UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo 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 29, 2004
Date of reporting period: August 31, 2004
ITEM 1. REPORT TO SHAREHOLDERS
===============================
WELLS
FARGO
FUNDS
[GRAPHIC OMITTED]
Wells Fargo OUTLOOK FUNDS(R)
SEMI-ANNUAL REPORT
WELLS FARGO OUTLOOK TODAY FUND(R)
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, 2004
WELLS FARGO OUTLOOK FUNDS
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TABLE OF CONTENTS
Letter to Shareholders .................................................... 1
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Performance Highlights .................................................... 2
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Fund Expenses ............................................................. 9
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Portfolio of Investments
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OUTLOOK TODAY FUND ...................................................... 12
OUTLOOK 2010 FUND ....................................................... 25
OUTLOOK 2020 FUND ....................................................... 38
OUTLOOK 2030 FUND ....................................................... 51
OUTLOOK 2040 FUND ....................................................... 62
Financial Statements
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Statement of Assets and Liabilities ..................................... 77
Statement of Operations ................................................. 78
Statements of Changes in Net Assets ..................................... 80
Financial Highlights .................................................... 84
Notes to Financial Statements ............................................. 90
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Other Information ......................................................... 97
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List of Abbreviations ..................................................... 99
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NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO OUTLOOK FUNDS SHAREHOLDER LETTER
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DEAR VALUED SHAREHOLDER,
We are pleased to provide you with this WELLS FARGO OUTLOOK FUNDS(R)
semi-annual report for the six-month period ended August 31, 2004. On the
following pages, you will find a discussion of the WELLS FARGO OUTLOOK FUNDS,
including performance highlights, the strategic outlook and facts and figures
about each Fund's portfolio.
WE'VE SIMPLIFIED AND ENHANCED OUR OUTLOOK FUNDS
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In the recent six-month period, we made two changes to the OUTLOOK FUNDS.
First, the OUTLOOK FUNDS seek exposure to U.S. and foreign equity markets and
U.S. bond markets by investing in securities that comprise certain indices.
Effective July 1, 2004, we reduced the number of these indices from fifteen to
the following six: the Russell 1000(R) Growth, Russell 1000(R) Value, Russell
2000(R) Growth, Russell 2000(R) Value, Morgan Stanley Capital International
Europe, Australasia, Far East (MSCI EAFE) and Lehman Brothers U.S. Treasury 3-5
Year Indices. This change reduced the amount of overlap among the various
indices.
Second, on June 30, 2004, we added a Select Class of shares to the OUTLOOK
FUNDS to meet the needs of our institutional investors.
THE ECONOMY: INTEREST RATES UP, MARKETS FLAT
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The Federal Reserve Board (the Fed) raised short-term interest rates by
0.25%, from 1% to 1.25% at the end of June, and stated that it will continue to
take a "measured" approach to keeping economic growth and possible inflation in
check. The markets remained flat with the year-to-date return on the S&P 500
Index nearly equal to the return from a 10-year U.S. Treasury bond yield--both
holding close to zero. Trading volume remained low, but was stimulated by
activities like the rise and fall of oil prices and interest rates. This
uninspiring market activity contrasts strong economic growth, with corporate
profits keeping an impressive pace rising more than 20 percent since the
beginning of the year. In addition, for the first time in almost four years, job
creation was positive--leading to a rise in disposable personal income and an
improvement in consumer confidence.
STOCKS, BONDS AND INVESTORS CAUTIOUS
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Although the stock market trended toward the low end of its trading range
in 2004, trading volume on the New York Stock Exchange recently inched higher,
with more stocks advancing than declining. Overall, price volatility remained
low and returns averaged near zero so far in 2004. The 10-year U.S. Treasury
bond yield remained about 4.5%--not much higher than it has been for the last
two years. Overall, investors seemed to be cautious about the markets and appear
to be waiting for the November 2004 presidential election results.
OUR COMMITMENT TO SHAREHOLDERS
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Sometimes a cautious, or "wait and see," approach to investing may be
what's comfortable to some investors, particularly when major events are about
to unfold, such as an election or a change in economic policy. But inactivity
could have an adverse effect on reaching your financial goals. During all market
conditions, it is important to ensure that your investment portfolio is properly
diversified. Each WELLS FARGO OUTLOOK FUND represents a diversified portfolio of
domestic and international stocks and domestic bonds. In sum, the Funds are
designed to maximize assets consistent with the risk tolerance of a particular
investor group. As an investor matures and his or her investment time horizon
decreases, the Funds systematically move to more conservative asset mixes.
Thank you for your investment in WELLS FARGO FUNDS. We appreciate the
confidence that you have placed in us. If you have any questions or need further
information, 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,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO FUNDS
1
WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
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INVESTMENT OBJECTIVE
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Each of the WELLS FARGO OUTLOOK FUNDS(R) (each, a Fund, and collectively,
the Funds) seek 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 may be willing to accept given their
investment time horizons.
ADVISER SUB-ADVISER
Wells Fargo Funds Management, LLC Barclays Global Fund Advisors
FUND MANAGERS INCEPTION DATE
Team Managed 03/01/94
HOW DID THE FUNDS PERFORM OVER THE SIX-MONTH REPORTING PERIOD?
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The WELLS FARGO OUTLOOK TODAY FUND Class A shares returned (1.18)%,(1)
excluding sales charges, over the six-month period, outperforming the other
WELLS FARGO OUTLOOK FUNDS due to its greater exposure to bonds, which
outperformed stocks during the period.
The WELLS FARGO OUTLOOK 2010 FUND Class A shares returned (1.63)%,(1)
excluding sales charges, over the six-month reporting period.
Because the WELLS FARGO OUTLOOK 2020 FUND invests in a higher percentage
of equities than the WELLS FARGO OUTLOOK 2010 and OUTLOOK TODAY FUNDS, it
underperformed those Funds that had higher exposure to bonds. The Fund's Class A
shares returned (2.51)%,(1) excluding sales charges, over the six-month
reporting period.
The WELLS FARGO OUTLOOK 2030 FUND Class A shares returned (3.05)%,(1)
excluding sales charges, over the six-month reporting period.
The WELLS FARGO OUTLOOK 2040 FUND Class A shares returned (3.61)%,(1)
excluding sales charges, over the six-month reporting period.
As equity prices fell, the WELLS FARGO OUTLOOK FUNDS with longer time
horizons, and consequently higher equity allocations, such as the WELLS FARGO
OUTLOOK 2040 FUND with 89% of its portfolio invested in stocks as of August 31,
2004, underperformed the WELLS FARGO OUTLOOK FUNDS with shorter time horizons
and lower equity allocations.
WHAT FACTORS AFFECTED THE FUNDS' PERFORMANCE?
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During the six-month period, a long-awaited uptick in hiring, along with
accelerated consumer spending and upgraded profit forecasts, turned doubt over
the sustainability of an economic recovery into optimism over continued global
growth. The Fed raised interest rates from their lowest levels in decades in an
attempt to keep inflation subdued. Growth in China helped to revitalize the
world economy, including Japan's economy, which saw its fastest growth in over
eight years. However, continued concerns over worldwide terrorism and a surge in
oil prices to the highest levels in decades curtailed growth and kept many
investors on the sidelines. As signs of investor concern emerged over the
period, equities declined and bond yields stayed at their lowest levels in 45
years. This adversely impacted the performance of all the OUTLOOK FUNDS over the
period, especially those Funds with longer time horizons, such as the OUTLOOK
2040 FUND.
In general, domestic large cap stocks outperformed small cap stocks, with
small-cap value stocks outperforming small-cap growth stocks during the
reporting period. International stocks slightly outperformed domestic stocks.
Government bonds outperformed both intermediate- and short-term bonds and money
market instruments over the reporting period.
WHAT CHANGES DID YOU MAKE TO THE FUNDS' HOLDINGS DURING THE PERIOD?
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The OUTLOOK FUNDS seek exposure to U.S. and foreign equity markets by
investing in securities that comprise certain indices. Effective July 1, 2004,
the OUTLOOK FUNDS reduced the number of these indices from fifteen to six. This
reduction did not materially affect the OUTLOOK FUNDS' portfolio holdings or
portfolio turnover rates. This reduction reduced the amount of overlap among the
various underlying indices.
LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK?
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While the labor market has improved, it remains unclear how consumers will
react to the evaporation of last year's tax cuts and the lowest mortgage rates
in a generation. Inflation prospects look no worse for the U.S. than elsewhere,
particularly Europe, yet it was U.S. Government bonds that bore the brunt of
investors' concern about emerging inflation. While U.S. Government bonds do not
look cheap by historic standards, they could potentially be a good value
compared to markets elsewhere. Despite the fact that many investment analysts
are showing the most optimism in 20 years, anxious investors may continue to
stay on the sidelines. With the U.S. dollar looking vulnerable once more, we
believe that the U.S. equity market may outperform most others. The U.S.
dollar's recent rallies appear to have stalled, and with interest rates set to
remain low by international standards, we believe that the currency can
potentially remain out of favor.
THE VIEWS EXPRESSED ARE AS OF AUGUST 31, 2004, AND ARE THOSE OF THE FUNDS'
MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO CHANGING
CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR GUARANTEE THE
FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR THE MARKETS
GENERALLY, OR THE WELLS FARGO OUTLOOK FUNDS(R).
2
PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
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AVERAGE ANNUAL TOTAL RETURNS(1) (%) (AS OF AUGUST 31, 2004)
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INCLUDING SALES CHARGE EXCLUDING SALES CHARGE
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FUND NAME 6-months* 1-Year 5-Year 10-Year 6-months* 1-Year 5-Year 10-Year
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WELLS FARGO OUTLOOK TODAY FUND - A (6.86) 0.04 2.62 5.43 (1.18) 6.12 3.84 6.06
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WELLS FARGO OUTLOOK TODAY FUND - B (6.53) 0.32 2.90 5.51 (1.53) 5.32 3.25 5.51
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WELLS FARGO OUTLOOK TODAY FUND - C (2.51) 4.39 3.29 5.51 (1.51) 5.39 3.29 5.51
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WELLS FARGO OUTLOOK TODAY FUND - I (1.02) 6.45 4.08 6.18
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WELLS FARGO OUTLOOK TODAY FUND - Select (1.02) 6.45 4.08 6.18
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WELLS FARGO OUTLOOK 2010 FUND - A (7.31) 1.27 1.05 6.84 (1.63) 7.48 2.25 7.48
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WELLS FARGO OUTLOOK 2010 FUND - B (7.08) 1.66 1.28 6.89 (2.08) 6.66 1.66 6.89
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WELLS FARGO OUTLOOK 2010 FUND - C (3.06) 5.64 1.66 6.89 (2.06) 6.64 1.66 6.89
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WELLS FARGO OUTLOOK 2010 FUND - I (1.55) 7.75 2.44 7.58
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WELLS FARGO OUTLOOK 2010 FUND - Select (1.46) 7.84 2.46 7.59
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WELLS FARGO OUTLOOK 2020 FUND - A (8.11) 2.53 (1.00) 7.24 (2.51) 8.76 0.19 7.87
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WELLS FARGO OUTLOOK 2020 FUND - B (7.90) 2.94 (0.79) 7.29 (2.90) 7.94 (0.38) 7.29
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WELLS FARGO OUTLOOK 2020 FUND - C (3.88) 7.00 (0.37) 7.29 (2.88) 8.00 (0.37) 7.29
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WELLS FARGO OUTLOOK 2020 FUND - I (2.41) 9.09 0.45 8.02
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WELLS FARGO OUTLOOK 2020 FUND - Select (2.34) 9.17 0.47 8.03
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WELLS FARGO OUTLOOK 2030 FUND - A (8.65) 3.93 (1.86) 7.82 (3.05) 10.31 (0.69) 8.46
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WELLS FARGO OUTLOOK 2030 FUND - B (8.46) 4.48 (1.67) 7.86 (3.46) 9.48 (1.25) 7.86
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WELLS FARGO OUTLOOK 2030 FUND - C (4.46) 8.53 (1.25) 7.85 (3.46) 9.53 (1.25) 7.85
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WELLS FARGO OUTLOOK 2030 FUND - I (2.95) 10.65 (0.45) 8.59
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WELLS FARGO OUTLOOK 2030 FUND - Select (2.95) 10.65 (0.45) 8.59
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WELLS FARGO OUTLOOK 2040 FUND - A (9.16) 4.85 (3.31) 8.02 (3.61) 11.21 (2.16) 8.66
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WELLS FARGO OUTLOOK 2040 FUND - B (8.97) 5.41 (3.16) 8.05 (3.97) 10.41 (2.71) 8.05
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WELLS FARGO OUTLOOK 2040 FUND - C (5.04) 9.34 (2.73) 8.04 (4.04) 10.34 (2.73) 8.04
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WELLS FARGO OUTLOOK 2040 FUND - I (3.50) 11.55 (1.88) 8.82
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WELLS FARGO OUTLOOK 2040 FUND - Select (3.43) 11.63 (1.87) 8.82
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iMoneyNet All Taxable Money Fund Average(2) 0.31 0.57 2.87 4.65
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Lehman Brothers U.S. Treasury 3-5 Year Index(3) 1.15 6.13 7.67 7.47
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Morgan Stanley Capital International/ Europe,
Australasia and Far East Index4 (MSCI/EAFE) (2.06) 22.64 (1.16) 3.42
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Russell 3000(R) Index(5) (3.26) 11.31 (0.92) 10.47
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*Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE
WWW.WELLSFARGOFUNDS.COM.
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 CDSC IS 1.00%. EFFECTIVE FEBRUARY 1, 2004, THE 1.00%
FRONT-END SALES CHARGE FOR CLASS C SHARES WAS ELIMINATED. PERFORMANCE, INCLUDING
SALES CHARGES, ASSUMES THE MAXIMUM SALES CHARGE FOR THE PERIOD SHOWN.
INSTITUTIONAL AND SELECT CLASS SHARES ARE SOLD WITHOUT SALES CHARGES. OTHER FEES
AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE DESCRIBED IN THE FUND'S
CURRENT PROSPECTUS.
3
WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
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PORTFOLIO ALLOCATION(6) (AS OF AUGUST 31, 2004)
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[THE FOLOWING TABLE WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO OUTLOOK TODAY FUND
Cash (1%)
Bonds (64%)
Stocks (35%)
WELLS FARGO OUTLOOK 2010 FUND
Cash (1%)
Bonds (51%)
Stocks (48%)
WELLS FARGO OUTLOOK 2020 FUND
Cash (1%)
Bonds (34%)
Stocks (65%)
WELLS FARGO OUTLOOK 2030 FUND
Cash (1%)
Bonds (21%)
Stocks (78%)
WELLS FARGO OUTLOOK 2040 FUND
Cash (1%)
Bonds (10%)
Stocks (89%)
FUND CHARACTERISTICS(6) (AS OF AUGUST 31, 2004)
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WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO
OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK
TODAY FUND 2010 FUND 2020 FUND 2030 FUND 2040 FUND
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Weighted Average Coupon of Bond Portfolio 3.50% 3.58% 3.35% 3.40% 3.26%
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Weighted Average Maturity of Bond Portfolio 4.2 years 4.2 years 4.2 years 4.2 years 4.2 years
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Estimated Duration of Bond Portfolio 3.8 years 3.8 years 3.8 years 3.8 years 3.8 years
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PORTFOLIO ALLOCATION BY ASSET CLASS(6) (AS OF AUGUST 31, 2004)
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WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO
OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK
TODAY FUND 2010 FUND 2020 FUND 2030 FUND 2040 FUND
DOMESTIC STOCKS
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Large Cap Value 10% 15% 21% 26% 30%
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Large Cap Growth 11% 16% 23% 28% 33%
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Mid/Small Cap Value 2% 2% 2% 2% 3%
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Mid/Small Cap Growth 3% 3% 3% 3% 3%
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TOTAL DOMESTIC STOCKS 26% 36% 49% 59% 69%
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INTERNATIONAL STOCKS 9% 12% 16% 19% 20%
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BONDS 64% 51% 34% 21% 10%
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CASH EQUIVALENTS 1% 1% 1% 1% 1%
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TOTAL 100% 100% 100% 100% 100%
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4
PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
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GROWTH OF $10,000 INVESTMENT CHARTS(7)
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[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
WELLS FARGO OUTLOOK WELLS FARGO OUTLOOK IMONEYNET ALL TAXABLE MSCI RUSSELL LB TREASURY
TODAY CLASS A TODAY CLASS I MONEY FUND AVERAGE EAFE INDEX 3000 INDEX 3-5 YEAR
------------------- ------------------- --------------------- ---------- ---------- -----------
Aug-94 9,421 10,000.00 10,000.00 10,000.00 10,000.00 $10,000
Sep-94 9,293 9,864.00 10,035.00 9,685.00 9,787.00 $9,896
Oct-94 9,321 9,895.00 10,072.13 10,007.51 9,948.49 $9,892
Nov-94 9,206 9,773.00 10,110.40 9,526.15 9,585.37 $9,827
Dec-94 9,245 9,813.00 10,153.88 9,586.16 9,734.90 $9,854
Jan-95 9,400 9,978.00 10,198.56 9,218.06 9,948.09 $10,030
Feb-95 9,623 10,215.00 10,241.39 9,191.32 10,353.97 $10,257
Mar-95 9,714 10,311.00 10,289.52 9,764.86 10,611.79 $10,314
Apr-95 9,851 10,457.00 10,336.86 10,132.02 10,888.76 $10,444
May-95 10,126 10,749.00 10,385.44 10,011.45 11,284.02 $10,791
Jun-95 10,221 10,850.00 10,432.17 9,836.25 11,610.13 $10,865
Jul-95 10,321 10,955.00 10,480.16 10,449.05 12,076.85 $10,858
Aug-95 10,390 11,029.00 10,527.32 10,050.94 12,184.34 $10,950
Sep-95 10,506 11,152.00 10,572.59 10,246.93 12,657.09 $11,025
Oct-95 10,536 11,184.00 10,620.17 9,971.29 12,548.24 $11,158
Nov-95 10,706 11,365.00 10,665.83 10,248.49 13,105.38 $11,313
Dec-95 10,832 11,498.00 10,712.76 10,661.51 13,319.00 $11,432
Jan-96 10,934 11,606.00 10,758.83 10,705.22 13,705.25 $11,546
Feb-96 10,872 11,541.00 10,800.79 10,741.62 13,908.09 $11,404
Mar-96 10,849 11,516.00 10,845.07 10,969.34 14,048.56 $11,318
Apr-96 10,859 11,527.00 10,887.37 11,288.55 14,315.48 $11,270
May-96 10,870 11,538.00 10,932.00 11,080.84 14,681.96 $11,245
Jun-96 10,940 11,613.00 10,974.64 11,142.89 14,634.97 $11,369
Jul-96 10,846 11,513.00 11,019.63 10,817.52 13,869.56 $11,402
Aug-96 10,909 11,580.00 11,064.82 10,841.31 14,289.81 $11,407
Sep-96 11,137 11,821.00 11,109.07 11,129.69 15,067.18 $11,569
Oct-96 11,305 12,001.00 11,154.62 11,016.17 15,342.91 $11,783
Nov-96 11,580 12,292.00 11,199.24 11,454.61 16,424.58 $11,938
Dec-96 11,486 12,192.00 11,246.28 11,306.85 16,227.49 $11,848
Jan-97 11,594 12,307.00 11,292.39 10,911.11 17,124.87 $11,893
Feb-97 11,605 12,318.00 11,334.17 11,090.05 17,143.71 $11,903
Mar-97 11,445 12,149.00 11,380.64 11,129.98 16,367.10 $11,811
Apr-97 11,631 12,347.00 11,427.30 11,188.97 17,173.99 $11,958
May-97 11,883 12,614.00 11,476.44 11,917.37 18,346.98 $12,051
Jun-97 12,089 12,832.00 11,524.64 12,574.01 19,110.21 $12,163
Jul-97 12,410 13,173.00 11,574.19 12,777.71 20,608.45 $12,429
Aug-97 12,244 12,997.00 11,623.96 11,823.22 19,771.75 $12,360
Sep-97 12,494 13,262.00 11,672.78 12,485.32 20,892.81 $12,507
Oct-97 12,472 13,238.00 11,722.98 11,525.20 20,190.81 $12,671
Nov-97 12,550 13,321.00 11,772.21 11,407.64 20,964.12 $12,685
Dec-97 12,684 13,464.00 11,824.01 11,506.89 21,383.40 $12,796
Jan-98 12,792 13,578.00 11,876.04 12,032.75 21,494.59 $12,996
Feb-98 12,996 13,795.00 11,922.35 12,805.25 23,031.46 $12,964
Mar-98 13,173 13,983.00 11,973.62 13,199.66 24,173.82 $12,997
Apr-98 13,245 14,060.00 12,022.71 13,303.93 24,410.72 $13,058
May-98 13,221 14,034.00 12,074.41 13,238.74 23,807.77 $13,152
Jun-98 13,356 14,177.00 12,123.91 13,339.36 24,612.48 $13,240
Jul-98 13,331 14,151.00 12,176.05 13,474.09 24,164.53 $13,288
Aug-98 13,026 13,827.00 12,228.40 11,804.65 20,462.52 $13,580
Sep-98 13,338 14,158.00 12,278.54 11,442.24 21,858.07 $13,953
Oct-98 13,572 14,406.00 12,327.65 12,634.53 23,517.10 $13,989
Nov-98 13,732 14,577.00 12,374.50 13,281.41 24,956.34 $13,919
Dec-98 13,970 14,829.00 12,422.76 13,804.70 26,543.57 $13,956
Jan-99 14,062 14,927.00 12,469.97 13,763.29 27,446.05 $14,027
Feb-99 13,826 14,676.00 12,512.36 13,435.72 26,474.46 $13,788
Mar-99 14,000 14,861.00 12,558.66 13,995.99 27,446.07 $13,890
Apr-99 14,146 15,016.00 12,603.87 14,562.83 28,683.89 $13,924
May-99 13,987 14,847.00 12,650.51 13,812.84 28,138.89 $13,804
Jun-99 14,145 15,015.00 12,696.05 14,351.54 29,559.91 $13,844
Jul-99 14,078 14,944.00 12,744.29 14,777.78 28,664.24 $13,842
Aug-99 14,051 14,915.00 12,793.99 14,832.46 28,337.47 $13,879
Sep-99 14,075 14,940.00 12,843.89 14,982.27 27,612.03 $13,999
Oct-99 14,250 15,126.00 12,896.55 15,544.10 29,343.30 $14,002
Nov-99 14,385 15,255.00 12,949.43 16,083.49 30,164.92 $13,999
Dec-99 14,598 15,470.00 13,005.11 17,527.78 32,089.44 $13,944
Jan-00 14,332 15,204.00 13,062.33 16,414.77 30,831.53 $13,877
Feb-00 14,444 15,322.00 13,117.19 16,856.33 31,118.27 $13,992
Mar-00 14,814 15,712.00 13,176.22 17,510.35 33,554.83 $14,182
Apr-00 14,701 15,593.00 13,235.51 16,589.31 32,373.70 $14,156
May-00 14,658 15,549.00 13,299.04 16,184.53 31,464.00 $14,215
Jun-00 14,910 15,810.00 13,362.88 16,817.34 32,395.33 $14,451
Jul-00 14,896 15,795.00 13,431.03 16,112.70 31,821.93 $14,545
Aug-00 15,195 16,124.00 13,499.53 16,252.88 34,183.12 $14,710
Sep-00 15,098 16,032.00 13,565.68 15,461.36 32,634.62 $14,850
Oct-00 15,127 16,062.00 13,634.86 15,096.47 32,171.21 $14,951
Nov-00 15,041 15,987.00 13,703.04 14,530.36 29,205.03 $15,175
Dec-00 15,234 16,184.00 13,772.92 15,046.18 29,695.67 $15,460
Jan-01 15,434 16,410.00 13,839.03 15,038.66 30,711.26 $15,657
Feb-01 15,280 16,233.00 13,894.39 13,910.76 27,904.25 $15,812
Mar-01 15,177 16,133.00 13,952.74 12,982.91 26,084.90 $15,944
Apr-01 15,332 16,312.00 14,004.37 13,885.22 28,176.91 $15,868
May-01 15,363 16,344.00 14,051.98 13,395.08 28,402.32 $15,931
Jun-01 15,332 16,324.00 14,094.14 12,847.22 27,879.72 $15,980
Jul-01 15,472 16,472.00 14,135.01 12,613.40 27,419.70 $16,301
Aug-01 15,379 16,373.00 14,173.18 12,294.28 25,801.94 $16,457
Sep-01 15,300 16,285.00 14,207.19 11,048.87 23,526.21 $16,850
Oct-01 15,552 16,549.00 14,235.61 11,331.72 24,074.37 $17,120
Nov-01 15,693 16,714.00 14,258.38 11,749.86 25,928.10 $16,891
Dec-01 15,738 16,757.00 14,278.35 11,819.18 26,293.68 $16,778
Jan-02 15,627 16,640.00 14,296.91 11,191.59 25,965.01 $16,846
Feb-02 15,595 16,623.00 14,312.63 11,269.93 25,435.33 $17,004
Mar-02 15,722 16,751.00 14,329.81 11,879.63 26,549.39 $16,696
Apr-02 15,594 16,634.00 14,345.57 11,958.04 25,155.55 $17,029
May-02 15,610 16,650.00 14,362.79 12,109.90 24,863.74 $17,189
Jun-02 15,321 16,343.00 14,378.59 11,627.93 23,073.56 $17,424
Jul-02 15,015 16,021.00 14,394.40 10,480.25 21,239.21 $17,866
Aug-02 15,128 16,139.00 14,410.24 10,456.15 21,339.03 $18,115
Sep-02 14,646 15,630.00 14,424.65 9,333.16 19,096.30 $18,540
Oct-02 15,020 16,040.00 14,439.07 9,834.35 20,616.37 $18,507
Nov-02 15,295 16,330.00 14,452.07 10,280.83 21,863.66 $18,262
Dec-02 15,105 16,133.00 14,463.63 9,935.39 20,628.36 $18,685
Jan-03 14,922 15,958.00 14,473.75 9,521.09 20,122.96 $18,597
Feb-03 14,872 15,905.00 14,482.44 9,302.10 19,790.94 $18,864
Mar-03 14,873 15,916.00 14,491.13 9,119.78 19,998.74 $18,862
Apr-03 15,356 16,426.00 14,499.82 10,013.52 21,632.64 $18,909
May-03 15,856 16,970.00 14,508.52 10,620.34 22,939.25 $19,288
Jun-03 15,950 17,064.00 14,515.78 10,877.35 23,248.93 $19,239
Jul-03 15,849 16,958.00 14,523.03 11,140.58 23,781.33 $18,722
Aug-03 15,983 17,117.00 14,528.84 11,409.07 24,309.27 $18,728
Sep-03 16,169 17,324.00 14,534.65 11,760.76 24,044.30 $19,220
Oct-03 16,387 17,555.00 14,540.47 12,493.80 25,498.98 $18,986
Nov-03 16,455 17,626.00 14,546.28 12,771.56 25,850.87 $18,959
Dec-03 16,827 18,051.00 14,553.56 13,769.34 27,032.25 $19,143
Jan-04 16,978 18,211.00 14,559.38 13,964.05 27,597.23 $19,248
Feb-04 17,164 18,407.00 14,565.20 14,286.40 27,969.79 $19,471
Mar-04 17,166 18,405.00 14,571.03 14,366.40 27,636.95 $19,649
Apr-04 16,776 18,011.00 14,576.86 14,041.72 27,064.87 $19,095
May-04 16,793 18,029.00 14,582.69 14,089.47 27,457.31 $19,027
Jun-04 16,944 18,202.00 14,589.98 14,398.03 28,003.71 $19,080
Jul-04 16,774 18,004.00 14,598.73 13,930.09 26,945.17 $19,222
Aug-04 16,961 18,220.00 14,608.95 13,991.38 27,055.64 $19,556
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
IMONEYNET ALL
WELLS FARGO WELLS FARGO TAXABLE
OUTLOOK 2010 OUTLOOK 2010 LEHMAN BROTHERS MONEY FUND MSCI EAFE
CLASS A CLASS I TREASURY 3-5 YEAR AVERAGE INDEX RUSSELL 3000 INDEX
------------ ------------ ----------------- ------------- --------- ------------------
8/31/1994 9,423 10,000 $10,000 $10,000 $10,000 $10,000
9/30/1994 9,278 9,847 $9,896 $10,035 $9,685 $9,787
10/31/1994 9,355 9,928 $9,892 $10,072 $10,008 $9,949
11/30/1994 9,154 9,715 $9,827 $10,110 $9,526 $9,586
12/31/1994 9,228 9,793 $9,854 $10,154 $9,586 $9,735
1/31/1995 9,403 9,978 $10,030 $10,199 $9,218 $9,949
2/28/1995 9,694 10,287 $10,257 $10,241 $9,191 $10,355
3/31/1995 9,844 10,447 $10,314 $10,290 $9,765 $10,612
4/30/1995 10,030 10,645 $10,444 $10,337 $10,132 $10,890
5/31/1995 10,383 11,019 $10,791 $10,385 $10,011 $11,285
6/30/1995 10,523 11,167 $10,865 $10,432 $9,836 $11,612
7/31/1995 10,721 11,377 $10,858 $10,480 $10,449 $12,078
8/31/1995 10,760 11,419 $10,950 $10,527 $10,051 $12,185
9/30/1995 10,968 11,639 $11,025 $10,573 $10,247 $12,657
10/31/1995 10,968 11,639 $11,158 $10,620 $9,971 $12,548
11/30/1995 11,236 11,924 $11,313 $10,666 $10,248 $13,104
12/31/1995 11,402 12,100 $11,432 $10,713 $10,662 $13,318
1/31/1996 11,605 12,315 $11,546 $10,759 $10,705 $13,705
2/29/1996 11,574 12,283 $11,404 $10,801 $10,742 $13,907
3/31/1996 11,588 12,298 $11,318 $10,845 $10,969 $14,047
4/30/1996 11,670 12,384 $11,270 $10,887 $11,289 $14,313
5/31/1996 11,751 12,471 $11,245 $10,932 $11,081 $14,680
6/30/1996 11,811 12,534 $11,369 $10,975 $11,143 $14,632
7/31/1996 11,574 12,283 $11,402 $11,020 $10,818 $13,866
8/31/1996 11,677 12,392 $11,407 $11,065 $10,841 $14,287
9/30/1996 12,046 12,784 $11,569 $11,109 $11,130 $15,064
10/31/1996 12,264 13,015 $11,783 $11,155 $11,016 $15,340
11/30/1996 12,762 13,543 $11,938 $11,199 $11,455 $16,422
12/31/1996 12,600 13,371 $11,848 $11,246 $11,307 $16,224
1/31/1997 12,875 13,663 $11,893 $11,292 $10,911 $17,122
2/28/1997 12,917 13,708 $11,903 $11,334 $11,090 $17,141
3/31/1997 12,658 13,433 $11,811 $11,381 $11,130 $16,365
4/30/1997 13,011 13,808 $11,958 $11,427 $11,189 $17,171
5/31/1997 13,481 14,306 $12,051 $11,476 $11,917 $18,344
6/30/1997 13,844 14,692 $12,163 $11,525 $12,574 $19,106
7/31/1997 14,414 15,297 $12,429 $11,574 $12,778 $20,604
8/31/1997 13,994 14,852 $12,360 $11,624 $11,823 $19,769
9/30/1997 14,443 15,328 $12,507 $11,673 $12,485 $20,890
10/31/1997 14,237 15,109 $12,671 $11,723 $11,525 $20,188
11/30/1997 14,454 15,339 $12,685 $11,772 $11,408 $20,961
12/31/1997 14,650 15,547 $12,796 $11,824 $11,507 $21,381
1/31/1998 14,801 15,707 $12,996 $11,876 $12,033 $21,492
2/28/1998 15,301 16,238 $12,964 $11,922 $12,805 $23,029
3/31/1998 15,691 16,652 $12,997 $11,974 $13,200 $24,170
4/30/1998 15,808 16,776 $13,058 $12,023 $13,304 $24,408
5/31/1998 15,703 16,664 $13,152 $12,074 $13,239 $23,806
6/30/1998 15,976 16,955 $13,240 $12,124 $13,339 $24,611
7/31/1998 15,906 16,880 $13,288 $12,176 $13,474 $24,164
8/31/1998 14,893 15,805 $13,580 $12,228 $11,805 $20,462
9/30/1998 15,406 16,349 $13,953 $12,279 $11,442 $21,858
10/31/1998 16,034 17,016 $13,989 $12,328 $12,635 $23,517
11/30/1998 16,449 17,457 $13,919 $12,374 $13,281 $24,956
12/31/1998 16,945 17,983 $13,956 $12,423 $13,805 $26,542
1/31/1999 17,198 18,252 $14,027 $12,470 $13,763 $27,443
2/28/1999 16,818 17,848 $13,788 $12,512 $13,436 $26,471
3/31/1999 17,149 18,199 $13,890 $12,559 $13,996 $27,443
4/30/1999 17,493 18,565 $13,924 $12,604 $14,563 $28,681
5/31/1999 17,213 18,267 $13,804 $12,651 $13,813 $28,136
6/30/1999 17,594 18,672 $13,844 $12,696 $14,352 $29,558
7/31/1999 17,402 18,468 $13,842 $12,744 $14,778 $28,662
8/31/1999 17,338 18,400 $13,879 $12,794 $14,832 $28,336
9/30/1999 17,277 18,335 $13,999 $12,844 $14,982 $27,612
10/31/1999 17,703 18,787 $14,002 $12,897 $15,544 $29,344
11/30/1999 17,987 19,061 $13,999 $12,949 $16,083 $30,165
12/31/1999 18,487 19,586 $13,944 $13,005 $17,528 $32,090
1/31/2000 17,996 19,068 $13,877 $13,062 $16,415 $30,832
2/29/2000 18,080 19,157 $13,992 $13,117 $16,856 $31,117
3/31/2000 18,818 19,946 $14,182 $13,176 $17,510 $33,555
4/30/2000 18,508 19,634 $14,156 $13,236 $16,589 $32,373
5/31/2000 18,352 19,471 $14,215 $13,299 $16,185 $31,463
6/30/2000 18,730 19,870 $14,451 $13,363 $16,817 $32,395
7/31/2000 18,602 19,735 $14,545 $13,431 $16,113 $31,822
8/31/2000 19,085 20,259 $14,710 $13,500 $16,253 $34,182
9/30/2000 18,783 19,906 $14,850 $13,566 $15,461 $32,635
10/31/2000 18,768 19,891 $14,951 $13,635 $15,096 $32,170
11/30/2000 18,325 19,425 $15,175 $13,703 $14,530 $29,205
12/31/2000 18,560 19,668 $15,460 $13,773 $15,046 $29,696
1/31/2001 18,905 20,047 $15,657 $13,839 $15,039 $30,711
2/28/2001 18,335 19,447 $15,812 $13,894 $13,911 $27,905
3/31/2001 17,947 19,035 $15,944 $13,953 $12,983 $26,086
4/30/2001 18,475 19,591 $15,868 $14,004 $13,885 $28,178
5/31/2001 18,490 19,623 $15,931 $14,052 $13,395 $28,405
6/30/2001 18,322 19,445 $15,980 $14,094 $12,847 $27,881
7/31/2001 18,352 19,477 $16,301 $14,135 $12,613 $27,421
8/31/2001 18,018 19,125 $16,457 $14,173 $12,294 $25,803
9/30/2001 17,497 18,589 $16,850 $14,207 $11,049 $23,526
10/31/2001 17,834 18,943 $17,120 $14,236 $11,332 $24,073
11/30/2001 18,277 19,410 $16,891 $14,258 $11,750 $25,928
12/31/2001 18,367 19,519 $16,778 $14,278 $11,819 $26,293
1/31/2002 18,180 19,323 $16,846 $14,297 $11,192 $25,963
2/28/2002 18,072 19,225 $17,004 $14,313 $11,270 $25,433
3/31/2002 18,422 19,591 $16,696 $14,330 $11,880 $26,548
4/30/2002 18,017 19,180 $17,029 $14,346 $11,958 $25,155
5/31/2002 17,986 19,147 $17,189 $14,363 $12,110 $24,863
6/30/2002 17,348 18,473 $17,424 $14,379 $11,628 $23,074
7/31/2002 16,753 17,844 $17,866 $14,394 $10,480 $21,239
8/31/2002 16,862 17,959 $18,115 $14,410 $10,456 $21,340
9/30/2002 15,853 16,893 $18,540 $14,425 $9,333 $19,097
10/31/2002 16,578 17,675 $18,507 $14,439 $9,834 $20,618
11/30/2002 17,081 18,208 $18,262 $14,452 $10,281 $21,866
12/31/2002 16,671 17,766 $18,685 $14,464 $9,935 $20,629
1/31/2003 16,416 17,514 $18,597 $14,474 $9,521 $20,125
2/28/2003 16,289 17,379 $18,864 $14,482 $9,302 $19,794
3/31/2003 16,323 17,410 $18,862 $14,491 $9,120 $20,002
4/30/2003 17,025 18,171 $18,909 $14,500 $10,014 $21,635
5/31/2003 17,695 18,897 $19,288 $14,509 $10,620 $22,941
6/30/2003 17,823 19,029 $19,239 $14,516 $10,877 $23,251
7/31/2003 17,823 19,029 $18,722 $14,523 $11,141 $23,784
8/31/2003 18,031 19,267 $18,728 $14,529 $11,409 $24,311
9/30/2003 18,187 19,429 $19,220 $14,535 $11,761 $24,047
10/31/2003 18,589 19,872 $18,986 $14,540 $12,494 $25,502
11/30/2003 18,701 19,991 $18,959 $14,546 $12,772 $25,854
12/31/2003 19,265 20,607 $19,143 $14,554 $13,769 $27,036
1/31/2004 19,475 20,846 $19,248 $14,559 $13,964 $27,600
2/29/2004 19,700 21,086 $19,471 $14,565 $14,286 $27,972
3/31/2004 19,656 21,038 $19,649 $14,571 $14,366 $27,640
4/30/2004 19,236 20,592 $19,095 $14,577 $14,042 $27,068
5/31/2004 19,301 20,677 $19,027 $14,583 $14,089 $27,460
6/30/2004 19,510 20,898 $19,080 $14,590 $14,398 $28,007
7/31/2004 19,185 20,570 $19,222 $14,599 $13,930 $26,948
8/31/2004 19,380 20,760 $19,556 $14,609 $13,991 $27,059
5
WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENT CHARTS(7)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
WELLS FARGO WELLS FARGO
OUTLOOK 2020 OUTLOOK 2020 LEHMAN BROTHERS IMONEYNET ALL TAXABLE MSCI EAFE RUSSELL 3000
CLASS A CLASS I TREASURY 3-5 YEAR MONEY FUND AVERAGE INDEX INDEX
------------ ------------ ----------------- --------------------- --------- ------------
Aug-94 9,426 10,000 $10,000 10,000.00 $10,000 $10,000
Sep-94 9,245 9,808 $9,896 10,035.00 $9,685 $9,787
Oct-94 9,350 9,919 $9,892 10,072.13 $10,008 $9,948
Nov-94 9,112 9,667 $9,827 10,110.40 $9,526 $9,585
Dec-94 9,205 9,765 $9,854 10,153.88 $9,586 $9,735
Jan-95 9,405 9,978 $10,030 10,198.56 $9,218 $9,948
Feb-95 9,721 10,313 $10,257 10,241.39 $9,191 $10,354
Mar-95 9,907 10,510 $10,314 10,289.52 $9,765 $10,612
Apr-95 10,129 10,745 $10,444 10,336.86 $10,132 $10,889
May-95 10,495 11,133 $10,791 10,385.44 $10,011 $11,284
Jun-95 10,672 11,322 $10,865 10,432.17 $9,836 $11,610
Jul-95 10,924 11,589 $10,858 10,480.16 $10,449 $12,077
Aug-95 10,953 11,620 $10,950 10,527.32 $10,051 $12,184
Sep-95 11,211 11,893 $11,025 10,572.59 $10,247 $12,657
Oct-95 11,172 11,852 $11,158 10,620.17 $9,971 $12,548
Nov-95 11,503 12,203 $11,313 10,665.83 $10,248 $13,105
Dec-95 11,702 12,414 $11,432 10,712.76 $10,662 $13,319
Jan-96 11,961 12,689 $11,546 10,758.83 $10,705 $13,705
Feb-96 11,951 12,679 $11,404 10,800.79 $10,742 $13,908
Mar-96 11,991 12,721 $11,318 10,845.07 $10,969 $14,049
Apr-96 12,102 12,839 $11,270 10,887.37 $11,289 $14,315
May-96 12,233 12,978 $11,245 10,932.00 $11,081 $14,682
Jun-96 12,289 13,037 $11,369 10,974.64 $11,143 $14,635
Jul-96 11,924 12,650 $11,402 11,019.63 $10,818 $13,870
Aug-96 12,066 12,801 $11,407 11,064.82 $10,841 $14,290
Sep-96 12,545 13,309 $11,569 11,109.07 $11,130 $15,067
Oct-96 12,779 13,557 $11,783 11,154.62 $11,016 $15,343
Nov-96 13,461 14,281 $11,938 11,199.24 $11,455 $16,425
Dec-96 13,248 14,055 $11,848 11,246.28 $11,307 $16,227
Jan-97 13,639 14,469 $11,893 11,292.39 $10,911 $17,125
Feb-97 13,702 14,536 $11,903 11,334.17 $11,090 $17,144
Mar-97 13,345 14,158 $11,811 11,380.64 $11,130 $16,367
Apr-97 13,823 14,664 $11,958 11,427.30 $11,189 $17,174
May-97 14,481 15,363 $12,051 11,476.44 $11,917 $18,347
Jun-97 14,972 15,884 $12,163 11,524.64 $12,574 $19,110
Jul-97 15,773 16,734 $12,429 11,574.19 $12,778 $20,608
Aug-97 15,143 16,065 $12,360 11,623.96 $11,823 $19,772
Sep-97 15,769 16,729 $12,507 11,672.78 $12,485 $20,893
Oct-97 15,415 16,354 $12,671 11,722.98 $11,525 $20,191
Nov-97 15,769 16,729 $12,685 11,772.21 $11,408 $20,964
Dec-97 16,016 16,991 $12,796 11,824.01 $11,507 $21,383
Jan-98 16,201 17,187 $12,996 11,876.04 $12,033 $21,495
Feb-98 16,987 18,021 $12,964 11,922.35 $12,805 $23,031
Mar-98 17,589 18,660 $12,997 11,973.62 $13,200 $24,174
Apr-98 17,740 18,820 $13,058 12,022.71 $13,304 $24,411
May-98 17,531 18,598 $13,152 12,074.41 $13,239 $23,808
Jun-98 17,956 19,049 $13,240 12,123.91 $13,339 $24,612
Jul-98 17,804 18,888 $13,288 12,176.05 $13,474 $24,165
Aug-98 16,055 17,033 $13,580 12,228.40 $11,805 $20,463
Sep-98 16,733 17,752 $13,953 12,278.54 $11,442 $21,858
Oct-98 17,705 18,783 $13,989 12,327.65 $12,635 $23,517
Nov-98 18,396 19,516 $13,919 12,374.50 $13,281 $24,956
Dec-98 19,157 20,323 $13,956 12,422.76 $13,805 $26,544
Jan-99 19,565 20,756 $14,027 12,469.97 $13,763 $27,446
Feb-99 19,029 20,187 $13,788 12,512.36 $13,436 $26,474
Mar-99 19,530 20,719 $13,890 12,558.66 $13,996 $27,446
Apr-99 20,094 21,317 $13,924 12,603.87 $14,563 $28,684
May-99 19,684 20,882 $13,804 12,650.51 $13,813 $28,139
Jun-99 20,350 21,589 $13,844 12,696.05 $14,352 $29,560
Jul-99 20,028 21,248 $13,842 12,744.29 $14,778 $28,664
Aug-99 19,925 21,138 $13,879 12,793.99 $14,832 $28,337
Sep-99 19,707 20,906 $13,999 12,843.89 $14,982 $27,612
Oct-99 20,469 21,715 $14,002 12,896.55 $15,544 $29,343
Nov-99 20,908 22,179 $13,999 12,949.43 $16,083 $30,165
Dec-99 21,784 23,126 $13,944 13,005.11 $17,528 $32,089
Jan-00 20,988 22,286 $13,877 13,062.33 $16,415 $30,832
Feb-00 21,017 22,316 $13,992 13,117.19 $16,856 $31,118
Mar-00 22,241 23,617 $14,182 13,176.22 $17,510 $33,555
Apr-00 21,685 23,031 $14,156 13,235.51 $16,589 $32,374
May-00 21,300 22,639 $14,215 13,299.04 $16,185 $31,464
Jun-00 21,906 23,274 $14,451 13,362.88 $16,817 $32,395
Jul-00 21,619 22,987 $14,545 13,431.03 $16,113 $31,822
Aug-00 22,465 23,893 $14,710 13,499.53 $16,253 $34,183
Sep-00 21,784 23,164 $14,850 13,565.68 $15,461 $32,635
Oct-00 21,655 23,028 $14,951 13,634.86 $15,096 $32,171
Nov-00 20,648 21,968 $15,175 13,703.04 $14,530 $29,205
Dec-00 20,906 22,239 $15,460 13,772.92 $15,046 $29,696
Jan-01 21,393 22,768 $15,657 13,839.03 $15,039 $30,711
Feb-01 20,221 21,518 $15,812 13,894.39 $13,911 $27,904
Mar-01 19,423 20,677 $15,944 13,952.74 $12,983 $26,085
Apr-01 20,400 21,723 $15,868 14,004.37 $13,885 $28,177
May-01 20,385 21,707 $15,931 14,051.98 $13,395 $28,402
Jun-01 20,038 21,342 $15,980 14,094.14 $12,847 $27,880
Jul-01 19,931 21,245 $16,301 14,135.01 $12,613 $27,420
Aug-01 19,272 20,533 $16,457 14,173.18 $12,294 $25,802
Sep-01 18,213 19,430 $16,850 14,207.19 $11,049 $23,526
Oct-01 18,597 19,835 $17,120 14,235.61 $11,332 $24,074
Nov-01 19,413 20,712 $16,891 14,258.38 $11,750 $25,928
Dec-01 19,545 20,837 $16,778 14,278.35 $11,819 $26,294
Jan-02 19,249 20,526 $16,846 14,296.91 $11,192 $25,965
Feb-02 19,094 20,378 $17,004 14,312.63 $11,270 $25,435
Mar-02 19,592 20,917 $16,696 14,329.81 $11,880 $26,549
Apr-02 18,985 20,276 $17,029 14,345.57 $11,958 $25,156
May-02 18,907 20,194 $17,189 14,362.79 $12,110 $24,864
Jun-02 17,997 19,232 $17,424 14,378.59 $11,628 $23,074
Jul-02 17,122 18,289 $17,866 14,394.40 $10,480 $21,239
Aug-02 17,200 18,388 $18,115 14,410.24 $10,456 $21,339
Sep-02 15,875 16,969 $18,540 14,424.65 $9,333 $19,096
Oct-02 16,754 17,916 $18,507 14,439.07 $9,834 $20,616
Nov-02 17,428 18,646 $18,262 14,452.07 $10,281 $21,864
Dec-02 16,800 17,970 $18,685 14,463.63 $9,935 $20,628
Jan-03 16,502 17,670 $18,597 14,473.75 $9,521 $20,123
Feb-03 16,297 17,453 $18,864 14,482.44 $9,302 $19,791
Mar-03 16,325 17,478 $18,862 14,491.13 $9,120 $19,999
Apr-03 17,224 18,448 $18,909 14,499.82 $10,014 $21,633
May-03 18,012 19,285 $19,288 14,508.52 $10,620 $22,939
Jun-03 18,175 19,470 $19,239 14,515.78 $10,877 $23,249
Jul-03 18,206 19,520 $18,722 14,523.03 $11,141 $23,781
Aug-03 18,491 19,823 $18,728 14,528.84 $11,409 $24,309
Sep-03 18,610 19,963 $19,220 14,534.65 $11,761 $24,044
Oct-03 19,181 20,586 $18,986 14,540.47 $12,494 $25,499
Nov-03 19,356 20,771 $18,959 14,546.28 $12,772 $25,851
Dec-03 20,104 21,566 $19,143 14,553.56 $13,769 $27,032
Jan-04 20,359 21,854 $19,248 14,559.38 $13,964 $27,597
Feb-04 20,629 22,158 $19,471 14,565.20 $14,286 $27,970
Mar-04 20,516 22,037 $19,649 14,571.03 $14,366 $27,637
Apr-04 20,069 21,562 $19,095 14,576.86 $14,042 $27,065
May-04 20,181 21,681 $19,027 14,582.69 $14,089 $27,457
Jun-04 20,464 21,998 $19,080 14,589.98 $14,398 $28,004
Jul-04 19,968 21,470 $19,222 14,598.73 $13,930 $26,945
Aug-04 20,112 21,624 $19,556 14,608.95 $13,991 $27,056
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
WELLS FARGO WELLS FARGO
OUTLOOK 2030 OUTLOOK 2030 LB TREASURY 3-5 YEAR IMONEYNET ALL TAXABLE MSCI EAFE RUSSELL 3000
CLASS A CLASS I BOND INDEX MONEY FUND AVERAGE INDEX INDEX
------------ ------------ -------------------- --------------------- --------- ------------
Aug-94 9,425 10,000 $10,000 $10,000 $10,000 $10,000
Sep-94 9,211 9,773 $9,896 $10,035 $9,685 $9,787
Oct-94 9,344 9,914 $9,892 $10,072 $10,008 $9,948
Nov-94 9,079 9,632 $9,827 $10,110 $9,526 $9,585
Dec-94 9,192 9,753 $9,854 $10,154 $9,586 $9,735
Jan-95 9,402 9,976 $10,030 $10,199 $9,218 $9,948
Feb-95 9,728 10,321 $10,257 $10,241 $9,191 $10,354
Mar-95 9,942 10,548 $10,314 $10,290 $9,765 $10,612
Apr-95 10,192 10,814 $10,444 $10,337 $10,132 $10,889
May-95 10,625 11,273 $10,791 $10,385 $10,011 $11,284
Jun-95 10,830 11,490 $10,865 $10,432 $9,836 $11,610
Jul-95 11,110 11,788 $10,858 $10,480 $10,449 $12,077
Aug-95 11,139 11,819 $10,950 $10,527 $10,051 $12,184
Sep-95 11,450 12,149 $11,025 $10,573 $10,247 $12,657
Oct-95 11,392 12,087 $11,158 $10,620 $9,971 $12,548
Nov-95 11,781 12,499 $11,313 $10,666 $10,248 $13,105
Dec-95 12,019 12,753 $11,432 $10,713 $10,662 $13,319
Jan-96 12,309 13,060 $11,546 $10,759 $10,705 $13,705
Feb-96 12,309 13,060 $11,404 $10,801 $10,742 $13,908
Mar-96 12,363 13,117 $11,318 $10,845 $10,969 $14,049
Apr-96 12,524 13,287 $11,270 $10,887 $11,289 $14,315
May-96 12,684 13,458 $11,245 $10,932 $11,081 $14,682
Jun-96 12,728 13,505 $11,369 $10,975 $11,143 $14,635
Jul-96 12,284 13,033 $11,402 $11,020 $10,818 $13,870
Aug-96 12,445 13,205 $11,407 $11,065 $10,841 $14,290
Sep-96 13,011 13,804 $11,569 $11,109 $11,130 $15,067
Oct-96 13,274 14,084 $11,783 $11,155 $11,016 $15,343
Nov-96 14,116 14,977 $11,938 $11,199 $11,455 $16,425
Dec-96 13,861 14,707 $11,848 $11,246 $11,307 $16,227
Jan-97 14,330 15,204 $11,893 $11,292 $10,911 $17,125
Feb-97 14,403 15,281 $11,903 $11,334 $11,090 $17,144
Mar-97 13,971 14,823 $11,811 $11,381 $11,130 $16,367
Apr-97 14,546 15,434 $11,958 $11,427 $11,189 $17,174
May-97 15,341 16,277 $12,051 $11,476 $11,917 $18,347
Jun-97 15,951 16,924 $12,163 $11,525 $12,574 $19,110
Jul-97 16,949 17,983 $12,429 $11,574 $12,778 $20,608
Aug-97 16,119 17,102 $12,360 $11,624 $11,823 $19,772
Sep-97 16,919 17,951 $12,507 $11,673 $12,485 $20,893
Oct-97 16,445 17,448 $12,671 $11,723 $11,525 $20,191
Nov-97 16,898 17,929 $12,685 $11,772 $11,408 $20,964
Dec-97 17,208 18,258 $12,796 $11,824 $11,507 $21,383
Jan-98 17,398 18,459 $12,996 $11,876 $12,033 $21,495
Feb-98 18,436 19,561 $12,964 $11,922 $12,805 $23,031
Mar-98 19,223 20,395 $12,997 $11,974 $13,200 $24,174
Apr-98 19,402 20,585 $13,058 $12,023 $13,304 $24,411
May-98 19,122 20,288 $13,152 $12,074 $13,239 $23,808
Jun-98 19,676 20,877 $13,240 $12,124 $13,339 $24,612
Jul-98 19,463 20,650 $13,288 $12,176 $13,474 $24,165
Aug-98 17,069 18,110 $13,580 $12,228 $11,805 $20,463
Sep-98 17,861 18,950 $13,953 $12,279 $11,442 $21,858
Oct-98 19,134 20,301 $13,989 $12,328 $12,635 $23,517
Nov-98 20,058 21,282 $13,919 $12,374 $13,281 $24,956
Dec-98 21,062 22,347 $13,956 $12,423 $13,805 $26,544
Jan-99 21,586 22,902 $14,027 $12,470 $13,763 $27,446
Feb-99 20,880 22,154 $13,788 $12,512 $13,436 $26,474
Mar-99 21,519 22,832 $13,890 $12,559 $13,996 $27,446
Apr-99 22,263 23,621 $13,924 $12,604 $14,563 $28,684
May-99 21,739 23,065 $13,804 $12,651 $13,813 $28,139
Jun-99 22,616 23,995 $13,844 $12,696 $14,352 $29,560
Jul-99 22,151 23,502 $13,842 $12,744 $14,778 $28,664
Aug-99 21,980 23,320 $13,879 $12,794 $14,832 $28,337
Sep-99 21,650 22,971 $13,999 $12,844 $14,982 $27,612
Oct-99 22,668 24,050 $14,002 $12,897 $15,544 $29,343
Nov-99 23,281 24,673 $13,999 $12,949 $16,083 $30,165
Dec-99 24,529 25,997 $13,944 $13,005 $17,528 $32,089
Jan-00 23,462 24,872 $13,877 $13,062 $16,415 $30,832
Feb-00 23,517 24,945 $13,992 $13,117 $16,856 $31,118
Mar-00 25,159 26,673 $14,182 $13,176 $17,510 $33,555
Apr-00 24,409 25,897 $14,156 $13,236 $16,589 $32,374
May-00 23,854 25,312 $14,215 $13,299 $16,185 $31,464
Jun-00 24,662 26,175 $14,451 $13,363 $16,817 $32,395
Jul-00 24,286 25,779 $14,545 $13,431 $16,113 $31,822
Aug-00 25,429 26,997 $14,710 $13,500 $16,253 $34,183
Sep-00 24,342 25,852 $14,850 $13,566 $15,461 $32,635
Oct-00 24,174 25,676 $14,951 $13,635 $15,096 $32,171
Nov-00 22,766 24,191 $15,175 $13,703 $14,530 $29,205
Dec-00 23,059 24,504 $15,460 $13,773 $15,046 $29,696
Jan-01 23,657 25,149 $15,657 $13,839 $15,039 $30,711
Feb-01 22,039 23,428 $15,812 $13,894 $13,911 $27,904
Mar-01 20,925 22,240 $15,944 $13,953 $12,983 $26,085
Apr-01 22,196 23,612 $15,868 $14,004 $13,885 $28,177
May-01 22,152 23,566 $15,931 $14,052 $13,395 $28,402
Jun-01 21,698 23,073 $15,980 $14,094 $12,847 $27,880
Jul-01 21,493 22,857 $16,301 $14,135 $12,613 $27,420
Aug-01 20,570 21,882 $16,457 $14,173 $12,294 $25,802
Sep-01 19,039 20,266 $16,850 $14,207 $11,049 $23,526
Oct-01 19,480 20,746 $17,120 $14,236 $11,332 $24,074
Nov-01 20,537 21,863 $16,891 $14,258 $11,750 $25,928
Dec-01 20,714 22,066 $16,778 $14,278 $11,819 $26,294
Jan-02 20,321 21,652 $16,846 $14,297 $11,192 $25,965
Feb-02 20,125 21,444 $17,004 $14,313 $11,270 $25,435
Mar-02 20,797 22,153 $16,696 $14,330 $11,880 $26,549
Apr-02 19,996 21,322 $17,029 $14,346 $11,958 $25,156
May-02 19,875 21,194 $17,189 $14,363 $12,110 $24,864
Jun-02 18,761 20,001 $17,424 $14,379 $11,628 $23,074
Jul-02 17,608 18,797 $17,866 $14,394 $10,480 $21,239
Aug-02 17,730 18,925 $18,115 $14,410 $10,456 $21,339
Sep-02 16,120 17,205 $18,540 $14,425 $9,333 $19,096
Oct-02 17,154 18,317 $18,507 $14,439 $9,834 $20,616
Nov-02 17,975 19,203 $18,262 $14,452 $10,281 $21,864
Dec-02 17,194 18,384 $18,685 $14,464 $9,935 $20,628
Jan-03 16,877 18,047 $18,597 $14,474 $9,521 $20,123
Feb-03 16,623 17,778 $18,864 $14,482 $9,302 $19,791
Mar-03 16,663 17,816 $18,862 $14,491 $9,120 $19,999
Apr-03 17,744 18,963 $18,909 $14,500 $10,014 $21,633
May-03 18,682 19,992 $19,288 $14,509 $10,620 $22,939
Jun-03 18,879 20,198 $19,239 $14,516 $10,877 $23,249
Jul-03 18,863 20,198 $18,722 $14,523 $11,141 $23,781
Aug-03 19,246 20,605 $18,728 $14,529 $11,409 $24,309
Sep-03 19,398 20,764 $19,220 $14,535 $11,761 $24,044
Oct-03 20,102 21,529 $18,986 $14,540 $12,494 $25,499
Nov-03 20,342 21,800 $18,959 $14,546 $12,772 $25,851
Dec-03 21,235 22,750 $19,143 $14,554 $13,769 $27,032
Jan-04 21,574 23,129 $19,248 $14,559 $13,964 $27,597
Feb-04 21,898 23,490 $19,471 $14,565 $14,286 $27,970
Mar-04 21,754 23,338 $19,649 $14,571 $14,366 $27,637
Apr-04 21,235 22,786 $19,095 $14,577 $14,042 $27,065
May-04 21,397 22,959 $19,027 $14,583 $14,089 $27,457
Jun-04 21,751 23,352 $19,080 $14,590 $14,398 $28,004
Jul-04 21,117 22,677 $19,222 $14,599 $13,930 $26,945
Aug-04 21,230 22,798 $19,556 $14,609 $13,991 $27,056
6
PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENT charts(7)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL.]
WELLS FARGO
OUTLOOK 2040 WELLS FARGO
CLASS A OUTLOOK 2040 LB TREASURY 3-5 YEAR IMONEYNET ALL TAXABLE MSCI EAFE RUSSELL 3000
10000 CLASS I BOND INDEX MONEY FUND AVERAGE INDEX INDEX
------------ ------------ -------------------- --------------------- --------- ------------
Aug-94 9,424 10,000.0 $10,000 $10,000 $10,000 $10,000
Sep-94 9,205 9,767.0 $9,896 $10,035 $9,685 $9,787
Oct-94 9,345 9,916.0 $9,892 $10,072 $10,008 $9,948
Nov-94 9,046 9,599.0 $9,827 $10,110 $9,526 $9,585
Dec-94 9,171 9,731.0 $9,854 $10,154 $9,586 $9,735
Jan-95 9,377 9,950.0 $10,030 $10,199 $9,218 $9,948
Feb-95 9,724 10,318.0 $10,257 $10,241 $9,191 $10,354
Mar-95 9,974 10,583.0 $10,314 $10,290 $9,765 $10,612
Apr-95 10,218 10,843.0 $10,444 $10,337 $10,132 $10,889
May-95 10,623 11,272.0 $10,791 $10,385 $10,011 $11,284
Jun-95 10,864 11,528.0 $10,865 $10,432 $9,836 $11,610
Jul-95 11,214 11,899.0 $10,858 $10,480 $10,449 $12,077
Aug-95 11,214 11,899.0 $10,950 $10,527 $10,051 $12,184
Sep-95 11,561 12,267.0 $11,025 $10,573 $10,247 $12,657
Oct-95 11,466 12,166.0 $11,158 $10,620 $9,971 $12,548
Nov-95 11,883 12,609.0 $11,313 $10,666 $10,248 $13,105
Dec-95 12,125 12,865.0 $11,432 $10,713 $10,662 $13,319
Jan-96 12,466 13,228.0 $11,546 $10,759 $10,705 $13,705
Feb-96 12,535 13,300.0 $11,404 $10,801 $10,742 $13,908
Mar-96 12,615 13,385.0 $11,318 $10,845 $10,969 $14,049
Apr-96 12,841 13,625.0 $11,270 $10,887 $11,289 $14,315
May-96 13,067 13,865.0 $11,245 $10,932 $11,081 $14,682
Jun-96 13,112 13,913.0 $11,369 $10,975 $11,143 $14,635
Jul-96 12,589 13,358.0 $11,402 $11,020 $10,818 $13,870
Aug-96 12,786 13,567.0 $11,407 $11,065 $10,841 $14,290
Sep-96 13,432 14,253.0 $11,569 $11,109 $11,130 $15,067
Oct-96 13,680 14,515.0 $11,783 $11,155 $11,016 $15,343
Nov-96 14,620 15,513.0 $11,938 $11,199 $11,455 $16,425
Dec-96 14,357 15,233.0 $11,848 $11,246 $11,307 $16,227
Jan-97 14,959 15,873.0 $11,893 $11,292 $10,911 $17,125
Feb-97 15,063 15,983.0 $11,903 $11,334 $11,090 $17,144
Mar-97 14,563 15,453.0 $11,811 $11,381 $11,130 $16,367
Apr-97 15,241 16,171.0 $11,958 $11,427 $11,189 $17,174
May-97 16,209 17,199.0 $12,051 $11,476 $11,917 $18,347
Jun-97 16,918 17,951.0 $12,163 $11,525 $12,574 $19,110
Jul-97 18,036 19,138.0 $12,429 $11,574 $12,778 $20,608
Aug-97 17,054 18,096.0 $12,360 $11,624 $11,823 $19,772
Sep-97 17,969 19,067.0 $12,507 $11,673 $12,485 $20,893
Oct-97 17,299 18,356.0 $12,671 $11,723 $11,525 $20,191
Nov-97 17,844 18,934.0 $12,685 $11,772 $11,408 $20,964
Dec-97 18,159 19,269.0 $12,796 $11,824 $11,507 $21,383
Jan-98 18,390 19,513.0 $12,996 $11,876 $12,033 $21,495
Feb-98 19,681 20,883.0 $12,964 $11,922 $12,805 $23,031
Mar-98 20,672 21,935.0 $12,997 $11,974 $13,200 $24,174
Apr-98 20,880 22,155.0 $13,058 $12,023 $13,304 $24,411
May-98 20,465 21,715.0 $13,152 $12,074 $13,239 $23,808
Jun-98 21,164 22,456.0 $13,240 $12,124 $13,339 $24,612
Jul-98 20,932 22,211.0 $13,288 $12,176 $13,474 $24,165
Aug-98 17,764 18,849.0 $13,580 $12,228 $11,805 $20,463
Sep-98 18,702 19,845.0 $13,953 $12,279 $11,442 $21,858
Oct-98 20,276 21,515.0 $13,989 $12,328 $12,635 $23,517
Nov-98 21,434 22,743.0 $13,919 $12,374 $13,281 $24,956
Dec-98 22,731 24,119.0 $13,956 $12,423 $13,805 $26,544
Jan-99 23,389 24,818.0 $14,027 $12,470 $13,763 $27,446
Feb-99 22,629 24,012.0 $13,788 $12,512 $13,436 $26,474
Mar-99 23,464 24,897.0 $13,890 $12,559 $13,996 $27,446
Apr-99 24,376 25,865.0 $13,924 $12,604 $14,563 $28,684
May-99 23,755 25,206.0 $13,804 $12,651 $13,813 $28,139
Jun-99 24,934 26,457.0 $13,844 $12,696 $14,352 $29,560
Jul-99 24,325 25,811.0 $13,842 $12,744 $14,778 $28,664
Aug-99 24,122 25,596.0 $13,879 $12,794 $14,832 $28,337
Sep-99 23,665 25,110.0 $13,999 $12,844 $14,982 $27,612
Oct-99 25,010 26,538.0 $14,002 $12,897 $15,544 $29,343
Nov-99 25,810 27,370.0 $13,999 $12,949 $16,083 $30,165
Dec-99 27,509 29,178.0 $13,944 $13,005 $17,528 $32,089
Jan-00 26,130 27,737.0 $13,877 $13,062 $16,415 $30,832
Feb-00 26,172 27,781.0 $13,992 $13,117 $16,856 $31,118
Mar-00 28,198 29,944.0 $14,182 $13,176 $17,510 $33,555
Apr-00 27,166 28,870.0 $14,156 $13,236 $16,589 $32,374
May-00 26,386 28,046.0 $14,215 $13,299 $16,185 $31,464
Jun-00 27,430 29,175.0 $14,451 $13,363 $16,817 $32,395
Jul-00 26,858 28,556.0 $14,545 $13,431 $16,113 $31,822
Aug-00 28,324 30,133.0 $14,710 $13,500 $16,253 $34,183
Sep-00 26,816 28,541.0 $14,850 $13,566 $15,461 $32,635
Oct-00 26,509 28,202.0 $14,951 $13,635 $15,096 $32,171
Nov-00 24,499 26,079.0 $15,175 $13,703 $14,530 $29,205
Dec-00 24,754 26,350.0 $15,460 $13,773 $15,046 $29,696
Jan-01 25,490 27,142.0 $15,657 $13,839 $15,039 $30,711
Feb-01 23,268 24,781.0 $15,812 $13,894 $13,911 $27,904
Mar-01 21,782 23,212.0 $15,944 $13,953 $12,983 $26,085
Apr-01 23,418 24,955.0 $15,868 $14,004 $13,885 $28,177
May-01 23,388 24,924.0 $15,931 $14,052 $13,395 $28,402
Jun-01 22,788 24,306.0 $15,980 $14,094 $12,847 $27,880
Jul-01 22,413 23,910.0 $16,301 $14,135 $12,613 $27,420
Aug-01 21,212 22,626.0 $16,457 $14,173 $12,294 $25,802
Sep-01 19,320 20,614.0 $16,850 $14,207 $11,049 $23,526
Oct-01 19,770 21,105.0 $17,120 $14,236 $11,332 $24,074
Nov-01 21,122 22,547.0 $16,891 $14,258 $11,750 $25,928
Dec-01 21,333 22,787.0 $16,778 $14,278 $11,819 $26,294
Jan-02 20,877 22,289.0 $16,846 $14,297 $11,192 $25,965
Feb-02 20,604 22,000.0 $17,004 $14,313 $11,270 $25,435
Mar-02 21,425 22,883.0 $16,696 $14,330 $11,880 $26,549
Apr-02 20,451 21,872.0 $17,029 $14,346 $11,958 $25,156
May-02 20,299 21,695.0 $17,189 $14,363 $12,110 $24,864
Jun-02 18,917 20,226.0 $17,424 $14,379 $11,628 $23,074
Jul-02 17,575 18,792.0 $17,866 $14,394 $10,480 $21,239
Aug-02 17,666 18,905.0 $18,115 $14,410 $10,456 $21,339
Sep-02 15,853 16,974.0 $18,540 $14,425 $9,333 $19,096
Oct-02 17,031 18,219.0 $18,507 $14,439 $9,834 $20,616
Nov-02 17,963 19,237.0 $18,262 $14,452 $10,281 $21,864
Dec-02 17,065 18,282.0 $18,685 $14,464 $9,935 $20,628
Jan-03 16,710 17,907.0 $18,597 $14,474 $9,521 $20,123
Feb-03 16,433 17,596.0 $18,864 $14,482 $9,302 $19,791
Mar-03 16,442 17,619.0 $18,862 $14,491 $9,120 $19,999
Apr-03 17,664 18,930.0 $18,909 $14,500 $10,014 $21,633
May-03 18,716 20,061.0 $19,288 $14,509 $10,620 $22,939
Jun-03 18,933 20,305.0 $19,239 $14,516 $10,877 $23,249
Jul-03 19,026 20,404.0 $18,722 $14,523 $11,141 $23,781
Aug-03 19,445 20,865.0 $18,728 $14,529 $11,409 $24,309
Sep-03 19,523 20,947.0 $19,220 $14,535 $11,761 $24,044
Oct-03 20,408 21,918.0 $18,986 $14,540 $12,494 $25,499
Nov-03 20,687 22,214.0 $18,959 $14,546 $12,772 $25,851
Dec-03 21,687 23,308.0 $19,143 $14,554 $13,769 $27,032
Jan-04 22,092 23,754.0 $19,248 $14,559 $13,964 $27,597
Feb-04 22,434 24,118.0 $19,471 $14,565 $14,286 $27,970
Mar-04 22,216 23,887.0 $19,649 $14,571 $14,366 $27,637
Apr-04 21,718 23,358.0 $19,095 $14,577 $14,042 $27,065
May-04 21,920 23,589.0 $19,027 $14,583 $14,089 $27,457
Jun-04 22,310 24,019.0 $19,080 $14,590 $14,398 $28,004
Jul-04 21,531 23,176.0 $19,222 $14,599 $13,930 $26,945
Aug-04 21,624 23,275.0 $19,556 $14,609 $13,991 $27,056
(1) The Funds' Adviser has committed through June 30, 2005 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 A 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 A 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 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. Performance shown for Select Class shares for periods prior
to June 30, 2004 reflects the performance of the Institutional Class shares,
adjusted to reflect the expenses of the Select Class shares.
