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 28, 2005
Date of reporting period: August 31, 2005
ITEM 1. REPORT TO SHAREHOLDERS
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[LOGO]
WELLS ADVANTAGE
FARGO FUNDS
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AUGUST 31, 2005
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Semi-Annual Report
[PHOTO OMITTED]
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WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM)
Wells Fargo Advantage Outlook Today Fund(SM)
Wells Fargo Advantage Outlook 2010 Fund(SM)
Wells Fargo Advantage Outlook 2020 Fund(SM)
Wells Fargo Advantage Outlook 2030 Fund(SM)
Wells Fargo Advantage Outlook 2040 Fund(SM)
WELLS FARGO ADVANTAGE 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 ...................................................... 24
OUTLOOK 2020 FUND ...................................................... 37
OUTLOOK 2030 FUND ...................................................... 51
OUTLOOK 2040 FUND ...................................................... 63
Financial Statements
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Statements of Assets and Liabilities ................................... 78
Statements of Operations ............................................... 79
Statements of Changes in Net Assets .................................... 80
Financial Highlights ................................................... 84
Notes to Financial Statements ............................................. 92
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Other Information ......................................................... 97
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List of Abbreviations ..................................................... 102
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
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DEAR VALUED SHAREHOLDER,
As a result of the merger between WELLS FARGO FUNDS(R) and Strong Funds on
April 11, 2005, you now have access to an expanded array of mutual funds giving
you the flexibility to invest in a family of funds covering nearly every asset
class and investment style. To learn more about our funds and the talented team
of money managers behind them, please visit our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. You can also call one of our investment
service representatives available 24 hours a day, 7 days a week, or speak with
your investment professional.
Following is your WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) semi-annual
report for the period ended August 31, 2005. On the following pages, you will
find a discussion of the Funds, including performance highlights, the Fund
managers' strategic outlook, and information about the Funds' portfolios.
ECONOMY KEEPS PACE
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At the end of a generally solid first quarter 2005, the economy started
showing signs of losing steam, raising questions about its ability to sustain
the growth rate that it maintained during the opening months of the year. Rising
interest rates and oil prices were the biggest concerns for investors, and
sentiment caught up with the markets in the second quarter of 2005, when growth
slowed to an estimated 3% rate during this time, down from first quarter's 3.8%
pace. Despite this slowdown, by the end of the reporting period, economic
reports described the recovery as gaining momentum and growth as broadening
beyond consumer spending and housing to business investment and hiring.
STOCKS ARE A MIXED BAG
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Stocks had a disappointing start in 2005, leaving the S&P 500 Index (S&P)
with its worst quarterly loss in two years. This seesaw pattern continued
through the second quarter of 2005, with the S&P gaining moderately, but not
able to counter first quarter losses. Weighing on performance were investors'
worries over the economic outlook and earnings growth amid rising oil prices. In
contrast to the first quarter, small cap stocks outperformed large cap stocks
during the second quarter, while overseas markets continued to outperform the
U.S. markets. Stocks ended July 2005 on a high note with the S&P posting its
best monthly gain since November 2004 on the strength of better-than-expected
earnings reports. By the end of the reporting period in August 2005, the equity
markets turned weaker due to concerns that the economy might be faltering and
big jumps in gasoline prices were threatening consumer confidence and spending.
BONDS IN A SEESAW PATTERN
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Inflation worries and rising interest rates had a predictable effect on
bonds, leaving the benchmark Lehman Brothers Aggregate Bond Index (Lehman
Aggregate)* down when the reporting period started in March 2005. The corporate
sector was hit hardest by a bond sell-off late in the first quarter, with
BBB-rated issues leading the declines in the investment-grade sector amid
unsettling news from General Motors. Bonds, however, found some life in the
second quarter and rallied, propelling the Lehman Aggregate to its best showing
since last year's third quarter. By the end of the second quarter, corporate
securities rose to match U.S. Treasury issues as the best performing sector in
the Lehman Aggregate universe. Longer-term U.S. Treasury bonds were among the
best-performing asset classes during the period. The bond market closed the
period in retreat as rising long-term interest rates sent the Lehman Aggregate
to its worst monthly loss since April 2004. Treasury issues were hit hardest by
the sell-off, followed by investment-grade corporate securities. A relatively
strong economy protected industrial bonds from the worst of the declines.
LOOKING AHEAD: KATRINA EFFECT
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We are already seeing the impact of Hurricane Katrina on oil prices. In
the months ahead, economic indicators, such as employment, industrial
production, and retail sales, may be depressed due to the effect of this storm
on industries in the Gulf Coast area as well as the dislocation and unemployment
of so many people. Therefore, uncertainty remains with regard to how this will
play out in the economy and financial markets.
You can help prepare for the unknown by managing your investment risk
through a broadly diversified portfolio with stocks, bonds, and cash that can
help you weather unexpected market shifts. While diversification may not prevent
losses in a downturn, it may help manage them and keep you on track to reach
your financial goals.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS(SM). We appreciate your
confidence in us and are committed to helping you meet your financial needs.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
*The Lehman Brothers Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Index and the Mortgage-Backed Securities Index and
includes Treasury issues, agency issues, corporate bond issues and
mortgage-backed securities. You cannot invest directly in an index.
1
WELLS FARGO ADVANTAGE OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
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INVESTMENT OBJECTIVE
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Each Fund seeks to provide investors with an asset allocation strategy
designed to maximize total return for retirement or for other purposes
consistent with the quantitatively measured risk that investors, on average, may
be willing to accept given their investment time horizons. Investors are
encouraged to select a particular WELLS FARGO ADVANTAGE OUTLOOK FUND based on
their investment time horizons.
Specifically:
o WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND is managed for
investors who have retired, are planning to retire or will
begin to withdraw substantial portions of their investment in
the near future.
o WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND is managed for
investors planning to retire or begin to withdraw substantial
portions of their investment approximately in the year 2010.
o WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND is managed for
investors planning to retire or begin to withdraw substantial
portions of their investment approximately in the year 2020.
o WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND is managed for
investors planning to retire or begin to withdraw substantial
portions of their investment approximately in the year 2030.
o WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND is managed for
investors planning to retire or begin to withdraw substantial
portions of their investment approximately in the year 2040.
ADVISER SUB-ADVISER
Wells Fargo Funds Management, LLC Barclays Global Fund Advisors
FUND MANAGERS INCEPTION DATE
David Burkart, CFA, Ken Millman, CFA 3/1/1994
and Dagmar Nikles, CFA
HOW DID THE FUNDS PERFORM OVER THE SIX-MONTH REPORTING PERIOD?
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The Outlook Funds' Class A shares each returned the following over the
six-month period ending August 31, 2005:
o Outlook Today Fund returned 2.25%,(1) (excluding sales
charges)
o Outlook 2010 Fund returned 2.36%,(1) (excluding sales charges)
o Outlook 2020 Fund returned 2.58%,(1) (excluding sales charges)
o Outlook 2030 Fund returned 2.77%,(1) (excluding sales charges)
o Outlook 2040 Fund returned 3.13%,(1) (excluding sales charges)
During the six-month period ending on August 31, 2005, the broad U.S.
equity market outperformed the U.S. bond market, and international equities
slightly underperformed U.S. bonds. More specifically, the WELLS FARGO ADVANTAGE
OUTLOOK FUNDS with longer time horizons and consequently higher equity
allocations, such as the WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND with 90% of its
portfolio invested in stocks, outperformed the WELLS FARGO ADVANTAGE OUTLOOK
FUNDS with a shorter time horizon and lower equity allocations, such as the
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND with 35% of its portfolio invested in
stocks.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE. OTHER FEES AND
EXPENSES APPLY TO AN INVESTMENT IN THE FUNDS AND ARE DESCRIBED IN THE FUNDS'
CURRENT PROSPECTUS.
WHAT FACTORS AFFECTED THE FUNDS' PERFORMANCE?
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The performance of the WELLS FARGO ADVANTAGE OUTLOOK FUNDS is affected by
the asset allocation of each Fund's portfolio to the underlying asset classes,
U.S. bonds and U.S. equities, international equities, and cash. U.S. equities,
particularly smaller capitalization stocks, outperformed larger capitalization
stocks. The best performing sectors included energy, utilities, and health care.
The worst performing sectors were materials and transportation.
International equities performance was driven by local market and currency
returns. Among the best performing countries for stocks were Norway and Austria.
With the U.S. dollar rallying against most foreign currencies, countries such as
Portugal and Greece were among the worst performing countries in U.S. dollar
terms.
The bonds performance was primarily driven by coupon payments. A second,
smaller component of return was price appreciation as the yield curve saw
significant flattening, particularly on the longer end.
WHAT CHANGES DID YOU MAKE TO THE FUNDS' HOLDINGS DURING THE PERIOD?
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During the six-month reporting period, the Funds' holdings changed
modestly. The equity holdings decreased slightly and bond holdings increased
accordingly to maintain the targeted allocations of each portfolio. This modest
change in the asset allocation mix of the WELLS FARGO ADVANTAGE OUTLOOK FUNDS is
a result of the passage of time and therefore the decreasing time horizons. The
asset allocation mix of each WELLS FARGO ADVANTAGE OUTLOOK FUND, with the
exception of the Today Fund, will become increasingly more conservative as the
investment time horizons and the investors' ability to bear risk decreases.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
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LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK?
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Recurring doubts about the strength of the economic expansion has left the
U.S. stock market struggling to make headway this year. Better economic news
could help U.S. equities, but while the economic climate is looking more settled
than it did a few months ago, we believe that it does not look sufficiently
upbeat to dispel analysts' doubts. Nevertheless, with ten-year yields stuck
below 4.25%, equities appear to be offering better value than government bonds.
Meanwhile, investment analysts are still upgrading profit forecasts and are more
optimistic than they have been for a year. Sentiment, though, is generally
downbeat due to cautious investors, and U.S. equities are set for only modest
performance. While sentiment towards the U.S. dollar has dried up in recent
weeks, we believe that the interest-rate outlook is still favorable. The U.S.
dollar's rally, therefore, does not look to be over quite yet.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCKS SHOULD ONLY BE
CONSIDERED FOR LONG-TERM GOALS AS VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES
OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. BOND VALUES
FLUCTUATE IN RESPONSE TO THE FINANCIAL CONDITION OF INDIVIDUAL ISSUERS, CHANGES
IN INTEREST RATES, AND GENERAL MARKET AND ECONOMIC CONDITIONS. IN GENERAL, WHEN
INTEREST RATES RISE, BOND FUND VALUES FALL AND INVESTORS MAY LOSE PRINCIPAL
VALUE. INVESTMENT STRATEGIES THAT EMPHASIZE PARTICULAR MARKET SEGMENTS OR FEWER
SECURITIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE
BROADER MARKET). THESE FUNDS ARE EXPOSED TO SMALL COMPANY SECURITIES RISK AND
FOREIGN INVESTMENTS RISK. CONSULT A FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION
ON THESE AND OTHER RISKS.
AVERAGE ANNUAL TOTAL RETURNS(1) (%) (AS OF AUGUST 31, 2005)
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INCLUDING SALES CHARGE EXCLUDING SALES CHARGE
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6-months* 1-Year 5-Year 10-Year 6-months* 1-Year 5-Year 10-Year
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FUND NAME
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Outlook Today Fund - Class A (3.60) (0.31) 2.16 4.99 2.25 5.78 3.38 5.61
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Outlook Today Fund - Class B (3.18) (0.05) 2.40 5.04 1.82 4.95 2.76 5.04
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Outlook Today Fund - Class C 0.93 3.97 2.77 5.04 1.93 4.97 2.77 5.04
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Outlook Today Fund - Administrator Class 2.36 6.10 3.69 5.77
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Outlook Today Fund - Institutional Class 2.47 6.30 3.73 5.79
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Outlook 2010 Fund - Class A (3.51) 1.60 0.62 6.23 2.36 7.80 1.83 6.86
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Outlook 2010 Fund - Class B (2.95) 2.03 0.81 6.24 2.05 7.03 1.19 6.24
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Outlook 2010 Fund - Class C 1.04 6.02 1.19 6.24 2.04 7.02 1.19 6.24
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Outlook 2010 Fund - Administrator Class 2.58 8.16 2.08 7.00
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Outlook 2010 Fund - Institutional Class 2.68 8.29 2.12 7.02
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Outlook 2020 Fund - Class A (3.32) 4.03 (1.41) 6.69 2.58 10.40 (0.23) 7.32
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Outlook 2020 Fund - Class B (2.79) 4.60 (1.27) 6.71 2.21 9.60 (0.85) 6.71
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Outlook 2020 Fund - Class C 1.21 8.54 (0.85) 6.70 2.21 9.54 (0.85) 6.70
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Outlook 2020 Fund - Administrator Class 2.77 10.76 0.05 7.50
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Outlook 2020 Fund - Institutional Class 2.87 11.06 0.12 7.54
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Outlook 2030 Fund - Class A (3.16) 6.04 (2.40) 7.29 2.77 12.54 (1.24) 7.93
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Outlook 2030 Fund - Class B (2.58) 6.70 (2.26) 7.31 2.42 11.70 (1.83) 7.31
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Outlook 2030 Fund - Class C 1.44 10.69 (1.83) 7.30 2.44 11.69 (1.83) 7.30
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Outlook 2030 Fund - Administrator Class 2.97 12.91 (0.95) 8.09
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Outlook 2030 Fund - Institutional Class 3.07 13.13 (0.91) 8.12
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Outlook 2040 Fund - Class A (2.79) 7.86 (3.81) 7.60 3.13 14.47 (2.66) 8.24
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Outlook 2040 Fund - Class B (2.26) 8.62 (3.71) 7.60 2.74 13.62 (3.25) 7.60
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Outlook 2040 Fund - Class C 1.74 12.63 (3.27) 7.60 2.74 13.63 (3.27) 7.60
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Outlook 2040 Fund - Administrator Class 3.24 14.84 (2.37) 8.43
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Outlook 2040 Fund - Institutional Class 3.41 15.09 (2.31) 8.46
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BENCHMARKS
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Russell 3000(R) Index(2) 3.64 15.32 (1.81) 9.86
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Morgan Stanley Capital International/ Europe,
Australasia and Far East Index (MSCI/EAFE)(3) 1.98 23.58 1.25 5.58
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Lehman Brothers U.S. Treasury 3-5 Year Index(4) 2.21 1.43 6.16 6.12
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iMoneyNet All Taxable Money Fund Average(5) 1.23 1.94 1.97 3.46
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The views expressed are as of August 31, 2005, 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 ADVANTAGE OUTLOOK FUNDS.
* Returns for periods of less than one year are not annualized.
3
WELLS FARGO ADVANTAGE OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
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PORTFOLIO ALLOCATION(6) (AS OF AUGUST 31, 2005)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OUTLOOK TODAY FUND
Cash 1%
Stocks 35%
Bonds 64%
OUTLOOK 2010 FUND
Cash 1%
Stocks 46%
Bonds 53%
OUTLOOK 2020 FUND
Cash 1%
Stocks 64%
Bonds 35%
OUTLOOK 2030 FUND
Cash 1%
Stocks 78%
Bonds 21%
OUTLOOK 2040 FUND
Stocks 90%
Bonds 10%
FUND CHARACTERISTICS(6) (AS OF AUGUST 31, 2005)
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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 3.67% 3.66% 3.61% 3.74% 3.56%
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Weighted Average Maturity of Bond Portfolio 3.85 years 3.87 years 3.87 years 3.88 years 3.89 years
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Modified Duration of Bond Portfolio 3.50 years 3.52 years 3.52 years 3.53 years 3.55 years
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PORTFOLIO ALLOCATION BY ASSET CLASS(6) (AS OF AUGUST 31, 2005)
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OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK
ASSET CLASS TODAY FUND 2010 FUND 2020 FUND 2030 FUND 2040 FUND
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DOMESTIC STOCKS 26% 35% 48% 58% 70%
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INTERNATIONAL STOCKS 9% 11% 16% 20% 20%
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BONDS 64% 53% 35% 21% 10%
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CASH EQUIVALENTS 1% 1% 1% 1% 0%
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TOTAL 100% 100% 100% 100% 100%
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4
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
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GROWTH OF $10,000 INVESTMENT(7) (AS OF AUGUST 31, 2005)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO
WELLS FARGO ADVANTAGE OUTLOOK iMoneyNet All Lehman Brothers
ADVANTAGE OUTLOOK TODAY - Administrator Taxable Money Russell 3000 (R) U.S. Treasury
TODAY - Class A Class Fund Average MSCI EAFE Index Index 3-5 Year Index
----------------- --------------------- --------------- --------------- ---------------- ---------------
8/31/1995 9424 10000 10,000.00 10,000.00 10,000 $10,000
9/30/1995 9530 10112 10,043.00 10,195.00 10,388 $10,068
10/31/1995 9557 10141 10,087.19 9,920.75 10,298 $10,190
11/30/1995 9711 10304 10,130.56 10,196.55 10,755 $10,331
12/31/1995 9825 10425 10,175.14 10,607.47 10,930 $10,440
1/31/1996 9918 10523 10,218.89 10,650.96 11,247 $10,544
2/29/1996 9862 10464 10,257.72 10,687.18 11,413 $10,415
3/31/1996 9841 10442 10,298.75 10,913.74 11,528 $10,336
4/30/1996 9850 10452 10,338.92 11,231.33 11,747 $10,292
5/31/1996 9860 10462 10,380.28 11,024.68 12,047 $10,269
6/30/1996 9924 10530 10,420.76 11,086.42 12,008 $10,382
7/31/1996 9838 10439 10,463.48 10,762.69 11,380 $10,412
8/31/1996 9895 10500 10,506.38 10,786.37 11,725 $10,417
9/30/1996 10102 10719 10,548.41 11,073.29 12,363 $10,565
10/31/1996 10255 10881 10,591.66 10,960.34 12,589 $10,760
11/30/1996 10504 11145 10,634.02 11,396.56 13,477 $10,902
12/31/1996 10418 11054 10,677.62 11,249.55 13,315 $10,820
1/31/1997 10517 11159 10,721.40 10,855.81 14,052 $10,861
2/28/1997 10526 11169 10,761.07 11,033.85 14,067 $10,870
3/31/1997 10382 11016 10,805.19 11,073.57 13,430 $10,786
4/30/1997 10551 11195 10,849.49 11,132.26 14,092 $10,920
5/31/1997 10779 11437 10,895.06 11,856.97 15,054 $11,005
6/30/1997 10966 11635 10,939.73 12,510.29 15,680 $11,108
7/31/1997 11257 11944 10,986.77 12,712.96 16,910 $11,351
8/31/1997 11106 11784 11,034.01 11,763.30 16,224 $11,287
9/30/1997 11333 12025 11,079.25 12,422.04 17,144 $11,422
10/31/1997 11313 12003 11,126.89 11,466.79 16,568 $11,571
11/30/1997 11384 12079 11,173.63 11,349.83 17,202 $11,584
12/31/1997 11505 12208 11,221.67 11,448.57 17,547 $11,686
1/31/1998 11603 12312 11,269.93 11,971.77 17,638 $11,869
2/28/1998 11788 12508 11,313.88 12,740.36 18,899 $11,839
3/31/1998 11949 12678 11,362.53 13,132.76 19,836 $11,869
4/30/1998 12015 12748 11,409.12 13,236.51 20,031 $11,925
5/31/1998 11993 12725 11,457.03 13,171.65 19,537 $12,011
6/30/1998 12115 12855 11,504.01 13,271.75 20,197 $12,091
7/31/1998 12093 12831 11,553.48 13,405.80 19,831 $12,135
8/31/1998 11815 12537 11,603.16 11,744.82 16,793 $12,402
9/30/1998 12098 12837 11,650.73 11,384.25 17,938 $12,742
10/31/1998 12311 13062 11,697.33 12,570.49 19,300 $12,775
11/30/1998 12456 13217 11,741.78 13,214.10 20,480 $12,711
12/31/1998 12672 13446 11,787.57 13,734.74 21,782 $12,745
1/31/1999 12756 13535 11,832.37 13,693.53 22,522 $12,810
2/28/1999 12541 13307 11,871.41 13,367.63 21,724 $12,592
3/31/1999 12699 13475 11,915.34 13,925.06 22,521 $12,685
4/30/1999 12831 13615 11,957.04 14,489.02 23,538 $12,716
5/31/1999 12687 13462 12,000.09 13,742.84 23,091 $12,606
6/30/1999 12830 13614 12,042.09 14,278.81 24,258 $12,642
7/31/1999 12770 13550 12,087.85 14,702.89 23,522 $12,641
8/31/1999 12746 13524 12,134.99 14,757.29 23,255 $12,674
9/30/1999 12767 13547 12,182.32 14,906.34 22,660 $12,785
10/31/1999 12926 13715 12,231.05 15,465.33 24,082 $12,787
11/30/1999 13048 13832 12,279.97 16,001.97 24,756 $12,784
12/31/1999 13242 14027 12,332.77 17,438.95 26,335 $12,734
1/31/2000 13000 13786 12,385.80 16,331.58 25,303 $12,673
2/29/2000 13102 13893 12,436.59 16,770.90 25,537 $12,778
3/31/2000 13437 14247 12,492.55 17,421.61 27,538 $12,951
4/30/2000 13335 14139 12,548.77 16,505.23 26,567 $12,927
5/31/2000 13296 14098 12,609.00 16,102.50 25,821 $12,981
6/30/2000 13524 14335 12,669.52 16,732.11 26,586 $13,197
7/31/2000 13512 14322 12,734.14 16,031.04 26,116 $13,283
8/31/2000 13783 14620 12,799.08 16,170.51 28,053 $13,434
9/30/2000 13695 14537 12,861.80 15,383.00 26,783 $13,561
10/31/2000 13721 14564 12,927.39 15,019.96 26,401 $13,654
11/30/2000 13643 14496 12,990.74 14,456.71 23,968 $13,858
12/31/2000 13819 14675 13,056.99 14,969.93 24,371 $14,118
1/31/2001 14000 14879 13,119.66 14,962.44 25,204 $14,298
2/28/2001 13860 14718 13,172.14 13,840.26 22,901 $14,440
3/31/2001 13766 14628 13,226.15 12,917.11 21,408 $14,560
4/30/2001 13907 14790 13,275.09 13,814.85 23,125 $14,491
5/31/2001 13935 14820 13,320.22 13,327.19 23,311 $14,548
6/30/2001 13907 14801 13,360.18 12,782.11 22,881 $14,594
7/31/2001 14034 14935 13,398.93 12,549.47 22,504 $14,887
8/31/2001 13949 14846 13,435.10 12,231.97 21,176 $15,028
9/30/2001 13878 14765 13,467.35 10,992.87 19,307 $15,388
10/31/2001 14106 15005 13,494.28 11,274.29 19,757 $15,634
11/30/2001 14235 15154 13,515.87 11,690.31 21,278 $15,425
12/31/2001 14276 15194 13,534.80 11,759.28 21,578 $15,322
1/31/2002 14175 15087 13,552.39 11,134.87 21,308 $15,384
2/28/2002 14146 15072 13,567.30 11,212.81 20,872 $15,528
3/31/2002 14261 15189 13,583.58 11,819.42 21,787 $15,247
4/30/2002 14145 15082 13,598.52 11,897.43 20,644 $15,552
5/31/2002 14160 15097 13,613.48 12,048.53 20,405 $15,698
6/30/2002 13898 14818 13,628.45 11,569.00 18,936 $15,912
7/31/2002 13620 14526 13,643.45 10,427.14 17,431 $16,316
8/31/2002 13722 14634 13,658.45 10,403.16 17,513 $16,543
9/30/2002 13285 14172 13,672.11 9,285.86 15,673 $16,931
10/31/2002 13624 14544 13,685.78 9,784.51 16,921 $16,901
11/30/2002 13874 14807 13,698.10 10,228.72 17,945 $16,677
12/31/2002 13701 14628 13,709.06 9,885.04 16,930 $17,063
1/31/2003 13535 14469 13,718.66 9,472.83 16,516 $16,983
2/28/2003 13490 14421 13,726.89 9,254.96 16,244 $17,227
3/31/2003 13490 14432 13,735.12 9,073.56 16,415 $17,225
4/30/2003 13929 14893 13,743.36 9,962.77 17,755 $17,268
5/31/2003 14383 15387 13,751.61 10,566.51 18,827 $17,614
6/30/2003 14467 15472 13,758.49 10,822.22 19,081 $17,570
7/31/2003 14376 15376 13,765.37 11,084.12 19,519 $17,097
8/31/2003 14498 15520 13,770.87 11,351.25 19,952 $17,103
9/30/2003 14666 15708 13,776.38 11,701.16 19,735 $17,552
10/31/2003 14864 15917 13,781.89 12,430.48 20,929 $17,338
11/30/2003 14925 15981 13,787.40 12,706.84 21,218 $17,314
12/31/2003 15263 16367 13,794.30 13,699.56 22,188 $17,482
1/31/2004 15401 16512 13,799.81 13,893.28 22,651 $17,578
2/29/2004 15569 16690 13,805.33 14,214.00 22,956 $17,781
3/31/2004 15571 16688 13,810.86 14,293.60 22,684 $17,944
4/30/2004 15217 16331 13,816.38 13,970.56 22,214 $17,438
5/31/2004 15233 16347 13,821.91 14,018.06 22,536 $17,376
6/30/2004 15369 16504 13,828.82 14,325.06 22,985 $17,424
7/31/2004 15215 16325 13,837.12 13,859.49 22,116 $17,554
8/31/2004 15385 16520 13,846.80 13,920.47 22,206 $17,859
9/30/2004 15480 16617 13,857.88 14,284.30 22,548 $17,862
10/31/2004 15650 16798 13,871.74 14,771.39 22,918 $18,005
11/30/2004 15790 16961 13,887.00 15,780.28 23,983 $17,782
12/31/2004 16041 17239 13,905.05 16,473.03 24,838 $17,885
1/31/2005 15869 17057 13,924.52 16,171.58 24,176 $17,869
2/28/2005 15916 17124 13,944.01 16,870.19 24,709 $17,722
3/31/2005 15766 16960 13,967.72 16,446.75 24,291 $17,668
4/30/2005 15750 16944 13,992.86 16,060.25 23,764 $17,897
5/31/2005 15986 17193 14,020.84 16,068.28 24,665 $18,031
6/30/2005 16054 17277 14,050.29 16,281.99 24,837 $18,087
7/31/2005 16164 17394 14,082.60 16,781.84 25,856 $17,883
8/31/2005 16274 17528 14,116.40 17,206.42 25,610 $18,114
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO
WELLS FARGO ADVANTAGE OUTLOOK Lehman Brothers iMoneyNet All
ADVANTAGE OUTLOOK 2010-Administrator U.S. Treasury Taxable Money Russell 3000 (R)
2010-Class A Class 3-5 Year Index Fund Average MSCI EAFE Index Index
----------------- ------------------ ----------------- ------------- --------------- ------------------
8/31/1995 9429 10000 $10,000 $10,000 $10,000 $10,000
9/30/1995 9610 10193 $10,068 $10,043 $10,195 $10,388
10/31/1995 9610 10193 $10,190 $10,087 $ 9,921 $10,298
11/30/1995 9846 10442 $10,331 $10,131 $10,197 $10,755
12/31/1995 9991 10597 $10,440 $10,175 $10,607 $10,930
1/31/1996 10169 10785 $10,544 $10,219 $10,651 $11,247
2/29/1996 10142 10757 $10,415 $10,258 $10,687 $11,413
3/31/1996 10154 10769 $10,336 $10,299 $10,914 $11,528
4/30/1996 10226 10845 $10,292 $10,339 $11,231 $11,747
5/31/1996 10297 10921 $10,269 $10,380 $11,025 $12,047
6/30/1996 10349 10976 $10,382 $10,421 $11,086 $12,008
7/31/1996 10142 10756 $10,412 $10,463 $10,763 $11,380
8/31/1996 10232 10852 $10,417 $10,506 $10,786 $11,725
9/30/1996 10555 11195 $10,565 $10,548 $11,073 $12,363
10/31/1996 10746 11397 $10,760 $10,592 $10,960 $12,589
11/30/1996 11183 11860 $10,902 $10,634 $11,397 $13,477
12/31/1996 11041 11710 $10,820 $10,678 $11,250 $13,315
1/31/1997 11282 11966 $10,861 $10,721 $10,856 $14,052
2/28/1997 11319 12005 $10,870 $10,761 $11,034 $14,067
3/31/1997 11092 11764 $10,786 $10,805 $11,074 $13,430
4/30/1997 11401 12092 $10,920 $10,849 $11,132 $14,092
5/31/1997 11813 12529 $11,005 $10,895 $11,857 $15,054
6/30/1997 12131 12866 $11,108 $10,940 $12,510 $15,680
7/31/1997 12631 13396 $11,351 $10,987 $12,713 $16,910
8/31/1997 12263 13006 $11,287 $11,034 $11,763 $16,224
9/30/1997 12656 13423 $11,422 $11,079 $12,422 $17,144
10/31/1997 12475 13231 $11,571 $11,127 $11,467 $16,568
11/30/1997 12665 13433 $11,584 $11,174 $11,350 $17,202
12/31/1997 12837 13615 $11,686 $11,222 $11,449 $17,547
1/31/1998 12969 13755 $11,869 $11,270 $11,972 $17,638
2/28/1998 13408 14220 $11,839 $11,314 $12,740 $18,899
3/31/1998 13749 14583 $11,869 $11,363 $13,133 $19,836
4/30/1998 13852 14691 $11,925 $11,409 $13,237 $20,031
5/31/1998 13760 14593 $12,011 $11,457 $13,172 $19,537
6/30/1998 14000 14848 $12,091 $11,504 $13,272 $20,197
7/31/1998 13938 14782 $12,135 $11,553 $13,406 $19,831
8/31/1998 13050 13841 $12,402 $11,603 $11,745 $16,793
9/30/1998 13499 14317 $12,742 $11,651 $11,384 $17,938
10/31/1998 14050 14901 $12,775 $11,697 $12,570 $19,300
11/30/1998 14414 15287 $12,711 $11,742 $13,214 $20,480
12/31/1998 14848 15748 $12,745 $11,788 $13,735 $21,782
1/31/1999 15070 15984 $12,810 $11,832 $13,694 $22,522
2/28/1999 14737 15630 $12,592 $11,871 $13,368 $21,724
3/31/1999 15027 15938 $12,685 $11,915 $13,925 $22,521
4/30/1999 15329 16258 $12,716 $11,957 $14,489 $23,538
5/31/1999 15083 15997 $12,606 $12,000 $13,743 $23,091
6/30/1999 15417 16352 $12,642 $12,042 $14,279 $24,258
7/31/1999 15249 16173 $12,641 $12,088 $14,703 $23,522
8/31/1999 15192 16113 $12,674 $12,135 $14,757 $23,255
9/30/1999 15139 16056 $12,785 $12,182 $14,906 $22,660
10/31/1999 15512 16452 $12,787 $12,231 $15,465 $24,082
11/30/1999 15761 16692 $12,784 $12,280 $16,002 $24,756
12/31/1999 16200 17152 $12,734 $12,333 $17,439 $26,335
1/31/2000 15769 16698 $12,673 $12,386 $16,332 $25,303
2/29/2000 15843 16776 $12,778 $12,437 $16,771 $25,537
3/31/2000 16490 17468 $12,951 $12,493 $17,422 $27,538
4/30/2000 16217 17194 $12,927 $12,549 $16,505 $26,567
5/31/2000 16081 17051 $12,981 $12,609 $16,103 $25,821
6/30/2000 16412 17400 $13,197 $12,670 $16,732 $26,586
7/31/2000 16300 17283 $13,283 $12,734 $16,031 $26,116
8/31/2000 16724 17741 $13,434 $12,799 $16,171 $28,053
9/30/2000 16459 17433 $13,561 $12,862 $15,383 $26,783
10/31/2000 16446 17420 $13,654 $12,927 $15,020 $26,401
11/30/2000 16057 17011 $13,858 $12,991 $14,457 $23,968
12/31/2000 16263 17224 $14,118 $13,057 $14,970 $24,371
1/31/2001 16565 17556 $14,298 $13,120 $14,962 $25,204
2/28/2001 16066 17030 $14,440 $13,172 $13,840 $22,901
3/31/2001 15726 16670 $14,560 $13,226 $12,917 $21,408
4/30/2001 16189 17157 $14,491 $13,275 $13,815 $23,125
5/31/2001 16202 17185 $14,548 $13,320 $13,327 $23,311
6/30/2001 16055 17029 $14,594 $13,360 $12,782 $22,881
7/31/2001 16081 17057 $14,887 $13,399 $12,549 $22,504
8/31/2001 15788 16748 $15,028 $13,435 $12,232 $21,176
9/30/2001 15332 16279 $15,388 $13,467 $10,993 $19,307
10/31/2001 15627 16589 $15,634 $13,494 $11,274 $19,757
11/30/2001 16015 16998 $15,425 $13,516 $11,690 $21,278
12/31/2001 16094 17094 $15,322 $13,535 $11,759 $21,578
1/31/2002 15931 16922 $15,384 $13,552 $11,135 $21,308
2/28/2002 15836 16836 $15,528 $13,567 $11,213 $20,872
3/31/2002 16142 17157 $15,247 $13,584 $11,819 $21,787
4/30/2002 15787 16796 $15,552 $13,599 $11,897 $20,644
5/31/2002 15760 16768 $15,698 $13,613 $12,049 $20,405
6/30/2002 15202 16177 $15,912 $13,628 $11,569 $18,936
7/31/2002 14680 15626 $16,316 $13,643 $10,427 $17,431
8/31/2002 14776 15728 $16,543 $13,658 $10,403 $17,513
9/30/2002 13892 14794 $16,931 $13,672 $ 9,286 $15,673
10/31/2002 14526 15479 $16,901 $13,686 $ 9,785 $16,921
11/30/2002 14968 15945 $16,677 $13,698 $10,229 $17,945
12/31/2002 14608 15558 $17,063 $13,709 $ 9,885 $16,930
1/31/2003 14385 15337 $16,983 $13,719 $ 9,473 $16,516
2/28/2003 14274 15219 $17,227 $13,727 $ 9,255 $16,244
3/31/2003 14303 15246 $17,225 $13,735 $ 9,074 $16,415
4/30/2003 14918 15912 $17,268 $13,743 $ 9,963 $17,755
5/31/2003 15506 16549 $17,614 $13,752 $10,567 $18,827
6/30/2003 15617 16664 $17,570 $13,758 $10,822 $19,081
7/31/2003 15617 16664 $17,097 $13,765 $11,084 $19,519
8/31/2003 15800 16873 $17,103 $13,771 $11,351 $19,952
9/30/2003 15937 17015 $17,552 $13,776 $11,701 $19,735
10/31/2003 16289 17403 $17,338 $13,782 $12,430 $20,929
11/30/2003 16387 17507 $17,314 $13,787 $12,707 $21,218
12/31/2003 16881 18046 $17,482 $13,794 $13,700 $22,188
1/31/2004 17065 18256 $17,578 $13,800 $13,893 $22,651
2/29/2004 17263 18465 $17,781 $13,805 $14,214 $22,956
3/31/2004 17224 18424 $17,944 $13,811 $14,294 $22,684
4/30/2004 16856 18033 $17,438 $13,816 $13,971 $22,214
5/31/2004 16912 18108 $17,376 $13,822 $14,018 $22,536
6/30/2004 17096 18301 $17,424 $13,829 $14,325 $22,985
7/31/2004 16811 18014 $17,554 $13,837 $13,859 $22,116
8/31/2004 16982 18180 $17,859 $13,847 $13,920 $22,206
9/30/2004 17117 18338 $17,862 $13,858 $14,284 $22,548
10/31/2004 17345 18581 $18,005 $13,872 $14,771 $22,918
11/30/2004 17659 18914 $17,782 $13,887 $15,780 $23,983
12/31/2004 17999 19290 $17,885 $13,905 $16,473 $24,838
1/31/2005 17741 19031 $17,869 $13,925 $16,172 $24,176
2/28/2005 17884 19168 $17,722 $13,944 $16,870 $24,709
3/31/2005 17660 18944 $17,668 $13,968 $16,447 $24,291
4/30/2005 17574 18867 $17,897 $13,993 $16,060 $23,764
5/31/2005 17876 19189 $18,031 $14,021 $16,068 $24,665
6/30/2005 17974 19294 $18,087 $14,050 $16,282 $24,837
7/31/2005 18191 19525 $17,883 $14,083 $16,782 $25,856
8/31/2005 18307 19663 $18,114 $14,116 $17,206 $25,610
5
WELLS FARGO ADVANTAGE OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENT(7) (AS OF AUGUST 31, 2005)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO
WELLS FARGO ADVANTAGE OUTLOOK Lehman Brothers iMoneyNet All
ADVANTAGE OUTLOOK 2020-Administrator U.S. Treasury Taxable Money Russell 3000 (R)
2020-Class A Class 3-5 Year Index Fund Average MSCI EAFE Index Index
----------------- ------------------ ----------------- ------------- --------------- ------------------
8/31/1995 9425 10000 $10,000 10,000.00 $10,000 $10,000
9/30/1995 9646 10235 $10,068 10,043.00 $10,195 $10,388
