (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 2.00% 01/01/2010 $ 4,540,000 --------------- MICHIGAN: 1.40% 5,300,000 MICHIGAN MUNICIPAL BOND AUTHORITY SERIES A-2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) 3.00 08/20/2009 5,365,322 --------------- MINNESOTA: 15.57% 2,410,000 BLOOMINGTON MN NORLAN PARTNERS SERIES B (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.99 07/15/2032 2,410,000 455,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK LOC) ss +/- 2.45 11/01/2035 455,000 1,800,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER REVENUE, FNMA INSURED) ss +/- 2.04 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 +/- 2.10 04/15/2035 1,985,000 2,400,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES A (OTHER REVENUE, FNMA INSURED) ss +/- 2.04 06/15/2038 2,400,000 1,200,000 MINNEAPOLIS MN DRIFTWOOD APARTMENTS PROJECT A (HOUSING REVENUE, US BANK NA LOC) ss +/- 2.10 10/01/2024 1,200,000 1,665,000 MINNEAPOLIS MN SECOND STREET ACQUISITION SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.99 01/01/2033 1,665,000 3,075,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE FACILITY ESSENTIAL C4 (HCFR, GUARANTEE AGREEMENT) ss +/- 2.60 02/15/2030 3,075,000 2,000,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES C (HOUSING REVENUE, FHLB INSURED) ss +/- 1.91 07/01/2048 2,000,000 620,000 MINNESOTA STATE HFA SERIES 1552 (HOUSING REVENUE, GO OF AUTHORITY) ss +/- 2.02 01/01/2010 620,000 325,000 MINNESOTA STATE RESIDENTIAL HOUSING SERIES G (HOUSING REVENUE, GENERAL OBLIGATION OF AUTHORITY) ss +/- 1.95 01/01/2032 325,000 945,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 04/01/2027 945,000 70,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.84 10/01/2032 70,000 2,300,000 PLYMOUTH MN THE LAKES APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED) ss +/- 2.04 08/01/2034 2,300,000 5,015,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY APARTMENTS LP SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.94 10/01/2038 5,015,000 1,135,000 RUSH CITY MN PLASTECH CORPORATION PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, US BANK NA LOC) ss +/- 2.10 09/01/2014 1,135,000 1,420,000 SAINT PAUL MN HOUSING & RDA HAMPDEN SQUARE APARTMENTS SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 2.04 06/01/2032 1,420,000 2,205,000 ST. LOUIS PARK MN NEWPORT ON SEVEN APARTMENTS PROJECT (MFHR, FNMA INSURED) ss +/- 2.10 09/15/2031 2,205,000 7,000,000 ST. PAUL & RAMSEY COUNTY MN HOUSING & RDA ST. PAUL LEASED HOUSING ASSOCIATION (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.94 09/01/2035 7,000,000 3,850,000 ST. PAUL MN HEATING REVENUE SERIES F (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.05 12/01/2023 3,850,000 10,750,000 ST. PAUL MN HOUSING & RDA BRIGECREEK SENIOR PLACE SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.99 06/15/2037 10,750,000 450,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES I (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.05 06/01/2015 450,000 705,000 ST. PAUL MN HOUSING & RDA DISTRICT COOLING SERIES L (IDR, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.05 03/01/2018 705,000 605,000 ST. PAUL MN HOUSING & RDA DISTRICT SERIES E (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.99 12/01/2019 605,000 2,595,000 ST. PAUL MN HOUSING & RDA LEASED HOUSING ASSOCIATION SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.94 09/01/2035 2,595,000 2,445,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES R (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.65 03/01/2022 2,445,000 100,000 WINONA MN PORT AUTHORITY BAY STREET MILLING COMPANY PROJECT SERIES A (IDR, HARRIS TRUST SAVINGS BANK LOC) ss +/- 2.10 06/01/2011 100,000 59,525,000 --------------- MISSISSIPPI: 0.17% 650,000 MISSISSIPPI BUSINESS FINANCE CORPORATION ARCH ALUMINUM & GLASS PROJECT (IDR, COMERCIA BANK NA LOC) ss +/- 2.10 01/01/2014 650,000 ---------------
54 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MISSOURI: 1.79% $ 3,300,000 HANNIBAL MO IDA BUCKHORN RUBBER PRODUCTS PROJECT (IDR, BANK ONE CHICAGO NA LOC) ss +/- 3.10% 03/01/2010 $ 3,300,000 1,705,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.90 01/01/2030 1,705,000 1,845,000 MISSOURI STATE PUBLIC UTILITIES COMMUNITY (OTHER REVENUE) 4.75 09/01/2008 1,845,000 6,850,000 --------------- NEVADA: 0.83% 3,170,000 NEVADA HOUSING DIVISION MULTI-UNIT HOUSING PROJECT A (HOUSING REVENUE) ss +/- 2.00 10/01/2030 3,170,000 --------------- NEW HAMPSHIRE: 0.42% 1,620,000 NEW HAMPSHIRE HEFA ST. ANSELM COLLEGE (OTHER REVENUE, CITIZENS BANK LOC) ss +/- 2.45 06/01/2038 1,620,000 --------------- NEW MEXICO: 0.73% 1,300,000 NEW MEXICO HOUSING AUTHORITY REGION III EL PUEBLO APARTMENTS PROJECT SERIES A (HOUSING REVENUE, US BANK NA LOC) ss +/- 1.92 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 +/- 1.92 12/01/2044 1,500,000 2,800,000 --------------- NORTH CAROLINA: 0.79% 3,015,000 LEE COUNTY NC INDUSTRIAL FACILITIES & PCFA CHALLENGE PRINTING COMPANY PROJECT (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 2.05 07/01/2027 3,015,000 --------------- NORTH DAKOTA: 1.70% 3,000,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES A (HOUSING REVENUE, LLOYDS BANK LOC) ss +/- 1.94 07/01/2037 3,000,000 3,500,000 NORTH DAKOTA STATE HFA HOME MORTGAGE PROGRAM SERIES B (HOUSING REVENUE) ss +/- 1.94 01/01/2035 3,500,000 6,500,000 --------------- OHIO: 0.33% 1,250,000 FRANKLIN COUNTY OH LIFELINE SHELTER SYSTEMS PROJECT (IDR, BANK ONE CHICAGO NA LOC) ss +/- 2.95 10/01/2021 1,250,000 --------------- OTHER: 8.51% 32,520,000 SUNAMERICA TRUST CERTIFICATES VARIOUS STATES CLASS A SERIES 2 (OTHER REVENUE, FHLMC INSURED) ss +/- 2.89 07/01/2041 32,520,000 32,520,000 --------------- PENNSYLVANIA: 1.31% 5,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES B (OTHER REVENUE, SCOTIABANK LOC) ss +/- 1.91 11/01/2025 5,000,000 --------------- SOUTH CAROLINA: 0.52% 2,000,000 FLORENCE COUNTY SC SOLID WASTE DISPOSAL & WASTEWATER TREATMENT ROCHE CAROLINA INCORPORATED PROJECT (IDR, DEUTSCHE BANK AG LOC) ss +/- 2.85 04/01/2027 2,000,000 --------------- TENNESSEE: 7.23% 1,025,000 COFFEE COUNTY TN INDUSTRIAL BOARD INCORPORATED MCKEY PERFORATED PRODUCTS PROJECT (IDR, M&I MARSHALL & ILSLEY LOC) ss +/- 2.20 06/01/2016 1,025,000 8,000,000 HUNTINGDON TN INDUSTRIAL DEVELOPMENT BOARD BEHLEN MANUFACTURING COMPANY PROJECT (IDR, LASALLE BANK NA LOC) ss +/- 2.03 05/01/2020 8,000,000 2,025,000 PULASKI & GILES COUNTY TN LOMAR DEVELOPMENT COMPANY PROJECT (IDR, US BANK NA LOC) ss +/- 2.10 01/01/2017 2,025,000 7,340,000 SCA TAX-EXEMPT TRUST PT-2518 HAMILTON COUNTY TN INDUSTRIAL (HOUSING REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.84 01/01/2030 7,340,000 2,890,000 SCA TAX-EXEMPT TRUST PT-2520 MEMPHIS TN HEALTH EDUCATIONAL FINANCE (HOUSING REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.84 01/01/2030 2,890,000 6,355,000 SHELBY COUNTY TN HEALTH & EDUCATIONAL HOUSING FACILITIES EDEN POINTE APARTMENTS (OTHER REVENUE, REGIONS BANK LOC) ss +/- 2.10 03/01/2040 6,355,000 27,635,000 ---------------
Wells Fargo Advantage Money Market Funds 55 Portfolio of Investments--August 31, 2008 (Unaudited) MUNICIPAL MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- TEXAS: 6.83% $ 7,500,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-69 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.24% 10/01/2014 $ 7,500,000 6,900,000 DALLAS FORT WORTH TX INTERNATIONAL AIRPORT (AIRPORT REVENUE, AMBAC INSURED) ss +/- 2.27 11/01/2032 6,900,000 2,890,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT (GENERAL OBLIGATION - SCHOOL DISTRICTS) ss 5.38 02/15/2009 2,935,456 1,000,000 HARRIS COUNTY TX TRAN (PROPERTY TAX REVENUE) 3.00 02/26/2009 1,006,914 7,500,000 REDSTONE PARTNERS FLOATERS RESIDUALS TRUST SERIES A (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 2.19 12/01/2047 7,500,000 280,000 TARRANT COUNTY TX CULTURAL EDUCATIONAL FACILITIES FINANCE CORPORATION SCOTT WHITE MEMORIAL HOSPITAL SERIES C (OTHER REVENUE, COMPASS BANK) ss +/- 1.80 08/15/2046 280,000 26,122,370 --------------- UTAH: 1.31% 5,000,000 UTAH HOUSING CORPORATION POINTE APARTMENTS PROJECT (OTHER REVENUE, US BANK NA LOC) ss +/- 1.92 08/01/2024 5,000,000 --------------- VERMONT: 0.07% 255,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL PROJECT A (HCFR) ss +/- 2.45 10/01/2034 255,000 --------------- VIRGINIA: 0.03% 110,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY SERIES A (OTHER REVENUE) ss +/- 2.43 07/01/2037 110,000 --------------- WASHINGTON: 4.17% 4,700,000 PORT OF SEATTLE WA INDUSTRIAL DEVELOPMENT CORPORATION CROWLEY MARINE SERVICES PROJECT BP WEST COAST PRODUCTS LLC PROJECT (AIRPORT REVENUE, CITIBANK NA LOC) ss +/- 1.94 12/31/2021 4,700,000 1,200,000 PORT VANCOUVER WASHINGTON SPECIAL REVENUE (IDR, BANK OF AMERICA NA LOC) ss +/- 2.10 12/01/2010 1,200,000 3,155,000 SEATTLE WA SOLID WASTE SERIES 2202 (SOLID WASTE REVENUE, MBIA INSURED) ss +/- 2.04 02/01/2029 3,155,000 3,000,000 STATE OF WASHINGTON (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 2.14 07/01/2026 3,000,000 1,315,000 WASHINGTON STATE ECONOMIC DEVELOPMENT FINANCE AUTHORITY MERCER ISLAND PARTNERS LLC PROJECT (INDUSTRIAL DEVELOPMENT REVENUE, US BANK NA LOC) ss +/- 2.10 06/01/2027 1,315,000 2,585,000 WASHINGTON STATE HOUSING FINANCE COMMUNITY MFHR LAKEWOOD MEADOWS APARTMENTS PROJECT SERIES A (MFHR LOC, FNMA INSURED) ss +/- 2.10 07/15/2033 2,585,000 15,955,000 --------------- WISCONSIN: 2.81% 2,400,000 APPLETON WI GREAT NORTHERN CORPORATION PROJECT A (IDR, US BANK NA LOC) ss +/- 2.15 09/01/2019 2,400,000 790,000 MIDDLETON WI FRISTAM PUMPS INCORPORATED PROJECT (IDR) ss +/- 2.20 05/01/2020 790,000 3,500,000 MILWAUKEE WI RDA HELWIG CARBON PRODUCTS SERIES A (IDR) ss +/- 2.20 11/01/2028 3,500,000 2,685,000 NEW LONDON WI WOHLT CHEESE CORPORATION PROJECT (IDR) ss +/- 2.20 07/01/2021 2,685,000 1,345,000 OREGON WI FIVE K PARTNERSHIP PROJECT A (IDR, US BANK NA LOC) ss +/- 2.10 06/01/2021 1,345,000 10,720,000 --------------- TOTAL MUNICIPAL BONDS & NOTES (COST $362,049,822) 362,049,822 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $368,224,822)* 96.33% $ 368,224,822 OTHER ASSETS AND LIABILITIES, NET 3.67 14,014,180 ------ --------------- TOTAL NET ASSETS 100.00% $ 382,239,002 ====== ===============
---------- ss These securities are subject to a demand feature which reduces the effective maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 56 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MUNICIPAL BONDS & NOTES: 92.75% ALABAMA: 2.94% $ 5,800,000 BIRMINGHAM AL PUBLIC EDUCATIONAL BUILDING AUTHORITY STUDENT HOUSING REVENUE (OTHER REVENUE LOC) ss +/- 1.86% 07/01/2037 $ 5,800,000 51,450,000 COLUMBIA AL IDA SERIES A (IDR) ss +/- 2.47 06/01/2022 51,450,000 24,900,000 COLUMBIA AL IDA SERIES B (PCR) ss +/- 2.47 05/01/2022 24,900,000 10,000,000 DCH AL HEALTH CARE AUTHORITY (HCFR, REGIONS BANK LOC) ss +/- 1.89 06/01/2020 10,000,000 8,700,000 EUTAW AL IDA PCR ALABAMA POWER COMPANY PROJECT (IDR) ss +/- 2.47 06/01/2028 8,700,000 15,000,000 MOBILE AL EDUCATIONAL BUILDING AUTHORITY SPRING HILL COLLEGE PROJECT (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.84 09/01/2037 15,000,000 12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER COMPANY PROJECT SERIES C (IDR) ss +/- 1.93 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) ss +/- 1.85 02/01/2040 40,000,000 5,650,000 PRICHARD UNIVERSITY MOBILE AL EDUCATIONAL BUILDING AUTHORITY UNIVERSITY MOBILE PROJECT (LEASE REVENUE, REGIONS BANK LOC) ss +/- 1.89 03/01/2025 5,650,000 6,900,000 TUSCALOOSA AL SPECIAL CARE FACILITIES FINANCING AUTHORITY CAPSTONE VILLAGE SERIES C (HCFR, BANQUE NATIONALE PARIS LOC) ss +/- 1.84 08/01/2010 6,900,000 180,400,000 --------------- ALASKA: 0.50% 6,325,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507 (OTHER REVENUE, FGIC INSURED) ss +/- 1.88 12/01/2034 6,325,000 16,060,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532 (OTHER REVENUE, MBIA INSURED) ss +/- 1.88 12/01/2041 16,060,000 8,195,000 PUTTABLE FLOATING OPTION TAX EXEMPTS RECEIPTS 4018 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.84 04/01/2021 8,195,000 30,580,000 --------------- ARIZONA: 0.23% 4,000,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 07/01/2036 4,000,000 10,325,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 04/15/2030 10,325,000 14,325,000 --------------- CALIFORNIA: 1.74% 21,150,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-41 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 4.00 06/01/2014 21,150,000 655,000 ALAMEDA CA CORRIDOR TRANSPORTATION AUTHORITY SERIES 1514 (TRANSPORTATION REVENUE, MBIA INSURED) ss +/- 2.31 10/01/2032 655,000 21,310,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C7 (WATER REVENUE LOC, FSA INSURED) ss +/- 1.90 05/01/2022 21,310,000 18,480,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.77 05/01/2017 18,480,000 4,325,000 DESERT CA COMMUNITY COLLEGE DISTRICT CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.89 08/01/2037 4,325,000 17,315,000 LOS ANGELES CA DW&P ss +/- 1.91 07/01/2039 17,315,000 15,000,000 LOS ANGELES CA USD TRAN SERIES A 4.00 12/29/2008 15,038,857 6,500,000 SACRAMENTO COUNTY CA SANITATION DISTRICT FINANCE AUTHORITY ROCS RR II 11579 (SEWER REVENUE, CITIBANK NA LOC) ss +/- 1.82 12/01/2035 6,500,000 1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II 11484 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.94 08/01/2029 1,880,000 106,653,857 --------------- COLORADO: 1.74% 21,330,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-30 COLORADO (COLLEGE AND UNIVERSITY REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 06/01/2013 21,330,000 2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK NA LOC) ss +/- 1.84 12/01/2017 2,765,000 2,000,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE, US BANK NA LOC) ss +/- 1.84 12/01/2028 2,000,000
Wells Fargo Advantage Money Market Funds 57 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COLORADO (CONTINUED) $ 13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT CENTER PROJECT (TAX INCREMENTAL REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.86% 12/01/2030 $ 13,785,000 8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT DISTRICT (OTHER REVENUE, US BANK NA LOC) ss +/- 1.84 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 +/- 1.84 12/01/2028 5,000,000 7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.87 12/01/2036 7,560,000 6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A (MHFR, FHLMC INSURED) ss +/- 1.80 04/15/2014 6,600,000 14,575,000 FITZSIMONS RDA COLORADO UNIVERSITY PHYSICIANS INCORPORATED (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.90 01/01/2025 14,575,000 6,665,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE COURT APARTMENTS PROJECT (MFHR, US BANK NA LOC) ss +/- 1.89 11/01/2033 6,665,000 10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.89 12/01/2030 10,600,000 7,365,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN DISTRICT (PROPERTY TAX REVENUE, US BANK NA LOC) ss +/- 1.89 11/15/2034 7,365,000 106,870,000 --------------- DISTRICT OF COLUMBIA: 0.51% 14,770,000 DISTRICT OF COLUMBIA NATIONAL ASSOCIATION OF YOUNG CHILDREN (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.88 04/01/2036 14,770,000 12,560,000 DISTRICT OF COLUMBIA SERIES 2011 (OTHER REVENUE, FGIC INSURED) ss +/- 2.34 06/01/2015 12,560,000 4,285,000 DISTRICT OF COLUMBIA SERIES A (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.90 06/01/2034 4,285,000 31,615,000 --------------- FLORIDA: 10.08% 18,050,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-83 FLORIDA (TAX INCREMENTAL REVENUE, MBIA INSURED) ss +/- 3.34 01/01/2015 18,050,000 5,710,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.85 08/01/2031 5,710,000 8,835,000 BROWARD COUNTY FL HFA ISLAND CLUB APARTMENTS SERIES A (MFHR, FHLMC INSURED) ss +/- 1.87 07/01/2031 8,835,000 11,350,000 CAPITAL TRANSFER AGENCY FLORIDA PORTOFINO VILLAS SERIES A (OTHER REVENUE, FNMA INSURED) ss +/- 2.00 04/15/2036 11,350,000 14,555,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-496 (OTHER REVENUE, MBIA INSURED) ss +/- 1.95 10/01/2037 14,555,000 6,435,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547 (OTHER REVENUE, MBIA INSURED) ss +/- 1.90 10/01/2026 6,435,000 695,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-518 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.88 10/01/2028 695,000 2,265,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.88 04/01/2027 2,265,000 4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS PROJECT (HOUSING REVENUE, US BANK NA LOC) ss +/- 1.84 07/01/2025 4,000,000 53,125,000 FLORIDA GAS SUPPLY PROJECT #2-A-1 (UTILITIES REVENUE) ss +/- 1.95 11/01/2026 53,125,000 18,320,000 FLORIDA GAS SUPPLY PROJECT #2-A-2 (UTILITIES REVENUE) ss +/- 1.90 11/01/2026 18,320,000 12,700,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION HOUSING PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.86 02/01/2038 12,700,000 11,800,000 FLORIDA HEFAR FINANCING JACKSONVILLE UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, RADIAN INSURED) ss +/- 1.85 07/01/2036 11,800,000 5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED) ss +/- 1.94 12/01/2013 5,100,000 10,500,000 FLORIDA KEYS AQUEDUCT AUTHORITY (OTHER REVENUE) ss +/- 1.79 09/01/2035 10,500,000 9,980,000 FLORIDA STATE DEPARTMENT OF ENVIRONMENTAL PROTECTION SERIES 2197 (OTHER REVENUE, MBIA INSURED) ss +/- 2.04 07/01/2024 9,980,000 11,450,000 FLORIDA USF FINANCING CORPORATION COP MASTER LEASE PROGRAM SERIES B1 (LEASE REVENUE, AMBAC INSURED) ss +/- 1.80 07/01/2035 11,450,000 385,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 2.05 12/01/2014 385,000 2,085,000 HILLSBOROUGH COUNTY FL SCHOOL BOARD COP SERIES C (LEASE REVENUE, MBIA INSURED) ss +/- 2.55 07/01/2030 2,085,000 10,685,000 JACKSONVILLE FL BAPTIST MEDICAL CENTER PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 2.45 08/15/2021 10,685,000 20,600,000 JACKSONVILLE FL HEALTH FACILITIES AUTHORITY BAPTIST MEDICAL SERIES B (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 2.45 08/15/2033 20,600,000 10,835,000 MARTIN COUNTY FL POWER & LIGHT COMPANY PROJECT (IDR) ss +/- 2.40 07/15/2022 10,835,000
58 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- FLORIDA (CONTINUED) $ 10,180,000 MIAMI DADE COUNTY FL EXPRESSWAY AUTHORITY SERIES 1339 (TOLL ROAD REVENUE) ss +/- 2.34% 07/01/2012 $ 10,180,000 44,225,000 MIAMI DADE COUNTY FL HEALTH FACILITIES AUTHORITY MIAMI CHILDRENS HOSPITAL PROJECT B2 (HCFR, MBIA INSURED) ss +/- 1.80 08/01/2034 44,225,000 44,250,000 MIAMI DADE COUNTY FL HEALTH FACILITIES AUTHORITY MIAMI CHILDRENS HOSPITAL PROJECT B3 (HCFR, MBIA INSURED) ss +/- 1.80 08/01/2034 44,250,000 6,135,000 MIAMI DADE COUNTY FL SCHOOL BOARD (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/-++ 2.19 08/01/2021 6,135,000 13,490,000 MIAMI DADE COUNTY FL SERIES 2839 (PROPERTY TAX REVENUE, GUARANTEE AGREEMENT) ss +/- 1.99 07/01/2013 13,490,000 17,500,000 NORTH BROWARD FL HOSPITAL DISTRICT (HEALTHCARE FACILITIES REVENUE, MBIA INSURED) ss +/- 1.85 01/15/2027 17,500,000 15,000,000 NORTH BROWARD FL HOSPITAL DISTRICT SERIES A (HEALTHCARE FACILITIES REVENUE, MBIA INSURED) ss +/- 1.85 01/15/2027 15,000,000 1,415,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT SERIES A (IDR, BANK OF AMERICA NA LOC) ss +/- 1.92 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 +/- 1.90 12/01/2034 3,625,000 24,585,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES A (GO - SCHOOL DISTRICTS, MBIA INSURED) ss 5.25 08/01/2023 25,613,808 4,170,000 PALM BEACH COUNTY FL CHILDRENS HOME PROJECT (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 05/01/2038 4,170,000 3,060,000 PALM BEACH COUNTY FL JUPITER MEDICAL CENTER INCORPORATED SERIES B (HEALTHCARE FACILITIES REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 08/01/2020 3,060,000 3,400,000 PALM BEACH COUNTY FL KINGS ACADEMY INCORPORATED PROJECT (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC) ss +/- 1.86 08/01/2031 3,400,000 300,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.85 05/01/2025 300,000 12,990,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2089 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 08/01/2026 12,990,000 10,460,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2925Z (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 08/01/2011 10,460,000 5,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.86 05/01/2031 5,500,000 4,830,000 PORT OF SAINT JOE FL (WATER & SEWER REVENUE, REGIONS BANK LOC) ss +/- 1.87 12/01/2038 4,830,000 27,135,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY GLENRIDGE PALMER PROJECT (HFFA REVENUE, BANK OF SCOTLAND LOC) ss +/- 2.45 06/01/2036 27,135,000 5,090,000 SARASOTA COUNTY FL PLANNED PARENTHOOD INCORPORATED PROJECT (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.87 10/01/2041 5,090,000 15,600,000 SARASOTA COUNTY FL PUBLIC HOSPITAL DISTRICT (HOSPITAL REVENUE, AMBAC INSURED) ss +/- 1.81 07/01/2037 15,600,000 1,175,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 02/01/2034 1,175,000 10,745,000 SOUTH FL WATER MANAGEMENT DISTRICT COP (LEASE REVENUE, AMBAC INSURED) ss +/- 1.87 10/01/2022 10,745,000 19,730,000 SOUTH FL WATER MANAGEMENT DISTRICT COP CLASS A (LEASE REVENUE, AMBAC INSURED) ss +/- 1.97 10/01/2036 19,730,000 19,960,000 TAMPA BAY FL WATER UTILITY SYSTEM (WATER REVENUE, FGIC INSURED) ss +/- 1.85 10/01/2023 19,960,000 14,300,000 TAMPA FL UNIVERSITY OF TAMPA LLC PROJECT (HEFAR) ss +/- 1.85 10/01/2037 14,300,000 30,000,000 UNIVERSITY OF SOUTH FLORIDA FINANCING CORPORATION COP (LEASE REVENUE, WACHOVIA BANK LOC) ss +/- 1.80 07/01/2037 30,000,000 619,338,808 --------------- GEORGIA: 4.69% 20,000,000 ATLANTA GA (WATER & SEWER REVENUE, WACHOVIA BANK LOC) ss +/- 1.82 11/01/2041 20,000,000 14,250,000 ATLANTA GA AIRPORT PASSENGER FACILITY CHARGE (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.21 01/01/2033 14,250,000 6,205,000 ATLANTA GA WESTSIDE PROJECT SERIES B (TAX INCREMENTAL REVENUE, WACHOVIA BANK LOC) ss +/- 1.88 12/01/2023 6,205,000 82,300,000 COBB COUNTY GA (PROPERTY TAX REVENUE) 2.25 12/31/2008 82,486,793 3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.90 03/01/2024 3,195,000 10,000,000 COBB COUNTY GA KENNESTONE HOSPITAL AUTHORITY (OTHER REVENUE, SUNTRUST BANK LOC) ss +/- 1.86 04/01/2040 10,000,000 8,375,000 DEKALB NEWTOWN GWINETT COUNTIES GA REAL ESTATE PACKAGE I LLC (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 06/01/2032 8,375,000 14,995,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WACHOVIA BANK LOC) ss +/- 1.85 04/01/2024 14,995,000 3,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, SUNTRUST BANK LOC) ss +/- 1.90 05/01/2037 3,500,000
Wells Fargo Advantage Money Market Funds 59 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- GEORGIA (continued) $ 3,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES B (COLLEGE & UNIVERSITY REVENUE, SUNTRUST BANK LOC) ss +/- 1.90% 06/01/2032 $ 3,500,000 9,295,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY GEORGIA TECH FACILITIES PROJECT SERIES D (OTHER REVENUE, SUNTRUST BANK LOC) ss +/- 1.90 06/01/2020 9,295,000 4,760,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL REVENUE, WACHOVIA BANK LOC) ss +/- 2.45 10/01/2033 4,760,000 22,740,000 FULTON COUNTY GA RESIDENTIAL CARE FACILITIES FIRST MORTGAGE LENBROOK PROJECT C (HOSPITAL REVENUE, BANK OF SCOTLAND LOC) ss +/- 1.85 07/01/2017 22,740,000 13,410,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER REVENUE) ss +/- 1.99 07/01/2012 13,410,000 16,000,000 GEORGIA MEDICAL CENTER HOSPITAL AUTHORITY (OTHER REVENUE) ss +/- 1.90 03/07/2013 16,000,000 12,000,000 GEORGIA MUNICIPAL GAS AUTHORITY PORTFOLIO III PROJECT SERIES B (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.92 02/01/2015 12,000,000 5,500,000 GEORGIA PRIVATE COLLEGES & UNIVERSITY AUTHORITY MERCER UNIVERSITY PROJECT SERIES A (OTHER REVENUE) ss +/- 1.88 10/01/2036 5,500,000 24,885,000 HEARD COUNTY GA DEVELOPMENT AUTHORITY OWER WANSLEY (OTHER REVENUE) ss +/- 2.50 09/01/2029 24,885,000 4,000,000 MONROE COUNTY GA DEVELOPMENT AUTHORITY SCHERER PROJECT (OTHER REVENUE) ss +/- 2.47 04/01/2032 4,000,000 9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.90 01/01/2034 9,285,000 288,381,793 --------------- HAWAII: 0.12% 7,235,000 HAWAII STATE (TOLL ROAD REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 07/01/2019 7,235,000 --------------- IDAHO: 1.11% 17,800,000 COEUR D ALENE ID (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 08/15/2022 17,800,000 49,885,000 IDAHO STATE TAX ANTICIPATION NOTES (PROPERTY TAX REVENUE) 3.00 06/30/2009 50,402,288 68,202,288 --------------- ILLINOIS: 7.10% 16,340,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 1.84 12/01/2030 16,340,000 18,580,000 COOK COUNTY IL (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.98 11/15/2025 18,580,000 11,597,500 COOK COUNTY IL GO CERTIFICATES SERIES 458 (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 2.14 11/15/2028 11,597,500 10,595,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-502 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.00 01/01/2033 10,595,000 1,630,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.00 12/01/2021 1,630,000 5,000,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-623 (SALES TAX REVENUE, MBIA INSURED) ss +/- 1.88 06/15/2040 5,000,000 4,560,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.88 01/01/2022 4,560,000 24,800,000 HOFFMAN ESTATES IL HOFFMAN ESTATES ECONOMIC (TAX REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.83 01/01/2010 24,800,000 5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO ACADEMY OF SCIENCES (RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 01/01/2033 5,480,000 8,200,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO SYMPHONY ORCHESTRA PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.80 12/01/2028 8,200,000 4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK COMMUNICATIONS PROJECT (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 03/01/2017 4,500,000 1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE FOREST ACADEMY (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 12/01/2024 1,000,000 4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 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 +/- 1.84 06/01/2035 22,435,000 9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (HCFR, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 04/01/2035 9,000,000 14,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ROOSEVELT UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 04/01/2025 14,500,000 10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST. IGNATIUS COLLEGE (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 06/01/2024 10,000,000 5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO ZOOLOGICAL SOCIETY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 12/15/2025 5,000,000
60 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (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 +/- 1.98% 03/01/2028 $ 185,000 8,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES A (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.86 04/01/2033 8,385,000 7,450,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 2.00 04/01/2038 7,450,000 8,000,000 ILLINOIS FINANCE AUTHORITY CHICAGO SYMPHONY ORCHESTRA (RECREATIONAL FACILITIES REVENUE) ss +/- 1.80 05/01/2048 8,000,000 5,000,000 ILLINOIS FINANCE AUTHORITY CHICAGOLAND LABORERS SERIES 2 (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.84 06/01/2038 5,000,000 2,400,000 ILLINOIS FINANCE AUTHORITY ELGIN ACADEMY PROJECT (OTHER REVENUE) ss +/- 1.88 06/01/2037 2,400,000 8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL HEALTHCARE SERIES D (HCFR, NORTHERN TRUST CORPORATION LOC) ss +/- 1.79 01/01/2048 8,600,000 5,635,000 ILLINOIS FINANCE AUTHORITY LAKE COUNTY FAMILY YMCA (OTHER REVENUE) ss +/- 1.87 11/01/2037 5,635,000 12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 07/01/2035 12,750,000 26,075,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES (HFFA REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 09/01/2024 26,075,000 20,000,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.08 09/01/2031 20,000,000 8,800,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS MUSEUM (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 02/01/2035 8,800,000 4,400,000 ILLINOIS FINANCE AUTHORITY SACRED HEART SCHOOLS PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.84 07/01/2042 4,400,000 43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO - STATES, TERRITORIES, NORTHERN TRUST CORPORATION LOC) ss +/- 1.83 09/01/2035 43,570,000 13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE (PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 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 +/- 1.85 01/01/2037 5,820,000 7,200,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT (HCFR, NORTHERN TRUST CORPORATION LOC) ss +/- 1.84 11/01/2035 7,200,000 4,500,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.90 10/01/2033 4,500,000 200,000 ILLINOIS STATE SERIES 660 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 2.34 11/01/2012 200,000 7,530,000 ILLINOIS STATE SERIES G (GO STATES, TERRITORIES) ss +/- 1.96 05/01/2012 7,530,000 5,170,000 ILLINOIS STATE SERIES II (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.04 10/01/2020 5,170,000 4,100,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.90 10/01/2032 4,100,000 6,000,000 KENDALL KANE & WILL COUNTIES IL COMMUNITY UNIT SCHOOL DISTRICT # 308 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.87 02/01/2023 6,000,000 3,000,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER REVENUE, LASALLE NATIONAL BANK NA LOC) ss +/- 1.93 10/01/2026 3,000,000 9,970,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4124 (PROPERTY TAX REVENUE, AMBAC INSURED) ss +/- 2.09 01/01/2023 9,970,000 18,455,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4454 (OTHER REVENUE, MBIA INSURED) ss +/- 2.47 01/01/2024 18,455,000 3,650,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT (COLLEGE AND UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 06/01/2034 3,650,000 2,475,000 WARREN COUNTY IL MONMOUTH COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.87 12/01/2032 2,475,000 6,000,000 WILL COUNTY IL UNIVERSITY OF SAINT FRANCIS PROJECT (COLLEGE AND UNIVERSITY REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 12/01/2037 6,000,000 435,837,500 ---------------
Wells Fargo Advantage Money Market Funds 61 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- INDIANA: 3.50% $ 11,190,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-11 (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96% 01/15/2012 $ 11,190,000 2,940,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549 (OTHER REVENUE, FGIC INSURED) ss +/- 1.88 07/10/2021 2,940,000 2,755,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-550 (OTHER REVENUE, FGIC INSURED) ss +/- 1.84 07/15/2026 2,755,000 95,210,000 INDIANA ADVANCE FUNDING PROGRAM NOTES SERIES A (OTHER REVENUE) 3.00 01/30/2009 95,554,712 5,595,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER PROJECT (HEALTHCARE FACILITIES REVENUE) ss +/- 2.43 07/01/2038 5,595,000 5,325,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN HEALTH SERIES C (OTHER REVENUE, BRANCH BANKING & TRUST) ss +/- 1.60 02/15/2030 5,325,000 8,980,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY CLARIAN HEALTH SERIES D (OTHER REVENUE, BRANCH BANKING & TRUST) ss +/- 1.80 02/15/2030 8,980,000 14,195,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCING AUTHORITY SCHNECK MEMORIAL HOSPITAL SERIES B (HOSPITAL REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.48 02/15/2036 14,195,000 10,720,000 INDIANA HFFA DEACONESS HOSPITAL INCORPORATION (HCFR, FIFTH THIRD BANK LOC) ss +/- 1.83 01/01/2022 10,720,000 1,245,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL ASSOCIATION SERIES A (HCFR, US BANK NA LOC) ss +/- 2.48 10/01/2032 1,245,000 7,000,000 INDIANA MARGARET MARY COMMUNITY HOSPITAL SERIES A (HEALTH FACILITIES FINANCING AUTHORITY REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.48 12/01/2029 7,000,000 1,600,000 INDIANA PROJECT A (HFFA REVENUE, COMERICA BANK NA LOC) ss +/- 2.48 01/01/2035 1,600,000 2,860,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY CATHEDRAL HIGH SCHOOL (PRIVATE SCHOOL REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.48 09/01/2026 2,860,000 3,000,000 INDIANA STATE FINANCE AUTHORITY MARION GENERAL HOSPITAL PROJECT SERIES A (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.90 07/01/2035 3,000,000 8,330,000 INDIANA STATE UNIVERSITY OF INDIANAPOLIS (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.48 10/01/2030 8,330,000 9,975,000 INDIANA TRANSPORTATION FINANCE AUTHORITY SERIES DB 117 (TOLL ROAD REVENUE, FGIC INSURED) ss +/- 1.88 06/01/2029 9,975,000 11,905,000 INDIANAPOLIS IN CANAL SQUARE APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FHLMC INSURED) ss +/- 1.75 04/01/2033 11,905,000 3,000,000 INDIANAPOLIS IN GAS UTILITY SERIES D208 (OTHER REVENUE, GUARANTEE AGREEMENT) ss +/- 1.92 08/15/2027 3,000,000 5,000,000 JASPER IN HOSPITAL AUTHORITY LITTLE COMPANY MARY HOSPITAL (HCRD, FIFTH THIRD BANK LOC) ss +/- 1.86 05/01/2028 5,000,000 3,800,000 MARION IN ECONOMIC DEVELOPMENT WESLEYAN UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 06/01/2036 3,800,000 214,969,712 --------------- IOWA: 1.28% 8,985,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT (OTHER REVENUE, KBC BANK NV LOC) ss +/- 2.45 11/01/2026 8,985,000 2,960,000 IOWA FINANCE AUTHORITY CEDARWOOD HILLS PROJECT SERIES A (MFHR, FHLMC INSURED) ss +/- 2.10 05/01/2031 2,960,000 11,095,000 IOWA FINANCE AUTHORITY GREAT RIVER MEDICAL CENTER PROJECT (HEALTHCARE FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.45 06/01/2027 11,095,000 9,465,000 IOWA FINANCE AUTHORITY HOLY FAMILY CATHOLIC SCHOOLS (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.48 03/01/2036 9,465,000 4,500,000 IOWA FINANCE AUTHORITY MORNINGSIDE COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC) ss +/- 2.48 10/01/2012 4,500,000 5,715,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES LLC PROJECT A (HOUSING REVENUE, CITIBANK NA LOC) ss +/- 1.87 06/01/2039 5,715,000 2,100,000 IOWA HIGHER EDUCATION LOAN AUTHORITY MOUNT MERCY COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 2.48 07/01/2025 2,100,000 4,600,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE DUBUQUE PROJECT (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 2.48 05/01/2029 4,600,000 4,695,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.48 10/01/2038 4,695,000 14,890,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES AMBROSE (COLLEGE & UNIVERSITY REVENUE LOC) ss +/- 2.45 04/01/2033 14,890,000
62 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- IOWA (continued) $ 1,900,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES DES MOINES UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.48% 10/01/2033 $ 1,900,000 7,500,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGES UNIVERSITY OF DUBUQUE (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 2.45 04/01/2035 7,500,000 78,405,000 --------------- KENTUCKY: 1.14% 8,145,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-38 KENTUCKY (SEWER REVENUE, AMBAC INSURED) ss +/- 3.34 05/15/2014 8,145,000 11,360,000 JEFFERSON COUNTY KY STUDENT HOUSING UNIVERSITY OF LOUISVILLE PROJECT SERIES (LEASE REVENUE, WACHOVIA BANK LOC) ss +/- 1.87 09/01/2029 11,360,000 22,250,000 KENTUCKY ASSET LIABILITY COMMISSION TRAN SERIES A (OTHER REVENUE) 3.00 06/25/2009 22,466,292 9,425,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN GOVERNMENT WATERFORD PLACE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.90 01/01/2034 9,425,000 5,100,000 LOUISVILLE & JEFFERSON COUNTY KY ST. MARY ACADEMY PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 01/01/2038 5,100,000 8,555,000 WARREN COUNTY KY BOWLING GREEN WARREN (OTHER REVENUE, GUARANTEE AGREEMENT) ss +/- 1.85 04/01/2037 8,555,000 5,000,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST SERIES A (OTHER REVENUE, US BANK NA LOC) ss +/- 1.86 07/01/2038 5,000,000 70,051,292 --------------- LOUISIANA: 1.88% 15,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2002-17 (OTHER REVENUE, AMBAC INSURED) ss +/- 2.24 06/01/2010 15,000,000 1,285,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-577 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.88 12/01/2020 1,285,000 7,350,000 LAFAYETTE LA ECONOMIC DEVELOPMENT AUTHORITY STIRLING LAFAYETTE LLC PROJECT (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.89 02/01/2038 7,350,000 7,845,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB INSURED) ss +/- 1.94 09/01/2033 7,845,000 9,500,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES CDA LASHIP LLC PROJECT (IDR, REGIONS BANK LOC) ss +/- 1.85 09/01/2036 9,500,000 15,400,000 LOUISIANA PUBLIC FACILITIES AUTHORITY CITY PLAZA LLC PROJECT (ECONOMIC DEVELOPMENT REVENUE, REGIONS BANK LOC) ss +/- 1.87 03/01/2040 15,400,000 4,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY THIBODAUX PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.84 12/01/2036 4,000,000 1,500,000 LOUISIANA PUBLIC FACILITIES AUTHORITY TIGER ATHLETIC FOUNDATION PROJECT (COLLEGE & UNIVERSITY REVENUE) ss +/- 1.81 09/01/2034 1,500,000 29,350,000 LOUISIANA STATE GAS & FUELS TAX CLASS A (SALES TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.95 05/01/2035 29,350,000 24,000,000 LOUISIANA STATE SERIES A (PROPERTY TAX REVENUE, BANQUE NATIONALE PARIS LOC) ss +/- 1.75 07/01/2026 24,000,000 115,230,000 --------------- MAINE: 0.28% 12,000,000 MAINE FINANCE AUTHORITY FOXCROFT ACADEMY (OTHER REVENUE) ss +/- 1.82 06/01/2038 12,000,000 3,660,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 529 (OTHER REVENUE) ss +/- 1.93 12/01/2010 3,660,000 1,800,000 SOUTH BERWICK ME BERWICK ACADEMY ISSUE (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.86 08/01/2024 1,800,000 17,460,000 --------------- MARYLAND: 0.32% 7,000,000 MARYLAND STATE HEALTH & HEFAR UNIVERSITY OF MARYLAND MEDICAL SYSTEM SERIES A (HCFR, CITIBANK NA LOC) ss +/- 1.83 07/01/2041 7,000,000 2,745,000 MONTGOMERY COUNTY MD ECONOMIC DEVELOPMENT (HOSPITAL REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 03/01/2032 2,745,000 6,365,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 537 (OTHER REVENUE) ss +/- 1.93 01/01/2010 6,365,000 3,650,000 WESTMINSTER MD (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.86 04/01/2030 3,650,000 19,760,000 ---------------
Wells Fargo Advantage Money Market Funds 63 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MASSACHUSETTS: 1.21% $ 5,000,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY BUCKINGHAM BROWN & NICHOLS (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87% 06/01/2036 $ 5,000,000 3,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY JUSTICE RESOURCE INSTITUTE (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.87 01/01/2032 3,600,000 4,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY OCEAN SPRAY CRANBERRIES PROJECT (IDR, WACHOVIA BANK LOC) ss +/- 1.88 10/15/2011 4,500,000 10,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SHADY HILL SCHOOL (OTHER REVENUE) ss +/- 1.82 06/01/2038 10,600,000 6,500,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY SOLOMON SCHECHTER DAY SCHOOL (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.86 11/01/2037 6,500,000 3,025,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY ESSEX MUSEUM (RECREATIONAL FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.85 07/01/2033 3,025,000 10,000,000 MASSACHUSETTS STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SOUTH SHORE PROPERTY SERIES A (HEALTHCARE FACILITIES REVENUE, WACHOVIA BANK LOC) ss +/- 1.83 07/01/2033 10,000,000 6,200,000 MASSACHUSETTS STATE SCHOOL BUILDING AUTHORITY SERIES 2479Z (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 08/15/2013 6,200,000 25,142,000 MASSACHUSETTS STATE SERIES 535 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 1.88 11/01/2017 25,142,000 74,567,000 --------------- MICHIGAN: 4.01% 2,200,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2003-35 MICHIGAN (LEASE REVENUE, MBIA INSURED) ss +/- 3.34 10/15/2011 2,200,000 5,780,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-33 MICHIGAN (LEASE REVENUE, AMBAC INSURED) ss +/- 4.00 10/15/2013 5,780,000 13,915,000 DETROIT MI (SEWER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.19 07/01/2032 13,915,000 9,375,000 DETROIT MI CITY SCHOOL DISTRICT (OTHER REVENUE, FGIC INSURED) ss +/- 1.98 05/01/2033 9,375,000 13,000,000 EASTERN MICHIGAN UNIVERSITY (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.85 06/01/2036 13,000,000 8,185,000 FARMINGTON HILLS MI HOSPITAL FINANCE BOTSFORD OBLIGATED SERIES A (HCFR, US BANK NA LOC) ss +/- 2.48 02/15/2038 8,185,000 14,000,000 GRAND VALLEY MI STATE UNIVERSITY (COLLEGE & UNIVERSITY REVENUE) ss +/- 1.86 12/01/2025 14,000,000 9,585,000 KENTWOOD MI PUBLIC SCHOOLS CLASS A (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.97 05/01/2020 9,585,000 8,260,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.88 04/01/2032 8,260,000 3,000,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY LAW SCHOOL PROJECT SERIES B (OTHER REVENUE) ss +/- 1.85 07/01/2037 3,000,000 4,125,000 MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY LIMITED OBLIGATION DAVENPORT UNIVERSITY (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 08/01/2038 4,125,000 90,040,000 MICHIGAN MUNICIPAL BOND AUTHORITY SERIES A-2 (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) 3.00 08/20/2009 91,149,727 15,988,000 MICHIGAN STATE BUILDING AUTHORITY SERIES 2354 (LEASE REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.34 10/15/2014 15,988,000 5,100,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND COMMUNITY HOSPITAL SERIES B (HOSPITAL REVENUE, BANK ONE MICHIGAN LOC) ss +/- 1.88 01/01/2034 5,100,000 8,900,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.80 10/15/2030 8,900,000 8,200,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN HEALTH CARE SERIES B (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.80 10/15/2030 8,200,000 490,000 MICHIGAN STATE STRATEGIC FUND LIMITED OBLIGATION DE LA SALLE COLLEGIATE PROJECT (COLLEGE & UNIVERSITY REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.88 06/01/2031 490,000 5,370,000 MICHIGAN STATE STRATEGIC FUNDING LIMITED OBLIGATION ENVIRONMENTAL RESEARCH INSTITUTE SERIES A (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.92 10/01/2015 5,370,000 6,835,000 OAKLAND COUNTY MI ECONOMIC DEVELOPMENT CORPORATION LIMITED OBLIGATION PONTIAC VISION SCHOOLS PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.90 08/01/2020 6,835,000 13,020,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 494 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.45 09/15/2024 13,020,000 246,477,727 --------------- MINNESOTA: 5.23% 5,350,000 ABN AMRO MUNITOPS CFFS TRUST 2007-7 MINNESOTA (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.24 02/01/2015 5,350,000 9,315,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 11/15/2033 9,315,000