(2) 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.
(3) The Lehman Brother U.S. Treasury Index is composed of public obligations of
the U.S. Treasury with a remaining maturity of one year or more. The Lehman
Brothers U.S. Treasury 3-5 Year Index is the 3-5 year component of the U.S.
Treasury index that holds obligations with a a minimum maturity of 3 years up to
a maximum maturity of 4.9 years.You cannot invest directly in an index.
(4) The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") 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.
(5) The Russell 3000 Index measures the performance of the 3,000 largest U.S.
companies based on total market capitalization, which represents approximately
98% of the investable U.S. equity market. You cannot invest directly in an
index.
(6) Portfolio holdings and characteristics are subject to change.
(7) The charts compare the performance of the WELLS FARGO OUTLOOK FUNDS Class A
and Institutional Class shares for the most recent ten years with the Lehman
Brothers U.S. Treasury 3-5 Year Index, MSCI EAFE, the iMoneyNet All Taxable
Money Fund Average, and the Russell 3000 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 indices presented do not incur expenses and are not
available directly for investment. Had these indices incurred operating
expenses, their performance would have been lower.
7
WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
o The Russell 2000(R) Value Index measures the performance of those Russell 2000
companies with lower price-to-book ratios and lower forecasted growth values.
o The Russell 2000(R) Growth Index measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted growth
values.
o The Russell 1000(R) Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
o The Russell 1000(R) Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth
values.
o 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.
8
FUND EXPENSES WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any); and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the second
line of the table is useful in comparing ongoing costs only, and will not help
you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (March 1, 2004 to August 31, 2004).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
2/29/2004 8/31/2004 the Period(1) Ratio
Wells Fargo Outlook Today Fund
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook Today Fund - Class A
Actual $1,000.00 $988.20 $6.40 1.28%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,018.70 $6.50 1.28%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook Today Fund - Class B
Actual $1,000.00 $984.70 $10.13 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook Today Fund - Class C
Actual $1,000.00 $984.90 $10.13 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook Today Fund - Institutional Class
Actual $1,000.00 $989.80 $4.90 0.98%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $4.98 0.98%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook Today Fund - Select Class (2)
Actual $1,000.00 $1,002.00 $1.27 0.75%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.81 0.75%
Wells Fargo Outlook 2010 Fund
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2010 Fund - Class A
Actual $1,000.00 $983.70 $6.38 1.28%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,018.70 $6.50 1.28%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2010 Fund - Class B
Actual $1,000.00 $979.20 $10.10 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2010 Fund - Class C
Actual $1,000.00 $979.40 $10.10 2.03%
- --------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
9
WELLS FARGO OUTLOOK FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
2/29/2004 8/31/2004 the Period(1) Ratio
Wells Fargo Outlook 2010 Fund (continued)
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2010 Fund - Institutional Class
Actual $1,000.00 $984.50 $4.89 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $4.98 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2010 Fund - Select Class (2)
Actual $1,000.00 $994.20 $1.27 0.75%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.81 0.75%
Wells Fargo Outlook 2020 Fund
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2020 Fund - Class A
Actual $1,000.00 $974.90 $6.35 1.28%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,018.70 $6.50 1.28%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2020 Fund - Class B
Actual $1,000.00 $971.00 $10.06 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2020 Fund - Class C
Actual $1,000.00 $971.20 $10.06 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2020 Fund - Institutional Class
Actual $1,000.00 $975.90 $4.87 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $4.98 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2020 Fund - Select Class (2)
Actual $1,000.00 $983.70 $1.26 0.75%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.81 0.75%
Wells Fargo Outlook 2030 Fund
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2030 Fund - Class A
Actual $1,000.00 $969.50 $6.34 1.28%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,018.70 $6.50 1.28%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2030 Fund - Class B
Actual $1,000.00 $965.40 $10.03 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2030 Fund - Class C
Actual $1,000.00 $965.40 $10.03 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2030 Fund - Institutional Class
Actual $1,000.00 $970.50 $4.85 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $4.98 0.98%
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2030 Fund - Select Class (2)
Actual $1,000.00 $976.30 $1.26 0.75%
- -------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.81 0.75%
- -------------------------------------------------------------------------------------------------------------------------------
10
FUND EXPENSES WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
2/29/2004 8/31/2004 the Period(1) Ratio
Wells Fargo Outlook 2040 Fund
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2040 Fund - Class A
Actual $1,000.00 $963.90 $6.32 1.28%
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,018.70 $6.50 1.28%
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2040 Fund - Class B
Actual $1,000.00 $960.30 $10.00 2.03%
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2040 Fund - Class C
Actual $1,000.00 $959.60 $10.00 2.03%
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,014.93 $10.28 2.03%
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2040 Fund - Institutional Class
Actual $1,000.00 $965.00 $4.79 0.97%
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.26 $4.93 0.97%
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Outlook 2040 Fund - Select Class (2)
Actual $1,000.00 $969.70 $1.25 0.75%
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.81 0.75%
NOTES:
(1) EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY
THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
DAYS IN THE MOST RECENT FISCAL HALF-YEAR DIVIDED BY THE NUMBER OF DAYS IN
THE FISCAL YEAR (TO REFLECT THE ONE-HALF YEAR PERIOD).
(2) THE SELECT CLASS COMMENCED OPERATIONS ON JUNE 30, 2004. ACTUAL EXPENSES
SHOWN FOR THIS CLASS ARE EQUAL TO THE ANUALIZED EXPENSE RATIO MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 62/366 (TO
REFLECT THE PERIOD FROM JUNE 30, 2004 TO AUGUST 31, 2004).
11
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - 35.41%
AGRICULTURAL PRODUCTION CROPS - 0.03%
385 ALICO INCORPORATED $ 16,940
425 CHIQUITA BRANDS INTERNATIONAL
INCORPORATED+ 8,007
24,947
----------
AGRICULTURAL PRODUCTION LIVESTOCK
& ANIMAL SPECIALIZED - 0.01%
16 SEABOARD CORPORATION 8,513
----------
AMUSEMENT & RECREATION SERVICES - 0.08%
358 GAYLORD ENTERTAINMENT COMPANY+ 10,396
314 HARRAH'S ENTERTAINMENT INCORPORATED 15,132
740 INTERNATIONAL GAME TECHNOLOGY 21,349
191 MULTIMEDIA GAMES INCORPORATED+ 2,758
597 PENN NATIONAL GAMING INCORPORATED+ 23,193
72,828
----------
APPAREL & ACCESSORY STORES - 0.14%
209 ABERCROMBIE & FITCH COMPANY CLASS A 5,852
318 AEROPOSTALE INCORPORATED+ 9,906
168 CHICO'S FAS INCORPORATED+ 6,871
464 CHRISTOPHER & BANKS CORPORATION 8,171
1,259 GAP INCORPORATED 23,594
556 KOHL'S CORPORATION+ 27,511
905 LIMITED BRANDS 18,172
378 NORDSTROM INCORPORATED 14,035
533 ROSS STORES INCORPORATED 11,273
125,385
----------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS - 0.13%
3,402 BENETTON GROUP SPA ADR 74,844
403 LIZ CLAIBORNE INCORPORATED 15,342
559 PHILLIPS-VAN HEUSEN CORPORATION 11,270
375 QUIKSILVER INCORPORATED+ 8,156
456 WARNACO GROUP INCORPORATED+ 9,184
118,796
----------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.04%
202 AUTOZONE INCORPORATED+ 14,960
289 CARMAX INCORPORATED+ 5,658
187 COPART INCORPORATED+ 4,062
372 MARINEMAX INCORPORATED+ 7,291
203 UNITED AUTO GROUP INCORPORATED 4,919
36,890
----------
AUTOMOTIVE REPAIR, SERVICES &
PARKING - 0.01%
263 RYDER SYSTEM INCORPORATED 11,522
----------
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS - 0.12%
108 BEAZER HOMES USA INCORPORATED 10,546
348 CENTEX CORPORATION 15,928
346 D.R. HORTON INCORPORATED 10,705
138 KB HOME 9,490
203 LENNAR CORPORATION CLASS A 9,297
1,794 VIVENDI UNIVERSAL SA ADR+ 44,617
373 WCI COMMUNITIES INCORPORATED+ 8,945
109,528
----------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS - 0.28%
442 CENTRAL GARDEN & PET COMPANY+ 13,852
156 FASTENAL COMPANY 9,794
4,134 HOME DEPOT INCORPORATED 151,139
1,475 LOWE'S COMPANIES INCORPORATED 73,308
261 SHERWIN-WILLIAMS COMPANY 10,779
258,872
----------
BUSINESS SERVICES - 2.12%
969 24/7 REAL MEDIA INCORPORATED+ 3,169
403 AARON RENTS INCORPORATED 8,278
504 ADOBE SYSTEMS INCORPORATED 23,118
628 ADVO INCORPORATED 18,576
456 AKAMAI TECHNOLOGIES INCORPORATED+ 6,133
181 ALTIRIS INCORPORATED+ 4,295
161 ANSYS INCORPORATED+ 7,261
354 ARBITRON INCORPORATED+ 13,721
762 ASCENTIAL SOFTWARE CORPORATION+ 9,875
132 ASK JEEVES INCORPORATED+ 3,421
355 ASPECT COMMUNICATIONS CORPORATION+ 3,039
346 AUTODESK INCORPORATED 15,366
1,070 AUTOMATIC DATA PROCESSING INCORPORATED 42,554
188 AVOCENT CORPORATION+ 5,360
716 BEA SYSTEMS INCORPORATED+ 4,726
664 BISYS GROUP INCORPORATED+ 9,429
151 BLUE COAT SYSTEMS INCORPORATED+ 2,208
585 BMC SOFTWARE INCORPORATED+ 8,757
187 CACI INTERNATIONAL INCORPORATED
CLASS A+ 9,105
506 CADENCE DESIGN SYSTEMS INCORPORATED+ 6,290
429 CATALINA MARKETING CORPORATION 9,652
2,012 CENDANT CORPORATION 43,520
188 CERNER CORPORATION+ 8,236
568 CERTEGY INCORPORATED 21,800
244 CHECKFREE CORPORATION+ 6,649
571 CITRIX SYSTEMS INCORPORATED+ 9,085
572 CNET NETWORKS INCORPORATED+ 4,650
289 COGNEX CORPORATION 7,736
470 COGNIZANT TECHNOLOGY SOLUTIONS
CORPORATION+ 12,887
931 COMPUTER ASSOCIATES INTERNATIONAL
INCORPORATED 22,549
443 COMPUTER SCIENCES CORPORATION+ 20,533
1,339 COMPUWARE CORPORATION+ 6,066
146 COSTAR GROUP INCORPORATED+ 6,174
334 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 4,833
214 DELUXE CORPORATION 9,142
459 DIGIMARC CORPORATION+ 3,947
170 DIGITAL RIVER INCORPORATED+ 4,092
954 EBAY INCORPORATED+ 82,559
1,614 ELECTRO RENT CORPORATION+ 16,253
592 ELECTRONIC ARTS INCORPORATED+ 29,470
939 ELECTRONIC DATA SYSTEMS CORPORATION 18,048
360 ELECTRONICS FOR IMAGING INCORPORATED+ 7,157
12
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
416 EQUIFAX INCORPORATED $ 10,150
418 F5 NETWORKS INCORPORATED+ 10,270
209 FACTSET RESEARCH SYSTEMS INCORPORATED 9,307
1,242 FALCONSTOR SOFTWARE INCORPORATED+ 8,210
253 FILENET CORPORATION+ 4,969
1,524 FIRST DATA CORPORATION 64,389
514 FISERV INCORPORATED+ 17,877
191 GEVITY HR INCORPORATED 3,407
234 HUDSON HIGHLAND GROUP INCORPORATED+ 6,433
254 HYPERION SOLUTIONS CORPORATION+ 9,286
327 IDX SYSTEMS CORPORATION+ 9,483
713 IMS HEALTH INCORPORATED 16,634
161 INFOSPACE INCORPORATED+ 6,118
303 INTERGRAPH CORPORATION+ 7,860
641 INTERNET CAPITAL GROUP INCORPORATED+ 3,525
326 INTERNET SECURITY SYSTEMS+ 4,691
1,042 INTERPUBLIC GROUP OF COMPANIES
INCORPORATED+ 10,993
356 INTUIT INCORPORATED+ 15,055
121 IPAYMENT INCORPORATED+ 4,259
259 KORN FERRY INTERNATIONAL+ 4,602
188 KRONOS INCORPORATED+ 8,043
207 MACROMEDIA INCORPORATED+ 4,012
205 MANHATTAN ASSOCIATES INCORPORATED+ 4,785
431 MENTOR GRAPHICS CORPORATION+ 4,715
169 MERCURY INTERACTIVE CORPORATION+ 5,832
16,985 MICROSOFT CORPORATION 463,690
119 MICROSTRATEGY INCORPORATED CLASS A+ 4,119
364 MONSTER WORLDWIDE INCORPORATED+ 7,364
680 MPS GROUP INCORPORATED+ 6,072
335 NCO GROUP INCORPORATED+ 8,563
318 NCR CORPORATION+ 14,046
814 NOVELL INCORPORATED+ 4,803
378 OMNICOM GROUP INCORPORATED 26,010
6,920 ORACLE CORPORATION+ 68,992
312 PACKETEER INCORPORATED+ 3,129
269 PALMSOURCE INCORPORATED+ 6,055
732 PEOPLESOFT INCORPORATED+ 12,737
561 PEROT SYSTEMS CORPORATION CLASS A+ 7,467
142 RADISYS CORPORATION+ 1,647
535 RED HAT INCORPORATED+ 6,559
3,567 RENTOKIL INITIAL PLC ADR 48,207
982 REUTERS GROUP PLC ADR 33,967
520 ROBERT HALF INTERNATIONAL INCORPORATED 12,740
343 RSA SECURITY INCORPORATED+ 5,107
501 S1 CORPORATION+ 3,958
182 SAFENET INCORPORATED+ 5,178
1,531 SAP AG 55,820
713 SECURE COMPUTING CORPORATION+ 5,034
262 SERENA SOFTWARE INCORPORATED+ 4,100
1,378 SIEBEL SYSTEMS INCORPORATED+ 10,487
375 SOTHEBY'S HOLDINGS INCORPORATED+ 5,996
7,434 SUN MICROSYSTEMS INCORPORATED+ 28,547
829 SUNGARD DATA SYSTEMS INCORPORATED+ 19,067
658 SYMANTEC CORPORATION+ 31,558
336 SYNOPSYS INCORPORATED+ 5,363
228 TAKE-TWO INTERACTIVE SOFTWARE
INCORPORATED+ 7,467
350 TRANSACTION SYSTEMS ARCHITECTS
INCORPORATED CLASS A+ 5,964
192 TRAVELZOO INCORPORATED+ 8,640
995 UNISYS CORPORATION+ 9,990
447 UNITED ONLINE INCORPORATED+ 4,282
337 UNITED RENTALS INCORPORATED+ 4,951
434 VALUECLICK INCORPORATED+ 3,138
419 VERISIGN INCORPORATED+ 7,274
905 VERITAS SOFTWARE CORPORATION+ 15,132
682 VERITY INCORPORATED+ 7,809
184 WEBSENSE INCORPORATED+ 7,056
435 WIND RIVER SYSTEMS INCORPORATED+ 4,720
1,264 WPP GROUP PLC ADR 57,044
1,988 YAHOO! INCORPORATED+ 56,678
1,931,151
----------
CHEMICALS & ALLIED PRODUCTS - 3.71%
2,870 ABBOTT LABORATORIES 119,650
427 ABGENIX INCORPORATED+ 4,249
439 AIR PRODUCTS & CHEMICALS INCORPORATED 22,995
2,644 AKZO NOBEL NV ADR 89,320
216 ALBERTO-CULVER COMPANY CLASS B 10,431
271 ALEXION PHARMACEUTICALS INCORPORATED+ 4,434
441 ALKERMES INCORPORATED+ 4,688
342 ALPHARMA INCORPORATED CLASS A 4,675
2,417 AMGEN INCORPORATED+ 143,304
2,237 ASTRAZENECA PLC ADR 104,088
261 ATHEROGENICS INCORPORATED+ 4,382
306 AVERY DENNISON CORPORATION 19,018
866 AVON PRODUCTS INCORPORATED 38,260
216 BARR LABORATORIES INCORPORATED+ 8,482
3,527 BRISTOL-MYERS SQUIBB COMPANY 83,696
350 CAMBREX CORPORATION 7,549
361 CHIRON CORPORATION+ 15,299
328 CLOROX COMPANY 17,332
908 COLGATE PALMOLIVE COMPANY 49,032
1,400 CORIXA CORPORATION+ 6,454
464 CUBIST PHARMACEUTICALS INCORPORATED+ 3,652
418 DENDREON CORPORATION+ 4,109
136 DIGENE CORPORATION+ 3,407
521 DISCOVERY LABORATORIES INCORPORATED+ 4,116
1,699 DOW CHEMICAL COMPANY 72,734
1,683 DU PONT (E.I.) DE NEMOURS &
COMPANY 71,124
247 EASTMAN CHEMICAL COMPANY 11,493
506 ECOLAB INCORPORATED 15,140
1,821 ELI LILLY & COMPANY 115,542
234 EPIX MEDICAL INCORPORATED+ 4,645
266 FMC CORPORATION+ 12,297
755 FOREST LABORATORIES INCORPORATED+ 34,617
848 GENENTECH INCORPORATED+ 41,365
448 GENZYME CORPORATION+ 24,192
317 GEORGIA GULF CORPORATION 12,030
422 GILEAD SCIENCES INCORPORATED+ 29,173
1,786 GILLETTE COMPANY 75,905
3,238 GLAXOSMITHKLINE PLC ADR 133,211
502 GREAT LAKES CHEMICAL CORPORATION 13,112
453 HOSPIRA INCORPORATED+ 12,548
132 IDEXX LABORATORIES INCORPORATED+ 6,430
13
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
254 ILEX ONCOLOGY INCORPORATED+ $ 6,335
582 IMC GLOBAL INCORPORATED+ 9,277
98 IMCLONE SYSTEMS INCORPORATED+ 5,221
241 IMMUCOR INCORPORATED+ 4,928
262 IMPAX LABORATORIES INCORPORATED+ 3,749
1,319 INKINE PHARMACEUTICAL COMPANY
INCORPORATED+ 5,606
294 INSPIRE PHARMACEUTICALS INCORPORATED+ 4,248
316 INTERMUNE INCORPORATED+ 3,264
330 INTERNATIONAL FLAVORS & FRAGRANCES
INCORPORATED 12,715
345 IVAX CORPORATION+ 6,679
397 K-V PHARMACEUTICAL COMPANY CLASS A+ 6,320
900 KING PHARMACEUTICALS INCORPORATED+ 11,214
325 LIGAND PHARMACEUTICALS INCORPORATED
CLASS B+ 3,195
181 MARTEK BIOSCIENCES CORPORATION+ 9,665
242 MEDICINES COMPANY+ 6,118
546 MEDIMMUNE INCORPORATED+ 13,033
4,047 MERCK & COMPANY INCORPORATED 181,994
313 MGI PHARMA INCORPORATED+ 7,271
396 MILLENNIUM CHEMICALS INCORPORATED+ 7,385
568 MILLENNIUM PHARMACEUTICALS
INCORPORATED+ 6,754
693 MONSANTO COMPANY 25,364
355 NABI BIOPHARMACEUTICALS+ 4,146
253 NEKTAR THERAPEUTICS+ 3,223
171 NEUROCRINE BIOSCIENCES INCORPORATED+ 8,511
3,583 NOVARTIS AG ADR 166,430
228 NOVEN PHARMACEUTICALS INCORPORATED+ 4,330
1,104 NOVO NORDISK A/S ADR 59,174
242 NPS PHARMACEUTICALS INCORPORATED+ 5,082
168 OM GROUP INCORPORATED+ 5,720
150 ONYX PHARMACEUTICALS INCORPORATED+ 5,571
791 ORASURE TECHNOLOGIES INCORPORATED+ 4,960
111 OSI PHARMACEUTICALS INCORPORATED+ 6,614
205 PAR PHARMACEUTICAL COMPANIES
INCORPORATED+ 8,413
273 PENWEST PHARMACEUTICALS COMPANY+ 2,937
426 PERRIGO COMPANY 8,367
14,028 PFIZER INCORPORATED 458,295
104 PHARMION CORPORATION+ 5,114
1,205 PHARMOS CORPORATION+ 3,820
419 PPG INDUSTRIES INCORPORATED 25,044
524 PRAXAIR INCORPORATED 21,264
4,417 PROCTER & GAMBLE COMPANY 247,219
265 PROTEIN DESIGN LABS INCORPORATED+ 4,857
1,362 ROCHE HOLDING AG ADR 131,845
510 ROHM & HAAS COMPANY 20,670
231 SALIX PHARMACEUTICALS LIMITED+ 5,403
1,910 SANOFI-AVENTIS-ADR+ 68,800
3,193 SCHERING-PLOUGH CORPORATION 58,943
203 SEPRACOR INCORPORATED+ 10,071
7,000 SHISEIDO COMPANY LIMITED 89,872
245 SIGMA-ALDRICH CORPORATION 14,036
433 VALEANT PHARMACEUTICALS INTERNATIONAL 10,158
466 VERTEX PHARMACEUTICALS INCORPORATED+ 4,534
403 VICURON PHARMACEUTICALS INCORPORATED+ 6,021
298 WATSON PHARMACEUTICALS INCORPORATED+ 8,207
2,512 WYETH 91,864
3,378,030
----------
COAL MINING - 0.01%
180 MASSEY ENERGY COMPANY 4,954
----------
COMMUNICATIONS - 1.94%
715 ALLTEL CORPORATION 39,075
447 AMERICAN TOWER CORPORATION CLASS A+ 6,656
1,937 AT&T CORPORATION 28,629
4,106 AT&T WIRELESS SERVICES INCORPORATED+ 60,030
1,061 AVAYA INCORPORATED+ 12,859
871 BEASLEY BROADCAST GROUP INCORPORATED
CLASS A+ 13,065
3,568 BELLSOUTH CORPORATION 95,480
1,139 BRITISH SKY BROADCASTING GROUP PLC ADR 39,637
2,005 BT GROUP PLC ADR 66,566
425 CABLEVISION SYSTEMS NEW YORK GROUP
CLASS A+ 7,871
592 CENTURYTEL INCORPORATED 19,057
1,109 CLEAR CHANNEL COMMUNICATIONS
INCORPORATED 37,163
3,899 COMCAST CORPORATION CLASS A+ 109,835
766 CROWN CASTLE INTERNATIONAL CORPORATION+ 10,962
3,827 DEUTSCHE TELEKOM AG ADR+ 67,087
1,186 DIRECTV GROUP INCORPORATED+ 18,822
490 ECHOSTAR COMMUNICATIONS CORPORATION
CLASS A+ 15,019
435 EMMIS COMMUNICATIONS CORPORATION
CLASS A+ 8,374
359 FOUNDRY NETWORKS INCORPORATED+ 3,274
1,569 FRANCE TELECOM SA ADR 37,028
179 GOLDEN TELECOM INCORPORATED 4,806
711 IAC INTERACTIVECORP+ 16,218
1,049 ITC DELTACOM INCORPORATED+ 4,437
186 J2 GLOBAL COMMUNICATIONS
INCORPORATED+ 4,698
170 LIBERTY CORPORATION 6,871
3,539 LIBERTY MEDIA INTERNATIONAL
INCORPORATED CLASS A+ 119,618
1,837 NEXTEL COMMUNICATIONS INCORPORATED
CLASS A+ 42,600
308 NEXTEL PARTNERS INCORPORATED CLASS A+ 4,441
1,658 NIPPON TELEGRAPH AND TELEPHONE
CORPORATION ADR 36,144
199 NOVATEL WIRELESS INCORPORATED+ 3,910
139 NTL INCORPORATED+ 7,549
1,502 NTT DOCOMO INCORPORATED ADR 28,087
6,172 SBC COMMUNICATIONS INCORPORATED 159,176
2,947 SPRINT CORPORATION-FON GROUP 57,997
699 TELECOM CORPORATION OF NEW ZEALAND
LIMITED ADR 20,991
2,598 TELEFONICA SA ADR 111,506
1,134 TIVO INCORPORATED+ 4,876
694 UNIVISION COMMUNICATIONS
INCORPORATED CLASS A+ 22,902
164 UTSTARCOM INCORPORATED+ 2,537
14
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
5,188 VERIZON COMMUNICATIONS INCORPORATED $ 203,629
8,160 VODAFONE GROUP PLC ADR 186,864
234 WEBEX COMMUNICATIONS INCORPORATED+ 4,540
173 WESTERN WIRELESS CORPORATION CLASS A+ 4,341
247 XM SATELLITE RADIO HOLDINGS
INCORPORATED+ 6,785
1,762,012
----------
CONSTRUCTION SPECIAL TRADE
CONTRACTORS - 0.03%
124 CHEMED CORPORATION 6,781
362 DYCOM INDUSTRIES INCORPORATED+ 9,311
246 EMCOR GROUP INCORPORATED+ 9,988
26,080
----------
DEPOSITORY INSTITUTIONS - 4.30%
3,862 ABN AMRO HOLDING NV ADR 82,222
2,122 ALLIED IRISH BANKS PLC ADR 66,758
1,098 AMSOUTH BANCORPORATION 28,603
5,215 BANCO BILBAO VIZCAYA ARGENTARIA SA
ADR 69,881
5,739 BANCO SANTANDER CENTRAL HISPANO SA
ADR 56,644
1,504 BANCTRUST FINANCIAL GROUP INCORPORATED 27,042
7,146 BANK OF AMERICA CORPORATION 321,427
1,927 BANK OF NEW YORK COMPANY
INCORPORATED 57,425
574 BANKUNITED FINANCIAL CORPORATION
CLASS A+ 16,233
3,203 BARCLAYS PLC ADR 119,728
1,183 BB&T CORPORATION 47,308
3,818 BNP PARIBAS SA ADR 115,467
1,178 CASCADE BANCORP 20,497
1,333 CENTRAL COAST BANCORP+ 25,994
590 CHARTER ONE FINANCIAL INCORPORATED 26,237
685 CHITTENDEN CORPORATION 24,592
9,052 CITIGROUP INCORPORATED 421,642
1,088 CITY BANK LYNNWOOD WASHINGTON 35,686
1,890 COASTAL FINANCIAL CORPORATION 26,498
397 COMERICA INCORPORATED 23,880
349 COMMERCIAL CAPITAL BANCORPORATION
INCORPORATED 7,563
534 CORUS BANKSHARES INCORPORATED 22,893
1,319 DEUTSCHE BANK AG 90,615
212 EURONET WORLDWIDE INCORPORATED+ 3,723
808 FARMERS CAPITAL BANK CORPORATION 26,761
1,019 FIFTH THIRD BANCORP 50,756
441 FIRST BANCORP PUERTO RICO 20,268
550 FIRST HORIZON NATIONAL CORPORATION 25,009
1,419 FIRST NIAGARA FINANCIAL GROUP
INCORPORATED 17,865
568 FIRST OF LONG ISLAND CORPORATION 24,259
271 GOLDEN WEST FINANCIAL CORPORATION 29,330
2,791 HBOS PLC ADR 102,350
2,635 HSBC HOLDINGS PLC ADR 205,214
1,334 HUNTINGTON BANCSHARES INCORPORATED 32,910
260 ITLA CAPITAL CORPORATION+ 11,029
6,379 JP MORGAN CHASE & COMPANY 252,481
1,000 KEYCORP 31,350
727 MARSHALL & ILSLEY CORPORATION 29,138
616 MB FINANCIAL INCORPORATED 23,149
1,105 MELLON FINANCIAL CORPORATION 31,890
333 NASB FINANCIAL INCORPORATED 12,238
592 NATIONAL AUSTRALIA BANK LIMITED 55,731
1,231 NATIONAL CITY CORPORATION 46,520
635 NATIONAL COMMERCE FINANCIAL
CORPORATION 21,361
811 NEW YORK COMMUNITY BANCORP
INCORPORATED 17,315
684 NORTHERN TRUST CORPORATION 29,446
590 PNC FINANCIAL SERVICES GROUP 31,665
1,173 REGIONS FINANCIAL CORPORATION 37,876
410 RIGGS NATIONAL CORPORATION 9,635
3,666 SAN PAOLO-IMI SPA 82,485
406 SILICON VALLEY BANCSHARES+ 15,164
281 SMITHTOWN BANCORPORATION INCORPORATED 7,728
785 SOUTHTRUST CORPORATION 32,460
784 STATE STREET CORPORATION 35,390
858 SUN BANCORP INCORPORATED NEW JERSEY+ 18,533
556 SUNTRUST BANKS INCORPORATED 37,864
1,148 SYNOVUS FINANCIAL CORPORATION 29,159
3,697 US BANCORP 109,062
869 USB HOLDING COMPANY INCORPORATED 19,127
2,458 WACHOVIA CORPORATION 115,305
1,662 WASHINGTON MUTUAL INCORPORATED 64,535
552 WEBSTER FINANCIAL CORPORATION 27,158
3,023 WELLS FARGO & COMPANY++ 177,601
2,385 WESTPAC BANKING CORPORATION ADR 141,812
416 WINTRUST FINANCIAL CORPORATION 22,830
446 WSFS FINANCIAL CORPORATION 22,322
559 YARDVILLE NATIONAL BANCORP 16,177
377 ZIONS BANCORPORATION 23,480
3,912,296
----------
EATING & DRINKING PLACES - 0.19%
594 DARDEN RESTAURANTS INCORPORATED 12,480
291 KRISPY KREME DOUGHNUTS
INCORPORATED+ 3,748
2,627 MCDONALD'S CORPORATION 70,981
262 P.F. CHANG'S CHINA BISTRO INCORPORATED+ 10,983
544 RARE HOSPITALITY INTERNATIONAL
INCORPORATED+ 14,710
303 RED ROBIN GOURMET BURGERS
INCORPORATED+ 10,596
487 WENDY'S INTERNATIONAL INCORPORATED 16,738
753 YUM! BRANDS INCORPORATED 29,902
170,138
----------
EDUCATIONAL SERVICES - 0.06%
336 APOLLO GROUP INCORPORATED CLASS A+ 26,208
314 CAREER EDUCATION CORPORATION+ 9,684
466 CORINTHIAN COLLEGES INCORPORATED+ 5,298
155 STRAYER EDUCATION INCORPORATED 16,120
57,310
----------
15
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
ELECTRIC, GAS & SANITARY SERVICES - 1.53%
1,671 AES CORPORATION+ $ 16,860
1,156 ALLIED WASTE INDUSTRIES INCORPORATED+ 11,837
538 AMEREN CORPORATION 25,173
811 AMERICAN ELECTRIC POWER COMPANY
INCORPORATED 26,544
911 AMERICAN STATES WATER COMPANY 22,638
574 BLACK HILLS CORPORATION 15,986
2,000 CALPINE CORPORATION+ 6,840
1,316 CENTERPOINT ENERGY INCORPORATED 14,397
544 CH ENERGY GROUP INCORPORATED 24,812
523 CINERGY CORPORATION 21,171
1,745 CMS ENERGY CORPORATION+ 16,752
464 CONSOLIDATED EDISON INCORPORATED 19,581
475 CONSTELLATION ENERGY GROUP INCORPORATED 19,522
595 DOMINION RESOURCES INCORPORATED 38,610
429 DTE ENERGY COMPANY 17,726
2,246 DUKE ENERGY CORPORATION 49,726
1,802 E.ON AG 128,393
1,252 EDISON INTERNATIONAL 33,654
2,372 EL PASO CORPORATION 19,403
6,728 ENDESA SA ADR 125,141
361 ENTERGY CORPORATION 21,768
1,097 EXELON CORPORATION 40,424
680 FIRSTENERGY CORPORATION 27,363
320 FPL GROUP INCORPORATED 22,144
385 KINDER MORGAN INCORPORATED 23,293
3,094 NATIONAL GRID TRANSCO PLC 131,217
695 NICOR INCORPORATED 24,916
1,048 NISOURCE INCORPORATED 21,798
620 PEOPLES ENERGY CORPORATION 25,761
1,040 PG&E CORPORATION+ 30,358
602 PROGRESS ENERGY INCORPORATED 26,422
530 PUBLIC SERVICE ENTERPRISE GROUP
INCORPORATED 22,440
575 RELIANT RESOURCES INCORPORATED+ 5,727
3,575 SCOTTISH POWER PLC 104,533
498 SEMPRA ENERGY 18,003
556 SOUTH JERSEY INDUSTRIES INCORPORATED 25,131
1,340 SOUTHERN COMPANY 40,669
150 TEXAS GENCO HOLDINGS INCORPORATED 6,945
688 TXU CORPORATION 28,641
372 UIL HOLDINGS CORPORATION 18,258
1,063 WASTE MANAGEMENT INCORPORATED 29,541
1,364 WILLIAMS COMPANIES INCORPORATED 16,218
1,566 XCEL ENERGY INCORPORATED 27,640
1,393,976
----------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT - 2.85%
955 ACUITY BRANDS INCORPORATED 21,975
1,080 ADVANCED MICRO DEVICES INCORPORATED+ 12,344
358 AEROFLEX INCORPORATED+ 3,609
773 ALTERA CORPORATION+ 14,625
455 AMERICAN POWER CONVERSION
CORPORATION 7,644
436 AMETEK INCORPORATED 12,448
713 ANALOG DEVICES INCORPORATED 24,755
562 ANDREW CORPORATION+ 6,233
1,214 APPLIED MICRO CIRCUITS CORPORATION+ 4,067
196 ARTISAN COMPONENTS INCORPORATED+ 5,400
338 ATMI INCORPORATED+ 6,368
217 BENCHMARK ELECTRONICS INCORPORATED+ 6,241
491 BROADCOM CORPORATION CLASS A+ 13,326
392 C&D TECHNOLOGIES INCORPORATED 6,311
1,156 CANON INCORPORATED ADR 55,453
344 CATAPULT COMMUNICATIONS
CORPORATION+ 8,222
141 CERADYNE INCORPORATED+ 5,489
2,484 CHARTERED SEMICONDUCTOR+ 15,649
472 COMVERSE TECHNOLOGY INCORPORATED+ 8,265
238 CREE INCORPORATED+ 5,952
518 CUBIC CORPORATION 12,686
252 CYMER INCORPORATED+ 6,733
215 DITECH COMMUNICATIONS CORPORATION+ 4,627
292 DSP GROUP INCORPORATED+ 5,551
752 EMERSON ELECTRIC COMPANY 46,812
1,340 FUJITSU LIMITED ADR 41,392
19,091 GENERAL ELECTRIC COMPANY 625,994
516 GRAFTECH INTERNATIONAL LIMITED+ 5,501
12,073 INTEL CORPORATION 257,034
311 INTERDIGITAL COMMUNICATIONS
CORPORATION+ 4,848
3,064 INTERNATIONAL BUSINESS MACHINES
CORPORATION 259,490
674 INTERSIL CORPORATION CLASS A 11,748
539 JABIL CIRCUIT INCORPORATED+ 11,120
5,369 JDS UNIPHASE CORPORATION+ 16,698
454 KLA-TENCOR CORPORATION+ 16,961
2,408 KONINKLIJKE (ROYAL) PHILIPS
ELECTRONICS NV NY SHARES 55,866
672 LINEAR TECHNOLOGY CORPORATION 24,037
183 LITTELFUSE INCORPORATED+ 6,665
1,809 LSI LOGIC CORPORATION+ 8,737
7,450 LUCENT TECHNOLOGIES INCORPORATED+ 23,318
699 MAXIM INTEGRATED PRODUCTS INCORPORATED 30,358
360 MAYTAG CORPORATION 7,283
471 MEDIS TECHNOLOGIES LIMITED+ 4,945
364 MICORSEMI CORPORATION+ 3,928
571 MICROCHIP TECHNOLOGY INCORPORATED 15,069
1,436 MICRON TECHNOLOGY INCORPORATED+ 16,528
8,000 MINEBEA COMPANY LIMITED ADR 67,794
800 MOLEX INCORPORATED 23,096
372 MOOG INCORPORATED CLASS A+ 13,225
4,421 MOTOROLA INCORPORATED 71,399
584 MYKROLIS CORPORATION+ 5,157
898 NATIONAL SEMICONDUCTOR CORPORATION+ 11,970
775 NETWORK APPLIANCE INCORPORATED+ 15,554
3,960 NOKIA OYJ ADR 47,045
385 NOVELLUS SYSTEMS INCORPORATED+ 9,406
540 NVIDIA CORPORATION+ 6,728
302 OMNIVISION TECHNOLOGIES INCORPORATED+ 3,150
2,604 OMRON CORPORATION 55,760
414 OPENWAVE SYSTEMS INCORPORATED+ 3,858
1,898 PIONEER CORPORATION 41,756
707 PMC-SIERRA INCORPORATED+ 6,603
16
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
250 QLOGIC CORPORATION+ $ 6,528
3,060 QUALCOMM INCORPORATED 116,433
318 RAMBUS INCORPORATED+ 4,077
835 REMEC INCORPORATED+ 4,334
1,573 RF MICRO DEVICES INCORPORATED+ 8,054
575 ROCKWELL COLLINS INCORPORATED 19,774
140 ROGERS CORPORATION+ 6,495
1,900 SANMINA-SCI CORPORATION+ 13,148
421 SCIENTIFIC-ATLANTA INCORPORATED 11,468
388 SEACHANGE INTERNATIONAL INCORPORATED+ 5,929
184 SIGMATEL INCORPORATED+ 3,089
481 SILCON STORAGE TECHNOLOGY
INCORPORATED+ 2,775
394 SILICON IMAGE INCORPORATED+ 4,334
913 SKYWORKS SOLUTIONS INCORPORATED+ 7,605
241 SOHU.COM INCORPORATED+ 3,581
2,705 SOLECTRON CORPORATION+ 13,958
1,001 SONY CORPORATION ADR 34,705
855 SPATIALIGHT INCORPORATED+ 4,258
1,658 STMICROELECTRONICS NV NY SHARES 28,368
388 TECHNITROL INCORPORATED+ 6,891
294 TEKELEC+ 5,371
1,215 TELLABS INCORPORATED+ 11,020
3,312 TEXAS INSTRUMENTS INCORPORATED 64,716
462 THOMAS & BETTS CORPORATION+ 11,365
211 VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES INCORPORATED+ 5,908
193 WHIRLPOOL CORPORATION 11,800
793 XILINX INCORPORATED 21,752
347 ZORAN CORPORATION+ 5,462
2,594,004
----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.24%
155 AFFYMETRIX INCORPORATED+ 4,309
191 AMERICAN HEALTHCORP+ 5,157
225 AMYLIN PHARMACEUTICALS INCORPORATED+ 4,453
921 ANTIGENICS INCORPORATED+ 5,811
443 APPLERA CORPORATION-CELERA GENOMICS
GROUP+ 4,771
286 ATRIX LABORATORIES INCORPORATED+ 8,454
971 AXONYX INCORPORATED+ 4,127
265 CDI CORPORATION 5,565
133 CELGENE CORPORATION+ 7,548
450 CHARLES RIVER ASSOCIATES INCORPORATED+ 13,567
162 CORPORATE EXECUTIVE BOARD COMPANY 9,535
297 CV THERAPEUTICS INCORPORATED+ 3,810
189 ERESEARCH TECHNOLOGY INCORPORATED+ 3,801
437 FLUOR CORPORATION 18,682
107 GEN-PROBE INCORPORATED+ 3,863
275 MAXMUS INCORPORATED+ 8,000
260 MOODY'S CORPORATION 17,825
252 NAVIGANT CONSULTING INCORPORATED+ 4,831
828 PAYCHEX INCORPORATED 24,567
771 PER-SE TECHNOLOGIES INCORPORATED+ 9,661
237 QUEST DIAGNOSTICS INCORPORATED 20,287
160 RESOURCES CONNECTION INCORPORATED+ 5,245
257 TELIK INCORPORATED+ 4,867
301 URS CORPORATION+ 7,435
271 WASHINGTON GROUP INTERNATIONAL
INCORPORATED+ 9,534
215,705
----------
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION
EQUIPMENT - 0.26%
266 BALL CORPORATION 9,932
606 CRANE COMPANY 16,362
1,197 CROWN HOLDINGS INCORPORATED+ 11,611
343 FORTUNE BRANDS INCORPORATED 25,091
507 GRIFFON CORPORATION+ 10,150
800 GULF ISLAND FABRICATION INCORPORATED 15,968
540 ILLINOIS TOOL WORKS INCORPORATED 49,297
1,303 MASCO CORPORATION 41,865
289 METALS USA INCORPORATED+ 4,659
287 NCI BUILDING SYSTEMS INCORPORATED+ 8,805
253 SIMPSON MANUFACTURING COMPANY
INCORPORATED 14,295
443 SNAP-ON INCORPORATED 14,074
126 TASER INTERNATIONAL INCORPORATED+ 3,476
578 WATTS WATER TECHNOLOGIES INCORPORATED 14,716
240,301
----------
FINANCIAL SERVICES - 0.01%
846 JANUS CAPITAL GROUP INCORPORATED 11,624
----------
FOOD & KINDRED PRODUCTS - 1.36%
198 ADOLPH COORS COMPANY CLASS B 13,561
305 AMERICAN ITALIAN PASTA COMPANY
CLASS A 8,250
1,292 ANHEUSER-BUSCH COMPANIES INCORPORATED 68,217
2,080 ARCHER-DANIELS-MIDLAND COMPANY 33,217
3,929 CADBURY SCHWEPPES PLC ADR 128,282
880 CAMPBELL SOUP COMPANY 22,845
3,811 COCA COLA COMPANY 170,390
1,029 COCA COLA ENTERPRISES INCORPORATED 21,249
1,116 CONAGRA FOODS INCORPORATED 29,239
745 DEL MONTE FOODS COMPANY+ 7,860
2,028 DIAGEO PLC ADR 101,299
548 GENERAL MILLS INCORPORATED 25,893
204 HANSEN NATURAL CORPORATION+ 4,843
981 HERCULES INCORPORATED+ 13,459
367 HERSHEY FOODS CORPORATION 17,719
743 HJ HEINZ COMPANY 28,167
764 KELLOGG COMPANY 32,073
8,545 KIRIN BREWERY COMPANY LIMITED 77,759
3,116 NESTLE SA ADR 183,992
692 PEPSI BOTTLING GROUP INCORPORATED 18,539
2,993 PEPSICO INCORPORATED 149,650
123 SANDERSON FARMS INCORPORATED 4,205
1,616 SARA LEE CORPORATION 35,762
1,464 TOPPS COMPANY INCORPORATED 13,718
389 WM WRIGLEY JR COMPANY 24,130
1,234,318
----------
17
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
FOOD STORES - 0.28%
836 ALBERTSON'S INCORPORATED $ 20,549
2,395 COLES MYER LIMITED ADR 120,947
1,186 GREAT ATLANTIC & PACIFIC TEA COMPANY
INCORPORATED+ 7,661
5,252 KONINKLIJKE AHOLD NV ADR+ 32,983
1,575 KROGER COMPANY+ 26,035
281 PANERA BREAD COMPANY+ 9,773
826 STARBUCKS CORPORATION+ 35,716
398 WINN-DIXIE STORES INCORPORATED+ 1,660
255,324
----------
FORESTRY - 0.03%
423 WEYERHAEUSER COMPANY 26,442
----------
FURNITURE & FIXTURES - 0.08%
404 FURNITURE BRANDS INTERNATIONAL
INCORPORATED 9,292
312 HERMAN MILLER INCORPORATED 7,859
541 HOOKER FURNITURE CORPORATION 14,347
737 LEGGETT & PLATT INCORPORATED 19,818
589 NEWELL RUBBERMAID INCORPORATED 12,681
255 SELECT COMFORT CORPORATION+ 4,050
68,047
----------
GENERAL MERCHANDISE STORES - 0.24%
658 BIG LOTS INCORPORATED+ 8,021
705 DOLLAR GENERAL CORPORATION 13,889
423 FEDERATED DEPARTMENT STORES
INCORPORATED 18,358
402 FRED'S INCORPORATED 5,592
495 JC PENNEY COMPANY INCORPORATED 18,968
73 KMART HOLDING CORPORATION+ 5,593
710 MAY DEPARTMENT STORES COMPANY 17,402
455 SEARS ROEBUCK & COMPANY 17,417
643 SHOPKO STORES INCORPORATED+ 10,880
1,734 TARGET CORPORATION 77,302
1,094 TJX COMPANIES INCORPORATED 23,149
216,571
----------
HEALTH SERVICES - 0.29%
385 AMSURG CORPORATION+ 8,601
329 APRIA HEALTHCARE GROUP INCORPORATED+ 9,291
586 BEVERLY ENTERPRISES INCORPORATED+ 4,202
601 BIOGEN IDEC INCORPORATED+ 35,657
885 CAREMARK RX INCORPORATED+ 25,399
232 DAVITA INCORPORATED+ 7,032
521 FIRST HEALTH GROUP CORPORATION+ 7,945
975 HCA INCORPORATED 37,840
678 HEALTH MANAGEMENT ASSOCIATION
INCORPORATED CLASS A 12,963
1,083 HUMAN GENOME SCIENCES INCORPORATED+ 11,664
214 INVERESK RESEARCH GROUP INCORPORATED+ 7,599
289 LABORATORY CORPORATION OF AMERICA
HOLDINGS+ 12,019
251 LIFEPOINT HOSPITALS INCORPORATED+ 7,251
474 MANOR CARE INCORPORATED 14,538
261 MATRIA HEALTHCARE INCORPORATED+ 6,896
211 NEIGHBORCARE INCORPORATED+ 5,357
262 ODYSSEY HEALTHCARE INCORPORATED+ 4,643
151 PEDIATRIX MEDICAL GROUP INCORPORATED+ 10,585
424 SELECT MEDICAL CORPORATION 5,631
252 SIERRA HEALTH SERVICES INCORPORATED+ 10,866
1,340 TENET HEALTHCARE CORPORATION+ 13,963
227 UNITED SURGICAL PARTNERS
INTERNATIONAL INCORPORATED+ 8,197
268,139
----------
HOLDING & OTHER INVESTMENT OFFICES - 0.66%
695 ALEXANDRIA REAL ESTATE EQUITIES
INCORPORATED 45,036
650 AMERICAN HOME MORTGAGE INVESTMENT
CORPORATION 17,693
1,394 BEDFORD PROPERTY INVESTORS 43,075
1,127 CAPITAL AUTOMOTIVE 34,790
797 CEDAR SHOPPING CENTERS INCORPORATED 10,799
558 CHELSEA PROPERTY GROUP INCORPORATED 37,525
896 CORPORATE OFFICE PROPERTIES TRUST
SBI MD 23,699
883 ENTERTAINMENT PROPERTIES TRUST 32,980
1,661 EQUITY OFFICE PROPERTIES TRUST 47,438
1,358 EQUITY RESIDENTIAL 43,986
1,150 FELCOR LODGING TRUST INCORPORATED+ 13,467
963 GENERAL GROWTH PROPERTIES INCORPORATED 29,054
229 HEADWATERS INCORPORATED+ 7,010
1,033 HOME PROPERTIES INCORPORATED 41,661
607 IMPAC MORTGAGE HOLDINGS INCORPORATED 15,667
554 LASALLE HOTEL PROPERTIES 15,645
985 MID-AMERICA APARTMENT COMMUNITIES
INCORPORATED 39,055
881 NATIONAL HEALTH INVESTORS INCORPORATED 25,408
200 NOVASTAR FINANCIAL INCORPORATED 8,048
653 SIMON PROPERTY GROUP INCORPORATED 36,535
863 SOVRAN SELF STORAGE INCORPORATED 34,218
602,789
----------
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES - 0.12%
701 BED BATH & BEYOND INCORPORATED+ 26,232
491 BEST BUY COMPANY INCORPORATED 22,841
478 BROOKSTONE INCORPORATED+ 7,529
921 CIRCUIT CITY STORES INCORPORATED 11,945
255 COST PLUS INCORPORATED+ 8,736
177 GUITAR CENTER INCORPORATED+ 7,250
485 MOVIE GALLERY INCORPORATED 8,725
549 RADIO SHACK CORPORATION 14,790
108,048
----------
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES - 0.10%
323 BOYD GAMING CORPORATION 8,769
354 EMPIRE RESORTS INCORPORATED+ 3,115
1,415 HILTON HOTELS CORPORATION 25,258
2,001 LA QUINTA CORPORATION+ 15,688
18
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
470 MARRIOTT INTERNATIONAL INCORPORATED
CLASS A $ 22,301
313 STARWOOD HOTELS & RESORTS
WORLDWIDE INCORPORATED 13,835
88,966
----------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT - 1.65%
1,338 3M COMPANY 110,198
224 ACTUANT CORPORATION CLASS A+ 8,476
760 APPLE COMPUTER INCORPORATED+ 26,212
3,306 APPLIED MATERIALS INCORPORATED+ 52,532
1,051 AXCELIS TECHNOLOGIES INCORPORATED+ 8,198
760 BAKER HUGHES INCORPORATED 29,891
268 BHA GROUP HOLDINGS INCORPORATED 10,184
172 BLACK & DECKER CORPORATION 11,856
283 BLACK BOX CORPORATION 10,256
227 BRIGGS & STRATTON CORPORATION 17,048
1,450 BROCADE COMMUNICATIONS SYSTEMS
INCORPORATED+ 7,148
263 BROOKS AUTOMATION INCORPORATED+ 3,269
232 CASCADE CORPORATION 5,986
641 CATERPILLAR INCORPORATED 46,601
205 CDW CORPORATION 11,992
12,654 CISCO SYSTEMS INCORPORATED+ 237,389
533 DEERE & COMPANY 33,723
4,799 DELL INCORPORATED+ 167,197
599 DOVER CORPORATION 22,600
4,817 EMC CORPORATION+ 51,879
348 EMULEX CORPORATION+ 3,692
164 ENGINEERED SUPPORT SYSTEMS INCORPORATED 7,086
148 EQUINIX INCORPORATED+ 4,705
417 FLOWSERVE CORPORATION+ 9,566
375 GARDNER DENVER INCORPORATED+ 10,399
2,893 GATEWAY INCORPORATED+ 12,700
707 GENERAL BINDING CORPORATION+ 7,077
321 GLOBAL IMAGING SYSTEMS INCORPORATED+ 8,988
452 GRANT PRIDECO INCORPORATED+ 8,258
640 HITACHI LIMITED ADR 40,365
353 JOY GLOBAL INCORPORATED 10,699
1,046 JUNIPER NETWORKS INCORPORATED+ 23,943
620 KADANT INCORPORATED+ 11,706
239 LEXMARK INTERNATIONAL INCORPORATED+ 21,139
450 LUFKIN INDUSTRIES INCORPORATED 14,580
7,066 MAKITA CORPORATION 105,354
309 MODINE MANUFACTURING COMPANY 9,208
6,604 NEC CORPORATION ADR 42,398
469 PALL CORPORATION 11,425
279 PALMONE INCORPORATED+ 9,109
828 PITNEY BOWES INCORPORATED 36,068
336 PROQUEST COMPANY+ 8,165
308 SANDISK CORPORATION+ 7,192
586 SCIENTIFIC GAMES CORPORATION CLASS A+ 9,980
1,671 SIEMENS AG 115,382
199 SMITH INTERNATIONAL INCORPORATED+ 11,339
249 STANLEY WORKS 10,772
776 SYMBOL TECHNOLOGIES INCORPORATED 10,010
282 TEREX CORPORATION+ 10,189
199 TORO COMPANY 12,969
157 TRANSACT TECHNOLOGIES INCORPORATED+ 2,795
571 WATSCO INCORPORATED 16,605
379 WESTERN DIGITAL CORPORATION+ 2,827
1,499,325
----------
INSURANCE AGENTS, BROKERS & SERVICE - 0.19%
818 AON CORPORATION 21,227
382 HILB, ROGAL & HAMILTON COMPANY 13,003
571 HUMANA INCORPORATED+ 10,849
216 LABONE INCORPORATED+ 6,314
908 MARSH & MCLENNAN COMPANIES
INCORPORATED 40,579
570 MEDCO HEALTH SOLUTIONS INCORPORATED+ 17,801
1,101 METLIFE INCORPORATED 41,012
314 NATIONAL FINANCIAL PARTNERS CORPORATION 10,802
900 UNUMPROVIDENT CORPORATION 14,562
176,149
----------
INSURANCE CARRIERS - 1.44%
1,817 AEGON NV 19,515
310 AETNA INCORPORATED 28,721
1,179 AFLAC INCORPORATED 47,278
263 ALLMERICA FINANCIAL CORPORATION+ 7,627
1,408 ALLSTATE CORPORATION 66,472
252 AMBAC FINANCIAL GROUP INCORPORATED 19,026
4,050 AMERICAN INTERNATIONAL GROUP
INCORPORATED 288,522
233 AMERIGROUP CORPORATION+ 11,962
309 ANTHEM INCORPORATED+ 25,103
3,440 AXA ADR 70,692
205 CENTENE CORPORATION+ 8,106
391 CHUBB CORPORATION 26,592
290 CIGNA CORPORATION 19,302
546 CINCINNATI FINANCIAL CORPORATION 22,031
738 HARTFORD FINANCIAL SERVICES GROUP
INCORPORATED 45,136
308 HEALTH NET INCORPORATED+ 7,989
3,630 ING GROEP NV ADR 88,717
354 KANSAS CITY LIFE INSURANCE COMPANY 14,400
217 LANDAMERICA FINANCIAL GROUP
INCORPORATED 9,340
598 LINCOLN NATIONAL CORPORATION 27,089
387 LOEWS CORPORATION 21,982
61 MARKEL CORPORATION+ 17,925
352 MBIA INCORPORATED 20,159
302 MGIC INVESTMENT CORPORATION 20,618
743 MILLEA HOLDINGS INCORPORATED 51,104
793 PHOENIX COMPANIES INCORPORATED 8,350
777 PRINCIPAL FINANCIAL GROUP INCORPORATED 26,970
483 PROASSURANCE CORPORATION+ 16,306
436 PROGRESSIVE CORPORATION 35,011
1,015 PRUDENTIAL FINANCIAL INCORPORATED 46,873
364 SAFECO CORPORATION 17,534
1,197 ST PAUL COMPANIES INCORPORATED 41,524
180 TORCHMARK CORPORATION 9,266
1,199 UNITEDHEALTH GROUP INCORPORATED 79,290
19
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
315 UNITIED INSURANCE COMPANIES
INCORPORATED $ 8,760
322 WELLPOINT HEALTH NETWORKS
INCORPORATED+ 31,614
1,306,906
----------
JUSTICE, PUBLIC ORDER & SAFETY - 0.01%
255 CORRECTIONS CORPORATION OF AMERICA+ 8,833
----------
LEATHER & LEATHER PRODUCTS - 0.01%
310 COACH INCORPORATED+ 13,066
----------
LOCAL & SUB-TRANSIT & INTERURBAN
HIGHWAY PASS TRANSPORTATION - 0.01%
640 Laidlaw International Incorporated+ 10,048
----------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.04%
771 CHAMPION ENTERPRISES INCORPORATED+ 7,425
565 GEORGIA-PACIFIC CORPORATION 19,199
236 SKYLINE CORPORATION 9,015
35,639
----------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS - 0.97%
298 ADVANCED MEDICAL OPTICS INCORPORATED+ 11,092
150 ADVANCED NEUROMODULATION SYSTEMS
INCORPORATED+ 4,398
919 AGILENT TECHNOLOGIES INCORPORATED+ 18,839
1,242 AKSYS LIMITED+ 6,744
301 ALIGN TECHNOLOGY INCORPORATED+ 4,611
300 ALLERGAN INCORPORATED 22,395
348 AMERICAN MEDICAL SYSTEMS HOLDINGS
INCORPORATED+ 10,983
314 ANALOGIC CORPORATION 12,946
601 ANAREN INCORPORATED+ 7,104
533 APPLERA CORPORATION-APPLIED
BIOSYSTEMS GROUP 10,148
258 BAUSCH & LOMB INCORPORATED 17,015
1,257 BAXTER INTERNATIONAL INCORPORATED 38,389
535 BECTON DICKINSON & COMPANY 25,744
517 BIOMET INCORPORATED 23,601
1,160 BOSTON SCIENTIFIC CORPORATION+ 41,447
242 C.R. BARD INCORPORATED 13,576
403 CONMED CORPORATION+ 9,853
398 CREDENCE SYSTEMS CORPORATION+ 2,655
237 CYBERONICS INCORPORATED+ 4,057
503 DANAHER CORPORATION 25,864
700 EASTMAN KODAK COMPANY 20,706
246 ESCO TECHNOLOGIES INCORPORATED+ 15,830
201 FLIR SYSTEMS INCORPORATED+ 11,732
594 GUIDANT CORPORATION 35,521
338 INTEGRA LIFESCIENCES HOLDINGS+ 10,096
108 INVISION TECHNOLOGIES INCORPORATED+ 5,076
180 LASERSCOPE+ 3,564
2,206 MEDTRONIC INCORPORATED 109,749
320 MENTOR CORPORATION 11,258
176 MILLIPORE CORPORATION+ 8,853
332 OCULAR SCIENCES INCORPORATED+ 14,475
331 POLYMEDICA CORPORATION 10,066
148 POSSIS MEDICAL INCORPORATED+ 2,590
804 RAYTHEON COMPANY 27,923
155 RESMED INCORPORATED+ 7,404
390 RICOH COMPANY LIMITED ADR 38,202
407 ROCKWELL AUTOMATION INCORPORATED 15,873
314 ST. JUDE MEDICAL INCORPORATED+ 21,117
632 STRYKER CORPORATION 28,630
347 SYBRON DENTAL SPECIALTIES INCORPORATED+ 9,674
301 TECHNE CORPORATION+ 11,661
648 TERADYNE INCORPORATED+ 8,340
719 THERMO ELECTRON CORPORATION+ 18,888
1,094 THERMOGENESIS+ 4,288
387 TRIMBLE NAVIGATION LIMITED+ 10,658
259 VARIAN INCORPORATED+ 10,184
402 VIASYS HEALTHCARE INCORPORATED+ 5,849
281 VISX INCORPORATED+ 5,699
336 WATERS CORPORATION+ 14,552
221 WRIGHT MEDICAL GROUP INCORPORATED+ 5,967
835 X-RITE INCORPORATED 11,690
1,820 XEROX CORPORATION+ 24,443
465 ZIMMER HOLDINGS INCORPORATED+ 33,155
885,174
----------
MEDICAL EQUIPMENT & SUPPLIES - 0.00%
203 WILSON GREATBATCH TECHNOLOGIES
INCORPORATED+ 3,325
----------
METAL MINING - 0.18%
89 CLEVELAND CLIFFS INCORPORATED+ 5,941
973 NEWMONT MINING CORPORATION 43,191
216 PHELPS DODGE CORPORATION 17,617
889 RIO TINTO PLC ADR 90,305
333 STILLWATER MINING COMPANY+ 4,768
161,822
----------
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS - 0.02%
453 VULCAN MATERIALS COMPANY 21,595
----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES - 0.56%
397 EATON CORPORATION 23,959
998 HASBRO INCORPORATED 18,493
5,802 HEWLETT-PACKARD COMPANY 103,798
210 ITT INDUSTRIES INCORPORATED 16,611
5,286 JOHNSON & JOHNSON 307,116
1,008 MATTEL INCORPORATED 16,219
276 TIFFANY & COMPANY 8,542
452 YANKEE CANDLE COMPANY INCORPORATED+ 12,254
506,992
----------
MISCELLANEOUS RETAIL - 0.59%
642 1-800-FLOWERS.COM INCORPORATED
CLASS A+ 4,777
471 AMAZON.COM INCORPORATED+ 17,964
312 CASH AMERICA INTERNATIONAL INCORPORATED 7,220
873 COSTCO WHOLESALE CORPORATION 35,941
799 CVS CORPORATION 31,960
20
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
406 DILLARDS INCORPORATED CLASS A $ 7,714
578 GSI COMMERCE INCORPORATED+ 5,387
771 HANCOCK FABRICS INCORPORATED 8,566
274 J JILL GROUP INCORPORATED+ 4,957
380 LONGS DRUG STORES CORPORATION 9,226
154 MICHAELS STORES INCORPORATED 8,829
636 OFFICE DEPOT INCORPORATED+ 10,182
124 OVERSTOCK.COM INCORPORATED+ 3,887
1,257 PC CONNECTION INCORPORATED+ 8,296
287 PETSMART INCORPORATED 8,053
184 PRICELINE.COM INCORPORATED+ 3,842
235 SPORTS AUTHORITY INCORPORATED+ 4,989
1,104 STAPLES INCORPORATED 31,663
4,574 WAL-MART STORES INCORPORATED 240,913
1,952 WALGREEN COMPANY 71,150
177 WORLD FUEL SERVICES CORPORATION 6,227
353 ZALE CORPORATION+ 9,044
540,787
----------
MISCELLANEOUS SERVICES - 0.06%
3,507 ADECCO SA ADR 40,997
244 D&B CORPORATION+ 13,454
54,451
----------
MOTION PICTURES - 0.28%
4,154 LIBERTY MEDIA CORPORATION CLASS A+ 37,012
269 MACROVISION CORPORATION+ 6,362
7,720 TIME WARNER INCORPORATED+ 126,222
3,713 WALT DISNEY COMPANY 83,357
252,953
----------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING - 0.14%
245 FORWARD AIR CORPORATION+ 8,901
394 LANDSTAR SYSTEM INCORPORATED+ 20,677
1,128 UNITED PARCEL SERVICE INCORPORATED
CLASS B 82,400
400 USF CORPORATION 13,704
125,682
----------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.84%
177 ACCREDITED HOME LENDERS HOLDING
COMPANY+ 7,039
1,899 AMERICAN EXPRESS COMPANY 94,988
301 AMERICREDIT CORPORATION+ 6,294
8,885 APOLLO INVESTMENT CORPORATION+ 124,656
480 CAPITAL ONE FINANCIAL CORPORATION 32,525
1,035 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE
COMPANY 21,880
449 CIT GROUP INCORPORATED 16,047
1,092 COUNTRYWIDE FINANCIAL CORPORATION 38,821
1,644 FANNIE MAE 122,396
350 FINANCIAL FEDERAL CORPORATION+ 11,641
1,184 FREDDIE MAC 79,470
2,258 MBNA CORPORATION 54,508
194 NEW CENTURY FINANCIAL CORPORATION 10,406
1,477 ORIX CORPORATION ADR 75,770
782 PROVIDIAN FINANCIAL CORPORATION+ 11,292
300 SAXON CAPITAL INCORPORATED+ 7,545
778 SLM CORPORATION 30,358
164 WFS FINANCIAL INCORPORATED+ 7,441
622 WORLD ACCEPTANCE CORPORATION+ 13,889
766,966
----------
OIL & GAS EXTRACTION - 1.02%
483 ANADARKO PETROLEUM CORPORATION 28,603
705 APACHE CORPORATION 31,506
298 ATWOOD OCEANICS INCORPORATED+ 12,447
4,349 BHP BILLITON LIMITED ADR 81,370
403 BJ SERVICES COMPANY 19,364
938 BURLINGTON RESOURCES INCORPORATED 33,984
254 CHENIERE ENERGY INCORPORATED+ 4,392
728 DENBURY RESOURCES INCORPORATED+ 15,943
521 DEVON ENERGY CORPORATION 33,766
990 ENI SPA ADR 101,851
353 EVERGREEN RESOURCES INCORPORATED+ 13,926
544 FX ENERGY INCORPORATED+ 4,716
1,104 HALLIBURTON COMPANY 32,204
517 HANOVER COMPRESSOR COMPANY+ 5,961
434 KERR-MCGEE CORPORATION 22,907
1,556 MAGNUM HUNTER RESOURCES
INCORPORATED+ 15,856
720 OCCIDENTAL PETROLEUM CORPORATION 37,188
421 OCEANEERING INTERNATIONAL INCORPORATED+ 13,480
500 PATTERSON-UTI ENERGY INCORPORATED 8,660
885 PLAINS EXPLORATION & PRODUCTION
COMPANY+ 17,178
4,609 REPSOL YPF SA ADR 95,591
481 ROWAN COMPANIES INCORPORATED+ 11,698
645 SOUTHWESTERN ENERGY COMPANY+ 22,943
336 SPINNAKER EXPLORATION COMPANY+ 11,471
322 STONE ENERGY CORPORATION+ 13,395
1,768 TOTAL SA ADR 173,246
498 UNIT CORPORATION+ 15,637
667 UNOCAL CORPORATION 24,906
247 VERITAS DGC INCORPORATED+ 5,787
550 XTO ENERGY INCORPORATED 15,422
925,398
----------
PAPER & ALLIED PRODUCTS - 0.35%
651 BEMIS COMPANY INCORPORATED 17,206
338 BOISE CASCADE CORPORATION 10,576
481 CHESAPEAKE CORPORATION 10,962
1,152 GLATFELTER 14,607
955 INTERNATIONAL PAPER COMPANY 38,219
792 KIMBERLY-CLARK CORPORATION 52,826
930 MEADWESTVACO CORPORATION 28,040
632 PACTIV CORPORATION+ 14,947
528 POTLATCH CORPORATION 22,651
2,578 STORA ENSO OYJ 34,726
231 TEMPLE-INLAND INCORPORATED 15,773
2,814 UPM-KYMMENE OYJ ADR 54,282
314,815
----------
21
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
PERSONAL SERVICES - 0.05%
430 CINTAS CORPORATION $ 17,634
283 H & R BLOCK INCORPORATED 13,658
270 REGIS CORPORATION 11,051
42,343
----------
PETROLEUM REFINING & RELATED
INDUSTRIES - 1.40%
244 AMERADA HESS CORPORATION 19,642
233 ASHLAND INCORPORATED 11,983
3,754 BP PLC ADR 201,590
1,929 CHEVRONTEXACO CORPORATION 188,078
1,263 CONOCOPHILLIPS 94,005
342 ELKCORP 8,553
11,861 EXXON MOBIL CORPORATION 546,792
809 MARATHON OIL CORPORATION 29,343
2,478 ROYAL DUTCH PETROLEUM COMPANY 125,610
291 SUNOCO INCORPORATED 17,897
299 TESORO PETROLEUM CORPORATION+ 7,080
281 VALERO ENERGY CORPORATION 18,554
1,269,127
----------
PRIMARY METAL INDUSTRIES - 0.31%
1,718 ALCOA INCORPORATED 55,629
384 ALLEGHENY TECHNOLOGIES INCORPORATED 7,223
420 BELDEN CDT INCORPORATED 8,413
176 CARPENTER TECHNOLOGY CORPORATION 7,797
203 CENTURY ALUMINUM COMPANY+ 5,030
307 COMMSCOPE INCORPORATED+ 6,100
707 ENGELHARD CORPORATION 19,987
3,828 KUBOTA CORPORATION ADR 97,040
202 LONE STAR TECHNOLOGIES INCORPORATED+ 6,205
237 MAVERICK TUBE CORPORATION+ 7,020
464 MUELLER INDUSTRIES INCORPORATED 18,231
287 STEEL DYNAMICS INCORPORATED 9,000
233 TEXAS INDUSTRIES INCORPORATED 10,205
325 UNITED STATES STEEL CORPORATION 11,996
555 WORTHINGTON INDUSTRIES INCORPORATED 11,294
281,170
----------
PRINTING, PUBLISHING & ALLIED
INDUSTRIES - 0.54%
502 AMERICAN GREETINGS CORPORATION C
LASS A+ 12,083
771 BOWNE & COMPANY INCORPORATED 10,347
300 CONSOLIDATED GRAPHICS INCORPORATED+ 12,255
265 DOW JONES & COMPANY INCORPORATED 10,878
395 GANNETT COMPANY INCORPORATED 33,457
185 KNIGHT-RIDDER INCORPORATED 11,920
367 MCGRAW-HILL COMPANIES INCORPORATED 27,793
304 MEREDITH CORPORATION 15,224
448 NEW YORK TIMES COMPANY CLASS A 18,198
1,126 NEWS CORPORATION LIMITED ADR 35,188
6,527 PEARSON PLC 73,559
227 R.H. DONNELLEY CORPORATION+ 10,544
2,929 REED ELSEVIER NV ADR 75,480
503 RR DONNELLEY & SONS COMPANY 15,457
587 TRIBUNE COMPANY 24,507
460 VALASSIS COMMUNICATIONS INCORPORATED+ 13,000
2,801 VIACOM INCORPORATED CLASS B 93,301
493,191
----------
RAILROAD TRANSPORTATION - 0.11%
698 BURLINGTON NORTHERN SANTA FE
CORPORATION 24,988
615 CSX CORPORATION 19,422
896 NORFOLK SOUTHERN CORPORATION 25,446
500 UNION PACIFIC CORPORATION 28,555
98,411
----------
REAL ESTATE - 0.03%
413 JONES LANG LASALLE INCORPORATED+ 13,484
2,002 STEWART ENTERPRISES INCORPORATED
CLASS A+ 13,634
27,118
----------
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS - 0.14%
796 A SCHULMAN INCORPORATED 15,968
535 COOPER TIRE & RUBBER COMPANY 12,112
724 GOODYEAR TIRE & RUBBER COMPANY+ 7,950
222 JARDEN CORPORATION+ 6,724
385 NIKE INCORPORATED CLASS B 28,994
211 SEALED AIR CORPORATION+ 10,364
182 TREX COMPANY INCORPORATED+ 7,888
811 TUPPERWARE CORPORATION 13,844
557 WEST PHARMACEUTICAL SERVICES
INCORPORATED 22,275
126,119
----------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES - 0.55%
181 BEAR STEARNS COMPANIES INCORPORATED 15,914
2,992 CHARLES SCHWAB CORPORATION 28,275
77 CHICAGO MERCANTILE EXCHANGE 10,251
2,347 CREDIT SUISSE GROUP ADR+ 73,367
460 FRANKLIN RESOURCES INCORPORATED 24,504
368 FRIEDMAN BILLINGS RAMSEY GROUP
INCORPORATED CLASS A 6,937
561 GOLDMAN SACHS GROUP INCORPORATED 50,294
533 LEHMAN BROTHERS HOLDINGS INCORPORATED 39,383
1,619 MERRILL LYNCH & COMPANY INCORPORATED 82,682
1,873 MORGAN STANLEY 95,017
3,672 NOMURA HOLDINGS INCORPORATED ADR 50,967
209 PIPER JAFFRAY COMPANIES INCORPORATED+ 9,008
320 T ROWE PRICE GROUP INCORPORATED 15,850
502,449
----------
SOCIAL SERVICES - 0.01%
241 BRIGHT HORIZONS FAMILY SOLUTIONS
INCORPORATED+ 11,927
----------
STONE, CLAY, GLASS & CONCRETE
PRODUCTS - 0.39%
203 CABOT MICROELECTRONICS CORPORATION+ 6,778
193 CARBO CERAMICS INCORPORATED 12,420
2,645 CORNING INCORPORATED+ 26,767
388 GENTEX CORPORATION 13,324
22
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
2,582 HANSON PLC ADR $ 88,485
4,589 HOLCIM LIMITED ADR 122,773
3,922 LAFARGE SA ADR 84,911
355,458
------------
TEXTILE MILL PRODUCTS - 0.03%
284 ALBANY INTERNATIONAL CORPORATION
CLASS A 8,279
1,195 INTERFACE INCORPORATED+ 8,532
321 OXFORD INDUSTRIES INCORPORATED 12,988
29,799
------------
TOBACCO PRODUCTS - 0.26%
3,563 ALTRIA GROUP INCORPORATED 174,409
373 LOEWS CORPORATION - CAROLINA GROUP 9,206
292 UNIVERSAL CORPORATION 13,178
732 UST INCORPORATED 29,368
444 VECTOR GROUP LTD 7,432
233,593
------------
TRANSPORTATION BY AIR - 0.29%
419 AMR CORPORATION+ 3,746
9,391 BAA PLC ADR 93,762
1,284 DELTA AIR LINES INCORPORATED+ 5,188
436 EGL INCORPORATED+ 10,564
571 FEDEX CORPORATION 46,816
4,419 JAPAN AIRLINES SYSTEM ADR+ 63,822
251 JETBLUE AIRWAYS CORPORATION+ 5,986
2,037 SOUTHWEST AIRLINES COMPANY 30,188
260,072
------------
TRANSPORTATION EQUIPMENT - 1.06%
690 ARVIN INDUSTRIES INCORPORATED 13,179
3,458 BAE SYSTEMS PLC ADR 49,891
1,589 BOEING COMPANY 82,978
372 BRUNSWICK CORPORATION 14,623
1,989 DAIMLERCHRYSLER AG 83,081
1,607 DELPHI CORPORATION 14,720
4,409 FIAT SPA ADR 31,613
352 FLEETWOOD ENTERPRISES INCORPORATED+ 4,495
3,303 FORD MOTOR COMPANY 46,605
395 GENERAL DYNAMICS CORPORATION 38,568
834 GENERAL MOTORS CORPORATION 34,453
578 GOODRICH CORPORATION 18,357
266 GROUP 1 AUTOMOTIVE INCORPORATED+ 7,307
565 HARLEY-DAVIDSON INCORPORATED 34,476
2,198 HONDA MOTOR COMPANY LIMITED ADR 54,906
1,678 HONEYWELL INTERNATIONAL INCORPORATED 60,374
403 JOHNSON CONTROLS INCORPORATED 22,689
785 LOCKHEED MARTIN CORPORATION 42,217
546 NORTHROP GRUMMAN CORPORATION 28,201
426 PACCAR INCORPORATED 25,641
205 SEQUA CORPORATION+ 10,914
1,026 SPORTS RESORTS INTERNATIONAL
INCORPORATED+ 3,796
309 SUPERIOR INDUSTRIES INTERNATIONAL
INCORPORATED 9,795
372 TENNECO AUTOMOTIVE INCORPORATED+ 5,000
317 TEXTRON INCORPORATED 20,126
370 THOR INDUSTRIES INCORPORATED 9,479
1,237 TOYOTA MOTOR CORPORATION ADR 97,958
302 TRINITY INDUSTRIES INCORPORATED 8,381
313 TRIUMPH GROUP INCORPORATED+ 10,079
889 UNITED TECHNOLOGIES CORPORATION 83,486
967,388
------------
TRANSPORTATION SERVICES - 0.03%
376 EXPEDITORS INTERNATIONAL OF
WASHINGTON INCORPORATED 18,341
454 SABRE HOLDINGS CORPORATION 10,442
28,783
------------
WATER TRANSPORTATION - 0.02%
427 KIRBY CORPORATION+ 15,176
------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.23%
321 ADVANCED MARKETING SERVICES
INCORPORATED 3,990
190 AMERISOURCE-BERGEN CORPORATION 10,279
310 BROWN-FORMAN CORPORATION CLASS B 14,722
774 CARDINAL HEALTH INCORPORATED 34,985
521 HANDLEMAN COMPANY 10,993
526 MCKESSON CORPORATION 16,280
307 MEN'S WEARHOUSE INCORPORATED+ 8,596
342 NU SKIN ENTERPRISES INCORPORATED
CLASS A 8,830
977 SAFEWAY INCORPORATED+ 19,735
250 SCHOOL SPECIALTY INCORPORATED+ 8,863
492 SUPERVALU INCORPORATED 12,969
1,255 SYSCO CORPORATION 40,336
318 TRACTOR SUPPLY COMPANY+ 11,073
332 UNITED NATURAL FOODS INCORPORATED+ 8,220
209,871
------------
WHOLESALE TRADE-DURABLE GOODS - 0.35%
524 1-800 CONTACTS INCORPORATED+ 7,383
276 IMAGISTICS INTERNATIONAL INCORPORATED+ 8,956
309 INSIGHT ENTERPRISES INCORPORATED+ 4,944
431 INTAC INTERNATIONAL+ 3,556
518 KYOCERA CORPORATION ADR 38,001
2,698 MITSUBISHI CORPORATION ADR 55,708
397 MITSUI & COMPANY LIMITED ADR 64,076
1,848 NISSAN MOTOR COMPANY LIMITED ADR 40,286
227 OMNICARE INCORPORATED 6,569
267 PEP BOYS-MANNY, MOE & JACK 4,245
337 RELIANCE STEEL & ALUMINUM COMPANY 12,786
263 SCP POOL CORPORATION 11,096
6,014 SUMITOMO MITSUI FINANCIAL 36,223
1,112 VISTEON CORPORATION 10,375
237 W.W. GRAINGER INCORPORATED 12,658
316,862
------------
TOTAL COMMON STOCK
(COST $30,298,538) 32,212,289
------------
23
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK TODAY FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE VALUE
US TREASURY SECURITIES - 63.67%
US TREASURY BONDS - 7.22%
$6,480,000 US TREASURY BOND 3.25 08/15/2007 $ 6,574,919
-------------
US TREASURY NOTES - 56.45%
1,670,000 US TREASURY NOTE 6.13 08/15/2007 1,829,106
6,000,000 US TREASURY NOTE 3.00 11/15/2007 6,035,862
7,345,000 US TREASURY NOTE 2.63 05/15/2008 7,255,773
2,990,000 US TREASURY NOTE 5.63 05/15/2008 3,265,875
95,000 US TREASURY NOTE 3.25 08/15/2008 95,690
5,495,000 US TREASURY NOTE 3.13 09/15/2008 5,504,875
590,000 US TREASURY NOTE 3.38 11/15/2008 595,946
3,335,000 US TREASURY NOTE 4.75 11/15/2008 3,547,736
7,930,000 US TREASURY NOTE 3.38 12/15/2008 8,002,488
7,000,000 US TREASURY NOTE 2.63 03/15/2009 6,825,546
600,000 US TREASURY NOTE 5.50 05/15/2009 659,297
7,500,000 US TREASURY NOTE 4.00 06/15/2009 7,735,838
51,354,032
-------------
TOTAL US TREASURY SECURITIES
(COST $56,718,996) 57,928,951
-------------
COLLATERAL FOR SECURITIES LENDING - 47.44%
COLLATERAL FOR SECURITY LENDING 43,154,090
TOTAL COLLATERAL FOR SECURITIES
LENDING (COST $43,154,090) 43,154,090
-------------
SHORT-TERM INVESTMENTS - 0.39%
US TREASURY BILLS - 0.39%
24,000 US TREASURY BILL^ 1.31 09/02/2004 23,999
11,000 US TREASURY BILL^ 1.31 09/02/2004 11,000
11,000 US TREASURY BILL^ 1.32 09/02/2004 11,000
236,000 US TREASURY BILL^ 1.32 09/02/2004 235,991
72,000 US TREASURY BILL^ 1.34 09/02/2004 71,997
353,987
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $353,987) 353,987
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $130,525,611)* 146.91% $ 133,649,317
OTHER ASSETS AND LIABILITIES, NET (46.91) (42,677,354)
------ -------------
TOTAL NET ASSETS 100.00% $ 90,971,963
------ -------------
+ NON-INCOME EARNING SECURITIES.
