Allspring Special Mid Cap Value Fund (WFMDX) N-CSRS Certified semi-annual shareholder report (management investment company)

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 Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-643-9691

Date of fiscal year end: February 28, 2003

Date of reporting period: August 31, 2003

ITEM 1.    REPORT TO SHAREHOLDERS

WELLS FARGO

FUNDS

Wells Fargo Outlook Funds^®

Semi-Annual Report

Wells Fargo Outlook Today Fund^®

Wells Fargo Outlook 2010 Fund^SM

Wells Fargo Outlook 2020 Fund^SM

Wells Fargo Outlook 2030 Fund^SM

Wells Fargo Outlook 2040 Fund^SM

August 31, 2003

WELLSFARGOOUTLOOKFUNDS

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
PERFORMANCE AT A GLANCE
PERFORMANCEHIGHLIGHTS	2
STRATEGICOUTLOOK	2
PORTFOLIO OF INVESTMENTS
OUTLOOKTODAYFUND	9
OUTLOOK 2010FUND	19
OUTLOOK 2020FUND	30
OUTLOOK 2030FUND	43
OUTLOOK 2040FUND	55
FINANCIAL STATEMENTS
STATEMENTSOFASSETSANDLIABILITIES	68
STATEMENTSOFOPERATIONS	69
STATEMENTSOFCHANGESINNETASSETS	70
FINANCIALHIGHLIGHTS	72
NOTES TO FINANCIAL STATEMENTS	78
BOARD OF TRUSTEES	83
LIST OF ABBREVIATIONS	85

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

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OUTLOOKFUNDSSHAREHOLDERLETTER

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Outlook Funds^® semi-annual report for the six-month period ended August 31, 2003. On the following pages, you will find a discussion of the Wells Fargo Outlook Funds, including performance highlights, strategic outlook, and facts and figures about each Fund’s portfolio.

THE ECONOMY: A WEAK RECOVERY

With the economy mired in weakness at the beginning of the reporting period, the Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1%, the lowest level in half a century. Still, unemployment remained relatively high and a record fiscal year 2003 federal budget deficit suggested that tax revenues were not growing nearly fast enough to cover spending demands of the war and other programs. On the plus side, consumer spending remained a positive factor for the economy. In the final months of the period, business confidence improved, followed by a gradual increase in new orders. Although firms remained cautious about increased hiring, the number of layoff announcements had fallen to a two-year low.

STOCKS: STRONGEST RALLY IN FOUR YEARS

The S&P 500 Index returned 20.87% for the six-month reporting period, with small- and mid-cap domestic stocks outperforming large cap stocks. Similar to how uncertainty leading up to the war in Iraq caused stocks to stumble in early 2003, the war’s launch and relatively brief engagement caused stocks to rally as investors became more confident about the future. In the early stages of the rally, stronger sentiment drove the market higher—particularly hopes that the economy was not as fragile as investors feared. By period end, the market was driven by news about the improving health of the economy.

BONDS: BEGINNING TO WANE

Generally speaking, bonds have done well over the past three years, providing a strong counterpoint to declining stocks during that time. However, long- and intermediate-term U.S. government bonds underperformed equities during the reporting period. Returns for mortgage-backed bonds were restrained by record financing early in the period, as investors in such bonds saw their capital returned earlier than expected. Later in the period, bond yields—and hence mortgage rates—began increasing, the cost of borrowing rose sharply and the rate of mortgage refinancing declined.

LOOKING AHEAD: POSITIVE OUTLOOK FOR STOCKS COULD SIGNAL A CHALLENGING TIME FOR BONDS

An improving economy could be a positive sign for stocks, and investors are hopeful of the possibility of low interest rates, contained inflation and increased corporate profits. Such an environment is typically more challenging for bonds, however, because interest rates typically rise when the economy strengthens. Worsening federal budget deficits are also a major concern, since massive U.S. government borrowing would exert upward pressure on interest rates and inflation. Although some of the U.S. dollar’s weakness has unwound lately, the dollar’s fall over the past twelve months should continue to boost corporate earnings overseas. The improvement in sentiment towards the U.S. dollar makes the currency a little more attractive, although it continues to be weighed down by its relative overvaluation and the unattractive level of U.S. interest rates.

During this period of mixed economic data, it is important to ensure that your investment portfolio is properly allocated. The Wells Fargo Outlook Funds are globally diversified allocation funds designed to maximize assets while gradually reducing the potential for investment risk over specific periods of time. Each Wells Fargo Outlook Fund’s portfolio may be allocated across asset classes covering a variety of equity, fixed-income and cash investments and may include international exposure.

We would like to thank you for your investment in Wells Fargo Funds. Please know that through each market cycle, we are committed to helping you meet your financial needs. If you have any questions about your investment, please contact your investment professional or call us at 1-800-222-8222. You may also visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

WELLSFARGOOUTLOOKFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOOUTLOOKFUNDS

INVESTMENT OBJECTIVE

Each of the Wells Fargo Outlook Funds (each, a Fund, and collectively, the Funds) seeks to provide investors with an asset allocation strategy designed to maximize assets for retirement or for other purposes consistent with the quantitatively measured risk that investors, on average, may be willing to accept given their investment time horizons.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Barclays Global Fund Advisors

FUND MANAGERS

Team Managed

INCEPTION DATE

03/01/94

PERFORMANCE HIGHLIGHTS

During most of the six-month reporting period that ended August 31, 2003, economic recovery remained sluggish, although near the end of the period the recovery began to gain momentum. During the period, the S&P 500 Index returned 20.87%, with small- and mid-cap stocks being the best performers.

Performance of all of the Wells Fargo Outlook Funds during the reporting period was driven by the positive performance of the stock market. The Wells Fargo Outlook Today Fund Class A shares returned 7.47%,¹ excluding sales charges, over the six-month reporting period, underperforming the other Wells Fargo Outlook Funds due to its greater exposure to bonds. The Wells Fargo Outlook Today Fund, a Fund suited to investors with short-term investment horizons, completed the six-month period with an allocation of 33% stocks, 65% bonds and 2% cash.

The Wells Fargo Outlook 2010 Fund Class A shares returned 10.69%,¹ excluding sales charges, over the six-month reporting period.

The Wells Fargo Outlook 2020 Fund, with a higher percentage of equities than the Wells Fargo Outlook 2010 and Outlook Today Funds, also performed better than those Wells Fargo Outlook Funds with higher exposure to bonds. The Fund’s Class A shares returned 13.46%,¹ excluding sales charges, over the six-month reporting period.

The Wells Fargo Outlook 2030 Fund Class A shares returned 15.78%,¹ excluding sales charges, over the six-month reporting period.

The Wells Fargo Outlook 2040 Fund Class A shares returned 18.33%,¹ excluding sales charges, over the six-month reporting period. As equity prices rose, the Wells Fargo Outlook Funds with longer time horizons and consequently higher equity allocations, such as the Wells Fargo Outlook 2040 Fund with 85% of its portfolio invested in stocks as of August 31, 2003, outperformed the Wells Fargo Outlook Funds with shorter time horizons and lower equity allocations. By 2040, the Wells Fargo Outlook 2040 Fund should resemble the Wells Fargo Outlook Today Fund in its present composition, with adjustments reflecting market conditions at that time.

The majority of the domestic equity holdings for each of the Funds was invested in stocks of the S&P 500 Index. All of the sectors of the S&P 500 Index reported positive returns for the reporting period, with the Information Technology, Financial, and Consumer Discretionary sectors reporting the best performance.

A number of factors help to explain the performance of the equity market during the reporting period. Corporate earnings continued to improve, perhaps signaling that an increase in capital spending and new hiring may be on the horizon. Although consumer confidence was tenuous during the reporting period, apparently due to the joblessness of the current recovery, consumer spending remained strong and provided the safety net the economy needed to avoid slipping.

As various signs of economic improvement began to appear, bonds began to lose some of their recent gains, driving yields up from their previously low levels. The Funds’ worst performing holdings were long-term U.S. government bonds, followed by intermediate-term U.S. government bonds and cash.

STRATEGIC OUTLOOK

We believe that, although the economy is showing signs of improvement, the flow of good news will remain at a trickle rather than a flood. The lackluster labor market continues to dampen the economic recovery. An improvement in the labor market could translate into increased consumer spending, although at a slower pace than previous recoveries, due to the potential for rising interest rates. If firms cannot count on a sharp rise in consumer spending to use up their excess capacity, then they may be unlikely to raise their capital spending as much as they did during previous upturns.

2

PERFORMANCEHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

AVERAGE ANNUAL TOTAL RETURNS¹ (%) (AS OF AUGUST 31, 2003)

	With Load2					Without load
Fund Name	6-months*	1-Year		5-Year	Life of Fund (3/1/94)	6-months*		1-Year	5-Year		Life of Fund (3/1/94)
Wells Fargo Outlook Today Fund – A	1.25	(0.40	)	2.95	5.06	7.47		5.65	4.18		5.72
Wells Fargo Outlook Today Fund – B	2.19	0.11		3.29	5.20	7.19		5.11	3.64		5.20
Wells Fargo Outlook Today Fund – C	5.06	2.95		3.41	5.08	7.10		5.03	3.62		5.19
Wells Fargo Outlook Today Fund – I	7.62	6.05		4.36	5.81	7.62		6.05	4.36		5.81
Wells Fargo Outlook 2010 Fund – A	4.28	0.75		2.68	6.45	10.69		6.93	3.90		7.12
Wells Fargo Outlook 2010 Fund – B	5.32	1.35		3.00	6.55	10.32		6.35	3.35		6.55
Wells Fargo Outlook 2010 Fund – C	8.29	4.32		3.14	6.44	10.34		6.38	3.35		6.55
Wells Fargo Outlook 2010 Fund – I	10.86	7.28		4.04	7.19	10.86		7.28	4.04		7.19
Wells Fargo Outlook 2020 Fund – A	6.96	1.34		1.65	6.79	13.46		7.51	2.87		7.46
Wells Fargo Outlook 2020 Fund – B	8.09	1.94		1.98	6.90	13.09		6.94	2.35		6.90
Wells Fargo Outlook 2020 Fund – C	11.05	4.84		2.12	6.78	13.12		6.89	2.33		6.89
Wells Fargo Outlook 2020 Fund – I	13.58	7.80		3.08	7.58	13.58		7.80	3.08		7.58
Wells Fargo Outlook 2030 Fund – A	9.11	2.34		1.22	7.22	15.78		8.55	2.43		7.89
Wells Fargo Outlook 2030 Fund – B	10.35	2.99		1.54	7.32	15.35		7.99	1.91		7.32
Wells Fargo Outlook 2030 Fund – C	13.27	5.87		1.68	7.19	15.37		7.97	1.88		7.30
Wells Fargo Outlook 2030 Fund – I	15.90	8.87		2.61	7.99	15.90		8.87	2.61		7.99
Wells Fargo Outlook 2040 Fund – A	11.53	3.71		0.62	7.48	18.33		10.07	1.83		8.15
Wells Fargo Outlook 2040 Fund – B	12.93	4.46		0.91	7.56	17.93		9.46	1.30		7.56
Wells Fargo Outlook 2040 Fund – C	15.81	7.42		1.09	7.44	17.94		9.48	1.29		7.56
Wells Fargo Outlook 2040 Fund – I	18.58	10.37		2.05	8.28	18.58		10.37	2.05		8.28
iMoneyNet All Taxable Money Fund Average3						0.33		0.84	3.47		4.10
Lehman Brothers Aggregate Bond Index4						(0.36	)	4.36	6.56		7.04
Morgan Stanley Capital International/ Europe, Australasia and Far East Index5						22.65		9.11	(0.68	)	1.81
Russell 3000 Index6						22.82		13.93	3.51		10.07
S&P 500 Index7						20.87		12.06	2.48		10.39
Wilshire 5000 Index8						23.56		14.87	3.53		9.84

* Returns for periods of less than one year are not annualized.

3

WELLSFARGOOUTLOOKFUNDS PERFORMANCEHIGHLIGHTS

Wells Fargo Outlook Today Fund

Wells Fargo Outlook 2020 Fund

Wells Fargo Outlook 2040 Fund

Wells Fargo Outlook 2010 Fund

Wells Fargo Outlook 2030 Fund

PORTFOLIO ALLOCATION⁹ (AS OF AUGUST 31, 2003)

FUND CHARACTERISTICS (AS OF AUGUST 31, 2003)

	Wells Fargo Outlook Today Fund	Wells Fargo Outlook 2010 Fund	Wells Fargo Outlook 2020 Fund	Wells Fargo Outlook 2030 Fund	Wells Fargo Outlook 2040 Fund
Weighted Average Coupon of Bond Portfolio	4.22%	4.62%	4.77%	6.05%	7.31%
Weighted Average Maturity of Bond Portfolio	3.71 years	3.72 years	6.87 years	13.68 years	17.71 years
Estimated Duration of Bond Portfolio	3.25 years	3.25 years	4.69 years	8.09 years	10.08 years
Number of Holdings	756	813	955	949	895

PORTFOLIO ALLOCATION BY ASSET CLASS (AS OF AUGUST 31, 2003)

Asset Class	Wells Fargo Outlook Today Fund	Wells Fargo Outlook 2010 Fund	Wells Fargo Outlook 2020 Fund	Wells Fargo Outlook 2030 Fund	Wells Fargo Outlook 2040 Fund
DOMESTIC STOCKS
Large Cap Growth	9%	15%	19%	23%	28%
Large Cap Value	11%	16%	21%	23%	27%
Mid Cap Growth	1%	2%	2%	3%	4%
Mid Cap Value	0%	0%	3%	4%	5%
Small Cap Growth	1%	2%	2%	2%	1%
Small Cap Value	2%	2%	1%	1%	0%
INTERNATIONAL STOCKS
Europe/Australasia/Far East (except Japan)	7%	9%	12%	15%	16%
Japan	2%	2%	3%	3%	4%
BONDS
Intermediate-Term Government	65%	50%	31%	11%	0%
Long-Term Government	0%	0%	5%	13%	14%
CASH EQUIVALENTS
U.S. Treasury Bills	2%	2%	1%	2%	1%
TOTAL	100%	100%	100%	100%	100%

4

PERFORMANCEHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

GROWTH OF $10,000 INVESTMENT CHARTS¹⁰

5

WELLSFARGOOUTLOOKFUNDS PERFORMANCEHIGHLIGHTS

6

PERFORMANCEHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

¹    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. The Funds’ Adviser has committed through June 30, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Funds. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Funds’ returns would have been lower.

Performance shown for Class A, Class B and Class C shares of each of the Wells Fargo Outlook Funds (formerly LifePath Funds) for periods prior to November 8, 1999, reflects performance of the Class A, Class B and Class C shares of the corresponding Stagecoach LifePath Funds, their predecessor funds. Performance shown for the Class B shares of the Outlook Today Fund (formerly LifePath Opportunity Fund) for periods prior to August 1, 1998 reflects the performance of the Class A shares of the Outlook Today Fund adjusted to reflect the Class B shares contingent-deferred sales charge (CDSC) and expenses. Performance shown for the Class B shares of all other Outlook Funds for periods prior to March 1, 1997 reflects the performance of the Class A shares of the corresponding Outlook Funds adjusted to reflect the Class B share CDSCs and expenses. Performance shown for the Class C shares of the Outlook 2040 Fund (formerly LifePath 2040 Fund) for periods prior to July 1, 1998 reflects the performance of the Class B shares of the Outlook 2040 Fund adjusted to reflect the Class C shares CDSCs and expenses. Performance shown for the Class C shares of all other Outlook Funds for periods prior to December 1, 1998 reflects the performance of the Class B shares of the corresponding Outlook Funds adjusted to reflect the Class C share CDSCs and expenses. Performance shown for Institutional Class shares of each of the Wells Fargo Outlook Funds for periods prior to November 8, 1999, reflects performance of the Class A shares of the corresponding Stagecoach LifePath Funds, their predecessor funds, adjusted to reflect the sales charges and expenses of the Institutional Class shares. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds.

²    For Class A shares, the maximum front-end sales charge is 5.75%. The maximum contingent deferred sales charge (“CDSC”) for Class B shares is 5.00%. For Class C shares, the maximum front-end sales charge is 1.00% and the maximum CDSC is 1.00%. Performance including sales charge assumes the maximum sales charge for the period shown. Institutional Class shares are sold without sales charges.

³    The iMoneyNet All Taxable Money Fund Average includes all taxable retail and institutional money funds. It is made up of funds in the Treasury Retail, Treasury Institutional, Treasury & Repo Retail, Treasury & Repo Institutional, Government & Agency Retail, Government & Agency Institutional, First Tier Retail, First Tier Institutional, Second Tier Retail, and Second Tier Institutional categories.

⁴    The Lehman Brothers Aggregate Bond Index is composed of the Lehman Brothers Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities. The Fund is a professionally managed mutual fund. You cannot invest directly in an index.

⁵    The Morgan Stanley Capital International/Europe, Australasia and Far East (“MSCI EAFE”) Stock Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia and the Far East. You cannot invest directly in an Index.

⁶     The Fund has selected the Russell 3000 Index to replace the Wilshire 5000 Index going forward because the Russell 3000 Index is more representative of the breadth of the Fund’s holdings. 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 in an index.

⁷    “Standard & Poor’s”, “S&P”, “S&P 500”, “Standard & Poor’s 500” and “500” are trademarks of McGraw-Hill, Inc. and have been licensed. The Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Funds. The S&P 500 Index is an unmanaged index of 500 widely held common stocks representing, among others, industrial, financial, utility, and transportation companies listed or traded on national exchanges or over-the-counter markets. You cannot invest directly in an index.

7

WELLSFARGOOUTLOOKFUNDS PERFORMANCEHIGHLIGHTS

⁸    “Wilshire 5000” is a trademark and “Wilshire” is a service mark of Wilshire Associates Incorporated. The Funds are not sponsored, endorsed, sold or promoted by Wilshire Associates Incorporated or any of its subsidiaries or affiliates, and it makes no representation regarding the advisability of investing in the Funds. The Wilshire 5000 Index is comprised of over 6,500 U.S. equity securities with readily available price data. The Index includes all New York Stock Exchange and American Stock Exchange issues, and active over-the-counter equity issues. You cannot invest directly in an index.

⁹    Portfolio holdings are subject to change.

¹⁰    The charts compare the performance of the Wells Fargo Outlook Funds Class A and Institutional Class shares for the life of the Fund with the S&P 500 Index, Lehman Brothers Aggregate Bond Index, MSCI EAFE, the iMoneyNet All Taxable Money Fund Average, the Russell 3000 Index and the Wilshire 5000 Index. The charts assume a hypothetical $10,000 investment in Class A and Institutional Class shares and reflects all operating expenses and, for Class A shares, assumes the maximum initial sales charge of 5.75%. The indexes presented do not incur expenses and are not available directly for investment. Had these indexes incurred operating expenses, their performance would have been lower.

8

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKTODAYFUND

Shares	Security Name	Value
Common Stock – 33.80%
AGRICULTURAL PRODUCTION CROPS — 0.01%
385	Alico Incorporated	$	10,896
AMUSEMENT & RECREATION SERVICES — 0.07%
314	Harrah's Entertainment Incorporated		13,005
584	International Game Technology		15,091
1,170	Penn National Gaming Incorporated†		25,916
			54,012
APPAREL & ACCESSORY STORES — 0.18%
750	Christopher & Banks Corporation†		22,274
1,944	Gap Incorporated		40,610
556	Kohl’s Corporation†		35,167
1,312	Limited Brands		22,252
766	Nordstrom Incorporated		19,970
			140,273
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS — 0.10%
3,402	Benetton Group SpA ADR		69,333
271	Liz Claiborne Incorporated		9,341
			78,674
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS — 0.07%
86	AutoZone Incorporated†		7,894
289	CarMax Incorporated		11,141
1,142	MarineMax Incorporated†		16,582
721	United Auto Group Incorporated†		18,458
			54,075
AUTOMOTIVE REPAIR, SERVICES, & PARKING — 0.03%
682	Ryder System Incorporated		20,480
BANKS — 0.11%
4,413	Sanpaolo IMI SpA ADR		85,171
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS — 0.01%
15	Centex Corporation		1,130
16	KB Home		916
1	MDC Holdings Incorporated		26
			2,072
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS — 0.27%
1,198	Central Garden & Pet Company†		33,340
3,539	Home Depot Incorporated		113,815
1,078	Lowe's Companies Incorporated		59,139
261	Sherwin-Williams Company		7,851
			214,145
BUSINESS SERVICES — 2.17%
690	Adobe Systems Incorporated		26,793
193	Advo Incorporated†		8,521
2,872	Akamai Technologies Incorporated†		11,948

Shares	Security Name	Value
227	Arbitron Incorporated†	$	8,394
951	Automatic Data Processing Incorporated		37,954
188	Avocent Corporation†		5,490
1,508	BEA Systems Incorporated†		20,433
1,121	BMC Software Incorporated†		16,456
2,366	Cendant Corporation†		42,541
571	Citrix Systems Incorporated†		11,757
451	Cognizant Technology Solutions Corporation†		15,708
1,409	Computer Associates International Incorporated		36,113
552	Computer Sciences Corporation†		23,499
1,339	Compuware Corporation†		7,967
1,400	Concord EFS Incorporated†		19,390
707	Datastream Systems Incorporated†		6,681
98	Deluxe Corporation		4,185
593	Digimarc Corporation†		9,785
1,332	eBay Incorporated†		73,966
1,614	Electro Rent Corporation		19,336
296	Electronic Arts Incorporated†		26,566
971	Electronic Data Systems Corporation		21,197
2,605	Enterasys Networks Incorporated†		15,031
836	Equifax Incorporated		19,178
982	eUniverse Incorporated†(a)		1,748
809	F5 Networks Incorporated†		15,864
209	Factset Research Systems Incorporated		10,147
1,242	FalconStor Software Incorporated†		7,353
1,323	First Data Corporation		50,803
60	Hudson Highland Group Incorporated†		1,253
110	Hyperion Solutions Corporation†		3,628
1,115	IMS Health Incorporated		21,709
1,042	Interpublic Group of Companies Incorporated		15,786
356	Intuit Incorporated†		16,134
16,604	Microsoft Corporation		440,335
708	Mindspeed Technologies Incorporated†		2,492
800	Monster Worldwide Incorporated†		21,856
468	NCR Corporation†		13,577
723	Novell Incorporated†		3,637
317	Omnicom Group Incorporated		24,758
8,705	Oracle Corporation†		111,250
1,000	PeopleSoft Incorporated†		18,100
757	Radisys Corporation†		13,437
3,567	Rentokil Initial plc ADR		59,242
982	Reuters Group plc ADR		23,195
1,846	SAP AG ADR		55,269
1,300	Secure Computing Corporation†		14,157
1,378	Siebel Systems Incorporated†		13,890
7,434	Sun Microsystems Incorporated†		28,695

9

WELLSFARGOOUTLOOKTODAYFUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
653	Sungard Data Systems Incorporated†	$	18,415
172	Symantec Corporation†		9,878
168	Synopsys Incorporated†		11,459
1,100	Transaction Systems Architects Incorporated Class A†		15,664
1,668	Unisys Corporation†		21,651
721	Vastera Incorporated†		3,915
905	Veritas Software Corporation†		31,204
930	Verity Incorporated†		11,086
700	Websense Incorporated†		16,660
1,264	WPP Group plc ADR		58,005
1,284	Yahoo! Incorporated†		42,886
			1,718,027
CHEMICALS & ALLIED PRODUCTS — 3.46%
2,404	Abbott Laboratories		96,881
439	Air Products & Chemicals Incorporated		20,773
2,644	Akzo Nobel NV ADR		86,274
144	Alberto-Culver Company Class B		8,220
2,061	Amgen Incorporated†		135,820
2,440	AstraZeneca plc ADR		96,746
1,146	Aventis SA ADR		56,154
99	Avery Dennison Corporation		5,420
353	Avon Products Incorporated		22,627
144	Barr Laboratories Incorporated†		9,744
519	Biogen Incorporated†		20,480
2,906	Bristol-Myers Squibb Company		73,725
1,412	Centerpulse ADR		38,858
489	Chiron Corporation†		24,851
421	Clorox Company		18,040
812	Colgate-Palmolive Company		44,887
1,400	Corixa Corporation†		11,130
1,572	Dow Chemical Company		54,281
1,395	E I Du Pont de Nemours & Company		62,412
113	Eastman Chemical Company		4,047
305	Ecolab Incorporated		7,866
1,771	Eli Lilly & Company		117,825
807	Forest Laboratories Incorporated†		37,929
256	Genentech Incorporated†		20,326
555	Genzyme Corporation†		26,168
812	Georgia Gulf Corporation		18,148
97	Gilead Sciences Incorporated†		6,470
1,725	Gillette Company		55,994
3,238	GlaxoSmithKline plc ADR		125,732
743	Great Lakes Chemical Corporation		15,744
432	IDEC Pharmaceuticals Corporation†		15,012
464	International Flavors & Fragrances Incorporated		14,616
900	King Pharmaceuticals Incorporated†		12,645
134	Martek Biosciences Corporation†		6,913
546	MedImmune Incorporated†		19,039
3,343	Merck & Company Incorporated		168,220
842	MGI Pharma Incorporated†		32,493

Shares	Security Name	Value
164	Neurocrine Biosciences Incorporated†	$	8,776
3,583	Novartis AG ADR		132,464
1,104	Novo Nordisk A/S ADR		39,468
1,307	OraSure Technologies Incorporated†		11,763
139	OSI Pharmaceuticals Incorporated†		5,296
850	Penwest Pharmaceuticals†		18,598
12,251	Pfizer Incorporated		366,550
245	PPG Industries Incorporated		13,453
197	Praxair Incorporated		12,573
1,614	Procter & Gamble Company		140,886
1,550	Roche Holding AG ADR		118,695
510	Rohm & Haas Company		18,528
2,508	Schering-Plough Corporation		38,097
300	Sepracor Incorporated†		8,076
7,000	Shiseido Company Limited ADR		73,252
111	Sigma-Aldrich Corporation		6,077
2,292	Unifi Incorporated†		15,792
515	Watson Pharmaceuticals Incorporated†		21,167
2,005	WR Grace & Company†		6,755
2,053	Wyeth		87,971
			2,736,747
COMMERCIAL SERVICES — 0.03%
4,900	Stewart Enterprises Incorporated†		20,188
COMMUNICATIONS — 1.96%
778	Alltel Corporation		35,632
1,937	AT&T Corporation		43,195
6,650	AT&T Wireless Services Incorporated†		57,323
1,061	Avaya Incorporated†		11,087
871	Beasley Broadcast Group Incorporated Class A†		12,778
3,874	BellSouth Corporation		97,625
1,139	British Sky Broadcasting Group plc ADR†		48,385
2,005	BT Group plc ADR†		58,847
593	CenturyTel Incorporated		20,613
568	Certegy Incorporated†		17,182
1,302	Clear Channel Communications Incorporated†		58,746
7,624	Comcast Corporation†		226,814
3,827	Deutsche Telekom AG ADR		54,879
168	Echostar Communications Corporation†		6,199
1,569	France Telecom SA ADR		38,911
1	ITC Deltacom Incorporated†		4
170	Liberty Corporation		7,293
1,837	Nextel Communications Incorporated†		35,417
1,658	Nippon Telegraph & Telephone Corporation ADR		36,791
1,502	NTT DoCoMo Incorporated ADR†		38,857
2,349	Qwest Communications International†		10,453

10

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKTODAYFUND

Shares	Security Name	Value
Common Stock (Continued)
6,107	SBC Communications Incorporated	$	137,346
2,309	Sprint Corporation (FON Group)		34,104
3,205	Sprint Corporation (PCS Group)†		16,634
699	Telecom Corporation of New Zealand Limited ADR		16,217
2,598	Telefonica SA ADR†		92,229
514	Tivo Incorporated†		5,587
203	Univision Communications Incorporated†		7,610
4,322	Verizon Communications Incorporated		152,654
9,383	Vodafone Group plc ADR		171,709
			1,551,121
CONSTRUCTION SPECIAL TRADE CONTRACTORS — 0.02%
111	EMCOR Group Incorporated†		4,892
193	Whirlpool Corporation		13,429
			18,321
DEPOSITORY INSTITUTIONS — 4.11%
5,236	ABN AMRO Holding NV ADR		92,363
2,122	Allied Irish Banks plc ADR		59,586
1,098	AmSouth Bancorporation		23,651
5,215	Banco Bilbao Vizcaya Argentaria SA ADR		56,061
1,279	Banco Comercial Portugues SA ADR		11,319
5,739	Banco Santander Central Hispano SA ADR		49,241
2,379	Bank of America Corporation		188,536
1,592	Bank of New York Company Incorporated		46,837
2,220	Bank One Corporation		87,623
1,482	Bankunited Financial Corporation Class A†		32,219
3,203	Barclays plc ADR		94,745
1,026	BB&T Corporation		37,470
3,818	BNP Paribas SA ADR		95,111
395	Cascade Bancorp		7,118
1,212	Central Coast Bancorp†		20,859
590	Charter One Financial Incorporated		18,290
416	Chittenden Corporation		11,997
9,319	Citigroup Incorporated		403,979
145	City Bank Lynnwood WA		4,710
272	Coastal Financial Corporation		4,189
293	Comerica Incorporated		14,457
119	Corus Bankshares Incorporated		6,164
1,319	Deutsche Bank AG		76,819
1,062	Fifth Third Bancorp		62,233
196	First Bancorp		6,019
949	First of Long Island Corporation		40,760
153	First Tennessee National Corporation		6,327
1,156	Firstfed America Bancorp Incorporated		23,004
2,213	FleetBoston Financial Corporation		65,483

Shares	Security Name	Value
125	Golden West Financial Corporation	$	10,784
2,791	HBOS plc ADR		93,238
2,841	HSBC Holdings plc ADR		182,733
1,334	Huntington Bancshares Incorporated		26,680
634	Itla Capital Corporation†		28,530
4,018	JP Morgan Chase & Company		137,496
1,000	KeyCorp		27,180
727	Marshall & Ilsley Corporation		22,537
131	MB Financial Incorporated		5,633
921	Mellon Financial Corporation		28,873
592	National Australia Bank		59,851
1,093	National City Corporation		34,626
412	New York Community Bancorp Incorporated		12,673
558	Northern Trust Corporation		23,570
330	PNC Financial Services Group		15,708
501	Regions Financial Corporation		17,665
785	SouthTrust Corporation		22,757
784	State Street Corporation		34,457
6,014	Sumitomo Mitsui Financial Group Incorporated		20,978
1,040	Sun Bancorp Incorporated†		22,506
402	SunTrust Banks Incorporated		24,574
1,148	Synovus Financial Corporation		28,069
1,009	Troy Financial Corporation		35,557
555	Union Planters Corporation		17,705
3,939	US Bancorp		94,142
1,037	USB Holding Company Incorporated		19,091
2,439	Wachovia Corporation		102,804
1,662	Washington Mutual Incorporated		64,785
2,915	Wells Fargo & Company‡		146,158
2,472	Westpac Banking Corporation ADR		126,418
771	Wintrust Financial Corporation		27,263
1,088	WSFS Financial Corporation		47,546
999	Yardville National Bancorp		21,978
233	Zions Bancorporation		12,974
			3,244,709
EATING & DRINKING PLACES — 0.17%
1,079	Darden Restaurants Incorporated		23,521
2,416	McDonald's Corporation		54,167
121	PF Chang's China Bistro Incorporated†		5,627
229	Rare Hospitality International Incorporated†		8,720
747	Wendy's International Incorporated		23,568
546	Yum! Brands Incorporated†		16,189
			131,792
EDUCATIONAL SERVICES — 0.06%
405	Apollo Group Incorporated Class A†		25,948
152	Corinthian Colleges Incorporated†		8,748
141	ITT Educational Services Incorporated†		6,112
104	Strayer Education Incorporated		9,932
			50,740

11

WELLSFARGOOUTLOOKTODAYFUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
ELECTRIC, GAS, & SANITARY SERVICES — 1.34%
2,178	AES Corporation†	$	14,113
1,156	Allied Waste Industries Incorporated†		12,785
421	Ameren Corporation		17,893
424	American Electric Power Company Incorporated		12,003
685	American States Water Company		17,139
232	Black Hills Corporation		7,519
2,000	Calpine Corporation†		11,280
815	CenterPoint Energy Incorporated		6,919
212	CH Energy Group Incorporated		9,381
523	Cinergy Corporation		17,897
764	CMS Energy Corporation†		5,096
464	Consolidated Edison Incorporated		18,342
607	Constellation Energy Group Incorporated		22,089
516	Dominion Resources Incorporated		31,259
434	DTE Energy Company		15,151
2,159	Duke Energy Corporation		36,876
1,802	E.ON AG ADR		93,596
1,252	Edison International†		23,613
1,456	El Paso Corporation		10,687
6,728	Endesa SA ADR		105,293
361	Entergy Corporation		18,934
473	Exelon Corporation		27,860
680	FirstEnergy Corporation		19,897
399	FPL Group Incorporated		24,682
182	Kinder Morgan Incorporated		9,692
3,094	National Grid Transco plc ADR		95,450
572	Nicor Incorporated		19,442
807	NiSource Incorporated		15,607
850	Peoples Energy Corporation		34,128
1,222	PG&E Corporation†		27,092
483	Progress Energy Incorporated		19,557
402	Public Service Enterprise Group Incorporated		17,021
3,890	Scottish Power plc ADR		91,804
252	Sempra Energy		7,497
728	South Jersey Industries Incorporated		27,919
1,340	Southern Company		38,029
40	Texas Genco Holdings Incorporated		980
600	TXU Corporation		13,200
174	UIL Holdings Corporation		6,273
889	Waste Management Incorporated		23,656
1,282	Williams Companies Incorporated		11,705
1,257	Xcel Energy Incorporated		18,414
			1,057,770
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT — 2.99%
2,023	Acuity Brands Incorporated		36,232
1,652	Advanced Micro Devices Incorporated†		18,651
773	Altera Corporation†		17,346

Shares	Security Name	Value
218	Ametek Incorporated	$	9,147
612	Analog Devices Incorporated†		25,092
907	Andrew Corporation†		11,229
1,214	Applied Micro Circuits Corporation†		7,053
830	Broadcom Corporation†		22,808
1,459	Canon Incorporated ADR		70,703
721	Catapult Communications Corporation†		9,597
2,484	Chartered Semiconductor Manufacturing Limited ADR†		16,320
1,400	CIENA Corporation†		9,100
1,293	Comverse Technology Incorporated†		21,322
2,126	Conexant Systems Incorporated†		11,650
238	Cree Incorporated†		3,765
757	Cubic Corporation		19,962
584	Emerson Electric Company		32,564
1,340	Fujitsu Limited ADR		32,042
15,122	General Electric Company		447,158
9,848	Intel Corporation		281,850
311	Interdigital Communications Corporation†		5,520
2,546	International Business Machines Corporation		208,797
757	Jabil Circuit Incorporated†		21,310
3,942	JDS Uniphase Corporation†		13,560
2,933	Koninklijke Philips Electronics NV NY Shares		71,565
720	Linear Technology Corporation		29,678
1,809	LSI Logic Corporation†		20,876
692	Maxim Integrated Products		31,078
606	Maytag Corporation		16,423
1,345	Medis Technologies Limited†		15,373
1,764	Micron Technology Incorporated†		25,331
8,000	Minebea Company Limited ADR		79,671
800	Molex Incorporated		23,536
4,837	Motorola Incorporated		51,901
1,204	Mykrolis Corporation†		15,170
700	National Semiconductor Corporation†		20,398
1,047	Network Appliance Incorporated†		23,463
4,262	Nokia Oyj ADR		69,428
385	Novellus Systems Incorporated†		15,385
540	NVIDIA Corporation†		9,806
303	Omron Corporation ADR		61,415
2,678	Pioneer Corporation ADR		59,693
1,200	PMC-Sierra Incorporated†		17,112
250	QLogic Corporation†		12,255
1,218	Qualcomm Incorporated		50,279
318	Rambus Incorporated†		5,298
835	Remec Incorporated†		7,565
1,900	Sanmina-SCI Corporation†		17,062
900	Seachange International Incorporated†		9,207
315	Skyworks Solutions Incorporated†		3,572
2,629	Solectron Corporation†		15,590
1,001	Sony Corporation ADR		32,983
1,658	STMicroelectronics NV ADR		41,351

12

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKTODAYFUND

Shares	Security Name	Value
Common Stock (Continued)
1,791	Tellabs Incorporated†	$	11,695
3,578	Texas Instruments Incorporated		85,335
894	Thomas & Betts Corporation†		15,270
457	Tollgrade Communications Incorporated†		8,048
700	Vitesse Semiconductor Corporation†		4,781
855	Xilinx Incorporated†		26,369
			2,356,740
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES — 0.27%
921	Antigenics Incorporated†		13,023
693	Atrix Laboratories Incorporated†		20,929
450	Charles River Associates Incorporated†		15,138
150	Corporate Executive Board Company†		6,623
2,107	First Consulting Group Incorporated†		9,903
437	Fluor Corporation		16,099
1,000	Gene Logic Incorporated†		5,130
1,100	Millennium Pharmaceutical†		15,290
578	Monsanto Company		14,860
337	Moody's Corporation		17,477
983	Paychex Incorporated		35,388
771	Per-Se Technologies Incorporated†		12,390
215	Quest Diagnostic Incorporated†		12,900
1,472	Quintiles Transnational†		20,960
			216,110
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT — 0.21%
133	Ball Corporation		7,023
606	Crane Company		15,508
211	Fortune Brands Incorporated		11,900
988	Griffon Corporation†		18,624
1,342	Gulf Island Fabrication Incorporated†		21,083
408	Illinois Tool Works Incorporated		29,494
976	Masco Corporation		24,195
159	Simpson Manufacturing Company Incorporated†		7,568
596	Snap-On Incorporated		17,582
578	Watts Industries Incorporated Class A		10,612
			163,589
FINANCIAL SERVICES — 0.03%
1,547	Janus Capital Group Incorporated		26,717
FOOD & KINDRED PRODUCTS — 1.22%
52	Adolph Coors Company		2,868
129	American Italian Pasta Company Class A†		5,382
672	Anheuser-Busch Companies Incorporated		34,635
2,080	Archer-Daniels-Midland Company		28,850
3,929	Cadbury Schweppes plc ADR		96,575

Shares	Security Name	Value
880	Campbell Soup Company	$	21,296
3,373	Coca-Cola Company		146,793
1,029	Coca-Cola Enterprises Incorporated		19,026
1,116	ConAgra Foods Incorporated		24,552
208	Del Monte Foods Company†		1,868
2,028	Diageo plc ADR		88,705
548	General Mills Incorporated		25,405
981	Hercules Incorporated†		10,987
103	Hershey Foods Corporation		7,200
498	Heinz (HJ) Company		16,115
764	Kellogg Company		25,617
10,035	Kirin Brewery Company Limited		70,446
3,116	Nestle SA ADR		169,645
518	Pepsi Bottling Group Incorporated		12,494
2,383	PepsiCo Incorporated		106,139
1,400	Sara Lee Corporation		26,572
1,464	Topps Company Incorporated		13,088
258	WM Wrigley Jr Company		13,686
			967,944
FOOD STORES — 0.31%
1,107	Albertson's Incorporated		23,269
2,790	Coles Myer Limited ADR		105,881
1,586	Great Atlantic & Pacific Tea Company Incorporated†		15,178
5,252	Koninklijke Ahold NV ADR		48,844
1,014	Kroger Company†		19,479
169	Panera Bread Company†		7,461
717	Starbucks Corporation†		20,391
843	Winn-Dixie Stores Incorporated		8,472
			248,975
FORESTRY — 0.04%
505	Weyerhaeuser Company		30,048
FURNITURE & FIXTURES — 0.05%
1,232	Leggett & Platt Incorporated		28,533
589	Newell Rubbermaid Incorporated		13,989
			42,522
GENERAL MERCHANDISE STORES — 0.85%
658	Big Lots Incorporated†		12,041
633	Dillard’s Incorporated Class A		9,577
962	Dollar General Corporation		22,059
525	Federated Department Stores Incorporated		22,943
721	Fred's Incorporated		25,776
600	JC Penney Company Incorporated		12,732
600	May Department Stores Company		16,548
2,193	Mitsukoshi Limited ADR†		60,144
586	Sears Roebuck & Company		25,796
950	ShopKo Stores Incorporated†		13,082
1,470	Target Corporation		59,682
861	TJX Companies Incorporated		18,649
6,354	Wal-Mart Stores Incorporated		375,965
			674,994