64 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MINNESOTA (continued) $ 780,000 ARDEN HILLS MN HOUSING & HEALTHCARE FACILITIES PRESBYTERIAN HOMES SERIES A UNITED STATES BANK INSURED (HCFR, US BANK NA LOC) ss +/- 2.48% 09/01/2029 $ 780,000 3,074,000 ARDEN HILLS MN PRESBYTERIAN HOMES SERIES B (HCFR, US BANK NA LOC) ss +/- 2.48 09/01/2029 3,074,000 5,725,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER REVENUE, FHLMC INSURED) ss +/- 2.00 07/01/2038 5,725,000 4,000,000 BROOKLYN CENTER MN BROOKDALE CORPORATION II PROJECT (IDR, FIRSTAR BANK NA LOC) ss +/- 2.48 12/01/2014 4,000,000 3,495,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR, FNMA INSURED) ss +/- 2.00 07/15/2030 3,495,000 7,125,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR, FHLMC INSURED) ss +/- 2.00 01/01/2035 7,125,000 1,580,000 CENTER CITY MN HAZELDEN FOUNDATION PROJECT (HCFR, BANK OF NEW YORK LOC) ss +/- 2.45 11/01/2035 1,580,000 1,250,000 COHASSET MN POWER & LIGHT COMPANY PROJECT C (IDR LOC, ABN AMRO BANK INSURED) ss +/- 1.90 06/01/2013 1,250,000 1,850,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR LOC, FHLB INSURED) ss +/- 2.00 05/01/2027 1,850,000 3,345,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.92 01/01/2030 3,345,000 8,930,000 EAGAN MN MFHR FLOATS PT 1221 (MFHR LOC) ss +/- 2.02 12/01/2029 8,930,000 800,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT (MFHR, FNMA INSURED) ss +/- 2.00 02/15/2031 800,000 7,375,000 ELK RIVER MN INDEPENDENT SCHOOL DISTRICT #728 SERIES 183 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 02/01/2021 7,375,000 5,250,000 FOREST LAKE MN KILKENNY COURT APARTMENTS PROJECT (OTHER REVENUE, FNMA INSURED) ss +/- 1.71 08/15/2038 5,250,000 11,285,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 05/15/2035 11,285,000 510,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT (HOUSING REVENUE LOC) ss +/- 2.00 03/01/2029 510,000 2,165,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC) ss +/- 1.90 10/01/2023 2,165,000 7,130,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK ACADEMY PROJECT (PRIVATE SCHOOL REVENUE, US BANK NA LOC) ss +/- 1.90 10/01/2031 7,130,000 20,920,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINIC SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.60 08/15/2037 20,920,000 7,775,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA HEALTH CARE FACILITIES SERIES A (HEALTHCARE FACILITIES REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.60 08/15/2034 7,775,000 24,500,000 MINNEAPOLIS & SAINT PAUL MN HOUSING & RDA SERIES B1 (HEALTHCARE FACILITIES REVENUE, BANK OF NEW YORK LOC) ss +/- 1.75 11/15/2034 24,500,000 1,700,000 MINNEAPOLIS MN MACPHAIL CENTER FOR MUSIC PROJECT (STATE & LOCAL GOVERNMENTS, US BANK NA LOC) ss +/- 2.48 08/01/2036 1,700,000 3,330,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT SERIES A (OTHER REVENUE, US BANK NA LOC) ss +/- 2.48 10/01/2021 3,330,000 3,875,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B (HCFR, FIRST SECURITY BANK LOC) ss +/- 2.60 08/15/2025 3,875,000 7,100,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HEALTH CARE SERIES B (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.60 08/15/2025 7,100,000 26,080,000 MINNEAPOLIS ST. PAUL MN HOUSING & RDA CHILDRENS HOSPITALS CLINICS SERIES A (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.60 08/15/2037 26,080,000 9,310,000 MINNEAPOLIS ST. PAUL MN METROPOLITAN AIRPORTS COMMISSION MUNI TRUST RECEIPTS SERIES SG136 (AIRPORT REVENUE LOC) ss +/- 1.87 01/01/2025 9,310,000 10,780,000 MINNESOTA AGRICULTURE & ECONOMIC DEVELOPMENT BOARD HEALTH CARE FACILITY ESSENTIAL C4 (HCFR, GUARANTEE AGREEMENT) ss +/- 2.60 02/15/2030 10,780,000 880,000 MINNESOTA PUBLIC FACILITIES AUTHORITY WATER MERLOTS SERIES 2003-B06 (PCR LOC) ss +/- 1.92 03/01/2021 880,000 100,000 MINNESOTA STATE (PROPERTY TAX REVENUE) ss +/- 1.79 08/01/2024 100,000 1,000,000 MINNESOTA STATE CLASS A (TAX REVENUE, CITIBANK NA LOC) ss +/- 1.88 10/01/2019 1,000,000 2,255,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1 (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC) ss +/- 2.63 04/01/2027 2,255,000 9,815,000 MINNESOTA STATE HEFAR SCHOLASTICA SERIES 6A (HOUSING REVENUE, MARSHALL & ISLEY BANK LOC) ss +/- 2.45 12/01/2034 9,815,000 2,860,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 4O (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 10/01/2021 2,860,000 5,235,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5C (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 04/01/2025 5,235,000 5,585,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 5L (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 04/01/2027 5,585,000
Wells Fargo Advantage Money Market Funds 65 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MINNESOTA (continued) $ 585,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.84% 10/01/2032 $ 585,000 3,820,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 05/15/2034 3,820,000 2,665,000 MINNETONKA MN MINNETONKA HILLS APARTMENTS (MFHR, FNMA INSURED) ss +/- 2.00 11/15/2031 2,665,000 9,685,000 OAK PARK HEIGHTS MN BOUTWELLS LANDING PROJECT (HOUSING REVENUE, FHLMC) ss +/- 2.00 11/01/2035 9,685,000 5,150,000 PINE CITY MN (STATE AGENCY HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 05/15/2036 5,150,000 2,865,000 PLYMOUTH MN LANCASTER VILLAGE APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 2.00 09/15/2031 2,865,000 255,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4208 (WATER REVENUE) ss +/- 1.85 03/01/2027 255,000 550,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT (HCFR, US BANK NA LOC) ss +/- 2.48 10/01/2029 550,000 2,205,000 ROSEVILLE MN PRIVATE SCHOOL FACILITIES REVENUE NORTHWESTERN COLLEGE PROJECT (EDUCATIONAL FACILITIES REVENUE LOC) ss +/- 2.48 11/01/2022 2,205,000 8,670,000 ROSEWELL NM ROSWELL LLC PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE) ss +/- 1.87 07/01/2036 8,670,000 2,000,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT (MFHR, FNMA) ss +/- 2.00 05/15/2032 2,000,000 475,000 ST. LOUIS PARK MN CATHOLIC FINANCE CORPORATION (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 10/01/2025 475,000 11,300,000 ST. LOUIS PARK MN KNOLLWOOD PLACE (MFHR, FNMA INSURED) ss +/- 2.00 10/01/2035 11,300,000 2,510,000 ST. PAUL MN HOUSING & RDA DISTRICT HEATING REVENUE SERIES A (WATER REVENUE LOC) ss +/- 1.85 12/01/2012 2,510,000 1,000,000 ST. PAUL MN HOUSING & RDA HIGHLAND RIDGE PROJECT (MFHR, FNMA INSURED) ss +/- 2.00 10/01/2033 1,000,000 5,755,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.48 05/01/2022 5,755,000 5,255,000 ST. PAUL MN HOUSING & RDA PUBLIC RADIO PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.45 10/01/2025 5,255,000 1,665,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES M (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.48 03/01/2021 1,665,000 1,460,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES O (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 2.48 03/01/2012 1,460,000 1,630,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING SERIES Q (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.85 03/01/2022 1,630,000 1,905,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING REVENUE SERIES J (OTHER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.85 12/01/2025 1,905,000 3,590,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE, FHLMC INSURED) ss +/- 2.00 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 +/- 2.00 02/01/2015 7,160,000 5,805,000 ST. PAUL MN PUBLIC RADIO PROJECT SERIES 7 (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.45 05/01/2025 5,805,000 321,394,000 --------------- MISSISSIPPI: 0.95% 14,825,000 MISSISSIPPI BUSINESS FINANCE CORPORATION JACKSON STATE UNIVERSITY SERIES A1 (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.88 01/01/2033 14,825,000 12,870,000 MISSISSIPPI BUSINESS FINANCE CORPORATION RENAISSANCE COLONY PARK LLC (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.89 05/01/2035 12,870,000 19,140,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TINDALL CORPORATION PROJECT (IDR, WACHOVIA BANK LOC) ss +/- 1.86 04/01/2028 19,140,000 6,000,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TRI STATE TRUCK CENTER INCORPORATED PROJECT (OTHER REVENUE, REGIONS BANK LOC) ss +/- 1.89 03/01/2033 6,000,000 5,585,000 RESET OPTION CERTIFICATES TRUST MISSISSIPPI DEVELOPMENT (TOLL ROAD REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.19 01/01/2025 5,585,000 58,420,000 --------------- MISSOURI: 2.18% 13,065,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-90 (COLLEGE & UNIVERSITY REVENUE, ABN AMRO BANK NV LOC) ss +/- 1.83 01/15/2015 13,065,000 4,300,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR, FHLMC INSURED) ss +/- 1.93 08/01/2035 4,300,000 465,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.90 01/01/2030 465,000 17,700,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN FOUNDATION (OTHER REVENUE LOC) ss +/- 2.45 04/01/2027 17,700,000
66 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MISSOURI (continued) $ 1,905,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN SERIES A (COLLEGE & UNIVERSITY REVENUE LOC) ss +/- 2.45% 04/01/2027 $ 1,905,000 8,600,000 KANSAS CITY MO SPECIAL OBLIGATION ROE BARTLE SERIES E (TAX REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.81 04/15/2034 8,600,000 2,400,000 KANSAS CITY MO SPECIAL OBLIGATION ROE BARTLE SERIES F (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.81 04/15/2025 2,400,000 8,305,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD ASSOCIATION OF MUNICIPAL UTILITIES (LEASE REVENUE, US BANK NA LOC) ss +/- 2.45 06/01/2033 8,305,000 13,000,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD EWING MARION KAUFFMAN PROJECT SERIES A (OTHER REVENUE) ss +/- 2.45 06/01/2037 13,000,000 5,400,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS MERCY HOSPITAL SERIES A (HEALTHCARE FACILITIES REVENUE, UBS AG LOC) ss +/- 1.85 05/15/2032 5,400,000 2,000,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY CHILDRENS MERCY HOSPITAL SERIES B (HEALTHCARE FACILITIES REVENUE, UBS AG LOC) ss +/- 1.85 05/15/2023 2,000,000 11,630,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY LUTHERAN CHURCH EXTENSION (PRIVATE SCHOOL REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.40 07/15/2037 11,630,000 8,350,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES A (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 11/15/2040 8,350,000 7,500,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES B (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 11/15/2040 7,500,000 7,500,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY SAINT LUKES HEALTH SYSTEM SERIES C (HEALTHCARE FACILITIES REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.75 11/15/2040 7,500,000 3,600,000 MISSOURI STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY THE WASHINGTON UNIVERSITY SERIES D (COLLEGE AND UNIVERSITY REVENUE, GENERAL OBLIGATION OF INSTITUTION) ss +/- 2.45 09/01/2030 3,600,000 4,400,000 MISSOURI STATE HEFA BAPTIST COLLEGE (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC) ss +/- 2.48 11/15/2022 4,400,000 1,475,000 MISSOURI STATE HEFA BETHESDA HEALTH GROUP (HCFR, US BANK NA LOC) ss +/- 2.48 08/01/2034 1,475,000 2,100,000 MISSOURI STATE HEFA BETHESDA HEALTH GROUP SERIES A (HCFR, US BANK NA LOC) ss +/- 2.45 08/01/2031 2,100,000 145,000 MISSOURI STATE HEFA ST. LOUIS UNIVERSITY PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 2.48 10/01/2009 145,000 9,200,000 MISSOURI STATE HEFA WASHINGTON UNIVERSITY SERIES C (COLLEGE & UNIVERSITY REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.45 09/01/2030 9,200,000 1,000,000 ST. LOUIS COUNTY MO IDA WHITFIELD SCHOOL INCORPORATED SERIES B (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC) ss +/- 1.85 06/15/2024 1,000,000 134,040,000 --------------- NEBRASKA: 0.12% 2,370,000 LANCASTER COUNTY NE HOSPITAL AUTHORITY HEALTH FACILITIES REVENUE IMMANUEL HEALTH SYSTEM SERIES A (HFFA REVENUE LOC) ss +/- 2.60 07/01/2030 2,370,000 5,100,000 NUCKOLLS COUNTY NE AGREX INCORPORATED PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.00 02/01/2015 5,100,000 7,470,000 --------------- NEVADA: 1.25% 13,600,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-47 NEVADA (PROPERTY TAX REVENUE, MBIA INSURED) ss +/-++ 3.34 05/01/2014 13,600,000 12,030,000 CLARK COUNTY NV ECONOMIC DEVELOPMENT OPPORTUNITY VILLAGE FOUNDATION PROJECT (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 01/01/2037 12,030,000 1,900,000 CLARK COUNTY NV LUTHERAN SECONDARY SCHOOL ASSOCIATION PROJECT (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.85 02/01/2030 1,900,000 4,255,000 CLARK COUNTY NV SCHOOL DISTRICT SERIES D221 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.17 06/15/2026 4,255,000 34,000,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.85 10/01/2035 34,000,000 10,715,000 TRUCKEE MEADOWS NV WATER AUTHORITY SERIES 1879 (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.34 07/01/2014 10,715,000 76,500,000 ---------------
Wells Fargo Advantage Money Market Funds 67 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- NEW HAMPSHIRE: 1.34% $ 8,500,000 NEW HAMPSHIRE HEALTH & EDUCATION FACILITIES AUTHORITY LRG HEALTHCARE (OTHER REVENUE, RBS CITIZENS NA) ss +/- 1.86% 01/01/2038 $ 8,500,000 13,785,000 NEW HAMPSHIRE HEFA COLBY SAWYER COLLEGE (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.84 09/01/2036 13,785,000 6,780,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN REHABILITATION (HFFA REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.86 01/01/2037 6,780,000 13,000,000 NEW HAMPSHIRE HEFA FRISBIE MEMORIAL HOSPITAL (HFFA REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.88 10/01/2036 13,000,000 3,595,000 NEW HAMPSHIRE HEFA HEALTH CARE SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.90 01/01/2030 3,595,000 4,085,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.87 07/01/2038 4,085,000 19,395,000 NEW HAMPSHIRE HEFA ST. ANSELM COLLEGE (OTHER REVENUE, CITIZENS BANK LOC) ss +/- 2.45 06/01/2038 19,395,000 8,500,000 NEW HAMPSHIRE HEFA TILTON SCHOOL (OTHER REVENUE, BANK OF NOVA SCOTIA) ss +/- 1.86 02/01/2036 8,500,000 4,685,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY ALICE PECK DAY HEALTH SYSTEM (HOUSING REVENUE, TD BANKNORTH NA) ss +/- 2.45 10/01/2043 4,685,000 82,325,000 --------------- NEW JERSEY: 2.01% 5,400,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-511 (OTHER REVENUE, MBIA INSURED) ss +/- 1.87 01/01/2032 5,400,000 30,550,000 NEW JERSEY BUILDING AUTHORITY SUBSERIES A2 (OTHER REVENUE, BANK OF NEW YORK LOC) ss +/- 1.65 06/15/2023 30,550,000 3,330,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE) ss +/- 1.87 06/15/2031 3,330,000 41,000,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (OTHER REVENUE, FGIC INSURED) ss +/- 1.83 09/01/2027 41,000,000 35,560,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4036 (TRANSPORTATION REVENUE, AMBAC INSURED) ss +/- 1.83 01/01/2025 35,560,000 7,355,000 SALEM COUNTY NJ IMPROVEMENT AUTHORITY FRIENDS HOME WOODSTOWN INCORPORATED (HCFR, ALLIED IRISH BANK PLC LOC) ss +/- 1.95 04/01/2034 7,355,000 123,195,000 --------------- NEW MEXICO: 1.30% 5,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A1 (OTHER REVENUE, STATE STREET BANK & TRUST LOC) ss +/- 1.80 06/15/2024 5,000,000 24,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A2 (OTHER REVENUE, UBS AG LOC) ss +/- 1.90 06/15/2024 24,000,000 43,200,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES B2 (OTHER REVENUE, UBS AG LOC) ss +/- 1.90 12/15/2026 43,200,000 7,400,000 SANTA FE COUNTY NM ARCHIDICESE SANTA FE SCHOOL SERIES A (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.90 06/01/2028 7,400,000 79,600,000 --------------- NEW YORK: 2.53% 9,700,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-49 NEW YORK (TRANSPORTATION REVENUE, MBIA INSURED) ss +/- 2.24 11/15/2014 9,700,000 11,315,000 METROPOLITAN NY TRANSITION AUTHORITY (TRANSPORTATION REVENUE, AMBAC INSURED) ss +/- 1.83 11/15/2023 11,315,000 14,425,000 MONROE COUNTY NY IDA CHERRY RIDGE ASSISTED LIVING (HOUSING REVENUE, HOUSEHOLD SERVICES BANK CORPORATION LOC) ss +/- 1.80 01/01/2035 14,425,000 4,560,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY SERIES D213 (SALES TAX REVENUE, WACHOVIA BANK LOC) ss +/- 1.92 11/01/2021 4,560,000 28,260,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY CLASS A (OTHER REVENUE, FGIC INSURED) ss +/- 1.96 07/15/2036 28,260,000 7,150,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.25 08/01/2023 7,150,000 5,720,000 NEW YORK STATE DORMITORY AUTHORITY PT 3594 (HCFR, FIRST SECURITY BANK LOC) ss +/- 2.75 08/15/2015 5,720,000 39,700,000 NEW YORK TSASC INCORPORATED SERIES 1 (OTHER REVENUE) ss 6.25 07/15/2034 41,617,344 5,180,000 TOBACCO SETTLEMENT FINANCING CORPORATION NEW YORK (OTHER REVENUE) ss +/- 1.87 06/01/2021 5,180,000 14,405,000 TOBACCO SETTLEMENT FINANCING CORPORATION NEW YORK SERIES 4508 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.87 06/01/2021 14,405,000 13,225,000 TROY NY IDA SERIES D (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION LOC) ss +/- 1.65 09/01/2042 13,225,000 155,557,344 ---------------
68 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- NORTH CAROLINA: 0.76% $ 5,200,000 MECKLENBURG COUNTY NC COP (LEASE REVENUE LOC) ss +/- 1.83% 02/01/2025 $ 5,200,000 5,000,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY HILL CENTER PROJECT (OTHER REVENUE, SUNTRUST BANK LOC) ss +/- 1.90 07/01/2028 5,000,000 7,300,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY O'NEAL SCHOOL PROJECT (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 09/01/2029 7,300,000 6,600,000 NORTH CAROLINA MEDICAL CARE COMMISSION BLUE RIDGE SERIES B (HCFR, WACHOVIA BANK LOC) ss +/- 2.45 01/01/2036 6,600,000 2,270,000 NORTH CAROLINA MEDICAL CARE COMMUNITY PRESBYTERIAN HOME PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 1.86 08/01/2024 2,270,000 8,775,000 NORTH CAROLINA MEDICAL CARE COMMUNITY SOUTHMINSTER PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 1.81 10/01/2015 8,775,000 5,000,000 PIEDMONT TRIAD NC AIRPORT AUTHORITY SERIES A (AIRPORT REVENUE, BRANCH BANKING & TRUST) ss +/- 1.90 07/01/2032 5,000,000 6,585,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4186 (HCFR, FIRST SECURITY BANK LOC) ss +/- 2.77 11/01/2020 6,585,000 46,730,000 --------------- NORTH DAKOTA: 0.33% 10,185,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A1 (HCFR, GUARANTEE AGREEMENT) ss +/- 1.85 02/15/2037 10,185,000 10,000,000 CASS COUNTY ND HEALTH CARE ESSENTIALS SERIES A2 (HCFR, GUARANTEE AGREEMENT) ss +/- 1.95 02/15/2037 10,000,000 20,185,000 --------------- OHIO: 3.06% 8,000,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2004-4 OHIO (COLLEGE & UNIVERSITY REVENUE, AMBAC INSURED) ss +/- 3.34 06/01/2012 8,000,000 8,000,000 BUTLER COUNTY OH HOSPITAL FACILITIES CINCINNATI CHILDRENS SERIES O (HEALTHCARE FACILITIES REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.81 05/15/2036 8,000,000 1,000,000 CINCINNATI & HAMILTON COUNTY OH PORT AUTHORITY KENWOOD OFFICE ASSOCIATION PROJECT (ECONOMIC DEVELOPMENT REVENUE, FIFTH THIRD BANK LOC) ss +/- 3.20 09/01/2025 1,000,000 40,000,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY CARNEGIE 89 GARAGE PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.77 01/01/2037 40,000,000 7,250,000 DELAWARE COUNTY OH HEALTH CARE FACILITIES WILLOW BROOK CHRISTIAN SERIES B (HOUSING REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 01/01/2013 7,250,000 6,665,000 FRANKLIN COUNTY OH CHELSEA FIRST COMMUNITY VILLAGE PROJECT (HFFA REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.93 03/01/2036 6,665,000 4,900,000 GEAUGA COUNTY OH HEALTH CARE FACILITIES MONTEFIORED HOUSING CORPORATION PROJECT (HEALTHCARE FACILITIES REVENUE, FIFTH THIRD BANK LOC) ss +/- 2.02 01/01/2026 4,900,000 11,970,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.86 12/01/2026 11,970,000 3,055,000 LAKE COUNTY OH PORT AUTHORITY LAKE ERIR COLLEGE PROJECT (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 08/01/2034 3,055,000 22,750,000 LANCASTER OH PORT AUTHORITY (OTHER REVENUE) ss +/- 1.82 05/01/2038 22,750,000 3,000,000 MAHONING COUNTY OH FORUM HEALTH OBLIGATION GROUP SERIES B (HOSPITAL REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.89 12/01/2027 3,000,000 2,190,000 OHIO STATE HEFAR SERIES A (LEASE REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.80 09/01/2027 2,190,000 14,230,000 OHIO STATE HIGHER EDUCATION FACILITIES OHIO DOMINICAN UNIVERSITY PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 12/01/2037 14,230,000 20,000,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.88 11/01/2029 20,000,000 10,035,000 PARMA OH PARMA COMMUNITY GENERAL HOSPITAL SERIES C (HCFR, JPMORGAN CHASE BANK LOC) ss +/- 1.88 11/01/2030 10,035,000 5,150,000 SUMMIT COUNTY OH PORT AUTHORITY WELLNESS INSTITUTE (AIRPORT REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.88 11/01/2036 5,150,000 2,810,000 WARREN COUNTY OH CINCINNATI ELECTRICITY CORPORATION PROJECT (IDR, SCOTIABANK LOC) ss +/- 2.05 09/01/2015 2,810,000 12,000,000 WASHINGTON COUNTY OH MARIETTA AREA HEALTH PROJECT (OTHER REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.90 03/01/2033 12,000,000 5,000,000 WILLIAMS COUNTY OH HOSPITAL FACILITIES COMMUNITY HOSPITALS & WELLNESS CENTER (OTHER REVENUE, FIFTH THIRD BANK LOC) ss +/- 1.86 01/01/2041 5,000,000 188,005,000 ---------------
Wells Fargo Advantage Money Market Funds 69 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- OKLAHOMA: 0.26% $ 5,335,000 OKLAHOMA STATE IDA TEAL RIDGE MANOR CORPORATION PROJECT (HCFR, BANK OF AMERICA NA LOC) ss +/- 1.95% 11/01/2018 $ 5,335,000 10,700,000 OKLAHOMA STATE MUNICIPAL POWER AUTHORITY SERIES 1880 (ELECTRIC REVENUE, FGIC INSURED) ss +/- 2.34 01/01/2015 10,700,000 16,035,000 --------------- OREGON: 0.32% 19,200,000 OREGON STATE SERIES A (PROPERTY TAX REVENUE) 3.00 06/30/2009 19,402,272 --------------- OTHER: 1.10% 9,695,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2003-5 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.84 08/15/2010 9,695,000 3,347,000 NORTHEAST TAX EXEMPT GRANTOR TRUST CERTIFICATES (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 2.06 04/01/2019 3,347,000 10,495,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS 4202 (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 1.84 06/01/2034 10,495,000 38,800,000 PUTTABLE FLOATING OPTION TAX EXEMPTS RECEIPTS 389 (HCFR, MBIA INSURED) ss +/- 1.83 08/15/2026 38,800,000 5,405,000 US BANCORP PROJECT FUNDING TRUST SERIES A (OTHER REVENUE) ss +/-++ 1.88 01/01/2010 5,405,000 67,742,000 --------------- PENNSYLVANIA: 4.74% 13,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC SENIOR LIVING CORPORATION (HCFR, FNMA INSURED) ss +/- 1.90 07/15/2028 13,275,000 10,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT SERIES A (OTHER REVENUE) ss +/- 1.83 11/01/2020 10,000,000 10,000,000 BEAVER COUNTY PA IDA MET EDISON COMPANY PROJECT SERIES A (OTHER REVENUE, BANK OF SCOTLAND LOC) ss +/- 1.80 07/15/2021 10,000,000 105,190,000 DAUPHIN COUNTY PA GENERAL AUTHORITY SCHOOL DISTRICT POOLED FINANCING PROGRAM II (OTHER REVENUE, BANK OF NOVA SCOTIA) ss +/- 1.84 09/01/2032 105,190,000 18,200,000 DELAWARE COUNTY PA AUTHORITY ELWYN PROJECT SERIES B (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 2.45 06/01/2020 18,200,000 11,225,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER REVENUE, AMBAC INSURED) ss +/- 1.85 10/01/2025 11,225,000 1,020,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-554 (OTHER REVENUE, FGIC INSURED) ss +/- 1.88 06/01/2034 1,020,000 10,320,000 LANCASTER COUNTY PA CONVENTION CENTER HOTEL ROOM RENT TAX (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.86 03/01/2047 10,320,000 3,615,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES A (HEALTHCARE FACILITIES REVENUE, WACHOVIA BANK LOC) ss +/- 2.45 09/01/2031 3,615,000 4,065,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES B (HCFR, WACHOVIA BANK LOC) ss +/- 2.45 05/01/2032 4,065,000 1,370,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC HOMES PROJECT SERIES C (HCFR, WACHOVIA BANK LOC) ss +/- 2.45 11/01/2019 1,370,000 3,165,000 MONTGOMERY COUNTY PA (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.85 10/01/2030 3,165,000 20,000,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY SERIES F01 (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.92 10/01/2027 20,000,000 7,350,000 PENNSYLVANIA STATE HEFAR HONEYSUCKLE STUDENT HOLDING SERIES A (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 1.84 07/01/2034 7,350,000 3,410,000 PENNSYLVANIA STATE HEFAR SERIES B (COLLEGE & UNIVERSITY REVENUE LOC) ss +/- 1.90 06/01/2035 3,410,000 4,170,000 PENNSYLVANIA STATE HEFAR STUDENT HOUSING REVENUE SERIES A (OTHER REVENUE LOC) ss +/- 1.86 11/01/2036 4,170,000 8,720,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL DEVELOPMENT CHESTNUT HILL COLLEGE SERIES B (EDUCATIONAL FACILITIES REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 10/01/2036 8,720,000 1,050,000 PHILADELPHIA PA GAS WORKS SERIES A2 (UTILITIES REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.77 09/01/2034 1,050,000 20,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES A2 (PROPERTY TAX REVENUE, STATE AID WITHHOLDING) ss +/- 1.90 09/01/2030 20,000,000 17,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES B2 (PROPERTY TAX REVENUE, STATE AID WITHHOLDING) ss +/- 1.81 09/01/2030 17,000,000 18,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES B4 (PROPERTY TAX REVENUE, WACHOVIA BANK LOC) ss +/- 1.81 09/01/2021 18,000,000 291,145,000 ---------------
70 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- PUERTO RICO: 0.38% $ 4,000,000 PUERTO RICO COMMONWEALTH (TAX REVENUE) ss +/- 2.50% 07/01/2029 $ 4,000,000 11,800,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY ROCS RR II R 10327CE (OTHER REVENUE) ss +/- 1.87 08/29/2009 11,800,000 7,395,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION AUTHORITY SERIES A (FUEL SALES TAX REVENUE, SCOTIABANK LOC) ss +/- 1.60 07/01/2028 7,395,000 23,195,000 --------------- SOUTH CAROLINA: 1.19% 14,575,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2002-32 (FUEL SALES TAX REVENUE, AMBAC INSURED) ss +/- 3.34 10/01/2010 14,575,000 4,000,000 BERKELEY COUNTY SC AMOCO CHEMICAL COMPANY PROJECT (INDUSTRIAL DEVELOPMENT REVENUE) ss +/- 2.60 07/01/2012 4,000,000 2,820,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA JEWISH COMMUNITY CENTER (ECONOMIC DEVELOPMENT REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 12/01/2024 2,820,000 8,400,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY ECONOMIC DEVELOPMENT REVENUE HEARTLAND HALL EPISCOPAL (IDR LOC) ss +/- 1.88 08/01/2029 8,400,000 6,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GOODWILL INDUSTRIALS INCORPORATED PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 1.90 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 +/- 1.88 10/01/2028 16,620,000 7,800,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY GREENVILLE BAPTIST PROJECT (HCFR, WACHOVIA BANK LOC) ss +/- 1.88 10/01/2019 7,800,000 12,580,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY WUREF DEVELOPMENT PROJECT SERIES A (COLLEGE AND UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.88 07/01/2033 12,580,000 72,795,000 --------------- SOUTH DAKOTA: 1.34% 12,640,000 SIOUX FALLS SD SERIES 2057 (SALES TAX REVENUE, MBIA INSURED) ss +/- 2.19 05/15/2015 12,640,000 36,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA HEALTH SUBSERIES A1 (OTHER REVENUE, US BANK NA LOC) ss +/- 1.87 07/01/2038 36,000,000 8,000,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY AVERA HEALTH SUBSERIES A2 (HEALTHCARE FACILITIES REVENUE, US BANK NA LOC) ss +/- 1.60 07/01/2038 8,000,000 13,500,000 SOUTH DAKOTA STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY REGIONAL HEALTH (OTHER REVENUE, US BANK NA LOC) ss +/- 2.45 09/01/2027 13,500,000 7,500,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY HOSPITALS & HEALTH SERIES C (HCFR LOC) ss +/- 1.89 11/01/2019 7,500,000 4,900,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY SERIES B (HCFR, US BANK NA LOC) ss +/- 1.89 11/01/2034 4,900,000 82,540,000 --------------- TENNESSEE: 0.88% 11,345,000 CHATTANOOGA TN INDUSTRIAL DEVELOPMENT BOARD SERIES 2055 (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 04/01/2015 11,345,000 6,200,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY (OTHER REVENUE, SUNTRUST BANK LOC) ss +/- 1.85 07/01/2024 6,200,000 5,315,000 MEMPHIS TN SERIES 1018 (OTHER REVENUE, MBIA INSURED) ss +/- 2.34 10/01/2019 5,315,000 19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON COUNTY TN STEWARTS FERRY APARTMENTS (IDR, FHLMC INSURED) ss +/- 1.90 01/01/2034 19,985,000 3,600,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY POOLED FINANCING LOAN POOL (OTHER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.90 11/01/2027 3,600,000 7,400,000 SHELBY COUNTY TN INDUSTRIAL DEVELOPMENT BOARD YMCA PROJECTS (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.90 10/01/2022 7,400,000 53,845,000 --------------- TEXAS: 8.96% 9,995,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2005-22 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.83 08/15/2013 9,995,000 11,130,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-16 (WATER REVENUE, MBIA INSURED) ss +/- 2.24 09/01/2014 11,130,000
Wells Fargo Advantage Money Market Funds 71 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- TEXAS (continued) $ 7,595,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-55 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.83% 02/01/2014 $ 7,595,000 4,890,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2006-59 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.83 08/01/2013 4,890,000 26,305,000 AUSTIN TRUST VARIOUS STATES SERIES 2008-3304 (WATER & SEWER REVENUE, FIRST SECURITY Bank LOC) ss +/- 1.84 11/15/2036 26,305,000 3,865,000 AUSTIN TX (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.19 11/15/2017 3,865,000 7,000,000 AUSTIN TX ELECTRIC UTILITY SYSTEM (ELECTRIC REVENUE, AMBAC INSURED) ss +/- 1.87 11/15/2022 7,000,000 6,415,000 AUSTIN TX SERIES A63 (WATER & SEWER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.92 05/15/2022 6,415,000 6,640,000 AUSTIN TX SUBSERIES B (TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.90 11/15/2029 6,640,000 6,500,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION VISTA MEADOWS PROJECT (HOUSING REVENUE, FHLMC INSURED) ss +/- 2.00 09/01/2036 6,500,000 21,655,000 CRAWFORD TX EDUCATIONAL FACILITIES CORPORATION CONCORDIA UNIVERSITY (COLLEGE & UNIVERSITY REVENUE, WACHOVIA BANK LOC) ss +/- 1.85 06/01/2037 21,655,000 5,010,000 CYPRESS FAIRBANKS TX INDEPENDENT SCHOOL DISTRICT (OTHER REVENUE, CITIBANK NA LOC) ss +/- 1.74 02/15/2019 5,010,000 6,100,000 DALLAS TX AREA RAPID TRANSIT (OTHER REVENUE, AMBAC INSURED) ss +/- 1.95 12/01/2026 6,100,000 2,275,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.88 02/15/2038 2,275,000 3,550,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-559 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.88 02/15/2025 3,550,000 9,455,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-526 (OTHER REVENUE, FGIC INSURED) ss +/- 1.88 07/01/2026 9,455,000 1,270,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-548 (OTHER REVENUE, FGIC INSURED) ss +/- 1.88 11/15/2029 1,270,000 4,325,000 ECTOR COUNTY TX INDEPENDENT SCHOOL DISTRICT CLASS A (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.73 08/15/2021 4,325,000 3,800,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT SERIES 2852 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.99 02/15/2016 3,800,000 5,090,000 GALVESTON COUNTY TX HOUSING FINANCE CORPORATION VILLAGE BY THE SEA APARTMENTS PROJECT (HOUSING REVENUE, FNMA INSURED) ss +/- 1.94 02/15/2032 5,090,000 8,995,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION (HCFR, MBIA INSURED) ss +/- 1.85 07/01/2015 8,995,000 14,375,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION SERIES 357 (HCFR, MBIA INSURED) ss +/- 1.89 07/01/2029 14,375,000 2,070,000 HARRIS COUNTY TX SERIES 646 (PROPERTY TAX REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 1.87 10/01/2012 2,070,000 8,500,000 HARRIS COUNTY TX TRAN (PROPERTY TAX REVENUE) 3.00 02/26/2009 8,558,770 15,240,000 HOUSTON TX (UTILITIES REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.19 11/15/2036 15,240,000 9,875,000 HOUSTON TX FINANCE CORPORATION ROCS RR II R-850 (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.80 05/01/2033 9,875,000 4,245,000 HOUSTON TX INDEPENDENT SCHOOL DISTRICT SERIES 462 (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.92 02/15/2026 4,245,000 12,600,000 HOUSTON TX SERIES SG 139 (COLLEGE & UNIVERSITY REVENUE, SOCIETE GENERALE LOC) ss +/- 1.85 11/15/2029 12,600,000 30,500,000 HOUSTON TX UTILITY SYSTEM (SEWER REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC) ss +/- 1.80 05/15/2034 30,500,000 19,000,000 HOUSTON TX UTILITY SYSTEM SERIES B1 (WATER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.80 05/15/2034 19,000,000 25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B4 (WATER & SEWER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.80 05/15/2034 25,000,000 25,000,000 HOUSTON TX UTILITY SYSTEM SERIES B5 (WATER & SEWER REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.80 05/15/2034 25,000,000 10,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER REVENUE, MBIA INSURED) ss +/- 2.06 12/01/2023 10,000,000 20,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 12/01/2031 20,000,000 15,560,000 LUBBOCK TX (OTHER REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.96 02/15/2027 15,560,000 9,000,000 NORTH EAST TX INDEPENDENT SCHOOL DISTRICT SERIES 2058 (OTHER REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.87 08/01/2015 9,000,000 3,900,000 NORTH TEXAS MUNICIPAL WATER DISTRICT (WATER REVENUE, MBIA INSURED) ss +/- 2.19 09/01/2014 3,900,000 7,500,000 PANHANDLE TX REGIONAL HOUSING FINANCE CORPORATION JASON AVENUE RESIDENTIAL APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FHLMC INSURED) ss +/- 1.94 08/01/2041 7,500,000 600,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR, GUARANTEE AGREEMENT) ss +/- 1.85 04/01/2027 600,000 16,000,000 ROCKWALL TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, DEXIA INSURED) ss +/- 1.84 08/01/2037 16,000,000 44,000,000 SAN ANTONIO TX HOTEL OCCUPANCY (OTHER REVENUE, WACHOVIA BANK LOC) ss +/- 1.80 08/15/2034 44,000,000 10,000,000 SPRING BRANCH TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.79 02/01/2038 10,000,000
72 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- TEXAS (continued) $ 12,760,000 SPRING BRANCH TX INDEPENDENT SCHOOL DISTRICT (PROPERTY TAX REVENUE, PERMANENT SCHOOL FUND GUARANTEED) ss +/- 1.79% 02/01/2038 $ 12,760,000 9,120,000 TARRANT COUNTY TX CULTURAL EDUCATIONAL FACILITIES FINANCE CORPORATION SCOTT WHITE MEMORIAL HOSPITAL SERIES C (OTHER REVENUE, COMPASS BANK) ss +/- 1.80 08/15/2046 9,120,000 5,080,000 TEXAS STATE (PROPERTY TAX REVENUE, BANK OF NEW YORK LOC) ss +/- 1.82 04/01/2030 5,080,000 13,900,000 TEXAS STATE DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS COSTA IBIZA APARTMENTS (MULTI-FAMILY HOUSING REVENUE, FNMA INSURED) ss +/- 1.91 08/01/2041 13,900,000 23,700,000 TEXAS STATE TRAN (GO - STATES, TERRITORIES) 3.00 08/28/2009 24,017,438 20,700,000 TRAVIS COUNTY TX HEALTH FACILITIES DEVELOPMENT CORPORATION LONGHORN VILLAGE PROJECT SERIES B (HOUSING REVENUE, BANK OF SCOTLAND LOC) ss +/- 1.83 07/01/2037 20,700,000 550,461,208 --------------- UTAH: 0.16% 9,675,000 WEST JORDAN UT (HOUSING REVENUE, FNMA INSURED) ss +/- 1.94 12/01/2034 9,675,000 --------------- VERMONT: 0.43% 9,120,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY FLETCHER ALLEN HOSPITAL SERIES A (HCFR) ss +/- 1.79 12/01/2030 9,120,000 3,140,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY LANDMARK COLLEGE PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE) ss +/- 2.45 07/01/2033 3,140,000 2,225,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING AGENCY NORTHEASTERN VERMONT REGIONAL HOSPITAL SERIES A (HCFR) ss +/- 2.50 10/01/2029 2,225,000 11,955,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH COUNTY HOSPITAL PROJECT A (HCFR) ss +/- 2.45 10/01/2034 11,955,000 26,440,000 --------------- VIRGINIA: 0.71% 7,580,000 CAPITAL REGION AIRPORT COMMISSION VA SERIES B (AIRPORT REVENUE, WACHOVIA BANK LOC) ss +/- 1.86 06/01/2035 7,580,000 12,450,000 JAMES CITY COUNTY VA IDA CHAMBREL PROJECT (OTHER REVENUE, FNMA INSURED) ss +/- 1.98 11/15/2032 12,450,000 8,800,000 LEXINGTON VA IDA (IDR, WACHOVIA BANK LOC) ss +/- 2.45 12/01/2036 8,800,000 14,500,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY FRIENDSHIP FOUNDATION (HCFR, WACHOVIA BANK LOC) ss +/- 1.88 07/01/2022 14,500,000 43,330,000 --------------- WASHINGTON: 3.38% 15,420,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2001-23 KING COUNTY WA SCHOOL DISTRICT #001 SETTLE SERIES A (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.24 12/01/2009 15,420,000 14,155,000 ABN AMRO MUNITOPS CERTIFICATES TRUST 2001-6 (PROPERTY TAX REVENUE, MBIA INSURED) ss +/- 2.24 01/01/2009 14,155,000 5,118,500 ENERGY NORTHWEST WA ELECTRIC CERTIFICATES SERIES C (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/-++ 1.88 01/01/2010 5,118,500 2,180,000 EVERETT WA (PROPERTY TAX REVENUE LOC, BANK OF AMERICA NA LOC) ss +/- 1.95 12/01/2021 2,180,000 6,930,000 KING CITY WA PUBLIC HOSPITAL DISTRICT #1 (PROPERTY TAX REVENUE, GUARANTEE AGREEMENT) ss +/- 1.88 12/01/2037 6,930,000 43,240,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING REVENUE, FHLMC INSURED) ss +/- 1.90 07/01/2035 43,240,000 5,885,000 KING COUNTY WA SCHOOL DISTRICT #415 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.84 12/01/2018 5,885,000 7,920,000 SEATTLE WA (ELECTRIC REVENUE, FIRST SECURITY BANK LOC) ss +/- 2.19 03/01/2022 7,920,000 4,845,000 SEATTLE WA SOLID WASTE SERIES 2202 (SOLID WASTE REVENUE, MBIA INSURED) ss +/- 2.04 02/01/2029 4,845,000 12,530,000 SEATTLE WA WATER SYSTEM (OTHER REVENUE, MBIA INSURED) ss +/- 1.97 09/01/2033 12,530,000 4,885,000 STATE OF WASHINGTON (PROPERTY TAX REVENUE, FGIC INSURED) ss +/- 2.14 07/01/2026 4,885,000 6,665,000 WASHINGTON DC CONVENTION CENTER AUTHORITY SERIES 1731 (TAX REVENUE, AMBAC INSURED) ss +/- 2.34 10/01/2030 6,665,000 7,830,000 WASHINGTON DC CONVENTION CENTER AUTHORITY SERIES 1736 (OTHER REVENUE, AMBAC INSURED) ss +/- 2.34 10/01/2036 7,830,000 2,500,000 WASHINGTON STATE (PROPERTY TAX REVENUE) ss +/- 1.79 07/01/2026 2,500,000 5,000,000 WASHINGTON STATE (PROPERTY TAX REVENUE) ss +/- 1.81 07/01/2031 5,000,000 8,800,000 WASHINGTON STATE CLASS A (PROPERTY TAX REVENUE) ss +/- 1.81 07/01/2033 8,800,000 12,000,000 WASHINGTON STATE HEFAR UNIVERSITY OF PUGET SOUND SERIES B (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.87 10/01/2036 12,000,000 7,000,000 WASHINGTON STATE HEFAR UNIVERSITY PUGET SOUND PROJECT A PUTTABLE (COLLEGE & UNIVERSITY REVENUE, BANK OF AMERICA NA LOC) ss +/- 1.87 10/01/2030 7,000,000
Wells Fargo Advantage Money Market Funds 73 Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- WASHINGTON (continued) $ 5,775,000 WASHINGTON STATE HOUSING FINANCE COMMISSION NONPROFIT TACOMA ART MUSEUM PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION LOC)ss +/- 2.48% 06/01/2032 $ 5,775,000 22,825,000 WASHINGTON STATE ROCS RRII R-12100 (OTHER REVENUE, FGIC INSURED) ss +/- 1.95 01/01/2031 22,825,000 2,165,000 WASHINGTON STATE SERIES 593 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC) ss +/- 1.99 07/01/2012 2,165,000 4,100,000 WASHINGTON STATE SUNNYSIDE COMMUNITY HOSPITAL (HCFR, US BANK NA LOC) ss +/- 2.00 10/01/2017 4,100,000 207,768,500 ---------------- WEST VIRGINIA: 0.48% 15,985,000 MONONGALIA COUNTY WV BUILDING COMMISSION SERIES A (HCFR, JPMORGAN CHASE BANK LOC) ss +/- 1.87 07/01/2040 15,985,000 13,700,000 WEST VIRGINIA STATE PARKWAYS ECONOMIC DEVELOPMENT & TOURISM AUTHORITY (OTHER REVENUE, GENERAL OBLIGATION OF AUTHORITY) ss +/- 1.82 04/15/2019 13,700,000 29,685,000 --------------- WISCONSIN: 2.29% 3,615,000 MILWAUKEE WI RDA REDEVELOPMENT MILWAUKEE SCHOOL ENGINEER PROJECT A (COLLEGE & UNIVERSITY REVENUE, MARSHALL & ISLEY BANK LOC) ss +/- 2.01 07/01/2023 3,615,000 15,530,000 WISCONSIN PUBLIC POWER INCORPORATED SERIES 1150 (POWER REVENUE) ss +/- 1.99 07/01/2013 15,530,000 7,045,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY BELOIT MEMORIAL HOSPITAL INCORPORATED (HEALTHCARE FACILITIES REVENUE, JPMORGAN CHASE BANK LOC) ss +/- 2.48 04/01/2036 7,045,000 6,000,000 WISCONSIN STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY MERITER HOSPITAL INCORPORATED SERIES A (HEALTHCARE FACILITIES REVENUE, US BANK NA LOC) ss +/- 2.45 12/01/2024 6,000,000 2,400,000 WISCONSIN STATE HEFA ALVERNO COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC LOC) ss +/- 2.48 11/01/2017 2,400,000 300,000 WISCONSIN STATE HEFA AURORA HEALTH CARE SERIES A (HOSPITAL REVENUE, MARSHALL & ISLEY BANK LOC) ss +/- 2.45 04/01/2028 300,000 7,900,000 WISCONSIN STATE HEFA EDGEWOOD COLLEGE (OTHER REVENUE, US BANK NA LOC) ss +/- 2.48 10/01/2031 7,900,000 11,390,000 WISCONSIN STATE HEFA HESS MEMORIAL HOSPITAL INCORPORATED (HFFA REVENUE, US BANK NA LOC) ss +/- 1.84 05/01/2024 11,390,000 1,100,000 WISCONSIN STATE HEFA LUTHERAN COLLEGE PROJECT (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC) ss +/- 2.48 06/01/2033 1,100,000 13,420,000 WISCONSIN STATE HEFA MERITER HOSPITAL INCORPORATED PROJECT (HCFR, MARSHALL & ISLEY BANK LOC) ss +/- 2.48 12/01/2032 13,420,000 6,375,000 WISCONSIN STATE HEFA MERITER RETIREMENT SERVICES SERIES B (OTHER REVENUE, US BANK NA LOC) ss +/- 1.90 03/01/2038 6,375,000 10,900,000 WISCONSIN STATE HEFA NATIONAL REGENCY OF NEW BERLIN (HCFR, MARSHALL & ISLEY BANK LOC) ss +/- 2.48 08/15/2034 10,900,000 3,155,000 WISCONSIN STATE HEFA RIVERVIEW HOSPITAL ASSOCIATION (HCFR, FIRSTAR BANK NA LOC) ss +/- 2.48 10/01/2030 3,155,000 12,990,000 WISCONSIN STATE HEFA ROC-RR-II-R-708CE (HCFR, CITIBANK NA LOC) ss +/- 1.88 08/15/2030 12,990,000 27,520,000 WISCONSIN STATE HEFAR BAY AREA MEDICAL CENTER INCORPORATED (HCFR, MARSHALL & ISLEY BANK LOC) ss +/- 2.48 02/01/2038 27,520,000 7,100,000 WISCONSIN STATE HEFAR FRANCISCAN SISTERS SERIES B (HCFR, MARSHALL & ISLEY BANK LOC) ss +/- 1.85 09/01/2033 7,100,000 3,940,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES SERIES A (OTHER REVENUE, KBC BANK NV LOC) ss +/- 1.90 03/01/2038 3,940,000 140,680,000 --------------- WYOMING: 0.69% 42,125,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT SERIES A (PCR, BARCLAYS BANK PLC LOC) ss +/- 1.84 07/01/2015 42,125,000 --------------- TOTAL MUNICIPAL BONDS & NOTES (COST $5,696,645,301) 5,696,645,301 --------------- COMMERCIAL PAPER: 7.06% 14,605,000 AMERICAN MUNICIPAL POWER OHIO 1.68 12/01/2008 14,605,000 22,275,000 BOSTON WATER & SEWER 1.57 10/07/2008 22,275,000 27,393,000 HILLSBOROUGH COUNTY FL 1.50 09/25/2008 27,393,000 4,528,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.65 10/07/2008 4,528,000