10/31/1995 9612 10199 $10,190 10,087.19 $ 9,921 $10,298
11/30/1995 9898 10502 $10,331 10,130.56 $10,197 $10,755
12/31/1995 10068 10683 $10,440 10,175.14 $10,607 $10,930
1/31/1996 10292 10920 $10,544 10,218.89 $10,651 $11,247
2/29/1996 10283 10911 $10,415 10,257.72 $10,687 $11,413
3/31/1996 10318 10948 $10,336 10,298.75 $10,914 $11,528
4/30/1996 10413 11049 $10,292 10,338.92 $11,231 $11,747
5/31/1996 10525 11168 $10,269 10,380.28 $11,025 $12,047
6/30/1996 10573 11219 $10,382 10,420.76 $11,086 $12,008
7/31/1996 10260 10886 $10,412 10,463.48 $10,763 $11,380
8/31/1996 10382 11016 $10,417 10,506.38 $10,786 $11,725
9/30/1996 10794 11453 $10,565 10,548.41 $11,073 $12,363
10/31/1996 10995 11667 $10,760 10,591.66 $10,960 $12,589
11/30/1996 11583 12290 $10,902 10,634.02 $11,397 $13,477
12/31/1996 11399 12095 $10,820 10,677.62 $11,250 $13,315
1/31/1997 11735 12452 $10,861 10,721.40 $10,856 $14,052
2/28/1997 11789 12509 $10,870 10,761.07 $11,034 $14,067
3/31/1997 11482 12184 $10,786 10,805.19 $11,074 $13,430
4/30/1997 11894 12620 $10,920 10,849.49 $11,132 $14,092
5/31/1997 12460 13221 $11,005 10,895.06 $11,857 $15,054
6/30/1997 12882 13669 $11,108 10,939.73 $12,510 $15,680
7/31/1997 13572 14400 $11,351 10,986.77 $12,713 $16,910
8/31/1997 13029 13825 $11,287 11,034.01 $11,763 $16,224
9/30/1997 13568 14397 $11,422 11,079.25 $12,422 $17,144
10/31/1997 13263 14073 $11,571 11,126.89 $11,467 $16,568
11/30/1997 13568 14397 $11,584 11,173.63 $11,350 $17,202
12/31/1997 13781 14622 $11,686 11,221.67 $11,449 $17,547
1/31/1998 13940 14791 $11,869 11,269.93 $11,972 $17,638
2/28/1998 14616 15508 $11,839 11,313.88 $12,740 $18,899
3/31/1998 15134 16058 $11,869 11,362.53 $13,133 $19,836
4/30/1998 15264 16196 $11,925 11,409.12 $13,237 $20,031
5/31/1998 15084 16005 $12,011 11,457.03 $13,172 $19,537
6/30/1998 15449 16393 $12,091 11,504.01 $13,272 $20,197
7/31/1998 15319 16254 $12,135 11,553.48 $13,406 $19,831
8/31/1998 13814 14658 $12,402 11,603.16 $11,745 $16,793
9/30/1998 14398 15277 $12,742 11,650.73 $11,384 $17,938
10/31/1998 15234 16164 $12,775 11,697.33 $12,570 $19,300
11/30/1998 15828 16795 $12,711 11,741.78 $13,214 $20,480
12/31/1998 16483 17489 $12,745 11,787.57 $13,735 $21,782
1/31/1999 16834 17862 $12,810 11,832.37 $13,694 $22,522
2/28/1999 16373 17373 $12,592 11,871.41 $13,368 $21,724
3/31/1999 16804 17830 $12,685 11,915.34 $13,925 $22,521
4/30/1999 17289 18345 $12,716 11,957.04 $14,489 $23,538
5/31/1999 16936 17971 $12,606 12,000.09 $13,743 $23,091
6/30/1999 17509 18579 $12,642 12,042.09 $14,279 $24,258
7/31/1999 17233 18285 $12,641 12,087.85 $14,703 $23,522
8/31/1999 17144 18191 $12,674 12,134.99 $14,757 $23,255
9/30/1999 16956 17991 $12,785 12,182.32 $14,906 $22,660
10/31/1999 17612 18687 $12,787 12,231.05 $15,465 $24,082
11/30/1999 17989 19087 $12,784 12,279.97 $16,002 $24,756
12/31/1999 18744 19901 $12,734 12,332.77 $17,439 $26,335
1/31/2000 18059 19179 $12,673 12,385.80 $16,332 $25,303
2/29/2000 18083 19205 $12,778 12,436.59 $16,771 $25,537
3/31/2000 19137 20324 $12,951 12,492.55 $17,422 $27,538
4/30/2000 18658 19819 $12,927 12,548.77 $16,505 $26,567
5/31/2000 18327 19483 $12,981 12,609.00 $16,103 $25,821
6/30/2000 18848 20029 $13,197 12,669.52 $16,732 $26,586
7/31/2000 18601 19782 $13,283 12,734.14 $16,031 $26,116
8/31/2000 19329 20562 $13,434 12,799.08 $16,171 $28,053
9/30/2000 18743 19934 $13,561 12,861.80 $15,383 $26,783
10/31/2000 18632 19817 $13,654 12,927.39 $15,020 $26,401
11/30/2000 17766 18905 $13,858 12,990.74 $14,457 $23,968
12/31/2000 17988 19138 $14,118 13,056.99 $14,970 $24,371
1/31/2001 18407 19594 $14,298 13,119.66 $14,962 $25,204
2/28/2001 17398 18517 $14,440 13,172.14 $13,840 $22,901
3/31/2001 16712 17794 $14,560 13,226.15 $12,917 $21,408
4/30/2001 17553 18694 $14,491 13,275.09 $13,815 $23,125
5/31/2001 17540 18680 $14,548 13,320.22 $13,327 $23,311
6/30/2001 17241 18366 $14,594 13,360.18 $12,782 $22,881
7/31/2001 17149 18283 $14,887 13,398.93 $12,549 $22,504
8/31/2001 16582 17670 $15,028 13,435.10 $12,232 $21,176
9/30/2001 15671 16721 $15,388 13,467.35 $10,993 $19,307
10/31/2001 16001 17070 $15,634 13,494.28 $11,274 $19,757
11/30/2001 16703 17824 $15,425 13,515.87 $11,690 $21,278
12/31/2001 16817 17932 $15,322 13,534.80 $11,759 $21,578
1/31/2002 16563 17664 $15,384 13,552.39 $11,135 $21,308
2/28/2002 16429 17537 $15,528 13,567.30 $11,213 $20,872
3/31/2002 16857 18001 $15,247 13,583.58 $11,819 $21,787
4/30/2002 16335 17449 $15,552 13,598.52 $11,897 $20,644
5/31/2002 16268 17378 $15,698 13,613.48 $12,049 $20,405
6/30/2002 15485 16550 $15,912 13,628.45 $11,569 $18,936
7/31/2002 14732 15739 $16,316 13,643.45 $10,427 $17,431
8/31/2002 14799 15824 $16,543 13,658.45 $10,403 $17,513
9/30/2002 13659 14603 $16,931 13,672.11 $ 9,286 $15,673
10/31/2002 14415 15418 $16,901 13,685.78 $ 9,785 $16,921
11/30/2002 14996 16046 $16,677 13,698.10 $10,229 $17,945
12/31/2002 14455 15464 $17,063 13,709.06 $ 9,885 $16,930
1/31/2003 14198 15206 $16,983 13,718.66 $ 9,473 $16,516
2/28/2003 14022 15020 $17,227 13,726.89 $ 9,255 $16,244
3/31/2003 14046 15041 $17,225 13,735.12 $ 9,074 $16,415
4/30/2003 14820 15876 $17,268 13,743.36 $ 9,963 $17,755
5/31/2003 15498 16596 $17,614 13,751.61 $10,567 $18,827
6/30/2003 15638 16755 $17,570 13,758.49 $10,822 $19,081
7/31/2003 15665 16799 $17,097 13,765.37 $11,084 $19,519
8/31/2003 15910 17059 $17,103 13,770.87 $11,351 $19,952
9/30/2003 16013 17179 $17,552 13,776.38 $11,701 $19,735
10/31/2003 16504 17716 $17,338 13,781.89 $12,430 $20,929
11/30/2003 16654 17875 $17,314 13,787.40 $12,707 $21,218
12/31/2003 17298 18559 $17,482 13,794.30 $13,700 $22,188
1/31/2004 17517 18807 $17,578 13,799.81 $13,893 $22,651
2/29/2004 17750 19069 $17,781 13,805.33 $14,214 $22,956
3/31/2004 17652 18965 $17,944 13,810.86 $14,294 $22,684
4/30/2004 17268 18556 $17,438 13,816.38 $13,971 $22,214
5/31/2004 17364 18658 $17,376 13,821.91 $14,018 $22,536
6/30/2004 17607 18931 $17,424 13,828.82 $14,325 $22,985
7/31/2004 17181 18477 $17,554 13,837.12 $13,859 $22,116
8/31/2004 17304 18609 $17,859 13,846.80 $13,920 $22,206
9/30/2004 17470 18799 $17,862 13,857.88 $14,284 $22,548
10/31/2004 17745 19092 $18,005 13,871.74 $14,771 $22,918
11/30/2004 18254 19649 $17,782 13,887.00 $15,780 $23,983
12/31/2004 18721 20158 $17,885 13,905.05 $16,473 $24,838
1/31/2005 18375 19803 $17,869 13,924.52 $16,172 $24,176
2/28/2005 18624 20055 $17,722 13,944.01 $16,870 $24,709
3/31/2005 18355 19782 $17,668 13,967.72 $16,447 $24,291
4/30/2005 18147 19560 $17,897 13,992.86 $16,060 $23,764
5/31/2005 18536 19975 $18,031 14,020.84 $16,068 $24,665
6/30/2005 18644 20105 $18,087 14,050.29 $16,282 $24,837
7/31/2005 19021 20522 $17,883 14,082.60 $16,782 $25,856
8/31/2005 19104 20611 $18,114 14,116.40 $17,206 $25,610
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO
WELLS FARGO ADVANTAGE OUTLOOK Lehman Brothers iMoneyNet All
ADVANTAGE OUTLOOK 2030-Administrator U.S. Treasury Taxable Money Russell 3000 (R)
2030-Class A Class 3-5 Year Index Fund Average MSCI EAFE Index Index
----------------- ------------------ ----------------- ------------- --------------- ------------------
Aug-95 9427 10000 $10,000 $10,000 $10,000 $10,000
Sep-95 9690 10279 $10,068 $10,043 $10,195 $10,388
Oct-95 9640 10227 $10,190 $10,087 $ 9,921 $10,299
Nov-95 9969 10576 $10,331 $10,131 $10,197 $10,756
Dec-95 10172 10790 $10,440 $10,175 $10,607 $10,931
Jan-96 10416 11050 $10,544 $10,219 $10,651 $11,248
Feb-96 10416 11050 $10,415 $10,258 $10,687 $11,415
Mar-96 10462 11098 $10,336 $10,299 $10,914 $11,530
Apr-96 10598 11243 $10,292 $10,339 $11,231 $11,749
May-96 10734 11387 $10,269 $10,380 $11,025 $12,050
Jun-96 10771 11426 $10,382 $10,421 $11,086 $12,011
Jul-96 10395 11028 $10,412 $10,463 $10,763 $11,383
Aug-96 10532 11173 $10,417 $10,506 $10,786 $11,728
Sep-96 11011 11680 $10,565 $10,548 $11,073 $12,366
Oct-96 11234 11917 $10,760 $10,592 $10,960 $12,592
Nov-96 11946 12672 $10,902 $10,634 $11,397 $13,480
Dec-96 11730 12444 $10,820 $10,678 $11,250 $13,318
Jan-97 12127 12864 $10,861 $10,721 $10,856 $14,055
Feb-97 12189 12930 $10,870 $10,761 $11,034 $14,070
Mar-97 11823 12542 $10,786 $10,805 $11,074 $13,433
Apr-97 12310 13059 $10,920 $10,849 $11,132 $14,095
May-97 12983 13772 $11,005 $10,895 $11,857 $15,058
Jun-97 13499 14319 $11,108 $10,940 $12,510 $15,684
Jul-97 14343 15216 $11,351 $10,987 $12,713 $16,914
Aug-97 13641 14470 $11,287 $11,034 $11,763 $16,227
Sep-97 14318 15189 $11,422 $11,079 $12,422 $17,147
Oct-97 13916 14763 $11,571 $11,127 $11,467 $16,571
Nov-97 14300 15170 $11,584 $11,174 $11,350 $17,206
Dec-97 14562 15448 $11,686 $11,222 $11,449 $17,550
Jan-98 14723 15618 $11,869 $11,270 $11,972 $17,641
Feb-98 15602 16551 $11,839 $11,314 $12,740 $18,903
Mar-98 16267 17257 $11,869 $11,363 $13,133 $19,840
Apr-98 16419 17417 $11,925 $11,409 $13,237 $20,035
May-98 16182 17166 $12,011 $11,457 $13,172 $19,540
Jun-98 16651 17664 $12,091 $11,504 $13,272 $20,200
Jul-98 16471 17472 $12,135 $11,553 $13,406 $19,832
Aug-98 14445 15324 $12,402 $11,603 $11,745 $16,794
Sep-98 15115 16034 $12,742 $11,651 $11,384 $17,939
Oct-98 16192 17177 $12,775 $11,697 $12,570 $19,301
Nov-98 16974 18007 $12,711 $11,742 $13,214 $20,482
Dec-98 17824 18908 $12,745 $11,788 $13,735 $21,785
Jan-99 18267 19378 $12,810 $11,832 $13,694 $22,526
Feb-99 17670 18744 $12,592 $11,871 $13,368 $21,728
Mar-99 18211 19318 $12,685 $11,915 $13,925 $22,526
Apr-99 18840 19986 $12,716 $11,957 $14,489 $23,542
May-99 18397 19515 $12,606 $12,000 $13,743 $23,094
Jun-99 19139 20303 $12,642 $12,042 $14,279 $24,261
Jul-99 18745 19885 $12,641 $12,088 $14,703 $23,525
Aug-99 18601 19732 $12,674 $12,135 $14,757 $23,257
Sep-99 18322 19436 $12,785 $12,182 $14,906 $22,662
Oct-99 19183 20349 $12,787 $12,231 $15,465 $24,083
Nov-99 19701 20876 $12,784 $12,280 $16,002 $24,757
Dec-99 20758 21996 $12,734 $12,333 $17,439 $26,337
Jan-00 19855 21044 $12,673 $12,386 $16,332 $25,304
Feb-00 19902 21106 $12,778 $12,437 $16,771 $25,540
Mar-00 21291 22568 $12,951 $12,493 $17,422 $27,539
Apr-00 20657 21912 $12,927 $12,549 $16,505 $26,570
May-00 20186 21416 $12,981 $12,609 $16,103 $25,823
Jun-00 20871 22147 $13,197 $12,670 $16,732 $26,588
Jul-00 20552 21812 $13,283 $12,734 $16,031 $26,117
Aug-00 21520 22843 $13,434 $12,799 $16,171 $28,055
Sep-00 20600 21874 $13,561 $12,862 $15,383 $26,784
Oct-00 20458 21724 $13,654 $12,927 $15,020 $26,404
Nov-00 19266 20468 $13,858 $12,991 $14,457 $23,969
Dec-00 19514 20733 $14,118 $13,057 $14,970 $24,372
Jan-01 20020 21279 $14,298 $13,120 $14,962 $25,206
Feb-01 18651 19823 $14,440 $13,172 $13,840 $22,902
Mar-01 17708 18818 $14,560 $13,226 $12,917 $21,409
Apr-01 18784 19978 $14,491 $13,275 $13,815 $23,126
May-01 18747 19939 $14,548 $13,320 $13,327 $23,311
Jun-01 18362 19523 $14,594 $13,360 $12,782 $22,882
Jul-01 18188 19339 $14,887 $13,399 $12,549 $22,504
Aug-01 17407 18515 $15,028 $13,435 $12,232 $21,176
Sep-01 16112 17147 $15,388 $13,467 $10,993 $19,309
Oct-01 16485 17554 $15,634 $13,494 $11,274 $19,758
Nov-01 17379 18498 $15,425 $13,516 $11,690 $21,280
Dec-01 17529 18671 $15,322 $13,535 $11,759 $21,580
Jan-02 17197 18320 $15,384 $13,552 $11,135 $21,310
Feb-02 17031 18144 $15,528 $13,567 $11,213 $20,875
Mar-02 17600 18744 $15,247 $13,584 $11,819 $21,790
Apr-02 16922 18041 $15,552 $13,599 $11,897 $20,646
May-02 16820 17933 $15,698 $13,613 $12,049 $20,406
Jun-02 15877 16923 $15,912 $13,628 $11,569 $18,937
Jul-02 14901 15904 $16,316 $13,643 $10,427 $17,432
Aug-02 15004 16013 $16,543 $13,658 $10,403 $17,513
Sep-02 13641 14558 $16,931 $13,672 $ 9,286 $15,673
Oct-02 14517 15498 $16,901 $13,686 $ 9,785 $16,920
Nov-02 15212 16248 $16,677 $13,698 $10,229 $17,944
Dec-02 14551 15555 $17,063 $13,709 $ 9,885 $16,930
Jan-03 14282 15270 $16,983 $13,719 $ 9,473 $16,515
Feb-03 14068 15042 $17,227 $13,727 $ 9,255 $16,243
Mar-03 14101 15074 $17,225 $13,735 $ 9,074 $16,413
Apr-03 15016 16045 $17,268 $13,743 $ 9,963 $17,754
May-03 15810 16916 $17,614 $13,752 $10,567 $18,827
Jun-03 15976 17090 $17,570 $13,758 $10,822 $19,081
Jul-03 15963 17090 $17,097 $13,765 $11,084 $19,518
Aug-03 16287 17434 $17,103 $13,771 $11,351 $19,951
Sep-03 16416 17569 $17,552 $13,776 $11,701 $19,734
Oct-03 17012 18216 $17,338 $13,782 $12,430 $20,928
Nov-03 17215 18446 $17,314 $13,787 $12,707 $21,216
Dec-03 17970 19249 $17,482 $13,794 $13,700 $22,186
Jan-04 18258 19570 $17,578 $13,800 $13,893 $22,650
Feb-04 18532 19875 $17,781 $13,805 $14,214 $22,956
Mar-04 18410 19747 $17,944 $13,811 $14,294 $22,682
Apr-04 17971 19280 $17,438 $13,816 $13,971 $22,213
May-04 18108 19426 $17,376 $13,822 $14,018 $22,535
Jun-04 18407 19759 $17,424 $13,829 $14,325 $22,983
Jul-04 17870 19187 $17,554 $13,837 $13,859 $22,115
Aug-04 17966 19290 $17,859 $13,847 $13,920 $22,205
Sep-04 18187 19524 $17,862 $13,858 $14,284 $22,547
Oct-04 18503 19891 $18,005 $13,872 $14,771 $22,917
Nov-04 19178 20609 $17,782 $13,887 $15,780 $23,983
Dec-04 19743 21225 $17,885 $13,905 $16,473 $24,836
Jan-05 19314 20768 $17,869 $13,925 $16,172 $24,176
Feb-05 19674 21152 $17,722 $13,944 $16,870 $24,708
Mar-05 19373 20830 $17,668 $13,968 $16,447 $24,290
Apr-05 19068 20505 $17,897 $13,993 $16,060 $23,763
May-05 19512 21008 $18,031 $14,021 $16,068 $24,664
Jun-05 19648 21155 $18,087 $14,050 $16,282 $24,836
Jul-05 20177 21720 $17,883 $14,083 $16,782 $25,855
Aug-05 20219 21779 $18,114 $14,116 $17,206 $25,609
6
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENT(7) (AS OF AUGUST 31, 2005)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
WELLS FARGO
WELLS FARGO ADVANTAGE OUTLOOK Lehman Brothers iMoneyNet All
ADVANTAGE OUTLOOK 2040-Administrator U.S. Treasury Taxable Money Russell 3000 (R)
2040-Class A Class 3-5 Year Index Fund Average MSCI EAFE Index Index
----------------- ------------------ ----------------- ------------- --------------- ------------------
8/31/1995 9428 10000 $10,000 10,000.00 $10,000 $10,000
9/30/1995 9719 10309 $10,068 10,043.00 $10,195 $10,388
10/31/1995 9639 10224 $10,190 10,087.19 $ 9,921 $10,298
11/30/1995 9990 10596 $10,331 10,130.56 $10,197 $10,755
12/31/1995 10193 10812 $10,440 10,175.14 $10,607 $10,930
1/31/1996 10480 11116 $10,544 10,218.89 $10,651 $11,247
2/29/1996 10538 11177 $10,415 10,257.72 $10,687 $11,413
3/31/1996 10605 11249 $10,336 10,298.75 $10,914 $11,528
4/30/1996 10795 11451 $10,292 10,338.92 $11,231 $11,747
5/31/1996 10985 11652 $10,269 10,380.28 $11,025 $12,047
6/30/1996 11023 11692 $10,382 10,420.76 $11,086 $12,008
7/31/1996 10583 11226 $10,412 10,463.48 $10,763 $11,380
8/31/1996 10749 11402 $10,417 10,506.38 $10,786 $11,725
9/30/1996 11292 11978 $10,565 10,548.41 $11,073 $12,363
10/31/1996 11500 12199 $10,760 10,591.66 $10,960 $12,589
11/30/1996 12291 13037 $10,902 10,634.02 $11,397 $13,477
12/31/1996 12069 12802 $10,820 10,677.62 $11,250 $13,315
1/31/1997 12576 13339 $10,861 10,721.40 $10,856 $14,052
2/28/1997 12663 13432 $10,870 10,761.07 $11,034 $14,067
3/31/1997 12243 12987 $10,786 10,805.19 $11,074 $13,430
4/30/1997 12813 13590 $10,920 10,849.49 $11,132 $14,092
5/31/1997 13627 14454 $11,005 10,895.06 $11,857 $15,054
6/30/1997 14223 15086 $11,108 10,939.73 $12,510 $15,680
7/31/1997 15163 16083 $11,351 10,986.77 $12,713 $16,910
8/31/1997 14337 15207 $11,287 11,034.01 $11,763 $16,224
9/30/1997 15107 16024 $11,422 11,079.25 $12,422 $17,144
10/31/1997 14543 15426 $11,571 11,126.89 $11,467 $16,568
11/30/1997 15001 15912 $11,584 11,173.63 $11,350 $17,202
12/31/1997 15266 16193 $11,686 11,221.67 $11,449 $17,547
1/31/1998 15460 16399 $11,869 11,269.93 $11,972 $17,638
2/28/1998 16546 17550 $11,839 11,313.88 $12,740 $18,899
3/31/1998 17379 18434 $11,869 11,362.53 $13,133 $19,836
4/30/1998 17554 18619 $11,925 11,409.12 $13,237 $20,031
5/31/1998 17204 18249 $12,011 11,457.03 $13,172 $19,537
6/30/1998 17792 18872 $12,091 11,504.01 $13,272 $20,197
7/31/1998 17598 18666 $12,135 11,553.48 $13,406 $19,831
8/31/1998 14934 15840 $12,402 11,603.16 $11,745 $16,793
9/30/1998 15723 16677 $12,742 11,650.73 $11,384 $17,938
10/31/1998 17046 18081 $12,775 11,697.33 $12,570 $19,300
11/30/1998 18019 19113 $12,711 11,741.78 $13,214 $20,480
12/31/1998 19109 20269 $12,745 11,787.57 $13,735 $21,782
1/31/1999 19663 20857 $12,810 11,832.37 $13,694 $22,522
2/28/1999 19024 20179 $12,592 11,871.41 $13,368 $21,724
3/31/1999 19726 20923 $12,685 11,915.34 $13,925 $22,521
4/30/1999 20493 21737 $12,716 11,957.04 $14,489 $23,538
5/31/1999 19971 21183 $12,606 12,000.09 $13,743 $23,091
6/30/1999 20962 22234 $12,642 12,042.09 $14,279 $24,258
7/31/1999 20450 21691 $12,641 12,087.85 $14,703 $23,522
8/31/1999 20279 21510 $12,674 12,134.99 $14,757 $23,255
9/30/1999 19895 21102 $12,785 12,182.32 $14,906 $22,660
10/31/1999 21026 22302 $12,787 12,231.05 $15,465 $24,082
11/30/1999 21698 23002 $12,784 12,279.97 $16,002 $24,756
12/31/1999 23127 24521 $12,734 12,332.77 $17,439 $26,335
1/31/2000 21967 23310 $12,673 12,385.80 $16,332 $25,303
2/29/2000 22002 23347 $12,778 12,436.59 $16,771 $25,537
3/31/2000 23705 25164 $12,951 12,492.55 $17,422 $27,538
4/30/2000 22838 24262 $12,927 12,548.77 $16,505 $26,567
5/31/2000 22182 23569 $12,981 12,609.00 $16,103 $25,821
6/30/2000 23060 24518 $13,197 12,669.52 $16,732 $26,586
7/31/2000 22579 23998 $13,283 12,734.14 $16,031 $26,116
8/31/2000 23811 25324 $13,434 12,799.08 $16,171 $28,053
9/30/2000 22544 23986 $13,561 12,861.80 $15,383 $26,783
10/31/2000 22286 23701 $13,654 12,927.39 $15,020 $26,401
11/30/2000 20596 21917 $13,858 12,990.74 $14,457 $23,968
12/31/2000 20811 22144 $14,118 13,056.99 $14,970 $24,371
1/31/2001 21429 22810 $14,298 13,119.66 $14,962 $25,204
2/28/2001 19561 20826 $14,440 13,172.14 $13,840 $22,901
3/31/2001 18312 19507 $14,560 13,226.15 $12,917 $21,408
4/30/2001 19687 20972 $14,491 13,275.09 $13,815 $23,125
5/31/2001 19662 20946 $14,548 13,320.22 $13,327 $23,311
6/30/2001 19157 20426 $14,594 13,360.18 $12,782 $22,881
7/31/2001 18842 20093 $14,887 13,398.93 $12,549 $22,504
8/31/2001 17832 19015 $15,028 13,435.10 $12,232 $21,176
9/30/2001 16242 17324 $15,388 13,467.35 $10,993 $19,307
10/31/2001 16621 17736 $15,634 13,494.28 $11,274 $19,757
11/30/2001 17757 18948 $15,425 13,515.87 $11,690 $21,278
12/31/2001 17935 19150 $15,322 13,534.80 $11,759 $21,578
1/31/2002 17551 18731 $15,384 13,552.39 $11,135 $21,308
2/28/2002 17321 18489 $15,528 13,567.30 $11,213 $20,872
3/31/2002 18011 19230 $15,247 13,583.58 $11,819 $21,787
4/30/2002 17193 18381 $15,552 13,598.52 $11,897 $20,644
5/31/2002 17065 18233 $15,698 13,613.48 $12,049 $20,405
6/30/2002 15904 16998 $15,912 13,628.45 $11,569 $18,936
7/31/2002 14775 15792 $16,316 13,643.45 $10,427 $17,431
8/31/2002 14852 15887 $16,543 13,658.45 $10,403 $17,513
9/30/2002 13328 14265 $16,931 13,672.11 $ 9,286 $15,673
10/31/2002 14317 15311 $16,901 13,685.78 $ 9,785 $16,921
11/30/2002 15101 16167 $16,677 13,698.10 $10,229 $17,945
12/31/2002 14346 15364 $17,063 13,709.06 $ 9,885 $16,930
1/31/2003 14048 15048 $16,983 13,718.66 $ 9,473 $16,516
2/28/2003 13815 14788 $17,227 13,726.89 $ 9,255 $16,244
3/31/2003 13823 14807 $17,225 13,735.12 $ 9,074 $16,415
4/30/2003 14850 15909 $17,268 13,743.36 $ 9,963 $17,755
5/31/2003 15734 16859 $17,614 13,751.61 $10,567 $18,827
6/30/2003 15917 17064 $17,570 13,758.49 $10,822 $19,081
7/31/2003 15995 17147 $17,097 13,765.37 $11,084 $19,519
8/31/2003 16347 17535 $17,103 13,770.87 $11,351 $19,952
9/30/2003 16413 17604 $17,552 13,776.38 $11,701 $19,735
10/31/2003 17156 18420 $17,338 13,781.89 $12,430 $20,929
11/30/2003 17391 18669 $17,314 13,787.40 $12,707 $21,218
12/31/2003 18232 19588 $17,482 13,794.30 $13,700 $22,188
1/31/2004 18572 19963 $17,578 13,799.81 $13,893 $22,651
2/29/2004 18860 20269 $17,781 13,805.33 $14,214 $22,956
3/31/2004 18677 20074 $17,944 13,810.86 $14,294 $22,684
4/30/2004 18258 19629 $17,438 13,816.38 $13,971 $22,214
5/31/2004 18428 19824 $17,376 13,821.91 $14,018 $22,536
6/30/2004 18755 20185 $17,424 13,828.82 $14,325 $22,985
7/31/2004 18101 19477 $17,554 13,837.12 $13,859 $22,116
8/31/2004 18179 19560 $17,859 13,846.80 $13,920 $22,206
9/30/2004 18441 19852 $17,862 13,857.88 $14,284 $22,548
10/31/2004 18795 20241 $18,005 13,871.74 $14,771 $22,918
11/30/2004 19607 21116 $17,782 13,887.00 $15,780 $23,983
12/31/2004 20269 21828 $17,885 13,905.05 $16,473 $24,838
1/31/2005 19767 21294 $17,869 13,924.52 $16,172 $24,176
2/28/2005 20177 21758 $17,722 13,944.01 $16,870 $24,709
3/31/2005 19833 21378 $17,668 13,967.72 $16,447 $24,291
4/30/2005 19450 20985 $17,897 13,992.86 $16,060 $23,764
5/31/2005 19979 21547 $18,031 14,020.84 $16,068 $24,665
6/30/2005 20119 21700 $18,087 14,050.29 $16,282 $24,837
7/31/2005 20809 22449 $17,883 14,082.60 $16,782 $25,856
8/31/2005 20809 22464 $18,114 14,116.40 $17,206 $25,610
(1) The Funds' Adviser has committed through June 30, 2006, 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.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND was
named the Wells Fargo Outlook Today Fund. Performance shown for Class A, Class B
and Class C shares of the Fund for periods prior to November 8, 1999 reflects
the performance of the applicable share class of the Stagecoach LifePath
Opportunity Fund, its predecessor fund. Performance shown for Class B shares for
periods prior to August 1, 1998 reflects the performance for the Class A shares
of the Stagecoach LifePath Opportunity Fund adjusted to reflect Class B share
sales charges and expenses. Performance shown for Class C shares for periods
prior to December 1, 1998 reflects the performance of Class A shares adjusted to
reflect Class C sales charges and expenses. Prior to April 11, 2005, the WELLS
FARGO ADVANTAGE OUTLOOK TODAY FUND - Administrator Class was named the Wells
Fargo Outlook Today Fund - Institutional Class. Performance shown for
Administrator Class shares of the Fund for periods prior to November 8, 1999
reflects the performance of the Class A shares of the Stagecoach LifePath
Opportunity Fund, its predecessor fund, adjusted to reflect Administrator Class
expenses. Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- - Institutional Class was named the Wells Fargo Outlook Today Fund - Select
Class. Performance shown for the Institutional Class shares for periods prior to
June 30, 2004 reflects the performance of the Administrator Class shares of the
Fund.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND was
named the Wells Fargo Outlook 2010 Fund. Performance shown for Class A, Class B
and Class C shares of the Fund for periods prior to November 8, 1999 reflects
the performance of the applicable share class of the Stagecoach LifePath 2010
Fund, its predecessor fund. Performance shown for Class B shares for periods
prior to March 1, 1997 reflects the performance for the Class A shares of the
Stagecoach LifePath 2010 Fund adjusted to reflect Class B share sales charges
and expenses. Performance shown for Class C shares for periods prior to December
1, 1998 reflects the performance of Class A shares adjusted to reflect Class C
sales charges and expenses. Prior to April 11, 2005, the WELLS FARGO ADVANTAGE
OUTLOOK 2010 FUND - Administrator Class was named the Wells Fargo Outlook 2010
Fund - Institutional Class. Performance shown for Administrator Class shares of
the Fund for periods prior to November 8, 1999 reflects the performance of the
Class A shares of the Stagecoach LifePath 2010 Fund, its predecessor fund,
adjusted to reflect Administrator Class expenses. Prior to April 11, 2005, the
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND - Institutional Class was named the
Wells Fargo Outlook 2010 Fund - Select Class. Performance shown for the
Institutional Class shares for periods prior to June 30, 2004 reflects the
performance of the Administrator Class shares of the Fund.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND was
named the Wells Fargo Outlook 2020 Fund. Performance shown for Class A, Class B
and Class C shares of the Fund for periods prior to November 8, 1999 reflects
the performance of the applicable share class of the Stagecoach LifePath 2020
Fund, its predecessor fund. Performance shown for Class B shares for periods
prior to March 1,1997 reflects the performance for the Class A shares of the
Stagecoach LifePath 2020 Fund adjusted to reflect Class B share sales charges
and expenses. Performance shown for Class C shares for periods prior to December
1, 1998 reflects the performance of Class A shares adjusted to reflect Class C
sales charges and expenses. Prior to April 11, 2005, the WELLS FARGO ADVANTAGE
OUTLOOK 2020 FUND - Administrator Class was named the Wells Fargo Outlook 2020
Fund - Institutional Class. Performance shown for Administrator Class shares of
the Fund for periods prior to November 8, 1999 reflects the performance of the
Class A shares of the Stagecoach LifePath 2020 Fund, its predecessor fund,
adjusted to reflect Administrator Class expenses. Prior to April 11, 2005, the
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND - Institutional Class was named the
Wells Fargo Outlook 2020 Fund - Select Class. Performance shown for the
Institutional Class shares for periods prior June 30, 2004 reflects the
performance of the Administrator Class shares of the Fund.
7
WELLS FARGO ADVANTAGE OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND was
named the Wells Fargo Outlook 2030 Fund. Performance shown for Class A, Class B
and Class C shares of the Fund for periods prior to November 8, 1999 reflects
the performance of the applicable share class of the Stagecoach LifePath 2030
Fund, its predecessor fund. Performance shown for Class B shares for periods
prior to March 1,1997 reflects the performance for the Class A shares of the
Stagecoach LifePath 2030 Fund adjusted to reflect Class B share sales charges
and expenses. Performance shown for Class C shares for periods prior to December
1, 1998 reflects the performance of Class A shares adjusted to reflect Class C
sales charges and expenses. Prior to April 11, 2005, the WELLS FARGO ADVANTAGE
OUTLOOK 2030 FUND - Administrator Class was named the Wells Fargo Outlook 2030
Fund - Institutional Class. Performance shown for Administrator Class shares of
the Fund for periods prior to November 8, 1999 reflects the performance of the
Class A shares of the Stagecoach LifePath 2030 Fund, its predecessor fund,
adjusted to reflect Administrator Class expenses. Prior to April 11, 2005, the
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND - Institutional Class was named the
Wells Fargo Outlook 2030 Fund - Select Class. Performance shown for the
Institutional Class shares for periods prior to June 30, 2004 reflects the
performance of the Administrator Class shares of the Fund.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND was
named the Wells Fargo Outlook 2040 Fund. Performance shown for Class A, Class B
and Class C shares of the Fund for periods prior to November 8, 1999 reflects
the performance of the applicable share class of the Stagecoach LifePath 2040
Fund, its predecessor fund. Performance shown for Class B shares for periods
prior to March 1,1997 reflects the performance for the Class A shares of the
Stagecoach LifePath 2040 Fund adjusted to reflect Class B share sales charges
and expenses. Performance shown for Class C shares for periods prior to July 1,
1998 reflects the performance of Class A shares adjusted to reflect Class C
sales charges and expenses. Prior to April 11, 2005, the WELLS FARGO ADVANTAGE
OUTLOOK 2040 FUND - Administrator Class was named the Wells Fargo Outlook 2040
Fund - Institutional Class. Performance shown for Administrator Class shares of
the Fund for periods prior to November 8, 1999 reflects the performance of the
Class A shares of the Stagecoach LifePath 2040 Fund, its predecessor fund,
adjusted to reflect Administrator Class expenses. Prior to April 11, 2005, the
Wells Fargo Advantage Outlook 2040 Fund - Institutional Class was named the
Wells Fargo Outlook 2040 Fund - Select Class. Performance shown for the
Institutional Class shares for periods prior to June 30, 2004 reflects the
performance of the Administrator Class shares of the Fund.
(2) The Russell 3000(R) 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.
(3) The Morgan Stanley Capital International/Europe, Australasia and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia and
the Far East. You cannot invest directly in an index.
(4) The Lehman Brothers 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 minimum maturity of 3 years up
to a maximum maturity of 4.9 years. You cannot invest directly in an index.
(5) 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. You cannot invest directly in an average.
(6) Fund characteristics and portfolio allocation are subject to change.
(7) The charts compare the performance of the WELLS FARGO ADVANTAGE OUTLOOK
FUNDS Class A and Administrator Class shares for the most recent ten years with
the iMoneyNet All Taxable Money Fund Average, Lehman Brothers U.S. Treasury 3-5
Year Index, MSCI EAFE, and the Russell 3000(R) Index. The charts assume a
hypothetical $10,000 investment in Class A and Administrator Class shares and
reflects all operating expenses and, for Class A shares, assumes the maximum
initial sales charge of 5.75%.
8
FUND EXPENSES WELLS FARGO ADVANTAGE 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 (12b-1) and/or shareholder servicing
fees; and other Fund expenses. This example is intended to help you understand
your ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (March 1, 2005 to August 31, 2005).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/01/2005 8/31/2005 the Period* Ratio
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund - Class A
Actual $ 1,000.00 $ 1,022.50 $ 6.37 1.25%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.90 $ 6.36 1.25%
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund - Class B
Actual $ 1,000.00 $ 1,018.20 $ 10.17 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund - Class C
Actual $ 1,000.00 $ 1,019.30 $ 10.18 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund - Administrator Class
Actual $ 1,000.00 $ 1,023.60 $ 4.85 0.95%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.42 $ 4.84 0.95%
- ------------------------------------------------------------------------------------------------------------
Outlook Today Fund - Institutional Class
Actual $ 1,000.00 $ 1,024.70 $ 3.83 0.75%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.42 $ 3.82 0.75%
Outlook 2010 Fund
- ------------------------------------------------------------------------------------------------------------
Outlook 2010 Fund - Class A
Actual $ 1,000.00 $ 1,023.60 $ 6.38 1.25%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.90 $ 6.36 1.25%
- ------------------------------------------------------------------------------------------------------------
Outlook 2010 Fund - Class B
Actual $ 1,000.00 $ 1,020.50 $ 10.19 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2010 Fund - Class C
Actual $ 1,000.00 $ 1,020.40 $ 10.19 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
9
WELLS FARGO ADVANTAGE OUTLOOK FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/01/2005 8/31/2005 the Period* Ratio
- ------------------------------------------------------------------------------------------------------------
Outlook 2010 Fund - Administrator Class
Actual $ 1,000.00 $ 1,025.80 $ 4.85 0.95%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.42 $ 4.84 0.95%
- ------------------------------------------------------------------------------------------------------------
Outlook 2010 Fund - Institutional Class
Actual $ 1,000.00 $ 1,026.80 $ 3.83 0.75%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.42 $ 3.82 0.75%
Outlook 2020 Fund
- ------------------------------------------------------------------------------------------------------------
Outlook 2020 Fund - Class A
Actual $ 1,000.00 $ 1,025.80 $ 6.38 1.25%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.90 $ 6.36 1.25%
- ------------------------------------------------------------------------------------------------------------
Outlook 2020 Fund - Class B
Actual $ 1,000.00 $ 1,022.10 $ 10.19 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2020 Fund - Class C
Actual $ 1,000.00 $ 1,022.10 $ 10.19 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2020 Fund - Administrator Class
Actual $ 1,000.00 $ 1,027.70 $ 4.86 0.95%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.42 $ 4.84 0.95%
- ------------------------------------------------------------------------------------------------------------
Outlook 2020 Fund - Institutional Class
Actual $ 1,000.00 $ 1,028.70 $ 3.84 0.75%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.42 $ 3.82 0.75%
Outlook 2030 Fund
- ------------------------------------------------------------------------------------------------------------
Outlook 2030 Fund - Class A
Actual $ 1,000.00 $ 1,027.70 $ 6.39 1.25%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.90 $ 6.36 1.25%
- ------------------------------------------------------------------------------------------------------------
Outlook 2030 Fund - Class B
Actual $ 1,000.00 $ 1,024.20 $ 10.20 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2030 Fund - Class C
Actual $ 1,000.00 $ 1,024.40 $ 10.21 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2030 Fund - Administrator Class
Actual $ 1,000.00 $ 1,029.70 $ 4.86 0.95%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.42 $ 4.84 0.95%
- ------------------------------------------------------------------------------------------------------------
Outlook 2030 Fund - Institutional Class
Actual $ 1,000.00 $ 1,030.70 $ 3.84 0.75%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.42 $ 3.82 0.75%
Outlook 2040 Fund
- ------------------------------------------------------------------------------------------------------------
Outlook 2040 Fund - Class A
Actual $ 1,000.00 $ 1,031.30 $ 6.40 1.25%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.90 $ 6.36 1.25%
- ------------------------------------------------------------------------------------------------------------
Outlook 2040 Fund - Class B
Actual $ 1,000.00 $ 1,027.40 $ 10.22 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
10
FUND EXPENSES WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
3/01/2005 8/31/2005 the Period* Ratio
- ------------------------------------------------------------------------------------------------------------
Outlook 2040 Fund - Class C
Actual $ 1,000.00 $ 1,027.40 $ 10.22 2.00%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.12 $ 10.16 2.00%
- ------------------------------------------------------------------------------------------------------------
Outlook 2040 Fund - Administrator Class
Actual $ 1,000.00 $ 1,032.40 $ 4.87 0.95%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.42 $ 4.84 0.95%
- ------------------------------------------------------------------------------------------------------------
Outlook 2040 Fund - Institutional Class
Actual $ 1,000.00 $ 1,034.10 $ 3.85 0.75%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.42 $ 3.82 0.75%
* 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).