++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $146,061.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
24
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - 48.97%
AMUSEMENT & RECREATION SERVICES - 0.13%
1,266 ALLIANCE GAMING CORPORATION+ $ 18,876
1,354 CHURCHILL DOWNS INCORPORATED 47,403
1,196 GAYLORD ENTERTAINMENT COMPANY+ 34,732
1,106 HARRAH'S ENTERTAINMENT INCORPORATED 53,298
2,252 INTERNATIONAL GAME TECHNOLOGY 64,970
522 MULTIMEDIA GAMES INCORPORATED+ 7,538
999 WESTWOOD ONE INCORPORATED+ 22,418
249,235
------------
APPAREL & ACCESSORY STORES - 0.23%
851 ABERCROMBIE & FITCH COMPANY CLASS A 23,828
693 AEROPOSTALE INCORPORATED+ 21,587
1,003 CATO CORPORATION 21,213
4,969 CHARMING SHOPPES INCORPORATED+ 34,087
467 CHICO'S FAS INCORPORATED+ 19,100
1,895 DEB SHOPS INCORPORATED 43,303
3,667 GAP INCORPORATED 68,720
1,902 KOHL'S CORPORATION+ 94,111
3,248 LIMITED BRANDS 65,220
974 NORDSTROM INCORPORATED 36,165
860 ROSS STORES INCORPORATED 18,189
445,523
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS - 0.26%
7,136 BENETTON GROUP SPA ADR 156,992
1,116 JONES APPAREL GROUP INCORPORATED 39,830
1,143 LIZ CLAIBORNE INCORPORATED 43,514
745 QUIKSILVER INCORPORATED+ 16,204
1,006 VF CORPORATION 49,636
3,335 WACOAL CORPORATION ADR 167,050
857 WARNACO GROUP INCORPORATED+ 17,260
490,486
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS - 0.05%
462 AUTOZONE INCORPORATED+ 34,216
1,088 CARMAX INCORPORATED+ 21,303
501 COPART INCORPORATED+ 10,882
704 O'REILLY AUTOMOTIVE INCORPORATED+ 27,744
94,145
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS
& OPERATIVE BUILDERS - 0.29%
276 BEAZER HOMES USA INCORPORATED 26,952
1,098 CENTEX CORPORATION 50,256
1,344 D.R. HORTON INCORPORATED 41,583
744 LENNAR CORPORATION CLASS A 34,075
21 NVR INCORPORATED+ 10,547
954 PULTE HOMES INCORPORATED 56,238
18,151 SEKISUI HOUSE LIMITED 181,931
681 STANDARD-PACIFIC CORPORATION 34,370
4,517 VIVENDI UNIVERSAL SA ADR+ 112,338
548,290
------------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS - 0.39%
371 FASTENAL COMPANY 23,292
12,443 HOME DEPOT INCORPORATED 454,916
4,369 LOWE'S COMPANIES INCORPORATED 217,139
1,304 SHERWIN-WILLIAMS COMPANY 53,855
749,202
------------
BUSINESS SERVICES - 2.90%
3,291 24/7 REAL MEDIA INCORPORATED+ 10,762
910 AARON RENTS INCORPORATED 18,691
1,580 ADOBE SYSTEMS INCORPORATED 72,475
836 ADVO INCORPORATED 24,729
881 AFFILIATED COMPUTER SERVICES
INCORPORATED CLASS A+ 47,865
1,553 AKAMAI TECHNOLOGIES INCORPORATED+ 20,888
440 ALTIRIS INCORPORATED+ 10,441
370 ANSYS INCORPORATED+ 16,687
505 ARBITRON INCORPORATED+ 19,574
1,159 ASCENTIAL SOFTWARE CORPORATION+ 15,021
404 ASK JEEVES INCORPORATED+ 10,472
694 AUTODESK INCORPORATED 30,820
3,403 AUTOMATIC DATA PROCESSING INCORPORATED 135,337
581 AVOCENT CORPORATION+ 16,564
2,469 BEA SYSTEMS INCORPORATED+ 16,295
1,869 BISYS GROUP INCORPORATED+ 26,540
263 BLUE COAT SYSTEMS INCORPORATED+ 3,845
2,165 BMC SOFTWARE INCORPORATED+ 32,410
405 CACI INTERNATIONAL INCORPORATED
CLASS A+ 19,719
2,234 CADENCE DESIGN SYSTEMS INCORPORATED+ 27,769
1,041 CCC INFORMATION SERVICES GROUP+ 17,936
6,335 CENDANT CORPORATION 137,026
410 CERNER CORPORATION+ 17,962
962 CERTEGY INCORPORATED 36,922
677 CHECKFREE CORPORATION+ 18,448
711 CHOICEPOINT INCORPORATED+ 30,040
1,865 CITRIX SYSTEMS INCORPORATED+ 29,672
1,536 CNET NETWORKS INCORPORATED+ 12,488
763 COGNEX CORPORATION 20,425
682 COGNIZANT TECHNOLOGY SOLUTIONS
CORPORATION+ 18,700
3,067 COMPUTER ASSOCIATES INTERNATIONAL
INCORPORATED 74,283
1,387 COMPUTER SCIENCES CORPORATION+ 64,287
5,550 COMPUWARE CORPORATION+ 25,141
1,699 CONVERGYS CORPORATION+ 23,616
863 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 12,488
1,131 DIGITAL INSIGHT CORPORATION+ 16,920
523 DIGITAL RIVER INCORPORATED+ 12,589
600 DST SYSTEMS INCORPORATED+ 27,144
2,853 EBAY INCORPORATED+ 246,899
2,801 ELECTRO RENT CORPORATION+ 28,206
1,834 ELECTRONIC ARTS INCORPORATED+ 91,296
3,486 ELECTRONIC DATA SYSTEMS CORPORATION 67,001
934 ELECTRONICS FOR IMAGING INCORPORATED+ 18,568
1,171 EQUIFAX INCORPORATED 28,572
522 F5 NETWORKS INCORPORATED+ 12,826
25
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
503 FACTSET RESEARCH SYSTEMS INCORPORATED $ 22,399
690 FAIR ISAAC CORPORATION 18,582
633 FILENET CORPORATION+ 12,432
4,727 FIRST DATA CORPORATION 199,716
1,510 FISERV INCORPORATED+ 52,518
528 HYPERION SOLUTIONS CORPORATION+ 19,304
464 IDX SYSTEMS CORPORATION+ 13,456
2,009 IMS HEALTH INCORPORATED 46,870
471 INFOSPACE INCORPORATED+ 17,898
2,628 INSURANCE AUTO AUCTIONS INCORPORATED+ 45,228
649 INTERGRAPH CORPORATION+ 16,835
1,895 INTERNET CAPITAL GROUP INCORPORATED+ 10,422
3,246 INTERPUBLIC GROUP OF COMPANIES
INCORPORATED+ 34,245
982 INTRADO INCORPORATED+ 9,074
1,338 INTUIT INCORPORATED+ 56,584
2,134 KEYNOTE SYSTEMS INCORPORATED+ 28,724
5,651 KIDDE PLC ADR 119,703
458 KRONOS INCORPORATED+ 19,593
649 LAMAR ADVERTISING COMPANY+ 28,355
536 MANHATTAN ASSOCIATES INCORPORATED+ 12,510
807 MANPOWER INCORPORATED 34,080
1,030 MCAFEE INCORPORATED+ 20,373
1,209 MENTOR GRAPHICS CORPORATION+ 13,226
809 MERCURY INTERACTIVE CORPORATION+ 27,919
50,776 MICROSOFT CORPORATION 1,386,185
695 MONSTER WORLDWIDE INCORPORATED+ 14,060
1,758 MPS GROUP INCORPORATED+ 15,699
976 NCR CORPORATION+ 43,110
3,177 NOVELL INCORPORATED+ 18,744
1,125 OMNICOM GROUP INCORPORATED 77,411
22,302 ORACLE CORPORATION+ 222,351
405 PALMSOURCE INCORPORATED+ 9,117
2,879 PEOPLESOFT INCORPORATED+ 50,095
1,113 RED HAT INCORPORATED+ 13,645
4,530 RENTOKIL INITIAL PLC ADR 61,221
2,352 REUTERS GROUP PLC ADR 81,356
1,302 ROBERT HALF INTERNATIONAL INCORPORATED 31,899
924 RSA SECURITY INCORPORATED+ 13,758
558 SAFENET INCORPORATED+ 15,875
3,699 SAP AG 134,866
4,364 SIEBEL SYSTEMS INCORPORATED+ 33,210
404 SRA INTERNATIONAL INCORPORATED CLASS A+ 18,313
23,236 SUN MICROSYSTEMS INCORPORATED+ 89,226
2,201 SUNGARD DATA SYSTEMS INCORPORATED+ 50,623
1,969 SYMANTEC CORPORATION+ 94,433
1,550 SYNOPSYS INCORPORATED+ 24,738
576 TAKE-TWO INTERACTIVE SOFTWARE
INCORPORATED+ 18,864
597 TRANSACTION SYSTEMS ARCHITECTS
INCORPORATED CLASS A+ 10,173
371 TRAVELZOO INCORPORATED+ 16,695
3,299 UNISYS CORPORATION+ 33,122
1,399 UNITED ONLINE INCORPORATED+ 13,402
911 UNITED RENTALS INCORPORATED+ 13,383
1,165 VALUECLICK INCORPORATED+ 8,423
1,519 VERISIGN INCORPORATED+ 26,370
2,860 VERITAS SOFTWARE CORPORATION+ 47,819
438 WEBSENSE INCORPORATED+ 16,797
959 WIND RIVER SYSTEMS INCORPORATED+ 10,405
2,089 WPP GROUP PLC ADR 94,277
6,471 YAHOO! INCORPORATED+ 184,488
5,540,558
----------
CHEMICALS & ALLIED PRODUCTS - 5.17%
8,377 ABBOTT LABORATORIES 349,237
1,981 ABGENIX INCORPORATED+ 19,711
1,494 AIR PRODUCTS & CHEMICALS INCORPORATED 78,256
3,490 AKZO NOBEL NV ADR 117,899
915 ALBERTO-CULVER COMPANY CLASS B 44,185
1,227 ALKERMES INCORPORATED+ 13,043
7,147 AMGEN INCORPORATED+ 423,746
519 ANDRX CORPORATION+ 10,463
6,142 ASTRAZENECA PLC ADR 285,787
858 AVERY DENNISON CORPORATION 53,325
2,691 AVON PRODUCTS INCORPORATED 118,888
3,558 BASF AG ADR 193,520
4,747 BAYER AG ADR 123,185
10,808 BRISTOL-MYERS SQUIBB COMPANY 256,474
969 CHIRON CORPORATION+ 41,066
1,133 CLOROX COMPANY 59,868
2,858 COLGATE PALMOLIVE COMPANY 154,332
931 DENDREON CORPORATION+ 9,152
1,703 DISCOVERY LABORATORIES INCORPORATED+ 13,454
5,206 DOW CHEMICAL COMPANY 222,869
5,522 DU PONT (E.I.) DE NEMOURS & COMPANY 233,360
855 EASTMAN CHEMICAL COMPANY 39,783
1,882 ECOLAB INCORPORATED 56,309
5,277 ELI LILLY & COMPANY 334,826
458 FMC CORPORATION+ 21,173
2,136 FOREST LABORATORIES INCORPORATED+ 97,936
2,484 GENENTECH INCORPORATED+ 121,170
1,527 GENZYME CORPORATION+ 82,458
1,922 GERON CORPORATION+ 11,148
1,265 GILEAD SCIENCES INCORPORATED+ 87,449
5,378 GILLETTE COMPANY 228,565
9,895 GLAXOSMITHKLINE PLC ADR 407,080
1,054 GREAT LAKES CHEMICAL CORPORATION 27,530
845 HOSPIRA INCORPORATED+ 23,406
693 ILEX ONCOLOGY INCORPORATED+ 17,283
1,254 IMC GLOBAL INCORPORATED+ 19,989
349 IMCLONE SYSTEMS INCORPORATED+ 18,595
565 IMMUCOR INCORPORATED+ 11,554
661 IMPAX LABORATORIES INCORPORATED+ 9,459
3,221 INKINE PHARMACEUTICAL COMPANY
INCORPORATED+ 13,689
1,032 INTERNATIONAL FLAVORS & FRAGRANCES
INCORPORATED 39,763
495 INVITROGEN CORPORATION+ 24,502
1,016 IVAX CORPORATION+ 19,670
846 K-V PHARMACEUTICAL COMPANY CLASS A+ 13,468
2,543 KING PHARMACEUTICALS INCORPORATED+ 31,686
889 LIGAND PHARMACEUTICALS INCORPORATED
CLASS B+ 8,739
494 MARTEK BIOSCIENCES CORPORATION+ 26,380
26
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
3,292 MEDAREX INCORPORATED+ $ 18,731
634 MEDICINES COMPANY+ 16,028
1,986 MEDIMMUNE INCORPORATED+ 47,406
12,137 MERCK & COMPANY INCORPORATED 545,801
1,068 MGI PHARMA INCORPORATED+ 24,810
2,087 MILLENNIUM PHARMACEUTICALS
INCORPORATED+ 24,814
1,835 MONSANTO COMPANY 67,161
2,286 MYLAN LABORATORIES INCORPORATED 39,822
698 NEKTAR THERAPEUTICS+ 8,893
11,482 NOVARTIS AG ADR 533,339
517 NOVEN PHARMACEUTICALS INCORPORATED+ 9,818
2,377 NOVO NORDISK A/S ADR 127,407
692 NPS PHARMACEUTICALS INCORPORATED+ 14,532
469 OM GROUP INCORPORATED+ 15,969
460 ONYX PHARMACEUTICALS INCORPORATED+ 17,084
248 OSI PHARMACEUTICALS INCORPORATED+ 14,778
493 PAR PHARMACEUTICAL COMPANIES
INCORPORATED+ 20,233
1,098 PENWEST PHARMACEUTICALS COMPANY+ 11,814
902 PERRIGO COMPANY 17,715
42,190 PFIZER INCORPORATED 1,378,347
262 PHARMION CORPORATION+ 12,883
3,741 PHARMOS CORPORATION+ 11,859
1,172 PPG INDUSTRIES INCORPORATED 70,050
2,044 PRAXAIR INCORPORATED 82,946
13,573 PROCTER & GAMBLE COMPANY 759,681
580 PROTEIN DESIGN LABS INCORPORATED+ 10,631
3,747 ROCHE HOLDING AG ADR 362,718
1,588 ROHM & HAAS COMPANY 64,362
637 SALIX PHARMACEUTICALS LIMITED+ 14,899
3,923 SANOFI-AVENTIS-ADR+ 141,321
9,247 SCHERING-PLOUGH CORPORATION 170,700
688 SEPRACOR INCORPORATED+ 34,132
13,000 SHISEIDO COMPANY LIMITED 166,906
540 SIGMA-ALDRICH CORPORATION 30,937
1,050 VALEANT PHARMACEUTICALS INTERNATIONAL 24,633
1,563 VERTEX PHARMACEUTICALS INCORPORATED+ 15,208
1,292 VICURON PHARMACEUTICALS INCORPORATED+ 19,302
2,258 VION PHARMACEUTICALS INCORPORATED+ 7,948
1,064 WATSON PHARMACEUTICALS INCORPORATED+ 29,303
7,446 WYETH 272,300
9,872,651
----------
COAL MINING - 0.04%
530 CONSOL ENERGY INCORPORATED 17,002
511 MASSEY ENERGY COMPANY 14,063
1,424 PENN VIRGINIA CORPORATION 49,071
80,136
----------
COMMUNICATIONS - 2.72%
1,628 ALLTEL CORPORATION 88,970
1,352 AMERICAN TOWER CORPORATION CLASS A+ 20,131
6,070 AT&T CORPORATION 89,715
13,084 AT&T WIRELESS SERVICES INCORPORATED+ 191,288
3,164 AVAYA INCORPORATED+ 38,348
10,159 BELLSOUTH CORPORATION 271,855
1,194 BOSTON COMMUNICATIONS GROUP
INCORPORATED+ 9,373
2,250 BRITISH SKY BROADCASTING GROUP PLC ADR 78,300
4,431 BT GROUP PLC ADR 147,109
1,668 CABLEVISION SYSTEMS NEW YORK GROUP
CLASS A+ 30,891
1,474 CENTURYTEL INCORPORATED 47,448
3,381 CLEAR CHANNEL COMMUNICATIONS
INCORPORATED 113,297
12,472 COMCAST CORPORATION CLASS A+ 351,336
1,345 CROWN CASTLE INTERNATIONAL CORPORATION+ 19,247
9,420 DEUTSCHE TELEKOM AG ADR+ 165,133
4,232 DIRECTV GROUP INCORPORATED+ 67,162
1,620 ECHOSTAR COMMUNICATIONS CORPORATION
CLASS A+ 49,653
1,146 EMMIS COMMUNICATIONS CORPORATION
CLASS A+ 22,060
3,119 EXTREME NETWORKS INCORPORATED+ 14,503
1,256 FOUNDRY NETWORKS INCORPORATED+ 11,455
4,154 FRANCE TELECOM SA ADR 98,034
454 GOLDEN TELECOM INCORPORATED 12,190
1,824 GRAY TELEVISION INCORPORATED 25,062
2,632 IAC INTERACTIVECORP+ 60,036
1,833 LAGARDERE SCA ADR 109,934
569 LIBERTY CORPORATION 22,999
982 LIN TV CORPORATION CLASS A+ 19,817
1,949 LODGENET ENTERTAINMENT CORPORATION+ 28,377
198 METROCALL HOLDINGS INCORPORATED+ 12,797
6,025 NEXTEL COMMUNICATIONS INCORPORATED
CLASS A+ 139,720
813 NEXTEL PARTNERS INCORPORATED CLASS A+ 11,723
4,359 NIPPON TELEGRAPH AND TELEPHONE
CORPORATION ADR 95,026
324 NOVATEL WIRELESS INCORPORATED+ 6,367
472 NTL INCORPORATED+ 25,634
5,597 NTT DOCOMO INCORPORATED ADR 104,664
2,611 REED ELSEVIER PLC ADR 94,126
8,941 ROYAL KPN NV ADR 68,846
1,403 SAGA COMMUNICATIONS INCORPORATED
CLASS A+ 25,184
18,653 SBC COMMUNICATIONS INCORPORATED 481,061
2,464 SPANISH BROADCASTING SYSTEMS
INCORPORATED+ 21,585
8,923 SPRINT CORPORATION-FON GROUP 175,605
5,401 TDC A/S ADR 95,652
7,741 TELEFONICA SA ADR 332,244
462 TELEPHONE & DATA SYSTEMS INCORPORATED 35,620
2,061 UNIVISION COMMUNICATIONS INCORPORATED
CLASS A+ 68,013
1,114 UTSTARCOM INCORPORATED+ 17,234
15,414 VERIZON COMMUNICATIONS INCORPORATED 604,999
23,002 VODAFONE GROUP PLC ADR 526,746
1,220 WESTERN WIRELESS CORPORATION CLASS A+ 30,610
958 XM SATELLITE RADIO HOLDINGS
INCORPORATED+ 26,316
5,203,495
----------
27
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
CONSTRUCTION SPECIAL TRADE
CONTRACTORS - 0.02%
772 DYCOM INDUSTRIES INCORPORATED+ $ 19,856
287 EMCOR GROUP INCORPORATED+ 11,652
31,508
-----------
DEPOSITORY INSTITUTIONS - 6.00%
8,771 ABN AMRO HOLDING NV ADR 186,735
5,732 ALLIED IRISH BANKS PLC ADR 180,329
1,341 AMCORE FINANCIAL INCORPORATED 37,709
2,491 AMSOUTH BANCORPORATION 64,891
10,419 BANCO BILBAO VIZCAYA ARGENTARIA SA
ADR 139,615
18,125 BANCO SANTANDER CENTRAL HISPANO SA
ADR 178,894
1,922 BANCTRUST FINANCIAL GROUP INCORPORATED 34,558
21,432 BANK OF AMERICA CORPORATION 964,011
4,864 BANK OF NEW YORK COMPANY
INCORPORATED 144,947
883 BANKUNITED FINANCIAL CORPORATION
CLASS A+ 24,971
1,840 BANNER CORPORATION 52,366
7,812 BARCLAYS PLC ADR 292,013
3,008 BAYERISCHE HYPO-UND VEREINSBANK AG
ADR+ 49,059
3,190 BB&T CORPORATION 127,568
8,205 BNP PARIBAS SA ADR 248,142
1,996 CASCADE BANCORP 34,730
498 CATHAY GENERAL BANCORPORATION 34,696
1,530 CHARTER ONE FINANCIAL INCORPORATED 68,039
921 CHITTENDEN CORPORATION 33,064
28,118 CITIGROUP INCORPORATED 1,309,736
1,195 CITIZENS BANKING CORPORATION MI 38,228
1,221 CITY BANK LYNNWOOD WASHINGTON 40,049
1,998 COASTAL FINANCIAL CORPORATION 28,012
767 COMERICA INCORPORATED 46,135
1,471 COMMERCIAL FEDERAL CORPORATION 40,114
1,685 COMMUNITY TRUST BANCORP 50,820
348 CORUS BANKSHARES INCORPORATED 14,919
2,760 DEUTSCHE BANK AG 189,612
1,855 DIME COMMUNITY BANCSHARES 30,849
938 EAST WEST BANCORP INCORPORATED 33,984
1,001 FARMERS CAPITAL BANK CORPORATION 33,153
2,839 FIFTH THIRD BANCORP 141,411
1,117 FIRST HORIZON NATIONAL CORPORATION 50,790
687 FIRST OF LONG ISLAND CORPORATION 29,342
867 FIRST REPUBLIC BANK 38,833
667 FIRSTFED FINANCIAL CORPORATION+ 30,415
1,107 FLAGSTAR BANCORP INCORPORATED 23,900
3,016 GOLD BANC CORP INCORPORATED 46,748
652 GOLDEN WEST FINANCIAL CORPORATION 70,566
834 GREATER BAY BANCORP 23,744
6,310 HBOS PLC ADR 231,398
7,018 HSBC HOLDINGS PLC ADR 546,562
2,946 HUNTINGTON BANCSHARES INCORPORATED 72,678
752 HYPO REAL ESTATE HOLDING AG ADR+ 23,944
510 INVESTORS FINANCIAL SERVICES CORPORATION 23,654
19,171 JP MORGAN CHASE & COMPANY 758,788
2,137 KEYCORP 66,995
5,389 LLOYDS TSB GROUP PLC ADR 164,149
1,409 MARSHALL & ILSLEY CORPORATION 56,473
2,826 MELLON FINANCIAL CORPORATION 81,558
479 NASB FINANCIAL INCORPORATED 17,603
2,158 NATIONAL AUSTRALIA BANK LIMITED 203,154
35,770 NATIONAL BANK OF GREECE SA ADR 157,388
3,206 NATIONAL CITY CORPORATION 121,155
1,435 NATIONAL COMMERCE FINANCIAL
CORPORATION 48,273
3,324 NBT BANCORP INCORPORATED 74,158
1,621 NORTHERN TRUST CORPORATION 69,784
2,520 NORTHWEST BANCORP INCORPORATED 54,079
1,381 OCEANFIRST FINANCIAL CORPORATION 31,528
1,372 PNC FINANCIAL SERVICES GROUP 73,635
2,497 PROVIDENT FINANCIAL SERVICES INCORPORATED 44,596
730 R&G FINANCIAL CORPORATION CLASS B 25,243
2,953 REGIONS FINANCIAL CORPORATION 95,352
6,578 REPUBLIC BANCORP INCORPORATED 96,762
2,820 REPUBLIC BANCORP INCORPORATED CLASS A 62,040
3,399 ROYAL BANCSHARES OF PENNSYLVANIA
INCORPORATED CLASS A 79,027
8,476 SAN PAOLO-IMI SPA 190,710
650 SILICON VALLEY BANCSHARES+ 24,277
595 SMITHTOWN BANCORPORATION INCORPORATED 16,362
10,537 SOCIETE GENERALE 179,792
2,860 SOUTHTRUST CORPORATION 118,261
1,286 SOUTHWEST BANCORPORATION OF TEXAS
INCORPORATED 27,109
2,671 SOVEREIGN BANCORP INCORPORATED 58,388
2,331 STATE STREET CORPORATION 105,221
1,322 STERLING BANCORPORATION NY 37,175
2,557 STERLING FINANCIAL CORPORATION 62,519
1,343 SUNTRUST BANKS INCORPORATED 91,458
2,733 SYNOVUS FINANCIAL CORPORATION 69,418
845 TOMPKINS TRUSTCOMPANY INCORPORATED 37,957
1,220 UMPQUA HOLDINGS CORPORATION 28,219
4,450 UNITED COMMUNITY FINANCIAL
CORPORATION 49,751
10,637 US BANCORP 313,792
1,925 USB HOLDING COMPANY INCORPORATED 42,369
6,803 WACHOVIA CORPORATION 319,129
5,068 WASHINGTON MUTUAL INCORPORATED 196,790
8,763 WELLS FARGO & COMPANY++ 514,826
3,014 WEST COAST BANCORP OREGON 61,908
5,628 WESTPAC BANKING CORPORATION ADR 334,641
745 WINTRUST FINANCIAL CORPORATION 40,886
774 ZIONS BANCORPORATION 48,205
11,456,836
-----------
EATING & DRINKING PLACES - 0.26%
996 BOB EVANS FARMS INCORPORATED 24,940
596 CHEESECAKE FACTORY INCORPORATED+ 24,662
1,723 DARDEN RESTAURANTS INCORPORATED 36,200
711 IHOP CORPORATION 24,672
816 JACK IN THE BOX INCORPORATED+ 23,044
1,190 KRISPY KREME DOUGHNUTS INCORPORATED+ 15,327
28
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
7,367 MCDONALD'S CORPORATION $ 199,056
1,642 WENDY'S INTERNATIONAL INCORPORATED 56,436
2,296 YUM! BRANDS INCORPORATED 91,174
495,511
----------
EDUCATIONAL SERVICES - 0.05%
1,030 APOLLO GROUP INCORPORATED CLASS A+ 80,340
704 CAREER EDUCATION CORPORATION+ 21,711
102,051
----------
ELECTRIC, GAS & SANITARY SERVICES - 2.28%
4,906 AES CORPORATION+ 49,502
2,743 ALLIED WASTE INDUSTRIES INCORPORATED+ 28,088
1,218 AMEREN CORPORATION 56,990
2,748 AMERICAN ELECTRIC POWER COMPANY
INCORPORATED 89,942
5,100 BG GROUP PLC ADR 160,395
1,080 BLACK HILLS CORPORATION 30,078
5,059 CALPINE CORPORATION+ 17,302
3,870 CENTERPOINT ENERGY INCORPORATED 42,338
842 CH ENERGY GROUP INCORPORATED 38,404
1,723 CINERGY CORPORATION 69,747
3,729 CMS ENERGY CORPORATION+ 35,798
1,993 CONSTELLATION ENERGY GROUP INCORPORATED 81,912
1,836 DOMINION RESOURCES INCORPORATED 119,138
1,325 DTE ENERGY COMPANY 54,749
6,502 DUKE ENERGY CORPORATION 143,954
3,036 E.ON AG 216,315
1,777 EDISON INTERNATIONAL 47,766
5,861 EL PASO CORPORATION 47,943
9,204 ENDESA SA ADR 171,194
4,955 ENEL SPA ADR 192,650
1,709 ENTERGY CORPORATION 103,053
4,101 EXELON CORPORATION 151,122
2,458 FIRSTENERGY CORPORATION 98,910
1,079 FPL GROUP INCORPORATED 74,667
110,319 HONG KONG & CHINA GAS COMPANY
LIMITED ADR 198,718
36,000 HONG KONG ELECTRIC HOLDINGS
LIMITED ADR 160,618
3,579 INTERNATIONAL POWER PLC+ 98,279
1,105 KINDER MORGAN INCORPORATED 66,852
3,676 MIDDLESEX WATER COMPANY 67,455
3,624 NATIONAL GRID TRANSCO PLC 153,694
250 NICOR INCORPORATED 8,962
3,832 NISOURCE INCORPORATED 79,706
2,350 PG&E CORPORATION+ 68,596
2,583 PICO HOLDINGS INCORPORATED+ 44,918
1,398 PINNACLE WEST CAPITAL CORPORATION 59,010
1,804 PPL CORPORATION 86,285
1,569 PROGRESS ENERGY INCORPORATED 68,863
1,572 PUBLIC SERVICE ENTERPRISE GROUP
INCORPORATED 66,558
2,091 RELIANT RESOURCES INCORPORATED+ 20,826
4,389 SCOTTISH POWER PLC 128,334
2,077 SEMPRA ENERGY 75,084
3,831 SOUTHERN COMPANY 116,271
5,936 SUEZ SA 115,515
193 TEXAS GENCO HOLDINGS INCORPORATED 8,936
2,050 TXU CORPORATION 85,342
674 UIL HOLDINGS CORPORATION 33,080
9,566 UNITED UTILITIES PLC 192,085
3,423 WASTE MANAGEMENT INCORPORATED 95,125
5,295 WILLIAMS COMPANIES INCORPORATED 62,958
3,660 XCEL ENERGY INCORPORATED 64,599
4,348,626
----------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT - 4.02%
3,008 ADVANCED MICRO DEVICES INCORPORATED+ 34,381
870 AEROFLEX INCORPORATED+ 8,770
6,776 ALCATEL SA ADR+ 79,483
2,645 ALTERA CORPORATION+ 50,043
2,278 AMERICAN POWER CONVERSION CORPORATION 38,270
498 AMETEK INCORPORATED 14,218
2,309 ANALOG DEVICES INCORPORATED 80,169
1,458 ANDREW CORPORATION+ 16,169
4,013 APPLIED MICRO CIRCUITS CORPORATION+ 13,444
3,283 ASML HOLDING NV NY SHARES+ 42,482
719 ATMI INCORPORATED+ 13,546
657 BENCHMARK ELECTRONICS INCORPORATED+ 18,895
1,606 BROADCOM CORPORATION CLASS A+ 43,587
1,712 C-COR INCORPORATED+ 13,456
3,058 CANON INCORPORATED ADR 146,692
3,500 CHARTERED SEMICONDUCTOR+ 22,050
2,080 COMVERSE TECHNOLOGY INCORPORATED+ 36,421
711 CREE INCORPORATED+ 17,782
673 CYMER INCORPORATED+ 17,983
514 DITECH COMMUNICATIONS CORPORATION+ 11,061
894 DSP GROUP INCORPORATED+ 16,995
783 ELECTRO SCIENTIFIC INDUSTRIES
INCORPORATED+ 16,200
2,116 ELECTROLUX AB ADR CLASS B 78,102
2,080 EMERSON ELECTRIC COMPANY 129,480
2,186 FUJITSU LIMITED ADR 67,525
58,083 GENERAL ELECTRIC COMPANY 1,904,542
1,199 GRAFTECH INTERNATIONAL LIMITED+ 12,781
287 HARMAN INTERNATIONAL INDUSTRIES
INCORPORATED 27,750
678 HUTCHINSON TECHNOLOGY INCORPORATED+ 16,489
626 IMATION CORPORATION 21,553
3,925 INFINEON TECHNOLOGIES AG ADR+ 38,504
35,709 INTEL CORPORATION 760,245
709 INTER-TEL INCORPORATED 14,145
977 INTERDIGITAL COMMUNICATIONS
CORPORATION+ 15,231
9,064 INTERNATIONAL BUSINESS MACHINES
CORPORATION 767,630
490 INTERNATIONAL RECTIFIER CORPORATION+ 16,101
1,463 INTERSIL CORPORATION CLASS A 25,500
1,678 JABIL CIRCUIT INCORPORATED+ 34,617
10,973 JDS UNIPHASE CORPORATION+ 34,126
1,328 KLA-TENCOR CORPORATION+ 49,614
29
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
5,079 KONINKLIJKE (ROYAL) PHILIPS
ELECTRONICS NV NY SHARES $ 117,833
658 L-3 COMMUNICATIONS HOLDINGS
INCORPORATED 41,217
1,894 LINEAR TECHNOLOGY CORPORATION 67,748
419 LITTELFUSE INCORPORATED+ 15,260
3,589 LSI LOGIC CORPORATION+ 17,335
21,184 LUCENT TECHNOLOGIES INCORPORATED+ 66,306
7,241 MATSUSHITA ELECTRIC INDUSTRIAL
COMPANY LIMITED ADR 97,754
2,016 MAXIM INTEGRATED PRODUCTS INCORPORATED 87,555
832 MAYTAG CORPORATION 16,831
2,342 MCDATA CORPORATION CLASS A+ 12,085
1,569 MICROCHIP TECHNOLOGY INCORPORATED 41,406
4,511 MICRON TECHNOLOGY INCORPORATED+ 51,922
12,000 MINEBEA COMPANY LIMITED ADR 101,690
1,677 MOLEX INCORPORATED 48,415
13,343 MOTOROLA INCORPORATED 215,489
1,756 MYKROLIS CORPORATION+ 15,506
1,237 NATIONAL PRESTO INDUSTRIES INCORPORATED 50,346
2,667 NATIONAL SEMICONDUCTOR CORPORATION+ 35,551
2,450 NETWORK APPLIANCE INCORPORATED+ 49,172
12,239 NOKIA OYJ ADR 145,399
1,257 NOVELLUS SYSTEMS INCORPORATED+ 30,709
1,572 NVIDIA CORPORATION+ 19,587
877 OMNIVISION TECHNOLOGIES INCORPORATED+ 9,147
4,790 OMRON CORPORATION 102,570
918 OPENWAVE SYSTEMS INCORPORATED+ 8,556
3,808 PIONEER CORPORATION 83,776
840 QLOGIC CORPORATION+ 21,932
8,868 QUALCOMM INCORPORATED 337,427
1,019 RAMBUS INCORPORATED+ 13,064
2,468 RF MICRO DEVICES INCORPORATED+ 12,636
1,634 ROCKWELL COLLINS INCORPORATED 56,193
286 ROGERS CORPORATION+ 13,268
4,863 SANMINA-SCI CORPORATION+ 33,652
1,314 SCIENTIFIC-ATLANTA INCORPORATED 35,793
928 SILICON IMAGE INCORPORATED+ 10,208
1,923 SKYWORKS SOLUTIONS INCORPORATED+ 16,019
478 SOHU.COM INCORPORATED+ 7,103
7,832 SOLECTRON CORPORATION+ 40,413
2,654 SONY CORPORATION ADR 92,014
2,217 SPATIALIGHT INCORPORATED+ 11,041
3,638 STMICROELECTRONICS NV NY SHARES 62,246
1,239 TDK CORPORATION ADR 82,257
4,764 TELEFONAKTIEBOLAGET LM ERICSSON ADR+ 128,819
4,687 TELLABS INCORPORATED+ 42,511
9,834 TEXAS INSTRUMENTS INCORPORATED 192,156
885 THOMAS & BETTS CORPORATION+ 21,771
546 VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES INCORPORATED+ 15,288
550 WHIRLPOOL CORPORATION 33,627
2,270 XILINX INCORPORATED 62,266
1,479 ZORAN CORPORATION+ 23,279
7,680,180
----------
ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES - 0.26%
461 AFFYMETRIX INCORPORATED+ 12,816
510 AMERICAN HEALTHCORP+ 13,770
737 AMYLIN PHARMACEUTICALS INCORPORATED+ 14,585
1,667 APPLERA CORPORATION-CELERA
GENOMICS GROUP+ 17,954
436 ATRIX LABORATORIES INCORPORATED+ 12,888
1,973 AXONYX INCORPORATED+ 8,385
733 CDI CORPORATION 15,393
449 CELGENE CORPORATION+ 25,481
607 CEPHALON INCORPORATED+ 28,535
494 CORPORATE EXECUTIVE BOARD COMPANY 29,077
547 ERESEARCH TECHNOLOGY INCORPORATED+ 11,000
1,020 FLUOR CORPORATION 43,605
301 GEN-PROBE INCORPORATED+ 10,866
894 MOODY'S CORPORATION 61,293
696 NAVIGANT CONSULTING INCORPORATED+ 13,342
2,360 PAYCHEX INCORPORATED 70,021
1,311 PER-SE TECHNOLOGIES INCORPORATED+ 16,427
622 QUEST DIAGNOSTICS INCORPORATED 53,243
380 RESOURCES CONNECTION INCORPORATED+ 12,457
764 TELIK INCORPORATED+ 14,470
1,966 UNITEDGLOBALCOM INCORPORATED+ 13,369
498,977
----------
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION
EQUIPMENT - 0.23%
928 BALL CORPORATION 34,651
1,064 FORTUNE BRANDS INCORPORATED 77,832
1,475 ILLINOIS TOOL WORKS INCORPORATED 134,653
3,171 MASCO CORPORATION 101,884
600 NCI BUILDING SYSTEMS INCORPORATED+ 18,408
549 SIMPSON MANUFACTURING COMPANY
INCORPORATED 31,018
883 SNAP-ON INCORPORATED 28,053
328 TASER INTERNATIONAL INCORPORATED+ 9,050
435,549
----------
FINANCIAL SERVICES - 0.02%
2,381 JANUS CAPITAL GROUP INCORPORATED 32,715
----------
FOOD & KINDRED PRODUCTS - 1.71%
693 AMERICAN ITALIAN PASTA COMPANY CLASS A 18,746
3,776 ANHEUSER-BUSCH COMPANIES INCORPORATED 199,373
5,264 ARCHER-DANIELS-MIDLAND COMPANY 84,066
7,106 CADBURY SCHWEPPES PLC ADR 232,011
2,159 CAMPBELL SOUP COMPANY 56,048
11,723 COCA COLA COMPANY 524,135
2,006 COCA COLA ENTERPRISES INCORPORATED 41,424
17,900 COMPASS GROUP PLC 100,065
3,125 CONAGRA FOODS INCORPORATED 81,875
4,105 DIAGEO PLC ADR 205,045
1,894 GENERAL MILLS INCORPORATED 89,491
572 HANSEN NATURAL CORPORATION+ 13,579
2,915 HERCULES INCORPORATED+ 39,994
1,104 HERSHEY FOODS CORPORATION 53,301
2,120 HJ HEINZ COMPANY 80,369
30
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
844 J & J SNACK FOODS CORPORATION+ $ 36,275
1,770 KELLOGG COMPANY 74,305
17,982 KIRIN BREWERY COMPANY LIMITED 163,636
5,046 NATIONAL BEVERAGE CORPORATION+ 42,134
7,403 NESTLE SA ADR 437,128
1,708 PEPSI BOTTLING GROUP INCORPORATED 45,757
9,018 PEPSICO INCORPORATED 450,900
590 SANDERSON FARMS INCORPORATED 20,172
5,012 SARA LEE CORPORATION 110,915
1,158 WM WRIGLEY JR COMPANY 71,831
3,272,575
----------
FOOD STORES - 0.40%
2,016 ALBERTSON'S INCORPORATED 49,553
4,635 COLES MYER LIMITED ADR 234,068
8,369 KONINKLIJKE AHOLD NV ADR+ 52,557
5,048 KROGER COMPANY+ 83,443
2,661 STARBUCKS CORPORATION+ 115,062
13,579 TESCO PLC ADR 194,935
415 WHOLE FOODS MARKET INCORPORATED 32,258
2,113 WINN-DIXIE STORES INCORPORATED+ 8,811
770,687
----------
FORESTRY - 0.05%
1,403 WEYERHAEUSER COMPANY 87,702
----------
FURNITURE & FIXTURES - 0.10%
836 FURNITURE BRANDS INTERNATIONAL
INCORPORATED 19,228
471 HILLENBRAND INDUSTRIES INCORPORATED 26,499
1,258 HOOKER FURNITURE CORPORATION 33,362
1,837 LEGGETT & PLATT INCORPORATED 49,397
2,207 NEWELL RUBBERMAID INCORPORATED 47,517
656 SELECT COMFORT CORPORATION+ 10,417
186,420
----------
GENERAL MERCHANDISE STORES - 0.34%
2,707 DOLLAR GENERAL CORPORATION 53,328
1,301 FAMILY DOLLAR STORES INCORPORATED 34,412
1,360 FEDERATED DEPARTMENT STORES
INCORPORATED 59,024
1,007 FRED'S INCORPORATED 14,007
1,623 JC PENNEY COMPANY INCORPORATED 62,193
259 KMART HOLDING CORPORATION+ 19,845
1,908 MAY DEPARTMENT STORES COMPANY 46,765
1,513 SEARS ROEBUCK & COMPANY 57,918
5,024 TARGET CORPORATION 223,970
3,301 TJX COMPANIES INCORPORATED 69,849
641,311
----------
HEALTH SERVICES - 0.37%
680 APRIA HEALTHCARE GROUP INCORPORATED+ 19,203
1,979 BIOGEN IDEC INCORPORATED+ 117,414
2,782 CAREMARK RX INCORPORATED+ 79,843
599 DAVITA INCORPORATED+ 18,156
1,765 FIRST HEALTH GROUP CORPORATION+ 26,916
2,796 HCA INCORPORATED 108,513
1,332 HEALTH MANAGEMENT ASSOCIATION
INCORPORATED CLASS A 25,468
1,994 HUMAN GENOME SCIENCES INCORPORATED+ 21,475
531 INVERESK RESEARCH GROUP INCORPORATED+ 18,856
1,240 LABORATORY CORPORATION OF AMERICA
HOLDINGS+ 51,572
517 LIFEPOINT HOSPITALS INCORPORATED+ 14,936
779 LINCARE HOLDINGS INCORPORATED+ 25,037
697 MANOR CARE INCORPORATED 21,377
627 NEIGHBORCARE INCORPORATED+ 15,920
324 PEDIATRIX MEDICAL GROUP INCORPORATED+ 22,712
1,154 SELECT MEDICAL CORPORATION 15,325
371 SIERRA HEALTH SERVICES INCORPORATED+ 15,998
3,553 TENET HEALTHCARE CORPORATION+ 37,022
846 TRIAD HOSPITALS INCORPORATED+ 26,894
509 UNITED SURGICAL PARTNERS INTERNATIONAL
INCORPORATED+ 18,380
701,017
----------
HOLDING & OTHER INVESTMENT OFFICES - 1.07%
531 4KIDS ENTERTAINMENT INCORPORATED+ 9,255
1,314 ALEXANDRIA REAL ESTATE EQUITIES
INCORPORATED 85,147
875 AMERICAN HOME MORTGAGE INVESTMENT
CORPORATION 23,817
1,028 AMLI RESIDENTIAL PROPERTIES TRUST 31,971
1,819 BEDFORD PROPERTY INVESTORS 56,207
1,527 BRANDYWINE REALTY TRUST 45,199
1,967 CAPSTEAD MORTGAGE CORPORATION 27,695
1,470 CARRAMERICA REALTY CORPORATION 49,010
1,952 CEDAR SHOPPING CENTERS INCORPORATED 26,450
1,058 COLONIAL PROPERTIES TRUST 42,796
980 COMMUNITY FIRST BANKSHARES
INCORPORATED 31,527
1,326 CORPORATE OFFICE PROPERTIES TRUST
SBI MD 35,073
1,195 COUSINS PROPERTIES INCORPORATED 43,020
4,523 CRT PROPERTIES INCORPORATED 100,953
1,101 EASTGROUP PROPERTIES INCORPORATED 37,159
1,175 ENTERTAINMENT PROPERTIES TRUST 43,886
1,993 FELCOR LODGING TRUST INCORPORATED+ 23,338
1,439 GENERAL GROWTH PROPERTIES INCORPORATED 43,415
900 HEADWATERS INCORPORATED+ 27,549
1,111 HEALTHCARE REALTY TRUST INCORPORATED 41,940
1,943 HERITAGE PROPERTY INVESTMENT TRUST 56,464
1,173 IMPAC MORTGAGE HOLDINGS INCORPORATED 30,275
1,197 KILROY REALTY CORPORATION 45,306
2,487 KRAMONT REALTY TRUST 45,960
1,048 LASALLE HOTEL PROPERTIES 29,596
933 MANUFACTURED HOME COMMUNITIES
INCORPORATED 31,228
2,565 MID-AMERICA APARTMENT COMMUNITIES
INCORPORATED 101,702
12,000 MITSUBISHI TOKYO FINANCIAL GROUP
INCORPORATED ADR 108,720
1,300 NATIONAL HEALTH INVESTORS INCORPORATED 37,492
497 NOVASTAR FINANCIAL INCORPORATED 19,999
1,028 PARKWAY PROPERTIES INCORPORATED 48,573
31
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
2,033 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST $ 77,783
2,057 PLUM CREEK TIMBER COMPANY 67,963
824 PS BUSINESS PARKS INCORPORATED 32,754
1,590 RAMCO-GERSHENSON PROPERTIES 42,962
1,178 REALTY INCORPORATEDOME CORPORATION 51,962
1,042 SAUL CENTERS INCORPORATED 34,646
1,200 SOVRAN SELF STORAGE INCORPORATED 47,580
16,164 SUN HUNG KAI PROPERTIES 150,243
1,135 TANGER FACTORY OUTLET CENTERS
INCORPORATED 50,053
1,553 WASHINGTON REAL ESTATE INVESTMENT TRUST 47,102
5,770 WINSTON HOTELS INCORPORATED 58,912
2,042,682
----------
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES - 0.16%
2,018 BED BATH & BEYOND INCORPORATED+ 75,514
1,619 BEST BUY COMPANY INCORPORATED 75,316
2,767 CIRCUIT CITY STORES INCORPORATED 35,888
546 GUITAR CENTER INCORPORATED+ 22,364
679 LINENS 'N THINGS INCORPORATED+ 17,029
1,596 RADIO SHACK CORPORATION 42,996
799 WILLIAMS-SONOMA INCORPORATED+ 27,957
297,064
----------
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES - 0.21%
8,053 ACCOR SA ADR 169,802
1,524 EMPIRE RESORTS INCORPORATED+ 13,411
4,184 HILTON HOTELS CORPORATION 74,684
384 MANDALAY RESORT GROUP 26,051
1,504 MARRIOTT INTERNATIONAL INCORPORATED
CLASS A 71,365
1,186 STARWOOD HOTELS & RESORTS WORLDWIDE
INCORPORATED 52,421
407,734
----------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT - 2.16%
4,090 3M COMPANY 336,852
1,506 AMERICAN STANDARD COMPANIES
INCORPORATED+ 56,641
2,556 APPLE COMPUTER INCORPORATED+ 88,156
9,799 APPLIED MATERIALS INCORPORATED+ 155,706
2,590 BAKER HUGHES INCORPORATED 101,865
691 BHA GROUP HOLDINGS INCORPORATED 26,258
667 BLACK & DECKER CORPORATION 45,976
382 BLACK BOX CORPORATION 13,844
397 BRIGGS & STRATTON CORPORATION 29,815
875 BROOKS AUTOMATION INCORPORATED+ 10,876
1,852 CATERPILLAR INCORPORATED 134,640
526 CDW CORPORATION 30,771
37,577 CISCO SYSTEMS INCORPORATED+ 704,945
1,416 DEERE & COMPANY 89,590
14,046 DELL INCORPORATED+ 489,363
1,613 DOVER CORPORATION 60,858
14,793 EMC CORPORATION+ 159,321
1,213 EMULEX CORPORATION+ 12,870
341 ENGINEERED SUPPORT SYSTEMS INCORPORATED 14,735
297 EQUINIX INCORPORATED+ 9,442
847 FLOWSERVE CORPORATION+ 19,430
4,484 GATEWAY INCORPORATED+ 19,685
462 GLOBAL IMAGING SYSTEMS INCORPORATED+ 12,936
1,249 IDEX CORPORATION 38,369
693 JOY GLOBAL INCORPORATED 21,005
2,891 JUNIPER NETWORKS INCORPORATED+ 66,175
953 KADANT INCORPORATED+ 17,993
823 KENNAMETAL INCORPORATED 33,652
4,521 KOMATSU LIMITED ADR 110,569
1,298 LAM RESEARCH CORPORATION+ 27,972
804 LEXMARK INTERNATIONAL INCORPORATED+ 71,114
13,857 MAKITA CORPORATION 206,608
628 MANITOWOC COMPANY INCORPORATED 20,824
12,147 NEC CORPORATION ADR 77,984
639 NORDSON CORPORATION 21,911
1,615 OIL STATES INTERNATIONAL INCORPORATED+ 26,001
1,916 PALL CORPORATION 46,674
802 PALMONE INCORPORATED+ 26,185
1,050 PARKER HANNIFIN CORPORATION 57,088
1,385 PITNEY BOWES INCORPORATED 60,331
1,040 SANDISK CORPORATION+ 24,284
759 SCIENTIFIC GAMES CORPORATION CLASS A+ 12,926
3,638 SIEMENS AG 251,204
658 SMITH INTERNATIONAL INCORPORATED+ 37,493
573 SPX CORPORATION 20,909
863 STANLEY WORKS 37,333
2,595 SYMBOL TECHNOLOGIES INCORPORATED 33,476
644 TENNANT COMPANY 25,921
570 TEREX CORPORATION+ 20,594
359 TORO COMPANY 23,396
373 TRANSACT TECHNOLOGIES INCORPORATED+ 6,639
1,068 VARIAN MEDICAL SYSTEMS INCORPORATED+ 35,404
1,785 WESTERN DIGITAL CORPORATION+ 13,316
341 ZEBRA TECHNOLOGIES CORPORATION
CLASS A+ 19,460
4,117,385
----------
INSURANCE AGENTS, BROKERS &
SERVICE - 0.24%
2,182 AON CORPORATION 56,623
840 JEFFERSON-PILOT CORPORATION 40,236
544 LABONE INCORPORATED+ 15,901
3,125 MARSH & MCLENNAN COMPANIES
INCORPORATED 139,656
1,495 MEDCO HEALTH SOLUTIONS INCORPORATED+ 46,689
2,425 METLIFE INCORPORATED 90,331
866 NATIONAL FINANCIAL PARTNERS CORPORATION 29,791
2,729 UNUMPROVIDENT CORPORATION 44,155
463,382
----------
INSURANCE CARRIERS - 2.07%
6,261 AEGON NV 67,243
898 AETNA INCORPORATED 83,200
2,962 AFLAC INCORPORATED 118,776
6,550 ALLIANZ AG ADR 63,470
590 ALLMERICA FINANCIAL CORPORATION+ 17,110
32
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
3,921 ALLSTATE CORPORATION $ 185,110
763 AMBAC FINANCIAL GROUP INCORPORATED 57,607
12,505 AMERICAN INTERNATIONAL GROUP
INCORPORATED 890,856
707 AMERICAN MEDICAL SECURITY GROUP
INCORPORATED+ 15,936
421 AMERIGROUP CORPORATION+ 21,614
850 ANTHEM INCORPORATED+ 69,054
8,055 AXA ADR 165,530
1,218 CHUBB CORPORATION 82,836
931 CIGNA CORPORATION 61,967
1,430 CINCINNATI FINANCIAL CORPORATION 57,701
625 COMMERCE GROUP INCORPORATED 29,969
775 FIDELITY NATIONAL FINANCIAL INCORPORATED 29,179
1,808 HARTFORD FINANCIAL SERVICES GROUP
INCORPORATED 110,577
879 HEALTH NET INCORPORATED+ 22,801
6,965 ING GROEP NV ADR 170,225
1,378 LINCOLN NATIONAL CORPORATION 62,423
1,253 LOEWS CORPORATION 71,170
1,056 MBIA INCORPORATED 60,477
732 MGIC INVESTMENT CORPORATION 49,974
2,406 MILLEA HOLDINGS INCORPORATED 165,487
1,116 OHIO CASUALTY CORPORATION+ 22,487
504 PACIFICARE HEALTH SYSTEMS INCORPORATED+ 16,435
442 PHILADELPHIA CONSOLIDATED HOLDING
CORPORATION+ 23,541
2,096 PRINCIPAL FINANCIAL GROUP INCORPORATED 72,752
1,215 PROASSURANCE CORPORATION+ 41,018
1,359 PROGRESSIVE CORPORATION 109,128
3,120 PRUDENTIAL FINANCIAL INCORPORATED 144,082
935 RADIAN GROUP INCORPORATED 41,421
730 RLI CORPORATION 27,003
1,044 SAFECO CORPORATION 50,290
706 SELECTIVE INSURANCE GROUP INCORPORATED 24,378
3,958 ST PAUL COMPANIES INCORPORATED 137,303
1,955 SWISS REINSURANCE COMPANY ADR 110,543
1,265 TORCHMARK CORPORATION 65,122
3,795 UNITEDHEALTH GROUP INCORPORATED 250,963
933 WELLPOINT HEALTH NETWORKS
INCORPORATED+ 91,602
3,958,360
----------
JUSTICE, PUBLIC ORDER & SAFETY - 0.02%
574 CORRECTIONS CORPORATION OF AMERICA+ 19,883
1,242 GEO GROUP INCORPORATED+ 24,219
44,102
----------
LEATHER & LEATHER PRODUCTS - 0.03%
1,349 COACH INCORPORATED+ 56,860
----------
LOCAL & SUB-TRANSIT & INTERURBAN
HIGHWAY PASS TRANSPORTATION - 0.01%
1,481 LAIDLAW INTERNATIONAL INCORPORATED+ 23,252
----------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.04%
2,211 CHAMPION ENTERPRISES INCORPORATED+ 21,292
1,884 GEORGIA-PACIFIC CORPORATION 64,018
$ 85,310
----------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS - 1.45%
802 ADVANCED MEDICAL OPTICS
INCORPORATED+ 29,850
379 ADVANCED NEUROMODULATION SYSTEMS
INCORPORATED+ 11,112
3,674 ADVANTEST CORPORATION ADR 58,490
3,094 AGILENT TECHNOLOGIES INCORPORATED+ 63,427
947 ALIGN TECHNOLOGY INCORPORATED+ 14,508
844 ALLERGAN INCORPORATED 63,005
448 AMERICAN MEDICAL SYSTEMS HOLDINGS
INCORPORATED+ 14,139
2,056 APPLERA CORPORATION-APPLIED
BIOSYSTEMS GROUP 39,146
434 ARMOR HOLDINGS INCORPORATED+ 15,390
653 BAUSCH & LOMB INCORPORATED 43,065
3,665 BAXTER INTERNATIONAL INCORPORATED 111,929
1,765 BECTON DICKINSON & COMPANY 84,932
2,059 BIOMET INCORPORATED 93,993
3,829 BOSTON SCIENTIFIC CORPORATION+ 136,810
969 C.R. BARD INCORPORATED 54,361
1,394 CREDENCE SYSTEMS CORPORATION+ 9,298
1,482 DANAHER CORPORATION 76,204
1,908 EASTMAN KODAK COMPANY 56,439
1,864 ENERGY CONVERSION DEVICES
INCORPORATED+ 24,605
4,362 FUJI PHOTO FILM COMPANY LIMITED ADR 137,922
1,829 GUIDANT CORPORATION 109,374
1,046 II-VI INCORPORATED+ 39,811
1,012 INTEGRA LIFESCIENCES HOLDINGS+ 30,228
286 INVISION TECHNOLOGIES INCORPORATED+ 13,442
1,147 KEITHLEY INSTRUMENTS INCORPORATED 18,467
361 LASERSCOPE+ 7,148
6,761 MEDTRONIC INCORPORATED 336,360
727 MENTOR CORPORATION 25,576
666 MILLIPORE CORPORATION+ 33,500
554 OCULAR SCIENCES INCORPORATED+ 24,154
1,850 PERKINELMER INCORPORATED 32,338
621 PHOTON DYNAMICS INCORPORATED+ 13,954
2,127 PINNACLE SYSTEMS INCORPORATED+ 7,955
415 POSSIS MEDICAL INCORPORATED+ 7,262
2,752 RAYTHEON COMPANY 95,577
923 RICOH COMPANY LIMITED ADR 90,412
1,615 ROCKWELL AUTOMATION INCORPORATED 62,985
1,086 ST. JUDE MEDICAL INCORPORATED+ 73,033
1,103 STERIS CORPORATION+ 25,237
1,812 STRYKER CORPORATION 82,084
686 SYBRON DENTAL SPECIALTIES INCORPORATED+ 19,126
566 TECHNE CORPORATION+ 21,927
1,134 TEKTRONIX INCORPORATED 32,398
33
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
1,914 TERADYNE INCORPORATED+ $ 24,633
1,897 THERMO ELECTRON CORPORATION+ 49,834
2,758 THERMOGENESIS+ 10,811
1,146 TRIMBLE NAVIGATION LIMITED+ 31,561
798 VARIAN INCORPORATED+ 31,377
1,152 VIASYS HEALTHCARE INCORPORATED+ 16,762
671 VISX INCORPORATED+ 13,608
1,022 WATERS CORPORATION+ 44,263
566 WRIGHT MEDICAL GROUP INCORPORATED+ 15,282
5,813 XEROX CORPORATION+ 78,069
1,471 ZIMMER HOLDINGS INCORPORATED+ 104,882
2,762,055
----------
MEDICAL EQUIPMENT & SUPPLIES - 0.01%
1,445 WILSON GREATBATCH TECHNOLOGIES
INCORPORATED+ 23,669
----------
METAL MINING - 0.21%
1,526 FREEPORT-MCMORAN COPPER & GOLD
INCORPORATED CLASS B 57,423
2,837 NEWMONT MINING CORPORATION 125,935
664 PHELPS DODGE CORPORATION 54,156
1,683 RIO TINTO PLC ADR 170,959
408,473
----------
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS - 0.03%
1,202 VULCAN MATERIALS COMPANY 57,299
----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES - 0.82%
780 BLYTH INCORPORATED 23,408
1,076 EATON CORPORATION 64,937
2,198 HASBRO INCORPORATED 40,729
17,190 HEWLETT-PACKARD COMPANY 307,529
768 ITT INDUSTRIES INCORPORATED 60,749
15,830 JOHNSON & JOHNSON 919,723
2,960 MATTEL INCORPORATED 47,626
476 RC2 CORPORATION+ 15,046
967 STEINWAY MUSICAL INSTRUMENTS+ 27,472
1,250 TIFFANY & COMPANY 38,688
751 YANKEE CANDLE COMPANY INCORPORATED+ 20,360
1,566,267
----------
MISCELLANEOUS RETAIL - 0.83%
1,920 AMAZON.COM INCORPORATED+ 73,229
2,969 COSTCO WHOLESALE CORPORATION 122,234
2,460 CVS CORPORATION 98,400
532 DICK'S SPORTING GOODS INCORPORATED+ 17,226
1,024 DOLLAR TREE STORES INCORPORATED+ 24,074
647 EXPRESS SCRIPTS INCORPORATED+ 40,890
699 MICHAELS STORES INCORPORATED 40,074
2,704 OFFICE DEPOT INCORPORATED+ 43,291
233 OVERSTOCK.COM INCORPORATED+ 7,305
938 PETSMART INCORPORATED 26,320
478 PRICELINE.COM INCORPORATED+ 9,981
3,410 STAPLES INCORPORATED 97,799
2,224 TOYS R US INCORPORATED+ 36,118
13,741 WAL-MART STORES INCORPORATED 723,738
5,703 WALGREEN COMPANY 207,874
439 WORLD FUEL SERVICES CORPORATION 15,444
1,583,997
----------
MISCELLANEOUS SERVICES - 0.07%
7,123 ADECCO SA ADR 83,268
827 D&B CORPORATION+ 45,601
128,869
----------
MOTION PICTURES - 0.43%
15,838 LIBERTY MEDIA CORPORATION CLASS A+ 141,117
782 MACROVISION CORPORATION+ 18,494
24,583 TIME WARNER INCORPORATED+ 401,932
11,730 WALT DISNEY COMPANY 263,338
824,881
----------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING - 0.17%
625 ARKANSAS BEST CORPORATION 21,531
537 FORWARD AIR CORPORATION+ 19,509
746 HUNT (J.B.) TRANSPORT SERVICES
INCORPORATED 25,290
612 LANDSTAR SYSTEM INCORPORATED+ 32,118
2,844 UNITED PARCEL SERVICE INCORPORATED
CLASS B 207,754
685 USF CORPORATION 23,468
329,670
----------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.97%
6,146 AMERICAN EXPRESS COMPANY 307,423
987 AMERICREDIT CORPORATION+ 20,638
1,454 CAPITAL ONE FINANCIAL CORPORATION 98,523
2,005 CHARTER MUNICIPAL MORTGAGE
ACCEPTANCE COMPANY 42,386
1,638 CIT GROUP INCORPORATED 58,542
3,356 COUNTRYWIDE FINANCIAL CORPORATION 119,306
5,288 FANNIE MAE 393,692
678 FINANCIAL FEDERAL CORPORATION+ 22,550
3,796 FREDDIE MAC 254,788
6,825 MBNA CORPORATION 164,755
420 NEW CENTURY FINANCIAL CORPORATION 22,529
3,436 ORIX CORPORATION ADR 176,267
3,128 PROVIDIAN FINANCIAL CORPORATION+ 45,168
761 SAXON CAPITAL INCORPORATED+ 19,139
2,610 SLM CORPORATION 101,842
1,847,548
----------
OIL & GAS EXTRACTION - 1.40%
1,781 ANADARKO PETROLEUM CORPORATION 105,471
2,184 APACHE CORPORATION 97,603
596 ATWOOD OCEANICS INCORPORATED+ 24,895
12,404 BHP BILLITON LIMITED ADR 232,079
1,022 BJ SERVICES COMPANY 49,107
2,787 BURLINGTON RESOURCES INCORPORATED 100,973
635 CABOT OIL AND GAS CORPORATION 25,660
988 CAL DIVE INTERNATIONAL INCORPORATED+ 29,512
582 CHENIERE ENERGY INCORPORATED+ 10,063
974 CIMAREX ENERGY COMPANY+ 29,152
1,275 DENBURY RESOURCES INCORPORATED+ 27,922
34
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
1,707 DEVON ENERGY CORPORATION $ 110,631
946 ENCORE ACQUISITION COMPANY+ 26,393
2,671 ENI SPA ADR 274,792
1,632 FX ENERGY INCORPORATED+ 14,149
3,255 HALLIBURTON COMPANY 94,948
1,385 HANOVER COMPRESSOR COMPANY+ 15,969
924 KERR-MCGEE CORPORATION 48,769
2,506 OCCIDENTAL PETROLEUM CORPORATION 129,435
2,318 PRIDE INTERNATIONAL INCORPORATED+ 42,558
542 QUICKSILVER RESOURCES INCORPORATED+ 15,268
1,229 RANGE RESOURCES CORPORATION 18,435
939 REMINGTON OIL & GAS CORPORATION+ 23,250
7,644 REPSOL YPF SA ADR 158,537
1,624 ROWAN COMPANIES INCORPORATED+ 39,496
504 SEACOR SMIT INCORPORATED+ 21,758
4,203 SHELL TRANSPORT & TRADING
COMPANY PLC ADR 186,193
1,633 SOUTHWESTERN ENERGY COMPANY+ 58,086
523 SPINNAKER EXPLORATION COMPANY+ 17,855
736 ST. MARY LAND & EXPLORATION COMPANY 25,679
743 SWIFT ENERGY COMPANY+ 15,120
4,480 TOTAL SA ADR 438,995
1,033 UNIT CORPORATION+ 32,436
2,241 UNOCAL CORPORATION 83,679
688 VERITAS DGC INCORPORATED+ 16,120
1,266 XTO ENERGY INCORPORATED 35,499
2,676,487
----------
PAPER & ALLIED PRODUCTS - 0.38%
1,177 BEMIS COMPANY INCORPORATED 31,108
1,283 BOISE CASCADE CORPORATION 40,145
579 GREIF INCORPORATED CLASS A 22,581
2,796 INTERNATIONAL PAPER COMPANY 111,896