13

WELLSFARGOOUTLOOKTODAYFUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
HEALTH SERVICES — 0.15%
680	Apria Healthcare Group Incorporated†	$	17,612
914	HCA Incorporated		34,723
915	Manor Care Incorporated		25,254
461	Matria Healthcare Incorporated†		7,132
648	Sierra Health Services Incorporated†		12,642
1,340	Tenet Healthcare Corporation†		21,507
			118,870
HOME FURNITURE, FURNISHINGS, & EQUIPMENT STORES — 0.18%
558	Bed Bath & Beyond Incorporated†		24,011
525	Best Buy Company Incorporated†		27,305
621	Brookstone Incorporated†		17,543
921	Circuit City Stores Incorporated		9,606
493	Cost Plus Incorporated†		19,838
1,012	Movie Gallery Incorporated†		21,667
549	RadioShack Corporation		16,690
257	Ultimate Electronics Incorporated†		3,297
			139,957
HOTELS, ROOMING HOUSES, CAMPS, & OTHER LODGE PLACES — 0.06%
1,685	Hilton Hotels Corporation		25,747
470	Marriott International Incorporated		19,190
			44,937
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT — 1.85%
492	3M Company		70,095
925	Apple Computer Incorporated†		20,933
3,307	Applied Materials Incorporated†		71,431
1,209	Baker Hughes Incorporated		40,453
172	Black & Decker Corporation		7,358
284	Briggs & Stratton Corporation		16,699
1,500	Brocade Communications Systems Incorporated†		8,460
674	Caterpillar Incorporated		48,413
10,918	Cisco Systems Incorporated†		209,080
1,442	Computer Network Technology Corporation†		11,392
378	Deere & Company		21,361
3,977	Dell Incorporated†		129,770
719	Dover Corporation		27,336
170	Eaton Corporation		15,919
4,817	EMC Corporation†		61,417
785	Gardner Denver Incorporated†		18,479
1,320	Gateway Incorporated†		7,616
707	General Binding Corporation		8,597
638	Global Imaging Systems Incorporated†		16,403
6,098	Hewlett-Packard Company		121,472
640	Hitachi Limited ADR		34,970

Shares	Security Name	Value
407	Ingersoll-Rand Company Class A	$	24,225
623	Juniper Networks Incorporated†		10,728
620	Kadant Incorporated†		11,718
303	Lexmark International Incorporated†		20,313
450	Lufkin Industries Incorporated		11,565
11,986	Makita Corporation		105,477
6,604	NEC Corporation		49,860
665	Pall Corporation		16,625
38	Palm Incorporated†		694
34	Pitney Bowes Incorporated		1,326
154	Sandisk Corporation†		9,311
1,760	Siemens AG		109,613
360	Stanley Works		10,897
595	United Technologies Corporation		47,749
1,794	Vivendi Universal SA ADR†		30,319
1,278	Watsco Incorporated		23,643
379	Western Digital Corporation†		4,353
			1,456,070
INSURANCE AGENTS, BROKERS & SERVICE — 0.12%
622	AON Corporation		13,808
130	Hilb, Rogal & Hamilton Company		3,900
1,310	Humana Incorporated†		23,043
795	Marsh & Mclennan Companies Incorporated		39,750
403	Medco Health Solutions Incorporated†		10,765
			91,266
INSURANCE CARRIERS — 1.44%
622	ACE Limited		20,028
1,783	Aegon NV ADR		22,216
347	Aetna Incorporated		19,779
1,179	AFLAC Incorporated		37,740
1,188	Allstate Corporation		42,471
252	AMBAC Financial Group Incorporated		16,360
4,789	American International Group Incorporated		285,281
216	Anthem Incorporated†		15,811
3,440	AXA ADR		61,163
204	Chubb Corporation		13,860
171	CIGNA Corporation		8,153
411	Cincinnati Financial Corporation		16,584
726	Cobalt Corporation		14,368
490	Hartford Financial Services Group Incorporated		26,078
3,630	ING Group NV ADR		71,620
655	John Hancock Financial Services Incorporated		19,997
69	Kansas City Life Insurance Company		3,036
406	Landamerica Financial Group Incorporated		18,635
333	Lincoln National Corporation		11,795
113	Loews Corporation		4,651

14

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKTODAYFUND

Shares	Security Name	Value
Common Stock (Continued)
26	Markel Corporation†	$	6,988
281	MBIA Incorporated		15,865
1,284	MetLife Incorporated		36,491
213	MGIC Investment Corporation		12,007
1,146	Millea Holdings Incorporated ADR		58,606
777	Principal Financial Group		24,444
787	ProAssurance Corporation†		20,257
436	Progressive Corporation		30,843
1,123	Prudential Financial Incorporated		40,888
225	Safeco Corporation		8,114
413	St Paul Companies Incorporated		14,356
180	Torchmark Corporation		7,265
1,809	Travelers Property Casualty Corporation Class B†		28,021
926	UnitedHealth Group Incorporated		45,772
900	UnumProvident Corporation		12,690
264	WellPoint Health Networks Incorporated†		20,592
290	XL Capital Limited Class A		21,968
			1,134,793
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE — 0.02%
2,135	Champion Enterprises Incorporated†		15,479
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS — 1.01%
766	Advanced Medical Optics Incorporated†		12,708
1,269	Agilent Technologies Incorporated†		30,862
642	Aksys Limited†		6,407
231	Allergan Incorporated		18,355
556	Analogic Corporation		28,640
1,285	Anaren Incorporated†		15,407
768	Applera Corporation-Applied Biosystems Group		16,712
356	Bausch & Lomb Incorporated		15,009
1,092	Baxter International Incorporated		30,685
330	Becton Dickinson & Company		12,058
517	Biomet Incorporated		15,370
670	Boston Scientific Corporation†		40,267
121	CR Bard Incorporated		8,107
585	Conmed Corporation†		12,443
850	Cyberonics Incorporated†		23,401
383	Danaher Corporation		29,587
700	Eastman Kodak Company		19,523
351	ESCO Technologies Incorporated†		16,515
626	Flir Systems Incorporated†		16,439
594	Guidant Corporation		29,819
685	Integra LifeSciences Holdings Corporation†		18,502
454	KLA-Tencor Corporation†		26,949
1,969	Medtronic Incorporated		97,623
407	Millipore Corporation		18,478
685	Ocular Sciences Incorporated†		15,488
493	PolyMedica Corporation		22,195

Shares	Security Name	Value
660	Raytheon Company	$	21,160
155	Resmed Incorporated†		6,712
390	Ricoh Company Limited		35,880
245	St Jude Medical Incorporated†		12,757
307	Stryker Corporation		23,271
648	Teradyne Incorporated†		11,551
928	Thermo Electron Corporation†		21,149
112	Trimble Navigation Limited†		2,996
647	Viasys Healthcare Incorporated†		14,299
835	X-Rite Incorporated		9,519
2,219	Xerox Corporation†		23,921
328	Zimmer Holdings Incorporated†		16,971
			797,735
MEMBERSHIP ORGANIZATIONS — 0.02%
312	Cooper Industries Limited Class A		15,878
METAL MINING — 0.20%
968	Newmont Mining Corporation		38,004
416	Phelps Dodge Corporation†		19,964
1,162	Rio Tinto plc ADR		102,883
			160,851
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS — 0.02%
453	Vulcan Materials Company		18,759
MISCELLANEOUS MANUFACTURING INDUSTRIES — 0.16%
1,264	Hasbro Incorporated		23,384
1,008	Mattel Incorporated		19,475
3,981	Tyco International Limited		81,929
			124,788
MISCELLANEOUS RETAIL — 0.30%
642	1-800-Flowers.Com Incorporated Class A†		6,087
873	Costco Wholesale Corporation†		28,015
637	CVS Corporation		20,766
578	GSI Commerce Incorporated†		6,936
771	Hancock Fabrics Incorporated/Delaware		13,122
731	J Jill Group Incorporated†		10,899
781	Longs Drug Stores Corporation		17,885
1,235	Office Depot Incorporated†		22,526
1,257	PC Connection Incorporated†		13,199
498	Sports Authority Incorporated†		16,125
916	Staples Incorporated†		22,561
1,667	Walgreen Company		54,294
385	Whitehall Jewellers Incorporated†		4,062
			236,477
MISCELLANEOUS SERVICES — 0.07%
3,852	Adecco SA ADR		48,921
152	D&B Corporation†		6,399
			55,320
MOTION PICTURES — 0.31%
9,313	AOL Time Warner Incorporated†		152,361
4,368	Walt Disney Company		89,544
			241,905

15

WELLSFARGOOUTLOOKTODAYFUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING — 0.16%
128	Landstar System Incorporated†	$	7,899
1,837	United Parcel Service Incorporated		115,290
153	USF Corporation		4,873
			128,062
NON-DEPOSITORY CREDIT INSTITUTIONS — 0.61%
1,997	American Express Company		89,965
597	Capital One Financial Corporation		31,880
2,000	Charter Municipal Mortgage Acceptance Company		36,300
133	Countrywide Financial Corporation		9,024
1,376	Fannie Mae		89,151
1,184	Freddie Mac		62,930
2,471	MBNA Corporation		57,673
1,477	ORIX Corporation ADR		49,480
253	Providian Financial Corporation		2,593
630	SLM Corporation		25,313
493	WFS Financial Incorporated†		19,237
899	World Acceptance Corporation†		12,532
			486,078
OIL & GAS EXTRACTION — 0.89%
569	Anadarko Petroleum Corporation		24,752
207	Apache Corporation		14,279
4,349	BHP Billiton Limited ADR		62,060
359	Burlington Resources Incorporated		17,383
523	Devon Energy Corporation		27,065
1,104	ENI SpA-ADR		84,335
113	Evergreen Resources Incorporated†		6,313
1,720	Halliburton Company		41,590
434	Kerr-McGee Corporation		19,074
3,070	Magnum Hunter Resources Incorporated†		24,560
210	Nabors Industries Limited†		8,432
185	Noble Corporation†		6,693
885	Plains Exploration & Production company†		10,806
885	Plains Resources Incorporated†		12,045
4,896	Repsol YPF SA ADR		82,889
902	Rowan Companies Incorporated†		22,586
1,067	Schlumberger Limited		52,827
950	Southwestern Energy Company†		17,252
143	Stone Energy Corporation†		5,534
1,848	Total Fina Elf SA ADR		142,314
1,104	Transocean Incorporated†		23,316
			706,105
PAPER & ALLIED PRODUCTS — 0.35%
235	Bemis Company Incorporated		10,639
338	Boise Cascade Corporation		9,211
849	Chesapeake Corporation		20,206
1,968	Glatfelter		25,446
955	International Paper Company		38,725
620	Kimberly-Clark Corporation		31,688
497	MeadWestvaco Corporation		12,599

Shares	Security Name	Value
632	Pactiv Corporation†	$	12,691
215	Potlatch Corporation		6,340
2,956	Stora Enso Oyj ADR		38,103
231	Temple-Inland Incorporated		11,499
3,084	UPM-Kymmene Oyj ADR		56,067
			273,214
PERSONAL SERVICES — 0.07%
751	Cintas Corporation		29,988
283	H&R Block Incorporated		12,480
270	Regis Corporation		9,339
			51,807
PETROLEUM REFINING & RELATED INDUSTRIES — 1.25%
307	Amerada Hess Corporation		14,474
17	Ashland Incorporated		562
3,754	BP plc ADR		156,617
1,791	ChevronTexaco Corporation		130,510
1,303	ConocoPhillips		72,760
11,865	Exxon Mobil Corporation		447,311
669	Marathon Oil Corporation		18,658
2,478	Royal Dutch Petroleum Company NY Shares		111,188
371	Sunoco Incorporated		15,074
667	Unocal Corporation†		20,424
			987,578
PRIMARY METAL INDUSTRIES — 0.22%
1,840	Alcoa Incorporated		52,551
707	Engelhard Corporation		19,845
4,320	Kubota Corporation ADR		72,144
581	United States Steel Corporation		10,696
1,417	Worthington Industries		21,397
			176,633
PRINTING, PUBLISHING, & ALLIED INDUSTRIES — 0.66%
721	American Greetings Corporation†		13,337
771	Bowne & Company Incorporated		11,203
711	Consolidated Graphics Incorporated†		17,583
377	Dow Jones & Company Incorporated		16,011
395	Gannett Company Incorporated		30,976
107	Knight-Ridder Incorporated		7,261
367	McGraw-Hill Companies Incorporated		22,387
526	Meredith Corporation		24,943
448	New York Times Company		19,887
1,126	News Corporation Limited ADR		38,678
6,527	Pearson plc ADR		64,944
2,929	Reed Elsevier NV ADR		65,317
654	RR Donnelley & Sons Company		16,442
499	Tribune Company		23,079
3,393	Viacom Incorporated Class B		152,685
			524,733

16

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKTODAYFUND

Shares	Security Name	Value
Common Stock (Continued)
RAILROAD TRANSPORTATION — 0.08%
522	Burlington Northern Santa Fe Corporation	$	14,798
453	CSX Corporation		14,623
896	Norfolk Southern Corporation		17,060
316	Union Pacific Corporation		19,257
			65,738
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS — 0.14%
1,213	Cooper Tire & Rubber Company		21,833
451	Nike Incorporated Class B		25,698
1,327	Schulman A Incorporated		21,259
305	Sealed Air Corporation†		14,841
811	Tupperware Corporation		13,244
557	West Pharmaceutical Services Incorporated		16,153
			113,028
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES — 0.66%
181	Bear Stearns Companies Incorporated		12,666
3,650	Charles Schwab Corporation		39,639
2,347	Credit Suisse Group ADR		73,860
651	Franklin Resources Incorporated		28,117
814	Goldman Sachs Group Incorporated		72,031
361	Lehman Brothers Holdings Incorporated		23,729
1,681	Merrill Lynch & Company Incorporated		90,404
1,979	Morgan Stanley		96,555
3,672	Nomura Holdings Incorporated ADR		53,795
658	T Rowe Price Group Incorporated		27,965
			518,761
STONE, CLAY, GLASS, & CONCRETE PRODUCTS — 0.33%
2,680	Corning Incorporated†		22,110
2,582	Hanson plc ADR		84,044
4,589	Holcim Limited ADR†		90,926
3,922	Lafarge SA ADR		66,517
			263,597
TEXTILE MILL PRODUCTS — 0.05%
1,764	Interface Incorporated		10,073
474	Oxford Industries Incorporated		28,250
			38,323
TOBACCO PRODUCTS — 0.18%
2,734	Altria Group Incorporated		112,695
125	Universal Corporation		5,238
732	UST Incorporated		24,449
			142,382
TRANSPORTATION BY AIR — 0.28%
9,391	BAA plc ADR		67,736
800	Delta Air Lines Incorporated		10,296

Shares	Security Name	Value
647	FedEx Corporation	$	43,414
5,026	Japan Airlines System ADR		59,228
2,334	Southwest Airlines Company		39,888
			220,562
TRANSPORTATION EQUIPMENT — 0.96%
3,458	BAE Systems plc ADR		37,358
1,587	Boeing Company		59,338
809	Brunswick Corporation		21,827
1,989	DaimlerChrysler AG		76,039
2,600	Delphi Corporation		23,556
4,409	Fiat SpA ADR		29,937
4,200	Ford Motor Company		48,552
389	General Dynamics Corporation		33,497
777	General Motors Corporation		31,935
781	Goodrich Corporation		20,329
458	Harley-Davidson Incorporated		22,818
2,198	Honda Motor Company Limited ADR		44,751
1,976	Honeywell International Incorporated		57,284
145	ITT Industries Incorporated		9,437
248	Johnson Controls Incorporated		24,552
785	Lockheed Martin Corporation		40,216
320	Northrop Grumman Corporation		30,554
284	PACCAR Incorporated		24,197
419	Sequa Corporation†		18,394
496	Sports Resorts International Incorporated†		2,455
149	Superior Industries International Incorporated		6,447
317	Textron Incorporated		14,265
185	Thor Industries Incorporated		10,025
1,237	Toyota Motor Corporation ADR		68,517
			756,280
TRANSPORTATION SERVICES — 0.02%
139	Expeditors International of Washington Incorporated		5,242
454	Sabre Holdings Corporation		10,269
			15,511
WATER TRANSPORTATION — 0.06%
1,243	Carnival Corporation		42,995
255	Kirby Corporation†		7,446
			50,441
WHOLESALE TRADE–DURABLE GOODS — 0.57%
524	1-800 Contacts Incorporated†		10,858
534	Imagistics International Incorporated†		15,272
4,363	Johnson & Johnson		216,318
518	Kyocera Corporation ADR		32,805
3,448	Mitsubishi Corporation ADR		58,274
397	Mitsui & Company Limited ADR		50,621
2,402	Nissan Motor Company Limited ADR		52,123
237	Grainger WW Incorporated		11,810
			448,081

17

WELLSFARGOOUTLOOKTODAYFUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
WHOLESALE TRADE NON-DURABLE GOODS — 0.21%
321	Advanced Marketing Services Incorporated	$	3,290
275	AmerisourceBergen Corporation		16,008
53	Brown-Forman Corporation Class B		4,189
774	Cardinal Health Incorporated		44,064
672	McKesson Corporation		22,001
977	Safeway Incorporated†		23,849
655	Supervalu Incorporated		15,786
1,255	Sysco Corporation		39,482
			168,669
TOTAL COMMON STOCK (Cost $27,468,955)			26,705,520
Real Estate Investment Trust — 0.32%
547	Alexandria Real Estate Equities Incorporated		25,572
2,513	Boykin Lodging Company		19,601
126	Capital Automotive REIT		3,600
308	Chelsea Property Group Incorporated		14,153
1,585	Entertainment Properties Trust		49,531
615	Equity Office Properties Trust		17,109
936	Equity Residential		27,219
293	Home Properties of New York Incorporated		10,973
3,634	Mid Atlantic Realty Trust		76,387
156	Simon Property Group Incorporated		6,663
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $200,165)			250,808

Principal		Interest Rate	Maturity Date
US Treasury Obligations — 63.80%
US TREASURY BONDS — 1.89%
$	580,000	3.25%	8/15/07	585,030
	500,000	11.63%	11/15/04	560,391
	300,000	10.75%	8/15/05	350,613
				1,496,034

Principal		Interest Rate	Maturity Date	Value
US TREASURY NOTES — 61.91%
$	1,970,000	5.75%	11/15/05	$	2,125,675
	3,000,000	5.00%	2/15/11		3,168,399
	2,675,000	5.00%	8/15/11		2,816,272
	390,000	4.88%	2/15/12		405,768
	1,840,000	4.00%	11/15/12		1,784,081
	10,315,000	1.63%	1/31/05		10,325,078
	4,710,000	2.00%	5/15/06		4,673,389
	800,000	7.25%	8/15/04		845,125
	600,000	7.88%	11/15/04		645,867
	3,850,000	6.50%	5/15/05		4,156,194
	2,120,000	5.63%	2/15/06		2,293,988
	1,890,000	6.50%	10/15/06		2,110,007
	450,000	6.25%	2/15/07		501,680
	2,750,000	6.13%	8/15/07		3,067,647
	2,990,000	5.63%	5/15/08		3,285,146
	2,930,000	4.75%	11/15/08		3,100,306
	600,000	5.50%	5/15/09		657,914
	600,000	6.00%	8/15/04		626,765
	800,000	5.88%	11/15/04		842,218
	1,390,000	6.75%	5/15/05		1,506,193
					48,937,712
TOTAL US TREASURY OBLIGATIONS (Cost $49,665,637)					50,433,746
Short Term Investments — 1.51%
US TREASURY BILLS — 1.51%
	48,000	0.84%^	9/18/03		47,982
	18,000	0.84%^	9/18/03		17,993
	105,000	0.88%^	10/16/03		104,876
	70,000	0.88%^	10/16/03		69,918
	18,000	0.88%^	10/16/03		17,979
	488,000	0.88%^	10/16/03		487,445
	16,000	0.88%^	10/16/03		15,982
	200,000	0.88%^	10/16/03		199,778
	41,000	0.88%^	10/16/03		40,955
	99,000	0.88%^	10/16/03		98,891
	94,000	0.88%^	10/16/03		93,894
TOTAL SHORT-TERM INVESTMENTS (Cost $1,195,737)					1,195,693

TOTAL INVESTMENTS IN SECURITIES
(Cost $78,530,494)	99.43%	$	78,585,767
Other Assets and Liabilities,
Net	0.57		454,472
TOTAL NET ASSETS	100.00%	$	79,040,239

(a) Security Fair Valued in accordance with the procedures approved by the Board of Trustees.

^ Yield to Maturity.

† Non-income earning securities.

‡ Security of an affiliate of the fund with a cost of $134,033

The accompanying notes are an integral part of these financial statements.

18

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock — 48.12%
AMUSEMENT & RECREATION SERVICES — 0.10%
2,484	Alliance Gaming Corporation†	$	55,965
1,354	Churchill Downs Incorporated		48,825
190	Harrah's Entertainment Incorporated		7,870
1,448	International Game Technology		37,416
548	Westwood One Incorporated†		17,591
			167,667
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS — 0.23%
7,136	Benetton Group SpA ADR		145,432
582	Jones Apparel Group Incorporated		17,978
1,740	Liz Claiborne Incorporated		59,978
1,274	VF Corporation		51,087
3,335	Wacoal Corporation ADR		131,499
			405,974
APPAREL & ACCESSORY STORES — 0.32%
537	Abercrombie & Fitch Company Class A†		16,346
2,047	Cato Corporation		48,616
6,284	Charming Shoppes Incorporated†		37,704
1,895	Deb Shops Incorporated		34,603
6,346	Gap Incorporated		132,568
2,062	Kohl's Corporation†		130,422
4,961	Limited Brands		84,139
2,647	Nordstrom Incorporated		69,007
			553,405
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS — 0.06%
753	AutoZone Incorporated†		69,125
1,063	Carmax Incorporated		40,979
			110,104
BUILDING CONSTRUCTION–GENERAL CONTRACTORS & OPERATIVE BUILDERS — 0.17%
175	Beazer Homes USA Incorporated†		14,546
12	Cavco Industries Incorporated†		229
249	Centex Corporation		18,780
0	MDC Holdings Incorporated		10
21	NVR Incorporated†		9,104
176	Pulte Corporation		11,715
18,151	Sekisui House Limited ADR		159,451
248	Standard-Pacific Corporation		8,814
4,517	Vivendi Universal SA ADR†		76,336
			298,985
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY, & MOBILE HOME DEALERS — 0.40%
12,532	Home Depot Incorporated		403,028
4,432	Lowe's Companies Incorporated		243,140
1,947	Sherwin-Williams Company		58,566
			704,734

Shares	Security Name	Value
BUSINESS SERVICES — 3.09%
2,947	Acacia Research-Acacia Technologies†	$	6,130
7,679	Adecco SA ADR		97,523
1,685	Adobe Systems Incorporated		65,429
318	Advo Incorporated†		14,040
5,148	Aether Systems Incorporated†		27,851
436	Affiliated Computer Services Incorporated†		21,630
3,443	Akamai Technologies Incorporated†		14,323
220	Arbitron Incorporated†		8,136
807	Ariba Incorporated†		2,050
3,631	Automatic Data Processing Incorporated		144,913
283	Avocent Corporation†		8,264
3,881	BEA Systems Incorporated†		52,588
2,992	BMC Software Incorporated†		43,923
1,892	CCC Information Services Group†		29,099
7,252	Cendant Corporation†		130,391
245	ChoicePoint Incorporated†		9,616
1,865	Citrix Systems Incorporated†		38,400
4,396	Computer Associates International		112,669
1,460	Computer Sciences Corporation†		62,152
5,550	Compuware Corporation†		33,023
3,475	Concord EFS Incorporated†		48,129
2,668	Convergys Corporation†		48,024
3,679	Datastream Systems Incorporated†		34,767
1,803	Digital Insight Corporation†		43,182
450	DST Systems Incorporated†		17,820
3,922	Ebay Incorporated†		217,789
2,801	Electro Rent Corporation		33,556
714	Electronic Arts†		64,082
3,130	Electronic Data Systems		68,328
1,268	Enterasys Networks Incorporated†		7,316
2,225	Equifax Incorporated		51,042
1,973	eUniverse Incorporated†(a)		3,512
249	Factset Research Systems Incorporated		12,089
159	Fair Isaac Corporation		9,317
4,551	First Data Corporation		174,758
1,814	Fiserv Incorporated†		70,474
3,258	IMS Health Incorporated		63,433
2,628	Insurance Auto Auctions†		32,640
1,598	Interpool Incorporated		29,004
3,894	Interpublic Group of Companies Incorporated		58,994
2,436	Intrado Incorporated†		44,213
1,434	Intuit Incorporated†		64,989
3,010	Keynote Systems Incorporated†		29,709
8,449	Kidde plc ADR		129,633
1,020	Mercury Interactive Corporation†		44,768
57,857	Microsoft Corporation		1,534,368
988	NCR Corporation†		28,662

19

WELLSFARGOOUTLOOK 2010FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
3,177	Novell Incorporated†	$	15,980
1,723	Nuance Communications Incorporated†		9,253
1,106	Omnicom Group Incorporated		86,379
29,614	Oracle Corporation†		378,467
3,028	PeopleSoft Incorporated†		54,807
3,877	Red Hat Incorporated†		28,225
4,530	Rentokil Initial plc ADR		75,236
2,352	Reuters Group plc ADR		55,554
4,899	Sap AG ADR		146,671
5,088	Siebel Systems Incorporated†		51,287
619	Softbrands Incorporated†		495
23,236	Sun Microsystems Incorporated†		89,691
1,410	Sungard Data Systems Incorporated†		39,762
574	Symantec Corporation†		32,965
275	Synopsys Incorporated†		18,758
4,881	Unisys Corporation†		63,355
1,519	Verisign Incorporated†		22,739
2,919	Veritas Software Corporation†		100,647
2,089	WPP Group plc ADR		95,864
4,019	Yahoo! Incorporated†		134,235
			5,387,118
CHEMICALS & ALLIED PRODUCTS — 5.11%
8,468	Abbott Laboratories		341,260
2,848	Abgenix Incorporated†		37,024
1,645	Acacia Research-Combimatrix†		6,169
1,513	Air Products & Chemicals Incorporated		71,595
3,490	Akzo Nobel NV ADR		113,879
397	Alberto Culver Company Class B		22,661
7,174	Amgen Incorporated†		472,767
2,238	Aphton Corporation†		15,576
7,171	AstraZeneca plc ADR		284,330
2,354	Aventis SA ADR		115,346
868	Avery Dennison Corporation		47,523
1,620	Avon Products Incorporated		103,842
3,558	BASF AG ADR		164,913
4,747	Bayer AG ADR		102,678
1,240	Biogen Incorporated†		48,930
10,057	Bristol-Myers Squibb Company		255,146
3,572	Centerpulse ADR		98,301
1,867	Chiron Corporation†		94,881
1,636	Clorox Company		70,103
2,966	Colgate Palmolive Company		163,960
3,344	Columbia Laboratories Incorporated†		45,779
4,509	Dow Chemical Company		155,696
4,403	E I Du Pont de Nemours		196,990
626	Eastman Chemical Company		22,417
2,260	Ecolab Incorporated		58,285
6,144	Eli Lilly & Company		408,760
2,706	Forest Laboratories Incorporated†		127,182
1,293	Genentech Incorporated†		102,664
1,064	Genzyme Corporation†		50,168
1,922	Geron Corporation†		15,318

Shares	Security Name	Value
1,013	Gilead Sciences Incorporated†	$	67,567
5,655	Gillette Company		183,561
10,287	Glaxosmithkline plc ADR		399,444
650	IDEC Pharmaceutical Corporation†		22,588
2,017	International Flavors & Fragrances Incorporated		63,536
2,543	King Pharmaceuticals Incorporated†		35,729
437	Martek Bioscience†		22,545
3,434	Medarex Incorporated†		20,638
2,029	Medimmune Incorporated†		70,751
11,963	Merck & Company Incorporated		601,978
1,273	MGI Pharma Incorporated†		49,125
970	Mylan Laboratories Incorporated		35,308
11,778	Novartis AG ADR		435,433
2,377	Novo Nordisk A/S ADR		84,978
1,571	Penwest Pharmaceuticals†		34,373
42,221	Pfizer Incorporated		1,263,253
432	PPG Industries Incorporated		23,721
891	Praxair Incorporated		56,864
6,175	Procter & Gamble Company		539,016
3,914	Roche Holding AG ADR		299,725
1,955	Rohm and Haas Company		71,025
8,189	Schering-Plough Corporation		124,391
1,683	Sepracor Incorporated†		45,306
13,000	Shiseido Company Limited ADR		136,039
942	Sigma-Aldrich Corporation		51,575
1,283	Watson Pharmaceuticals Incorporated†		52,731
6,968	Wyeth		298,579
			8,903,922
COAL MINING — 0.03%
988	Penn Virginia Corporation		44,470
COMMUNICATIONS — 2.91%
1,763	Alltel Corporation		80,745
4,826	AT&T Corporation		107,620
18,888	AT&T Wireless Services Incorporated†		162,815
3,742	Avaya Incorporated†		39,104
10,179	Bellsouth Corporation		256,511
1,194	Boston Communications Group Incorporated†		16,059
2,431	British Sky Broadcasting Group plc ADR†		103,269
4,431	BT Group plc ADR†		130,050
1,299	CenturyTel Incorporated		45,153
1,461	Certegy Incorporated†		44,195
4,071	Clear Channel Communications Incorporated†		183,684
24,363	Comcast Corporation†		724,799
11,683	Deutsche Telekom AG ADR		167,534
3,119	Extreme Networks Incorporated†		21,490
4,154	France Telecom SA ADR		103,019
2,312	Interactivecorp†		85,567
1,833	Lagardere SCA ADR		83,275

20

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock (Continued)
420	Liberty Corporation	$	18,018
1,949	Lodgenet Entertainment Corporation†		25,337
6,802	Nextel Communications Incorporated†		131,143
4,359	Nippon Telegraph and Telephone Corporation ADR		96,726
6,000	NTT Docomo Incorporated ADR†		155,220
9,172	Qwest Communications International Incorporated†		40,815
2,611	Reed Elsevier plc		82,116
11,012	Royal KPN NV ADR		75,983
18,599	SBC Communications Incorporated		418,292
3,860	Spanish Broadcasting Systems Incorporated†		29,915
6,724	Sprint Corporation (FON Group)		99,313
7,211	Sprint Corporation (PCS Group)†		37,425
5,401	TDC A/S ADR		80,745
7,741	Telefonica SA ADR†		274,806
1,945	Univision Communications Incorporated†		72,918
15,616	Verizon Communications Incorporated		551,557
27,631	Vodafone Group plc ADR		505,647
700	Western Wireless Corporation Class A†		12,936
			5,063,801
CONSTRUCTION SPECIAL TRADE CONTRACTORS — 0.03%
287	Emco Group Incorporated†		12,648
688	Whirlpool Corporation		47,871
			60,519
DEPOSITORY INSTITUTIONS — 5.67%
11,060	ABN Amro Holding NV ADR		195,098
5,732	Allied Irish Banks plc ADR		160,955
2,950	AmSouth Bancorporation		63,543
10,419	Banco Bilbao Vizcaya Argentaria SA ADR		112,004
7,146	Banco Comercial Portugues SA ADR		63,242
18,125	Banco Santander Central Hispano SA ADR		155,513
8,223	Bank of America Corporation		651,673
4,523	Bank of New York Company Incorporated		133,067
6,026	Bank One Corporation		237,846
1,235	Bankunited Financial Corporation Class A†		26,849
1,840	Banner Corporation		38,824
7,812	Barclays plc ADR		231,079
3,008	Bayerische Hypo-Und Vereinsbank AG ADR†		46,994

Shares	Security Name	Value
2,853	BB&T Corporation	$	104,192
8,205	BNP Paribas SA ADR		204,397
2,243	Cascade Bancorp		40,419
3,532	CFS Bancorp Incorporated		48,883
1,530	Charter One Financial Incorporated		47,430
758	Chittenden Corporation		21,861
30,182	Citigroup Incorporated		1,308,390
1,629	City Bank Lynnwood WA		52,910
767	Comerica Incorporated		37,844
2,104	Community Trust Bancorp		61,879
2,760	Deutsche Bank AG		160,742
2,640	Dime Community Bancshares		62,832
2,919	Fifth Third Bancorp		171,053
1,137	First Republic Bank		35,622
1,793	First Sentinel Bancorp Incorporated		29,943
316	First Tennessee National Corporation		13,067
856	FirstFed Financial Corporation†		33,983
2,117	Flagstar Bancorp Incorporated		41,345
6,038	FleetBoston Financial Corporation		178,664
4,550	Gold Banc Corporation Incorporated		49,823
652	Golden West Financial Corporation		56,248
6,800	HBOS plc ADR		227,165
7,018	HSBC Holdings plc ADR		451,398
3,519	Huntington Bancshares Incorporated		70,380
11,840	JP Morgan Chase & Company		405,165
2,016	KeyCorp		54,795
5,389	Lloyds TSB Group PLC ADR		142,431
635	Marshall & Ilsley Corporation		19,685
2,681	Mellon Financial Corporation		84,049
2,158	National Australia Bank Limited ADR		218,174
27,516	National Bank of Greece SA ADR		118,869
3,068	National City Corporation		97,194
4,379	NBT Bancorp Incorporated		92,090
1,621	Northern Trust Corporation		68,471
3,208	Northwest Bancorp Incorporated		53,028
2,147	OceanFirst Financial Corporation		54,985
1,039	PNC Financial Services Group Incorporated		49,456
1,405	Regions Financial Corporation		49,540
5,980	Republic Bancorp Incorporated		82,165
2,686	Republic Bancorp Incorporated KY		46,978
2,151	Republic Bancshares Incorporated		58,357
174	River Forest Bancorp		9,013
3,333	Royal Bancshares of Pennsylvania Incorporated		82,625
9,766	Sanpaolo-IMI SpA ADR		188,484

21

WELLSFARGOOUTLOOK 2010FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
2,196	Seacoast Financial Services Corporation	$	45,347
10,537	Societe Generale		139,748
2,860	SouthTrust Corporation		82,911
2,166	State Street Corporation		95,196
2,046	Sterling Financial Corporation		53,196
1,270	SunTrust Banks Incorporated		77,635
2,733	Synovus Financial Corporation		66,822
669	Umpqua Holdings Corporation		12,477
1,552	Union Planters Corporation		49,509
4,450	United Community Financial Corporation		42,275
11,943	US Bancorp		285,438
1,834	USB Holding Company Incorporated		33,764
7,171	Wachovia Corporation		302,258
4,178	Washington Mutual Incorporated		162,858
9,119	Wells Fargo & Company‡		457,227
3,014	West Coast Bancorp – OR		56,543
5,628	Westpac Banking Corporation ADR		287,815
387	Zions Bancorporation		21,556
			9,875,286
EATING & DRINKING PLACES — 0.21%
2,448	Darden Restaurants Incorporated		53,366
7,442	McDonald's Corporation		166,850
1,945	Wendy's International Incorporated		61,365
2,625	Yum! Brands Incorporated†		77,831
			359,412
EDUCATIONAL SERVICES — 0.03%
846	Apollo Group Incorporated Class A†		54,203
ELECTRIC, GAS, & SANITARY SERVICES — 1.96%
4,906	AES Corporation†		31,791
2,617	Allied Waste Industries Incorporated†		28,944
1,452	Ameren Corporation		61,710
1,262	American Electric Power Company Incorporated		35,727
5,100	BG Group plc ADR		111,231
768	Black Hills Corporation		24,891
4,255	Calpine Corporation†		23,998
3,870	CenterPoint Energy Incorporated		32,856
621	CH Energy Group Incorporated		27,479
1,990	Cinergy Corporation		68,098
2,487	CMS Energy Corporation†		16,588
2,065	Constellation Energy		75,145
1,836	Dominion Resources Incorporated		111,225
1,330	DTE Energy Company		46,430
6,007	Duke Energy Corporation		102,600
3,036	E.ON AG ADR		157,690
4,485	El Paso Corporation		32,920

Shares	Security Name		Value
9,204	Endesa SA ADR		$	144,043
4,955	Enel SpA ADR			151,871
1,896	Entergy Corporation			99,445
2,394	Exelon Corporation			141,007
2,930	FirstEnergy Corporation			85,732
1,422	FPL Group Incorporated			87,965
110,319	Hong Kong & China Gas Company Limited ADR			148,522
36,000	Hong Kong Electric Holdings Limited ADR			142,164
3,579	International Power plc ADR†			85,860
467	KN Energy Incorporated			24,868
3,342	Middlesex Water Company			88,563
3,624	National Grid Transco plc ADR			111,800
250	Nicor Incorporated			8,498
3,603	NiSource Incorporated			69,682
2,583	Pico Holdings Incorporated†			33,502
1,398	Pinnacle West Cap Corporation			47,951
2,150	PPl Corporation			85,291
1,332	Progress Energy Incorporated			53,933
507	Public Service Enterprise			21,466
4,389	Scottish Power plc ADR			103,580
2,926	Sempra Energy			87,049
4,342	Southern Company			123,226
5,936	Suez SA ADR			94,798
193	Texas Genco Holdings Incorporated			4,729
450	TXU Corporation			9,900
674	UIL Holdings Corporation			24,298
9,566	United Utilities plc ADR			165,970
3,068	Waste Management Incorporated			81,639
4,459	Williams Companies Incorporated			40,711
3,660	Xcel Energy Incorporated			53,618
				3,411,004
		��
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT —  4.42%
4,558	Advanced Micro Devices Incorporated†			51,460
10,185	Alcatel SA ADR			110,915
3,078	Altera Corporation†			69,070
3,542	American Power Conversion Corporation			63,473
249	Ametek Incorporated			10,448
2,309	Analog Devices Incorporated†			94,669
4,013	Applied Micro Circuits Corporation†			23,316
4,324	ASML Holding NV NY Shares†			68,752
2,379	Broadcom Corporation†			65,375
4,295	C-COR.net Corporation†			23,365
3,441	Canon Incorporated ADR			166,751
4,281	Chartered Semiconductor Manufacturing Limited ADR†			28,126
3,224	CIENA Corporation†			20,956

