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[LETTERHEAD OF KPMG]
Independent Auditors' Report
To the Board of Trustees of
Wells Fargo Funds Trust:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that California Tax-Free Money Market Fund, California Tax-Free
Money Market Trust, Cash Investment Money Market Fund, Money Market Fund, Prime
Investment Money Market Fund, Money Market Trust, National Tax-Free
Institutional Money Market Fund, National Tax-Free Money Market Fund, National
Tax-Free Money Market Trust, Overland Express Sweep Fund, Treasury Plus
Institutional Money Market Fund, Treasury Plus Money Market Fund, 100% Treasury
Money Market Fund, and Government Money Market Fund, portfolios of Wells Fargo
Funds Trust (the Funds), complied with the requirements of subsections (b) and
(c) of Rule 17f-2 under the Investment Company Act of 1940 as of February 29,
2000. Management is responsible for the Funds' compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of February 29, 2000, and with respect to agreement of security
purchases and sales, and for the period from September 30, 1999 (date of our
last examination) through February 29, 2000:
(1) Inspection of Documentation of all securities located in the vault, if any,
of Norwest Bank Minneapolis, N.A., the Custodian;
(2) Inspection of documentation of securities held in book entry form by Bankers
Trust Company, Depository Trust Company, and the Federal Reserve Bank and
examination of selected security position reconciliations;
(3) Inspection of documentation of other securities held in safekeeping by the
Custodian but not included in (1) or (2) above and examination of selected
security position reconciliations;
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(4) Confirmation or inspection of documentation of all securities purchased but
not received, hypothecated, pledged, placed in escrow, or out for transfer
with brokers, pledges and/or transfer agents;
(5) Reconciliation of all such securities to the books and records of the Funds
and the Custodian; and
(6) Tests of selected security transactions since the date of our last report.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds' compliance
with the specified requirements.
In our opinion, management's assertion that Wells Fargo Funds Trust complied
with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of February 29, 2000, with respect to securities
reflected in the investment account of Wells Fargo Funds Trust, is fairly
stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Trustees of Wells Fargo Funds Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
KPMG LLP
San Francisco, California
April 7, 2000
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[LOGO OF WELLS FARGO FUNDS]
April 7, 2000
KPMG LLP
99 High Street
Boston, MA 02110-2371
RE: Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
Ladies and Gentlemen:
We, as members of management of the California Tax-Free Money Market Fund,
California Tax-Free Money Market Trust, Cash Investment Money Market Fund,
Money Market Fund, Prime Investment Money Market Fund, Money Market Trust,
National Tax-Free Institutional Money Market Fund, National Tax-Free Money
Market Fund, National Tax-Free Money Market Trust, Overland Express Sweep
Fund, Treasury Plus Institutional Money Market Fund, Treasury Plus Money Market
Fund, 100% Treasury Money Market Fund, and Government Money Market Fund,
portfolios of Wells Fargo Trust Funds (the "Funds") are responsible for
complying with the requirements of subsections (b) and (c) of Rule 17f-2,
"Custody of Investments by Registered Management Investment Companies," of the
Investment Company Act of 1940. We are also responsible for establishing and
maintaining effective internal controls over compliance with those requirements.
We have performed an evaluation of the Funds' compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 as of February 29, 2000, and from
September 30, 1999 (date of your last examination) through February 29, 2000 for
the Funds.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of February 29, 2000 and from September 30, 1999 through February
29, 2000 with respect to securities reflected in the investment accounts of the
Funds.
Sincerely,
/s/ Karla M. Rabusch
Karla Rabusch
Vice President and
Chief Financial Officer
Wells Fargo Mutual Funds Group
<PAGE>
FORM N-17f-2
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OMB Number: 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1991
Investments in the Custody of Estimated average burden
Management Investment Companies hours per response...0.05
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Pursuant to Rule 17f-2 [17 CFR 270.17 f-2]
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<CAPTION>
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1. Investment Company Act File Number: Date examination completed:
801- 8202 February 29, 2000
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2. State Identification Number:
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<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
Wells Fargo Funds Trust
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4. Name under which business is conducted, if different from above:
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5. Address of principal place of business (number, street, city, state, zip code):
525 Market Street, San Francisco, CA 94107
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</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the original
and one copy with the Securities and Exchange Commission's principal office in
Washington, D.C., one copy with the regional office for the region in which the
investment company's principal business operations are conducted, and one copy
with the appropriate state administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
NOTE: The estimated average burden hours are made solely for purposes of the
Paperwork Reduction Act, and are not derived from a comprehensive or even a
representative survey or study of the costs of SEC rules and forms.
Direct any comments concerning the accuracy of the estimated average burden
hours for compliance with SEC rules and forms to Kenneth A. Fogash, Deputy
Executive Director, U.S. Securities and Exchange Commission, 450 Fifth Street,
N.W., Washington, D.C. 20549 and Gary Waxman, Clearance Officer, Office of
Management and Budget, Room 3208 New Executive Office Building, Washington, D.C.
20503.