2,637 KIMBERLY-CLARK CORPORATION 175,888
2,005 MEADWESTVACO CORPORATION 60,451
908 POPE & TALBOT INCORPORATED 16,734
804 POTLATCH CORPORATION 34,492
5,544 STORA ENSO OYJ 74,678
708 TEMPLE-INLAND INCORPORATED 48,342
5,329 UPM-KYMMENE OYJ ADR 102,796
719,111
----------
PERSONAL SERVICES - 0.11%
1,335 CINTAS CORPORATION 54,748
1,249 G & K SERVICES INCORPORATED CLASS A 45,476
1,268 H & R Block INCORPORATED 61,194
744 REGIS CORPORATION 30,452
895 UNIFIRST CORPORATION 25,713
217,583
----------
PETROLEUM REFINING & RELATED
INDUSTRIES - 1.87%
751 AMERADA HESS CORPORATION 60,456
10,737 BP PLC ADR 576,577
5,586 CHEVRONTEXACO CORPORATION 544,635
3,704 CONOCOPHILLIPS 275,689
35,330 EXXON MOBIL CORPORATION 1,628,713
932 FRONTIER OIL CORPORATION 19,031
2,633 MARATHON OIL CORPORATION 95,499
496 MURPHY OIL CORPORATION 37,453
5,584 ROYAL DUTCH PETROLEUM COMPANY 283,053
861 TESORO PETROLEUM CORPORATION+ 20,388
577 VALERO ENERGY CORPORATION 38,099
3,579,593
----------
PRIMARY METAL INDUSTRIES - 0.41%
4,974 ALCOA INCORPORATED 161,058
1,716 ALLEGHENY TECHNOLOGIES INCORPORATED 32,278
500 CARPENTER TECHNOLOGY CORPORATION 22,150
847 COMMSCOPE INCORPORATED+ 16,830
401 CURTISS-WRIGHT CORPORATION 21,915
1,573 ENGELHARD CORPORATION 44,469
1,453 GENERAL CABLE CORPORATION+ 15,300
3,023 JOHNSON MATTHEY PLC ADR 98,704
7,326 KUBOTA CORPORATION ADR 185,714
588 LONE STAR TECHNOLOGIES INCORPORATED+ 18,063
622 MAVERICK TUBE CORPORATION+ 18,424
709 MUELLER INDUSTRIES INCORPORATED 27,857
625 NUCOR CORPORATION 48,931
700 STEEL DYNAMICS INCORPORATED 21,952
487 TEXAS INDUSTRIES INCORPORATED 21,330
663 UNITED STATES STEEL CORPORATION 24,471
779,446
----------
PRINTING, PUBLISHING & ALLIED
INDUSTRIES - 0.72%
602 BANTA CORPORATION 23,303
496 CONSOLIDATED GRAPHICS INCORPORATED+ 20,262
972 DOW JONES & COMPANY INCORPORATED 39,901
1,577 GANNETT COMPANY INCORPORATED 133,572
922 KNIGHT-RIDDER INCORPORATED 59,404
1,268 MCGRAW-HILL COMPANIES INCORPORATED 96,026
1,313 NEW YORK TIMES COMPANY CLASS A 53,334
3,301 NEWS CORPORATION LIMITED ADR 103,156
8,711 PEARSON PLC 98,173
710 PULITZER INCORPORATED 34,577
4,979 REED ELSEVIER NV ADR 128,309
2,150 RR DONNELLEY & SONS COMPANY 66,069
2,152 TOPPAN PRINTING COMPANY LIMITED ADR 111,380
2,037 TRIBUNE COMPANY 85,045
865 VALASSIS COMMUNICATIONS INCORPORATED+ 24,445
8,863 VIACOM INCORPORATED CLASS B 295,226
1,372,182
----------
RAILROAD TRANSPORTATION - 0.15%
1,768 BURLINGTON NORTHERN SANTA FE
CORPORATION 63,294
1,468 CSX CORPORATION 46,360
2,518 KANSAS CITY SOUTHERN+ 37,770
2,641 NORFOLK SOUTHERN CORPORATION 75,004
1,243 UNION PACIFIC CORPORATION 70,988
293,416
----------
REAL ESTATE - 0.01%
829 JONES LANG LASALLE INCORPORATED+ 27,067
----------
35
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2010 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS - 0.12%
945 COOPER TIRE & RUBBER COMPANY $ 21,395
3,992 GOODYEAR TIRE & RUBBER COMPANY+ 43,832
503 JARDEN CORPORATION+ 15,236
1,057 NIKE INCORPORATED CLASS B 79,603
873 SEALED AIR CORPORATION+ 42,882
559 WEST PHARMACEUTICAL SERVICES
INCORPORATED 22,354
225,302
----------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES - 0.86%
4,974 AMVESCAP PLC ADR 52,675
739 BEAR STEARNS COMPANIES INCORPORATED 64,973
700 BKF CAPITAL GROUP INCORPORATED 19,418
8,969 CHARLES SCHWAB CORPORATION 84,757
203 CHICAGO MERCANTILE EXCHANGE 27,025
5,275 CREDIT SUISSE GROUP ADR+ 164,897
2,287 E*TRADE FINANCIAL CORPORATION+ 26,941
986 EATON VANCE CORPORATION 39,588
1,208 FRANKLIN RESOURCES INCORPORATED 64,350
2,299 FRIEDMAN BILLINGS RAMSEY GROUP
INCORPORATED CLASS A 43,336
1,804 GOLDMAN SACHS GROUP INCORPORATED 161,729
1,560 LEHMAN BROTHERS HOLDINGS INCORPORATED 115,268
5,210 MERRILL LYNCH & COMPANY INCORPORATED 266,075
5,902 MORGAN STANLEY 299,408
9,706 NOMURA HOLDINGS INCORPORATED ADR 134,719
499 PIPER JAFFRAY COMPANIES INCORPORATED+ 21,507
1,123 T ROWE PRICE GROUP INCORPORATED 55,622
1,642,288
----------
SOCIAL SERVICES - 0.03%
9,723 ABB LIMITED ADR+ 55,907
----------
STONE, CLAY, GLASS & CONCRETE
PRODUCTS - 0.31%
533 CABOT MICROELECTRONICS CORPORATION+ 17,797
386 CARBO CERAMICS INCORPORATED 24,839
8,648 CORNING INCORPORATED+ 87,518
644 GENTEX CORPORATION 22,115
3,982 HANSON PLC ADR 136,463
7,419 HOLCIM LIMITED ADR 198,486
5,223 LAFARGE SA ADR 113,078
600,296
----------
TEXTILE MILL PRODUCTS - 0.01%
394 OXFORD INDUSTRIES INCORPORATED 15,941
----------
TOBACCO PRODUCTS - 0.53%
10,979 ALTRIA GROUP INCORPORATED 537,422
4,932 BRITISH AMERICAN TOBACCO PLC ADR 149,242
453 REYNOLDS AMERICAN INCORPORATED 34,202
1,930 SWEDISH MATCH AB ADR 194,450
661 UNIVERSAL CORPORATION 29,831
1,561 UST INCORPORATED 62,627
1,007,774
----------
TRANSPORTATION BY AIR - 0.26%
816 ALASKA AIR GROUP INCORPORATED+ 19,209
1,691 AMR CORPORATION+ 15,117
10,458 BAA PLC ADR 104,415
3,325 DELTA AIR LINES INCORPORATED+ 13,433
626 EGL INCORPORATED+ 15,168
1,658 FEDEX CORPORATION 135,939
7,165 JAPAN AIRLINES SYSTEM ADR+ 103,481
6,113 SOUTHWEST AIRLINES COMPANY 90,595
497,357
----------
TRANSPORTATION EQUIPMENT - 1.43%
553 AUTOLIV INCORPORATED 23,364
6,701 BAE SYSTEMS PLC ADR 96,679
4,591 BOEING COMPANY 239,742
689 CLARCOR INCORPORATED 30,523
3,585 DAIMLERCHRYSLER AG 149,745
1,806 DANA CORPORATION 34,079
5,340 DELPHI CORPORATION 48,914
9,216 FIAT SPA ADR 66,079
10,405 FORD MOTOR COMPANY 146,815
1,099 GENERAL DYNAMICS CORPORATION 107,306
2,575 GENERAL MOTORS CORPORATION 106,373
1,114 GENUINE PARTS COMPANY 42,232
1,519 GOODRICH CORPORATION 48,243
937 GREENBRIER COS INCORPORATED 19,724
573 GROUP 1 AUTOMOTIVE INCORPORATED+ 15,740
1,776 HARLEY-DAVIDSON INCORPORATED 108,372
7,522 HONDA MOTOR COMPANY LIMITED ADR 187,900
4,899 HONEYWELL INTERNATIONAL INCORPORATED 176,266
1,188 JOHNSON CONTROLS INCORPORATED 66,884
1,927 LOCKHEED MARTIN CORPORATION 103,634
761 NAVISTAR INTERNATIONAL CORPORATION+ 27,229
1,858 NORTHROP GRUMMAN CORPORATION 95,966
1,386 PACCAR INCORPORATED 83,423
3,416 SPORTS RESORTS INTERNATIONAL
INCORPORATED+ 12,639
968 TEXTRON INCORPORATED 61,458
537 THOR INDUSTRIES INCORPORATED 13,758
4,125 TOYOTA MOTOR CORPORATION ADR 326,659
586 TRINITY INDUSTRIES INCORPORATED 16,262
660 TRIUMPH GROUP INCORPORATED+ 21,252
2,669 UNITED TECHNOLOGIES CORPORATION 250,646
2,727,906
----------
TRANSPORTATION SERVICES - 0.06%
519 CH ROBINSON WORLDWIDE INCORPORATED 22,146
713 EXPEDITORS INTERNATIONAL OF WASHINGTON
INCORPORATED 34,780
1,732 PEGASUS SOLUTIONS INCORPORATED+ 21,702
1,202 SABRE HOLDINGS CORPORATION 27,646
106,274
----------
WATER TRANSPORTATION - 0.05%
829 ALEXANDER & BALDWIN INCORPORATED 25,525
861 KIRBY CORPORATION+ 30,600
36
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
768 OVERSEAS SHIPHOLDING GROUP
INCORPORATED $ 33,024
89,149
-------------
WHOLESALE TRADE NON-DURABLE
GOODS - 0.50%
786 AMERISOURCE-BERGEN CORPORATION 42,523
804 BROWN-FORMAN CORPORATION CLASS B 38,182
2,488 CARDINAL HEALTH INCORPORATED 112,458
1,492 MAUI LAND & PINEAPPLE COMPANY
INCORPORATED+ 45,133
1,931 MCKESSON CORPORATION 59,764
1,302 NASH FINCH COMPANY 38,448
2,779 SAFEWAY INCORPORATED+ 56,136
2,293 SMURFIT-STONE CONTAINER CORPORATION+ 40,678
1,801 SUPERVALU INCORPORATED 47,474
3,809 SYSCO CORPORATION 122,421
469 TRACTOR SUPPLY COMPANY+ 16,330
2,797 UNILEVER NV 167,988
4,093 UNILEVER PLC ADR 142,600
659 UNITED NATURAL FOODS INCORPORATED+ 16,317
946,452
-------------
WHOLESALE TRADE-DURABLE GOODS - 0.47%
682 ARROW ELECTRONICS INCORPORATED+ 14,758
778 AVNET INCORPORATED+ 12,355
622 CYTYC CORPORATION+ 14,903
539 HUGHES SUPPLY INCORPORATED 32,658
757 IMAGISTICS INTERNATIONAL INCORPORATED+ 24,565
882 INSIGHT ENTERPRISES INCORPORATED+ 14,112
992 INTAC INTERNATIONAL+ 8,184
1,253 KYOCERA CORPORATION ADR 91,920
6,401 MITSUBISHI CORPORATION ADR 132,167
954 MITSUI & COMPANY LIMITED ADR 153,976
5,348 NISSAN MOTOR COMPANY LIMITED ADR 116,586
802 OMNICARE INCORPORATED 23,210
435 PATTERSON COMPANIES INCORPORATED+ 31,855
662 PEP BOYS-MANNY, MOE & JACK 10,526
528 SCP POOL CORPORATION 22,276
17,011 SUMITOMO MITSUI FINANCIAL 102,459
526 TECH DATA CORPORATION+ 19,809
3,588 VISTEON CORPORATION 33,476
650 W.W. GRAINGER INCORPORATED 34,716
894,511
-------------
TOTAL COMMON STOCK
(COST $87,800,442) 93,518,287
-------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE
US TREASURY SECURITIES - 50.26%
US TREASURY BONDS - 3.89%
$ 7,315,000 US TREASURY BOND 3.25 08/15/2007 7,422,150
-------------
US TREASURY NOTES - 46.37%
2,400,000 US TREASURY NOTE 6.13 08/15/2007 2,628,655
14,375,000 US TREASURY NOTE 3.00 11/15/2007 14,460,919
10,000,000 US TREASURY NOTE 2.63 05/15/2008 9,878,520
7,100,000 US TREASURY NOTE 5.63 05/15/2008 7,755,089
1,980,000 US TREASURY NOTE 3.25 08/15/2008 1,994,387
9,000,000 US TREASURY NOTE 3.13 09/15/2008 9,016,173
4,125,000 US TREASURY NOTE 4.75 11/15/2008 4,388,130
13,475,000 US TREASURY NOTE 3.38 12/15/2008 13,598,175
10,500,000 US TREASURY NOTE 2.63 03/15/2009 10,238,319
13,000,000 US TREASURY NOTE 4.00 06/15/2009 13,408,785
1,060,000 US TREASURY NOTE 6.00 08/15/2009 1,188,814
88,555,966
-------------
TOTAL US TREASURY SECURITIES
(COST $94,310,163) 95,978,116
-------------
COLLATERAL FOR SECURITIES LENDING - 47.57%
COLLATERAL FOR SECURITY LENDING 90,845,882
TOTAL COLLATERAL FOR SECURITIES LENDING
(COST $90,845,882) 90,845,882
-------------
SHORT-TERM INVESTMENTS - 0.34%
US TREASURY BILLS - 0.34%
72,000 US TREASURY BILL^ 1.30 09/02/2004 71,997
58,000 US TREASURY BILL^ 1.31 09/02/2004 57,998
122,000 US TREASURY BILL^ 1.32 09/02/2004 121,996
132,000 US TREASURY BILL^ 1.33 09/02/2004 131,995
8,000 US TREASURY BILL^ 1.33 09/02/2004 8,000
258,000 US TREASURY BILL^ 1.34 09/02/2004 257,990
649,976
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $649,976) 649,976
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $273,606,463)* 147.14% $ 280,992,261
OTHER ASSETS AND LIABILITIES, NET (47.14) (90,028,801)
------ -------------
TOTAL NET ASSETS 100.00% $ 190,963,460
------ -------------
+ NON-INCOME EARNING SECURITIES.
++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $421,271.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
37
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - 65.72%
AMUSEMENT & RECREATION SERVICES - 0.13%
5,480 CAESARS ENTERTAINMENT INCORPORATED+ $ 84,666
2,180 GAYLORD ENTERTAINMENT COMPANY+ 63,307
1,940 HARRAH'S ENTERTAINMENT INCORPORATED 93,489
4,683 INTERNATIONAL GAME TECHNOLOGY 135,104
1,493 MULTIMEDIA GAMES INCORPORATED+ 21,559
398,125
------------
APPAREL & ACCESSORY STORES - 0.26%
1,690 ABERCROMBIE & FITCH COMPANY CLASS A 47,320
1,922 AEROPOSTALE INCORPORATED+ 59,870
1,540 CHICO'S FAS INCORPORATED+ 62,986
8,558 GAP INCORPORATED 160,377
4,025 KOHL'S CORPORATION+ 199,157
6,598 LIMITED BRANDS 132,488
2,054 NORDSTROM INCORPORATED 76,265
2,588 ROSS STORES INCORPORATED 54,736
793,199
------------
APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR
MATERIALS - 0.41%
18,133 BENETTON GROUP SPA ADR 398,926
2,489 JONES APPAREL GROUP INCORPORATED 88,832
2,356 LIZ CLAIBORNE INCORPORATED 89,693
2,063 VF CORPORATION 101,789
11,724 WACOAL CORPORATION ADR 587,255
1,266,495
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.07%
4,938 AUTONATION INCORPORATED+ 81,181
874 AUTOZONE INCORPORATED+ 64,728
2,313 CARMAX INCORPORATED+ 45,289
1,535 COPART INCORPORATED+ 33,340
224,538
------------
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS - 0.42%
2,173 CENTEX CORPORATION 99,458
3,479 D.R. HORTON INCORPORATED 107,640
1,940 LENNAR CORPORATION CLASS A 88,852
672 MDC HOLDINGS INCORPORATED 46,267
113 NVR INCORPORATED+ 56,754
1,637 PULTE HOMES INCORPORATED 96,501
50,406 SEKISUI HOUSE LIMITED 505,230
11,688 VIVENDI UNIVERSAL SA ADR+ 290,681
1,291,383
------------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS - 0.55%
1,343 FASTENAL COMPANY 84,314
28,109 HOME DEPOT INCORPORATED 1,027,665
10,045 LOWE'S COMPANIES INCORPORATED 499,236
2,137 SHERWIN-WILLIAMS COMPANY 88,258
1,699,473
------------
BUSINESS SERVICES - 3.88%
12,588 24/7 REAL MEDIA INCORPORATED+ 41,163
3,938 3COM CORPORATION+ 17,760
2,343 AARON RENTS INCORPORATED 48,125
3,286 ADOBE SYSTEMS INCORPORATED 150,729
1,740 AFFILIATED COMPUTER SERVICES
INCORPORATED CLASS A+ 94,534
2,213 AKAMAI TECHNOLOGIES INCORPORATED+ 29,765
984 ANSYS INCORPORATED+ 44,378
1,434 ARBITRON INCORPORATED+ 55,582
2,757 ASCENTIAL SOFTWARE CORPORATION+ 35,731
961 ASK JEEVES INCORPORATED+ 24,909
1,902 AUTODESK INCORPORATED 84,468
7,704 AUTOMATIC DATA PROCESSING INCORPORATED 306,388
1,358 AVOCENT CORPORATION+ 38,717
5,328 BEA SYSTEMS INCORPORATED+ 35,165
3,789 BISYS GROUP INCORPORATED+ 53,804
629 BLUE COAT SYSTEMS INCORPORATED+ 9,196
4,117 BMC SOFTWARE INCORPORATED+ 61,631
1,679 BRINK'S COMPANY 48,355
4,043 CADENCE DESIGN SYSTEMS INCORPORATED+ 50,254
14,025 CENDANT CORPORATION 303,361
2,808 CERIDIAN CORPORATION+ 51,920
1,769 CERTEGY INCORPORATED 67,894
1,523 CHECKFREE CORPORATION+ 41,502
1,805 CHOICEPOINT INCORPORATED+ 76,261
3,438 CITRIX SYSTEMS INCORPORATED+ 54,699
3,200 CNET NETWORKS INCORPORATED+ 26,016
1,665 COGNEX CORPORATION 44,572
2,097 COGNIZANT TECHNOLOGY SOLUTIONS
CORPORATION+ 57,500
6,580 COMPUTER ASSOCIATES INTERNATIONAL
INCORPORATED 159,368
2,796 COMPUTER SCIENCES CORPORATION+ 129,595
9,026 COMPUWARE CORPORATION+ 40,888
3,324 CONVERGYS CORPORATION+ 46,204
2,053 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 29,707
1,403 DELUXE CORPORATION 59,936
1,222 DIGITAL RIVER INCORPORATED+ 29,414
3,818 DOUBLECLICK INCORPORATED+ 20,044
1,306 DST SYSTEMS INCORPORATED+ 59,083
6,468 EBAY INCORPORATED+ 559,741
2,389 EFUNDS CORPORATION+ 35,477
4,021 ELECTRONIC ARTS INCORPORATED+ 200,165
7,117 ELECTRONIC DATA SYSTEMS CORPORATION 136,789
1,944 ELECTRONICS FOR IMAGING INCORPORATED+ 38,647
2,928 EQUIFAX INCORPORATED 71,443
1,705 FAIR ISAAC CORPORATION 45,916
1,543 FILENET CORPORATION+ 30,305
10,918 FIRST DATA CORPORATION 461,286
3,087 FISERV INCORPORATED+ 107,366
936 GETTY IMAGES INCORPORATED+ 51,901
1,071 HUDSON HIGHLAND GROUP INCORPORATED+ 29,442
1,215 HYPERION SOLUTIONS CORPORATION+ 44,420
1,202 IDX SYSTEMS CORPORATION+ 34,858
4,337 IMS HEALTH INCORPORATED 101,182
964 INFOSPACE INCORPORATED+ 36,643
5,070 INTERNET CAPITAL GROUP INCORPORATED+ 27,885
38
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
6,108 INTERPUBLIC GROUP OF COMPANIES
INCORPORATED+ $ 64,439
862 INTERSECTIONS INCORPORATED+ 10,930
2,751 INTUIT INCORPORATED+ 116,340
2,145 IRON MOUNTAIN INCORPORATED+ 66,130
1,053 KRONOS INCORPORATED+ 45,047
1,822 LAMAR ADVERTISING COMPANY+ 79,603
1,637 MACROMEDIA INCORPORATED+ 31,725
1,423 MANHATTAN ASSOCIATES INCORPORATED+ 33,213
1,880 MANPOWER INCORPORATED 79,392
2,905 MCAFEE INCORPORATED+ 57,461
1,523 MERCURY INTERACTIVE CORPORATION+ 52,559
112,718 MICROSOFT CORPORATION 3,077,201
2,116 MONSTER WORLDWIDE INCORPORATED+ 42,807
4,426 MPS GROUP INCORPORATED+ 39,524
1,638 NCR CORPORATION+ 72,350
5,939 NOVELL INCORPORATED+ 35,040
2,580 OMNICOM GROUP INCORPORATED 177,530
47,320 ORACLE CORPORATION+ 471,780
1,168 PALMSOURCE INCORPORATED+ 26,292
6,284 PARAMETRIC TECHNOLOGY CORPORATION+ 30,603
4,986 PEOPLESOFT INCORPORATED+ 86,756
2,804 REALNETWORKS INCORPORATED+ 13,936
2,666 RED HAT INCORPORATED+ 32,685
12,065 RENTOKIL INITIAL PLC ADR 163,054
7,846 REUTERS GROUP PLC ADR 271,393
2,990 ROBERT HALF INTERNATIONAL INCORPORATED 73,255
1,852 RSA SECURITY INCORPORATED+ 27,576
1,167 SAFENET INCORPORATED+ 33,201
8,000 SAP AG 291,680
7,730 SIEBEL SYSTEMS INCORPORATED+ 58,825
46,673 SUN MICROSYSTEMS INCORPORATED+ 179,224
4,272 SUNGARD DATA SYSTEMS INCORPORATED+ 98,256
2,496 SYBASE INCORPORATED+ 33,272
4,207 SYMANTEC CORPORATION+ 201,768
2,712 SYNOPSYS INCORPORATED+ 43,284
1,379 TAKE-TWO INTERACTIVE SOFTWARE
INCORPORATED+ 45,162
3,399 TIBCO SOFTWARE INCORPORATED+ 21,482
1,450 TRANSACTION SYSTEMS ARCHITECTS
INCORPORATED CLASS A+ 24,708
482 TRAVELZOO INCORPORATED+ 21,690
5,708 UNISYS CORPORATION+ 57,308
3,851 UNITED ONLINE INCORPORATED+ 36,893
2,393 UNITED RENTALS INCORPORATED+ 35,153
3,789 VERISIGN INCORPORATED+ 65,777
6,112 VERITAS SOFTWARE CORPORATION+ 102,193
1,863 VIAD CORPORATION 44,358
1,115 WEBSENSE INCORPORATED+ 42,760
4,301 WPP GROUP PLC ADR 194,104
14,492 YAHOO! INCORPORATED+ 413,167
11,864,970
------------
CHEMICALS & ALLIED PRODUCTS - 6.81%
18,913 ABBOTT LABORATORIES 788,483
2,843 ABGENIX INCORPORATED+ 28,288
2,558 AIR PRODUCTS & CHEMICALS INCORPORATED 133,988
6,374 AKZO NOBEL NV ADR 215,326
1,692 ALBERTO-CULVER COMPANY CLASS B 81,707
2,657 ALKERMES INCORPORATED+ 28,244
16,180 AMGEN INCORPORATED+ 959,312
1,465 ANDRX CORPORATION+ 29,534
13,034 ASTRAZENECA PLC ADR 606,472
1,766 AVERY DENNISON CORPORATION 109,757
5,750 AVON PRODUCTS INCORPORATED 254,035
5,154 BASF AG ADR 280,326
7,404 BAYER AG ADR 192,134
23,758 BRISTOL-MYERS SQUIBB COMPANY 563,777
1,744 CABOT CORPORATION 69,481
1,811 CHIRON CORPORATION+ 76,750
1,981 CLOROX COMPANY 104,676
6,511 COLGATE PALMOLIVE COMPANY 351,594
6,378 CROMPTON CORPORATION 43,944
2,257 DENDREON CORPORATION+ 22,186
4,127 DISCOVERY LABORATORIES INCORPORATED+ 32,603
11,758 DOW CHEMICAL COMPANY 503,360
11,512 DU PONT (E.I.) DE NEMOURS & COMPANY 486,497
1,364 EASTMAN CHEMICAL COMPANY 63,467
3,511 ECOLAB INCORPORATED 105,049
11,999 ELI LILLY & COMPANY 761,337
1,657 ESTEE LAUDER COMPANIES INCORPORATED
CLASS A 72,825
4,745 FOREST LABORATORIES INCORPORATED+ 217,558
7,283 GENAERA CORPORATION+ 24,617
5,484 GENENTECH INCORPORATED+ 267,510
3,135 GENZYME CORPORATION+ 169,290
2,781 GILEAD SCIENCES INCORPORATED+ 192,251
12,478 GILLETTE COMPANY 530,315
20,253 GLAXOSMITHKLINE PLC ADR 833,208
2,358 GREAT LAKES CHEMICAL CORPORATION 61,591
2,422 HOSPIRA INCORPORATED+ 67,089
1,659 ILEX ONCOLOGY INCORPORATED+ 41,375
927 IMCLONE SYSTEMS INCORPORATED+ 49,391
8,417 INKINE PHARMACEUTICAL COMPANY
INCORPORATED+ 35,772
1,998 INTERNATIONAL FLAVORS & FRAGRANCES
INCORPORATED 76,983
863 INVITROGEN CORPORATION+ 42,718
3,621 IVAX CORPORATION+ 70,103
2,262 K-V PHARMACEUTICAL COMPANY CLASS A+ 36,011
4,161 KING PHARMACEUTICALS INCORPORATED+ 51,846
1,986 LIGAND PHARMACEUTICALS INCORPORATED
CLASS B+ 19,522
1,787 LUBRIZOL CORPORATION 63,707
2,154 MEDAREX INCORPORATED+ 12,256
1,418 MEDICINES COMPANY+ 35,847
1,288 MEDICIS PHARMACEUTICAL CORPORATION
CLASS A 47,167
4,003 MEDIMMUNE INCORPORATED+ 95,552
27,046 MERCK & COMPANY INCORPORATED 1,216,259
4,985 MILLENNIUM PHARMACEUTICALS
INCORPORATED+ 59,272
3,656 MONSANTO COMPANY 133,810
4,346 MYLAN LABORATORIES INCORPORATED 75,707
1,642 NEKTAR THERAPEUTICS+ 20,919
39
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
20,158 NOVARTIS AG ADR $ 936,339
4,351 NOVO NORDISK A/S ADR 233,214
1,523 NPS PHARMACEUTICALS INCORPORATED+ 31,983
1,179 OM GROUP INCORPORATED+ 40,145
962 ONYX PHARMACEUTICALS INCORPORATED+ 35,729
614 OSI PHARMACEUTICALS INCORPORATED+ 36,588
1,151 PAR PHARMACEUTICAL COMPANIES
INCORPORATED+ 47,237
93,938 PFIZER INCORPORATED 3,068,954
9,401 PHARMOS CORPORATION+ 29,801
2,172 PPG INDUSTRIES INCORPORATED 129,820
4,331 PRAXAIR INCORPORATED 175,752
30,676 PROCTER & GAMBLE COMPANY 1,716,936
1,423 PROTEIN DESIGN LABS INCORPORATED+ 26,084
7,176 ROCHE HOLDING AG ADR 694,653
2,920 ROHM & HAAS COMPANY 118,348
1,537 SALIX PHARMACEUTICALS LIMITED+ 35,950
9,809 SANOFI-AVENTIS-ADR+ 353,303
18,483 SCHERING-PLOUGH CORPORATION 341,196
1,313 SEPRACOR INCORPORATED+ 65,138
21,000 SHISEIDO COMPANY LIMITED 269,617
1,169 SIGMA-ALDRICH CORPORATION 66,972
2,304 VALEANT PHARMACEUTICALS INTERNATIONAL 54,052
1,451 VALSPAR CORPORATION 68,618
2,875 VERTEX PHARMACEUTICALS INCORPORATED+ 27,974
2,319 VICURON PHARMACEUTICALS INCORPORATED+ 34,646
5,728 VION PHARMACEUTICALS INCORPORATED+ 20,163
2,186 WATSON PHARMACEUTICALS INCORPORATED+ 60,202
16,657 WYETH 609,146
20,841,358
------------
COAL MINING - 0.04%
1,556 ARCH COAL INCORPORATED 50,150
1,965 CONSOL ENERGY INCORPORATED 63,037
113,187
------------
COMMUNICATIONS - 3.63%
3,398 ALLTEL CORPORATION 185,701
3,992 AMERICAN TOWER CORPORATION CLASS A+ 59,441
11,172 AT&T CORPORATION 165,122
28,033 AT&T WIRELESS SERVICES INCORPORATED+ 409,842
6,724 AVAYA INCORPORATED+ 81,495
22,522 BELLSOUTH CORPORATION 602,689
4,572 BRITISH SKY BROADCASTING GROUP PLC ADR 159,106
9,382 BT GROUP PLC ADR 311,482
3,529 CABLEVISION SYSTEMS NEW YORK GROUP
CLASS A+ 65,357
2,694 CENTURYTEL INCORPORATED 86,720
7,155 CINCINNATI BELL INCORPORATED+ 25,829
7,191 CLEAR CHANNEL COMMUNICATIONS
INCORPORATED 240,970
26,616 COMCAST CORPORATION CLASS A+ 749,773
3,828 COX COMMUNICATIONS INCORPORATED
CLASS A+ 125,788
3,861 CROWN CASTLE INTERNATIONAL CORPORATION+ 55,251
21,209 DEUTSCHE TELEKOM AG ADR+ 371,794
9,370 DIRECTV GROUP INCORPORATED+ 148,702
3,693 ECHOSTAR COMMUNICATIONS CORPORATION
CLASS A+ 113,190
2,579 EMMIS COMMUNICATIONS CORPORATION
CLASS A+ 49,646
3,317 EXTREME NETWORKS INCORPORATED+ 15,424
2,828 FOUNDRY NETWORKS INCORPORATED+ 25,791
9,564 FRANCE TELECOM SA ADR 225,710
4,976 IAC INTERACTIVECORP+ 113,503
3,911 LAGARDERE SCA ADR 234,563
1,430 LIBERTY CORPORATION 57,801
2,464 LIBERTY MEDIA INTERNATIONAL
INCORPORATED CLASS A+ 83,283
2,434 LIN TV CORPORATION CLASS A+ 49,118
495 METROCALL HOLDINGS INCORPORATED+ 31,992
13,218 NEXTEL COMMUNICATIONS INCORPORATED
CLASS A+ 306,525
2,536 NEXTEL PARTNERS INCORPORATED CLASS A+ 36,569
10,677 NIPPON TELEGRAPH AND TELEPHONE
CORPORATION ADR 232,759
1,067 NTL INCORPORATED+ 57,949
13,190 NTT DOCOMO INCORPORATED ADR 246,653
23,822 QWEST COMMUNICATIONS INTERNATIONAL
INCORPORATED+ 68,846
6,605 REED ELSEVIER PLC ADR 238,110
3,285 SAGA COMMUNICATIONS INCORPORATED
CLASS A+ 58,966
40,270 SBC COMMUNICATIONS INCORPORATED 1,038,563
18,698 SPRINT CORPORATION-FON GROUP 367,977
9,577 TDC A/S ADR 169,609
15,354 TELEFONICA SA ADR 658,994
909 TELEPHONE & DATA SYSTEMS INCORPORATED 70,084
4,173 UNIVISION COMMUNICATIONS
INCORPORATED CLASS A+ 137,709
2,593 UTSTARCOM INCORPORATED+ 40,114
33,881 VERIZON COMMUNICATIONS INCORPORATED 1,329,829
48,496 VODAFONE GROUP PLC ADR 1,110,558
1,468 WESTERN WIRELESS CORPORATION CLASS A+ 36,832
2,582 XM SATELLITE RADIO HOLDINGS
INCORPORATED+ 70,927
11,122,656
------------
CONSTRUCTION SPECIAL TRADE
CONTRACTORS - 0.02%
1,918 DYCOM INDUSTRIES INCORPORATED+ 49,331
------------
DEPOSITORY INSTITUTIONS - 8.01%
3,317 ABC BANCORP 60,204
15,236 ABN AMRO HOLDING NV ADR 324,374
8,912 ALLIED IRISH BANKS PLC ADR 280,372
3,248 AMCORE FINANCIAL INCORPORATED 91,334
4,265 AMSOUTH BANCORPORATION 111,103
2,407 ASSOCIATED BANC-CORP 75,339
32,925 BANCO BILBAO VIZCAYA ARGENTARIA SA
ADR 441,195
48,880 BANCO SANTANDER CENTRAL HISPANO SA
ADR 482,446
4,734 BANCTRUST FINANCIAL GROUP INCORPORATED 85,117
47,896 BANK OF AMERICA CORPORATION 2,154,362
40
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
9,132 BANK OF NEW YORK COMPANY
INCORPORATED $ 272,134
14,412 BARCLAYS PLC ADR 538,721
7,641 BAYERISCHE HYPO-UND VEREINSBANK AG
ADR+ 124,620
5,994 BB&T CORPORATION 239,700
15,479 BNP PARIBAS SA ADR 468,128
2,754 BOSTON PRIVATE FINANCIAL HOLDINGS
INCORPORATED 67,087
2,844 BRYN MAWR BANK CORPORATION 57,563
1,956 CAPITOL BANCORP LIMITED 56,274
3,643 CASCADE BANCORP 63,388
1,232 CB BANCSHARES INCORPORATED 116,572
2,176 CENTRAL PACIFIC FINANCIAL CORPORATION 60,819
2,926 CHARTER ONE FINANCIAL INCORPORATED 130,119
2,894 CHITTENDEN CORPORATION 103,895
62,366 CITIGROUP INCORPORATED 2,905,008
2,664 CITIZENS BANKING CORPORATION MI 85,221
2,783 CITY BANK LYNNWOOD WASHINGTON 91,282
744 CITY NATIONAL CORPORATION 49,089
4,621 COASTAL FINANCIAL CORPORATION 64,786
3,126 COBIZ INCORPORATED 48,609
1,932 COLUMBIA BANCORP 55,873
1,671 COMERICA INCORPORATED 100,511
1,439 COMMERCE BANCSHARES INCORPORATED 69,547
3,332 COMMERCIAL FEDERAL CORPORATION 90,864
3,297 COMMUNITY BANK SYSTEM INCORPORATED 84,238
1,800 COMPASS BANCSHARES INCORPORATED 83,250
5,637 DEUTSCHE BANK AG 387,262
5,455 FIFTH THIRD BANCORP 271,714
2,173 FIRST HORIZON NATIONAL CORPORATION 98,806
3,105 FIRST OAK BROOK BANCSHARES
INCORPORATED 91,598
1,665 FIRST OF LONG ISLAND CORPORATION 71,112
1,640 FIRST PLACE FINANCIAL CORPORATION 30,832
1,753 FIRST REPUBLIC BANK 78,517
2,694 FIRSTMERIT CORPORATION 70,960
3,832 FULTON FINANCIAL CORPORATION 80,970
1,056 GERMAN AMERICAN BANCORP 18,216
1,319 GOLDEN WEST FINANCIAL CORPORATION 142,755
2,169 GREENPOINT FINANCIAL CORPORATION 95,544
11,700 HBOS PLC ADR 429,058
3,101 HIBERNIA CORPORATION CLASS A 83,262
10,227 HORIZON FINANCIAL CORPORATION 196,358
13,848 HSBC HOLDINGS PLC ADR 1,078,482
3,944 HUNTINGTON BANCSHARES INCORPORATED 97,299
5,021 HYPO REAL ESTATE HOLDING AG ADR+ 159,873
793 IBERIABANK CORPORATION 44,543
2,147 INTERCHANGE FINANCIAL SERVICES CORP 52,172
1,484 INVESTORS FINANCIAL SERVICES CORPORATION 68,828
700 ITLA CAPITAL CORPORATION+ 29,694
42,901 JP MORGAN CHASE & COMPANY 1,698,022
4,298 KEYCORP 134,742
12,434 LLOYDS TSB GROUP PLC ADR 378,740
606 M&T BANK CORPORATION 57,558
3,274 MARSHALL & ILSLEY CORPORATION 131,222
4,883 MELLON FINANCIAL CORPORATION 140,923
1,288 MERCANTILE BANKSHARES CORPORATION 61,309
4,336 NATIONAL AUSTRALIA BANK LIMITED 408,191
91,765 NATIONAL BANK OF GREECE SA ADR 403,766
6,616 NATIONAL CITY CORPORATION 250,019
2,858 NATIONAL COMMERCE FINANCIAL
CORPORATION 96,143
4,435 NEW YORK COMMUNITY BANCORP
INCORPORATED 94,687
1,987 NORTH FORK BANCORPORATION INCORPORATED 83,335
2,859 NORTHERN TRUST CORPORATION 123,080
533 PARK NATIONAL CORPORATION 66,017
1,588 PEOPLES BANCORP INCORPORATED 40,875
2,021 PFF BANCORP INCORPORATED 74,575
2,952 PNC FINANCIAL SERVICES GROUP 158,434
2,369 PROSPERITY BANCSHARES INCORPORATED 61,405
2,021 R&G FINANCIAL CORPORATION CLASS B 69,886
5,330 REGIONS FINANCIAL CORPORATION 172,106
20,402 SAN PAOLO-IMI SPA 459,045
1,623 SILICON VALLEY BANCSHARES+ 60,619
1,430 SMITHTOWN BANCORPORATION INCORPORATED 39,325
20,756 SOCIETE GENERALE 354,158
4,444 SOUTHTRUST CORPORATION 183,759
4,312 SOVEREIGN BANCORP INCORPORATED 94,260
2,370 STATE BANCORP INCORPORATED 52,353
4,318 STATE STREET CORPORATION 194,915
3,209 STERLING BANCORPORATION NY 90,237
2,507 SUNTRUST BANKS INCORPORATED 170,727
4,360 SYNOVUS FINANCIAL CORPORATION 110,744
656 TCF FINANCIAL CORPORATION 41,774
1,310 TOMPKINS TRUSTCOMPANY INCORPORATED 58,845
2,894 TRUSTMARK CORPORATION 86,762
22,704 US BANCORP 669,768
2,565 VALLEY NATIONAL BANCORP 66,382
14,945 WACHOVIA CORPORATION 701,070
10,257 WASHINGTON MUTUAL INCORPORATED 398,279
1,544 WEBSTER FINANCIAL CORPORATION 75,965
19,298 WELLS FARGO & COMPANY++ 1,133,758
11,092 WESTPAC BANKING CORPORATION ADR 659,530
1,987 WILMINGTON TRUST CORPORATION 73,797
1,937 WINTRUST FINANCIAL CORPORATION 106,303
1,778 YARDVILLE NATIONAL BANCORP 51,455
1,285 ZIONS BANCORPORATION 80,030
24,529,894
------------
EATING & DRINKING PLACES - 0.36%
2,475 BOB EVANS FARMS INCORPORATED 61,974
1,911 BRINKER INTERNATIONAL INCORPORATED+ 58,190
1,483 CHEESECAKE FACTORY INCORPORATED+ 61,366
3,256 DARDEN RESTAURANTS INCORPORATED 68,408
2,011 JACK IN THE BOX INCORPORATED+ 56,791
2,443 KRISPY KREME DOUGHNUTS INCORPORATED+ 31,466
15,840 MCDONALD'S CORPORATION 427,997
1,772 OUTBACK STEAKHOUSE INCORPORATED 69,356
2,319 WENDY'S INTERNATIONAL INCORPORATED 79,704
4,477 YUM! BRANDS INCORPORATED 177,782
1,093,034
------------
41
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
EDUCATIONAL SERVICES - 0.07%
2,031 APOLLO GROUP INCORPORATED CLASS A+ $ 158,418
1,791 CAREER EDUCATION CORPORATION+ 55,235
213,653
------------
ELECTRIC, GAS & SANITARY SERVICES - 2.94%
9,689 AES CORPORATION+ 97,762
4,373 ALLEGHENY ENERGY INCORPORATED+ 64,239
5,073 ALLIED WASTE INDUSTRIES INCORPORATED+ 51,948
2,202 AMEREN CORPORATION 103,032
5,899 AMERICAN ELECTRIC POWER COMPANY
INCORPORATED 193,074
11,226 BG GROUP PLC ADR 353,058
2,451 BLACK HILLS CORPORATION 68,260
9,881 CALPINE CORPORATION+ 33,793
6,206 CENTERPOINT ENERGY INCORPORATED 67,894
1,895 CH ENERGY GROUP INCORPORATED 86,431
2,756 CINERGY CORPORATION 111,563
6,239 CITIZENS COMMUNICATIONS COMPANY 78,799
71,893 CLP HOLDINGS LIMITED 415,693
5,340 CMS ENERGY CORPORATION+ 51,264
2,153 CONNECTICUT WATER SERVICE INCORPORATED 55,332
2,828 CONSOLIDATED EDISON INCORPORATED 119,342
2,745 CONSTELLATION ENERGY GROUP INCORPORATED 112,819
3,566 DOMINION RESOURCES INCORPORATED 231,398
1,984 DTE ENERGY COMPANY 81,979
12,733 DUKE ENERGY CORPORATION 281,909
4,230 E.ON AG 301,387
5,548 EDISON INTERNATIONAL 149,130
8,610 EL PASO CORPORATION 70,430
17,537 ENDESA SA ADR 326,188
1,357 ENERGYSOUTH INCORPORATED 58,351
2,766 ENTERGY CORPORATION 166,790
8,036 EXELON CORPORATION 296,127
4,658 FIRSTENERGY CORPORATION 187,438
2,190 FPL GROUP INCORPORATED 151,548
204,107 HONG KONG & CHINA GAS COMPANY
LIMITED ADR 367,658
65,276 HONG KONG ELECTRIC HOLDINGS
LIMITED ADR 291,235
9,933 INTERNATIONAL POWER PLC+ 272,760
2,654 KEYSPAN CORPORATION 101,117
1,621 KINDER MORGAN INCORPORATED 98,070
3,123 LACLEDE GROUP INCORPORATED 90,130
3,724 MIDDLESEX WATER COMPANY 68,335
6,517 NATIONAL GRID TRANSCO PLC 276,386
5,355 NISOURCE INCORPORATED 111,384
1,817 NSTAR 88,670
6,112 PG&E CORPORATION+ 178,409
1,697 PINNACLE WEST CAPITAL CORPORATION 71,630
2,752 PPL CORPORATION 131,628
3,404 PROGRESS ENERGY INCORPORATED 149,402
3,286 PUBLIC SERVICE ENTERPRISE GROUP
INCORPORATED 139,129
5,083 RELIANT RESOURCES INCORPORATED+ 50,627
5,109 RWE AG 249,601
8,520 SCOTTISH POWER PLC 249,125
3,118 SEMPRA ENERGY 112,716
8,420 SOUTHERN COMPANY 255,547
13,079 SUEZ SA 254,517
732 TEXAS GENCO HOLDINGS INCORPORATED 33,892
4,318 TXU CORPORATION 179,758
1,615 UIL HOLDINGS CORPORATION 79,264
8,601 UNITED UTILITIES PLC 172,708
7,715 WASTE MANAGEMENT INCORPORATED 214,400
8,951 WILLIAMS COMPANIES INCORPORATED 106,427
2,056 WPS RESOURCES CORPORATION 95,954
7,413 XCEL ENERGY INCORPORATED 130,839
8,988,296
------------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT - 5.60%
2,027 ADVANCED FIBRE COMMUNICATIONS
INCORPORATED+ 34,804
5,237 ADVANCED MICRO DEVICES INCORPORATED+ 59,859
15,398 ALCATEL SA ADR+ 180,618
5,475 ALTERA CORPORATION+ 103,587
4,575 AMERICAN POWER CONVERSION CORPORATION 76,860
4,895 ANALOG DEVICES INCORPORATED 169,954
3,777 ANDREW CORPORATION+ 41,887
6,682 APPLIED MICRO CIRCUITS CORPORATION+ 22,385
1,144 APPLIED SIGNAL TECHNOLOGY INCORPORATED 39,685
6,755 ASML HOLDING NV NY SHARES+ 87,410
1,919 ATMI INCORPORATED+ 36,154
3,412 BROADCOM CORPORATION CLASS A+ 92,602
4,871 CANON INCORPORATED ADR 233,662
30,378 CHARTERED SEMICONDUCTOR+ 191,381
3,909 COMVERSE TECHNOLOGY INCORPORATED+ 68,447
1,774 CREE INCORPORATED+ 44,368
1,333 CYMER INCORPORATED+ 35,618
2,493 CYPRESS SEMICONDUCTOR+ 24,332
1,265 DITECH COMMUNICATIONS CORPORATION+ 27,223
2,170 ELECTRO SCIENTIFIC INDUSTRIES
INCORPORATED+ 44,897
5,303 EMERSON ELECTRIC COMPANY 330,112
4,455 GEMSTAR-TV GUIDE INTERNATIONAL
INCORPORATED+ 23,522
129,084 GENERAL ELECTRIC COMPANY 4,232,664
856 HARMAN INTERNATIONAL INDUSTRIES
INCORPORATED 82,767
1,031 HARRIS CORPORATION 49,653
12,979 INFINEON TECHNOLOGIES AG ADR+ 127,324
2,694 INTEGRATED DEVICE TECHNOLOGY
INCORPORATED+ 28,853
79,253 INTEL CORPORATION 1,687,296
1,769 INTERDIGITAL COMMUNICATIONS
CORPORATION+ 27,579
20,431 INTERNATIONAL BUSINESS MACHINES
CORPORATION 1,730,301
1,202 INTERNATIONAL RECTIFIER CORPORATION+ 39,498
3,245 INTERSIL CORPORATION CLASS A 56,560
3,269 JABIL CIRCUIT INCORPORATED+ 67,439
21,032 JDS UNIPHASE CORPORATION+ 65,409
2,759 KLA-TENCOR CORPORATION+ 103,076
42
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
11,633 KONINKLIJKE (ROYAL) PHILIPS
ELECTRONICS NV NY SHARES $ 269,886
1,401 L-3 COMMUNICATIONS HOLDINGS
INCORPORATED 87,759
2,406 LATTICE SEMICONDUCTOR CORPORATION+ 10,971
3,925 LINEAR TECHNOLOGY CORPORATION 140,397
1,011 LITTELFUSE INCORPORATED+ 36,821
6,034 LSI LOGIC CORPORATION+ 29,144
50,203 LUCENT TECHNOLOGIES INCORPORATED+ 157,135
19,260 MATSUSHITA ELECTRIC INDUSTRIAL
COMPANY LIMITED ADR 260,010
4,088 MAXIM INTEGRATED PRODUCTS INCORPORATED 177,542
1,925 MAYTAG CORPORATION 38,943
5,184 MCDATA CORPORATION CLASS A+ 26,749
3,034 MICROCHIP TECHNOLOGY INCORPORATED 80,067
7,868 MICRON TECHNOLOGY INCORPORATED+ 90,561
2,787 MINDSPEED TECHNOLOGIES INCORPORATED+ 8,445
50,026 MINEBEA COMPANY LIMITED ADR 423,930
3,432 MOLEX INCORPORATED 99,082
29,274 MOTOROLA INCORPORATED 472,775
2,677 MYKROLIS CORPORATION+ 23,638
1,848 NATIONAL PRESTO INDUSTRIES INCORPORATED 75,214
5,332 NATIONAL SEMICONDUCTOR CORPORATION+ 71,075
4,952 NETWORK APPLIANCE INCORPORATED+ 99,387
8,889 NIDEC CORPORATION ADR 215,114
18,583 NOKIA OYJ ADR 220,766
2,390 NOVELLUS SYSTEMS INCORPORATED+ 58,388
2,733 NVIDIA CORPORATION+ 34,053
9,406 OMRON CORPORATION 201,413
2,190 OPENWAVE SYSTEMS INCORPORATED+ 20,411
9,100 PIONEER CORPORATION 200,200
2,128 PLEXUS CORPORATION+ 25,089
3,861 PMC-SIERRA INCORPORATED+ 36,062
2,161 POLYCOM INCORPORATED+ 42,204
2,727 POWER-ONE INCORPORATED+ 20,480
2,060 QLOGIC CORPORATION+ 53,787
20,272 QUALCOMM INCORPORATED 771,350
1,881 RAMBUS INCORPORATED+ 24,114
4,368 RF MICRO DEVICES INCORPORATED+ 22,364
3,480 ROCKWELL COLLINS INCORPORATED 119,677
765 ROGERS CORPORATION+ 35,488
9,166 SANMINA-SCI CORPORATION+ 63,429
2,811 SCIENTIFIC-ATLANTA INCORPORATED 76,572
3,996 SKYWORKS SOLUTIONS INCORPORATED+ 33,287
13,779 SOLECTRON CORPORATION+ 71,100
7,054 SONY CORPORATION ADR 244,562
5,959 SPATIALIGHT INCORPORATED+ 29,676
7,298 STMICROELECTRONICS NV NY SHARES 124,869
2,613 TDK CORPORATION ADR 173,477
16,286 TELEFONAKTIEBOLAGET LM ERICSSON ADR+ 440,373
5,940 TELLABS INCORPORATED+ 53,876
21,285 TEXAS INSTRUMENTS INCORPORATED 415,909
2,486 THOMAS & BETTS CORPORATION+ 61,156
1,818 TRIQUINT SEMICONDUCTOR INCORPORATED+ 6,908
9,349 VALENCE TECHNOLOGY INCORPORATED+ 26,458
1,203 VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES INCORPORATED+ 33,684
2,553 VISHAY INTERTECHNOLOGY INCORPORATED+ 32,551
810 WHIRLPOOL CORPORATION 49,523
4,585 XILINX INCORPORATED 125,766
2,306 ZORAN CORPORATION+ 36,296
17,147,749
------------
ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES - 0.31%
1,287 AFFYMETRIX INCORPORATED+ 35,779
1,757 AMYLIN PHARMACEUTICALS INCORPORATED+ 34,771
1,944 APPLERA CORPORATION-CELERA GENOMICS
GROUP+ 20,937
1,097 ATRIX LABORATORIES INCORPORATED+ 32,427
4,993 AXONYX INCORPORATED+ 21,220
1,577 CDI CORPORATION 33,117
1,165 CELGENE CORPORATION+ 66,114
843 CEPHALON INCORPORATED+ 39,629
2,162 CURAGEN CORPORATION+ 11,286
1,232 ERESEARCH TECHNOLOGY INCORPORATED+ 24,776
1,635 FLUOR CORPORATION 69,896
821 GEN-PROBE INCORPORATED+ 29,638
2,163 INCYTE CORPORATION+ 14,773
1,831 MOODY'S CORPORATION 125,533
1,825 NAVIGANT CONSULTING INCORPORATED+ 34,985
4,756 PAYCHEX INCORPORATED 141,111
1,181 QUEST DIAGNOSTICS INCORPORATED 101,094
7,486 SERVICEMASTER COMPANY 93,051
1,762 TELIK INCORPORATED+ 33,372
963,509
------------
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION
EQUIPMENT - 0.29%
789 ALLIANT TECHSYSTEMS INCORPORATED+ 45,715
2,120 BALL CORPORATION 79,161
2,107 CRANE COMPANY 56,889
1,888 FORTUNE BRANDS INCORPORATED 138,107
3,391 ILLINOIS TOOL WORKS INCORPORATED 309,564
6,236 MASCO CORPORATION 200,363
1,553 NCI BUILDING SYSTEMS INCORPORATED+ 47,646
720 TASER INTERNATIONAL INCORPORATED+ 19,865
897,310
------------
FINANCIAL SERVICES - 0.02%
4,798 JANUS CAPITAL GROUP INCORPORATED 65,925
------------
FOOD & KINDRED PRODUCTS - 2.30%
8,526 ANHEUSER-BUSCH COMPANIES INCORPORATED 450,173
10,446 ARCHER-DANIELS-MIDLAND COMPANY 166,823
9,917 CADBURY SCHWEPPES PLC ADR 323,790
4,110 CAMPBELL SOUP COMPANY 106,696
25,595 COCA COLA COMPANY 1,144,352
3,950 COCA COLA ENTERPRISES INCORPORATED 81,568
53,730 COMPASS GROUP PLC 300,361
6,797 CONAGRA FOODS INCORPORATED 178,081
4,535 DEL MONTE FOODS COMPANY+ 47,844
7,673 DIAGEO PLC ADR 383,266
2,570 FLOWERS FOODS INCORPORATED 64,944
3,808 GENERAL MILLS INCORPORATED 179,928
43
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
1,496 HANSEN NATURAL CORPORATION+ $ 35,515
4,164 HERCULES INCORPORATED+ 57,130
2,161 HERSHEY FOODS CORPORATION 104,333
4,386 HJ HEINZ COMPANY 166,273
2,205 HORMEL FOODS CORPORATION 58,874
1,632 JM SMUCKER COMPANY 75,039
2,963 KELLOGG COMPANY 124,387
44,472 KIRIN BREWERY COMPANY LIMITED 404,695
2,868 KRAFT FOODS INCORPORATED CLASS A 89,711
2,404 MCCORMICK & COMPANY INCORPORATED 80,654
14,433 NESTLE SA ADR 852,231
3,369 PEPSI BOTTLING GROUP INCORPORATED 90,256
3,040 PEPSIAMERICAS INCORPORATED 60,314
20,200 PEPSICO INCORPORATED 1,010,000
10,175 SARA LEE CORPORATION 225,173
3,500 TYSON FOODS INCORPORATED CLASS A 57,680
1,826 WM WRIGLEY JR COMPANY 113,267
7,033,358
------------
FOOD STORES - 0.57%
4,605 ALBERTSON'S INCORPORATED 113,191
11,773 COLES MYER LIMITED ADR 594,536
25,041 KONINKLIJKE AHOLD NV ADR+ 157,257
9,207 KROGER COMPANY+ 152,192
5,398 STARBUCKS CORPORATION+ 233,410
28,272 TESCO PLC ADR 405,862
873 WHOLE FOODS MARKET INCORPORATED 67,858
3,781 WINN-DIXIE STORES INCORPORATED+ 15,767
1,740,073
------------
FORESTRY - 0.06%
2,994 WEYERHAEUSER COMPANY 187,155
------------
FURNITURE & FIXTURES - 0.16%
1,320 ETHAN ALLEN INTERIORS INCORPORATED 47,177
1,828 HERMAN MILLER INCORPORATED 46,047
1,191 HILLENBRAND INDUSTRIES INCORPORATED 67,006
1,696 HNI CORPORATION 66,483
1,905 HOOKER FURNITURE CORPORATION 50,521
3,846 LEGGETT & PLATT INCORPORATED 103,419
4,300 NEWELL RUBBERMAID INCORPORATED 92,579
1,591 SELECT COMFORT CORPORATION+ 25,265
498,497
------------
GENERAL MERCHANDISE STORES - 0.49%
1,931 BJ'S WHOLESALE CLUB INCORPORATED+ 48,893
5,211 DOLLAR GENERAL CORPORATION 102,657
2,763 FAMILY DOLLAR STORES INCORPORATED 73,081
2,546 FEDERATED DEPARTMENT STORES
INCORPORATED 110,496
2,687 FOOT LOCKER INCORPORATED 60,108
1,884 FRED'S INCORPORATED 26,207
3,115 JC PENNEY COMPANY INCORPORATED 119,367
620 KMART HOLDING CORPORATION+ 47,504
4,264 MAY DEPARTMENT STORES COMPANY 104,511
2,484 SAKS INCORPORATED+ 29,510
3,243 SEARS ROEBUCK & COMPANY 124,142
11,227 TARGET CORPORATION 500,500
7,396 TJX COMPANIES INCORPORATED 156,499
1,503,475
------------
HEALTH SERVICES - 0.49%
4,380 BIOGEN IDEC INCORPORATED+ 259,865
6,061 CAREMARK RX INCORPORATED+ 173,951
1,598 CORVEL CORPORATION+ 45,064
1,816 DAVITA INCORPORATED+ 55,043
3,815 FIRST HEALTH GROUP CORPORATION+ 58,179
6,010 HCA INCORPORATED 233,248
4,186 HEALTH MANAGEMENT ASSOCIATION
INCORPORATED CLASS A 80,036
2,915 HUMAN GENOME SCIENCES INCORPORATED+ 31,394
2,239 IMMUNOMEDICS INCORPORATED+ 6,292
2,280 LABORATORY CORPORATION OF AMERICA
HOLDINGS+ 94,825
1,931 LINCARE HOLDINGS INCORPORATED+ 62,062
2,171 MANOR CARE INCORPORATED 66,585
1,417 NEIGHBORCARE INCORPORATED+ 35,978
730 PEDIATRIX MEDICAL GROUP INCORPORATED+ 51,173
1,785 RENAL CARE GROUP INCORPORATED+ 56,531
3,017 SELECT MEDICAL CORPORATION 40,066
6,991 TENET HEALTHCARE CORPORATION+ 72,846
1,227 UNITED SURGICAL PARTNERS INTERNATIONAL
INCORPORATED+ 44,307
811 UNIVERSAL HEALTH SERVICES CLASS B 36,535
1,503,980
------------
HOLDING & OTHER INVESTMENT OFFICES - 1.35%
1,540 4KIDS ENTERTAINMENT INCORPORATED+ 26,842
4,975 ACADIA REALTY TRUST 72,884
1,456 ALEXANDRIA REAL ESTATE EQUITIES
INCORPORATED 94,349
3,147 APARTMENT INVESTMENT & MANAGEMENT
COMPANY CLASS A 111,718
4,368 ARCHSTONE-SMITH TRUST 136,500
2,036 AVALONBAY COMMUNITIES INCORPORATED 122,974
3,637 BEDFORD PROPERTY INVESTORS 112,383
2,653 CAPITAL TRUST INCORPORATED NY CLASS A 71,498
5,092 CEDAR SHOPPING CENTERS INCORPORATED 68,997
2,515 COMMUNITY FIRST BANKSHARES
INCORPORATED 80,908
2,873 CORPORATE OFFICE PROPERTIES TRUST
SBI MD 75,991
2,284 CORRECTIONAL PROPERTIES TRUST 61,097
5,140 DUKE REALTY CORPORATION 174,760
2,493 ENTERTAINMENT PROPERTIES TRUST 93,114
5,779 EQUITY OFFICE PROPERTIES TRUST 165,048
4,309 EQUITY RESIDENTIAL 139,569
4,170 FELCOR LODGING TRUST INCORPORATED+ 48,831
1,548 HEADWATERS INCORPORATED+ 47,384
3,604 HERITAGE PROPERTY INVESTMENT TRUST 104,732
7,207 HOST MARRIOTT CORPORATION+ 96,213
2,921 IMPAC MORTGAGE HOLDINGS INCORPORATED 75,391
3,368 ISTAR FINANCIAL INCORPORATED 135,528
2,619 KILROY REALTY CORPORATION 99,129
5,168 KRAMONT REALTY TRUST 95,505
44
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
2,338 LASALLE HOTEL PROPERTIES $ 66,025
2,331 MID-AMERICA APARTMENT COMMUNITIES
INCORPORATED 92,424
51,986 MITSUBISHI TOKYO FINANCIAL GROUP
INCORPORATED ADR 470,993
2,578 NATIONAL HEALTH INVESTORS INCORPORATED 74,350
1,854 PARKWAY PROPERTIES INCORPORATED 87,602
3,091 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 118,262
4,597 PLUM CREEK TIMBER COMPANY 151,885
3,569 RAIT INVESTMENT TRUST 96,006
3,122 RAMCO-GERSHENSON PROPERTIES 84,356
2,340 SAUL CENTERS INCORPORATED 77,805
2,428 SIMON PROPERTY GROUP INCORPORATED 135,847
2,385 SOVRAN SELF STORAGE INCORPORATED 94,565
2,539 TANGER FACTORY OUTLET CENTERS
INCORPORATED 111,970
2,348 VORNADO REALTY TRUST 147,360
4,120,795
------------
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES - 0.16%
4,519 BED BATH & BEYOND INCORPORATED+ 169,101
3,573 BEST BUY COMPANY INCORPORATED 166,216
3,592 CIRCUIT CITY STORES INCORPORATED 46,588
2,101 PIER 1 IMPORTS INCORPORATED 36,453
2,878 RADIO SHACK CORPORATION 77,533
495,891
------------
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES - 0.26%
15,407 ACCOR SA ADR 324,864
3,478 EMPIRE RESORTS INCORPORATED+ 30,607
6,285 HILTON HOTELS CORPORATION 112,187
1,151 MANDALAY RESORT GROUP 78,084
2,752 MARRIOTT INTERNATIONAL INCORPORATED
CLASS A 130,582
2,991 STARWOOD HOTELS & RESORTS
WORLDWIDE INCORPORATED 132,202
808,526
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT - 2.95%
9,257 3M COMPANY 762,407
1,673 AGCO CORPORATION+ 33,443
3,031 AMERICAN STANDARD COMPANIES
INCORPORATED+ 113,996
5,373 APPLE COMPUTER INCORPORATED+ 185,315
21,159 APPLIED MATERIALS INCORPORATED+ 336,216
3,406 BAKER HUGHES INCORPORATED 133,958
1,810 BHA GROUP HOLDINGS INCORPORATED 68,780
1,423 BLACK & DECKER CORPORATION 98,087
1,209 BLACK BOX CORPORATION 43,814
4,499 BROCADE COMMUNICATIONS SYSTEMS
INCORPORATED+ 22,180
1,904 BROOKS AUTOMATION INCORPORATED+ 23,667
4,197 CATERPILLAR INCORPORATED 305,122
1,089 CDW CORPORATION 63,706
83,513 CISCO SYSTEMS INCORPORATED+ 1,566,704
988 COOPER CAMERON CORPORATION+ 50,319
3,094 DEERE & COMPANY 195,757
31,100 DELL INCORPORATED+ 1,083,524
1,367 DIEBOLD INCORPORATED 66,833
3,176 DOVER CORPORATION 119,830
30,964 EMC CORPORATION+ 333,482
2,515 EMULEX CORPORATION+ 26,684
739 EQUINIX INCORPORATED+ 23,493
2,448 FLOWSERVE CORPORATION+ 56,157
2,605 FMC TECHNOLOGIES INCORPORATED+ 80,026
8,015 GATEWAY INCORPORATED+ 35,186
3,532 GRANT PRIDECO INCORPORATED+ 64,530
2,462 HITACHI LIMITED ADR 155,278
7,409 JUNIPER NETWORKS INCORPORATED+ 169,592