22

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock (Continued)
3,041	Comverse Technology Incorporated†	$	50,146
2,642	Conexant Systems Incorporated†		14,478
629	Cooper Industries Limited Class A		32,010
1,024	Cree Resh Incorporated†		16,200
2,162	EchoStar Communications Corporation†		79,778
2,116	Electrolux AB ADR Class B		94,564
1,851	Emerson Electric Company		103,212
4,764	Ericsson ADR†		73,747
2,186	Fujitsu Limited ADR		52,271
53,083	General Electric Company		1,569,661
2,260	Globespan Virata Incorporated†		17,199
964	Hutchinson Technology†		30,491
3,925	Infineon Technologies AG ADR		57,698
34,659	Intel Corporation		991,941
1,210	Inter-Tel Incorporated		30,492
401	Interdigital Communications Corporation†		7,118
9,052	International Business Machines Corporation		742,355
2,038	Jabil Circuit Incorporated†		57,370
10,973	JDS Uniphase Corporation†		37,747
5,079	Koninklijke Philips Electronics NV NY Shares		123,928
180	L-3 Communications Holdings Incorporated†		9,196
1,999	Linear Technology Corporation		82,399
5,389	LSI Logic Corporation†		62,189
7,241	Matsushita Electric Industrial Company ADR		92,757
2,147	Maxim Integrated Products		96,422
1,420	Maytag Corporation		38,482
2,473	McDATA Corporation†		25,101
942	Microchip Technology Incorporated		26,385
4,922	Micron Technology Incorporated†		70,680
880	Mindspeed Technologies†		3,098
12,000	Minebea Company Limited ADR		119,507
1,748	Molex Incorporated		51,426
14,198	Motorola Incorporated		152,345
3,709	Mykrolis Corporation†		46,733
1,237	National Presto Industries Incorporated		45,212
1,559	National Semiconductor†		45,429
2,974	Network Appliance Incorporated†		66,647
12,239	Nokia Oyj ADR		199,373
1,257	Novellus Systems Incorporated†		50,230
1,572	NVIDIA Corporation†		28,548
631	Omron Corporation ADR		127,898
5,294	Pioneer Corporation ADR		118,003
951	QLogic Corporation†		46,618
4,490	Qualcomm Incorporated		185,347
524	Rambus Incorporated†		8,730
2,849	RF Micro Devices Incorporated†		25,128

Shares	Security Name	Value
2,196	Rockwell Collins Incorporated	$	59,402
4,863	Sanmina-SCI Corporation†		43,670
1,883	Scientific-Atlanta Incorporated		64,022
1,262	Skyworks Solutions Incorporated†		14,311
6,795	Solectron Corporation†		40,294
2,654	Sony Corporation ADR		87,449
3,933	STMicroelectronics NV ADR		98,089
1,653	TDK Corporation ADR		107,114
4,802	Tellabs Incorporated†		31,357
10,451	Texas Instruments Incorporated		249,256
325	Varian Semiconductor Equipment Associates Incorporated†		13,185
2,270	Vitesse Semiconductor Corporation†		15,504
2,383	Xilinx Incorporated†		73,492
			7,700,110
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES — 0.28%
2,961	Applera Corporation-Celera Genomics Group†		30,143
1,604	CDI Corporation		40,822
184	Cephalon Incorporated†		8,160
183	Corporate Executive Board Company†		8,079
1,463	Dun & Bradstreet Corporation†		61,592
4,772	First Consulting Group Incorporated†		22,428
1,092	Fluor Corporation		40,229
2,017	Monsanto Company		51,857
1,216	Moody’s Corporation		63,062
2,638	Paychex Incorporated		94,968
2,276	Per-Se Technologies Incorporated†		36,577
524	Quest Diagnostic Incorporated†		31,440
			489,357
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT — 0.18%
155	Ball Corporation		8,184
1,280	Fortune Brands Incorporated		72,192
1,814	Illinois Tool Works Incorporated		131,134
3,573	Masco Corporation		88,575
258	Simpson Manufacturing Company Incorporated†		12,281
256	Snap-On Tools Corporation		7,552
			319,918
FINANCIAL SERVICES — 0.04%
3,967	Janus Capital Group Incorporated		68,510
FOOD & KINDRED PRODUCTS — 1.69%
170	American Italian Pasta Company Class A†		7,092
3,249	Anheuser-Busch Companies Incorporated		167,455

23

WELLSFARGOOUTLOOK 2010FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
5,531	Archer-Daniels-Midland Company	$	76,715
7,106	Cadbury Schweppes plc ADR		174,665
2,159	Campbell Soup Company		52,248
12,304	Coca Cola Company		535,470
3,458	Coca Cola Enterprises Incorporated		63,938
17,900	Compass Group plc ADR		99,168
3,125	ConAgra Foods Incorporated		68,750
4,105	Diageo plc ADR		179,553
2,112	General Mills Incorporated		97,912
2,915	Hercules Incorporated†		32,648
635	Hershey Foods Corporation		44,387
375	HJ Heinz Company		12,135
1,095	J & J Snack Foods Corporation†		38,445
2,155	Kellogg Company		72,257
25,312	Kirin Brewery Company Limited ADR		177,690
2,523	National Beverage Corporation†		38,223
7,403	Nestle SA ADR		403,044
743	PBG		17,921
8,326	Pepsico Incorporated		370,840
1,893	Sanderson Farms Incorporated		56,695
5,012	Sara Lee Corporation		95,128
1,158	WM Wrigley Jr Company		61,432
			2,943,811
FOOD STORES — 0.43%
2,510	Albertson’s Incorporated		52,760
4,635	Coles Myer Limited ADR		175,898
2,650	Ito-Yokado Company Limited ADR(a)		75,695
8,369	Koninklijke Ahold NV ADR		77,832
5,735	Kroger Company†		110,169
3,071	Starbucks Corporation†		87,339
13,579	Tesco plc ADR		139,182
126	Whole Foods Market Incorporated†		6,846
1,958	Winn-Dixie Stores Incorporated		19,678
			745,399
FORESTRY — 0.07%
1,749	Plum Creek Timber Company Incorporated		45,736
1,328	Weyerhaeuser Company		79,016
			124,752
FURNITURE & FIXTURES — 0.06%
2,522	Leggett & Platt Incorporated		58,410
2,207	Newell Rubbermaid Incorporated		52,416
			110,826
GENERAL MERCHANDISE STORES — 1.21%
3,240	Dollar General Corporation		74,291
231	Family Dollar Stores Incorporated		9,268

Shares	Security Name	Value
1,380	Federated Department Stores Incorporated	$	60,306
2,130	Fred’s Incorporated		76,148
2,550	JC Penney Company Incorporated		54,111
2,265	May Department Stores Company		62,469
2,277	Mitsukoshi Limited ADR†		62,448
2,125	Sears Roebuck & Company		93,543
5,028	Target Corporation		204,137
3,867	TJX Companies Incorporated		83,759
22,494	Wal-Mart Stores Incorporated		1,330,970
			2,111,450
HEALTH SERVICES — 0.23%
1,305	Caremark RX Incorporated†		32,793
328	Express Scripts Incorporated†		21,258
4,113	HCA Incorporated		156,253
1,619	Human Genome Sciences Incorporated†		23,055
542	Laboratory Corporation Of America Holdings†		16,396
568	Lincare Holdings Incorporated†		19,670
4,588	Tenet Healthcare Corporation†		73,637
1,702	Triad Hospitals Incorporated†		55,145
			398,207
HOLDINGS AND OTHER INVESTMENT OFFICES — 0.11%
12,000	Mitsubishi Tokyo Finance		70,440
16,164	Sun Hung Kai Properties		116,576
			187,016
HOME FURNITURE, FURNISHINGS, & EQUIPMENT STORES — 0.22%
2,275	Bed Bath & Beyond Incorporated†		97,894
2,167	Best Buy Company Incorporated†		112,706
3,387	Circuit City Stores Incorporated		35,326
1,317	Guitar Center Incorporated†		44,172
1,596	RadioShack Corporation		48,518
3,561	Tweeter Home Entertainment Group Incorporated†		31,123
290	Williams-Sonoma Incorporated†		8,877
			378,616
HOTELS, ROOMING HOUSES, CAMPS, & OTHER LODGE PLACES — 0.18%
8,053	Accor SA ADR		156,890
5,260	Hilton Hotels Corporation		80,373
1,934	Marriott International Incorporated		78,965
			316,228

24

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock (Continued)
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT — 2.52%
1,842	3M Company	$	262,429
753	American Standard Companies Incorporated†		60,383
2,844	Apple Computer Incorporated†		64,360
10,035	Applied Materials Incorporated†		216,756
3,258	Baker Hughes Incorporated		109,013
933	Black & Decker Corporation		39,914
397	Briggs & Stratton Corporation		23,344
2,062	Caterpillar Incorporated		148,113
389	CDW Corporation†		20,076
37,818	Cisco Systems Incorporated†		724,215
1,561	Deere & Company		88,212
13,588	Dell Incorporated†		443,376
1,613	Dover Corporation		61,326
637	Eaton Corporation		59,649
14,333	EMC Corporation†		182,746
1,285	Emulex Corporation†		31,110
4,484	Gateway Incorporated†		25,873
1,140	Global Imaging Systems Incorporated†		29,309
18,173	Hewlett-Packard Company		362,006
336	Idex Corporation		13,030
1,018	Ingersoll-Rand Company Class A		60,591
3,419	Juniper Networks Incorporated†		58,875
2,068	Kadant Incorporated†		39,085
530	Kennametal Incorporated		20,840
5,823	Komatsu Limited ADR		132,949
804	Lexmark International Incorporated†		53,900
26,566	Makita Corporation ADR		233,781
12,147	NEC Corporation ADR		91,710
2,309	Pall Corporation		57,725
1,309	Palm Incorporated†		23,889
1,329	Parker Hannifin Corporation		65,812
735	Pitney Bowes Incorporated		28,665
2,658	Rainbow Technologies Incorporated†		21,131
310	Sandisk Corporation†		18,743
3,638	Siemens AG ADR		226,575
1,217	Stanley Works		36,839
2,595	Symbol Technologies Incorporated		35,136
2,605	United Technologies Corporation		209,051
139	Varian Associates Systems Incorporated†		7,763
804	Western Digital Corporation†		9,238
			4,397,538
INSURANCE AGENTS, BROKERS & SERVICE — 0.13%
2,182	AON Corporation		48,441
2,866	Marsh & McLennan Companies Incorporated		143,300
1,443	Medco Health Solutions Incorporated†		38,521
			230,262

Shares	Security Name	Value
INSURANCE CARRIERS — 2.17%
1,451	Ace Limited	$	46,722
6,141	Aegon NV ADR		76,517
1,076	Aetna Incorporated		61,332
3,576	AFLAC Incorporated		114,468
6,550	Allianz AG ADR		58,492
3,865	Allstate Corporation		138,174
331	AMBAC Financial Group Incorporated		21,489
15,307	American International Group Incorporated		911,838
703	Anthem Incorporated†		51,460
8,561	AXA ADR		152,215
843	Chubb Corporation		57,273
770	Cigna Corporation		36,714
1,315	Cincinnati Financial Corporation		53,060
2,106	Cobalt Corporation		41,678
1,454	Hartford Financial Services Group Incorporated		77,382
6,965	ING Group NV ADR		137,419
840	Jefferson-Pilot Corporation		37,187
814	John Hancock Financial Services Incorporated		24,851
1,013	Lincoln National Corporation		35,880
1,575	Loews Corporation		64,827
1,056	MBIA Incorporated		59,622
4,617	MetLife Incorporated		131,215
824	MGIC Investment Corporation		46,449
3,414	Millea Holdings Incorporated ADR		174,592
1,137	Oxford Health Plans Incorporated†		41,216
1,143	Principal Financial Group		35,959
2,382	ProAssurance Corporation†		61,313
1,448	Progressive Corporation		102,432
3,432	Prudential Financial Incorporated		124,959
1,044	Safeco Corporation		37,647
1,955	Swiss Reinsurance ADR		120,047
1,700	St Paul Companies Incorporated		59,092
1,345	Torchmark Corporation		54,284
7,342	Travelers Property Casualty Corporation Class B†		113,728
4,245	UnitedHealth Group Incorporated		209,830
2,729	UnumProvident Corporation		38,479
1,436	WellPoint Health Networks Incorporated†		112,008
810	XL Capital Limited Class A		61,355
			3,783,205
JUSTICE, PUBLIC ORDER, & SAFETY — 0.03%
2,415	Wackenhut Corrections Corporation†		43,591
LEATHER & LEATHER PRODUCTS — 0.01%
406	Coach Incorporated†		23,564

25

WELLSFARGOOUTLOOK 2010FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE — 0.05%
3,673	Champion Enterprises Incorporated†	$	26,629
2,388	Georgia-Pacific Corporation		55,330
			81,959
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS — 1.59%
2,976	Advanced Medical Optics Incorporated†		49,372
5,201	Advantest Corporation ADR		90,289
3,300	Agilent Technologies Incorporated†		80,256
1,051	Allergan Incorporated		83,512
2,896	Applera Corporation—Applied Biosystems Group		63,017
1,348	Bausch & Lomb Incorporated		56,832
3,273	Baxter International Incorporated		91,971
1,851	Becton Dickinson & Company		67,636
2,363	Biomet Incorporated		70,252
2,591	Boston Scientific Corporation†		155,719
118	C R Bard Incorporated		7,906
2,759	Credence Systems Corporation†		31,701
962	Danaher Corporation		74,315
1,908	Eastman Kodak Company		53,214
2,997	Energy Conversion Devices Incorporated†		35,964
4,362	Fuji Photo Film Company Limited ADR		131,253
2,214	Guidant Corporation		111,143
1,864	Ii-Vi Incorporated†		46,097
1,746	Integra LifeSciences Holdings Corporation†		47,159
1,961	Keithley Instruments Incorporated		31,298
1,371	KLA-Tencor Corporation†		81,383
6,596	Medtronic Incorporated		327,030
1,349	Millipore Corporation		61,245
2,490	Perkinelmer Incorporated		41,185
822	Photon Dynamics Incorporated†		26,641
3,379	Pinnacle Systems Incorporated†		30,648
2,455	Raytheon Company		78,707
923	Ricoh Company Limited ADR		84,916
1,932	Rockwell Automation Incorporated		52,589
1,456	St Jude Medical Incorporated†		75,814
1,450	Stryker Corporation		109,910
1,762	Tektronix Incorporated†		41,654
1,822	Teradyne Incorporated†		32,486
2,482	Thermo Electron Corporation†		56,565
1,322	Trimble Navigation Limited†		35,364
2,201	Viasys Healthcare Incorporated†		48,642
1,781	Waters Corporation†		54,321
6,199	Xerox Corporation†		66,825
1,660	Zimmer Holdings Incorporated†		85,885
			2,770,716

Shares	Security Name	Value
METAL MINING — 0.21%
755	Freeport-McMoRan Copper & Gold Incorporated Class B	$	22,650
2,796	Newmont Mining Corporation		109,770
938	Phelps Dodge Corporation†		45,015
2,066	Rio Tinto plc ADR		182,924
			360,359
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS — 0.09%
4,230	Pechiney SA ADR		106,934
1,202	Vulcan Materials Company		49,775
			156,709
MISCELLANEOUS MANUFACTURING INDUSTRIES — 0.26%
3,219	Hasbro Incorporated		59,552
2,960	Mattel Incorporated		57,187
1,537	Steinway Musical Instruments†		25,668
1,525	Tiffany & Company		59,353
12,590	Tyco International Limited		259,102
			460,862
MISCELLANEOUS RETAIL — 0.41%
1,923	Amazon.Com Incorporated†		89,305
3,078	Costco Wholesale Corporation†		98,773
2,845	CVS Corporation		92,747
665	Dollar Tree Stores Incorporated†		26,088
240	Michael's Stores Incorporated		10,908
3,749	Office Depot Incorporated†		68,382
4,053	Staples Incorporated†		99,825
3,091	Toys R Us Incorporated†		42,099
5,605	Walgreen Company		182,555
			710,682
MOTION PICTURES — 0.41%
27,936	AOL Time Warner Incorporated†		457,033
12,796	Walt Disney Company		262,318
			719,351
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING — 0.25%
217	Hunt (JB) Transport Services Incorporated†		10,785
306	Landstar System Incorporated†		18,883
6,258	United Parcel Service Incorporated		392,752
395	USF Corporation		12,581
			435,001
NON-DEPOSITORY CREDIT INSTITUTIONS — 0.90%
6,951	American Express Company		313,142
1,818	Capital One Financial Corporation		97,081
4,477	Charter Municipal Mortgage Acceptance Company		81,258
1,152	Countrywide Financial Corporation		78,163
5,005	Fannie Mae		324,274
4,149	Freddie Mac		220,519

26

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock (Continued)
8,408	MBNA Corporation	$	196,243
3,436	ORIX Corporation ADR		115,106
3,348	Providian Financial Corporation		34,317
2,610	SLM Corporation		104,870
			1,564,973
OIL & GAS EXTRACTION — 1.20%
1,912	Anadarko Petroleum Corporation		83,173
1,178	Apache Corporation		81,258
13,023	BHP Billiton Limited ADR		185,838
1,678	Burlington Resources Incorporated		81,249
1,705	Devon Energy Corporation		88,234
2,671	ENI SpA ADR		204,038
4,552	Halliburton Company		110,067
924	Kerr-McGee Corporation		40,610
563	Nabors Industries Limited†		22,604
2,168	Noble Corporation†		78,438
2,565	Occidental Petroleum Corporation		88,056
2,318	Pride International Incorporated†		39,615
7,644	Repsol YPF SA ADR		129,413
2,230	Rowan Companies Incorporated†		55,839
2,984	Schlumberger Limited		147,738
504	Seacor Holdings Incorporated†		19,817
4,203	Shell Transport & Trading Company plc ADR		161,563
2,683	Southwestern Energy Company†		48,723
4,688	Total Sa ADR		361,023
2,672	Transocean Incorporated†		56,433
			2,083,729
PAPER & ALLIED PRODUCTS — 0.34%
164	Bemis Company Incorporated		7,423
1,963	Boise Cascade Corporation		53,492
2,458	International Paper Company		99,672
2,742	Kimberly-Clark Corporation		140,144
2,005	MeadWestvaco Corporation		50,827
314	Potlatch Corporation		9,260
7,021	Stora Enso Oyj ADR		90,501
708	Temple-Inland Incorporated		35,244
5,962	Upm-Kymmene Oyj ADR		108,389
			594,952
PERSONAL SERVICES — 0.16%
1,853	Cintas Corporation		73,990
1,895	G & K Services Incorporated Class A		62,630
1,268	H & R Block Incorporated		55,919
265	Regis Corporation		9,166
3,073	Unifirst Corporation		79,130
			280,835

Shares	Security Name	Value
PETROLEUM REFINING & RELATED INDUSTRIES — 1.74%
795	Amerada Hess Corporation	$	37,485
10,737	BP plc ADR		447,948
5,851	ChevronTexaco Corporation		426,362
4,193	ConocoPhillips		234,137
39,036	Exxon Mobil Corporation		1,471,657
1,971	Headwaters Incorporated†		27,476
2,643	Marathon Oil Corporation		73,713
5,584	Royal Dutch Petroleum Company		250,554
2,268	Unocal Corporation†		69,446
			3,038,778
PRIMARY METAL INDUSTRIES — 0.34%
5,999	Alcoa Incorporated		171,332
4,712	Allegheny Technologies Incorporated		35,104
2,321	Engelhard Corporation		65,150
2,649	General Cable Corporation†		23,920
3,023	Johnson Matthew plc ADR		93,864
7,904	Kubota Corporation ADR		131,997
709	Mueller Industries Incorporated†		20,476
1,057	Nucor Corporation		54,340
			596,183
PRINTING, PUBLISHING, & ALLIED INDUSTRIES — 0.83%
1,199	Dow Jones & Company Incorporated		50,921
1,806	Gannett Company Incorporated		141,627
922	Knight-Ridder Incorporated		62,567
1,400	McGraw-Hill Companies Incorporated		85,400
1,313	New York Times Company		58,284
3,301	News Corporation Limited ADR		113,389
8,711	Pearson plc ADR		86,674
4,979	Reed Elsevier NV ADR		111,032
2,311	RR Donnelley & Sons Company		58,099
2,152	Toppan Printing Company Limited ADR		87,054
2,476	Tribune Company		114,515
10,403	Viacom Incorporated Class B		468,135
			1,437,697
RAILROAD TRANSPORTATION — 0.15%
1,768	Burlington Northern Santa Fe Corporation		50,123
1,460	CSX Corporation		47,129
3,695	Kansas City Southern†		44,894
2,641	Norfolk Southern Corporation		50,285
993	Union Pacific Corporation		60,513
			252,944
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS — 0.11%
5,297	Goodyear Tire & Rubber Company		37,715

27

WELLSFARGOOUTLOOK 2010FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
1,888	Nike Incorporated Class B	$	107,578
948	Sealed Air Corporation†		46,130
			191,423
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES — 1.02%
4,974	Amvescap plc ADR		79,784
916	Bear Stearns Companies Incorporated		64,102
10,852	Charles Schwab Corporation		117,853
5,275	Credit Suisse Group		166,004
252	Eaton Vance Corporation		8,583
2,134	Franklin Resources Incorporated		92,167
2,722	Friedman Billings Ramsey Group Incorporated		45,158
2,869	Goldman Sachs Group Incorporated		253,878
1,747	Lehman Brothers Holdings Incorporated		114,830
5,081	Merrill Lynch & Company Incorporated		273,256
6,586	Morgan Stanley		321,331
244	Neuberger Berman Incorporated		10,116
9,706	Nomura Holdings Incorporated ADR		142,193
2,068	T Rowe Price Group Incorporated		87,890
			1,777,145
SOCIAL SERVICES — 0.03%
9,723	ABB Limited ADR†		55,616
STONE, CLAY, GLASS, & CONCRETE PRODUCTS — 0.24%
7,254	Corning Incorporated†		59,845
3,982	Hanson plc ADR		129,614
7,419	Holcim Limited ADR†		146,999
5,223	Lafarge SA ADR		88,582
			425,040
TOBACCO PRODUCTS — 0.43%
10,942	Altria Group Incorporated		451,029
4,932	British American Tobacco plc ADR		101,156
1,930	Swedish Match AB ADR		131,240
356	Universal Corporation		14,916
1,561	UST Incorporated		52,137
			750,478
TRANSPORTATION BY AIR — 0.24%
10,458	BAA plc ADR		75,431
2,299	FedEx Corporation		154,263
7,165	Japan Airlines System Corporation ADR		84,435
5,730	Southwest Airlines Company		97,926
			412,055

Shares	Security Name	Value
TRANSPORTATION EQUIPMENT — 1.26%
6,701	BAE Systems plc ADR	$	72,393
5,335	Boeing Company		199,476
3,585	DaimlerChrysler AG		137,055
2,347	Dana Corporation		36,191
5,340	Delphi Corporation		48,380
9,216	Fiat SpA ADR		62,577
11,689	Ford Motor Company		135,125
1,264	General Dynamics Corporation		108,843
2,860	General Motors Corporation		117,546
1,718	Genuine Parts Company		55,010
2,065	Goodrich Corporation		53,752
273	Group 1 Automotive Incorporated†		10,278
2,027	Harley-Davidson Incorporated		100,985
7,522	Honda Motor Company Limited ADR		153,148
5,361	Honeywell International Incorporated		155,415
796	ITT Industries Incorporated		51,804
594	Johnson Controls Incorporated		58,806
2,673	Lockheed Martin Corporation		136,938
1,021	Navistar International Corporation		45,669
1,033	Northrop Grumman Corporation		98,631
1,018	PACCAR Incorporated		86,734
3,416	Sports Resorts International Incorporated†		16,909
383	Textron Incorporated		17,235
4,125	Toyota Motor Corporation ADR		228,484
			2,187,384
TRANSPORTATION SERVICES — 0.05%
266	C H Robinson Worldwide Incorporated		10,100
389	Expeditors International of Washington Incorporated		14,669
1,807	Pegasus Solutions Incorporated†		26,111
1,924	Sabre Holdings Corporation		43,521
			94,401
WATER TRANSPORTATION — 0.10%
3,978	Carnival Corporation		137,599
861	Kirby Corporation†		25,141
399	Overseas Shipholding Group Incorporated		10,338
			173,078
WHOLESALE TRADE-DURABLE GOODS — 0.88%
539	Hughes Supply Incorporated		19,135
1,887	Imagistics International Incorporated†		53,968
15,660	Johnson & Johnson		776,423
1,253	Kyocera Corporation ADR		79,352
9,010	Mitsubishi Corporation ADR		152,277
1,114	Mitsui & Company Limited ADR		142,046
7,413	Nissan Motor Company Limited ADR		160,862

28

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2010FUND

Shares	Security Name	Value
Common Stock (Continued)
17,011	Sumitomo Mitsui Financial	$	59,338
4,897	Visteon Corporation		33,055
1,105	WW Grainger Incorporated		55,062
			1,531,518
WHOLESALE TRADE-NONDURABLE GOODS — 0.52%
383	AmeriSource Bergen Corporation		22,293
567	Brown-Forman Corporation Class B		44,816
2,729	Cardinal Health Incorporated		155,362
1,905	Maui Land & Pineapple Company Incorporated		47,816
2,302	McKesson Corporation		75,367
1,707	Nash Finch Company		27,312
3,043	Safeway Incorporated†		74,280
1,976	Supervalu Incorporated		47,622
3,809	Sysco Corporation		119,831
2,797	Unilever NV NY Shares		156,576
4,093	Unilever plc ADR		133,515
			904,790
TOTAL COMMON STOCK (Cost $86,198,143)			83,821,622
Real Estate Investment Trust — 0.38%
3,254	Alexandria Real Estate Equities Incorporated		152,126
1,967	Capstead Mortgage Corporation		24,430
5,666	Crown American Realty Trust		63,912
7,177	Koger Equity Incorporated		128,253
3,101	Mid-America Apartment Communities Incorporated		91,138
3,119	Parkway Properties Incorporated		139,887
7,213	Winston Hotels Incorporated		66,937
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $603,653)			666,683

Principal		Interest Rate	Maturity Date
US Treasury Obligations — 49.51%
US TREASURY BONDS — 1.35%
$	500,000	12.75%	11/15/10	612,988
	300,000	13.75%	8/15/04	335,063
	1,200,000	10.75%	8/15/05	1,402,453
				2,350,504
US TREASURY NOTES — 48.16%
	4,375,000	3.00%	11/15/07	4,352,954
	2,780,000	4.00%	11/15/12	2,695,513
	7,730,000	1.63%	1/31/05	7,737,552
	3,050,000	1.50%	2/28/05	3,045,355
	1,390,000	1.63%	4/30/05	1,387,773
	1,600,000	2.00%	5/15/06	1,587,563
	1,810,000	1.13%	6/30/05	1,787,446
	800,000	7.25%	8/15/04	845,125
	3,950,000	7.88%	11/15/04	4,251,958
	9,100,000	6.50%	5/15/05	9,823,732
	2,600,000	5.63%	2/15/06	2,813,382
	2,270,000	6.88%	5/15/06	2,537,613

Principal		Interest Rate	Maturity Date	Value
$	2,160,000	6.50%	10/15/06	$	2,411,437
	100,000	6.63%	5/15/07		113,066
	4,210,000	6.13%	8/15/07		4,696,289
	5,100,000	5.63%	5/15/08		5,603,426
	2,435,000	4.75%	11/15/08		2,576,534
	2,850,000	6.00%	8/15/04		2,977,136
	1,060,000	6.00%	8/15/09		1,187,365
	1,000,000	6.50%	2/15/10		1,149,336
	1,200,000	5.75%	8/15/10		1,326,937
	3,100,000	5.75%	11/15/05		3,344,971
	1,750,000	5.00%	2/15/11		1,848,233
	6,920,000	4.63%	5/15/06		7,333,581
	5,610,000	5.00%	8/15/11		5,906,275
	520,000	4.88%	2/15/12		541,024
					83,881,576
TOTAL US TREASURY OBLIGATIONS
(Cost $85,421,772)					86,232,080
Short Term Investments — 1.46%
US TREASURY BILLS — 1.46%
	86,000	0.92%^	10/16/03		85,899
	140,000	0.93%^	10/16/03		139,835
	146,000	0.89%^	10/16/03		145,828
	26,000	0.91%^	10/16/03		25,969
	135,000	0.91%^	10/16/03		134,841
	70,000	0.89%^	10/16/03		69,918
	22,000	0.90%^	10/16/03		21,974
	724,000	0.89%^	10/16/03		723,177
	718,000	0.90%^	10/16/03		717,210
	157,000	0.90%^	10/16/03		156,828
	244,000	0.90%^	10/16/03		243,732
	75,000	0.88%^	10/16/03		74,912
TOTAL SHORT TERM INVESTMENTS (Cost $2,540,211)					2,540,123
TOTAL INVESTMENTS IN SECURITIES
(Cost $174,763,779)			99.47%	$	173,260,508
Other Assets and Liabilities, Net			0.53		919,032
TOTAL NET ASSETS			100.00%	$	174,179,540
��

(a) Security Fair Valued in accordance with the procedures approved by the Board of Trustees.

^ Yield to Maturity.

† Non-income earning securities.

‡ Security of an affiliate of the fund with a cost of $428,662

The accompanying notes are an integral part of these financial statements.

29

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock — 62.57%
AMUSEMENT & RECREATION SERVICES — 0.11%
2,050	Harrah's Entertainment Incorporated	$	84,911
5,956	International Game Technology		153,903
7,942	Park Place Entertainment Corporation†		69,731
			308,545
APPAREL & ACCESSORY STORES — 0.32%
1,111	Abercrombie & Fitch Company Class A†		33,819
12,692	Gap Incorporated		265,136
3,921	Kohl's Corporation†		248,003
8,779	Limited Brands		148,892
3,720	Nordstrom Incorporated		96,980
1,851	Payless ShoeSource Incorporated†		27,284
1,640	Ross Stores Incorporated		82,623
			902,737
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS — 0.38%
17,972	Benetton Group SpA ADR		366,269
2,213	Jones Apparel Group Incorporated		68,360
2,743	Liz Claiborne Incorporated		94,551
2,483	VF Corporation		99,568
10,735	Wacoal Corporation ADR		423,281
			1,052,029
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS — 0.11%
4,938	AutoNation Incorporated†		92,785
1,336	AutoZone Incorporated†		122,644
2,121	CarMax Incorporated		81,765
			297,194
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS — 0.27%
26	Cavco Industries Incorporated†		496
837	Centex Corporation		63,127
485	MDC Holdings Incorporated		24,784
88	NVR Incorporated†		38,148
731	Pulte Homes Incorporated		48,655
45,902	Sekisui House Limited ADR		403,234
9,704	Vivendi Universal SA ADR†		163,998
			742,442
BUILDING MATERIALS, HARDWARE, GARDEN SUPPY, & MOBILE HOME DEALERS — 0.55%
1,720	Fastenal Company		69,540
26,830	Home Depot Incorporated		862,852
9,365	Lowe’s Companies Incorporated		513,764
2,776	Sherwin-Williams Company		83,502
			1,529,658
BUSINESS SERVICES — 4.28%
3,938	3Com Corporation†		22,447
3,046	Adobe Systems Incorporated		118,276

Shares	Security Name	Value
15,344	Adecco SA ADR	$	194,869
1,400	Advent Software Incorporated†		23,660
1,156	Affiliated Computer Services Incorporated†		57,349
5,824	Akamai Technologies Incorporated†		24,228
56,865	AOL Time Warner Incorporated†		930,312
1,824	Arbitron Incorporated†		67,452
1,884	Ariba Incorporated†		4,785
3,358	AutoDesk Incorporated		60,108
6,191	Automatic Data Processing Incorporated		247,083
6,121	BEA Systems Incorporated†		82,940
4,370	BMC Software Incorporated†		64,152
5,060	Cadence Design Systems Incorporated†		71,953
13,674	Cendant Corporation†		245,859
4,024	Ceridian Corporation†		78,227
1,611	Checkfree Corporation†		37,021
1,658	ChoicePoint Incorporated†		65,077
3,361	Citrix Systems Incorporated†		69,203
8,215	Computer Associates International Incorporated		210,550
2,302	Computer Sciences Corporation†		97,996
9,026	Compuware Corporation†		53,705
6,602	Concord EFS Incorporated†		91,438
3,324	Convergys Corporation†		59,832
1,648	Deluxe Corporation		70,370
3,720	DoubleClick Incorporated†		41,924
1,564	DST Systems Incorporated†		61,934
7,714	eBay Incorporated†		428,358
2,211	Echelon Corporation†		32,878
2,470	eFunds Corporation†		31,542
1,870	Electronic Arts Incorporated†		167,833
6,307	Electronic Data Systems Corporation		137,682
5,755	Enterasys Networks Incorporated†		33,206
2,863	Equifax Incorporated		65,677
3,637	eUniverse Incorporated† (a)		6,474
660	Fair Isaac Corporation		38,676
8,924	First Data Corporation		342,682
3,125	Fiserv Incorporated†		121,406
229	Hudson Highland Group Incorporated†		4,782
4,981	IMS Health Incorporated		96,980
	Infospace Incorporated		5
1,709	Internet Security Systems Incorporated†		21,345
5,725	Interpublic Group of Companies Incorporated		86,734
2,611	Intuit Incorporated†		118,331
1,637	Macromedia Incorporated†		39,026
2,030	Manpower Incorporated		78,987
1,537	Mercury Interactive Corporation†		67,459
1,816	Micromuse Incorporated†		14,855
123,804	Microsoft Corporation		3,283,282

30

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
2,482	Monster Worldwide Incorporated†	$	67,808
5,736	MPS Group Incorporated†		54,779
1,532	NCR Corporation†		44,443
3,185	Network Associates Incorporated†		44,335
5,062	Novell Incorporated†		25,462
1,892	Omnicom Group Incorporated		147,765
63,105	Oracle Corporation†		806,482
4,022	Parametric Technology†		13,393
4,171	PeopleSoft Incorporated†		75,495
1,323	RealNetworks Incorporated†		8,361
12,842	Rentokil Initial plc ADR		213,285
4,909	Reuters Group plc ADR		115,951
4,197	Robert Half International Incorporated†		93,341
1,462	RSA Security Incorporated†		17,661
10,609	SAP AG ADR		317,630
8,075	Siebel Systems Incorporated†		81,396
46,673	Sun Microsystems Incorporated†		180,158
4,272	Sungard Data Systems Incorporated†		120,470
3,044	Sybase Incorporated†		51,474
2,040	Symantec Corporation†		117,157
1,196	Synopsys Incorporated†		81,579
4,116	TIBCO Software Incorporated†		22,021
5,708	Unisys Corporation†		74,090
3,614	VeriSign Incorporated†		54,102
5,274	Veritas Software Corporation†		181,848
2,865	Viad Corporation		68,416
1,899	webMethods Incorporated†		17,129
4,198	WPP Group plc ADR		192,646
7,549	Yahoo! Incorporated†		252,137
			11,911,764
CHEMICALS & ALLIED PRODUCTS — 6.77%
18,170	Abbott Laboratories		732,251
2,768	Abgenix Incorporated†		35,984
2,288	Air Products & Chemicals Incorporated		108,268
7,306	Akzo Nobel NV ADR		238,395
1,128	Alberto-Culver Company Class B		64,386
15,005	Amgen Incorporated†		988,830
15,600	AstraZeneca plc ADR		618,540
6,353	Aventis SA ADR		311,297
968	Avery Dennison Corporation		52,998
2,930	Avon Products Incorporated		187,813
6,497	BASF AG ADR		301,136
9,373	Bayer AG ADR		202,738
2,103	Biogen Incorporated†		82,984
22,363	Bristol-Myers Squibb Company		567,349
1,382	Cabot Corporation		37,577
8,555	Centerpulse Limited		235,434
2,933	Chiron Corporation†		149,055
2,768	Clorox Company		118,609
6,080	Colgate Palmolive Company		336,102
4,034	Crompton Corporation		23,841
10,570	Dow Chemical Company		364,982

Shares	Security Name	Value
10,725	E I Du Pont de Nemours & Company	$	479,837
1,079	Eastman Chemical Company		38,639
4,027	Ecolab Incorporated		103,856
13,138	Eli Lilly & Company		874,071
1,424	Estee Lauder Companies Incorporated		49,114
810	FMC Corporation†		20,161
4,868	Forest Laboratories Incorporated†		228,796
2,517	Genentech Incorporated†		199,850
2,944	Genzyme Corporation†		138,810
2,703	Gilead Sciences Incorporated†		180,290
11,500	Gillette Company		373,290
23,508	GlaxoSmithKline plc ADR		912,816
2,089	Great Lakes Chemical Corporation		44,266
2,177	ICN Pharmaceuticals Incorporated		38,098
1,829	IDEC Pharmaceuticals Corporation†		63,558
3,098	IMC Global Incorporated		24,257
1,338	ImClone Systems Incorporated†		56,236
2,272	International Flavors & Fragrances Incorporated		71,568
2,897	IVAX Corporation†		57,361
4,161	King Pharmaceuticals Incorporated†		58,462
1,501	Lubrizol Corporation		51,034
3,016	Medarex Incorporated†		18,126
324	Medicis Pharmaceutical Corporation		19,790
3,570	MedImmune Incorporated†		124,486
25,912	Merck & Company Incorporated		1,303,892
4,070	Millennium Chemicals Incorporated		44,037
3,223	Mylan Laboratories Incorporated		117,317
24,158	Novartis AG ADR		893,121
5,623	Novo Nordisk A/S ADR		201,022
91,150	Pfizer Incorporated		2,727,208
1,892	PPG Industries Incorporated		103,890
1,765	Praxair Incorporated		112,642
13,957	Procter & Gamble Company		1,218,307
2,918	Protein Design Labs Incorporated†		35,891
7,176	Roche Holding AG ADR		549,521
2,920	Rohm & Haas Company		106,084
17,205	Schering-Plough Corporation		261,344
2,014	Sepracor Incorporated†		54,217
21,000	Shiseido Company Limited ADR		219,755
1,169	Sigma Aldrich Corporation		64,003
1,509	Valspar Corporation		70,123
2,413	Vertex Pharmaceuticals Incorporated†		30,404
1,905	Watson Pharmaceuticals Incorporated†		78,296
15,378	Wyeth		658,944
			18,835,359

31

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
COAL MINING — 0.02%
2,329	Arch Coal Incorporated	$	53,451
COMMUNICATIONS — 3.73%
3,185	Alltel Corporation		145,873
3,992	American Tower Corporation Class A†		45,429
10,161	AT&T Corporation		226,590
36,385	AT&T Wireless Services Incorporated†		313,639
6,267	Avaya Incorporated†		65,490
21,369	BellSouth Corporation		538,499
5,246	British Sky Broadcasting Group plc ADR†		222,850
9,382	BT Group plc ADR†		275,362
1,792	Cablevision Systems Corporation†		36,109
2,399	CenturyTel Incorporated		83,389
1,769	Certegy Incorporated†		53,512
4,357	Cincinnati Bell Incorporated†		24,617
7,678	Clear Channel Communications Incorporated†		346,431
47,909	Comcast Corporation†		1,425,293
2,861	COX Communications Incorporated Class A†		93,612
3,929	Crown Castle International Corporation†		42,237
20,869	Deutsche Telekom AG ADR		299,261
3,365	Extreme Networks Incorporated†		23,185
9,153	France Telecom SA ADR		226,994
2,191	Hispanic Broadcasting Corporation†		68,797
3,626	Interactive Corporation†		134,198
5,673	Lagardere SCA ADR		257,731
6,362	Level 3 Communications Incorporated†		31,937
13,289	Nextel Communications Incorporated Class A†		256,212
11,100	Nippon Telegraph & Telephone Corporation ADR		246,309
12,000	NTT DoCoMo Incorporated ADR†		310,440
23,822	Qwest Communications International Incorporated†		106,008
6,605	Reed Elsevier plc		207,727
39,952	SBC Communications Incorporated		898,520
12,248	Sprint Corporation (FON Group)		180,903
14,867	Sprint Corporation (PCS Group)†		77,160
9,577	TDC A/S ADR		143,177
17,054	Telefonica SA ADR†		605,417
773	Telephone & Data Systems Incorporated		44,386
3,441	Univision Communications Incorporated Class A†		129,003