74 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 20,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 1.70% 11/13/2008 $ 20,000,000 17,825,000 ILLINOIS FINANCE AUTHORITY 1.75 01/06/2009 17,825,000 6,988,000 JOHNS HOPKINS UNIVERSITY 1.60 10/07/2008 6,988,000 28,600,000 MASSACHUSETTS HEALTH & EDUCATIONAL FACILITIES AUTHORITY 1.60 10/07/2008 28,600,000 8,500,000 ROCHESTER MN HEALTH CARE 1.55 09/08/2008 8,500,000 15,000,000 ROCHESTER MN HEALTH CARE 1.60 10/07/2008 15,000,000 21,500,000 ROCHESTER MN HEALTH CARE 1.65 10/09/2008 21,500,000 19,000,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 19,000,000 11,300,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 11,300,000 18,900,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 18,900,000 32,400,000 ROCHESTER MN HEALTH CARE 1.55 11/10/2008 32,400,000 10,600,000 ROCHESTER MN HEALTH CARE 1.55 11/13/2008 10,600,000 10,000,000 ROCHESTER MN HEALTH CARE 1.65 01/08/2009 10,000,000 34,255,000 SAN ANTONIO ELECTRIC & GAS 1.95 09/04/2008 34,255,000 15,250,000 SAN ANTONIO ELECTRIC & GAS 1.65 10/07/2008 15,250,000 28,700,000 TEXAS DEPARTMENT OF TRANSPORTATION 1.60 10/08/2008 28,700,000 9,385,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.65 10/15/2008 9,385,000 22,750,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.50 10/16/2008 22,750,000 23,855,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.70 11/07/2008 23,855,000 10,000,000 UNIVERSITY OF TEXAS PERMANENT UNIVERSITY FUND 1.65 11/10/2008 10,000,000 TOTAL COMMERCIAL PAPER (COST $433,609,000) 433,609,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $6,130,254,301)* 99.81% $ 6,130,254,301 OTHER ASSETS AND LIABILITIES, NET 0.19 11,738,820 ------ --------------- TOTAL NET ASSETS 100.00% $ 6,141,993,121 ------ ---------------
---------- 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. * 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, 2008 (Unaudited) PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- AGENCY NOTES - INTEREST BEARING: 0.93% $ 40,000,000 FHLB+/- 2.49% 01/28/2009 $ 40,000,000 35,000,000 FHLB+/- 2.49 01/30/2009 35,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $75,000,000) 75,000,000 --------------- CERTIFICATES OF DEPOSIT: 8.36% 79,000,000 ABN AMRO BANK NV (LONDON)+/- 2.85 09/10/2008 79,000,000 24,000,000 ALLIED IRISH BANKS (NEW YORK)+/- 2.86 09/09/2008 24,000,000 31,000,000 BANCO BILBOA VIZCAYA ARGENTINA (NEW YORK)+/- 2.70 09/04/2008 31,000,051 150,000,000 BANK OF SCOTLAND PLC (NEW YORK)+/- 3.22 08/14/2009 150,000,000 30,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 2.97 02/27/2009 30,000,000 84,000,000 BNP PARIBAS (NEW YORK)+/- 3.12 02/20/2009 84,000,000 40,000,000 CALYON (NEW YORK)+/- 2.70 09/04/2008 40,000,066 50,000,000 INTESA SANPAOLO SPA (LONDON)+/- 2.53 09/08/2008 50,000,000 41,000,000 NATIXIS (NEW YORK)+/- 2.92 12/01/2008 41,000,000 55,000,000 NATIXIS (NEW YORK)+/-ss 2.99 04/01/2010 55,000,000 35,000,000 U.S. BANK NATIONAL ASSOCIATION+/- 2.86 04/20/2009 35,000,000 57,000,000 UNICREDITO ITALIANO (NEW YORK)+/- 3.00 12/08/2008 57,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $676,000,117) 676,000,117 --------------- COMMERCIAL PAPER: 44.71% 22,000,000 AMSTEL FUNDING CORPORATION##++ 2.70 09/03/2008 21,998,350 20,000,000 AMSTEL FUNDING CORPORATION##++ 2.75 09/12/2008 19,984,722 38,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.04 04/20/2009 37,261,956 45,000,000 ANZ NATIONAL INTERNATIONAL LIMITED##++ 3.41 06/11/2009 43,797,975 3,100,000 APRECO LLC##++ 2.55 09/16/2008 3,096,926 10,000,000 APRECO LLC##++ 2.69 09/03/2008 9,999,253 25,000,000 APRECO LLC##++ 2.78 10/21/2008 24,905,403 35,400,000 ASB FINANCE LIMITED (LONDON)##++ 3.01 05/07/2009 34,668,921 10,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++ 2.49 09/04/2008 9,998,617 28,000,000 BELMONT FUNDING LLC##++ 2.75 09/04/2008 27,995,722 27,000,000 BELMONT FUNDING LLC##++ 2.75 09/25/2008 26,952,562 31,000,000 BRYANT PARK FUNDING LLC##++ 2.75 09/08/2008 30,985,792 54,000,000 BRYANT PARK FUNDING LLC##++ 2.66 09/03/2008 53,996,010 70,000,000 CAFCO LLC##++ 2.72 09/09/2008 69,962,978 37,000,000 CAFCO LLC##++ 2.77 09/15/2008 36,962,990 30,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.71 09/12/2008 29,977,417 34,000,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE##++ 2.97 10/21/2008 33,862,555 23,700,000 CANCARA ASSET SECURITIZATION LLC##++ 2.54 09/08/2008 23,689,967 10,000,000 CHARIOT FUNDING LLC##++ 2.35 09/05/2008 9,998,042 30,000,000 CHARTA LLC##++ 2.50 09/02/2008 30,000,000 50,000,000 CHARTA LLC##++ 2.60 09/02/2008 50,000,000 24,000,000 CHARTA LLC##++ 2.69 09/17/2008 23,973,100 5,000,000 CHARTA LLC##++ 2.80 09/17/2008 4,994,167 14,000,000 CIESCO LLC##++ 2.68 09/03/2008 13,998,958 39,000,000 CIESCO LLC##++ 2.80 09/18/2008 38,951,467 9,000,000 CITIBANK OMNI MASTER TRUST##++ 2.67 09/03/2008 8,999,333 86,209,000 CITIBANK OMNI MASTER TRUST##++ 3.08 12/10/2008 85,478,810 14,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.55 09/04/2008 13,998,017 67,000,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/02/2008 67,000,000 62,900,000 CLIPPER RECEIVABLES COMPANY LLC##++ 2.57 09/03/2008 62,895,510 30,400,000 EBBETS FUNDING LLC##++ 2.70 09/04/2008 30,395,440 26,000,000 EBBETS FUNDING LLC##++ 2.70 09/15/2008 25,974,650 33,000,000 EBBETS FUNDING LLC##++ 2.70 09/18/2008 32,960,400 20,800,000 EBBETS FUNDING LLC##++ 2.75 09/08/2008 20,790,467 47,000,000 ELYSIAN FUNDING LLC##++ 2.60 09/05/2008 46,989,817 30,500,000 ENTERPRISE FUNDING LLC##++ 2.48 09/08/2008 30,487,393
76 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 11,000,000 Enterprise Funding LLC##++ 2.49% 09/08/2008 $ 10,995,435 8,000,000 EUREKA SECURITIZATION##++ 2.62 09/16/2008 7,991,864 25,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/08/2008 24,989,458 5,000,000 FAIRWAY FINANCE CORPORATION##++ 2.53 09/11/2008 4,996,838 70,000,000 FALCON ASSET SECURITIES COMPANY LLC##++ 2.48 09/11/2008 69,956,600 22,000,000 FORTIS FUNDING LLC##++ 2.52 09/12/2008 21,984,600 49,000,000 FORTIS FUNDING LLC##++ 2.67 10/07/2008 48,873,042 16,000,000 FOXBORO FUNDING LIMITED+/-(i) 3.36 02/06/2009 16,000,000 39,600,000 GALLEON CAPITAL LLC##++ 2.57 09/04/2008 39,594,346 27,000,000 GALLEON CAPITAL LLC##++ 2.58 09/05/2008 26,994,195 59,000,000 GALLEON CAPITAL LLC##++ 2.60 09/02/2008 59,000,000 33,800,000 GALLEON CAPITAL LLC##++ 2.60 09/03/2008 33,797,559 15,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.57 09/03/2008 14,998,929 30,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.68 09/04/2008 29,995,533 22,347,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/04/2008 22,343,648 25,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.70 09/05/2008 24,994,375 28,000,000 GEMINI SECURITIZATION CORPORATION LLC##++ 2.79 12/02/2008 27,802,530 72,000,000 GRAMPIAN FUNDING LLC##++ 2.55 09/24/2008 71,887,800 14,000,000 IRISH LIFE & PERMANENT##++ 2.54 09/05/2008 13,997,037 45,000,000 IRISH LIFE & PERMANENT##++ 2.75 09/17/2008 44,948,437 56,700,000 IRISH LIFE & PERMANENT##++ 2.76 09/30/2008 56,578,284 14,000,000 IRISH LIFE & PERMANENT##++ 2.85 09/22/2008 13,977,833 48,000,000 KBC FINANCE PRODUCTION INTERNATIONAL LIMITED##++ 2.72 09/16/2008 47,949,227 37,000,000 LIBERTY STREET FUNDING LLC##++ 2.62 09/02/2008 37,000,000 31,000,000 LIBERTY STREET FUNDING LLC##++ 2.75 10/29/2008 30,865,021 53,400,000 LIBERTY STREET FUNDING LLC##++ 2.87 12/01/2008 53,016,855 60,000,000 MAZARIN FUNDING CORPORATION##++ 2.60 09/02/2008 60,000,000 22,000,000 MAZARIN FUNDING CORPORATION##++ 2.62 09/09/2008 21,988,792 85,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.56 09/15/2008 84,921,422 41,000,000 METLIFE SHORT TERM FUNDING LLC##++ 2.93 12/09/2008 40,672,979 14,200,000 MONT BLANC CAPITAL CORPORATION##++ 2.50 09/03/2008 14,199,014 20,000,000 MONT BLANC CAPITAL CORPORATION##++ 2.60 09/05/2008 19,995,667 37,500,000 MONT BLANC CAPITAL CORPORATION##++ 2.62 09/04/2008 37,494,542 14,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.38 09/05/2008 13,997,223 34,000,000 NATIONWIDE BUILDING SOCIETY##++ 2.40 09/04/2008 33,995,467 57,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++ 2.60 09/02/2008 57,000,000 22,000,000 PARK AVENUE RECEIVABLES##++ 2.47 09/05/2008 21,995,472 22,369,000 PARK AVENUE RECEIVABLES##++ 2.48 09/05/2008 22,364,377 22,000,000 PICAROS FUNDING LLC##++ 2.54 09/04/2008 21,996,896 25,000,000 PICAROS FUNDING LLC##++ 2.55 09/04/2008 24,996,458 15,000,000 REGENCY MARKETS # 1 LLC##++ 2.50 09/05/2008 14,996,875 11,194,000 REGENCY MARKETS # 1 LLC##++ 2.59 09/11/2008 11,186,752 4,400,000 SALISBURY RECEIVABLES COMPANY##++ 2.47 09/04/2008 4,399,396 6,400,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/04/2008 6,399,104 33,000,000 SALISBURY RECEIVABLES COMPANY##++ 2.52 09/26/2008 32,944,560 24,000,000 SCALDIS CAPITAL LLC##++ 2.58 09/02/2008 24,000,000 61,000,000 SCALDIS CAPITAL LLC##++ 2.77 10/27/2008 60,741,851 53,400,000 SCALDIS CAPITAL LLC##++ 2.78 10/30/2008 53,160,827 20,000,000 SCALDIS CAPITAL LLC##++ 2.82 09/12/2008 19,984,333 50,000,000 SOCIETE GENERALE NORTH AMERICA## 2.91 10/15/2008 49,826,208 108,000,000 SOLITAIRE FUNDING LLC##++ 2.52 09/26/2008 107,818,560 25,000,000 SOLITAIRE FUNDING LLC##++ 2.55 09/02/2008 25,000,000 60,000,000 SOLITAIRE FUNDING LLC##++ 2.56 09/03/2008 59,995,733 30,000,000 STARBIRD FUNDING CORPORATION##++ 2.70 09/25/2008 29,948,250 80,000,000 STARBIRD FUNDING CORPORATION##++ 2.80 10/03/2008 79,807,111 100,000,000 STARBIRD FUNDING CORPORATION##++ 2.95 10/17/2008 99,631,250 10,000,000 SURREY FUNDING CORPORATION##++ 2.63 09/02/2008 10,000,000
Wells Fargo Advantage Money Market Funds 77 Portfolio of Investments--August 31, 2008 (Unaudited) PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- COMMERCIAL PAPER (continued) $ 72,500,000 SURREY FUNDING CORPORATION##++ 2.63% 09/09/2008 $ 72,462,924 56,600,000 SURREY FUNDING CORPORATION##++ 2.64 09/12/2008 56,558,493 45,000,000 SWEDBANK AB## 2.95 09/11/2008 44,966,813 57,000,000 SWEDBANK AB## 3.00 11/26/2008 56,596,250 5,358,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/02/2008 5,358,000 17,400,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.55 09/10/2008 17,390,140 16,000,000 THAMES ASSET GLOBAL SECURITIZATION##++ 2.83 09/08/2008 15,992,453 12,000,000 TULIP FUNDING CORPORATION##++ 2.40 09/05/2008 11,997,600 6,000,000 TULIP FUNDING CORPORATION##++ 2.55 09/05/2008 5,998,725 81,000,000 VARIABLE FUNDING CAPITAL##++ 2.83 11/25/2008 80,465,130 53,000,000 VERSAILLES CDS LLC##++ 2.55 09/05/2008 52,988,737 31,500,000 VICTORIA FINANCE LLC+/-(i)####(a) 4.82 02/15/2008 25,200,000 13,000,000 WINDMILL FUNDING CORPORATION##++ 2.50 09/02/2008 13,000,000 TOTAL COMMERCIAL PAPER (COST $3,624,247,004) 3,617,947,517 --------------- CORPORATE BONDS & NOTES: 5.74% 57,300,000 ALLIED IRISH BANKS PLC+/-++ 2.47 11/18/2008 57,300,000 44,000,000 DNB NOR BANK ASA+/-++ 2.48 03/25/2009 44,000,000 88,000,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 88,000,000 44,000,000 INTESA BANK (IRELAND) PLC+/-++ 2.49 03/25/2009 44,000,000 31,000,000 IRISH LIFE & PERMANENT PLC+/-++ 2.50 03/20/2009 31,000,000 16,100,000 MORGAN STANLEY+/- 2.19 09/15/2008 16,096,878 15,000,000 NATIONWIDE BUILDING SOCIETY+/-++ 2.52 01/06/2009 15,000,000 169,000,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 169,000,000 TOTAL CORPORATE BONDS & NOTES (COST $464,396,878) 464,396,878 --------------- EXTENDABLE BONDS: 6.97% 79,500,000 BANK OF IRELAND+/-++ 3.05 09/02/2009 79,500,000 40,000,000 BASF FINANCE EUROPE NV+/-++ 2.80 09/18/2009 40,000,000 95,000,000 COMMONWEALTH BANK (AUSTRALIA)+/-++ 2.99 08/03/2009 95,000,000 113,000,000 DEUTSCHE BANK+/- 3.00 08/04/2009 113,000,000 100,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 100,000,000 34,000,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 34,000,000 102,800,000 RABOBANK NEDERLAND+/-++ 2.99 09/09/2009 102,800,000 TOTAL EXTENDABLE BONDS (COST $564,300,000) 564,300,000 --------------- MEDIUM TERM NOTES: 5.27% 45,000,000 BNP PARIBAS+/- 2.77 09/16/2008 45,000,000 27,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/18/2009 27,000,000 60,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 60,000,000 12,000,000 MORGAN STANLEY+/- 2.14 10/31/2008 12,000,000 54,000,000 NEW YORK LIFE GLOBAL FUNDING+/-++ 2.90 05/13/2009 54,000,000 61,000,000 NORDEA BANK AB+/-++ 2.48 09/10/2008 61,000,000 4,000,000 PREMIUM ASSET TRUST SERIES 04-10+/-++ 2.55 12/12/2008 4,000,000 41,000,000 ROYAL BANK OF SCOTLAND GROUP PLC+/-++ 2.96 09/18/2008 41,000,000 45,000,000 TOTTA IRELAND PLC+/-++ 2.47 09/05/2008 45,000,000 77,000,000 TOYOTA MOTOR CREDIT CORPORATION+/- 2.51 02/03/2009 77,000,000 TOTAL MEDIUM TERM NOTES (COST $426,000,000) 426,000,000 --------------- MUNICIPAL BONDS & NOTES: 1.27% 10,000,000 ACADEMY OF THE NEW CHURCH +/-ss 2.72 02/01/2025 10,000,000 20,000,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 3.00 05/01/2049 20,000,000 19,000,000 IOWA FINANCIAL AUTHORITY SFMR (HOUSING REVENUE, GNMA)+/-ss 2.60 01/01/2039 19,000,000 10,840,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES E (HOUSING REVENUE, GO OF AUTHORITY)+/-ss 2.70 07/01/2038 10,840,000
78 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) PRIME INVESTMENT MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- MUNICIPAL BONDS & NOTES (continued) $ 12,000,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE, GO OF AUTHORITY)+/-ss 2.70% 07/01/2048 $ 12,000,000 20,130,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF AMERICA NA LOC)+/-ss 2.62 11/01/2028 20,129,065 11,000,000 SAN JOSE CA FINANCING AUTHORITY TAXABLE LAND SERIES F (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 2.65 06/01/2034 11,000,000 TOTAL MUNICIPAL BONDS & NOTES (COST $102,969,065) 102,969,065 --------------- REPURCHASE AGREEMENTS: 10.96% 180,000,000 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $180,042,600) 2.13 09/02/2008 180,000,000 162,235,620 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $162,274,196) 2.14 09/02/2008 162,235,620 91,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $91,022,447) 2.22 09/02/2008 91,000,000 180,000,000 GREENWICH CAPTIAL MARKET INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $180,042,600) 2.13 09/02/2008 180,000,000 171,000,000 LEHMAN BROTHERS COMMERCIAL - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $171,047,500) 2.50 09/02/2008 171,000,000 103,000,000 MERRILL PIERCE FENNER & SMITH - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $ 103,025,178) 2.20 09/02/2008 103,000,000 TOTAL REPURCHASE AGREEMENTS (COST $887,235,620) 887,235,620 --------------- SECURED MASTER NOTE AGREEMENT: 3.52% 136,616,000 BANK OF AMERICA SECURITIES LLC+/- 2.26 136,616,000 148,323,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 2.25 148,323,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $284,939,000) 284,939,000 --------------- TIME DEPOSITS: 13.04% 136,000,000 ALLIED IRISH BANKS PLC 2.15 09/02/2008 136,000,000 136,000,000 BANCO BILBAO VIZCAYA ARGENTINA SA 2.20 09/02/2008 136,000,000 136,000,000 BANK OF IRELAND 2.23 09/02/2008 136,000,000 68,000,000 BNP PARIBAS PARIS 2.15 09/02/2008 68,000,000 136,000,000 DANSKE BANK AS COPENHAGEN 2.15 09/02/2008 136,000,000 136,000,000 DEXIA CREDIT LOCAL DE FRANCE 2.18 09/02/2008 136,000,000 171,000,000 KBC BANK NV BRUSSELS 1.88 09/02/2008 171,000,000 136,000,000 SOCIETE GENERALE PARIS 2.18 09/02/2008 136,000,000 TOTAL TIME DEPOSITS (COST $1,055,000,000) 1,055,000,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $8,160,087,684)* 100.77% $ 8,153,788,197 OTHER ASSETS AND LIABILITIES, NET (0.77) (61,931,195) ------ --------------- TOTAL NET ASSETS 100.00% $ 8,091,857,002 ------ ---------------
---------- +/- 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. (i) Illiquid security. #### 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. ++ 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 79 Portfolio of Investments--August 31, 2008 (Unaudited) TREASURY PLUS MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- US TREASURY SECURITIES: 5.26% US TREASURY BILLS: 5.26% $ 25,000,000 US TREASURY BILL## 1.89% 11/20/2008 $ 24,897,135 350,000,000 US TREASURY BILL## 1.95 01/15/2009 347,460,313 372,357,448 --------------- TOTAL US TREASURY SECURITIES (COST $ 372,357,448) 372,357,448 --------------- REPURCHASE AGREEMENTS: 94.85% 300,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $300,058,333) 1.75 09/02/2008 300,000,000 75,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $75,016,417) 1.97 09/02/2008 75,000,000 500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,109,444) 1.97 09/02/2008 500,000,000 500,000,000 BARCLAYS CAPITAL INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,111,111) 2.00 09/02/2008 500,000,000 500,000,000 CITIGROUP GLOBAL MARKETS - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,112,778) 2.03 09/03/2008 500,000,000 500,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,113,889) 2.05 09/12/2008 500,000,000 1,000,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,225,556) 2.03 09/02/2008 1,000,000,000 500,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $500,112,778) 2.03 09/04/2008 500,000,000 800,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $800,179,556) 2.02 09/02/2008 800,000,000 50,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $50,010,556) 1.90 09/02/2008 50,000,000 1,250,000,000 HSBC USA INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,250,280,556) 2.02 09/02/2008 1,250,000,000 500,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MARKET VALUE $500,111,111) 2.00 09/02/2008 500,000,000 147,565,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $147,596,153) 1.90 09/02/2008 147,565,000 100,000,000 MORGAN STANLEY & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MARKET VALUE $100,021,889) 1.97 09/02/2008 100,000,000 TOTAL REPURCHASE AGREEMENTS (COST $6,722,565,000) 6,722,565,000 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $7,094,922,448)* 100.11% $ 7,094,922,448 OTHER ASSETS AND LIABILITIES, NET (0.11) (7,660,405) ------ --------------- TOTAL NET ASSETS 100.00% $ 7,087,262,043 ------ ---------------
---------- ## 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. 80 Wells Fargo Advantage Money Market Funds Portfolio of Investments--August 31, 2008 (Unaudited) 100% TREASURY MONEY MARKET FUND
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE --------------- ---------------------------------------------------------------------- -------- ----------- --------------- US TREASURY SECURITIES: 96.61% US TREASURY BILLS: 96.61% $ 44,465,000 US TREASURY BILL## 1.70% 09/04/2008 $ 44,460,815 150,000,000 US TREASURY BILL## 1.71 09/04/2008 149,985,750 250,000,000 US TREASURY BILL## 1.86 09/04/2008 249,974,306 100,000,000 US TREASURY BILL## 1.93 09/04/2008 99,989,333 350,000,000 US TREASURY BILL## 1.84 09/11/2008 349,839,875 150,000,000 US TREASURY BILL## 1.88 09/11/2008 149,929,687 250,000,000 US TREASURY BILL## 1.89 09/15/2008 249,829,826 63,200,000 US TREASURY BILL## 1.79 09/18/2008 63,149,721 3,725,000 US TREASURY BILL## 1.81 09/18/2008 3,722,020 100,000,000 US TREASURY BILL## 1.86 09/18/2008 99,917,778 300,000,000 US TREASURY BILL## 2.05 09/18/2008 299,728,000 325,000,000 US TREASURY BILL## 1.85 09/25/2008 324,617,944 75,000,000 US TREASURY BILL## 1.34 10/02/2008 74,916,875 50,000,000 US TREASURY BILL## 1.51 10/02/2008 49,937,708 77,825,000 US TREASURY BILL## 1.63 10/02/2008 77,719,611 225,000,000 US TREASURY BILL## 1.89 10/02/2008 224,647,500 150,000,000 US TREASURY BILL## 1.63 10/09/2008 149,750,250 235,210,000 US TREASURY BILL## 1.86 10/09/2008 234,761,566 65,895,000 US TREASURY BILL## 1.62 10/16/2008 65,765,333 325,000,000 US TREASURY BILL## 1.66 10/16/2008 324,344,583 350,000,000 US TREASURY BILL## 1.57 10/23/2008 349,226,500 100,000,000 US TREASURY BILL## 1.65 10/30/2008 99,734,972 147,560,000 US TREASURY BILL## 1.70 10/30/2008 147,157,038 100,000,000 US TREASURY BILL## 1.74 10/30/2008 99,722,889 350,000,000 US TREASURY BILL## 1.72 11/06/2008 348,919,375 50,000,000 US TREASURY BILL## 1.75 11/06/2008 49,843,819 400,000,000 US TREASURY BILL## 1.83 11/13/2008 398,544,000 50,000,000 US TREASURY BILL## 1.85 11/13/2008 49,816,500 375,000,000 US TREASURY BILL## 1.84 11/20/2008 373,494,062 75,000,000 US TREASURY BILL## 1.89 11/20/2008 74,691,406 350,000,000 US TREASURY BILL## 1.69 11/28/2008 348,579,000 75,000,000 US TREASURY BILL## 2.15 01/02/2009 74,459,896 75,000,000 US TREASURY BILL## 2.09 01/08/2009 74,448,000 200,000,000 US TREASURY BILL## 1.94 01/15/2009 198,556,250 75,000,000 US TREASURY BILL## 2.00 01/15/2009 74,443,125 100,000,000 US TREASURY BILL## 1.91 02/26/2009 99,070,750 6,147,696,063 --------------- TOTAL US TREASURY SECURITIES (COST $6,147,696,063) 6,147,696,063 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $6,147,696,063)* 96.61% $ 6,147,696,063 OTHER ASSETS AND LIABILITIES, NET 3.39 215,922,118 ------ --------------- TOTAL NET ASSETS 100.00% $ 6,363,618,181 ------ ---------------
---------- ## 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. THIS PAGE IS INTENTIONALLY LEFT BLANK. 82 Wells Fargo Advantage Money Market Funds Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
California Tax-Free Cash Investment Money Market Money Market Fund Fund -------------- ---------------- ASSETS Investments In securities, at market value (including securities on loan) ...................................................... $4,904,897,731 $ 17,146,932,978 Repurchase Agreements ......................................... 0 3,742,000,000 -------------- ---------------- Total investments at market value (see cost below) ............... 4,904,897,731 20,888,932,978 -------------- ---------------- Cash ............................................................. 89,540 320,312 Receivable for Fund shares issued ................................ 176,000 826,179 Receivable for investments sold .................................. 0 0 Receivables for dividends and interest ........................... 13,226,672 29,143,556 Prepaid expenses and other assets ................................ 0 0 -------------- ---------------- Total assets ........................................................ 4,918,389,943 20,919,223,025 -------------- ---------------- LIABILITIES Payable for investments purchased ................................ 14,456,248 121,000,000 Dividends payable ................................................ 1,155,134 16,852,775 Payable to investment advisor and affiliates (Note 3) ............ 1,509,320 3,603,773 Accrued expenses and other liabilities ........................... 1,057,449 1,242,416 -------------- ---------------- Total liabilities ................................................... 18,178,151 142,698,964 -------------- ---------------- TOTAL NET ASSETS .................................................... $4,900,211,792 $ 20,776,524,061 ============== ================ NET ASSETS CONSIST OF Paid-in capital .................................................. $4,899,670,431 $ 20,779,157,686 Undistributed net investment income (loss) ....................... (1,078) (7,749) Undistributed net realized gain (loss) on investments ............ 542,439 (2,625,876) Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and liabilities denominated in foreign currencies ............................. 0 0 -------------- ---------------- TOTAL NET ASSETS .................................................... $4,900,211,792 $ 20,776,524,061 ============== ================ COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets - Class A ............................................. $3,771,699,164 NA Shares outstanding - Class A ..................................... 3,771,173,501 NA Net asset value per share - Class A .............................. $ 1.00 NA Net assets - Administrator Class ................................. NA $ 1,681,511,799 Shares outstanding - Administrator Class ......................... NA 1,681,758,616 Net asset value and offering price per share - Administrator Class ......................................................... NA $ 1.00 Net assets - Institutional Class ................................. $ 314,304,030 $ 9,128,531,376 Shares outstanding - Institutional Class ......................... 314,293,547 9,129,708,515 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 $ 3,634,045,057 Shares outstanding - Select Class ................................ NA 3,634,315,281 Net asset value and offering price per share - Select Class ...... NA $ 1.00 Net assets - Service Class ....................................... $ 814,208,598 $ 6,332,435,829 Shares outstanding - Service Class ............................... 814,150,838 6,333,864,498 Net asset value and offering price per share - Service Class ..... $ 1.00 $ 1.00 -------------- ---------------- Investments at cost ................................................. $4,904,897,731 $ 20,888,932,978 -------------- ----------------
---------- (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 83 Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Government Heritage Municipal Money Market Money Market Money Market Fund Fund Fund --------------- -------------- ------------ $17,172,511,538 $6,936,819,353 $368,224,822 12,894,920,000 443,310,023 0 --------------- -------------- ------------ 30,067,431,538 7,380,129,376 368,224,822 --------------- -------------- ------------ 55,003 50,000 51,998 152,204 160,695 0 0 0 13,306,712 59,477,658 5,858,472 946,578 0 170,560 0 --------------- -------------- ------------ 30,127,116,403 7,386,369,103 382,530,110 --------------- -------------- ------------ 0 30,000,000 0 29,262,921 7,454,440 30,382 5,651,058 1,010,751 109,018 1,342,864 32,014 151,708 --------------- -------------- ------------ 36,256,843 38,497,205 291,108 --------------- -------------- ------------ $30,090,859,560 $7,347,871,898 $382,239,002 =============== ============== ============ $30,090,828,538 $7,349,384,062 $382,239,543 31,022 (22,033) 3 0 209,731 (544) 0 (1,699,862) 0 --------------- -------------- ------------ $30,090,859,560 $7,347,871,898 $382,239,002 =============== ============== ============ $ 1,361,945,992 NA NA 1,361,928,438 NA NA $ 1.00 NA NA $ 1,391,714,988 $ 652,497,589 NA 1,391,702,876 652,460,124 NA $ 1.00 $ 1.00 NA $21,113,247,486 $3,269,027,648 $ 8,440,785 21,113,334,709 3,269,003,529 8,440,784 $ 1.00 $ 1.00 $ 1.00 NA NA $373,798,217 NA NA 373,798,652 NA NA $ 1.00 NA $3,426,346,661 NA NA 3,427,920,411 NA NA $ 1.00 NA $ 6,223,951,094 NA NA 6,223,901,993 NA NA $ 1.00 NA NA --------------- -------------- ------------ $30,067,431,538 $7,381,829,238 $368,224,822 --------------- -------------- ------------
84 Wells Fargo Advantage Money Market Funds Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
National Prime Tax-Free Investment Money Market Money Market Fund Fund -------------- -------------- ASSETS Investments In securities, at market value (including securities on loan) ......................................................... $6,130,254,301 $7,266,552,577 Repurchase Agreements ............................................ 0 887,235,620 -------------- -------------- Total investments at market value (see cost below) .................. 6,130,254,301 8,153,788,197 -------------- -------------- Cash ................................................................ 112,785 258,035 Receivable for Fund shares issued ................................... 240,156 600,000 Receivable for investments sold ..................................... 0 0 Receivables for dividends and interest .............................. 17,714,646 8,827,983 -------------- -------------- Total assets ........................................................... 6,148,321,888 8,163,474,215 -------------- -------------- LIABILITIES Payable for investments purchased ................................... 0 57,000,000 Dividends payable ................................................... 4,251,941 12,827,730 Payable to investment advisor and affiliates (Note 3) ............... 1,308,365 1,617,770 Accrued expenses and other liabilities .............................. 768,461 471,020 -------------- -------------- Total liabilities ...................................................... 6,328,767 71,916,520 -------------- -------------- TOTAL NET ASSETS ....................................................... $6,141,993,121 $8,091,557,695 ============== ============== NET ASSETS CONSIST OF Paid-in capital ..................................................... $6,141,147,005 $8,096,878,898 Undistributed net investment income (loss) .......................... (1) (1,887,411) Undistributed net realized gain (loss) on investments ............... 846,117 2,865,695 Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and liabilities denominated in foreign currencies ................................ 0 (6,299,487) -------------- -------------- TOTAL NET ASSETS ....................................................... $6,141,993,121 $8,091,557,695 ============== ============== COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets - Class A ................................................ $1,558,423,588 NA Shares outstanding - Class A ........................................ 1,558,175,077 NA Net asset value per share - Class A ................................. $ 1.00 NA Net assets - Administrator Class .................................... $ 540,998,810 NA Shares outstanding - Administrator Class ............................ 540,877,775 NA Net asset value and offering price per share - Administrator Class .. $ 1.00 NA Net assets - Institutional Class .................................... $2,306,256,770 $6,956,461,430 Shares outstanding - Institutional Class ............................ 2,306,017,423 6,961,992,833 Net asset value and offering price per share - Institutional Class .. $ 1.00 $ 1.00 Net assets - Service Class .......................................... $1,736,313,953 $1,135,096,265 Shares outstanding - Service Class .................................. 1,735,874,801 1,134,893,529 Net asset value and offering price per share - Service Class ........ $ 1.00 $ 1.00 -------------- -------------- Investments at cost .................................................... $6,130,254,301 $8,160,087,684 -------------- --------------
---------- (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 85 Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Treasury Plus 100% Treasury Money Market Money Market Fund Fund -------------- -------------- $ 372,357,448 $6,147,696,063 6,722,565,000 0 -------------- -------------- 7,094,922,448 6,147,696,063 -------------- -------------- 50,500 59,860 0 0 0 224,093,043 2,117,345 1 -------------- -------------- 7,097,090,293 6,371,848,967 -------------- -------------- 0 0 7,105,765 5,666,544 1,738,094 1,291,425 984,391 1,272,817 -------------- -------------- 9,828,250 8,230,786 -------------- -------------- $7,087,262,043 $6,363,618,181 ============== ============== $7,087,322,523 $6,362,591,058 643 196,540 (61,123) 830,583 0 0 -------------- -------------- $7,087,262,043 $6,363,618,181 ============== ============== $2,692,502,092 $ 265,988,524 2,692,584,082 265,907,206 $ 1.00 $ 1.00 $ 69,633,122 NA 69,633,124 NA $ 1.00 NA $3,264,167,535 NA 3,264,336,915 NA $ 1.00 NA $1,060,959,294 $6,097,629,657 1,060,984,497 6,096,688,758 $ 1.00 $ 1.00 -------------- -------------- $7,094,922,448 $6,147,696,063 -------------- --------------
86 Wells Fargo Advantage Money Market Funds Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
California Tax-Free Cash Investment Money Market Money Market Fund Fund ------------------- --------------- INVESTMENT INCOME Interest ....................................................... $48,428,280 $308,855,535 ----------- ------------ Total investment income ........................................... 48,428,280 308,855,535 ----------- ------------ EXPENSES Advisory fees .................................................. 7,049,472 10,976,812 Administration fees Fund Level .................................................. 1,256,688 4,045,098 Class A ..................................................... 4,323,511 NA Administrator Class ......................................... NA 924,714 Institutional Class ......................................... 80,049 3,948,151 Investor Class .............................................. NA NA Select Class ................................................ NA 690,276 Service Class ............................................... 547,577 4,069,464 Custody fees ................................................... 504,321 2,195,362 Shareholder servicing fees (Note 3) ............................ 6,053,865 9,402,765 Accounting fees ................................................ 123,941 503,223 Professional fees .............................................. 14,538 19,172 Registration fees .............................................. 17,173 86,571 Shareholder reports ............................................ 48,721 40,500 Trustees' fees ................................................. 4,323 4,323 Other fees and expenses ........................................ 26,605 36,804 ----------- ------------ Total expenses .................................................... 20,050,784 36,943,235 ----------- ------------ LESS Waived fees and reimbursed expenses (Note 3) ................... (5,021,307) (4,819,680) Net expenses ................................................... 15,029,477 32,123,555 ----------- ------------ Net investment income (loss) ...................................... 33,398,803 276,731,980 ----------- ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities ..................................................... 344,124 (2,502,959) ----------- ------------ Net realized gain and loss from investments ....................... 344,124 (2,502,959) ----------- ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities ..................................................... 0 0 Capital support agreement ...................................... 0 0 ----------- ------------ Net change in unrealized appreciation (depreciation) of investments .................................................... 0 0 ----------- ------------ Net realized and unrealized gain (loss) on investments ............ 344,124 (2,502,959) ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... $33,742,927 $274,229,021 =========== ============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 87 Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Government Heritage Municipal Money Market Money Market Money Market Fund Fund Fund ------------- ------------ ------------ $373,309,046 $82,477,580 $4,314,755 ------------ ----------- ---------- 373,309,046 82,477,580 4,314,755 ------------ ----------- ---------- 15,533,695 2,976,530 580,869 5,412,163 1,432,619 96,812 1,732,130 NA NA 733,183 314,904 NA 8,704,358 1,084,693 692 NA NA 609,316 NA 522,304 NA 3,759,281 NA NA 3,106,739 595,306 27,725 10,533,347 314,732 481,125 692,951 131,715 663 16,392 16,370 963 123,747 15,792 396 245,271 1,324 1,000 4,323 4,323 4,323 174,309 28,515 1,775 ------------ ----------- ---------- 50,771,889 7,439,127 1,805,659 ------------ ----------- ---------- (5,796,783) (1,990,316) (569,972) 44,975,106 5,448,811 1,235,687 ------------ ----------- ---------- 328,333,940 77,028,769 3,079,068 ------------ ----------- ---------- 0 157,750 0 ------------ ----------- ---------- 0 157,750 0 ------------ ----------- ---------- 0 (616,025) 0 0 (162,600) 0 ------------ ----------- ---------- 0 (778,625) 0 ------------ ----------- ---------- 0 (620,875) 0 ------------ ----------- ---------- $328,333,940 $76,407,894 $3,079,068 ============ =========== ==========
88 Wells Fargo Advantage Money Market Funds Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
National Tax-Free Prime Investment Money Market Money Market Fund Fund ----------------- ---------------- INVESTMENT INCOME Interest ....................................................... $59,403,909 $127,795,431 ----------- ------------ Total investment income ........................................... 59,403,909 127,795,431 ----------- ------------ EXPENSES Advisory fees .................................................. 2,900,711 4,732,605 Administration fees Fund Level .................................................. 1,410,969 2,134,410 Class A ..................................................... 1,725,466 NA Administrator Class ......................................... 265,905 NA Institutional Class ......................................... 805,010 3,009,725 Service Class ............................................... 1,013,090 1,164,539 Custody fees ................................................... 580,142 946,521 Shareholder servicing fees (Note 3) ............................ 4,335,830 2,426,123 Accounting fees ................................................ 140,577 252,782 Professional fees .............................................. 17,747 16,720 Registration fees .............................................. 50,012 36,289 Shareholder reports ............................................ 38,405 43,034 Trustees' fees ................................................. 4,323 4,323 Other fees and expenses ........................................ 49,769 83,721 ----------- ------------ Total expenses .................................................... 13,337,956 14,850,792 ----------- ------------ LESS Waived fees and reimbursed expenses (Note 3) ................... (1,643,007) (2,046,580) Net expenses ................................................... 11,694,949 12,804,212 ----------- ------------ Net investment income (loss) ...................................... 47,708,960 114,991,219 ----------- ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities, foreign currencies and foreign currency translation ................................................. 408,791 1,964,354 ----------- ------------ Net realized gain and loss from investments ....................... 408,791 1,964,354 ----------- ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities, foreign currencies and foreign currency translation ................................................. 0 11,041,909 Capital support agreement ...................................... 0 (13,929,398) ----------- ------------ Net change in unrealized appreciation (depreciation) of investments .................................................... 0 (2,887,489) ----------- ------------ Net realized and unrealized gain (loss) on investments ............ 408,791 (923,135) ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... $48,117,751 $114,068,084 =========== ============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 89 Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Treasury Plus 100% Treasury Money Market Money Market Fund Fund ------------- ------------- $69,155,917 $57,937,388 ----------- ----------- 69,155,917 57,937,388 ----------- ----------- 3,477,722 8,838,826 1,641,774 1,544,568 2,717,497 324,625 29,221 NA 1,252,830 NA 776,685 3,704,582 695,544 646,942 4,731,684 8,086,770 173,515 150,271 14,689 16,035 38,799 21,799 72,349 35,035 4,323 4,323 55,721 25,561 ----------- ----------- 15,682,353 23,399,337 ----------- ----------- (1,289,437) (7,004,461) 14,392,916 16,394,876 ----------- ----------- 54,763,001 41,542,512 ----------- ----------- 0 788,606 ----------- ----------- 0 788,606 ----------- ----------- 0 0 0 0 ----------- ----------- 0 0 ----------- ----------- 0 788,606 ----------- ----------- $54,763,001 $42,331,118 =========== ===========
90 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND ---------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- --------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ..................................................................... $ 4,808,408,788 $ 3,564,648,630 OPERATIONS Net investment income (loss) ............................................................. 33,398,803 111,828,771 Net realized gain (loss) on investments .................................................. 344,124 341,720 Net change in unrealized appreciation (depreciation) of credit support agreement ......... 0 0 Net change in unrealized appreciation (depreciation) of investments ...................... 0 0 --------------- --------------- Net increase (decrease) in net assets resulting from operations ............................. 33,742,927 112,170,491 --------------- --------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A ............................................................................... (24,972,308) (92,774,150) Administrator Class ................................................................... NA NA Institutional Class ................................................................... (1,542,695) NA Select Class .......................................................................... NA NA Service Class ......................................................................... (6,882,428) (19,056,032) Net realized gain on sales of investments Class A ............................................................................... 0 (185,825) Administrator Class ................................................................... NA NA Institutional Class ................................................................... NA NA Service Class ......................................................................... 0 (43,137) --------------- --------------- Total distributions to shareholders ......................................................... (33,397,431) (112,059,144) --------------- --------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold - Class A ...................................................... 2,296,395,824 5,103,771,816 Reinvestment of distributions - Class A .................................................. 23,749,372 85,788,614 Cost of shares redeemed - Class A ........................................................ (2,386,176,170) (4,416,712,360) --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Class A ............................................................................... (66,030,974) 772,848,070 --------------- --------------- 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 .......................................... 809,803,951 NA Reinvestment of distributions - Institutional Class ...................................... 1,028,314 NA Cost of shares redeemed - Institutional Class ............................................ (496,538,718) NA --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class ................................................................... 314,293,547 NA --------------- --------------- 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 (decrease) in net assets resulting from capital share transaction - Select Class ................................................................................. NA NA --------------- --------------- Proceeds from shares sold - Service Class ................................................ 1,023,382,128 2,126,696,136 Reinvestment of distributions - Service Class ............................................ 2,412,333 10,261,692 Cost of shares redeemed - Service Class .................................................. (1,182,599,526) (1,666,157,087) --------------- --------------- Net increase (decrease) in net assets resulting from capital share transaction - Service Clas .................................................................................. (156,805,065) 470,800,741 --------------- --------------- Net increase (decrease) in net assets resulting from capital share transactions - Total ..... 91,457,508 1,243,648,811 --------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS ....................................................... 91,803,004 1,243,760,158 --------------- --------------- ENDING NET ASSETS ........................................................................... $ 4,900,211,792 $ 4,808,408,788 =============== ===============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 91 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 21,844,243,904 $ 15,523,937,294 $ 33,481,429,832 $ 17,470,019,473 $ 3,556,419,692 $ 641,048,410 276,731,980 916,341,711 328,333,940 1,026,033,455 77,028,769 82,662,781 (2,502,959) 267,561 0 0 157,750 51,307 0 0 0 0 (162,600) 166,094 0 0 0 0 (616,025) (1,083,837) ---------------- ---------------- ---------------- ----------------- --------------- --------------- 274,229,021 916,609,272 328,333,940 1,026,033,455 76,407,894 81,796,345 ---------------- ---------------- ---------------- ----------------- --------------- --------------- NA NA (14,011,730) (117,180,294) NA NA (23,215,870) (84,280,912) (15,174,791) (64,767,356) (7,813,469) (18,879,399) (128,849,875) (439,897,937) (239,911,605) (583,006,486) (34,860,303) (36,379,006) (45,747,279) (88,754,952) NA NA (34,373,535) (27,407,871) (78,918,956) (303,407,908) (59,235,812) (261,079,318) NA NA NA NA 0 0 NA NA 0 0 0 0 NA (1,810) 0 0 0 0 NA (1,160) 0 0 0 0 NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- (276,731,980) (916,341,709) (328,333,938) (1,026,033,454) (77,047,307) (82,669,246) ---------------- ---------------- ---------------- ----------------- --------------- --------------- NA NA 213,172,662 1,801,462,824 NA NA NA NA 13,973,937 116,550,093 NA NA NA NA (786,847,262) (2,863,085,094) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- NA NA (559,700,663) (945,072,177) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- 1,931,735,872 7,583,277,227 3,261,937,151 11,133,674,556 1,084,607,037 1,520,839,995 19,886,178 63,885,825 8,559,048 32,210,304 4,832,344 13,033,890 (2,519,338,571) (6,761,931,792) (3,823,216,113) (10,401,231,678) (1,045,994,361) (1,212,152,946) ---------------- ---------------- ---------------- ----------------- --------------- --------------- (567,716,521) 885,231,260 (552,719,914) 764,653,182 43,445,020 321,720,939 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 27,730,093,371 70,738,216,112 59,149,312,513 104,620,372,905 6,396,939,265 6,929,397,153 74,552,608 268,448,031 130,831,338 274,115,268 13,049,876 14,984,138 (27,869,552,160) (69,643,084,319) (61,432,219,454) (89,395,762,971) (4,720,595,385) (5,718,525,615) ---------------- ---------------- ---------------- ----------------- --------------- --------------- (64,906,181) 1,363,579,824 (2,152,075,603) 15,498,725,202 1,689,393,756 1,225,855,676 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 11,138,427,339 27,569,078,698 NA NA 6,992,775,119 7,183,891,582 32,933,529 47,405,870 NA NA 22,247,318 19,497,302 (10,562,479,506) (24,591,050,649) NA NA (4,955,769,594) (5,834,721,316) ---------------- ---------------- ---------------- ----------------- --------------- --------------- 608,881,362 3,025,433,919 NA NA 2,059,252,843 1,368,667,568 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 6,717,041,790 24,001,264,264 23,086,222,704 45,791,819,742 NA NA 38,262,602 149,985,549 8,661,154 34,083,782 NA NA (7,796,779,936) (23,105,455,769) (23,220,957,952) (45,132,799,373) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- (1,041,475,544) 1,045,794,044 (126,074,094) 693,104,151 0 0 ---------------- ---------------- ---------------- ----------------- --------------- --------------- (1,065,216,884) 6,320,039,047 (3,390,570,274) 16,011,410,358 3,792,091,619 2,916,244,183 ---------------- ---------------- ---------------- ----------------- --------------- --------------- (1,067,719,843) 6,320,306,610 (3,390,570,272) 16,011,410,359 3,791,452,206 2,915,371,282 ---------------- ---------------- ---------------- ----------------- --------------- --------------- $ 20,776,524,061 $ 21,844,243,904 $ 30,090,859,560 $ 33,481,429,832 $ 7,347,871,898 $ 3,556,419,692 ================ ================ ================ ================= =============== ===============