9,421 KOMATSU LIMITED ADR 230,407
2,263 LAM RESEARCH CORPORATION+ 48,768
1,674 LEXMARK INTERNATIONAL INCORPORATED+ 148,065
2,986 LINDSAY MANUFACTURING COMPANY 74,531
32,405 MAKITA CORPORATION 483,159
29,805 NEC CORPORATION ADR 191,348
1,740 NORDSON CORPORATION 59,665
3,283 PALL CORPORATION 79,974
1,121 PALMONE INCORPORATED+ 36,601
1,920 PARKER HANNIFIN CORPORATION 104,390
2,895 PITNEY BOWES INCORPORATED 126,106
2,570 SANDISK CORPORATION+ 60,009
6,973 SIEMENS AG 481,486
1,609 SMITH INTERNATIONAL INCORPORATED+ 91,681
1,523 SPX CORPORATION 55,574
1,808 STANLEY WORKS 78,214
2,164 STORAGE TECHNOLOGY CORPORATION+ 52,477
4,655 SYMBOL TECHNOLOGIES INCORPORATED 60,049
1,715 TENNANT COMPANY 69,029
1,531 TEREX CORPORATION+ 55,315
856 TORO COMPANY 55,786
1,248 TRANSACT TECHNOLOGIES INCORPORATED+ 22,214
2,308 VARIAN MEDICAL SYSTEMS INCORPORATED+ 76,510
993 ZEBRA TECHNOLOGIES CORPORATION
CLASS A+ 56,750
9,016,194
------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.34%
4,757 AON CORPORATION 123,444
3,035 HUMANA INCORPORATED+ 57,665
2,019 JEFFERSON-PILOT CORPORATION 96,710
1,433 LABONE INCORPORATED+ 41,887
6,539 MARSH & MCLENNAN COMPANIES
INCORPORATED 292,228
3,736 MEDCO HEALTH SOLUTIONS INCORPORATED+ 116,675
5,097 METLIFE INCORPORATED 189,863
1,482 NATIONAL FINANCIAL PARTNERS CORPORATION 50,981
4,111 UNUMPROVIDENT CORPORATION 66,516
1,035,969
------------
INSURANCE CARRIERS - 2.88%
11,036 AEGON NV 118,527
1,959 AETNA INCORPORATED 181,501
6,474 AFLAC INCORPORATED 259,607
45
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
21,253 ALLIANZ AG ADR $ 205,942
1,676 ALLMERICA FINANCIAL CORPORATION+ 48,604
8,301 ALLSTATE CORPORATION 391,890
1,474 AMBAC FINANCIAL GROUP INCORPORATED 111,287
27,867 AMERICAN INTERNATIONAL GROUP
INCORPORATED 1,985,245
1,956 AMERICAN MEDICAL SECURITY GROUP
INCORPORATED+ 44,088
711 AMERICAN NATIONAL INSURANCE COMPANY 67,545
1,829 ANTHEM INCORPORATED+ 148,588
13,399 AXA ADR 275,349
2,349 CHUBB CORPORATION 159,756
1,766 CIGNA CORPORATION 117,545
2,607 CINCINNATI FINANCIAL CORPORATION 105,192
1,433 CNA FINANCIAL CORPORATION+ 34,535
2,862 FIDELITY NATIONAL FINANCIAL INCORPORATED 107,754
1,925 GENWORTH FINANCIAL INCORPORATED+ 43,755
3,746 HARTFORD FINANCIAL SERVICES GROUP
INCORPORATED 229,105
2,389 HEALTH NET INCORPORATED+ 61,971
17,324 ING GROEP NV ADR 423,399
2,333 LINCOLN NATIONAL CORPORATION 105,685
2,291 LOEWS CORPORATION 130,129
2,136 MBIA INCORPORATED 122,329
1,504 MGIC INVESTMENT CORPORATION 102,678
4,902 MILLEA HOLDINGS INCORPORATED 337,165
3,259 OLD REPUBLIC INTERNATIONAL CORPORATION 76,749
1,542 PACIFICARE HEALTH SYSTEMS INCORPORATED+ 50,285
1,187 PHILADELPHIA CONSOLIDATED HOLDING
CORPORATION+ 63,220
1,726 PMI GROUP INCORPORATED 71,681
4,084 PRINCIPAL FINANCIAL GROUP INCORPORATED 141,756
2,924 PROGRESSIVE CORPORATION 234,797
1,848 PROTECTIVE LIFE CORPORATION 72,312
6,305 PRUDENTIAL FINANCIAL INCORPORATED 291,165
1,791 RADIAN GROUP INCORPORATED 79,341
2,072 SAFECO CORPORATION 99,808
8,474 ST PAUL COMPANIES INCORPORATED 293,963
772 STANCORP FINANCIAL GROUP INCORPORATED 55,970
3,260 SWISS REINSURANCE COMPANY ADR 184,332
1,683 TORCHMARK CORPORATION 86,641
8,251 UNITEDHEALTH GROUP INCORPORATED 545,639
1,683 UNITRIN INCORPORATED 70,602
2,043 WELLPOINT HEALTH NETWORKS
INCORPORATED+ 200,582
19,260 ZURICH FINANCIAL SERVICES AG ADR+ 268,459
8,806,473
------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.03%
1,270 CORRECTIONS CORPORATION OF AMERICA+ 43,993
2,161 GEO GROUP INCORPORATED+ 42,139
86,132
------------
LEATHER & LEATHER PRODUCTS - 0.04%
2,968 COACH INCORPORATED+ 125,101
------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.06%
4,136 GEORGIA-PACIFIC CORPORATION 140,541
1,254 SKYLINE CORPORATION 47,903
188,444
------------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS - 1.86%
1,411 ADVANCED MEDICAL OPTICS INCORPORATED+ 52,517
951 ADVANCED NEUROMODULATION SYSTEMS
INCORPORATED+ 27,883
14,044 ADVANTEST CORPORATION ADR 223,580
6,623 AGILENT TECHNOLOGIES INCORPORATED+ 135,771
2,204 ALIGN TECHNOLOGY INCORPORATED+ 33,765
1,739 ALLERGAN INCORPORATED 129,816
3,650 APPLERA CORPORATION-APPLIED
BIOSYSTEMS GROUP 69,496
1,198 BAUSCH & LOMB INCORPORATED 79,008
8,164 BAXTER INTERNATIONAL INCORPORATED 249,329
1,187 BECKMAN COULTER INCORPORATED 66,223
3,371 BECTON DICKINSON & COMPANY 162,213
3,702 BIOMET INCORPORATED 168,996
8,692 BOSTON SCIENTIFIC CORPORATION+ 310,565
1,846 C.R. BARD INCORPORATED 103,561
2,839 CREDENCE SYSTEMS CORPORATION+ 18,936
3,177 DANAHER CORPORATION 163,361
1,592 DENTSPLY INTERNATIONAL INCORPORATED 81,112
4,414 EASTMAN KODAK COMPANY 130,566
1,036 FARO TECHNOLOGIES INCORPORATED+ 21,311
1,486 FISHER SCIENTIFIC INTERNATIONAL
INCORPORATED+ 84,657
7,160 FUJI PHOTO FILM COMPANY LIMITED ADR 226,392
4,008 GUIDANT CORPORATION 239,678
14,700 MEDTRONIC INCORPORATED 731,325
1,666 MENTOR CORPORATION 58,610
1,031 MILLIPORE CORPORATION+ 51,859
2,035 NEWPORT CORPORATION+ 25,438
1,401 OCULAR SCIENCES INCORPORATED+ 61,084
9,366 OLYMPUS CORPORATION ADR 177,514
3,365 PERKINELMER INCORPORATED 58,820
1,071 POSSIS MEDICAL INCORPORATED+ 18,743
5,271 RAYTHEON COMPANY 183,062
1,037 RESMED INCORPORATED+ 49,537
2,067 RICOH COMPANY LIMITED ADR 202,472
2,922 ROCKWELL AUTOMATION INCORPORATED 113,958
2,395 ST. JUDE MEDICAL INCORPORATED+ 161,064
4,032 STRYKER CORPORATION 182,650
1,271 TECHNE CORPORATION+ 49,239
2,036 TEKTRONIX INCORPORATED 58,169
3,003 TERADYNE INCORPORATED+ 38,649
2,895 THERMO ELECTRON CORPORATION+ 76,052
7,067 THERMOGENESIS+ 27,703
1,711 TRIMBLE NAVIGATION LIMITED+ 47,121
1,537 VISX INCORPORATED+ 31,170
2,053 WATERS CORPORATION+ 88,915
1,371 WRIGHT MEDICAL GROUP INCORPORATED+ 37,017
46
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
11,296 XEROX CORPORATION+ $ 151,705
3,184 ZIMMER HOLDINGS INCORPORATED+ 227,019
5,687,631
------------
MEDICAL EQUIPMENT & SUPPLIES - 0.01%
1,848 WILSON GREATBATCH TECHNOLOGIES
INCORPORATED+ 30,270
------------
METAL MINING - 0.27%
2,380 FREEPORT-MCMORAN COPPER &
GOLD INCORPORATED CLASS B 89,560
5,680 NEWMONT MINING CORPORATION 252,135
1,453 PHELPS DODGE CORPORATION 118,507
3,254 RIO TINTO PLC ADR 330,541
982 SOUTHERN PERU COPPER CORPORATION 43,699
834,442
------------
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS - 0.03%
2,170 VULCAN MATERIALS COMPANY 103,444
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES - 1.14%
3,121 CALLAWAY GOLF COMPANY 37,733
2,103 EATON CORPORATION 126,916
4,367 HASBRO INCORPORATED 80,920
37,863 HEWLETT-PACKARD COMPANY 677,369
1,353 ITT INDUSTRIES INCORPORATED 107,022
2,007 JAKKS PACIFIC INCORPORATED+ 39,297
35,477 JOHNSON & JOHNSON 2,061,214
5,689 MATTEL INCORPORATED 91,536
1,304 RC2 CORPORATION+ 41,219
2,787 RUSS BERRIE AND COMPANY INCORPORATED 53,789
1,343 STEINWAY MUSICAL INSTRUMENTS+ 38,155
2,447 TIFFANY & COMPANY 75,735
1,969 YANKEE CANDLE COMPANY INCORPORATED+ 53,380
3,484,285
------------
MISCELLANEOUS RETAIL - 1.13%
3,831 AMAZON.COM INCORPORATED+ 146,114
2,007 BLAIR CORPORATION 56,196
1,560 CASH AMERICA INTERNATIONAL INCORPORATED 36,098
5,837 COSTCO WHOLESALE CORPORATION 240,309
5,279 CVS CORPORATION 211,160
2,364 DOLLAR TREE STORES INCORPORATED+ 55,578
1,249 EXPRESS SCRIPTS INCORPORATED+ 78,937
1,261 MICHAELS STORES INCORPORATED 72,293
5,826 OFFICE DEPOT INCORPORATED+ 93,274
2,462 PETSMART INCORPORATED 69,084
6,530 RITE AID CORPORATION+ 28,732
7,076 STAPLES INCORPORATED 202,940
3,526 TOYS R US INCORPORATED+ 57,262
30,397 WAL-MART STORES INCORPORATED 1,601,010
12,875 WALGREEN COMPANY 469,294
1,025 WORLD FUEL SERVICES CORPORATION 36,060
3,454,341
------------
MISCELLANEOUS SERVICES - 0.09%
15,344 ADECCO SA ADR 179,371
1,511 D&B CORPORATION+ 83,317
262,688
------------
MOTION PICTURES - 0.62%
32,131 LIBERTY MEDIA CORPORATION CLASS A+ 286,287
1,833 MACROVISION CORPORATION+ 43,350
4,082 NEWS CORPORATION LIMITED ADR
PREFERRED 121,439
54,113 TIME WARNER INCORPORATED+ 884,748
25,290 WALT DISNEY COMPANY 567,761
1,903,585
------------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING - 0.24%
1,865 ARKANSAS BEST CORPORATION 64,249
1,279 CNF INCORPORATED 52,465
1,478 FORWARD AIR CORPORATION+ 53,696
1,139 LANDSTAR SYSTEM INCORPORATED+ 59,775
6,764 UNITED PARCEL SERVICE INCORPORATED
CLASS B 494,110
724,295
------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.34%
13,296 AMERICAN EXPRESS COMPANY 665,066
2,695 AMERICREDIT CORPORATION+ 56,352
1,753 APOLLO INVESTMENT CORPORATION+ 24,595
3,065 CAPITAL ONE FINANCIAL CORPORATION 207,684
3,074 CIT GROUP INCORPORATED 109,865
6,842 COUNTRYWIDE FINANCIAL CORPORATION 243,233
1,952 DORAL FINANCIAL CORPORATION 79,388
11,702 FANNIE MAE 871,214
1,462 FINANCIAL FEDERAL CORPORATION+ 48,626
8,348 FREDDIE MAC 560,318
14,393 MBNA CORPORATION 347,447
2,023 METRIS COMPANIES INCORPORATED+ 16,548
1,001 NEW CENTURY FINANCIAL CORPORATION 53,694
7,801 ORIX CORPORATION ADR 400,191
5,862 PROVIDIAN FINANCIAL CORPORATION+ 84,647
1,890 SAXON CAPITAL INCORPORATED+ 47,533
5,666 SLM CORPORATION 221,087
350 STUDENT LOAN CORPORATION 50,313
1,296 WORLD ACCEPTANCE CORPORATION+ 28,940
4,116,741
------------
OIL & GAS EXTRACTION - 1.82%
3,298 ANADARKO PETROLEUM CORPORATION 195,308
4,451 APACHE CORPORATION 198,915
27,280 BHP BILLITON LIMITED ADR 510,409
2,132 BJ SERVICES COMPANY 102,443
5,498 BURLINGTON RESOURCES INCORPORATED 199,193
1,632 CABOT OIL AND GAS CORPORATION 65,949
2,114 CAL DIVE INTERNATIONAL INCORPORATED+ 63,145
1,573 CHENIERE ENERGY INCORPORATED+ 27,197
2,538 CIMAREX ENERGY COMPANY+ 75,962
3,414 DENBURY RESOURCES INCORPORATED+ 74,767
47
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
3,272 DEVON ENERGY CORPORATION $ 212,058
1,598 DIAMOND OFFSHORE DRILLING INCORPORATED 40,621
2,584 ENCORE ACQUISITION COMPANY+ 72,094
5,332 ENI SPA ADR 548,556
2,487 ENSCO INTERNATIONAL INCORPORATED 72,521
1,898 EOG RESOURCES INCORPORATED 109,647
4,058 FX ENERGY INCORPORATED+ 35,183
5,937 HALLIBURTON COMPANY 173,182
3,616 HANOVER COMPRESSOR COMPANY+ 41,692
1,709 KERR-MCGEE CORPORATION 90,201
1,333 NOBLE ENERGY INCORPORATED 68,623
5,230 OCCIDENTAL PETROLEUM CORPORATION 270,129
2,177 PIONEER NATURAL RESOURCES 72,821
2,413 PRIDE INTERNATIONAL INCORPORATED+ 44,303
14,795 REPSOL YPF SA ADR 306,848
2,002 ROWAN COMPANIES INCORPORATED+ 48,689
1,577 SEACOR SMIT INCORPORATED+ 68,079
9,052 SHELL TRANSPORT & TRADING
COMPANY PLC ADR 401,004
1,329 SPINNAKER EXPLORATION COMPANY+ 45,372
1,907 ST. MARY LAND & EXPLORATION COMPANY 66,535
1,280 TIDEWATER INCORPORATED 37,350
8,776 TOTAL SA ADR 859,960
2,205 UNIT CORPORATION+ 69,237
3,701 UNOCAL CORPORATION 138,195
2,134 VARCO INTERNATIONAL INCORPORATED+ 51,814
3,873 XTO ENERGY INCORPORATED 108,599
5,566,601
------------
PAPER & ALLIED PRODUCTS - 0.47%
1,855 BOISE CASCADE CORPORATION 58,043
1,592 BOWATER INCORPORATED 57,201
1,655 GREIF INCORPORATED CLASS A 64,545
6,055 INTERNATIONAL PAPER COMPANY 242,321
5,716 KIMBERLY-CLARK CORPORATION 381,257
3,675 MEADWESTVACO CORPORATION 110,801
2,876 POPE & TALBOT INCORPORATED 53,005
12,908 STORA ENSO OYJ 173,871
934 TEMPLE-INLAND INCORPORATED 63,773
11,915 UPM-KYMMENE OYJ ADR 229,840
1,434,657
------------
PERSONAL SERVICES - 0.13%
2,523 CINTAS CORPORATION 103,468
1,700 G & K SERVICES INCORPORATED CLASS A 61,897
2,283 H & R BLOCK INCORPORATED 110,178
1,836 REGIS CORPORATION 75,147
1,518 UNIFIRST CORPORATION 43,612
394,302
------------
PETROLEUM REFINING & RELATED
INDUSTRIES - 2.65%
1,356 AMERADA HESS CORPORATION 109,158
1,422 ASHLAND INCORPORATED 73,133
22,528 BP PLC ADR 1,209,754
12,657 CHEVRONTEXACO CORPORATION 1,234,058
8,243 CONOCOPHILLIPS 613,526
79,040 EXXON MOBIL CORPORATION 3,643,744
2,394 FRONTIER OIL CORPORATION 48,885
4,762 MARATHON OIL CORPORATION 172,718
1,175 MURPHY OIL CORPORATION 88,724
12,242 ROYAL DUTCH PETROLEUM COMPANY 620,547
1,220 SUNOCO INCORPORATED 75,030
1,841 TESORO PETROLEUM CORPORATION+ 43,595
1,789 VALERO ENERGY CORPORATION 118,128
1,744 WD-40 COMPANY 49,844
8,100,844
------------
PRIMARY METAL INDUSTRIES - 0.53%
11,567 ALCOA INCORPORATED 374,539
2,360 ALLEGHENY TECHNOLOGIES INCORPORATED 44,392
1,211 CARPENTER TECHNOLOGY CORPORATION 53,647
2,150 COMMSCOPE INCORPORATED+ 42,720
2,773 ENGELHARD CORPORATION 78,393
8,997 JOHNSON MATTHEY PLC ADR 293,760
13,140 KUBOTA CORPORATION ADR 333,099
1,474 LONE STAR TECHNOLOGIES INCORPORATED+ 45,281
1,841 MAVERICK TUBE CORPORATION+ 54,530
1,283 NUCOR CORPORATION 100,446
1,228 PRECISION CASTPARTS CORPORATION 67,651
1,796 STEEL DYNAMICS INCORPORATED 56,323
2,337 UNITED STATES STEEL CORPORATION 86,259
1,631,040
------------
PRINTING, PUBLISHING & ALLIED
INDUSTRIES - 0.98%
2,501 BELO CORPORATION CLASS A 57,373
1,207 CONSOLIDATED GRAPHICS INCORPORATED+ 49,306
1,822 DOW JONES & COMPANY INCORPORATED 74,793
3,221 GANNETT COMPANY INCORPORATED 272,819
1,284 KNIGHT-RIDDER INCORPORATED 82,728
2,407 MCGRAW-HILL COMPANIES INCORPORATED 182,282
2,356 NEW YORK TIMES COMPANY CLASS A 95,701
6,933 NEWS CORPORATION LIMITED ADR 216,656
17,996 PEARSON PLC 202,815
1,582 PULITZER INCORPORATED 77,043
3,818 READERS DIGEST ASSOCIATION INCORPORATED 54,292
7,491 REED ELSEVIER NV ADR 193,043
1,983 REYNOLDS & REYNOLDS COMPANY CLASS A 48,722
3,632 RR DONNELLEY & SONS COMPANY 111,611
6,461 TOPPAN PRINTING COMPANY LIMITED ADR 334,397
3,773 TRIBUNE COMPANY 157,523
2,296 VALASSIS COMMUNICATIONS INCORPORATED+ 64,885
19,354 VIACOM INCORPORATED CLASS B 644,682
87 WASHINGTON POST COMPANY CLASS B 75,560
2,996,231
------------
RAILROAD TRANSPORTATION - 0.19%
4,233 BURLINGTON NORTHERN SANTA FE
CORPORATION 151,541
2,960 CSX CORPORATION 93,477
2,523 KANSAS CITY SOUTHERN+ 37,845
5,105 NORFOLK SOUTHERN CORPORATION 144,982
2,632 UNION PACIFIC CORPORATION 150,314
578,159
------------
48
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
REAL ESTATE - 0.08%
4,244 CATELLUS DEVELOPMENT CORPORATION $ 115,734
1,416 CONSOLIDATED-TOMOKA LAND CO 50,990
2,025 JONES LANG LASALLE INCORPORATED+ 66,116
232,840
------------
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS - 0.19%
5,785 BRIDGESTONE CORPORATION 218,759
4,639 GOODYEAR TIRE & RUBBER COMPANY+ 50,936
2,330 NIKE INCORPORATED CLASS B 175,473
1,726 SEALED AIR CORPORATION+ 84,781
3,110 TUPPERWARE CORPORATION 53,088
583,037
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES - 1.22%
1,411 AG EDWARDS INCORPORATED 49,075
12,217 AMVESCAP PLC ADR 129,378
1,251 BEAR STEARNS COMPANIES INCORPORATED 109,988
1,677 BKF CAPITAL GROUP INCORPORATED 46,520
825 BLACKROCK INCORPORATED 60,299
18,015 CHARLES SCHWAB CORPORATION 170,242
548 CHICAGO MERCANTILE EXCHANGE 72,955
14,455 CREDIT SUISSE GROUP ADR+ 451,863
6,031 E*TRADE FINANCIAL CORPORATION+ 71,045
1,429 FEDERATED INVESTORS INCORPORATED CLASS B 41,227
2,385 FRANKLIN RESOURCES INCORPORATED 127,049
3,754 GOLDMAN SACHS GROUP INCORPORATED 336,546
3,730 KNIGHT TRADING GROUP INCORPORATED+ 33,794
928 LEGG MASON INCORPORATED 74,871
3,324 LEHMAN BROTHERS HOLDINGS INCORPORATED 245,610
11,418 MERRILL LYNCH & COMPANY INCORPORATED 583,117
13,123 MORGAN STANLEY 665,730
20,455 NOMURA HOLDINGS INCORPORATED ADR 283,915
1,038 PIPER JAFFRAY COMPANIES INCORPORATED+ 44,738
1,572 STIFEL FINANCIAL CORPORATION+ 42,931
1,822 T ROWE PRICE GROUP INCORPORATED 90,244
3,731,137
------------
STONE, CLAY, GLASS & CONCRETE
PRODUCTS - 0.42%
1,137 CABOT MICROELECTRONICS CORPORATION+ 37,964
18,334 CORNING INCORPORATED+ 185,540
1,698 GENTEX CORPORATION 58,309
8,358 HANSON PLC ADR 286,429
17,302 HOLCIM LIMITED ADR 462,893
11,249 LAFARGE SA ADR 243,541
1,274,676
------------
TEXTILE MILL PRODUCTS - 0.04%
880 MOHAWK INDUSTRIES INCORPORATED+ 67,689
1,132 OXFORD INDUSTRIES INCORPORATED 45,801
113,490
------------
TOBACCO PRODUCTS - 0.69%
24,643 ALTRIA GROUP INCORPORATED 1,206,275
8,918 BRITISH AMERICAN TOBACCO PLC ADR 269,859
1,128 REYNOLDS AMERICAN INCORPORATED 85,164
3,636 SWEDISH MATCH AB ADR 366,331
1,126 UNIVERSAL CORPORATION 50,816
2,445 UST INCORPORATED 98,093
3,049 VECTOR GROUP LTD 51,040
2,127,578
------------
TRANSPORTATION BY AIR - 0.34%
3,666 AMR CORPORATION+ 32,774
25,445 BAA PLC ADR 254,048
5,889 DELTA AIR LINES INCORPORATED+ 23,791
3,725 FEDEX CORPORATION 305,413
15,824 JAPAN AIRLINES SYSTEM ADR+ 228,540
3,582 NORTHWEST AIRLINES CORPORATION+ 33,742
11,112 SOUTHWEST AIRLINES COMPANY 164,680
1,042,988
------------
TRANSPORTATION EQUIPMENT - 1.98%
1,874 AUTOLIV INCORPORATED 79,176
16,488 BAE SYSTEMS PLC ADR 237,882
10,447 BOEING COMPANY 545,542
2,232 CLARCOR INCORPORATED 98,878
8,162 DAIMLERCHRYSLER AG 340,927
2,873 DANA CORPORATION 54,214
9,033 DELPHI CORPORATION 82,742
1,556 EXIDE TECHNOLOGIES+ 24,678
26,493 FIAT SPA ADR 189,955
22,630 FORD MOTOR COMPANY 319,309
2,324 GENERAL DYNAMICS CORPORATION 226,915
5,642 GENERAL MOTORS CORPORATION 233,071
2,738 GENUINE PARTS COMPANY 103,798
2,321 GOODRICH CORPORATION 73,715
2,973 GREENBRIER COS INCORPORATED 62,582
1,683 GROUP 1 AUTOMOTIVE INCORPORATED+ 46,232
3,857 HARLEY-DAVIDSON INCORPORATED 235,354
2,380 HEICO CORPORATION 38,818
13,628 HONDA MOTOR COMPANY LIMITED ADR 340,427
10,887 HONEYWELL INTERNATIONAL INCORPORATED 391,714
2,725 JOHNSON CONTROLS INCORPORATED 153,418
1,162 LEAR CORPORATION 62,609
4,191 LOCKHEED MARTIN CORPORATION 225,392
1,355 NAVISTAR INTERNATIONAL CORPORATION+ 48,482
4,051 NORTHROP GRUMMAN CORPORATION 209,234
2,788 PACCAR INCORPORATED 167,810
2,011 TENNECO AUTOMOTIVE INCORPORATED+ 27,028
1,984 TEXTRON INCORPORATED 125,964
8,548 TOYOTA MOTOR CORPORATION ADR 676,916
1,766 TRIUMPH GROUP INCORPORATED+ 56,865
6,156 UNITED TECHNOLOGIES CORPORATION 578,110
6,057,757
------------
TRANSPORTATION SERVICES - 0.07%
2,054 EXPEDITORS INTERNATIONAL OF
WASHINGTON INCORPORATED 100,194
1,894 GATX CORPORATION 51,081
2,471 SABRE HOLDINGS CORPORATION 56,833
208,108
------------
49
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2020 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
WATER TRANSPORTATION - 0.04%
2,437 ALEXANDER & BALDWIN INCORPORATED $ 75,035
1,732 KIRBY CORPORATION+ 61,556
136,591
-------------
WHOLESALE TRADE NON-DURABLE
GOODS - 0.59%
1,413 AMERISOURCE-BERGEN CORPORATION 76,443
1,048 BROWN-FORMAN CORPORATION CLASS B 49,770
5,553 CARDINAL HEALTH INCORPORATED 250,996
2,143 DEAN FOODS COMPANY+ 79,441
1,392 KENNETH COLE PRODUCTIONS
INCORPORATED CLASS A 37,556
3,818 MCKESSON CORPORATION 118,167
5,867 SAFEWAY INCORPORATED+ 118,513
4,548 SMURFIT-STONE CONTAINER CORPORATION+ 80,682
2,897 SUPERVALU INCORPORATED 76,365
7,880 SYSCO CORPORATION 253,263
1,157 TRACTOR SUPPLY COMPANY+ 40,287
5,356 UNILEVER NV 321,681
8,361 UNILEVER PLC ADR 291,297
1,794,461
-------------
WHOLESALE TRADE-DURABLE GOODS - 0.60%
2,281 ARROW ELECTRONICS INCORPORATED+ 49,361
2,270 AVNET INCORPORATED+ 36,048
2,700 CYTYC CORPORATION+ 64,692
3,012 INTAC INTERNATIONAL+ 24,849
2,007 KYOCERA CORPORATION ADR 147,234
12,727 MITSUBISHI CORPORATION ADR 262,786
1,995 MITSUI & COMPANY LIMITED ADR 321,993
11,398 NISSAN MOTOR COMPANY LIMITED ADR 248,476
1,902 OMNICARE INCORPORATED 55,044
1,528 PEP BOYS-MANNY, MOE & JACK 24,295
1,260 SCP POOL CORPORATION 53,159
62,072 SUMITOMO MITSUI FINANCIAL 373,866
3,272 SYCAMORE NETWORKS INCORPORATED+ 12,466
1,403 TECH DATA CORPORATION+ 52,837
3,264 VISTEON CORPORATION 30,453
1,569 W.W. GRAINGER INCORPORATED 83,800
1,841,359
-------------
TOTAL COMMON STOCK
(COST $194,158,517) 201,161,726
-------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE
US TREASURY SECURITIES - 33.20%
US TREASURY BONDS - 3.58%
$10,800,000 US TREASURY BOND 3.25 08/15/2007 10,958,198
-------------
US TREASURY NOTES - 29.62%
4,040,000 US TREASURY NOTE 6.13 08/15/2007 4,424,903
13,940,000 US TREASURY NOTE 3.00 11/15/2007 14,023,319
1,740,000 US TREASURY NOTE 3.00 02/15/2008 1,746,254
11,505,000 US TREASURY NOTE 2.63 05/15/2008 11,365,237
1,195,000 US TREASURY NOTE 3.25 08/15/2008 1,203,683
10,495,000 US TREASURY NOTE 3.13 09/15/2008 10,513,860
4,980,000 US TREASURY NOTE 4.75 11/15/2008 5,297,669
14,780,000 US TREASURY NOTE 3.38 12/15/2008 14,915,104
14,780,000 US TREASURY NOTE 2.63 03/15/2009 14,411,653
11,000,000 US TREASURY NOTE 4.00 06/15/2009 11,345,895
1,270,000 US TREASURY NOTE 6.00 08/15/2009 1,424,334
90,671,911
-------------
TOTAL US TREASURY SECURITIES
(COST $99,685,541) 101,630,109
-------------
COLLATERAL FOR SECURITIES LENDING - 46.60%
COLLATERAL FOR SECURITY LENDING 142,618,524
TOTAL COLLATERAL FOR SECURITIES
LENDING (COST $142,618,524) 142,618,524
-------------
SHORT-TERM INVESTMENTS - 0.74%
US TREASURY BILLS - 0.74%
65,000 US TREASURY BILL^ 1.29 09/02/2004 64,998
134,000 US TREASURY BILL^ 1.31 09/02/2004 133,995
488,000 US TREASURY BILL^ 1.32 09/02/2004 487,982
1,508,000 US TREASURY BILL^ 1.33 09/02/2004 1,507,944
61,000 US TREASURY BILL^ 1.33 09/02/2004 60,998
2,255,917
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,255,917) 2,255,917
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $438,718,499)* 146.26% $ 447,666,276
OTHER ASSETS AND LIABILITIES, NET (46.26) (141,594,556)
------ -------------
TOTAL NET ASSETS 100.00% $ 306,071,720
------ -------------
+ NON-INCOME EARNING SECURITIES.
++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $942,544.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - 78.95%
AMUSEMENT & RECREATION SERVICES - 0.18%
3,000 CAESARS ENTERTAINMENT INCORPORATED+ $ 46,350
4,590 GAYLORD ENTERTAINMENT COMPANY+ 133,294
985 HARRAH'S ENTERTAINMENT INCORPORATED 47,467
3,837 INTERNATIONAL GAME TECHNOLOGY 110,697
337,808
------------
APPAREL & ACCESSORY STORES - 0.35%
1,220 ABERCROMBIE & FITCH COMPANY CLASS A 34,160
2,972 CHICO'S FAS INCORPORATED+ 121,555
8,374 GAP INCORPORATED 156,929
3,060 KOHL'S CORPORATION+ 151,409
3,662 LIMITED BRANDS 73,533
2,067 NORDSTROM INCORPORATED 76,747
1,428 PAYLESS SHOESOURCE INCORPORATED+ 16,565
2,048 ROSS STORES INCORPORATED 43,315
674,213
------------
APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR
MATERIALS - 0.40%
11,409 BENETTON GROUP SPA ADR 250,998
1,624 JONES APPAREL GROUP INCORPORATED 57,960
1,356 LIZ CLAIBORNE INCORPORATED 51,623
1,079 VF CORPORATION 53,238
6,910 WACOAL CORPORATION ADR 346,122
759,941
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS - 0.08%
3,355 AUTONATION INCORPORATED+ 55,156
765 AUTOZONE INCORPORATED+ 56,656
1,709 CARMAX INCORPORATED+ 33,462
145,274
------------
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS - 0.45%
1,296 CENTEX CORPORATION 59,318
2,728 D.R. HORTON INCORPORATED 84,404
667 KB HOME 45,870
1,416 LENNAR CORPORATION CLASS A 64,853
1,256 PULTE HOMES INCORPORATED 74,041
32,439 SEKISUI HOUSE LIMITED 325,143
8,215 VIVENDI UNIVERSAL SA ADR+ 204,307
857,936
------------
BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY & MOBILE HOME
DEALERS - 0.67%
1,010 FASTENAL COMPANY 63,408
21,376 HOME DEPOT INCORPORATED 781,507
7,586 LOWE'S COMPANIES INCORPORATED 377,024
1,547 SHERWIN-WILLIAMS COMPANY 63,891
1,285,830
------------
BUSINESS SERVICES - 4.52%
5,710 3COM CORPORATION+ 25,752
2,414 ADOBE SYSTEMS INCORPORATED 110,730
1,247 AFFILIATED COMPUTER SERVICES
INCORPORATED CLASS A+ 67,750
1,063 ARBITRON INCORPORATED+ 41,202
2,979 ARIBA INCORPORATED+ 22,164
2,042 AUTODESK INCORPORATED 90,685
5,793 AUTOMATIC DATA PROCESSING INCORPORATED 230,388
4,589 BEA SYSTEMS INCORPORATED+ 30,287
3,575 BMC SOFTWARE INCORPORATED+ 53,518
3,007 CADENCE DESIGN SYSTEMS INCORPORATED+ 37,377
10,156 CENDANT CORPORATION 219,674
2,507 CERIDIAN CORPORATION+ 46,354
1,455 CERTEGY INCORPORATED 55,843
1,157 CHOICEPOINT INCORPORATED+ 48,883
2,102 CITRIX SYSTEMS INCORPORATED+ 33,443
1,510 COGNEX CORPORATION 40,423
5,652 COMPUTER ASSOCIATES INTERNATIONAL
INCORPORATED 136,891
2,170 COMPUTER SCIENCES CORPORATION+ 100,579
5,073 COMPUWARE CORPORATION+ 22,981
2,193 CONVERGYS CORPORATION+ 30,483
3,051 CSK CORPORATION 129,484
960 DELUXE CORPORATION 41,011
3,854 DOUBLECLICK INCORPORATED+ 20,234
894 DST SYSTEMS INCORPORATED+ 40,445
5,211 EBAY INCORPORATED+ 450,960
4,002 ECHELON CORPORATION+ 27,894
3,061 EFUNDS CORPORATION+ 45,456
2,796 ELECTRONIC ARTS INCORPORATED+ 139,185
5,779 ELECTRONIC DATA SYSTEMS CORPORATION 111,072
1,624 ELECTRONICS FOR IMAGING INCORPORATED+ 32,285
1,687 EQUIFAX INCORPORATED 41,163
1,472 FAIR ISAAC CORPORATION 39,641
3,967 FILENET CORPORATION+ 77,912
8,395 FIRST DATA CORPORATION 354,689
2,248 FISERV INCORPORATED+ 78,185
3,159 IMS HEALTH INCORPORATED 73,699
1 INFOSPACE INCORPORATED+ 27
9,048 INTERNET CAPITAL GROUP INCORPORATED+ 49,764
4,512 INTERPUBLIC GROUP OF COMPANIES
INCORPORATED+ 47,602
2,262 INTUIT INCORPORATED+ 95,660
2,733 KEANE INCORPORATED+ 38,535
1,546 MACROMEDIA INCORPORATED+ 29,961
1,271 MANPOWER INCORPORATED 53,674
2,323 MCAFEE INCORPORATED+ 45,949
2,195 MENTOR GRAPHICS CORPORATION+ 24,013
1,154 MERCURY INTERACTIVE CORPORATION+ 39,825
85,882 MICROSOFT CORPORATION 2,344,579
1,704 MONSTER WORLDWIDE INCORPORATED+ 34,472
3,916 MPS GROUP INCORPORATED+ 34,970
1,239 NCR CORPORATION+ 54,727
1,741 NDCHEALTH CORPORATION 23,904
4,573 NOVELL INCORPORATED+ 26,981
1,920 OMNICOM GROUP INCORPORATED 132,115
42,613 ORACLE CORPORATION+ 424,852
6,447 PARAMETRIC TECHNOLOGY CORPORATION+ 31,397
3,477 PEOPLESOFT INCORPORATED+ 60,500
3,653 REALNETWORKS INCORPORATED+ 18,155
51
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2030 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
3,823 RED HAT INCORPORATED+ $ 46,870
12,266 RENTOKIL INITIAL PLC ADR 165,770
3,338 REUTERS GROUP PLC ADR 115,461
2,698 ROBERT HALF INTERNATIONAL INCORPORATED 66,101
1,592 RSA SECURITY INCORPORATED+ 23,705
6,301 SAP AG 229,734
5,243 SIEBEL SYSTEMS INCORPORATED+ 39,899
29,688 SUN MICROSYSTEMS INCORPORATED+ 114,002
2,997 SUNGARD DATA SYSTEMS INCORPORATED+ 68,931
1,721 SYBASE INCORPORATED+ 22,941
3,175 SYMANTEC CORPORATION+ 152,273
2,042 SYNOPSYS INCORPORATED+ 32,590
1,524 TOTAL SYSTEM SERVICES INCORPORATED 33,894
4,309 UNISYS CORPORATION+ 43,262
3,299 VERISIGN INCORPORATED+ 57,271
4,618 VERITAS SOFTWARE CORPORATION+ 77,213
1,817 VIAD CORPORATION 43,263
2,691 WEBSENSE INCORPORATED+ 103,200
3,157 WPP GROUP PLC ADR 142,475
12,062 YAHOO! INCORPORATED+ 343,888
8,683,127
------------
CHEMICALS & ALLIED PRODUCTS - 8.28%
14,997 ABBOTT LABORATORIES 625,225
1,654 AIR PRODUCTS & CHEMICALS INCORPORATED 86,636
5,189 AKZO NOBEL NV ADR 175,295
1,305 ALBERTO-CULVER COMPANY CLASS B 63,018
12,439 AMGEN INCORPORATED+ 737,508
9,449 ASTRAZENECA PLC ADR 439,662
757 AVERY DENNISON CORPORATION 47,048
4,696 AVON PRODUCTS INCORPORATED 207,469
1,377 BARR LABORATORIES INCORPORATED+ 54,075
18,051 BRISTOL-MYERS SQUIBB COMPANY 428,350
1,237 CABOT CORPORATION 49,282
2,013 CHIRON CORPORATION+ 85,311
7,680 CIBA SPECIALTY CHEMICALS 231,936
5,232 COLGATE PALMOLIVE COMPANY 282,528
6,013 CROMPTON CORPORATION 41,430
9,310 DISCOVERY LABORATORIES INCORPORATED+ 73,549
9,410 DOW CHEMICAL COMPANY 402,842
9,057 DU PONT (E.I.) DE NEMOURS & COMPANY 382,749
928 EASTMAN CHEMICAL COMPANY 43,180
2,656 ECOLAB INCORPORATED 79,468
4,936 EISAI COMPANY LIMITED ADR 140,328
9,076 ELI LILLY & COMPANY 575,872
1,513 ESTEE LAUDER COMPANIES INCORPORATED
CLASS A 66,496
3,840 FOREST LABORATORIES INCORPORATED+ 176,064
4,294 GENENTECH INCORPORATED+ 209,461
2,395 GENZYME CORPORATION+ 129,330
2,160 GILEAD SCIENCES INCORPORATED+ 149,321
9,919 GILLETTE COMPANY 421,557
13,859 GLAXOSMITHKLINE PLC ADR 570,159
2,031 HOSPIRA INCORPORATED+ 56,259
1,072 IDEXX LABORATORIES INCORPORATED+ 52,217
2,561 IMC GLOBAL INCORPORATED+ 40,822
1,245 IMCLONE SYSTEMS INCORPORATED+ 66,334
17,538 INKINE PHARMACEUTICAL COMPANY
INCORPORATED+ 74,536
1,759 INTERNATIONAL FLAVORS & FRAGRANCES
INCORPORATED 67,774
2,925 IVAX CORPORATION+ 56,628
3,054 KING PHARMACEUTICALS INCORPORATED+ 38,053
1,381 LUBRIZOL CORPORATION 49,233
2,286 LYONDELL CHEMICAL COMPANY 45,011
3,155 MEDIMMUNE INCORPORATED+ 75,310
20,382 MERCK & COMPANY INCORPORATED 916,579
2,821 MILLENNIUM CHEMICALS INCORPORATED+ 52,612
4,373 MILLENNIUM PHARMACEUTICALS
INCORPORATED+ 51,995
2,766 MONSANTO COMPANY 101,236
3,299 MYLAN LABORATORIES INCORPORATED 57,469
11,506 NOVARTIS AG ADR 534,454
3,140 NOVO NORDISK A/S ADR 168,304
3,733 OLIN CORPORATION 63,050
1,227 OSI PHARMACEUTICALS INCORPORATED+ 73,117
71,989 PFIZER INCORPORATED 2,351,881
20,044 PHARMOS CORPORATION+ 63,539
1,400 PPG INDUSTRIES INCORPORATED 83,678
2,634 PRAXAIR INCORPORATED 106,888
23,445 PROCTER & GAMBLE COMPANY 1,312,217
4,373 ROCHE HOLDING AG ADR 423,316
2,384 ROHM & HAAS COMPANY 96,624
7,355 SANOFI-AVENTIS-ADR+ 264,932
14,446 SCHERING-PLOUGH CORPORATION 266,673
1,951 SEPRACOR INCORPORATED+ 96,789
16,269 SHISEIDO COMPANY LIMITED 208,876
848 SIGMA-ALDRICH CORPORATION 48,582
16,820 SYNGENTA AG ADR+ 303,265
1,884 TANOX INCORPORATED+ 31,180
1,977 VALEANT PHARMACEUTICALS INTERNATIONAL 46,380
1,055 VALSPAR CORPORATION 49,891
1,921 WATSON PHARMACEUTICALS INCORPORATED+ 52,904
12,691 WYETH 464,110
15,887,867
------------
COAL MINING - 0.06%
1,840 MASSEY ENERGY COMPANY 50,637
1,884 PENN VIRGINIA CORPORATION 64,922
115,559
------------
COMMUNICATIONS - 4.42%
1,584 ADTRAN INCORPORATED 42,419
2,849 ALLTEL CORPORATION 155,698
4,530 AMERICAN TOWER CORPORATION CLASS A+ 67,452
1,163 ANIXTER INTERNATIONAL INCORPORATED+ 41,019
9,170 AT&T CORPORATION 135,533
25,113 AT&T WIRELESS SERVICES INCORPORATED+ 367,152
5,159 AVAYA INCORPORATED+ 62,527
17,980 BELLSOUTH CORPORATION 481,145
3,193 BRITISH SKY BROADCASTING GROUP PLC ADR 111,116
7,225 BT GROUP PLC ADR 239,870
3,073 CABLEVISION SYSTEMS NEW YORK GROUP
CLASS A+ 56,912
2,049 CENTURYTEL INCORPORATED 65,957
52
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
5,535 CINCINNATI BELL INCORPORATED+ $ 19,981
5,805 CLEAR CHANNEL COMMUNICATIONS
INCORPORATED 194,526
23,641 COMCAST CORPORATION CLASS A+ 665,967
3,223 COX COMMUNICATIONS INCORPORATED
CLASS A+ 105,908
16,027 DEUTSCHE TELEKOM AG ADR+ 280,953
7,706 DIRECTV GROUP INCORPORATED+ 122,294
3,000 ECHOSTAR COMMUNICATIONS
CORPORATION CLASS A+ 91,950
7,236 FRANCE TELECOM SA ADR 170,770
844 GLOBAL PAYMENTS INCORPORATED 37,440
2,456 HEARST-ARGYLE TELEVISION INCORPORATED 59,558
3,895 IAC INTERACTIVECORP+ 88,845
2,942 LAGARDERE SCA ADR 176,447
2,309 LIBERTY MEDIA INTERNATIONAL
INCORPORATED CLASS A+ 78,044
10,579 NEXTEL COMMUNICATIONS INCORPORATED
CLASS A+ 245,327
9,849 NIPPON TELEGRAPH AND TELEPHONE
CORPORATION ADR 214,708
1,539 NTL INCORPORATED+ 83,583
13,214 NTT DOCOMO INCORPORATED ADR 247,102
4,077 REED ELSEVIER PLC ADR 146,976
31,560 SBC COMMUNICATIONS INCORPORATED 813,932
14,522 SPRINT CORPORATION-FON GROUP 285,793
8,701 TDC A/S ADR 154,095
10,941 TELEFONICA SA ADR 469,588
888 TELEPHONE & DATA SYSTEMS INCORPORATED 68,465
26,462 VERIZON COMMUNICATIONS INCORPORATED 1,038,633
34,917 VODAFONE GROUP PLC ADR 799,599
8,487,284
------------
DEPOSITORY INSTITUTIONS - 9.69%
13,081 ABN AMRO HOLDING NV ADR 278,495
6,385 ALLIED IRISH BANKS PLC ADR 200,872
4,162 AMSOUTH BANCORPORATION 108,420
2,731 ASSOCIATED BANC-CORP 85,480
30,604 BANCO BILBAO VIZCAYA ARGENTARIA SA
ADR 410,094
37,243 BANCO SANTANDER CENTRAL HISPANO SA
ADR 367,589
36,302 BANK OF AMERICA CORPORATION 1,632,864
1,504 BANK OF HAWAII CORPORATION 71,410
7,429 BANK OF NEW YORK COMPANY
INCORPORATED 221,384
2,121 BANKNORTH GROUP INCORPORATED 72,050
11,319 BARCLAYS PLC ADR 423,104
8,414 BAYERISCHE HYPO-UND VEREINSBANK AG
ADR+ 137,227
4,478 BB&T CORPORATION 179,075
3,523 BERKSHIRE HILLS BANCORP INCORPORATED 131,584
11,021 BNP PARIBAS SA ADR 333,306
2,274 CHARTER ONE FINANCIAL INCORPORATED 101,125
3,010 CHITTENDEN CORPORATION 108,059
47,761 CITIGROUP INCORPORATED 2,224,707
695 CITY NATIONAL CORPORATION 45,856
1,142 COMERICA INCORPORATED 68,691
1,410 COMMERCE BANCSHARES INCORPORATED 68,145
4,949 COMMERCIAL CAPITAL BANCORPORATION
INCORPORATED 107,245
9,451 COMMERCIAL FEDERAL CORPORATION 257,729
4,114 COMMUNITY BANK SYSTEM INCORPORATED 105,113
1,927 COMPASS BANCSHARES INCORPORATED 89,124
3,992 DEUTSCHE BANK AG 274,250
678 DOWNEY FINANCIAL CORPORATION 36,524
4,679 FIFTH THIRD BANCORP 233,061
1,373 FIRST HORIZON NATIONAL CORPORATION 62,430
882 FIRSTFED FINANCIAL CORPORATION+ 40,219
762 GOLDEN WEST FINANCIAL CORPORATION 82,471
1,206 GREENPOINT FINANCIAL CORPORATION 53,124
8,708 HBOS PLC ADR 319,336
2,382 HIBERNIA CORPORATION CLASS A 63,957
9,675 HSBC HOLDINGS PLC ADR 753,489
3,480 HUNTINGTON BANCSHARES INCORPORATED 85,852
4,127 HYPO REAL ESTATE HOLDING AG ADR+ 131,407
2,413 IBERIABANK CORPORATION 135,538
33,043 JP MORGAN CHASE & COMPANY 1,307,842
3,272 KEYCORP 102,577
10,122 LLOYDS TSB GROUP PLC ADR 308,316
553 M&T BANK CORPORATION 52,524
2,606 MARSHALL & ILSLEY CORPORATION 104,449
3,708 MELLON FINANCIAL CORPORATION 107,013
1,526 MERCANTILE BANKSHARES CORPORATION 72,638
3,467 NATIONAL AUSTRALIA BANK LIMITED 326,383
71,099 NATIONAL BANK OF GREECE SA ADR 312,836
6,575 NATIONAL CITY CORPORATION 248,469
3,260 NATIONAL COMMERCE FINANCIAL
CORPORATION 109,666
3,585 NEW YORK COMMUNITY BANCORP
INCORPORATED 76,540
1,835 NORTH FORK BANCORPORATION INCORPORATED 76,960
2,505 NORTHERN TRUST CORPORATION 107,840
559 PARK NATIONAL CORPORATION 69,238
3,059 PENNROCK FINANCIAL SERVICES CORPORATION 89,170
1,969 PNC FINANCIAL SERVICES GROUP 105,676
3,270 POPULAR INCORPORATED 79,134
3,685 REGIONS FINANCIAL CORPORATION 118,989
14,746 SAN PAOLO-IMI SPA 331,785
3,550 SKY FINANCIAL GROUP INCORPORATED 87,188
16,744 SOCIETE GENERALE 285,701
3,826 SOUTHTRUST CORPORATION 158,205
3,415 STATE STREET CORPORATION 154,153
1,709 SUNTRUST BANKS INCORPORATED 116,383
3,674 SYNOVUS FINANCIAL CORPORATION 93,320
662 TCF FINANCIAL CORPORATION 42,156
1,952 TRUSTMARK CORPORATION 58,521
19,500 US BANCORP 575,250
3,143 VALLEY NATIONAL BANCORP 81,341
12,362 WACHOVIA CORPORATION 579,902
4,796 WASHINGTON FEDERAL INCORPORATED 123,545
7,060 WASHINGTON MUTUAL INCORPORATED 274,140
527 WEBSTER FINANCIAL CORPORATION 25,928
14,937 WELLS FARGO & COMPANY++ 877,549
7,086 WESTPAC BANKING CORPORATION ADR 421,334
53
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2030 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
2,234 WILMINGTON TRUST CORPORATION $ 82,971
5,491 WINTRUST FINANCIAL CORPORATION 301,346
872 ZIONS BANCORPORATION 54,308
18,601,692
------------
EATING & DRINKING PLACES - 0.51%
1,549 BRINKER INTERNATIONAL INCORPORATED+ 47,167
4,227 CHEESECAKE FACTORY INCORPORATED+ 174,913
2,319 DARDEN RESTAURANTS INCORPORATED 48,722
5,928 JACK IN THE BOX INCORPORATED+ 167,407
12,626 MCDONALD'S CORPORATION 341,155
1,388 OUTBACK STEAKHOUSE INCORPORATED 54,326
1,049 WENDY'S INTERNATIONAL INCORPORATED 36,054
2,545 YUM! BRANDS INCORPORATED 101,062
970,806
------------
EDUCATIONAL SERVICES - 0.10%
1,847 APOLLO GROUP INCORPORATED CLASS A+ 144,066
1,414 CAREER EDUCATION CORPORATION+ 43,608
187,674
------------
ELECTRIC, GAS & SANITARY SERVICES - 3.37%
7,790 AES CORPORATION+ 78,601
1,917 AMEREN CORPORATION 89,697
4,183 AMERICAN ELECTRIC POWER COMPANY
INCORPORATED 136,910
7,242 BG GROUP PLC ADR 227,761
8,251 CALPINE CORPORATION+ 28,218
4,177 CENTERPOINT ENERGY INCORPORATED 45,696
2,244 CINERGY CORPORATION 90,837
45,488 CLP HOLDINGS LIMITED 263,016
1,946 CONSOLIDATED EDISON INCORPORATED 82,121
2,390 CONSTELLATION ENERGY GROUP INCORPORATED 98,229
3,036 DOMINION RESOURCES INCORPORATED 197,006
9,862 DUKE ENERGY CORPORATION 218,345
4,241 E.ON AG 302,171
4,104 EDISON INTERNATIONAL 110,316
6,363 EL PASO CORPORATION 52,049
2,399 ENTERGY CORPORATION 144,660
7,284 EXELON CORPORATION 268,415
3,759 FIRSTENERGY CORPORATION 151,262
1,617 FPL GROUP INCORPORATED 111,896
159,943 HONG KONG & CHINA GAS COMPANY
LIMITED ADR 288,105
61,664 HONG KONG ELECTRIC HOLDINGS
LIMITED ADR 275,120
5,766 INTERNATIONAL POWER PLC+ 158,334
1,396 KINDER MORGAN INCORPORATED 84,458
1,797 NATIONAL FUEL GAS COMPANY 48,124
6,475 NATIONAL GRID TRANSCO PLC 274,605
3,496 NISOURCE INCORPORATED 72,717
1,484 NSTAR 72,419
1,257 PEOPLES ENERGY CORPORATION 52,228
4,613 PG&E CORPORATION+ 134,654
1,479 PINNACLE WEST CAPITAL CORPORATION 62,429
2,080 PPL CORPORATION 99,486
2,190 PROGRESS ENERGY INCORPORATED 96,119
2,196 PUBLIC SERVICE ENTERPRISE GROUP
INCORPORATED 92,979
5,021 RELIANT RESOURCES INCORPORATED+ 50,009
4,667 RWE AG 228,007
1,892 SCANA CORPORATION 71,783
7,361 SCOTTISH POWER PLC 215,236
2,684 SEMPRA ENERGY 97,027
3,516 SOUTH JERSEY INDUSTRIES INCORPORATED 158,923
6,330 SOUTHERN COMPANY 192,116
931 TEXAS GENCO HOLDINGS INCORPORATED 43,105
3,098 TXU CORPORATION 128,970
1,982 UGI CORPORATION 67,705
13,890 UNITED UTILITIES PLC 278,911
5,418 WASTE MANAGEMENT INCORPORATED 150,566
5,054 WILLIAMS COMPANIES INCORPORATED 60,092
2,240 WPS RESOURCES CORPORATION 104,541
6,072 XCEL ENERGY INCORPORATED 107,171
6,463,145
------------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT - 6.78%
5,418 ADAPTEC INCORPORATED+ 37,818
1,962 ADVANCED FIBRE COMMUNICATIONS
INCORPORATED+ 33,687
4,305 ADVANCED MICRO DEVICES INCORPORATED+ 49,206
11,890 ALCATEL SA ADR+ 139,470
4,284 ALTERA CORPORATION+ 81,053
2,751 AMERICAN POWER CONVERSION CORPORATION 46,217
3,488 ANALOG DEVICES INCORPORATED 121,103
3,167 ANDREW CORPORATION+ 35,122
5,512 APPLIED MICRO CIRCUITS CORPORATION+ 18,465
4,877 ASML HOLDING NV NY SHARES+ 63,108
2,506 AVX CORPORATION 29,019
2,997 BROADCOM CORPORATION CLASS A+ 81,339
5,125 CANON INCORPORATED ADR 245,846
7,390 CHARTERED SEMICONDUCTOR+ 46,557
2,809 COMVERSE TECHNOLOGY INCORPORATED+ 49,186
1,381 CREE INCORPORATED+ 34,539
1,928 CYPRESS SEMICONDUCTOR+ 18,817
3,342 DITECH COMMUNICATIONS CORPORATION+ 71,920
3,091 EMERSON ELECTRIC COMPANY 192,415
5,181 GEMSTAR-TV GUIDE INTERNATIONAL
INCORPORATED+ 27,356
98,573 GENERAL ELECTRIC COMPANY 3,232,209
2,039 HARMAN INTERNATIONAL INDUSTRIES
INCORPORATED 197,151
1,074 HARRIS CORPORATION 51,724
1,062 IMATION CORPORATION 36,565
6,957 INFINEON TECHNOLOGIES AG ADR+ 68,248
2,144 INTEGRATED DEVICE TECHNOLOGY
INCORPORATED+ 22,962
61,508 INTEL CORPORATION 1,309,505
15,303 INTERNATIONAL BUSINESS MACHINES
CORPORATION 1,296,011
1,098 INTERNATIONAL RECTIFIER CORPORATION+ 36,080
2,700 INTERSIL CORPORATION CLASS A 47,061
2,547 JABIL CIRCUIT INCORPORATED+ 52,545
54
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
15,584 JDS UNIPHASE CORPORATION+ $ 48,466
2,016 KLA-TENCOR CORPORATION+ 75,318
8,649 KONINKLIJKE (ROYAL) PHILIPS
ELECTRONICS NV NY SHARES 200,657
1,203 L-3 COMMUNICATIONS HOLDINGS
INCORPORATED 75,356
4,281 LATTICE SEMICONDUCTOR CORPORATION+ 19,521
2,780 LINEAR TECHNOLOGY CORPORATION 99,441
5,463 LSI LOGIC CORPORATION+ 26,386
40,543 LUCENT TECHNOLOGIES INCORPORATED+ 126,900
18,525 MATSUSHITA ELECTRIC INDUSTRIAL
COMPANY LIMITED ADR 250,087
2,924 MAXIM INTEGRATED PRODUCTS INCORPORATED 126,989
1,274 MAYTAG CORPORATION 25,773
4,679 MCDATA CORPORATION CLASS A+ 24,144
2,110 MICROCHIP TECHNOLOGY INCORPORATED 55,683
5,658 MICRON TECHNOLOGY INCORPORATED+ 65,124
26,534 MINEBEA COMPANY LIMITED ADR 224,854
2,067 MOLEX INCORPORATED 59,674
23,694 MOTOROLA INCORPORATED 382,658
3,112 MYKROLIS CORPORATION+ 27,479
3,592 NATIONAL SEMICONDUCTOR CORPORATION+ 47,881
3,648 NETWORK APPLIANCE INCORPORATED+ 73,215
4,851 NIDEC CORPORATION ADR 117,394
14,622 NOKIA OYJ ADR 173,709
1,762 NOVELLUS SYSTEMS INCORPORATED+ 43,046
3,099 NVIDIA CORPORATION+ 38,614
7,140 OMRON CORPORATION 152,891
5,653 PIONEER CORPORATION 124,366
4,633 QLOGIC CORPORATION+ 120,968
16,134 QUALCOMM INCORPORATED 613,899
3,966 RF MICRO DEVICES INCORPORATED+ 20,306
2,622 ROCKWELL COLLINS INCORPORATED 90,171
6,942 SANMINA-SCI CORPORATION+ 48,039
7,066 SANYO ELECTRIC CO LIMITED 121,041
2,149 SCIENTIFIC-ATLANTA INCORPORATED 58,539
802 SILICON LABORATORIES INCORPORATED+ 26,298
11,672 SOLECTRON CORPORATION+ 60,227
6,615 SONY CORPORATION ADR 229,342
13,015 SPATIALIGHT INCORPORATED+ 64,815
5,412 STMICROELECTRONICS NV NY SHARES 92,599
1,831 TDK CORPORATION ADR 121,560
10,742 TELEFONAKTIEBOLAGET LM ERICSSON ADR+ 290,464
5,315 TELLABS INCORPORATED+ 48,207
16,519 TEXAS INSTRUMENTS INCORPORATED 322,781
1,518 THOMAS & BETTS CORPORATION+ 37,343
1,238 VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES INCORPORATED+ 34,664
2,142 VISHAY INTERTECHNOLOGY INCORPORATED+ 27,310
451 WHIRLPOOL CORPORATION 27,574
3,529 XILINX INCORPORATED 96,800
13,010,877
------------
ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES - 0.37%
3,099 AFFYMETRIX INCORPORATED+ 86,152
1,987 CELGENE CORPORATION+ 112,762
856 CEPHALON INCORPORATED+ 40,241
1,007 FLUOR CORPORATION 43,049
1,247 MOODY'S CORPORATION 85,494
3,483 PAYCHEX INCORPORATED 103,341
1,150 QUEST DIAGNOSTICS INCORPORATED 98,440
5,101 SERVICEMASTER COMPANY 63,406
4,000 TELIK INCORPORATED+ 75,760
708,645
------------
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION
EQUIPMENT - 0.32%
1,874 BALL CORPORATION 69,975
1,577 CRANE COMPANY 42,579
1,428 FORTUNE BRANDS INCORPORATED 104,458
2,755 ILLINOIS TOOL WORKS INCORPORATED 251,504
4,360 MASCO CORPORATION 140,087
608,603
------------
FINANCIAL SERVICES - 0.02%
3,461 JANUS CAPITAL GROUP INCORPORATED 47,554
------------
FOOD & KINDRED PRODUCTS - 2.83%
367 ADOLPH COORS COMPANY CLASS B 25,136
5,173 ANHEUSER-BUSCH COMPANIES INCORPORATED 273,134
6,399 ARCHER-DANIELS-MIDLAND COMPANY 102,192
8,561 CADBURY SCHWEPPES PLC ADR 279,517
3,389 CAMPBELL SOUP COMPANY 87,978
19,287 COCA COLA COMPANY 862,322
4,914 COCA COLA ENTERPRISES INCORPORATED 101,474
45,286 COMPASS GROUP PLC 253,158
4,464 CONAGRA FOODS INCORPORATED 116,957
2,906 DEL MONTE FOODS COMPANY+ 30,658
5,897 DIAGEO PLC ADR 294,555
2,388 FLOWERS FOODS INCORPORATED 60,345
3,261 GENERAL MILLS INCORPORATED 154,082
16,383 GROUPE DANONE ADR 264,586
3,214 HANSEN NATURAL CORPORATION+ 76,300
1,394 HERSHEY FOODS CORPORATION 67,302
2,317 HJ HEINZ COMPANY 87,838
1,794 HORMEL FOODS CORPORATION 47,900
1,182 JM SMUCKER COMPANY 54,348
3,196 KELLOGG COMPANY 134,168
23,759 KIRIN BREWERY COMPANY LIMITED 216,207
1,883 KRAFT FOODS INCORPORATED CLASS A 58,900
1,886 MCCORMICK & COMPANY INCORPORATED 63,275
8,814 NESTLE SA ADR 520,444
2,497 PEPSI BOTTLING GROUP INCORPORATED 66,895
1,887 PEPSIAMERICAS INCORPORATED 37,438
14,904 PEPSICO INCORPORATED 745,200
6,869 SARA LEE CORPORATION 152,011
1,886 SMITHFIELD FOODS INCORPORATED+ 48,470
3,100 TYSON FOODS INCORPORATED CLASS A 51,088
1,534 WM WRIGLEY JR COMPANY 95,154
5,429,032
------------
FOOD STORES - 0.64%
2,788 ALBERTSON'S INCORPORATED 68,529
8,219 COLES MYER LIMITED ADR 415,059
55
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2030 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
19,002 KONINKLIJKE AHOLD NV ADR+ $ 119,333