Shares	Security Name	Value
33,081	Verizon Communications Incorporated	$	1,168,421
56,076	Vodafone Group plc ADR		1,026,191
			10,380,909
DEPOSITORY INSTITUTIONS — 7.65%
3,943	ABC Bancorp		66,085
19,207	ABN AMRO Holding NV ADR		338,811
12,410	Allied Irish Banks plc ADR		348,473
5,184	AmSouth Bancorporation		111,663
1,942	Associated Banc-Corporation		74,126
32,925	Banco Bilbao Vizcaya Argentaria SA ADR		353,944
15,674	Banco Commercial Portuguese SA ADR		138,715
50,247	Banco Santander Central Hispano SA ADR		431,119
17,030	Bank of America Corporation		1,349,628
8,373	Bank of New York Company Incorporated		246,334
12,340	Bank One Corporation		487,060
16,547	Barclays plc ADR		489,460
5,222	Bayerische Hypo-Und Vereinsbank AG ADR†		81,584
5,601	BB&T Corporation		204,549
16,839	BNP Paribas SA ADR		419,481
3,092	BostonFed Bancorp Incorporated		95,914
1,422	Bryn Mawr Bank Corporation		59,297
1,981	Capitol Bancorp Limited		54,478
5,741	Cascade Bancorp		103,453
1,417	CB Bancshares Incorporated		86,596
2,217	Charter One Financial Incorporated		68,727
2,894	Chittenden Corporation		83,463
61,878	Citigroup Incorporated		2,682,411
1,927	City Bank Lynnwood Washington		62,589
744	City National Corporation		38,465
2,084	CoBiz Incorporated		33,281
2,631	Columbia Bancorp		74,747
1,336	Comerica Incorporated		65,918
1,456	Commerce Bancshares Incorporated		63,161
1,800	Commercial Federal Corporation		44,640
2,303	Compass Bancshares Incorporated		79,177
2,268	Connecticut Bancshares		115,781
5,637	Deutsche Bank AG		328,299
5,915	Fifth Third Bancorp		346,619
3,105	First Oak Brook Bancshares Incorporated		79,581
2,923	First Place Financial Corporation		49,399
1,605	First South Bancorp Incorporated		60,300
2,173	First Tennessee National Corporation		89,854
2,502	FirstMerit Corporation		63,376
11,672	Fleet Boston Financial Corporation		345,374

32

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
3,650	Fulton Financial Corporation	$	73,730
1,006	German American Bancorp		18,531
1,554	Golden West Financial Corporation		134,064
1,300	GreenPoint Financial Corporation		44,044
13,100	HBOS plc ADR		437,626
3,532	Hibernia Corporation Class A		73,289
15,244	Horizon Financial Corporation		262,197
15,278	HSBC Holdings plc ADR		982,681
3,944	Huntington Bancshares Incorporated		78,880
527	IBERIABANK Corporation		25,296
16,471	ING Groep NV		324,973
2,815	Interchange Financial Services Corporation		61,649
1,772	Itla Capital Corporation†		79,740
24,431	JP Morgan Chase & Company		836,029
4,203	KeyCorp		114,238
12,434	Lloyds TSB Group plc ADR		328,631
631	M&T Bank Corporation		53,155
3,274	Marshall & Ilsley Corporation		101,494
2,024	MASSBANK Corporation		74,645
4,125	Mellon Financial Corporation		129,319
1,406	Mercantile Bankshares		57,435
2,219	Merchants Bancshares Incorporated		59,913
5,372	National Australia Bank Limited ADR		543,109
57,941	National Bank of Greece		250,305
6,310	National City Corporation		199,901
3,240	National Commerce Financial Corporation		81,000
1,827	New York Community Bancorp, Incorporated		56,199
1,696	North Fork Bancorporation Incorporated		57,274
2,063	Northern Trust Corporation		87,141
200	Park National Corporation		22,500
2,245	Peoples Bancorp Incorporated		62,318
1,050	PNC Financial Services Group		49,980
3,610	Prosperity Bancshares Incorporated		75,810
2,269	Regions Financial Corporation		80,005
22,365	Sanpaolo IMI SpA ADR		431,645
19,699	Societe Generale ADR		261,260
4,751	SouthTrust Corporation		137,731
2,514	State Bancorp Incorporated		52,015
2,753	State Street Corporation		120,994
38,000	Sumitomo Mitsui Financial		132,552
1,968	Summit Bancshares Incorporated		53,785
1,569	Sun Bancorp Incorporated		31,019
2,229	SunTrust Banks Incorporated		136,259
4,360	Synovus Financial Corporation		106,602
324	TCF Financial Corporation		14,901
2,894	Trustmark Corporation		76,054
2,159	Union Planters Corporation		68,872
24,285	US Bancorp		580,412

Shares	Security Name	Value
3,305	Valley National Bancorp	$	92,904
14,446	Wachovia Corporation		608,899
10,113	Washington Mutual Incorporated		394,205
927	Webster Financial Corporation		36,107
18,785	Wells Fargo & Company‡		941,880
10,989	Westpac Banking Corporation ADR		561,977
1,740	Wilmington Trust Corporation		55,576
2,971	Yardville National Bancorp		65,362
1,285	Zions Bancorporation		71,571
			21,265,615
EATING & DRINKING PLACES — 0.28%
2,141	Brinker International Incorporated†		73,222
3,748	Darden Restaurants Incorporated		81,706
15,290	McDonald's Corporation		342,802
2,081	Outback Steakhouse Incorporated		80,431
2,029	Wendy's International Incorporated		64,015
4,175	Yum! Brands Incorporated†		123,789
			765,965
EDUCATIONAL SERVICES — 0.10%
2,943	Apollo Group Incorporated Class A†		188,558
1,734	Career Education Corporation†		78,255
			266,813
ELECTRIC, GAS, & SANITARY SERVICES — 2.58%
8,372	AES Corporation†		54,251
2,700	Allegheny Energy Incorporated†		25,029
3,745	Allied Waste Industries Incorporated†		41,420
2,510	Ameren Corporation		106,675
3,166	American Electric Power Company Incorporated		89,629
9,400	BG Group plc ADR		205,014
1,387	Black Hills Corporation		44,953
6,512	Calpine Corporation†		36,728
6,206	CenterPoint Energy Incorporated		52,689
713	CH Energy Group Incorporated		31,550
3,286	Cinergy Corporation		112,447
6,239	Citizens Communications Company†		71,125
58,626	CLP Holdings Limited ADR		258,576
2,875	CMS Energy Corporation†		19,176
2,634	Connecticut Water Service Incorporated		76,913
2,470	Consolidated Edison Incorporated		97,639
3,016	Constellation Energy Group Incorporated		109,752
3,177	Dominion Resources Incorporated		192,463
2,038	DTE Energy Company		71,147

33

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
10,994	Duke Energy Corporation	$	187,778
5,625	E.ON AG ADR		292,163
5,548	Edison International†		104,635
8,610	El Paso Corporation		63,197
15,796	Endesa SA ADR		247,207
1,872	EnergySouth Incorporated		61,763
3,336	Entergy Corporation		174,973
4,330	Exelon Corporation		255,037
4,782	FirstEnergy Corporation		139,921
2,090	FPL Group Incorporated		129,287
197,329	Hong Kong & China Gas Company Limited ADR		265,664
64,000	Hong Kong Electric Holdings Limited ADR		252,736
5,666	International Power plc ADR†		135,927
2,452	KeySpan Corporation		82,755
2,256	Kinder Morgan Incorporated		120,132
3,297	Middlesex Water Company		87,371
6,517	National Grid Transco plc ADR		201,049
4,558	NiSource Incorporated		88,152
2,300	NSTAR		102,580
5,825	PG&E Corporation†		129,140
1,697	Pinnacle West Capital Corporation		58,207
3,197	PPL Corporation		126,825
2,275	Progress Energy Incorporated		92,115
2,331	Public Service Enterprise Group Incorporated		98,695
4,894	Reliant Resources Incorporated†		22,610
5,109	RWE AG ADR		137,705
12,950	Scottish Power plc ADR		305,620
3,118	Sempra Energy		92,761
8,953	Southern Company		254,086
13,079	Suez SA ADR		208,872
310	Texas Genco Holdings Incorporated		7,595
2,834	TXU Corporation		62,348
976	UIL Holdings Corporation		35,185
22,217	United Utilities plc ADR		385,465
2,725	Unitil Corporation		68,670
6,763	Waste Management Incorporated		179,963
8,951	Williams Companies Incorporated		81,723
819	WPS Resources Corporation		31,792
6,796	Xcel Energy Incorporated		99,561
			7,168,441
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT — 5.68%
2,432	Advanced Fibre Communications Incorporated†		56,593
7,004	Advanced Micro Devices Incorporated†		79,075
24,874	Alcatel SA ADR		270,878

Shares	Security Name	Value
5,199	Altera Corporation†	$	116,666
4,575	American Power Conversion Corporation		81,984
4,373	Analog Devices Incorporated†		179,293
2,475	Andrew Corporation†		30,641
6,682	Applied Micro Circuits Corporation†		38,822
8,445	ASML Holding NV NY Shares†		134,276
3,885	Broadcom Corporation†		106,760
5,494	Canon Incorporated ADR		266,239
8,461	Chartered Semiconductor Manufacturing Limited ADR†		55,589
5,588	CIENA Corporation†		36,322
3,352	Comverse Technology Incorporated†		55,274
8,363	Conexant Systems Incorporated†		45,829
1,200	Cooper Industries Limited Class A		61,068
2,016	Cree Incorporated†		31,893
3,169	Cypress Semiconductor Corporation†		58,848
3,821	EchoStar Communications Corporation Class A†		140,995
463	Emco Group, Incorporated†		20,404
4,144	Emerson Electric Company		231,069
21,617	Ericsson ADR†		334,631
4,455	Gemstar-TV Guide International Incorporated†		21,473
113,917	General Electric Company		3,368,526
1,309	Harris Corporation		43,459
7,684	Infineon Technologies AG ADR		112,955
2,712	Integrated Device Technology Incorporated†		37,832
74,610	Intel Corporation		2,135,338
1,209	Interdigital Communications Corporation†		21,460
19,704	International Business Machines Corporation		1,615,925
1,275	International Rectifier Corporation†		53,027
3,600	Jabil Circuit Incorporated†		101,340
21,032	JDS Uniphase Corporation†		72,350
13,640	Koninklijke Philips Electronics NV NY Shares		332,816
891	L-3 Communications Holdings Incorporated†		45,521
2,406	Lattice Semiconductor Corporation		21,173
3,790	Linear Technology Corporation		156,224
6,034	LSI Logic Corporation†		69,632
19,845	Matsushita Electric Industrial Company Limited ADR		254,214
3,733	Maxim Integrated Products Incorporated		167,649
1,807	Maytag Corporation		48,970
2,937	McDATA Corporation Class A†		29,811

34

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
7,868	Micron Technology Incorporated†	$	112,984
2,787	Mindspeed Technologies, Incorporated†		9,810
20,000	Minebea Company Limited ADR		199,178
3,432	Molex Incorporated		100,969
29,354	Motorola Incorporated		314,968
3,553	Mykrolis Corporation†		44,768
2,447	National Semiconductor Corporation†		71,306
5,556	Network Appliance Incorporated†		124,510
1,899	Nidec Corporation ADR		150,971
27,017	Nokia Oyi ADR		440,107
2,081	Novellus Systems Incorporated†		83,157
2,450	NVIDIA Corporation†		44,492
1,036	Omron Corporation ADR		209,988
10,763	Pioneer Corporation ADR		239,907
1,911	Plexus Corporation†		31,532
4,000	PMC-Sierra Incorporated†		57,040
2,519	Polycom Incorporated†		43,226
3,570	Power-One Incorporated†		42,162
2,956	Powerwave Technologies Incorporated†		24,978
1,456	QLogic Corporation†		71,373
9,433	Qualcomm Incorporated		389,394
2,643	Rambus Incorporated†		44,032
3,529	RF Micro Devices Incorporated†		31,126
3,666	Rockwell Collins Incorporated		99,165
9,166	Sanmina-SCI Corporation†		82,311
2,811	Scientific-Atlanta Incorporated		95,574
2,152	Skyworks Solutions Incorporated†		24,404
12,025	Solectron Corporation†		71,308
5,885	Sony Corporation ADR		193,911
8,285	STMicroelectronics NV ADR		206,628
2,613	TDK Corporation ADR		169,322
5,940	Tellabs Incorporated†		38,788
20,587	Texas Instruments Incorporated		491,000
2,220	Triquint Semiconductor Incorporated†		12,343
1,092	Varian Semiconductor Equipment Associates Incorporated†		44,302
2,858	Vishay Intertechnology Incorporated†		47,071
3,686	Vitesse Semiconductor Corporation†		25,175
520	Whirlpool Corporation		36,182
4,424	Xilinx Incorporated†		136,438
			15,798,744
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES — 0.39%
2,565	Applera Corporation-Celera Genomics Group†		26,112
2,290	Celgene Corporation†		88,142
618	Cephalon Incorporated†		27,408

Shares	Security Name	Value
2,911	CuraGen Corporation†	$	13,361
2,019	Dun & Bradstreet Corporation†		85,000
1,635	Fluor Corporation		60,233
2,268	Gene Logic Incorporated†		11,635
3,419	Incyte Genomics Corporation†		13,539
1,789	Landauer Incorporated		65,674
5,002	Millennium Pharmaceutical Incorporated†		69,528
3,400	Monsanto Company		87,414
2,382	Moody's Corporation		123,531
5,005	Paychex Incorporated		180,180
1,466	Quest Diagnostics Incorporated†		87,960
4,218	Quintiles Transnational Corporation†		60,064
7,486	ServiceMaster Company		74,936
1,169	UnitedGlobalCom Incorporated Class A†		7,809
			1,082,526
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT — 0.24%
449	Alliant Techsystems Incorporated†		22,873
1,060	Ball Corporation		55,968
2,465	Crane Company		63,079
2,036	Fortune Brands Incorporated		114,830
3,448	Illinois Tool Works Incorporated		249,256
6,674	Masco Corporation		165,448
			671,454
FOOD & KINDRED PRODUCTS — 2.31%
269	American Italian Pasta Company Class A†		11,223
7,837	Anheuser-Busch Companies Incorporated		403,919
11,356	Archer-Daniels-Midland Company		157,508
10,442	Cadbury Schweppes plc ADR		256,664
5,077	Campbell Soup Company		122,863
27,027	Coca Cola Company		1,176,215
7,040	Coca Cola Enterprises Incorporated		130,170
35,100	Compass Group plc ADR		194,458
6,797	ConAgra Foods Incorporated		149,534
2,059	Del Monte Foods Company†		18,490
9,553	Diageo plc ADR		417,848
2,962	Flowers Foods Incorporated		62,706
4,231	General Mills Incorporated		196,149
3,300	Hercules Incorporated†		36,960
1,394	Hershey Foods Corporation		97,441
3,599	Heinz (H J) Company		116,464
2,576	Hormel Foods Corporation		55,642
1,869	JM Smucker Company		75,657
5,236	Kellogg Company		175,563
39,055	Kirin Brewery Company Limited ADR		274,166
1,905	Kraft Foods Incorporated		56,579
3,606	McCormick & Company Incorporated		96,280

35

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
14,334	Nestle SA ADR	$	780,390
3,881	Pepsi Bottling Group Incorporated		93,610
3,040	PepsiAmericas Incorporated		42,317
18,792	PepsiCo Incorporated		836,996
10,175	Sara Lee Corporation		193,122
4,204	Tyson Foods Incorporated Class A		47,085
2,719	WM Wrigley Jr Company		144,240
			6,420,259
FOOD STORES — 0.45%
3,796	Albertson's Incorporated		79,793
8,816	Coles Myer Limited ADR		334,567
5,181	Ito-Yokado Company Limited ADR(a)		147,990
26,591	Koninklijke Ahold NV ADR		247,296
9,659	Kroger Company†		185,549
5,854	Starbucks Corporation†		166,488
873	Whole Foods Market Incorporated†		47,430
3,069	Winn-Dixie Stores Incorporated		30,843
			1,239,956
FORESTRY — 0.08%
3,585	Plum Creek Timber Company		93,748
2,378	Weyerhaeuser Company		141,491
			235,239
FURNITURE & FIXTURES — 0.17%
1,821	Ethan Allen Interiors Incorporated		70,491
2,916	Herman Miller Incorporated		68,176
700	Hillenbrand Industries Incorporated		37,905
3,005	HON Industries Incorporated		110,344
4,614	Leggett & Platt Incorporated		106,860
3,437	Newell Rubbermaid Incorporated		81,629
			475,405
GENERAL MERCHANDISE STORES — 1.74%
1,558	BJ's Wholesale Club Incorporated†		34,026
5,634	Dollar General Corporation		129,188
2,779	Family Dollar Stores Incorporated		111,493
2,218	Federated Department Stores Incorporated		96,927
3,636	JC Penney Company Incorporated		77,156
4,063	May Department Stores Company		112,058
9,861	Mitsukoshi Limited ADR†		270,442
4,266	Saks Incorporated†		53,709
3,324	Sears Roebuck & Company		146,322
10,412	Target Corporation		422,727
26,285	Tesco plc ADR		269,416

Shares	Security Name	Value
7,302	TJX Companies Incorporated	$	158,161
49,857	Wal-Mart Stores Incorporated		2,950,039
			4,831,664
HEALTH SERVICES — 0.36%
4,023	Caremark Rx Incorporated†		101,098
1,598	Corvel Corporation†		60,500
1,616	Enzon Pharmaceuticals Incorporated†		18,374
1,072	Express Scripts Incorporated†		69,476
2,932	First Health Group Corporation†		76,876
5,757	HCA Incorporated		218,708
5,074	Health Management Association Incorporated Class A		113,049
2,670	Human Genome Sciences Incorporated†		38,021
1,713	Immunomedics Incorporated†		15,109
1,250	Laboratory Corporation of America Holdings†		37,813
500	Lincare Holdings Incorporated†		17,315
2,865	Manor Care Incorporated		79,074
719	Renal Care Group Incorporated†		26,107
5,236	Tenet Healthcare Corporation†		84,038
1,032	Universal Health Services Incorporated Class B†		51,373
			1,006,931
HOLDING & OTHER INVESTMENT OFFICES — 0.06%
29,000	Mitsubishi Tokyo Finance		170,230
HOME FURNITURE, FURNISHINGS, & EQUIPMENT STORES — 0.21%
4,175	Bed Bath & Beyond Incorporated†		179,650
4,232	Best Buy Company Incorporated†		220,106
4,660	Circuit City Stores Incorporated		48,604
2,853	Pier 1 Imports Incorporated		58,686
2,976	RadioShack Corporation		90,471
			597,517
HOTELS, ROOMING HOUSES, CAMPS, & OTHER LODGE PLACES — 0.24%
15,407	Accor SA ADR		300,162
7,116	Hilton Hotels Corporation		108,732
1,439	Mandalay Resort Group		54,682
2,724	Marriott International Incorporated		111,222
2,352	Starwood Hotels & Resorts Worldwide Incorporated		79,568
			654,366
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT — 3.35%
3,991	3M Company		568,598
2,392	AGCO Corporation†		52,815
1,199	American Standard Companies Incorporated†		96,148
5,636	Apple Computer Incorporated†		127,543

36

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
20,372	Applied Materials Incorporated†	$	440,035
2,916	Baker Hughes Incorporated		97,569
1,343	Black & Decker Corporation		57,454
5,072	Brocade Communications Systems Incorporated†		28,606
3,848	Caterpillar Incorporated		276,402
1,311	CDW Corporation†		67,661
82,012	Cisco Systems Incorporated†		1,570,530
1,133	Cooper Cameron Corporation†		55,018
2,893	Deere & Company		163,483
29,842	Dell Incorporated†		973,744
1,159	Diebold Incorporated		56,675
3,045	Dover Corporation		115,771
763	Eaton Corporation		71,447
28,806	EMC Corporation†		367,277
1,989	Emulex Corporation†		48,154
2,605	FMC Technologies Incorporated†		61,660
5,966	Gateway Incorporated†		34,424
4,393	Grant Prideco Incorporated†		50,959
37,575	Hewlett-Packard Company		748,494
1,695	Hitachi Limited ADR		92,615
1,989	Ingersoll-Rand Company Class A		118,385
5,979	Juniper Networks Incorporated†		102,958
1,957	Kadant Incorporated†		36,987
14,474	Komatsu Limited ADR		330,466
2,826	Lam Research Corporation†		72,685
1,460	Lexmark International Incorporated†		97,878
45,087	Makita Corporation ADR		396,766
23,526	NEC Corporation ADR		177,621
2,639	Pall Corporation		65,975
1,812	Palm Incorporated†		33,069
1,552	Parker-Hannifin Corporation		76,855
2,602	Pitney Bowes Incorporated		101,478
3,606	Quantum Corporation—DLT†		10,890
1,135	Sandisk Corporation†		68,622
9,134	Siemens AG ADR		568,866
1,699	Smith International Incorporation†		66,414
3,387	Sonus Networks Incorporated†		24,048
1,037	SPX Corporation†		51,176
1,808	Stanley Works		54,728
2,371	Storage Technology Corporation†		60,721
5,375	Symbol Technologies Incorporated		72,778
5,488	United Technologies Corporation		440,412
884	Varian Medical Systems Incorporated†		49,371
385	Zebra Technologies Corporation Class A†		20,644
			9,322,875
INSURANCE AGENTS, BROKERS & SERVICE — 0.19%
3,738	AON Corporation		82,984
4,492	Humana Incorporated†		79,014

Shares	Security Name	Value
5,768	Marsh & McLennan Companies Incorporated	$	288,400
3,125	Medco Health Solutions Incorporated†		83,437
			533,835
INSURANCE CARRIERS — 2.67%
3,512	ACE Limited		113,086
10,824	Aegon NV ADR		134,867
1,876	Aetna Incorporated		106,932
6,336	AFLAC Incorporated		202,815
14,291	Allianz AG ADR		127,619
1,067	Allmerica Financial Corporation†		25,256
7,831	Allstate Corporation		279,958
1,030	AMBAC Financial Group Incorporated		66,868
31,595	American International Group Incorporated		1,882,114
711	American National Insurance Company		61,139
1,772	Anthem Incorporated†		129,710
16,339	AXA ADR		290,507
1,941	Chubb Corporation		131,872
1,554	CIGNA Corporation		74,095
3,001	Cincinnati Financial Corporation		121,090
1,036	CNA Financial Corporation†		22,533
3,096	Hartford Financial Services Group		164,769
2,190	Health Net Incorporated†		69,708
1,163	Jefferson-Pilot Corporation		51,486
2,932	John Hancock Financial Services Incorporated		89,514
1,166	Lincoln National Corporation		41,300
2,142	Loews Corporation		88,165
1,434	MBIA Incorporated		80,964
8,342	MetLife Incorporated		237,080
1,045	MGIC Investment Corporation		58,907
396	Mid Atlantic Medical Services Incorporated†		19,428
4,954	Millea Holdings Incorporated ADR		253,348
2,231	Old Republic International Corporation		74,939
1,531	Oxford Health Plans Incorporated†		55,499
1,352	PMI Group Incorporated		47,834
4,256	Principal Financial Group Incorporated		133,894
2,616	Progressive Corporation		185,056
2,010	Protective Life Corporation		58,471
6,265	Prudential Financial Incorporated		228,109
1,354	Radian Group Incorporated		64,437
2,356	Safeco Corporation		84,957
772	Stancorp Financial Group Incorporated		43,761
2,323	Stewart Information Services Corporation		67,971
3,260	Swiss Reinsurance ADR		200,180

37

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
2,388	St Paul Companies Incorporated	$	83,007
1,683	Torchmark Corporation		67,926
14,020	Travelers Property Casualty Corporation Class B†		217,170
7,259	UnitedHealth Group Incorporated		358,812
2,414	Unitrin Incorporated		71,503
3,781	UnumProvident Corporation		53,312
1,869	WellPoint Health Networks Incorporated†		145,782
1,702	XL Capital Limited Class A		128,927
10,943	Zurich Financial Services AG ADR		140,642
			7,437,319
LEATHER & LEATHER PRODUCTS — 0.02%
996	Coach Incorporated†		57,808
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE — 0.04%
4,348	Georgia-Pacific Corporation		100,743
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS — 1.81%
2,047	Advanced Medical Optics Incorporated†		33,960
8,205	Advantest Corporation ADR		142,439
6,394	Agilent Technologies Incorporated†		155,502
1,739	Allergan Incorporated		138,181
4,101	Applera Corporation-Applied Biosystems Group		89,238
1,198	Bausch & Lomb Incorporated		50,508
6,734	Baxter International Incorporated		189,225
1,187	Beckman Coulter Incorporated		52,643
3,371	Becton Dickinson & Company		123,176
4,104	Biomet Incorporated		122,012
5,153	Boston Scientific Corporation†		309,695
1,052	CR Bard Incorporated		70,484
1,690	Danaher Corporation		130,553
2,062	Dentsply International Incorporated		90,213
4,292	Eastman Kodak Company		119,704
7,160	Fuji Photo Film Company Limited ADR		215,444
11,383	General Motors Corporation Class H		170,062
3,464	Guidant Corporation		173,893
2,116	KLA-Tencor Corporation†		125,606
14,273	Medtronic Incorporated		707,655
2,946	Microchip Technology Incorporated		82,517
1,265	Millipore Corporation		57,431
2,058	Newport Corporation†		36,776
11,543	Olympus Optical Company Limited ADR		265,129

Shares	Security Name	Value
2,809	PerkinElmer Incorporated	$	46,461
4,817	Raytheon Company		154,433
621	Resmed, Incorporated†		26,889
2,067	Ricoh Company Limited ADR		190,164
3,659	Rockwell Automation Incorporated		99,598
2,243	St Jude Medical Incorporated†		116,793
2,519	Stryker Corporation		190,940
2,629	Tektronix Incorporated†		62,150
3,028	Teradyne Incorporated†		53,989
3,521	Thermo Electron Corporation†		80,244
1,833	Viasys Healthcare Incorporated†		40,509
2,376	Waters Corporation†		72,468
11,296	Xerox Corporation†		121,772
2,637	Zimmer Holdings Incorporated†		136,438
			5,044,894
METAL MINING — 0.23%
6,064	Newmont Mining Corporation		238,072
1,704	Phelps Dodge Corporation†		81,775
3,755	Rio Tinto plc ADR		332,468
			652,315
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS — 0.10%
7,763	Pechiney SA ADR		196,248
2,170	Vulcan Materials Company		89,860
			286,108
MISCELLANEOUS MANUFACTURING INDUSTRIES — 0.30%
2,591	Callaway Golf Company		38,943
4,367	Hasbro Incorporated		80,790
6,189	Mattel Incorporated		119,571
2,447	Tiffany & Company		95,237
24,750	Tyco International Limited		509,355
			843,896
MISCELLANEOUS RETAIL — 0.52%
3,211	Amazon.Com Incorporated†		149,117
3,882	Cash America International Incorporated		67,353
5,723	Costco Wholesale Corporation†		183,651
5,372	CVS Corporation		175,127
2,256	Dollar Tree Stores Incorporated†		88,503
5,882	Office Depot Incorporated†		107,288
6,530	Rite Aid Corporation†		32,977
7,593	Staples Incorporated†		187,016
4,238	Toys R Us Incorporated†		57,722
12,195	Walgreen Company		397,191
			1,445,945
MOTION PICTURES — 0.32%
30,633	Liberty Media Corporation Class A†		370,659
25,462	Walt Disney Company		521,971
			892,630

38

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING — 0.32%
1,733	CNF Incorporated	$	51,470
13,478	United Parcel Service Incorporated Class B		845,879
			897,349
NON-DEPOSITORY CREDIT INSTITUTIONS — 1.16%
14,946	American Express Company		673,316
2,974	Capital One Financial Corporation		158,812
1,843	Countrywide Financial Corporation		125,048
1,152	Doral Financial Corporation		47,290
10,983	Fannie Mae		711,589
8,197	Freddie Mac		435,671
16,605	MBNA Corporation		387,561
4,996	Metris Companies Incorporated†		16,287
5,798	ORIX Corporation ADR		194,233
5,093	Providian Financial Corporation		52,203
5,530	SLM Corporation		222,195
6,256	Sovereign Bancorp Incorporated		123,118
215	The Student Loan Corporation		26,436
3,727	World Acceptance Corporation†		51,954
			3,225,713
OIL & GAS EXTRACTION — 1.66%
3,366	Anadarko Petroleum Corporation		146,421
2,283	Apache Corporation		157,481
24,039	BHP Billiton Limited ADR		343,037
2,241	BJ Services Company†		83,746
3,177	Burlington Resources Incorporated		153,830
3,471	Devon Energy Corporation		179,624
546	Diamond Offshore Drilling		11,029
6,829	ENI SpA ADR		521,667
2,487	ENSCO International Incorporated		69,512
2,134	EOG Resources Incorporated		90,482
6,529	Halliburton Company		157,871
2,500	Houston Exploration Company†		85,725
1,637	Kerr-McGee Corporation		71,946
1,646	Nabors Industries Limited†		66,087
2,138	Newfield Exploration Company†		84,002
1,332	Noble Corporation†		48,192
2,067	Noble Energy Incorporated		81,833
4,583	Occidental Petroleum Corporation		157,334
3,105	Pioneer Natural Resources Company†		78,743
3,000	Pride International Incorporated†		51,270

Shares	Security Name	Value
18,412	Repsol YPF SA ADR	$	311,715
2,420	Rowan Companies Incorporated†		60,597
5,618	Schlumberger Limited		278,148
9,792	Shell Transport & Trading Company plc ADR		376,404
875	Tidewater Incorporated		25,130
10,434	Total Fina Elf SA ADR		803,522
3,452	Transocean Incorporated†		72,906
2,134	Varco International Incorporated†		36,812
			4,605,066
PAPER & ALLIED PRODUCTS — 0.42%
1,900	Boise Cascade Corporation		51,775
1,143	Bowater Incorporated		49,503
5,034	International Paper Company		204,129
5,403	Kimberly-Clark Corporation		276,147
3,504	MeadWestvaco Corporation		88,826
17,113	Stora Enso Oyj ADR		220,587
838	Temple-Inland Incorporated		41,716
12,620	UPM-Kymmene Oyj ADR		229,432
			1,162,115
PERSONAL SERVICES — 0.07%
3,086	Cintas Corporation		123,224
1,744	H&R Block Incorporated		76,910
			200,134
PETROLEUM REFINING & RELATED INDUSTRIES — 2.37%
1,196	Amerada Hess Corporation		56,391
1,422	Ashland Incorporated		47,011
24,252	BP plc ADR		1,011,793
12,477	ChevronTexaco Corporation		909,199
7,617	ConocoPhillips		425,333
79,172	Exxon Mobil Corporation		2,984,788
4,762	Marathon Oil Corporation		132,812
1,376	Murphy Oil Corporation		79,436
13,967	Royal Dutch Petroleum Company NY Shares		626,699
1,608	Sunoco Incorporated		65,333
3,660	Unocal Corporation†		112,069
1,456	Valero Energy Corporation		57,366
2,568	WD-40 Company		74,857
			6,583,087
PRIMARY METAL INDUSTRIES — 0.47%
4,800	AK Steel Holding Corporation†		12,674
11,336	Alcoa Incorporated		323,756
3,372	Allegheny Technologies Incorporated		25,121
3,120	Engelhard Corporation		87,578
11,475	Johnson Matthey plc ADR		356,296
18,305	Kubota Corporation ADR		305,694
1,406	Nucor Corporation		72,282
1,683	Precision Castparts Corporation		59,578
3,266	United States Steel Corporation		60,127
			1,303,106

39

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
PRINTING, PUBLISHING, & ALLIED INDUSTRIES — 1.07%
3,639	Belo Corporation Class A	$	84,861
1,822	Dow Jones & Co Incorporated		77,380
3,345	Gannett Company Incorporated		262,315
1,284	Knight-Ridder Incorporated		87,132
2,342	McGraw-Hill Companies Incorporated		142,862
2,117	New York Times Company		93,974
6,794	News Corporation Limited ADR		233,374
17,996	Pearson plc ADR		179,060
2,981	Readers Digest Association Incorporated		36,279
7,491	Reed Elsevier NV ADR		167,049
2,189	Reynolds & Reynolds Company		63,590
2,910	RR Donnelley & Sons Company		73,157
4,117	Toppan Printing Company Limited ADR		166,543
4,469	Tribune Company		206,691
1,353	Valassis Communications Incorporated†		39,752
21,460	Viacom Incorporated Class B		965,700
151	Washington Post Company Class B		105,101
			2,984,820
RAILROAD TRANSPORTATION — 0.18%
4,028	Burlington Northern Santa Fe Corporation		114,194
2,110	CSX Corporation		68,111
3,906	Kansas City Southern†		47,458
5,492	Norfolk Southern Corporation		104,568
2,542	Union Pacific Corporation		154,909
			489,240
REAL ESTATE — 0.05%
3,896	Catellus Development Corporation†		91,361
1,433	LNR Property Corporation		57,320
			148,681
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS — 0.18%
5,785	Bridgestone Corporation ADR		161,134
4,639	Goodyear Tire & Rubber Company		33,030
3,473	Nike Incorporated Class B		197,892
1,126	Sealed Air Corporation†		54,791
2,441	Tupperware Corporation		39,862
			486,709
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES — 1.31%
9,322	Amvescap plc ADR		149,523
1,082	Bear Stearns Companies Incorporated		75,718
821	Blackrock Incorporated		37,331
19,578	Charles Schwab Corporation		212,617
10,395	Credit Suisse Group ADR		327,131

Shares	Security Name	Value
4,851	E*TRADE Group Incorporated†	$	44,775
1,329	Edwards AG Incorporated		47,844
1,429	Federated Investors Incorporated Class B		41,955
2,904	Franklin Resources Incorporated		125,424
1,397	Gabelli Asset Management Incorporated Class A†		52,667
5,457	Goldman Sachs Group Incorporated		482,890
4,965	Janus Capital Group Incorporated		85,746
3,028	Knight Trading Group Incorporated†		28,070
1,174	Legg Mason Incorporated		84,328
2,953	Lehman Brothers Holdings Incorporated		194,101
11,087	Merrill Lynch & Company Incorporated		596,259
13,276	Morgan Stanley		647,736
20,101	Nomura Holdings Incorporated ADR		294,480
2,511	T Rowe Price Group Incorporated		106,718
			3,635,313
STONE, CLAY, GLASS, & CONCRETE PRODUCTS — 0.35%
807	Cabot Microelectronics Corporation†		52,608
16,636	Corning Incorporated†		137,247
7,914	Hanson plc ADR		257,601
17,302	Holcim Limited ADR†		342,818
10,002	Lafarge SA ADR		169,634
			959,908
TEXTILE MILL PRODUCTS — 0.02%
745	Mohawk Industries Incorporated†		54,355
TOBACCO PRODUCTS — 0.58%
23,201	Altria Group Incorporated		956,345
12,480	British American Tobacco plc ADR		255,965
1,067	RJ Reynolds Tobacco Holdings Incorporated		36,438
3,775	Swedish Match AB ADR		256,700
647	Universal Corporation		27,109
2,765	UST Incorporated		92,351
			1,624,908
TRANSPORTATION BY AIR — 0.32%
3,588	AMR Corporation†		39,468
23,498	BAA plc ADR		169,488
2,844	Delta Air Lines Incorporated		36,602
4,382	FedEx Corporation		294,032
13,681	Japan Airlines System ADR		161,222
2,337	Northwest Airlines Corporation†		20,963
9,582	Southwest Airlines Company		163,756
			885,531

40

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2020FUND

Shares	Security Name	Value
Common Stock (Continued)
TRANSPORTATION EQUIPMENT — 1.58%
12,920	BAE Systems plc ADR	$	139,580
9,907	Boeing Company		370,423
10,120	DaimlerChrysler AG		386,888
3,742	Dana Corporation		57,702
9,033	Delphi Corporation		81,839
20,861	Fiat SpA ADR		141,646
23,515	Ford Motor Company		271,833
2,194	General Dynamics Corporation		188,925
6,392	General Motors Corporation		262,711
3,209	Genuine Parts Company		102,752
2,688	Goodrich Corporation		69,969
4,275	Harley-Davidson Incorporated		212,981
13,628	Honda Motor Company Limited ADR		277,466
10,309	Honeywell International Incorporated		298,858
1,375	ITT Industries Incorporated		89,485
1,089	Johnson Controls Incorporated		107,811
1,131	Lear Corporation†		62,827
5,298	Lockheed Martin Corporation		271,417
1,645	Navistar International Corporation		73,581
1,940	Northrop Grumman Corporation		185,231
1,934	Paccar Incorporated		164,776
3,323	Standard Motor Products Incorporated		32,466
1,974	Textron Incorporated		88,830
8,111	Toyota Motor Corporation ADR		449,268
			4,389,265
TRANSPORTATION SERVICES — 0.05%
1,330	Expeditors International of Washington Incorporated		50,154
1,492	GATX Corporation		31,601
2,216	Sabre Holdings Corporation		50,126
			131,881
WATER TRANSPORTATION — 0.11%
7,851	Carnival Corporation		271,566
1,428	Kirby Corporation†		41,698
			313,264
WHOLESALE TRADE–DURABLE GOODS — 1.08%
2,741	Apogent Technologies Incorporated†		59,863
2,067	Arrow Electronics Incorporated†		42,663
2,700	Cytyc Corporation†		35,316
1,736	Imagistics International Incorporated†		49,650
33,960	Johnson & Johnson		1,683,735
1,881	Kyocera Corporation ADR		119,124
15,833	Mitsubishi Corporation ADR		267,592
2,017	Mitsui & Company Limited ADR		257,188
11,739	Nissan Motor Company Limited ADR		254,736
1,963	Omnicare Incorporated		66,546

Shares	Security Name	Value
1,272	Sycamore Networks Incorporated†	$	5,368
1,043	Tech Data Corporation†		34,784
6,926	Visteon Corporation		46,751
1,338	WW Grainger Incorporated		66,673
			2,989,989
WHOLESALE TRADE NON-DURABLE GOODS — 0.60%
1,567	AmeriSourceBergen Corporation		91,215
583	Brown-Forman Corporation Class B		46,080
5,219	Cardinal Health Incorporated		297,118
765	Dean Foods Company†		22,223
3,818	McKesson Corporation		125,001
4,894	Safeway Incorporated†		119,463
4,548	Smurfit-Stone Container Corporation†		71,767
2,897	Supervalu Incorporated		69,818
7,880	Sysco Corporation		247,905
5,332	Unilever NV NY Shares		298,485
8,745	Unilever plc ADR		285,263
			1,674,338
TOTAL COMMON STOCK (Cost $184,202,266)			174,028,353
Real Estate Investment Trust — 0.67%
1,862	Alexandria Real Estate Equities Incorporated		87,049
8,464	Annaly Mortgage Management Incorporated		161,155
3,601	Apartment Investment & Management Company		138,819
6,193	Archstone-Smith Trust		161,947
3,355	Avalonbay Communities Incorporated		155,672
397	Capital Automotive		11,340
7,352	Duke Realty Corporation		203,430
5,051	Equity Office Properties Trust		140,519
5,473	Equity Residential		159,155
7,619	Host Marriott Corporation†		76,342
3,900	iStar Financial Incorporated		142,974
2,598	Parkway Properties Incorporated		116,520
3,977	Simon Property Group Incorporated		169,858
3,091	Vornado Realty Trust		145,741
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $1,939,162)			1,870,521

Principal		Interest Rate	Maturity Date
US Treasury Obligations — 35.11%
US TREASURY BONDS — 4.52%
$	600,000	7.25%	5/15/16	733,452
	2,820,000	8.00%	11/15/21	3,727,358
	7,935,000	5.38%	2/15/31	8,105,476
				12,566,286

41

WELLSFARGOOUTLOOK 2020FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Principal		Interest Rate	Maturity Date	Value
US TREASURY NOTES — 30.59%
$	1,400,000	8.13%	8/15/19	$	1,851,664
	6,410,000	6.50%	5/15/05		6,919,794
	2,520,000	5.63%	2/15/06		2,726,816
	1,690,000	7.00%	7/15/06		1,901,845
	4,500,000	6.13%	8/15/07		5,019,786
	3,200,000	4.75%	11/15/08		3,386,000
	3,500,000	6.00%	8/15/04		3,656,132
	3,030,000	6.00%	8/15/09		3,394,073
	3,000,000	5.88%	11/15/04		3,158,319
	7,000,000	6.75%	5/15/05		7,585,158
	2,190,000	5.75%	8/15/10		2,421,660
	2,900,000	5.75%	11/15/05		3,129,167
	1,305,000	4.63%	5/15/06		1,382,995
	4,130,000	5.00%	8/15/11		4,348,114
	3,945,000	3.50%	11/15/06		4,049,479
	2,160,000	4.38%	5/15/07		2,271,713
	6,980,000	1.88%	9/30/04		7,022,808
	4,650,000	3.00%	11/15/07		4,626,569
	6,520,000	4.00%	11/15/12		6,321,850
	1,740,000	3.00%	2/15/08		1,721,580
	5,925,000	1.63%	4/30/05		5,915,508
	2,275,000	2.00%	5/15/06		2,257,316
					85,068,346
TOTAL US TREASURY OBLIGATIONS (Cost $98,362,991)					97,634,632

Principal		Interest Rate	Maturity Date	Value
Short Term Investments — 1.30%
US TREASURY BILLS — 1.30%
$	192,000	0.84%^	9/18/03	$	191,928
	160,000	0.84%^	9/18/03		159,940
	280,000	0.88%^	10/16/03		279,670
	88,000	0.88%^	10/16/03		87,896
	177,000	0.88%^	10/16/03		176,792
	232,000	0.88%^	10/16/03		231,727
	299,000	0.88%^	10/16/03		298,648
	32,000	0.88%^	10/16/03		31,962
	23,000	0.88%^	10/16/03		22,974
	106,000	0.88%^	10/16/03		105,875
	197,000	0.88%^	10/16/03		196,768
	840,000	0.88%^	10/16/03		839,044
	595,000	0.88%^	10/16/03		594,346
	125,000	0.88%^	10/16/03		124,863
	46,000	0.88%^	10/16/03		45,949
	20,000	0.88%^	10/16/03		19,978
	199,000	0.88%^	10/16/03		198,776
TOTAL SHORT TERM INVESTMENT (Cost $3,607,289)					3,607,136
TOTAL INVESTMENT IN SECURITIES (Cost $288,111,708)			99.65%	$	277,140,642
Other Assets and Liabilities, Net			0.35		977,701
TOTAL NET ASSETS			100.00%	$	278,118,343

(a) Security Fair Valued in accordance with the procedures approved by the Board of Trustees.