11
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 35.00%
AGRICULTURAL PRODUCTION CROPS - 0.02%
223 ALICO INCORPORATED $ 11,594
409 CHIQUITA BRANDS INTERNATIONAL INCORPORATED<< 10,307
21,901
---------------
AGRICULTURAL PRODUCTION LIVESTOCK
& ANIMAL SPECIALIZED - 0.01%
6 SEABOARD CORPORATION 7,704
---------------
AMUSEMENT & RECREATION SERVICES - 0.06%
331 HARRAH'S ENTERTAINMENT INCORPORATED 23,025
649 INTERNATIONAL GAME TECHNOLOGY 17,990
376 PENN NATIONAL GAMING INCORPORATED+ 12,814
53,829
---------------
APPAREL & ACCESSORY STORES - 0.16%
242 ABERCROMBIE & FITCH COMPANY CLASS A 13,458
322 AEROPOSTALE INCORPORATED+<< 8,224
444 CHICO'S FAS INCORPORATED+ 15,411
36 CHRISTOPHER & BANKS CORPORATION 579
1,196 GAP INCORPORATED 22,736
534 KOHL'S CORPORATION+ 28,008
851 LIMITED BRANDS 18,705
580 NORDSTROM INCORPORATED 19,476
469 ROSS STORES INCORPORATED 11,669
138,266
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS - 0.10%
2,409 BENETTON GROUP SPA ADR 47,650
403 LIZ CLAIBORNE INCORPORATED 16,535
82 PHILLIPS-VAN HEUSEN CORPORATION 2,746
820 QUIKSILVER INCORPORATED+ 12,505
524 WARNACO GROUP INCORPORATED+ 13,100
92,536
---------------
APPLICATIONS SOFTWARE - 0.01%
372 CITRIX SYSTEMS INCORPORATED+ 8,854
---------------
AUTOMOTIVE DEALERS & GASOLINE
SERVICE STATIONS - 0.04%
111 AUTOZONE INCORPORATED+ 10,489
236 CARMAX INCORPORATED+ 7,519
241 COPART INCORPORATED+ 5,950
242 UNITED AUTO GROUP INCORPORATED 8,168
32,126
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01%
234 RYDER SYSTEM INCORPORATED 8,211
---------------
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS - 0.18%
234 BEAZER HOMES USA INCORPORATED 14,611
274 CENTEX CORPORATION 18,564
580 D.R. HORTON INCORPORATED 21,414
164 KB HOME 12,162
254 LENNAR CORPORATION CLASS A 15,773
SHARES SECURITY NAME VALUE
2,140 VIVENDI UNIVERSAL SA ADR $ 67,517
243 WCI COMMUNITIES INCORPORATED+ 7,331
157,372
---------------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS - 0.27%
238 CENTRAL GARDEN & PET COMPANY+<< 11,790
177 FASTENAL COMPANY 10,723
3,105 HOME DEPOT INCORPORATED 125,193
1,193 LOWE'S COMPANIES INCORPORATED 76,722
363 SHERWIN-WILLIAMS COMPANY 16,829
241,257
---------------
BUSINESS SERVICES - 2.11%
449 AARON RENTS INCORPORATED 9,945
904 ADOBE SYSTEMS INCORPORATED<< 24,444
267 ADVO INCORPORATED 8,742
300 AKAMAI TECHNOLOGIES INCORPORATED+ 4,152
319 ANSYS INCORPORATED+ 12,042
231 ARBITRON INCORPORATED 9,702
326 ASPECT COMMUNICATIONS CORPORATION+ 3,749
527 AUTODESK INCORPORATED 22,766
723 AUTOMATIC DATA PROCESSING INCORPORATED 30,908
223 AVOCENT CORPORATION+ 7,430
876 BEA SYSTEMS INCORPORATED+ 7,726
834 BISYS GROUP INCORPORATED+ 12,452
89 BLUE COAT SYSTEMS INCORPORATED+ 3,510
555 BMC SOFTWARE INCORPORATED+ 11,100
162 CACI INTERNATIONAL INCORPORATED CLASS A+ 10,148
765 CADENCE DESIGN SYSTEMS INCORPORATED+<< 12,248
366 CATALINA MARKETING CORPORATION 8,762
1,874 CENDANT CORPORATION 38,117
187 CERNER CORPORATION+<< 14,728
273 CERTEGY INCORPORATED 9,386
179 CHECKFREE CORPORATION+ 6,585
747 CNET NETWORKS INCORPORATED+<< 9,995
342 COGNEX CORPORATION 10,175
312 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 14,205
848 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED 22,862
343 COMPUTER SCIENCES CORPORATION+ 15,281
1,339 COMPUWARE CORPORATION+ 12,131
173 COSTAR GROUP INCORPORATED+<< 8,089
497 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 10,134
256 DELUXE CORPORATION 10,173
1,728 EBAY INCORPORATED+ 69,967
536 ELECTRONIC ARTS INCORPORATED+ 30,702
994 ELECTRONIC DATA SYSTEMS CORPORATION 22,266
434 ELECTRONICS FOR IMAGING INCORPORATED+ 8,593
403 EQUIFAX INCORPORATED 13,315
171 F5 NETWORKS INCORPORATED+ 7,061
313 FACTSET RESEARCH SYSTEMS INCORPORATED 10,955
187 FILENET CORPORATION+ 4,969
988 FIRST DATA CORPORATION 41,051
424 FISERV INCORPORATED+ 19,025
12
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
116 GEVITY HR INCORPORATED $ 2,587
218 GOOGLE INCORPORATED CLASS A+ 62,348
225 HYPERION SOLUTIONS CORPORATION+ 9,758
246 IDX SYSTEMS CORPORATION+ 7,798
540 IMS HEALTH INCORPORATED 14,688
203 INFOSPACE INCORPORATED+ 5,067
375 INTERGRAPH CORPORATION+ 15,304
291 INTERNET CAPITAL GROUP INCORPORATED+ 2,345
269 INTERNET SECURITY SYSTEMS+ 6,112
947 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 11,487
333 INTUIT INCORPORATED+ 15,265
128 IPAYMENT INCORPORATED+ 4,973
1,000 JUNIPER NETWORKS INCORPORATED+ 22,740
228 KRONOS INCORPORATED+ 9,879
180 MACROMEDIA INCORPORATED+ 6,651
636 MENTOR GRAPHICS CORPORATION+ 5,425
191 MERCURY INTERACTIVE CORPORATION+<< 7,004
15,342 MICROSOFT CORPORATION 420,371
243 MONSTER WORLDWIDE INCORPORATED+ 7,591
862 MPS GROUP INCORPORATED+ 9,534
351 NCO GROUP INCORPORATED+ 7,364
698 NCR CORPORATION+ 23,886
959 NOVELL INCORPORATED+ 6,310
265 OMNICOM GROUP INCORPORATED 21,317
6,437 ORACLE CORPORATION+ 83,488
170 PACKETEER INCORPORATED+ 2,009
653 PEROT SYSTEMS CORPORATION CLASS A+ 9,403
408 RED HAT INCORPORATED+<< 5,798
4,179 RENTOKIL INITIAL PLC ADR 60,881
683 REUTERS GROUP PLC ADR 27,101
397 ROBERT HALF INTERNATIONAL INCORPORATED 13,371
390 RSA SECURITY INCORPORATED+ 5,125
635 S1 CORPORATION+ 2,699
1 SAFENET INCORPORATED+ 32
1,578 SAP AG ADR<< 67,333
82 SERENA SOFTWARE INCORPORATED+ 1,548
1,119 SIEBEL SYSTEMS INCORPORATED 9,232
410 SOTHEBY'S HOLDINGS INCORPORATED+<< 7,130
7,099 SUN MICROSYSTEMS INCORPORATED+ 26,976
2,050 SYMANTEC CORPORATION+ 43,009
388 SYNOPSYS INCORPORATED+ 7,372
414 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 9,853
143 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 3,830
995 UNISYS CORPORATION+<< 6,617
396 UNITED ONLINE INCORPORATED 5,160
461 UNITED RENTALS INCORPORATED+ 8,321
643 VALUECLICK INCORPORATED+<< 9,285
460 VERISIGN INCORPORATED+ 10,028
668 VERITY INCORPORATED+ 6,693
234 WEBEX COMMUNICATIONS INCORPORATED+ 6,033
236 WIND RIVER SYSTEMS INCORPORATED+ 3,101
841 WPP GROUP PLC ADR<< 43,454
1,901 YAHOO! INCORPORATED+ 63,379
1,863,656
---------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS - 3.35%
2,127 ABBOTT LABORATORIES $ 95,992
81 ABGENIX INCORPORATED+ 890
391 AIR PRODUCTS & CHEMICALS INCORPORATED 21,661
2,177 AKZO NOBEL NV ADR 89,845
233 ALBERTO-CULVER COMPANY CLASS B 10,007
626 ALKERMES INCORPORATED+ 11,756
342 ALPHARMA INCORPORATED CLASS A 9,104
1,796 AMGEN INCORPORATED+ 143,500
1,719 ASTRAZENECA PLC ADR 79,280
283 AVERY DENNISON CORPORATION 15,124
748 AVON PRODUCTS INCORPORATED 24,549
198 BARR LABORATORIES INCORPORATED+ 9,031
603 BIOGEN IDEC INCORPORATED+ 25,416
2,965 BRISTOL-MYERS SQUIBB COMPANY 72,554
343 CAMBREX CORPORATION 6,524
102 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 5,184
840 CHEMTURA CORPORATION 14,414
195 CHIRON CORPORATION+ 7,106
228 CLOROX COMPANY 13,126
697 COLGATE PALMOLIVE COMPANY 36,592
1,420 DOW CHEMICAL COMPANY 61,344
1,341 E.I. DU PONT DE NEMOURS AND COMPANY 53,063
214 EASTMAN CHEMICAL COMPANY 10,266
417 ECOLAB INCORPORATED 13,761
1,577 ELI LILLY & COMPANY 86,767
251 FMC CORPORATION+ 14,297
604 FOREST LABORATORIES INCORPORATED+ 26,818
727 GENENTECH INCORPORATED+ 68,294
443 GENZYME CORPORATION+ 31,528
185 GEORGIA GULF CORPORATION<< 5,161
801 GILEAD SCIENCES INCORPORATED+ 34,443
1,304 GILLETTE COMPANY 70,246
2,447 GLAXOSMITHKLINE PLC ADR 119,218
453 HOSPIRA INCORPORATED+ 18,048
182 IDEXX LABORATORIES INCORPORATED+ 11,655
142 IMCLONE SYSTEMS INCORPORATED+ 4,646
295 IMMUCOR INCORPORATED+ 6,983
310 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED<< 11,191
476 IVAX CORPORATION+<< 12,328
269 K-V PHARMACEUTICAL COMPANY CLASS A+ 4,589
659 KING PHARMACEUTICALS INCORPORATED+ 9,687
423 LYONDELL CHEMICAL COMPANY 10,913
110 MARTEK BIOSCIENCES CORPORATION+<< 5,610
305 MEDICINES COMPANY+ 6,747
505 MEDIMMUNE INCORPORATED+ 15,115
3,619 MERCK & COMPANY INCORPORATED 102,164
352 MGI PHARMA INCORPORATED+ 9,490
747 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 7,477
527 MONSANTO COMPANY 33,644
582 MOSAIC COMPANY+ 9,399
496 NABI BIOPHARMACEUTICALS+ 6,681
152 NEUROCRINE BIOSCIENCES INCORPORATED+ 6,962
2,868 NOVARTIS AG ADR 139,815
129 NOVEN PHARMACEUTICALS INCORPORATED+ 2,149
13
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- -------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,045 NOVO NORDISK A/S ADR $ 54,152
33 OM GROUP INCORPORATED+ 643
116 ONYX PHARMACEUTICALS INCORPORATED+ 2,311
111 OSI PHARMACEUTICALS INCORPORATED+ 3,641
183 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 4,423
71 PENWEST PHARMACEUTICALS COMPANY+<< 1,039
489 PERRIGO COMPANY 7,007
12,740 PFIZER INCORPORATED 324,488
129 PHARMION CORPORATION+ 3,206
1 PHARMOS CORPORATION+ 2
299 PPG INDUSTRIES INCORPORATED 18,831
609 PRAXAIR INCORPORATED 29,415
4,739 PROCTER & GAMBLE COMPANY 262,920
265 PROTEIN DESIGN LABS INCORPORATED+ 7,086
2,320 ROCHE HOLDING AG ADR 159,650
343 ROHM & HAAS COMPANY 14,890
183 SALIX PHARMACEUTICALS LIMITED+ 3,730
1,782 SANOFI-AVENTIS ADR 76,198
2,558 SCHERING-PLOUGH CORPORATION 54,767
208 SEPRACOR INCORPORATED+<< 10,442
6,565 SHISEIDO COMPANY LIMITED 91,857
177 SIGMA-ALDRICH CORPORATION 11,045
115 VERTEX PHARMACEUTICALS INCORPORATED+<< 2,116
1,998 WYETH 91,488
2,957,501
---------------
COAL MINING - 0.01%
250 MASSEY ENERGY COMPANY 12,700
---------------
COMMUNICATIONS - 1.78%
753 ALLTEL CORPORATION 46,678
665 AMERICAN TOWER CORPORATION CLASS A+<< 15,854
1,671 AT&T CORPORATION 32,885
985 AVAYA INCORPORATED+ 10,047
3,109 BELLSOUTH CORPORATION 81,736
888 BRITISH SKY BROADCASTING GROUP PLC ADR 36,754
1,217 BT GROUP PLC ADR 47,597
386 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 12,043
470 CENTURYTEL INCORPORATED 16,873
854 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 28,438
3,628 COMCAST CORPORATION CLASS A+ 111,561
766 CROWN CASTLE INTERNATIONAL CORPORATION+ 18,966
3,570 DEUTSCHE TELEKOM AG ADR<< 68,116
1,357 DIRECTV GROUP INCORPORATED+ 21,590
538 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+ 16,102
496 EMMIS COMMUNICATIONS CORPORATION CLASS A+<< 11,884
47 EQUINIX INCORPORATED+ 1,832
470 FOUNDRY NETWORKS INCORPORATED+ 5,499
1,593 FRANCE TELECOM SA ADR 48,252
274 GOLDEN TELECOM INCORPORATED<< 8,083
420 IAC INTERACTIVECORP+<< 10,311
SHARES SECURITY NAME VALUE
178 J2 GLOBAL COMMUNICATIONS INCORPORATED+<< $ 6,680
338 LIBERTY CORPORATION 16,221
378 LIBERTY GLOBAL INCORPORATED CLASS A+ 19,184
425 NEXTEL PARTNERS INCORPORATED CLASS A+ 11,152
1,658 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR 36,128
212 NTL INCORPORATED+ 13,543
2,502 NTT DOCOMO INCORPORATED ADR 40,432
5,681 SBC COMMUNICATIONS INCORPORATED 136,798
4,948 SPRINT NEXTEL CORPORATION 128,302
1,283 TELECOM CORPORATION OF NEW ZEALAND LIMITED ADR 43,532
2,011 TELEFONICA SA ADR 100,108
490 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 13,181
233 UTSTARCOM INCORPORATED+<< 1,794
5,035 VERIZON COMMUNICATIONS INCORPORATED 164,695
6,430 VODAFONE GROUP PLC ADR<< 175,217
372 XM SATELLITE RADIO HOLDINGS INCORPORATED+ 13,113
1,571,181
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.03%
258 CHEMED CORPORATION 10,439
333 DYCOM INDUSTRIES INCORPORATED+ 5,901
189 EMCOR GROUP INCORPORATED+<< 10,421
26,761
---------------
DEPOSITORY INSTITUTIONS - 4.04%
2,919 ABN AMRO HOLDING NV ADR 70,502
1,840 ALLIED IRISH BANKS PLC ADR 79,948
1,289 AMSOUTH BANCORPORATION 33,926
4,865 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 81,343
4,529 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 55,842
277 BANCTRUST FINANCIAL GROUP INCORPORATED 6,030
7,334 BANK OF AMERICA CORPORATION 315,582
1,630 BANK OF NEW YORK COMPANY INCORPORATED 49,829
591 BANKUNITED FINANCIAL CORPORATION CLASS A 13,948
2,988 BARCLAYS PLC ADR<< 120,416
1,256 BB&T CORPORATION 50,956
3,562 BNP PARIBAS SA ADR 129,121
850 CASCADE BANCORP 17,816
702 CENTRAL COAST BANCORP+ 14,686
856 CHITTENDEN CORPORATION 23,078
9,953 CITIGROUP INCORPORATED 435,643
788 CITY BANK LYNNWOOD WASHINGTON 26,201
85 COASTAL FINANCIAL CORPORATION 1,282
529 COMERICA INCORPORATED 31,999
443 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED 7,943
589 CORUS BANKSHARES INCORPORATED<< 34,274
1,087 DEUTSCHE BANK AG<< 94,558
302 EURONET WORLDWIDE INCORPORATED+ 8,462
14
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
880 FARMERS CAPITAL BANK CORPORATION $ 28,820
1,039 FIFTH THIRD BANCORP 43,025
682 FIRST BANCORP PUERTO RICO<< 12,590
620 FIRST HORIZON NATIONAL CORPORATION 24,230
1,520 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 21,538
437 GOLDEN WEST FINANCIAL CORPORATION 26,653
2,091 HBOS PLC ADR<< 98,100
2,382 HSBC HOLDINGS PLC ADR<< 192,561
1,334 HUNTINGTON BANCSHARES INCORPORATED 32,003
118 ITLA CAPITAL CORPORATION+ 6,342
5,892 JP MORGAN CHASE & COMPANY 199,680
1,152 KEYCORP 38,154
845 MARSHALL & ILSLEY CORPORATION 36,986
616 MB FINANCIAL INCORPORATED 23,913
1,162 MELLON FINANCIAL CORPORATION 37,707
388 NASB FINANCIAL INCORPORATED 15,442
552 NATIONAL AUSTRALIA BANK LIMITED ADR<< 65,357
1,168 NATIONAL CITY CORPORATION 42,784
811 NEW YORK COMMUNITY BANCORP INCORPORATED<< 14,257
650 NORTHERN TRUST CORPORATION 32,396
595 PNC FINANCIAL SERVICES GROUP 33,457
1,310 REGIONS FINANCIAL CORPORATION 42,863
3,124 SANPAOLO IMI SPA<< 90,002
711 STATE STREET CORPORATION 34,363
900 SUN BANCORP INCORPORATED NJ+ 19,350
621 SUNTRUST BANKS INCORPORATED 43,644
409 SVB FINANCIAL GROUP+ 19,239
1,227 SYNOVUS FINANCIAL CORPORATION 35,301
2,985 US BANCORP 87,222
772 USB HOLDING COMPANY INCORPORATED 18,304
2,350 WACHOVIA CORPORATION 116,607
1,139 WASHINGTON MUTUAL INCORPORATED<< 47,360
380 WEBSTER FINANCIAL CORPORATION 17,450
2,315 WESTPAC BANKING CORPORATION ADR 172,884
416 WINTRUST FINANCIAL CORPORATION 21,441
360 WSFS FINANCIAL CORPORATION 20,920
488 YARDVILLE NATIONAL BANCORP 17,373
453 ZIONS BANCORPORATION 31,646
3,565,349
---------------
EATING & DRINKING PLACES - 0.18%
554 DARDEN RESTAURANTS INCORPORATED 17,401
2,079 MCDONALD'S CORPORATION 67,463
249 P.F. CHANG'S CHINA BISTRO INCORPORATED+<< 12,744
459 RARE HOSPITALITY INTERNATIONAL INCORPORATED+<< 12,274
47 RED ROBIN GOURMET BURGERS INCORPORATED+<< 2,260
387 WENDY'S INTERNATIONAL INCORPORATED 18,243
661 YUM! BRANDS INCORPORATED 31,318
161,703
---------------
EDUCATIONAL SERVICES - 0.05%
287 APOLLO GROUP INCORPORATED CLASS A+ 22,575
240 CAREER EDUCATION CORPORATION+ 9,408
SHARES SECURITY NAME VALUE
302 CORINTHIAN COLLEGES INCORPORATED+ $ 3,829
117 STRAYER EDUCATION INCORPORATED 11,808
47,620
---------------
ELECTRIC, GAS & SANITARY SERVICES - 1.65%
1,333 AES CORPORATION+ 20,981
1,041 ALLIED WASTE INDUSTRIES INCORPORATED+<< 8,307
486 AMEREN CORPORATION 26,696
768 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 28,554
1,000 AMERICAN STATES WATER COMPANY 32,030
449 BLACK HILLS CORPORATION 18,701
2,000 CALPINE CORPORATION+<< 6,140
1,233 CENTERPOINT ENERGY INCORPORATED<< 17,521
440 CH ENERGY GROUP INCORPORATED 21,164
490 CINERGY CORPORATION 21,580
935 CMS ENERGY CORPORATION+ 15,053
475 CONSOLIDATED EDISON INCORPORATED 22,282
405 CONSTELLATION ENERGY GROUP INCORPORATED 23,794
522 DOMINION RESOURCES INCORPORATED 39,923
467 DTE ENERGY COMPANY 21,375
1,744 DUKE ENERGY CORPORATION 50,559
4,275 E.ON AG ADR 136,372
777 EDISON INTERNATIONAL 34,988
1,530 EL PASO CORPORATION 17,748
5,071 ENDESA SA ADR 114,554
349 ENTERGY CORPORATION 26,144
1,090 EXELON CORPORATION 58,740
657 FIRSTENERGY CORPORATION 33,527
760 FPL GROUP INCORPORATED 32,748
295 KINDER MORGAN INCORPORATED 28,164
2,532 NATIONAL GRID PLC ADR 120,321
198 NICOR INCORPORATED 8,199
1,026 NISOURCE INCORPORATED 24,768
526 PEOPLES ENERGY CORPORATION 21,866
665 PG&E CORPORATION 24,951
488 PROGRESS ENERGY INCORPORATED 21,272
501 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 32,339
895 RELIANT RESOURCES INCORPORATED+<< 11,187
3,146 SCOTTISH POWER PLC ADR<< 113,980
401 SEMPRA ENERGY 17,973
1,138 SOUTH JERSEY INDUSTRIES INCORPORATED 33,525
1,210 SOUTHERN COMPANY 41,624
416 TXU CORPORATION 40,360
393 UIL HOLDINGS CORPORATION 20,813
658 WASTE MANAGEMENT INCORPORATED 18,049
1,262 WILLIAMS COMPANIES INCORPORATED 28,319
1,087 XCEL ENERGY INCORPORATED 20,914
1,458,105
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 2.83%
307 ACUITY BRANDS INCORPORATED<< 9,066
726 ADVANCED MICRO DEVICES INCORPORATED+ 15,079
587 AEROFLEX INCORPORATED+ 5,453
819 ALTERA CORPORATION+ 17,912
15
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
532 AMERICAN POWER CONVERSION CORPORATION $ 13,922
304 AMETEK INCORPORATED 12,248
669 ANALOG DEVICES INCORPORATED 24,385
437 ANDREW CORPORATION+ 5,039
1,214 APPLIED MICRO CIRCUITS CORPORATION+ 3,339
63 ATMI INCORPORATED+<< 1,942
266 BENCHMARK ELECTRONICS INCORPORATED+<< 7,743
515 BROADCOM CORPORATION CLASS A+ 22,402
986 CANON INCORPORATED ADR 49,941
70 CERADYNE INCORPORATED+ 2,211
4,602 CHARTERED SEMICONDUCTOR+<< 30,603
10,041 CISCO SYSTEMS INCORPORATED+ 176,922
528 COMVERSE TECHNOLOGY INCORPORATED+ 13,612
188 CREE INCORPORATED+<< 4,820
290 CUBIC CORPORATION<< 5,351
283 CYMER INCORPORATED+ 9,481
320 DSP GROUP INCORPORATED+ 8,150
474 EMERSON ELECTRIC COMPANY 31,891
434 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 10,451
1,354 FUJITSU LIMITED ADR 39,962
20,458 GENERAL ELECTRIC COMPANY 687,593
343 GRAFTECH INTERNATIONAL LIMITED+ 2,037
9,736 INTEL CORPORATION 250,410
143 INTERDIGITAL COMMUNICATIONS CORPORATION+ 2,543
587 INTERSIL CORPORATION CLASS A 12,327
419 JABIL CIRCUIT INCORPORATED+ 12,335
5,369 JDS UNIPHASE CORPORATION+ 8,537
399 KLA-TENCOR CORPORATION 20,253
1,453 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES 38,577
631 LINEAR TECHNOLOGY CORPORATION 23,934
259 LITTELFUSE INCORPORATED+ 7,205
1,338 LSI LOGIC CORPORATION+<< 12,898
7,450 LUCENT TECHNOLOGIES INCORPORATED+<< 22,946
621 MAXIM INTEGRATED PRODUCTS INCORPORATED 26,486
297 MAYTAG CORPORATION 5,613
571 MICROCHIP TECHNOLOGY INCORPORATED 17,770
1,351 MICRON TECHNOLOGY INCORPORATED+ 16,090
500 MICROSEMI CORPORATION+ 12,045
8,821 MINEBEA COMPANY LIMITED ADR 72,704
391 MOLEX INCORPORATED 10,463
474 MOOG INCORPORATED CLASS A+ 14,936
4,066 MOTOROLA INCORPORATED 88,964
792 NATIONAL SEMICONDUCTOR CORPORATION 19,745
625 NETWORK APPLIANCE INCORPORATED+ 14,837
2,689 NOKIA OYJ ADR 42,406
377 NOVELLUS SYSTEMS INCORPORATED+<< 10,107
411 NVIDIA CORPORATION+<< 12,609
2,901 OMRON CORPORATION 63,953
1,719 PIONEER CORPORATION 26,765
663 PMC-SIERRA INCORPORATED+ 5,622
209 QLOGIC CORPORATION+ 7,223
2,680 QUALCOMM INCORPORATED 106,423
79 RAMBUS INCORPORATED+<< 830
SHARES SECURITY NAME VALUE
1,404 RF MICRO DEVICES INCORPORATED+<< $ 9,196
461 ROCKWELL COLLINS INCORPORATED 22,188
164 ROGERS CORPORATION+ 6,407
1,509 SANMINA-SCI CORPORATION+ 7,651
379 SCIENTIFIC-ATLANTA INCORPORATED 14,501
659 SKYWORKS SOLUTIONS INCORPORATED+ 4,969
147 SOHU.COM INCORPORATED+ 2,570
1,600 SONY CORPORATION ADR 53,792
1,058 STMICROELECTRONICS NV NY SHARES 17,520
389 TECHNITROL INCORPORATED 5,707
359 TEKELEC+ 7,076
1,215 TELLABS INCORPORATED+ 10,801
2,766 TEXAS INSTRUMENTS INCORPORATED 90,393
408 THOMAS & BETTS CORPORATION+ 14,500
270 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 12,234
36 WHIRLPOOL CORPORATION 2,738
655 XILINX INCORPORATED 18,399
2,499,753
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.24%
228 AMERICAN HEALTHCORP+<< 9,963
530 AMYLIN PHARMACEUTICALS INCORPORATED+<< 17,357
478 APPLERA CORPORATION-CELERA GENOMICS GROUP+<< 5,612
314 CELGENE CORPORATION+ 15,763
188 CORPORATE EXECUTIVE BOARD COMPANY<< 15,185
34 CRA INTERNATIONAL INCORPORATED+ 1,598
12 ERESEARCH TECHNOLOGY INCORPORATED+ 185
269 FLUOR CORPORATION 16,654
132 GEN-PROBE INCORPORATED+ 6,009
210 MAXMUS INCORPORATED 7,908
524 MOODY'S CORPORATION 25,734
341 NAVIGANT CONSULTING INCORPORATED+ 6,595
624 PAYCHEX INCORPORATED 21,297
258 QUEST DIAGNOSTICS INCORPORATED 12,895
334 RESOURCES CONNECTION INCORPORATED+ 9,686
245 TELIK INCORPORATED+ 3,748
388 URS CORPORATION+ 14,620
361 WASHINGTON GROUP INTERNATIONAL INCORPORATED+<< 19,075
209,884
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.17%
366 BALL CORPORATION 13,729
344 CRANE COMPANY 10,186
906 CROWN HOLDINGS INCORPORATED+<< 15,302
296 FORTUNE BRANDS INCORPORATED 25,746
400 GRIFFON CORPORATION+ 10,256
221 ILLINOIS TOOL WORKS INCORPORATED 18,626
318 NCI BUILDING SYSTEMS INCORPORATED+<< 11,989
425 SIMPSON MANUFACTURING COMPANY INCORPORATED 15,830
325 SNAP-ON INCORPORATED 11,538
383 WATTS WATER TECHNOLOGIES INCORPORATED 12,968
146,170
---------------
16
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
FINANCIAL SERVICES - 0.01%
846 JANUS CAPITAL GROUP INCORPORATED $ 11,954
---------------
FOOD & KINDRED PRODUCTS - 1.34%
231 AMERICAN ITALIAN PASTA COMPANY CLASS A<< 2,548
1,346 ANHEUSER-BUSCH COMPANIES INCORPORATED 59,641
1,182 ARCHER-DANIELS-MIDLAND COMPANY 26,607
3,665 CADBURY SCHWEPPES PLC ADR<< 146,160
615 CAMPBELL SOUP COMPANY 18,081
3,521 COCA-COLA COMPANY 154,924
604 COCA-COLA ENTERPRISES INCORPORATED 13,499
1,096 CONAGRA FOODS INCORPORATED 25,022
745 DEL MONTE FOODS COMPANY+ 8,053
1,798 DIAGEO PLC ADR 103,763
495 GENERAL MILLS INCORPORATED<< 22,829
912 HERCULES INCORPORATED+ 11,628
394 HERSHEY FOODS CORPORATION<< 23,282
750 HJ HEINZ COMPANY 26,940
557 KELLOGG COMPANY 25,249
9,636 KIRIN BREWERY COMPANY LIMITED 97,709
2,576 NESTLE SA ADR 180,133
502 PEPSI BOTTLING GROUP INCORPORATED 14,799
2,679 PEPSICO INCORPORATED 146,943
123 SANDERSON FARMS INCORPORATED 4,542
1,574 SARA LEE CORPORATION 29,906
1,464 TOPPS COMPANY INCORPORATED 15,021
386 WM. WRIGLEY JR. COMPANY 27,425
1,184,704
---------------
FOOD STORES - 0.32%
797 ALBERTSON'S INCORPORATED<< 16,044
2,032 COLES MYER LIMITED ADR 120,904
5,310 KONINKLIJKE AHOLD NV ADR+ 47,418
1,413 KROGER COMPANY+ 27,893
217 PANERA BREAD COMPANY+<< 12,095
862 SAFEWAY INCORPORATED 20,455
751 STARBUCKS CORPORATION+ 36,829
281,638
---------------
FORESTRY - 0.03%
349 WEYERHAEUSER COMPANY 22,692
---------------
FURNITURE & FIXTURES - 0.09%
412 FURNITURE BRANDS INTERNATIONAL INCORPORATED 7,873
410 HERMAN MILLER INCORPORATED 12,259
639 LEGGETT & PLATT INCORPORATED 15,470
892 MASCO CORPORATION 27,367
705 NEWELL RUBBERMAID INCORPORATED 16,518
79,487
---------------
GENERAL MERCHANDISE STORES - 0.44%
658 BIG LOTS INCORPORATED+ 7,771
721 DOLLAR GENERAL CORPORATION 13,742
523 FEDERATED DEPARTMENT STORES INCORPORATED 36,058
302 FRED'S INCORPORATED 4,231
SHARES SECURITY NAME VALUE
495 JC PENNEY COMPANY INCORPORATED $ 24,072
215 SEARS HOLDINGS CORPORATION+ 29,210
1,404 TARGET CORPORATION 75,465
996 TJX COMPANIES INCORPORATED 20,826
3,885 WAL-MART STORES INCORPORATED 174,670
386,045
---------------
HEALTH SERVICES - 0.30%
356 AMSURG CORPORATION+ 9,911
364 APRIA HEALTHCARE GROUP INCORPORATED+<< 12,460
438 BEVERLY ENTERPRISES INCORPORATED+ 5,497
794 CAREMARK RX INCORPORATED+ 37,104
308 DAVITA INCORPORATED+ 14,140
660 HCA INCORPORATED 32,538
622 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 15,127
849 HUMAN GENOME SCIENCES INCORPORATED+<< 10,961
99 LABONE INCORPORATED+ 4,280
289 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 14,253
291 LIFEPOINT HOSPITALS INCORPORATED+ 13,235
220 MANOR CARE INCORPORATED 8,683
103 MATRIA HEALTHCARE INCORPORATED+ 3,734
496 NEKTAR THERAPEUTICS+ 8,472
155 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 11,490
171 SIERRA HEALTH SERVICES INCORPORATED+ 11,508
1,245 TENET HEALTHCARE CORPORATION+ 15,164
397 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 15,209
455 VALEANT PHARMACEUTICALS INTERNATIONAL 9,091
89 VICURON PHARMACEUTICALS INCORPORATED+ 2,564
246 WATSON PHARMACEUTICALS INCORPORATED+ 8,482
263,903
---------------
HOLDING & OTHER INVESTMENT OFFICES - 0.57%
356 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 29,174
66 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 2,111
1,088 CAPITAL AUTOMOTIVE 39,027
896 CORPORATE OFFICE PROPERTIES TRUST<< 31,217
555 DISCOVERY HOLDING COMPANY+<< 8,400
779 ENTERTAINMENT PROPERTIES TRUST 35,491
1,519 EQUITY OFFICE PROPERTIES TRUST 50,583
1,213 EQUITY RESIDENTIAL 45,815
238 FELCOR LODGING TRUST INCORPORATED+ 3,629
974 GENERAL GROWTH PROPERTIES INCORPORATED<< 43,918
977 HOME PROPERTIES INCORPORATED 40,067
122 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 1,703
399 LASALLE HOTEL PROPERTIES 13,474
985 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 43,911
1,435 NATIONAL HEALTH INVESTORS INCORPORATED 41,572
617 SIMON PROPERTY GROUP INCORPORATED 46,935
619 SOVRAN SELF STORAGE INCORPORATED<< 28,722
505,749
---------------
17
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.10%
551 BED BATH & BEYOND INCORPORATED+ $ 22,343
696 BEST BUY COMPANY INCORPORATED 33,171
553 CIRCUIT CITY STORES INCORPORATED 9,340
184 COST PLUS INCORPORATED+ 3,958
177 GUITAR CENTER INCORPORATED+ 10,160
28 MOVIE GALLERY INCORPORATED 504
303 RADIO SHACK CORPORATION<< 7,593
87,069
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.14%
343 BOYD GAMING CORPORATION 15,960
333 GAYLORD ENTERTAINMENT COMPANY+<< 14,186
894 HILTON HOTELS CORPORATION 20,714
2,001 LA QUINTA CORPORATION+ 16,908
471 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 29,772
482 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 28,101
125,641
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 1.75%
959 3M COMPANY 68,233
197 ACTUANT CORPORATION CLASS A 8,353
1,378 APPLE COMPUTER INCORPORATED+ 64,670
2,984 APPLIED MATERIALS INCORPORATED 54,637
261 AXCELIS TECHNOLOGIES INCORPORATED+ 1,540
517 BAKER HUGHES INCORPORATED 30,374
187 BLACK & DECKER CORPORATION 15,951
147 BLACK BOX CORPORATION<< 6,317
152 BRIGGS & STRATTON CORPORATION 5,609
1,450 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 5,785
1,008 CATERPILLAR INCORPORATED 55,934
168 CDW CORPORATION<< 9,925
380 DEERE & COMPANY 24,844
3,893 DELL INCORPORATED+ 138,591
480 DOVER CORPORATION 19,536
306 EATON CORPORATION 19,560
4,312 EMC CORPORATION+ 55,452
317 EMULEX CORPORATION+ 6,831
277 ENGINEERED SUPPORT SYSTEMS INCORPORATED 9,446
708 ENTEGRIS INCORPORATED+ 7,413
422 FLOWSERVE CORPORATION+ 15,673
289 GARDNER DENVER INCORPORATED+ 12,086
1,178 GATEWAY INCORPORATED+ 3,581
350 GLOBAL IMAGING SYSTEMS INCORPORATED+ 11,567
559 GRANT PRIDECO INCORPORATED+ 20,605
4,752 HEWLETT-PACKARD COMPANY 131,915
785 HITACHI LIMITED ADR 48,325
2,460 INTERNATIONAL BUSINESS MACHINES CORPORATION 198,325
682 JOY GLOBAL INCORPORATED 32,600
SHARES SECURITY NAME VALUE
238 LEXMARK INTERNATIONAL INCORPORATED+<< $ 14,989
5,885 MAKITA CORPORATION 116,641
390 MODINE MANUFACTURING COMPANY 13,712
5,677 NEC CORPORATION ADR 30,599
527 PALL CORPORATION 15,072
160 PALM INCORPORATED+ 5,469
497 PITNEY BOWES INCORPORATED 21,495
221 PROQUEST COMPANY+ 7,949
337 SANDISK CORPORATION+ 13,086
548 SCIENTIFIC GAMES CORPORATION CLASS A+<< 16,517
1,392 SIEMENS AG ADR 106,488
476 SMITH INTERNATIONAL INCORPORATED<< 16,536
2,705 SOLECTRON CORPORATION+ 11,090
308 STANLEY WORKS 14,091
661 SYMBOL TECHNOLOGIES INCORPORATED 6,068
292 TEREX CORPORATION+ 14,244
388 TORO COMPANY 15,066
322 WATSCO INCORPORATED 15,701
531 WESTERN DIGITAL CORPORATION+<< 7,354
1,545,845
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.11%
672 AON CORPORATION 20,106
287 HILB, ROGAL & HAMILTON COMPANY 10,108
397 HUMANA INCORPORATED+ 19,120
884 MARSH & MCLENNAN COMPANIES INCORPORATED 24,796
275 NATIONAL FINANCIAL PARTNERS CORPORATION<< 12,072
774 UNUMPROVIDENT CORPORATION<< 14,954
101,156
---------------
INSURANCE CARRIERS - 1.47%
849 AEGON NV 11,996
424 AETNA INCORPORATED 33,780
624 AFLAC INCORPORATED 26,969
270 ALLMERICA FINANCIAL CORPORATION+ 10,992
846 ALLSTATE CORPORATION 47,554
302 AMBAC FINANCIAL GROUP INCORPORATED 20,711
4,041 AMERICAN INTERNATIONAL GROUP INCORPORATED 239,227