6,133 KROGER COMPANY+ 101,378
3,840 STARBUCKS CORPORATION+ 166,042
21,387 TESCO PLC ADR 307,023
586 WHOLE FOODS MARKET INCORPORATED 45,550
2,693 WINN-DIXIE STORES INCORPORATED+ 11,230
1,234,144
------------
FORESTRY - 0.05%
1,670 WEYERHAEUSER COMPANY 104,392
------------
FURNITURE & FIXTURES - 0.26%
812 ETHAN ALLEN INTERIORS INCORPORATED 29,021
1,712 HERMAN MILLER INCORPORATED 43,125
992 HILLENBRAND INDUSTRIES INCORPORATED 55,810
700 HNI CORPORATION 27,440
7,765 HOOKER FURNITURE CORPORATION 205,928
2,557 LEGGETT & PLATT INCORPORATED 68,758
2,861 NEWELL RUBBERMAID INCORPORATED 61,597
491,679
------------
GENERAL MERCHANDISE STORES - 0.52%
2,036 BIG LOTS INCORPORATED+ 24,819
1,041 BJ'S WHOLESALE CLUB INCORPORATED+ 26,358
3,684 DOLLAR GENERAL CORPORATION 72,575
1,951 FAMILY DOLLAR STORES INCORPORATED 51,604
1,635 FEDERATED DEPARTMENT STORES
INCORPORATED 70,959
2,483 JC PENNEY COMPANY INCORPORATED 95,149
2,554 MAY DEPARTMENT STORES COMPANY 62,598
2,035 SAKS INCORPORATED+ 24,176
2,429 SEARS ROEBUCK & COMPANY 92,982
8,326 TARGET CORPORATION 371,173
4,957 TJX COMPANIES INCORPORATED 104,890
997,283
------------
HEALTH SERVICES - 0.46%
3,472 BIOGEN IDEC INCORPORATED+ 205,994
4,768 CAREMARK RX INCORPORATED+ 136,842
2,794 FIRST HEALTH GROUP CORPORATION+ 42,608
4,700 HCA INCORPORATED 182,407
3,127 HEALTH MANAGEMENT ASSOCIATION
INCORPORATED CLASS A 59,788
1,680 LABORATORY CORPORATION OF
AMERICA HOLDINGS+ 69,871
1,542 LIFEPOINT HOSPITALS INCORPORATED+ 44,548
5,706 TENET HEALTHCARE CORPORATION+ 59,457
1,138 TRIAD HOSPITALS INCORPORATED+ 36,177
981 UNIVERSAL HEALTH SERVICES CLASS B 44,194
881,886
------------
HOLDING & OTHER INVESTMENT
OFFICES - 1.71%
613 ALEXANDRIA REAL ESTATE EQUITIES
INCORPORATED 39,722
1,359 APARTMENT INVESTMENT &
MANAGEMENT COMPANY CLASS A 48,245
2,397 ARCHSTONE-SMITH TRUST 74,906
2,954 ARDEN REALTY INCORPORATED 96,980
968 AVALONBAY COMMUNITIES INCORPORATED 58,467
10,167 BEDFORD PROPERTY INVESTORS 314,160
762 BOSTON PROPERTIES INCORPORATED 42,276
2,265 CARRAMERICA REALTY CORPORATION 75,515
822 CBL & ASSOCIATES PROPERTIES
INCORPORATED 50,208
11,982 CEDAR SHOPPING CENTERS INCORPORATED 162,356
1,188 CENTERPOINT PROPERTIES 49,967
2,197 CRESCENT REAL ESTATE EQUITIES COMPANY 35,086
3,157 DUKE REALTY CORPORATION 107,338
6,961 ENTERTAINMENT PROPERTIES TRUST 259,993
1,664 EQUITY OFFICE PROPERTIES TRUST 47,524
1,463 EQUITY RESIDENTIAL 47,387
1,395 GENERAL GROWTH PROPERTIES INCORPORATED 42,087
1,164 HIGHWOODS PROPERTIES INCORPORATED 28,634
3,572 HOST MARRIOTT CORPORATION+ 47,686
1,707 ISTAR FINANCIAL INCORPORATED 68,690
6,198 KILROY REALTY CORPORATION 234,594
1,474 KIMCO REALTY CORPORATION 74,172
6,717 LASALLE HOTEL PROPERTIES 189,688
1,410 MACK-CALI REALTY CORPORATION 63,817
34,941 MITSUBISHI TOKYO FINANCIAL GROUP
INCORPORATED ADR 316,565
1,066 PAN PACIFIC RETAIL PROPERTY 56,914
1,775 PLUM CREEK TIMBER COMPANY 58,646
645 PUBLIC STORAGE INCORPORATED 32,798
1,148 SIMON PROPERTY GROUP INCORPORATED 64,231
7,049 SOVRAN SELF STORAGE INCORPORATED 279,493
2,521 TANGER FACTORY OUTLET CENTERS
INCORPORATED 111,176
822 THE ROUSE COMPANY 54,622
717 VORNADO REALTY TRUST 44,999
3,278,942
------------
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES - 0.20%
2,911 BED BATH & BEYOND INCORPORATED+ 108,930
3,255 BEST BUY COMPANY INCORPORATED 151,422
2,892 CIRCUIT CITY STORES INCORPORATED 37,509
1,798 PIER 1 IMPORTS INCORPORATED 31,195
1,822 RADIO SHACK CORPORATION 49,085
378,141
------------
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES - 0.34%
13,568 ACCOR SA ADR 286,088
3,860 HILTON HOTELS CORPORATION 68,901
930 MANDALAY RESORT GROUP 63,091
2,347 MARRIOTT INTERNATIONAL INCORPORATED
CLASS A 111,365
1,023 MGM MIRAGE+ 42,291
1,870 STARWOOD HOTELS & RESORTS
WORLDWIDE INCORPORATED 82,654
654,390
------------
56
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT - 3.51%
6,890 3M COMPANY $ 567,460
1,997 AMERICAN STANDARD COMPANIES
INCORPORATED+ 75,107
4,075 APPLE COMPUTER INCORPORATED+ 140,547
15,930 APPLIED MATERIALS INCORPORATED+ 253,128
2,999 AXCELIS TECHNOLOGIES INCORPORATED+ 23,392
2,197 BAKER HUGHES INCORPORATED 86,408
4,186 BHA GROUP HOLDINGS INCORPORATED 159,068
1,000 BLACK & DECKER CORPORATION 68,930
5,118 BROCADE COMMUNICATIONS SYSTEMS
INCORPORATED+ 25,232
3,393 CATERPILLAR INCORPORATED 246,671
828 CDW CORPORATION 48,438
3,080 CIRRUS LOGIC INCORPORATED+ 15,585
64,428 CISCO SYSTEMS INCORPORATED+ 1,208,669
574 COOPER CAMERON CORPORATION+ 29,234
2,241 DEERE & COMPANY 141,788
24,047 DELL INCORPORATED+ 837,797
875 DIEBOLD INCORPORATED 42,779
2,185 DOVER CORPORATION 82,440
23,404 EMC CORPORATION+ 252,061
5,464 GATEWAY INCORPORATED+ 23,987
2,866 GRANT PRIDECO INCORPORATED+ 52,362
2,873 HITACHI LIMITED ADR 181,200
6,664 JUNIPER NETWORKS INCORPORATED+ 152,539
6,697 KOMATSU LIMITED ADR 163,786
1,761 LAM RESEARCH CORPORATION+ 37,949
1,311 LEXMARK INTERNATIONAL INCORPORATED+ 115,958
17,396 MAKITA CORPORATION 259,374
5,006 MAXTOR CORPORATION+ 21,025
26,054 NEC CORPORATION ADR 167,267
4,718 NORDSON CORPORATION 161,780
2,383 PALL CORPORATION 58,050
1,327 PALMONE INCORPORATED+ 43,327
1,283 PARKER HANNIFIN CORPORATION 69,757
1,912 PITNEY BOWES INCORPORATED 83,287
4,209 SANDISK CORPORATION+ 98,280
5,456 SIEMENS AG 376,737
1,450 SMITH INTERNATIONAL INCORPORATED+ 82,621
1,153 SPX CORPORATION 42,073
1,170 STANLEY WORKS 50,614
1,676 STORAGE TECHNOLOGY CORPORATION+ 40,643
3,603 SYMBOL TECHNOLOGIES INCORPORATED 46,479
2,056 TRANSACT TECHNOLOGIES INCORPORATED+ 36,597
1,793 VARIAN MEDICAL SYSTEMS INCORPORATED+ 59,438
6,729,864
------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.37%
3,916 AON CORPORATION 101,620
741 JEFFERSON-PILOT CORPORATION 35,494
4,669 MARSH & MCLENNAN COMPANIES
INCORPORATED 208,658
3,215 MEDCO HEALTH SOLUTIONS INCORPORATED+ 100,404
5,864 METLIFE INCORPORATED 218,434
3,436 UNUMPROVIDENT CORPORATION 55,595
720,205
------------
INSURANCE CARRIERS - 3.49%
2,911 21ST CENTURY INSURANCE GROUP 38,047
11,765 AEGON NV 126,356
1,455 AETNA INCORPORATED 134,806
5,168 AFLAC INCORPORATED 207,237
208 ALLEGHANY CORPORATION+ 54,082
21,523 ALLIANZ AG ADR 208,558
1,063 ALLMERICA FINANCIAL CORPORATION+ 30,827
5,272 ALLSTATE CORPORATION 248,891
863 AMBAC FINANCIAL GROUP INCORPORATED 65,156
1,210 AMERICAN FINANCIAL GROUP INCORPORATED 35,634
21,151 AMERICAN INTERNATIONAL GROUP
INCORPORATED 1,506,797
7,056 AMERICAN MEDICAL SECURITY GROUP
INCORPORATED+ 159,042
231 AMERICAN NATIONAL INSURANCE COMPANY 21,945
924 AMERUS GROUP COMPANY 36,831
1,454 ANTHEM INCORPORATED+ 118,123
12,492 AXA ADR 256,711
1,544 CHUBB CORPORATION 105,007
1,375 CIGNA CORPORATION 91,520
1,828 CINCINNATI FINANCIAL CORPORATION 73,760
2,499 HARTFORD FINANCIAL SERVICES GROUP
INCORPORATED 152,839
1,902 HEALTH NET INCORPORATED+ 49,338
13,772 ING GROEP NV ADR 336,588
1,404 LINCOLN NATIONAL CORPORATION 63,601
1,355 LOEWS CORPORATION 76,964
175 MARKEL CORPORATION+ 51,424
1,286 MBIA INCORPORATED 73,649
918 MERCURY GENERAL CORPORATION 46,038
975 MGIC INVESTMENT CORPORATION 66,563
3,521 MILLEA HOLDINGS INCORPORATED 242,178
2,008 OLD REPUBLIC INTERNATIONAL CORPORATION 47,288
1,248 PACIFICARE HEALTH SYSTEMS INCORPORATED+ 40,697
1,012 PMI GROUP INCORPORATED 42,028
2,963 PRINCIPAL FINANCIAL GROUP INCORPORATED 102,846
2,015 PROGRESSIVE CORPORATION 161,805
1,273 PROTECTIVE LIFE CORPORATION 49,812
5,158 PRUDENTIAL FINANCIAL INCORPORATED 238,196
1,080 RADIAN GROUP INCORPORATED 47,844
1,422 RLI CORPORATION 52,600
1,509 SAFECO CORPORATION 72,689
5,937 ST PAUL COMPANIES INCORPORATED 205,955
844 TORCHMARK CORPORATION 43,449
434 TRANSATLANTIC HOLDING INCORPORATED 23,566
922 TRIAD GUARANTY INCORPORATED+ 51,355
6,785 UNITEDHEALTH GROUP INCORPORATED 448,692
1,396 UNITRIN INCORPORATED 58,562
1,637 WELLPOINT HEALTH NETWORKS
INCORPORATED+ 160,721
13,024 ZURICH FINANCIAL SERVICES AG ADR+ 181,538
6,708,155
------------
57
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2030 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
LEATHER & LEATHER PRODUCTS - 0.05%
2,230 COACH INCORPORATED+ $ 93,995
------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.05%
2,837 GEORGIA-PACIFIC CORPORATION 96,401
------------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS - 2.14%
1,994 ADVANCED MEDICAL OPTICS INCORPORATED+ 74,217
6,806 ADVANTEST CORPORATION ADR 108,351
5,305 AGILENT TECHNOLOGIES INCORPORATED+ 108,752
1,206 ALLERGAN INCORPORATED 90,028
2,984 APPLERA CORPORATION-APPLIED
BIOSYSTEMS GROUP 56,815
1,009 BAUSCH & LOMB INCORPORATED 66,543
6,007 BAXTER INTERNATIONAL INCORPORATED 183,454
945 BECKMAN COULTER INCORPORATED 52,722
2,511 BECTON DICKINSON & COMPANY 120,829
2,869 BIOMET INCORPORATED 130,970
8,084 BOSTON SCIENTIFIC CORPORATION+ 288,841
1,286 C.R. BARD INCORPORATED 72,145
1,336 DENTSPLY INTERNATIONAL INCORPORATED 68,069
3,589 EASTMAN KODAK COMPANY 106,163
1,200 FISHER SCIENTIFIC INTERNATIONAL
INCORPORATED+ 68,364
7,015 FUJI PHOTO FILM COMPANY LIMITED ADR 221,807
3,187 GUIDANT CORPORATION 190,583
11,804 MEDTRONIC INCORPORATED 587,249
1,152 MILLIPORE CORPORATION+ 57,946
8,222 OLYMPUS CORPORATION ADR 155,832
2,852 PERKINELMER INCORPORATED 49,853
3,959 RAYTHEON COMPANY 137,496
1,674 RICOH COMPANY LIMITED ADR 163,975
2,282 ROCKWELL AUTOMATION INCORPORATED 88,998
1,938 ST. JUDE MEDICAL INCORPORATED+ 130,330
1,943 STERIS CORPORATION+ 44,456
1,575 SYBRON DENTAL SPECIALTIES INCORPORATED+ 43,911
1,870 TEKTRONIX INCORPORATED 53,426
2,334 TERADYNE INCORPORATED+ 30,039
2,621 THERMO ELECTRON CORPORATION+ 68,854
15,810 THERMOGENESIS+ 61,975
1,447 VARIAN INCORPORATED+ 56,896
1,604 WATERS CORPORATION+ 69,469
8,014 XEROX CORPORATION+ 107,628
2,639 ZIMMER HOLDINGS INCORPORATED+ 188,161
4,105,147
------------
METAL MINING -0.29%
4,919 NEWMONT MINING CORPORATION 218,354
1,108 PHELPS DODGE CORPORATION 90,369
2,518 RIO TINTO PLC ADR 255,778
564,501
------------
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS - 0.03%
1,263 VULCAN MATERIALS COMPANY 60,207
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES - 1.29%
3,219 CALLAWAY GOLF COMPANY 38,918
1,324 EATON CORPORATION 79,903
2,842 HASBRO INCORPORATED 52,662
30,038 HEWLETT-PACKARD COMPANY 537,380
946 ITT INDUSTRIES INCORPORATED 74,829
27,131 JOHNSON & JOHNSON 1,576,311
4,158 MATTEL INCORPORATED 66,902
1,615 TIFFANY & COMPANY 49,984
2,476,889
------------
MISCELLANEOUS RETAIL - 1.41%
3,202 AMAZON.COM INCORPORATED+ 122,124
741 BARNES & NOBLE INCORPORATED+ 25,609
1,410 BORDERS GROUP INCORPORATED 33,699
4,375 COSTCO WHOLESALE CORPORATION 180,119
3,662 CVS CORPORATION 146,480
6,481 DILLARDS INCORPORATED CLASS A 123,139
1,774 DOLLAR TREE STORES INCORPORATED+ 41,707
1,062 EXPRESS SCRIPTS INCORPORATED+ 67,118
832 MICHAELS STORES INCORPORATED 47,699
3,977 OFFICE DEPOT INCORPORATED+ 63,672
4,795 PETSMART INCORPORATED 134,548
5,406 RITE AID CORPORATION+ 23,786
4,765 STAPLES INCORPORATED 136,660
2,437 TOYS R US INCORPORATED+ 39,577
22,541 WAL-MART STORES INCORPORATED 1,187,234
9,137 WALGREEN COMPANY 333,044
2,706,215
------------
MISCELLANEOUS SERVICES - 0.09%
10,176 ADECCO SA ADR 118,957
1,034 D&B CORPORATION+ 57,015
175,972
------------
MOTION PICTURES - 0.91%
28,536 LIBERTY MEDIA CORPORATION CLASS A+ 254,256
4,031 MACROVISION CORPORATION+ 95,333
6,496 NEWS CORPORATION LIMITED ADR
PREFERRED 193,256
45,276 TIME WARNER INCORPORATED+ 740,263
20,676 WALT DISNEY COMPANY 464,176
1,747,284
------------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING - 0.30%
1,493 CNF INCORPORATED 61,243
6,942 UNITED PARCEL SERVICE INCORPORATED
CLASS B 507,113
568,356
------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.50%
10,133 AMERICAN EXPRESS COMPANY 506,853
2,426 CAPITAL ONE FINANCIAL CORPORATION 164,386
4,376 CIT GROUP INCORPORATED 156,398
5,850 COUNTRYWIDE FINANCIAL CORPORATION 207,967
8,822 FANNIE MAE 656,798
6,028 FREDDIE MAC 404,599
58
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
12,820 MBNA CORPORATION $ 309,475
4,592 ORIX CORPORATION ADR 235,570
3,884 PROVIDIAN FINANCIAL CORPORATION+ 56,085
3,960 SLM CORPORATION 154,519
229 STUDENT LOAN CORPORATION 32,919
2,885,569
------------
OIL & GAS EXTRACTION - 2.09%
2,227 ANADARKO PETROLEUM CORPORATION 131,883
2,552 APACHE CORPORATION 114,049
20,139 BHP BILLITON LIMITED ADR 376,801
1,519 BJ SERVICES COMPANY 72,988
3,010 BURLINGTON RESOURCES INCORPORATED 109,052
4,249 CABOT OIL AND GAS CORPORATION 171,702
7,962 DENBURY RESOURCES INCORPORATED+ 174,368
2,294 DEVON ENERGY CORPORATION 148,674
720 DIAMOND OFFSHORE DRILLING INCORPORATED 18,302
6,727 ENCORE ACQUISITION COMPANY+ 187,683
4,414 ENI SPA ADR 454,112
1,939 ENSCO INTERNATIONAL INCORPORATED 56,541
1,279 EOG RESOURCES INCORPORATED 73,888
806 EQUITABLE RESOURCES INCORPORATED 42,259
4,118 HALLIBURTON COMPANY 120,122
989 KERR-MCGEE CORPORATION 52,199
491 NOBLE ENERGY INCORPORATED 25,277
1,976 OCCIDENTAL PETROLEUM CORPORATION 102,060
3,000 PATTERSON-UTI ENERGY INCORPORATED 51,960
1,636 PIONEER NATURAL RESOURCES 54,724
583 POGO PRODUCING COMPANY 25,640
13,747 REPSOL YPF SA ADR 285,113
1,899 ROWAN COMPANIES INCORPORATED+ 46,184
5,691 SHELL TRANSPORT & TRADING COMPANY
PLC ADR 252,111
3,746 STONE ENERGY CORPORATION+ 155,834
4,953 TOTAL SA ADR 485,345
1,950 UNOCAL CORPORATION 72,813
2,913 VARCO INTERNATIONAL INCORPORATED+ 70,728
3,156 XTO ENERGY INCORPORATED 88,494
4,020,906
------------
PAPER & ALLIED PRODUCTS - 0.68%
1,144 BEMIS COMPANY INCORPORATED 30,236
1,300 BOISE CASCADE CORPORATION 40,677
628 BOWATER INCORPORATED 22,564
4,242 GREIF INCORPORATED CLASS A 165,438
3,860 INTERNATIONAL PAPER COMPANY 154,477
4,444 KIMBERLY-CLARK CORPORATION 296,415
1,955 MEADWESTVACO CORPORATION 58,943
2,445 PACTIV CORPORATION+ 57,824
6,671 POPE & TALBOT INCORPORATED 122,947
1,522 SONOCO PRODUCTS COMPANY 39,435
9,743 STORA ENSO OYJ 131,238
492 TEMPLE-INLAND INCORPORATED 33,594
8,343 UPM-KYMMENE OYJ ADR 160,936
1,314,724
------------
PERSONAL SERVICES - 0.28%
2,172 CINTAS CORPORATION 89,074
4,611 G & K SERVICES INCORPORATED CLASS A 167,886
1,586 H & R BLOCK INCORPORATED 76,540
5,035 REGIS CORPORATION 206,083
539,583
------------
PETROLEUM REFINING & RELATED
INDUSTRIES - 3.15%
820 AMERADA HESS CORPORATION 66,010
16,448 BP PLC ADR 883,257
9,276 CHEVRONTEXACO CORPORATION 904,410
6,162 CONOCOPHILLIPS 458,638
59,179 EXXON MOBIL CORPORATION 2,728,152
7,167 FRONTIER OIL CORPORATION 146,350
3,268 MARATHON OIL CORPORATION 118,530
1,100 MURPHY OIL CORPORATION 83,061
7,539 ROYAL DUTCH PETROLEUM COMPANY 382,152
1,234 SUNOCO INCORPORATED 75,891
3,735 TESORO PETROLEUM CORPORATION+ 88,445
1,629 VALERO ENERGY CORPORATION 107,563
6,042,459
------------
PRIMARY METAL INDUSTRIES - 0.56%
10,004 ALCOA INCORPORATED 323,930
3,153 ALLEGHENY TECHNOLOGIES INCORPORATED 59,308
1,896 COMMSCOPE INCORPORATED+ 37,674
2,052 ENGELHARD CORPORATION 58,010
950 HUBBELL INCORPORATED CLASS B 40,992
6,118 JOHNSON MATTHEY PLC ADR 199,758
8,646 KUBOTA CORPORATION ADR 219,176
973 NUCOR CORPORATION 76,176
1,052 PRECISION CASTPARTS CORPORATION 57,955
1,072,979
------------
PRINTING, PUBLISHING & ALLIED
INDUSTRIES - 1.22%
1,731 AMERICAN GREETINGS CORPORATION
CLASS A+ 41,665
2,174 BELO CORPORATION CLASS A 49,872
1,289 DOW JONES & COMPANY INCORPORATED 52,913
349 EW SCRIPPS COMPANY CLASS A 35,706
2,049 GANNETT COMPANY INCORPORATED 173,550
2,053 HARTE HANKS INCORPORATED 50,935
2,954 HOLLINGER INTERNATIONAL INCORPORATED 50,513
606 KNIGHT-RIDDER INCORPORATED 39,045
1,444 MCGRAW-HILL COMPANIES INCORPORATED 109,354
1,238 MEREDITH CORPORATION 61,999
1,399 NEW YORK TIMES COMPANY CLASS A 56,827
5,048 NEWS CORPORATION LIMITED ADR 157,750
12,426 PEARSON PLC 140,041
3,316 READERS DIGEST ASSOCIATION INCORPORATED 47,154
6,478 REED ELSEVIER NV ADR 166,938
1,843 REYNOLDS & REYNOLDS COMPANY CLASS A 45,283
2,524 RR DONNELLEY & SONS COMPANY 77,563
4,280 TOPPAN PRINTING COMPANY LIMITED ADR 221,517
2,901 TRIBUNE COMPANY 121,117
1,885 VALASSIS COMMUNICATIONS INCORPORATED+ 53,270
59
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2030 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
15,999 VIACOM INCORPORATED CLASS B $ 532,927
59 WASHINGTON POST COMPANY CLASS B 51,241
2,337,180
------------
RAILROAD TRANSPORTATION - 0.20%
2,644 BURLINGTON NORTHERN SANTA FE
CORPORATION 94,655
1,548 CSX CORPORATION 48,886
2,413 KANSAS CITY SOUTHERN+ 36,195
4,088 NORFOLK SOUTHERN CORPORATION 116,099
1,582 UNION PACIFIC CORPORATION 90,348
386,183
------------
REAL ESTATE - 0.04%
1,066 CATELLUS DEVELOPMENT CORPORATION 29,070
722 FOREST CITY ENTERPRISES INCORPORATED
CLASS A 39,991
69,061
------------
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS - 0.24%
4,486 BRIDGESTONE CORPORATION 169,638
3,446 GOODYEAR TIRE & RUBBER COMPANY+ 37,837
2,473 NIKE INCORPORATED CLASS B 186,242
1,271 SEALED AIR CORPORATION+ 62,431
456,148
------------
SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES - 1.56%
1,404 AG EDWARDS INCORPORATED 48,831
11,508 AMVESCAP PLC ADR 121,870
809 BEAR STEARNS COMPANIES INCORPORATED 71,127
13,349 CHARLES SCHWAB CORPORATION 126,148
10,069 CREDIT SUISSE GROUP ADR+ 314,757
2,598 FRANKLIN RESOURCES INCORPORATED 138,395
2,073 GABELLI ASSET MANAGEMENT
INCORPORATED CLASS A 84,392
3,210 GOLDMAN SACHS GROUP INCORPORATED 287,777
932 LEGG MASON INCORPORATED 75,194
2,833 LEHMAN BROTHERS HOLDINGS INCORPORATED 209,330
9,214 MERRILL LYNCH & COMPANY INCORPORATED 470,559
10,710 MORGAN STANLEY 543,318
20,228 NOMURA HOLDINGS INCORPORATED ADR 280,765
3,199 PIPER JAFFRAY COMPANIES INCORPORATED+ 137,877
1,757 T ROWE PRICE GROUP INCORPORATED 87,024
2,997,364
------------
STONE, CLAY, GLASS & CONCRETE
PRODUCTS - 0.63%
1,531 CABOT MICROELECTRONICS CORPORATION+ 51,120
14,218 CORNING INCORPORATED+ 143,886
886 EAGLE MATERIALS INCORPORATED 57,510
4,232 GENTEX CORPORATION 145,327
7,129 HANSON PLC ADR 244,311
10,979 HOLCIM LIMITED ADR 293,729
10,955 LAFARGE SA ADR 237,176
2,519 OWENS-ILLINOIS INCORPORATED+ 40,430
1,213,489
------------
TEXTILE MILL PRODUCTS - 0.03%
651 MOHAWK INDUSTRIES INCORPORATED+ 50,075
------------
TOBACCO PRODUCTS - 0.85%
20,215 ALTRIA GROUP INCORPORATED 989,524
7,261 BRITISH AMERICAN TOBACCO PLC ADR 219,718
1,284 REYNOLDS AMERICAN INCORPORATED 96,942
2,397 SWEDISH MATCH AB ADR 241,500
2,013 UST INCORPORATED 80,762
1,628,446
------------
TRANSPORTATION BY AIR - 0.43%
3,187 AMR CORPORATION+ 28,492
21,002 BAA PLC ADR 209,688
2,796 CONTINENTAL AIRLINES INCORPORATED
CLASS B+ 26,981
5,168 DELTA AIR LINES INCORPORATED+ 20,879
3,210 FEDEX CORPORATION 263,188
10,307 JAPAN AIRLINES SYSTEM ADR+ 148,860
2,816 NORTHWEST AIRLINES CORPORATION+ 26,527
6,844 SOUTHWEST AIRLINES COMPANY 101,428
826,043
------------
TRANSPORTATION EQUIPMENT - 2.55%
1,996 AUTOLIV INCORPORATED 84,331
12,032 BAE SYSTEMS PLC ADR 173,593
7,998 BOEING COMPANY 417,656
1,680 BRUNSWICK CORPORATION 66,041
5,287 DAIMLERCHRYSLER AG 220,838
1,814 DANA CORPORATION 34,230
5,662 DELPHI CORPORATION 51,864
28,943 FIAT SPA ADR 207,521
16,783 FORD MOTOR COMPANY 236,808
1,785 GENERAL DYNAMICS CORPORATION 174,287
5,434 GENERAL MOTORS CORPORATION 224,479
1,410 GENUINE PARTS COMPANY 53,453
1,833 GOODRICH CORPORATION 58,216
6,467 GREENBRIER COS INCORPORATED 136,130
4,719 GROUP 1 AUTOMOTIVE INCORPORATED+ 129,631
2,972 HARLEY-DAVIDSON INCORPORATED 181,351
1,421 HARSCO CORPORATION 63,774
11,322 HONDA MOTOR COMPANY LIMITED ADR 282,824
8,678 HONEYWELL INTERNATIONAL INCORPORATED 312,234
1,680 JOHNSON CONTROLS INCORPORATED 94,584
778 LEAR CORPORATION 41,919
3,588 LOCKHEED MARTIN CORPORATION 192,963
1,128 NAVISTAR INTERNATIONAL CORPORATION+ 40,360
2,984 NORTHROP GRUMMAN CORPORATION 154,124
1,771 PACCAR INCORPORATED 106,597
1,466 TEXTRON INCORPORATED 93,076
7,317 TOYOTA MOTOR CORPORATION ADR 579,433
5,148 UNITED TECHNOLOGIES CORPORATION 483,449
4,895,766
------------
60
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
TRANSPORTATION SERVICES - 0.05%
1,832 GATX CORPORATION $ 49,409
2,191 SABRE HOLDINGS CORPORATION 50,393
99,802
------------
WATER TRANSPORTATION - 0.08%
2,902 ALEXANDER & BALDWIN INCORPORATED 89,352
3,885 GULFMARK OFFSHORE INCORPORATED+ 59,130
148,482
------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.65%
1,160 AMERISOURCE-BERGEN CORPORATION 62,756
1,182 BROWN-FORMAN CORPORATION CLASS B 56,133
4,213 CARDINAL HEALTH INCORPORATED 190,427
1,866 DEAN FOODS COMPANY+ 69,173
2,827 MCKESSON CORPORATION 87,496
3,749 SAFEWAY INCORPORATED+ 75,730
2,280 SMURFIT-STONE CONTAINER CORPORATION+ 40,447
1,833 SUPERVALU INCORPORATED 48,318
5,041 SYSCO CORPORATION 162,018
3,957 UNILEVER NV 237,657
6,367 UNILEVER PLC ADR 221,826
1,251,981
------------
WHOLESALE TRADE-DURABLE GOODS - 0.65%
1,216 ARROW ELECTRONICS INCORPORATED+ 26,314
1,965 AVNET INCORPORATED+ 31,204
1,875 KYOCERA CORPORATION ADR 137,550
11,158 MITSUBISHI CORPORATION ADR 230,389
1,611 MITSUI & COMPANY LIMITED ADR 260,015
8,738 NISSAN MOTOR COMPANY LIMITED ADR 190,488
1,615 OMNICARE INCORPORATED 46,738
34,553 SUMITOMO MITSUI FINANCIAL 208,116
937 TECH DATA CORPORATION+ 35,288
3,450 VISTEON CORPORATION 32,189
1,016 W.W. GRAINGER INCORPORATED 54,265
1,252,556
------------
TOTAL COMMON STOCK
(COST $148,662,718) $151,525,711
------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE
US TREASURY SECURITIES - 20.14%
US TREASURY BONDS - 2.60%
$4,920,000 US TREASURY BOND 3.25 08/15/2007 $ 4,992,068
-------------
US TREASURY NOTES - 17.54%
5,460,000 US TREASURY NOTE 3.00 11/15/2007 5,492,635
960,000 US TREASURY NOTE 3.00 02/15/2008 963,450
5,305,000 US TREASURY NOTE 2.63 05/15/2008 5,240,555
290,000 US TREASURY NOTE 3.25 08/15/2008 292,107
5,300,000 US TREASURY NOTE 3.13 09/15/2008 5,309,524
5,000,000 US TREASURY NOTE 3.38 12/15/2008 5,045,705
4,500,000 US TREASURY NOTE 2.63 03/15/2009 4,387,851
4,000,000 US TREASURY NOTE 4.00 06/15/2009 4,125,780
2,500,000 US TREASURY NOTE 6.00 08/15/2009 2,803,808
33,661,415
-------------
TOTAL US TREASURY SECURITIES
(COST $37,995,625) 38,653,483
-------------
COLLATERAL FOR SECURITIES LENDING - 34.55%
COLLATERAL FOR SECURITY LENDING 66,318,113
TOTAL COLLATERAL FOR SECURITIES
LENDING (COST $66,318,113) 66,318,113
-------------
SHORT-TERM INVESTMENTS -0.62%
US TREASURY BILLS - 0.62 %
1,000 US TREASURY BILL^ 1.29 09/02/2004 1,000
28,000 US TREASURY BILL^ 1.31 09/02/2004 27,999
149,000 US TREASURY BILL^ 1.31 09/02/2004 148,995
43,000 US TREASURY BILL^ 1.32 09/02/2004 42,998
101,000 US TREASURY BILL^ 1.32 09/02/2004 100,996
162,000 US TREASURY BILL^ 1.32 09/02/2004 161,994
404,000 US TREASURY BILL^ 1.33 09/02/2004 403,985
301,000 US TREASURY BILL^ 1.34 09/02/2004 300,989
1,188,956
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $1,188,956) 1,188,956
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $254,165,412)* 134.26% $ 257,686,263
OTHER ASSETS AND LIABILITIES, NET (34.26) (65,756,129)
------ -------------
TOTAL NET ASSETS 100.00% $ 191,930,134
------ -------------
+ NON-INCOME EARNING SECURITIES.
++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $690,649.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
61
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - 89.85%
AGRICULTURAL PRODUCTION CROPS - 0.06%
5,239 TATE & LYLE PLC ADR $ 134,962
------------
AMUSEMENT & RECREATION SERVICES - 0.28%
5,137 CAESARS ENTERTAINMENT INCORPORATED+ 79,367
1,134 GAYLORD ENTERTAINMENT COMPANY+ 32,931
1,864 HARRAH'S ENTERTAINMENT INCORPORATED 89,826
4,980 INTERNATIONAL GAME TECHNOLOGY 143,673
862 MULTIMEDIA GAMES INCORPORATED+ 12,447
1,417 NEVADA GOLD & CASINOS INCORPORATED+ 15,771
21,180 RANK GROUP PLC ADR 218,578
1,874 WESTWOOD ONE INCORPORATED+ 42,053
634,646
------------
APPAREL & ACCESSORY STORES - 0.38%
1,500 ABERCROMBIE & FITCH COMPANY CLASS A 42,000
1,174 AEROPOSTALE INCORPORATED+ 36,570
762 AMERICAN EAGLE OUTFITTERS INCORPORATED 25,375
1,273 CHICO'S FAS INCORPORATED+ 52,066
1,194 CLAIRE'S STORES INCORPORATED 29,062
9,241 GAP INCORPORATED 173,176
4,210 KOHL'S CORPORATION+ 208,311
5,781 LIMITED BRANDS 116,082
2,249 NORDSTROM INCORPORATED 83,505
3,450 ROSS STORES INCORPORATED 72,968
932 URBAN OUTFITTERS INCORPORATED+ 28,286
867,401
------------
APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR
MATERIALS - 0.46%
12,425 BENETTON GROUP SPA ADR 273,350
2,452 JONES APPAREL GROUP INCORPORATED 87,512
2,867 LIZ CLAIBORNE INCORPORATED 109,147
1,442 SKECHERS U.S.A. INCORPORATED CLASS A+ 19,178
2,165 VF CORPORATION 106,821
9,108 WACOAL CORPORATION ADR 456,220
1,052,228
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS - 0.14%
1,030 ADVANCE AUTO PARTS INCORPORATED+ 38,172
762 AMERICA'S CAR MART INCORPORATED+ 24,437
5,304 AUTONATION INCORPORATED+ 87,198
1,037 AUTOZONE INCORPORATED+ 76,800
2,209 CARMAX INCORPORATED+ 43,252
918 COPART INCORPORATED+ 19,939
924 O'REILLY AUTOMOTIVE INCORPORATED+ 36,415
326,213
------------
AUTOMOTIVE REPAIR, SERVICES &
PARKING - 0.01%
869 DOLLAR THRIFTY AUTOMOTIVE GROUP
INCORPORATED+ 21,030
------------
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS - 0.47%
1,500 CENTEX CORPORATION 68,655
3,561 D.R. HORTON INCORPORATED 110,177
2,350 LENNAR CORPORATION CLASS A 107,630
144 NVR INCORPORATED+ 72,324
1,160 PULTE HOMES INCORPORATED 68,382
32,235 SEKISUI HOUSE LIMITED 323,098
12,129 VIVENDI UNIVERSAL SA ADR+ 301,648
1,178 WCI COMMUNITIES INCORPORATED+ 28,249
1,080,163
------------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS - 0.77%
1,463 FASTENAL COMPANY 91,847
29,166 HOME DEPOT INCORPORATED 1,066,309
10,132 LOWE'S COMPANIES INCORPORATED 503,561
2,567 SHERWIN-WILLIAMS COMPANY 106,017
1,767,734
------------
BUSINESS SERVICES - 5.68%
3,951 24/7 REAL MEDIA INCORPORATED+ 12,920
14,507 3COM CORPORATION+ 65,427
1,173 AARON RENTS INCORPORATED 24,093
1,642 ACTIVISION INCORPORATED+ 23,628
3,140 ADOBE SYSTEMS INCORPORATED 144,032
1,657 AFFILIATED COMPUTER SERVICES
INCORPORATED CLASS A+ 90,025
2,073 AKAMAI TECHNOLOGIES INCORPORATED+ 27,882
706 ALTIRIS INCORPORATED+ 16,753
532 ANSYS INCORPORATED+ 23,993
1,451 ASCENTIAL SOFTWARE CORPORATION+ 18,805
800 ASK JEEVES INCORPORATED+ 20,736
2,230 AUTODESK INCORPORATED 99,034
7,401 AUTOMATIC DATA PROCESSING INCORPORATED 294,338
1,083 AVOCENT CORPORATION+ 30,876
6,995 BEA SYSTEMS INCORPORATED+ 46,167
2,287 BISYS GROUP INCORPORATED+ 32,475
440 BLUE COAT SYSTEMS INCORPORATED+ 6,433
3,917 BMC SOFTWARE INCORPORATED+ 58,637
950 BRINK'S COMPANY 27,360
4,557 BUSINESS OBJECTS SA ADR+ 84,669
557 CACI INTERNATIONAL INCORPORATED
CLASS A+ 27,120
5,157 CADENCE DESIGN SYSTEMS INCORPORATED+ 64,102
14,559 CENDANT CORPORATION 314,911
3,882 CERIDIAN CORPORATION+ 71,778
546 CERNER CORPORATION+ 23,920
2,093 CERTEGY INCORPORATED 80,329
1,425 CHECKFREE CORPORATION+ 38,831
1,737 CHOICEPOINT INCORPORATED+ 73,388
3,050 CITRIX SYSTEMS INCORPORATED+ 48,525
1,908 CNET NETWORKS INCORPORATED+ 15,512
1,630 COGNEX CORPORATION 43,635
1,542 COGNIZANT TECHNOLOGY SOLUTIONS
CORPORATION+ 42,282
7,045 COMPUTER ASSOCIATES INTERNATIONAL
INCORPORATED 170,630
2,441 COMPUTER SCIENCES CORPORATION+ 113,140
8,567 COMPUWARE CORPORATION+ 38,809
3,268 CONVERGYS CORPORATION+ 45,425
1,197 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 17,321
62
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
6,443 CSK CORPORATION $ 273,441
1,801 DELUXE CORPORATION 76,939
863 DIGITAL RIVER INCORPORATED+ 20,772
1,465 DST SYSTEMS INCORPORATED+ 66,277
6,767 EBAY INCORPORATED+ 585,616
2,507 ECHELON CORPORATION+ 17,474
1,189 ECLIPSYS CORPORATION+ 17,419
3,783 ELECTRONIC ARTS INCORPORATED+ 188,318
7,104 ELECTRONIC DATA SYSTEMS CORPORATION 136,539
1,331 ELECTRONICS FOR IMAGING INCORPORATED+ 26,460
2,697 EQUIFAX INCORPORATED 65,807
706 FACTSET RESEARCH SYSTEMS INCORPORATED 31,438
1,843 FAIR ISAAC CORPORATION 49,632
953 FILENET CORPORATION+ 18,717
618 FINDWHAT.COM+ 9,054
11,460 FIRST DATA CORPORATION 484,185
2,770 FISERV INCORPORATED+ 96,341
646 GETTY IMAGES INCORPORATED+ 35,821
2,036 GTECH HOLDINGS CORPORATION 47,846
665 HUDSON HIGHLAND GROUP INCORPORATED+ 18,281
933 HYPERION SOLUTIONS CORPORATION+ 34,110
761 IDX SYSTEMS CORPORATION+ 22,069
4,070 IMS HEALTH INCORPORATED 94,953
654 INFOSPACE INCORPORATED+ 24,852
1,180 INTERCEPT INCORPORATED+ 20,426
987 INTERGRAPH CORPORATION+ 25,603
6,274 INTERNET CAPITAL GROUP INCORPORATED+ 34,507
5,398 INTERPUBLIC GROUP OF COMPANIES
INCORPORATED+ 56,949
2,603 INTUIT INCORPORATED+ 110,081
446 IPAYMENT INCORPORATED+ 15,699
2,835 IRON MOUNTAIN INCORPORATED+ 87,403
14,096 KIDDE PLC ADR 298,590
889 KORN FERRY INTERNATIONAL+ 15,798
597 KRONOS INCORPORATED+ 25,540
1,920 LAMAR ADVERTISING COMPANY+ 83,885
1,157 MACROMEDIA INCORPORATED+ 22,423
920 MAGMA DESIGN AUTOMATION INCORPORATED+ 15,180
685 MANHATTAN ASSOCIATES INCORPORATED+ 15,988
2,161 MANPOWER INCORPORATED 91,259
2,965 MCAFEE INCORPORATED+ 58,648
1,488 MENTOR GRAPHICS CORPORATION+ 16,279
1,537 MERCURY INTERACTIVE CORPORATION+ 53,042
1,863 MICROMUSE INCORPORATED+ 7,396
120,971 MICROSOFT CORPORATION 3,302,508
439 MICROSTRATEGY INCORPORATED CLASS A+ 15,194
1,856 MONSTER WORLDWIDE INCORPORATED+ 37,547
2,246 MPS GROUP INCORPORATED+ 20,057
1,676 NCR CORPORATION+ 74,029
2,105 NETEGRITY INCORPORATED+ 12,777
559 NETFLIX INCORPORATED+ 7,798
7,289 NOVELL INCORPORATED+ 43,005
2,323 OMNICOM GROUP INCORPORATED 159,846
52,493 ORACLE CORPORATION+ 523,355
868 PALMSOURCE INCORPORATED+ 19,539
6,592 PARAMETRIC TECHNOLOGY CORPORATION+ 32,103
4,936 PEOPLESOFT INCORPORATED+ 85,886
6,314 PUBLICIS GROUPE ADR 171,109
853 RADISYS CORPORATION+ 9,895
2,087 REALNETWORKS INCORPORATED+ 10,372
2,172 RED HAT INCORPORATED+ 26,629
1,130 RENT-A-CENTER INCORPORATED+ 34,013
8,243 RENTOKIL INITIAL PLC ADR 111,401
4,475 REUTERS GROUP PLC ADR 154,790
3,475 ROBERT HALF INTERNATIONAL INCORPORATED 85,137
1,246 RSA SECURITY INCORPORATED+ 18,553
738 SAFENET INCORPORATED+ 20,996
9,041 SAP AG 329,635
924 SERENA SOFTWARE INCORPORATED+ 14,461
894 SI INTERNATIONAL INCORPORATED+ 17,889
7,872 SIEBEL SYSTEMS INCORPORATED+ 59,906
624 SRA INTERNATIONAL INCORPORATED CLASS A+ 28,286
603 STRATASYS INCORPORATED+ 15,033
49,175 SUN MICROSYSTEMS INCORPORATED+ 188,832
4,139 SUNGARD DATA SYSTEMS INCORPORATED+ 95,197
2,062 SYBASE INCORPORATED+ 27,486
4,132 SYMANTEC CORPORATION+ 198,171
2,368 SYNOPSYS INCORPORATED+ 37,793
871 TAKE-TWO INTERACTIVE SOFTWARE
INCORPORATED+ 28,525
1,416 TIBCO SOFTWARE INCORPORATED+ 8,949
1,672 TOTAL SYSTEM SERVICES INCORPORATED 37,185
950 TRANSACTION SYSTEMS ARCHITECTS
INCORPORATED CLASS A+ 16,188
642 TRAVELZOO INCORPORATED+ 28,890
6,249 UNISYS CORPORATION+ 62,740
3,322 UNITED ONLINE INCORPORATED+ 31,825
1,344 UNITED RENTALS INCORPORATED+ 19,743
583 VERINT SYSTEMS INCORPORATED+ 17,927
4,835 VERISIGN INCORPORATED+ 83,936
6,421 VERITAS SOFTWARE CORPORATION+ 107,359
785 VIAD CORPORATION 18,691
7,630 WEBMD CORPORATION+ 55,546
746 WEBSENSE INCORPORATED+ 28,609
1,389 WIND RIVER SYSTEMS INCORPORATED+ 15,071
3,958 WPP GROUP PLC ADR 178,625
15,150 YAHOO! INCORPORATED+ 431,926
13,035,961
------------
CHEMICALS & ALLIED PRODUCTS - 9.32%
19,981 ABBOTT LABORATORIES 833,008
919 ABLE LABORATORIES INCORPORATED+ 19,758
2,875 AIR PRODUCTS & CHEMICALS INCORPORATED 150,592
8,814 AKZO NOBEL NV ADR 297,755
1,864 ALBERTO-CULVER COMPANY CLASS B 90,013
794 ALEXION PHARMACEUTICALS INCORPORATED+ 12,990
1,501 ALKERMES INCORPORATED+ 15,956
1,076 ALPHARMA INCORPORATED CLASS A 14,709
529 AMERICAN VANGUARD CORPORATION 16,087
16,927 AMGEN INCORPORATED+ 1,003,602
996 ANDRX CORPORATION+ 20,079
13,122 ASTRAZENECA PLC ADR 610,567
1,147 AVERY DENNISON CORPORATION 71,286
6,304 AVON PRODUCTS INCORPORATED 278,511
63
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
675 BONE CARE INTERNATIONAL INCORPORATED+ $ 16,578
25,918 BRISTOL-MYERS SQUIBB COMPANY 615,034
1,854 CABOT CORPORATION 73,863
1,857 CHIRON CORPORATION+ 78,700
2,207 CLOROX COMPANY 116,618
6,859 COLGATE PALMOLIVE COMPANY 370,386
1,281 CUBIST PHARMACEUTICALS INCORPORATED+ 10,081
1,332 DENDREON CORPORATION+ 13,094
2,879 DISCOVERY LABORATORIES INCORPORATED+ 22,744
11,993 DOW CHEMICAL COMPANY 513,420
12,660 DU PONT (E.I.) DE NEMOURS & COMPANY 535,012
1,189 EASTMAN CHEMICAL COMPANY 55,324
3,962 ECOLAB INCORPORATED 118,543
6,542 EISAI COMPANY LIMITED ADR 185,986
12,572 ELI LILLY & COMPANY 797,693
2,028 ESTEE LAUDER COMPANIES INCORPORATED
CLASS A 89,131
4,953 FOREST LABORATORIES INCORPORATED+ 227,095
5,524 GENAERA CORPORATION+ 18,671
5,829 GENENTECH INCORPORATED+ 284,339
3,090 GENZYME CORPORATION+ 166,860
3,008 GILEAD SCIENCES INCORPORATED+ 207,943
13,061 GILLETTE COMPANY 555,093
18,303 GLAXOSMITHKLINE PLC ADR 752,985
1,727 GREAT LAKES CHEMICAL CORPORATION 45,109
956 HOLLIS-EDEN PHARMACEUTICALS+ 9,350
1,932 HOSPIRA INCORPORATED+ 53,516
523 IDEXX LABORATORIES INCORPORATED+ 25,475
913 ILEX ONCOLOGY INCORPORATED+ 22,770
4,049 IMC GLOBAL INCORPORATED+ 64,541
786 IMCLONE SYSTEMS INCORPORATED+ 41,878
786 IMMUCOR INCORPORATED+ 16,074
874 IMPAX LABORATORIES INCORPORATED+ 12,507
6,284 INKINE PHARMACEUTICAL COMPANY
INCORPORATED+ 26,707
1,022 INTERMUNE INCORPORATED+ 10,557
2,360 INTERNATIONAL FLAVORS & FRAGRANCES
INCORPORATED 90,931
1,002 INVITROGEN CORPORATION+ 49,599
1,102 ISOLAGEN INCORPORATED+ 9,257
4,132 IVAX CORPORATION+ 79,996
1,205 K-V PHARMACEUTICAL COMPANY CLASS A+ 19,184
4,740 KING PHARMACEUTICALS INCORPORATED+ 59,060
1,213 LIGAND PHARMACEUTICALS INCORPORATED
CLASS B+ 11,924
3,821 LYONDELL CHEMICAL COMPANY 75,235
1,002 MEDICINES COMPANY+ 25,331
1,366 MEDICIS PHARMACEUTICAL CORPORATION
CLASS A 50,023
3,819 MEDIMMUNE INCORPORATED+ 91,160
29,117 MERCK & COMPANY INCORPORATED 1,309,391
661 MGI PHARMA INCORPORATED+ 15,355
1,413 MILLENNIUM CHEMICALS INCORPORATED+ 26,352
6,153 MILLENNIUM PHARMACEUTICALS
INCORPORATED+ 73,159
3,670 MONSANTO COMPANY 134,322
5,562 MYLAN LABORATORIES INCORPORATED 96,890
1,121 NEKTAR THERAPEUTICS+ 14,282
18,618 NOVARTIS AG ADR 864,806
788 NOVEN PHARMACEUTICALS INCORPORATED+ 14,964
4,862 NOVO NORDISK A/S ADR 260,603
1,011 NPS PHARMACEUTICALS INCORPORATED+ 21,231
1,242 NUVELO INCORPORATED+ 11,066
800 OM GROUP INCORPORATED+ 27,240
683 ONYX PHARMACEUTICALS INCORPORATED+ 25,367
515 OSI PHARMACEUTICALS INCORPORATED+ 30,689
1,037 PAR PHARMACEUTICAL COMPANIES
INCORPORATED+ 42,558
100,754 PFIZER INCORPORATED 3,291,633
349 PHARMION CORPORATION+ 17,160
6,886 PHARMOS CORPORATION+ 21,829
2,194 PPG INDUSTRIES INCORPORATED 131,135
3,968 PRAXAIR INCORPORATED 161,021
32,556 PROCTER & GAMBLE COMPANY 1,822,159
1,141 PROTEIN DESIGN LABS INCORPORATED+ 20,915
6,710 ROCHE HOLDING AG ADR 649,543
3,261 ROHM & HAAS COMPANY 132,168
957 SALIX PHARMACEUTICALS LIMITED+ 22,384
10,104 SANOFI-AVENTIS-ADR+ 363,929
18,961 SCHERING-PLOUGH CORPORATION 350,020
1,431 SEPRACOR INCORPORATED+ 70,992
18,052 SHISEIDO COMPANY LIMITED 231,768
1,378 SIGMA-ALDRICH CORPORATION 78,946
2,551 VALEANT PHARMACEUTICALS INTERNATIONAL 59,846
947 VALSPAR CORPORATION 44,784
2,743 VERTEX PHARMACEUTICALS INCORPORATED+ 26,689
2,985 VICURON PHARMACEUTICALS INCORPORATED+ 44,596
4,334 VION PHARMACEUTICALS INCORPORATED+ 15,256
2,228 WATSON PHARMACEUTICALS INCORPORATED+ 61,359
18,086 WYETH 661,405
21,398,102
------------
COAL MINING - 0.06%
1,069 CONSOL ENERGY INCORPORATED 34,294
1,014 MASSEY ENERGY COMPANY 27,905
743 PEABODY ENERGY CORPORATION 39,617
966 PENN VIRGINIA CORPORATION 33,288
135,104
------------
COMMUNICATIONS - 4.79%
551 AIRGATE PCS INCORPORATED+ 9,532
3,665 ALLTEL CORPORATION 200,292
4,901 AMERICAN TOWER CORPORATION CLASS A+ 72,976
12,995 AT&T CORPORATION 192,066
30,709 AT&T WIRELESS SERVICES INCORPORATED+ 448,966
6,507 AVAYA INCORPORATED+ 78,865
23,914 BELLSOUTH CORPORATION 639,939
4,312 BRITISH SKY BROADCASTING GROUP PLC ADR 150,058
8,885 BT GROUP PLC ADR 294,982
3,290 CABLEVISION SYSTEMS NEW YORK GROUP
CLASS A+ 60,931
2,354 CENTURYTEL INCORPORATED 75,775
7,520 CLEAR CHANNEL COMMUNICATIONS
INCORPORATED 251,995
28,635 COMCAST CORPORATION CLASS A+ 806,648
64
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
3,732 COX COMMUNICATIONS INCORPORATED
CLASS A+ $ 122,633
4,599 CROWN CASTLE INTERNATIONAL CORPORATION+ 65,812
22,450 DEUTSCHE TELEKOM AG ADR+ 393,548
10,134 DIRECTV GROUP INCORPORATED+ 160,827
3,787 ECHOSTAR COMMUNICATIONS CORPORATION
CLASS A+ 116,071
1,070 ENTERCOM COMMUNICATIONS CORPORATION+ 40,339
2,083 EXTREME NETWORKS INCORPORATED+ 9,686
2,506 FOUNDRY NETWORKS INCORPORATED+ 22,855
3,229 FOX ENTERTAINMENT GROUP INCORPORATED
CLASS A+ 87,635
5,525 FRANCE TELECOM SA ADR 130,390
723 GOLDEN TELECOM INCORPORATED 19,413
5,278 IAC INTERACTIVECORP+ 120,391
3,934 LAGARDERE SCA ADR 235,942
10,395 LEVEL 3 COMMUNICATIONS INCORPORATED+ 27,235
2,382 LIBERTY MEDIA INTERNATIONAL INCORPORATED
CLASS A+ 80,512
329 METROCALL HOLDINGS INCORPORATED+ 21,263
14,093 NEXTEL COMMUNICATIONS INCORPORATED
CLASS A+ 326,817
1,770 NEXTEL PARTNERS INCORPORATED CLASS A+ 25,523
5,829 NIPPON TELEGRAPH AND TELEPHONE
CORPORATION ADR 127,072
521 NOVATEL WIRELESS INCORPORATED+ 10,238
1,010 NTL INCORPORATED+ 54,853
7,817 NTT DOCOMO INCORPORATED ADR 146,178
20,815 QWEST COMMUNICATIONS INTERNATIONAL
INCORPORATED+ 60,155
1,071 RADIO ONE INCORPORATED CLASS D+ 16,708
4,534 REED ELSEVIER PLC ADR 163,451
43,977 SBC COMMUNICATIONS INCORPORATED 1,134,167
20,463 SPRINT CORPORATION-FON GROUP 402,712
9,098 TDC A/S ADR 161,126
14,024 TELEFONICA SA ADR 601,910
802 TELEPHONE & DATA SYSTEMS INCORPORATED 61,834
3,812 UNIVISION COMMUNICATIONS INCORPORATED
CLASS A+ 125,796
2,617 UTSTARCOM INCORPORATED+ 40,485
36,809 VERIZON COMMUNICATIONS INCORPORATED 1,444,753
46,838 VODAFONE GROUP PLC ADR 1,072,590
1,772 WESTERN WIRELESS CORPORATION CLASS A+ 44,459
2,029 XM SATELLITE RADIO HOLDINGS
INCORPORATED+ 55,737
11,014,141
------------
CONSTRUCTION SPECIAL TRADE
CONTRACTORS - 0.03%
485 CHEMED CORPORATION 26,525
1,270 DYCOM INDUSTRIES INCORPORATED+ 32,664
59,189
------------
DEPOSITORY INSTITUTIONS - 10.95%
15,568 ABN AMRO HOLDING NV ADR 331,443
10,517 ALLIED IRISH BANKS PLC ADR 330,865
7,730 AMSOUTH BANCORPORATION 201,366
4,807 ASSOCIATED BANC-CORP 150,459
1,902 ASTORIA FINANCIAL CORPORATION 69,119
35,248 BANCO BILBAO VIZCAYA ARGENTARIA SA
ADR 472,323
47,556 BANCO SANTANDER CENTRAL HISPANO SA
ADR 469,378
2,970 BANCTRUST FINANCIAL GROUP INCORPORATED 53,401
51,666 BANK OF AMERICA CORPORATION 2,323,937
120,000 BANK OF EAST ASIA LIMITED ADR 329,232
10,101 BANK OF NEW YORK COMPANY
INCORPORATED 301,010
4,984 BANKNORTH GROUP INCORPORATED 169,306
13,002 BARCLAYS PLC ADR 486,015
8,318 BAYERISCHE HYPO-UND VEREINSBANK AG
ADR+ 135,662
7,662 BB&T CORPORATION 306,403
730 BERKSHIRE HILLS BANCORP INCORPORATED 27,265
15,949 BNP PARIBAS SA ADR 482,342
1,294 BOSTON PRIVATE FINANCIAL HOLDINGS
INCORPORATED 31,522
3,115 CAPITOL FEDERAL FINANCIAL 105,287
2,804 CASCADE BANCORP 48,790
1,223 CENTRAL PACIFIC FINANCIAL CORPORATION 34,183
2,862 CHARTER ONE FINANCIAL INCORPORATED 127,273
3,772 CHITTENDEN CORPORATION 135,415
67,194 CITIGROUP INCORPORATED 3,129,897
1,574 CITY BANK LYNNWOOD WASHINGTON 51,627
3,403 COASTAL FINANCIAL CORPORATION 47,710
1,553 COMERICA INCORPORATED 93,413
1,150 COMMERCE BANCORP INCORPORATED 60,340
2,595 COMMERCE BANCSHARES INCORPORATED 125,416
1,166 COMMERCIAL CAPITAL BANCORPORATION
INCORPORATED 25,267
2,076 COMMERCIAL FEDERAL CORPORATION 56,613
3,753 COMPASS BANCSHARES INCORPORATED 173,576
6,003 DEUTSCHE BANK AG 412,406
1,365 FARMERS CAPITAL BANK CORPORATION 45,209
6,596 FIFTH THIRD BANCORP 328,547
2,242 FIRST HORIZON NATIONAL CORPORATION 101,944
983 FIRST OF LONG ISLAND CORPORATION 41,984
837 FIRST REPUBLIC BANK 37,489
1,040 FIRSTFED FINANCIAL CORPORATION+ 47,424
1,731 GOLDEN WEST FINANCIAL CORPORATION 187,346
1,791 GREENPOINT FINANCIAL CORPORATION 78,894
11,800 HBOS PLC ADR 432,725
11,673 HSBC HOLDINGS PLC ADR 909,093
6,846 HUNTINGTON BANCSHARES INCORPORATED 168,891
2,079 HYPO REAL ESTATE HOLDING AG ADR+ 66,197
4,662 INTERCHANGE FINANCIAL SERVICES CORP 113,287
958 INVESTORS FINANCIAL SERVICES CORPORATION 44,432
46,154 JP MORGAN CHASE & COMPANY 1,826,775
3,675 KEYCORP 115,211
10,842 LLOYDS TSB GROUP PLC ADR 330,247
1,526 M&T BANK CORPORATION 144,939
4,787 MARSHALL & ILSLEY CORPORATION 191,863
5,172 MELLON FINANCIAL CORPORATION 149,264
2,743 MERCANTILE BANKSHARES CORPORATION 130,567
708 NASB FINANCIAL INCORPORATED 26,019
65
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
4,293 NATIONAL AUSTRALIA BANK LIMITED $ 404,143
8,278 NATIONAL CITY CORPORATION 312,826
4,330 NATIONAL COMMERCE FINANCIAL
CORPORATION 145,661
3,428 NEW YORK COMMUNITY BANCORP
INCORPORATED 73,188
2,368 NORTH FORK BANCORPORATION INCORPORATED 99,314
3,009 NORTHERN TRUST CORPORATION 129,537
973 OAK HILL FINANCIAL INCORPORATED 33,082
927 PFF BANCORP INCORPORATED 34,206
2,767 PNC FINANCIAL SERVICES GROUP 148,505
8,284 POPULAR INCORPORATED 200,473
622 QUAKER CITY BANCORPORATION
INCORPORATED 34,210
1,060 R&G FINANCIAL CORPORATION CLASS B 36,655
7,062 REGIONS FINANCIAL CORPORATION 228,032
18,867 SAN PAOLO-IMI SPA 424,507
4,355 SEACOAST BANKING CORPORATION 95,026
819 SILICON VALLEY BANCSHARES+ 30,590
1,076 SMITHTOWN BANCORPORATION INCORPORATED 29,590
21,036 SOCIETE GENERALE 358,935
6,277 SOUTHTRUST CORPORATION 259,554
7,160 SOVEREIGN BANCORP INCORPORATED 156,518
4,418 STATE STREET CORPORATION 199,429
1,791 STERLING BANCORPORATION NY 50,363
3,475 SUNTRUST BANKS INCORPORATED 236,647
4,095 SY BANCORP INCORPORATED 96,642
4,391 SYNOVUS FINANCIAL CORPORATION 111,531
1,048 TCF FINANCIAL CORPORATION 66,737
1,287 TIERONE CORPORATION 27,465
957 TOMPKINS TRUSTCOMPANY INCORPORATED 42,988
1,025 UCBH HOLDINGS INCORPORATED 41,154
1,339 UNIONBANCAL CORPORATION 79,617
25,663 US BANCORP 757,058
16,763 WACHOVIA CORPORATION 786,352
10,964 WASHINGTON MUTUAL INCORPORATED 425,732
21,340 WELLS FARGO & COMPANY++ 1,253,725
11,434 WESTPAC BANKING CORPORATION ADR 679,866
2,613 WILMINGTON TRUST CORPORATION 97,047
1,021 WINTRUST FINANCIAL CORPORATION 56,032
1,532 ZIONS BANCORPORATION 95,413
25,154,958
------------
EATING & DRINKING PLACES - 0.49%
1,284 BOB EVANS FARMS INCORPORATED 32,151
1,417 BRINKER INTERNATIONAL INCORPORATED+ 43,148
889 CEC ENTERTAINMENT INCORPORATED+ 29,933
1,093 CHEESECAKE FACTORY INCORPORATED+ 45,228
3,371 DARDEN RESTAURANTS INCORPORATED 70,825
1,237 DAVE & BUSTER'S INCORPORATED+ 19,421
1,062 IHOP CORPORATION 36,851
1,193 JACK IN THE BOX INCORPORATED+ 33,690
2,395 KRISPY KREME DOUGHNUTS INCORPORATED+ 30,847
16,037 MCDONALD'S CORPORATION 433,320
2,336 OUTBACK STEAKHOUSE INCORPORATED 91,431