^ Yield to Maturity.

† Non-income earning securities.

‡ Security of an affiliate of the fund with a cost of $871,528.

The accompanying notes are an integral part of these financial statements.

42

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock — 73.50%
AMUSEMENT & RECREATION SERVICES — 0.10%
985	Harrah’s Entertainment Incorporated	$	40,799
3,508	International Game Technology		90,646
3,000	Park Place Entertainment†		26,340
			157,785
APPAREL & ACCESSORY STORES — 0.37%
1,405	Abercrombie & Fitch Company†		42,767
8,036	Gap Incorporated		167,872
2,722	Kohl’s Corporation†		172,167
5,254	Limited Brands		89,108
2,045	Nordstrom Incorporated		53,313
825	Payless ShoeSource Incorporated†		12,161
1,024	Ross Stores Incorporated		51,589
			588,977
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS — 0.37%
10,456	Benetton Group SpA ADR		213,094
1,718	Jones Apparel Group Incorporated		53,069
1,356	Liz Claiborne Incorporated		46,741
1,079	VF Corporation		43,268
5,968	Wacoal Corporation ADR		235,318
			591,490
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS — 0.10%
3,355	AutoNation Incorporated†		63,040
765	AutoZone Incorporated†		70,227
907	CarMax Incorporated		34,965
			168,232
BUILDING CONSTRUCTION — GENERAL CONTRACTORS & OPERATIVE BUILDERS — 0.29%
21	Cavco Industries Incorporated†		399
428	Centex Corporation		32,280
1,800	DR Horton Incorporated		56,016
667	KB Home		38,166
700	Lennar Corporation Class A		47,075
70	Lennar Corporation Class B		4,533
628	Pulte Homes Incorporated		41,800
15,258	Sekisui House Limited ADR		134,037
6,801	Vivendi Universal SA ADR†		114,937
			469,243
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY, & MOBILE HOME DEALERS — 0.63%
1,010	Fastenal Company		40,834
17,974	Home Depot Incorporated		578,044
6,158	Lowe’s Companies Incorporated		337,828
1,841	Sherwin-Williams Company		55,377
			1,012,083
BUSINESS SERVICES — 5.16%
4,330	3Com Corporation†		24,681
10,176	Adecco SA ADR		129,235

Shares	Security Name	Value
2,001	Adobe Systems Incorporated	$	77,699
1,040	Affiliated Computer Services Incorporated†		51,594
39,092	AOL Time Warner Incorporated†		639,545
1,012	Arbitron Incorporated†		37,424
1,616	Ariba Incorporated†		4,105
847	Ascential Software Corporation†		14,823
2,042	Autodesk Incorporated		36,552
4,699	Automatic Data Processing Incorporated		187,537
4,256	BEA Systems Incorporated†		57,669
2,639	BMC Software Incorporated†		38,741
3,312	Brocade Communications Systems Incorporated†		18,680
3,007	Cadence Design Systems Incorporated†		42,760
9,554	Cendant Corporation†		171,781
2,507	Ceridian Corporation†		48,736
1,185	ChoicePoint Incorporated†		46,511
2,102	Citrix Systems Incorporated†		43,280
1,071	Cognex Corporation		32,837
5,171	Computer Associates International Incorporated		132,533
1,614	Computer Sciences Corporation†		68,708
5,073	Compuware Corporation†		30,184
5,002	Concord EFS Incorporated†		69,278
2,193	Convergys Corporation†		39,474
3,477	CSK Corporation ADR		110,569
960	Deluxe Corporation		40,992
2,866	DoubleClick Incorporated†		32,300
945	DST Systems Incorporated†		37,422
5,268	eBay Incorporated†		292,532
1,608	Echelon Corporation†		23,911
2,172	eFunds Corporation†		27,736
1,151	Electronic Arts Incorporated†		103,302
4,298	Electronic Data Systems Corporation		93,825
1,316	Electronics for Imaging Incorporated†		28,189
466	Enterasys Networks Incorporated†		2,689
1,687	Equifax Incorporated		38,700
778	Fair Isaac Corporation		45,591
5,808	First Data Corporation		223,027
1,930	Fiserv Incorporated†		74,981
1,616	FreeMarkets Incorporated†		14,382
135	Hudson Highland Group Incorporated†		2,819
2,729	IMS Health Incorporated		53,134
1	InfoSpace Incorporated†		11
1,020	Internet Security Systems Incorporated†		12,740
3,965	Interpublic Group of Companies Incorporated		60,070
1,543	Intuit Incorporated†		69,929
1,637	Keane Incorporated†		24,113
3,474	Legato Systems Incorporated†		39,326
1,546	Macromedia Incorporated†		36,857

43

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
1,176	Manpower Incorporated	$	45,758
1,789	Mentor Graphics Corporation†		36,227
942	Mercury Interactive Corporation†		41,344
3,881	Micromuse Incorporated†		31,747
83,611	Microsoft Corporation		2,217,364
1,800	Monster Worldwide Incorporated†		49,176
3,916	MPS Group Incorporated†		37,398
1,239	NCR Corporation†		35,943
831	NDCHealth Corporation		17,601
1,919	Network Associates Incorporated†		26,712
3,698	Novell Incorporated†		18,601
1,563	Omnicom Group Incorporated		122,070
42,842	Oracle Corporation†		547,521
3,696	Parametric Technology†		12,308
2,958	PeopleSoft Incorporated†		53,540
981	RealNetworks Incorporated†		6,200
7,629	Rentokil Initial plc ADR		126,705
3,338	Reuters Group plc ADR		78,844
2,698	Robert Half International Incorporated†		60,004
744	RSA Security Incorporated†		8,988
6,867	SAP AG ADR		205,598
5,187	Siebel Systems Incorporated†		52,285
29,373	Sun Microsystems Incorporated†		113,380
2,878	Sungard Data Systems Incorporated†		81,160
1,949	Sybase Incorporated†		32,958
1,291	Symantec Corporation†		74,142
659	Synopsys Incorporated†		44,950
831	Total System Services Incorporated		20,974
3,746	Unisys Corporation†		48,623
2,235	VeriSign Incorporated†		33,458
3,539	Veritas Software Corporation†		122,025
1,945	Viad Corporation		46,447
2,766	WPP Group plc ADR		126,932
5,156	Yahoo! Incorporated†		172,204
			8,282,701
CHEMICALS & ALLIED PRODUCTS — 8.02%
12,294	Abbott Laboratories		495,446
3,154	Abgenix Incorporated†		41,002
1,636	Air Products & Chemicals Incorporated		77,416
5,615	Akzo Nobel NV ADR		183,217
870	Alberto-Culver Company Class B		49,660
10,390	Amgen Incorporated†		684,701
10,468	AstraZeneca plc ADR		415,056
4,581	Aventis SA ADR		224,469
567	Avery Dennison Corporation		31,043
1,970	Avon Products Incorporated		126,277
699	Barr Laboratories Incorporated†		47,301
1,392	Biogen Incorporated†		54,928
15,191	Bristol-Myers Squibb Company		385,396
905	Cabot Corporation		24,607

Shares	Security Name	Value
3,935	Centerpulse Limited	$	108,291
1,812	Chiron Corporation†		92,086
5,944	Ciba Specialty Chemicals AD ADR		203,641
1,943	Clorox Company		83,258
4,187	Colgate-Palmolive Company		231,457
2,517	Crompton Corporation		14,875
1,947	Dial Corporation		39,466
7,252	Dow Chemical Company		250,412
7,243	E I Du Pont De Nemours & Company		324,052
458	Eastman Chemical Company		16,401
2,628	Ecolab Incorporated		67,776
3,891	Eisai Company Limited ADR		81,368
8,834	Eli Lilly & Company		587,726
1,122	Estee Lauder Companies Incorporated		38,698
2,988	Forest Laboratories Incorporated†		140,436
1,785	Genentech Incorporated†		141,729
2,158	Genzyme Corporation–General Division†		101,750
1,765	Gilead Sciences Incorporated†		117,726
7,887	Gillette Company		256,012
16,512	GlaxoSmithKline plc ADR		641,161
1,977	ICN Pharmaceuticals Incorporated		34,598
1,300	IDEC Pharmaceuticals Corporation†		45,175
1,267	Idexx Laboratories Incorporated†		52,720
1,439	IMC Global Incorporated		11,267
1,257	International Flavors & Fragrances Incorporated		39,596
2,340	IVAX Corporation†		46,332
3,054	King Pharmaceuticals Incorporated†		42,909
1,035	Lubrizol Corporation		35,190
2,286	Lyondell Chemical Company		32,690
2,445	Medimmune Incorporated†		85,257
17,496	Merck & Company Incorporated		880,399
2,821	Millennium Chemicals Incorporated		30,523
2,077	Mylan Laboratories Incorporated		75,603
13,818	Novartis AG ADR		510,851
3,910	Novo Nordisk A/S ADR		139,783
1,515	Olin Corporation		27,588
62,038	Pfizer Incorporated		1,856,177
949	PPG Industries Incorporated		52,110
1,205	Praxair Incorporated		76,903
9,493	Procter & Gamble Company		828,644
3,933	Roche Holding AG ADR		301,180
2,359	Rohm & Haas Company		85,702
11,936	Schering-Plough Corporation		181,308
1,642	Sepracor Incorporated†		44,203
13,976	Shiseido Company Limited ADR		146,252
848	Sigma-Aldrich Corporation		46,428
16,820	Syngenta AG ADR		186,702
2,761	Tanox Incorporated†		61,267

44

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock (Continued)
1,055	Valspar Corporation	$	49,026
1,384	Watson Pharmaceuticals Incorporated†		56,882
10,358	Wyeth		443,840
			12,885,945
COAL MINING — 0.05%
1,483	Massey Energy Company		18,760
1,400	Penn Virginia Corporation		63,014
			81,774
COMMUNICATIONS — 4.41%
533	ADTRAN Incorporated		29,207
2,150	Alltel Corporation		98,470
4,530	American Tower Corporation Class A†		51,551
876	Anixter International Incorporated†		19,911
7,088	AT&T Corporation		158,062
24,911	AT&T Wireless Services Incorporated†		214,733
2,621	Avaya Incorporated†		27,389
14,736	BellSouth Corporation		371,347
3,193	British Sky Broadcasting Group plc ADR†		135,639
6,141	BT Group plc ADR†		180,238
1,773	Cablevision Systems New York Group Class A†		35,726
1,508	CenturyTel Incorporated		52,418
1,143	Certegy Incorporated†		34,576
5,535	Cincinnati Bell Incorporated†		31,273
5,206	Clear Channel Communications Incorporated†		234,895
31,945	Comcast Corporation Class A†		950,364
1,907	COX Communications Incorporated†		62,397
16,929	Deutsche Telekom AG ADR		242,762
5,179	France Telecom SA ADR		128,439
1,247	Global Payments Incorporated		47,074
1,383	Hearst-Argyle Television Incorporated†		33,552
1,368	Hispanic Broadcasting Corporation†		42,955
2,459	Interactive Corporation†		91,008
2,942	Lagardere SCA ADR		133,658
4,577	Level 3 Communications Incorporated†		22,977
8,413	Nextel Communications Incorporated†		162,203
7,251	Nippon Telegraph & Telephone Corporation ADR		160,900
9,800	NTT DoCoMo Incorporated ADR†		253,526
15,401	Qwest Communications International Incorporated†		68,534
4,077	Reed Elsevier plc		128,222
27,466	SBC Communications Incorporated		617,710

Shares	Security Name	Value
9,145	Sprint Corporation (FON Group)	$	135,072
9,210	Sprint Corporation (PCS Group)†		47,800
6,986	TDC A/S ADR		104,441
10,919	Telefonica SA ADR†		387,625
585	Telephone & Data Systems Incorporated		33,591
2,110	Univision Communications Incorporated†		79,104
22,887	Verizon Communications Incorporated		808,369
36,621	Vodafone Group plc ADR		670,164
			7,087,882
DEPOSITORY INSTITUTIONS — 9.07%
15,123	ABN AMRO Holding NV ADR		266,762
7,533	Allied Irish Banks Plc ADR		211,527
4,118	AmSouth Bancorporation		88,702
1,802	Associated Banc-Corp		68,782
22,690	Banco Bilbao Vizcaya Argentaria SA ADR		243,918
12,328	Banco Comercial Portugues SA ADR		109,103
39,483	Banco Santander Central Hispano SA ADR		338,764
11,036	Bank of America Corporation		874,603
1,504	Bank of Hawaii Corporation		50,986
5,818	Bank of New York Company Incorporated		171,166
9,006	Bank One Corporation		355,467
953	Banknorth Group Incorporated		26,779
11,319	Barclays plc ADR		334,816
4,799	Bayerische Hypo-Und Vereinsbank Ag ADR†		74,975
3,906	BB&T Corporation		142,647
2,400	Berkshire Hills Bancorp Incorporated		77,760
10,234	BNP Paribas Sa ADR		254,942
2,100	BostonFed Bancorp Incorporated		65,142
1,494	Charter One Financial Incorporated		46,314
2,132	Chittenden Corporation		61,487
42,828	Citigroup Incorporated		1,856,594
504	City National Corporation		26,057
1,299	Comerica Incorporated		64,093
1,181	Commerce Bancshares Incorporated		51,232
1,800	Community Bank System Incorporated		78,840
1,907	Compass Bancshares Incorporated		65,563
4,274	Deutsche Bank AG		248,918
246	Downey Financial Corporation		10,398
4,598	Fifth Third Bancorp		269,443
1,258	First Tennessee National Corporation		52,018
1,700	FirstFed Financial Corporation†		67,490
8,659	FleetBoston Fianancial Corporation		256,220

45

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
754	Golden West Financial Corporation	$	65,048
1,081	GreenPoint Financial Corporation		36,624
1,800	Hawthorne Financial Corporation†		70,380
7,700	HBOS Plc ADR		257,231
2,382	Hibernia Corporation Class A		49,427
10,846	HSBC Holdings plc ADR		697,615
3,443	Huntington Bancshares Incorporated		68,860
2,000	IBERIABANK Corporation		96,000
11,983	ING Groep NV		236,425
16,375	JP Morgan Chase & Company		560,353
3,237	Keycorp		87,982
7,269	Lloyds Tsb Group Plc ADR		192,120
553	M&T Bank Corporation		46,585
2,578	Marshall & Ilsley Corporation		79,918
1,400	MASSBANK Corporation		51,632
3,103	Mellon Financial Corporation		97,279
1,127	Mercantile Bankshares		46,038
3,316	National Australia Bank		335,248
48,910	National Bank Of Greece		211,291
4,709	National City Corporation		149,181
3,225	National Commerce Financial Corporation		80,625
994	New York Community Bancorp		30,575
1,816	North Fork Bancorporation Incorporated		61,326
1,840	Northern Trust Corporation		77,722
184	Park National Corporation		20,700
1,408	Pennrock Financial Services		42,240
1,346	PNC Financial Services Group		64,070
1,500	Popular Incorporated		56,520
1,600	Provident Financial Group		42,736
1,512	Regions Financial Corporation		53,313
15,662	San Paolo-Imi SpA		302,277
3,512	Sky Financial Group Incorporated		82,251
15,731	Societe Generale		208,634
3,522	Southtrust Corporation		102,103
2,862	State Street Corporation		125,785
26,481	Sumitomo Mitsui Financial		92,371
1,512	SunTrust Banks Incorporated		92,429
2,621	Synovus Financial Corporation		64,083
373	TCF Financial Corporation		17,154
1,952	Trustmark Corporation		51,299
1,360	Union Planters Corporation		43,384
17,332	US Bancorp		414,235
2,962	Valley National Bancorp		83,262
10,645	Wachovia Corporation		448,687
4,314	Washington Federal Incorporated		109,403
6,669	Washington Mutual Incorporated		259,958
421	Webster Financial Corporation		16,398
13,400	Wells Fargo & Company‡		671,876
8,026	Westpac Banking Corporation ADR		410,450

Shares	Security Name	Value
1,204	Wilmington Trust Corporation	$	38,456
872	Zions Bancorporation		48,570
			14,559,637
EATING & DRINKING PLACES — 0.32%
1,549	Brinker International Incorporated†		52,975
2,592	Darden Restaurants Incorporated		56,506
10,442	McDonald’s Corporation		234,110
1,388	Outback Steakhouse Incorporated		53,646
1,414	Wendy’s International Incorporated		44,612
2,637	Yum! Brands Incorporated†		78,187
			520,036
EDUCATIONAL SERVICES — 0.07%
1,827	Apollo Group Incorporated Class A†		117,056
ELECTRIC, GAS, & SANITARY SERVICES — 2.81%
4,881	AES Corporation†		31,630
1,596	Ameren Corporation		67,830
3,661	American Electric Power Company Incorporated		103,643
6,451	BG Group plc ADR		140,696
3,754	Calpine Corporation†		21,173
4,177	CenterPoint Energy Incorporated		35,463
2,220	Cinergy Corporation		75,968
49,665	CLP Holdings Limited ADR		219,052
1,925	Consolidated Edison Incorporation		76,095
2,365	Constellation Energy Group Incorporated		86,062
3,004	Dominion Resources Incorporation		181,982
7,740	Duke Energy Corporation		132,199
4,511	E. ON AG ADR		234,301
4,060	Edison International†		76,572
3,600	El Paso Corporation		26,424
2,374	Entergy Corporation		124,516
3,603	Exelon Corporation		212,217
3,510	FirstEnergy Corporation		102,703
1,563	FPL Group Incorporated		96,687
159,943	Hong Kong & China Gas Company Limited ADR		215,331
47,000	Hong Kong Electric Holdings Limited ADR		185,603
4,732	International Power plc ADR†		113,521
1,381	Kinder Morgan Incorporated		73,538
488	National Fuel Gas Company		11,297
5,879	National Grid Transco plc ADR		181,367
2,966	NiSource Incorporated		57,362
627	NSTAR		27,964
363	Peoples Energy Corporation		14,574
4,333	PG&E Corporation†		96,063
1,071	Pinnacle West Capital Corporation		36,735

46

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock (Continued)
2,058	PPL Corporation	$	81,641
1,864	Progress Energy Incorporated		75,473
1,929	Public Service Enterprise Group Incorporated		81,674
3,293	Reliant Resources Incorporated†		15,214
4,667	RWE AG ADR		125,792
611	SCANA Corporation		20,774
6,592	Scottish Power plc ADR		155,571
2,656	Sempra Energy		79,016
2,200	South Jersey Industries Incorporated		84,370
6,263	Southern Company		177,744
208	Texas Genco Holdings Incorporated		5,096
1,954	TXU Corporation		42,988
376	UGI Corporation		11,487
13,283	United Utilities plc ADR		230,460
4,883	Waste Management Incorporated		129,937
5,054	Williams Companies Incorporated		46,143
773	WPS Resources Corporation		30,008
3,746	Xcel Energy Incorporated		54,879
			4,506,835
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT — 6.77%
2,514	Adaptec Incorporated†		18,378
1,543	Advanced Fibre Communications Incorporated†		35,906
4,305	Advanced Micro Devices Incorporated†		48,603
15,206	Alcatel SA ADR		165,593
3,317	Altera Corporation†		74,433
2,751	American Power Conversion Corporation		49,298
2,838	Analog Devices Incorporated†		116,358
1,752	Andrew Corporation†		21,690
5,512	Applied Micro Circuits Corporation†		32,025
4,877	ASML Holding NV NY Shares†		77,544
1,292	AVX Corporation		18,062
2,655	Broadcom Corporation†		72,959
4,774	Canon Incorporated ADR		231,348
4,079	Chartered Semiconductor Manufacturing Limited ADR†		26,799
2,390	CIENA Corporation†		15,535
2,219	Comverse Technology Incorporated†		36,591
10,678	Conexant Systems Incorporated†		58,515
543	Cooper Industries Limited Class A		27,633
1,381	Cree Incorporated†		21,847
1,880	Cypress Semiconductor Corporation†		34,912
2,514	EchoStar Communications Corporation†		92,767
2,747	Emerson Electric Company		153,173

Shares	Security Name	Value
12,276	Ericsson ADR†	$	190,032
2,816	Gemstar-TV Guide International Incorporated†		13,573
77,856	General Electric Company		2,302,202
771	Harris Corporation		25,597
693	Imation Corporation		24,913
4,748	Infineon Technologies AG ADR		69,796
1,832	Integrated Device Technology Incorporated†		25,556
50,571	Intel Corporation		1,447,342
13,185	International Business Machines Corporation		1,081,302
1,034	International Rectifier Corporation†		43,004
1,320	Intersil Corporation Class A†		38,452
2,520	Jabil Circuit Incorporated†		70,938
1,406	Jacuzzi Brands Incorporated†		8,000
15,584	JDS Uniphase Corporation†		53,609
8,649	Koninklijke Philips Electronics NV NY Shares		211,036
820	L-3 Communications Holdings Incorporated†		41,894
1,270	Lattice Semiconductor Corporation		11,176
2,319	Linear Technology Corporation		95,589
4,264	LSI Logic Corporation†		49,207
13,289	Matsushita Electric Industrial Company Limited ADR		170,232
2,357	Maxim Integrated Products Incorporated		105,853
1,175	Maytag Corporation		31,843
1,566	McDATA Corporation†		15,895
5,598	Micron Technology Incorporated†		80,387
4,353	Mindspeed Technologies-W/I†		15,323
12,304	Minebea Company Limited ADR		122,534
2,045	Molex Incorporated		60,164
20,757	Motorola Incorporated		222,723
3,281	Mykrolis Corporation†		41,341
1,777	National Semiconductor Corporation†		51,782
3,609	Network Appliance Incorporated†		80,878
1,450	Nidec Corporation ADR		115,275
24,667	Nokia Oyj ADR		401,825
1,351	Novellus Systems Incorporated†		53,986
1,744	NVIDIA Corporation†		31,671
721	Omron Corporation ADR		146,140
6,561	Pioneer Corporation ADR		146,245
943	QLogic Corporation†		46,226
6,286	Qualcomm Incorporated		259,486
1,589	Rambus Incorporated†		26,473
2,312	RF Micro Devices Incorporated†		20,392
2,758	Rockwell Collins Incorporated		74,604
5,288	Sanmina-SCI Corporation†		47,486
6,052	Sanyo Electric Company Limited ADR		122,008
1,924	Scientific-Atlanta Incorporated		65,416

47

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
647	Silicon Laboratories Incorporated†	$	28,733
1,707	Skyworks Solutions Incorporated†		19,357
8,321	Solectron Corporation†		49,344
5,084	Sony Corporation ADR		167,518
4,912	STMicroelectronics NV ADR		122,505
1,810	TDK Corporation ADR		117,288
3,823	Tellabs Incorporated†		24,964
14,403	Texas Instruments Incorporated		343,512
1,518	Thomas & Betts Corporation†		25,927
568	Varian Semiconductor Equipment Associates Incorporated†		23,044
1,843	Vishay Intertechnology Incorporated†		30,354
1,637	Vitesse Semiconductor Corporation†		11,181
451	Whirlpool Corporation		31,381
2,712	Xilinx Incorporated†		83,638
			10,868,121
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES — 0.37%
2,624	Applera Corporation — Celera Genomics Group†		26,711
628	Cephalon Incorporated†		27,852
3,554	CuraGen Corporation†		16,313
1,093	Dun & Bradstreet Corporation†		46,015
875	Fluor Corporation		32,235
4,262	Millennium Pharmaceutical Incorporated†		59,242
1,794	Monsanto Company		46,124
1,153	Moody’s Corporation		59,795
3,130	Paychex Incorporated		112,680
1,138	Quest Diagnostics Incorporated†		68,280
2,596	Quintiles Transnational Corporation†		36,967
5,101	ServiceMaster Company		51,061
2,197	UnitedGlobalCom Incorporated†		14,676
			597,951
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT — 0.27%
800	Ball Corporation		42,240
1,410	Crane Company		36,082
1,271	Fortune Brands Incorporated		71,684
2,395	Illinois Tool Works Incorporated		173,135
4,417	Masco Corporation		109,497
			432,638
FOOD & KINDRED PRODUCTS — 2.9%
142	Adolph Coors Company		7,831
5,702	Anheuser-Busch Companies Incorporated		293,881
6,331	Archer-Daniels-Midland Company		87,811
8,917	Cadbury Schweppes plc ADR		219,180
3,353	Campbell Soup Company		81,143

Shares	Security Name	Value
18,438	Coca-Cola Company	$	802,422
5,079	Coca-Cola Enterprises Incorporated		93,911
42,549	Compass Group plc ADR		235,726
4,417	ConAgra Foods Incorporated		97,174
1,221	Del Monte Foods Company†		10,965
6,850	Diageo plc ADR		299,619
2,388	Flowers Foods Incorporated		50,554
3,226	General Mills Incorporated		149,557
10,119	Groupe Danone ADR		278,576
1,852	Heinz (HJ) Company		59,931
807	Hershey Foods Corporation		56,409
1,794	Hormel Foods Corporation		38,750
817	J M Smucker Company		33,072
3,162	Kellogg Company		106,022
21,659	Kirin Brewery Company Limited ADR		152,046
1,541	Kraft Foods Incorporated		45,768
1,886	McCormick & Co Incorporated		50,356
8,469	Nestle SA ADR		461,080
2,600	Pepsi Bottling Group Incorporated		62,712
1,887	PepsiAmericas Incorporated		26,267
12,719	PepsiCo Incorporated		566,504
6,796	Sara Lee Corporation		128,988
1,886	Smithfield Foods Incorporated†		38,192
3,100	Tyson Foods Incorporated Class A		34,720
1,518	WM Wrigley Jr Company		80,530
			4,649,697
FOOD STORES — 0.65%
3,385	Albertson’s Incorporated		71,153
6,064	Coles Myer Limited ADR		230,129
3,564	Ito-Yokado Company Limited ADR(a)		101,802
17,252	Koninklijke Ahold NV ADR		160,444
6,485	Kroger Company†		124,577
3,799	Starbucks Corporation†		108,044
19,589	Tesco plc ADR		200,783
586	Whole Foods Market Incorporated†		31,837
1,287	Winn-Dixie Stores Incorporated		12,934
			1,041,703
FORESTRY — 0.08%
1,775	Plum Creek Timber Company		46,416
1,483	Weyerhaeuser Company		88,239
			134,655
FURNITURE & FIXTURES — 0.18%
1,068	Ethan Allen Interiors Incorporated		41,342
1,712	Herman Miller Incorporated		40,027
547	Hillenbrand Industries Incorporated		29,620
1,671	HON Industries Incorporated		61,359
2,674	Leggett & Platt Incorporated		61,930
2,355	Newell Rubbermaid Incorporated		55,931
			290,209

48

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock (Continued)
GENERAL MERCHANDISE STORES — 1.88%
2,036	Big Lots Incorporated†	$	37,259
840	BJ’s Wholesale Club Incorporated†		18,346
3,645	Dollar General Corporation		83,580
1,687	Family Dollar Stores Incorporated		67,682
1,183	Federated Department Stores Incorporated		51,697
2,483	JC Penney Company Incorporated		52,689
2,458	May Department Stores Company		67,792
4,772	Mitsukoshi Limited ADR†		130,874
2,329	Saks Incorporated†		29,322
2,349	Sears Roebuck & Company		103,403
7,197	Target Corporation		292,198
4,438	TJX Companies Incorporated		96,127
33,668	Wal-Mart Stores Incorporated		1,992,136
			3,023,105
HEALTH SERVICES — 0.35%
2,590	Caremark Rx Incorporated†		65,086
892	Express Scripts Incorporated†		57,811
1,886	First Health Group Corporation†		49,451
3,824	HCA Incorporated		145,274
3,094	Health Management Association Incorporated		68,934
1,800	Laboratory Corporation Of America Holdings†		54,450
399	LifePoint Hospitals Incorporated†		11,495
2,863	Tenet Healthcare Corporation†		45,951
904	Triad Hospitals Incorporated†		29,290
809	Universal Health Services Incorporated Class B†		40,272
			568,014
HOLDING & OTHER INVESTMENT OFFICES — 0.06%
16,926	Mitsubishi Tokyo Financial Group ADR		99,356
HOME FURNITURE, FURNISHINGS, & EQUIPMENT STORES — 0.23%
2,592	Bed Bath & Beyond Incorporated†		111,533
2,720	Best Buy Company Incorporated†		141,467
2,892	Circuit City Stores Incorporated		30,164
1,798	Pier 1 Imports Incorporated		36,985
1,822	RadioShack Corporation		55,389
			375,538
HOTELS, ROOMING HOUSES, CAMPS, & OTHER LODGE PLACES — 0.29%
11,085	Accor SA ADR		215,960
3,860	Hilton Hotels Corporation		58,981
930	Mandalay Resort Group		35,340
1,670	Marriott International Incorporated		68,186

Shares	Security Name	Value
1,023	MGM MIRAGE	$	37,094
1,594	Starwood Hotels & Resorts Worldwide Incorporated		53,925
			469,486
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT — 3.77%
2,791	3M Company		397,632
390	American Standard Companies Incorporated†		31,274
3,864	Apple Computer Incorporated†		87,442
13,872	Applied Materials Incorporated†		299,635
2,999	Axcelis Technologies Incorporated†		26,091
2,174	Baker Hughes Incorporated		72,742
907	Black & Decker Corporation		38,801
2,759	Caterpillar Incorporated		198,179
744	CDW Corporation Centers Incorporated†		38,398
2,138	Cirrus Logic Incorporated†		12,016
55,854	Cisco Systems Incorporated†		1,069,604
574	Cooper Cameron Corporation†		27,873
2,002	Deere & Company		113,133
20,098	Dell Computer Corporation†		655,798
712	Diebold Incorporated		34,817
2,036	Dover Corporated		77,409
554	Eaton Corporated		51,877
20,030	EMC Corporation†		255,383
1,600	Emulex Corporation†		38,736
3,391	Gateway Incorporated†		19,566
2,866	Grant Prideco Incorporated†		33,246
25,516	Hewlett-Packard Company		508,279
915	Hitachi Limited ADR		49,996
1,327	Ingersoll-Rand Company Class A		78,983
3,789	Juniper Networks Incorporated†		65,247
8,810	Komatsu Limited ADR		201,147
1,761	Lam Research Corporation†		45,293
1,055	Lexmark International Incorporated†		70,727
23,527	Makita Corporation ADR		207,038
3,730	Maxtor Corporation†		42,634
15,433	NEC Corporation ADR		116,519
1,741	Pall Corporation		43,525
281	Palm Incorporated†		5,128
1,102	Parker-Hannifin Corporation		54,571
1,359	Pitney Bowes Incorporated		53,001
1,891	Quantum Corporation†		5,711
6,033	Siemens AG ADR		375,735
1,450	Smith International Incorporation†		56,681
798	SPX Corporation†		39,381
954	Stanley Works		28,878
1,448	Storage Technology Corporation†		37,083
3,603	Symbol Technologies Incorporated		48,785
3,769	United Technologies Corporation		302,462
637	Varian Medical Systems Incorporated†		35,576
			6,052,032

49

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
INSURANCE AGENTS, BROKERS & SERVICE — 0.21%
2,716	AON Corporation	$	60,296
4,303	Marsh & Mclennan Companies Incorporated		215,150
2,110	Medco Health Solutions Incorporated†		56,337
			331,783
INSURANCE CARRIERS — 3.22%
1,087	21st Century Insurance Group		15,151
2,583	ACE Limited		83,173
608	AdvancePCS†		24,429
10,579	Aegon NV ADR		131,814
1,074	Aetna Incorporated		61,218
4,347	AFLAC Incorporated		139,147
204	Alleghany Corporation†		40,802
17,824	Allianz AG ADR		159,168
185	Allmerica Financial Corporation†		4,379
5,216	Allstate Corporation		186,472
863	AMBAC Financial Group Incorporated		56,026
808	American Financial Group Incorporated		17,679
21,735	American International Group Incorporated		1,294,754
231	American National Insurance Company		19,864
369	AmerUs Group Company		11,893
1,183	Anthem Incorporated†		86,596
13,458	AXA ADR		239,283
1,379	Chubb Corporation		93,689
920	CIGNA Corporation		43,866
1,723	Cincinnati Financial Corporation		69,523
2,125	Hartford Financial Services Group Incorporated		113,093
743	Health Net Incorporated†		23,650
741	Jefferson-Pilot Corporation		32,804
1,995	John Hancock Financial Services Incorporated		60,907
1,404	Lincoln National Corporation		49,730
699	Loews Corporation		28,771
175	Markel Corporation†		47,031
1,105	MBIA Incorporated		62,388
782	Mercury General Corporation		34,158
6,090	MetLife Incorporated		173,078
586	MGIC Investment Corporation		33,033
2,912	Millea Holdings Incorporated ADR		148,920
1,339	Old Republic International Corporation		44,977
971	Oxford Health Plans Incorporated†		35,199
624	Pacificare Health Systems Incorporated†		31,075
1,012	PMI Group Incorporated		35,805
2,932	Principal Financial Group Incorporated		92,241

Shares	Security Name	Value
1,819	Progressive Corporation	$	128,676
1,273	Protective Life Corporation		37,032
4,440	Prudential Financial Incorporated		161,660
1,080	Radian Group Incorporated		51,397
1,400	RLI Corporation		46,144
1,509	Safeco Corporation		54,415
1,869	St Paul Companies Incorporated		64,966
844	Torchmark Corporation		34,064
205	Transatlantic Holdings Incorporated		14,491
6,121	Travelers Property Casualty Corporation Class B†		94,814
287	Triad Guaranty Incorporated†		13,337
4,936	UnitedHealth Group Incorporated		243,986
1,024	Unitrin Incorporated		30,331
2,809	UnumProvident Corporation		39,607
1,384	WellPoint Health Networks Incorporated†		107,952
1,158	Xl Capital Limited Class A		87,719
10,069	Zurich Financial Services AG ADR		129,409
			5,165,786
LEATHER & LEATHER PRODUCTS — 0.04%
1,103	Coach Incorporated†		64,018
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE — 0.04%
2,430	Georgia-Pacific Corporation		56,303
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS — 2.13%
2,823	Advanced Medical Optics Incorporated†		46,833
5,076	Advantest Corporation ADR		88,119
4,605	Agilent Technologies Incorporated†		111,994
1,060	Allergan Incorporated		84,228
2,984	Applera Corporation-Applied Biosystems Group		64,932
1,009	Bausch & Lomb Incorporated		42,539
4,638	Baxter International Incorporated		130,328
862	Beckman Coulter Incorporated		38,230
2,053	Becton Dickinson & Company		75,017
2,718	Biomet Incorporated		80,806
3,394	Boston Scientific Corporation†		203,979
546	C R Bard Incorporated		36,582
1,265	Danaher Corporation		97,721
1,336	Dentsply International Incorporated		58,450
2,815	Eastman Kodak Company		78,510
6,392	Fuji Photo Film Company Limited ADR		192,335
8,122	General Motors Corporation Class H†		121,343
2,436	Guidant Corporation		122,287
1,293	KLA–Tencor Corporation†		76,752

50

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock (Continued)
9,795	Medtronic Incorporated	$	485,636
1,872	Microchip Technology Incorporated		52,435
864	Millipore Corporation		39,226
7,432	Olympus Optical Company Limited ADR		170,704
1,048	Perkinelmer Incorporation		17,334
2,634	Raytheon Company		84,446
1,250	Ricoh Company Limited ADR		115,000
2,258	Rockwell Automation Incorporated		61,463
1,405	St Jude Medical Incorporated†		73,158
1,462	Steris Corporation†		34,240
1,603	Stryker Corporation		121,507
1,690	Sybron Dental Specialties Incorporated†		40,459
1,552	Tektronix Incorporated†		36,689
2,207	Teradyne Incorporated†		39,351
2,277	Thermo Electron Corporation†		51,893
951	Varian Incorporated†		32,334
1,443	Waters Corporation†		44,012
7,929	Xerox Corporation†		85,475
1,664	Zimmer Holdings Incorporated†		86,095
			3,422,442
MEMBERSHIP ORGANIZATIONS — 0.04%
1,462	Career Education Corporation†		65,980
METAL MINING — 0.28%
3,959	Newmont Mining Corporation		155,430
750	Phelps Dodge Corporation†		35,993
2,902	Rio Tinto Plc ADR		256,943
			448,366
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS — 0.11%
5,401	Pechiney SA ADR		136,537
1,050	Vulcan Materials Company		43,481
			180,018
MISCELLANEOUS MANUFACTURING INDUSTRIES — 0.36%
1,854	Callaway Golf Company		27,866
2,842	Hasbro Incorporated		52,577
4,114	Mattel Incorporated		79,482
1,476	Tiffany & Company		57,446
17,396	Tyco International Limited		358,010
			575,381
MISCELLANEOUS RETAIL — 0.61%
2,197	Amazon.Com Incorporated†		102,030
843	Barnes & Noble Incorporated†		22,087
1,410	Borders Group Incorporated†		27,269
3,747	Costco Wholesale Corporation†		120,241
3,345	CVS Corporation		109,047
1,569	Dollar Tree Stores Incorporated†		61,552
832	Michaels Stores Incorporated		37,814
3,977	Office Depot Incorporated†		72,540
5,406	Rite Aid Corporation†		27,300