266 AMERIGROUP CORPORATION+ 9,087
2,176 AXA ADR<< 58,099
329 CENTENE CORPORATION+ 10,028
363 CHUBB CORPORATION 31,566
189 CIGNA CORPORATION 21,795
572 CINCINNATI FINANCIAL CORPORATION 23,441
423 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 30,900
216 HEALTH NET INCORPORATED+ 9,960
2,549 ING GROUP NV ADR<< 74,482
327 KANSAS CITY LIFE INSURANCE COMPANY 16,625
241 LANDAMERICA FINANCIAL GROUP INCORPORATED 14,248
361 LINCOLN NATIONAL CORPORATION 17,902
354 LOEWS CORPORATION 31,042
41 MARKEL CORPORATION+ 13,315
362 MBIA INCORPORATED 20,985
18
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
474 METLIFE INCORPORATED $ 23,217
257 MGIC INVESTMENT CORPORATION 16,044
1,068 MILLEA HOLDINGS INCORPORATED 78,071
1,018 PHOENIX COMPANIES INCORPORATED 12,206
673 PRINCIPAL FINANCIAL GROUP INCORPORATED 30,823
431 PROASSURANCE CORPORATION+<< 18,986
339 PROGRESSIVE CORPORATION 32,683
855 PRUDENTIAL FINANCIAL INCORPORATED 55,036
398 SAFECO CORPORATION 20,752
1,245 ST. PAUL COMPANIES INCORPORATED 53,547
261 TORCHMARK CORPORATION 13,765
315 UNITED INSURANCE COMPANIES INCORPORATED 9,721
1,738 UNITEDHEALTH GROUP INCORPORATED 89,507
887 WELLPOINT INCORPORATED+ 65,860
1,294,922
---------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.01%
296 CORRECTIONS CORPORATION OF AMERICA+ 11,722
---------------
LEATHER & LEATHER PRODUCTS - 0.03%
830 COACH INCORPORATED+ 27,548
---------------
LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION - 0.02%
703 LAIDLAW INTERNATIONAL INCORPORATED 17,399
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.02%
174 CHAMPION ENTERPRISES INCORPORATED+ 2,319
565 GEORGIA-PACIFIC CORPORATION 18,131
20,450
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.96%
416 ADVANCED MEDICAL OPTICS INCORPORATED+<< 16,374
81 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ 4,171
165 AFFYMETRIX INCORPORATED+<< 8,166
879 AGILENT TECHNOLOGIES INCORPORATED+ 28,269
379 ALIGN TECHNOLOGY INCORPORATED+ 2,581
232 ALLERGAN INCORPORATED 21,356
500 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 10,250
314 ANALOGIC CORPORATION 15,653
533 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 11,459
130 BAUSCH & LOMB INCORPORATED 9,853
1,022 BAXTER INTERNATIONAL INCORPORATED 41,217
506 BECTON DICKINSON & COMPANY 26,631
553 BIOMET INCORPORATED 20,400
1,119 BOSTON SCIENTIFIC CORPORATION+ 30,079
261 C.R. BARD INCORPORATED 16,790
369 CONMED CORPORATION+<< 10,797
84 COOPER COMPANIES INCORPORATED<< 5,760
122 CYBERONICS INCORPORATED+ 4,670
434 DANAHER CORPORATION 23,245
SHARES SECURITY NAME VALUE
573 EASTMAN KODAK COMPANY $ 13,964
168 ESCO TECHNOLOGIES INCORPORATED+ 17,418
328 FLIR SYSTEMS INCORPORATED+ 10,591
524 GUIDANT CORPORATION 37,015
286 INTEGRA LIFESCIENCES HOLDINGS+<< 9,890
1,684 MEDTRONIC INCORPORATED 95,988
286 MENTOR CORPORATION<< 15,044
126 MILLIPORE CORPORATION+<< 8,058
260 POLYMEDICA CORPORATION 9,295
818 RAYTHEON COMPANY 32,082
151 RESMED INCORPORATED+<< 10,923
390 RICOH COMPANY LIMITED ADR 30,400
379 ROCKWELL AUTOMATION INCORPORATED 19,723
642 ST. JUDE MEDICAL INCORPORATED+ 29,468
543 STRYKER CORPORATION 29,621
319 SYBRON DENTAL SPECIALTIES INCORPORATED+ 12,368
276 TECHNE CORPORATION+ 15,724
504 TERADYNE INCORPORATED+<< 8,467
429 THERMO ELECTRON CORPORATION+ 11,969
360 TRIMBLE NAVIGATION LIMITED+ 13,147
264 VARIAN INCORPORATED+ 9,398
463 VIASYS HEALTHCARE INCORPORATED+ 12,469
292 WATERS CORPORATION+ 13,277
256 WRIGHT MEDICAL GROUP INCORPORATED+ 6,187
166 X-RITE INCORPORATED 2,090
1,820 XEROX CORPORATION+ 24,406
441 ZIMMER HOLDINGS INCORPORATED+ 36,237
842,940
---------------
MEDICAL MANAGEMENT SERVICES - 0.02%
164 COVENTRY HEALTH CARE INCORPORATED+ 13,120
---------------
METAL MINING - 0.19%
15 CLEVELAND CLIFFS INCORPORATED<< 1,066
957 NEWMONT MINING CORPORATION 37,878
181 PHELPS DODGE CORPORATION 19,463
722 RIO TINTO PLC ADR 103,354
494 STILLWATER MINING COMPANY+ 3,967
165,728
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%
285 VULCAN MATERIALS COMPANY 20,477
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.46%
69 ACCO BRANDS CORPORATION+ 1,801
476 HASBRO INCORPORATED 9,853
5,551 JOHNSON & JOHNSON 351,878
1,020 MATTEL INCORPORATED 18,391
291 TIFFANY & COMPANY 10,889
361 YANKEE CANDLE COMPANY INCORPORATED 9,917
402,729
---------------
MISCELLANEOUS RETAIL - 0.33%
471 AMAZON.COM INCORPORATED+ 20,112
298 CASH AMERICA INTERNATIONAL INCORPORATED 6,249
869 COSTCO WHOLESALE CORPORATION 37,749
1,414 CVS CORPORATION 41,529
296 DILLARDS INCORPORATED CLASS A 6,663
19
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
111 GSI COMMERCE INCORPORATED+ $ 1,999
339 LONGS DRUG STORES CORPORATION 14,374
373 MICHAELS STORES INCORPORATED 13,540
636 OFFICE DEPOT INCORPORATED+ 19,080
391 PETSMART INCORPORATED 10,076
253 PRICELINE.COM INCORPORATED+<< 5,437
1,473 STAPLES INCORPORATED 32,347
1,579 WALGREEN COMPANY 73,155
10 WORLD FUEL SERVICES CORPORATION 327
365 ZALE CORPORATION+ 10,184
292,821
---------------
MISCELLANEOUS SERVICES - 0.05%
2,799 ADECCO SA ADR 33,588
216 D&B CORPORATION+ 13,753
47,341
---------------
MOTION PICTURES - 0.35%
5,548 LIBERTY MEDIA CORPORATION CLASS A+ 46,104
317 MACROVISION CORPORATION+ 5,865
2,328 NEWS CORPORATION CLASS A 37,620
7,473 TIME WARNER INCORPORATED 133,916
3,443 WALT DISNEY COMPANY 86,729
310,234
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.13%
471 FORWARD AIR CORPORATION 16,617
567 LANDSTAR SYSTEM INCORPORATED 20,593
1,022 UNITED PARCEL SERVICE INCORPORATED CLASS B 72,450
73 YELLOW ROADWAY CORPORATION+ 3,420
113,080
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.68%
1,754 AMERICAN EXPRESS COMPANY 96,891
407 AMERICREDIT CORPORATION+ 10,151
779 APOLLO INVESTMENT CORPORATION 14,980
369 CAPITAL ONE FINANCIAL CORPORATION 30,347
993 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY 21,896
441 CIT GROUP INCORPORATED 19,968
984 COUNTRYWIDE FINANCIAL CORPORATION 33,249
1,355 FANNIE MAE 69,159
297 FINANCIAL FEDERAL CORPORATION 11,598
986 FREDDIE MAC 59,535
1,952 MBNA CORPORATION 49,190
1,399 ORIX CORPORATION ADR 115,417
782 PROVIDIAN FINANCIAL CORPORATION+ 14,545
786 SLM CORPORATION 39,104
164 WFS FINANCIAL INCORPORATED+ 10,975
57 WORLD ACCEPTANCE CORPORATION+ 1,459
598,464
---------------
OIL & GAS EXTRACTION - 1.20%
441 ANADARKO PETROLEUM CORPORATION 40,074
596 APACHE CORPORATION 42,686
63 ATWOOD OCEANICS INCORPORATED+<< 4,739
SHARES SECURITY NAME VALUE
3,249 BHP BILLITON LIMITED ADR<< $ 101,726
318 BJ SERVICES COMPANY 20,059
801 BURLINGTON RESOURCES INCORPORATED 59,106
326 CIMAREX ENERGY COMPANY+<< 13,933
274 DENBURY RESOURCES INCORPORATED+ 12,393
948 DEVON ENERGY CORPORATION 57,610
854 ENI SPA ADR<< 126,605
783 HALLIBURTON COMPANY 48,523
339 HANOVER COMPRESSOR COMPANY+ 5,126
247 KERR-MCGEE CORPORATION 21,743
653 OCCIDENTAL PETROLEUM CORPORATION 54,219
371 OCEANEERING INTERNATIONAL INCORPORATED+ 18,446
570 PATTERSON-UTI ENERGY INCORPORATED 19,391
420 PIONEER NATURAL RESOURCES COMPANY 20,748
513 PLAINS EXPLORATION & PRODUCTION COMPANY+<< 19,007
2,786 REPSOL YPF SA ADR 82,354
364 ROWAN COMPANIES INCORPORATED 13,541
434 SOUTHWESTERN ENERGY COMPANY+ 25,129
36 SPINNAKER EXPLORATION COMPANY+<< 1,619
231 STONE ENERGY CORPORATION+ 12,102
1,391 TOTAL SA ADR<< 183,389
394 UNIT CORPORATION+ 20,512
26 VERITAS DGC INCORPORATED+ 836
865 XTO ENERGY INCORPORATED 34,427
1,060,043
---------------
PAPER & ALLIED PRODUCTS - 0.30%
651 BEMIS COMPANY INCORPORATED 17,024
909 GLATFELTER 12,462
818 INTERNATIONAL PAPER COMPANY 25,235
479 KIMBERLY-CLARK CORPORATION 29,851
576 MEADWESTVACO CORPORATION 16,687
26 NEENAH PAPER INCORPORATED 788
219 OFFICEMAX INCORPORATED 6,472
496 PACTIV CORPORATION+ 9,627
223 POTLATCH CORPORATION 12,042
4,158 STORA ENSO OYJ ADR<< 57,630
290 TEMPLE-INLAND INCORPORATED 11,162
3,297 UPM-KYMMENE OYJ ADR 66,105
265,085
---------------
PERSONAL SERVICES - 0.05%
315 CINTAS CORPORATION 12,994
686 H & R BLOCK INCORPORATED 18,488
211 REGIS CORPORATION 8,640
40,122
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 1.81%
193 AMERADA HESS CORPORATION 24,530
238 ASHLAND INCORPORATED 14,468
3,502 BP PLC ADR 239,467
3,403 CHEVRONTEXACO CORPORATION 208,944
2,113 CONOCOPHILLIPS 139,331
218 ELKCORP 7,761
11,398 EXXON MOBIL CORPORATION 682,740
137 HEADWATERS INCORPORATED+ 5,275
20
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
775 MARATHON OIL CORPORATION $ 49,840
1,868 ROYAL DUTCH SHELL PLC ADR CLASS A 121,345
368 SUNOCO INCORPORATED 26,754
368 TESORO PETROLEUM CORPORATION 21,270
483 VALERO ENERGY CORPORATION 51,440
1,593,165
---------------
PRIMARY METAL INDUSTRIES - 0.25%
1,477 ALCOA INCORPORATED 39,569
539 ALLEGHENY TECHNOLOGIES INCORPORATED 14,887
418 BELDEN CDT INCORPORATED<< 8,966
197 CARPENTER TECHNOLOGY CORPORATION 10,973
206 CHAPARRAL STEEL COMPANY+ 4,598
442 COMMSCOPE INCORPORATED+ 8,265
501 ENGELHARD CORPORATION 14,253
2,007 KUBOTA CORPORATION ADR 62,518
249 MAVERICK TUBE CORPORATION+ 7,931
379 MUELLER INDUSTRIES INCORPORATED 9,934
287 STEEL DYNAMICS INCORPORATED<< 9,049
206 TEXAS INDUSTRIES INCORPORATED<< 12,321
268 UNITED STATES STEEL CORPORATION 11,234
507 WORTHINGTON INDUSTRIES INCORPORATED 9,177
223,675
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.45%
502 AMERICAN GREETINGS CORPORATION CLASS A 12,746
909 BOWNE & COMPANY INCORPORATED 12,908
12 CONSOLIDATED GRAPHICS INCORPORATED+ 463
195 DOW JONES & COMPANY INCORPORATED<< 7,966
382 GANNETT COMPANY INCORPORATED 27,779
234 KNIGHT-RIDDER INCORPORATED<< 14,995
708 MCGRAW-HILL COMPANIES INCORPORATED 34,140
158 MEREDITH CORPORATION 7,758
396 NEW YORK TIMES COMPANY CLASS A 12,644
2,371 PEARSON PLC ADR 28,973
179 R.H. DONNELLEY CORPORATION+ 11,508
3,114 REED ELSEVIER NV ADR<< 87,161
608 RR DONNELLEY & SONS COMPANY 22,715
459 TRIBUNE COMPANY 17,244
262 VALASSIS COMMUNICATIONS INCORPORATED+<< 10,331
2,452 VIACOM INCORPORATED CLASS B 83,343
392,674
---------------
RAILROAD TRANSPORTATION - 0.14%
722 BURLINGTON NORTHERN SANTA FE CORPORATION 38,280
495 CSX CORPORATION 21,745
845 NORFOLK SOUTHERN CORPORATION 30,091
423 UNION PACIFIC CORPORATION 28,878
118,994
---------------
REAL ESTATE - 0.04%
335 JONES LANG LASALLE INCORPORATED 16,526
273 NEW CENTURY FINANCIAL CORPORATION 11,736
SHARES SECURITY NAME VALUE
100 PHH CORPORATION+<< $ 3,024
283 STEWART ENTERPRISES INCORPORATED CLASS A 1,964
33,250
---------------
RETAIL, TRADE & SERVICES - 0.02%
481 MEN'S WEARHOUSE INCORPORATED+ 14,661
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.09%
645 A. SCHULMAN INCORPORATED 11,746
473 COOPER TIRE & RUBBER COMPANY 7,994
799 GOODYEAR TIRE & RUBBER COMPANY+<< 13,423
231 JARDEN CORPORATION+ 9,168
224 SEALED AIR CORPORATION+ 11,368
127 TREX COMPANY INCORPORATED+ 3,062
628 TUPPERWARE CORPORATION 13,766
432 WEST PHARMACEUTICAL SERVICES INCORPORATED 12,247
82,774
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.63%
207 BEAR STEARNS COMPANIES INCORPORATED 20,804
2,078 CHARLES SCHWAB CORPORATION 28,115
77 CHICAGO MERCANTILE EXCHANGE 21,375
2,068 CREDIT SUISSE GROUP ADR 90,206
375 FRANKLIN RESOURCES INCORPORATED 30,165
635 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A<< 7,430
647 GOLDMAN SACHS GROUP INCORPORATED 71,933
146 LADENBURG THALMANN FINANCIAL SERVICES INCORPORATED+ 73
451 LEHMAN BROTHERS HOLDINGS INCORPORATED 47,653
1,359 MERRILL LYNCH & COMPANY INCORPORATED 77,680
1,779 MORGAN STANLEY 90,498
3,308 NOMURA HOLDINGS INCORPORATED ADR<< 45,518
153 PIPER JAFFRAY COMPANIES INCORPORATED+ 4,665
373 T ROWE PRICE GROUP INCORPORATED 23,499
559,614
---------------
SOCIAL SERVICES - 0.00%
97 BRIGHT HORIZONS FAMILY SOLUTIONS INCORPORATED+<< 3,814
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.35%
186 CABOT MICROELECTRONICS CORPORATION+<< 5,545
289 CARBO CERAMICS INCORPORATED 17,386
2,654 CORNING INCORPORATED+ 52,974
540 GENTEX CORPORATION 9,245
1,913 HANSON PLC ADR 100,413
5,075 LAFARGE SA ADR 119,161
304,724
---------------
TEXTILE MILL PRODUCTS - 0.01%
342 ALBANY INTERNATIONAL CORPORATION CLASS A 12,319
---------------
21
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
TOBACCO PRODUCTS - 0.32%
3,225 ALTRIA GROUP INCORPORATED $ 228,008
276 LOEWS CORPORATION - CAROLINA GROUP 10,656
276 UNIVERSAL CORPORATION 11,487
395 UST INCORPORATED<< 16,811
609 VECTOR GROUP LIMITED<< 12,180
279,142
---------------
TRANSPORTATION BY AIR - 0.29%
584 AMR CORPORATION+<< 7,352
8,760 BAA PLC ADR<< 96,344
886 DELTA AIR LINES INCORPORATED+<< 1,028
618 FEDEX CORPORATION 50,330
5,036 JAPAN AIRLINES SYSTEM ADR+ 70,464
400 JETBLUE AIRWAYS CORPORATION+<< 7,620
1,524 SOUTHWEST AIRLINES COMPANY 20,300
253,438
---------------
TRANSPORTATION EQUIPMENT - 1.01%
495 ARVIN INDUSTRIES INCORPORATED<< 9,182
2,776 BAE SYSTEMS PLC ADR 65,356
1,246 BOEING COMPANY 83,507
288 BRUNSWICK CORPORATION 12,672
1,217 DAIMLERCHRYSLER AG<< 62,895
1,607 DELPHI CORPORATION<< 8,919
6,358 FIAT SPA ADR<< 56,268
3,160 FORD MOTOR COMPANY 31,505
290 GENERAL DYNAMICS CORPORATION 33,231
666 GENERAL MOTORS CORPORATION<< 22,771
365 GOODRICH CORPORATION 16,724
231 GROUP 1 AUTOMOTIVE INCORPORATED+ 6,838
563 HARLEY-DAVIDSON INCORPORATED 27,733
2,050 HONDA MOTOR COMPANY LIMITED ADR 55,186
1,416 HONEYWELL INTERNATIONAL INCORPORATED 54,205
172 ITT INDUSTRIES INCORPORATED 18,769
329 JOHNSON CONTROLS INCORPORATED 19,733
524 LOCKHEED MARTIN CORPORATION 32,614
587 NORTHROP GRUMMAN CORPORATION 32,925
356 PACCAR INCORPORATED 24,948
33 SEQUA CORPORATION+ 2,261
228 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 5,073
294 TEXTRON INCORPORATED 20,962
296 THOR INDUSTRIES INCORPORATED 9,827
1,294 TOYOTA MOTOR CORPORATION ADR 106,082
298 TRINITY INDUSTRIES INCORPORATED 11,154
18 TRIUMPH GROUP INCORPORATED+ 707
1,250 UNITED TECHNOLOGIES CORPORATION 62,500
894,547
---------------
TRANSPORTATION SERVICES - 0.06%
981 EXPEDIA INCORPORATED+ 21,837
358 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 19,873
408 SABRE HOLDINGS CORPORATION 7,825
49,535
---------------
SHARES SECURITY NAME VALUE
WATER TRANSPORTATION - 0.02%
368 KIRBY CORPORATION+ $ 17,296
---------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.27%
203 AMERISOURCEBERGEN CORPORATION 15,158
157 BROWN-FORMAN CORPORATION CLASS B 8,891
664 CARDINAL HEALTH INCORPORATED 39,581
478 HANDLEMAN COMPANY 6,687
549 MCKESSON CORPORATION 25,622
542 MEDCO HEALTH SOLUTIONS INCORPORATED+ 26,704
313 NIKE INCORPORATED CLASS B 24,699
342 NU SKIN ENTERPRISES INCORPORATED CLASS A 7,298
297 SCHOOL SPECIALTY INCORPORATED+ 14,229
409 SUPERVALU INCORPORATED 14,233
1,112 SYSCO CORPORATION 37,119
191 TRACTOR SUPPLY COMPANY+ 9,829
332 UNITED NATURAL FOODS INCORPORATED+<< 11,288
241,338
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.45%
95 IMAGISTICS INTERNATIONAL INCORPORATED+ 3,178
422 INSIGHT ENTERPRISES INCORPORATED+ 7,946
520 KYOCERA CORPORATION ADR 36,270
2,983 MITSUBISHI CORPORATION ADR 97,541
414 MITSUI & COMPANY LIMITED ADR 85,913
1,650 NISSAN MOTOR COMPANY LIMITED ADR<< 34,798
258 OMNICARE INCORPORATED 13,558
426 PEP BOYS-MANNY, MOE & JACK 5,564
284 RELIANCE STEEL & ALUMINUM COMPANY 13,632
431 SCP POOL CORPORATION 15,775
8,107 SUMITOMO MITSUI FINANCIAL 65,799
3 VISTEON CORPORATION 30
248 W.W. GRAINGER INCORPORATED 15,950
395,954
---------------
TOTAL COMMON STOCKS (COST $25,603,159) 30,893,461
---------------
INTEREST
RATE MATURITY
PRINCIPAL % DATE
US TREASURY SECURITIES - 63.59%
US TREASURY NOTES - 63.59%
$ 5,145,000 US TREASURY NOTE<< 3.13 09/15/2008 5,040,896
590,000 US TREASURY NOTE 3.38 11/15/2008 581,680
3,335,000 US TREASURY NOTE<< 4.75 11/15/2008 3,425,278
3,045,000 US TREASURY NOTE<< 3.38 12/15/2008 3,001,109
8,130,000 US TREASURY NOTE<< 2.63 03/15/2009 7,802,263
600,000 US TREASURY NOTE<< 5.50 05/15/2009 634,617
14,620,000 US TREASURY NOTE<< 4.00 06/15/2009 14,699,387
3,235,000 US TREASURY NOTE<< 3.38 09/15/2009 3,178,766
3,400,000 US TREASURY NOTE<< 3.50 11/15/2009 3,354,311
1,000,000 US TREASURY NOTE<< 3.63 01/15/2010 990,469
13,355,000 US TREASURY NOTE<< 4.00 03/15/2010 13,430,122
56,138,898
---------------
22
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK TODAY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TOTAL US TREASURY SECURITIES (COST $56,305,303) $ 56,138,898
---------------
COLLATERAL FOR SECURITIES LENDING - 47.28%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 3.14%
1,199,644 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,199,643
1,572,804 SHORT TERM INVESTMENTS COMPANY MONEY MARKET FUND 1,572,804
2,772,447
---------------
INTEREST
RATE MATURITY
PRINCIPAL % DATE
COLLATERAL INVESTED IN OTHER ASSETS - 44.14%
$ 2,000,000 ATOMIUM FUNDING CORPORATION 3.41 09/12/2005 1,997,840
2,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 3.55 09/08/2006 2,000,000
2,000,000 CREDIT SUISSE FIRST BOSTON NEW YORK SERIES YCD1 3.61 05/04/2006 1,988,640
15,000,000 DEUTSCHE BANK REPURCHASE AGREEMENT (MATURITY VALUE $15,001,492) 3.58 09/01/2005 15,000,000
2,000,000 GALAXY FUNDING INCORPORATED 3.43 09/29/2005 1,994,440
1,000,000 GEMINI SECURITIZATION INCORPORATED 3.52 09/29/2005 997,220
1,000,000 ING USA ANNUITY AND LIFE INSURANCE 3.72 06/06/2006 1,000,000
2,000,000 LEGACY CAPITAL CORPORATION LLC 3.54 09/06/2005 1,999,020
2,000,000 LEXINGTON PARKER CAPITAL CORPORATION 3.66 10/14/2005 1,991,300
2,000,000 LIBERTY LIGHT US CAPITAL SERIES MTN 3.57 05/26/2006 2,000,080
1,000,000 LIQUID FUNDING LIMITED 3.49 12/19/2005 1,000,000
1,000,000 LIQUID FUNDING LIMITED 3.51 03/03/2006 1,000,000
2,000,000 MORGAN STANLEY 3.64 01/13/2006 2,000,000
2,000,000 TICONDEROGA FUNDING LLC 3.55 09/20/2005 1,996,260
2,000,000 WHITE PINE FINANCE LLC SERIES MTN 3.57 06/12/2006 2,000,100
38,964,900
---------------
INTEREST
RATE MATURITY
PRINCIPAL SECURITY NAME % DATE VALUE
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $41,737,346) $ 41,737,347
---------------
SHORT-TERM INVESTMENTS - 0.28%
US TREASURY BILLS - 0.28%
$ 28,000 US TREASURY BILL<<^ 3.25 09/22/2005 27,947
58,000 US TREASURY BILL<<^ 3.28 09/22/2005 57,889
161,000 US TREASURY BILL<<^ 3.33 09/22/2005 160,688
246,524
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $246,524) 246,524
---------------
TOTAL INVESTMENTS IN SECURITIES (COST $123,892,332)* 146.15% $ 129,016,230
OTHER ASSETS AND LIABILITIES, NET (46.15) (40,742,032)
------ ---------------
TOTAL NET ASSETS 100.00% $ 88,274,198
------ ---------------
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
23
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 46.23%
AMUSEMENT & RECREATION SERVICES - 0.07%
31 ALLIANCE GAMING CORPORATION+<< $ 372
318 CHURCHILL DOWNS INCORPORATED 12,494
835 HARRAH'S ENTERTAINMENT INCORPORATED 58,083
2,114 INTERNATIONAL GAME TECHNOLOGY 58,600
731 WESTWOOD ONE INCORPORATED 14,861
144,410
---------------
APPAREL & ACCESSORY STORES - 0.22%
749 ABERCROMBIE & FITCH COMPANY CLASS A 41,652
822 AEROPOSTALE INCORPORATED+ 20,994
848 CATO CORPORATION 16,451
2,011 CHARMING SHOPPES INCORPORATED+<< 24,293
1,350 CHICO'S FAS INCORPORATED+ 46,859
3,642 GAP INCORPORATED 69,234
1,542 KOHL'S CORPORATION+ 80,878
2,684 LIMITED BRANDS 58,994
1,554 NORDSTROM INCORPORATED 52,183
1,345 ROSS STORES INCORPORATED 33,464
445,002
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.27%
6,461 BENETTON GROUP SPA ADR<< 127,799
869 JONES APPAREL GROUP INCORPORATED 24,488
829 LIZ CLAIBORNE INCORPORATED 34,014
2,170 QUIKSILVER INCORPORATED+ 33,092
642 VF CORPORATION 38,077
3,740 WACOAL CORPORATION ADR 252,637
1,214 WARNACO GROUP INCORPORATED+ 30,350
540,457
---------------
APPLICATIONS SOFTWARE - 0.02%
1,377 CITRIX SYSTEMS INCORPORATED+ 32,773
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.05%
283 AUTOZONE INCORPORATED+ 26,743
949 CARMAX INCORPORATED+ 30,235
850 COPART INCORPORATED+ 20,987
954 O'REILLY AUTOMOTIVE INCORPORATED+ 26,302
104,267
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.41%
568 BEAZER HOMES USA INCORPORATED 35,466
815 CENTEX CORPORATION 55,216
1,754 D.R. HORTON INCORPORATED 64,758
771 LENNAR CORPORATION CLASS A 47,879
45 NVR INCORPORATED+ 39,825
617 PULTE HOMES INCORPORATED 53,185
34,836 SEKISUI HOUSE LIMITED<< 380,848
624 STANDARD-PACIFIC CORPORATION<< 27,412
3,765 VIVENDI UNIVERSAL SA ADR 118,786
823,375
---------------
SHARES SECURITY NAME VALUE
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.37%
525 FASTENAL COMPANY $ 31,804
10,431 HOME DEPOT INCORPORATED 420,578
3,903 LOWE'S COMPANIES INCORPORATED 251,002
822 SHERWIN-WILLIAMS COMPANY 38,108
741,492
---------------
BUSINESS SERVICES - 2.72%
1,281 AARON RENTS INCORPORATED 28,374
2,834 ADOBE SYSTEMS INCORPORATED<< 76,631
1,257 ADVO INCORPORATED 41,154
537 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 27,897
1,488 AKAMAI TECHNOLOGIES INCORPORATED+ 20,594
987 ANSYS INCORPORATED+ 37,259
537 ARBITRON INCORPORATED<< 22,554
1,580 AUTODESK INCORPORATED 68,256
2,579 AUTOMATIC DATA PROCESSING INCORPORATED 110,252
912 AVOCENT CORPORATION+ 30,388
2,869 BEA SYSTEMS INCORPORATED+ 25,305
2,150 BISYS GROUP INCORPORATED+ 32,099
200 BLUE COAT SYSTEMS INCORPORATED+ 7,888
1,512 BMC SOFTWARE INCORPORATED+ 30,240
405 CACI INTERNATIONAL INCORPORATED CLASS A+ 25,369
2,234 CADENCE DESIGN SYSTEMS INCORPORATED+<< 35,766
28 CCC INFORMATION SERVICES GROUP+ 717
6,053 CENDANT CORPORATION 123,118
544 CERNER CORPORATION+<< 42,845
962 CERTEGY INCORPORATED 33,074
1,105 CHECKFREE CORPORATION+ 40,653
563 CHOICEPOINT INCORPORATED+ 24,170
2,550 CNET NETWORKS INCORPORATED+<< 34,119
814 COGNEX CORPORATION 24,216
1,017 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 46,304
2,902 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED 78,238
1,073 COMPUTER SCIENCES CORPORATION+ 47,802
5,261 COMPUWARE CORPORATION+ 47,665
1,699 CONVERGYS CORPORATION+ 24,160
705 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 14,375
964 DIGITAL INSIGHT CORPORATION+ 26,067
300 DIGITAL RIVER INCORPORATED+<< 11,394
493 DST SYSTEMS INCORPORATED+<< 26,474
5,663 EBAY INCORPORATED+ 229,295
1,718 ELECTRONIC ARTS INCORPORATED+ 98,407
3,314 ELECTRONIC DATA SYSTEMS CORPORATION 74,234
1,416 ELECTRONICS FOR IMAGING INCORPORATED+ 28,037
949 EQUIFAX INCORPORATED 31,355
606 F5 NETWORKS INCORPORATED+<< 25,022
736 FACTSET RESEARCH SYSTEMS INCORPORATED 25,760
799 FAIR ISAAC CORPORATION 32,655
554 FILENET CORPORATION+<< 14,720
3,608 FIRST DATA CORPORATION 149,912
1,110 FISERV INCORPORATED+ 49,806
24
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
585 HYPERION SOLUTIONS CORPORATION+ $ 25,371
534 IDX SYSTEMS CORPORATION+<< 16,928
1,450 IMS HEALTH INCORPORATED 39,440
290 INFOSPACE INCORPORATED+ 7,238
808 INTERGRAPH CORPORATION+ 32,974
447 INTERNET CAPITAL GROUP INCORPORATED+ 3,603
3,246 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 39,374
1,006 INTUIT INCORPORATED+ 46,115
3,179 JUNIPER NETWORKS INCORPORATED+ 72,290
557 KRONOS INCORPORATED+ 24,135
801 LAMAR ADVERTISING COMPANY+ 32,216
786 MANPOWER INCORPORATED 35,417
1,199 MCAFEE INCORPORATED+ 36,749
675 MERCURY INTERACTIVE CORPORATION+<< 24,752
47,654 MICROSOFT CORPORATION 1,305,720
1,011 MONSTER WORLDWIDE INCORPORATED+ 31,584
1,409 MPS GROUP INCORPORATED+ 15,584
1,681 NCR CORPORATION+ 57,524
3,177 NOVELL INCORPORATED+ 20,905
858 OMNICOM GROUP INCORPORATED 69,018
19,771 ORACLE CORPORATION+ 256,430
1,344 RED HAT INCORPORATED+<< 19,098
6,597 RENTOKIL INITIAL PLC ADR<< 96,107
1,478 REUTERS GROUP PLC ADR 58,647
1,302 ROBERT HALF INTERNATIONAL INCORPORATED 43,851
763 SAFENET INCORPORATED+ 24,416
3,052 SAP AG ADR 130,229
3,140 SIEBEL SYSTEMS INCORPORATED 25,905
598 SRA INTERNATIONAL INCORPORATED CLASS A+<< 20,075
23,236 SUN MICROSYSTEMS INCORPORATED+ 88,297
6,277 SYMANTEC CORPORATION+ 131,691
1,268 SYNOPSYS INCORPORATED+ 24,092
1,071 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 25,490
641 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 17,166
174 TRAVELZOO INCORPORATED+<< 4,025
3,299 UNISYS CORPORATION+<< 21,938
1,005 UNITED ONLINE INCORPORATED 13,095
706 UNITED RENTALS INCORPORATED+<< 12,743
916 USA MOBILITY INCORPORATED+ 25,804
2,436 VALUECLICK INCORPORATED+<< 35,176
1,911 VERISIGN INCORPORATED+ 41,660
375 WEBSENSE INCORPORATED+<< 18,709
1,205 WIND RIVER SYSTEMS INCORPORATED+ 15,834
1,708 WPP GROUP PLC ADR<< 88,252
6,330 YAHOO! INCORPORATED+ 211,042
5,411,329
---------------
CHEMICALS & ALLIED PRODUCTS - 4.40%
7,109 ABBOTT LABORATORIES 320,829
1,176 AIR PRODUCTS & CHEMICALS INCORPORATED 65,150
2,966 AKZO NOBEL NV ADR 122,407
772 ALBERTO-CULVER COMPANY CLASS B 33,157
1,147 ALKERMES INCORPORATED+ 21,541
SHARES SECURITY NAME VALUE
5,829 AMGEN INCORPORATED+ $ 465,737
735 ANDRX CORPORATION+ 13,326
4,627 ASTRAZENECA PLC ADR 213,397
666 AVERY DENNISON CORPORATION 35,591
2,760 AVON PRODUCTS INCORPORATED 90,583
3,149 BASF AG ADR 222,130
3,454 BAYER AG ADR 122,652
1,938 BIOGEN IDEC INCORPORATED+ 81,687
9,651 BRISTOL-MYERS SQUIBB COMPANY 236,160
510 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 25,918
2,694 CHEMTURA CORPORATION 46,229
883 CHIRON CORPORATION+ 32,177
844 CLOROX COMPANY 48,589
2,689 COLGATE PALMOLIVE COMPANY 141,173
4,785 DOW CHEMICAL COMPANY 206,712
4,775 E.I. DU PONT DE NEMOURS AND COMPANY 188,947
850 EASTMAN CHEMICAL COMPANY 40,775
1,391 ECOLAB INCORPORATED 45,903
4,489 ELI LILLY & COMPANY 246,985
610 FMC CORPORATION+ 34,746
1,743 FOREST LABORATORIES INCORPORATED+ 77,389
2,427 GENENTECH INCORPORATED+ 227,992
1,379 GENZYME CORPORATION+ 98,143
2,458 GILEAD SCIENCES INCORPORATED+ 105,694
4,674 GILLETTE COMPANY 251,788
7,860 GLAXOSMITHKLINE PLC ADR 382,939
1,264 HOSPIRA INCORPORATED+ 50,358
479 IMCLONE SYSTEMS INCORPORATED+ 15,673
1,258 IMMUCOR INCORPORATED+ 29,777
795 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 28,700
394 INVITROGEN CORPORATION+<< 33,384
1,392 IVAX CORPORATION+<< 36,053
270 K-V PHARMACEUTICAL COMPANY CLASS A+ 4,606
2,286 KING PHARMACEUTICALS INCORPORATED+ 33,604
252 MARTEK BIOSCIENCES CORPORATION+<< 12,852
1,178 MEDAREX INCORPORATED+ 11,839
802 MEDICINES COMPANY+<< 17,740
1,736 MEDIMMUNE INCORPORATED+ 51,959
9,988 MERCK & COMPANY INCORPORATED 281,961
1,467 MGI PHARMA INCORPORATED+ 39,550
2,446 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 24,484
1,725 MONSANTO COMPANY 110,124
1,842 MOSAIC COMPANY+<< 29,748
2,011 MYLAN LABORATORIES INCORPORATED 36,982
9,409 NOVARTIS AG ADR 458,689
278 NOVEN PHARMACEUTICALS INCORPORATED+ 4,631
1,394 NOVO NORDISK A/S ADR 72,237
496 OSI PHARMACEUTICALS INCORPORATED+ 16,269
94 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 2,272
1,097 PERRIGO COMPANY 15,720
37,337 PFIZER INCORPORATED 950,973
1,066 PPG INDUSTRIES INCORPORATED 67,137
1,988 PRAXAIR INCORPORATED 96,020
11,482 PROCTER & GAMBLE COMPANY<< 637,021
25
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
896 PROTEIN DESIGN LABS INCORPORATED+ $ 23,959
4,695 ROCHE HOLDING AG ADR 323,086
1,146 ROHM & HAAS COMPANY 49,748
394 SALIX PHARMACEUTICALS LIMITED+ 8,030
6,312 SANOFI-AVENTIS ADR<< 269,901
7,919 SCHERING-PLOUGH CORPORATION 169,546
659 SEPRACOR INCORPORATED+<< 33,082
8,572 SHISEIDO COMPANY LIMITED 119,939
597 SIGMA-ALDRICH CORPORATION 37,253
1,075 VERTEX PHARMACEUTICALS INCORPORATED+<< 19,780
6,353 WYETH 290,904
8,762,037
---------------
COAL MINING - 0.06%
856 CONSOL ENERGY INCORPORATED 59,663
803 MASSEY ENERGY COMPANY 40,793
217 PENN VIRGINIA CORPORATION 12,169
112,625
---------------
COMMUNICATIONS - 2.46%
1,955 ALLTEL CORPORATION 121,190
2,084 AMERICAN TOWER CORPORATION CLASS A+ 49,683
5,583 AT&T CORPORATION 109,873
2,926 AVAYA INCORPORATED+ 29,845
9,244 BELLSOUTH CORPORATION 243,025
1,969 BRITISH SKY BROADCASTING GROUP PLC ADR<< 81,497
2,859 BT GROUP PLC ADR<< 111,815