2,518 WENDY'S INTERNATIONAL INCORPORATED 86,544
4,355 YUM! BRANDS INCORPORATED 172,937
1,126,326
------------
EDUCATIONAL SERVICES - 0.12%
2,135 APOLLO GROUP INCORPORATED CLASS A+ 166,530
1,466 CAREER EDUCATION CORPORATION+ 45,211
1,867 DEVRY INCORPORATED+ 36,257
673 ITT EDUCATIONAL SERVICES INCORPORATED+ 23,266
271,264
------------
ELECTRIC, GAS & SANITARY SERVICES - 3.70%
8,509 AES CORPORATION+ 85,856
4,786 ALLIED WASTE INDUSTRIES INCORPORATED+ 49,009
3,457 AMEREN CORPORATION 161,753
5,646 AMERICAN ELECTRIC POWER COMPANY
INCORPORATED 184,794
11,700 BG GROUP PLC ADR 367,965
1,631 BLACK HILLS CORPORATION 45,423
4,534 CALPINE CORPORATION+ 15,506
1,670 CASCADE NATURAL GAS CORPORATION 34,786
6,192 CENTERPOINT ENERGY INCORPORATED 67,740
1,483 CENTRAL VERMONT PUBLIC SERVICE 31,217
3,965 CINERGY CORPORATION 160,503
6,843 CITIZENS COMMUNICATIONS COMPANY 86,427
3,951 CONSOLIDATED EDISON INCORPORATED 166,732
3,555 CONSTELLATION ENERGY GROUP INCORPORATED 146,110
4,203 DOMINION RESOURCES INCORPORATED 272,733
2,991 DTE ENERGY COMPANY 123,588
12,195 DUKE ENERGY CORPORATION 269,997
6,430 E.ON AG 458,138
6,168 EDISON INTERNATIONAL 165,796
8,763 EL PASO CORPORATION 71,681
20,596 ENDESA SA ADR 383,086
3,449 ENTERGY CORPORATION 207,975
9,484 EXELON CORPORATION 349,485
5,273 FIRSTENERGY CORPORATION 212,186
2,819 FPL GROUP INCORPORATED 195,075
3,098 HAWAIIAN ELECTRIC INDUSTRIES
INCORPORATED 79,959
110,000 HONG KONG ELECTRIC HOLDINGS
LIMITED ADR 490,776
5,430 INTERNATIONAL POWER PLC+ 149,108
2,042 KINDER MORGAN INCORPORATED 123,541
2,170 LACLEDE GROUP INCORPORATED 62,626
7,520 NATIONAL GRID TRANSCO PLC 318,923
1,836 NICOR INCORPORATED 65,821
5,095 NISOURCE INCORPORATED 105,976
1,914 NSTAR 93,403
3,585 NUI CORPORATION+ 47,967
6,235 PG&E CORPORATION+ 182,000
1,674 PINNACLE WEST CAPITAL CORPORATION 70,660
3,506 PPL CORPORATION 167,692
3,287 PROGRESS ENERGY INCORPORATED 144,266
3,301 PUBLIC SERVICE ENTERPRISE GROUP
INCORPORATED 139,764
4,883 RELIANT RESOURCES INCORPORATED+ 48,635
3,049 REPUBLIC SERVICES INCORPORATED 85,220
6,949 RWE AG 339,495
66
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
9,845 SCOTTISH POWER PLC $ 287,868
4,361 SEMPRA ENERGY 157,650
1,541 SOUTH JERSEY INDUSTRIES INCORPORATED 69,653
9,613 SOUTHERN COMPANY 291,755
309 TEXAS GENCO HOLDINGS INCORPORATED 14,307
4,526 TXU CORPORATION 188,417
1,162 UIL HOLDINGS CORPORATION 57,031
6,961 WASTE MANAGEMENT INCORPORATED 193,446
6,951 WILLIAMS COMPANIES INCORPORATED 82,647
7,369 XCEL ENERGY INCORPORATED 130,063
8,502,230
------------
ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT - 7.87%
2,226 ADVANCED FIBRE COMMUNICATIONS
INCORPORATED+ 38,220
5,489 ADVANCED MICRO DEVICES INCORPORATED+ 62,739
17,193 ALCATEL SA ADR+ 201,674
5,474 ALTERA CORPORATION+ 103,568
4,781 AMERICAN POWER CONVERSION CORPORATION 80,321
2,897 AMKOR TECHNOLOGY INCORPORATED+ 11,009
4,885 ANALOG DEVICES INCORPORATED 169,607
3,820 ANDREW CORPORATION+ 42,364
6,538 APPLIED MICRO CIRCUITS CORPORATION+ 21,902
707 APPLIED SIGNAL TECHNOLOGY INCORPORATED 24,526
773 ARTISAN COMPONENTS INCORPORATED+ 21,296
7,046 ASML HOLDING NV NY SHARES+ 91,175
1,037 ATMI INCORPORATED+ 19,537
1,562 AVX CORPORATION 18,088
1,329 BENCHMARK ELECTRONICS INCORPORATED+ 38,222
3,549 BROADCOM CORPORATION CLASS A+ 96,320
1,325 C&D TECHNOLOGIES INCORPORATED 21,333
4,239 CANON INCORPORATED ADR 203,345
494 CERADYNE INCORPORATED+ 19,231
11,617 CHARTERED SEMICONDUCTOR+ 73,187
8,531 CIENA CORPORATION+ 15,526
3,509 COMVERSE TECHNOLOGY INCORPORATED+ 61,443
5,952 CONEXANT SYSTEMS INCORPORATED+ 8,869
1,440 CREE INCORPORATED+ 36,014
1,318 CYMER INCORPORATED+ 35,217
3,055 CYPRESS SEMICONDUCTOR+ 29,817
819 DITECH COMMUNICATIONS CORPORATION+ 17,625
1,968 DSP GROUP INCORPORATED+ 37,412
1,185 DUPONT PHOTOMASKS INCORPORATED+ 18,510
1,174 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 24,290
5,165 EMERSON ELECTRIC COMPANY 321,521
1,311 ENERGIZER HOLDINGS INCORPORATED+ 54,197
1,656 FAIRCHILD SEMICONDUCTOR INTERNATIONAL
INCORPORATED+ 20,419
6,567 GEMSTAR-TV GUIDE INTERNATIONAL
INCORPORATED+ 34,674
138,907 GENERAL ELECTRIC COMPANY 4,554,761
1,781 GRAFTECH INTERNATIONAL LIMITED+ 18,985
834 HARMAN INTERNATIONAL INDUSTRIES
INCORPORATED 80,639
1,353 HARRIS CORPORATION 65,161
7,387 INFINEON TECHNOLOGIES AG ADR+ 72,467
1,228 INTEGRATED CIRCUIT SYSTEMS INCORPORATED+ 26,991
3,599 INTEGRATED DEVICE TECHNOLOGY
INCORPORATED+ 38,545
85,317 INTEL CORPORATION 1,816,399
1,327 INTERDIGITAL COMMUNICATIONS
CORPORATION+ 20,688
21,792 INTERNATIONAL BUSINESS MACHINES
CORPORATION 1,845,565
1,472 INTERNATIONAL RECTIFIER CORPORATION+ 48,370
3,049 INTERSIL CORPORATION CLASS A 53,144
3,388 JABIL CIRCUIT INCORPORATED+ 69,894
13,825 JDS UNIPHASE CORPORATION+ 42,996
2,926 KLA-TENCOR CORPORATION+ 109,315
13,328 KONINKLIJKE (ROYAL) PHILIPS
ELECTRONICS NV NY SHARES 309,210
1,343 L-3 COMMUNICATIONS HOLDINGS
INCORPORATED 84,126
2,886 LATTICE SEMICONDUCTOR CORPORATION+ 13,160
4,011 LINEAR TECHNOLOGY CORPORATION 143,473
645 LITTELFUSE INCORPORATED+ 23,491
8,425 LSI LOGIC CORPORATION+ 40,693
48,979 LUCENT TECHNOLOGIES INCORPORATED+ 153,304
17,072 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY
LIMITED ADR 230,472
4,108 MAXIM INTEGRATED PRODUCTS INCORPORATED 178,410
1,893 MAYTAG CORPORATION 38,295
2,602 MCDATA CORPORATION CLASS A+ 13,426
1,035 MERIX CORPORATION+ 10,309
3,587 MICROCHIP TECHNOLOGY INCORPORATED 94,661
7,678 MICRON TECHNOLOGY INCORPORATED+ 88,374
2,961 MINDSPEED TECHNOLOGIES INCORPORATED+ 8,972
46,296 MINEBEA COMPANY LIMITED ADR 392,322
3,414 MOLEX INCORPORATED 98,562
30,386 MOTOROLA INCORPORATED 490,734
1,515 MYKROLIS CORPORATION+ 13,377
1,105 NATIONAL PRESTO INDUSTRIES INCORPORATED 44,974
4,976 NATIONAL SEMICONDUCTOR CORPORATION+ 66,330
5,011 NETWORK APPLIANCE INCORPORATED+ 100,571
44,034 NOKIA OYJ ADR 523,124
2,130 NOVELLUS SYSTEMS INCORPORATED+ 52,036
2,599 NVIDIA CORPORATION+ 32,384
1,001 OMNIVISION TECHNOLOGIES INCORPORATED+ 10,440
8,730 OMRON CORPORATION 186,938
1,425 OPENWAVE SYSTEMS INCORPORATED+ 13,281
1,202 PHOTRONICS INCORPORATED+ 17,249
1,060 PLANTRONICS INCORPORATED 41,181
2,153 PMC-SIERRA INCORPORATED+ 20,109
2,714 POLYCOM INCORPORATED+ 53,004
3,530 POWER-ONE INCORPORATED+ 26,510
2,579 POWERWAVE TECHNOLOGIES+ 15,603
1,499 QLOGIC CORPORATION+ 39,139
21,040 QUALCOMM INCORPORATED 800,572
2,021 RAMBUS INCORPORATED+ 25,909
2,591 RF MICRO DEVICES INCORPORATED+ 13,266
3,488 ROCKWELL COLLINS INCORPORATED 119,952
500 ROGERS CORPORATION+ 23,195
67
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
10,522 SANMINA-SCI CORPORATION+ $ 72,812
11,974 SANYO ELECTRIC CO LIMITED 205,115
2,462 SCIENTIFIC-ATLANTA INCORPORATED 67,065
1,183 SEMTECH CORPORATION+ 21,400
1,273 SILICON IMAGE INCORPORATED+ 14,003
938 SILICON LABORATORIES INCORPORATED+ 30,757
8,378 SIRIUS SATELLITE RADIO INCORPORATED+ 19,437
2,104 SKYWORKS SOLUTIONS INCORPORATED+ 17,526
711 SOHU.COM INCORPORATED+ 10,565
13,480 SOLECTRON CORPORATION+ 69,557
6,754 SONY CORPORATION ADR 234,161
4,628 SPATIALIGHT INCORPORATED+ 23,047
8,118 STMICROELECTRONICS NV NY SHARES 138,899
2,801 TDK CORPORATION ADR 185,958
19,317 TELEFONAKTIEBOLAGET LM ERICSSON ADR+ 522,332
7,706 TELLABS INCORPORATED+ 69,893
22,367 TEXAS INSTRUMENTS INCORPORATED 437,051
1,906 THOMAS & BETTS CORPORATION+ 46,888
3,387 TRIQUINT SEMICONDUCTOR INCORPORATED+ 12,871
7,203 VALENCE TECHNOLOGY INCORPORATED+ 20,385
752 VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES INCORPORATED+ 21,056
3,879 VISHAY INTERTECHNOLOGY INCORPORATED+ 49,457
4,018 VITESSE SEMICONDUCTOR CORPORATION+ 10,125
750 WHIRLPOOL CORPORATION 45,855
4,507 XILINX INCORPORATED 123,627
1,217 ZORAN CORPORATION+ 19,156
18,077,254
------------
ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES - 0.56%
900 AFFYMETRIX INCORPORATED+ 25,020
733 AMERICAN HEALTHCORP+ 19,791
1,328 AMYLIN PHARMACEUTICALS INCORPORATED+ 26,281
1,948 APPLERA CORPORATION-CELERA GENOMICS
GROUP+ 20,980
661 ATRIX LABORATORIES INCORPORATED+ 19,539
3,704 AXONYX INCORPORATED+ 15,742
5,067 BEARINGPOINT INCORPORATED+ 40,891
851 CDI CORPORATION 17,871
1,415 CELGENE CORPORATION+ 80,301
1,143 CEPHALON INCORPORATED+ 53,732
1,692 CORNELL COMPANIES INCORPORATED+ 20,304
615 CORPORATE EXECUTIVE BOARD COMPANY 36,199
6,335 CURAGEN CORPORATION+ 33,069
2,267 CV THERAPEUTICS INCORPORATED+ 29,086
808 ERESEARCH TECHNOLOGY INCORPORATED+ 16,249
1,414 FLUOR CORPORATION 60,449
639 GEN-PROBE INCORPORATED+ 23,068
1,537 ICOS CORPORATION+ 40,100
229,595 INVENSYS PLC+ 121,846
2,055 MOODY'S CORPORATION 140,891
1,018 NAVIGANT CONSULTING INCORPORATED+ 19,515
978 OMNICELL INCORPORATED+ 12,000
4,780 PAYCHEX INCORPORATED 141,823
1,324 QUEST DIAGNOSTICS INCORPORATED 113,334
527 RESOURCES CONNECTION INCORPORATED+ 17,275
10,589 SERVICEMASTER COMPANY 131,621
1,119 TELIK INCORPORATED+ 21,194
1,298,171
------------
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION
EQUIPMENT - 0.41%
815 AMERON INTERNATIONAL CORPORATION 29,625
1,396 BALL CORPORATION 52,127
1,112 COMPX INTERNATIONAL INCORPORATED+ 17,736
1,759 CRANE COMPANY 47,493
1,876 FORTUNE BRANDS INCORPORATED 137,229
3,523 ILLINOIS TOOL WORKS INCORPORATED 321,615
6,706 MASCO CORPORATION 215,464
913 METALS USA INCORPORATED+ 14,718
981 NCI BUILDING SYSTEMS INCORPORATED+ 30,097
1,791 SNAP-ON INCORPORATED 56,900
541 TASER INTERNATIONAL INCORPORATED+ 14,926
1,158 WATER PIK TECHNOLOGIES INCORPORATED+ 15,494
953,424
------------
FINANCIAL SERVICES - 0.03%
4,932 JANUS CAPITAL GROUP INCORPORATED 67,766
------------
FOOD & KINDRED PRODUCTS - 3.10%
469 ADOLPH COORS COMPANY CLASS B 32,122
823 AMERICAN ITALIAN PASTA COMPANY CLASS A 22,262
8,864 ANHEUSER-BUSCH COMPANIES INCORPORATED 468,019
10,789 ARCHER-DANIELS-MIDLAND COMPANY 172,300
9,517 CADBURY SCHWEPPES PLC ADR 310,730
4,902 CAMPBELL SOUP COMPANY 127,256
27,653 COCA COLA COMPANY 1,236,366
4,143 COCA COLA ENTERPRISES INCORPORATED 85,553
7,404 CONAGRA FOODS INCORPORATED 193,985
2,015 DEL MONTE FOODS COMPANY+ 21,258
6,505 DIAGEO PLC ADR 324,925
4,114 GENERAL MILLS INCORPORATED 194,387
18,076 GROUPE DANONE ADR 291,927
1,062 HANSEN NATURAL CORPORATION+ 25,212
2,460 HERSHEY FOODS CORPORATION 118,769
4,250 HJ HEINZ COMPANY 161,118
3,512 HORMEL FOODS CORPORATION 93,770
1,563 JM SMUCKER COMPANY 71,867
3,747 KELLOGG COMPANY 157,299
26,192 KIRIN BREWERY COMPANY LIMITED 238,347
4,044 KRAFT FOODS INCORPORATED CLASS A 126,496
3,379 MCCORMICK & COMPANY INCORPORATED 113,365
784 MGP INGREDIENTS INCORPORATED 7,221
14,360 NESTLE SA ADR 847,921
3,290 PEPSI BOTTLING GROUP INCORPORATED 88,139
4,217 PEPSIAMERICAS INCORPORATED 83,665
20,922 PEPSICO INCORPORATED 1,046,100
10,933 SARA LEE CORPORATION 241,947
4,474 TYSON FOODS INCORPORATED CLASS A 73,732
2,240 WM WRIGLEY JR COMPANY 138,947
7,115,005
------------
68
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
FOOD STORES - 0.67%
5,159 ALBERTSON'S INCORPORATED $ 126,808
9,287 COLES MYER LIMITED ADR 468,994
12,798 KONINKLIJKE AHOLD NV ADR+ 80,371
9,968 KROGER COMPANY+ 164,771
5,822 STARBUCKS CORPORATION+ 251,743
25,880 TESCO PLC ADR 371,523
715 WHOLE FOODS MARKET INCORPORATED 55,577
3,083 WINN-DIXIE STORES INCORPORATED+ 12,856
1,532,643
------------
FORESTRY - 0.07%
2,715 WEYERHAEUSER COMPANY 169,715
------------
FURNITURE & FIXTURES - 0.20%
1,842 HERMAN MILLER INCORPORATED 46,400
1,404 HILLENBRAND INDUSTRIES INCORPORATED 78,989
1,124 HNI CORPORATION 44,061
2,266 HOOKER FURNITURE CORPORATION 60,094
4,877 LEGGETT & PLATT INCORPORATED 131,142
4,086 NEWELL RUBBERMAID INCORPORATED 87,972
1,036 SELECT COMFORT CORPORATION+ 16,452
465,110
------------
GENERAL MERCHANDISE STORES - 0.65%
3,110 BIG LOTS INCORPORATED+ 37,911
5,264 DOLLAR GENERAL CORPORATION 103,701
2,855 FAMILY DOLLAR STORES INCORPORATED 75,515
2,700 FEDERATED DEPARTMENT STORES
INCORPORATED 117,180
2,606 FOOT LOCKER INCORPORATED 58,296
1,014 FRED'S INCORPORATED 14,105
3,626 JC PENNEY COMPANY INCORPORATED 138,948
535 KMART HOLDING CORPORATION+ 40,992
4,343 MAY DEPARTMENT STORES COMPANY 106,447
3,326 SEARS ROEBUCK & COMPANY 127,319
11,375 TARGET CORPORATION 507,098
7,490 TJX COMPANIES INCORPORATED 158,488
1,486,000
------------
HEALTH SERVICES - 0.66%
452 AMEDISYS INCORPORATED+ 11,698
4,553 BIOGEN IDEC INCORPORATED+ 270,129
6,402 CAREMARK RX INCORPORATED+ 183,737
826 COVANCE INCORPORATED+ 30,934
1,148 DAVITA INCORPORATED+ 34,796
1,265 ENZON PHARMACEUTICALS INCORPORATED+ 17,609
2,517 FIRST HEALTH GROUP CORPORATION+ 38,384
6,468 HCA INCORPORATED 251,023
4,665 HEALTH MANAGEMENT ASSOCIATION
INCORPORATED CLASS A 89,195
3,414 HUMAN GENOME SCIENCES INCORPORATED+ 36,769
3,587 IMMUNOMEDICS INCORPORATED+ 10,079
741 INVERESK RESEARCH GROUP INCORPORATED+ 26,313
2,117 LABORATORY CORPORATION OF AMERICA
HOLDINGS+ 88,046
488 LCA-VISION INCORPORATED 11,507
1,498 LINCARE HOLDINGS INCORPORATED+ 48,146
1,420 MANOR CARE INCORPORATED 43,551
979 NEIGHBORCARE INCORPORATED+ 24,857
905 ODYSSEY HEALTHCARE INCORPORATED+ 16,037
401 PEDIATRIX MEDICAL GROUP INCORPORATED+ 28,110
1,523 RENAL CARE GROUP INCORPORATED+ 48,233
1,649 SELECT MEDICAL CORPORATION 21,899
524 SIERRA HEALTH SERVICES INCORPORATED+ 22,595
6,007 TENET HEALTHCARE CORPORATION+ 62,593
823 TRIAD HOSPITALS INCORPORATED+ 26,163
702 UNITED SURGICAL PARTNERS INTERNATIONAL
INCORPORATED+ 25,349
1,272 UNIVERSAL HEALTH SERVICES CLASS B 57,304
1,525,056
------------
HOLDING & OTHER INVESTMENT OFFICES - 1.68%
977 4KIDS ENTERTAINMENT INCORPORATED+ 17,029
2,944 ACADIA REALTY TRUST 43,130
1,344 AMERICAN HOME MORTGAGE INVESTMENT
CORPORATION 36,584
5,364 ARCHSTONE-SMITH TRUST 167,625
2,461 BEDFORD PROPERTY INVESTORS 76,045
2,625 BOSTON PROPERTIES INCORPORATED 145,635
1,665 CAPITAL TRUST INCORPORATED NY CLASS A 44,872
2,621 CAPSTEAD MORTGAGE CORPORATION 36,904
3,661 CEDAR SHOPPING CENTERS INCORPORATED 49,606
1,506 CORPORATE OFFICE PROPERTIES TRUST
SBI MD 39,834
1,343 CORRECTIONAL PROPERTIES TRUST 35,925
5,109 CRESCENT REAL ESTATE EQUITIES COMPANY 81,591
4,923 DUKE REALTY CORPORATION 167,382
1,183 EASTGROUP PROPERTIES INCORPORATED 39,926
1,539 ENTERTAINMENT PROPERTIES TRUST 57,482
5,834 EQUITY OFFICE PROPERTIES TRUST 166,619
4,653 EQUITY RESIDENTIAL 150,711
2,344 FELCOR LODGING TRUST INCORPORATED+ 27,448
2,169 GENERAL GROWTH PROPERTIES INCORPORATED 65,439
980 HEADWATERS INCORPORATED+ 29,998
1,716 HERITAGE PROPERTY INVESTMENT TRUST 49,867
8,033 HOST MARRIOTT CORPORATION+ 107,241
1,915 IMPAC MORTGAGE HOLDINGS INCORPORATED 49,426
3,190 ISTAR FINANCIAL INCORPORATED 128,366
1,714 KILROY REALTY CORPORATION 64,875
3,375 KIMCO REALTY CORPORATION 169,830
3,565 KRAMONT REALTY TRUST 65,881
1,356 LASALLE HOTEL PROPERTIES 38,293
1,595 MANUFACTURED HOME COMMUNITIES
INCORPORATED 53,385
1,411 MID-AMERICA APARTMENT COMMUNITIES
INCORPORATED 55,946
20,147 MITSUBISHI TOKYO FINANCIAL GROUP
INCORPORATED ADR 182,532
1,622 NATIONAL HEALTH INVESTORS INCORPORATED 46,778
777 NOVASTAR FINANCIAL INCORPORATED 31,266
1,191 PARKWAY PROPERTIES INCORPORATED 56,275
1,359 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 51,995
4,204 PLUM CREEK TIMBER COMPANY 138,900
2,970 PUBLIC STORAGE INCORPORATED 151,024
69
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
1,904 RAIT INVESTMENT TRUST $ 51,218
2,067 RAMCO-GERSHENSON PROPERTIES 55,850
658 REDWOOD TRUST INCORPORATED 38,861
1,554 SAUL CENTERS INCORPORATED 51,670
2,908 SIMON PROPERTY GROUP INCORPORATED 162,703
1,598 SOVRAN SELF STORAGE INCORPORATED 63,361
1,663 TANGER FACTORY OUTLET CENTERS
INCORPORATED 73,338
2,899 THE ROUSE COMPANY 192,639
1,792 TOWN & COUNTRY TRUST 45,499
2,652 U.S. RESTAURANT PROPERTIES INCORPORATED 44,076
2,665 VORNADO REALTY TRUST 167,255
3,868,135
------------
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES - 0.23%
4,143 BED BATH & BEYOND INCORPORATED+ 155,031
3,712 BEST BUY COMPANY INCORPORATED 172,682
3,004 CIRCUIT CITY STORES INCORPORATED 38,962
634 COST PLUS INCORPORATED+ 21,721
3,110 RADIO SHACK CORPORATION 83,784
1,467 WILLIAMS-SONOMA INCORPORATED+ 51,330
523,510
------------
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES - 0.24%
3,969 EMPIRE RESORTS INCORPORATED+ 34,927
7,778 HILTON HOTELS CORPORATION 138,837
805 MANDALAY RESORT GROUP 54,611
3,088 MARRIOTT INTERNATIONAL INCORPORATED
CLASS A 146,526
1,502 MGM MIRAGE+ 62,093
2,382 STARWOOD HOTELS & RESORTS
WORLDWIDE INCORPORATED 105,284
542,278
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT - 4.07%
9,548 3M COMPANY 786,373
664 ACTUANT CORPORATION CLASS A+ 25,126
2,625 AMERICAN STANDARD COMPANIES
INCORPORATED+ 98,726
5,366 APPLE COMPUTER INCORPORATED+ 185,073
22,138 APPLIED MATERIALS INCORPORATED+ 351,773
4,536 BAKER HUGHES INCORPORATED 178,401
1,308 BHA GROUP HOLDINGS INCORPORATED 49,704
1,524 BLACK & DECKER CORPORATION 105,049
502 BLACK BOX CORPORATION 18,192
6,171 BROCADE COMMUNICATIONS SYSTEMS
INCORPORATED+ 30,423
1,061 BROOKS AUTOMATION INCORPORATED+ 13,188
895 CASCADE CORPORATION 23,091
4,284 CATERPILLAR INCORPORATED 311,447
1,284 CDW CORPORATION 75,114
89,644 CISCO SYSTEMS INCORPORATED+ 1,681,721
1,082 COOPER CAMERON CORPORATION+ 55,106
3,294 DEERE & COMPANY 208,411
33,677 DELL INCORPORATED+ 1,173,307
1,635 DIEBOLD INCORPORATED 79,935
1,390 DOT HILL SYSTEMS CORPORATION+ 10,647
2,906 DOVER CORPORATION 109,643
31,888 EMC CORPORATION+ 343,434
1,979 EMULEX CORPORATION+ 20,997
456 ENGINEERED SUPPORT SYSTEMS INCORPORATED 19,704
504 EQUINIX INCORPORATED+ 16,022
1,139 FLOWSERVE CORPORATION+ 26,129
7,604 GATEWAY INCORPORATED+ 33,382
4,333 GRANT PRIDECO INCORPORATED+ 79,164
3,067 HITACHI LIMITED ADR 193,436
838 JOY GLOBAL INCORPORATED 25,400
7,066 JUNIPER NETWORKS INCORPORATED+ 161,741
11,336 KOMATSU LIMITED ADR 277,241
2,459 LAM RESEARCH CORPORATION+ 52,991
1,721 LEXMARK INTERNATIONAL INCORPORATED+ 152,222
1,624 LINDSAY MANUFACTURING COMPANY 40,535
29,711 MAKITA CORPORATION 442,991
914 MANITOWOC COMPANY INCORPORATED 30,308
25,869 NEC CORPORATION ADR 166,079
982 NORDSON CORPORATION 33,673
2,615 PALL CORPORATION 63,701
752 PALMONE INCORPORATED+ 24,553
1,737 PARKER HANNIFIN CORPORATION 94,441
2,769 PENTAIR INCORPORATED 92,042
2,735 PITNEY BOWES INCORPORATED 119,137
1,256 ROBBINS & MYERS INCORPORATED 23,990
2,282 SANDISK CORPORATION+ 53,285
1,036 SCIENTIFIC GAMES CORPORATION CLASS A+ 17,643
7,802 SIEMENS AG 538,728
1,804 SMITH INTERNATIONAL INCORPORATED+ 102,792
1,390 SPX CORPORATION 50,721
1,235 STANLEY WORKS 53,426
2,411 STORAGE TECHNOLOGY CORPORATION+ 58,467
4,304 SYMBOL TECHNOLOGIES INCORPORATED 55,522
1,020 TENNANT COMPANY 41,055
900 TEREX CORPORATION+ 32,517
488 TORO COMPANY 31,803
711 TRANSACT TECHNOLOGIES INCORPORATED+ 12,656
2,378 VARIAN MEDICAL SYSTEMS INCORPORATED+ 78,831
4,518 WESTERN DIGITAL CORPORATION+ 33,704
1,319 ZEBRA TECHNOLOGIES CORPORATION
CLASS A+ 75,352
9,340,265
------------
INSURANCE AGENTS, BROKERS &
SERVICE - 0.42%
4,803 AON CORPORATION 124,638
838 HILB, ROGAL & HAMILTON COMPANY 28,526
1,577 JEFFERSON-PILOT CORPORATION 75,538
797 LABONE INCORPORATED+ 23,296
6,713 MARSH & MCLENNAN COMPANIES
INCORPORATED 300,004
3,356 MEDCO HEALTH SOLUTIONS INCORPORATED+ 104,808
6,096 METLIFE INCORPORATED 227,076
1,031 NATIONAL FINANCIAL PARTNERS CORPORATION 35,466
3,315 UNUMPROVIDENT CORPORATION 53,637
972,989
------------
70
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
INSURANCE CARRIERS - 3.96%
13,413 AEGON NV $ 144,056
2,095 AETNA INCORPORATED 194,102
6,886 AFLAC INCORPORATED 276,129
97 ALLEGHANY CORPORATION+ 25,221
17,718 ALLIANZ AG ADR 171,687
994 ALLMERICA FINANCIAL CORPORATION+ 28,826
8,359 ALLSTATE CORPORATION 394,628
1,342 AMBAC FINANCIAL GROUP INCORPORATED 101,321
29,921 AMERICAN INTERNATIONAL GROUP
INCORPORATED 2,131,572
1,198 AMERICAN MEDICAL SECURITY GROUP
INCORPORATED+ 27,003
1,029 AMERICAN NATIONAL INSURANCE COMPANY 97,755
1,935 ANTHEM INCORPORATED+ 157,199
16,551 AXA ADR 340,123
620 CENTENE CORPORATION+ 24,515
2,036 CHUBB CORPORATION 138,468
1,720 CIGNA CORPORATION 114,483
3,122 CINCINNATI FINANCIAL CORPORATION 125,973
2,982 FIDELITY NATIONAL FINANCIAL INCORPORATED 112,272
3,614 HARTFORD FINANCIAL SERVICES GROUP
INCORPORATED 221,032
2,339 HEALTH NET INCORPORATED+ 60,674
18,464 ING GROEP NV ADR 451,260
975 KANSAS CITY LIFE INSURANCE COMPANY 39,662
754 LANDAMERICA FINANCIAL GROUP
INCORPORATED 32,452
2,330 LINCOLN NATIONAL CORPORATION 105,549
2,449 LOEWS CORPORATION 139,103
222 MARKEL CORPORATION+ 65,235
1,832 MBIA INCORPORATED 104,919
1,200 MERCURY GENERAL CORPORATION 60,180
1,165 MGIC INVESTMENT CORPORATION 79,535
1,720 MILLEA HOLDINGS INCORPORATED 118,303
4,063 OLD REPUBLIC INTERNATIONAL CORPORATION 95,684
1,007 PACIFICARE HEALTH SYSTEMS INCORPORATED+ 32,838
538 PHILADELPHIA CONSOLIDATED HOLDING
CORPORATION+ 28,654
1,533 PMI GROUP INCORPORATED 63,665
4,050 PRINCIPAL FINANCIAL GROUP INCORPORATED 140,575
2,744 PROGRESSIVE CORPORATION 220,343
7,375 PRUDENTIAL FINANCIAL INCORPORATED 340,578
1,870 RADIAN GROUP INCORPORATED 82,841
1,986 SAFECO CORPORATION 95,666
8,899 ST PAUL COMPANIES INCORPORATED 308,706
531 STANCORP FINANCIAL GROUP INCORPORATED 38,498
1,357 STEWART INFORMATION SERVICES CORPORATION 22,675
4,193 SWISS REINSURANCE COMPANY ADR 237,087
2,222 TORCHMARK CORPORATION 114,389
625 TRANSATLANTIC HOLDING INCORPORATED 33,938
8,903 UNITEDHEALTH GROUP INCORPORATED 588,755
1,719 UNITRIN INCORPORATED 72,112
1,129 W.R. BERKLEY CORPORATION 45,589
2,168 WELLPOINT HEALTH NETWORKS
INCORPORATED+ 212,854
648 ZENITH NATIONAL INSURANCE CORPORATION 28,007
15,181 ZURICH FINANCIAL SERVICES AG ADR+ 211,603
9,098,294
------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.02%
838 CORRECTIONS CORPORATION OF AMERICA+ 29,028
1,156 GEO GROUP INCORPORATED+ 22,542
51,570
------------
LEATHER & LEATHER PRODUCTS - 0.06%
638 BROWN SHOE COMPANY INCORPORATED 16,920
2,963 COACH INCORPORATED+ 124,890
141,810
------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.09%
1,567 COACHMEN INDUSTRIES INCORPORATED 24,414
3,575 GEORGIA-PACIFIC CORPORATION 121,478
1,320 LOUISIANA-PACIFIC CORPORATION 32,551
799 SKYLINE CORPORATION 30,522
208,965
------------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS - 2.65%
1,007 ABAXIS INCORPORATED+ 15,155
890 ADVANCED MEDICAL OPTICS INCORPORATED+ 33,126
570 ADVANCED NEUROMODULATION SYSTEMS
INCORPORATED+ 16,712
14,916 ADVANTEST CORPORATION ADR 237,463
7,081 AGILENT TECHNOLOGIES INCORPORATED+ 145,160
1,401 ALIGN TECHNOLOGY INCORPORATED+ 21,463
1,859 ALLERGAN INCORPORATED 138,774
3,949 APPLERA CORPORATION-APPLIED
BIOSYSTEMS GROUP 75,189
599 ARMOR HOLDINGS INCORPORATED+ 21,241
701 ARTHROCARE CORPORATION+ 16,824
1,139 BAUSCH & LOMB INCORPORATED 75,117
8,132 BAXTER INTERNATIONAL INCORPORATED 248,351
1,461 BECKMAN COULTER INCORPORATED 81,509
3,654 BECTON DICKINSON & COMPANY 175,830
4,121 BIOMET INCORPORATED 188,124
8,896 BOSTON SCIENTIFIC CORPORATION+ 317,854
1,918 C.R. BARD INCORPORATED 107,600
845 COLE NATIONAL CORPORATION+ 23,026
1,792 CREDENCE SYSTEMS CORPORATION+ 11,953
548 CYBERONICS INCORPORATED+ 9,382
639 CYBEROPTICS CORPORATION+ 11,189
3,339 DANAHER CORPORATION 171,691
4,061 EASTMAN KODAK COMPANY 120,124
651 FARO TECHNOLOGIES INCORPORATED+ 13,391
926 FEI COMPANY+ 17,585
1,932 FISHER SCIENTIFIC INTERNATIONAL
INCORPORATED+ 110,066
9,050 FUJI PHOTO FILM COMPANY LIMITED ADR 286,152
4,074 GUIDANT CORPORATION 243,625
909 HOLOGIC INCORPORATED+ 16,835
691 INTEGRA LIFESCIENCES HOLDINGS+ 20,640
71
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
1,040 INTUITIVE SURGICAL INCORPORATED+ $ 25,220
453 INVISION TECHNOLOGIES INCORPORATED+ 21,291
827 KEITHLEY INSTRUMENTS INCORPORATED 13,315
598 KENSEY NASH CORPORATION+ 17,097
530 LASERSCOPE+ 10,494
963 MEASUREMENT SPECIALTIES INCORPORATED+ 22,447
15,643 MEDTRONIC INCORPORATED 778,239
945 MENTOR CORPORATION 33,245
1,043 MILLIPORE CORPORATION+ 52,463
801 OCULAR SCIENCES INCORPORATED+ 34,924
8,507 OLYMPUS CORPORATION ADR 161,233
2,350 PERKINELMER INCORPORATED 41,078
563 PHOTON DYNAMICS INCORPORATED+ 12,651
655 POSSIS MEDICAL INCORPORATED+ 11,462
5,308 RAYTHEON COMPANY 184,347
883 RESMED INCORPORATED+ 42,181
2,261 RICOH COMPANY LIMITED ADR 221,475
3,265 ROCKWELL AUTOMATION INCORPORATED 127,335
2,401 ST. JUDE MEDICAL INCORPORATED+ 161,467
4,162 STRYKER CORPORATION 188,539
1,724 SYBRON DENTAL SPECIALTIES INCORPORATED+ 48,065
734 TECHNE CORPORATION+ 28,435
2,268 TEKTRONIX INCORPORATED 64,797
2,915 TERADYNE INCORPORATED+ 37,516
3,522 THERMO ELECTRON CORPORATION+ 92,523
5,599 THERMOGENESIS+ 21,948
1,018 TRIMBLE NAVIGATION LIMITED+ 28,036
1,376 UNITED INDUSTRIAL CORPORATION NEW YORK 41,376
1,350 VARIAN INCORPORATED+ 53,082
1,138 VIASYS HEALTHCARE INCORPORATED+ 16,558
917 VISX INCORPORATED+ 18,597
1,999 WATERS CORPORATION+ 86,577
839 WRIGHT MEDICAL GROUP INCORPORATED+ 22,653
12,128 XEROX CORPORATION+ 162,879
3,019 ZIMMER HOLDINGS INCORPORATED+ 215,255
737 ZOLL MEDICAL CORPORATION+ 24,579
6,094,530
------------
MEDICAL EQUIPMENT & SUPPLIES - 0.01%
1,938 WILSON GREATBATCH TECHNOLOGIES
INCORPORATED+ 31,744
------------
MEDICAL MANAGEMENT SERVICES - 0.02%
861 COVENTRY HEALTH CARE INCORPORATED+ 43,722
------------
MEMBERSHIP ORGANIZATIONS - 0.00%
955 BRIGHTPOINT INCORPORATED+ 12,654
------------
METAL MINING - 0.42%
330 CLEVELAND CLIFFS INCORPORATED+ 22,027
2,686 FREEPORT-MCMORAN COPPER & GOLD
INCORPORATED CLASS B 101,074
5,499 NEWMONT MINING CORPORATION 244,101
1,403 PHELPS DODGE CORPORATION 114,429
4,092 RIO TINTO PLC ADR 415,665
1,414 ROYAL GOLD INCORPORATED 21,804
671 SOUTHERN PERU COPPER CORPORATION 29,860
1,020 STILLWATER MINING COMPANY+ 14,606
963,566
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS - 0.04%
1,754 VULCAN MATERIALS COMPANY 83,613
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES - 1.55%
2,086 EATON CORPORATION 125,890
4,376 HASBRO INCORPORATED 81,087
40,623 HEWLETT-PACKARD COMPANY 726,745
1,499 ITT INDUSTRIES INCORPORATED 118,571
1,125 JAKKS PACIFIC INCORPORATED+ 22,028
38,062 JOHNSON & JOHNSON 2,211,402
888 LEAPFROG ENTERPRISES INCORPORATED+ 17,574
6,354 MATTEL INCORPORATED 102,236
799 RC2 CORPORATION+ 25,256
1,583 RUSS BERRIE AND COMPANY INCORPORATED 30,552
915 STEINWAY MUSICAL INSTRUMENTS+ 25,995
2,469 TIFFANY & COMPANY 76,416
3,563,752
------------
MISCELLANEOUS RETAIL - 1.61%
1,227 ACTION PERFORMANCE COMPANIES
INCORPORATED 13,399
3,959 AMAZON.COM INCORPORATED+ 150,996
1,236 BLAIR CORPORATION 34,608
6,231 COSTCO WHOLESALE CORPORATION 256,530
5,560 CVS CORPORATION 222,400
748 DICK'S SPORTING GOODS INCORPORATED+ 24,220
1,111 DILLARDS INCORPORATED CLASS A 21,109
2,661 DOLLAR TREE STORES INCORPORATED+ 62,560
1,312 EXPRESS SCRIPTS INCORPORATED+ 82,918
1,820 HANCOCK FABRICS INCORPORATED 20,220
1,249 MICHAELS STORES INCORPORATED 71,605
6,049 OFFICE DEPOT INCORPORATED+ 96,844
359 OVERSTOCK.COM INCORPORATED+ 11,255
1,985 PETSMART INCORPORATED 55,699
850 PRICELINE.COM INCORPORATED+ 17,748
11,227 RITE AID CORPORATION+ 49,399
7,466 STAPLES INCORPORATED 214,125
2,757 TOYS R US INCORPORATED+ 44,774
32,757 WAL-MART STORES INCORPORATED 1,725,311
13,228 WALGREEN COMPANY 482,161
637 WORLD FUEL SERVICES CORPORATION 22,410
798 ZALE CORPORATION+ 20,445
3,700,736
------------
MISCELLANEOUS SERVICES - 0.12%
14,635 ADECCO SA ADR 171,083
1,713 D&B CORPORATION+ 94,455
265,538
------------
MOTION PICTURES - 0.87%
43,986 LIBERTY MEDIA CORPORATION CLASS A+ 391,915
1,250 MACROVISION CORPORATION+ 29,562
1,533 NEWS CORPORATION LIMITED ADR
PREFERRED 45,607
57,770 TIME WARNER INCORPORATED+ 944,540
26,196 WALT DISNEY COMPANY 588,100
1,999,724
------------
72
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING - 0.34%
998 ARKANSAS BEST CORPORATION $ 34,381
1,566 CNF INCORPORATED 64,237
891 FORWARD AIR CORPORATION+ 32,370
857 HUNT (J.B.) TRANSPORT SERVICES
INCORPORATED 29,052
717 LANDSTAR SYSTEM INCORPORATED+ 37,628
990 SCS TRANSPORTATION INCORPORATED+ 18,375
7,313 UNITED PARCEL SERVICE INCORPORATED
CLASS B 534,215
923 USF CORPORATION 31,622
781,880
------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.80%
679 ACCREDITED HOME LENDERS HOLDING
COMPANY+ 27,004
14,281 AMERICAN EXPRESS COMPANY 714,336
2,041 AMERICREDIT CORPORATION+ 42,677
3,237 CAPITAL ONE FINANCIAL CORPORATION 219,339
2,969 CIT GROUP INCORPORATED 106,112
7,958 COUNTRYWIDE FINANCIAL CORPORATION 282,907
12,619 FANNIE MAE 939,485
896 FEDERAL AGRICULTURAL MORTGAGE
CORPORATION CLASS C+ 17,795
936 FINANCIAL FEDERAL CORPORATION+ 31,131
8,925 FREDDIE MAC 599,046
15,918 MBNA CORPORATION 384,260
620 NEW CENTURY FINANCIAL CORPORATION 33,257
6,661 ORIX CORPORATION ADR 341,709
5,295 PROVIDIAN FINANCIAL CORPORATION+ 76,460
1,282 SAXON CAPITAL INCORPORATED+ 32,242
5,837 SLM CORPORATION 227,760
449 STUDENT LOAN CORPORATION 64,544
4,140,064
------------
OIL & GAS EXTRACTION - 2.34%
3,835 ANADARKO PETROLEUM CORPORATION 227,109
4,842 APACHE CORPORATION 216,389
2,594 BJ SERVICES COMPANY 124,642
5,632 BURLINGTON RESOURCES INCORPORATED 204,047
1,075 CABOT OIL AND GAS CORPORATION 43,441
1,157 CAL DIVE INTERNATIONAL INCORPORATED+ 34,559
1,962 CALLON PETROLEUM COMPANY+ 22,583
1,054 CHENIERE ENERGY INCORPORATED+ 18,224
2,182 CHESAPEAKE ENERGY CORPORATION 30,832
1,422 CIMAREX ENERGY COMPANY+ 42,560
2,177 DENBURY RESOURCES INCORPORATED+ 47,676
2,821 DEVON ENERGY CORPORATION 182,829
1,997 DIAMOND OFFSHORE DRILLING INCORPORATED 50,764
1,306 EDGE PETROLEUM CORPORATION+ 19,198
1,569 ENCORE ACQUISITION COMPANY+ 43,775
2,185 ENERGY PARTNERS LTD+ 33,409
6,551 ENI SPA ADR 673,967
3,434 ENSCO INTERNATIONAL INCORPORATED 100,135
1,947 EOG RESOURCES INCORPORATED 112,478
2,252 EQUITABLE RESOURCES INCORPORATED 118,072
3,170 FX ENERGY INCORPORATED+ 27,484
6,857 HALLIBURTON COMPANY 200,019
1,996 HANOVER COMPRESSOR COMPANY+ 23,014
1,249 KERR-MCGEE CORPORATION 65,922
5,933 OCCIDENTAL PETROLEUM CORPORATION 306,439
987 PATINA OIL & GAS CORPORATION 26,422
940 QUICKSILVER RESOURCES INCORPORATED+ 26,480
1,500 REMINGTON OIL & GAS CORPORATION+ 37,140
19,291 REPSOL YPF SA ADR 400,095
2,165 ROWAN COMPANIES INCORPORATED+ 52,653
752 SEACOR SMIT INCORPORATED+ 32,464
9,470 SHELL TRANSPORT & TRADING COMPANY
PLC ADR 419,521
1,112 SOUTHWESTERN ENERGY COMPANY+ 39,554
837 SPINNAKER EXPLORATION COMPANY+ 28,575
1,140 ST. MARY LAND & EXPLORATION COMPANY 39,775
857 STONE ENERGY CORPORATION+ 35,651
1,219 SWIFT ENERGY COMPANY+ 24,807
1,218 TIDEWATER INCORPORATED 35,541
2,373 TODCO+ 36,615
9,121 TOTAL SA ADR 893,767
3,500 UNOCAL CORPORATION 130,690
2,870 VARCO INTERNATIONAL INCORPORATED+ 69,684
3,038 XTO ENERGY INCORPORATED 85,185
5,384,186
------------
PAPER & ALLIED PRODUCTS - 0.70%
2,142 BEMIS COMPANY INCORPORATED 56,613
1,557 BOISE CASCADE CORPORATION 48,718
1,015 BOWATER INCORPORATED 36,469
6,621 BUNZL PLC ADR 260,470
968 GREIF INCORPORATED CLASS A 37,752
5,792 INTERNATIONAL PAPER COMPANY 231,796
5,760 KIMBERLY-CLARK CORPORATION 384,192
3,479 MEADWESTVACO CORPORATION 104,892
4,016 PACTIV CORPORATION+ 94,978
1,897 POPE & TALBOT INCORPORATED 34,962
4,491 REXAM PLC ADR 183,862
3,387 SONOCO PRODUCTS COMPANY 87,757
735 TEMPLE-INLAND INCORPORATED 50,186
1,612,647
------------
PERSONAL SERVICES - 0.16%
1,228 ANGELICA CORPORATION 28,674
2,694 CINTAS CORPORATION 110,481
1,013 G & K SERVICES INCORPORATED CLASS A 36,883
2,305 H & R BLOCK INCORPORATED 111,239
946 REGIS CORPORATION 38,720
2,872 SERVICE CORPORATION INTERNATIONAL US+ 17,261
908 UNIFIRST CORPORATION 26,087
369,345
------------
PETROLEUM REFINING & RELATED
INDUSTRIES - 3.72%
858 AMERADA HESS CORPORATION 69,069
971 ASHLAND INCORPORATED 49,939
22,469 BP PLC ADR 1,206,585
13,509 CHEVRONTEXACO CORPORATION 1,317,127
8,928 CONOCOPHILLIPS 664,511
73
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
85,878 EXXON MOBIL CORPORATION $ 3,958,976
1,433 FRONTIER OIL CORPORATION 29,262
885 GIANT INDUSTRIES INCORPORATED+ 19,735
5,336 MARATHON OIL CORPORATION 193,537
1,638 MURPHY OIL CORPORATION 123,685
12,962 ROYAL DUTCH PETROLEUM COMPANY 657,044
1,462 SUNOCO INCORPORATED 89,913
1,284 TESORO PETROLEUM CORPORATION+ 30,405
1,891 VALERO ENERGY CORPORATION 124,863
8,534,651
------------
PRIMARY METAL INDUSTRIES - 0.69%
11,424 ALCOA INCORPORATED 369,909
1,810 ALLEGHENY TECHNOLOGIES INCORPORATED 34,046
738 CARPENTER TECHNOLOGY CORPORATION 32,694
1,303 COMMSCOPE INCORPORATED+ 25,891
559 CURTISS-WRIGHT CORPORATION 30,549
3,283 ENGELHARD CORPORATION 92,811
1,713 IMCO RECYCLING INCORPORATED+ 17,781
6,981 JOHNSON MATTHEY PLC ADR 227,936
12,402 KUBOTA CORPORATION ADR 314,391
990 LONE STAR TECHNOLOGIES INCORPORATED+ 30,413
928 MAVERICK TUBE CORPORATION+ 27,487
911 MUELLER INDUSTRIES INCORPORATED 35,793
1,059 NS GROUP INCORPORATED+ 15,885
1,242 NUCOR CORPORATION 97,236
967 OREGON STEEL MILLS INCORPORATED+ 14,002
1,404 PRECISION CASTPARTS CORPORATION 77,346
626 QUANEX CORPORATION 28,846
1,045 STEEL DYNAMICS INCORPORATED 32,771
701 TEXAS INDUSTRIES INCORPORATED 30,704
1,468 UNITED STATES STEEL CORPORATION 54,184
1,590,675
------------
PRINTING, PUBLISHING & ALLIED
INDUSTRIES - 1.22%
3,826 BELO CORPORATION CLASS A 87,769
664 CONSOLIDATED GRAPHICS INCORPORATED+ 27,125
947 CSS INDUSTRIES INCORPORATED 28,618
1,095 DOW JONES & COMPANY INCORPORATED 44,950
1,700 ENNIS INCORPORATED 31,756
340 EW SCRIPPS COMPANY CLASS A 34,785
3,342 GANNETT COMPANY INCORPORATED 283,067
959 KNIGHT-RIDDER INCORPORATED 61,788
396 MCCLATCHY COMPANY CLASS A 28,393
2,121 MCGRAW-HILL COMPANIES INCORPORATED 160,623
721 MEDIA GENERAL INCORPORATED CLASS A 41,955
1,589 MEREDITH CORPORATION 79,577
2,066 NEW YORK TIMES COMPANY CLASS A 83,921
6,310 NEWS CORPORATION LIMITED ADR 197,188
875 PULITZER INCORPORATED 42,613
2,458 READERS DIGEST ASSOCIATION INCORPORATED 34,953
8,593 REED ELSEVIER NV ADR 221,442
3,088 RR DONNELLEY & SONS COMPANY 94,894
4,816 TOPPAN PRINTING COMPANY LIMITED ADR 249,258
3,705 TRIBUNE COMPANY 154,684
1,481 VALASSIS COMMUNICATIONS INCORPORATED+ 41,853
20,778 VIACOM INCORPORATED CLASS B 692,115
88 WASHINGTON POST COMPANY CLASS B 76,428
2,799,755
------------
RAILROAD TRANSPORTATION - 0.26%
4,995 BURLINGTON NORTHERN SANTA FE
CORPORATION 178,821
3,236 CSX CORPORATION 102,193
5,820 NORFOLK SOUTHERN CORPORATION 165,288
2,866 UNION PACIFIC CORPORATION 163,677
609,979
------------
REAL ESTATE - 0.22%
2,815 CATELLUS DEVELOPMENT CORPORATION 76,765
74,722 CITY DEVELOPMENTS LIMITED 277,077
791 CONSOLIDATED-TOMOKA LAND CO 28,484
1,119 JONES LANG LASALLE INCORPORATED+ 36,535
1,837 ST. JOE COMPANY 88,911
507,772
------------
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS - 0.30%
616 APPLIED FILMS CORPORATION+ 12,258
5,872 BRIDGESTONE CORPORATION 222,049
1,161 COOPER TIRE & RUBBER COMPANY 26,285
2,270 GOODYEAR TIRE & RUBBER COMPANY+ 24,925
714 JARDEN CORPORATION+ 21,627
2,445 NIKE INCORPORATED CLASS B 184,133
1,699 SEALED AIR CORPORATION+ 83,455
602 TREX COMPANY INCORPORATED+ 26,091
3,036 TUPPERWARE CORPORATION 51,824
690 WEST PHARMACEUTICAL SERVICES
INCORPORATED 27,593
680,240
------------
SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES - 1.66%
1,893 AG EDWARDS INCORPORATED 65,839
4,250 AMERITRADE HOLDING CORPORATION+ 48,407
1,370 BEAR STEARNS COMPANIES INCORPORATED 120,450
1,077 BKF CAPITAL GROUP INCORPORATED 29,876
850 BLACKROCK INCORPORATED 62,126
18,902 CHARLES SCHWAB CORPORATION 178,624
448 CHICAGO MERCANTILE EXCHANGE 59,642
11,987 CREDIT SUISSE GROUP ADR+ 374,714
7,675 E*TRADE FINANCIAL CORPORATION+ 90,412
2,528 FRANKLIN RESOURCES INCORPORATED 134,667
1,737 FRIEDMAN BILLINGS RAMSEY GROUP
INCORPORATED CLASS A 32,742
951 GABELLI ASSET MANAGEMENT
INCORPORATED CLASS A 38,715
4,163 GOLDMAN SACHS GROUP INCORPORATED 373,213
1,257 JEFFERIES GROUP INCORPORATED 42,122
1,077 LEGG MASON INCORPORATED 86,892
3,559 LEHMAN BROTHERS HOLDINGS INCORPORATED 262,975
12,277 MERRILL LYNCH & COMPANY INCORPORATED 626,986
13,890 MORGAN STANLEY 704,640
16,453 NOMURA HOLDINGS INCORPORATED ADR 228,368
3,100 NUVEEN INVESTMENTS CLASS A 88,350
74
PORTFOLIO OF INVESTMENTS --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
711 PIPER JAFFRAY COMPANIES INCORPORATED+ $ 30,644
954 STIFEL FINANCIAL CORPORATION+ 26,054
2,071 T ROWE PRICE GROUP INCORPORATED 102,577
3,809,035
------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.55%
1,249 CABOT MICROELECTRONICS CORPORATION+ 41,704
17,994 CORNING INCORPORATED+ 182,099
1,222 GENTEX CORPORATION 41,964
7,056 HANSON PLC ADR 241,809
17,900 HOLCIM LIMITED ADR 478,891
10,826 LAFARGE SA ADR 234,383
2,243 OWENS-ILLINOIS INCORPORATED+ 36,000
1,256,850
------------
TEXTILE MILL PRODUCTS - 0.04%
953 MOHAWK INDUSTRIES INCORPORATED+ 73,305
660 OXFORD INDUSTRIES INCORPORATED 26,703
100,008
------------
TOBACCO PRODUCTS - 0.92%
25,805 ALTRIA GROUP INCORPORATED 1,263,155
9,042 BRITISH AMERICAN TOBACCO PLC ADR 273,611
6,495 IMPERIAL TOBACCO GROUP PLC ADR 289,677
1,510 LOEWS CORPORATION - CAROLINA GROUP 37,267
1,159 REYNOLDS AMERICAN INCORPORATED 87,504
3,065 UST INCORPORATED 122,968
2,048 VECTOR GROUP LTD 34,283
2,108,465
------------
TRANSPORTATION BY AIR - 0.37%
1,282 ALASKA AIR GROUP INCORPORATED+ 30,178
2,341 AMR CORPORATION+ 20,929
5,925 DELTA AIR LINES INCORPORATED+ 23,937
978 EGL INCORPORATED+ 23,697
4,125 FEDEX CORPORATION 338,209
14,533 JAPAN AIRLINES SYSTEM ADR+ 209,894
1,212 JETBLUE AIRWAYS CORPORATION+ 28,906
11,469 SOUTHWEST AIRLINES COMPANY 169,971
845,721
------------
TRANSPORTATION EQUIPMENT - 2.68%
1,142 AUTOLIV INCORPORATED 48,250
15,460 BAE SYSTEMS PLC ADR 223,051
10,620 BOEING COMPANY 554,576
2,047 BRUNSWICK CORPORATION 80,468
10,098 DAIMLERCHRYSLER AG 421,793
1,380 DANA CORPORATION 26,041
11,562 DELPHI CORPORATION 105,908
915 DUCOMMUN INCORPORATED+ 19,828
18,722 FIAT SPA ADR 134,237
24,071 FORD MOTOR COMPANY 339,642
2,471 GENERAL DYNAMICS CORPORATION 241,268
6,137 GENERAL MOTORS CORPORATION 253,519
3,251 GENUINE PARTS COMPANY 123,245
1,678 GOODRICH CORPORATION 53,293
2,042 GREENBRIER COS INCORPORATED 42,984
877 GROUP 1 AUTOMOTIVE INCORPORATED+ 24,091
3,995 HARLEY-DAVIDSON INCORPORATED 243,775
1,647 HEICO CORPORATION 26,863
15,438 HONDA MOTOR COMPANY LIMITED ADR 385,641
10,953 HONEYWELL INTERNATIONAL INCORPORATED 394,089
2,796 JOHNSON CONTROLS INCORPORATED 157,415
1,212 LEAR CORPORATION 65,303
4,876 LOCKHEED MARTIN CORPORATION 262,231
759 MONACO COACH CORPORATION 16,311
1,157 NAVISTAR INTERNATIONAL CORPORATION+ 41,397
4,674 NORTHROP GRUMMAN CORPORATION 241,412
2,832 PACCAR INCORPORATED 170,458
1,102 POLARIS INDUSTRIES INCORPORATED 51,970
1,224 TENNECO AUTOMOTIVE INCORPORATED+ 16,451
1,915 TEXTRON INCORPORATED 121,583
7,378 TOYOTA MOTOR CORPORATION ADR 584,264
1,081 TRINITY INDUSTRIES INCORPORATED 29,998
1,154 TRIUMPH GROUP INCORPORATED+ 37,159
6,364 UNITED TECHNOLOGIES CORPORATION 597,643
666 WABASH NATIONAL CORPORATION+ 17,669
6,153,826
------------
TRANSPORTATION SERVICES - 0.10%
2,689 EXPEDITORS INTERNATIONAL OF
WASHINGTON INCORPORATED 131,169
1,053 GATX CORPORATION 28,399
803 ORBITZ INCORPORATED+ 14,880
2,037 SABRE HOLDINGS CORPORATION 46,851
221,299
------------
WATER TRANSPORTATION - 0.16%
6,193 CARNIVAL PLC ADR 298,627
917 KIRBY CORPORATION+ 32,590
722 OVERSEAS SHIPHOLDING GROUP
INCORPORATED 31,046
362,263
------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.83%
1,665 AMERISOURCE-BERGEN CORPORATION 90,077
1,160 BROWN-FORMAN CORPORATION CLASS B 55,088
5,969 CARDINAL HEALTH INCORPORATED 269,799
2,713 DEAN FOODS COMPANY+ 100,571
793 KENNETH COLE PRODUCTIONS
INCORPORATED CLASS A 21,395
4,029 MCKESSON CORPORATION 124,698
893 PERRY ELLIS INTERNATIONAL INCORPORATED+ 20,173
6,412 SAFEWAY INCORPORATED+ 129,522
5,315 SMURFIT-STONE CONTAINER CORPORATION+ 94,288
1,337 STANDARD COMMERCIAL CORPORATION 20,456
2,848 SUPERVALU INCORPORATED 75,073
8,370 SYSCO CORPORATION 269,012
651 TRACTOR SUPPLY COMPANY+ 22,668
5,374 UNILEVER NV 322,762
8,188 UNILEVER PLC ADR 285,270
1,900,852
------------
WHOLESALE TRADE-DURABLE GOODS - 0.80%
2,808 ARROW ELECTRONICS INCORPORATED+ 60,765
3,214 AVNET INCORPORATED+ 51,038
1,286 BORGWARNER INCORPORATED 57,536
75
PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCK - (CONTINUED)
2,744 CYTYC CORPORATION+ $ 65,746
555 DREW INDUSTRIES INCORPORATED+ 19,092
666 IMAGISTICS INTERNATIONAL INCORPORATED+ 21,612
1,557 INGRAM MICRO INCORPORATED CLASS A+ 23,075
1,260 INSIGHT ENTERPRISES INCORPORATED+ 20,160
1,667 INTAC INTERNATIONAL+ 13,753
2,599 KYOCERA CORPORATION ADR 190,663
10,644 MITSUBISHI CORPORATION ADR 219,776
1,584 MITSUI & COMPANY LIMITED ADR 255,657
11,074 NISSAN MOTOR COMPANY LIMITED ADR 241,413
2,222 OMNICARE INCORPORATED 64,305
721 PATTERSON COMPANIES INCORPORATED+ 52,799
902 PEP BOYS-MANNY, MOE & JACK 14,342
1,353 RYERSON TULL INCORPORATED 21,567
861 SCP POOL CORPORATION 36,325
40,716 SUMITOMO MITSUI FINANCIAL 245,236
5,047 SYCAMORE NETWORKS INCORPORATED+ 19,229
1,262 TECH DATA CORPORATION+ 47,527
1,985 VISTEON CORPORATION 18,520
1,424 W.W. GRAINGER INCORPORATED 76,056
1,836,192
------------
TOTAL COMMON STOCK
(COST $201,245,926) 206,384,896
------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE
US TREASURY SECURITIES - 9.55%
US TREASURY BONDS - 1.37%
$3,100,000 US TREASURY BOND 3.25 08/15/2007 $ 3,145,409
-------------
US TREASURY NOTES - 8.18%
3,500,000 US TREASURY NOTE 3.00 11/15/2007 3,520,919
2,480,000 US TREASURY NOTE 2.63 05/15/2008 2,449,873
275,000 US TREASURY NOTE 3.25 08/15/2008 276,998
3,500,000 US TREASURY NOTE 3.13 09/15/2008 3,506,290
3,000,000 US TREASURY NOTE 3.38 12/15/2008 3,027,423
3,000,000 US TREASURY NOTE 2.63 03/15/2009 2,925,234
3,000,000 US TREASURY NOTE 4.00 06/15/2009 3,094,335
18,801,072
-------------
TOTAL US TREASURY SECURITIES
(COST $21,526,287) 21,946,481
-------------
COLLATERAL FOR SECURITIES LENDING - 28.21%
COLLATERAL FOR SECURITY LENDING 64,782,172
TOTAL COLLATERAL FOR SECURITIES
LENDING (COST $64,782,172) 64,782,172
-------------
SHORT-TERM INVESTMENTS - 0.60%
US TREASURY BILLS - 0.60%
537,000 US TREASURY BILL^ 1.30 09/02/2004 536,981
63,000 US TREASURY BILL^ 1.31 09/02/2004 62,998
468,000 US TREASURY BILL^ 1.32 09/02/2004 467,983
232,000 US TREASURY BILL^ 1.33 09/02/2004 231,991
71,000 US TREASURY BILL^ 1.34 09/02/2004 70,997
1,370,950
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $1,370,950) 1,370,950
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $288,925,335)* 128.21% $ 294,484,499
OTHER ASSETS AND LIABILITIES, NET (28.21) (64,802,622)
------ -------------
TOTAL NET ASSETS 100.00% $ 229,681,877
------ -------------
+ NON-INCOME EARNING SECURITIES.