Shares	Security Name	Value
4,714	Staples Incorporated†	$	116,106
2,437	Toys R Us Incorporated†		33,192
7,835	Walgreen Company		255,186
			984,364
MOTION PICTURES — 0.42%
24,600	Liberty Media Corporation†		297,660
1,377	Macrovision Corporation†		25,640
16,974	Walt Disney Company		347,967
			671,267
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING — 0.37%
1,173	CNF Incorporated		34,838
8,827	United Parcel Service Incorporated		553,983
			588,821
NON-DEPOSITORY CREDIT INSTITUTIONS — 1.29%
10,650	American Express Company		479,782
2,177	Capital One Financial Corporation		116,252
1,226	Countrywide Financial		83,184
7,573	Fannie Mae		490,655
5,602	Freddie Mac		297,746
11,444	MBNA Corporation		267,103
4,120	Orix Corporation ADR		138,020
3,072	Providian Financial Corporation		31,488
3,666	SLM Corporation		147,300
151	Student Loan Corporation		18,567
			2,070,097
OIL & GAS EXTRACTION — 1.91%
1,967	Anadarko Petroleum Corporation		85,564
1,262	Apache Corporation		87,053
15,404	BHP Billiton Limited ADR		219,815
1,519	BJ Services Company†		56,765
1,489	Burlington Resources Incorporated		72,097
2,200	Cimarex Energy Company†		47,850
24	Cross Timbers Royalty Trust†		529
2,270	Devon Energy Corporation		117,473
720	Diamond Offshore Drilling		14,544
4,739	ENI SpA ADR		362,012
1,939	ENSCO International Incorporated		54,195
1,279	EOG Resources Incorporated		54,230
806	Equitable Resources Incorporated		31,813
4,074	Halliburton Company		98,509
765	Kerr-McGee Corporation		33,622
1,478	Nabors Industries Limited†		59,342
1,199	Noble Corporation†		43,380
1,073	Noble Energy Incorporated		42,480
744	Occidental Petroleum Corporation		25,542
1,500	Patterson-UTI Energy Incorporated†		44,760
1,800	Pioneer Natural Resources†		45,648
769	Pogo Producing Company		35,343

51

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
13,747	Repsol YPF SA	$	232,737
1,899	Rowan Companies Incorporated†		47,551
3,768	Schlumberger Limited		186,554
6,793	Shell Transport & Trading Company plc ADR		261,123
6,928	Total Fina Elf SA ADR		533,525
2,553	Transocean Incorporated†		53,919
2,913	Varco International Incorporated†		50,249
3,200	XTO Energy Incorporated		67,168
			3,065,392
PAPER & ALLIED PRODUCTS — 0.48%
572	Bemis Company Incorporated		25,894
915	Boise Cascade Corporation		24,934
246	Bowater Incorporated		10,654
3,311	International Paper Company		134,261
3,676	Kimberly-Clark Corporation		187,880
1,955	MeadWestvaco Corp		49,559
2,021	Pactiv Corporation†		40,582
1,522	Sonoco Products Company		34,656
9,240	Stora Enso Oyj ADR		119,104
542	Temple-Inland Incorporated		26,981
6,444	UPM-Kymmene Oyj ADR		117,152
			771,657
PERSONAL SERVICES — 0.09%
2,149	Cintas Corporation		85,809
1,356	H & R Block Incorporated		59,800
			145,609
PETROLEUM REFINING & RELATED INDUSTRIES — 2.78%
928	Amerada Hess Corporation		43,758
16,884	BP plc ADR		704,400
8,767	ChevronTexaco Corporation		638,851
5,142	ConocoPhillips		287,129
54,499	Exxon Mobil Corporation		2,054,612
3,233	Marathon Oil Corporation		90,168
1,088	Murphy Oil Corporation		62,810
9,328	Royal Dutch Petroleum Company		418,547
1,234	Sunoco Incorporated		50,137
1,929	Unocal Corporation†		59,066
1,344	Valero Energy Corporation		52,954
			4,462,432
PRIMARY METAL INDUSTRIES — 0.49%
7,205	Alcoa Incorporated		205,774
1,900	Allegheny Technologies Incorporated		14,155
1,550	CommScope Incorporated†		15,934
1,753	Engelhard Corporation		49,207
950	Hubbell Incorporated Class B		37,962
5,333	Johnson Matthey plc ADR		165,589
9,348	Kubota Corporation ADR		156,112
644	Nucor Corporation		33,108
1,100	Precision Castparts Corporation		38,940
2,576	Schnitzer Steel Industry Incorporated		63,885
			780,666

Shares	Security Name	Value
PRINTING, PUBLISHING, & ALLIED INDUSTRIES — 1.31%
1,731	American Greetings Corporation Class A†	$	32,024
2,174	Belo Corporation Class A		50,698
1,013	Dow Jones & Company Incorporated		43,022
2,027	Gannett Company Incorporated		158,957
2,053	Harte-Hanks Incorporated		39,007
3,850	Hollinger International Incorporated		48,279
495	Knight-Ridder Incorporated		33,591
1,390	McGraw-Hill Companies Incorporated		84,790
1,238	Meredith Corporated		58,706
1,226	New York Times Company		54,422
4,826	News Corporation Limited ADR		165,773
11,608	Pearson plc ADR		115,500
1,424	Reader's Digest Association Incorporated		17,330
6,478	Reed Elsevier NV ADR		144,459
1,093	Reynolds & Reynolds Company		31,752
1,416	RR Donnelley & Sons Company		35,598
233	Scripps Company (E W)		20,175
3,318	Toppan Printing Company Limited ADR		134,221
2,663	Tribune Company		123,164
966	Valassis Communications Incorporated†		28,381
14,745	Viacom Incorporated Class B		663,525
40	Washington Post Company Class B		27,841
			2,111,215
RAILROAD TRANSPORTATION — 0.19%
2,616	Burlington Northern Santa Fe Corporation		74,163
1,068	CSX Corporation		34,475
2,413	Kansas City Southern†		29,318
4,045	Norfolk Southern Corporation		77,017
1,371	Union Pacific Corporation		83,549
			298,522
REAL ESTATE — 0.04%
979	Catellus Development Corporation†		22,958
305	Forest City Enterprises Incorporated Class A		12,993
800	LNR Property Corporation		32,000
			67,951
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS — 0.19%
4,673	Bridgestone Corporation		130,162
1,383	Goodyear Tire & Rubber Company		9,847
2,039	Nike Incorporated Class B		116,182
1,023	Sealed Air Corporation†		49,779
			305,970

52

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2030FUND

Shares	Security Name	Value
Common Stock (Continued)
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES — 1.58%
1,155	AG Edwards Incorporated	$	41,580
5,752	Amvescap plc ADR		92,263
809	Bear Stearns Companies Incorporated		56,614
13,207	Charles Schwab Corporation		143,428
8,490	Credit Suisse Group ADR		267,180
2,570	Franklin Resources Incorporated		110,998
1,300	Gabelli Asset Management Incorporated Class A†		49,010
3,886	Goldman Sachs Group Incorporated		343,872
3,128	Janus Capital Group Incorporated		54,021
922	Legg Mason Incorporated		66,227
2,030	Lehman Brothers Holdings Incorporated		133,432
7,817	Merrill Lynch & Co Incorporated		420,398
9,251	Morgan Stanley		451,356
1,109	Neuberger Berman Incorporated		45,979
13,200	Nomura Holdings Incorporated ADR		193,380
1,738	T Rowe Price Group Incorporated		73,865
			2,543,603
STONE, CLAY, GLASS, & CONCRETE PRODUCTS — 0.43%
655	Cabot Microelectronics Corporation†		42,699
358	Centex Construction Products Incorporated		16,058
8,738	Corning Incorporated†		72,089
5,539	Hanson plc ADR		180,294
10,132	Holcim Limited ADR†		200,753
9,438	Lafarge SA ADR		160,068
2,200	Owens-Illinois Incorporated†		25,190
			697,151
TEXTILE MILL PRODUCTS — 0.03%
651	Mohawk Industries Incorporated†		47,497
TOBACCO PRODUCTS — 0.68%
15,845	Altria Group Incorporated		653,131
7,261	British American Tobacco plc ADR		148,923
504	RJ Reynolds Tobacco Holdings Incorporated		17,212
2,965	Swedish Match AB ADR		201,620
536	Universal Corporation		22,458
1,567	UST Incorporated		52,338
			1,095,682
TRANSPORTATION BY AIR — 0.38%
1,738	AMR Corporation†		19,117
19,419	BAA plc ADR		140,065
1,164	Continental Airlines Incorporated†		17,763
1,209	Delta Air Lines Incorporated		15,560
2,646	FedEx Corporation		177,547
8,953	Japan Airlines System ADR		105,506

Shares	Security Name	Value
1,185	Northwest Airlines Corporation†	$	10,629
7,565	Southwest Airlines Company		129,286
			615,473
TRANSPORTATION EQUIPMENT — 1.95%
2,200	Autoliv Incorporated		66,464
9,714	BAE Systems plc ADR		104,944
7,101	Boeing Company		265,506
1,680	Brunswick Corporation		45,326
7,288	DaimlerChrysler AG		278,620
1,814	Dana Corporation		27,972
5,662	Delphi Corporation		51,298
18,382	Fiat SpA ADR		124,814
16,605	Ford Motor Company		191,954
1,648	General Dynamics Corporation		141,909
4,327	General Motors Corporation		177,840
1,410	Genuine Parts Company		45,148
1,502	Goodrich Corporation		39,097
2,732	Harley-Davidson Incorporated		136,108
1,242	Harsco Corporation		48,426
9,895	Honda Motor Company Limited ADR		201,462
7,751	Honeywell International Incorporated		224,701
816	ITT Industries Incorporated		53,105
621	Johnson Controls Incorporated		61,479
778	Lear Corporation†		43,218
3,234	Lockheed Martin Corporation		165,678
1,128	Navistar International Corporation		50,455
1,003	Northrop Grumman Corporation		95,766
1,168	PACCAR Incorporation		99,514
1,247	Textron Incorporated		56,115
6,126	Toyota Motor Corporation ADR		339,319
			3,136,238
TRANSPORTATION SERVICES — 0.04%
1,188	GATX Corporation		25,162
1,619	Sabre Holdings Corporation		36,622
			61,784
WATER TRANSPORTATION — 0.16%
2,145	Alexander & Baldwin Incorporated		62,806
5,112	Carnival Corporation		176,824
1,700	GulfMark Offshore Incorporated†		23,800
			263,430
WHOLESALE TRADE-DURABLE GOODS — 1.28%
1,794	Apogent Technologies Incorporated†		39,180
1,216	Arrow Electronics Incorporated†		25,098
1,419	Avnet Incorporated†		25,613
23,250	Johnson & Johnson		1,152,735
1,832	Kyocera Corporation ADR		116,021
10,228	Mitsubishi Corporation ADR		172,862
1,301	Mitsui & Company Limited ADR		165,891
9,606	Nissan Motor Company Limited ADR		208,450
1,525	Omnicare Incorporated		51,698

53

WELLSFARGOOUTLOOK 2030FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
734	Tech Data Corporation†	$	24,479
3,998	Visteon Corporation		26,987
830	WW Grainger Incorporated		41,359
			2,050,373
WHOLESALE TRADE NON-DURABLE GOODS — 0.78%
973	AmerisourceBergen Corporation		56,639
591	Brown-Forman Corporation Class B		46,713
3,738	Cardinal Health Incorporated		212,804
1,866	Dean Foods Company†		54,207
2,473	McKesson Corporation		80,966
3,359	Safeway Incorporated†		81,993
2,280	Smurfit-Stone Container Corporation†		35,978
1,833	Supervalu Incorporated		44,175
4,988	Sysco Corporation		156,922
4,612	Unilever NV NY Shares		258,180
6,914	Unilever plc ADR		225,533
			1,254,110
TOTAL COMMON STOCK (Cost $127,880,432)			118,031,562
Real Estate Investment Trust — 0.87%
1,155	Alexandria Real Estate Equities Incorporated		53,999
1,359	Apartment Investment & Management Company Class A		52,389
2,397	Archstone-Smith Trust		62,682
2,923	Arden Realty Incorporated		79,359
968	AvalonBay Communities Incorporated		44,915
762	Boston Properties Incorporated		32,728
2,265	CarrAmerica Realty Corporation		63,760
988	CBL & Associates Properties		48,382
620	CenterPoint Properties		39,308
2,197	Crescent Real Estate Incorporated		31,878
3,124	Duke Realty Corporation		86,441
1,664	Equity Office Properties Trust		46,292
1,463	Equity Residential		42,544
214	General Growth Properties Incorporated		14,841
2,972	Highwoods Properties Incorporated		68,207
3,572	Host Marriott Corporation†		35,791
962	iStar Financial Incorporated		35,267
1,474	Kimco Realty Corporation		61,436
1,410	Mack-Cali Realty Corporation		51,888
1,274	Pan Pacific Retail Properties		53,635
2,800	Parkway Properties Incorporated		125,580
645	Public Storage Incorporated		23,794
1,148	Simon Property Group Incorporated		49,031
3,700	Tanger Factory Outlet Centers Incorporated		124,875
822	Rouse Company		32,773
717	Vornado Realty Trust		33,806
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $1,145,521)			1,395,601

Principal		Interest Rate	Maturity Date	Value
US Treasury Obligations — 23.77%
US TREASURY BONDS — 12.53%
$	660,000	7.25%	5/15/16	$	806,797
	3,035,000	8.00%	11/15/21		4,011,536
	3,255,000	6.25%	8/15/23		3,613,177
	5,500,000	6.63%	2/15/27		6,417,384
	3,120,000	6.25%	5/15/30		3,521,457
	1,710,000	5.38%	2/15/31		1,746,738
					20,117,089
US TREASURY NOTES — 11.24%
	2,680,000	6.50%	5/15/05		2,893,145
	2,680,000	7.00%	7/15/06		3,015,943
	2,500,000	6.00%	8/15/09		2,800,390
	1,410,000	5.75%	8/15/10		1,559,151
	750,000	5.00%	8/15/11		789,609
	970,000	3.00%	11/15/07		965,112
	3,140,000	4.00%	11/15/12		3,044,572
	960,000	3.00%	2/15/08		949,837
	185,000	1.50%	2/28/05		184,718
	1,845,000	1.63%	4/30/05		1,842,044
					18,044,521
TOTAL US TREASURY OBLIGATIONS (Cost $39,724,605)					38,161,610
Short Term Investments — 1.61%
US TREASURY BILLS — 1.61%
	45,000	0.90%^	10/16/03		44,946
	618,000	0.89%^	10/16/03		617,298
	495,000	0.90%^	10/16/03		494,456
	76,000	0.90%^	10/16/03		75,916
	204,000	0.92%^	10/16/03		203,771
	16,000	0.92%^	10/16/03		15,982
	41,000	0.91%^	10/16/03		40,954
	293,000	0.90%^	10/16/03		292,679
	90,000	0.88%^	10/16/03		89,894
	38,000	0.91%^	10/16/03		37,958
	201,000	0.91%^	10/16/03		200,763
	303,000	0.90%^	10/16/03		302,667
	92,000	0.91%^	10/16/03		91,892
	76,000	0.89%^	10/16/03		75,911
TOTAL SHORT TERM INVESTMENTS (Cost $2,585,156)					2,585,087
TOTAL INVESTMENT IN SECURITIES (Cost $171,335,714)			99.75%	$	160,173,860
Other Assets and Liabilities, Net			0.25		401,625
TOTAL NET ASSETS			100.00%	$	160,575,485

(a) Security Fair Valued in accordance with the procedures approved by the Board of Trustees.

^ Yield to Maturity.

† Non-income earning securities.

‡ Security of an affiliate of the fund with a cost of $584,079

The accompanying notes are an integral part of these financial statements.

54

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock — 84.05%
AGRICULTURAL PRODUCTION CROPS — 0.05%
5,239	Tate & Lyle plc ADR	$	117,175
AMUSEMENT & RECREATION SERVICES — 0.26%
1,841	Harrah’s Entertainment Incorporated		76,254
5,552	International Game Technology		143,464
9,496	Park Place Entertainment Corporation†		83,375
21,180	Rank Group plc ADR		192,336
1,874	Westwood One Incorporated†		60,155
			555,584
APPAREL & ACCESSORY STORES — 0.43%
2,276	Abercrombie & Fitch Company Class A†		69,281
12,666	Gap Incorporated		264,593
4,159	Kohl’s Corporation†		263,057
8,280	Limited Brands		140,429
3,018	Nordstrom Incorporated		78,679
2,220	Ross Stores Incorporated		111,844
			927,883
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS — 0.41%
12,425	Benetton Group SpA ADR		253,222
2,452	Jones Apparel Group Incorporated		75,742
2,986	Liz Claiborne Incorporated		102,927
2,139	VF Corporation		85,774
9,537	Wacoal Corporation ADR		376,044
			893,709
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS — 0.14%
200	Advance Auto Parts Incorporated†		14,930
5,530	AutoNation Incorporated†		103,908
1,391	AutoZone Incorporated†		127,694
1,625	CarMax Incorporated		62,644
			309,176
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS — 0.47%
18	Cavco Industries Incorporated†		344
372	Centex Corporation		28,056
3,522	DR Horton Incorporated		109,605
1,272	Lennar Corporation Class A		85,542
127	Lennar Corporation Class B		8,223
222	NVR Incorporated†		96,237
172	Pulte Homes, Incorporated.		11,448
46,674	Sekisui House Limited ADR		410,017
12,129	Vivendi Universal SA ADR†		204,980
1,547	William Lyon Homes Incorporated†		57,780
			1,012,232

Shares	Security Name	Value
BUILDING MATERIALS, HARDWARE, GARDEN SUPPY, & MOBILE HOME DEALERS — 0.76%
1,797	Fastenal Company	$	72,653
28,841	Home Depot Incorporated		927,527
9,976	Lowe's Companies Incorporated		547,283
3,140	Sherwin-Williams Company		94,451
			1,641,914
BUSINESS SERVICES — 6.14%
14,331	3Com Corporation†		81,687
14,635	Adecco SA ADR		185,864
3,117	Adobe Systems Incorporated		121,033
1,155	Affiliated Computer Services Incorporated†		57,300
4,791	Akamai Technologies Incorporated†		19,931
57,955	AOL Time Warner Incorporated†		948,144
1,746	Ascential Software Corporation†		30,555
3,888	Autodesk Incorporated		69,595
7,383	Automatic Data Processing Incorporated		294,656
658	Avocent Corporation†		19,214
6,995	BEA Systems Incorporated†		94,782
3,917	BMC Software Incorporated†		57,502
4,248	Business Objects SA ADR†		114,823
5,094	Cadence Design Systems Incorporated†		72,437
14,382	Cendant Corporation†		258,588
4,638	Ceridian Corporation†		90,163
1,967	Checkfree Corporation†		45,202
1,951	ChoicePoint Incorporated†		76,577
3,050	Citrix Systems Incorporated†		62,800
1,630	Cognex Corporation		49,976
7,403	Computer Associates International Incorporated		189,739
2,411	Computer Sciences Corporation†		102,636
8,567	Compuware Corporation†		50,974
7,925	Concord EFS Incorporated†		109,761
3,268	Convergys Corporation†		58,824
2,363	CSG Systems International Incorporated†		36,674
3,024	CSK Corporation ADR		96,163
1,801	Deluxe Corporation		76,903
1,788	DST Systems Incorporated†		70,805
8,282	eBay Incorporated†		459,899
2,507	Echelon Corporation†		37,279
1,901	Electronic Arts Incorporated†		170,615
6,208	Electronic Data Systems Corporation		135,521
2,697	Equifax Incorporated		61,869
3,604	eUniverse Incorporated† (a)		6,415
287	Factset Research Systems Incorporated		13,934
420	Fair Isaac Corporation		24,612
9,261	First Data Corporation		355,622
2,736	Fiserv Incorporated†		106,294
297	Gtech Holdings Corporation		12,587
233	Hudson Highland Group Incorporated†		4,865

55

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
4,906	IMS Health Incorporated	$	95,520
5,884	Interpublic Group of Companies Incorporated		89,143
2,728	Intuit Incorporated†		123,633
2,031	Iron Mountain Incorporated†		75,147
15,580	Kidde plc ADR		239,044
1,920	Lamar Advertising Company†		64,147
822	Manhattan Associates Incorporated†		24,356
2,233	Manpower Incorporated		86,886
1,537	Mercury Interactive Corporation†		67,459
3,381	Micromuse Incorporated†		27,657
132,573	Microsoft Corporation		3,515,836
2,152	Monster Worldwide Incorporated†		58,793
1,676	NCR Corporation†		48,621
4,248	Netegrity Incorporated†		41,078
3,800	Network Associates Incorporated†		52,896
7,289	Novell Incorporated†		36,664
2,147	Omnicom Group Incorporated		167,681
66,000	Oracle Corporation†		843,480
6,592	Parametric Technology†		21,951
4,876	PeopleSoft Incorporated†		88,256
6,314	Publicis Groupe ADR		186,263
2,087	RealNetworks Incorporated†		13,190
187	Rent-A-Center, Incorporated†		15,029
8,243	Rentokil Initial plc ADR		136,903
4,475	Reuters Group plc ADR		105,700
4,386	Robert Half International Incorporated†		97,545
11,438	SAP AG ADR		342,454
2,069	Serena Software Incorporated†		40,139
7,776	Siebel Systems Incorporated†		78,382
48,577	Sun Microsystems Incorporated†		187,507
4,407	Sungard Data Systems Incorporated†		124,277
2,433	Sybase Incorporated†		41,142
2,166	Symantec Corporation†		124,393
1,184	Synopsys Incorporated†		80,761
1,416	TIBCO Software Incorporated†		7,576
1,672	Total System Services Incorporated		42,201
6,173	Unisys Corporation†		80,126
4,835	VeriSign Incorporated†		72,380
5,401	Veritas Software Corporation†		186,226
3,143	Viad Corporation		75,055
7,630	WebMD Corporation†		78,582
3,958	WPP Group plc ADR		181,633
8,031	Yahoo! Incorporated†		268,235
			13,266,767
CHEMICALS & ALLIED PRODUCTS — 9.01%
19,378	Abbott Laboratories		780,933
2,840	Air Products & Chemicals Incorporated		134,389

Shares	Security Name	Value
1,804	Alberto-Culver Company Class B	$	102,972
15,631	Amgen Incorporated†		1,030,083
14,756	AstraZeneca plc ADR		585,075
7,374	Aventis SA ADR		361,326
1,147	Avery Dennison Corporation		62,798
3,213	Avon Products Incorporated		205,953
2,187	Biogen Incorporated†		86,299
23,577	Bristol-Myers Squibb Company		598,148
1,854	Cabot Corporation		50,410
3,998	Centerpulse ADR		110,025
2,761	Chiron Corporation†		140,314
3,048	Clorox Company		130,607
6,489	Colgate-Palmolive Company		358,712
11,556	Dow Chemical Company		399,029
11,423	E I Du Pont De Nemours & Company		511,065
1,189	Eastman Chemical Company		42,578
4,257	Ecolab Incorporated		109,788
6,341	Eisai Company Limited ADR		132,602
13,911	Eli Lilly & Company		925,499
2,691	Estee Lauder Companies Incorporated		92,813
5,051	Forest Laboratories Incorporated†		237,397
3,418	Genentech Incorporated†		271,389
3,052	Genzyme Corporation–General Division †		143,902
3,075	Gilead Sciences Incorporated†		205,103
12,164	Gillette Company		394,843
23,747	GlaxoSmithKline plc ADR		922,096
1,727	Great Lakes Chemical Corporation		36,595
2,804	ICN Pharmaceuticals Incorporated		49,070
2,061	IDEC Pharmaceuticals Corporation†		71,620
4,049	IMC Global Incorporated		31,704
2,494	International Flavors & Fragrances Incorporated		78,561
1,600	Invitrogen Corporation†		92,272
3,871	IVAS Corporation†		76,646
9,541	Kazoo Nobel NV ADR		311,323
4,740	King Pharmaceuticals Incorporated†		66,597
3,821	Lyondell Chemical Company		54,640
270	Medicis Pharmaceutical Corporation Class A		16,492
3,773	MedImmune Incorporated†		131,565
27,632	Merck & Company Incorporated		1,390,442
3,826	Mylan Laboratories Incorporated		139,266
22,965	Novartis AG ADR		849,016
4,984	Novo Nordisk AS ADR		178,178
1,271	NPS Pharmaceuticals Incorporated†		34,902
1,326	OSI Pharmaceuticals Incorporated†		50,521
97,968	Pfizer Incorporated		2,931,203
2,167	PPG Industries Incorporated		118,990
1,960	Praxair Incorporated		125,087

56

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock (Continued)
15,118	Procter & Gamble Company	$	1,319,650
6,857	Roche Holding AG ADR		525,093
3,404	Rohm and Haas Company		123,667
18,731	Schering-Plough Corporation		284,524
1,970	Sepracor Incorporated†		53,032
27,000	Shiseido Company Limited		282,542
1,627	Sigma-Aldrich Corporation		89,078
232	Valspar Corporation		10,781
2,743	Vertex Pharmaceuticals Incorporated†		34,562
2,201	Watson Pharmaceuticals Incorporated†		90,461
16,349	Wyeth		700,554
			19,474,782
COMMUNICATIONS — 4.80%
3,252	Alltel Corporation		148,942
5,562	American Tower Corporation Class A†		63,296
10,593	AT&T Corporation		236,224
36,769	AT&T Wireless Services Incorporated†		316,949
6,507	Avaya Incorporated†		67,998
22,012	BellSouth Corporation		554,702
4,312	British Sky Broadcasting Group plc ADR†		183,174
8,885	BT Group plc ADR†		260,775
1,850	Cablevision Systems Corporation†		37,278
2,354	CenturyTel Incorporated		81,825
2,093	Certegy Incorporated†		63,313
7,928	Clear Channel Communications Incorporated†		357,711
50,697	Comcast Corporation†		1,508,236
2,621	COX Communications Incorporated†		85,759
4,599	Crown Castle International Corporation†		49,439
22,450	Deutsche Telekom AG ADR		321,933
743	Entercom Communications Corporation†		37,395
3,652	Extreme Networks Incorporated†		25,162
3,607	Foundry Networks Incorporated†		70,156
2,430	Fox Entertainment Group Incorporated Class A†		76,739
5,525	France Telecom SA ADR		137,020
2,208	Hispanic Broadcasting Corporation†		69,331
4,130	Interactive Corporation†		152,851
3,934	Lagardere SCA ADR		178,726
8,169	Level 3 Communications Incorporated†		41,008
13,230	Nextel Communications Incorporated†		255,074
7,799	Nippon Telegraph And Telephone Corporation ADR		173,060

Shares	Security Name	Value
7,817	NTT Docomo Incorporated ADR†	$	202,226
932	PanAmSat Corporation†		14,735
20,815	Qwest Communications International Incorporated†		92,627
3,134	Radio One Incorporated Class D†		51,554
4,534	Reed Elsevier plc ADR		142,594
41,166	SBC Communications Incorporated		925,823
12,984	Sprint Corporation (FON Group)		191,774
15,779	Sprint Corporation (PCS Group)†		81,893
10,504	TDC A/S ADR		157,035
15,689	Telefonica SA ADR†		556,960
802	Telephone & Data Systems Incorporated		46,051
3,443	Univision Communications Incorporated Class A†		129,078
33,609	Verizon Communications Incorporated		1,187,070
53,887	Vodafone Group plc ADR		986,132
2,676	Western Wireless Corporation†		49,453
			10,369,081
DEPOSITORY INSTITUTIONS — 10.31%
20,017	ABN Amro Holding NV ADR		353,100
10,675	Allied Irish Banks plc ADR		299,754
7,636	AmSouth Bancorporation		164,479
3,166	Associated Banc-Corp		120,846
1,902	Astoria Financial Corporation		61,130
39,191	Banco Bilbao Vizcaya Argentaria SA ADR		421,303
15,428	Banco Comercial Portugues SA ADR		136,538
64,823	Banco Santander Central Hispano SA ADR		556,181
18,190	Bank of America Corporation		1,441,558
120,000	Bank of East Asia Limited ADR		283,104
9,728	Bank of New York Company Incorporated		286,198
13,683	Bank One Corporation		540,068
4,923	Banknorth Group Incorporated		138,336
15,985	Barclays plc ADR		472,836
8,318	Bayerische Hypo-Und Vereinsbank AG ADR†		129,953
7,569	BB&T Corporation		276,420
16,440	BNP Paribas SA ADR		409,542
4,156	Camden National Corporation		117,407
3,077	Capitol Federal Financial		87,202
3,974	Cascade Bancorp		71,611
2,827	Charter One Financial Incorporated		87,637
3,772	Chittenden Corporation		108,784
63,961	Citigroup Incorporated		2,772,709
1,309	Comerica Incorporated		64,586
443	Commerce Bancorp Incorporated		17,942

57

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
2,441	Commerce Bancshares Incorporated	$	105,891
3,707	Compass Bancshares Incorporated		127,447
6,003	Deutsche Bank Ag		349,615
7,189	Fifth Third Bancorp		421,275
5,702	First National Corporation		155,950
2,215	First Tennessee National Corporation		91,590
3,144	Flagstar Bancorp Incorporated		61,402
13,523	FleetBoston Financial Corporation		400,146
1,710	Golden West Financial Corporation		147,522
1,270	GreenPoint Financial Corporation		43,028
11,800	HBOS plc ADR		394,198
18,326	HSBC Holdings plc ADR		1,178,728
6,763	Huntington Bancshares Incorporated		135,260
2,101	InDyMac Bancorp Incorporated		48,449
18,464	ING Groep NV ADR		364,295
5,348	Interchange Financial Services Corporation		117,121
25,665	JP Morgan Chase & Company		878,256
10,842	Lloyds TSB Group plc ADR		286,554
1,628	M&T Bank Corporation		137,143
4,729	Marshall & Ilsley Corporation		146,599
4,403	Mellon Financial Corporation		138,034
2,710	Mercantile Bankshares Corporation		110,704
4,293	National Australia Bank ADR		434,022
8,177	National City Corporation		259,047
2,925	National Commerce Financial		73,125
2,339	North Fork Bancorporation Incorporated		78,988
2,547	Northern Trust Corporation		107,585
2,524	PNC Financial Services Group		120,142
4,092	Popular Incorporated		154,187
3,268	Regions Financial Corporation		115,230
22,789	San Paolo-IMI SPA		439,828
4,730	Seacoast Banking Corporation		82,964
21,036	Societe Generale ADR		278,992
6,328	SouthTrust Corporation		183,449
8,100	Sovereign Bancorp Incorporated		159,408
3,872	State Street Corporation		170,174
32,598	Sumitomo Mitsui Financial		113,708
3,433	SunTrust Banks Incorporated		209,859
2,200	SY Bancorp Incorporated		88,000
4,338	Synovus Financial Corporation		106,064
59	TCF Financial Corporation		2,713
5,705	UCBH Holdings Incorporated		182,503
2,942	Union Planters Corporation		93,850
1,339	UnionBanCal Corporation		62,866
25,351	US Bancorp		605,889
16,857	Wachovia Corporation		710,523
10,831	Washington Mutual Incorporated		422,192

Shares	Security Name	Value
20,023	Wells Fargo & Company ‡	$	1,003,953
11,434	Westpac Banking Corporation ADR		584,735
2,581	Wilmington Trust Corporation		82,437
1,513	Zions Bancorporation		84,275
			22,269,139
EATING & DRINKING PLACES — 0.37%
453	Brinker International Incorporated†		15,493
343	CEC Entertainment Incorporated†		13,452
3,745	Darden Restaurants Incorporated		81,641
16,640	McDonald’s Corporation		373,069
2,635	Outback Steakhouse Incorporated		101,843
2,487	Wendy’s International Incorporated		78,465
4,302	Yum! Brands Incorporated†		127,554
			791,517
EDUCATIONAL SERVICES — 0.11%
3,140	Apollo Group Incorporated Class A†		201,180
716	Career Education Corporation†		32,313
			233,493
ELECTRIC, GAS, & SANITARY SERVICES — 2.98%
8,509	AES Corporation†		55,138
4,686	Allied Waste Industries Incorporated†		51,827
3,415	Ameren Corporation		145,138
5,316	American Electric Power Company Incorporated		150,496
11,700	BG Group plc ADR		255,177
4,534	Calpine Corporation†		25,572
6,192	CenterPoint Energy Incorporated		52,570
4,047	Cinergy Corporation		138,488
6,843	Citizens Communications Company†		78,010
3,903	Consolidated Edison Incorporated		154,286
3,642	Constellation Energy Group Incorporated		132,532
4,152	Dominion Resources Incorporated		251,528
2,955	DTE Energy Company		103,159
12,047	Duke Energy Corporation		205,763
6,865	E.ON AG ADR		356,568
6,093	Edison International†		114,914
2,784	El Paso Corporation		20,435
20,596	Endesa SA ADR		322,327
3,496	Entergy Corporation		183,365
4,684	Exelon Corporation		275,888
5,495	FirstEnergy Corporation		160,784
2,863	FPL Group Incorporated		177,105
336	Hawaiian Electric Industries Incorporated		14,441

58

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock (Continued)
110,000	Hong Kong Electric Holdings Limited ADR	$	434,390
5,430	International Power plc ADR†		130,266
2,189	Kinder Morgan Incorporated		116,564
7,520	National Grid Transco plc ADR		231,992
1,623	Nicor Incorporated		55,166
4,663	NiSource Incorporated		90,182
500	Nstar		22,300
6,646	PG&E Corporation†		147,342
1,674	Pinnacle West Capital Corporation		57,418
3,463	PPL Corporation		137,377
2,927	Progress Energy Incorporated		118,514
3,078	Public Service Enterprise Group Incorporated		130,323
4,883	Reliant Resources Incorporated†		22,559
3,371	Republic Services Incorporated†		82,994
6,949	RWE AG ADR		187,299
9,845	Scottish Power plc ADR		232,342
4,308	Sempra Energy		128,163
9,496	Southern Company		269,496
309	Texas Genco Holdings Incorporated		7,571
4,592	TXU Corporation		101,024
6,812	Waste Management Incorporated		181,267
4,790	Williams Companies Incorporated		43,733
6,520	Xcel Energy Incorporated		95,519
			6,449,312
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT — 7.83%
2,892	Advanced Fibre Communications Incorporated†		67,297
7,326	Advanced Micro Devices Incorporated†		82,711
17,193	Alcatel SA ADR		187,232
5,407	Altera Corporation†		121,333
4,723	American Power Conversion Corporation		84,636
2,897	Amkor Technology Incorporated†		50,929
4,429	Analog Devices Incorporated†		181,589
2,224	Andrew Corporation†		27,533
6,538	Applied Micro Circuits Corporation†		37,986
7,046	ASML Holding NV NY Shares†		112,031
1,562	AVX Corporation		21,837
4,035	Broadcom Corporation†		110,882
6,884	Canon Incorporated ADR		333,599
6,102	Chartered Semiconductor†		40,090
8,531	CIENA Corporation†		55,452
3,509	Comverse Technology Incorporated†		57,863

Shares	Security Name	Value
8,883	Conexant Systems Incorporated†	$	48,679
1,007	Cooper Industries Limited Class A		51,246
1,938	Cree Incorporated†		30,659
3,462	Cypress Semiconductor Corporation†		64,289
3,951	EchoStar Communications Corporation Class A†		145,792
4,668	Emerson Electric Company		260,288
347	Energizer Holdings, Incorporated†		12,763
25,959	Ericsson ADR†		401,845
6,567	Gemstar-TV Guide International Incorporated†		31,653
123,258	General Electric Company		3,644,739
168	Harman International Industries Incorporated		16,741
1,149	Harris Corporation		38,147
7,387	Infineon Technologies AG ADR		108,589
3,599	Integrated Device Technology Incorporated†		50,206
80,069	Intel Corporation		2,291,575
1,736	Interdigital Communications Corporation†		30,814
20,923	International Business Machines Corporation		1,715,895
1,472	International Rectifier Corporation†		61,220
3,543	Jabil Circuit Incorporated†		99,735
13,328	Koninklijke Philips Electronics NV NY Shares		325,203
1,343	L-3 Communications Holdings Incorporated†		68,614
2,886	Lattice Semiconductor Corporation		25,397
3,634	Linear Technology Corporation		149,793
5,240	LSI Logic Corporation†		60,470
25,880	Matsushita Electric Industrial Company Limited ADR		331,523
4,022	Maxim Integrated Products Incorporated		180,628
1,330	Maytag Corporation		36,043
3,339	McDATA Corporation†		33,891
7,585	Micron Technology Incorporated†		108,921
2,961	Mindspeed Technologies, Incorporated†		10,423
29,200	Minebea Company Limited ADR		290,800
3,530	Molex Incorporated		103,853
29,302	Motorola Incorporated		314,410
2,656	National Semiconductor Corporation†		77,396
5,632	Network Appliance Incorporated†		126,213
52,555	Nokia Oyi ADR		856,121
2,329	Novellus Systems Incorporated†		93,067

59

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
2,599	NVIDIA Corporation†	$	47,198
873	Omron Corporation		176,949
3,152	Polycom Incorporated†		54,088
4,898	Power-One Incorporated†		57,845
3,693	Powerwave Technologies Incorporated†		31,206
1,448	QLogic Corporation†		70,981
10,025	Qualcomm Incorporated		413,832
3,075	Rambus Incorporated†		51,230
4,278	RF Micro Devices Incorporated†		37,732
3,595	Rockwell Collins Incorporated		97,245
10,394	Sanmina-SCI Corporation†		93,338
7,534	Sanyo Electric Company Limited ADR		151,885
2,462	Scientific-Atlanta Incorporated		83,708
1,272	Silicon Laboratories Incorporated†		56,490
1,899	Skyworks Solutions Incorporated†		21,535
13,480	Solectron Corporation ADR†		79,936
6,754	Sony Corporation ADR		222,544
8,118	STMicroelectronics NV ADR		202,463
2,297	TDK Corporation ADR		148,846
7,706	Tellabs Incorporated†		50,320
21,747	Texas Instruments Incorporated		518,664
1,906	Thomas & Betts Corporation†		32,554
3,387	Triquint Semiconductor Incorporated†		18,832
752	Varian Semiconductor Equipment Associates Incorporated†		30,509
4,102	Vishay Intertechnology Incorporated†		67,560
5,991	Vitesse Semiconductor Corporation†		40,919
623	Whirlpool Corporation		43,348
4,452	Xilinx Incorporated†		137,300
			16,909,698
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES — 0.60%
3,048	Applera Corporation-Celera Genomics Group†		31,028
5,067	BearingPoint Incorporated†		41,549
2,159	Celgene Corporation†		83,100
1,143	Cephalon Incorporated†		50,692
8,239	CuraGen Corporation†		37,817
2,304	Dun & Bradstreet Corporation†		96,998
1,414	Fluor Corporation		52,092
166,176	Invensys plc ADR		169,533
6,887	Millennium Pharmaceutical Incorporated†		95,729
3,625	Monsanto Company		93,199
2,153	Moody's Corporation		111,655
5,044	Paychex Incorporated		181,584