1,514 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 47,237
1,376 CENTURYTEL INCORPORATED 49,398
2,900 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 96,570
10,822 COMCAST CORPORATION CLASS A+ 332,776
2,231 CROWN CASTLE INTERNATIONAL CORPORATION+ 55,240
8,578 DEUTSCHE TELEKOM AG ADR<< 163,668
4,232 DIRECTV GROUP INCORPORATED+ 67,331
1,784 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+ 53,395
611 EMMIS COMMUNICATIONS CORPORATION CLASS A+<< 14,640
306 EQUINIX INCORPORATED+ 11,925
1,827 FOUNDRY NETWORKS INCORPORATED+ 21,376
4,103 FRANCE TELECOM SA ADR 124,280
791 GOLDEN TELECOM INCORPORATED<< 23,335
2,497 GRAY TELEVISION INCORPORATED<< 30,713
1,668 IAC INTERACTIVECORP+ 40,949
1,645 LAGARDERE SCA ADR 117,340
996 LIBERTY CORPORATION 47,798
1,259 LIBERTY GLOBAL INCORPORATED CLASS A+ 63,894
1,585 NEXTEL PARTNERS INCORPORATED CLASS A+ 41,590
4,218 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR<< 91,910
904 NTL INCORPORATED+ 57,748
5,597 NTT DOCOMO INCORPORATED ADR 90,448
2,526 REED ELSEVIER PLC ADR 94,624
SHARES SECURITY NAME VALUE
8,024 ROYAL KPN NV ADR $ 76,549
16,639 SBC COMMUNICATIONS INCORPORATED 400,667
15,665 SPRINT NEXTEL CORPORATION 406,193
4,282 TDC A/S ADR 113,858
4,970 TELEFONAKTIEBOLAGET LM ERICSSON ADR<< 173,453
4,250 TELEFONICA SA ADR 211,565
450 TELEPHONE AND DATA SYSTEMS INCORPORATED 18,383
450 TELEPHONE AND DATA SYSTEMS INCORPORATED SHS<< 17,325
1,759 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 47,317
13,267 VERIZON COMMUNICATIONS INCORPORATED 433,964
16,844 VODAFONE GROUP PLC ADR<< 458,999
1,631 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 57,493
4,900,879
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.02%
443 DYCOM INDUSTRIES INCORPORATED+ 7,850
705 EMCOR GROUP INCORPORATED+<< 38,874
46,724
---------------
DEPOSITORY INSTITUTIONS - 5.21%
6,254 ABN AMRO HOLDING NV ADR<< 151,034
4,710 ALLIED IRISH BANKS PLC ADR 204,649
1,466 AMCORE FINANCIAL INCORPORATED 45,270
1,970 AMEGY BANCORPORATION INCORPORATED 44,266
2,942 AMSOUTH BANCORPORATION 77,433
10,082 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 168,571
17,538 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 216,244
448 BANCTRUST FINANCIAL GROUP INCORPORATED 9,753
20,116 BANK OF AMERICA CORPORATION 865,591
4,348 BANK OF NEW YORK COMPANY INCORPORATED 132,918
1,181 BANKUNITED FINANCIAL CORPORATION CLASS A 27,872
661 BANNER CORPORATION 18,382
5,596 BARCLAYS PLC ADR<< 225,519
3,610 BAYERISCHE HYPO-UND VEREINSBANK AG ADR<< 102,025
3,092 BB&T CORPORATION 125,442
6,217 BNP PARIBAS SA ADR 225,364
1,794 CASCADE BANCORP 37,602
1,411 CATHAY GENERAL BANCORPORATION 47,508
1,729 CHITTENDEN CORPORATION 46,614
27,860 CITIGROUP INCORPORATED 1,219,432
1,697 CITIZENS BANKING CORPORATION MICHIGAN 51,402
998 CITY BANK LYNNWOOD WASHINGTON 33,184
463 COASTAL FINANCIAL CORPORATION 6,982
1,047 COMERICA INCORPORATED 63,333
1,403 COMMERCIAL FEDERAL CORPORATION 47,576
2,057 COMMUNITY TRUST BANCORP 66,112
1,046 CORUS BANKSHARES INCORPORATED<< 60,867
2,282 DEUTSCHE BANK AG<< 198,511
26
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
2,176 DIME COMMUNITY BANCSHARES $ 33,097
938 EAST WEST BANCORP INCORPORATED 31,836
1,199 FARMERS CAPITAL BANK CORPORATION 39,267
2,296 FIFTH THIRD BANCORP 95,077
1,225 FIRST HORIZON NATIONAL CORPORATION 47,873
1,581 FIRST REPUBLIC BANK 56,916
750 FIRSTFED FINANCIAL CORPORATION+ 43,163
1,107 FLAGSTAR BANCORP INCORPORATED<< 19,096
3,061 GOLD BANC CORPORATION INCORPORATED 46,405
1,060 GOLDEN WEST FINANCIAL CORPORATION 64,649
1,287 GREATER BAY BANCORP 32,432
4,642 HBOS PLC ADR<< 217,782
5,518 HSBC HOLDINGS PLC ADR<< 446,075
2,744 HUNTINGTON BANCSHARES INCORPORATED 65,829
2,524 HYPO REAL ESTATE HOLDING AG ADR 124,165
683 INVESTORS FINANCIAL SERVICES CORPORATION<< 23,987
16,837 JP MORGAN CHASE & COMPANY 570,606
2,668 KEYCORP 88,364
5,009 LLOYDS TSB GROUP PLC ADR<< 167,100
1,832 MARSHALL & ILSLEY CORPORATION 80,187
2,610 MELLON FINANCIAL CORPORATION 84,694
751 NASB FINANCIAL INCORPORATED 29,890
2,088 NATIONAL AUSTRALIA BANK LIMITED ADR<< 247,219
26,918 NATIONAL BANK OF GREECE SA ADR<< 201,347
2,691 NATIONAL CITY CORPORATION 98,571
2,853 NBT BANCORP INCORPORATED 69,328
1,621 NORTHERN TRUST CORPORATION 80,791
1,967 NORTHWEST BANCORP INCORPORATED 44,651
994 OCEANFIRST FINANCIAL CORPORATION 23,160
1,227 PNC FINANCIAL SERVICES GROUP 68,994
2,497 PROVIDENT FINANCIAL SERVICES INCORPORATED 44,397
3,039 REGIONS FINANCIAL CORPORATION 99,436
3,531 REPUBLIC BANCORP INCORPORATED 51,835
805 REPUBLIC BANCORP INCORPORATED CLASS A 18,217
410 ROYAL BANCSHARES OF PENNSYLVANIA INCORPORATED CLASS A 9,483
6,476 SANPAOLO IMI SPA ADR<< 186,574
8,566 SOCIETE GENERALE ADR 184,465
2,671 SOVEREIGN BANCORP INCORPORATED 62,288
1,600 STATE STREET CORPORATION 77,328
1,904 STERLING BANCORPORATION NEW YORK 42,193
2,725 STERLING FINANCIAL CORPORATION 57,933
1,657 SUNTRUST BANKS INCORPORATED 116,454
939 SVB FINANCIAL GROUP+ 44,171
2,992 SYNOVUS FINANCIAL CORPORATION 86,080
1,149 TOMPKINS TRUST COMPANY INCORPORATED 48,626
1,466 UMPQUA HOLDINGS CORPORATION 35,697
1,748 UNITED COMMUNITY FINANCIAL CORPORATION 19,420
10,016 US BANCORP 292,668
1,797 USB HOLDING COMPANY INCORPORATED 42,613
7,806 WACHOVIA CORPORATION 387,334
3,460 WASHINGTON MUTUAL INCORPORATED<< 143,867
1,287 WEST COAST BANCORP OREGON 33,320
5,548 WESTPAC BANKING CORPORATION ADR 414,325
SHARES SECURITY NAME VALUE
914 WINTRUST FINANCIAL CORPORATION $ 47,108
924 ZIONS BANCORPORATION 64,551
10,372,390
---------------
EATING & DRINKING PLACES - 0.28%
1,481 BOB EVANS FARMS INCORPORATED 35,826
1,243 CHEESECAKE FACTORY INCORPORATED+<< 39,366
1,569 DARDEN RESTAURANTS INCORPORATED 49,282
970 IHOP CORPORATION 38,955
947 JACK IN THE BOX INCORPORATED+<< 33,401
6,811 MCDONALD'S CORPORATION 221,017
922 WENDY'S INTERNATIONAL INCORPORATED 43,463
1,851 YUM! BRANDS INCORPORATED 87,700
549,010
---------------
EDUCATIONAL SERVICES - 0.06%
993 APOLLO GROUP INCORPORATED CLASS A+ 78,109
872 CAREER EDUCATION CORPORATION+ 34,183
112,292
---------------
ELECTRIC, GAS & SANITARY SERVICES - 2.35%
4,906 AES CORPORATION+ 77,220
2,886 ALLIED WASTE INDUSTRIES INCORPORATED+<< 23,030
1,382 AMEREN CORPORATION 75,913
2,232 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 82,986
5,185 BG GROUP PLC ADR<< 237,214
1,131 BLACK HILLS CORPORATION 47,106
2,997 CALPINE CORPORATION+<< 9,201
3,870 CENTERPOINT ENERGY INCORPORATED 54,993
1,492 CH ENERGY GROUP INCORPORATED 71,765
1,320 CINERGY CORPORATION 58,133
3,369 CMS ENERGY CORPORATION+ 54,241
1,254 CONSTELLATION ENERGY GROUP INCORPORATED 73,672
1,698 DOMINION RESOURCES INCORPORATED 129,863
1,071 DTE ENERGY COMPANY 49,020
5,779 DUKE ENERGY CORPORATION<< 167,533
7,139 E.ON AG ADR 227,734
2,374 EDISON INTERNATIONAL 106,901
5,695 EL PASO CORPORATION 66,062
6,332 ENDESA SA ADR<< 143,040
4,795 ENEL SPA ADR<< 213,521
1,023 ENTERGY CORPORATION 76,633
3,576 EXELON CORPORATION 192,711
1,764 FIRSTENERGY CORPORATION 90,017
2,230 FPL GROUP INCORPORATED 96,091
97,244 HONG KONG & CHINA GAS COMPANY LIMITED ADR<< 195,188
14,610 HONG KONG ELECTRIC HOLDINGS LIMITED ADR<< 70,587
1,832 INTERNATIONAL POWER PLC ADR<< 77,878
866 KINDER MORGAN INCORPORATED 82,677
791 MIDDLESEX WATER COMPANY 16,919
3,791 NATIONAL GRID PLC ADR 180,148
250 NICOR INCORPORATED 10,353
3,010 NISOURCE INCORPORATED 72,661
1,929 PG&E CORPORATION 72,376
27
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
49 PICO HOLDINGS INCORPORATED+ $ 1,507
1,039 PINNACLE WEST CAPITAL CORPORATION 46,682
2,386 PPL CORPORATION 76,257
1,500 PROGRESS ENERGY INCORPORATED 65,385
1,539 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 99,342
2,941 RELIANT RESOURCES INCORPORATED+<< 36,762
4,452 SCOTTISH POWER PLC ADR 161,296
1,269 SEMPRA ENERGY 56,877
3,849 SOUTHERN COMPANY 132,406
4,791 SUEZ SA ADR<< 140,472
1,453 TXU CORPORATION 140,970
1,361 UIL HOLDINGS CORPORATION 72,079
9,783 UNITED UTILITIES PLC ADR<< 229,411
1,983 WASTE MANAGEMENT INCORPORATED 54,394
3,597 WILLIAMS COMPANIES INCORPORATED 80,717
3,719 XCEL ENERGY INCORPORATED 71,554
4,669,498
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 3.84%
2,547 ADVANCED MICRO DEVICES INCORPORATED+ 52,901
4,029 ALCATEL SA ADR+<< 47,018
2,111 ALTERA CORPORATION+ 46,168
1,802 AMERICAN POWER CONVERSION CORPORATION 47,158
895 AMETEK INCORPORATED 36,060
2,016 ANALOG DEVICES INCORPORATED 73,483
1,649 ANDREW CORPORATION+ 19,013
977 ATMI INCORPORATED+ 30,121
777 BENCHMARK ELECTRONICS INCORPORATED+ 22,618
1,645 BROADCOM CORPORATION CLASS A+ 71,557
2,959 CANON INCORPORATED ADR 149,873
7,713 CHARTERED SEMICONDUCTOR+<< 51,291
31,493 CISCO SYSTEMS INCORPORATED+ 554,907
1,350 COMVERSE TECHNOLOGY INCORPORATED+ 34,803
642 CREE INCORPORATED+<< 16,461
373 CYMER INCORPORATED+ 12,495
974 DSP GROUP INCORPORATED+ 24,808
2,048 ELECTROLUX AB ADR CLASS B<< 91,694
1,696 EMERSON ELECTRIC COMPANY 114,107
1,385 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 33,351
4,114 FUJITSU LIMITED ADR 121,419
59,977 GENERAL ELECTRIC COMPANY 2,015,827
398 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 41,153
309 HUTCHINSON TECHNOLOGY INCORPORATED+<< 8,158
790 IMATION CORPORATION 33,267
5,033 INFINEON TECHNOLOGIES AG ADR+<< 47,310
29,134 INTEL CORPORATION 749,326
323 INTER-TEL INCORPORATED 7,154
425 INTERDIGITAL COMMUNICATIONS CORPORATION+ 7,557
649 INTERNATIONAL RECTIFIER CORPORATION+<< 31,217
1,463 INTERSIL CORPORATION CLASS A 30,723
1,440 JABIL CIRCUIT INCORPORATED+ 42,394
SHARES SECURITY NAME VALUE
14,475 JDS UNIPHASE CORPORATION+ $ 23,015
1,234 KLA-TENCOR CORPORATION 62,638
2,421 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES 64,278
692 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 56,661
1,707 LINEAR TECHNOLOGY CORPORATION 64,747
299 LITTELFUSE INCORPORATED+ 8,318
3,589 LSI LOGIC CORPORATION+<< 34,598
23,357 LUCENT TECHNOLOGIES INCORPORATED+<< 71,940
9,403 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 164,929
1,642 MAXIM INTEGRATED PRODUCTS INCORPORATED 70,031
434 MAYTAG CORPORATION 8,203
1,532 MICROCHIP TECHNOLOGY INCORPORATED 47,676
3,847 MICRON TECHNOLOGY INCORPORATED+ 45,818
21,976 MINEBEA COMPANY LIMITED ADR 181,131
1,477 MOLEX INCORPORATED 39,525
12,746 MOTOROLA INCORPORATED 278,882
2,436 NATIONAL SEMICONDUCTOR CORPORATION 60,729
2,106 NETWORK APPLIANCE INCORPORATED+ 49,996
10,737 NOKIA OYJ ADR 169,322
1,239 NOVELLUS SYSTEMS INCORPORATED+ 33,218
1,351 NVIDIA CORPORATION+<< 41,449
4,635 OMRON CORPORATION 102,180
361 OPENWAVE SYSTEMS INCORPORATED+<< 6,213
5,127 PIONEER CORPORATION 79,827
720 QLOGIC CORPORATION+ 24,883
8,236 QUALCOMM INCORPORATED 327,052
1,018 RAMBUS INCORPORATED+<< 10,689
1,339 ROCKWELL COLLINS INCORPORATED 64,446
369 ROGERS CORPORATION+ 14,417
2,830 SANMINA-SCI CORPORATION+ 14,348
1,287 SCIENTIFIC-ATLANTA INCORPORATED 49,241
354 SKYWORKS SOLUTIONS INCORPORATED+ 2,669
644 SOHU.COM INCORPORATED+ 11,257
3,872 SONY CORPORATION ADR 130,177
1,359 TDK CORPORATION ADR 101,286
3,572 TELLABS INCORPORATED+ 31,755
8,221 TEXAS INSTRUMENTS INCORPORATED 268,662
1,282 THOMAS & BETTS CORPORATION+ 45,562
613 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 27,775
396 WHIRLPOOL CORPORATION 30,116
2,169 XILINX INCORPORATED 60,927
7,645,978
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.24%
764 AMERICAN HEALTHCORP+ 33,387
1,255 AMYLIN PHARMACEUTICALS INCORPORATED+<< 41,101
620 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 7,279
1,038 CELGENE CORPORATION+ 52,108
469 CEPHALON INCORPORATED+<< 19,004
472 CORPORATE EXECUTIVE BOARD COMPANY<< 38,123
143 ERESEARCH TECHNOLOGY INCORPORATED+ 2,205
789 FLUOR CORPORATION 48,847
491 GEN-PROBE INCORPORATED+ 22,350
28
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,294 MOODY'S CORPORATION $ 63,548
555 NAVIGANT CONSULTING INCORPORATED+ 10,734
1,670 PAYCHEX INCORPORATED 56,997
369 PER-SE TECHNOLOGIES INCORPORATED+ 7,114
732 QUEST DIAGNOSTICS INCORPORATED 36,585
885 RESOURCES CONNECTION INCORPORATED+<< 25,665
365 TELIK INCORPORATED+ 5,585
470,632
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.14%
995 BALL CORPORATION 37,322
915 FORTUNE BRANDS INCORPORATED 79,587
806 ILLINOIS TOOL WORKS INCORPORATED 67,930
621 NCI BUILDING SYSTEMS INCORPORATED+<< 23,412
1,098 SIMPSON MANUFACTURING COMPANY INCORPORATED 40,879
1,087 SNAP-ON INCORPORATED 38,588
287,718
---------------
FINANCIAL SERVICES - 0.02%
2,381 JANUS CAPITAL GROUP INCORPORATED 33,644
---------------
FOOD & KINDRED PRODUCTS - 1.47%
397 AMERICAN ITALIAN PASTA COMPANY CLASS A<< 4,379
967 ANHEUSER-BUSCH COMPANIES INCORPORATED 42,848
3,812 ARCHER-DANIELS-MIDLAND COMPANY 85,808
4,600 CADBURY SCHWEPPES PLC ADR<< 183,448
1,652 CAMPBELL SOUP COMPANY 48,569
8,645 COCA-COLA COMPANY 380,380
1,954 COCA-COLA ENTERPRISES INCORPORATED 43,672
17,300 COMPASS GROUP PLC ADR 77,554
3,545 CONAGRA FOODS INCORPORATED 80,932
4,322 DIAGEO PLC ADR 249,423
1,495 GENERAL MILLS INCORPORATED 68,949
654 HANSEN NATURAL CORPORATION+<< 32,471
2,791 HERCULES INCORPORATED+ 35,585
1,104 HERSHEY FOODS CORPORATION 65,235
1,681 HJ HEINZ COMPANY 60,381
919 J & J SNACK FOODS CORPORATION 55,103
1,532 KELLOGG COMPANY 69,446
17,801 KIRIN BREWERY COMPANY LIMITED 180,502
355 NATIONAL BEVERAGE CORPORATION+ 2,723
7,428 NESTLE SA ADR 519,420
1,247 PEPSI BOTTLING GROUP INCORPORATED 36,762
7,755 PEPSICO INCORPORATED 425,362
264 SANDERSON FARMS INCORPORATED 9,749
4,714 SARA LEE CORPORATION 89,566
972 WM. WRIGLEY JR. COMPANY 69,061
2,917,328
---------------
FOOD STORES - 0.45%
2,084 ALBERTSON'S INCORPORATED<< 41,951
3,849 COLES MYER LIMITED ADR 229,015
9,193 KONINKLIJKE AHOLD NV ADR+ 82,093
4,124 KROGER COMPANY+ 81,408
SHARES SECURITY NAME VALUE
2,354 SAFEWAY INCORPORATED $ 55,860
2,392 STARBUCKS CORPORATION+ 117,304
12,714 TESCO PLC ADR<< 223,810
458 WHOLE FOODS MARKET INCORPORATED<< 59,201
890,642
---------------
FORESTRY - 0.03%
1,033 WEYERHAEUSER COMPANY 67,166
---------------
FURNITURE & FIXTURES - 0.11%
589 FURNITURE BRANDS INTERNATIONAL INCORPORATED<< 11,256
501 HILLENBRAND INDUSTRIES INCORPORATED 24,935
1,839 LEGGETT & PLATT INCORPORATED 44,522
2,655 MASCO CORPORATION 81,455
2,098 NEWELL RUBBERMAID INCORPORATED 49,156
29 SELECT COMFORT CORPORATION+ 561
211,885
---------------
GENERAL MERCHANDISE STORES - 0.56%
1,997 DOLLAR GENERAL CORPORATION 38,063
1,341 FAMILY DOLLAR STORES INCORPORATED 26,659
1,546 FEDERATED DEPARTMENT STORES INCORPORATED 106,673
624 FRED'S INCORPORATED 8,742
1,526 JC PENNEY COMPANY INCORPORATED 74,210
671 SEARS HOLDINGS CORPORATION+ 91,162
4,398 TARGET CORPORATION 236,393
2,722 TJX COMPANIES INCORPORATED 56,917
10,695 WAL-MART STORES INCORPORATED 480,847
1,119,666
---------------
HEALTH SERVICES - 0.41%
844 APRIA HEALTHCARE GROUP INCORPORATED+<< 28,890
2,577 CAREMARK RX INCORPORATED+ 120,423
869 DAVITA INCORPORATED+ 39,896
2,079 HCA INCORPORATED 102,495
1,578 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 38,377
2,180 HUMAN GENOME SCIENCES INCORPORATED+<< 28,144
678 LABONE INCORPORATED+ 29,310
687 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 33,883
630 LIFEPOINT HOSPITALS INCORPORATED+ 28,652
861 LINCARE HOLDINGS INCORPORATED+ 36,455
931 MANOR CARE INCORPORATED 36,746
1,587 NEKTAR THERAPEUTICS+ 27,106
355 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 26,316
414 SIERRA HEALTH SERVICES INCORPORATED+<< 27,862
3,674 TENET HEALTHCARE CORPORATION+ 44,749
791 TRIAD HOSPITALS INCORPORATED+ 38,079
936 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 35,858
1,262 VALEANT PHARMACEUTICALS INTERNATIONAL 25,215
1,064 VICURON PHARMACEUTICALS INCORPORATED+ 30,654
863 WATSON PHARMACEUTICALS INCORPORATED+ 29,756
808,866
---------------
29
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
HOLDING & OTHER INVESTMENT OFFICES - 1.09%
612 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< $ 50,153
700 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 22,393
1,836 AMLI RESIDENTIAL PROPERTIES TRUST 57,963
1,935 BRANDYWINE REALTY TRUST<< 61,727
2,022 CARRAMERICA REALTY CORPORATION 72,974
1,432 COLONIAL PROPERTIES TRUST<< 63,151
1,371 CORPORATE OFFICE PROPERTIES TRUST 47,766
1,297 COUSINS PROPERTIES INCORPORATED 39,312
1,578 CRT PROPERTIES INCORPORATED 44,137
1,611 DISCOVERY HOLDING COMPANY+<< 24,391
2,131 EASTGROUP PROPERTIES INCORPORATED 91,931
1,412 ENTERTAINMENT PROPERTIES TRUST 64,331
1,181 EQUITY LIFESTYLE PROPERTIES INCORPORATED 53,334
152 FELCOR LODGING TRUST INCORPORATED+<< 2,318
1,681 GENERAL GROWTH PROPERTIES INCORPORATED<< 75,796
1,439 HEALTHCARE REALTY TRUST INCORPORATED<< 55,689
1,676 HERITAGE PROPERTY INVESTMENT TRUST<< 59,850
1,173 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 16,375
1,282 KILROY REALTY CORPORATION<< 67,574
1,598 LASALLE HOTEL PROPERTIES 53,964
2,099 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 93,573
17,999 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 186,290
1,999 NATIONAL HEALTH INVESTORS INCORPORATED 57,911
730 NOVASTAR FINANCIAL INCORPORATED<< 24,995
1,515 PARKWAY PROPERTIES INCORPORATED 73,235
1,424 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 61,446
1,612 PLUM CREEK TIMBER COMPANY 59,241
1,149 PS BUSINESS PARKS INCORPORATED 52,280
2,504 REALTY INCORPORATEDOME CORPORATION 59,670
468 SAUL CENTERS INCORPORATED 17,241
1,771 SOVRAN SELF STORAGE INCORPORATED<< 82,174
27,825 SUN HUNG KAI PROPERTIES ADR 281,575
1,458 TANGER FACTORY OUTLET CENTERS INCORPORATED 40,416
1,691 WASHINGTON REAL ESTATE INVESTMENT TRUST 52,455
2,167,631
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.16%
1,633 BED BATH & BEYOND INCORPORATED+ 66,218
2,178 BEST BUY COMPANY INCORPORATED 103,804
1,905 CIRCUIT CITY STORES INCORPORATED 32,175
546 GUITAR CENTER INCORPORATED+<< 31,340
831 LINENS 'N THINGS INCORPORATED+ 19,612
1,027 RADIO SHACK CORPORATION<< 25,737
856 WILLIAMS-SONOMA INCORPORATED+ 34,454
313,340
---------------
SHARES SECURITY NAME VALUE
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.15%
1,205 GAYLORD ENTERTAINMENT COMPANY+<< $ 51,333
3,340 HILTON HOTELS CORPORATION 77,388
1,217 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 76,927
1,524 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 88,849
294,497
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.23%
3,155 3M COMPANY 224,478
1,327 AMERICAN STANDARD COMPANIES INCORPORATED 60,511
4,312 APPLE COMPUTER INCORPORATED+ 202,362
9,014 APPLIED MATERIALS INCORPORATED 165,046
1,570 BAKER HUGHES INCORPORATED 92,238
542 BLACK & DECKER CORPORATION 46,233
235 BLACK BOX CORPORATION<< 10,098
662 BRIGGS & STRATTON CORPORATION 24,428
130 BROOKS AUTOMATION INCORPORATED+<< 1,846
3,354 CATERPILLAR INCORPORATED 186,113
564 CDW CORPORATION<< 33,321
1,029 DEERE & COMPANY 67,276
12,139 DELL INCORPORATED+ 432,148
1,355 DOVER CORPORATION 55,149
766 EATON CORPORATION 48,963
13,167 EMC CORPORATION+ 169,328
1,027 EMULEX CORPORATION+ 22,132
637 ENGINEERED SUPPORT SYSTEMS INCORPORATED 21,722
2,679 ENTEGRIS INCORPORATED+ 28,049
1,049 FLOWSERVE CORPORATION+ 38,960
1,512 GATEWAY INCORPORATED+ 4,596
1,016 GLOBAL IMAGING SYSTEMS INCORPORATED+ 33,579
14,608 HEWLETT-PACKARD COMPANY 405,518
1,235 IDEX CORPORATION 53,723
7,247 INTERNATIONAL BUSINESS MACHINES CORPORATION 584,253
1,576 JOY GLOBAL INCORPORATED 75,333
757 KENNAMETAL INCORPORATED 35,307
3,090 KOMATSU LIMITED ADR<< 136,240
1,186 LAM RESEARCH CORPORATION+<< 37,596
674 LEXMARK INTERNATIONAL INCORPORATED+<< 42,449
9,036 MAKITA CORPORATION 179,094
700 MANITOWOC COMPANY INCORPORATED 32,620
12,147 NEC CORPORATION ADR 65,472
785 NORDSON CORPORATION 27,883
1,088 OIL STATES INTERNATIONAL INCORPORATED+ 37,710
1,250 PALL CORPORATION 35,750
308 PALM INCORPORATED+ 10,527
687 PARKER HANNIFIN CORPORATION 44,270
1,072 PITNEY BOWES INCORPORATED 46,364
1,228 SANDISK CORPORATION+ 47,683
1,380 SCIENTIFIC GAMES CORPORATION CLASS A+<< 41,593
2,802 SIEMENS AG ADR 214,353
1,354 SMITH INTERNATIONAL INCORPORATED<< 47,038
30
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
7,832 SOLECTRON CORPORATION+ $ 32,111
736 SPX CORPORATION 33,517
747 STANLEY WORKS 34,175
1,697 SYMBOL TECHNOLOGIES INCORPORATED 15,578
766 TEREX CORPORATION+ 37,366
974 TORO COMPANY 37,820
1,043 VARIAN MEDICAL SYSTEMS INCORPORATED+ 41,532
1,896 WESTERN DIGITAL CORPORATION+<< 26,260
487 ZEBRA TECHNOLOGIES CORPORATION CLASS A+ 18,194
4,445,905
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.13%
2,182 AON CORPORATION 65,285
525 JEFFERSON-PILOT CORPORATION 26,108
2,777 MARSH & MCLENNAN COMPANIES INCORPORATED 77,895
983 NATIONAL FINANCIAL PARTNERS CORPORATION<< 43,154
2,729 UNUMPROVIDENT CORPORATION<< 52,724
265,166
---------------
INSURANCE CARRIERS - 2.00%
3,116 AEGON NV 44,028
1,497 AETNA INCORPORATED 119,266
2,475 AFLAC INCORPORATED 106,969
6,761 ALLIANZ AG ADR<< 87,961
811 ALLMERICA FINANCIAL CORPORATION+ 33,016
2,837 ALLSTATE CORPORATION 159,468
593 AMBAC FINANCIAL GROUP INCORPORATED 40,668
10,751 AMERICAN INTERNATIONAL GROUP INCORPORATED 636,459
842 AMERIGROUP CORPORATION+ 28,763
2,979 AXA ADR<< 79,539
965 CHUBB CORPORATION 83,916
627 CIGNA CORPORATION 72,306
1,356 CINCINNATI FINANCIAL CORPORATION 55,569
794 COMMERCE GROUP INCORPORATED 46,306
1,088 FIDELITY NATIONAL FINANCIAL INCORPORATED 42,563
1,414 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 103,293
1,016 HEALTH NET INCORPORATED+ 46,848
5,215 ING GROUP NV ADR<< 152,382
1,101 LINCOLN NATIONAL CORPORATION<< 54,599
961 LOEWS CORPORATION 84,270
839 MBIA INCORPORATED 48,637
2,280 METLIFE INCORPORATED 111,674
443 MGIC INVESTMENT CORPORATION<< 27,656
2,328 MILLEA HOLDINGS INCORPORATED 170,177
1,508 OHIO CASUALTY CORPORATION 38,092
567 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 42,740
491 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 38,146
2,007 PRINCIPAL FINANCIAL GROUP INCORPORATED 91,921
915 PROASSURANCE CORPORATION+ 40,306
1,020 PROGRESSIVE CORPORATION 98,338
3,124 PRUDENTIAL FINANCIAL INCORPORATED 201,092
SHARES SECURITY NAME VALUE
591 RADIAN GROUP INCORPORATED $ 30,247
968 RLI CORPORATION 44,625
1,089 SAFECO CORPORATION 56,780
906 SELECTIVE INSURANCE GROUP INCORPORATED 42,890
3,410 ST. PAUL COMPANIES INCORPORATED 146,664
1,628 SWISS REINSURANCE COMPANY ADR 104,527
562 TORCHMARK CORPORATION 29,640
6,136 UNITEDHEALTH GROUP INCORPORATED 316,004
3,036 WELLPOINT INCORPORATED+ 225,423
3,983,768
---------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.02%
1,037 CORRECTIONS CORPORATION OF AMERICA+ 41,065
---------------
LEATHER & LEATHER PRODUCTS - 0.04%
2,582 COACH INCORPORATED+ 85,697
---------------
LOCAL & SUB-TRANSIT & INTERURBAN
HIGHWAY PASS TRANSPORTATION - 0.02%
1,774 LAIDLAW INTERNATIONAL INCORPORATED 43,906
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.03%
506 CHAMPION ENTERPRISES INCORPORATED+ 6,745
1,801 GEORGIA-PACIFIC CORPORATION 57,794
64,539
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.34%
1,018 ADVANCED MEDICAL OPTICS INCORPORATED+<< 40,069
330 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ 16,992
4,706 ADVANTEST CORPORATION ADR<< 92,802
610 AFFYMETRIX INCORPORATED+<< 30,189
2,905 AGILENT TECHNOLOGIES INCORPORATED+ 93,425
621 ALLERGAN INCORPORATED 57,163
1,208 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 24,764
1,222 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 26,273
496 ARMOR HOLDINGS INCORPORATED+<< 21,035
405 BAUSCH & LOMB INCORPORATED 30,695
3,108 BAXTER INTERNATIONAL INCORPORATED 125,346
1,411 BECTON DICKINSON & COMPANY 74,261
1,537 BIOMET INCORPORATED 56,700
3,617 BOSTON SCIENTIFIC CORPORATION+ 97,225
788 C.R. BARD INCORPORATED 50,692
194 COOPER COMPANIES INCORPORATED 13,303
1,327 DANAHER CORPORATION<< 71,074
1,807 EASTMAN KODAK COMPANY<< 44,037
441 ENERGY CONVERSION DEVICES INCORPORATED+<< 15,307
4,939 FUJI PHOTO FILM COMPANY LIMITED ADR<< 160,765
1,683 GUIDANT CORPORATION 118,887
550 II-VI INCORPORATED+ 9,779
877 INTEGRA LIFESCIENCES HOLDINGS+ 30,327
83 LASERSCOPE+<< 2,428
5,747 MEDTRONIC INCORPORATED 327,579
31
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
759 MENTOR CORPORATION<< $ 39,923
439 MILLIPORE CORPORATION+<< 28,074
1,590 PERKINELMER INCORPORATED 32,913
2,683 RAYTHEON COMPANY 105,227
893 RICOH COMPANY LIMITED ADR 69,609
1,158 ROCKWELL AUTOMATION INCORPORATED 60,262
1,956 ST. JUDE MEDICAL INCORPORATED+ 89,780
1,272 STERIS CORPORATION 31,724
1,666 STRYKER CORPORATION 90,880
842 SYBRON DENTAL SPECIALTIES INCORPORATED+ 32,644
667 TECHNE CORPORATION+ 37,999
890 TEKTRONIX INCORPORATED 22,490
1,839 TERADYNE INCORPORATED+<< 30,895
1,459 THERMO ELECTRON CORPORATION+ 40,706
919 TRIMBLE NAVIGATION LIMITED+ 33,562
675 VARIAN INCORPORATED+ 24,030
1,152 VIASYS HEALTHCARE INCORPORATED+ 31,023
965 WATERS CORPORATION+ 43,879
766 WRIGHT MEDICAL GROUP INCORPORATED+ 18,514
5,075 XEROX CORPORATION+ 68,056
1,298 ZIMMER HOLDINGS INCORPORATED+ 106,657
2,669,964
---------------
MEDICAL MANAGEMENT SERVICES - 0.02%
430 COVENTRY HEALTH CARE INCORPORATED+ 34,400
---------------
METAL MINING - 0.23%
1,330 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 56,086
2,556 NEWMONT MINING CORPORATION 101,167
645 PHELPS DODGE CORPORATION 69,357
1,629 RIO TINTO PLC ADR<< 233,191
459,801
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS -0.04%
992 VULCAN MATERIALS COMPANY 71,275
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.60%
215 ACCO BRANDS CORPORATION+ 5,612
758 BLYTH INCORPORATED 18,836
1,426 HASBRO INCORPORATED 29,518
15,795 JOHNSON & JOHNSON 1,001,245
2,960 MATTEL INCORPORATED 53,369
478 RC2 CORPORATION+ 18,570
1,125 TIFFANY & COMPANY 42,098
998 YANKEE CANDLE COMPANY INCORPORATED 27,415
1,196,663
---------------
MISCELLANEOUS RETAIL - 0.47%
1,793 AMAZON.COM INCORPORATED+<< 76,561
2,491 COSTCO WHOLESALE CORPORATION 108,209
4,376 CVS CORPORATION 128,523
670 DICK'S SPORTING GOODS INCORPORATED+ 21,199
1,132 DOLLAR TREE STORES INCORPORATED+ 25,775
772 EXPRESS SCRIPTS INCORPORATED+<< 44,668
1,196 MICHAELS STORES INCORPORATED<< 43,415
SHARES SECURITY NAME VALUE
2,704 OFFICE DEPOT INCORPORATED+ $ 81,120
61 OVERSTOCK.COM INCORPORATED+<< 2,461
1,201 PETSMART INCORPORATED 30,950
1,086 PRICELINE.COM INCORPORATED+<< 23,338
4,329 STAPLES INCORPORATED 95,065
5,222 WALGREEN COMPANY 241,935
297 WORLD FUEL SERVICES CORPORATION 9,712
932,931
---------------
MISCELLANEOUS SERVICES - 0.05%
6,229 ADECCO SA ADR<< 74,748
424 D&B CORPORATION+ 26,996
101,744
---------------
MOTION PICTURES - 0.42%
16,113 LIBERTY MEDIA CORPORATION CLASS A+ 133,899
588 MACROVISION CORPORATION+ 10,878
24,045 TIME WARNER INCORPORATED 430,886
10,490 WALT DISNEY COMPANY 264,243
839,906
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.15%
401 FORWARD AIR CORPORATION 14,147
1,492 HUNT (J.B.) TRANSPORT SERVICES INCORPORATED 26,961
1,224 LANDSTAR SYSTEM INCORPORATED<< 44,456
2,744 UNITED PARCEL SERVICE INCORPORATED CLASS B 194,522
199 YELLOW ROADWAY CORPORATION+<< 9,323
289,409
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.83%
5,327 AMERICAN EXPRESS COMPANY 294,264
1,334 AMERICREDIT CORPORATION+ 33,270
1,234 CAPITAL ONE FINANCIAL CORPORATION 101,484
2,005 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY 44,210
1,542 CIT GROUP INCORPORATED 69,822
3,128 COUNTRYWIDE FINANCIAL CORPORATION 105,695
4,536 FANNIE MAE 231,517
993 FINANCIAL FEDERAL CORPORATION 38,777
3,295 FREDDIE MAC 198,952
6,362 MBNA CORPORATION 160,322
2,268 ORIX CORPORATION ADR<< 187,110
2,748 PROVIDIAN FINANCIAL CORPORATION+ 51,113
2,618 SLM CORPORATION 130,246
1,646,782
---------------
OIL & GAS EXTRACTION - 1.53%
1,231 ANADARKO PETROLEUM CORPORATION 111,861
1,799 APACHE CORPORATION 128,844
279 ATWOOD OCEANICS INCORPORATED+ 20,989