++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $1,084,217.
^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO
MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
76
STATEMENT OF ASSETS AND LIABILITIES --
AUGUST 31, 2004 (UNAUDITED) WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK OUTLOOK OUTLOOK
TODAY 2010 2020
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................. $ 90,317,626 $ 189,631,553 $ 303,913,994
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ....................... 43,154,090 90,845,882 142,618,524
INVESTMENTS IN AFFILIATES ....................................... 177,601 514,826 1,133,758
------------- ------------- -------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ................. 133,649,317 280,992,261 447,666,276
------------- ------------- -------------
CASH ............................................................ 50,245 50,965 50,864
RECEIVABLE FOR FUND SHARES ISSUED ............................... 67,207 152,439 198,945
RECEIVABLES FOR DIVIDENDS AND INTEREST .......................... 583,262 1,053,805 1,247,171
------------- ------------- -------------
TOTAL ASSETS ...................................................... 134,350,031 282,249,470 449,163,256
------------- ------------- -------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ................................ 37,167 158,515 151,807
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........... 70,202 152,624 236,432
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ......................... 39,459 49,674 58,384
PAYABLE FOR SECURITIES LOANED (NOTE 2) .......................... 43,154,090 90,845,882 142,618,524
ACCRUED EXPENSES AND OTHER LIABILITIES .......................... 77,150 79,315 26,389
TOTAL LIABILITIES ................................................. 43,378,068 91,286,010 143,091,536
------------- ------------- -------------
TOTAL NET ASSETS .................................................. $ 90,971,963 $ 190,963,460 $ 306,071,720
============= ============= =============
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ................................................. $ 88,236,504 $ 187,874,025 $ 307,062,168
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................... 241,149 531,536 748,858
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (629,396) (4,827,899) (10,687,083)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS,
FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES ............................. 3,123,706 7,385,798 8,947,777
------------- ------------- -------------
TOTAL NET ASSETS .................................................. $ 90,971,963 $ 190,963,460 $ 306,071,720
------------- ------------- -------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(2)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ............................................ $ 38,759,371 $ 83,716,073 $ 137,835,169
SHARES OUTSTANDING - CLASS A .................................... 3,883,387 7,007,565 10,966,664
NET ASSET VALUE PER SHARE - CLASS A ............................. $ 9.98 $ 11.95 $ 12.57
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(1) ................... $ 10.59 $ 12.68 $ 13.34
NET ASSETS - CLASS B ............................................ $ 21,314,068 $ 29,805,781 $ 27,531,127
SHARES OUTSTANDING - CLASS B .................................... 2,098,093 2,493,996 2,210,000
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B .......... $ 10.16 $ 11.95 $ 12.46
NET ASSETS - CLASS C ............................................ $ 14,621,660 $ 6,819,313 $ 5,638,477
SHARES OUTSTANDING - CLASS C .................................... 1,442,644 565,961 449,800
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C .......... $ 10.14 $ 12.05 $ 12.54
NET ASSETS - INSTITUTIONAL CLASS ................................ $ 16,266,812 $ 70,612,321 $ 135,053,069
SHARES OUTSTANDING - INSTITUTIONAL CLASS ........................ 1,604,240 5,864,086 10,631,844
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS ........................................... $ 10.14 $ 12.04 $ 12.70
NET ASSETS - SELECT CLASS ....................................... $ 10,052 $ 9,972 $ 13,878
SHARES OUTSTANDING - SELECT CLASS ............................... 991 828 1,092
NET ASSET VALUE AND OFFERING PRICE PER SHARE - SELECT CLASS ..... $ 10.14 $ 12.04 $ 12.71
------------- ------------- -------------
INVESTMENTS AT COST ............................................... $ 130,525,611 $ 273,606,463 $ 438,718,499
============= ============= =============
SECURITIES ON LOAN, AT MARKET VALUE ............................... $ 42,800,078 $ 89,696,285 $ 140,093,728
============= ============= =============
OUTLOOK OUTLOOK
2030 2040
- -------------------------------------------------------------------------------------------------------
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................. $ 190,490,601 $ 228,448,602
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ....................... 66,318,113 64,782,172
INVESTMENTS IN AFFILIATES ....................................... 877,549 1,253,725
------------- -------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ................. 257,686,263 294,484,499
------------- -------------
CASH ............................................................ 50,425 50,185
RECEIVABLE FOR FUND SHARES ISSUED ............................... 214,259 87,697
RECEIVABLES FOR DIVIDENDS AND INTEREST .......................... 599,642 587,401
------------- -------------
TOTAL ASSETS ...................................................... 258,550,589 295,209,782
------------- -------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ................................ 58,824 126,934
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........... 148,625 187,475
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ......................... 41,488 60,340
PAYABLE FOR SECURITIES LOANED (NOTE 2) .......................... 66,318,113 64,782,172
ACCRUED EXPENSES AND OTHER LIABILITIES .......................... 53,405 370,984
TOTAL LIABILITIES ................................................. 66,620,455 65,527,905
------------- -------------
TOTAL NET ASSETS .................................................. $ 191,930,134 $ 229,681,877
============= =============
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ................................................. $ 190,149,279 $ 241,714,396
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................... 373,905 1,188,172
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (2,113,901) (18,779,855)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS,
FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES ............................. 3,520,851 5,559,164
------------- -------------
TOTAL NET ASSETS .................................................. $ 191,930,134 $ 229,681,877
------------- -------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(2)
- -------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ............................................ $ 100,636,531 $ 152,395,856
SHARES OUTSTANDING - CLASS A .................................... 7,713,437 10,980,249
NET ASSET VALUE PER SHARE - CLASS A ............................. $ 13.05 $ 13.88
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(1) ................... $ 13.85 $ 14.73
NET ASSETS - CLASS B ............................................ $ 17,687,480 $ 31,357,942
SHARES OUTSTANDING - CLASS B .................................... 1,379,095 2,356,011
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B .......... $ 12.83 $ 13.31
NET ASSETS - CLASS C ............................................ $ 4,624,669 $ 4,150,614
SHARES OUTSTANDING - CLASS C .................................... 360,294 312,011
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C .......... $ 12.84 $ 13.30
NET ASSETS - INSTITUTIONAL CLASS ................................ $ 68,971,649 $ 41,767,728
SHARES OUTSTANDING - INSTITUTIONAL CLASS ........................ 5,242,015 2,965,839
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS ........................................... $ 13.16 $ 14.08
NET ASSETS - SELECT CLASS ....................................... $ 9,805 $ 9,737
SHARES OUTSTANDING - SELECT CLASS ............................... 745 691
NET ASSET VALUE AND OFFERING PRICE PER SHARE - SELECT CLASS ..... $ 13.16 $ 14.09
------------- -------------
INVESTMENTS AT COST ............................................... $ 254,165,412 $ 288,925,335
============= =============
SECURITIES ON LOAN, AT MARKET VALUE ............................... $ 64,824,625 $ 63,066,242
============= =============
(1) 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.
(2) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
77
STATEMENT OF OPERATIONS --
WELLS FARGO OUTLOOK FUNDS FOR THE PERIOD ENDED AUGUST 31, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK
TODAY 2010 2020 2030 2040
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ............................................. $ 319,665 $ 979,737 $ 2,024,338 $ 1,513,237 $ 2,121,401
INTEREST .............................................. 941,479 1,581,133 1,711,465 780,710 503,100
INCOME FROM AFFILIATED SECURITIES ..................... 2,919 8,424 18,399 14,556 20,667
SECURITIES LENDING INCOME ............................. 30,933 67,196 98,938 45,466 43,670
------------ ------------ ------------ ------------ ------------
TOTAL INVESTMENT INCOME ................................. 1,294,996 2,636,490 3,853,140 2,353,969 2,688,838
------------ ------------ ------------ ------------ ------------
EXPENSES
ADVISORY FEES ......................................... 305,707 662,389 1,025,020 650,742 798,617
ADMINISTRATION FEES
FUND LEVEL .......................................... 22,384 48,469 75,043 47,633 58,433
CLASS A ............................................. 55,161 119,766 188,330 143,869 217,245
CLASS B ............................................. 30,498 44,719 42,471 27,002 50,411
CLASS C ............................................. 20,111 11,000 10,657 7,560 6,978
INSTITUTIONAL CLASS ................................. 13,981 68,528 127,695 63,075 37,559
SELECT CLASS ........................................ 2 2 2 2 2
CUSTODY FEES .......................................... 8,953 19,388 30,017 19,053 23,373
SHAREHOLDER SERVICING FEES ............................ 94,437 156,683 215,588 159,314 245,209
ACCOUNTING FEES ....................................... 12,633 15,607 18,636 15,511 4,503
DISTRIBUTION FEES (NOTE 3)
CLASS B ............................................. 81,690 119,783 113,762 72,327 135,029
CLASS C ............................................. 53,868 29,464 28,546 20,250 18,692
AUDIT FEES ............................................ 8,217 8,217 8,217 8,217 8,217
LEGAL FEES ............................................ 756 115 1,765 1,260 176
REGISTRATION FEES ..................................... 0 150 15,123 5,042 326
SHAREHOLDER REPORTS ................................... 7,562 235 25,206 16,131 498
TRUSTEES' FEES ........................................ 3,023 3,025 3,025 3,025 3,023
OTHER FEES AND EXPENSES ............................... 1,788 3,637 5,942 4,206 24
------------ ------------ ------------ ------------ ------------
TOTAL EXPENSES .......................................... 720,771 1,311,177 1,935,045 1,264,219 1,608,315
------------ ------------ ------------ ------------ ------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......... (31,842) (20,713) (58,788) (43,916) (13,968)
NET EXPENSES .......................................... 688,929 1,290,464 1,876,257 1,220,303 1,594,347
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ............................ 606,067 1,346,026 1,976,883 1,133,666 1,094,491
------------ ------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN
CURRENCY TRANSLATION ................................ 45,965 863,833 (162,203) (104,168) 1,772,719
AFFILIATED SECURITIES ................................. 6,220 10,933 36,579 17,788 11,170
------------ ------------ ------------ ------------ ------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............... 52,185 874,766 (125,624) (86,380) 1,783,889
------------ ------------ ------------ ------------ ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN
CURRENCY TRANSLATION ................................ (1,822,945) (5,556,064) (9,344,400) (6,988,290) (11,695,679)
------------ ------------ ------------ ------------ ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ........................................ (1,822,945) (5,556,064) (9,344,400) (6,988,290) (11,695,679)
============ ============ ============ ============ ============
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .. (1,770,760) (4,681,298) (9,470,024) (7,074,670) (9,911,790)
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ....................................... $ (1,164,693) $ (3,335,272) $ (7,493,141) $ (5,941,004) $ (8,817,299)
============ ============ ============ ============ ============
(1) NET OF FOREIGN WITHHOLDING TAXES OF ................. $ 14,699 $ 45,953 $ 88,969 $ 62,619 $ 86,906
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
78
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO OUTLOOK FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
OUTLOOK TODAY
-------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- -----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................... $ 88,683,030 $ 69,281,351
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................ 606,067 1,068,781
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................. 52,185 (244,355)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ........................................... (1,822,945) 10,261,110
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................. (1,164,693) 11,085,536
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................... (274,102) (600,878)
CLASS B ............................................... (67,074) (213,613)
CLASS C ............................................... (46,993) (110,063)
INSTITUTIONAL CLASS ................................... (108,937) (201,161)
SELECT CLASS .......................................... 0 N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................... 0 0
CLASS B ............................................... 0 0
CLASS C ............................................... 0 0
INSTITUTIONAL CLASS ................................... 0 0
SELECT CLASS .......................................... 0 N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................... 4,353,422 8,978,690
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................. 266,623 578,860
COST OF SHARES REDEEMED - CLASS A ....................... (4,959,020) (7,604,844)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................... (338,975) 1,952,706
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................... 1,514,536 4,886,311
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................. 62,991 196,679
COST OF SHARES REDEEMED - CLASS B ....................... (2,465,134) (4,561,187)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................... (887,607) 521,803
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................... 2,712,125 6,389,831
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................. 43,107 97,839
COST OF SHARES REDEEMED - CLASS C ....................... (1,673,658) (1,869,617)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................... 1,081,574 4,618,053
------------- -------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......... 6,583,883 4,946,471
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..... 108,937 201,026
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........... (2,607,080) (2,798,201)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........ 4,085,740 2,349,296
------------- -------------
PROCEEDS FROM SHARES SOLD - SELECT CLASS ................ 10,000 N/A
REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............ 0 N/A
COST OF SHARES REEDEMED - SELECT CLASS .................. 0 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SELECT CLASS ............... 10,000 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................. 3,950,732 9,441,858
============= =============
NET INCREASE (DECREASE) IN NET ASSETS ..................... 2,288,933 19,401,679
============= =============
ENDING NET ASSETS ......................................... $ 90,971,963 $ 88,683,030
OUTLOOK 2010
-------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................... $ 194,913,249 $ 150,087,200
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................ 1,346,026 2,260,516
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................. 874,766 (1,903,251)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ........................................... (5,556,064) 32,116,741
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................. (3,335,272) 32,474,006
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................... (515,631) (1,103,535)
CLASS B ............................................... (68,358) (276,640)
CLASS C ............................................... (17,647) (55,040)
INSTITUTIONAL CLASS ................................... (497,986) (909,355)
SELECT CLASS .......................................... 0 N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................... 0 0
CLASS B ............................................... 0 0
CLASS C ............................................... 0 0
INSTITUTIONAL CLASS ................................... 0 0
SELECT CLASS .......................................... 0 N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................... 15,097,066 21,586,626
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................. 501,751 1,075,428
COST OF SHARES REDEEMED - CLASS A ....................... (18,841,446) (16,226,127)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................... (3,242,629) 6,435,927
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................... 2,021,084 4,773,768
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................. 64,850 260,925
COST OF SHARES REDEEMED - CLASS B ....................... (5,803,840) (9,614,551)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................... (3,717,906) (4,579,858)
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................... 858,778 2,503,717
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................. 16,296 48,541
COST OF SHARES REDEEMED - CLASS C ....................... (2,054,428) (1,181,093)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................... (1,179,354) 1,371,165
------------- -------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......... 15,240,299 26,897,670
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..... 497,612 907,686
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........... (7,122,917) (16,335,977)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........ 8,614,994 11,469,379
------------- -------------
PROCEEDS FROM SHARES SOLD - SELECT CLASS ................ 10,000 N/A
REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............ 0 N/A
COST OF SHARES REEDEMED - SELECT CLASS .................. 0 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SELECT CLASS ............... 10,000 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................. 485,105 14,696,613
============= =============
NET INCREASE (DECREASE) IN NET ASSETS ..................... (3,949,789) 44,826,049
============= =============
ENDING NET ASSETS ......................................... $ 190,963,460 $ 194,913,249
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
80
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK 2020
-------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ..................................... $ 297,037,843 $ 231,535,861
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................. 1,976,883 3,223,497
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. (125,624) (3,161,041)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ............................................ (9,344,400) 62,316,380
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................... (7,493,141) 62,378,836
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ................................................ (697,202) (1,467,101)
CLASS B ................................................ (44,157) (182,066)
CLASS C ................................................ (11,193) (38,145)
INSTITUTIONAL CLASS .................................... (820,044) (1,507,474)
SELECT CLASS ........................................... 0 N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ................................................ 0 0
CLASS B ................................................ 0 0
CLASS C ................................................ 0 0
INSTITUTIONAL CLASS .................................... 0 0
SELECT CLASS ........................................... 0 N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ...................... 35,260,096 29,027,805
REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 687,498 1,444,342
COST OF SHARES REDEEMED - CLASS A ........................ (34,050,470) (23,127,600)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A ..................... 1,897,124 7,344,547
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS B ...................... 1,812,230 5,152,500
REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 42,781 176,135
COST OF SHARES REDEEMED - CLASS B ........................ (6,161,680) (10,755,478)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (4,306,669) (5,426,843)
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS C ...................... 808,379 2,304,407
REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 10,892 37,232
COST OF SHARES REDEEMED - CLASS C ........................ (2,957,586) (1,098,202)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (2,138,315) 1,243,437
------------- -------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 29,431,722 39,083,418
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 817,457 1,501,573
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (7,615,673) (37,428,200)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 22,633,506 3,156,791
------------- -------------
PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 13,968 N/A
REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 0 N/A
COST OF SHARES REEDEMED - SELECT CLASS ................... 0 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 13,968 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................... 18,099,614 6,317,932
============= =============
NET INCREASE (DECREASE) IN NET ASSETS ...................... 9,033,877 65,501,982
============= =============
ENDING NET ASSETS .......................................... $ 306,071,720 $ 297,037,843
OUTLOOK 2030
-------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ..................................... $ 189,724,221 $ 134,266,749
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................. 1,133,666 1,831,174
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. (86,380) (564,903)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ............................................ (6,988,290) 42,301,630
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................... (5,941,004) 43,567,901
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ................................................ (535,139) (1,020,159)
CLASS B ................................................ (29,329) (105,981)
CLASS C ................................................ (8,087) (21,827)
INSTITUTIONAL CLASS .................................... (403,839) (598,431)
SELECT CLASS ........................................... 0 N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ................................................ 0 (910,283)
CLASS B ................................................ 0 (184,590)
CLASS C ................................................ 0 (45,971)
INSTITUTIONAL CLASS .................................... 0 (404,953)
SELECT CLASS ........................................... 0 N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ...................... 13,148,695 23,282,229
REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 525,029 1,895,168
COST OF SHARES REDEEMED - CLASS A ........................ (15,752,651) (17,826,702)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A ..................... (2,078,927) 7,350,695
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS B ...................... 1,425,530 3,979,187
REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 28,299 281,835
COST OF SHARES REDEEMED - CLASS B ........................ (4,182,888) (8,721,693)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (2,729,059) (4,460,671)
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS C ...................... 930,706 2,586,040
REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 7,883 65,992
COST OF SHARES REDEEMED - CLASS C ........................ (1,662,335) (894,959)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (723,746) 1,757,073
------------- -------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 20,562,315 22,147,011
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 403,789 1,001,614
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (6,321,061) (12,613,956)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 14,645,043 10,534,669
------------- -------------
PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 10,000 N/A
REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 0 N/A
COST OF SHARES REEDEMED - SELECT CLASS ................... 0 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 10,000 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................... 9,123,311 15,181,766
============= =============
NET INCREASE (DECREASE) IN NET ASSETS ...................... 2,205,913 55,457,472
============= =============
ENDING NET ASSETS .......................................... $ 191,930,134 $ 189,724,221
OUTLOOK 2040
-------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- -----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ..................................... $ 237,950,396 $ 189,121,289
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................. 1,094,491 1,848,019
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 1,783,889 (8,121,382)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ............................................ (11,695,679) 72,096,594
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ............................................... (8,817,299) 65,823,231
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ................................................ 0 (1,275,237)
CLASS B ................................................ 0 (252,697)
CLASS C ................................................ 0 (25,341)
INSTITUTIONAL CLASS .................................... 0 (370,580)
SELECT CLASS ........................................... 0 N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ................................................ 0 0
CLASS B ................................................ 0 0
CLASS C ................................................ 0 0
INSTITUTIONAL CLASS .................................... 0 0
SELECT CLASS ........................................... 0 N/A
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ...................... 17,787,352 23,317,246
REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 0 1,255,503
COST OF SHARES REDEEMED - CLASS A ........................ (16,380,358) (19,040,627)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A ..................... 1,406,994 5,532,122
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS B ...................... 1,187,419 2,715,854
REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 0 246,813
COST OF SHARES REDEEMED - CLASS B ........................ (10,994,289) (17,652,555)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (9,806,870) (14,689,888)
------------- -------------
PROCEEDS FROM SHARES SOLD - CLASS C ...................... 779,969 1,136,443
REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 0 24,240
COST OF SHARES REDEEMED - CLASS C ........................ (1,570,816) (1,047,564)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (790,847) 113,119
------------- -------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 14,438,827 16,288,417
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 0 370,157
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (4,709,324) (22,684,196)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 9,729,503 (6,025,622)
------------- -------------
PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 10,000 N/A
REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 0 N/A
COST OF SHARES REEDEMED - SELECT CLASS ................... 0 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 10,000 N/A
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS ............................... 548,780 (15,070,269)
============= =============
NET INCREASE (DECREASE) IN NET ASSETS ...................... (8,268,519) 48,829,107
============= =============
ENDING NET ASSETS .......................................... $ 229,681,877 $ 237,950,396
81
WELLS FARGO OUTLOOK FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
OUTLOOK TODAY
------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ----------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ..................................... 435,902 936,323
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 26,632 60,837
SHARES REDEEMED - CLASS A ................................. (498,226) (792,777)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (35,692) 204,383
----------- -----------
SHARES SOLD - CLASS B ..................................... 148,692 504,566
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 6,179 20,389
SHARES REDEEMED - CLASS B ................................. (241,897) (468,990)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (87,026) 55,965
----------- -----------
SHARES SOLD - CLASS C ..................................... 267,824 660,222
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 4,238 10,104
SHARES REDEEMED - CLASS C ................................. (165,650) (192,714)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... 106,412 477,612
----------- -----------
SHARES SOLD - INSTITUTIONAL CLASS ......................... 651,666 507,802
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ..................................... 10,715 20,777
SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (259,460) (286,803)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ....................................... 402,921 241,776
----------- -----------
SHARES SOLD - SELECT CLASS ................................ 991 N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SELECT CLASS ............................................ 0 N/A
SHARES REDEEMED - SELECT CLASS ............................ 0 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SELECT CLASS .............................................. 991 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ........................... 387,606 979,736
=========== ===========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ............................................. $ 241,149 $ 132,188
OUTLOOK 2010
------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ---------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ..................................... 1,257,810 1,907,665
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 41,684 96,497
SHARES REDEEMED - CLASS A ................................. (1,565,838) (1,456,769)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (266,344) 547,393
----------- -----------
SHARES SOLD - CLASS B ..................................... 168,652 424,711
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 5,379 23,652
SHARES REDEEMED - CLASS B ................................. (483,844) (843,666)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (309,813) (395,303)
----------- -----------
SHARES SOLD - CLASS C ..................................... 70,928 220,737
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 1,340 4,331
SHARES REDEEMED - CLASS C ................................. (170,582) (104,814)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (98,314) 120,254
----------- -----------
SHARES SOLD - INSTITUTIONAL CLASS ......................... 1,261,260 2,377,451
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ..................................... 41,035 80,542
SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (595,050) (1,428,802)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ....................................... 707,245 1,029,191
----------- -----------
SHARES SOLD - SELECT CLASS ................................ 828 N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SELECT CLASS ............................................ 0 N/A
SHARES REDEEMED - SELECT CLASS ............................ 0 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SELECT CLASS .............................................. 828 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ........................... 33,602 1,301,535
=========== ===========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ............................................. $ 531,536 $ 285,132
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
82
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK 2020
------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- -----------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ..................................... 2,815,177 2,468,730
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 53,911 124,052
SHARES REDEEMED - CLASS A ................................. (2,701,296) (1,946,757)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... 167,792 646,025
----------- -----------
SHARES SOLD - CLASS B ..................................... 144,197 439,828
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 3,379 15,438
SHARES REDEEMED - CLASS B ................................. (490,479) (923,600)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (342,903) (468,334)
----------- -----------
SHARES SOLD - CLASS C ..................................... 64,098 196,046
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 855 3,218
SHARES REDEEMED - CLASS C ................................. (236,922) (92,727)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (171,969) 106,537
----------- -----------
SHARES SOLD - INSTITUTIONAL CLASS ......................... 2,299,410 3,296,758
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ..................................... 63,480 127,916
SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (602,419) (3,145,460)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ....................................... 1,760,471 279,214
----------- -----------
SHARES SOLD - SELECT CLASS ................................ 1,092 N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SELECT CLASS ............................................ 0 N/A
SHARES REDEEMED - SELECT CLASS ............................ 0 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SELECT CLASS .............................................. 1,092 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ........................... 1,414,483 563,442
=========== ===========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ............................................. $ 748,858 $ 344,571
OUTLOOK 2030
------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- -----------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ..................................... 1,001,877 1,914,940
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 39,461 153,273
SHARES REDEEMED - CLASS A ................................. (1,193,117) (1,447,145)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (151,779) 621,068
----------- -----------
SHARES SOLD - CLASS B ..................................... 109,698 328,193
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 2,160 23,101
SHARES REDEEMED - CLASS B ................................. (320,802) (732,907)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (208,944) (381,613)
----------- -----------
SHARES SOLD - CLASS C ..................................... 71,686 217,181
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 601 5,360
SHARES REDEEMED - CLASS C ................................. (129,412) (75,307)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (57,125) 147,234
----------- -----------
SHARES SOLD - INSTITUTIONAL CLASS ......................... 1,549,466 1,771,283
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ..................................... 30,110 80,723
SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (483,352) (1,037,010)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ....................................... 1,096,224 814,996
----------- -----------
SHARES SOLD - SELECT CLASS ................................ 745 N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SELECT CLASS ............................................ 0 N/A
SHARES REDEEMED - SELECT CLASS ............................ 0 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SELECT CLASS .............................................. 745 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ........................... 679,121 1,201,685
=========== ===========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ............................................. $ 373,905 $ 216,633
OUTLOOK 2040
------------------------------------
(UNAUDITED)
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
AUGUST 31, 2004 FEBRUARY 29, 2004
- ----------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ..................................... 1,262,609 1,828,911
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 0 100,338
SHARES REDEEMED - CLASS A ................................. (1,170,358) (1,517,720)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... 92,251 411,529
----------- -----------
SHARES SOLD - CLASS B ..................................... 88,103 217,827
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 0 20,693
SHARES REDEEMED - CLASS B ................................. (805,100) (1,445,241)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (716,997) (1,206,721)
----------- -----------
SHARES SOLD - CLASS C ..................................... 57,589 91,422
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 0 2,010
SHARES REDEEMED - CLASS C ................................. (116,825) (88,685)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (59,236) 4,747
----------- -----------
SHARES SOLD - INSTITUTIONAL CLASS ......................... 1,012,702 1,263,464
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS ..................................... 0 29,738
SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (335,756) (1,772,799)
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ....................................... 676,946 (479,597)
----------- -----------
SHARES SOLD - SELECT CLASS ................................ 691 N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
SELECT CLASS ............................................ 0 N/A
SHARES REDEEMED - SELECT CLASS ............................ 0 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
SELECT CLASS .............................................. 691 N/A
----------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ........................... (6,345) (1,270,042)
=========== ===========
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ............................................. $ 1,188,172 $ 93,681
83
WELLS FARGO OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DIVIDENDS DISTRIBUTIONS
NET ASSET INVESTMENT AND UNREALIZED FROM NET FROM NET RETURN
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED OF
SHARE (LOSS) INVESTMENTS INCOME GAINS CAPITAL
- --------------------------------------------------------------------------------------------------------------------------------
OUTLOOK TODAY
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.17 0.08 (0.20) (0.07) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $ 8.96 0.15 1.22 (0.16) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.79 0.21 (0.66) (0.22) (0.16) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $ 9.94 0.29 (0.09) (0.29) (0.06) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.30 0.38 0.21 (0.39) (0.56) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.52 0.38 0.09 (0.36) (0.33) 0.00
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.35 0.04 (0.20) (0.03) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $ 9.12 0.09 1.24 (0.10) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.96 0.15 (0.66) (0.17) (0.16) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $10.11 0.23 (0.08) (0.24) (0.06) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.44 0.31 0.24 (0.32) (0.56) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.61 0.27 0.14 (0.25) (0.33) 0.00
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.33 0.04 (0.20) (0.03) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $ 9.11 0.08 1.24 (0.10) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.94 0.16 (0.66) (0.17) (0.16) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $10.09 0.23 (0.08) (0.24) (0.06) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.44 0.34 0.21 (0.34) (0.56) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.62 0.29 0.12 (0.26) (0.33) 0.00
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.33 0.09 (0.20) (0.08) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $ 9.10 0.19 1.23 (0.19) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.94 0.23 (0.66) (0.25) (0.16) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $10.08 0.30 (0.07) (0.31) (0.06) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.36 0.36 0.25 (0.33) (0.56) 0.00
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $10.66 0.08 0.00 (0.05) (0.33) 0.00
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $10.12 0.04 (0.02) 0.00 0.00 0.00
OUTLOOK 2010
- --------------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.22 0.09 (0.29) (0.07) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.25 0.15 1.98 (0.16) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $11.65 0.19 (1.33) (0.20) (0.06) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.22 0.28 (0.45) (0.27) (0.13) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.88 0.35 (0.15) (0.35) (0.51) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $13.27 0.34 0.66 (0.34) (1.05) 0.00
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.23 0.04 (0.30) (0.02) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.26 0.08 1.98 (0.09) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $11.66 0.13 (1.33) (0.14) (0.06) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.23 0.20 (0.43) (0.21) (0.13) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.88 0.28 (0.14) (0.28) (0.51) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $13.25 0.25 0.68 (0.25) (1.05) 0.00
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.33 0.05 (0.30) (0.03) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.35 0.07 2.00 (0.09) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $11.75 0.13 (1.33) (0.14) (0.06) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.32 0.20 (0.43) (0.21) (0.13) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.97 0.29 (0.16) (0.27) (0.51) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $13.29 0.21 0.72 (0.20) (1.05) 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
PERIODS SHOWN. RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(3) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
84
FINANCIAL HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET ------------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
OUTLOOK TODAY
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $ 9.98 1.61% 1.36% (0.08)% 1.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.17 1.58% 1.36% (0.08)% 1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 8.96 2.12% 1.60% (0.30)% 1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $ 9.79 2.85% 1.63% (0.33)% 1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $ 9.94 3.66% 1.51% (0.21)% 1.30%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.30 3.29% 1.45% (0.15)% 1.30%
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.16 0.86% 2.11% (0.08)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.35 0.91% 2.11% (0.16)% 1.95%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.12 1.60% 2.28% (0.48)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $ 9.96 2.31% 2.26% (0.46)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.11 3.15% 2.00% (0.20)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.44 2.76% 2.17% (0.37)% 1.80%
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.14 0.86% 2.11% (0.08)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.33 0.88% 2.10% (0.14)% 1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.11 1.61% 2.23% (0.43)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $ 9.94 2.32% 2.26% (0.46)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.09 3.19% 1.97% (0.17)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $10.44 2.77% 2.13% (0.33)% 1.80%
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $10.14 1.92% 1.03% (0.05)% 0.98%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.33 1.89% 1.03% (0.06)% 0.97%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $ 9.10 2.42% 1.17% (0.17)% 1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $ 9.94 3.06% 1.29% (0.26)% 1.03%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $10.08 3.88% 1.16% (0.12)% 1.04%
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $10.36 3.56% 1.05% (0.05)% 1.00%
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $10.14 2.14% 0.88% (0.13)% 0.75%
OUTLOOK 2010
- -------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $11.95 1.44% 1.32% (0.04)% 1.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.22 1.36% 1.33% (0.05)% 1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.25 1.69% 1.44% (0.14)% 1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $11.65 2.25% 1.53% (0.23)% 1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.22 2.74% 1.43% (0.13)% 1.30%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $12.88 2.45% 1.39% (0.09)% 1.30%
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $11.95 0.68% 2.07% (0.04)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.23 0.70% 2.09% (0.14)% 1.95%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.26 1.19% 2.13% (0.33)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $11.66 1.73% 2.12% (0.32)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.23 2.23% 1.95% (0.15)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $12.88 1.93% 1.94% (0.14)% 1.80%
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.05 0.68% 2.07% (0.04)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.33 0.67% 2.08% (0.12)% 1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.35 1.18% 2.21% (0.41)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $11.75 1.74% 2.12% (0.32)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.32 2.24% 1.96% (0.16)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $12.97 1.88% 2.52% (0.72)% 1.80%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- --------------------------------------------------------------------------------------------
OUTLOOK TODAY
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.18)% 73% $ 38,759
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 15.41% 33% $ 39,856
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (4.63)% 53% $ 33,299
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... 2.06% 51% $ 41,543
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 5.79% 58% $ 46,316
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 4.47% 55% $ 44,801
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.53)% 73% $ 21,314
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 14.65% 33% $ 22,616
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (5.15)% 53% $ 19,428
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... 1.54% 51% $ 16,678
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 5.30% 58% $ 11,425
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 3.87% 55% $ 6,457
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.51)% 73% $ 14,622
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 14.61% 33% $ 13,800
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (5.06)% 53% $ 7,822
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... 1.52% 51% $ 7,678
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 5.36% 58% $ 5,972
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 3.91% 55% $ 7,243
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.02)% 73% $ 16,267
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 15.73% 33% $ 12,410
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (4.32)% 53% $ 8,732
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... 2.40% 51% $ 9,052
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 5.94% 58% $ 3,954
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... 0.53% 55% $ 134
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. 0.20% 73% $ 10
OUTLOOK 2010
- --------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.63)% 53% $ 83,716
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 20.94% 31% $ 88,910
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (9.86)% 65% $ 68,977
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (1.43)% 39% $ 89,878
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 1.41% 54% $107,161
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 7.50% 49% $ 89,056
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.08)% 53% $ 29,806
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 20.16% 31% $ 34,284
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (10.34)% 65% $ 32,831
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (1.92)% 39% $ 41,166
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 0.93% 54% $ 36,727
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 6.96% 49% $ 29,937
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.06)% 53% $ 6,819
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 20.13% 31% $ 8,190
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (10.29)% 65% $ 5,631
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (1.90)% 39% $ 5,919
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 0.89% 54% $ 5,850
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 6.91% 49% $ 5,364
85
WELLS FARGO OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DIVIDENDS DISTRIBUTIONS
NET ASSET INVESTMENT AND UNREALIZED FROM NET FROM NET RETURN
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED OF
SHARE (LOSS) INVESTMENTS INCOME GAINS CAPITAL
- -----------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010 (CONTINUED)
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.32 0.11 (0.30) (0.09) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.33 0.19 1.99 (0.19) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $11.75 0.21 (1.33) (0.24) (0.06) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.32 0.29 (0.43) (0.30) (0.13) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.95 0.33 (0.12) (0.33) (0.51) 0.00
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $13.83 0.07 0.13 (0.03) (1.05) 0.00
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $12.12 0.04 (0.12) 0.00 0.00 0.00
OUTLOOK 2020
- -----------------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.96 0.08 (0.40) (0.07) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.36 0.14 2.60 (0.14) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $12.29 0.14 (1.93) (0.14) 0.00 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.28 0.13 (0.87) (0.14) (0.11) 0.00
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) 0.00
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.85 0.04 (0.41) (0.02) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.28 0.06 2.57 (0.06) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $12.18 0.07 (1.90) (0.07) 0.00 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.17 0.07 (0.87) (0.08) (0.11) 0.00
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) 0.00
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.93 0.04 (0.41) (0.02) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.34 0.06 2.60 (0.07) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $12.26 0.07 (1.92) (0.07) 0.00 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.25 0.07 (0.87) (0.08) (0.11) 0.00
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) 0.00
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.10 0.10 (0.42) (0.09) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.47 0.18 2.62 (0.17) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $12.42 0.17 (1.94) (0.18) 0.00 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.42 0.16 (0.87) (0.18) (0.11) 0.00
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) 0.00
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $12.92 0.03 (0.24) 0.00 0.00 0.00
OUTLOOK 2030
- -----------------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.53 0.08 (0.49) (0.07) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.48 0.13 3.17 (0.13) (0.12) 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.34 0.11 (2.40) (0.12) (0.45) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.13 0.12 (1.43) (0.12) (0.36) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $16.96 0.17 (1.17) (0.16) (0.67) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $17.15 0.17 2.03 (0.17) (2.22) 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
PERIODS SHOWN. RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(3) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
86
FINANCIAL HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET ------------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010 (CONTINUED)
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.04 1.74% 0.99% (0.01)% 0.98%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.32 1.66% 1.00% (0.04)% 0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.33 1.98% 1.05% (0.05)% 1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $11.75 2.48% 1.21% (0.18)% 1.03%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $12.32 3.03% 1.08% (0.04)% 1.04%
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $12.95 2.72% 1.01% (0.01)% 1.00%
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $12.04 0.66% 0.86% (0.11)% 0.75%
OUTLOOK 2020
- -------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.57 1.28% 1.33% (0.05)% 1.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.96 1.16% 1.32% (0.04)% 1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.36 1.16% 1.42% (0.12)% 1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.29 1.35% 1.50% (0.20)% 1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $13.28 1.63% 1.39% (0.09)% 1.30%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $14.78 1.52% 1.33% (0.03)% 1.30%
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.46 0.53% 2.08% (0.05)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.85 0.51% 2.08% (0.13)% 1.95%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.28 0.66% 2.13% (0.33)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.18 0.85% 2.08% (0.28)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $13.17 1.12% 1.94% (0.14)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $14.66 1.02% 1.95% (0.15)% 1.80%
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.54 0.53% 2.08% (0.05)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $12.93 0.47% 2.07% (0.11)% 1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.34 0.66% 2.20% (0.40)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.26 0.83% 2.08% (0.28)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $13.25 1.15% 1.96% (0.16)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $14.74 0.92% 3.28% (1.48)% 1.80%
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.70 1.59% 1.00% (0.02)% 0.98%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.10 1.48% 0.99% (0.03)% 0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.47 1.46% 1.01% (0.01)% 1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $12.42 1.60% 1.18% (0.15)% 1.03%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $13.42 1.93% 1.04% 0.00% 1.04%
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $14.89 1.69% 1.01% (0.01)% 1.00%
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $12.71 1.80% 0.89% (0.14)% 0.75%
OUTLOOK 2030
- -------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.05 1.19% 1.34% (0.06)% 1.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.53 1.15% 1.33% (0.05)% 1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.48 0.88% 1.52% (0.22)% 1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.34 0.81% 1.57% (0.27)% 1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $15.13 0.97% 1.41% (0.11)% 1.30%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $16.96 0.96% 1.37% (0.07)% 1.30%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- --------------------------------------------------------------------------------------------
OUTLOOK 2010 (CONTINUED)
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (1.55)% 53% $ 70,612
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 21.33% 31% $ 63,530
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (9.60)% 65% $ 42,649
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (1.14)% 39% $ 36,548
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... 1.52% 54% $ 22,299
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... 1.08% 49% $ 1,661
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. (0.58)% 53% $ 10
OUTLOOK 2020
- --------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.51)% 38% $137,835
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 26.58% 31% $139,981
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (14.65)% 62% $105,206
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (5.57)% 29% $137,265
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (3.79)% 39% $154,871
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 10.45% 43% $176,460
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.90)% 38% $ 27,531
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 25.71% 31% $ 32,803
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (15.04)% 62% $ 31,052
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (6.09)% 29% $ 43,280
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (4.25)% 39% $ 47,591
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 9.90% 43% $ 47,472
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.88)% 38% $ 5,638
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 25.79% 31% $ 8,040
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (15.12)% 62% $ 5,330
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (6.06)% 29% $ 6,767
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (4.26)% 39% $ 6,308
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 9.87% 43% $ 3,009
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.41)% 38% $135,053
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 26.96% 31% $116,214
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (14.35)% 62% $ 89,948
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (5.30)% 29% $ 94,895
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (3.58)% 39% $ 64,541
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... 1.74% 43% $ 3,879
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. (1.63)% 38% $ 14
OUTLOOK 2030
- --------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.05)% 29% $100,637
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 31.73% 27% $106,449
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (17.40)% 68% $ 75,953
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (8.68)% 27% $100,884
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (6.29)% 27% $133,569
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 12.63% 26% $140,867
87
WELLS FARGO OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DIVIDENDS DISTRIBUTIONS
NET ASSET INVESTMENT AND UNREALIZED FROM NET FROM NET RETURN
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED OF
SHARE (LOSS) INVESTMENTS INCOME GAINS CAPITAL
- ------------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030 (CONTINUED)
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.31 0.03 (0.49) (0.02) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.32 0.06 3.11 (0.06) (0.12) 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.13 0.04 (2.35) (0.05) (0.45) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $14.88 0.05 (1.39) (0.05) (0.36) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $16.72 0.07 (1.16) (0.08) (0.67) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $16.93 0.08 2.01 (0.08) (2.22) 0.00
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.32 0.03 (0.49) (0.02) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.33 0.06 3.12 (0.07) (0.12) 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.14 0.05 (2.36) (0.05) (0.45) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $14.90 0.04 (1.39) (0.05) (0.36) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $16.74 0.08 (1.17) (0.08) (0.67) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $16.94 0.06 2.01 (0.05) (2.22) 0.00
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.65 0.10 (0.50) (0.09) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.57 0.18 3.19 (0.17) (0.12) 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.45 0.14 (2.41) (0.16) (0.45) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.24 0.15 (1.42) (0.16) (0.36) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2001 ............... $17.07 0.17 (1.16) (0.17) (0.67) 0.00
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $18.73 0.03 0.54 (0.01) (2.22) 0.00
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $13.48 0.03 (0.35) 0.00 0.00 0.00
OUTLOOK 2040
- ------------------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $14.40 0.07(4) (0.59) 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.65 0.12(4) 3.75 (0.12) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.55 0.08(4) (2.81) (0.08) (0.09) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.50 0.03 (1.80) 0.00 (0.18) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $18.78 0.02 (1.98) (0.03) (1.29) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $17.87 0.05 2.78 (0.05) (1.87) 0.00
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.86 0.02(4) (0.57) 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.28 0.04(4) 3.61 (0.07) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.08 0.02(4) (2.70) (0.03) (0.09) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.05 (0.05) (1.74) 0.00 (0.18) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $18.34 (0.05) (1.95) 0.00 (1.29) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $17.52 (0.04) 2.73 0.00 (1.87) 0.00
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.86 0.02(4) (0.58) 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.28 0.03(4) 3.62 (0.07) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.09 0.02(4) (2.71) (0.03) (0.09) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.06 (0.04) (1.75) 0.00 (0.18) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $18.34 (0.05) (1.94) 0.00 (1.29) 0.00
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $17.53 (0.04) 2.72 0.00 (1.87) 0.00
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $14.59 0.09(4) (0.60) 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $10.77 0.16(4) 3.81 (0.15) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $13.71 0.12(4) (2.85) (0.12) (0.09) 0.00
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $15.64 0.07 (1.82) 0.00 (0.18) 0.00
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $18.90 0.07 (1.99) (0.05) (1.29) 0.00
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $19.97 0.00 0.80 0.00 (1.87) 0.00
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $14.53 0.03(4) (0.47) 0.00 0.00 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS 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) CALCULATED BASED UPON AVERAGE SHARES OUTSTANDING.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
88
FINANCIAL HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET ------------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030 (CONTINUED)
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.83 0.45% 2.09% (0.06)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.31 0.50% 2.09% (0.15)% 1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.32 0.38% 2.21% (0.41)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.13 0.30% 2.17% (0.37)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $14.88 0.47% 2.00% (0.20)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $16.72 0.44% 1.98% (0.18)% 1.80%
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $12.84 0.45% 2.09% (0.06)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.32 0.45% 2.08% (0.12)% 1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.33 0.39% 2.44% (0.64)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.14 0.29% 2.17% (0.37)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $14.90 0.49% 2.16% (0.36)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $16.74 0.36% 5.37% (3.57)% 1.80%
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.16 1.48% 1.01% (0.03)% 0.98%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.65 1.46% 1.00% (0.04)% 0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.57 1.17% 1.07% (0.07)% 1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.45 1.05% 1.24% (0.21)% 1.03%
MARCH 1, 2001 TO FEBRUARY 28, 2001 ............... $15.24 1.27% 1.05% 0.00% 1.05%
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $17.07 1.06% 1.02% (0.02)% 1.00%
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $13.16 1.43% 0.87% (0.12)% 0.75%
OUTLOOK 2040
- -------------------------------------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.88 1.02% 1.30% (0.02)% 1.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $14.40 0.95% 1.33% (0.06)% 1.27%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.65 0.65% 1.49% (0.19)% 1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.55 0.24% 1.55% (0.25)% 1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $15.50 0.15% 1.41% (0.11)% 1.30%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $18.78 0.24% 1.36% (0.06)% 1.30%
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.31 0.27% 2.05% (0.02)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.86 0.31% 2.09% (0.15)% 1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.28 0.15% 2.23% (0.43)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.08 (0.27)% 2.14% (0.34)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $15.05 (0.35)% 2.05% (0.25)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $18.34 (0.28)% 1.95% (0.15)% 1.80%
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $13.30 0.27% 2.05% (0.02)% 2.03%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $13.86 0.28% 2.08% (0.14)% 1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.28 0.15% 2.31% (0.51)% 1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.09 (0.27)% 2.14% (0.34)% 1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $15.06 (0.35)% 1.96% (0.16)% 1.80%
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... $18.34 (0.30)% 2.55% (0.75)% 1.80%
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... $14.08 1.33% 0.97% (0.00)% 0.97%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... $14.59 1.29% 1.01% (0.05)% 0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... $10.77 0.96% 1.03% (0.03)% 1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... $13.71 0.54% 1.22% (0.20)% 1.02%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... $15.64 0.46% 1.07% (0.03)% 1.04%
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... $18.90 0.24% 1.01% (0.01)% 1.00%
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. $14.09 1.18% 0.83% (0.08)% 0.75%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- ---------------------------------------------------------------------------------------------
OUTLOOK 2030 (CONTINUED)
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.46)% 29% $ 17,687
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 30.82% 27% $ 21,131
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (17.76)% 68% $ 20,319
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (9.10)% 27% $ 27,913
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (6.79)% 27% $ 34,570
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 12.13% 26% $ 36,406
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.46)% 29% $ 4,625
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 30.88% 27% $ 5,559
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (17.78)% 68% $ 2,791
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (9.12)% 27% $ 3,412
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (6.79)% 27% $ 3,467
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 12.05% 26% $ 1,293
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (2.95)% 29% $ 68,972
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 32.13% 27% $ 56,586
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (17.10)% 68% $ 35,203
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (8.47)% 27% $ 30,749
MARCH 1, 2001 TO FEBRUARY 28, 2001 ............... (6.08)% 27% $ 19,156
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... 2.39% 26% $ 1,203
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. (2.37)% 29% $ 10
OUTLOOK 2040
- ---------------------------------------------------------------------------------------------
A SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.61)% 19% $152,396
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 36.52% 18% $156,806
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (20.24)% 54% $111,546
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (11.45)% 14% $169,829
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (11.09)% 20% $218,085
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 15.65% 29% $306,002
B SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.97)% 19% $ 31,358
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 35.58% 18% $ 42,603
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (20.60)% 54% $ 43,980
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (11.93)% 14% $ 67,290
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (11.53)% 20% $ 84,993
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 15.07% 29% $ 93,757
C SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (4.04)% 19% $ 4,151
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 35.62% 18% $ 5,146
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (20.66)% 54% $ 3,767
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (11.92)% 14% $ 5,432
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (11.52)% 20% $ 6,349
MARCH 1, 1999 TO FEBRUARY 29, 2000 ............... 15.07% 29% $ 6,095
INSTITUTIONAL SHARES
MARCH 1, 2004 TO AUGUST 31, 2004 (UNAUDITED) ..... (3.50)% 19% $ 41,767
MARCH 1, 2003 TO FEBRUARY 29, 2004 ............... 37.06% 18% $ 33,396
MARCH 1, 2002 TO FEBRUARY 28, 2003 ............... (20.02)% 54% $ 29,829
MARCH 1, 2001 TO FEBRUARY 28, 2002 ............... (11.22)% 14% $ 33,976
MARCH 1, 2000 TO FEBRUARY 28, 2001 ............... (10.80)% 20% $ 31,613
NOVEMBER 8, 1999(3) TO FEBRUARY 29, 2000 ......... 3.27% 29% $ 1,069
SELECT SHARES
JUNE 30, 2004(3) TO AUGUST 31, 2004 (UNAUDITED) .. (3.03)% 19% $ 10
89
WELLS FARGO OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (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 series
management investment company. The Trust commenced operations on November 8,
1999, and is currently comprised of 72 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Outlook Today
Fund, Outlook 2010 Fund, Outlook 2020 Fund, Outlook 2030 Fund, and Outlook 2040
Fund. Each Fund is a diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio and are allocated unrealized gains and losses pro rata
based on the average daily net assets of each class, without distinction between
share classes. Dividends are determined separately for each class based on
income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholding
servicing and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
SECURITY VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
Nasdaq Stock Market, Inc. 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, and in the case of other securities,
including U.S. Government obligations, but excluding debt securities maturing in
60 days or less, the valuations are based on the latest quoted bid prices.
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 using 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.
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.
Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to
90
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
shareholders from net realized capital gains, if any, are declared and
distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
dividends the earnings and profits distributed to shareholders on the redemption
of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at August 31, 2004.
At February 29, 2004, estimated net capital loss carryforwards, which are
available to offset future net realized capital gains, were:
Capital Loss
Fund Year Expires Carryforwards
- --------------------------------------------------------------------------------
OUTLOOK TODAY 2012 $ 180,460
- --------------------------------------------------------------------------------
OUTLOOK 2010 2012 4,198,359
- --------------------------------------------------------------------------------
OUTLOOK 2020 2010 408,192
- --------------------------------------------------------------------------------
2011 1,722,187
2012 6,414,609
- --------------------------------------------------------------------------------
OUTLOOK 2030 2012 1,616,214
- --------------------------------------------------------------------------------
OUTLOOK 2040 2010 797,881
2011 4,325,640
2012 14,370,242
At February 29, 2004, current year deferred post-October capital losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Deferred
Post-October
Fund Capital Loss
- --------------------------------------------------------------------------------
OUTLOOK 2040 $26,040
- --------------------------------------------------------------------------------
SECURITY LOANS
The Fund(s) may loan securities in return for securities and cash
collateral, which is invested in various short-term fixed income securities. A
Fund may receive compensation for lending securities in the form of fees 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
are reflected in the value of the Fund. The risks 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. Wells Fargo Bank, N.A.,
the Funds' custodian, acts as the securities lending agent for the Funds and
receives for its services 40% of the revenues earned on the securities lending
activities and incurs all expenses. The value of the securities on loan and the
value of the related collateral at August 31, 2004 are shown on the Statement of
Assets and Liabilities.
91
WELLS FARGO OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
At August 31, 2004, cash collateral invested and credit quality breakdown
were as follows:
Money
Repurchase Short-Term Mid-Term Market
Fund Agreements Securities Securities Fund Total
- --------------------------------------------------------------------------------
OUTLOOK TODAY 28% 57% 15% 0% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2010 30% 26% 43% 1% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2020 33% 29% 37% 1% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2030 33% 28% 38% 1% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2040 32% 28% 39% 1% 100%
- --------------------------------------------------------------------------------
Fund A Ratings AA Ratings AAA Ratings Total
- --------------------------------------------------------------------------------
OUTLOOK TODAY 65% 8% 27% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2010 58% 15% 27% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2020 64% 8% 28% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2030 64% 8% 28% 100%
- --------------------------------------------------------------------------------
OUTLOOK 2040 64% 8% 28% 100%
- --------------------------------------------------------------------------------
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment sub-advisers to provide daily portfolio
management. The fees related to sub-advisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment sub-adviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Sub-Advisory
Advisory Fee* Fee
(% of (% of
Average Daily Average Daily Average Daily Average Daily
Fund Net Assets Net Assets) Sub-Adviser Net Assets Net Assets)
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK TODAY $0 - 499 million 0.650 Barclays Global $0 - 100 million 0.25
$500 - 999 million 0.600 Fund Advisors >$100 - 200 million 0.20
$1 - $2.99 billion 0.550 >$200 million 0.15
$3 - 4.99 billion 0.525
>$5 billion 0.500
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010 $0 - 499 million 0.650 Barclays Global $0 - 100 million 0.25
$500 - 999 million 0.600 Fund Advisors >$100 - 200 million 0.20
$1 - $2.99 billion 0.550 >$200 million 0.15
$3 - 4.99 billion 0.525
>$5 billion 0.500
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2020 $0 - 499 million 0.650 Barclays Global $0 - 100 million 0.25
$500 - 999 million 0.600 Fund Advisors >$100 - 200 million 0.20
$1 - $2.99 billion 0.550 >$200 million 0.15
$3 - 4.99 billion 0.525
>$5 billion 0.500
- ----------------------------------------------------------------------------------------------------------------------
92
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
Sub-Advisory
Advisory Fee* Fee
(% of (% of
Average Daily Average Daily Average Daily Average Daily
Fund Net Assets Net Assets) Sub-Adviser Net Assets Net Assets)
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030 $0 - 499 million 0.650 Barclays Global $0 - 100 million 0.25
$500 - 999 million 0.600 Fund Advisors >$100 - 200 million 0.20
$1 - $2.99 billion 0.550 >$200 million 0.15
$3 - 4.99 billion 0.525
>$5 billion 0.500
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2040 $0 - 499 million 0.650 Barclays Global $0 - 100 million 0.25
$500 - 999 million 0.600 Fund Advisors >$100 - 200 million 0.20
$1 - $2.99 billion 0.550 >$200 million 0.15
$3 - 4.99 billion 0.525
>$5 billion 0.500
*Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a monthly advisory fee at the annual rate of 0.70% of
average daily net assets.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers out of the
fees it receives as administrator, Funds Management is entitled to receive the
following annual fees:
Admin Fee**
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
FUND LEVEL $0 - 4.99 billion 0.05
$5 - 9.99 billion 0.04
>9.99 billion 0.03
- --------------------------------------------------------------------------------
CLASS A 0.28
- --------------------------------------------------------------------------------
CLASS B 0.28
- --------------------------------------------------------------------------------
CLASS C 0.28
- --------------------------------------------------------------------------------
INSTITUTIONAL 0.20
- --------------------------------------------------------------------------------
SELECT 0.10
** Effective August 2, 2004. Prior to August 2, 2004, Funds Management was
entitled to be paid a fund level administration fee of 0.05% of average daily
net assets.
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to certain transaction charges plus a monthly fee for
custody services at the following annual rates:
% Of Average Daily
Net Assets
- --------------------------------------------------------------------------------
ALL FUNDS 0.02
- --------------------------------------------------------------------------------
93
WELLS FARGO OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% Of Average Daily
Net Assets
- --------------------------------------------------------------------------------
CLASS A 0.25
- --------------------------------------------------------------------------------
CLASS B 0.25
- --------------------------------------------------------------------------------
CLASS C 0.25
- --------------------------------------------------------------------------------
For the six months ended August 31, 2004, shareholder servicing fees paid
were as follows:
Fund Class A Class B Class C
- --------------------------------------------------------------------------------
OUTLOOK TODAY $ 49,251 $ 27,230 $ 17,956
- --------------------------------------------------------------------------------
OUTLOOK 2010 106,934 39,928 9,821
- --------------------------------------------------------------------------------
OUTLOOK 2020 168,152 37,921 9,515
- --------------------------------------------------------------------------------
OUTLOOK 2030 128,455 24,109 6,750
- --------------------------------------------------------------------------------
OUTLOOK 2040 193,969 45,010 6,230
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Stephens Inc. ("Stephens") at an annual rate of 0.75% of average daily net
assets.
For the six months ended August 31, 2004, distribution fees paid are
disclosed in the Statement of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses in the Statement
of Operations, for the six months ended August 31, 2004, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Net operating expense ratios during the period were as
follows:
NET OPERATING EXPENSES*
Fund Class A Class B Class C Institutional Select
- --------------------------------------------------------------------------------
OUTLOOK TODAY 1.25% 2.00% 2.00% 0.95% 0.75%
- --------------------------------------------------------------------------------
OUTLOOK 2010 1.25% 2.00% 2.00% 0.95% 0.75%
- --------------------------------------------------------------------------------
OUTLOOK 2020 1.25% 2.00% 2.00% 0.95% 0.75%
- --------------------------------------------------------------------------------
OUTLOOK 2030 1.25% 2.00% 2.00% 0.95% 0.75%
- --------------------------------------------------------------------------------
OUTLOOK 2040 1.25% 2.00% 2.00% 0.95% 0.75%
- --------------------------------------------------------------------------------
*Effective July 1, 2004 for Class A, B, C and Institutional Class. The
Select Class commenced operations on June 30, 2004. Prior to July 1, 2004, the
Funds' net operating expenses were as follows:
Fund Class A Class B Class C Institutional
- --------------------------------------------------------------------------------
OUTLOOK TODAY 1.30% 2.05% 2.05% 1.00%
- --------------------------------------------------------------------------------
OUTLOOK 2010 1.30% 2.05% 2.05% 1.00%
- --------------------------------------------------------------------------------
OUTLOOK 2020 1.30% 2.05% 2.05% 1.00%
- --------------------------------------------------------------------------------
OUTLOOK 2030 1.30% 2.05% 2.05% 1.00%
- --------------------------------------------------------------------------------
OUTLOOK 2040 1.30% 2.05% 2.05% 1.00%
- --------------------------------------------------------------------------------
94
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the six
months ended August 31, 2004, were as follows:
Purchases at Cost Sales Proceeds
Fund U.S. Government Other U.S. Government Other
- -------------------------------------------------------------------------------------------
OUTLOOK TODAY $62,612,433 $ 6,416,853 $60,628,340 $ 3,725,556
- -------------------------------------------------------------------------------------------
OUTLOOK 2010 89,327,623 14,324,361 89,365,826 11,564,030
- -------------------------------------------------------------------------------------------
OUTLOOK 2020 98,278,831 34,476,488 93,709,271 20,308,550
- -------------------------------------------------------------------------------------------
OUTLOOK 2030 40,969,055 22,299,450 39,645,783 14,159,759
- -------------------------------------------------------------------------------------------
OUTLOOK 2040 24,753,162 21,715,748 24,788,425 18,546,237
- -------------------------------------------------------------------------------------------
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
The Wells Fargo Funds Trust and the Wells Fargo Variable Trust (excluding
the money market funds) share in a revolving Credit Agreement with The Bank of
New York, whereby the Funds are permitted to use bank borrowings for temporary
or emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the six months ended August 31, 2004,
there were no borrowings under the agreement.
95
WELLS FARGO OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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OTHER INFORMATION (UNAUDITED) WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222 or visiting our website
at www.wellsfargofunds.com.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 97 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, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
INTERESTED TRUSTEES**
- -------------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------------
Robert C. Brown Trustee since 1992 Retired. None
73
- -------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee since 1987 Private Investor/Real Estate None
60 Developer; Chairman of White
Point Capital, LLC.
- -------------------------------------------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee since 1987 Wake Forest University, None
62 Calloway School of Business and
Accountancy, Associate Professor
of Finance.
- -------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee since 1998 Chairman, CEO, and Co- None
62 (Lead Trustee since Founder of Crystal Geyser
2001) Water Company and President
of Crystal Geyser Roxane Water
Company.
- -------------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee since 1987 Retired. Prior thereto, President None
71 of Richard M. Leach Associates
(a financial consulting firm).
- -------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee since 1996 Senior Counselor to the public None
52 relations firm of Himle-Horner
and Senior Fellow at the
Humphrey Institute,
Minneapolis, Minnesota (a pub-
lic policy organization).
- -------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee since 1996 Principal in the law firm of None
64 Willeke & Daniels.
97
WELLS FARGO OUTLOOK FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
OFFICERS
- -------------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President since Executive Vice President of Wells None
45 2003 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 2001 to 2003. Vice
President of Wells Fargo Bank,
N.A. from 1997 to 2000.
- -------------------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo Treasurer since 2003 Senior Vice President of Wells None
35 Fargo Bank, N.A. Senior Vice
President of Operations for
Wells Fargo Funds
Management, LLC. Prior there-
to, 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).
- -------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary since 2000 Vice President and Managing None
44 Senior Counsel of Wells Fargo
Bank, N.A. Senior Vice
President and Secretary of Wells
Fargo Funds Management, LLC.
Vice President and Senior
Counsel of Wells Fargo Bank,
N.A. from 1996 to 2003.
- -------------------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222.
** 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.
98
LIST OF ABBREVIATIONS WELLS FARGO OUTLOOK FUNDS
- --------------------------------------------------------------------------------
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
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
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
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
STEERS -- Structured Enhanced Return Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
V/R -- Variable Rate
WEBS -- World Equity Benchmark Shares
99
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MORE INFORMATION ABOUT WELLS FARGO THIS REPORT AND THE FINANCIAL STATEMENTS
FUNDS(R) IS AVAILABLE FREE UPON CONTAINED HEREIN ARE SUBMITTED FOR THE
REQUEST. TO OBTAIN LITERATURE, PLEASE GENERAL INFORMATION OF THE SHAREHOLDERS
WRITE OR CALL: OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES,
WELLS FARGO FUNDS DISTRIBUTION OF THE REPORT MUST BE
PO BOX 8266 ACCOMPANIED OR PRECEDED BY A CURRENT
BOSTON, MA 02266-8266 PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING
WELLS FARGO FUNDS INVESTOR SERVICES: CHARGES AND EXPENSES, CALL
1-800-222-8222 OR VISIT OUR WEB SITE 1-800-222-8222. PLEASE CONSIDER THE
AT WWW.WELLSFARGOFUNDS.COM. INVESTMENT OBJECTIVES, RISKS, CHARGES
AND EXPENSES OF THE INVESTMENT CAREFULLY
BEFORE INVESTING. THIS AND OTHER
INFORMATION ABOUT WELLS FARGO FUNDS CAN
BE FOUND IN THE CURRENT PROSPECTUS. READ
THE PROSPECTUS CAREFULLY BEFORE YOU
INVEST OR SEND MONEY.
WELLS FARGO FUNDS MANAGEMENT, LLC, A
WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &
COMPANY, PROVIDES INVESTMENT ADVISORY
AND ADMINISTRATIVE SERVICES FOR 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 (10/04)
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.
==========
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8.
=======
Not applicable.
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) 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, this report has been signed by the following
persons on behalf of the registrant.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
--------------------
Karla M. Rabusch
President
By:: /s/ Stacie D. DeAngelo
----------------------
Stacie D. DeAngelo
Treasurer
Date: October 8, 2004
CERTIFICATION
-------------
I, Karla M. Rabusch, certify that:
1. I have reviewed this report on Form N-CSR of the Wells Fargo Outlook Today
Fund, Wells Fargo Outlook 2010 Fund, Wells Fargo Outlook 2020 Fund, Wells Fargo
Outlook 2030 Fund and Wells Fargo Outlook 2040 Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and
have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this
report is being prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year
in the case of an annual report) that has materially affected or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: October 8, 2004
/s/ Karla M. Rabusch
- -----------------------
Karla M. Rabusch
President
Wells Fargo Funds Trust
CERTIFICATION
-------------
I, Stacie D. DeAngelo, certify that:
1. I have reviewed this report on Form N-CSR of the Wells Fargo Outlook Today
Fund, Wells Fargo Outlook 2010 Fund, Wells Fargo Outlook 2020 Fund, Wells Fargo
Outlook 2030 Fund and Wells Fargo Outlook 2040 Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and
have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this
report is being prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year
in the case of an annual report) that has materially affected or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: October 8, 2004
/s/ Stacie D. DeAngelo
- -----------------------
Stacie D. DeAngelo
Treasurer
Wells Fargo Funds Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended August 31, 2004 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: October 8, 2004
/s/ Karla M. Rabusch
--------------------
Karla M. Rabusch
President
Wells Fargo Funds Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended August 31, 2004 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: October 8, 2004
/s/ Stacie D. DeAngelo
----------------------
Stacie D. DeAngelo
Treasurer
Wells Fargo Funds Trust