Shares	Security Name	Value
1,604	Quest Diagnostics Incorporated†	$	96,240
3,743	Quintiles Transnational Corporation†		53,300
10,460	ServiceMaster Company		104,705
			1,299,221
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT — 0.32%
465	Ball Corporation		24,552
1,759	Crane Company		45,013
1,853	Fortune Brands Incorporated		104,509
3,770	Illinois Tool Works Incorporated		272,533
7,403	Masco Corporation		183,520
1,791	Snap-On Incorporated		52,835
			682,962
FOOD & KINDRED PRODUCTS — 3.19%
469	Adolph Coors Company		25,865
227	American Italian Pasta Company Class A†		9,470
9,329	Anheuser-Busch Companies Incorporated		480,817
10,952	Archer-Daniels-Midland Company		151,904
10,282	Cadbury Schweppes plc ADR		252,732
5,880	Campbell Soup Company		142,296
29,315	Coca-Cola Company		1,275,789
7,252	Coca-Cola Enterprises Incorporated		134,089
7,314	ConAgra Foods Incorporated		160,908
2,015	Del Monte Foods Company†		18,095
8,818	Diageo plc ADR		385,699
4,775	General Mills Incorporated		221,369
9,038	Groupe Danone ADR		248,816
1,705	Hershey Foods Corporation		119,180
4,198	Heinz (H J) Company		135,847
3,655	Hormel Foods Corporation		78,948
1,563	J M Smucker Company		63,270
5,394	Kellogg Company		180,861
41,943	Kirin Brewery Company Limited ADR		294,440
4,687	Kraft Foods Incorporated		139,204
3,483	McCormick & Company Incorporated		92,996
14,360	Nestle SA ADR		781,806
4,306	Pepsi Bottling Group Incorporated		103,861
4,217	PepsiAmericas Incorporated		58,701
20,312	PepsiCo Incorporated		904,696
10,800	Sara Lee Corporation		204,984
6,616	Tyson Foods Incorporated Class A		74,099
2,746	WM Wrigley Jr Company		145,676
			6,886,418
FOOD STORES — 0.67%
5,096	Albertson's Incorporated		107,118
9,287	Coles Myer Limited ADR		352,442

60

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock (Continued)
6,092	Ito-Yokado Company Limited ADR(a)	$	174,012
12,798	Koninklijke Ahold NV ADR		119,021
10,235	Kroger Company†		196,614
6,077	Starbucks Corporation†		172,830
25,880	Tesco plc ADR		265,265
353	Whole Foods Market Incorporated†		19,178
3,083	Winn-Dixie Stores Incorporated		30,985
			1,437,465
FORESTRY — 0.10%
3,081	Plum Creek Timber Company		80,568
2,322	Weyerhaeuser Company		138,159
			218,727
FURNITURE & FIXTURES — 0.17%
3,107	Herman Miller Incorporated		72,641
1,404	Hillenbrand Industries Incorporated		76,027
5,036	Leggett & Platt Incorporated		116,634
4,344	Newell Rubbermaid Incorporated		103,170
			368,472
GENERAL MERCHANDISE STORES — 2.21%
3,634	Big Lots Incorporated†		66,502
53	Dillard's Incorporated		802
5,741	Dollar General Corporation		131,641
2,820	Family Dollar Stores Incorporated		113,138
2,667	Federated Department Stores Incorporated		116,548
3,929	Foot Locker Incorporated		65,104
3,851	JC Penney Company Incorporated		81,718
4,290	May Department Stores Company		118,318
5,601	Mitsukoshi Limited ADR†		153,610
3,685	Sears Roebuck & Company		162,214
11,237	Target Corporation		456,222
7,865	TJX Companies Incorporated		170,356
53,171	Wal-Mart Stores Incorporated		3,146,128
			4,782,301
HEALTH SERVICES — 0.52%
4,885	Caremark Rx Incorporated†		122,760
1,914	Enzon Pharmaceuticals Incorporated†		21,762
1,700	Express Scripts Incorporated†		110,177
3,458	First Health Group Corporation†		90,669
6,894	HCA Incorporated		261,903
5,162	Health Management Association Incorporated		115,009
3,414	Human Genome Sciences Incorporated†		48,615
4,749	Immunomedics Incorporated†		41,886
1,307	Laboratory Corporation of America Holdings†		39,537

Shares	Security Name	Value
357	Lincare Holdings Incorporated†	$	12,363
309	Renal Care Group, Incorporated†		11,220
6,488	Tenet Healthcare Corporation†		104,132
2,189	Triad Hospitals Incorporated†		70,924
1,534	Universal Health Services†		76,363
			1,127,320
HOLDING & OTHER INVESTMENT OFFICES — 0.05 %
20,147	Mitsubishi Tokyo Financial Group ADR		118,263
HOME FURNITURE, FURNISHINGS, & EQUIPMENT STORES — 0.25%
4,274	Bed Bath & Beyond Incorporated†		183,910
4,233	Best Buy Company Incorporated†		220,158
3,004	Circuit City Stores Incorporated		31,332
3,072	RadioShack Corporation		93,389
584	Williams-Sonoma Incorporated†		17,876
			546,665
HOTELS, ROOMING HOUSES, CAMPS, & OTHER LODGE PLACES — 0.17%
7,683	Hilton Hotels Corporation		117,396
3,149	Marriott International Incorporated		128,574
1,502	MGM MIRAGE		54,463
2,036	Starwood Hotels & Resorts Worldwide Incorporated		68,877
			369,310
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT — 4.51%
4,597	3M Company		654,935
864	American Standard Companies Incorporated†		69,284
5,301	Apple Computer Incorporated†		119,962
21,226	Applied Materials Incorporated†		458,482
4,882	Baker Hughes Incorporated		163,352
1,524	Black & Decker Corporation		65,197
6,171	Brocade Communications Systems Incorporated†		34,804
4,232	Caterpillar Incorporated		303,985
1,362	CDW Corporation†		70,293
87,549	Cisco Systems Incorporated†		1,676,563
1,082	Cooper Cameron Corporation†		52,542
3,254	Deere & Company		183,884
31,630	Dell Computer Incorporated†		1,032,087
1,635	Diebold Incorporated		79,952
3,094	Dover Corporation		117,634
1,030	Eaton Corporation		96,449
28,775	EMC Corporation†		366,881
1,979	Emulex Corporation†		47,912
7,604	Gateway Incorporated†		43,875
5,780	Grant Prideco Incorporated†		67,048
37,985	Hewlett-Packard Company		756,661
3,869	Hitachi Limited ADR		211,402
2,256	Ingersoll-Rand Company Class A		134,277
6,571	Juniper Networks Incorporated†		113,153

61

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
11,556	Komatsu Limited ADR	$	263,843
2,459	Lam Research Corporation†		63,245
1,599	Lexmark International Incorporated†		107,197
37,861	Makita Corporation ADR		333,177
21,824	NEC Corporation ADR		164,771
2,615	Pall Corporation		65,375
28	Palm Incorporated†		511
1,716	Parker-Hannifin Corporation		84,976
1,574	Pentair Incorporated		67,367
2,457	Pitney Bowes Incorporated		95,823
1,141	Sandisk Corporation†		68,985
9,219	Siemens AG ADR		574,159
2,620	Smith International Incorporation†		102,416
4,969	Sonus Networks Incorporated†		35,280
1,390	SPX Corporation†		68,597
1,235	Stanley Works		37,383
2,411	Storage Technology Corporation†		61,746
4,304	Symbol Technologies Incorporated		58,276
5,820	United Technologies Corporation		467,055
1,511	Varian Medical Systems Incorporated†		84,387
225	Zebra Technologies Corporation Class A†		12,065
			9,737,248
INSURANCE AGENTS, BROKERS & SERVICE — 0.25%
4,745	AON Corporation		105,339
372	Hilb, Rogal & Hamilton Company		11,160
6,631	Marsh & McLennan Companies Incorporated		331,550
3,356	Medco Health Solutions Incorporated†		89,616
			537,665
INSURANCE CARRIERS — 3.88%
3,142	ACE Limited		101,172
387	Advancepcs†		15,550
13,156	Aegon NV ADR		163,924
2,157	Aetna Incorporated		122,949
7,011	AFLAC Incorporated		224,422
408	Alleghany Corporation†		81,604
17,718	Allianz AG ADR		158,222
8,621	Allstate Corporation		308,201
1,326	AMBAC Financial Group Incorporated		86,084
32,608	American International Group Incorporated		1,942,459
1,016	American National Insurance Company		87,366
2,251	Anthem Incorporated†		164,773
18,576	AXA ADR		330,281
2,544	Berkley (WR) Corporation		84,156

Shares	Security Name	Value
1,609	Chubb Corporation	$	109,315
1,370	CIGNA Corporation		65,322
2,938	Cincinnati Financial Corporation		118,548
3,750	Fidelity National Financial Incorporated		108,375
3,404	Hartford Financial Services Group		181,161
3,055	Health Net Incorporated†		97,241
1,406	Jefferson-Pilot Corporation		62,244
4,305	John Hancock Financial Services Incorporated		131,432
2,302	Lincoln National Corporation		81,537
2,419	Loews Corporation		99,566
249	Markel Corporation†		66,919
1,487	MBIA Incorporated		83,956
1,200	Mercury General Corporation		52,416
9,653	MetLife Incorporated		274,338
1,066	MGIC Investment Corporation		60,090
230	Mid Atlantic Medical Services Incorporated.†		11,284
7,075	Millea Holdings Incorporated ADR		361,816
2,709	Old Republic International Corporation		90,995
1,911	Oxford Health Plans Incorporated†		69,274
1,533	PMI Group Incorporated		54,238
1,510	Principal Financial Group, Incorporated		47,505
2,528	Progressive Corporation		178,831
7,285	Prudential Financial Incorporated		265,247
1,847	Radian Group Incorporated		87,899
1,986	Safeco Corporation		71,615
433	Stancorp Financial Group Incorporated		24,547
4,193	Swiss Reinsurance ADR		257,471
2,553	The St Paul Companies Incorporated		88,742
2,195	Torchmark Corporation		88,590
500	Transatlantic Holding Incorporated		35,345
14,395	Travelers Property Casualty Corporation Class B†		222,979
7,827	UnitedHealth Group Incorporated		386,889
1,966	Unitrin Incorporated		58,233
674	UnumProvident Corporation		9,503
2,314	WellPoint Health Networks Incorporated†		180,492
1,634	XL Capital Limited Class A		123,776
62	Zenith National Insurance Corporation		1,795
15,181	Zurich Financial Services AG ADR		195,104
			8,375,793
LEATHER & LEATHER PRODUCTS — 0.02%
752	Coach Incorporated†		43,646

62

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock (Continued)
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE — 0.02%
1,535	Georgia-Pacific Corporation	$	35,566
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS — 2.45%
3,289	Advanced Medical Optics Incorporated†		54,565
4,802	Advantest Corporation ADR		83,363
6,267	Agilent Technologies Incorporated†		152,413
1,924	Allergan Incorporated		152,881
3,949	Applera Corporation-Applied Biosystems Group		85,930
1,559	Bausch & Lomb Incorporated		65,727
7,886	Baxter International Incorporated		221,597
1,545	Beckman Coulter Incorporated		68,521
3,610	Becton Dickinson & Company		131,909
4,071	Biomet Incorporated		121,031
5,323	Boston Scientific Corporation†		319,912
1,202	CR Bard Incorporated		80,534
2,030	Danaher Corporation		156,818
4,332	Eastman Kodak Company		120,819
9,280	Fuji Photo Film Company Limited ADR		279,235
16,658	General Motors Corporation Class H–Hughes Electronics Corporation†		248,871
3,919	Guidant Corporation		196,734
2,234	KLA-Tencor Corporation†		132,610
15,299	Medtronic Incorporated		758,524
3,543	Microchip Technology Incorporated		99,239
1,134	Millipore Corporation		51,484
9,718	Olympus Optical Company Limited		223,211
1,933	PerkinElmer Incorporated		31,972
5,485	Raytheon Company		175,849
536	Resmed Incorporated†		23,209
2,261	Ricoh Company Limited–ADR		208,012
3,712	Rockwell Automation Incorporated		101,041
2,372	St Jude Medical Incorporated†		123,510
2,543	Stryker Corporation		192,759
1,991	Sybron Dental Specialties Incorporated†		47,665
2,268	Tektronix Incorporated†		53,616
2,915	Teradyne Incorporated†		51,974
3,863	Thermo Electron Corporation†		88,038
1,350	Varian Incorporated†		45,900
2,107	Waters Corporation†		64,264
11,981	Xerox Corporation†		129,155
2,857	Zimmer Holdings Incorporated†		147,820
			5,290,712

Shares	Security Name	Value
METAL MINING — 0.34%
3,426	Freeport-McMoran Copper & Gold Incorporated Class B	$	102,780
5,432	Newmont Mining Corporation		213,260
1,386	Phelps Dodge Corporation†		66,514
4,092	Rio Tinto plc ADR		362,306
			744,860
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS — 0.15%
9,807	Pechiney SA ADR		247,921
1,754	Vulcan Materials Company		72,633
			320,554
MISCELLANEOUS MANUFACTURING INDUSTRIES — 0.39%
4,323	Hasbro Incorporated		79,976
6,277	Mattel Incorporated		121,272
2,573	Tiffany & Company		100,141
25,793	Tyco International Limited		530,819
			832,208
MISCELLANEOUS RETAIL — 0.70%
3,824	Amazon.Com Incorporated†		177,587
6,378	Costco Wholesale Corporation†		204,670
5,492	CVS Corporation		179,039
2,852	Dollar Tree Stores Incorporated†		111,884
371	Michaels Stories, Incorporated		16,862
5,975	Office Depot Incorporated†		108,984
11,227	Rite Aid Corporation†		56,696
7,727	Staples Incorporated†		190,316
2,757	Toys R Us Incorporated†		37,550
12,973	Walgreen Company		422,531
286	Zale Corporation†		14,572
			1,520,691
MOTION PICTURES — 0.51%
47,825	Liberty Media Corporation†		578,683
25,229	Walt Disney Company		517,194
			1,095,877
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING — 0.43%
1,566	CNF Incorporated		46,510
14,070	United Parcel Service Incorporated		883,033
			929,543
NON-DEPOSITORY CREDIT INSTITUTIONS — 1.54%
16,282	American Express Company		733,504
931	AmeriCredit Corporation†		9,990
3,319	Capital One Financial Corporation		177,235
2,001	Countrywide Financial Corporation		135,768
12,258	FNMA		794,196
9,007	FHLMC		478,722
16,900	MBNA Corporation		394,446
6,972	ORIX Corporation ADR		233,562

63

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
5,295	Providian Financial Corporation	$	54,274
5,766	SLM Corporation		231,678
665	Student Loan Corporation		81,767
			3,325,142
OIL & GAS EXTRACTION — 2.07%
3,969	Anadarko Petroleum Corporation		172,652
2,392	Apache Corporation		165,000
3,200	Berry Petroleum Company Class A		60,000
2,721	BJ Services Company†		101,684
2,782	Burlington Resources Incorporated		134,704
36	Cross Timbers Royalty Trust†		810
2,787	Devon Energy Corporation		144,227
413	Diamond Offshore Drilling		8,343
7,239	ENI SpA ADR		552,987
3,562	ENSCO International Incorporated		99,558
1,923	EOG Resources Incorporated		81,535
3,000	Equitable Resources Incorporated		118,410
6,774	Halliburton Company		163,795
979	Kerr-McGee Corporation		43,027
684	Nabors Industries Limited†		27,463
1,082	Newfield Exploration Company†		42,512
1,116	Noble Corporation†		40,377
6,374	Occidental Petroleum Corporation		218,819
2,175	Patina Oil & Gas Corporation		80,584
1,431	Pioneer Natural Resources†		36,290
19,291	Repsol YPF SA ADR		326,597
2,165	Rowan Companies Incorporated†		54,212
6,776	Schlumberger Limited		335,480
10,766	Shell Transport & Trading Company plc ADR		413,845
1,050	Tidewater Incorporated		30,156
10,655	Total Fina Elf SA ADR		820,542
76	Transocean Incorporated†		1,605
5,309	Varco International Incorporated†		91,580
4,899	XTO Energy Incorporated		102,829
			4,469,623
PAPER & ALLIED PRODUCTS — 0.61%
1,071	Bemis Company Incorporated		48,484
1,557	Boise Cascade Corporation		42,428
465	Bowater Incorporated		20,139
6,621	Bunzl plc ADR		242,991
5,722	International Paper Company		232,027
5,875	Kimberly-Clark Corporation		300,271
3,437	MeadWestvaco Corporation		87,128
3,967	Pactiv Corporation†		79,657
4,491	Rexam plc ADR		149,326
3,387	Sonoco Products Company		77,122
735	Temple-Inland Incorporated		36,589
			1,316,162

Shares	Security Name	Value
PERSONAL SERVICES — 0.11%
3,312	Cintas Corporation	$	132,248
2,277	H & R Block Incorporated		100,416
			232,664
PETROLEUM REFINING & RELATED INDUSTRIES — 3.22%
820	Ashland Incorporated		27,109
27,256	BP plc ADR		1,137,120
13,356	ChevronTexaco Corporation		973,252
8,819	ConocoPhillips		492,453
82,662	Exxon Mobil Corporation		3,116,357
5,271	Marathon Oil Corporation		147,008
2,031	Murphy Oil Corporation		117,250
15,130	Royal Dutch Petroleum Company		678,883
1,904	Sunoco Incorporated		77,360
3,457	Unocal Corporation†		105,853
2,322	Valero Energy Corporation		91,487
			6,964,132
PRIMARY METAL INDUSTRIES — 0.46%
11,547	Alcoa Incorporated		329,782
183	Allegheny Technologies Incorporated		1,363
3,243	Engelhard Corporation		91,031
6,981	Johnson Matthey plc ADR		216,759
13,837	Kubota Corporation ADR		231,078
1,242	Nucor Corporation		63,851
1,650	Precision Castparts Corporation		58,410
			992,274
PRINTING, PUBLISHING, & ALLIED INDUSTRIES — 1.34%
4,054	Belo Corporation Class A		94,539
1,095	Dow Jones & Company Incorporated		46,505
8,593	Elsevier		191,624
3,301	Gannett Company Incorporated		258,864
959	Knight-Ridder Incorporated		65,078
1,411	McClatchy Company		84,265
2,095	McGraw-Hill Companies Incorporated		127,795
230	Media General Incorporated		13,940
1,681	Meredith Corporation		79,713
2,041	New York Times Company		90,600
6,310	News Corporation Limited ADR		216,749
2,980	Readers Digest Assocation		36,267
3,050	RR Donnelley & Sons Company		76,677
340	Scripps Company (E W)		29,441
4,816	Toppan Printing Company Limited ADR		194,819
4,372	Tribune Company		202,205
1,481	Valassis Communications Incorporated†		43,512
21,668	Viacom Incorporated Class B		975,060
88	Washington Post Company Class B		61,250
			2,888,903

64

PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOK 2040FUND

Shares	Security Name	Value
Common Stock (Continued)
RAILROAD TRANSPORTATION — 0.24%
4,934	Burlington Northern Santa Fe Corporation	$	139,878
2,706	CSX Corporation		87,350
5,749	Norfolk Southern Corporation		109,461
3,087	Union Pacific Corporation		188,122
			524,811
REAL ESTATE — 0.17%
4,027	Catellus Development Corporation†		94,433
74,722	City Developments Limited		217,404
1,837	The St Joe Company		62,476
			374,313
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS — 0.22%
5,371	Bridgestone Corporation		149,604
3,676	Nike Incorporated Class B		209,458
1,379	Sealed Air Corporation†		67,102
3,036	Tupperware Corporation		49,578
			475,742
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES — 1.77%
1,353	Bear Stearns Companies Incorporated		94,683
343	Blackrock Incorporated		15,596
20,385	Charles Schwab Corporation		221,381
11,987	Credit Suisse Group		377,231
7,582	E*Trade Group Incorporated†		69,982
1,893	Edwards Ag Incorporated		68,148
3,433	Franklin Resources Incorporated		148,271
718	Gabelli Asset Management Incorporated Class A†		27,069
6,107	Goldman Sachs Group Incorporated		540,408
3,761	Janus Capital Group Incorporated		64,953
516	Jefferies Group Incorporated		15,325
1,607	Legg Mason Incorporated		115,431
3,274	Lehman Brothers Holdings Incorporated		215,200
11,775	Merrill Lynch & Company Incorporated		633,260
13,830	Morgan Stanley		674,766
1,515	Neuberger Berman Incorporated		62,812
19,876	Nomura Holdings Incorporated ADR		291,183
3,100	Nuveen Investments Class A		80,817
2,551	T Rowe Price Group Incorporated		108,417
			3,824,933
STONE, CLAY, GLASS, & CONCRETE PRODUCTS — 0.42%
17,110	Corning Incorporated†		141,158
7,056	Hanson plc ADR		229,673

Shares	Security Name	Value
17,900	Holcim Limited ADR†	$	354,667
10,826	Lafarge SA ADR		183,608
			909,106
TEXTILE MILL PRODUCTS — 0.01%
272	Mohawk Industries, Incorporated†		19,845
TOBACCO PRODUCTS — 0.72%
24,656	Altria Group Incorporated		1,016,320
9,042	British American Tobacco plc ADR		185,451
6,495	Imperial Tobacco Group		207,191
1,159	RJ Reynolds Tobacco Holdings		39,580
3,028	UST Incorporated		101,135
			1,549,677
TRANSPORTATION BY AIR — 0.32%
4,440	FedEx Corporation		297,924
15,795	Japan Airlines System ADR		186,135
12,257	Southwest Airlines Company		209,472
			693,531
TRANSPORTATION EQUIPMENT — 2.21%
15,460	BAE Systems plc ADR		167,021
10,784	Boeing Company		403,214
2,736	Brunswick Corporation		73,817
11,095	DaimlerChrysler AG		424,162
11,421	Delphi Corporation		103,474
18,722	Fiat Spa ADR		127,122
23,778	Ford Motor Company		274,874
2,441	General Dynamics Corporation		210,195
6,885	General Motors Corporation		282,974
3,211	Genuine Parts Company		102,816
1,406	Goodrich Corporation		36,598
3,946	Harley-Davidson Incorporated		196,590
15,438	Honda Motor Company Limited ADR		314,318
10,820	Honeywell International Incorporated		313,672
1,670	ITT Industries Incorporated		108,684
1,381	Johnson Controls Incorporated		136,719
1,696	Lear Corporation†		94,213
5,611	Lockheed Martin Corporation		287,452
1,573	Navistar International Corporation		70,360
2,517	Northrop Grumman Corporation		240,323
1,985	Paccar Incorporated		169,122
352	Polaris Industries, Incorporated		27,196
1,892	Textron Incorporated		85,140
9,431	Toyota Motor Corporation ADR		522,380
			4,772,436
TRANSPORTATION SERVICES — 0.08%
3,123	Expeditors International of Washington Incorporated		117,768
2,037	Sabre Holdings Corporation		46,077
			163,845

65

WELLSFARGOOUTLOOK 2040FUND PORTFOLIOOFINVESTMENTS —AUGUST 31, 2003(UNAUDITED)

Shares	Security Name	Value
Common Stock (Continued)
WATER TRANSPORTATION — 0.26%
7,987	Carnival Corporation	$	276,270
7,473	Carnival plc ADR		244,143
2,800	Gulfmark Offshore Incorporated†		39,200
			559,613
WHOLESALE TRADE-DURABLE GOODS — 1.52%
3,573	Apogent Technologies Incorporated†		78,034
2,808	Arrow Electronics Incorporated†		57,957
3,214	Avnet Incorporated†		58,013
309	Borgwarner Incorporated		22,007
3,398	Cytyc Corporation†		44,446
36,172	Johnson & Johnson		1,793,408
1,991	Kyocera Corporation ADR		126,090
17,350	Mitsubishi Corporation ADR		293,231
2,348	Mitsui & Company Limited		299,393
12,703	Nissan Motor Company Limited ADR		275,655
2,851	Omnicare Incorporated		96,649
5,047	Sycamore Networks Incorporated†		21,298
1,262	Tech Data Corporation†		42,088
1,615	WW Grainger Incorporated		80,475
			3,288,744
WHOLESALE TRADE NON-DURABLE GOODS — 1.62%
1,729	AmerisourceBergen Corporation		100,645
580	Brown-Forman Corporation Class B		45,843
5,688	Cardinal Health Incorporated		323,818
1,224	Dean Foods Company†		35,557
3,980	McKesson Corporation		130,305
5,408	Safeway Incorporated†		132,009
5,250	Smurfit-Stone Container Corporation†		82,845
2,848	Supervalu Incorporated		68,637
8,268	Sysco Corporation		260,111
5,374	Unilever NV		300,837
8,188	Unilever plc ADR		267,093
			1,747,700
TOTAL COMMON STOCK (Cost $194,257,876)			181,616,145
Real Estate Investment Trust — 0.95%
5,299	Archstone-Smith Trust		138,569
1,784	Boston Properties Incorporated		76,623
3,342	CBL & Associates Properties		163,658
6,018	Crescent Real Estate Incorporated		87,321
4,863	Duke Realty Corporation		134,559
5,353	Equity Office Properties Trust		148,920
3,164	Equity Residential		92,009
8,879	Host Marriott Corporation†		88,968
2,723	iStar Financial Incorporated		99,825
3,443	Kimco Realty Corporation		143,504
5,200	Pennsylvania Real Estate		161,200

Shares	Security Name	Value
2,248	Public Storage Incorporated	$	82,929
4,400	Saul Centers Incorporated		119,460
3,044	Simon Property Group Incorporated		130,009
5,500	Tanger Factory Outlet Centers Incorporated		185,625
2,864	The Rouse Company		114,188
1,796	Vornado Realty Trust		84,680
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $2,020,883)			2,052,047

Principal		Interest Rate	Maturity Date
US Treasury Obligations — 14.19%
US TREASURY BONDS — 14.19%
$	1,230,000	5.38	2/15/31	1,256,425
	4,590,000	7.50	11/15/16	5,722,977
	1,180,000	8.88	2/15/19	1,654,904
	2,270,000	8.13	8/15/19	3,002,341
	9,875,000	8.00	11/15/21	13,052,360
	3,130,000	7.25	8/15/22	3,857,237
	1,070,000	6.13	11/15/27	1,177,752
	825,000	6.25	5/15/30	931,155
TOTAL US TREASURY OBLIGATIONS (Cost $32,049,298)				30,655,151
Short Term Investments — 0.83%
US TREASURY BILLS — 0.83%
	18,000	0.90^	10/16/03	17,980
	205,000	0.91^	10/16/03	204,772
	306,000	0.92^	10/16/03	306,000
	1,273,000	0.91^	10/16/03	1,271,590
TOTAL SHORT TERM INVESTMENTS (Cost $1,800,336)				1,800,342

TOTAL INVESTMENT IN SECURITIES (Cost $230,128,393)	100.02%	$	216,123,685
Other Assets and Liabilities, Net	(0.02)		(51,216	)
TOTAL NET ASSETS	100.00%	$	216,072,469

(a) Security Fair Valued in accordance with the procedures approved by the Board of Trustees.

^ Yield to Maturity.

† Non-income earning securities.

‡ Security of an affiliate of the fund with a cost of $995,608

The accompanying notes are an integral part of these financial statements.

66

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67

WELLSFARGOOUTLOOKFUNDS STATEMENTSOFASSETSANDLIABILITIES —AUGUST 31, 2003(UNAUDITED)

	Outlook Today			Outlook 2010			Outlook 2020			Outlook 2030			Outlook 2040
ASSETS
INVESTMENTS:
In securities, at market value (see cost below)	$	78,585,767		$	173,260,508		$	277,140,642		$	160,173,860		$	216,123,685
Cash		50,813			50,293			50,866			50,141			50,038
Collateral for securities loaned		37,827,849			82,037,915			127,919,437			58,989,993			61,393,901
Receivable for dividends and interest and other receivables		486,505			1,027,176			1,265,536			574,396			755,473
Receivable for investments sold		0			0			57,600			77,288			0
Receivable for Fund shares issued		201,027			313,921			184,875			100,207			57,108
Prepaid expenses and other assets		99			0			0			0			0
TOTALASSETS		117,152,060			256,689,813			406,618,956			219,965,885			278,380,205
LIABILITIES
Payable for securities loaned		37,827,849			82,037,915			127,919,437			58,989,993			61,393,901
Payable for Fund shares redeemed		14,725			45,679			96,954			44,592			85,610
Payable for investment advisor and affiliates		18,947			65,556			109,976			51,823			108,345
Payable to other related parties (1)		36,554			53,887			62,314			42,399			71,817
Accrued expenses and other liabilities		213,746			307,236			311,932			261,593			648,063
TOTALLIABILITIES		38,111,821			82,510,273			128,500,613			59,390,400			62,307,736
TOTALNETASSETS	$	79,040,239		$	174,179,540		$	278,118,343		$	160,575,485		$	216,072,469
NETASSETSCONSISTOF:
Paid-in capital	$	80,009,413		$	181,973,911		$	299,674,137		$	171,794,832		$	250,299,221
Undistributed net investment income (loss)		157,080			297,612			477,123			263,650			261,115
Undistributed net realized gain (loss) on investments and foreign currency transactions and futures		(1,181,527	)		(6,588,712	)		(11,061,851	)		(321,143	)		(20,483,159	)
Net unrealized appreciation (depreciation) of investments		55,273			(1,503,271	)		(10,971,066	)		(11,161,854	)		(14,004,708	)
TOTALNETASSETS	$	79,040,239		$	174,179,540		$	278,118,343		$	160,575,485		$	216,072,469
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net assets – Class A	$	35,944,672		$	76,849,680		$	126,989,243		$	91,920,541		$	132,584,858
Shares outstanding – Class A		3,767,022			6,832,106			10,871,106			7,623,454			10,585,430
Net asset value per share – Class A	$	9.54		$	11.25		$	11.68		$	12.06		$	12.53
Maximum offering price per share – Class A (2)	$	10.12		$	11.94		$	12.39		$	12.80		$	13.29
Net Assets – Class B	$	21,541,126		$	34,621,886		$	32,172,123		$	21,143,754		$	44,597,326
Shares outstanding – Class B		2,218,619			3,077,272			2,778,480			1,783,426			3,692,039
Net asset value and offering price per share – Class B	$	9.71		$	11.25		$	11.58		$	11.86		$	12.08
Net Assets – Class C	$	10,873,495		$	6,946,974		$	6,795,064		$	4,068,785		$	4,065,138
Shares outstanding – Class C		1,121,904			612,279			583,052			342,763			336,538
Net asset value per share – Class C	$	9.69		$	11.35		$	11.65		$	11.87		$	12.08
Maximum offering price per share – Class C (3)	$	9.79		$	11.46		$	11.77		$	11.99		$	12.20
Net Assets – Institutional Class	$	10,680,946		$	55,761,000		$	112,161,913		$	43,442,405		$	34,825,147
Shares outstanding – Institutional Class		1,102,251			4,919,168			9,502,809			3,573,595			2,747,080
Net asset value and offering price per share – Institutional Class	$	9.69		$	11.34		$	11.80		$	12.16		$	12.68
INVESTMENTATCOST (NOTE 2)	$	78,530,494		$	174,763,779		$	288,111,708		$	171,335,714		$	230,128,393
SECURITIESONLOAN,ATMARKETVALUE	$	36,938,439		$	79,950,795		$	124,824,321		$	57,610,507		$	59,754,267

(1) Other related parties include the Funds’ trustees and distributor.

(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.

(3) Maximum offering price is computed as 100/99.00 of net asset value.

The accompanying notes are an integral part of these financial statements.

68

STATEMENTS OF OPERATIONS — FOR THE PERIOD ENDED AUGUST 31, 2003(UNAUDITED) WELLSFARGOOUTLOOKFUNDS

	Outlook Today			Outlook 2010			Outlook 2020			Outlook 2030			Outlook 2040
INVESTMENTINCOME
Dividends (1)	$	317,536		$	961,890		$	1,904,837		$	1,296,392		$	1,974,735
Interest		803,118			1,335,093			1,381,747			635,588			568,212
Securities lending income		34,433			74,053			99,588			46,638			52,000
TOTALINVESTMENTINCOME		1,155,087			2,371,036			3,386,172			1,978,618			2,594,947
EXPENSES
Advisory fees		264,985			580,442			902,003			528,312			728,854
Administration fees		18,928			41,461			64,427			37,736			52,061
Administration fees – Class Level
Class A		49,610			103,825			165,318			120,588			173,802
Class B		29,019			48,537			45,190			29,476			64,025
Class C		13,369			8,881			8,463			4,763			5,676
Institutional Class		9,998			50,666			101,307			40,355			34,313
Custody fees		7,571			16,585			25,772			15,095			20,824
Shareholder servicing fees		82,141			143,968			195,509			138,239			217,413
Portfolio accounting fees		12,293			14,863			17,480			14,439			16,072
Distribution fees
Class B		77,729			130,010			121,045			78,952			171,496
Class C		35,811			23,789			22,670			12,760			15,204
Legal and audit fees		17,210			16,838			17,211			17,211			17,210
Registration fees		14,336			21,923			29,789			21,973			26,611
Directors’ fees		2,111			2,111			2,111			2,111			2,111
Shareholder reports		10,325			25,599			42,922			29,018			51,230
Other		2,884			6,699			11,477			8,014			17,602
TOTALEXPENSES		648,320			1,236,197			1,772,694			1,099,042			1,614,504
LESS:
Waived fees and reimbursed expenses (Note 6)		(81,905	)		(113,557	)		(136,433	)		(106,419	)		(166,573	)
NETEXPENSES		566,415			1,122,640			1,636,261			992,623			1,447,931
NETINVESTMENTINCOME (LOSS)		588,672			1,248,396			1,749,911			985,995			1,147,016
REALIZEDANDUNREALIZEDGAIN (LOSS)ONINVESTMENTS
NETREALIZEDGAIN (LOSS)FROM:
Securities		(736,284	)		(2,751,713	)		(3,599,840	)		(351,115	)		(7,966,822	)
NETREALIZEDGAIN (LOSS)FROMINVESTMENTS		(736,284	)		(2,751,713	)		(3,599,840	)		(351,115	)		(7,966,822	)
NETCHANGEINUNREALIZEDAPPRECIATION (DEPRECIATION)OF:
Securities		5,369,732			17,671,608			33,053,137			20,630,635			40,837,043
NETCHANGEINUNREALIZEDAPPRECIATION (DEPRECIATION)OFINVESTMENTS		5,369,732			17,671,608			33,053,137			20,630,635			40,837,043
NETREALIZEDANDUNREALIZEDGAIN (LOSS)ONINVESTMENTS		4,633,448			14,919,895			29,453,297			20,279,520			32,870,221
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	5,222,120		$	16,168,291		$	31,203,208		$	21,265,515		$	34,017,237
(1)NETOFFOREIGNWITHHOLDINGTAXES	$	15,083		$	68,129		$	79,559		$	48,189		$	80,838

The accompanying notes are an integral part of these financial statements.

69

WELLSFARGOOUTLOOKFUNDS STATEMENTSOFCHANGESINNETASSETS

	OUTLOOKTODAY						OUTLOOK 2010
	(Unaudited) For the Six Months Ended August 31, 2003			For the Year Ended February 28, 2003			(Unaudited) For the Six Months Ended August 31, 2003			For the Year Ended February 28, 2003
INCREASE (DECREASE)INNETASSETS
Beginning net assets	$	69,281,351		$	74,950,443		$	150,087,200		$	173,510,852
OPERATIONS:
Net investment income (loss)		588,672			1,409,695			1,248,396			2,650,245
Net realized gain (loss) on sale of investments		(736,284	)		660,829			(2,751,713	)		(2,816,073	)
Net change in unrealized appreciation (depreciation) of investments		5,369,732			(5,577,318	)		17,671,608			(17,218,675	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		5,222,120			(3,506,794	)		16,168,291			(17,384,503	)
Distributions to shareholders:
Net investment income
Class A		(324,978	)		(859,765	)		(624,834	)		(1,489,514	)
Class B		(137,633	)		(312,644	)		(207,596	)		(497,328	)
Class C		(62,856	)		(129,644	)		(38,110	)		(73,300	)
Institutional Class		(103,435	)		(230,965	)		(479,898	)		(869,780	)
Net realized gain on sales of investments
Class A		0			(608,063	)		0			(415,153	)
Class B		0			(337,642	)		0			(196,112	)
Class C		0			(134,479	)		0			(31,759	)
Institutional Class		0			(143,553	)		0			(227,943	)
Capital shares transactions:
Proceeds from shares sold – Class A		4,307,333			6,688,606			9,840,645			12,208,481
Reinvestment of dividends – Class A		312,993			1,405,214			608,691			1,871,653
Cost of shares redeemed – Class A		(4,154,419	)		(13,127,935	)		(9,196,250	)		(24,661,516	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –CLASSA		465,907			(5,034,115	)		1,253,086			(10,581,382	)
Proceeds from shares sold – Class B		3,162,602			8,486,378			2,461,682			5,313,881
Reinvestment of dividends – Class B		126,630			608,273			195,211			655,410
Cost of shares redeemed – Class B		(2,422,301	)		(4,751,063	)		(3,995,082	)		(9,400,328	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –CLASSB		866,931			4,343,588			(1,338,189	)		(3,431,037	)
Proceeds from shares sold – Class C		3,543,787			3,861,891			1,409,100			2,713,004
Reinvestment of dividends – Class C		55,328			216,881			32,902			91,765
Cost of shares redeemed – Class C		(1,115,261	)		(3,275,723	)		(675,188	)		(2,319,605	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –CLASSC		2,483,854			803,049			766,814			485,164
Proceeds from shares sold – Institutional Class		2,321,327			4,464,786			13,971,673			19,228,765
Reinvestment of dividends – Institutional Class		103,435			374,517			478,732			1,095,738
Cost of shares redeemed – Institutional Class		(1,075,784	)		(4,357,368	)		(5,857,629	)		(9,035,508	)
NETINCREASE(DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –INSTITUTIONALCLASS		1,348,978			481,935			8,592,776			11,288,995
NETINCREASE (DECREASE)INNETASSETS		9,758,888			(5,669,092	)		24,092,340			(23,423,652	)
NETASSETS:
ENDINGNETASSETS	$	79,040,239		$	69,281,351		$	174,179,540		$	150,087,200
Shares Issued and Redeemed:
Shares sold – Class A		461,910			718,015			909,798			1,122,349
Shares issued in reinvestment of dividends – Class A		33,678			151,722			56,417			173,022
Shares redeemed – Class A		(443,260	)		(1,397,644	)		(860,625	)		(2,281,386	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASS A		52,328			(527,907	)		105,590			(986,015	)
Shares sold – Class B		332,368			891,237			227,885			483,449
Shares issued in reinvestment of dividends – Class B		13,371			64,790			18,039			60,537
Shares redeemed – Class B		(256,274	)		(501,428	)		(367,764	)		(875,857	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASS B		89,465			454,599			(121,840	)		(331,871	)
Shares sold – Class C		374,837			409,689			128,010			247,127
Shares issued in reinvestment of dividends – Class C		5,839			23,095			3,007			8,416
Shares redeemed – Class C		(117,392	)		(346,270	)		(62,759	)		(215,148	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASS C		263,284			86,514			68,258			40,395
Shares sold – Institutional Class		245,836			472,064			1,285,463			1,753,928
Shares issued in reinvestment of dividends – Institutional Class		10,956			39,864			43,930			101,128
Shares redeemed – Institutional Class		(114,083	)		(462,937	)		(537,875	)		(837,741	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING—INSTITUTIONALCLASS		142,709			48,991			791,518			1,017,315
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	157,080		$	197,310		$	297,612		$	399,654

The accompanying notes are an integral part of these financial statements.