92 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
CALIFORNIA TAX-FREE MONEY MARKET FUND ---------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- --------------- SHARES ISSUED AND REDEEMED Shares sold - Class A .................................................................... 2,296,395,824 5,103,771,816 Shares issued in reinvestment of distributions - Class A ................................. 23,749,371 85,788,614 Shares redeemed - Class A ................................................................ (2,386,176,170) (4,416,712,360) --------------- --------------- Net increase (decrease) in shares outstanding - Class A .................................. (66,030,975) 772,848,070 --------------- --------------- 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 ........................................................ 809,803,951 NA Shares issued in reinvestment of distributions - Institutional Class ..................... 1,028,314 NA Shares redeemed - Institutional Class .................................................... (496,538,718) NA --------------- --------------- Net increase (decrease) in shares outstanding - Institutional Class ...................... 314,293,547 NA --------------- --------------- Shares sold - Select Class ............................................................... NA NA Shares issued in reinvestment of distributions - Select Class ............................ NA NA Shares redeemed - Select Class ........................................................... NA NA --------------- --------------- Net increase (decrease) in shares outstanding - Select Class ............................. NA NA --------------- --------------- Shares sold - Service Class .............................................................. 1,023,382,129 2,126,696,136 Shares issued in reinvestment of distributions - Service Class ........................... 2,412,333 10,261,692 Shares redeemed - Service Class .......................................................... (1,182,599,526) (1,666,157,087) --------------- --------------- Net increase (decrease) in shares outstanding - Service Class ............................ (156,805,064) 470,800,741 --------------- --------------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ..... $ 91,457,508 $ 1,243,648,811 =============== =============== Ending balance of undistributed net investment income (loss) ................................ (1,078) (2,450) --------------- ---------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 93 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- NA NA 213,172,666 1,801,462,824 NA NA NA NA 13,973,937 116,550,093 NA NA NA NA (786,847,262) (2,863,085,094) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- NA NA (559,700,659) (945,072,177) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- 1,931,735,872 7,583,277,227 3,261,937,151 11,133,674,556 1,084,607,038 1,520,839,995 19,886,178 63,885,825 8,559,048 32,210,304 4,832,344 13,033,890 (2,519,338,571) (6,761,931,792) (3,823,216,113) (10,401,231,678) (1,045,994,361) (1,212,152,946) ---------------- ---------------- ---------------- ----------------- --------------- --------------- (567,716,521) 885,231,260 (552,719,914) 764,653,182 43,445,021 321,720,939 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 27,730,093,371 70,738,216,113 59,149,312,512 104,620,372,905 6,396,939,266 6,929,397,153 74,552,608 268,448,030 130,831,338 274,115,268 13,049,876 14,984,138 (27,869,552,160) (69,643,084,319) (61,432,219,454) (89,395,762,971) (4,720,595,385) (5,718,525,615) ---------------- ---------------- ---------------- ----------------- --------------- --------------- (64,906,181) 1,363,579,824 (2,152,075,604) 15,498,725,202 1,689,393,757 1,225,855,676 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 11,138,427,339 27,569,078,698 NA NA 6,992,775,119 7,183,891,582 32,933,529 47,405,870 NA NA 22,247,318 19,497,302 (10,562,479,506) (24,591,050,649) NA NA (4,955,769,594) (5,834,721,316) ---------------- ---------------- ---------------- ----------------- --------------- --------------- 608,881,362 3,025,433,919 NA NA 2,059,252,843 1,368,667,568 ---------------- ---------------- ---------------- ----------------- --------------- --------------- 6,717,041,790 24,001,264,264 23,086,222,704 45,791,819,742 NA NA 38,262,602 149,985,549 8,661,154 34,083,782 NA NA (7,796,779,936) (23,105,455,769) (23,220,957,952) (45,132,799,373) NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- (1,041,475,544) 1,045,794,044 (126,074,094) 693,104,151 NA NA ---------------- ---------------- ---------------- ----------------- --------------- --------------- $ (1,065,216,884) $ 6,320,039,047 $ (3,390,570,271) $ 16,011,410,358 $ 3,792,091,621 $ 2,916,244,183 ================ ================ ================ ================= =============== =============== (7,749) (7,749) 31,022 31,020 (22,033) (3,495) ---------------- ---------------- ---------------- ----------------- --------------- ---------------
94 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND -------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- ------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ........................................................................ $ 388,515,904 $ 439,112,425 OPERATIONS Net investment income (loss) ................................................................ 3,079,068 11,981,205 Net realized gain (loss) on investments ..................................................... 0 48,562 Net change in unrealized appreciation (depreciation) of credit support agreement ............ 0 0 Net change in unrealized appreciation (depreciation) of investments ......................... 0 0 ------------- ------------- Net increase (decrease) in net assets resulting from operations ................................ 3,079,068 12,029,767 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A .................................................................................. NA NA Administrator Class ...................................................................... NA NA Institutional Class ...................................................................... (16,248) NA Investor Class ........................................................................... (3,062,820) (11,979,938) 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 ............................................................ (3,079,068) (11,979,938) ------------- ------------- 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 ............................................. 13,547,172 NA Reinvestment of distributions - Institutional Class ......................................... 15,784 NA Cost of shares redeemed - Institutional Class ............................................... (5,122,172) NA ------------- ------------- Net increase (decrease) in net assets resulting from capital share transactions - Institutional Class 8,440,784 NA ------------- ------------- Proceeds from shares sold - Investor Class .................................................. 140,246,273 228,470,905 Reinvestment of distributions - Investor Class .............................................. 2,997,771 11,455,419 Cost of shares redeemed - Investor Class .................................................... (157,961,730) (290,572,674) ------------- ------------- Net increase (decrease) in net assets resulting from capital share transaction - Investor Class .................................................................................... (14,717,686) (50,646,350) ------------- ------------- 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 transaction - Service Clas ............................................................................. 0 0 ------------- ------------- Net increase (decrease) in net assets resulting from capital share transactions - Total ........ (6,276,902) (50,646,350) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS .......................................................... (6,276,902) (50,596,521) ============= ============= ENDING NET ASSETS .............................................................................. $ 382,239,002 $ 388,515,904 ============= =============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 95 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- $ 5,158,034,269 $ 4,157,270,399 $ 8,927,810,131 $ 8,278,622,131 $ 6,774,952,740 $ 5,997,566,905 47,708,960 153,413,437 114,991,219 468,779,167 54,763,001 267,485,091 408,791 483,111 1,964,354 672,053 0 56,896 0 0 (13,929,398) 14,228,707 0 0 0 0 11,041,909 (17,341,396) 0 0 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 48,117,751 153,896,548 114,068,084 466,338,531 54,763,001 267,541,987 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- (11,017,291) (37,389,379) NA NA (16,657,172) (111,958,053) (4,656,471) (17,613,845) NA NA (483,961) NA (18,428,203) (54,462,925) (95,515,146) (361,255,486) (27,981,553) (103,395,876) NA NA NA NA NA NA (13,606,996) (43,947,288) (21,064,178) (107,822,989) (9,640,316) (52,131,162) 0 (4,844) NA NA 0 0 NA (1,839) NA NA NA NA 0 (8,601) 0 (32,159) 0 0 0 (5,086) 0 (14,899) 0 0 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- (47,708,961) (153,433,807) (116,579,324) (469,125,533) (54,763,002) (267,485,091) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 1,066,072,940 2,248,059,928 NA NA 9,087,994,129 18,539,662,245 10,400,719 36,317,398 NA NA 4,714,834 32,480,113 (1,080,650,708) (1,886,820,303) NA NA (9,036,282,777) (18,827,798,808) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- (4,177,049) 397,557,023 NA NA 56,426,186 (255,656,450) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 270,752,703 422,715,460 NA NA 197,683,331 NA 4,616,841 17,091,399 NA NA 480,762 NA (252,075,768) (464,028,423) NA NA (128,530,968) NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 23,293,776 (24,221,564) NA NA 69,633,125 NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 5,909,257,619 13,543,873,677 28,829,515,766 80,949,183,732 15,035,969,683 27,627,181,791 8,621,181 25,538,408 28,905,467 138,858,646 10,720,526 39,821,129 (5,015,587,223) (13,312,631,478) (29,424,056,041) (80,648,775,658) (14,733,931,151) (26,537,662,775) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 902,291,577 256,780,607 (565,634,808) 439,266,720 312,759,058 1,129,340,145 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- NA NA NA NA NA NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 1,537,105,573 3,191,429,110 78,595,533,465 208,453,435,712 7,892,065,964 20,584,561,708 2,604,894 9,642,327 1,161,733 2,755,165 830,176 5,369,508 (1,477,568,709) (2,830,886,374) (78,864,801,586) (208,243,482,595) (8,019,405,205) (20,686,285,972) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 62,141,758 370,185,063 (268,106,388) 212,708,282 (126,509,065) (96,354,756) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 983,550,062 1,000,301,129 (833,741,196) 651,975,002 312,309,304 777,328,939 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 983,958,852 1,000,763,870 (836,252,436) 649,188,000 312,309,303 777,385,835 =============== ================ ================ ================= ================ ================ $ 6,141,993,121 $ 5,158,034,269 $ 8,091,557,695 $ 8,927,810,131 $ 7,087,262,043 $ 6,774,952,740 =============== ================ ================ ================= ================ ================
96 Wells Fargo Advantage Money Market Funds Statements of Changes in Net Assets
MUNICIPAL MONEY MARKET FUND -------------------------------- For the For the Six Months Ended Year Ended August 31, 2008 February 29, (Unaudited) 2008 ---------------- ------------- 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 ........................................................... 13,547,172 NA Shares issued in reinvestment of distributions - Institutional Class ........................ 15,784 NA Shares redeemed - Institutional Class ....................................................... (5,122,172) NA ------------- ------------- Net increase (decrease) in shares outstanding - Institutional Class ......................... 8,440,784 NA ------------- ------------- Shares sold - Investor Class ................................................................ 140,246,272 228,470,806 Shares issued in reinvestment of distributions - Investor Class ............................. 2,997,771 11,455,419 Shares redeemed - Investor Class ............................................................ (157,961,730) (290,572,674) ------------- ------------- Net increase (decrease) in shares outstanding - Investor Class .............................. (14,717,687) (50,646,449) ------------- ------------- 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 ........ $ (6,276,903) $ (50,646,449) ============= ============= Ending balance of undistributed net investment income (loss) ................................... 3 3 ------------- -------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 97 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, 2008 Year Ended August 31, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- ---------------- ----------------- 1,066,072,939 2,248,059,928 NA NA 9,087,994,130 18,539,662,245 10,400,719 36,317,398 NA NA 4,714,834 32,480,113 (1,080,650,708) (1,886,820,303) NA NA (9,036,282,777) (18,827,798,808) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- (4,177,050) 397,557,023 NA NA 56,426,187 (255,656,450) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 270,752,704 422,715,461 NA NA 197,683,330 NA 4,616,841 17,091,399 NA NA 480,762 NA (252,075,768) (464,028,423) NA NA (128,530,968) NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 23,293,777 (24,221,563) NA NA 69,633,124 NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 5,909,236,386 13,543,873,677 28,829,515,766 80,949,183,732 15,035,969,683 27,627,181,791 8,621,181 25,538,408 28,905,467 138,858,646 10,720,526 39,821,129 (5,015,587,223) (13,312,631,478) (29,424,056,041) (80,648,775,658) (14,733,931,151) (26,537,662,775) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 902,270,344 256,780,607 (565,634,808) 439,266,720 312,759,058 1,129,340,145 --------------- ---------------- ---------------- ----------------- ---------------- ---------------- NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- NA NA NA NA NA NA --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 1,537,105,573 3,191,429,110 78,595,533,465 208,453,435,712 7,892,065,964 20,584,561,708 2,604,894 9,642,327 1,161,733 2,755,165 830,176 5,369,508 (1,477,568,709) (2,830,886,374) (78,864,801,586) (208,243,482,595) (8,019,405,205) (20,686,285,972) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- 62,141,758 370,185,063 (268,106,388) 212,708,282 (126,509,065) (96,354,756) --------------- ---------------- ---------------- ----------------- ---------------- ---------------- $ 983,528,829 $ 1,000,301,130 $ (833,741,196) $ 651,975,002 $ 312,309,304 $ 777,328,939 =============== ================ ================ ================= ================ ================ (1) 0 (1,887,411) (299,306) 643 644 --------------- ---------------- ---------------- ----------------- ---------------- ----------------
98 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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ............................................. $ 6,337,429,815 $ 4,306,393,579 OPERATIONS Net investment income (loss) ..................................... 41,542,512 200,495,730 Net realized gain (loss) on investments .......................... 788,606 709,044 ---------------- ----------------- Net increase (decrease) in net assets resulting from operations ..... 42,331,118 201,204,774 ---------------- ----------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income Class A ....................................................... (1,675,422) (9,837,716) Service Class ................................................. (39,867,092) (190,658,013) Net realized gain on sales of investments Class A ....................................................... 0 (31,431) Service Class ................................................. 0 (619,567) ---------------- ----------------- Total distributions to shareholders ................................. (41,542,514) (201,146,727) ---------------- ----------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold - Class A .............................. 360,226,409 522,588,845 Reinvestment of distributions - Class A .......................... 1,628,872 9,712,529 Cost of shares redeemed - Class A ................................ (394,123,868) (490,511,994) ---------------- ----------------- Net increase (decrease) in net assets resulting from capital share transactions - Class A ........................................ (32,268,587) 41,789,380 ---------------- ----------------- Proceeds from shares sold - Service Class ........................ 20,730,678,848 20,643,640,581 Reinvestment of distributions - Service Class .................... 5,461,648 12,200,485 Cost of shares redeemed - Service Class .......................... (20,678,472,147) (18,666,652,257) ---------------- ----------------- Net increase (decrease) in net assets resulting from capital share transaction - Service Clas .................................... 57,668,349 1,989,188,809 ---------------- ----------------- Net increase (decrease) in net assets resulting from capital share transactions - Total ............................................. 25,399,762 2,030,978,189 ---------------- ----------------- NET INCREASE (DECREASE) IN NET ASSETS ............................... 26,188,366 2,031,036,236 ================ ================= ENDING NET ASSETS ................................................... $ 6,363,618,181 $ 6,337,429,815 ================ ================= SHARES ISSUED AND REDEEMED Shares sold - Class A ............................................ 360,226,411 522,588,845 Shares issued in reinvestment of distributions - Class A ......... 1,628,872 9,712,529 Shares redeemed - Class A ........................................ (394,123,868) (490,511,994) ---------------- ----------------- Net increase (decrease) in shares outstanding - Class A .......... (32,268,585) 41,789,380 ---------------- ----------------- Shares sold - Service Class ...................................... 20,730,678,845 20,643,640,581 Shares issued in reinvestment of distributions - Service Class ... 5,461,648 12,200,485 Shares redeemed - Service Class .................................. (20,678,472,147) (18,666,652,257) ---------------- ----------------- Net increase (decrease) in shares outstanding - Service Class .... 57,668,346 1,989,188,809 ---------------- ----------------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................................... $ 25,399,761 $ 2,030,978,189 ================ ================= Ending balance of undistributed net investment income (loss) ........ 196,540 196,542 ---------------- -----------------
The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 100 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 Institutional Class March 31, 2008(3) to August 31, 2008.......... $1.00 0.00 0.00 0.00 Service Class March 1, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003............... $1.00 0.01 0.00 (0.01) CASH INVESTMENT MONEY MARKET FUND Administrator Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) April 1, 2002 to March 31, 2003............... $1.00 0.02 0.00 (0.02) Select Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) June 29, 2007(3) to February 29, 2008......... $1.00 0.03 0.00 (0.03) Service Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) April 1, 2002 to March 31, 2003............... $1.00 0.01 0.00 (0.01) GOVERNMENT MONEY MARKET FUND Administrator Class March 1, 2008 to August 31, 2008 (Unaudited).. $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, 2003(3) 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. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 101 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 1.30% 0.44% (0.24)% 0.20% 0.86% $ 314,304 0.00 $1.00 1.50% 0.73% (0.28)% 0.45% 0.75% $ 814,209 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 0.90% 0.50% (0.05)% 0.45% 0.93% $ 304,422 0.00 $1.00 2.50% 0.36% (0.03)% 0.33% 1.26% $ 1,681,512 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 2.60% 0.24% (0.04)% 0.20% 1.33% $ 9,128,531 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 1.52% 0.28% (0.03)% 0.25% 1.54% $ 5,175,328 0.00 $1.00 2.64% 0.20% (0.07)% 0.13% 1.37% $ 3,634,045 0.00 $1.00 4.81% 0.20% (0.07)% 0.13% 3.31% $ 3,025,485 0.00 $1.00 2.32% 0.53% (0.07)% 0.50% 1.18% $ 6,332,436 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 0.00 $1.00 1.31% 0.54% (0.06)% 0.48% 1.31% $10,590,565 0.00 $1.00 2.06% 0.36% (0.01)% 0.35% 1.04% $ 1,391,715 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
102 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 (continued) Institutional Class March 1, 2008 to August 31, 2008 (Unaudited).. $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, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01) HERITAGE MONEY MARKET FUND Administrator Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) November 1, 2002 to October 31, 2003 ......... $1.00 0.01 0.00 (0.01) Institutional Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) November 1, 2002 to October 31, 2003 ......... $1.00 0.01 0.00 (0.01) Select Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) June 29, 20073 to February 29, 2008 .......... $1.00 (0.03) 0.06 (0.03) MUNICIPAL MONEY MARKET FUND Institutional Class March 31, 20083 to August 31, 2008 ........... $1.00 0.01 (0.01) (0.01) NATIONAL TAX-FREE MONEY MARKET FUND Administrator Class March 1, 2008 to August 31, 2008 (Unaudited).. $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 11, 20053 to February 28, 2006 ......... $1.00 0.02 0.00 (0.02) Institutional Class March 1, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 103 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 2.20% 0.24% (0.04)% 0.20% 1.12% $21,113,247 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 1.89% 0.53% (0.03)% 0.50% 0.96% $ 6,223,951 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 1.24% 0.54% (0.04)% 0.50% 1.27% $ 4,837,603 0.00 $1.00 2.48% 0.37% (0.04)% 0.33% 1.27% $ 652,498 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 0.95% 0.62% (0.22)% 0.40% 0.94% $ 706,440 0.00 $1.00 2.56% 0.25% (0.05)% 0.20% 1.33% $ 3,269,028 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 0.00 $1.00 1.25% 0.22% (0.04)% 0.18% 1.16% $ 263,513 0.00 $1.00 2.63% 0.21% (0.08)% 0.13% 1.37% $ 3,426,347 0.00 $1.00 4.58% 0.22% (0.09)% 0.13% 3.30% $ 1,368,330 0.00 $0.99 1.59% 0.46% (0.26)% 0.20% 1.00% $ 8,441 0.00 $1.00 1.75% 0.38% (0.08)% 0.30% 0.90% $ 540,999 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 1.82% 0.26% (0.06)% 0.20% 0.95% $ 2,306,257 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 1.23% 0.29% 0.00% 0.29% 1.23% $ 126,969
104 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 --------- ------------- -------------- ------------- NATIONAL TAX-FREE MONEY MARKET FUND (continued) Service Class March 1, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01) PRIME INVESTMENT MONEY MARKET FUND Institutional Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) Service Class March 1, 2008 to August 31, 2008 (Unaudited).. $1.00 0.01 0.00 (0.01) 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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01) TREASURY PLUS MONEY MARKET FUND Admin Class March 1, 2008(3) to August 31, 2008 .......... $1.00 0.00 0.00 0.00 Institutional Class March 1, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01) Service Class March 1, 2008 to August 31, 2008 (Unaudited) . $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01) 100% TREASURY MONEY MARKET FUND Service Class March 1, 2008 to August 31, 2008 (Unaudited).. $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) April 1, 2002 to March 31, 2003 .............. $1.00 0.01 0.00 (0.01)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Money Market Funds 105 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 1.61% 0.55% (0.10)% 0.45% 0.82% $1,736,314 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 1.06% 0.55% (0.10)% 0.45% 1.07% $1,401,583 0.00 $1.00 2.53% 0.25% (0.05)% 0.20% 1.29% $6,956,461 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 0.00 $1.00 2.16% 0.54% 0.00% 0.54% 1.12% $1,135,096 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 1.14% 0.55% 0.00% 0.55% 1.14% $1,818,364 0.00 $1.00 1.66% 0.36% (0.01)% 0.35% 0.70% $ 69,633 0.00 $1.00 1.78% 0.26% (0.06)% 0.20% 0.91% $3,264,168 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 1.38% 0.29% (0.08)% 0.21% 1.45% $1,565,864 0.00 $1.00 1.49% 0.55% (0.05)% 0.50% 0.75% $1,060,959 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 1.18% 0.55% (0.09)% 0.46% 1.20% $1,207,609 0.00 $1.00 1.29% 0.72% (0.22)% 0.50% 0.66% $6,097,630 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 0.00 $1.00 1.12% 0.55% (0.09)% 0.46% 1.15% $2,725,643
106 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, 2008, was comprised of 98 separate series (each, a "Fund", collectively, the "Funds"). These financial statements present the California Tax-Free Money Market Fund, Cash Investment Money Market Fund, Government Money Market Fund, 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 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 accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 Fund(s) seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so. Investments which are not valued using the method discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Wells Fargo Advantage Money Market Funds 107 Notes to Financial Statements - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of August 31, 2008 in valuing the Funds' investments in securities:
Total Fair Value Money Market Fund Level 1 Level 2 Level 3 as of 05/31/2008 ----------------- ------- --------------- ----------- ---------------- CALIFORNIA TAX-FREE MONEY MARKET FUND $0 $ 4,904,897,731 $ 0 $ 4,904,897,731 CASH INVESTMENT MONEY MARKET FUND 0 20,888,932,978 0 20,888,932,978 GOVERNMENT MONEY MARKET FUND 0 30,067,431,538 0 30,067,431,538 HERITAGE MONEY MARKET FUND 0 7,373,329,376 6,800,000 7,380,129,376 MUNICIPAL MONEY MARKET FUND 0 368,224,822 0 368,224,822 NATIONAL TAX-FREE MONEY MARKET FUND 0 6,130,254,301 0 6,130,254,301 PRIME INVESTMENT MONEY MARKET FUND 0 8,128,588,197 25,200,000 8,153,788,197 TREASURY PLUS MONEY MARKET FUND 0 7,094,922,448 0 7,094,922,448 100% TREASURY MONEY MARKET FUND 0 6,147,696,063 0 6,147,696,063
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Heritage Money Market Prime Money Market Fund Fund --------------------- ------------------ BALANCE AS OF 02/29/2008 $ 9,082,094 $ 156,884,707 Accrued discounts/premiums 0 0 Realized gain/(loss) 16,129 1,381,752 Unrealized appreciation/(depreciation) (778,600) (2,885,400) Net purchases (sales) (1,519,623) (130,181,059) Net Transfer in/(out) of Level 3 0 0 BALANCE AS OF 08/31/2008 $ 6,800,000 $ 25,200,000
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. 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. 108 Wells Fargo Advantage Money Market Funds Notes to Financial Statements 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 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, 2008. 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, 2008, 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, 2004; March 31, 2005; October 31, 2005; February 28, 2006; February 28, 2007; February 29, 2008) are subject to examination by the Internal Revenue Service and state departments of revenue. At February 29, 2008, estimated 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 MUNICIPAL MONEY MARKET FUND 2015 544 TREASURY PLUS MONEY MARKET FUND 2013 61,122
The Funds had deferred post-October capital losses occurring subsequent to February 29, 2008. For tax purposes, such losses were treated as having occurred on March 1, 2008. As of February 29, 2008, deferred post-October capital losses were as follows:
Deferred Post-October FUND Capital Loss ---- --------------------- HERITAGE MONEY MARKET FUND $ 114,088 PRIME INVESTMENT MONEY MARKET FUND 13,325,277
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, 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. Wells Fargo Advantage Money Market Funds 109 Notes to Financial Statements As of August 31, 2008, 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:
Fund Defaulted SIVs ($MV) % of Net Assets ---- -------------------- --------------- HERITAGE MONEY MARKET FUND 6,800,000 0.09% PRIME INVESTMENT MONEY MARKET FUND 25,200,000 0.31%
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
110 Wells Fargo Advantage Money Market Funds 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) ---- ---------------- ------------- ------------- ---------------- ------------- 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
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
Wells Fargo Advantage Money Market Funds 111 Notes to Financial Statements
Administrator Institutional Select Service FUND Class A Class Class Class Class ---- ---------- ------------- ------------- ------ ------- 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, 2008, shareholder servicing fees paid were as follows:
Administrator Institutional Service FUND Class A Class Class Class ---- ---------- ------------- ------------- ---------- CALIFORNIA TAX-FREE MONEY MARKET FUND $4,913,080 NA $0 $1,140,785 CASH INVESTMENT MONEY MARKET FUND NA $924,714 0 8,478,051 GOVERNMENT MONEY MARKET FUND 1,968,329 733,182 0 7,831,836 HERITAGE MONEY MARKET FUND NA 314,732 0 NA MUNICIPAL MONEY MARKET FUND NA NA 0 NA NATIONAL TAX-FREE MONEY MARKET FUND 1,960,756 264,471 0 2,110,603 PRIME INVESTMENT MONEY MARKET FUND NA NA 0 2,426,123 TREASURY PLUS MONEY MARKET FUND 3,088,065 25,525 0 1,618,094 100% TREASURY MONEY MARKET FUND 368,892 NA NA 7,717,878
OTHER FEES PNC, Inc. ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual asset based fee and an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses in the Statements of Operations, for the six-month period ended August 31, 2008, 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, 2009, to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Funds. Net operating expense ratios in effect for the six-month period ended August 31, 2008, 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%
112 Wells Fargo Advantage Money Market Funds 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, has entered into a Capital Support Agreement with the Trust on behalf of the Specified Funds, dated February 1, 2008 (the "Agreement"). The Agreement establishes 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 is 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 be required to contribute under the Agreement are presently 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 has 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 is subject to certain other conditions and restrictions. The obligation to make contributions under the Agreement terminates no later than August 1, 2008 or earlier upon the payment of the Maximum Contribution Amount. Each Specified Fund is required to sell any Covered Securities on the business day immediately prior to August 1, 2008 or promptly following any downgrade in WFB's short-term credit ratings assigned by NRSROs such that WFB's obligations would no longer be considered "first-tier securities" within the meaning of Rule 2a-7(a)(12) under the 1940 Act; provided that a Specified Fund is not required to complete any such sale if the sale would not result in the payment of a capital contribution or if, following a downgrade in WFB's short-term credit rating, WFB obtains a letter of credit or other credit enhancement from a party the short-term credit rating of whom would qualify its obligations as "first-tier securities" and the staff of the Securities and Exchange Commission consents to the arrangement. Before the occurrence of the foregoing, the Specified Funds will refrain from selling Covered Securities, except to the extent the Board of Trustees determines that allowing a Specified Fund to continue to hold such Covered Securities would be inconsistent with the Board's fiduciary obligations. Subject to certain conditions, the Agreement requires the Capital Support Provider to contribute cash in an amount necessary to prevent a Specified Loss (as defined below) upon the occurrence of certain triggering events. A "Specified Loss" is a loss arising from: (i) a disposition of Covered Securities for cash, or exchange of Covered Securities for "eligible securities" as defined in Rule 2a-7 of the 1940 Act, (ii) receipt of final payment on the Covered Security, or (iii) payment on the Covered Securities as a result of an issuance of a final court order discharging the issuer from liability, in each case, for an amount that is less than the Covered Security's amortized cost plus Covered Interest thereon. A Specified Fund may also consider amounts potentially contributable under the Agreement (a "Potential Future Contribution") as an asset of the Specified Fund in calculating its market-based net asset value ("NAV"). Until the disposition of a Covered ecurity, the amount of such Potential Future Contribution may increase, decrease or be eliminated on any day the Specified Fund calculates its market-based NAV per share as a result of changes in the market value of a Covered Security, or other factors, prior to the actual payment of the contribution by the Capital Support Provider to the Specified Fund. At the time any contribution is payable under the Agreement, the amount of such Potential Future Contribution and any actual contribution previously made will be applied against 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 (formerly known as Stanfield Victoria Funding, LLC) Variable Rate Interest Bearing Commercial Paper from Prime Investment Money Market Fund ("Prime Fund") and Heritage Money Market Fund ("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 a Capital Support Agreement (the "Agreement") previously entered into between WFB, an affiliate of Funds Management, and the Trust on behalf of the Prime and Heritage Funds. The purchase resulted in the immediate termination of the Agreement. Wells Fargo Advantage Money Market Funds 113 Notes to Financial Statements 5. LEGAL AND REGULATORY MATTERS In 2004, the Strong Fund's investment adviser and affiliates (collectively, "Strong") entered into agreements with certain regulators, including the Securities and Exchange Commission and the New York Attorney General ("NYAG"), to settle market-timing investigations. In the settlements, Strong agreed to pay investor restoration and civil penalties. Although some portion of these payments is likely to be distributed to Strong Fund shareholders, no determination has yet been made as to the distribution of these amounts, and the successor funds are not expected to receive any portion of these payments. The NYAG settlement also imposed fee reductions across the predecessor fund complex (excluding money market funds and very short-term income funds) totaling at least $35 million by May 2009. Funds Management has agreed to honor these fee reductions for the benefit of shareholders across the successor funds. Although civil litigation against Strong and certain predecessor funds relating to these matters is continuing, neither the current adviser nor the successor funds is a party to any such suit. 6. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133." FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 7. SUBSEQUENT EVENT On October 3, 2008, the Board of Trustees of Wells Fargo Funds Trust (the "Board") unanimously approved the participation of the Wells Fargo Advantage Money Market Funds (the "Funds'") in the initial term of the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds (the "Program"). The Board also unanimously approved a change to each Fund's Amended and Restated Fee and Expense Agreement to exclude "extraordinary expenses" from the types of operating expenses that may not exceed the capped operating expense ratio of the Fund. The Program applies only to shareholders of record of each Fund as of September 19, 2008 who continuously maintain an account balance with the Fund since that date. 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 Program. Shares acquired by investors after September 19, 2008 are generally not eligible for protection under the Program. Participation in the initial three months of the Program (through December 18, 2008) requires a payment to the Treasury in the amount of either 0.01% or 0.015%, 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 Secretary of the Treasury may extend the Program beyond its initial three month term through the close of business on September 18, 2009. If the Program is extended, the Board will consider whether each Fund should continue to participate. 114 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"). This table supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information(1) of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 133 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the "Fund Complex"). All of the non-interested Trustees are also members of the Audit and Governance Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees. NON-INTERESTED TRUSTEES
POSITION HELD AND NAME AND AGE LENGTH OF SERVICE(2) PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS OTHER DIRECTORSHIPS -------------------- ------------------------- ----------------------------------------------- --------------------- Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of None 66 Stephens University of Wake Forest University. Prior thereto, the Thomas Goho Chair of Finance of Wake Forest University, Calloway School of Business and Accountancy, from 2006-2007 and Associate Professor of Finance from 1999-2005. Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser None 65 Chairman, since 2005 Water Company and President of Crystal Geyser (Lead Trustee since 2001) Roxane Water Company. Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer None 59 and Chief Investment Officer of Minneapolis Retirement Fund from 1996 to 2008. Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, None 55 Wharton 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 None 56 Initiative Foundation, a non-profit organization since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None 68
Wells Fargo Advantage Money Market Funds 115 Other Information INTERESTED TRUSTEE(3)
POSITION HELD AND NAME AND AGE LENGTH OF SERVICE(2) PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS OTHER DIRECTORSHIPS -------------------- ------------------------- ----------------------------------------------- --------------------- J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior None 64 thereto, Chairman of Whitepoint Capital, LLC until 2004.