7,872 BHP BILLITON LIMITED ADR<< 246,472
939 BJ SERVICES COMPANY 59,232
2,190 BURLINGTON RESOURCES INCORPORATED 161,600
1,149 CABOT OIL & GAS CORPORATION 49,625
32
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,084 CAL DIVE INTERNATIONAL INCORPORATED+ $ 67,707
582 CHENIERE ENERGY INCORPORATED+ 22,727
1,059 CIMAREX ENERGY COMPANY+<< 45,262
1,435 DENBURY RESOURCES INCORPORATED+ 64,905
2,754 DEVON ENERGY CORPORATION 167,361
907 ENCORE ACQUISITION COMPANY+ 30,593
2,324 ENI SPA ADR<< 344,533
2,718 HALLIBURTON COMPANY 168,435
402 HANOVER COMPRESSOR COMPANY+<< 6,078
658 KERR-MCGEE CORPORATION 57,924
2,113 OCCIDENTAL PETROLEUM CORPORATION 175,442
1,713 PRIDE INTERNATIONAL INCORPORATED+ 43,339
1,101 QUICKSILVER RESOURCES INCORPORATED+<< 47,783
1,535 RANGE RESOURCES CORPORATION<< 53,464
34 REMINGTON OIL & GAS CORPORATION+ 1,310
6,784 REPSOL YPF SA ADR 200,535
1,295 ROWAN COMPANIES INCORPORATED 48,174
452 SEACOR SMIT INCORPORATED+ 32,318
1,174 SOUTHWESTERN ENERGY COMPANY+ 67,975
140 SPINNAKER EXPLORATION COMPANY+ 6,296
1,540 ST. MARY LAND & EXPLORATION COMPANY 53,084
3,073 TOTAL SA ADR<< 405,144
1,052 UNIT CORPORATION+ 54,767
34 VERITAS DGC INCORPORATED+ 1,094
2,441 XTO ENERGY INCORPORATED 97,152
3,042,025
---------------
PAPER & ALLIED PRODUCTS - 0.31%
1,409 BEMIS COMPANY INCORPORATED 36,845
195 GREIF INCORPORATED CLASS A 11,476
2,678 INTERNATIONAL PAPER COMPANY 82,616
1,948 KIMBERLY-CLARK CORPORATION 121,399
1,809 MEADWESTVACO CORPORATION 52,407
80 NEENAH PAPER INCORPORATED 2,424
966 OFFICEMAX INCORPORATED 28,545
677 POTLATCH CORPORATION 36,558
8,072 STORA ENSO OYJ ADR<< 111,878
1,007 TEMPLE-INLAND INCORPORATED 38,760
5,157 UPM-KYMMENE OYJ ADR 103,398
626,306
---------------
PERSONAL SERVICES - 0.07%
1,149 CINTAS CORPORATION 47,397
660 G & K SERVICES INCORPORATED CLASS A 28,360
1,860 H & R BLOCK INCORPORATED 50,127
558 REGIS CORPORATION 22,850
148,734
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 2.38%
436 AMERADA HESS CORPORATION<< 55,416
8,535 BP PLC ADR 583,623
11,107 CHEVRONTEXACO CORPORATION 681,970
6,909 CONOCOPHILLIPS 455,579
32,588 EXXON MOBIL CORPORATION 1,952,021
837 FRONTIER OIL CORPORATION 30,676
875 HEADWATERS INCORPORATED+ 33,688
1,991 MARATHON OIL CORPORATION 128,041
SHARES SECURITY NAME VALUE
1,238 MURPHY OIL CORPORATION $ 67,657
5,081 ROYAL DUTCH SHELL PLC ADR CLASS A 330,062
3,076 ROYAL DUTCH SHELL PLC ADR CLASS B<< 208,368
1,006 TESORO PETROLEUM CORPORATION 58,147
1,490 VALERO ENERGY CORPORATION 158,685
4,743,933
---------------
PRIMARY METAL INDUSTRIES - 0.38%
4,824 ALCOA INCORPORATED 129,235
1,586 ALLEGHENY TECHNOLOGIES INCORPORATED 43,805
686 CARPENTER TECHNOLOGY CORPORATION 38,210
581 CHAPARRAL STEEL COMPANY+ 12,968
384 COMMSCOPE INCORPORATED+ 7,181
529 CURTISS-WRIGHT CORPORATION 34,152
1,185 ENGELHARD CORPORATION 33,713
3,473 JOHNSON MATTHEY PLC ADR 141,543
4,230 KUBOTA CORPORATION ADR<< 131,765
159 LONE STAR TECHNOLOGIES INCORPORATED+ 8,793
474 MAVERICK TUBE CORPORATION+ 15,097
1,158 MUELLER INDUSTRIES INCORPORATED 30,351
1,111 NUCOR CORPORATION 62,749
327 STEEL DYNAMICS INCORPORATED 10,310
271 TEXAS INDUSTRIES INCORPORATED 16,209
902 UNITED STATES STEEL CORPORATION 37,812
753,893
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.56%
1,018 BANTA CORPORATION 49,831
531 CONSOLIDATED GRAPHICS INCORPORATED+ 20,502
977 DOW JONES & COMPANY INCORPORATED<< 39,910
1,201 GANNETT COMPANY INCORPORATED 87,337
764 KNIGHT-RIDDER INCORPORATED<< 48,957
2,162 MCGRAW-HILL COMPANIES INCORPORATED 104,252
1,315 NEW YORK TIMES COMPANY CLASS A 41,988
5,852 PEARSON PLC ADR 71,511
4,818 REED ELSEVIER NV ADR<< 134,856
1,885 RR DONNELLEY & SONS COMPANY 70,424
2,082 TOPPAN PRINTING COMPANY LIMITED ADR 103,131
1,550 TRIBUNE COMPANY 58,233
794 VALASSIS COMMUNICATIONS INCORPORATED+ 31,307
7,608 VIACOM INCORPORATED CLASS B 258,596
1,120,835
---------------
RAILROAD TRANSPORTATION - 0.18%
1,895 BURLINGTON NORTHERN SANTA FE CORPORATION 100,473
1,435 CSX CORPORATION 63,039
1,724 KANSAS CITY SOUTHERN+ 34,670
2,298 NORFOLK SOUTHERN CORPORATION 81,832
1,092 UNION PACIFIC CORPORATION 74,551
354,565
---------------
REAL ESTATE - 0.04%
855 JONES LANG LASALLE INCORPORATED 42,177
664 NEW CENTURY FINANCIAL CORPORATION<< 28,545
302 PHH CORPORATION+ 9,133
79,855
---------------
33
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.09%
927 COOPER TIRE & RUBBER COMPANY $ 15,666
2,296 GOODYEAR TIRE & RUBBER COMPANY+<< 38,573
876 JARDEN CORPORATION+<< 34,768
792 SEALED AIR CORPORATION+ 40,194
1,468 WEST PHARMACEUTICAL SERVICES INCORPORATED 41,618
170,819
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.90%
3,924 AMVESCAP PLC ADR 52,425
610 BEAR STEARNS COMPANIES INCORPORATED 61,305
135 BKF CAPITAL GROUP INCORPORATED 4,371
7,030 CHARLES SCHWAB CORPORATION 95,116
234 CHICAGO MERCANTILE EXCHANGE 64,958
5,111 CREDIT SUISSE GROUP ADR 222,942
2,835 E*TRADE FINANCIAL CORPORATION+ 45,360
1,536 EATON VANCE CORPORATION 39,276
1,066 FRANKLIN RESOURCES INCORPORATED 85,749
1,301 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A<< 15,222
1,902 GOLDMAN SACHS GROUP INCORPORATED 211,464
1,446 LEHMAN BROTHERS HOLDINGS INCORPORATED 152,784
4,576 MERRILL LYNCH & COMPANY INCORPORATED 261,564
5,538 MORGAN STANLEY 281,718
9,392 NOMURA HOLDINGS INCORPORATED ADR<< 129,234
481 PIPER JAFFRAY COMPANIES INCORPORATED+ 14,666
975 T ROWE PRICE GROUP INCORPORATED 61,425
1,799,579
---------------
SOCIAL SERVICES - 0.03%
9,517 ABB LIMITED ADR+ 69,379
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.27%
113 CABOT MICROELECTRONICS CORPORATION+<< 3,368
796 CARBO CERAMICS INCORPORATED 47,887
7,861 CORNING INCORPORATED+ 156,906
1,738 GENTEX CORPORATION 29,755
3,039 HANSON PLC ADR 159,517
5,655 LAFARGE SA ADR 132,779
530,212
---------------
TEXTILE MILL PRODUCTS - 0.01%
252 OXFORD INDUSTRIES INCORPORATED 11,756
---------------
TOBACCO PRODUCTS - 0.49%
9,753 ALTRIA GROUP INCORPORATED 689,537
4,582 BRITISH AMERICAN TOBACCO PLC ADR 186,213
495 REYNOLDS AMERICAN INCORPORATED<< 41,550
561 UNIVERSAL CORPORATION 23,349
1,022 UST INCORPORATED 43,496
984,145
---------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.24%
198 ALASKA AIR GROUP INCORPORATED+ $ 6,676
1,733 AMR CORPORATION+<< 21,818
11,345 BAA PLC ADR<< 124,775
1,556 FEDEX CORPORATION 126,721
8,174 JAPAN AIRLINES SYSTEM ADR+ 114,371
5,562 SOUTHWEST AIRLINES COMPANY 74,086
468,447
---------------
TRANSPORTATION EQUIPMENT - 1.30%
823 AUTOLIV INCORPORATED 36,624
4,824 BAE SYSTEMS PLC ADR 113,572
4,147 BOEING COMPANY 277,932
1,770 CLARCOR INCORPORATED 50,091
2,293 DAIMLERCHRYSLER AG<< 118,502
1,806 DANA CORPORATION 24,309
5,340 DELPHI CORPORATION<< 29,637
14,648 FIAT SPA ADR<< 129,635
10,050 FORD MOTOR COMPANY 100,199
751 GENERAL DYNAMICS CORPORATION 86,057
2,431 GENERAL MOTORS CORPORATION<< 83,116
1,327 GENUINE PARTS COMPANY 60,803
1,205 GOODRICH CORPORATION 55,213
83 GROUP 1 AUTOMOTIVE INCORPORATED+ 2,457
1,740 HARLEY-DAVIDSON INCORPORATED 85,712
6,141 HONDA MOTOR COMPANY LIMITED ADR 165,316
4,330 HONEYWELL INTERNATIONAL INCORPORATED 165,752
430 ITT INDUSTRIES INCORPORATED 46,922
914 JOHNSON CONTROLS INCORPORATED 54,822
1,655 LOCKHEED MARTIN CORPORATION 103,007
591 NAVISTAR INTERNATIONAL CORPORATION+ 18,888
1,554 NORTHROP GRUMMAN CORPORATION 87,164
1,067 PACCAR INCORPORATED 74,775
704 TEXTRON INCORPORATED 50,195
750 THOR INDUSTRIES INCORPORATED 24,900
3,458 TOYOTA MOTOR CORPORATION ADR<< 283,487
786 TRINITY INDUSTRIES INCORPORATED<< 29,420
4,635 UNITED TECHNOLOGIES CORPORATION 231,750
2,590,257
---------------
TRANSPORTATION SERVICES - 0.07%
734 CH ROBINSON WORLDWIDE INCORPORATED 45,324
1,668 EXPEDIA INCORPORATED+<< 37,130
750 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 41,633
1,317 SABRE HOLDINGS CORPORATION 25,260
149,347
---------------
WATER TRANSPORTATION - 0.06%
959 ALEXANDER & BALDWIN INCORPORATED 50,261
821 KIRBY CORPORATION+ 38,587
440 OVERSEAS SHIPHOLDING GROUP INCORPORATED 26,906
115,754
---------------
34
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
WHOLESALE TRADE NON-DURABLE GOODS - 0.54%
403 AMERISOURCEBERGEN CORPORATION $ 30,092
570 BROWN-FORMAN CORPORATION CLASS B 32,279
2,053 CARDINAL HEALTH INCORPORATED 122,379
1,640 MCKESSON CORPORATION 76,539
1,674 MEDCO HEALTH SOLUTIONS INCORPORATED+ 82,478
993 NASH FINCH COMPANY 41,706
939 NIKE INCORPORATED CLASS B 74,096
2,563 SMURFIT-STONE CONTAINER CORPORATION+ 28,296
1,196 SUPERVALU INCORPORATED 41,621
3,520 SYSCO CORPORATION 117,498
673 TRACTOR SUPPLY COMPANY+ 34,633
2,706 UNILEVER NV NY SHARES<< 187,255
3,788 UNILEVER PLC ADR 153,944
1,256 UNITED NATURAL FOODS INCORPORATED+ 42,704
1,065,520
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.52%
1,283 ARROW ELECTRONICS INCORPORATED+ 38,259
1,192 AVNET INCORPORATED+ 29,860
1,106 CYTYC CORPORATION+ 27,595
971 HUGHES SUPPLY INCORPORATED 30,732
30 IMAGISTICS INTERNATIONAL INCORPORATED+ 1,004
1,268 INSIGHT ENTERPRISES INCORPORATED+ 23,876
1,267 KYOCERA CORPORATION ADR<< 88,373
5,700 MITSUBISHI CORPORATION ADR 186,384
901 MITSUI & COMPANY LIMITED ADR 186,976
4,736 NISSAN MOTOR COMPANY LIMITED ADR<< 99,882
699 OMNICARE INCORPORATED 36,732
987 PATTERSON COMPANIES INCORPORATED+<< 39,539
143 PEP BOYS-MANNY, MOE & JACK 1,868
956 SCP POOL CORPORATION 34,990
17,396 SUMITOMO MITSUI FINANCIAL<< 141,191
563 TECH DATA CORPORATION+<< 20,611
687 W.W. GRAINGER INCORPORATED 44,188
1,032,060
---------------
TOTAL COMMON STOCKS (COST $75,903,402) 92,027,895
---------------
INTEREST RATE
PRINCIPAL % MATURITY DATE
US TREASURY SECURITIES - 52.11%
US TREASURY NOTES - 52.11%
$ 9,545,000 US TREASURY NOTE<< 3.13 09/15/2008 9,351,866
1,425,000 US TREASURY NOTE<< 4.75 11/15/2008 1,463,575
11,090,000 US TREASURY NOTE<< 3.38 12/15/2008 10,930,149
12,730,000 US TREASURY NOTE<< 2.63 03/15/2009 12,216,828
29,120,000 US TREASURY NOTE<< 4.00 06/15/2009 29,278,121
1,500,000 US TREASURY NOTE<< 6.00 08/15/2009 1,617,129
6,360,000 US TREASURY NOTE<< 3.38 09/15/2009 6,249,444
3,600,000 US TREASURY NOTE<< 3.50 11/15/2009 3,551,623
INTEREST RATE
PRINCIPAL SECURITY NAME % MATURITY DATE VALUE
$ 1,400,000 US TREASURY NOTE<< 3.63 01/15/2010 $ 1,386,657
27,545,000 US TREASURY NOTE<< 4.00 03/15/2010 27,699,941
103,745,333
---------------
TOTAL US TREASURY SECURITIES (COST $104,386,905) 103,745,333
---------------
COLLATERAL FOR SECURITIES LENDING - 46.96%
SHARES
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.42%
2,000,000 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,000,000
837,578 SHORT TERM INVESTMENTS COMPANY MONEY MARKET FUND 837,579
2,837,579
---------------
PRINCIPAL
COLLATERAL INVESTED IN OTHER ASSETS - 45.54%
3,000,000 ATOMIUM FUNDING CORPORATION 3.41 09/12/2005 2,996,760
1,234,000 ATOMIUM FUNDING CORPORATION 3.59 09/26/2005 1,230,927
4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER
SERIES B 3.55 09/08/2005 4,000,000
4,000,000 CREDIT SUISSE FIRST BOSTON NEW YORK SERIES YCD1 3.61 05/04/2006 3,977,280
40,499,999 DEUTSCHE BANK REPURCHASE AGREEMENT (MATURITY VALUE
$40,504,026) 3.58 09/01/2005 40,500,000
3,000,000 GALAXY FUNDING INCORPORATED 3.43 09/29/2005 2,991,660
3,000,000 GEMINI SECURITIZATION INCORPORATED 3.52 09/29/2005 2,991,660
2,000,000 ING USA ANNUITY AND LIFE INSURANCE 3.72 06/06/2006 2,000,000
4,000,000 LEGACY CAPITAL CORPORATION LLC 3.54 09/06/2006 3,998,040
2,000,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 3.61 03/16/2006 2,000,000
4,000,000 LEXINGTON PARKER CAPITAL CORPORATION 3.66 10/14/2005 3,982,600
4,000,000 LIBERTY LIGHT US CAPITAL SERIES MTN 3.57 05/26/2006 4,000,160
35
WELLS FARGO ADVANTAGE OUTLOOK 2010 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
INTEREST RATE
PRINCIPAL SECURITY NAME % MATURITY DATE VALUE
COLLATERAL FOR SECURITIES LENDING - (CONTINUED)
$ 3,000,000 LIQUID FUNDING LIMITED 3.49 12/19/2005 $ 3,000,000
2,000,000 LIQUID FUNDING LIMITED 3.51 03/03/2006 2,000,000
4,000,000 MORGAN STANLEY 3.64 01/13/2006 4,000,000
4,000,000 TICONDEROGA FUNDING LLC 3.55 09/20/2005 3,992,520
3,000,000 WHITE PINE FINANCE LLC SERIES MTN 3.57 06/12/2006 3,000,150
90,661,757
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $93,499,336) 93,499,336
---------------
SHORT-TERM INVESTMENTS - 0.99%
US TREASURY BILLS - 0.99%
63,000 US TREASURY BILL<<^ 3.25 09/22/2005 62,881
143,000 US TREASURY BILL<<^ 3.27 09/22/2005 142,728
639,000 US TREASURY BILL<<^ 3.27 09/22/2005 637,781
270,000 US TREASURY BILL<<^ 3.28 09/22/2005 269,483
114,000 US TREASURY BILL<<^ 3.29 09/22/2005 113,782
754,000 US TREASURY BILL<<^ 3.33 09/22/2005 752,535
1,979,190
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,979,190) 1,979,190
---------------
TOTAL INVESTMENTS IN SECURITIES (COST $275,768,833)* 146.29% $ 291,251,754
OTHER ASSETS AND LIABILITIES, NET (46.29) (92,162,785)
------ ---------------
TOTAL NET ASSETS 100.00% $ 199,088,969
------ ---------------
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE
FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $317,767. THE
TOTAL COLLATERAL RECEIVED REPRESENTS 101.58% OF THE VALUE OF THE PORTFOLIO
SECURITIES LOANED.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
36
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 64.44%
AMUSEMENT & RECREATION SERVICES - 0.11%
3,374 HARRAH'S ENTERTAINMENT INCORPORATED $ 234,675
4,756 INTERNATIONAL GAME TECHNOLOGY 131,836
1,021 MULTIMEDIA GAMES INCORPORATED+<< 10,302
376,813
---------------
APPAREL & ACCESSORY STORES - 0.29%
1,845 ABERCROMBIE & FITCH COMPANY CLASS A 102,601
2,106 AEROPOSTALE INCORPORATED+<< 53,787
3,321 CHICO'S FAS INCORPORATED+ 115,272
8,723 GAP INCORPORATED<< 165,824
3,874 KOHL'S CORPORATION+ 203,191
6,598 LIMITED BRANDS 145,024
4,396 NORDSTROM INCORPORATED 147,618
3,523 ROSS STORES INCORPORATED 87,652
1,020,969
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.33%
17,021 BENETTON GROUP SPA ADR<< 336,675
2,454 JONES APPAREL GROUP INCORPORATED 69,154
2,388 LIZ CLAIBORNE INCORPORATED 97,979
2,013 VF CORPORATION 119,391
8,254 WACOAL CORPORATION ADR 557,558
1,180,757
---------------
APPLICATIONS SOFTWARE - 0.02%
3,451 CITRIX SYSTEMS INCORPORATED+ 82,134
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.08%
3,862 AUTONATION INCORPORATED+ 80,368
810 AUTOZONE INCORPORATED+ 76,545
2,582 CARMAX INCORPORATED+<< 82,263
2,331 COPART INCORPORATED+<< 57,552
296,728
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.52%
2,328 CENTEX CORPORATION 157,722
4,701 D.R. HORTON INCORPORATED 173,561
2,247 LENNAR CORPORATION CLASS A 139,539
1,059 MDC HOLDINGS INCORPORATED 80,887
118 NVR INCORPORATED+ 104,430
1,717 PULTE HOMES INCORPORATED 148,005
70,917 SEKISUI HOUSE LIMITED<< 775,307
8,982 VIVENDI UNIVERSAL SA ADR<< 283,382
1,862,833
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.54%
1,409 FASTENAL COMPANY 85,357
26,785 HOME DEPOT INCORPORATED 1,079,971
10,101 LOWE'S COMPANIES INCORPORATED 649,596
2,256 SHERWIN-WILLIAMS COMPANY 104,588
1,919,512
---------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 3.81%
4,961 3COM CORPORATION+ $ 16,867
1,630 AARON RENTS INCORPORATED 36,105
161 ADMINISTAFF INCORPORATED 5,791
6,768 ADOBE SYSTEMS INCORPORATED<< 183,007
1,425 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 74,029
3,028 AKAMAI TECHNOLOGIES INCORPORATED+<< 41,908
1,502 ANSYS INCORPORATED+<< 56,701
1,538 ARBITRON INCORPORATED 64,596
4,006 AUTODESK INCORPORATED 173,059
6,804 AUTOMATIC DATA PROCESSING INCORPORATED 290,871
493 AVOCENT CORPORATION+ 16,427
6,426 BEA SYSTEMS INCORPORATED+ 56,677
5,081 BISYS GROUP INCORPORATED+ 75,859
566 BLUE COAT SYSTEMS INCORPORATED+ 22,323
4,525 BMC SOFTWARE INCORPORATED+ 90,500
2,535 BRINK'S COMPANY 101,856
5,101 CADENCE DESIGN SYSTEMS INCORPORATED+<< 81,667
14,699 CENDANT CORPORATION 298,978
3,267 CERIDIAN CORPORATION+ 66,320
1,933 CERTEGY INCORPORATED 66,457
1,750 CHECKFREE CORPORATION+ 64,382
1,889 CHOICEPOINT INCORPORATED+ 81,095
5,664 CNET NETWORKS INCORPORATED+<< 75,784
1,111 COGNEX CORPORATION 33,052
2,485 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 113,142
6,999 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED 188,693
2,594 COMPUTER SCIENCES CORPORATION+ 115,563
9,026 COMPUWARE CORPORATION+ 81,776
3,324 CONVERGYS CORPORATION+ 47,267
2,324 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 47,386
1,899 DELUXE CORPORATION 75,466
664 DIGITAL RIVER INCORPORATED+<< 25,219
1,287 DST SYSTEMS INCORPORATED+<< 69,112
13,323 EBAY INCORPORATED+ 539,448
3,277 EFUNDS CORPORATION+ 63,902
4,037 ELECTRONIC ARTS INCORPORATED+ 231,239
7,554 ELECTRONIC DATA SYSTEMS CORPORATION 169,210
1,428 ELECTRONICS FOR IMAGING INCORPORATED+ 28,274
2,850 EQUIFAX INCORPORATED 94,164
2,040 FAIR ISAAC CORPORATION 83,375
610 FILENET CORPORATION+ 16,208
9,513 FIRST DATA CORPORATION 395,265
3,002 FISERV INCORPORATED+ 134,700
1,089 GETTY IMAGES INCORPORATED+<< 93,208
1,802 GOOGLE INCORPORATED CLASS A+ 515,372
1,166 HUDSON HIGHLAND GROUP INCORPORATED+<< 29,313
823 HYPERION SOLUTIONS CORPORATION+ 35,694
466 IDX SYSTEMS CORPORATION+<< 14,772
3,871 IMS HEALTH INCORPORATED 105,291
1,144 INFOSPACE INCORPORATED+ 28,562
4,538 INTERNET CAPITAL GROUP INCORPORATED+ 36,576
37
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
7,215 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< $ 87,518
2,652 INTUIT INCORPORATED+ 121,568
2,856 IRON MOUNTAIN INCORPORATED+ 98,503
7,746 JUNIPER NETWORKS INCORPORATED+ 176,144
1,521 KRONOS INCORPORATED+<< 65,905
1,946 LAMAR ADVERTISING COMPANY+ 78,268
1,637 MACROMEDIA INCORPORATED+ 60,487
463 MANHATTAN ASSOCIATES INCORPORATED+<< 9,788
1,793 MANPOWER INCORPORATED 80,793
2,995 MCAFEE INCORPORATED+ 91,797
1,782 MERCURY INTERACTIVE CORPORATION+<< 65,346
115,509 MICROSOFT CORPORATION 3,164,947
114 MICROSTRATEGY INCORPORATED CLASS A+ 8,778
2,140 MONSTER WORLDWIDE INCORPORATED+ 66,854
4,039 MPS GROUP INCORPORATED+<< 44,671
4,878 NCR CORPORATION+ 166,925
7,283 NOVELL INCORPORATED+ 47,922
2,443 OMNICOM GROUP INCORPORATED 196,515
49,919 ORACLE CORPORATION+ 647,449
7,241 PARAMETRIC TECHNOLOGY CORPORATION+ 43,880
5,059 REALNETWORKS INCORPORATED+ 27,268
2,585 RED HAT INCORPORATED+ 36,733
19,936 RENTOKIL INITIAL PLC ADR 290,434
3,999 REUTERS GROUP PLC ADR 158,680
3,118 ROBERT HALF INTERNATIONAL INCORPORATED 105,014
2,958 RSA SECURITY INCORPORATED+ 38,868
841 SAFENET INCORPORATED+ 26,912
7,542 SAP AG ADR<< 321,817
7,730 SIEBEL SYSTEMS INCORPORATED 63,773
46,673 SUN MICROSYSTEMS INCORPORATED+ 177,357
2,222 SYBASE INCORPORATED+ 49,617
16,215 SYMANTEC CORPORATION+ 340,191
3,039 SYNOPSYS INCORPORATED+<< 57,741
2,164 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 51,503
4,561 TIBCO SOFTWARE INCORPORATED+ 34,846
957 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+<< 25,628
592 TRAVELZOO INCORPORATED+<< 13,693
6,212 UNISYS CORPORATION+<< 41,310
2,873 UNITED ONLINE INCORPORATED 37,435
1,620 UNITED RENTALS INCORPORATED+<< 29,241
1,516 USA MOBILITY INCORPORATED+ 42,706
68 VASCO DATA SECURITY INTERNATIONAL INCORPORATED+<< 714
3,878 VERISIGN INCORPORATED+ 84,540
1,706 VIAD CORPORATION 49,593
444 WEBSENSE INCORPORATED+<< 22,151
4,177 WPP GROUP PLC ADR<< 215,826
15,169 YAHOO! INCORPORATED+ 505,734
13,625,891
---------------
CHEMICALS & ALLIED PRODUCTS - 6.19%
17,593 ABBOTT LABORATORIES 793,972
1,498 ABGENIX INCORPORATED+<< 16,463
2,972 AIR PRODUCTS & CHEMICALS INCORPORATED 164,649
SHARES SECURITY NAME VALUE
6,543 AKZO NOBEL NV ADR $ 270,030
1,728 ALBERTO-CULVER COMPANY CLASS B 74,218
336 ALEXION PHARMACEUTICALS INCORPORATED+<< 9,610
2,287 ALKERMES INCORPORATED+<< 42,950
14,313 AMGEN INCORPORATED+ 1,143,609
1,882 ANDRX CORPORATION+ 34,121
12,246 ASTRAZENECA PLC ADR 564,785
1,415 AVERY DENNISON CORPORATION 75,618
6,414 AVON PRODUCTS INCORPORATED 210,507
1,266 BALCHEM CORPORATION 39,119
6,743 BASF AG ADR 475,651
8,019 BAYER AG ADR 284,755
4,796 BIOGEN IDEC INCORPORATED+ 202,151
24,230 BRISTOL-MYERS SQUIBB COMPANY 592,908
2,319 CABOT CORPORATION 76,527
7,152 CHEMTURA CORPORATION 122,728
1,749 CHIRON CORPORATION+ 63,734
1,282 CLOROX COMPANY 73,805
6,358 COLGATE PALMOLIVE COMPANY 333,795
1,851 DENDREON CORPORATION+<< 10,736
2,169 DISCOVERY LABORATORIES INCORPORATED+<< 13,535
11,963 DOW CHEMICAL COMPANY 516,802
11,233 E.I. DU PONT DE NEMOURS AND COMPANY 444,490
1,765 EASTMAN CHEMICAL COMPANY 84,667
3,610 ECOLAB INCORPORATED 119,130
11,884 ELI LILLY & COMPANY 653,858
1,703 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 68,784
4,562 FOREST LABORATORIES INCORPORATED+ 202,553
5,902 GENENTECH INCORPORATED+ 554,434
3,617 GENZYME CORPORATION+ 257,422
6,204 GILEAD SCIENCES INCORPORATED+ 266,772
10,680 GILLETTE COMPANY 575,332
19,084 GLAXOSMITHKLINE PLC ADR 929,772
3,374 HOSPIRA INCORPORATED+ 134,420
1,284 IMCLONE SYSTEMS INCORPORATED+ 42,012
2,186 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED<< 78,915
907 INVITROGEN CORPORATION+<< 76,850
3,621 IVAX CORPORATION+<< 93,784
2,373 K-V PHARMACEUTICAL COMPANY CLASS A+ 40,483
4,161 KING PHARMACEUTICALS INCORPORATED+ 61,167
1,427 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+<< 11,202
2,116 LUBRIZOL CORPORATION 87,497
2,188 MEDAREX INCORPORATED+ 21,989
1,518 MEDICINES COMPANY+ 33,578
1,259 MEDICIS PHARMACEUTICAL CORPORATION CLASS A<< 42,819
3,674 MEDIMMUNE INCORPORATED+ 109,963
26,732 MERCK & COMPANY INCORPORATED 754,644
1,831 MGI PHARMA INCORPORATED+<< 49,364
5,325 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 53,303
3,704 MONSANTO COMPANY 236,463
4,346 MYLAN LABORATORIES INCORPORATED 79,923
788 NEUROCRINE BIOSCIENCES INCORPORATED+ 36,090
21,917 NOVARTIS AG ADR 1,068,454
38
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,594 NOVO NORDISK A/S ADR $ 186,241
640 NPS PHARMACEUTICALS INCORPORATED+ 6,381
644 OM GROUP INCORPORATED+ 12,545
1,056 ONYX PHARMACEUTICALS INCORPORATED+<< 21,035
954 OSI PHARMACEUTICALS INCORPORATED+ 31,291
1,280 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 30,938
93,983 PFIZER INCORPORATED 2,393,747
2,464 PPG INDUSTRIES INCORPORATED 155,183
4,529 PRAXAIR INCORPORATED 218,751
33,715 PROCTER & GAMBLE COMPANY<< 1,870,508
103 PROGENICS PHARMACEUTICALS INCORPORATED+ 2,429
2,189 PROTEIN DESIGN LABS INCORPORATED+ 58,534
10,321 ROCHE HOLDING AG ADR 710,237
2,472 ROHM & HAAS COMPANY 107,309
1,130 SALIX PHARMACEUTICALS LIMITED+ 23,029
15,411 SANOFI-AVENTIS ADR<< 658,974
19,680 SCHERING-PLOUGH CORPORATION 421,349
1,835 SEPRACOR INCORPORATED+<< 92,117
22,180 SHISEIDO COMPANY LIMITED 310,342
1,289 SIGMA-ALDRICH CORPORATION 80,434
21,425 SYNGENTA AG ADR+ 456,138
1,381 VALSPAR CORPORATION 66,716
1,786 VERTEX PHARMACEUTICALS INCORPORATED+<< 32,862
16,309 WYETH 746,789
22,170,791
---------------
COAL MINING - 0.10%
1,818 ARCH COAL INCORPORATED 116,716
2,128 CONSOL ENERGY INCORPORATED 148,321
1,189 PEABODY ENERGY CORPORATION 85,216
350,253
---------------
COMMUNICATIONS - 3.38%
1,842 ADTRAN INCORPORATED 47,560
4,033 ALLTEL CORPORATION 250,006
4,740 AMERICAN TOWER CORPORATION CLASS A+<< 113,002
11,555 AT&T CORPORATION 227,402
7,190 AVAYA INCORPORATED+ 73,338
22,496 BELLSOUTH CORPORATION<< 591,420
4,617 BRITISH SKY BROADCASTING GROUP PLC ADR<< 191,098
7,642 BT GROUP PLC ADR 298,879
3,436 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 107,203
2,706 CENTURYTEL INCORPORATED 97,145
7,155 CINCINNATI BELL INCORPORATED+ 30,981
6,240 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 207,792
27,174 COMCAST CORPORATION CLASS A+ 835,601
4,460 CROWN CASTLE INTERNATIONAL CORPORATION+ 110,430
22,161 DEUTSCHE TELEKOM AG ADR<< 422,832
9,532 DIRECTV GROUP INCORPORATED+ 151,654
4,069 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+ 121,785
SHARES SECURITY NAME VALUE
3,267 EMMIS COMMUNICATIONS CORPORATION CLASS A+<< $ 78,277
694 EQUINIX INCORPORATED+ 27,045
5,263 EXTREME NETWORKS INCORPORATED+ 22,736
3,018 FOUNDRY NETWORKS INCORPORATED+ 35,311
10,752 FRANCE TELECOM SA ADR 325,678
3,527 IAC INTERACTIVECORP+<< 86,588
2,844 LAGARDERE SCA ADR<< 202,866
1,961 LIBERTY CORPORATION<< 94,108
2,893 LIBERTY GLOBAL INCORPORATED CLASS A+ 146,820
168 LIN TV CORPORATION CLASS A+<< 2,538
3,124 MCI INCORPORATED+ 80,099
3,596 NEXTEL PARTNERS INCORPORATED CLASS A+ 94,359
10,030 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR<< 218,554
1,476 NTL INCORPORATED+ 94,287
18,108 NTT DOCOMO INCORPORATED ADR<< 292,625
23,822 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+ 92,906
7,601 REED ELSEVIER PLC ADR 284,733
3,639 SAGA COMMUNICATIONS INCORPORATED CLASS A+ 52,838
2,638 SBA COMMUNICATIONS CORPORATION+ 39,702
39,455 SBC COMMUNICATIONS INCORPORATED 950,076
37,326 SPRINT NEXTEL CORPORATION 967,863
11,227 TDC A/S ADR 298,526
14,373 TELEFONAKTIEBOLAGET LM ERICSSON ADR<< 501,618
12,218 TELEFONICA SA ADR 608,212
1,021 TELEPHONE AND DATA SYSTEMS INCORPORATED 41,708
1,021 TELEPHONE AND DATA SYSTEMS INCORPORATED SHS<< 39,309
3,651 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 98,212
2,970 UTSTARCOM INCORPORATED+<< 22,869
34,289 VERIZON COMMUNICATIONS INCORPORATED<< 1,121,593
43,512 VODAFONE GROUP PLC ADR<< 1,185,702
2,981 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 105,080
12,090,966
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.01%
1,874 DYCOM INDUSTRIES INCORPORATED+ 33,207
---------------
DEPOSITORY INSTITUTIONS - 7.42%
4,057 ABC BANCORP 75,257
15,054 ABN AMRO HOLDING NV ADR<< 363,545
10,671 ALLIED IRISH BANKS PLC ADR 463,655
3,816 AMCORE FINANCIAL INCORPORATED 117,838
1,395 AMES NATIONAL CORPORATION 39,855
5,934 AMSOUTH BANCORPORATION 156,183
3,908 ASSOCIATED BANC-CORP 127,166
35,220 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 588,878
47,083 BANCO SANTANDER CENTRAL HISPANO SA ADR 580,533
2,784 BANCTRUST FINANCIAL GROUP INCORPORATED 60,608
39
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
51,441 BANK OF AMERICA CORPORATION $ 2,213,506
9,640 BANK OF NEW YORK COMPANY INCORPORATED 294,695
13,935 BARCLAYS PLC ADR<< 561,580
8,863 BAYERISCHE HYPO-UND VEREINSBANK AG ADR<< 250,485
7,272 BB&T CORPORATION 295,025
1,843 BERKSHIRE HILLS BANCORP INCORPORATED 59,437
14,756 BNP PARIBAS SA ADR<< 534,901
1,841 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 48,915
2,303 CAPITOL BANCORP LIMITED 77,289
2,485 CASCADE BANCORP 52,086
2,482 CENTRAL PACIFIC FINANCIAL CORPORATION 85,828
3,714 CHITTENDEN CORPORATION 100,129
68,426 CITIGROUP INCORPORATED 2,995,006
1,440 CITIZENS & NORTHERN CORPORATION 43,949
3,569 CITIZENS BANKING CORPORATION MICHIGAN 108,105
1,716 CITY BANK LYNNWOOD WASHINGTON 57,057
1,330 CITY NATIONAL CORPORATION 95,813
3,502 COASTAL FINANCIAL CORPORATION 52,810
4,072 COBIZ INCORPORATED 74,314
1,776 COLUMBIA BANCORP 73,349
2,053 COMERICA INCORPORATED 124,186
2,261 COMMERCE BANCSHARES INCORPORATED 120,918
4,079 COMMERCIAL FEDERAL CORPORATION 138,319
3,341 COMMUNITY BANK SYSTEM INCORPORATED 78,948
3,285 COMPASS BANCSHARES INCORPORATED 153,771
5,295 DEUTSCHE BANK AG<< 460,612
1,264 FARMERS CAPITAL BANK CORPORATION 41,396
5,089 FIFTH THIRD BANCORP 210,735
2,039 FIRST HORIZON NATIONAL CORPORATION 79,684
3,105 FIRST OAK BROOK BANCSHARES INCORPORATED 94,330
2,934 FIRST PLACE FINANCIAL CORPORATION 62,259
2,016 FIRST REPUBLIC BANK 72,576
3,998 FIRSTMERIT CORPORATION 111,784
5,906 FULTON FINANCIAL CORPORATION 103,355
3,270 GOLDEN WEST FINANCIAL CORPORATION 199,437
11,709 HBOS PLC ADR<< 549,334
4,098 HIBERNIA CORPORATION CLASS A 130,111
5,456 HORIZON FINANCIAL CORPORATION 116,376
13,788 HSBC HOLDINGS PLC ADR<< 1,114,622
4,187 HUNTINGTON BANCSHARES INCORPORATED 100,446
6,685 HYPO REAL ESTATE HOLDING AG ADR 328,861
1,495 IBERIABANK CORPORATION 75,497