70

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOOUTLOOKFUNDS

OUTLOOK 2020						OUTLOOK 2030						OUTLOOK 2040
(Unaudited) For the Six Months Ended August 31, 2003			For the Year Ended February 28, 2003			(Unaudited) For the Six Months Ended August 31, 2003			For the Year Ended February 28, 2003			(Unaudited) For the Six Months Ended August 31, 2003			For the Year Ended February 28, 2003
$	231,535,861		$	282,207,262		$	134,266,749		$	162,957,715		$	189,121,289		$	276,527,541
	1,749,911			3,044,620			985,995			1,242,447			1,147,016			1,301,994
	(3,599,840	)		(7,066,070	)		(351,115	)		4,360,208			(7,966,822	)		(11,734,874	)
	33,053,137			(37,265,991	)		20,630,635			(33,904,046	)		40,837,043			(43,342,406	)
	31,203,208			(41,287,441	)		21,265,515			(28,301,391	)		34,017,237			(53,775,286	)
	(745,696	)		(1,504,771	)		(516,501	)		(839,357	)		(703,192	)		(928,018	)
	(127,238	)		(249,459	)		(78,922	)		(101,914	)		(164,906	)		(128,086	)
	(23,799	)		(39,013	)		(13,234	)		(11,503	)		(14,866	)		(10,401	)
	(753,508	)		(1,433,375	)		(298,752	)		(415,526	)		(246,429	)		(318,252	)
	0			0			0			(3,178,411	)		0			(931,523	)
	0			0			0			(860,602	)		0			(377,802	)
	0			0			0			(109,004	)		0			(32,777	)
	0			0			0			(1,243,501	)		0			(224,797	)
	16,495,745			18,584,376			10,936,735			16,044,412			9,870,965			8,099,258
	733,731			1,479,925			505,100			3,942,122			691,602			1,830,320
	(8,954,285	)		(31,134,712	)		(7,077,933	)		(24,127,695	)		(9,104,538	)		(34,123,589	)
	8,275,191			(11,070,411	)		4,363,902			(4,141,161	)		1,458,029			(24,194,011	)
	2,311,037			3,269,971			1,583,393			1,855,318			898,518			2,165,007
	123,152			243,278			76,586			945,870			161,238			496,898
	(5,105,012	)		(9,213,313	)		(3,716,618	)		(4,620,414	)		(7,735,982	)		(12,315,454	)
	(2,670,823	)		(5,700,064	)		(2,056,639	)		(1,819,226	)		(6,676,226	)		(9,653,549	)
	1,284,793			1,953,378			1,224,713			1,533,660			352,364			1,134,903
	23,176			36,735			12,850			117,216			14,118			40,761
	(530,170	)		(2,359,923	)		(413,719	)		(1,543,918	)		(702,674	)		(1,698,555	)
	777,799			(369,810	)		823,844			106,958			(336,192	)		(522,891	)
	22,366,300			24,270,120			8,345,353			14,736,524			7,467,531			11,665,291
	750,345			1,426,395			297,479			1,651,150			246,006			542,010
	(12,469,297	)		(14,713,572	)		(5,823,309	)		(4,164,002	)		(8,095,812	)		(8,516,160	)
	10,647,348			10,982,943			2,819,523			12,223,672			(382,275	)		3,691,141
	46,582,482			(50,671,401	)		26,308,736			(28,690,966	)		26,951,180			(87,406,252	)
$	278,118,343		$	231,535,861		$	160,575,485		$	134,266,749		$	216,072,469		$	189,121,289
	1,458,388			1,656,509			953,664			1,378,313			834,942			655,770
	65,839			133,253			44,121			355,125			59,147			161,647
	(805,969	)		(2,806,124	)		(618,479	)		(2,051,468	)		(785,127	)		(2,876,277	)
	718,258			(1,016,362	)		379,306			(318,030	)		108,962			(2,058,860	)
	209,292			286,811			139,510			155,845			78,879			178,378
	11,106			22,061			6,765			87,222			14,210			45,490
	(463,155	)		(840,904	)		(332,502	)		(399,796	)		(680,779	)		(1,086,883	)
	(242,757	)		(532,032	)		(186,227	)		(156,729	)		(587,690	)		(863,015	)
	113,366			172,405			108,864			130,944			31,235			97,954
	2,074			3,309			1,132			10,791			1,243			3,741
	(47,620	)		(212,480	)		(37,418	)		(131,231	)		(62,439	)		(150,345	)
	67,820			(36,766	)		72,578			10,504			(29,961	)		(48,650	)
	1,955,239			2,136,718			717,700			1,246,693			627,100			957,239
	66,786			127,432			25,807			147,373			20,780			47,338
	(1,111,374	)		(1,312,191	)		(500,706	)		(349,134	)		(669,290	)		(713,391	)
	910,651			951,959			242,801			1,044,932			(21,410	)		291,186
$	477,123		$	377,453		$	263,650		$	185,064		$	261,115		$	243,492

71

WELLSFARGOOUTLOOKFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income (Loss)	Net Realized and Unrealized Gain (Loss) on Investments		Dividends From Net Investment Income		Distributions From Net Realized Gains		Return of Capital
OUTLOOKTODAY
ASHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	8.96	0.09	0.58		(0.09	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	9.79	0.21	(0.66	)	(0.22	)	(0.16	)	N/A
March 1, 2001 to February 28, 2002	$	9.94	0.29	(0.09	)	(0.29	)	(0.06	)	N/A
March 1, 2000 to February 28, 2001	$	10.30	0.38	0.21		(0.39	)	(0.56	)	N/A
March 1, 1999 to February 29, 2000	$	10.52	0.38	0.09		(0.36	)	(0.33	)	N/A
March 1, 1998 to February 28, 1999	$	10.83	0.36	0.32		(0.37	)	(0.62	)	N/A
BSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	9.12	0.05	0.60		(0.06	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	9.96	0.15	(0.66	)	(0.17	)	(0.16	)	N/A
March 1, 2001 to February 28, 2002	$	10.11	0.23	(0.08	)	(0.24	)	(0.06	)	N/A
March 1, 2000 to February 28, 2001	$	10.44	0.31	0.24		(0.32	)	(0.56	)	N/A
March 1, 1999 to February 29, 2000	$	10.61	0.27	0.14		(0.25	)	(0.33	)	N/A
August 1, 1998(3) to February 28, 1999	$	10.91	0.07	0.29		(0.04	)	(0.62	)	N/A
CSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	9.11	0.06	0.59		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	9.94	0.16	(0.66	)	(0.17	)	(0.16	)	N/A
March 1, 2001 to February 28, 2002	$	10.09	0.23	(0.08	)	(0.24	)	(0.06	)	N/A
March 1, 2000 to February 28, 2001	$	10.44	0.34	0.21		(0.34	)	(0.56	)	N/A
March 1, 1999 to February 29, 2000	$	10.62	0.29	0.12		(0.26	)	(0.33	)	N/A
December 1, 1998(3) to February 28, 1999	$	11.24	0.04	(0.04	)	(0.01	)	(0.61	)	N/A
INSTITUTIONALSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	9.10	0.10	0.59		(0.10	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	9.94	0.23	(0.66	)	(0.25	)	(0.16	)	N/A
March 1, 2001 to February 28, 2002	$	10.08	0.30	(0.07	)	(0.31	)	(0.06	)	N/A
March 1, 2000 to February 28, 2001	$	10.36	0.36	0.25		(0.33	)	(0.56	)	N/A
November 8, 1999(3) to February 29, 2000	$	10.66	0.08	0.00		(0.05	)	(0.33	)	N/A
OUTLOOK 2010
ASHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.25	0.08	1.01		(0.09	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	11.65	0.19	(1.33	)	(0.20	)	(0.06	)	N/A
March 1, 2001 to February 28, 2002	$	12.22	0.28	(0.45	)	(0.27	)	(0.13	)	N/A
March 1, 2000 to February 28, 2001	$	12.88	0.35	(0.15	)	(0.35	)	(0.51	)	N/A
March 1, 1999 to February 29, 2000	$	13.27	0.34	0.66		(0.34	)	(1.05	)	N/A
March 1, 1998 to February 28, 1999	$	13.16	0.32	0.94		(0.33	)	(0.82	)	N/A
BSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.26	0.05	1.01		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	11.66	0.13	(1.33	)	(0.14	)	(0.06	)	N/A
March 1, 2001 to February 28, 2002	$	12.23	0.20	(0.43	)	(0.21	)	(0.13	)	N/A
March 1, 2000 to February 28, 2001	$	12.88	0.28	(0.14	)	(0.28	)	(0.51	)	N/A
March 1, 1999 to February 29, 2000	$	13.25	0.25	0.68		(0.25	)	(1.05	)	N/A
March 1, 1998 to February 28, 1999	$	13.10	0.22	0.97		(0.22	)	(0.82	)	N/A
CSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.35	0.05	1.02		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	11.75	0.13	(1.33	)	(0.14	)	(0.06	)	N/A
March 1, 2001 to February 28, 2002	$	12.32	0.20	(0.43	)	(0.21	)	(0.13	)	N/A
March 1, 2000 to February 28, 2001	$	12.97	0.29	(0.16	)	(0.27	)	(0.51	)	N/A
March 1, 1999 to February 29, 2000	$	13.29	0.21	0.72		(0.20	)	(1.05	)	N/A
December 1, 1998(3) to February 28, 1999	$	13.98	0.04	0.09		0.00	(4)	(0.82	)	N/A
INSTITUTIONALSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.33	0.11	1.01		(0.11	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	11.75	0.21	(1.33	)	(0.24	)	(0.06	)	N/A
March 1, 2001 to February 28, 2002	$	12.32	0.29	(0.43	)	(0.30	)	(0.13	)	N/A
March 1, 2000 to February 28, 2001	$	12.95	0.33	(0.12	)	(0.33	)	(0.51	)	N/A
November 8, 1999 (3) to February 29, 2000	$	13.83	0.07	0.13		(0.03	)	(1.05	)	N/A

(1) These ratios include income earned and expenses charged to each fund. Annualized for periods of less than one year.

(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) Distribution was less than $0.01 per share

(5) Calculated based upon average shares outstanding.

The accompanying notes are an integral part of these financial statements.

72

FINANCIALHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)						Total Return(2)		Portfolio Turnover Rate		Net Assets at End of Period (000’s Omitted)
		Net Investment Income (Loss)		Net Expenses		Gross Expenses
$	9.54	1.76	%	1.30	%	1.46	%	7.47	%	13	%	$	35,945
$	8.96	2.12	%	1.30	%	1.60	%	(4.63	)%	53	%	$	33,299
$	9.79	2.85	%	1.30	%	1.63	%	2.06	%	51	%	$	41,543
$	9.94	3.66	%	1.30	%	1.51	%	5.79	%	58	%	$	46,316
$	10.30	3.29	%	1.30	%	1.45	%	4.47	%	55	%	$	44,801
$	10.52	3.27	%	1.25	%	1.31	%	6.40	%	66	%	$	56,986
$	9.71	1.17	%	1.89	%	2.21	%	7.19	%	13	%	$	21,541
$	9.12	1.60	%	1.80	%	2.28	%	(5.15	)%	53	%	$	19,428
$	9.96	2.31	%	1.80	%	2.26	%	1.54	%	51	%	$	16,678
$	10.11	3.15	%	1.80	%	2.00	%	5.30	%	58	%	$	11,425
$	10.44	2.76	%	1.80	%	2.17	%	3.87	%	55	%	$	6,457
$	10.61	2.24	%	1.70	%	3.01	%	3.35	%	66	%	$	3,161
$	9.69	1.15	%	1.90	%	2.22	%	7.10	%	13	%	$	10,873
$	9.11	1.61	%	1.80	%	2.23	%	(5.06	)%	53	%	$	7,822
$	9.94	2.32	%	1.80	%	2.26	%	1.52	%	51	%	$	7,678
$	10.09	3.19	%	1.80	%	1.97	%	5.36	%	58	%	$	5,972
$	10.44	2.77	%	1.80	%	2.13	%	3.91	%	55	%	$	7,243
$	10.62	2.27	%	1.76	%	2.66	%	0.02	%	66	%	$	4,758
$	9.69	2.05	%	1.00	%	1.13	%	7.62	%	13	%	$	10,681
$	9.10	2.42	%	1.00	%	1.17	%	(4.32	)%	53	%	$	8,732
$	9.94	3.06	%	1.03	%	1.29	%	2.40	%	51	%	$	9,052
$	10.08	3.88	%	1.04	%	1.16	%	5.94	%	58	%	$	3,954
$	10.36	3.56	%	1.00	%	1.05	%	0.53	%	55	%	$	134
$	11.25	1.57	%	1.30	%	1.41	%	10.69	%	16	%	$	76,850
$	10.25	1.69	%	1.30	%	1.44	%	(9.86	)%	65	%	$	68,977
$	11.65	2.25	%	1.30	%	1.53	%	(1.43	)%	39	%	$	89,878
$	12.22	2.74	%	1.30	%	1.43	%	1.41	%	54	%	$	107,161
$	12.88	2.45	%	1.30	%	1.39	%	7.50	%	49	%	$	89,056
$	13.27	2.42	%	1.25	%	1.28	%	9.91	%	38	%	$	89,543
$	11.25	0.98	%	1.89	%	2.16	%	10.32	%	16	%	$	34,622
$	10.26	1.19	%	1.80	%	2.13	%	(10.34	)%	65	%	$	32,831
$	11.66	1.73	%	1.80	%	2.12	%	(1.92	)%	39	%	$	41,166
$	12.23	2.23	%	1.80	%	1.95	%	0.93	%	54	%	$	36,727
$	12.88	1.93	%	1.80	%	1.94	%	6.96	%	49	%	$	29,937
$	13.25	1.90	%	1.76	%	1.84	%	9.30	%	38	%	$	18,158
$	11.35	0.96	%	1.90	%	2.16	%	10.34	%	16	%	$	6,947
$	10.35	1.18	%	1.80	%	2.21	%	(10.29	)%	65	%	$	5,631
$	11.75	1.74	%	1.80	%	2.12	%	(1.90	)%	39	%	$	5,919
$	12.32	2.24	%	1.80	%	1.96	%	0.89	%	54	%	$	5,850
$	12.97	1.88	%	1.80	%	2.52	%	6.91	%	49	%	$	5,364
$	13.29	2.04	%	1.76	%	7.72	%	1.11	%	38	%	$	675
$	11.34	1.86	%	1.00	%	1.08	%	10.86	%	16	%	$	55,761
$	10.33	1.98	%	1.00	%	1.05	%	(9.60	)%	65	%	$	42,649
$	11.75	2.48	%	1.03	%	1.21	%	(1.14	)%	39	%	$	36,548
$	12.32	3.03	%	1.04	%	1.08	%	1.52	%	54	%	$	22,299
$	12.95	2.72	%	1.00	%	1.01	%	1.08	%	49	%	$	1,661

73

WELLSFARGOOUTLOOKFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income (Loss)	Net Realized and Unrealized Gain (Loss) on Investments		Dividends From Net Investment Income		Distributions From Net Realized Gains		Return of Capital
OUTLOOK 2020
ASHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.36	0.07	1.32		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	12.29	0.14	(1.93	)	(0.14	)	0.00		N/A
March 1, 2001 to February 28, 2002	$	13.28	0.13	(0.87	)	(0.14	)	(0.11	)	N/A
March 1, 2000 to February 28, 2001	$	14.78	0.24	(0.75	)	(0.23	)	(0.74	)	(0.02	)
March 1, 1999 to February 29, 2000	$	14.91	0.24	1.33		(0.24	)	(1.46	)	N/A
March 1, 1998 to February 28, 1999	$	14.70	0.24	1.47		(0.25	)	(1.25	)	N/A
BSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.28	0.04	1.30		(0.04	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	12.18	0.07	(1.90	)	(0.07	)	0.00		N/A
March 1, 2001 to February 28, 2002	$	13.17	0.07	(0.87	)	(0.08	)	(0.11	)	N/A
March 1, 2000 to February 28, 2001	$	14.66	0.16	(0.74	)	(0.16	)	(0.74	)	(0.01	)
March 1, 1999 to February 29, 2000	$	14.79	0.15	1.33		(0.15	)	(1.46	)	N/A
March 1, 1998 to February 28, 1999	$	14.55	0.15	1.48		(0.15	)	(1.24	)	N/A
CSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.34	0.05	1.31		(0.05	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	12.26	0.07	(1.92	)	(0.07	)	0.00		N/A
March 1, 2001 to February 28, 2002	$	13.25	0.07	(0.87	)	(0.08	)	(0.11	)	N/A
March 1, 2000 to February 28, 2001	$	14.74	0.16	(0.74	)	(0.16	)	(0.74	)	(0.01	)
March 1, 1999 to February 29, 2000	$	14.82	0.11	1.37		(0.10	)	(1.46	)	N/A
December 1, 1998(3) to February 28, 1999	$	15.82	0.01	0.22		0.00	(4)	(1.23	)	N/A
INSTITUTIONALSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.47	0.10	1.32		(0.09	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	12.42	0.17	(1.94	)	(0.18	)	0.00		N/A
March 1, 2001 to February 28, 2002	$	13.42	0.16	(0.87	)	(0.18	)	(0.11	)	N/A
March 1, 2000 to February 28, 2001	$	14.89	0.24	(0.72	)	(0.23	)	(0.74	)	(0.02	)
November 8, 1999(3) to February 29, 2000	$	16.01	0.06	0.30		(0.02	)	(1.46	)	N/A
OUTLOOK 2030
ASHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.48	0.08	1.57		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.34	0.11	(2.40	)	(0.12	)	(0.45	)	N/A
March 1, 2001 to February 28, 2002	$	15.13	0.12	(1.43	)	(0.12	)	(0.36	)	N/A
March 1, 2000 to February 28, 2001	$	16.96	0.17	(1.17	)	(0.16	)	(0.67	)	N/A
March 1, 1999 to February 29, 2000	$	17.15	0.17	2.03		(0.17	)	(2.22	)	N/A
March 1, 1998 to February 28, 1999	$	16.51	0.18	1.93		(0.19	)	(1.28	)	N/A
BSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.32	0.04	1.54		(0.04	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.13	0.04	(2.35	)	(0.05	)	(0.45	)	N/A
March 1, 2001 to February 28, 2002	$	14.88	0.05	(1.39	)	(0.05	)	(0.36	)	N/A
March 1, 2000 to February 28, 2001	$	16.72	0.07	(1.16	)	(0.08	)	(0.67	)	N/A
March 1, 1999 to February 29, 2000	$	16.93	0.08	2.01		(0.08	)	(2.22	)	N/A
March 1, 1998 to February 28, 1999	$	16.28	0.09	1.92		(0.10	)	(1.26	)	N/A
CSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.33	0.05	1.54		(0.05	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.14	0.05	(2.36	)	(0.05	)	(0.45	)	N/A
March 1, 2001 to February 28, 2002	$	14.90	0.04	(1.39	)	(0.05	)	(0.36	)	N/A
March 1, 2000 to February 28, 2001	$	16.74	0.08	(1.17	)	(0.08	)	(0.67	)	N/A
March 1, 1999 to February 29, 2000	$	16.94	0.06	2.01		(0.05	)	(2.22	)	N/A
December 1, 1998(3) to February 28, 1999	$	17.89	0.00	0.31		0.00	(4)	(1.26	)	N/A
INSTITUTIONALSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.57	0.10	1.58		(0.09	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.45	0.14	(2.41	)	(0.16	)	(0.45	)	N/A
March 1, 2001 to February 28, 2002	$	15.24	0.15	(1.42	)	(0.16	)	(0.36	)	N/A
March 1, 2001 to February 28, 2001	$	17.07	0.17	(1.16	)	(0.17	)	(0.67	)	N/A
November 8, 1999(3) to February 29, 2000	$	18.73	0.03	0.54		(0.01	)	(2.22	)	N/A

(1) These ratios include income earned and expenses charged to each fund. Annualized for periods of less than one year.

(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) Distribution was less than $0.01 per share

(5) Calculated based upon average shares outstanding.

The accompanying notes are an integral part of these financial statements.

74

FINANCIALHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)						Total Return(2)		Portfolio Turnover Rate		Net Assets at End of Period (000’s Omitted)
		Net Investment Income (Loss)		Net Expenses		Gross Expenses
$	11.68	1.33	%	1.30	%	1.40	%	13.46	%	15	%	$	126,989
$	10.36	1.16	%	1.30	%	1.42	%	(14.65	)%	62	%	$	105,206
$	12.29	1.35	%	1.30	%	1.50	%	(5.57	)%	29	%	$	137,265
$	13.28	1.63	%	1.30	%	1.39	%	(3.79	)%	39	%	$	154,871
$	14.78	1.52	%	1.30	%	1.33	%	10.45	%	43	%	$	176,460
$	14.91	1.61	%	1.25	%	1.26	%	12.02	%	36	%	$	165,584
$	11.58	0.75	%	1.89	%	2.15	%	13.09	%	15	%	$	32,172
$	10.28	0.66	%	1.80	%	2.13	%	(15.04	)%	62	%	$	31,052
$	12.18	0.85	%	1.80	%	2.08	%	(6.09	)%	29	%	$	43,280
$	13.17	1.12	%	1.80	%	1.94	%	(4.25	)%	39	%	$	47,591
$	14.66	1.02	%	1.80	%	1.95	%	9.90	%	43	%	$	47,472
$	14.79	1.04	%	1.76	%	1.84	%	11.56	%	36	%	$	28,467
$	11.65	0.74	%	1.90	%	2.15	%	13.12	%	15	%	$	6,795
$	10.34	0.66	%	1.80	%	2.20	%	(15.12	)%	62	%	$	5,330
$	12.26	0.83	%	1.80	%	2.08	%	(6.06	)%	29	%	$	6,767
$	13.25	1.15	%	1.80	%	1.96	%	(4.26	)%	39	%	$	6,308
$	14.74	0.92	%	1.80	%	3.28	%	9.87	%	43	%	$	3,009
$	14.82	0.76	%	1.71	%	52.02	%	1.70	%	36	%	$	192
$	11.80	1.63	%	1.00	%	1.07	%	13.58	%	15	%	$	112,162
$	10.47	1.46	%	1.00	%	1.01	%	(14.35	)%	62	%	$	89,948
$	12.42	1.60	%	1.03	%	1.18	%	(5.30	)%	29	%	$	94,895
$	13.42	1.93	%	1.04	%	1.04	%	(3.58	)%	39	%	$	64,541
$	14.89	1.69	%	1.00	%	1.01	%	1.74	%	43	%	$	3,879
$	12.06	1.33	%	1.30	%	1.43	%	15.78	%	21	%	$	91,921
$	10.48	0.88	%	1.30	%	1.52	%	(17.40	)%	68	%	$	75,953
$	13.34	0.81	%	1.30	%	1.57	%	(8.68	)%	27	%	$	100,884
$	15.13	0.97	%	1.30	%	1.41	%	(6.29	)%	27	%	$	133,569
$	16.96	0.96	%	1.30	%	1.37	%	12.63	%	26	%	$	140,867
$	17.15	1.07	%	1.23	%	1.26	%	13.25	%	19	%	$	134,008
$	11.86	0.74	%	1.89	%	2.18	%	15.35	%	21	%	$	21,144
$	10.32	0.38	%	1.80	%	2.21	%	(17.76	)%	68	%	$	20,319
$	13.13	0.30	%	1.80	%	2.17	%	(9.10	)%	27	%	$	27,913
$	14.88	0.47	%	1.80	%	2.00	%	(6.79	)%	27	%	$	34,570
$	16.72	0.44	%	1.80	%	1.98	%	12.13	%	26	%	$	36,406
$	16.93	0.52	%	1.75	%	1.84	%	12.64	%	19	%	$	25,206
$	11.87	0.73	%	1.90	%	2.18	%	15.37	%	21	%	$	4,069
$	10.33	0.39	%	1.80	%	2.44	%	(17.78	)%	68	%	$	2,791
$	13.14	0.29	%	1.80	%	2.17	%	(9.12	)%	27	%	$	3,412
$	14.90	0.49	%	1.80	%	2.16	%	(6.79	)%	27	%	$	3,467
$	16.74	0.36	%	1.80	%	5.37	%	12.05	%	26	%	$	1,293
$	16.94	0.16	%	1.73	%	72.87	%	1.98	%	19	%	$	92
$	12.16	1.62	%	1.00	%	1.10	%	15.90	%	21	%	$	43,442
$	10.57	1.17	%	1.00	%	1.07	%	(17.10	)%	68	%	$	35,203
$	13.45	1.05	%	1.03	%	1.24	%	(8.47	)%	27	%	$	30,749
$	15.24	1.27	%	1.05	%	1.05	%	(6.08	)%	27	%	$	19,156
$	17.07	1.06	%	1.00	%	1.02	%	2.39	%	26	%	$	1,203

75

WELLSFARGOOUTLOOKFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Dividends From Net Investment Income		Distributions From Net Realized Gains		Return of Capital
OUTLOOK 2040
ASHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.65	0.07		1.88		(0.07	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.55	0.08	(5)	(2.81	)	(0.08	)	(0.09	)	N/A
March 1, 2001 to February 28, 2002	$	15.50	0.03		(1.80	)	0.00		(0.18	)	N/A
March 1, 2000 to February 28, 2001	$	18.78	0.02		(1.98	)	(0.03	)	(1.29	)	N/A
March 1, 1999 to February 29, 2000	$	17.87	0.05		2.78		(0.05	)	(1.87	)	N/A
March 1, 1998 to February 28, 1999	$	17.07	0.08		2.39		(0.08	)	(1.59	)	N/A
BSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.28	(0.01	)	1.85		(0.04	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.08	0.02	(5)	(2.70	)	(0.03	)	(0.09	)	N/A
March 1, 2001 to February 28, 2002	$	15.05	(0.05	)	(1.74	)	0.00		(0.18	)	N/A
March 1, 2000 to February 28, 2001	$	18.34	(0.05	)	(1.95	)	0.00	(4)	(1.29	)	N/A
March 1, 1999 to February 29, 2000	$	17.52	(0.04	)	2.73		0.00		(1.87	)	N/A
March 1, 1998 to February 28, 1999	$	16.76	(0.01	)	2.33		(0.01	)	(1.55	)	N/A
CSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.28	0.02		1.82		(0.04	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.09	0.02	(5)	(2.71	)	(0.03	)	(0.09	)	N/A
March 1, 2001 to February 28, 2002	$	15.06	(0.04	)	(1.75	)	0.00		(0.18	)	N/A
March 1, 2000 to February 28, 2001	$	18.34	(0.05	)	(1.94	)	0.00	(4)	(1.29	)	N/A
March 1, 1999 to February 29, 2000	$	17.53	(0.04	)	2.72		0.00		(1.87	)	N/A
July 1, 1998(3) to February 28, 1999	$	18.01	(0.01	)	1.08		0.00		(1.55	)	N/A
INSTITUTIONALSHARES
March 1, 2003 to August 31, 2003 (Unaudited)	$	10.77	0.08		1.91		(0.08	)	0.00		N/A
March 1, 2002 to February 28, 2003	$	13.71	0.12	(5)	(2.85	)	(0.12	)	(0.09	)	N/A
March 1, 2001 to February 28, 2002	$	15.64	0.07		(1.82	)	0.00		(0.18	)	N/A
March 1, 2000 to February 28, 2001	$	18.90	0.07		(1.99	)	(0.05	)	(1.29	)	N/A
November 8, 1999(3) to February 29, 2000	$	19.97	0.00		0.80		0.00		(1.87	)	N/A

(1) These ratios include income earned and expenses charged to each fund. Annualized for periods of less than one year.

(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) Distribution was less than $0.01 per share

(5) Calculated based upon average shares outstanding.

The accompanying notes are an integral part of these financial statements.

76

FINANCIALHIGHLIGHTS WELLSFARGOOUTLOOKFUNDS

Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)						Total Return(2)		Portfolio Turnover Rate		Net Assets at End of Period (000’s Omitted)
		Net Investment Income (Loss)		Net Expenses		Gross Expenses
$	12.53	1.20	%	1.30	%	1.43	%	18.33	%	12	%	$	132,585
$	10.65	0.65	%	1.30	%	1.49	%	(20.24	)%	54	%	$	111,546
$	13.55	0.24	%	1.30	%	1.55	%	(11.45	)%	14	%	$	169,829
$	15.50	0.15	%	1.30	%	1.41	%	(11.09	)%	20	%	$	218,085
$	18.78	0.24	%	1.30	%	1.36	%	15.65	%	29	%	$	306,002
$	17.87	0.42	%	1.25	%	1.26	%	14.98	%	19	%	$	261,808
$	12.08	0.62	%	1.89	%	2.18	%	17.93	%	12	%	$	44,597
$	10.28	0.15	%	1.80	%	2.23	%	(20.60	)%	54	%	$	43,980
$	13.08	(0.27	)%	1.80	%	2.14	%	(11.93	)%	14	%	$	67,290
$	15.05	(0.35	)%	1.80	%	2.05	%	(11.53	)%	20	%	$	84,993
$	18.34	(0.28	)%	1.80	%	1.95	%	15.07	%	29	%	$	93,757
$	17.52	(0.12	)%	1.75	%	1.78	%	14.37	%	19	%	$	63,395
$	12.08	0.61	%	1.89	%	2.18	%	17.94	%	12	%	$	4,065
$	10.28	0.15	%	1.80	%	2.31	%	(20.66	)%	54	%	$	3,767
$	13.09	(0.27	)%	1.80	%	2.14	%	(11.92	)%	14	%	$	5,432
$	15.06	(0.35	)%	1.80	%	1.96	%	(11.52	)%	20	%	$	6,349
$	18.34	(0.30	)%	1.80	%	2.55	%	15.07	%	29	%	$	6,095
$	17.53	(0.39	)%	1.71	%	4.71	%	6.40	%	19	%	$	3,096
$	12.68	1.49	%	1.00	%	1.10	%	18.58	%	12	%	$	34,825
$	10.77	0.96	%	1.00	%	1.03	%	(20.02	)%	54	%	$	29,829
$	13.71	0.54	%	1.02	%	1.22	%	(11.22	)%	14	%	$	33,976
$	15.64	0.46	%	1.04	%	1.07	%	(10.80	)%	20	%	$	31,613
$	18.90	0.24	%	1.00	%	1.01	%	3.27	%	29	%	$	1,069

77

WELLSFARGOOUTLOOKFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Delaware statutory trust on March 10, 1999, and is currently comprised of 68 separate series. These financial statements represent the Outlook Today, Outlook 2010, Outlook 2020, Outlook 2030, and Outlook 2040 Funds (each a “Fund”, collectively the “Funds”).

Each Fund is authorized to issue four classes of shares: Class A, Class B, Class C and Institutional Class. The four classes of shares differ principally in their respective distribution, shareholder servicing and administration fees and sales charges. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income from the portfolio, 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 net assets of each class on the date realized. No class has preferential dividend rights. Differences in per share dividend rates generally result from the relative weightings of pro rata income and from differences in separate class expenses, including distribution, shareholding servicing and administration fees.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed by the Trust in preparation of its financial statements, 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.

SECURITYVALUATION

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. 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 such securities, the valuations are based on the latest quoted bid prices. In the absence of any sale or bid price of such securities, the securities are fair valued in accordance with procedures approved by the Trust’s Board of Trustees.

Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust’s Board of Trustees. The service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service’s judgment, these prices are readily available and are representative of the securities’ market values. For some securities, such prices are not readily available. These securities will generally be fair valued based on methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue; indications as to values from dealers in securities, trading characteristics and general market conditions. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Securities for which quotations are not readily available are valued at fair value as determined by policies set by the Trust’s Board of Trustees.

Debt securities maturing in 60 days or less 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.

SECURITYTRANSACTIONSANDINCOMERECOGNITION

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.

Non-cash dividends and interest, if any, are included in investment income at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related investment income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of income has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOOUTLOOKFUNDS

Dividend income is recognized on the ex-dividend date except for certain dividends from foreign securities which are recorded as soon as a 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.

DIVIDENDSANDDISTRIBUTIONSTOSHAREHOLDERS

Each Fund declares and pays dividends to shareholders from net investment income quarterly. Distributions to shareholders from any net realized capital gains are declared and distributed at least annually. Due to the timing of distributions and the differences in accounting for income and realized gains (losses) for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which income and realized gains (losses) were recorded by the Funds.

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 also may 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 reclassification.

FEDERALINCOMETAXES

Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of each Fund 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 of 1986, as amended and to distribute annually substantially all of its income and any gains (taking into account capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required at August 31, 2003.

The following Funds had estimated net capital loss carryforwards at February 28, 2003, which are available to offset future net realized capital gains.

Fund	Year Expires	Capital Loss Carryforwards
Outlook 2020	2010	408,192
	2011	1,722,187
Outlook 2040	2010	797,881
	2011	4,325,640

For tax purposes, the following Funds have a current year deferred post-October capital loss. These losses will be realized for tax purposes on the first day of the succeeding year.

Fund	Deferred Post-October Capital Loss
Outlook 2010	2,771,437
Outlook 2020	4,024,498
Outlook 2030	1,074,813
Outlook 2040	6,607,670

FUTURESCONTRACTS

Each Fund may purchase futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date and is exchange traded. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. Government securities or other high-quality debt securities equal to the minimum “initial margin” requirements of the exchange. 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 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 Funds are required to segregate cash, U.S. Government securities or high quality, liquid debt instruments in connection with long futures transactions. 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 contracts may not correlate with changes in the value of the underlying securities.

There were no open futures contracts in any of the Funds at August 31, 2003.

79

WELLSFARGOOUTLOOKFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

REPURCHASEAGREEMENTS

Each Fund may enter into 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 Funds’ 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 held by the Funds 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.

There were no open repurchase agreements in any of the Funds at August 31, 2003.

SECURITYLOANS

The Funds may loan securities in return for securities and cash collateral, which is invested in various short-term fixed income securities. The Funds may receive compensation for lending securities in the form of fees or by retaining a portion of interest on the investment securities or cash received as collateral. A Fund also continues to receive interest or dividends on the securities loaned. Security loans are secured at all times by collateral. 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. If the collateral falls to 100%, it will be brought back to 102%. Gain or loss in the market price of the securities loaned that may occur during the term of the loan is reflected in the value of the Fund. The risks to the Fund from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. The value of the securities on loan and the value of the related collateral for the six-month period ended August 31, 2003 are shown on the Statement of Assets and Liabilities.

As of August 31, 2003, the cash collateral of each Fund was invested as follows:

Fund	Repurchase Agreements	Short-Term Securities	Mid-Term Securities	Money Market Fund	Total
Outlook Today	20%	52%	27%	1%	100%
Outlook 2010	18%	49%	32%	1%	100%
Outlook 2020	22%	60%	16%	2%	100%
Outlook 2030	20%	51%	28%	1%	100%
Outlook 2040	18%	50%	31%	1%	100%

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect and wholly-owned subsidiary of Wells Fargo & Company, serves as adviser to the Funds and is responsible for implementing the investment policies and guidelines for the Funds, and for supervising the sub-adviser. Funds Management is entitled to receive an annual fee of 0.70% of the Funds’ average daily net assets for its services as adviser.

Barclays Global Fund Advisors (“BGFA”), a wholly-owned subsidiary of Barclays Global Investors, N.A. (“BGI”), and an indirect subsidiary of Barclays Bank, PLC, is the sub-adviser for each of the Funds. In this capacity, BGFA invests the Funds’ assets according to an asset allocation model. BGFA is entitled to receive from Funds Management, as compensation for its sub-advisory services, a monthly fee at the annual rate of 0.25% of each Fund’s average daily net assets up to $100 million, 0.20% for the next $100 million, and 0.15% of each Fund’s average daily net assets in excess of $200 million.

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Funds. Under the Administration Agreement, Funds Management acted as administrator of the Funds and was entitled to receive, on a monthly basis, fees at an annual rate of 0.15% of the average daily net assets of the Funds.

The Trust has also entered into an agreement with Boston Financial Data Services (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Funds a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with the Funds. Under this Agreement, for providing administrative services, which now include paying the Funds’ fees and expenses for services provided by the Funds’ transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is

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NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOOUTLOOKFUNDS

entitled to receive an annual fee of 0.33% of the average daily net assets of a Fund’s Class A, Class B or Class C shares and 0.25% of the average daily net assets of a Fund’s Institutional Class shares.

Effective the first quarter of 2003, PFPC Inc. (“PFPC”) serves as fund accountant for all of the Funds. PFPC is entitled to receive an annual asset based fee, an annual fixed fee of $20,000 from each Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC served as fund accountant and was entitled to receive a fixed monthly per fund fee, a basis point fee of 0.0025% of the average daily net assets of each Fund, and was reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

The Trust has entered into a contract on behalf of each Fund with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank MN”), whereby Wells Fargo Bank MN is responsible for providing custody services for the Funds. Pursuant to the contract, Wells Fargo Bank MN is entitled to receive certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of each Fund.

On behalf of the Funds, the Trust may enter into servicing agreements with certain financial institutions, securities dealers, and other industry professionals (collectively, “Shareholder Servicing Agents”) for the provision of certain services to Fund shareholders. For the services provided pursuant to a Shareholder Servicing Agreement, Class A, Class B and Class C shares may pay each Shareholder Servicing Agent an annual fee of up to 0.25% of the average daily net asset value of each Fund’s shares beneficially owned by customers of the Shareholder Servicing Agent. No fee is currently charged for the Institutional Class shares.

The shareholder servicing fees paid on behalf of the Funds for the six-month period ended August 31, 2003 were as follows:

Fund	Class A		Class B		Class C
Outlook Today	$	44,294	$	25,910	$	11,937
Outlook 2010		92,701		43,337		7,930
Outlook 2020		147,605		40,348		7,556
Outlook 2030		107,668		26,318		4,253
Outlook 2040		155,180		57,165		5,068

The Trust has entered into an agreement with Stephens Inc. (“Stephens”) for distribution services and has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act, whereby Stephens may be compensated for services incurred on behalf of the Class B and Class C shares. For providing these services, Stephens is entitled to receive annual fees of 0.75% of the average daily net assets of Class B and Class C shares. There are no 12b-1 fees charged for the Class A or Institutional Class shares of the Funds.

4. CAPITAL SHARE TRANSACTIONS

As of August 31, 2003, the Trust has authorized an unlimited number of shares of beneficial interest without par value. Transactions in capital shares for each Fund are disclosed in detail in the Statement of Changes in Net Assets.

5. 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 each Fund for the six-month period ended August 31, 2003, were as follows:

Fund	Purchases				Sales
	U.S. Government		Other		U.S. Government		Other
Outlook Today	$	12,942,883	$	1,295,253	$	3,761,531	$	5,508,690
Outlook 2010		27,949,857		6,265,194		9,461,532		15,834,058
Outlook 2020		41,712,920		12,439,521		15,934,406		20,503,656
Outlook 2030		28,233,291		6,772,414		17,003,131		13,726,940
Outlook 2040		18,189,552		5,998,530		7,449,969		22,323,206

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WELLSFARGOOUTLOOKFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

6. 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, 2003, were waived by Funds Management, first from advisory fees, and then any remaining amount consecutively from administration, custody and shareholder servicing fees collected.

7. BANK BORROWINGS

All of the funds in the 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 $225 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. No borrowings under the agreement occurred during the six-month period ended August 31, 2003.

82

BOARDOFTRUSTEES WELLSFARGOOUTLOOKFUNDS

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES**

Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994-1999.	None
Peter G. Gordon 60	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

83

WELLSFARGOOUTLOOKFUNDS BOARDOFTRUSTEES

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

    * The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222.

  ** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

84

LISTOFABBREVIATIONS WELLSFARGOOUTLOOKFUNDS

The following is a list of common abbreviations for terms and entities which may have appeared in this report.

ABAG	— Association of Bay Area Governments
ADR	— American Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DOT	— Department of Transportation
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HEFA	— Higher Education Facilities Authority
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
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
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

85

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.  

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 003 (8/03)

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEMS 5-6. [RESERVED]

ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR

                CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES

(a)(i) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(a)(ii) There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a)(i) above.

ITEM 10. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 2, 2003

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/    STACIE D. DEANGELO
	Stacie D. DeAngelo Treasurer

Date: October 2, 2003