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, None 49 N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells None 48 Chief Legal Counsel, Fargo Funds Management, LLC since 2001. Vice since 2003 President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996. Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, None 49 Reporting and Tax for Wells Fargo Funds Management, LLC since 2007. Director of Fund Administration and SEC Reporting for TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB Fund Services, Inc. from 2004 to 2005. Controller for Sungard Transaction Networks from 2002 to 2004. Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None 44 since 2007 Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and 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) As of August 31, 2008, one of the seven Trustees is considered an "interested person" of the Trusts as defined in the Investment Company Act of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC. 116 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 Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), will annually review and consider the continuation of the investment advisory and sub-advisory agreements. In this regard, the Board reviewed and re-approved, during the six months covered by this report: (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 28, 2008, the Board, including the Independent Trustees advised by their independent legal counsel, 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 28, 2008, 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 services for 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, and the appointment of a new Chief Compliance Officer for the Funds. 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. The Board considered that effective February 1, 2008, Wells Fargo Bank, N.A. ("Wells Fargo Bank"), an affiliate of Funds Management, entered into a Capital Support Agreement with Funds Trust on behalf of the Prime Investment Money Wells Fargo Advantage Money Market Funds 117 Other Information Market Fund and Heritage Money Market Fund (the "Agreement"). The Agreement establishes the obligation of Wells Fargo Bank to make a capital contribution to a Fund in order to reimburse losses realized from the disposition of a portion of Victoria Finance, LLC, a structured investment vehicle held in the Prime Investment Money Market Fund and Heritage Money Market Fund and to avoid any downgrade in the ratings assigned to either Fund by certain nationally recognized statistical rating organizations. FUND PERFORMANCE AND EXPENSES The Board considered the performance results for each of the Funds over various time periods ended December 31, 2007. The Board also considered these results in comparison to the median performance of a universe of relevant funds that was determined by Lipper Inc. ("Lipper") to be similar to the Funds (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 was provided with 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 and non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The Board also considered comparisons of these fees to the respective median fees of narrower groups of funds that were determined by Lipper to be the most similar to the Funds (the "Peer Group") and to other comparative data. The Board was provided with a description of the methodology used by Lipper to select the mutual funds in the Peer Group. The Board noted that the net operating expense ratios for each Fund were lower than, equal to, or not appreciably higher than, each Fund's Peer 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 Peer 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 Peer 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 Peer Group, and reasonable in relation to the services provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were fair and equitable, based on its consideration of the factors described above. PROFITABILITY The Board received and considered a detailed 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 other Wells Fargo businesses of providing services to the Funds. The Board also considered related information provided by Funds Management in a separate presentation on financial matters made at the February 2008 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 the Funds were not unreasonable. 118 Wells Fargo Advantage Money Market Funds Other Information The Board did not consider separate profitability information with respect to Wells Capital Management, as its profitability from its relationships with the Funds was not a material factor in determining whether to renew the agreement. ECONOMIES OF SCALE The Board received and considered general information regarding whether there have been economies of scale with respect to the management of the Funds, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Funds. The Board also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the February 2008 board meeting. 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 the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period. Wells Fargo Advantage Money Market Funds 119 List of Abbreviations The following is a list of common abbreviations for terms and entities which may have appeared in this report. ABAG -- Association of Bay Area Governments ADR -- American Depositary Receipt AMBAC -- American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax ARM -- Adjustable Rate Mortgages BART -- Bay Area Rapid Transit CDA -- Community Development Authority CDO -- Collateralized Debt Obligation CDSC -- Contingent Deferred Sales Charge CGIC -- Capital Guaranty Insurance Company CGY -- Capital Guaranty Corporation CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee COP -- Certificate of Participation CP -- Commercial Paper CTF -- Common Trust Fund DW&P -- Department of Water & Power DWR -- Department of Water Resources ECFA -- Educational & Cultural Facilities Authority EDFA -- Economic Development Finance Authority ETET -- Eagle Tax-Exempt Trust FFCB -- Federal Farm Credit Bank FGIC -- Financial Guaranty Insurance Corporation FHA -- Federal Housing Authority FHAG -- Federal Housing Agency FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association FSA -- Farm Service Agency GDR -- Global Depositary Receipt GNMA -- Government National Mortgage Association GO -- General Obligation HCFR -- Healthcare Facilities Revenue HEFA -- Health & Educational Facilities Authority HEFAR -- Higher Education Facilities Authority Revenue HFA -- Housing Finance Authority HFFA -- Health Facilities Financing Authority HUD -- Housing & Urban Development IDA -- Industrial Development Authority IDAG -- Industrial Development Agency IDR -- Industrial Development Revenue LIBOR -- London Interbank Offered Rate LLC -- Limited Liability Corporation LOC -- Letter of Credit LP -- Limited Partnership MBIA -- Municipal Bond Insurance Association MFHR -- Multi-Family Housing Revenue MTN -- Medium Term Note MUD -- Municipal Utility District PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue PFA -- Public Finance Authority PFFA -- Public Facilities Financing Authority plc -- Public Limited Company PSFG -- Public School Fund Guaranty R&D -- Research & Development RDA -- Redevelopment Authority RDFA -- Redevelopment Finance Authority REITS -- Real Estate Investment Trusts SFHR -- Single Family Housing Revenue SFMR -- Single Family Mortgage Revenue SLMA -- Student Loan Marketing Association TBA -- To Be Announced TRAN -- Tax Revenue Anticipation Notes USD -- Unified School District XLCA -- XL Capital Assurance THIS PAGE IS INTENTIONALLY LEFT BLANK. THIS PAGE IS INTENTIONALLY LEFT BLANK. THIS PAGE IS INTENTIONALLY LEFT BLANK. (LOGO) Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY (WELLS FARGO ADVANTAGE FUNDS LOGO) More information about WELLS FARGO ADVANTAGE FUNDS is available free upon request. To obtain literature, please write, e-mail, visit the Funds' Web site, or call: WELLS FARGO ADVANTAGE FUNDS P.O. Box 8266 Boston, MA 02266-8266 E-mail: wfaf@wellsfargo.com Web site: www.wellsfargo.com/advantagefunds Individual Investors: 1-800-222-8222 Retail Investment Professionals: 1-888-877-9275 Institutional Investment Professionals: 1-866-765-0778 THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222 OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY. 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 (C) 2008 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 112049 10-08 SMMINS/SAR116 08-08 [WELLS FARGO ADVANTAGE FUNDS LOGO] [LOGO] Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY [PICTURE] Semi-Annual Report August 31, 2008 WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP 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 Overland Express Sweep Fund ............................................. 4 FUND EXPENSES ........................................................... 6 PORTFOLIO OF INVESTMENTS Overland Express Sweep Fund ............................................. 7 FINANCIAL STATEMENTS Statement of Assets and Liabilities ..................................... 12 Statement of Operations ................................................. 13 Statements of Changes in Net Assets ..................................... 14 Financial Highlights .................................................... 16 NOTES TO FINANCIAL STATEMENTS ........................................... 18 OTHER INFORMATION ....................................................... 22 LIST OF ABBREVIATIONS ................................................... 27
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE [WELLS FARGO ADVANTAGE FUNDS LOGO] WELLS FARGO ADVANTAGE FUNDS(R) 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 120 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. Integrity. Expertise. Solutions. -------------------------------------------------------------------------------- GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished itself by safely delivering people and their valuables to distant destinations. To meet the needs of a vibrant, expanding nation, the company successfully forged partnerships with local specialists who knew the terrain. Although much has changed since then, Wells Fargo Advantage Funds continues to put the same time and effort into selecting independent portfolio management teams who oversee our Funds. It's our way of maintaining this early commitment to integrity and expertise and to providing solutions that help you reach your destination. INDEPENDENT THINKING. With a primary focus on delivering long-term performance and risk management, our approach offers investors access to the strategic thinking of independent investment teams from 15 different management firms. While each of our teams concentrates on a specific strategy, collectively they provide in-depth knowledge and insight across distinct investment styles. TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular investment styles and for their consistent, repeatable processes. All remain independent and free to concentrate solely on managing money and producing results. Our strict adherence to this approach provides a consistent focus on long-term results and allows investors to tap into the expertise of leading institutional investment managers to create fully diversified portfolios. SOLUTIONS FOR EVERY STAGE. Wells Fargo Advantage Funds provides investors with strategic investment solutions that help navigate the complex and ever-changing investment landscape. Our diverse family of mutual funds includes more than 100 Funds that cover a broad spectrum of investment styles and asset classes, and each Fund has its own disciplined approach to investing. Not part of the semi-annual report. WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $150 BILLION IN ASSETS UNDER MANAGEMENT, AS OF AUGUST 31, 2008. EQUITY FUNDS ------------------------------------------------------------------------------------------------------------------------------------ Asia Pacific Fund Equity Value Fund Mid Cap Growth Fund C&B Large Cap Value Fund Growth Fund Opportunity Fund C&B Mid Cap Value Fund Growth Equity Fund Small Cap Disciplined Fund Capital Growth Fund Index Fund Small Cap Growth Fund Common Stock Fund International Core Fund Small Cap Opportunities Fund Discovery Fund International Equity Fund Small Cap Value Fund Diversified Equity Fund International Value Fund Small Company Growth Fund Diversified Small Cap Fund Large Cap Appreciation Fund Small Company Value Fund Emerging Growth Fund Large Cap Growth Fund Small/Mid Cap Value Fund Emerging Markets Equity Fund Large Company Core Fund Specialized Financial Services Fund Endeavor Select Fund Large Company Growth Fund Specialized Technology Fund Enterprise Fund Large Company Value Fund Strategic Small Cap Value Fund Equity Income Fund Mid Cap Disciplined Fund U.S. Value Fund BOND FUNDS ------------------------------------------------------------------------------------------------------------------------------------ California Limited-Term Tax-Free Fund Inflation-Protected Bond Fund Short-Term Municipal Bond Fund California Tax-Free Fund Intermediate Tax-Free Fund Stable Income Fund Colorado Tax-Free Fund Minnesota Tax-Free Fund Strategic Income Fund Diversified Bond Fund Municipal Bond Fund Total Return Bond Fund Government Securities Fund(1) Short Duration Government Bond Fund(1) Ultra Short-Term Income Fund High Income Fund Short-Term Bond Fund Ultra Short-Term Municipal Income Fund Income Plus Fund Short-Term High Yield Bond Fund Wisconsin Tax-Free Fund ASSET ALLOCATION FUNDS ------------------------------------------------------------------------------------------------------------------------------------ Aggressive Allocation Fund WealthBuilder Growth Allocation Portfolio Target 2020 Fund(2) Asset Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2025 Fund(2) Conservative Allocation Fund WealthBuilder Moderate Balanced Portfolio Target 2030 Fund(2) Growth Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2035 Fund(2) Moderate Balanced Fund Target Today Fund(2) Target 2040 Fund(2) WealthBuilder Conservative Allocation Portfolio Target 2010 Fund(2) Target 2045 Fund(2) WealthBuilder Equity Portfolio Target 2015 Fund(2) Target 2050 Fund(2) MONEY MARKET FUNDS ------------------------------------------------------------------------------------------------------------------------------------ 100% Treasury Money Market Fund(1) Heritage Money Market Fund National Tax-Free Money Market Fund California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund Government Money Market Fund(1) Municipal Money Market Fund Treasury Plus Money Market Fund(1) VARIABLE TRUST FUNDS(3) ------------------------------------------------------------------------------------------------------------------------------------ VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund VT Equity Income Fund VT Money Market 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. 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 WORRIES ABOUT THE CREDIT MARKET DETERIORATION RESUMED IN THE SUMMER, AND INVESTORS AGAIN SOUGHT SAFETY BY MOVING THEIR ASSETS INTO GOVERNMENT DEBT AND AAA-RATED MONEY MARKET FUNDS. GIVEN RECENT MARKET CONDITIONS, WE BELIEVE THAT IT IS IMPORTANT TO STAY VIGILANT TOWARD REDUCING CREDIT RISK WHILE GENERATING COMPETITIVE LEVELS OF DAILY YIELD. 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, 2008. The economy continued to struggle under the heaviness of slower growth, high energy prices, a continuing correction in the housing market, and tighter lending practices that presented financial challenges to businesses, consumers, and government entities. THE LAST SIX MONTHS HAVE BEEN FAR MORE EVENTFUL THAN USUAL IN FIXED-INCOME MARKETS, BOTH FROM A VOLATILITY STANDPOINT AS WELL AS FROM AN ECONOMIC PERSPECTIVE. The credit crunch that began in the summer of 2007 resurfaced repeatedly throughout the first eight months of 2008. Yields on corporate bonds and structured products rose relative to comparable U.S. Treasuries as investors sought safety in an uncertain environment. This flight to quality deepened throughout the first quarter of 2008 before the markets enjoyed a temporary respite in April and May 2008. Worries about the credit market deterioration resumed in the summer, and investors again sought safety by moving their assets into government debt and AAA-rated money market funds. The credit crunch continued to spur a broad deleveraging of financial risk over the last six months. Early in the year, money market yields fluctuated dramatically in response to strong policy interventions by the Fed. Interest rates were cut by 125 basis points in January (100 basis points equals 1.00%), followed by subsequent cuts of 75 basis points in March and 25 basis points in April. As a result, money market yields declined sharply. These declines persisted until around the middle of the second quarter, when the interest rate environment stabilized. The Fed stopped cutting rates and paused at 2.00%, which provided a firmer yield environment for money market funds. MANAGING RISK IN THE SHORT-TERM CREDIT MARKETS The Wells Fargo Advantage Money Market Funds continued to provide competitive yields while maintaining liquidity. Given recent market conditions, we believe that it is important to stay vigilant toward reducing credit risk while generating competitive levels of daily yield. In our view, it is more important to thoroughly manage risk than to stretch for additional yield. Consequently, our team continues to focus on holding the highest-quality credits for our Funds while minimizing undue exposure to interest rate risk. We have recently favored a strategy of maintaining a lower weighted-average maturity to provide better liquidity management and to reduce risk in individual credits. We will likely continue with this strategy over the upcoming months and for as long as credit market conditions continue to be uncertain. We will pursue strategies that best uphold our primary objectives of providing competitive cash-equivalent yields while seeking to protect capital and to provide liquidity. Letter to Shareholders Wells Fargo Advantage Overland Express Sweep Fund 3
MANY VARIABLES ARE AT WORK IN THE MARKET. Inflation continues to be a potential risk, and the full effect of the struggling subprime mortgage market is still unknown. Fluctuating energy prices and ongoing geopolitical tension continues to put pressure on consumers and businesses alike. Experience tells us that strict adherence to time-tested strategies has its rewards. As a whole, Wells Fargo Advantage Funds represent investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. 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 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) [PIE CHART] Certificates of Deposits (8)% Municipal Bonds (1)% Federal Agency Notes (1)% Commercial Paper (50)% Time Deposits (11)% Repurchase Agreements (8)% Floating/Variable Rate Notes (21)%
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) [PIE CHART] 90-179 Days (7)% 60-89 Days (8)% 30-59 Days (11)% 15-29 Days (14)% 2-14 Days (58)% 180-269 Days (2)%
---------- (1) Portfolio composition and maturity distribution are subject to change. Performance Highlights Wells Fargo Advantage Overland Express Sweep Fund 5
WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008)
6-Month* 1-Year 5-Year 10-Year ------- ------ ------ -------- OVERLAND EXPRESS SWEEP FUND 0.88 2.83 2.48 2.72
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.55% 7-Day Compound Yield 1.56% 30-Day Simple Yield 1.52% 30-Day Compound Yield 1.53%
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, 2009, 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 1.53%. 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, 2008 to August 31, 2008. ACTUAL EXPENSES The "Actual" line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Actual" line under the heading entitled "Expenses Paid During Period" for your applicable class of shares to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The "Hypothetical" line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the "Hypothetical" line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Expenses Account Value Account Value Paid During Net Annual WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND 03-01-2008 08-31-2008 Period(1) Expense Ratio ------------------------------------------------- ------------- ------------- ----------- ------------- Actual $ 1,000.00 $ 1,008.80 $ 5.45 1.08% Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.71 $ 5.48 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). Portfolio of Investments--August 31, 2008 (Unaudited) Wells Fargo Advantage Overland Express Sweep Fund 7
OVERLAND EXPRESS SWEEP FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE -------------- ------------------------------------------------- ------------- ------------- -------------- AGENCY NOTES - INTEREST BEARING: 0.79% $ 5,000,000 FHLB+/- 2.49% 01/28/2009 $ 5,000,000 6,000,000 FHLB+/- 2.49 01/30/2009 6,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $11,000,000) 11,000,000 -------------- CERTIFICATES OF DEPOSIT: 7.58% 10,000,000 ABN-AMRO Bank NV (London)+/- 2.85 09/10/2008 10,000,000 5,000,000 ABN-AMRO Bank NV (New York)+/- 3.01 10/24/2008 5,002,026 2,000,000 Banco Bilboa Vizcaya Argentina (New York)+/- 2.70 09/04/2008 2,000,003 23,000,000 Bank of Scotland plc (New York)+/- 3.22 08/14/2009 23,000,000 5,000,000 Barclays Bank plc (New York)+/- 2.97 02/27/2009 5,000,000 10,000,000 Barclays Bank plc (New York)+/- 3.00 04/20/2009 10,000,000 14,000,000 BNP Paribas (New York)+/- 3.12 02/20/2009 14,000,000 3,000,000 Calyon (New York)+/- 2.70 09/04/2008 3,000,005 6,500,000 Natixis (New York)+/- 2.92 12/01/2008 6,500,000 2,000,000 Natixis (New York)+/- ss 2.99 04/01/2010 2,000,000 20,000,000 UniCredito Italiano (New York)+/- 3.00 12/08/2008 20,000,000 5,000,000 US Bank National Association+/- 2.86 04/20/2009 5,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $105,502,034) 105,502,034 -------------- COMMERCIAL PAPER: 49.31% 2,000,000 Alpine Securitization~++ 2.47 09/25/2008 1,996,844 2,000,000 Amstel Funding Corporation~++ 2.70 09/03/2008 1,999,850 3,000,000 Amstel Funding Corporation~++ 2.73 09/09/2008 2,998,408 3,000,000 Amstel Funding Corporation~++ 2.75 09/12/2008 2,997,708 30,000,000 Amstel Funding Corporation~++ 2.73 09/22/2008 29,954,500 6,000,000 ANZ National International Limited~++ 3.04 04/20/2009 5,883,467 3,000,000 Apreco LLC~++ 2.69 09/03/2008 2,999,776 10,000,000 ASB Finance Limited (London)~++ 2.75 09/05/2008 9,997,708 7,000,000 ASB Finance Limited (London)~++ 3.01 05/07/2009 6,855,436 1,000,000 Beagle Funding LLC~++ 2.85 09/15/2008 998,971 4,000,000 Belmont Funding LLC~++ 2.75 09/04/2008 3,999,389 17,300,000 Belmont Funding LLC~++ 2.75 09/19/2008 17,277,534 4,000,000 Belmont Funding LLC~++ 2.75 09/25/2008 3,992,972 2,000,000 BNZ International Funding Limited~++ 2.70 10/06/2008 1,994,900 11,000,000 Bryant Park Funding LLC~++ 2.66 09/03/2008 10,999,187 13,000,000 CAFCO LLC~++ 2.72 09/09/2008 12,993,124 4,250,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance~++ 2.71 09/12/2008 4,246,801 5,000,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance~++ 2.97 10/21/2008 4,979,788 4,300,000 Cancara Asset Security LLC~++ 2.54 09/10/2008 4,297,573 4,100,000 Cancara Asset Security LLC~++ 2.54 09/18/2008 4,095,372 2,000,000 Chariot Funding LLC~++ 2.35 09/05/2008 1,999,608 10,000,000 Charta LLC~++ 2.50 09/02/2008 10,000,000 3,000,000 Charta LLC~++ 2.60 09/02/2008 3,000,000 2,000,000 Charta LLC~++ 2.68 09/03/2008 1,999,851 10,000,000 Charta LLC~++ 2.83 10/08/2008 9,971,700 700,000 Charta LLC~++ 2.70 10/20/2008 697,480 1,000,000 Ciesco LLC~++ 2.68 09/03/2008 999,926 3,000,000 Citibank Omni Master Trust~++ 2.75 09/19/2008 2,996,104 3,000,000 Citibank Omni Master Trust~++ 2.98 10/23/2008 2,987,335 17,000,000 Citibank Omni Master Trust~++ 3.08 12/10/2008 16,856,010 11,000,000 Clipper Receivables Company LLC~++ 2.57 09/02/2008 11,000,000 10,400,000 Clipper Receivables Company LLC~++ 2.57 09/03/2008 10,399,258 2,000,000 Clipper Receivables Company LLC~++ 2.55 09/04/2008 1,999,717 5,000,000 Ebbets Funding LLC~++ 2.70 09/04/2008 4,999,250 4,000,000 Ebbets Funding LLC~++ 2.70 09/15/2008 3,996,100
8 Wells Fargo Advantage Overland Express Sweep Fund Portfolio of Investments--August 31, 2008 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE -------------- ------------------------------------------------- ------------- ------------- -------------- COMMERCIAL PAPER (continued) $ 4,000,000 Ebbets Funding LLC~++ 2.70% 09/18/2008 $ 3,995,200 8,000,000 Elysian Funding LLC~++ 2.60 09/05/2008 7,998,267 2,000,000 Enterprise Funding LLC~++ 2.49 09/08/2008 1,999,170 2,600,000 Erasmus Capital Corporation~++ 2.60 09/09/2008 2,598,686 3,000,000 Eureka Securitization~++ 2.72 09/09/2008 2,998,413 2,000,000 Eureka Securitization~++ 2.62 09/16/2008 1,997,966 11,000,000 Fairway Finance Corporation~++ 2.51 09/18/2008 10,987,729 30,000,000 Falcon Asset Securities Company LLC~++ 2.48 09/11/2008 29,981,400 4,000,000 Fortis Funding LLC~++ 2.52 09/12/2008 3,997,200 7,000,000 Fortis Funding LLC~++ 2.67 10/07/2008 6,981,863 2,000,000 Foxboro Funding Limited+/- 3.36 02/06/2009 2,000,000 10,000,000 Galleon Capital LLC~++ 2.60 09/02/2008 10,000,000 5,600,000 Galleon Capital LLC~++ 2.60 09/03/2008 5,599,596 6,500,000 Galleon Capital LLC~++ 2.57 09/04/2008 6,499,072 5,000,000 Galleon Capital LLC~++ 2.58 09/05/2008 4,998,925 7,000,000 Gemini Securitization Corporation LLC~++ 2.57 09/03/2008 6,999,500 6,000,000 Gemini Securitization Corporation LLC~++ 2.68 09/04/2008 5,999,107 3,000,000 Gemini Securitization Corporation LLC~++ 2.70 09/04/2008 2,999,550 2,000,000 Gemini Securitization Corporation LLC~++ 2.70 09/05/2008 1,999,550 13,000,000 Gemini Securitization Corporation LLC~++ 2.79 12/02/2008 12,908,318 2,000,000 Irish Life & Permanent~++ 2.54 09/05/2008 1,999,577 4,000,000 KBC Finance Production International Limited~++ 2.72 09/17/2008 3,995,467 2,000,000 Liberty Street Funding LLC~++ 2.62 09/02/2008 2,000,000 1,600,000 Liberty Street Funding LLC~++ 2.58 09/09/2008 1,599,197 4,000,000 Liberty Street Funding LLC~++ 2.75 10/29/2008 3,982,583 10,350,000 Liberty Street Funding LLC~++ 2.87 12/01/2008 10,275,739 20,000,000 Mazarin Funding Corporation~++ 2.60 09/02/2008 20,000,000 4,000,000 Mazarin Funding Corporation~++ 2.62 09/09/2008 3,997,962 20,000,000 MetLife Short Term Funding LLC~++ 2.65 10/01/2008 19,957,306 19,000,000 MetLife Short Term Funding LLC~++ 2.93 12/09/2008 18,848,454 2,300,000 Mont Blanc Capital Corporation~++ 2.50 09/03/2008 2,299,840 7,000,000 Mont Blanc Capital Corporation~++ 2.62 09/04/2008 6,998,981 1,000,000 Mont Blanc Capital Corporation~++ 2.59 09/18/2008 998,849 6,000,000 Nationwide Building Society~++ 2.40 09/04/2008 5,999,200 2,000,000 Nationwide Building Society~++ 2.38 09/05/2008 1,999,603 10,000,000 Nieuw Amsterdam Receivables Corporation~++ 2.60 09/02/2008 10,000,000 5,500,000 Old Line Funding LLC~++ 2.50 09/12/2008 5,496,181 10,000,000 Park Avenue Receivables~++ 2.48 09/05/2008 9,997,933 10,000,000 Picaros Funding LLC~++ 2.54 09/04/2008 9,998,589 1,000,000 Picaros Funding LLC~++ 2.53 09/15/2008 999,086 5,000,000 Picaros Funding LLC~++ 2.71 10/24/2008 4,980,428 5,000,000 Prudential plc~ 2.83 10/03/2008 4,987,815 3,000,000 Regency Markets # 1 LLC~++ 2.50 09/05/2008 2,999,375 1,900,000 Regency Markets # 1 LLC~++ 2.59 09/11/2008 1,898,770 1,300,000 Regency Markets # 1 LLC~++ 2.59 09/15/2008 1,298,784 700,000 Salisbury Receivables Company~++ 2.47 09/04/2008 699,904 1,100,000 Salisbury Receivables Company~++ 2.52 09/04/2008 1,099,846 10,000,000 Scaldis Capital LLC~++ 2.59 09/22/2008 9,985,611 8,000,000 Scaldis Capital LLC~++ 2.77 10/27/2008 7,966,144 10,350,000 Scaldis Capital LLC~++ 2.78 10/30/2008 10,303,644 7,750,000 Societe Generale North America~ 2.79 09/02/2008 7,750,000 10,000,000 Solitaire Funding LLC~++ 2.55 09/02/2008 10,000,000 5,000,000 Starbird Funding Corporation~++ 2.70 09/25/2008 4,991,375 4,000,000 Starbird Funding Corporation~++ 2.80 10/03/2008 3,990,356 5,000,000 Starbird Funding Corporation~++ 2.95 10/17/2008 4,981,563 15,500,000 Surrey Funding Corporation~++ 2.65 09/19/2008 15,480,603
Portfolio of Investments--August 31, 2008 (Unaudited) Wells Fargo Advantage Overland Express Sweep Fund 9
OVERLAND EXPRESS SWEEP FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE -------------- ------------------------------------------------ ------------- ------------- -------------- COMMERCIAL PAPER (continued) $ 2,000,000 Swedbank AB~ 2.81% 09/08/2008 $ 1,999,065 20,000,000 Swedbank AB~ 2.74 10/24/2008 19,920,844 10,000,000 Swedbank AB~ 2.96 11/25/2008 9,930,933 10,000,000 Swedbank AB~ 3.00 11/26/2008 9,929,167 6,000,000 Thames Asset Global Securitization~++ 2.83 09/08/2008 5,997,170 2,135,000 Thames Asset Global Securitization~++ 2.57 09/09/2008 2,133,933 2,600,000 Thames Asset Global Securitization~++ 2.55 09/10/2008 2,598,527 2,300,000 Thames Asset Global Securitization~++ 2.55 09/15/2008 2,297,882 5,000,000 Thames Asset Global Securitization~++ 2.85 09/22/2008 4,992,083 1,000,000 Tulip Funding Corporation~++ 2.40 09/05/2008 999,800 8,000,000 UniCredito Italiano Bank of Ireland~++ 2.93 11/25/2008 7,945,307 16,000,000 Variable Funding Capital~++ 2.83 11/25/2008 15,894,344 9,000,000 Versailles CDS LLC~++ 2.55 09/05/2008 8,998,088 5,000,000 Windmill Funding Corporation~++ 2.50 09/02/2008 5,000,000 TOTAL COMMERCIAL PAPER (COST $686,497,067) 686,497,067 -------------- CORPORATE BONDS & NOTES: 4.70% 5,500,000 Allied Irish Banks plc+/-++ 2.47 11/18/2008 5,500,000 6,000,000 BES Finance Limited+/-++ 2.52 03/02/2009 6,000,000 11,000,000 Florida Hurricane Catastrophe+/- 2.69 12/12/2008 11,000,000 4,000,000 Intesa Bank (Ireland) plc+/-++ 2.49 03/25/2009 4,000,000 15,000,000 Irish Life & Permanent plc+/-++ 2.50 03/20/2009 15,000,000 1,940,000 Morgan Stanley+/- 2.19 09/15/2008 1,939,624 15,000,000 Nationwide Building Society+/-++ 2.52 01/06/2009 15,000,000 7,000,000 Wachovia Bank NA+/- 3.00 05/01/2009 7,000,000 TOTAL CORPORATE BONDS & NOTES (COST $65,439,624) 65,439,624 -------------- EXTENDABLE BONDS: 7.26% 18,800,000 Bank of Ireland+/-++ 3.05 09/02/2009 18,800,000 6,000,000 BASF Finance Europe NV+/-++ 2.80 09/18/2009 6,000,000 7,000,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance+/-++ 2.77 09/10/2009 7,000,000 3,000,000 Commonwealth Bank (Australia)+/-++ 2.99 08/03/2009 3,000,000 5,000,000 Deutsche Bank+/- 3.00 08/04/2009 5,000,000 15,000,000 General Electric Capital Corporation+/- 2.48 09/09/2009 15,000,000 6,000,000 HSBC USA Incorporated+/- 3.19 08/14/2009 6,000,000 7,000,000 IBM International Group Capital+/-++ 3.03 09/25/2009 7,000,000 10,000,000 ING USA Global Funding+/- 3.14 09/18/2009 10,000,000 15,300,000 Rabobank Nederland+/-++ 2.99 09/09/2009 15,300,000 8,000,000 Svenska Handelsbanken AB+/-++ 3.15 08/25/2009 8,000,000 TOTAL EXTENDABLE BONDS (COST $101,100,000) 101,100,000 -------------- MEDIUM TERM NOTES: 6.57% 5,000,000 Merrill Lynch & Company+/- 2.61 03/18/2009 5,000,000 7,000,000 Merrill Lynch & Company+/- 2.61 03/24/2009 7,000,000 15,000,000 Morgan Stanley+/- 2.14 10/31/2008 15,000,000 15,000,000 Nordea Bank AB+/-++ 2.48 09/10/2008 15,000,000 15,000,000 Northern Rock plc+/-++ 2.77 10/08/2008 15,000,000 15,000,000 Northern Rock plc+/-++ 2.53 10/31/2008 15,000,000 6,500,000 Premium Asset Trust Series 04-10+/-++ 2.55 12/12/2008 6,500,000 5,000,000 Royal Bank of Scotland Group plc+/-++ 2.96 09/18/2008 5,000,000 6,000,000 Totta Ireland plc+/-++ 2.47 09/05/2008 6,000,000 2,000,000 Toyota Motor Credit Corporation+/- 2.51 02/03/2009 2,000,000 TOTAL MEDIUM TERM NOTES (COST $91,500,000) 91,500,000 --------------
10 Wells Fargo Advantage Overland Express Sweep Fund Portfolio of Investments--August 31, 2008 (Unaudited)
OVERLAND EXPRESS SWEEP FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE -------------- ----------------------------------------------------- ------------- ------------- ------------- MUNICIPAL BONDS & NOTES: 1.48% $ 1,300,000 Alachua County FL Oak Hammock University of Florida Project Series A (HCFR, BNP Paribas LOC)+/- ss 2.45% 10/01/2032 $ 1,300,000 2,000,000 Colorado Housing & Finance Authority Taxable Multifamily Project B II (Housing Revenue, FNMA Insured)+/- ss 3.00 05/01/2049 2,000,000 7,300,000 Johnson City TN Health & Educational Facilities Series B (Educational Facilities Revenue, Regions Bank)+/- ss 2.55 07/01/2033 7,300,000 6,975,000 Mississippi State Taxable Nissan Project A (GO Unlimited, Bank of America NA LOC)+/- ss 2.62 11/01/2028 6,974,676 2,000,000 New York State Housing Finance Agency Taxable 600 West 42nd B (Other Revenue, Bank of New York LOC)+/- ss 2.57 11/01/2041 2,000,000 1,000,000 Ohio State HFA Residential Management Taxable Series I (Housing Revenue, GNMA)+/- ss 2.70 09/01/2039 1,000,000 TOTAL MUNICIPAL BONDS & NOTES (COST $20,574,676) 20,574,676 ------------- REPURCHASE AGREEMENTS: 8.62% 997,898 Barclays Capital Incorporated - 102% Collateralized By US Government Securities (Maturity Value $998,135) 2.14 09/02/2008 997,898 13,000,000 Citigroup Global Markets - 102% Collateralized By US Government Securities (Maturity Value $13,003,207) 2.22 09/02/2008 13,000,000 33,000,000 Credit Suisse First Boston Corporation - 102% Collateralized By US Government Securities (Maturity Value $33,008,067) 2.20 09/02/2008 33,000,000 14,000,000 Deutsche Bank Securities - 102% Collateralized By US Government Securities (Maturity Value $14,003,391) 2.18 09/02/2008 14,000,000 14,000,000 JPMorgan Securities - 102% Collateralized By US Government Securities (Maturity Value $14,003,422) 2.20 09/02/2008 14,000,000 29,000,000 Lehman Brothers Commercial - 102% Collateralized By US Government Securities (Maturity Value $29,008,056) 2.50 09/02/2008 29,000,000 16,000,000 Merrill Pierce Fenner & Smith - 102% Collateralized By US Government Securities (Maturity Value $16,003,911) 2.20 09/02/2008 16,000,000 TOTAL REPURCHASE AGREEMENTS (COST $119,997,898) 119,997,898 ------------- SECURED MASTER NOTE AGREEMENT: 3.86% 25,763,000 Bank of America Securities LLC+/-ss(e) 2.26 25,763,000 27,971,000 Citigroup Global Markets Incorporated+/-ss(e) 2.25 27,971,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $53,734,000) 53,734,000 ------------- TIME DEPOSITS: 11.35% 23,000,000 Allied Irish Banks plc 2.15 09/02/2008 23,000,000 23,000,000 Banco Bilbao Vizcaya Argentina SA 2.20 09/02/2008 23,000,000 17,000,000 Bank of Ireland 2.23 09/02/2008 17,000,000 11,000,000 BNP Paribas Paris 2.15 09/02/2008 11,000,000 23,000,000 Danske Bank AS Copenhagen 2.15 09/02/2008 23,000,000 23,000,000 Dexia Credit Local de France 2.18 09/02/2008 23,000,000 15,000,000 KBC Bank NV Brussels 1.88 09/02/2008 15,000,000 23,000,000 Societe Generale Paris 2.18 09/02/2008 23,000,000 TOTAL TIME DEPOSITS (COST $158,000,000) 158,000,000 -------------
Portfolio of Investments--August 31, 2008 (Unaudited) Wells Fargo Advantage Overland Express Sweep Fund 11
OVERLAND EXPRESS SWEEP FUND
VALUE ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $1,413,345,299)* 101.52% $ 1,413,345,299 Other Assets and Liabilities, Net (1.52) (21,101,685) ------- ---------------- TOTAL NET ASSETS 100.00% $ 1,392,243,614 ------- ----------------
---------- +/- 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. (e) The security is a private placement with no stated maturity date. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 12 Wells Fargo Advantage Overland Express Sweep Fund Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
ASSETS Investments In securities, at market value ................................ $ 1,413,345,299 ---------------- Total investments at market value (see cost below) .............. 1,413,345,299 ---------------- Cash ............................................................ 50,000 Receivables for dividends and interest .......................... 1,426,111 ---------------- Total assets ....................................................... 1,414,821,410 ---------------- LIABILITIES Payable for investments purchased ............................... 20,000,000 Dividends payable ............................................... 1,129,465 Payable to investment advisor and affiliates (Note 3) ........... 995,093 Accrued expenses and other liabilities .......................... 453,238 ---------------- Total liabilities .................................................. 22,577,796 ---------------- TOTAL NET ASSETS ................................................... $ 1,392,243,614 ================ NET ASSETS CONSIST OF Paid-in capital ................................................. $ 1,392,356,300 Undistributed net realized gain (loss) on investments ........... (112,686) ---------------- TOTAL NET ASSETS ................................................... $ 1,392,243,614 ================ COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets ...................................................... $ 1,392,243,614 Shares outstanding .............................................. 1,392,381,214 Net asset value and offering price per share .................... $ 1.00 ---------------- Investments at cost ................................................ $ 1,413,345,299 ----------------
---------- (1) Each Fund has an unlimited number of authorized shares. The accompanying notes are an integral part of these financial statements. Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited) Wells Fargo Advantage Overland Express Sweep Fund 13
INVESTMENT INCOME Interest ...................................................................... $ 19,248,319 ------------ Total investment income .......................................................... 19,248,319 ------------ EXPENSES Advisory fees ................................................................. 2,015,419 Administration fees ........................................................... 1,851,389 Custody fees .................................................................. 137,460 Shareholder servicing fees (Note 3) ........................................... 1,718,251 Accounting fees ............................................................... 1,849 Distribution fees (Note 3) .................................................... 1,718,251 Professional fees ............................................................. 949 Shareholder reports ........................................................... 100 Trustees' fees ................................................................ 4,323 Other fees and expenses ....................................................... 75 ------------ Total expenses ................................................................... 7,448,066 ------------ LESS Waived fees and reimbursed expenses (Note 3) .................................. (25,175) Net expenses .................................................................. 7,422,891 ------------ Net investment income (loss) ..................................................... 11,825,428 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities .................................................................... (119,418) ------------ Net realized gain and loss from investments ...................................... (119,418) ------------ Net realized and unrealized gain (loss) on investments ........................... (119,418) ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................. $ 11,706,010 ============
The accompanying notes are an integral part of these financial statements. 14 Wells Fargo Advantage Overland Express Sweep Fund Statements of Changes in Net Assets
For the Six Months Ended For the August 31, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets .......................................... $ 1,411,937,302 $ 1,052,975,764 OPERATIONS Net investment income (loss) .................................. 11,825,428 44,699,646 Net realized gain (loss) on investments ....................... (119,418) 16,721 ---------------- ----------------- Net increase (decrease) in net assets resulting from operations ... 11,706,010 44,716,367 ---------------- ----------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income ......................................... (11,825,429) (44,699,645) Net realized gain on sales of investments ..................... 0 (10,151) ---------------- ----------------- Total distributions to shareholders ............................... (11,825,429) (44,709,796) ---------------- ----------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold ..................................... 3,144,075,116 5,836,861,168 Reinvestment of distributions ................................. 4,809,560 15,117,954 Cost of shares redeemed ....................................... (3,168,458,945) (5,493,024,155) Net increase (decrease) in net assets resulting from capital share transactions ..................................................... (19,574,269) 358,954,967 ---------------- ----------------- NET INCREASE (DECREASE) IN NET ASSETS ............................. (19,693,688) 358,961,538 ================ ================= ENDING NET ASSETS ................................................. $ 1,392,243,614 $ 1,411,937,302 ================ ================= SHARES ISSUED AND REDEEMED Shares sold ................................................... 3,144,075,116 5,836,861,168 Shares issued in reinvestment of distributions ................ 4,809,560 15,117,954 Shares redeemed ............................................... (3,168,458,945) (5,493,024,155) ---------------- ----------------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ....................................... (19,574,269) 358,954,967 ================ =================
The accompanying notes are an integral part of these financial statements. This page is intentionally left blank. 16 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, 2008 to August 31, 2008 (Unaudited) ................... $ 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 April 1, 2002 to March 31, 2003 ................................ $ 1.00 0.01 0.00 (0.01)
--------------- (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) Amount calculated is less than .005%. The accompanying notes are an integral part of these financial statements. Financial Highlights Wells Fargo Advantage Overland Express Sweep Fund 17
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 0.86% 1.08% 0.00%(4) 1.08% 0.88% $ 1,392,244 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%(4) 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 0.00 $ 1.00 0.52% 1.25% 0.00%(4) 1.25% 0.52% $ 5,084,538
18 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, 2008, was comprised of 98 separate series (each, a "Fund", collectively, the "Funds"). These financial statements present the Overland Express Sweep Fund. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 the method discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. FAIR VALUATION MEASUREMENTS The Fund adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Notes to Financial Statements Wells Fargo Advantage Overland Express Sweep Fund 19
The following is a summary of the inputs used as of August 31, 2008 in valuing the Fund's investments in securities:
Total Fair Value Fund Level 1 Level 2 Level 3 as of 08/31/2008 --------------------------- ------- --------------- --------- ---------------- OVERLAND EXPRESS SWEEP FUND $ 0 $ 1,413,345,299 $ 0 $ 1,413,345,299
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. 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 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 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, 2008. 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, 2008, 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) 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 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, 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, 2008, the Fund did not have any investments in SIV's. 20 Wells Fargo Advantage Overland Express Sweep Fund 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
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, 2008, shareholder servicing fees paid by the Fund are disclosed on the Statement of Operations. DISTRIBUTION FEES The Trust has adopted a Distribution Plan (the "Plan") for the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Fund and paid to Wells Fargo Funds Distributor, LLC at an annual rate of up to 0.25% of average daily net assets. For the six-month period ended August 31, 2008, distribution fees incurred are disclosed on the Statement of Operations. Notes to Financial Statements Wells Fargo Advantage Overland Express Sweep Fund 21
OTHER FEES PNC, Inc. ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual asset based fee and an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses on the Statement of Operations, for the six-month period ended August 31, 2008, 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, 2009 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. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133." FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 5. SUBSEQUENT EVENT On October 3, 2008, the Board of Trustees of Wells Fargo Funds Trust (the "Board") unanimously approved the participation of the Wells Fargo Advantage Money Market Funds (the "Funds'") in the initial term of the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds (the "Program"). The Board also unanimously approved a change to each Fund's Amended and Restated Fee and Expense Agreement to exclude "extraordinary expenses" from the types of operating expenses that may not exceed the capped operating expense ratio of the Fund. The Program applies only to shareholders of record of each Fund as of September 19, 2008 who continuously maintain an account balance with the Fund since that date. 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 Program. Shares acquired by investors after September 19, 2008 are generally not eligible for protection under the Program. Participation in the initial three months of the Program (through December 18, 2008) requires a payment to the Treasury in the amount of either 0.01% or 0.015%, 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 Secretary of the Treasury may extend the Program beyond its initial three month term through the close of business on September 18, 2009. If the Program is extended, the Board will consider whether each Fund should continue to participate. 22 Wells Fargo Advantage Overland Express Sweep Fund Other Information
PROXY VOTING INFORMATION A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds'Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at WWW.SEC.GOV. PORTFOLIO HOLDINGS INFORMATION The complete portfolio holdings for each Fund, except Money Market Funds, are publicly available on the Funds'Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or more delayed basis and for Money Market Funds, on a monthly, seven-day delayed basis. In addition, top ten holdings information for each Fund is publicly available on the Funds'Web site on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. BOARD OF TRUSTEES The following table provides basic information about the Board of Trustees (the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information(1) of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 133 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the "Fund Complex"). All of the non-interested Trustees are also members of the Audit and Governance Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees. NON-INTERESTED TRUSTEES
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------------ ------------------------- ---------------------------------------------------------------- ------------------- Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens University of None 66 Wake Forest University. Prior thereto, the Thomas Goho Chair of Finance of Wake Forest University, Calloway School of Business and Accountancy, from 2006-2007 and Associate Professor of Finance from 1999-2005. Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water Company and None 65 Chairman, since 2005 President of Crystal Geyser Roxane Water Company. (Lead Trustee since 2001) Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None 59 Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None 55 University of Pennsylvania. Director of the Boettner Center on Pensions and Retirement Research. Research associate and board member, Penn Aging Research Center. Research associate, National Bureau of Economic Research. Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative Foundation, None 56 a non-profit organization since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None 68
Other Information Wells Fargo Advantage Overland Express Sweep Fund 23
INTERESTED TRUSTEE(3)
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships -------------------- -------------------------- --------------------------------------------------------- ------------------- J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None 64 Chairman of Whitepoint Capital, LLC until 2004.