4,398 INTERCHANGE FINANCIAL SERVICES CORPORATION 77,273
1,677 INVESTORS FINANCIAL SERVICES CORPORATION<< 58,896
1,361 ITLA CAPITAL CORPORATION+ 73,154
40,974 JP MORGAN CHASE & COMPANY 1,388,609
5,357 KEYCORP 177,424
13,249 LLOYDS TSB GROUP PLC ADR<< 441,987
1,162 M&T BANK CORPORATION 123,892
3,907 MARSHALL & ILSLEY CORPORATION 171,009
SHARES SECURITY NAME VALUE
4,757 MELLON FINANCIAL CORPORATION $ 154,365
1,279 MERCANTILE BANK CORPORATION 58,067
2,334 MERCANTILE BANKSHARES CORPORATION 125,639
5,756 NATIONAL AUSTRALIA BANK LIMITED ADR<< 681,510
63,795 NATIONAL BANK OF GREECE SA ADR<< 477,187
6,621 NATIONAL CITY CORPORATION 242,527
5,294 NEW YORK COMMUNITY BANCORP INCORPORATED<< 93,069
6,403 NORTH FORK BANCORPORATION INCORPORATED 176,018
3,051 NORTHERN TRUST CORPORATION 152,062
1,140 PARK NATIONAL CORPORATION 121,980
2,316 PEOPLES BANCORP INCORPORATED 65,080
3,762 PFF BANCORP INCORPORATED 111,844
2,712 PNC FINANCIAL SERVICES GROUP 152,496
1,736 PREMIERWEST BANCORP+<< 24,478
3,746 PROSPERITY BANCSHARES INCORPORATED<< 109,458
2,956 R&G FINANCIAL CORPORATION CLASS B<< 44,724
6,283 REGIONS FINANCIAL CORPORATION 205,580
19,171 SANPAOLO IMI SPA ADR<< 552,317
20,493 SOCIETE GENERALE ADR 441,309
5,787 SOVEREIGN BANCORP INCORPORATED 134,953
4,603 STATE BANCORP INCORPORATED 88,473
3,694 STATE STREET CORPORATION 178,531
3,409 STERLING BANCORPORATION NEW YORK 75,543
805 SUMMIT FINANCIAL GROUP INCORPORATED<< 21,880
3,661 SUNTRUST BANKS INCORPORATED 257,295
2,441 SVB FINANCIAL GROUP+<< 114,825
5,513 SYNOVUS FINANCIAL CORPORATION 158,609
3,123 TCF FINANCIAL CORPORATION<< 88,412
2,347 TOMPKINS TRUST COMPANY INCORPORATED 99,321
4,128 TRUSTMARK CORPORATION 113,768
1,458 UNITED SECURITY BANCSHARES INCORPORATED 41,597
22,589 US BANCORP 660,051
4,366 VALLEY NATIONAL BANCORP 103,038
18,163 WACHOVIA CORPORATION 901,248
9,393 WASHINGTON MUTUAL INCORPORATED<< 390,561
1,939 WEBSTER FINANCIAL CORPORATION 89,039
14,049 WESTPAC BANKING CORPORATION ADR 1,049,179
2,714 WILMINGTON TRUST CORPORATION 98,952
1,483 WINTRUST FINANCIAL CORPORATION 76,434
2,321 YARDVILLE NATIONAL BANCORP 82,628
1,583 ZIONS BANCORPORATION 110,588
26,552,233
---------------
EATING & DRINKING PLACES - 0.34%
3,246 BOB EVANS FARMS INCORPORATED 78,521
2,739 CHEESECAKE FACTORY INCORPORATED+<< 86,744
3,607 DARDEN RESTAURANTS INCORPORATED 113,296
2,888 DENNYS CORPORATION+ 15,162
2,443 JACK IN THE BOX INCORPORATED+<< 86,165
863 KRISPY KREME DOUGHNUTS INCORPORATED+<< 5,998
16,963 MCDONALD'S CORPORATION 550,449
1,772 OUTBACK STEAKHOUSE INCORPORATED 73,733
4,662 YUM! BRANDS INCORPORATED 220,885
1,230,953
---------------
40
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
EDUCATIONAL SERVICES - 0.08%
2,426 APOLLO GROUP INCORPORATED CLASS A+ $ 190,829
2,129 CAREER EDUCATION CORPORATION+ 83,457
274,286
---------------
ELECTRIC, GAS & SANITARY SERVICES - 3.36%
11,307 AES CORPORATION+ 177,972
3,870 ALLEGHENY ENERGY INCORPORATED+<< 116,719
5,748 ALLIED WASTE INDUSTRIES INCORPORATED+<< 45,869
2,731 AMEREN CORPORATION 150,014
5,732 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 213,116
12,623 BG GROUP PLC ADR<< 577,502
2,614 BLACK HILLS CORPORATION 108,873
16,470 CALPINE CORPORATION+<< 50,563
6,206 CENTERPOINT ENERGY INCORPORATED<< 88,187
2,534 CH ENERGY GROUP INCORPORATED 121,885
2,362 CINERGY CORPORATION 104,022
7,875 CITIZENS COMMUNICATIONS COMPANY 107,415
58,176 CLP HOLDINGS LIMITED 339,079
6,418 CMS ENERGY CORPORATION+ 103,330
3,162 CONNECTICUT WATER SERVICE INCORPORATED 80,884
2,754 CONSOLIDATED EDISON INCORPORATED<< 129,190
2,771 CONSTELLATION ENERGY GROUP INCORPORATED 162,796
3,838 DOMINION RESOURCES INCORPORATED 293,530
2,282 DTE ENERGY COMPANY 104,447
13,066 DUKE ENERGY CORPORATION 378,783
16,626 E.ON AG ADR 530,369
5,122 EDISON INTERNATIONAL 230,644
10,304 EL PASO CORPORATION 119,526
16,476 ENDESA SA ADR<< 372,193
2,759 ENERGYSOUTH INCORPORATED 77,224
2,100 ENTERGY CORPORATION 157,311
7,520 EXELON CORPORATION 405,253
4,420 FIRSTENERGY CORPORATION 225,553
4,729 FPL GROUP INCORPORATED 203,773
423,512 HONG KONG & CHINA GAS COMPANY LIMITED ADR 850,073
4,879 INTERNATIONAL POWER PLC ADR<< 207,406
2,921 KEYSPAN CORPORATION 111,495
1,686 KINDER MORGAN INCORPORATED 160,962
4,085 LACLEDE GROUP INCORPORATED 132,027
4,284 MIDDLESEX WATER COMPANY 91,635
7,980 NATIONAL GRID PLC ADR 379,210
5,464 NISOURCE INCORPORATED 131,901
1,538 NRG ENERGY INCORPORATED+ 61,551
3,546 NSTAR 104,820
5,717 PG&E CORPORATION 214,502
1,786 PINNACLE WEST CAPITAL CORPORATION 80,245
5,958 PPL CORPORATION 190,418
3,644 PROGRESS ENERGY INCORPORATED 158,842
3,335 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 215,274
7,982 RELIANT RESOURCES INCORPORATED+<< 99,775
5,641 RWE AG ADR 375,739
SHARES SECURITY NAME VALUE
9,814 SCOTTISH POWER PLC ADR<< $ 355,561
3,460 SEMPRA ENERGY 155,077
8,498 SOUTHERN COMPANY 292,331
12,208 SUEZ SA ADR<< 357,939
2,575 TXU CORPORATION 249,827
2,214 UIL HOLDINGS CORPORATION 117,253
20,703 UNITED UTILITIES PLC ADR<< 485,485
6,927 WASTE MANAGEMENT INCORPORATED 190,008
8,972 WILLIAMS COMPANIES INCORPORATED 201,332
1,995 WPS RESOURCES CORPORATION 114,992
7,904 XCEL ENERGY INCORPORATED 152,073
12,013,775
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.18%
1,590 ADC TELECOMMUNICATIONS
INCORPORATED+<< 33,295
6,109 ADVANCED MICRO DEVICES INCORPORATED+ 126,884
10,480 ALCATEL SA ADR+<< 122,302
5,475 ALTERA CORPORATION+ 119,738
3,986 AMERICAN POWER CONVERSION CORPORATION 104,314
4,525 ANALOG DEVICES INCORPORATED 164,936
3,777 ANDREW CORPORATION+ 43,549
6,682 APPLIED MICRO CIRCUITS CORPORATION+ 18,375
737 APPLIED SIGNAL TECHNOLOGY INCORPORATED 14,069
482 ATMI INCORPORATED+<< 14,860
3,744 BROADCOM CORPORATION CLASS A+ 162,864
7,462 CANON INCORPORATED ADR 377,950
28,726 CHARTERED SEMICONDUCTOR+<< 191,028
80,418 CISCO SYSTEMS INCORPORATED+ 1,416,965
3,909 COMVERSE TECHNOLOGY INCORPORATED+ 100,774
1,434 CREE INCORPORATED+<< 36,768
561 CYMER INCORPORATED+ 18,793
2,451 CYPRESS SEMICONDUCTOR+<< 38,309
1,779 DITECH COMMUNICATIONS CORPORATION+ 13,093
90 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 1,996
4,919 EMERSON ELECTRIC COMPANY 330,950
781 ENDWAVE CORPORATION+<< 24,227
7,412 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 178,481
6,669 GEMSTAR-TV GUIDE INTERNATIONAL INCORPORATED+ 19,140
141,503 GENERAL ELECTRIC COMPANY 4,755,916
286 GREATBATCH INCORPORATED+ 7,150
1,024 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 105,882
2,832 HARRIS CORPORATION 109,344
9,969 INFINEON TECHNOLOGIES AG ADR+<< 93,709
3,691 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 39,494
74,336 INTEL CORPORATION 1,911,922
1,577 INTERDIGITAL COMMUNICATIONS CORPORATION+ 28,039
1,461 INTERNATIONAL RECTIFIER CORPORATION+<< 70,274
3,245 INTERSIL CORPORATION CLASS A 68,145
41
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,174 JABIL CIRCUIT INCORPORATED+ $ 93,443
14,743 JDS UNIPHASE CORPORATION+ 23,441
2,798 KLA-TENCOR CORPORATION 142,026
9,822 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 260,774
1,602 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 131,172
8,573 LATTICE SEMICONDUCTOR CORPORATION+ 38,064
3,707 LINEAR TECHNOLOGY CORPORATION 140,606
1,248 LITTELFUSE INCORPORATED+ 34,719
6,466 LSI LOGIC CORPORATION+<< 62,332
54,668 LUCENT TECHNOLOGIES INCORPORATED+<< 168,377
27,755 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 486,823
4,311 MAXIM INTEGRATED PRODUCTS INCORPORATED 183,864
1,206 MAYTAG CORPORATION 22,793
5,184 MCDATA CORPORATION CLASS A+ 27,890
3,268 MICROCHIP TECHNOLOGY INCORPORATED 101,700
8,643 MICRON TECHNOLOGY INCORPORATED+ 102,938
33,328 MINEBEA COMPANY LIMITED ADR 274,696
2,969 MOLEX INCORPORATED 79,450
30,737 MOTOROLA INCORPORATED 672,526
1,032 NATIONAL PRESTO INDUSTRIES INCORPORATED 46,017
5,778 NATIONAL SEMICONDUCTOR CORPORATION 144,046
5,150 NETWORK APPLIANCE INCORPORATED+ 122,261
8,049 NIDEC CORPORATION ADR 230,121
23,580 NOKIA OYJ ADR 371,857
2,640 NOVELLUS SYSTEMS INCORPORATED+<< 70,778
2,757 NVIDIA CORPORATION+<< 84,585
10,285 OMRON CORPORATION 226,736
852 OPENWAVE SYSTEMS INCORPORATED+<< 14,663
9,791 PIONEER CORPORATION 152,446
1,052 PLEXUS CORPORATION+ 17,968
4,426 PMC-SIERRA INCORPORATED+ 37,532
2,710 POLYCOM INCORPORATED+ 48,265
1,838 QLOGIC CORPORATION+ 63,521
20,502 QUALCOMM INCORPORATED 814,134
1,490 RAMBUS INCORPORATED+<< 15,645
6,449 RF MICRO DEVICES INCORPORATED+<< 42,241
3,052 ROCKWELL COLLINS INCORPORATED 146,893
699 ROGERS CORPORATION+<< 27,310
9,166 SANMINA-SCI CORPORATION+ 46,472
2,773 SCIENTIFIC-ATLANTA INCORPORATED 106,095
734 SILICON LABORATORIES INCORPORATED+ 22,776
13,519 SIRIUS SATELLITE RADIO INCORPORATED+ 93,011
3,346 SKYWORKS SOLUTIONS INCORPORATED+ 25,229
10,559 SONY CORPORATION ADR 354,994
3,062 TDK CORPORATION ADR<< 228,211
7,764 TELLABS INCORPORATED+ 69,022
20,847 TEXAS INSTRUMENTS INCORPORATED 681,280
2,796 THOMAS & BETTS CORPORATION+ 99,370
4,972 TRIQUINT SEMICONDUCTOR INCORPORATED+ 19,192
932 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 42,229
3,495 VISHAY INTERTECHNOLOGY INCORPORATED+<< 45,085
SHARES SECURITY NAME VALUE
4,445 XILINX INCORPORATED $ 124,860
577 ZORAN CORPORATION+ 9,094
18,555,108
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.33%
2,279 AMYLIN PHARMACEUTICALS INCORPORATED+<< 74,637
1,616 APPLERA CORPORATION-CELERA GENOMICS GROUP+<< 18,972
161 CDI CORPORATION 4,339
2,832 CELGENE CORPORATION+ 142,167
1,112 CEPHALON INCORPORATED+<< 45,058
2,498 CURAGEN CORPORATION+<< 10,916
1,522 ERESEARCH TECHNOLOGY INCORPORATED+ 23,469
875 ESSEX CORPORATION+ 19,329
1,732 FLUOR CORPORATION 107,228
1,255 GEN-PROBE INCORPORATED+ 57,128
3,173 INCYTE CORPORATION+ 23,353
4,218 MOODY'S CORPORATION 207,146
2,504 NAVIGANT CONSULTING INCORPORATED+ 48,427
4,131 PAYCHEX INCORPORATED 140,991
2,476 QUEST DIAGNOSTICS INCORPORATED 123,751
7,486 SERVICEMASTER COMPANY 102,858
1,091 TELIK INCORPORATED+ 16,692
1,166,461
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.21%
1,004 ALLIANT TECHSYSTEMS INCORPORATED+ 77,238
2,674 BALL CORPORATION 100,302
2,407 CRANE COMPANY 71,271
2,089 FORTUNE BRANDS INCORPORATED 181,701
2,707 ILLINOIS TOOL WORKS INCORPORATED 228,146
1,728 NCI BUILDING SYSTEMS INCORPORATED+<< 65,145
1,130 SUN HYDRAULICS CORPORATION 22,589
1,543 TASER INTERNATIONAL INCORPORATED+<< 13,347
759,739
---------------
FINANCIAL SERVICES - 0.02%
4,798 JANUS CAPITAL GROUP INCORPORATED 67,796
---------------
FOOD & KINDRED PRODUCTS - 2.24%
8,122 ANHEUSER-BUSCH COMPANIES INCORPORATED 359,886
9,296 ARCHER-DANIELS-MIDLAND COMPANY 209,253
12,373 CADBURY SCHWEPPES PLC ADR<< 493,435
3,909 CAMPBELL SOUP COMPANY 114,925
24,893 COCA-COLA COMPANY 1,095,292
3,950 COCA-COLA ENTERPRISES INCORPORATED 88,283
52,503 COMPASS GROUP PLC ADR<< 235,366
7,216 CONAGRA FOODS INCORPORATED 164,741
4,730 DEL MONTE FOODS COMPANY+<< 51,131
9,622 DIAGEO PLC ADR 555,286
3,468 FLOWERS FOODS INCORPORATED 94,434
3,810 GENERAL MILLS INCORPORATED 175,717
590 HANSEN NATURAL CORPORATION+<< 29,294
42
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
4,579 HERCULES INCORPORATED+ $ 58,382
2,576 HERSHEY FOODS CORPORATION<< 152,216
4,219 HJ HEINZ COMPANY 151,547
2,414 HORMEL FOODS CORPORATION 76,982
1,681 JM SMUCKER COMPANY 80,217
3,234 KELLOGG COMPANY 146,597
44,666 KIRIN BREWERY COMPANY LIMITED 452,913
3,456 KRAFT FOODS INCORPORATED CLASS A 107,136
2,696 MCCORMICK & COMPANY INCORPORATED<< 91,421
19,145 NESTLE SA ADR 1,338,758
3,308 PEPSI BOTTLING GROUP INCORPORATED 97,520
3,040 PEPSIAMERICAS INCORPORATED 76,669
19,755 PEPSICO INCORPORATED 1,083,562
11,098 SARA LEE CORPORATION 210,862
564 TREEHOUSE FOODS INCORPORATED+<< 16,976
4,566 TYSON FOODS INCORPORATED CLASS A 81,183
1,985 WM. WRIGLEY JR. COMPANY 141,034
8,031,018
---------------
FOOD STORES - 0.64%
4,592 ALBERTSON'S INCORPORATED<< 92,437
11,095 COLES MYER LIMITED ADR 660,152
23,526 KONINKLIJKE AHOLD NV ADR+ 210,087
10,073 KROGER COMPANY+ 198,841
5,722 SAFEWAY INCORPORATED 135,783
5,913 STARBUCKS CORPORATION+ 289,974
32,487 TESCO PLC ADR<< 571,882
1,085 WHOLE FOODS MARKET INCORPORATED<< 140,247
2,299,403
---------------
FORESTRY - 0.06%
3,057 WEYERHAEUSER COMPANY 198,766
---------------
FURNITURE & FIXTURES - 0.20%
859 ETHAN ALLEN INTERIORS INCORPORATED 27,677
2,550 HERMAN MILLER INCORPORATED 76,245
1,141 HILLENBRAND INDUSTRIES INCORPORATED 56,788
1,706 HNI CORPORATION 98,351
4,388 LEGGETT & PLATT INCORPORATED 106,233
6,964 MASCO CORPORATION 213,656
4,709 NEWELL RUBBERMAID INCORPORATED 110,332
825 SELECT COMFORT CORPORATION+<< 15,947
705,229
---------------
GENERAL MERCHANDISE STORES - 0.85%
2,026 BJ'S WHOLESALE CLUB INCORPORATED+ 57,842
5,368 DOLLAR GENERAL CORPORATION 102,314
2,528 FAMILY DOLLAR STORES INCORPORATED 50,257
3,575 FEDERATED DEPARTMENT STORES INCORPORATED 246,585
3,584 FOOT LOCKER INCORPORATED 78,275
1,685 FRED'S INCORPORATED 23,607
3,731 JC PENNEY COMPANY INCORPORATED 181,439
2,275 SAKS INCORPORATED+ 49,390
1,358 SEARS HOLDINGS CORPORATION+ 184,505
11,452 TARGET CORPORATION 615,545
SHARES SECURITY NAME VALUE
7,573 TJX COMPANIES INCORPORATED $ 158,351
28,654 WAL-MART STORES INCORPORATED 1,288,284
3,036,394
---------------
HEALTH SERVICES - 0.49%
6,723 CAREMARK RX INCORPORATED+ 314,166
1,598 CORVEL CORPORATION+ 37,825
2,201 DAVITA INCORPORATED+ 101,048
5,576 HCA INCORPORATED 274,897
4,098 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 99,663
2,881 HUMAN GENOME SCIENCES INCORPORATED+<< 37,194
1,043 LABONE INCORPORATED+ 45,089
2,228 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 109,885
416 LCA-VISION INCORPORATED 17,077
1,968 LINCARE HOLDINGS INCORPORATED+<< 83,325
2,213 MANOR CARE INCORPORATED 87,347
1,878 NEKTAR THERAPEUTICS+ 32,076
950 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 70,423
2,123 RENAL CARE GROUP INCORPORATED+<< 99,972
7,402 TENET HEALTHCARE CORPORATION+ 90,156
2,057 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+<< 78,785
664 UNIVERSAL HEALTH SERVICES CLASS B 33,937
3,091 VALEANT PHARMACEUTICALS INTERNATIONAL 61,758
818 VICURON PHARMACEUTICALS INCORPORATED+ 23,567
1,955 WATSON PHARMACEUTICALS INCORPORATED+ 67,408
1,765,598
---------------
HOLDING & OTHER INVESTMENT OFFICES - 1.21%
1,635 4KIDS ENTERTAINMENT INCORPORATED+ 28,155
4,502 ACADIA REALTY TRUST<< 79,685
1,538 AGREE REALTY CORPORATION 45,525
1,679 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 137,594
3,064 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 122,254
4,684 ARCHSTONE-SMITH TRUST 188,765
1,819 AVALONBAY COMMUNITIES INCORPORATED<< 152,869
522 BEDFORD PROPERTY INVESTORS 12,032
1,932 CAPITAL TRUST INCORPORATED NEW YORK CLASS A 63,582
1,902 CEDAR SHOPPING CENTERS INCORPORATED 27,921
2,854 CORPORATE OFFICE PROPERTIES TRUST<< 99,433
2,475 CORRECTIONAL PROPERTIES TRUST 72,418
3,775 DISCOVERY HOLDING COMPANY+<< 57,154
3,160 DUKE REALTY CORPORATION 103,458
2,670 ENTERTAINMENT PROPERTIES TRUST 121,645
5,951 EQUITY OFFICE PROPERTIES TRUST 198,168
4,901 EQUITY RESIDENTIAL 185,111
2,931 FELCOR LODGING TRUST INCORPORATED+<< 44,698
164 FIRST POTOMAC REALTY TRUST 4,231
3,511 HERITAGE PROPERTY INVESTMENT TRUST<< 125,378
7,207 HOST MARRIOTT CORPORATION 126,050
2,510 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 35,040
43
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,563 ISTAR FINANCIAL INCORPORATED $ 147,758
2,543 KILROY REALTY CORPORATION<< 134,042
1,202 LASALLE HOTEL PROPERTIES 40,592
2,810 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 125,270
50,469 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 522,354
3,626 NATIONAL HEALTH INVESTORS INCORPORATED 105,045
3,003 ONE LIBERTY PROPERTIES INCORPORATED 61,141
1,165 PARKWAY PROPERTIES INCORPORATED 56,316
2,526 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 108,997
4,607 PLUM CREEK TIMBER COMPANY 169,307
1,809 RAIT INVESTMENT TRUST 54,071
1,838 RAMCO-GERSHENSON PROPERTIES 53,339
2,604 SAUL CENTERS INCORPORATED 95,931
2,600 SIMON PROPERTY GROUP INCORPORATED 197,782
1,127 SOVRAN SELF STORAGE INCORPORATED<< 52,293
2,282 TANGER FACTORY OUTLET CENTERS INCORPORATED 63,257
1,444 TRUSTREET PROPERTIES INCORPORATED 23,812
2,535 UNIVERSAL HEALTH REALTY INCOME TRUST 87,432
2,191 VORNADO REALTY TRUST 188,470
4,318,375
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.17%
4,165 BED BATH & BEYOND INCORPORATED+ 168,891
5,523 BEST BUY COMPANY INCORPORATED<< 263,226
4,236 CIRCUIT CITY STORES INCORPORATED 71,546
2,519 PIER 1 IMPORTS INCORPORATED 31,362
2,652 RADIO SHACK CORPORATION<< 66,459
601,484
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.18%
1,369 GAYLORD ENTERTAINMENT COMPANY+ 58,319
7,033 HILTON HOTELS CORPORATION 162,955
3,229 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 204,105
3,553 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 207,140
632,519
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.15%
7,881 3M COMPANY<< 560,733
2,192 AGCO CORPORATION+ 45,002
3,651 AMERICAN STANDARD COMPANIES INCORPORATED 166,486
10,285 APPLE COMPUTER INCORPORATED+ 482,675
21,129 APPLIED MATERIALS INCORPORATED 386,872
3,303 BAKER HUGHES INCORPORATED 194,051
1,484 BLACK & DECKER CORPORATION 126,585
427 BLACK BOX CORPORATION<< 18,348
7,352 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 29,335
SHARES SECURITY NAME VALUE
733 BROOKS AUTOMATION INCORPORATED+<< $ 10,409
8,692 CATERPILLAR INCORPORATED 482,319
1,353 CDW CORPORATION<< 79,935
932 COOPER CAMERON CORPORATION+<< 67,244
3,109 DEERE & COMPANY 203,266
29,799 DELL INCORPORATED+ 1,060,844
1,150 DIEBOLD INCORPORATED 55,200
3,349 DOVER CORPORATION 136,304
2,202 EATON CORPORATION 140,752
32,509 EMC CORPORATION+ 418,066
1,444 EMULEX CORPORATION+ 31,118
5,675 ENTEGRIS INCORPORATED+ 59,417
1,813 FLOWSERVE CORPORATION+ 67,335
2,221 FMC TECHNOLOGIES INCORPORATED+ 89,306
8,015 GATEWAY INCORPORATED+ 24,366
4,020 GRANT PRIDECO INCORPORATED+<< 148,177
36,879 HEWLETT-PACKARD COMPANY 1,023,761
3,294 HITACHI LIMITED ADR 202,779
19,166 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,545,163
7,628 KOMATSU LIMITED ADR<< 336,322
2,778 LAM RESEARCH CORPORATION+<< 88,063
1,733 LEXMARK INTERNATIONAL INCORPORATED+<< 109,144
245 LINDSAY MANUFACTURING COMPANY 6,199
838 LUFKIN INDUSTRIES INCORPORATED 38,665
24,677 MAKITA CORPORATION 489,098
1,243 MICROS SYSTEMS INCORPORATED+ 55,425
2,325 NATIONAL-OILWELL INCORPORATED+ 149,288
41,218 NEC CORPORATION ADR 222,165
2,464 NORDSON CORPORATION 87,521
4,040 PALL CORPORATION 115,544
684 PALM INCORPORATED+ 23,379
1,681 PARKER HANNIFIN CORPORATION 108,324
3,267 PITNEY BOWES INCORPORATED 141,298
2,972 SANDISK CORPORATION+ 115,403
6,657 SIEMENS AG ADR<< 509,261
2,522 SMITH INTERNATIONAL INCORPORATED<< 87,614
15,732 SOLECTRON CORPORATION+ 64,501
1,623 SPX CORPORATION 73,911
2,191 STANLEY WORKS 100,238
2,627 STORAGE TECHNOLOGY CORPORATION+ 97,068
4,930 SYMBOL TECHNOLOGIES INCORPORATED 45,257
1,718 TENNANT COMPANY 65,181
1,248 TEREX CORPORATION+ 60,878
1,958 TORO COMPANY 76,029
1,144 UNOVA INCORPORATED+<< 33,188
2,297 VARIAN MEDICAL SYSTEMS INCORPORATED+<< 91,467
1,361 ZEBRA TECHNOLOGIES CORPORATION CLASS A+ 50,847
11,297,126
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.20%
4,813 AON CORPORATION 144,005
3,075 HUMANA INCORPORATED+ 148,092
1,209 JEFFERSON-PILOT CORPORATION 60,124
6,420 MARSH & MCLENNAN COMPANIES INCORPORATED 180,081
44
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
2,062 NATIONAL FINANCIAL PARTNERS CORPORATION<< $ 90,522
5,282 UNUMPROVIDENT CORPORATION<< 102,048
724,872
---------------
INSURANCE CARRIERS - 2.87%
3,516 AETNA INCORPORATED 280,120
5,959 AFLAC INCORPORATED 257,548
24,045 ALLIANZ AG ADR<< 312,825
1,763 ALLMERICA FINANCIAL CORPORATION+ 71,772
6,918 ALLSTATE CORPORATION 388,861
1,546 AMBAC FINANCIAL GROUP INCORPORATED 106,025
28,832 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,706,854
711 AMERICAN NATIONAL INSURANCE COMPANY 78,935
1,432 AMERICAN PHYSICIANS CAPITAL INCORPORATED+<< 63,309
7,404 AXA ADR<< 197,687
2,540 CHUBB CORPORATION 220,878
1,724 CIGNA CORPORATION 198,812
2,978 CINCINNATI FINANCIAL CORPORATION<< 122,038
1,924 CNA FINANCIAL CORPORATION+ 55,738
3,537 FIDELITY NATIONAL FINANCIAL INCORPORATED 138,367
3,366 GENWORTH FINANCIAL INCORPORATED 108,284
3,755 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 274,303
2,382 HEALTH NET INCORPORATED+ 109,834
14,965 ING GROUP NV ADR<< 437,277
2,256 LINCOLN NATIONAL CORPORATION 111,875
2,321 LOEWS CORPORATION 203,529
2,161 MBIA INCORPORATED<< 125,273
4,874 METLIFE INCORPORATED 238,729
1,336 MGIC INVESTMENT CORPORATION 83,406
5,165 MILLEA HOLDINGS INCORPORATED 377,562
3,987 OLD REPUBLIC INTERNATIONAL CORPORATION 100,353
1,492 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 112,467
1,392 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 108,145
1,926 PMI GROUP INCORPORATED<< 77,926
4,335 PRINCIPAL FINANCIAL GROUP INCORPORATED 198,543
2,566 PROGRESSIVE CORPORATION 247,388
1,948 PROTECTIVE LIFE CORPORATION 79,926
6,155 PRUDENTIAL FINANCIAL INCORPORATED 396,197
1,791 RADIAN GROUP INCORPORATED 91,663
2,453 SAFECO CORPORATION 127,899
8,942 ST. PAUL COMPANIES INCORPORATED 384,595
916 STANCORP FINANCIAL GROUP INCORPORATED 74,059
4,921 SWISS REINSURANCE COMPANY ADR<< 315,958
1,348 TORCHMARK CORPORATION 71,094
15,077 UNITEDHEALTH GROUP INCORPORATED 776,466
1,944 UNITRIN INCORPORATED 89,755
7,713 WELLPOINT INCORPORATED+ 572,690
10,289 ZURICH FINANCIAL SERVICES AG ADR 181,260
10,276,225
---------------
SHARES SECURITY NAME VALUE
JUSTICE, PUBLIC ORDER & SAFETY - 0.02%
1,552 CORRECTIONS CORPORATION OF AMERICA+ $ 61,459
900 GEO GROUP INCORPORATED+ 25,110
86,569
---------------
LEATHER & LEATHER PRODUCTS - 0.06%
6,262 COACH INCORPORATED+ 207,836
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.05%
4,619 GEORGIA-PACIFIC CORPORATION 148,223
1,029 SKYLINE CORPORATION 40,512
188,735
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.92%
1,912 ADVANCED MEDICAL OPTICS INCORPORATED+<< 75,256
649 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ 33,417
12,547 ADVANTEST CORPORATION ADR 247,427
1,659 AFFYMETRIX INCORPORATED+<< 82,104
6,642 AGILENT TECHNOLOGIES INCORPORATED+ 213,607
3,684 ALIGN TECHNOLOGY INCORPORATED+<< 25,088
1,726 ALLERGAN INCORPORATED 158,878
2,833 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 60,910
817 BADGER METER INCORPORATED 35,785
1,004 BAUSCH & LOMB INCORPORATED 76,093
8,313 BAXTER INTERNATIONAL INCORPORATED 335,263
3,560 BECTON DICKINSON & COMPANY 187,363
3,764 BIOMET INCORPORATED 138,854
8,894 BOSTON SCIENTIFIC CORPORATION+ 239,071
2,020 C.R. BARD INCORPORATED 129,947
1,613 CREDENCE SYSTEMS CORPORATION+ 14,307
3,444 DANAHER CORPORATION 184,461
1,906 DENTSPLY INTERNATIONAL INCORPORATED 100,961
4,384 EASTMAN KODAK COMPANY 106,838
734 FARO TECHNOLOGIES INCORPORATED+ 15,164
1,614 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 104,071
13,404 FUJI PHOTO FILM COMPANY LIMITED ADR 436,300
4,172 GUIDANT CORPORATION 294,710
514 HOLOGIC INCORPORATED+ 24,790
887 INTUITIVE SURGICAL INCORPORATED+<< 65,993
2,521 IRIS INTERNATIONAL INCORPORATED+ 43,840
599 ITRON INCORPORATED+ 27,716
914 LASERSCOPE+<< 26,735
14,428 MEDTRONIC INCORPORATED 822,396
1,432 MENTOR CORPORATION<< 75,323
836 MILLIPORE CORPORATION+<< 53,462
2,892 NEWPORT CORPORATION+ 38,579
9,734 OLYMPUS CORPORATION ADR 190,940
3,801 PERKINELMER INCORPORATED 78,681
6,104 RAYTHEON COMPANY 239,399
1,321 RESMED INCORPORATED+<< 95,561
2,547 RICOH COMPANY LIMITED ADR 198,539
45
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
2,777 ROCKWELL AUTOMATION INCORPORATED $ 144,515
881 SONOSITE INCORPORATED+ 31,540
5,105 ST. JUDE MEDICAL INCORPORATED+ 234,319
3,977 STRYKER CORPORATION 216,945
1,575 TECHNE CORPORATION+<< 89,728
2,130 TEKTRONIX INCORPORATED 53,825
3,703 TERADYNE INCORPORATED+<< 62,210
3,440 THERMO ELECTRON CORPORATION+ 95,976
220 THERMOGENESIS+<< 1,190
2,115 TRIMBLE NAVIGATION LIMITED+ 77,240
2,139 WATERS CORPORATION+ 97,260
1,502 WRIGHT MEDICAL GROUP INCORPORATED+<< 36,303
13,186 XEROX CORPORATION+ 176,824
3,457 ZIMMER HOLDINGS INCORPORATED+ 284,062
6,879,766
---------------
MEDICAL MANAGEMENT SERVICES - 0.03%
1,449 COVENTRY HEALTH CARE INCORPORATED+ 115,920
---------------
METAL MINING - 0.34%
3,187 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 134,396
5,646 NEWMONT MINING CORPORATION 223,469
1,555 PHELPS DODGE CORPORATION 167,209
4,575 RIO TINTO PLC ADR<< 654,911
546 SOUTHERN PERU COPPER CORPORATION 26,743
1,206,728
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
2,159 VULCAN MATERIALS COMPANY 155,124
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.86%
490 ACCO BRANDS CORPORATION+ 12,789
3,121 CALLAWAY GOLF COMPANY 46,534
473 CHARLES & COLVARD LIMITED+<< 9,072
3,588 HASBRO INCORPORATED 74,272
660 JAKKS PACIFIC INCORPORATED+ 10,963
40,332 JOHNSON & JOHNSON 2,556,645
6,165 MATTEL INCORPORATED 111,155
1,069 RC2 CORPORATION+ 41,531
2,824 RUSS BERRIE AND COMPANY INCORPORATED 47,302
587 STEINWAY MUSICAL INSTRUMENTS+ 16,230
2,650 TIFFANY & COMPANY 99,163
2,488 YANKEE CANDLE COMPANY INCORPORATED 68,345
3,094,001
---------------
MISCELLANEOUS RETAIL - 0.65%
3,984 AMAZON.COM INCORPORATED+<< 170,117
47 BLAIR CORPORATION 1,880
1,552 CASH AMERICA INTERNATIONAL INCORPORATED 32,545
6,380 COSTCO WHOLESALE CORPORATION 277,147
11,002 CVS CORPORATION 323,129
2,614 DOLLAR TREE STORES INCORPORATED+ 59,521
2,328 EXPRESS SCRIPTS INCORPORATED+<< 134,698
3,256 MICHAELS STORES INCORPORATED<< 118,193
5,826 OFFICE DEPOT INCORPORATED+ 174,780
SHARES SECURITY NAME VALUE
3,522 PETSMART INCORPORATED $ 90,762
7,449 RITE AID CORPORATION+ 30,392
12,088 STAPLES INCORPORATED 265,452
12,983 WALGREEN COMPANY 601,502
1,814 WORLD FUEL SERVICES CORPORATION 59,318
2,339,436
---------------
MISCELLANEOUS SERVICES - 0.07%
13,428 ADECCO SA ADR<< 161,136
1,426 D&B CORPORATION+ 90,793
251,929
---------------
MOTION PICTURES - 0.65%
37,750 LIBERTY MEDIA CORPORATION CLASS A+<< 313,702
1,945 MACROVISION CORPORATION+ 35,983
18,222 NEWS CORPORATION CLASS A 295,379
56,808 TIME WARNER INCORPORATED 1,017,999
26,274 WALT DISNEY COMPANY 661,842
2,324,905
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.22%
1,296 ARKANSAS BEST CORPORATION 43,636
1,453 CNF INCORPORATED 73,333
2,090 FORWARD AIR CORPORATION 73,735
2,744 LANDSTAR SYSTEM INCORPORATED<< 99,662
7,115 UNITED PARCEL SERVICE INCORPORATED CLASS B 504,383
794,749
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.15%
379 ACCREDITED HOME LENDERS HOLDING COMPANY+ 15,183
12,389 AMERICAN EXPRESS COMPANY 684,368
3,073 AMERICREDIT CORPORATION+ 76,641
3,260 APOLLO INVESTMENT CORPORATION 62,697
3,055 CAPITAL ONE FINANCIAL CORPORATION 251,243
3,482 CIT GROUP INCORPORATED 157,665
7,903 COUNTRYWIDE FINANCIAL CORPORATION 267,042
1,973 DORAL FINANCIAL CORPORATION<< 28,293
11,765 FANNIE MAE 600,486
442 FEDERAL AGRICULTURAL MORTGAGE CORPORATION CLASS C<< 10,325
967 FINANCIAL FEDERAL CORPORATION<< 37,761
8,401 FREDDIE MAC 507,252
15,111 MBNA CORPORATION 380,797
2,354 METRIS COMPANIES INCORPORATED+<< 34,416
5,921 ORIX CORPORATION ADR<< 488,483
5,862 PROVIDIAN FINANCIAL CORPORATION+ 109,033
5,696 SLM CORPORATION 283,376
388 STUDENT LOAN CORPORATION 87,688
1,537 WORLD ACCEPTANCE CORPORATION+ 39,332
4,122,081
---------------
OIL & GAS EXTRACTION - 2.08%
3,090 ANADARKO PETROLEUM CORPORATION 280,788
4,343 APACHE CORPORATION 311,046
23,311 BHP BILLITON LIMITED ADR<< 729,867
46
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,858 BJ SERVICES COMPANY $ 117,203
5,592 BURLINGTON RESOURCES INCORPORATED 412,634
2,108 CABOT OIL & GAS CORPORATION 91,045