OFFICERS
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships -------------------- -------------------------- --------------------------------------------------------- ------------------- Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None 49 President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None 48 Chief Legal Counsel, since Management, LLC since 2001. Vice President and Managing 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996. Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting None 49 and Tax for Wells Fargo Funds Management, LLC since 2007. Director of Fund Administration and SEC Reporting for TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB Fund Services, Inc. from 2004 to 2005. Controller for Sungard Transaction Networks from 2002 to 2004. Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None 44 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and 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) As of August 31, 2008, one of the seven Trustees is considered an "interested person" of the Trusts as defined in the Investment Company Act of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC. 24 Wells Fargo Advantage Overland Express Sweep Fund Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS: OVERLAND EXPRESS SWEEP FUND Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), will annually review and consider the continuation of the investment advisory and sub-advisory agreements. In this regard, the Board reviewed and re-approved, during the six months covered by this report: (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 28, 2008, the Board, including the Independent Trustees advised by their independent legal counsel, 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 28, 2008, 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 services for 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, and the appointment of a new Chief Compliance Officer for the Funds. 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, 2007. The Board also considered these results in comparison to the median performance of a universe of relevant 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 was provided with 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. Other Information Wells Fargo Advantage Overland Express Sweep Fund 25
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 and non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The Board also considered comparisons of these fees to the respective median fees of narrower groups of funds that were determined by Lipper to be the most similar to the Fund (the "Peer Group") and to other comparative data. The Board was provided with a description of the methodology used by Lipper to select the mutual funds in the Peer Group. The Board noted that the net operating expense ratio of the Fund was not appreciably higher than the Fund's Peer Group's median net operating expense ratio. Based on the above-referenced considerations and other factors, the Board concluded that the overall performance 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 Peer 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 Peer 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 Peer Group, and reasonable in relation to the services provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were fair and equitable, based on its consideration of the factors described above. PROFITABILITY The Board received and considered a detailed profitability analysis of Funds Management based on the Advisory Agreement Rates and Net Advisory Rates, as well as an analysis of the profitability to other Wells Fargo businesses of providing services to the Fund. The Board also considered related information provided by Funds Management in a separate presentation on financial matters made at the February 2008 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 the Fund 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 agreement. ECONOMIES OF SCALE The Board received and considered general information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Fund. The Board also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the February 2008 board meeting. 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. 26 Wells Fargo Advantage Overland Express Sweep Fund 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. List of Abbreviations Wells Fargo Advantage Overland Express Sweep Fund 27
The following is a list of common abbreviations for terms and entities which may have appeared in this report. ABAG -- Association of Bay Area Governments ADR -- American Depositary Receipt AMBAC -- American Municipal Bond Assurance Corporation AMT -- Alternative Minimum Tax ARM -- Adjustable Rate Mortgages BART -- Bay Area Rapid Transit CDA -- Community Development Authority CDO -- Collateralized Debt Obligation CDSC -- Contingent Deferred Sales Charge CGIC -- Capital Guaranty Insurance Company CGY -- Capital Guaranty Corporation CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee COP -- Certificate of Participation CP -- Commercial Paper CTF -- Common Trust Fund DW&P -- Department of Water & Power DWR -- Department of Water Resources ECFA -- Educational & Cultural Facilities Authority EDFA -- Economic Development Finance Authority ETET -- Eagle Tax-Exempt Trust FFCB -- Federal Farm Credit Bank FGIC -- Financial Guaranty Insurance Corporation FHA -- Federal Housing Authority FHAG -- Federal Housing Agency FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association FSA -- Farm Service Agency GDR -- Global Depositary Receipt GNMA -- Government National Mortgage Association GO -- General Obligation HCFR -- Healthcare Facilities Revenue HEFA -- Health & Educational Facilities Authority HEFAR -- Higher Education Facilities Authority Revenue HFA -- Housing Finance Authority HFFA -- Health Facilities Financing Authority HUD -- Housing & Urban Development IDA -- Industrial Development Authority IDAG -- Industrial Development Agency IDR -- Industrial Development Revenue LIBOR -- London Interbank Offered Rate LLC -- Limited Liability Corporation LOC -- Letter of Credit LP -- Limited Partnership MBIA -- Municipal Bond Insurance Association MFHR -- Multi-Family Housing Revenue MTN -- Medium Term Note MUD -- Municipal Utility District PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue PFA -- Public Finance Authority PFFA -- Public Facilities Financing Authority plc -- Public Limited Company PSFG -- Public School Fund Guaranty R&D -- Research & Development RDA -- Redevelopment Authority RDFA -- Redevelopment Finance Authority REITS -- Real Estate Investment Trusts SFHR -- Single Family Housing Revenue SFMR -- Single Family Mortgage Revenue SLMA -- Student Loan Marketing Association TBA -- To Be Announced TRAN -- Tax Revenue Anticipation Notes USD -- Unified School District XLCA -- XL Capital Assurance
This page is intentionally left blank. This page is intentionally left blank. This page is intentionally left blank. [LOGO] Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY [WELLS FARGO ADVANTAGE FUNDS LOGO] More information about Wells Fargo This report and the financial statements contained herein are Advantage Funds is available free upon submitted for the general information of the shareholders of WELLS request. To obtain literature, please FARGO ADVANTAGE FUNDS. If this report is used for promotional write, e-mail, visit the Funds' Web site, purposes, distribution of the report must be accompanied or preceded or call: by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or Wells Fargo Advantage Funds visit the Funds' Web site at www.wellsfargo.com/advantagefunds. Please P.O. Box 8266 consider the investment objectives, risks, charges, and expenses of Boston, MA 02266-8266 the investment carefully before investing. This and other information E-mail: wfaf@wellsfargo.com about WELLS FARGO ADVANTAGE FUNDS can be found in the current prospectus. Read the prospectus carefully before you invest or send Web site: www.wellsfargo.com/advantagefunds money. Individual Investors: 1-800-222-8222 Retail Investment Professionals: 1-888-877-9275 Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Institutional Investment Professionals: 1-866-765-0778 Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (C) 2008 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 112051 10-08 SOES/SAR118 08-08
[WELLS FARGO ADVANTAGE FUNDS LOGO] [LOGO] Sign up for electronic delivery of prospectuses and shareholder reports at WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY [PICTURE] Semi-Annual Report August 31, 2008 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 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 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 ............................................................. 18 National Tax-Free Money Market Trust ........................................... 22 FINANCIAL STATEMENTS Statements of Assets and Liabilities ........................................... 28 Statements of Operations ....................................................... 29 Statements of Changes in Net Assets ............................................ 30 Financial Highlights ........................................................... 32 NOTES TO FINANCIAL STATEMENTS .................................................. 34 OTHER INFORMATION .............................................................. 39 LIST OF ABBREVIATIONS .......................................................... 44
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE [WELLS FARGO ADVANTAGE FUNDS LOGO] WELLS FARGO ADVANTAGE FUNDS(R) 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 120 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. Integrity. Expertise. Solutions. -------------------------------------------------------------------------------- GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished itself by safely delivering people and their valuables to distant destinations. To meet the needs of a vibrant, expanding nation, the company successfully forged partnerships with local specialists who knew the terrain. Although much has changed since then, Wells Fargo Advantage Funds continues to put the same time and effort into selecting independent portfolio management teams who oversee our Funds. It's our way of maintaining this early commitment to integrity and expertise and to providing solutions that help you reach your destination. INDEPENDENT THINKING. With a primary focus on delivering long-term performance and risk management, our approach offers investors access to the strategic thinking of independent investment teams from 15 different management firms. While each of our teams concentrates on a specific strategy, collectively they provide in-depth knowledge and insight across distinct investment styles. TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular investment styles and for their consistent, repeatable processes. All remain independent and free to concentrate solely on managing money and producing results. Our strict adherence to this approach provides a consistent focus on long-term results and allows investors to tap into the expertise of leading institutional investment managers to create fully diversified portfolios. SOLUTIONS FOR EVERY STAGE. Wells Fargo Advantage Funds provides investors with strategic investment solutions that help navigate the complex and ever-changing investment landscape. Our diverse family of mutual funds includes more than 100 Funds that cover a broad spectrum of investment styles and asset classes, and each Fund has its own disciplined approach to investing. Not part of the semi-annual report. WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE RANGE OF ASSET CLASSES, REPRESENTING OVER $150 BILLION IN ASSETS UNDER MANAGEMENT, AS OF AUGUST 31, 2008. EQUITY FUNDS ------------------------------------------------------------------------------------------------------------------------------------ Asia Pacific Fund Equity Value Fund Mid Cap Growth Fund C&B Large Cap Value Fund Growth Fund Opportunity Fund C&B Mid Cap Value Fund Growth Equity Fund Small Cap Disciplined Fund Capital Growth Fund Index Fund Small Cap Growth Fund Common Stock Fund International Core Fund Small Cap Opportunities Fund Discovery Fund International Equity Fund Small Cap Value Fund Diversified Equity Fund International Value Fund Small Company Growth Fund Diversified Small Cap Fund Large Cap Appreciation Fund Small Company Value Fund Emerging Growth Fund Large Cap Growth Fund Small/Mid Cap Value Fund Emerging Markets Equity Fund Large Company Core Fund Specialized Financial Services Fund Endeavor Select Fund Large Company Growth Fund Specialized Technology Fund Enterprise Fund Large Company Value Fund Strategic Small Cap Value Fund Equity Income Fund Mid Cap Disciplined Fund U.S. Value Fund BOND FUNDS ------------------------------------------------------------------------------------------------------------------------------------ California Limited-Term Tax-Free Fund Inflation-Protected Bond Fund Short-Term Municipal Bond Fund California Tax-Free Fund Intermediate Tax-Free Fund Stable Income Fund Colorado Tax-Free Fund Minnesota Tax-Free Fund Strategic Income Fund Diversified Bond Fund Municipal Bond Fund Total Return Bond Fund Government Securities Fund(1) Short Duration Government Bond Fund(1) Ultra Short-Term Income Fund High Income Fund Short-Term Bond Fund Ultra Short-Term Municipal Income Fund Income Plus Fund Short-Term High Yield Bond Fund Wisconsin Tax-Free Fund ASSET ALLOCATION FUNDS ------------------------------------------------------------------------------------------------------------------------------------ Aggressive Allocation Fund WealthBuilder Growth Allocation Portfolio Target 2020 Fund(2) Asset Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2025 Fund(2) Conservative Allocation Fund WealthBuilder Moderate Balanced Portfolio Target 2030 Fund(2) Growth Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2035 Fund(2) Moderate Balanced Fund Target Today Fund(2) Target 2040 Fund(2) WealthBuilder Conservative Allocation Portfolio Target 2010 Fund(2) Target 2045 Fund(2) WealthBuilder Equity Portfolio Target 2015 Fund(2) Target 2050 Fund(2) MONEY MARKET FUNDS ------------------------------------------------------------------------------------------------------------------------------------ 100% Treasury Money Market Fund(1) Heritage Money Market Fund National Tax-Free Money Market Fund California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund Government Money Market Fund(1) Municipal Money Market Fund Treasury Plus Money Market Fund(1) VARIABLE TRUST FUNDS(3) ------------------------------------------------------------------------------------------------------------------------------------ VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund VT Equity Income Fund VT Money Market 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. 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 WORRIES ABOUT THE CREDIT MARKET DETERIORATION RESUMED IN THE SUMMER, AND INVESTORS AGAIN SOUGHT SAFETY BY MOVING THEIR ASSETS INTO GOVERNMENT DEBT AND AAA-RATED MONEY MARKET FUNDS. GIVEN RECENT MARKET CONDITIONS, WE BELIEVE THAT IT IS IMPORTANT TO STAY VIGILANT TOWARD REDUCING CREDIT RISK WHILE GENERATING COMPETITIVE LEVELS OF DAILY YIELD. 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, 2008. The economy continued to struggle under the heaviness of slower growth, high energy prices, a continuing correction in the housing market, and tighter lending practices that presented financial challenges to businesses, consumers, and government entities. THE LAST SIX MONTHS HAVE BEEN FAR MORE EVENTFUL THAN USUAL IN FIXED-INCOME MARKETS, BOTH FROM A VOLATILITY STANDPOINT AS WELL AS FROM AN ECONOMIC PERSPECTIVE. The credit crunch that began in the summer of 2007 resurfaced repeatedly throughout the first eight months of 2008. Yields on corporate bonds and structured products rose relative to comparable U.S. Treasuries as investors sought safety in an uncertain environment. This flight to quality deepened throughout the first quarter of 2008 before the markets enjoyed a temporary respite in April and May 2008. Worries about the credit market deterioration resumed in the summer, and investors again sought safety by moving their assets into government debt and AAA-rated money market funds. The credit crunch continued to spur a broad deleveraging of financial risk over the last six months. Early in the year, money market yields fluctuated dramatically in response to strong policy interventions by the Fed. Interest rates were cut by 125 basis points in January (100 basis points equals 1.00%), followed by subsequent cuts of 75 basis points in March and 25 basis points in April. As a result, money market yields declined sharply. These declines persisted until around the middle of the second quarter, when the interest rate environment stabilized. The Fed stopped cutting rates and paused at 2.00%, which provided a firmer yield environment for money market funds. MANAGING RISK IN THE SHORT-TERM CREDIT MARKETS. The Wells Fargo Advantage Money Market Funds continued to provide competitive yields while maintaining liquidity. Given recent market conditions, we believe that it is important to stay vigilant toward reducing credit risk while generating competitive levels of daily yield. In our view, it is more important to thoroughly manage risk than to stretch for additional yield. Consequently, our team continues to focus on holding the highest-quality credits for our Funds while minimizing undue exposure to interest rate risk. We have recently favored a strategy of maintaining a lower weighted-average maturity to provide better liquidity management and to reduce risk in individual credits. We will likely continue with this strategy over the upcoming months and for as long as credit market conditions continue to be uncertain. We will pursue strategies that best uphold our primary objectives of providing competitive cash-equivalent yields while seeking to protect capital and to provide liquidity. Letter to Shareholders Wells Fargo Advantage Money Market Trusts 3 MANY VARIABLES ARE AT WORK IN THE MARKET. Inflation continues to be a potential risk, and the full effect of the struggling subprime mortgage market is still unknown. Fluctuating energy prices and ongoing geopolitical tension continues to put pressure on consumers and businesses alike. Experience tells us that strict adherence to time-tested strategies has its rewards. As a whole, Wells Fargo Advantage Funds represent investments across a broad range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it may help to reduce them and provide you with one way of managing risk. 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 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) [PIE CHART] Municipal Commercial Paper (7%) Municipal Bonds (93%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) [PIE CHART] 2-14 Days (88%) 30-59 Days (4%) 60-89 Days (1%) 90-179 Days (1%) 180-269 Days (1%) 270+ Days (5%) ------------ 1 Portfolio composition and maturity distribution are subject to change. Performance Highlights Wells Fargo Advantage Money Market Trusts 5 WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2)(%) (AS OF AUGUST 31, 2008)
6-Month* 1-Year 5-Year 10-Year ------- ------ ----- ------- CALIFORNIA TAX-FREE MONEY MARKET TRUST 0.89 2.43 2.29 2.29
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.57% 7-Day Compound Yield 1.58% 30-Day Simple Yield 1.52% 30-Day Compound Yield 1.53%
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, 2009, 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 1.48%. 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) [PIE CHART] Certificates of Deposit (5%) Federal Agencies Notes (1%) Municipal Bonds (2%) Time Deposits (13%) Repurchase Agreements (30%) Short-Term Corporate Bonds (1%) Floating & Variable Rate Bonds/Notes (19%) Commercial Paper (29%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) [PIE CHART] 2-14 Days (71%) 15-29 Days (16%) 30-59 Days (5%) 60-89 Days (5%) 90-179 Days (2%) 180-269 Days (1%)
---------- 1 Portfolio composition and maturity distribution are subject to change. Performance Highlights Wells Fargo Advantage Money Market Trusts 7 WELLS FARGO ADVANTAGE MONEY MARKET TRUST (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008)
6-Month* 1-Year 5-Year 10-Year ------- ------ ----- ------- MONEY MARKET TRUST 1.30 3.67 3.36 3.69
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 2.26% 7-Day Compound Yield 2.29% 30-Day Simple Yield 2.25% 30-Day Compound Yield 2.27%
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, 2009, 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 2.26%. As of August 31, 2008, 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 COMPOSITION(1) (AS OF AUGUST 31, 2008) [PIE CHART] Municipal Commercial Paper (5%) Municipal Bonds (95%)
MATURITY DISTRIBUTION(1) (AS OF AUGUST 31, 2008) [PIE CHART] 2-14 Days (88%) 30-59 Days (2%) 60-89 Days (2%) 90-179 Days (4%) 270+ Days (4%)
---------- (1) Portfolio composition and maturity distribution are subject to change. Performance Highlights Wells Fargo Advantage Money Market Trusts 9 WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST (CONTINUED) AVERAGE ANNUAL TOTAL RETURN(2) (%) (AS OF AUGUST 31, 2008)
6-Month* 1-Year 5-Year 10-Year --------- ------- ------- -------- NATIONAL TAX-FREE MONEY MARKET TRUST 0.97 2.53 2.34 2.47
* Returns for periods of less than one year are not annualized.
FUND YIELD SUMMARY(2) (AS OF AUGUST 31, 2008) ----------------------- 7-Day Current Yield 1.73% 7-Day Compound Yield 1.74% 30-Day Simple Yield 1.68% 30-Day Compound Yield 1.69%
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, 2009, 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 1.64%. 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, 2008 to August 31, 2008. 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 03/01/2008 08/31/2008 Period(1) Expense Ratio ------------- ------------- ------------ ------------- WELLS FARGO ADVANTAGE CALIFORNIA TAX-FREE MONEY MARKET TRUST Actual $ 1,000.00 $ 1,008.90 $ 1.01 0.20% Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.13 $ 1.02 0.20% WELLS FARGO ADVANTAGE MONEY MARKET TRUST Actual $ 1,000.00 $ 1,013.00 $ 1.01 0.20% Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.13 $ 1.02 0.20% WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET TRUST Actual $ 1,000.00 $ 1,009.70 $ 1.01 0.20% Hypothetical (5% return before expenses) $ 1,000.00 $ 1,024.13 $ 1.02 0.20%
---------- (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). Portfolio of Investments--August 31, 2008 Wells Fargo Advantage Money 11 (Unaudited) Market Trusts CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ------------------------------------------------------------------------ ------------- ------------- -------------- COMMERCIAL PAPER: 6.66% $ 600,000 East Bay Municipal Water System 1.45% 10/16/2008 $ 600,000 5,400,000 East Bay Municipal Water System 1.50 10/07/2008 5,400,000 3,800,000 Golden Gate Bridge 1.55 10/09/2008 3,800,000 1,965,000 Imperial Irrigation District 1.43 10/24/2008 1,965,000 6,735,000 Imperial Irrigation District 1.45 10/24/2008 6,735,000 3,200,000 Imperial Irrigation District 1.55 10/24/2008 3,200,000 1,500,000 Imperial Irrigation District 1.65 09/08/2008 1,500,000 1,400,000 Los Angeles Department of Airports 1.50 09/09/2008 1,400,000 635,000 Los Angeles Metropolitan Transportaion 1.55 10/15/2008 635,000 2,600,000 Los Angeles Metropolitan Transportation 1.45 09/03/2008 2,600,000 4,070,000 Sacramento Municipal Utility 1.52 10/14/2008 4,070,000 780,000 Sacramento Municipal Utility 1.55 10/15/2008 780,000 1,525,000 San Diego County Regional Airport Authority 1.55 10/09/2008 1,525,000 1,800,000 San Diego County Regional Airport Authority 1.60 11/13/2008 1,800,000 975,000 San Diego County Regional Transportation 1.40 09/10/2008 975,000 2,710,000 San Francisco Public Utility Commission 1.45 02/12/2009 2,710,000 1,850,000 Turlock Irrigation District 1.40 09/10/2008 1,850,000 920,000 Turlock Irrigation District 1.50 10/09/2008 920,000 3,645,000 University of California 1.53 11/06/2008 3,645,000 5,620,000 University of California 1.55 11/05/2008 5,620,000 TOTAL COMMERCIAL PAPER (COST $ 51,730,000) 51,730,000 ------------ MUNICIPAL BONDS & NOTES: 93.54% CALIFORNIA: 91.80% 2,000,000 ABAG Finance Authority for Nonprofit Corporations California Berkeleyan Project A (Other Revenue, FNMA Insured)ss +/- 1.80 05/15/2033 2,000,000 2,000,000 ABAG Finance Authority For Nonprofit Corporations California Branson School (Other Revenue, Allied Irish Bank plc LOC)ss +/- 1.67 07/01/2038 2,000,000 1,310,000 ABAG Finance Authority for Nonprofit Corporations California Marin Country Day School (Private School Revenue, US Bank NA LOC)ss +/- 1.62 07/01/2037 1,310,000 3,000,000 ABAG Finance Authority for Nonprofit Corporations California MFHR Fine Arts Building Projects A (Housing Revenue LOC)ss +/- 1.80 07/15/2035 3,000,000 3,100,000 ABAG Finance Authority for Nonprofit Corporations California MFHR GAIA Building Project Series A (Housing Revenue LOC, FNMA Insured) ss +/- 1.80 09/15/2032 3,100,000 2,175,000 ABAG Finance Authority for Nonprofit Corporations California MFHR Geneva Pointe Apartments A (Housing Revenue LOC)ss +/- 1.97 03/15/2037 2,175,000 10,000,000 ABN AMRO Munitops Certificates Trust 2005-63 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.91 08/01/2013 10,000,000 1,335,000 ABN AMRO Munitops Certificates Trust 2006-40 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.91 08/01/2013 1,335,000 3,000,000 ABN AMRO Munitops Certificates Trust 2007-05 (Lease Revenue, MBIA Insured)ss +/- 3.34 11/01/2027 3,000,000 440,000 Alameda CA Corridor Transportation Authority Series 1514 (Transportation Revenue, MBIA Insured)ss +/- 2.31 10/01/2032 440,000 2,825,000 Alameda County CA IDA Caravan Trading Company (IDR, Comercia Bank CA LOC)ss +/- 1.99 04/01/2014 2,825,000 2,000,000 Anaheim CA Housing Authority Cobblestone Apartments Series B (MFHR, FNMA Insured)ss +/- 1.97 03/15/2033 2,000,000 1,800,000 Arcadia CA USD Series 2679 (Other Revenue, First Security Bank LOC) ss +/- 1.94 08/01/2013 1,800,000 12,905,000 California Adventist Health Systems Series A (HFFA Revenue, Wachovia Bank NA LOC)ss +/- 2.15 09/01/2025 12,905,000 290,000 California Alternative Energy Source Financing Authority GE Capital Corporation Series A (Electric Revenue)ss +/- 1.85 10/01/2020 290,000 6,100,000 California Communities Note Program TRAN Series A3 (Other Revenue) 3.00 06/30/2009 6,167,290 8,500,000 California Educational Facilities Authority Charles R Drew University (Other Revenue)ss +/- 1.70 11/01/2042 8,500,000
12 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ------------------------------------------------------------------------ ------------- ------------- -------------- CALIFORNIA (continued) $ 500,000 California Educational Facilities Authority Revenue Art Center Design College Series A (Educational Facilities Revenue LOC, Allied Irish Bank plc LOC)ss +/- 1.75% 12/01/2032 $ 500,000 10,000,000 California Health Facilities Financing Stanford Hospital A2 (Hospital Revenue, Bank of America NA LOC)ss +/- 1.55 11/15/2040 10,000,000 6,000,000 California HFA Home Mortgage Series B (Housing Revenue, Banque Nationale Paris LOC)ss +/- 1.65 02/01/2016 6,000,000 7,230,000 California HFA Revenue Home Mortgage Series F (Housing Revenue) ss +/- 1.77 02/01/2038 7,230,000 4,700,000 California Infrastructure & Economic Development Bank California Academy Series C (Other Revenue, Bank of Nova Scotia)ss +/- 2.05 09/01/2038 4,700,000 785,000 California Infrastructure & Economic Development Bank IDR Fish House Foods Incorporated Project (Economic Development Revenue, Comerica Bank NA LOC)ss +/- 1.95 09/01/2024 785,000 3,000,000 California Infrastructure & Economic Development Bank Lycee Francias de Los Angeles Project (College & University Revenue, Mellon Bank NA LOC) ss +/- 1.79 09/01/2036 3,000,000 1,500,000 California Infrastructure & Economic Development Bank Orange County Performing Series C (Recreational Facilities Revenue, Allied Irish Bank plc LOC)ss +/- 1.70 07/01/2034 1,500,000 11,800,000 California Infrastructure & Economic Development Bank Rand Corporation Series B (Economic Development Revenue, Bank of America NA LOC) ss +/- 2.25 04/01/2042 11,800,000 2,250,000 California Infrastructure & Economic Development Bank ROCS RR II R-11527 (Toll Road Revenue, AMBAC Insured)ss +/- 1.68 07/01/2030 2,250,000 3,775,000 California Infrastructure & Economic Development Bank Sage Hill School Project (Other Revenue, AIB Group)ss +/- 1.70 06/01/2038 3,775,000 3,665,000 California Infrastructure & Economic Development Bank Series A1 (Other Revenue)ss +/- 1.70 10/01/2047 3,665,000 1,000,000 California Infrastructure & Economic Development Bank Southern CA Public Radio Project (Other Revenue, Allied Irish Bank plc LOC) ss +/- 2.30 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 +/- 1.67 01/01/2038 3,825,000 2,150,000 California Municipal Finance Authority Waste Management Incorporated Project Series A (Solid Waste Revenue, JPMorgan Chase Bank LOC) ss +/- 1.95 02/01/2019 2,150,000 1,125,000 California PCFA Wadham Energy Series C (Other Revenue, Banque Nationale Paris LOC)ss +/- 1.80 11/01/2017 1,125,000 6,275,000 California School Cash Reserve Program Cop Series A (Other Revenue, US Bank NA LOC) 3.00 07/06/2009 6,345,341 4,900,000 California Scripps Health Series B (HEFAR, Wachovia Bank LOC) ss +/- 1.54 10/01/2031 4,900,000 5,025,000 California Scripps Health Series F (HEFAR, Northern Trust Corporation LOC)ss +/- 1.54 10/01/2031 5,025,000 8,210,000 California State Daily Kindergarten University Series A3 (Property Tax Revenue, Citibank NA LOC)ss +/- 2.35 05/01/2034 8,210,000 3,230,000 California State DWR Power Supply Revenue Series B1 (Power Revenue) ss +/- 2.10 05/01/2022 3,230,000 740,000 California State DWR Power Supply Revenue Series B2 (Power Revenue, BNP Paribas LOC)ss +/- 2.40 05/01/2022 740,000 2,000,000 California State DWR Power Supply Revenue Series C4 (Power Revenue, JPMorgan LOC)ss +/- 1.83 05/01/2022 2,000,000 1,200,000 California State DWR Power Supply Revenue Series C7 (Water Revenue LOC, FSA Insured)ss +/- 1.90 05/01/2022 1,200,000 1,450,000 California State DWR Power Supply Series C16 (Power Revenue, Bank of New York LOC)ss +/- 1.58 05/01/2022 1,450,000 4,285,000 California State DWR Power Supply Series J2 (Electric Revenue, JPMorgan Chase Bank LOC)ss +/- 1.35 05/01/2018 4,285,000 6,200,000 California State DWR Power Supply Subseries F5 (Water Revenue, Citibank NA LOC)ss +/- 2.40 05/01/2022 6,200,000 14,000,000 California State DWR Power Supply Subseries G1 (Water Revenue) ss +/- 1.53 05/01/2011 14,000,000 24,330,000 California State DWR Power Supply Subseries G6 (Water Revenue, First Security Bank LOC)ss +/- 1.77 05/01/2017 24,330,000 1,000,000 California State DWR Series 3019 (Water Revenue, JP Morgan Chase Bank LOC)ss +/- 1.82 06/01/2016 1,000,000 1,925,000 California State DWR Series D194 (Water Revenue, First Security Bank LOC)ss +/- 2.05 12/01/2025 1,925,000
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage Money 13 (Unaudited) Market Trusts CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ------------------------------------------------------------------------ ------------- ------------- -------------- CALIFORNIA (continued) $ 2,800,000 California State EDFA Joseph Schmidt Project Series A (IDR, Banque Nationale Paris LOC)ss +/- 2.00% 12/01/2026 $ 2,800,000 5,265,000 California State Public Works Board Certificates Series D (Lease Revenue, AMBAC Insured)ss +/- 4.00 12/01/2019 5,265,000 7,495,000 California State Series 1932 (Property Tax Revenue, First Security Bank LOC)ss +/- 2.49 06/01/2015 7,495,000 2,175,000 California State Series 2758 (Other Revenue, AMBAC Insured)ss +/- 2.09 04/01/2010 2,175,000 3,500,000 California State Series A Subseries A2 (Other Revenue, Calyon Bank LOC) ss +/- 1.68 05/01/2040 3,500,000 9,740,000 California State Series B Subseries B1 (Other Revenue, Bank of America NA LOC)ss +/- 1.50 05/01/2040 9,740,000 940,000 California State Series B1 (GO School Districts, Banque Nationale Paris LOC)ss +/- 1.50 05/01/2033 940,000 5,500,000 California State Series B3 (GO States, Territories LOC)ss +/- 1.75 05/01/2033 5,500,000 7,175,000 California State Weekly Kindergarten University Public B4 (Property Tax Revenue LOC)ss +/- 1.40 05/01/2034 7,175,000 5,700,000 California State Weekly Kindergarten University Public B5 (Property Tax Revenue LOC)ss +/- 1.48 05/01/2034 5,700,000 5,100,000 California Statewide CDA Aegis Moraga Project C (MFHR, FNMA Insured) ss +/- 2.10 07/01/2027 5,100,000 9,500,000 California Statewide CDA Arbor Ridge Apartments Series B (MFHR, FHLMC Insured)ss +/- 1.92 11/01/2036 9,500,000 2,010,000 California Statewide CDA Azusa Pacific University Project (Other Revenue, Allied Irish Bank plc LOC)ss +/- 1.70 04/01/2039 2,010,000 2,455,000 California Statewide CDA Birchcrest Apartments Series S (MFHR, US Bank NA LOC)ss +/- 2.50 08/01/2032 2,455,000 7,380,000 California Statewide CDA Chadwick School (Other Revenue, Allied Irish Bank plc LOC)ss +/- 1.54 10/01/2029 7,380,000 4,000,000 California Statewide CDA Heritage Park Apartments Series C (MFHR, FHLMC Insured)ss +/- 1.97 01/01/2038 4,000,000 1,195,000 California Statewide CDA LA Puente Apartments Series JJ (MFHR, US Bank NA LOC)ss +/- 2.50 11/01/2031 1,195,000 720,000 California Statewide CDA Livermore Valley Arts Center Project (Other Revenue, Bank of New York LOC)ss +/- 1.55 12/01/2036 720,000 1,000,000 California Statewide CDA MFHR Glen Haven Apartments Series AA (Housing Revenue LOC)ss +/- 2.02 12/01/2011 1,000,000 4,660,000 California Statewide CDA MFHR Greenback Manor Apartments Series A Collateralized By FHLB (MFHR LOC)ss +/- 2.90 02/01/2028 4,660,000 3,800,000 California Statewide CDA MFHR Series AA (Housing Revenue LOC) ss +/- 1.97 04/15/2035 3,800,000 25,000 California Statewide CDA Revenue ss +/- 1.83 07/01/2044 25,000 2,100,000 California Statewide CDA Series 2680 (Other Revenue, JPMorgan Chase Bank LOC)ss +/- 1.94 05/15/2016 2,100,000 1,000,000 California Statewide CDA Sweep Loan Program Series A (Healthcare Facilities Revenue, Citibank NA LOC)ss +/- 1.56 08/01/2035 1,000,000 830,000 California Statewide CDA Village at Hesperia Series CCC (MFHR, FNMA Insured)ss +/- 1.97 11/15/2039 830,000 3,605,000 California Statewide CDA Village at Shaw Apartments Series E (MFHR, FNMA Insured)ss +/- 1.97 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 +/- 1.48 06/01/2039 2,000,000 1,755,000 Camarillo CA MFHR Hacienda De Camarillo Project (MFHR LOC, FNMA Insured) ss +/- 1.97 10/15/2026 1,755,000 3,300,000 Central Basin CA Municipal Water Distribution Series B (Water Revenue, Allied Irish Bank plc LOC)ss +/- 1.54 08/01/2037 3,300,000 2,000,000 Chico CA USD Series D146 (Property Tax Revenue, First Security Bank LOC)ss +/- 2.20 08/01/2026 2,000,000 1,300,000 Contra Costa County CA MFHR Series B Remarketed 09/28/94 (MFHR LOC, FNMA Insured)ss +/- 1.75 11/15/2022 1,300,000 2,125,000 Desert CA Community College District Class A (Property Tax Revenue, First Security Bank LOC)ss +/- 1.89 08/01/2037 2,125,000 6,695,000 Deutsche Bank Spears Lifers Trust Series DB-287 (Other Revenue, MBIA Insured)ss +/- 1.82 09/01/2037 6,695,000 4,895,000 Deutsche Bank Spears Lifers Trust Series DB-621 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.87 08/01/2023 4,895,000 110,000 Deutsche Bank Spears Lifers Trust Series DB-628 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.87 08/01/2031 110,000
14 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ------------------------------------------------------------------------ ------------- ------------- -------------- CALIFORNIA (continued) $ 110,000 Deutsche Bank Spears Lifers Trust Series DB-629 (Property Tax Revenue, MBIA Insured)ss +/- 1.85% 08/01/2031 $ 110,000 210,000 Deutsche Bank Spears Lifers Trust Series DB-632 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.97 08/01/2033 210,000 5,085,000 Deutsche Bank Spears Lifers Trust Series DB-649 (Property Tax Revenue, MBIA Insured)ss +/- 1.85 06/01/2031 5,085,000 325,000 Deutsche Bank Spears Lifers Trust Series DBE-500 (Other Revenue, AMBAC Insured)ss +/- 1.88 11/01/2038 325,000 3,355,000 Deutsche Bank Spears Lifers Trust Series DBE-525 (Other Revenue, FGIC Insured)ss +/- 1.85 06/01/2035 3,355,000 13,300,000 East Bay CA MUD Subseries A2 (Water Revenue, Dexia Credit Local de France LOC)ss +/- 1.45 06/01/2038 13,300,000 995,000 East Bay CA MUD Subseries C (Other Revenue, Dexia Credit Local de France LOC)ss +/- 1.57 06/01/2027 995,000 7,500,000 East Bay CA MUD Subseries C2 (Other Revenue)ss +/- 1.45 06/01/2026 7,500,000 5,960,000 Eastern Municipal Water District California Water & Sewer CTFS Partnership Series D (Water Revenue, Lloyds Bank LOC)ss +/- 1.55 07/01/2023 5,960,000 2,890,000 Eastern Municipal Water District California Water & Sewer CTFS Partnership Series F (Water Revenue, JPMorgan Chase Bank LOC) ss +/- 1.57 07/01/2038 2,890,000 1,181,000 Golden State CA Tobacco Securitization Corporation Series 1421 (Other Revenue, AMBAC Insured)ss +/- 2.49 06/01/2045 1,181,000 2,805,000 Grossmont-Cuyamaca CA Community College District (Other Revenue, Assured Guaranty)ss +/- 1.82 08/01/2024 2,805,000 3,085,000 Hesperia CA USD COP Interim School Facility Funding Program (Lease Revenue, First Security Bank LOC)ss +/- 2.10 02/01/2028 3,085,000 4,875,000 Hesperia CA USD COP Interim School Facility Funding Program (Lease Revenue, First Security Bank LOC)ss +/- 2.10 02/01/2038 4,875,000 3,120,000 Highland CA RDA Jeffrey Court Senior Apartments (MFHR, FHLB Insured) ss +/- 2.15 03/01/2028 3,120,000 3,190,000 Irvine CA Improvement Board ACT 1915 Assessment District #05-21 Series A (Other Revenue, Bank of New York LOC)ss +/- 2.25 09/02/2031 3,190,000 5,495,000 Irvine CA Improvement Board ACT 1915 Assessment District #07-22-A (Other Revenue, KBC Bank NV LOC)ss +/- 2.25 09/02/2032 5,495,000 4,000,000 Kern County CA TRAN (Other Revenue) 3.00 06/30/2009 4,045,448 270,000 Kings County CA Housing Authority Edgewater Ilse Apartments Series A (MFHR, FNMA Insured)ss +/- 1.64 02/15/2031 270,000 2,000,000 Lancaster CA Redevelopment Agency MFHR 20th Street Apartments Project Series C (Housing Revenue LOC)ss +/- 1.73 12/01/2026 2,000,000 2,672,000 Long Beach CA Community College District Series 1399 (Property Tax Revenue, FGIC Insured)ss +/- 2.11 05/01/2030 2,672,000 1,580,000 Long Beach CA Harbor Revenue Series 418 (Airport Revenue LOC, FGIC Insured)ss +/- 2.16 05/15/2020 1,580,000 5,410,000 Los Angeles CA Beverly Park Apartments Series A (MFHR, FHLMC Insured) ss +/- 1.97 08/01/2018 5,410,000 4,300,000 Los Angeles CA Community RDA Academy Village Apartments Series A (MFHR, FHLMC Insured)ss +/- 1.90 10/01/2029 4,300,000 1,955,000 Los Angeles CA Community RDA RR 11 R-13042 (Housing Revenue, GNMA Insured)ss +/- 1.90 01/20/2045 1,955,000 1,790,000 Los Angeles CA COP Loyola High School Series A (Lease Revenue, Allied Irish Bank plc LOC)ss +/- 1.67 12/01/2035 1,790,000 1,075,000 Los Angeles CA COP Windward Series A (Private School Revenue, Allied Irish Bank plc LOC)ss +/- 1.67 07/01/2037 1,075,000 2,870,000 Los Angeles CA DW&P ROCS RR II-11531 (Water & Sewer Revenue, MBIA Insured)ss +/- 1.99 07/01/2025 2,870,000 3,000,000 Los Angeles CA Power System Subseries A2 (Power Revenue, US Bank NA LOC)ss +/- 1.60 07/01/2035 3,000,000 2,000,000 Los Angeles CA Power System Subseries A8 (Water Revenue)ss +/- 1.60 07/01/2035 2,000,000 1,250,000 Los Angeles CA Subseries B1 (Electric Revenue)ss +/- 1.45 07/01/2034 1,250,000 2,450,000 Los Angeles CA TRAN (Other Revenue) 3.00 06/30/2009 2,478,845 2,030,000 Los Angeles CA USD Series 2008 (Other Revenue, AMBAC Insured) ss +/- 2.01 07/01/2023 2,030,000 3,055,000 Los Angeles CA USD Tax & Anticipation Notes Series A (Other Revenue) 3.00 07/30/2009 3,095,476
Portfolio of Investments--August 31, 2008 (Unaudited) Wells Fargo Advantage 15 Money Market Trusts CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ------------------------------------------------------------------------ ------------- ------------- -------------- CALIFORNIA (continued) $ 8,425,000 Los Angeles CA USD TRAN Series A 4.00% 12/29/2008 $ 8,446,825 1,330,000 Los Angeles CA Waste Water System Subseries G (Sewer Revenue, Bank of America NA LOC)ss +/- 1.64 06/01/2032 1,330,000 1,200,000 Los Angeles CA Wastewater Subseries D (Sewer Revenue, Bank of Nova Scotia)ss +/- 1.55 06/01/2028 1,200,000 3,000,000 Los Angeles CA Wastewater System Series 2254 (Other Revenue, MBIA Insured)ss +/- 2.19 06/01/2013 3,000,000 615,000 Los Angeles CA Water & Power Series 2971 (Electric Revenue, First Security Bank LOC)ss +/- 2.09 01/01/2014 615,000 5,125,000 Los Angeles County CA TRAN Series A (Other Revenue) 3.00 06/30/2009 5,184,075 5,550,000 Manteca CA RDA Amended Merger Project (Tax Allocation Revenue, State Street Bank & Trust LOC)ss +/- 2.30 10/01/2042 5,550,000 940,000 Manteca CA RDA Tax Allocation Series 1423 (Tax Incremental Revenue, AMBAC Insured)ss +/- 2.31 10/01/2036 940,000 9,675,000 Menlo Park CA CDA Las Pulgas Community Development (Tax Allocation Revenue, AMBAC Insured)ss +/- 2.30 01/01/2031 9,675,000 5,800,000 Metropolitan Water District Southern CA Waterworks Revenue Series C1 Dexia LOC (Water Revenue LOC)ss +/- 1.75 07/01/2030 5,800,000 7,000,000 Metropolitan Water District Southern CA Waterworks Revenue Series C2 (Water Revenue LOC)ss +/- 1.58 07/01/2030 7,000,000 3,415,000 Metropolitan Water District Southern CA Waterworks Revenue Series C3 (Water Revenue LOC)ss +/- 1.48 07/01/2030 3,415,000 3,000,000 Metropolitan Water District Southern CA Waterworks Series A1 (Water Revenue, Bank of America NA LOC)ss +/- 1.65 07/01/2037 3,000,000 4,875,000 Metropolitan Water District Southern California Waterworks Series C (Water Revenue, Dexia Insured)ss +/- 1.60 10/01/2029 4,875,000 8,795,000 Monterey County CA Financing Authority Series 3077 (Water Revenue, Assured Guaranty)ss +/- 2.09 09/01/2013 8,795,000 2,345,000 Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project A (Other Revenue)ss +/- 1.58 09/01/2033 2,345,000 2,932,000 Napa Valley CA Series 1808 (Property Tax Revenue, FGIC Insured) ss +/- 2.11 08/01/2046 2,932,000 7,660,000 Northern CA Power Agency Hydroelectric Project 1 Series A (Electric Revenue, Dexia Credit Local de France LOC)ss +/- 1.54 07/01/2032 7,660,000 555,500 Northern CA Power Agency Public Power Series 836 (Electric Revenue, MBIA Insured)ss +/- 2.31 07/01/2023 555,500 10,000,000 Northstar CA Community Housing Corporation Series A (MFHR, US Bank NA LOC)ss +/- 1.84 06/01/2041 10,000,000 3,000,000 Orange County CA Apartment Development Issue G Series 1 (Housing Revenue, FNMA Insured)ss +/- 1.73 11/15/2028 3,000,000 830,000 Orange County CA Apartment Development Revenue Series D Harbor Pointe Project (Housing Revenue, FHLMC LOC)ss +/- 1.73 12/01/2022 830,000 1,905,000 Orange County CA Sanitation Districts COP Floaters Series 1032 (Sewer Revenue LOC)ss +/- 2.11 02/01/2033 1,905,000 1,290,000 Pasadena CA COP Series A (Lease Revenue, Bank of America NA LOC) ss +/- 1.75 02/01/2035 1,290,000 21,605,000 Pittsburg CA Redevelopment Agency Tax Allocation Los Medanos Community Series A (Tax Allocation Revenue LOC)ss +/- 2.30 09/01/2035 21,605,000 7,500,000 Riverside CA COP (Lease Revenue, Bank of America NA LOC)ss +/- 1.75 03/01/2037 7,500,000 1,000,000 Riverside CA Electric Putters Series 3042Z (Electric Revenue, First Security Bank LOC)ss +/- 1.94 04/01/2016 1,000,000 4,195,000 Riverside CA USD (Property Tax Revenue)ss +/- 1.82 08/01/2038 4,195,000 7,105,000 Riverside County CA Community Facilities District Series 88-4 (Special Tax Revenue LOC, KBC Bank LOC)ss +/- 1.57 09/01/2014 7,105,000 2,050,000 Sacramento CA Suburban Water District COP Series A2 (Lease Revenue, Allied Irish Bank plc LOC)ss +/- 1.54 11/01/2028 2,050,000 3,700,000 Sacramento CA Water District COP Series A1 (Lease Revenue, Dexia Credit Local de France LOC)ss +/- 1.54 11/01/2028 3,700,000 1,000,000 Sacramento County CA Housing Authority (Housing Revenue, FNMA Insured) ss +/- 1.73 07/15/2029 1,000,000
16 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ ---------------------------------------------------------------------- ------------- ------------- ------------ CALIFORNIA (continued) $ 3,000,000 Sacramento County CA Housing Authority MFHR Arlington Creek Apartment Series I (Housing Revenue LOC)ss +/- 1.97% 05/15/2034 $ 3,000,000 860,000 Sacramento County CA Housing Authority MFHR Logan Part Apartments Issue E (Housing Revenue, FHLMC Insured)ss +/- 1.95 05/01/2042 860,000 4,000,000 Sacramento County CA Housing Authority Oak Valley Apartments Series D (MFHR, FNMA Insured)ss +/- 1.90 02/15/2031 4,000,000 2,300,000 Sacramento County CA Housing Authority Shadwood Apartments Project Issue A (MFHR, FHLMC Insured)ss +/- 1.97 12/01/2022 2,300,000 590,000 Sacramento County CA Sanitation District Financing Authority (Water & Sewer Revenue)ss +/- 1.83 12/01/2035 590,000 5,000,000 Sacramento County CA Sanitation District Financing Authority Subordinate Lien Sacramento Regulation C (Sewer Revenue LOC, Credit Agricole Indosuez LOC)ss +/- 1.70 12/01/2030 5,000,000 1,500,000 San Bernardino County CA Parkview Series A (Housing Revenue, FNMA Insured)ss +/- 1.73 02/15/2027 1,500,000 6,300,000 San Diego CA Community College District ROCS RR II R-9238 (Property Tax Revenue, First Security Bank LOC)ss +/- 1.91 08/01/2030 6,300,000 3,110,000 San Diego CA Housing Authority (MFHR, FNMA Insured)ss +/- 1.77 11/01/2026 3,110,000 4,925,000 San Diego CA USD Tax & Anticipation Notes (Property Tax Revenue) 3.00 07/01/2009 4,979,930 2,700,000 San Diego County & School District Partnership Trans Series B (Other Revenue) 3.50 06/30/2009 2,740,948 1,485,000 San Diego County & School District Partnerships TRAN (Other Revenue) 3.50 06/30/2009 1,508,258 3,410,000 San Diego County CA Regional Transportation Community Limited Tax Series D (Sales Tax Revenue, Dexia Credit Local de France LOC)ss +/- 1.45 04/01/2038 3,410,000 1,988,500 San Diego County CA Water Authority COP Series I (Water Revenue, MBIA Insured)ss +/- 1.99 11/01/2010 1,988,500 2,690,000 San Francisco CA City & County Airports Commission Second Series 37D (Other Revenue, First Security Bank LOC)ss +/- 1.70 05/01/2030 2,690,000 2,235,000 San Francisco CA City & County MFHR Carter Terrace Apartments Series B (MFHR, Citibank NA LOC)ss +/- 1.99 03/01/2036 2,235,000 3,790,000 San Francisco CA City & County Redevelopment Agency MFHR Leland Polk Senior Community Series A (MFHR, Citibank NA LOC)ss +/- 1.99 12/01/2019 3,790,000 1,320,000 San Francisco CA City & County Union School District Merlots Series D217 (Property Tax Revenue, First Security Bank LOC)ss +/- 2.05 06/15/2024 1,320,000 5,000,000 San Jose CA Financing Authority Civic Center Project Series A (Other Revenue, Bank of Scotland LOC)ss +/- 1.40 06/01/2039 5,000,000 1,240,000 San Jose CA MFHR Raintree Apartments Series A (MFHR)ss +/- 1.99 02/01/2038 1,240,000 4,995,000 San Jose CA RDA Series 3782 (Tax Allocation Revenue)ss +/- 2.42 08/01/2022 4,995,000 1,600,000 San Jose CA Redevelopment Agency Tax Allocation ss +/- 1.95 08/01/2035 1,600,000 2,500,000 San Leandro CA Carlton Plaza Series A (MFHR, FNMA Insured)ss +/- 1.90 09/15/2032 2,500,000 11,350,000 Santa Clara CA Subseries A (Electric Revenue, Bank of America NA LOC)ss +/- 2.25 07/01/2034 11,350,000 1,000,000 Santa Clara CA Subseries B (Electric Plant Revenue, Dexia Credit Local de France LOC)ss +/- 1.63 07/01/2027 1,000,000 3,000,000 Santa Clara County CA Financing Authority Multiple Facilities Projects Series M (Lease Revenue, Bank of America NA LOC)ss +/- 1.70 05/15/2035 3,000,000 2,025,000 Sequoia CA University High School District (Other Revenue, First Security Bank LOC)ss +/- 2.09 07/01/2014 2,025,000 9,090,000 Simi Valley CA CDA Issue A (Housing Revenue)ss +/- 1.60 05/01/2010 9,090,000 1,775,000 South Placer Wastewater Authority California Series A (Sewer Revenue, State Street Bank & Trust LOC)ss +/- 1.65 11/01/2035 1,775,000 735,000 Southern CA Public Power Authority Project Series 1045 (Electric Revenue, AMBAC Insured)ss +/- 1.86 07/01/2033 735,000 4,465,000 Southern CA Public Power Authority Transmission Project Revenue (Utilities Revenue, Lloyds TSB Bank plc LOC)ss +/- 2.10 07/01/2019 4,465,000 5,050,000 Sweetwater CA Union High School District (Property Tax Revenue, First Security Bank LOC)ss +/- 2.16 08/01/2038 5,050,000 2,800,000 Tahoe Forest CA Hospital District Revenue (Hospital Revenue LOC) ss +/- 2.30 07/01/2033 2,800,000 2,095,000 Tustin CA USD Series 2561-Z (Other Revenue, First Security Bank LOC) ss +/- 2.49 09/01/2011 2,095,000
Portfolio of Investments--August 31, 2008 (Unaudited) Wells Fargo Advantage 17 Money Market Trusts CALIFORNIA TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- CALIFORNIA (continued) $ 3,200,000 Union City CA MFHR Housing Mission Sierra Series A (Housing Revenue LOC)ss +/- 1.73% 07/15/2029 $ 3,200,000 1,100,000 University of California Series 2475 (Other Revenue, JPMorgan Chase LOC)ss +/- 1.82 05/15/2014 1,100,000 2,600,000 University of California Series K (College & University Revenue) 5.30 09/01/2008 2,626,000 6,000,000 Upland CA Community RDA Sunset Ridge Apartments (Housing Revenue, East West Bank LOC)ss +/- 1.59 08/01/2037 6,000,000 2,400,000 Ventura County CA (Other Revenue) 3.50 07/01/2009 2,437,134 713,049,570 ------------ PUERTO RICO: 1.74% 153,000 Deutsche Bank Spears Lifers Trust Series DBE-627A (Sales Tax Revenue, AMBAC Insured)ss +/- 1.85 08/01/2049 153,000 7,835,000 Puerto Rico Commonwealth (Tax Revenue)ss +/- 2.50 07/01/2029 7,835,000 2,605,000 Puerto Rico Commonwealth Highway & Transportation Authority Series A (Fuel Sales Tax Revenue, Scotiabank LOC)ss +/- 1.60 07/01/2028 2,605,000 2,900,000 Puerto Rico Commonwealth Series B (Property Tax Revenue, Wachovia Bank LOC)ss +/- 2.15 07/01/2032 2,900,000 13,493,000 ------------ TOTAL MUNICIPAL BONDS & NOTES (COST $726,542,570) 726,542,570 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $778,272,570)* 100.20% $778,272,570 Other Assets and Liabilities, Net (0.20) (1,523,790) ------ ------------ TOTAL NET ASSETS 100.00% $776,748,780 ------ ------------
---------- ss These securities are subject to a demand feature which reduces the effective maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 18 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- AGENCY NOTES - INTEREST BEARING: 0.91% $ 14,000,000 FHLB+/- 2.49% 01/28/2009 $ 14,000,000 16,000,000 FHLB+/- 2.49 01/30/2009 16,000,000 TOTAL AGENCY NOTES - INTEREST BEARING (COST $30,000,000) 30,000,000 ------------- CERTIFICATES OF DEPOSIT: 4.96% 31,000,000 ABN AMRO Bank NV (London)+/- 2.85 09/10/2008 31,000,000 10,000,000 ABN-AMRO Bank NV (New York)+/- 3.01 10/24/2008 10,004,052 20,500,000 Allied Irish Banks (New York)+/- 2.86 09/09/2008 20,500,000 32,000,000 Bank of Scotland plc (New York)+/- 3.22 08/14/2009 32,000,000 10,000,000 Barclays Bank plc (New York)+/- 3.00 04/20/2009 10,000,000 12,000,000 BNP Paribas (New York)+/- 3.12 02/20/2009 12,000,000 10,000,000 Fortis Bank (New York)+/- 2.80 10/17/2008 10,000,000 16,500,000 Natixis (New York)+/- 2.92 12/01/2008 16,500,000 10,000,000 Natixis (New York)+/-ss 2.99 04/01/2010 10,000,000 10,000,000 U.S. Bank National Association+/- 2.86 04/20/2009 10,000,000 1,000,000 UniCredito Italiano (New York)+/- 3.00 12/08/2008 1,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $163,004,052) 163,004,052 ------------- COMMERCIAL PAPER: 29.77% 8,000,000 Alpine Securitization Corporation~++ 2.47 09/25/2008 7,987,376 9,000,000 Amstel Funding Corporation~++ 2.70 09/03/2008 8,999,325 30,000,000 Amstel Funding Corporation~++ 2.73 09/22/2008 29,954,500 13,000,000 ANZ National International Limited~++ 3.04 04/20/2009 12,747,511 10,000,000 ANZ National International Limited~++ 3.41 06/11/2009 9,732,883 17,000,000 ASB Finance Limited (London)~++ 2.75 09/05/2008 16,996,104 8,000,000 ASB Finance Limited (London)~++ 3.01 05/07/2009 7,834,784 8,000,000 Beagle Funding LLC~++ 2.85 09/15/2008 7,991,767 15,000,000 Beagle Funding LLC~++ 2.72 09/17/2008 14,983,000 11,000,000 Belmont Funding LLC~++ 2.75 09/04/2008 10,998,319 28,300,000 Belmont Funding LLC~++ 2.75 09/19/2008 28,263,249 11,000,000 Belmont Funding LLC~++ 2.75 09/25/2008 10,980,674 7,000,000 Bryant Park Funding LLC~++ 2.66 09/03/2008 6,999,483 21,000,000 Bryant Park Funding LLC~++ 2.75 09/08/2008 20,990,375 11,000,000 CAFCO LLC~++ 2.67 09/04/2008 10,998,368 8,000,000 CAFCO LLC~++ 2.72 09/09/2008 7,995,769 15,000,000 CAFCO LLC~++ 2.77 09/15/2008 14,984,996 10,000,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance~++ 2.97 10/21/2008 9,959,575 16,300,000 Cancara Asset Securitization LLC~++ 2.54 09/18/2008 16,281,599 10,000,000 Cancara Asset Securitization LLC~++ 2.56 09/24/2008 9,984,356 4,000,000 Chariot Funding LLC~++ 2.35 09/05/2008 3,999,217 25,000,000 Charta LLC~++ 2.50 09/02/2008 25,000,000 25,000,000 Citibank Credit Card Issue Trust~++ 2.80 09/12/2008 24,980,556 3,300,000 Citibank Omni Master Trust~++ 2.67 09/03/2008 3,299,755 4,950,000 Citibank Omni Master Trust~++ 2.95 09/10/2008 4,946,755 26,000,000 Citibank Omni Master Trust~++ 2.75 09/19/2008 25,966,236 15,000,000 Citibank Omni Master Trust~++ 2.98 10/23/2008 14,936,675 28,000,000 Clipper Receivables Company LLC~++ 2.57 09/02/2008 28,000,000 26,100,000 Clipper Receivables Company LLC~++ 2.57 09/03/2008 26,098,137 6,000,000 Clipper Receivables Company LLC~++ 2.55 09/04/2008 5,999,150 12,600,000 Ebbets Funding LLC~++ 2.70 09/04/2008 12,598,110 11,000,000 Ebbets Funding LLC~++ 2.70 09/15/2008 10,989,275 10,000,000 Ebbets Funding LLC~++ 2.70 09/18/2008 9,988,000 19,000,000 Elysian Funding LLC~++ 2.60 09/05/2008 18,995,883 5,000,000 Enterprise Funding LLC~++ 2.49 09/08/2008 4,997,925 40,000,000 Eureka Securitization Corporation~++ 2.60 09/17/2008 39,956,667
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage 19 (Unaudited) Money Market Trusts MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- COMMERCIAL PAPER (continued) $ 6,000,000 Fairway Finance Corporation~++ 2.51% 09/18/2008 $ 5,993,307 9,500,000 Fortis Funding LLC~++ 2.52 09/12/2008 9,493,350 17,000,000 Fortis Funding LLC~++ 2.67 10/07/2008 16,955,953 6,500,000 Foxboro Funding Limited+/- 3.36 02/06/2009 6,500,000 24,000,000 Galleon Capital LLC~++ 2.60 09/02/2008 24,000,000 14,000,000 Galleon Capital LLC~++ 2.60 09/03/2008 13,998,989 16,400,000 Galleon Capital LLC~++ 2.57 09/04/2008 16,397,658 11,000,000 Galleon Capital LLC~++ 2.58 09/05/2008 10,997,635 9,000,000 Gemini Securitization Corporation LLC~++ 2.68 09/02/2008 9,000,000 9,000,000 Gemini Securitization Corporation LLC~++ 2.57 09/03/2008 8,999,358 1,000,000 Gemini Securitization Corporation LLC~++ 2.79 12/02/2008 992,948 4,349,000 Grampian Funding LLC~++ 2.55 09/24/2008 4,342,223 5,000,000 Irish Life & Permanent~++ 2.54 09/05/2008 4,998,942 9,000,000 Mazarin Funding Corporation~++ 2.62 09/09/2008 8,995,415 11,000,000 MetLife Short Term Funding LLC~++ 2.65 10/01/2008 10,976,518 2,000,000 MetLife Short Term Funding LLC~++ 2.93 12/09/2008 1,984,048 5,900,000 Mont Blanc Capital Corporation~++ 2.50 09/03/2008 5,899,590 3,200,000 Mont Blanc Capital Corporation~++ 2.59 09/18/2008 3,196,316 14,000,000 Nationwide Building Society~++ 2.40 09/04/2008 13,998,133 5,000,000 Nationwide Building Society~++ 2.38 09/05/2008 4,999,008 24,000,000 Nieuw Amsterdam Receivables Corporation~++ 2.60 09/02/2008 24,000,000 11,000,000 Park Avenue Receivables~++ 2.48 09/05/2008 10,997,727 4,700,000 Picaros Funding LLC~++ 2.53 09/15/2008 4,695,706 6,000,000 Regency Markets # 1 LLC~++ 2.50 09/05/2008 5,998,750 10,400,000 Regency Markets # 1 LLC~++ 2.59 09/15/2008 10,390,274 1,800,000 Salisbury Receivables Company~ 2.47 09/04/2008 1,799,753 2,700,000 Salisbury Receivables Company~++ 2.52 09/04/2008 2,699,622 2,000,000 Salisbury Receivables Company~++ 2.52 09/26/2008 1,996,640 8,000,000 Scaldis Capital LLC~++ 2.58 09/02/2008 8,000,000 7,000,000 Scaldis Capital LLC~++ 2.82 09/12/2008 6,994,517 15,000,000 Scaldis Capital LLC~++ 2.59 09/22/2008 14,978,417 10,000,000 Societe Generale North America~ 2.91 10/15/2008 9,965,242 7,000,000 Solitaire Funding LLC~++ 2.52 09/26/2008 6,988,240 14,000,000 Starbird Funding Corporation~++ 2.70 09/25/2008 13,975,850 15,000,000 Starbird Funding Corporation~++ 2.80 10/03/2008 14,963,833 10,614,000 Surrey Funding Corporation~++ 2.65 09/11/2008 10,606,968 25,250,000 Surrey Funding Corporation~++ 2.65 09/19/2008 25,218,402 10,000,000 Swedbank AB~ 2.95 09/11/2008 9,992,625 14,000,000 Swedbank AB~ 2.96 11/25/2008 13,903,307 1,000,000 Swedbank AB~ 3.00 11/26/2008 992,917 12,100,000 Thames Asset Global Securitization~++ 2.83 09/08/2008 12,094,293 9,200,000 Thames Asset Global Securitization~++ 2.55 09/15/2008 9,191,528 5,000,000 Tulip Funding Corporation~++ 2.40 09/05/2008 4,999,000 6,000,000 UniCredito Italiano Bank of Ireland~++ 2.93 11/25/2008 5,958,980 22,000,000 Versailles CDS LLC~++ 2.55 09/05/2008 21,995,325 20,000,000 Victoria Finance LLC+/-~~(a)(i)++ 4.82 01/17/2008 16,000,000 TOTAL COMMERCIAL PAPER (COST $982,533,563) 978,533,661 ------------ CORPORATE BONDS & NOTES: 4.41% 1,500,000 ACTS Retirement Life Communities Incorporated+/-ss 3.00 11/15/2029 1,500,000 13,700,000 Allied Irish Banks plc+/-++ 2.47 11/18/2008 13,700,000 19,000,000 BES Finance Limited+/-++ 2.52 03/02/2009 19,000,000 20,000,000 Commonwealth Bank Australia+/-++ 2.50 03/24/2009 20,000,000 31,000,000 Florida Hurricane Catastrophe+/- 2.69 12/12/2008 31,000,000 24,000,000 Intesa Bank (Ireland) plc+/-++ 2.49 03/25/2009 24,000,000
20 Wells Fargo Advantage Money Market Trusts Portfolio of Investments--August 31, 2008 (Unaudited) MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- CORPORATE BONDS & NOTES: (continued) $ 18,000,000 Irish Life & Permanent plc+/-++ 2.50% 03/20/2009 $ 18,000,000 7,910,000 Morgan Stanley+/- 2.19 09/15/2008 7,908,466 10,000,000 Nationwide Building Society+/-++ 2.52 01/06/2009 10,000,000 TOTAL CORPORATE BONDS & NOTES (COST $145,108,466) 145,108,466 ------------ MUNICIPAL BONDS & NOTES: 1.56% 4,000,000 Alachua County FL Oak Hammock University of Florida Project Series A (HCFR, BNP Paribas LOC)+/-ss 2.45 10/01/2032 4,000,000 6,000,000 Colorado Housing & Finance Authority Taxable Multifamily Project B II (Housing Revenue, FNMA Insured)+/-ss 3.00 05/01/2049 6,000,000 20,600,000 Johnson City TN Health & Educational Facilities Series B (Educational Facilities Revenue, Regions Bank)+/-ss 2.55 07/01/2033 20,600,000 12,820,000 Mississippi State Taxable Nissan Project A (GO Unlimited, Bank of America NA LOC)+/-ss 2.62 11/01/2028 12,819,405 4,000,000 New Jersey State Housing & Mortgage Finance Agency Taxable Series 4 (Housing Revenue, Dexia Credit Local de France LOC)+/-ss 2.60 11/01/2037 4,000,000 4,000,000 Ohio State HFA Residential Management Taxable Series I (Housing Revenue, GNMA)+/-ss 2.70 09/01/2039 4,000,000 51,419,405 ------------ TOTAL MUNICIPAL BONDS & NOTES (COST $51,419,405) 51,419,405 ------------ EXTENDABLE BONDS: 6.34% 27,500,000 Bank of Ireland+/-++ 3.05 09/02/2009 27,500,000 23,000,000 Caisse Nationale des Caisses d'Epargne et de Prevoyance+/-++ 2.77 09/10/2009 23,000,000 22,500,000 General Electric Capital Corporation+/- 2.48 09/09/2009 22,500,000 14,000,000 HSBC USA Incorporated+/- 3.19 08/14/2009 14,000,000 7,000,000 IBM International Group Capital+/-++ 3.03 09/25/2009 7,000,000 10,000,000 ING USA Global Funding+/- 3.14 09/18/2009 10,000,000 10,000,000 Irish Life & Permanent plc 2.50 03/20/2009 10,000,000 12,000,000 Merrill Lynch & Company+/- 2.61 03/18/2009 12,000,000 30,000,000 Merrill Lynch & Company+/- 2.61 03/24/2009 30,000,000 37,500,000 Rabobank Nederland+/-++ 2.99 09/09/2009 37,500,000 7,000,000 Royal Bank of Canada+/-++ 2.77 09/15/2009 7,000,000 8,000,000 Svenska Handelsbanken AB+/-++ 3.15 08/25/2009 8,000,000 TOTAL EXTENDABLE BONDS (COST $208,500,000) 208,500,000 ------------ MEDIUM TERM NOTES: 4.61% 24,000,000 BNP Paribas+/- 2.77 09/16/2008 24,000,000 15,000,000 MBIA Global Funding LLC+/-++ 3.01 11/18/2008 15,000,000 10,000,000 Morgan Stanley+/- 2.14 10/31/2008 10,000,000 24,000,000 Nordea Bank AB+/-++ 2.48 09/10/2008 24,000,000 30,000,000 Northern Rock plc+/-++ 2.77 10/08/2008 30,000,000 10,000,000 Northern Rock plc+/-++ 2.53 10/31/2008 10,000,000 15,000,000 Royal Bank of Scotland Group plc+/-++ 2.96 09/18/2008 15,000,000 8,500,000 Santander US Debt SA+/-++ 2.85 10/21/2008 8,498,926 15,000,000 Totta Ireland plc+/-++ 2.47 09/05/2008 15,000,000 TOTAL MEDIUM TERM NOTES (COST $151,498,926) 151,498,926 ------------ SECURED MASTER NOTE AGREEMENT: 4.07% 64,121,000 Bank of America Securities LLC+/-ss(e) 2.26 64,121,000 69,615,000 Citigroup Global Markets Incorporated+/-ss(e) 2.25 69,615,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $133,736,000) 133,736,000 ------------
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage 21 (Unaudited) Money Market Trusts MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- -------------- TIME DEPOSITS: 12.87% $ 55,000,000 Allied Irish Banks plc 2.15% 09/02/2008 $ 55,000,000 55,000,000 Banco Bilbao Vizcaya Argentina SA 2.20 09/02/2008 55,000,000 55,000,000 Bank of Ireland 2.23 09/02/2008 55,000,000 28,000,000 BNP Paribas Paris 2.15 09/02/2008 28,000,000 55,000,000 Danske Bank AS Copenhagen 2.15 09/02/2008 55,000,000 55,000,000 Dexia Credit Local de France 2.18 09/02/2008 55,000,000 65,000,000 KBC Bank NV Brussels 1.88 09/02/2008 65,000,000 55,000,000 Societe Generale Paris 2.18 09/02/2008 55,000,000 TOTAL TIME DEPOSITS (COST $423,000,000) 423,000,000 ------------- REPURCHASE AGREEMENTS: 30.65% 180,000,000 Bank of America NA - 102% Collateralized By US Government Securities (Maturity Value $180,042,600) 2.13 09/02/2008 180,000,000 361,595,533 Barclays Capital Incorporated - 102% Collateralized By US Government Securities (Maturity Value $361,681,512) 2.14 09/02/2008 361,595,533 27,000,000 Citigroup Global Markets - 102% Collateralized By US Government Securities (Maturity Value $27,006,660) 2.22 09/02/2008 27,000,000 79,000,000 Credit Suisse First Boston Corporation - 102% Collateralized By US Government Securities (Maturity Value $79,019,311) 2.20 09/02/2008 79,000,000 34,000,000 Deutsche Bank Securities - 102% Collateralized By US Government Securities (Maturity Value $34,008,236) 2.18 09/02/2008 34,000,000 180,000,000 Greenwich Captial Market Incorporated - 102% Collateralized By US Government Securities (Maturity Value $180,042,600) 2.13 09/02/2008 180,000,000 34,000,000 JPMorgan Securities - 102% Collateralized By US Government Securities (Maturity Value $ 34,008,311) 2.20 09/02/2008 34,000,000 70,000,000 Lehman Brothers Commercial - 102% Collateralized By US Government Securities (Maturity Value $70,019,444) 2.50 09/02/2008 70,000,000 42,000,000 Merrill Pierce Fenner & Smith - 102% Collateralized By US Government Securities (Maturity Value $42,010,267) 2.20 09/02/2008 42,000,000 TOTAL REPURCHASE AGREEMENTS (COST $1,007,595,533) 1,007,595,533 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $3,296,395,945)* 100.15% $3,292,396,043 Other Assets and Liabilities, Net (0.15) (4,895,936) ------ -------------- TOTAL NET ASSETS 100.00% $3,287,500,107 ------ --------------
---------- +/- 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. ~~ 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. ++ 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. (e) The security is a private placement with no stated maturity date. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 22 Wells Fargo Advantage Money Market Trusts Portfolio of Investments--August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- COMMERCIAL PAPER: 5.44% $ 850,000 American Municipal Power Ohio 1.68% 12/01/2008 $ 850,000 1,225,000 Boston Water & Sewer 1.57 10/07/2008 1,225,000 1,000,000 Illinois Finance Authority 1.75 01/06/2009 1,000,000 1,400,000 Massachusetts Health & Educational Facilities Authority 1.60 10/07/2008 1,400,000 2,500,000 Rochester MN Health Care Series 00-B 1.55 11/10/2008 2,500,000 3,000,000 Rochester MN Health Care Series 92-B 1.55 11/10/2008 3,000,000 1,945,000 San Antonio Electric & Gas 1.95 09/04/2008 1,945,000 750,000 San Antonio Electric & Gas 1.65 10/07/2008 750,000 1,300,000 Texas Department of Transportation 1.60 10/08/2008 1,300,000 615,000 University of Texas Permanent University Fund 1.65 10/15/2008 615,000 2,250,000 University of Texas Permanent University Fund 1.50 10/16/2008 2,250,000 1,145,000 University of Texas Permanent University Fund 1.70 11/07/2008 1,145,000 TOTAL COMMERCIAL PAPER (COST $17,980,000) 17,980,000 ------------ MUNICIPAL BONDS & NOTES: 94.43% ARIZONA: 0.20% 670,000 Maricopa County AZ IDA Series A (Housing Revenue, FNMA Insured)ss +/- 2.00 04/15/2030 670,000 ------------ COLORADO: 1.84% 1,535,000 Aurora CO Centretech Metropolitan District (Other Revenue, US Bank NA LOC)ss +/- 1.84 12/01/2028 1,535,000 2,000,000 Denver CO City & County Western Stock Show Project (IDR, US Bank NA LOC)ss +/- 1.86 07/01/2029 2,000,000 1,905,000 Fitzsimons RDA Colorado University Physicians Incorporated (College & University Revenue, Allied Irish Bank plc LOC)ss +/- 1.90 01/01/2025 1,905,000 650,000 South Glenn CO Metropolitan District (Other Revenue, Banque Nationale Paris LOC)ss +/- 1.89 12/01/2030 650,000 6,090,000 ------------ DISTRICT OF COLUMBIA: 1.12% 2,415,000 Deutsche Bank Spears Lifers Trust Series DB-507 (Other Revenue, FGIC Insured)ss +/- 1.88 12/01/2034 2,415,000 1,295,000 Deutsche Bank Spears Lifers Trust Series DB-578 (Other Revenue, MBIA Insured)ss +/- 1.88 02/01/2030 1,295,000 3,710,000 ------------ FLORIDA: 10.51% 1,490,000 Brevard County FL Wuesthoff Memorial Hospital Project (Health Facilities Financing Authority Revenue, Wachovia Bank LOC)ss +/- 1.85 08/01/2031 1,490,000 550,000 Capital Transfer Agency Florida Portofino Villas Series A (Other Revenue, FNMA Insured)ss +/- 2.00 04/15/2036 550,000 6,000,000 Collier County FL Educational Facilities Authority (College & University Revenue, Fifth Third Bank LOC)ss +/- 1.86 10/01/2036 6,000,000 8,000,000 Florida Gas Supply Project #2-A-2 (Utilities Revenue)ss +/- 1.90 11/01/2026 8,000,000 2,000,000 Florida HFA (MFHR, FHLMC Insured)ss +/- 1.94 12/01/2013 2,000,000 340,000 Fort Lauderdale FL Ann Storck Center Incorporated Project (HCFR, Wachovia Bank LOC)ss +/- 2.05 12/01/2014 340,000 1,215,000 Hillsborough County FL School Board COP Series C (Lease Revenue, MBIA Insured)ss +/- 2.55 07/01/2030 1,215,000 2,405,000 Orange County FL Central Florida YMCA Project Series A (IDR, Bank of America NA LOC)ss +/- 1.92 05/01/2027 2,405,000 1,295,000 Orange County FL School Board COP Series A Prerefunded (GO - School Districts, MBIA Insured)ss 5.25 08/01/2009 1,349,192 1,165,000 Palm Beach County FL Norton Gallery Incorporated (College & University Revenue, Northern Trust Corporation LOC)ss +/- 1.85 05/01/2025 1,165,000 660,000 Port of Saint Joe FL (Water & Sewer Revenue, Regions Bank LOC) ss +/- 1.87 12/01/2038 660,000 2,600,000 Sarasota County FL Planned Parenthood Incorporated Project (Other Revenue, Wachovia Bank LOC)ss +/- 1.87 10/01/2041 2,600,000 2,900,000 Sarasota County FL Public Hospital District (Hospital Revenue, AMBAC Insured)ss +/- 1.81 07/01/2037 2,900,000 4,050,000 University of South Florida Financing Corporation (Lease Revenue, Wachovia Bank LOC)ss +/- 1.80 07/01/2037 4,050,000 34,724,192 ------------
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage 23 (Unaudited) Money Market Trusts NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------ --------------------------------------------------------------------- ------------- ------------- ------------- GEORGIA: 5.13% $ 4,350,000 Atlanta GA (Water & Sewer Revenue, Wachovia Bank LOC)ss +/- 1.82% 11/01/2041 $ 4,350,000 4,700,000 Cobb County GA (Property Tax Revenue) 2.25 12/31/2008 4,710,667 5,400,000 Dekalb County Newtown Gwinett County GA Joint Real Estate Student I (College & University Revenue, Wachovia Bank LOC)ss +/- 1.90 06/01/2035 5,400,000 2,325,000 Fulton County GA Residential Care Facilities First Mortgage Lenbrook Project C (Hospital Revenue, Bank of Scotland LOC)ss +/- 1.85 07/01/2017 2,325,000 145,000 Heard County GA Development Authority Ower Wansley (Other Revenue)ss +/- 2.50 09/01/2029 145,000 16,930,667 ------------ IDAHO: 0.80% 2,615,000 Idaho State Tax Anticipation Notes (Property Tax Revenue) 3.00 06/30/2009 2,642,117 ------------ ILLINOIS: 4.75% 2,755,000 Channahon IL Morris Hospital Series A (HCFR, US Bank NA LOC)ss +/- 1.90 12/01/2023 2,755,000 3,160,000 Deutsche Bank Spears Lifers Trust Series DB-502 (Other Revenue, First Security Bank LOC)ss +/- 2.00 01/01/2033 3,160,000 300,000 Illinois Development Finance Authority Loyala Academy Project (Private School Revenue, JPMorgan Chase Bank LOC)ss +/- 1.87 10/01/2031 300,000 1,000,000 Illinois Development Finance Authority Revenue Christian Heritage Academy US Bank NA LOC (Private School Revenue LOC)ss +/- 3.20 12/01/2021 1,000,000 1,500,000 Illinois Development Finance Authority Roosevelt University Project (College & University Revenue, JPMorgan Chase Bank LOC)ss +/- 1.87 04/01/2025 1,500,000 2,515,000 Illinois Educational Facilities Authority Newberry Library Project (Other Revenue, Northern Trust Corporation LOC)ss +/- 1.98 03/01/2028 2,515,000 375,000 Illinois Finance Authority Bradley University Series B (Other Revenue, Northern Trust Corporation LOC)ss +/- 2.00 04/01/2038 375,000 500,000 Illinois Finance Authority Lake County Family YMCA (Other Revenue)ss +/- 1.87 11/01/2037 500,000 500,000 Illinois Finance Authority Xavier University (College & University Revenue, Lasalle National Bank NA LOC)ss +/- 1.90 10/01/2033 500,000 1,800,000 Illinois State Series 660 (Property Tax Revenue, AMBAC Insured)ss +/- 2.34 11/01/2012 1,800,000 1,300,000 Illinois State Series G (GO States, Territories)ss +/- 1.96 05/01/2012 1,300,000 15,705,000 ------------ INDIANA: 5.86% 4,790,000 Indiana Advance Funding Program Notes Series A (Other Revenue) 3.00 01/30/2009 4,807,342 3,000,000 Indiana Health & Educational Facilities Financing Authority Clarian Health Series C (Other Revenue, Branch Banking & Trust)ss +/- 1.60 02/15/2030 3,000,000 1,295,000 Indiana HFFA Revenue Fayette Memorial Hospital Association Series A (HCFR, US Bank NA LOC)ss +/- 2.48 10/01/2032 1,295,000 5,300,000 Indiana State Development Finance Authority Cathedral High School (Private School Revenue, Fifth Third Bank LOC)ss +/- 2.48 09/01/2026 5,300,000 1,500,000 Indiana State Educational Facilities Authority Revenue St. Mary Project (College & University Revenue, Bank One Indiana NA LOC) ss +/- 2.85 02/15/2026 1,500,000 470,000 Indiana State University of Indianapolis (College & University Revenue, Fifth Third Bank LOC)ss +/- 2.48 10/01/2030 470,000 3,000,000 Indianapolis IN Gas Utility Series D208 (Other Revenue, Guarantee Agreement)ss +/- 1.92 08/15/2027 3,000,000 19,372,342 ------------ IOWA: 2.20% 5,245,000 Iowa Finance Authority Care Initiatives Project (Other Revenue, KBC Bank NV LOC)ss +/- 2.45 11/01/2026 5,245,000 435,000 Iowa Finance Authority Holy Family Catholic Schools (Educational Facilities Revenue, Allied Irish Bank plc LOC)ss +/- 2.48 03/01/2036 435,000 1,285,000 Iowa Finance Authority Student Housing Des Moines LLC Project A (Housing Revenue, Citibank NA LOC)ss +/- 1.87 06/01/2039 1,285,000
24 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ----------- -------------------------------------------------------------------------- -------------- ------------- ----------- IOWA (continued) $ 300,000 Iowa Higher Education Loan Authority Private College Dubuque Project (College & University Revenue, Northern Trust Corporation LOC)ss +/- 2.48% 05/01/2029 $ 300,000 7,265,000 ----------- KENTUCKY: 1.12% 2,400,000 Jefferson County KY Industrial Development (Industrial Development Revenue, UBS AG LOC)ss +/- 1.93 08/01/2021 2,400,000 1,275,000 Kentucky Asset Liability Commission TRAN Series A (Other Revenue) 3.00 06/25/2009 1,287,394 3,687,394 ----------- LOUISIANA: 2.55% 1,110,000 Louisiana HFA Woodward (Housing Revenue, FHLB Insured)ss +/- 1.94 09/01/2033 1,110,000 2,300,000 Louisiana Local Government Environmental Facilities CDA Laship LLC Project (IDR, Regions Bank LOC)ss +/- 1.85 09/01/2036 2,300,000 5,000,000 Louisiana State Gas & Fuels Tax Class A (Sales Tax Revenue, First Security Bank LOC)ss +/- 1.95 05/01/2035 5,000,000 8,410,000 ----------- MAINE: 0.24% 780,000 Puttable Floating Option Tax Exempt Receipts 529 (Other Revenue)ss +/- 1.93 12/01/2010 780,000 ----------- MASSACHUSETTS: 0.48% 1,600,000 Massachusetts State Development Finance Agency Buckingham Brown & Nichols (Economic Development Revenue, JPMorgan Chase Bank LOC)ss +/- 1.87 06/01/2036 1,600,000 ----------- MICHIGAN: 4.38% 3,800,000 ABN AMRO Munitops Certificates Trust 2003-35 Michigan (Lease Revenue, MBIA Insured)ss +/- 3.34 10/15/2011 3,800,000 3,000,000 Detroit MI City School District (Other Revenue, FGIC Insured)ss +/- 1.98 05/01/2033 3,000,000 4,660,000 Michigan Municipal Bond Authority Series A-2 (Other Revenue, Dexia Credit Local de France LOC) 3.00 08/20/2009 4,717,434 1,000,000 Michigan State Hospital Finance Authority Holland Community Hospital Series B (Hospital Revenue, Bank One Michigan LOC)ss +/- 1.88 01/01/2034 1,000,000 1,965,000 Michigan State Strategic Fund Limited Obligation de la Salle Collegiate Project (College & University Revenue, Fifth Third Bank LOC)ss +/- 1.88 06/01/2031 1,965,000 14,482,434 ----------- MINNESOTA: 13.20% 2,825,000 ABN AMRO Munitops CFFS Trust 2007-7 Minnesota (Property Tax Revenue, MBIA Insured)ss +/- 2.24 02/01/2015 2,825,000 930,000 Andover MN Presbyterian Homes Incorporated Project (Housing Revenue, FNMA Insured)ss +/- 2.00 11/15/2033 930,000 100,000 Burnsville MN Berkshire Project Series A (MFHR, FNMA Insured)ss +/- 2.00 07/15/2030 100,000 925,000 Center City MN Hazelden Foundation Project (HCFR, Bank of New York LOC)ss +/- 2.45 11/01/2035 925,000 1,660,000 Dakota County MN CDA Catholic Finance Corporation (Economic Development Revenue, US Bank NA LOC)ss +/- 1.89 01/01/2012 1,660,000 535,000 Deutsche Bank Spears Lifers Trust Series DB-489 (Other Revenue, AMBAC Insured)ss +/- 1.92 01/01/2030 535,000 135,000 Inver Grove Heights MN Inver Grove Incorporated Project (Housing Revenue, FNMA Insured)ss +/- 2.00 05/15/2035 135,000 8,080,000 Minneapolis & Saint Paul MN Housing & RDA Childrens Hospitals Clinic Series A (Other Revenue, First Security Bank LOC)ss +/- 2.60 08/15/2037 8,080,000 7,500,000 Minneapolis & Saint Paul MN Housing & RDA Series B1 (Healthcare Facilities Revenue, Bank of New York LOC)ss +/- 1.75 11/15/2034 7,500,000 4,525,000 Minneapolis St. Paul MN Housing & RDA Childrens Health Care Series B (HCFR, First Security Bank LOC)ss +/- 2.60 08/15/2025 4,525,000
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage 25 (Unaudited) Money Market Trusts NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ---------- -------------------------------------------------------------------------- ------------- ------------- ------------- MINNESOTA (continued) $ 5,910,000 Minnesota Agriculture & Economic Development Board Health Care Facility Essential C4 (HCFR, Guarantee Agreement)ss +/- 2.60% 02/15/2030 $ 5,910,000 1,020,000 Minnesota State HEFAR Scholastica Series 6A (Housing Revenue, Marshall & Isley Bank LOC)ss +/- 2.45 12/01/2034 1,020,000 215,000 Minnesota State HEFAR Trustees Hamline University Series 6E3 (College & University Revenue, Harris Trust Savings Bank LOC)ss +/- 1.86 10/01/2016 215,000 4,000,000 Minnesota State University of St. Thomas Series 5L (College & University Revenue, Allied Irish Bank plc LOC)ss +/- 1.85 04/01/2027 4,000,000 3,040,000 Rosewell MN Roswell LLC Project Series A (College & University Revenue)ss +/- 1.87 07/01/2036 3,040,000 2,190,000 St. Paul MN Public Radio Project Series 7 (Other Revenue, Allied Irish Bank plc LOC)ss +/- 2.45 05/01/2025 2,190,000 43,590,000 ------------ MISSOURI: 3.25% 1,000,000 ABN AMRO Munitops Certificates Trust 2006-90 (College & University Revenue, ABN AMRO Bank NV LOC)ss +/- 1.83 01/15/2015 1,000,000 810,000 Independence MO IDA The Mansions Project (MFHR, FHLMC Insured)ss +/- 1.93 08/01/2035 810,000 1,130,000 Jackson County MO IDA Kansas City Hospice (Other Revenue, Fifth Third Bank LOC)ss +/- 1.90 01/01/2030 1,130,000 250,000 Kansas City MO IDA Revenue Ewing Marion Kauffman Foundation (Other Revenue LOC)ss +/- 2.45 04/01/2027 250,000 1,345,000 Kansas City MO IDA Revenue Ewing Marion Kauffman Series A (College & University Revenue LOC)ss +/- 2.45 04/01/2027 1,345,000 3,025,000 Kansas City MO Special Obligation Roe Bartle Series E (Tax Revenue, Bank of America NA LOC)ss +/- 1.81 04/15/2034 3,025,000 1,700,000 Missouri State HEFA (College & University Revenue, JPMorgan Chase Bank LOC)ss +/- 3.20 03/01/2040 1,700,000 330,000 Missouri State HEFA Southwest Baptist University Project (HCFR, Bank of America NA LOC)ss +/- 2.48 10/01/2033 330,000 1,155,000 Missouri State Public Utilities Community (Other Revenue) 4.75 09/01/2008 1,155,000 10,745,000 ------------ NEVADA: 1.17% 595,000 Clark County NV Economic Development Opportunity Village Foundation Project (Other Revenue, Allied Irish Bank plc LOC)ss +/- 1.85 01/01/2037 595,000 1,705,000 Las Vegas NV Economic Development (Other Revenue, Bank of New York LOC)ss +/- 1.85 10/01/2035 1,705,000 1,565,000 Truckee Meadows NV Water Authority Series 1879 (Water Revenue, First Security Bank LOC)ss +/- 2.34 07/01/2014 1,565,000 3,865,000 ------------ NEW HAMPSHIRE: 2.66% 620,000 New Hampshire HEFA Crotched Mountain Rehabilitation (HFFA Revenue, Allied Irish Bank plc LOC)ss +/- 1.86 01/01/2037 620,000 1,940,000 New Hampshire HEFA Health Care Series A (Other Revenue, JPMorgan Chase Bank LOC)ss +/- 1.90 01/01/2030 1,940,000 4,900,000 New Hampshire HEFA St. Anselm College (Other Revenue, Citizens Bank LOC)ss +/- 2.45 06/01/2038 4,900,000 1,315,000 New Hampshire State Business Finance Authority Alice Peck Day Health System (Housing Revenue, TD Banknorth NA)ss +/- 2.45 10/01/2043 1,315,000 8,775,000 ------------ NEW JERSEY: 0.30% 990,000 Puttable Floating Option Tax Exempt Receipts 4036 (Transportation Revenue, AMBAC Insured)ss +/- 1.83 01/01/2025 990,000 ------------ NEW MEXICO: 0.70% 800,000 New Mexico Finance Authority State Subseries B2 (Other Revenue, UBS AG LOC)ss +/- 1.90 12/15/2026 800,000 1,495,000 University of New Mexico Series 2498 (College & University Revenue, First Security Bank LOC)ss +/- 2.14 06/01/2015 1,495,000 2,295,000 ------------
26 Wells Fargo Advantage Money Market Trusts Portfolio of Investments-- August 31, 2008 (Unaudited) NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ---------- -------------------------------------------------------------------------- -------------- ------------- ------------ NEW YORK: 0.74% $ 1,100,000 New York TSASC Incorporated Series 1 Prerefunded (Other Revenue)ss 6.25% 07/15/2009 $ 1,153,127 1,275,000 Tobacco Settlement Financing Corporation New York Series 4508 (Other Revenue, AMBAC Insured)ss +/- 1.87 06/01/2021 1,275,000 2,428,127 ----------- OHIO: 4.35% 2,035,000 ABN AMRO Munitops Certificates Trust 2004-4 Ohio (College & University Revenue, AMBAC Insured)ss +/- 3.34 06/01/2012 2,035,000 2,000,000 Butler County OH Hospital Facilities Cincinnati Childrens Series O (Healthcare Facilities Revenue, Fifth Third Bank LOC)ss +/- 1.81 05/15/2036 2,000,000 2,335,000 Franklin County OH Chelsea First Community Village Project (HFFA Revenue, Bank of America NA LOC)ss +/- 1.93 03/01/2036 2,335,000 1,895,000 Hamilton OH Affordable Housing Series B (Housing Revenue, FHLB Insured)ss +/- 1.99 01/01/2035 1,895,000 1,110,000 Independence OH Economic Development Series 2001 (IDR, US Bank NA LOC)ss +/- 2.03 12/01/2016 1,110,000 5,000,000 Williams County OH Hospital Facilities Community Hospitals & Wellness Center (Other Revenue, Fifth Third Bank LOC)ss +/- 1.86 01/01/2041 5,000,000 14,375,000 ----------- OREGON: 0.24% 800,000 Oregon State Series A (Property Tax Revenue) 3.00 06/30/2009 808,428 ----------- PENNSYLVANIA: 5.30% 5,000,000 Dauphin County PA General Authority School District Pooled Financing Program II (Other Revenue, Bank of Nova Scotia)ss +/- 1.84 09/01/2032 5,000,000 2,350,000 Delaware County PA Authority Elwyn Project Series B (Other Revenue, Wachovia Bank LOC)ss +/- 2.45 06/01/2020 2,350,000 450,000 Pennsylvania State HEFAR Honeysuckle Student Holding Series A (College & University Revenue, Allied Irish Bank plc LOC)ss +/- 1.84 07/01/2034 450,000 3,880,000 Pennsylvania State HEFAR Series B (College & University Revenue LOC)ss +/- 1.90 06/01/2035 3,880,000 830,000 Pennsylvania State HEFAR Student Housing Revenue Series A (Other Revenue LOC)ss +/- 1.86 11/01/2036 830,000 5,000,000 Southeastern PA Transportation Authority (Transportation Revenue, PNC Bank NA)ss +/- 1.82 03/01/2022 5,000,000 17,510,000 ----------- SOUTH CAROLINA: 2.81% 8,000,000 ABN AMRO Munitops Certificates Trust 2002-32 (Fuel Sales Tax Revenue, AMBAC Insured)ss +/- 3.34 10/01/2010 8,000,000 1,295,000 South Carolina State Public Services Authority (Other Revenue, MBIA Insured)ss +/- 1.78 01/01/2022 1,295,000 9,295,000 ----------- SOUTH DAKOTA: 1.97% 6,495,000 South Dakota Housing Development Authority (Multi-Family Housing Revenue, FNMA Insured)ss +/- 1.94 02/15/2031 6,495,000 ----------- TENNESSEE: 0.58% 1,900,000 Chattanooga TN Industrial Development Board (IDR, AMBAC Insured)ss +/- 1.89 10/01/2027 1,900,000 ----------- TEXAS: 8.04% 1,800,000 ABN AMRO Munitops Certificates Trust 2006-55 (Property Tax Revenue, Permanent School Fund Guaranteed)ss +/- 1.83 02/01/2014 1,800,000 6,260,000 Austin TX Subseries A (Tax Revenue, Dexia Credit Local de France LOC)ss +/- 1.80 11/15/2029 6,260,000 2,260,000 Austin TX Subseries B (Tax Revenue, Dexia Credit Local de France LOC)ss +/- 1.90 11/15/2029 2,260,000 4,000,000 Cypress Fairbanks TX Independent School District (Property Tax Revenue, Citibank NA LOC)ss +/- 1.79 02/15/2035 4,000,000 1,000,000 Deutsche Bank Spears Lifers Trust Series DB-514 (Other Revenue, Permanent School Fund Guaranteed)ss +/- 1.88 02/15/2038 1,000,000
Portfolio of Investments--August 31, 2008 Wells Fargo Advantage 27 (Unaudited) Money Market Trusts NATIONAL TAX-FREE MONEY MARKET TRUST
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ---------- ----------------------------------------------------------------- ------------- -------------- ---------------- TEXAS (continued) $ 500,000 Harris County TX TRAN (Property Tax Revenue) 3.00% 02/26/2009 $ 503,457 200,000 Houston TX Finance Corporation ROCS RR II R-850 (Housing Revenue, FHLMC Insured)ss +/- 1.80 05/01/2033 200,000 1,100,000 Houston TX Series SG 139 (College & University Revenue, Societe Generale LOC)ss +/- 1.85 11/15/2029 1,100,000 2,495,000 Houston TX Water & Sewer System (Water & Sewer Revenue, MBIA Insured)ss +/- 2.06 12/01/2023 2,495,000 2,000,000 Katy TX Independent School District Series D220 (Property Tax Revenue, Wachovia Bank LOC)ss +/- 1.92 02/15/2028 2,000,000 1,240,000 Lubbock TX (Other Revenue, First Security Bank LOC)ss +/- 1.96 02/15/2027 1,240,000 2,400,000 Port Arthur TX Naval District Series C (IDR, Guarantee Agreement)ss +/- 1.85 04/01/2027 2,400,000 1,300,000 Texas State TRAN (GO - States, Territories) 3.00 08/28/2009 1,317,412 26,575,869 ------------- WASHINGTON: 1.75% 420,000 Everett WA (Property Tax Revenue LOC, Bank of America NA LOC)ss +/- 1.95 12/01/2021 420,000 245,000 King County WA Housing Authority Series A (Housing Revenue, FHLMC Insured)ss +/- 1.90 07/01/2035 245,000 5,130,000 Seattle WA Solid Waste Series 2202 (Solid Waste Revenue, MBIA Insured)ss +/- 2.04 02/01/2029 5,130,000 5,795,000 ------------- WEST VIRGINIA: 1.82% 6,000,000 West Virginia State Parkways Economic Development & Tourism Authority (Other Revenue, General Obligation of Authority)ss +/- 1.82 04/15/2019 6,000,000 ------------- WISCONSIN: 3.56% 5,030,000 Wisconsin State HEFA Meriter Hospital Incorporated Project (HCFR, Marshall & Isley Bank LOC)ss +/- 2.48 12/01/2032 5,030,000 2,480,000 Wisconsin State HEFAR Bay Area Medical Center Incorporated (HCFR, Marshall & Isley Bank LOC)ss +/- 2.48 02/01/2038 2,480,000 495,000 Wisconsin State HEFAR Hospice Care Holdings Incorporated (HCFR LOC)ss +/- 1.84 05/01/2030 495,000 3,750,000 Wisconsin State HEFAR Meriter Retirement Services Series A (Other Revenue, KBC Bank NV LOC)ss +/- 1.90 03/01/2038 3,750,000 11,755,000 ------------- WYOMING: 0.81% 2,675,000 Sweetwater County WY Pacific Corporation Project Series A (PCR, Barclays Bank plc LOC)ss +/- 1.84 07/01/2015 2,675,000 ------------- TOTAL MUNICIPAL BONDS & NOTES (COST $311,941,570) 311,941,570 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $329,921,570)* 99.87% $ 329,921,570 Other Assets and Liabilities, Net 0.13 438,450 ------ ------------- TOTAL NET ASSETS 100.00% $ 330,360,020 ------ -------------
--------------- ss These securities are subject to a demand feature which reduces the effective maturity. +/- Variable rate investments. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 28 Wells Fargo Advantage Money Market Trusts Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
California National Tax-Free Money Money Tax-Free Money Market Trust Market Trust Market Trust -------------- --------------- -------------- ASSETS Investments In securities, at market value ........................................... $ 778,272,570 $ 2,284,800,510 $ 329,921,570 Repurchase Agreements .................................................... 0 1,007,595,533 0 ---------------------------------------------- Total investments at market value (see cost below) ........................... 778,272,570 3,292,396,043 329,921,570 ---------------------------------------------- Cash ......................................................................... 78,812 50,000 89,843 Receivables for dividends and interest ....................................... 1,994,681 3,373,197 929,373 ---------------------------------------------- Total assets ..................................................................... 780,346,063 3,295,819,240 330,940,786 ---------------------------------------------- LIABILITIES Payable for investments purchased ............................................ 2,345,202 1,000,000 0 Dividends payable ............................................................ 1,034,208 6,694,405 512,525 Payable to investment advisor and affiliates (Note 3) ........................ 130,153 564,078 53,051 Accrued expenses and other liabilities ....................................... 87,720 60,650 15,190 ---------------------------------------------- Total liabilities ................................................................ 3,597,283 8,319,133 580,766 ---------------------------------------------- TOTAL NET ASSETS ................................................................. $ 776,748,780 $ 3,287,500,107 $ 330,360,020 ============================================== NET ASSETS CONSIST OF Paid-in capital .............................................................. $ 776,651,759 $ 3,291,800,497 $ 330,359,456 Undistributed net investment income (loss) ................................... (386) 1 921 Undistributed net realized gain (loss) on investments ........................ 97,407 (300,489) (357) Net unrealized appreciation (depreciation) of investments .................... 0 (3,999,902) 0 ---------------------------------------------- TOTAL NET ASSETS ................................................................. $ 776,748,780 $ 3,287,500,107 $ 330,360,020 ============================================== COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) Net assets ................................................................... $ 776,748,780 $ 3,287,500,107 $ 330,360,020 Shares outstanding ........................................................... 776,639,083 3,291,878,819 330,352,892 Net asset value and offering price per share ................................. $ 1.00 $ 1.00 $ 1.00 ---------------------------------------------- Investments at cost .............................................................. $ 778,272,570 $ 3,296,395,945 $ 329,921,570 ----------------------------------------------
----------- (1) Each Fund has an unlimited number of authorized shares. The accompanying notes are an integral part of these financial statements. Statements of Operations--For the Wells Fargo Advantage Money 29 Six Months Ended August 31, 2008 Market Trusts (Unaudited)
California National Tax-Free Money Money Tax-Free Money Market Trust Market Trust Market Trust -------------- --------------- -------------- INVESTMENT INCOME Interest ..................................................................... $ 6,894,017 $ 47,860,269 $ 3,404,952 ---------------------------------------------- Total investment income .......................................................... 6,894,017 47,860,269 3,404,952 ---------------------------------------------- EXPENSES Administration fees .......................................................... 602,106 2,948,983 274,000 Custody fees ................................................................. 70,836 346,939 32,235 Accounting fees .............................................................. 24,463 87,048 15,602 Professional fees ............................................................ 1,553 14,689 9,151 Registration fees ............................................................ 1,226 17,409 12,309 Shareholder reports .......................................................... 1,621 23,536 2,765 Trustees' fees ............................................................... 4,323 4,323 4,323 Other fees and expenses ...................................................... 2,659 16,062 2,297 ---------------------------------------------- Total expenses ................................................................... 708,787 3,458,989 352,682 ---------------------------------------------- LESS Waived fees and reimbursed expenses (Note 3) ................................. (6,792) (498) (30,329) Net expenses ................................................................. 701,995 3,458,491 322,353 ---------------------------------------------- Net investment income (loss) ..................................................... 6,192,022 44,401,778 3,082,599 ---------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities ................................................................... 75,623 (352,861) 11,721 ---------------------------------------------- Net realized gain and loss from investments ...................................... 75,623 (352,861) 11,721 ---------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities ................................................................... 0 (1,832,000) 0 ---------------------------------------------- Net change in unrealized appreciation (depreciation) of investments .............. 0 (1,832,000) 0 ---------------------------------------------- Net realized and unrealized gain (loss) on investments ........................... 75,623 (2,184,861) 11,721 ---------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................. $ 6,267,645 $ 42,216,917 $ 3,094,320 ==============================================
The accompanying notes are an integral part of these financial statements. 30 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, 2008 Year Ended (Unaudited) February 29, 2008 ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS Beginning Net Assets ...................................................... $ 720,667,146 $ 573,292,623 OPERATIONS Net investment income (loss) .............................................. 6,192,022 19,265,114 Net realized gain (loss) on investments ................................... 75,623 49,060 Net change in unrealized appreciation (depreciation) of investments ....... 0 0 ----------------------------------- Net increase (decrease) in net assets resulting from operations ................ 6,267,645 19,314,174 ----------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income ..................................................... (6,192,021) (19,265,501) ----------------------------------- Total distributions to shareholders ............................................ (6,192,021) (19,265,501) ----------------------------------- CAPITAL SHARES TRANSACTIONS Proceeds from shares sold ................................................. 1,161,646,058 2,355,461,011 Reinvestment of distributions ............................................. 140,468 534,662 Cost of shares redeemed ................................................... (1,105,780,516) (2,208,669,823) ----------------------------------- Net increase (decrease) in net assets resulting from capital share transactions ................................................................. 56,006,010 147,325,850 ----------------------------------- NET INCREASE (DECREASE) IN NET ASSETS .......................................... 56,081,634 147,374,523 =================================== ENDING NET ASSETS .............................................................. $ 776,748,780 $ 720,667,146 =================================== SHARES ISSUED AND REDEEMED Shares sold ............................................................... 1,161,646,058 2,355,461,011 Shares issued in reinvestment of distributions ............................ 140,468 534,662 Shares redeemed ........................................................... (1,105,780,516) (2,208,669,823) NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................................................ 56,006,010 147,325,850 =================================== Ending balance of undistributed net investment income (loss) ................... $ (386) $ (387) -----------------------------------
The accompanying notes are an integral part of these financial statements. Statements of Changes in Net Assets Wells Fargo Advantage Money 31 Market Trusts
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, 2008 Year Ended August 31, 2008 Year Ended (Unaudited) February 29, 2008 (Unaudited) February 29, 2008 ---------------- ----------------- ---------------- ----------------- $ 3,754,221,000 $ 2,674,810,147 $ 324,273,448 $ 295,865,371 44,401,778 149,714,746 3,082,599 8,743,061 (352,861) 79,674 11,721 19,681 (1,832,000) (2,167,902) 0 0 --------------------------------------------------------------------------- 42,216,917 147,626,518 3,094,320 8,762,742 --------------------------------------------------------------------------- (44,401,779) (149,714,746) (3,082,599) (8,743,060) --------------------------------------------------------------------------- (44,401,779) (149,714,746) (3,082,599) (8,743,060) --------------------------------------------------------------------------- 8,968,855,317 40,025,863,294 1,735,036,275 2,990,252,372 48 183 15,467 131,594 (9,433,391,396) (38,944,364,396) (1,728,976,891) (2,961,995,571) --------------------------------------------------------------------------- (464,536,031) 1,081,499,081 6,074,851 28,388,395 --------------------------------------------------------------------------- (466,720,893) 1,079,410,853 6,086,572 28,408,077 =========================================================================== $ 3,287,500,107 $ 3,754,221,000 $ 330,360,020 $ 324,273,448 =========================================================================== 8,968,855,317 3,756,414,850 1,735,036,275 2,990,252,372 48 183 15,467 131,594 (9,433,391,396) (3,894,436,440) (1,728,976,891) (2,961,995,571) (464,536,031) (138,021,407) 6,074,851 28,388,395 =========================================================================== $ 1 $ 2 $ 921 $ 921 ---------------------------------------------------------------------------
32 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, 2008 to August 31, 2008 (Unaudited)........................... $ 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(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) April 1, 2002 to March 31, 2003........................................ $ 1.00 0.01 0.00 (0.01) MONEY MARKET TRUST March 1, 2008 to August 31, 2008 (Unaudited)........................... $ 1.00 0.01 0.00 (0.01) 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) April 1, 2002 to March 31, 2003........................................ $ 1.00 0.02 0.00 (0.02) NATIONAL TAX-FREE MONEY MARKET TRUST March 1, 2008 to August 31, 2008 (Unaudited)........................... $ 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(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) April 1, 2002 to March 31, 2003........................................ $ 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 calculated is less than .005%. The accompanying notes are an integral part of these financial statements. Financial Highlights Wells Fargo Advantage 33 Money Market Trusts
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 0.88% 0.20% 0.00%(4) 0.20% 0.89% $ 776,749 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 1.16% 0.24% (0.04)% 0.20% 1.18% $ 830,713 0.00 $ 1.00 1.28% 0.20% 0.00%(4) 0.20% 1.30% $ 3,291,500 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 1.56% 0.23% (0.03)% 0.20% 1.58% $ 1,823,970 0.00 $ 1.00 0.96% 0.22% (0.02)% 0.20% 0.97% $ 330,360 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 0.00 $ 1.00 1.28% 0.22% (0.02)% 0.20% 1.30% $ 507,048
34 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, 2008, was comprised of 98 separate series (each, a "Fund", collectively, the "Funds"). These financial statements present the California Tax-Free Money Market Trust, Money Market Trust, and National Tax-Free Money Market Trust. Each Fund, except for the California Tax-Free Money Market 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 accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 the method discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Notes to Financial Statements Wells Fargo Advantage Money Market Trusts 35 - Level 3 - significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of August 31, 2008 in valuing the Funds' investments in securities:
Total Fair Value Money Market Funds Level 1 Level 2 Level 3 as of 08/31/2008 ------------------ ------- --------------- ------------ ---------------- CALIFORNIA TAX-FREE MONEY MARKET TRUST $ 0 $ 778,272,570 $ 0 $ 778,272,570 MONEY MARKET TRUST 0 3,276,396,043 16,000,000 3,292,396,043 NATIONAL TAX-FREE MONEY MARKET TRUST 0 311,941,570 0 311,941,570
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
California Tax-Free National Tax-Free Money Market Trust Money Market Trust Money Market Trust ------------------- ------------------ ------------------ BALANCE AS OF 02/29/2008 $ 0 $ 17,832,000 $ 0 Accrued discounts/premiums 0 0 0 Realized gain (loss) 0 0 0 Unrealized appreciation/(depreciation) 0 (1,832,000) 0 Net purchases (sales) 0 0 0 BALANCE AS OF 08/31/2008 $ 0 $ 16,000,000 $ 0
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. 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 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 Subtitle A, Chapter 1 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, 2008. 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, 2008, 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) are subject to examination by the Internal Revenue Service and state departments of revenue. 36 Wells Fargo Advantage Money Market Trusts Notes to Financial Statements At February 29, 2008, estimated net capital loss carryforwards, which are available to offset future net realized capital gains, were:
Capital Loss FUND Expiration Year Carryforwards ---- --------------- ------------- NATIONAL TAX-FREE MONEY MARKET TRUST 2014 $ 462 2015 11,616
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, 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, 2008, the following Fund owned certain of these types of structured securities which are currently in default and valued at fair values in the Portfolio of Investments or have been restructured following default, including the percentage of each Funds net assets invested in these securities:
FUND Defaulted SIVs ($ Market Value) % of Net Assets ---- ------------------------------- --------------- MONEY MARKET TRUST $ 16,000,000 0.49%
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: Notes to Financial Statements Wells Fargo Advantage Money Market Trusts 37
% of Average 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, Inc. ("PNC") serves as fund accountant for the Trust and is entitled to receive an annual asset based fee and an annual fixed fee from each Fund. PNC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses on the Statements of Operations, for the six-month period ended August 31, 2008, 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, 2009, 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. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133. FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of August 31, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. 5. SUBSEQUENT EVENT On October 3, 2008, the Board of Trustees of Wells Fargo Funds Trust (the "Board") unanimously approved the participation of the Wells Fargo Advantage Money Market Funds (the "Funds") in the initial term of the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds (the "Program"). The Board also unanimously approved a change to each Fund's Amended and Restated Fee and Expense Agreement to exclude "extraordinary expenses"from the types of operating expenses that may not exceed the capped operating expense ratio of the Fund. 38 Wells Fargo Advantage Money Market Trusts Notes to Financial Statements The Program applies only to shareholders of record of each Fund as of September 19, 2008 who continuously maintain an account balance with the Fund since that date. 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 Program. Shares acquired by investors after September 19, 2008 are generally not eligible for protection under the Program. Participation in the initial three months of the Program (through December 18, 2008) requires a payment to the Treasury in the amount of either 0.01% or 0.015%, 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 Secretary of the Treasury may extend the Program beyond its initial three month term through the close of business on September 18, 2009. If the Program is extended, the Board will consider whether each Fund should continue to participate. Other Information Wells Fargo Advantage Money Market Trusts 39 PROXY VOTING INFORMATION A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds'Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at WWW.SEC.GOV. PORTFOLIO HOLDINGS INFORMATION The complete portfolio holdings for each Fund, except money market funds, are publicly available on the Funds'Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or more delayed basis and for money market funds on a monthly seven-day delayed basis. In addition, top ten holdings information for each Fund is publicly available on the Funds'Web site on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. BOARD OF TRUSTEES The following table provides basic information about the Board of Trustees (the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information(1) of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 133 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the "Fund Complex"). All of the non-interested Trustees are also members of the Audit and Governance Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees. NON-INTERESTED TRUSTEES
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- -------------------------------------------- ------------------- Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None 66 University of Wake Forest University. Prior thereto, the Thomas Goho Chair of Finance of Wake Forest University, Calloway School of Business and Accountancy, from 2006-2007 and Associate Professor of Finance from 1999- 2005. Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water None 65 Chairman, since 2005 Company and President of Crystal Geyser Roxane Water (Lead Trustee since Company. 2001) Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and None 59 Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None 55 School, University of Pennsylvania. Director of the Boettner Center on Pensions and Retirement Research. Research associate and board member, Penn Aging Research Center. Research associate, National Bureau of Economic Research. Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None 56 Foundation, a non-profit organization since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None 68
40 Wells Fargo Advantage Money Market Trusts Other Information INTERESTED TRUSTEE(3)
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- -------------------------------------------- ------------------- J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None 64 Chairman of Whitepoint Capital, LLC until 2004.
OFFICERS
Position Held and Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships ------------ -------------------- -------------------------------------------- ------------------- Karla M. Rabusch President, since Executive Vice President of Wells Fargo Bank, N.A. and None 49 2003 President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003. C. David Messman Secretary, since Senior Vice President and Secretary of Wells Fargo Funds None 48 2000; Chief Legal Management, LLC since 2001. Vice President and Managing Counsel, since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996. Stephen W. Leonhardt Treasurer, since Vice President and Manager of Fund Accounting, Reporting None 49 2007 and Tax for Wells Fargo Funds Management, LLC since 2007. Director of Fund Administration and SEC Reporting for TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB Fund Services, Inc. from 2004 to 2005. Controller for Sungard Transaction Networks from 2002 to 2004. Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, None 44 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 and 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) As of August 31, 2008, one of the seven Trustees is considered an "interested person" of the Trusts as defined in the Investment Company Act of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC. Other Information Wells Fargo Advantage Money Market Trusts 41 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 Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust (the "Trust"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), will annually review and consider the continuation of the investment advisory and sub-advisory agreements. In this regard, the Board reviewed and re-approved, during the six months covered by this report: (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 28, 2008, the Board, including the Independent Trustees advised by their independent legal counsel, 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 28, 2008, 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 services for 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, and the appointment of a new Chief Compliance Officer for the Funds. 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 of the Funds over various time periods ended December 31, 2007. The Board also considered these results in comparison to the median performance of a universe of relevant funds that was determined by Lipper Inc. ("Lipper") to be similar to the Funds (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 was provided with 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. 42 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 and non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The Board also considered comparisons of these fees to the respective median fees of narrower groups of funds that were determined by Lipper to be the most similar to the Funds (the "Peer Group") and to other comparative data. The Board was provided with a description of the methodology used by Lipper to select the mutual funds in the Peer Group. The Board noted that the net operating expense ratio for each Fund was lower than, or not appreciably higher than, each Fund's Peer Group's median net operating expense ratio. Based on the above-referenced considerations and other factors, the Board concluded that the overall performance 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 Peer 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 Peer 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 Peer Group, and reasonable in relation to the services provided. The Board also reviewed and considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement Rates were fair and equitable, based on its consideration of the factors described above. PROFITABILITY The Board received and considered a detailed profitability analysis of Funds Management based on the Advisory Agreement Rates and Net Advisory Rates, as well as an analysis of the profitability to other Wells Fargo businesses of providing services to the Funds. The Board also considered related information provided by Funds management in a separate presentation on financial matters made at the February 2008 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 the Funds were not unreasonable. The Board did not consider separate profitability information with respect to Wells Capital Management, as its profitability from its relationships with the Funds was not a material factor in determining whether to renew the agreement. ECONOMIES OF SCALE The Board received and considered general information regarding whether there have been economies of scale with respect to the management of the Funds, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Funds. The Board also considered information provided by Funds Management in separate presentations on advisory fee breakpoints and economies of scale made at the February 2008 board meeting. 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. Other Information Wells Fargo Advantage Money Market Trusts 43 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 the Funds was in the best interest of the Funds and their shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period. 44 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 FFCB -- Federal Farm Credit Bank FGIC -- Financial Guaranty Insurance Corporation FHA -- Federal Housing Authority FHAG -- Federal Housing Agency FHLB -- Federal Home Loan Bank FHLMC -- Federal Home Loan Mortgage Corporation FNMA -- Federal National Mortgage Association FSA -- Farm Service Agency GDR -- Global Depositary Receipt GNMA -- Government National Mortgage Association GO -- General Obligation HCFR -- Healthcare Facilities Revenue HEFA -- Health & Educational Facilities Authority HEFAR -- Higher Education Facilities Authority Revenue HFA -- Housing Finance Authority HFFA -- Health Facilities Financing Authority HUD -- Housing & Urban Development IDA -- Industrial Development Authority IDAG -- Industrial Development Agency IDR -- Industrial Development Revenue LIBOR -- London Interbank Offered Rate LLC -- Limited Liability Corporation LOC -- Letter of Credit LP -- Limited Partnership MBIA -- Municipal Bond Insurance Association MFHR -- Multi-Family Housing Revenue MTN -- Medium Term Note MUD -- Municipal Utility District PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue PFA -- Public Finance Authority PFFA -- Public Facilities Financing Authority plc -- Public Limited Company PSFG -- Public School Fund Guaranty R&D -- Research & Development RDA -- Redevelopment Authority RDFA -- Redevelopment Finance Authority REITS -- Real Estate Investment Trusts SFHR -- Single Family Housing Revenue SFMR -- Single Family Mortgage Revenue SLMA -- Student Loan Marketing Association 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 This report and the financial statements contained herein are submitted for the Funds is available free upon request. To general information of the shareholders of WELLS FARGO ADVANTAGE FUNDS. If this obtain literature, please write, e-mail, report is used for promotional purposes, distribution of the report must be visit the Funds' Web site, or call: 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 Wells Fargo Advantage Funds the Funds' Web site at www.wellsfargo.com/advantagefunds. Please consider the P.O. Box 8266 investment objectives, risks, charges, and expenses of the investment carefully Boston, MA 02266-8266 before investing. This and other information about WELLS FARGO ADVANTAGE FUNDS can be E-mail: wfaf@wellsfargo.com found in the current prospectus. Read the prospectus carefully before you invest or send money. Web site: www.wellsfargo.com/advantagefunds Individual Investors: 1- 800-222-8222 Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Retail Investment Professionals: Company, provides investment advisory and administrative services for Wells Fargo 1-888-877-9275 Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and Institutional Investment Professionals: other services for the Funds. The Funds are distributed by WELLS FARGO FUNDS 1-866-765-0778 DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate OF Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE (C) 2008 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 112052 10-08 SMMF/SAR119 08-08
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 ============================================================ Not applicable. 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 13, 2008 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 13, 2008 By: /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Date: October 13, 2008 CERTIFICATION ------------- I, Karla M. Rabusch, certify that: 1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage California Tax-Free Money Market Fund, Wells Fargo Advantage Cash Investment 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 Prime Investment Money Market Fund, Wells Fargo Advantage Treasury Plus Money Market Fund, Wells Fargo Advantage 100% Treasury Money Market Fund, Wells Fargo Advantage Heritage Money Market Fund, Wells Fargo Advantage Overland Express Sweep Fund, Wells Fargo Advantage Money Market Trust, Wells Fargo Advantage California Tax-Free Money Market Trust, and Wells Fargo Advantage National Tax-Free Money Market Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: October 13, 2008 /s/ Karla M. Rabusch ----------------------- Karla M. Rabusch President Wells Fargo Funds Trust Exhibit 99.CERT CERTIFICATION I, Stephen W. Leonhardt, certify that: 1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage California Tax-Free Money Market Fund, Wells Fargo Advantage Cash Investment 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 Prime Investment Money Market Fund, Wells Fargo Advantage Treasury Plus Money Market Fund, Wells Fargo Advantage 100% Treasury Money Market Fund, Wells Fargo Advantage Heritage Money Market Fund, Wells Fargo Advantage Overland Express Sweep Fund, Wells Fargo Advantage Money Market Trust, Wells Fargo Advantage California Tax-Free Money Market Trust, and Wells Fargo Advantage National Tax-Free Money Market Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: October 13, 2008 /s/ Stephen W. Leonhardt ------------------------ Stephen W. Leonhardt Treasurer Wells Fargo Funds Trust Exhibit 99.CERT SECTION 906 CERTIFICATION ------------------------- Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that the Trust's report on Form N-CSR for the period ended August 31, 2008 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: October 13, 2008 /s/ Karla M. Rabusch Karla M. Rabusch President Wells Fargo Funds Trust SECTION 906 CERTIFICATION ------------------------- Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo Funds Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's report on Form N-CSR for the period ended August 31, 2008 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: October 13, 2008 /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Wells Fargo Funds Trust