1,472 CAL DIVE INTERNATIONAL INCORPORATED+ 91,941
1,136 CHENIERE ENERGY INCORPORATED+ 44,361
2,278 CIMAREX ENERGY COMPANY+<< 97,362
1,854 DENBURY RESOURCES INCORPORATED+<< 83,856
6,922 DEVON ENERGY CORPORATION 420,650
1,741 DIAMOND OFFSHORE DRILLING INCORPORATED<< 102,824
2,069 ENCORE ACQUISITION COMPANY+ 69,787
5,375 ENI SPA ADR<< 796,844
2,544 ENSCO INTERNATIONAL INCORPORATED 103,948
3,505 EOG RESOURCES INCORPORATED 223,724
1,802 FX ENERGY INCORPORATED+<< 21,029
5,899 HALLIBURTON COMPANY 365,561
2,099 HANOVER COMPRESSOR COMPANY+ 31,737
1,715 KERR-MCGEE CORPORATION 150,971
1,361 NOBLE ENERGY INCORPORATED 119,959
4,976 OCCIDENTAL PETROLEUM CORPORATION 413,157
2,206 PIONEER NATURAL RESOURCES COMPANY 108,976
2,956 PRIDE INTERNATIONAL INCORPORATED+<< 74,787
16,306 REPSOL YPF SA ADR 482,005
2,136 ROWAN COMPANIES INCORPORATED 79,459
929 SEACOR SMIT INCORPORATED+ 66,424
587 SPINNAKER EXPLORATION COMPANY+<< 26,397
2,139 ST. MARY LAND & EXPLORATION COMPANY 73,731
1,049 TIDEWATER INCORPORATED<< 46,723
7,867 TOTAL SA ADR<< 1,037,185
383 TRI-VALLEY CORPORATION+<< 3,849
2,480 UNIT CORPORATION+ 129,109
6,133 XTO ENERGY INCORPORATED 244,093
7,453,032
---------------
PAPER & ALLIED PRODUCTS - 0.41%
1,231 BOWATER INCORPORATED 38,198
1,223 GREIF INCORPORATED CLASS A 71,974
5,894 INTERNATIONAL PAPER COMPANY 181,830
5,022 KIMBERLY-CLARK CORPORATION 312,971
4,317 MEADWESTVACO CORPORATION 125,063
188 NEENAH PAPER INCORPORATED 5,696
2,090 OFFICEMAX INCORPORATED 61,760
19,337 STORA ENSO OYJ ADR<< 268,011
2,039 TEMPLE-INLAND INCORPORATED 78,481
16,622 UPM-KYMMENE OYJ ADR<< 333,271
1,477,255
---------------
PERSONAL SERVICES - 0.09%
2,649 CINTAS CORPORATION 109,271
1,237 G & K SERVICES INCORPORATED CLASS A 53,154
4,188 H & R BLOCK INCORPORATED 112,867
1,436 REGIS CORPORATION 58,804
88 UNIFIRST CORPORATION 3,457
337,553
---------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES - 3.37%
1,004 AMERADA HESS CORPORATION $ 127,608
1,531 ASHLAND INCORPORATED 93,069
22,224 BP PLC ADR 1,519,677
26,192 CHEVRONTEXACO CORPORATION 1,608,189
16,535 CONOCOPHILLIPS 1,090,318
81,717 EXXON MOBIL CORPORATION 4,894,848
2,704 FRONTIER OIL CORPORATION 99,102
1,328 HEADWATERS INCORPORATED+ 51,128
5,356 MARATHON OIL CORPORATION 344,444
2,738 MURPHY OIL CORPORATION 149,632
12,978 ROYAL DUTCH SHELL PLC ADR CLASS A 843,051
7,905 ROYAL DUTCH SHELL PLC ADR CLASS B<< 535,485
2,396 SUNOCO INCORPORATED 174,189
1,620 TESORO PETROLEUM CORPORATION 93,636
3,454 VALERO ENERGY CORPORATION 367,851
2,325 WD-40 COMPANY 67,053
12,059,280
---------------
PRIMARY METAL INDUSTRIES - 0.52%
11,735 ALCOA INCORPORATED 314,381
2,619 ALLEGHENY TECHNOLOGIES INCORPORATED 72,337
1,391 CARPENTER TECHNOLOGY CORPORATION 77,479
2,009 COMMSCOPE INCORPORATED+ 37,568
3,252 ENGELHARD CORPORATION 92,519
9,348 JOHNSON MATTHEY PLC ADR<< 380,982
10,578 KUBOTA CORPORATION ADR<< 329,505
602 LONE STAR TECHNOLOGIES INCORPORATED+ 33,291
1,751 MAVERICK TUBE CORPORATION+ 55,769
2,921 NUCOR CORPORATION 164,978
1,531 PRECISION CASTPARTS CORPORATION 148,017
1,782 STEEL DYNAMICS INCORPORATED<< 56,186
2,237 UNITED STATES STEEL CORPORATION 93,775
1,856,787
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.82%
3,536 BELO CORPORATION CLASS A 86,844
1,288 CONSOLIDATED GRAPHICS INCORPORATED+ 49,730
1,640 DOW JONES & COMPANY INCORPORATED<< 66,994
2,741 GANNETT COMPANY INCORPORATED 199,325
1,035 KNIGHT-RIDDER INCORPORATED<< 66,323
381 MARTHA STEWART LIVING OMNIMEDIA INCORPORATED+<< 12,306
5,413 MCGRAW-HILL COMPANIES INCORPORATED 261,015
2,436 NEW YORK TIMES COMPANY CLASS A 77,781
15,366 PEARSON PLC ADR 187,772
5,291 READER'S DIGEST ASSOCIATION INCORPORATED 86,032
13,184 REED ELSEVIER NV ADR<< 369,020
1,983 REYNOLDS & REYNOLDS COMPANY CLASS A 56,595
4,405 RR DONNELLEY & SONS COMPANY 164,571
7,481 TOPPAN PRINTING COMPANY LIMITED ADR<< 370,567
2,901 TRIBUNE COMPANY 108,991
1,967 VALASSIS COMMUNICATIONS INCORPORATED+<< 77,559
47
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
17,419 VIACOM INCORPORATED CLASS B $ 592,072
119 WASHINGTON POST COMPANY CLASS B 99,008
2,932,505
---------------
RAILROAD TRANSPORTATION - 0.23%
4,622 BURLINGTON NORTHERN SANTA FE CORPORATION 245,059
3,198 CSX CORPORATION 140,488
3,831 KANSAS CITY SOUTHERN+<< 77,041
5,949 NORFOLK SOUTHERN CORPORATION 211,844
2,244 UNION PACIFIC CORPORATION 153,198
827,630
---------------
REAL ESTATE - 0.11%
4,244 CATELLUS DEVELOPMENT CORPORATION 148,879
719 CONSOLIDATED-TOMOKA LAND COMPANY 53,925
2,142 JONES LANG LASALLE INCORPORATED 105,665
1,530 NEW CENTURY FINANCIAL CORPORATION<< 65,775
746 PHH CORPORATION+<< 22,559
396,803
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.13%
5,684 BRIDGESTONE CORPORATION 222,992
4,011 GOODYEAR TIRE & RUBBER COMPANY+<< 67,385
1,952 SEALED AIR CORPORATION+ 99,064
3,602 TUPPERWARE CORPORATION 78,956
468,397
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.27%
1,717 AG EDWARDS INCORPORATED 77,626
11,451 AMVESCAP PLC ADR 152,985
1,271 BEAR STEARNS COMPANIES INCORPORATED 127,736
2,153 BKF CAPITAL GROUP INCORPORATED 69,714
825 BLACKROCK INCORPORATED 67,774
14,090 CHARLES SCHWAB CORPORATION 190,638
530 CHICAGO MERCANTILE EXCHANGE 147,128
11,866 CREDIT SUISSE GROUP ADR 517,595
6,532 E*TRADE FINANCIAL CORPORATION+ 104,512
1,887 FEDERATED INVESTORS INCORPORATED CLASS B 58,610
2,508 FRANKLIN RESOURCES INCORPORATED 201,744
3,883 GOLDMAN SACHS GROUP INCORPORATED 431,712
4,641 KNIGHT CAPITAL GROUP INCORPORATED CLASS A+ 39,077
879 LADENBURG THALMANN FINANCIAL SERVICES INCORPORATED+ 440
1,626 LEGG MASON INCORPORATED 169,966
3,278 LEHMAN BROTHERS HOLDINGS INCORPORATED 346,353
10,959 MERRILL LYNCH & COMPANY INCORPORATED 626,416
12,805 MORGAN STANLEY 651,390
24,403 NOMURA HOLDINGS INCORPORATED ADR<< 335,785
1,001 PIPER JAFFRAY COMPANIES INCORPORATED+ 30,520
2,304 STIFEL FINANCIAL CORPORATION+ 59,098
2,070 T ROWE PRICE GROUP INCORPORATED 130,410
4,537,229
---------------
SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.40%
826 CABOT MICROELECTRONICS CORPORATION+<< $ 24,623
19,665 CORNING INCORPORATED+ 392,513
4,556 GENTEX CORPORATION 77,999
8,628 HANSON PLC ADR 452,884
20,684 LAFARGE SA ADR 485,660
1,433,679
---------------
TEXTILE MILL PRODUCTS - 0.03%
995 MOHAWK INDUSTRIES INCORPORATED+ 84,953
716 OXFORD INDUSTRIES INCORPORATED 33,402
118,355
---------------
TOBACCO PRODUCTS - 0.70%
24,689 ALTRIA GROUP INCORPORATED 1,745,512
11,601 BRITISH AMERICAN TOBACCO PLC ADR 471,465
1,425 REYNOLDS AMERICAN INCORPORATED<< 119,614
818 UNIVERSAL CORPORATION 34,045
2,619 UST INCORPORATED<< 111,465
2,095 VECTOR GROUP LIMITED<< 41,900
2,524,001
---------------
TRANSPORTATION BY AIR - 0.36%
4,858 AMR CORPORATION+<< 61,162
40,289 BAA PLC ADR<< 443,107
5,889 DELTA AIR LINES INCORPORATED+<< 6,831
3,895 FEDEX CORPORATION 317,209
21,194 JAPAN AIRLINES SYSTEM ADR+<< 296,546
4,377 NORTHWEST AIRLINES CORPORATION+<< 22,016
11,009 SOUTHWEST AIRLINES COMPANY 146,640
1,293,511
---------------
TRANSPORTATION EQUIPMENT - 1.79%
13,537 BAE SYSTEMS PLC ADR 318,704
10,042 BOEING COMPANY 673,015
4,014 CLARCOR INCORPORATED 113,596
5,674 DAIMLERCHRYSLER AG<< 293,232
2,378 DANA CORPORATION 32,008
9,033 DELPHI CORPORATION<< 50,133
39,016 FIAT SPA ADR<< 345,292
23,920 FORD MOTOR COMPANY 238,482
2,261 GENERAL DYNAMICS CORPORATION 259,088
5,911 GENERAL MOTORS CORPORATION<< 202,097
3,676 GENUINE PARTS COMPANY 168,434
2,295 GOODRICH CORPORATION 105,157
1,480 GREENBRIER COMPANIES INCORPORATED 42,698
1,189 GROUP 1 AUTOMOTIVE INCORPORATED+ 35,194
4,203 HARLEY-DAVIDSON INCORPORATED 207,040
700 HEICO CORPORATION<< 16,835
13,612 HONDA MOTOR COMPANY LIMITED ADR 366,435
10,918 HONEYWELL INTERNATIONAL INCORPORATED 417,941
1,330 ITT INDUSTRIES INCORPORATED 145,130
2,752 JOHNSON CONTROLS INCORPORATED 165,065
1,235 LEAR CORPORATION<< 46,560
4,181 LOCKHEED MARTIN CORPORATION 260,226
1,190 NAVISTAR INTERNATIONAL CORPORATION+ 38,032
4,139 NORTHROP GRUMMAN CORPORATION 232,157
2,887 PACCAR INCORPORATED 202,321
48
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
429 TENNECO AUTOMOTIVE INCORPORATED+ $ 7,778
1,829 TEXTRON INCORPORATED 130,408
7,989 TOYOTA MOTOR CORPORATION ADR<< 654,938
1,108 TRIUMPH GROUP INCORPORATED+ 43,511
11,655 UNITED TECHNOLOGIES CORPORATION 582,750
6,394,257
---------------
TRANSPORTATION SERVICES - 0.10%
3,527 EXPEDIA INCORPORATED+<< 78,511
2,317 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 128,617
2,550 GATX CORPORATION 103,351
2,878 SABRE HOLDINGS CORPORATION 55,200
365,679
---------------
WATER TRANSPORTATION - 0.05%
2,007 ALEXANDER & BALDWIN INCORPORATED 105,187
1,316 KIRBY CORPORATION+ 61,852
167,039
---------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.67%
1,340 AMERISOURCEBERGEN CORPORATION 100,058
1,056 BROWN-FORMAN CORPORATION CLASS B 59,801
5,498 CARDINAL HEALTH INCORPORATED 327,736
2,824 DEAN FOODS COMPANY+ 104,319
876 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 25,097
4,145 MCKESSON CORPORATION 193,447
4,251 MEDCO HEALTH SOLUTIONS INCORPORATED+ 209,447
2,471 NIKE INCORPORATED CLASS B 194,987
5,516 SMURFIT-STONE CONTAINER CORPORATION+ 60,897
8,372 SYSCO CORPORATION 279,457
995 TRACTOR SUPPLY COMPANY+ 51,203
6,257 UNILEVER NV NY SHARES<< 432,984
8,932 UNILEVER PLC ADR<< 362,996
2,402,429
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.67%
2,732 ARROW ELECTRONICS INCORPORATED+ 81,468
2,748 AVNET INCORPORATED+ 68,837
3,238 CYTYC CORPORATION+ 80,788
925 DREW INDUSTRIES INCORPORATED+<< 41,486
2,571 KYOCERA CORPORATION ADR<< 179,327
14,005 MITSUBISHI CORPORATION ADR 457,949
2,212 MITSUI & COMPANY LIMITED ADR 459,034
10,708 NISSAN MOTOR COMPANY LIMITED ADR<< 225,832
1,898 OMNICARE INCORPORATED 99,740
2,760 PEP BOYS-MANNY, MOE & JACK 36,046
2,706 SCP POOL CORPORATION 99,040
44,760 SUMITOMO MITSUI FINANCIAL<< 363,286
4,535 SYCAMORE NETWORKS INCORPORATED+ 16,961
1,454 TECH DATA CORPORATION+<< 53,231
3,049 VISTEON CORPORATION 30,124
1,886 W.W. GRAINGER INCORPORATED 121,308
2,414,457
---------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
TOTAL COMMON STOCKS (COST $197,906,169) $ 230,745,871
---------------
US TREASURY SECURITIES - 33.88%
US TREASURY NOTES - 33.88%
$ 6,975,000 US TREASURY NOTE<< 3.13 09/15/2008 6,833,868
1,000,000 US TREASURY NOTE<< 4.75 11/15/2008 1,027,070
12,780,000 US TREASURY NOTE<< 3.38 12/15/2008 12,595,789
21,160,000 US TREASURY NOTE<< 2.63 03/15/2009 20,306,998
37,050,000 US TREASURY NOTE<< 4.00 06/15/2009 37,251,181
1,270,000 US TREASURY NOTE<< 6.00 08/15/2009 1,369,169
8,150,000 US TREASURY NOTE<< 3.38 09/15/2009 8,008,329
3,700,000 US TREASURY NOTE<< 3.50 11/15/2009 3,650,279
2,150,000 US TREASURY NOTE<< 3.50 02/15/2010 2,118,675
28,000,000 US TREASURY NOTE<< 4.00 03/15/2010 28,157,500
121,318,858
---------------
TOTAL US TREASURY SECURITIES (COST $121,956,827) 121,318,858
---------------
COLLATERAL FOR SECURITIES LENDING - 46.24%
SHARES
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.33%
1,566,000 EVERGREEN MONEY MARKET FUND 1,566,000
2,495,623 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,495,623
709,448 SHORT TERM INVESTMENTS COMPANY MONEY MARKET FUND 709,448
4,771,071
---------------
PRINCIPAL
COLLATERAL INVESTED IN OTHER ASSETS - 44.91%
5,000,000 ATOMIUM FUNDING CORPORATION 3.41 09/12/2005 4,994,600
3,000,000 ATOMIUM FUNDING CORPORATION 3.59 09/26/2005 2,992,530
940,000 BETA FINANCE INCORPORATED 3.64 06/02/2006 940,301
7,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 3.55 09/08/2005 7,000,000
940,000 DEUTSCHE BANK NEW YORK 3.72 11/10/2005 939,998
48,000,000 DEUTSCHE BANK REPURCHASE AGREEMENT (MATURITY VALUE $48,004,773) 3.58 09/01/2005 48,000,000
5,000,000 GALAXY FUNDING INCORPORATED 3.43 09/29/2005 4,986,100
49
WELLS FARGO ADVANTAGE OUTLOOK 2020 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
COLLATERAL FOR SECURITIES LENDING - (CONTINUED)
$ 5,000,000 GEMINI SECURITIZATION INCORPORATED 3.52 09/29/2005 $ 4,986,100
9,000,000 GOLDMAN SACHS REPURCHASE AGREEMENT (MATURITY VALUE $9,000,900) 3.60 09/01/2005 9,000,000
5,000,000 ING USA ANNUITY AND LIFE INSURANCE 3.72 06/06/2006 5,000,000
1,253,000 K2 USA LLC 3.63 07/24/2006 1,253,313
8,000,000 LEGACY CAPITAL CORPORATION LLC 3.54 09/06/2005 7,996,080
6,000,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 3.61 03/16/2006 6,000,000
1,566,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 3.76 12/23/2005 1,566,736
8,000,000 LEXINGTON PARKER CAPITAL CORPORATION 3.66 10/14/2005 7,965,200
3,132,000 LINKS FINANCE LLC 3.56 03/15/2006 3,131,937
4,000,000 LIQUID FUNDING LIMITED 3.49 12/19/2005 4,000,000
2,000,000 LIQUID FUNDING LIMITED 3.51 03/03/2006 2,000,000
1,253,000 MORGAN STANLEY 3.60 08/13/2010 1,253,100
7,000,000 MORGAN STANLEY 3.64 01/13/2006 7,000,000
3,132,000 RACERS TRUST 3.61 05/20/2005 3,132,492
3,132,000 TANGO FINANCE CORPORATION 3.63 10/25/2006 3,132,407
8,000,000 TICONDEROGA FUNDING LLC 3.55 09/20/2005 7,985,040
8,000,000 TOTAL CAPITAL S.A. 3.57 09/01/2005 8,000,000
1,566,000 TRAVELERS INSURANCE COMPANY 3.65 02/10/2006 1,565,969
4,000,000 WHITE PINE FINANCE LLC 3.55 01/18/2006 3,999,840
2,000,000 WHITE PINE FINANCE LLC SERIES MTN 3.57 06/12/2006 2,000,100
160,821,843
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $165,592,914) 165,592,914
---------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
SHORT-TERM INVESTMENTS - 1.24%
US TREASURY BILLS - 1.24%
$ 198,000 US TREASURY BILL<<^ 3.24 09/22/2005 $ 197,626
11,000 US TREASURY BILL<<^ 3.25 09/22/2005 10,979
34,000 US TREASURY BILL<<^ 3.25 09/22/2005 33,936
87,000 US TREASURY BILL<<^ 3.26 09/22/2005 86,835
157,000 US TREASURY BILL<<^ 3.27 09/22/2005 156,701
2,351,000 US TREASURY BILL<<^ 3.27 09/22/2005 2,346,515
231,000 US TREASURY BILL<<^ 3.28 09/22/2005 230,558
446,000 US TREASURY BILL<<^ 3.29 09/22/2005 445,145
83,000 US TREASURY BILL<<^ 3.31 09/22/2005 82,840
840,000 US TREASURY BILL<<^ 3.33 09/22/2005 838,368
4,429,503
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,429,503) 4,429,503
---------------
TOTAL INVESTMENTS IN SECURITIES (COST $489,885,413)* 145.80% $ 522,087,146
OTHER ASSETS AND LIABILITIES, NET (45.80) (163,998,182)
------ ---------------
TOTAL NET ASSETS 100.00% $ 358,088,964
------ ---------------
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE
FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $1,393,083.
THE TOTAL COLLATERAL RECEIVED REPRESENTS 101.73% OF THE VALUE OF THE
PORTFOLIO SECURITIES LOANED.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 77.86%
ADVERTISING - 0.01%
3,255 CENVEO INCORPORATED+ $ 31,378
---------------
AMUSEMENT & RECREATION SERVICES - 0.12%
2,081 HARRAH'S ENTERTAINMENT INCORPORATED 144,755
4,710 INTERNATIONAL GAME TECHNOLOGY 130,561
275,316
---------------
APPAREL & ACCESSORY STORES - 0.35%
1,599 ABERCROMBIE & FITCH COMPANY CLASS A 88,920
2,792 CHICO'S FAS INCORPORATED+ 96,910
6,223 GAP INCORPORATED<< 118,299
3,009 KOHL'S CORPORATION+ 157,822
4,601 LIMITED BRANDS 101,130
3,476 NORDSTROM INCORPORATED 116,724
1,486 PAYLESS SHOESOURCE INCORPORATED+ 27,551
2,595 ROSS STORES INCORPORATED 64,564
771,920
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.39%
11,589 BENETTON GROUP SPA ADR 229,230
1,156 INNOVO GROUP INCORPORATED+ 2,474
1,649 JONES APPAREL GROUP INCORPORATED 46,469
2,026 LIZ CLAIBORNE INCORPORATED 83,127
1,770 VF CORPORATION 104,978
6,096 WACOAL CORPORATION ADR<< 411,785
878,063
---------------
APPLICATIONS SOFTWARE - 0.03%
3,134 CITRIX SYSTEMS INCORPORATED+ 74,589
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.07%
3,123 AUTONATION INCORPORATED+ 64,990
380 AUTOZONE INCORPORATED+ 35,910
2,064 CARMAX INCORPORATED+ 65,759
166,659
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01%
2,307 PACIFIC ETHANOL INCORPORATED+<< 19,263
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.65%
1,725 CENTEX CORPORATION 116,869
1,378 COMSTOCK HOMEBUILDING+ 29,351
4,640 D.R. HORTON INCORPORATED 171,309
1,334 KB HOME 98,930
1,780 LENNAR CORPORATION CLASS A 110,538
1,533 PULTE HOMES INCORPORATED 132,145
49,982 SEKISUI HOUSE LIMITED 546,433
7,477 VIVENDI UNIVERSAL SA ADR 235,899
1,441,474
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.68%
931 FASTENAL COMPANY 56,400
21,303 HOME DEPOT INCORPORATED 858,937
SHARES SECURITY NAME VALUE
8,035 LOWE'S COMPANIES INCORPORATED $ 516,731
1,547 SHERWIN-WILLIAMS COMPANY 71,719
1,503,787
---------------
BUSINESS SERVICES - 4.59%
6,723 3COM CORPORATION+ 22,858
5,562 ADOBE SYSTEMS INCORPORATED<< 150,396
1,414 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 73,457
4,770 APPLIED DIGITAL SOLUTIONS+<< 14,692
1,282 ARBITRON INCORPORATED 53,844
3,176 ARIBA INCORPORATED+ 18,865
3,255 AUTODESK INCORPORATED 140,616
5,861 AUTOMATIC DATA PROCESSING INCORPORATED 250,558
5,783 BEA SYSTEMS INCORPORATED+ 51,006
3,687 BMC SOFTWARE INCORPORATED+ 73,740
3,999 CADENCE DESIGN SYSTEMS INCORPORATED+<< 64,024
11,443 CENDANT CORPORATION 232,751
2,625 CERIDIAN CORPORATION+ 53,287
1,415 CERTEGY INCORPORATED 48,648
1,569 CHOICEPOINT INCORPORATED+ 67,357
704 CLICK COMMERCE INCORPORATED+ 12,609
1,483 COGNEX CORPORATION 44,119
5,501 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED 148,307
2,017 COMPUTER SCIENCES CORPORATION+ 89,857
7,354 COMPUWARE CORPORATION+ 66,627
2,193 CONVERGYS CORPORATION+<< 31,184
2,502 CSK CORPORATION<< 108,211
1,677 DELUXE CORPORATION 66,644
951 DST SYSTEMS INCORPORATED+<< 51,069
11,476 EBAY INCORPORATED+ 464,663
3,002 ECHELON CORPORATION+<< 25,457
2,467 EFUNDS CORPORATION+ 48,106
3,352 ELECTRONIC ARTS INCORPORATED+ 192,003
5,689 ELECTRONIC DATA SYSTEMS CORPORATION 127,434
1,911 ELECTRONICS FOR IMAGING INCORPORATED+ 37,838
1,913 EQUIFAX INCORPORATED 63,206
1,970 FAIR ISAAC CORPORATION 80,514
1,542 FILENET CORPORATION+<< 40,971
7,662 FIRST DATA CORPORATION 318,356
2,173 FISERV INCORPORATED+ 97,503
1,352 GOOGLE INCORPORATED CLASS A+ 386,672
3,159 IMS HEALTH INCORPORATED 85,925
1 INFOSPACE INCORPORATED+ 17
3,641 INTERNET CAPITAL GROUP INCORPORATED+ 29,346
4,877 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 59,158
1,917 INTUIT INCORPORATED+ 87,875
6,415 JUNIPER NETWORKS INCORPORATED+<< 145,877
2,366 KEANE INCORPORATED+<< 27,209
1,699 MACROMEDIA INCORPORATED+ 62,778
1,714 MANPOWER INCORPORATED 77,233
2,517 MCAFEE INCORPORATED+ 77,146
2,124 MENTOR GRAPHICS CORPORATION+<< 18,118
1,543 MERCURY INTERACTIVE CORPORATION+<< 56,582
84,828 MICROSOFT CORPORATION 2,324,287
2,103 MONSTER WORLDWIDE INCORPORATED+ 65,698
51
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,439 MPS GROUP INCORPORATED+ $ 38,035
4,145 NCR CORPORATION+ 141,842
2,649 NDCHEALTH CORPORATION<< 49,828
7,552 NOVELL INCORPORATED+ 49,692
1,781 OMNICOM GROUP INCORPORATED 143,264
37,656 ORACLE CORPORATION+ 488,398
8,662 PARAMETRIC TECHNOLOGY CORPORATION+ 52,492
8,085 REALNETWORKS INCORPORATED+ 43,578
3,823 RED HAT INCORPORATED+ 54,325
17,731 RENTOKIL INITIAL PLC ADR 258,311
2,756 REUTERS GROUP PLC ADR 109,358
2,856 ROBERT HALF INTERNATIONAL INCORPORATED 96,190
1,770 RSA SECURITY INCORPORATED+ 23,258
6,352 SAP AG ADR<< 271,040
6,631 SIEBEL SYSTEMS INCORPORATED 54,706
33,570 SUN MICROSYSTEMS INCORPORATED+ 127,566
2,414 SYBASE INCORPORATED+ 53,905
12,481 SYMANTEC CORPORATION+ 261,851
2,219 SYNOPSYS INCORPORATED+ 42,161
1,603 TOTAL SYSTEM SERVICES INCORPORATED 37,590
4,309 UNISYS CORPORATION+<< 28,655
1,749 VASCO DATA SECURITY INTERNATIONAL INCORPORATED+<< 18,364
3,743 VERISIGN INCORPORATED+ 81,597
2,508 VIAD CORPORATION 72,908
818 WEBSENSE INCORPORATED+<< 40,810
2,022 WEBSIDESTORY INCORPORATED+ 33,646
3,431 WPP GROUP PLC ADR<< 177,280
13,350 YAHOO! INCORPORATED+ 445,089
10,230,437
---------------
CHEMICALS & ALLIED PRODUCTS - 7.65%
5,410 AASTROM BIOSCIENCES INCORPORATED+<< 15,094
14,874 ABBOTT LABORATORIES 671,264
1,871 AIR PRODUCTS & CHEMICALS INCORPORATED 103,653
4,923 AKZO NOBEL NV ADR 203,172
1,438 ALBERTO-CULVER COMPANY CLASS B 61,762
12,081 AMGEN INCORPORATED+ 965,272
8,486 ASTRAZENECA PLC ADR 391,374
757 AVERY DENNISON CORPORATION 40,454
5,485 AVON PRODUCTS INCORPORATED 180,018
1,323 BARR LABORATORIES INCORPORATED+ 60,342
3,883 BIOGEN IDEC INCORPORATED+ 163,668
18,679 BRISTOL-MYERS SQUIBB COMPANY 457,075
1,589 CABOT CORPORATION 52,437
5,680 CHEMTURA CORPORATION 97,469
1,390 CHIRON CORPORATION+ 50,652
10,636 CIBA SPECIALTY CHEMICALS 325,143
5,372 COLGATE PALMOLIVE COMPANY 282,030
1,980 CYPRESS BIOSCIENCE INCORPORATED+ 27,245
3,646 DISCOVERY LABORATORIES INCORPORATED+<< 22,751
9,716 DOW CHEMICAL COMPANY 419,731
9,429 E.I. DU PONT DE NEMOURS AND COMPANY 373,106
1,400 EASTMAN CHEMICAL COMPANY 67,158
2,656 ECOLAB INCORPORATED 87,648
4,800 EISAI COMPANY LIMITED ADR 180,969
9,355 ELI LILLY & COMPANY 514,712
SHARES SECURITY NAME VALUE
2,062 EPIX MEDICAL INCORPORATED+<< $ 17,589
1,857 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 75,004
3,717 FOREST LABORATORIES INCORPORATED+ 165,035
5,114 GENENTECH INCORPORATED+ 480,409
3,045 GENZYME CORPORATION+ 216,713
5,784 GILEAD SCIENCES INCORPORATED+ 248,712
9,800 GILLETTE COMPANY 527,926
14,826 GLAXOSMITHKLINE PLC ADR 722,323
2,581 HOSPIRA INCORPORATED+ 102,827
1,179 IDEXX LABORATORIES INCORPORATED+ 75,503
1,245 IMCLONE SYSTEMS INCORPORATED+ 40,736
1,486 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED<< 53,645
2,911 IVAX CORPORATION+<< 75,395
3,652 KING PHARMACEUTICALS INCORPORATED+ 53,684
1,497 LUBRIZOL CORPORATION 61,901
3,557 LYONDELL CHEMICAL COMPANY 91,771
3,769 MEDIMMUNE INCORPORATED+ 112,806
20,968 MERCK & COMPANY INCORPORATED 591,927
6,277 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 62,833
3,528 MONSANTO COMPANY 225,228
4,504 MOSAIC COMPANY+<< 72,740
3,419 MYLAN LABORATORIES INCORPORATED 62,875
2,316 NASTECH PHARMACEUTICAL COMPANY INCORPORATED+ 32,957
15,618 NOVARTIS AG ADR 761,377
2,359 NOVO NORDISK A/S ADR 122,243
3,614 OLIN CORPORATION<< 67,510
968 OSI PHARMACEUTICALS INCORPORATED+ 31,750
70,056 PFIZER INCORPORATED 1,784,326
1,329 PPG INDUSTRIES INCORPORATED 83,700
3,165 PRAXAIR INCORPORATED 152,869
20,191 PROCTER & GAMBLE COMPANY<< 1,120,197
1,037 RENOVIS INCORPORATED+<< 13,751
8,162 ROCHE HOLDING AG ADR 561,666
1,611 ROHM & HAAS COMPANY 69,934
11,966 SANOFI-AVENTIS ADR<< 511,666
14,887 SCHERING-PLOUGH CORPORATION 318,731
1,535 SEPRACOR INCORPORATED+<< 77,057
12,848 SHISEIDO COMPANY LIMITED<< 179,769
848 SIGMA-ALDRICH CORPORATION 52,915
2,899 STEMCELLS INCORPORATED+<< 15,800
19,980 SYNGENTA AG ADR+ 425,374
2,360 TANOX INCORPORATED+ 31,128
850 VALSPAR CORPORATION 41,063
13,611 WYETH 623,248
17,030,812
---------------
COAL MINING - 0.11%
2,448 MASSEY ENERGY COMPANY<< 124,358
2,276 PENN VIRGINIA CORPORATION 127,638
251,996
---------------
52
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
COMMUNICATIONS - 4.21%
1,791 ADTRAN INCORPORATED $ 46,244
3,539 ALLTEL CORPORATION 219,383
5,643 AMERICAN TOWER CORPORATION CLASS A+<< 134,529
1,339 ANIXTER INTERNATIONAL INCORPORATED+ 51,123
8,755 AT&T CORPORATION 172,298
6,664 AVAYA INCORPORATED+ 67,973
19,027 BELLSOUTH CORPORATION<< 500,220
3,281 BRITISH SKY BROADCASTING GROUP PLC ADR<< 135,801
5,766 BT GROUP PLC ADR 225,508
3,204 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 99,965
2,049 CENTURYTEL INCORPORATED 73,559
9,554 CINCINNATI BELL INCORPORATED+<< 41,369
5,017 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 167,066
22,617 COMCAST CORPORATION CLASS A+ 695,473
17,564 DEUTSCHE TELEKOM AG ADR<< 335,121
8,974 DIRECTV GROUP INCORPORATED+ 142,776
3,258 DOBSON COMMUNICATIONS CORPORATION+ 24,793
3,882 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+ 116,188
8,077 FRANCE TELECOM SA ADR 244,652
960 GLOBAL PAYMENTS INCORPORATED<< 63,149
3,593 HEARST-ARGYLE TELEVISION INCORPORATED 93,310
2,014 IAC INTERACTIVECORP+<< 49,444
2,881 LAGARDERE SCA ADR<< 205,505
2,930 LIBERTY GLOBAL INCORPORATED CLASS A+ 148,697
7,952 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR 173,274
1,663 NTL INCORPORATED+<< 106,232
12,123 NTT DOCOMO INCORPORATED ADR 195,908
5,473 REED ELSEVIER PLC ADR 205,019
33,614 SBC COMMUNICATIONS INCORPORATED 809,425
32,430 SPRINT NEXTEL CORPORATION 840,910
8,392 TDC A/S ADR 223,143
10,869 TELEFONAKTIEBOLAGET LM ERICSSON ADR<< 379,328
10,059 TELEFONICA SA ADR 500,737
1,139 TELEPHONE AND DATA SYSTEMS INCORPORATED 46,528
1,139 TELEPHONE AND DATA SYSTEMS INCORPORATED SHS<< 43,852
3,565 TIME WARNER TELECOM INCORPORATED+ 27,451
26,806 VERIZON COMMUNICATIONS INCORPORATED 876,824
32,680 VODAFONE GROUP PLC ADR<< 890,530
9,373,307
---------------
DEPOSITORY INSTITUTIONS - 8.83%
12,568 ABN AMRO HOLDING NV ADR 303,517
7,968 ALLIED IRISH BANKS PLC ADR 346,210
4,395 AMSOUTH BANCORPORATION 115,676
3,675 ASSOCIATED BANC-CORP 119,585
29,584 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 494,645
38,752 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 477,812
SHARES SECURITY NAME VALUE
34,539 BANK OF AMERICA CORPORATION $ 1,486,213
2,277 BANK OF HAWAII CORPORATION 115,558
8,511 BANK OF NEW YORK COMPANY INCORPORATED 260,181
1,815 BANKNORTH GROUP INCORPORATED 54,577
10,738 BARCLAYS PLC ADR<< 432,742
7,859 BAYERISCHE HYPO-UND VEREINSBANK AG ADR+ 222,110
5,432 BB&T CORPORATION 220,376
4,864 BERKSHIRE HILLS BANCORP INCORPORATED 156,864
10,880 BNP PARIBAS SA ADR 394,397
5,041 CHITTENDEN CORPORATION 135,905
46,568 CITIGROUP INCORPORATED 2,038,281
1,112 CITY NATIONAL CORPORATION 80,109
1,664 COMERICA INCORPORATED 100,655
1,480 COMMERCE BANCSHARES INCORPORATED 79,150
3,259 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED 58,434
2,075 COMMERCIAL FEDERAL CORPORATION 70,363
5,541 COMMUNITY BANK SYSTEM INCORPORATED 130,934
5,466 COMMUNITY BANKS INCORPORATED<< 154,961
2,548 COMPASS BANCSHARES INCORPORATED 119,272
4,186 DEUTSCHE BANK AG<< 364,140
1,028 DOWNEY FINANCIAL CORPORATION<< 65,155
4,242 FIFTH THIRD BANCORP 175,661
1,373 FIRST HORIZON NATIONAL CORPORATION 53,657
1,733 FIRSTFED FINANCIAL CORPORATION+ 99,734
1,763 GOLDEN WEST FINANCIAL CORPORATION 107,525
8,760 HBOS PLC ADR<< 410,980
3,733 HIBERNIA CORPORATION CLASS A 118,523
10,343 HSBC HOLDINGS PLC ADR<< 836,128
3,480 HUNTINGTON BANCSHARES INCORPORATED 83,485
6,065 HYPO REAL ESTATE HOLDING AG ADR 298,360
3,378 IBERIABANK CORPORATION 170,589
34,882 JP MORGAN CHASE & COMPANY 1,182,151
4,109 KEYCORP 136,090
10,096 LLOYDS TSB GROUP PLC ADR<< 336,803
750 M&T BANK CORPORATION 79,965
2,753 MARSHALL & ILSLEY CORPORATION 120,499
3,708 MELLON FINANCIAL CORPORATION 120,325
1,778 MERCANTILE BANKSHARES CORPORATION 95,710
4,215 NATIONAL AUSTRALIA BANK LIMITED ADR<< 499,056
49,782 NATIONAL BANK OF GREECE SA ADR<< 372,369
5,947 NATIONAL CITY CORPORATION 217,839
3,395 NEW YORK COMMUNITY BANCORP INCORPORATED<< 59,684
5,981 NORTH FORK BANCORPORATION INCORPORATED 164,418
2,505 NORTHERN TRUST CORPORATION 124,849
926 PARK NATIONAL CORPORATION 99,082
1,826 PNC FINANCIAL SERVICES GROUP 102,676
5,438 POPULAR INCORPORATED 148,784
5,850 PREMIERWEST BANCORP+<< 82,485
5,363 REGIONS FINANCIAL CORPORATION 175,477
14,214 SANPAOLO IMI SPA ADR<< 409,505
4,039 SKY FINANCIAL GROUP INCORPORATED<< 112,890
15,886 SOCIETE GENERALE ADR 342,099
3,045 STATE STREET CORPORATION 147,165
53
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,202 SUMMIT FINANCIAL GROUP INCORPORATED<< $ 87,030
2,358 SUNTRUST BANKS INCORPORATED 165,720
4,125 SYNOVUS FINANCIAL CORPORATION 118,676
2,581 TCF FINANCIAL CORPORATION<< 73,068
3,088 TRUSTMARK CORPORATION 85,105
3,551 UNITED SECURITY BANCSHARES INCORPORATED 101,310
20,477 US BANCORP 598,338
4,437 VALLEY NATIONAL BANCORP 104,713
16,237 WACHOVIA CORPORATION 805,680
5,275 WASHINGTON FEDERAL INCORPORATED 123,593
6,302 WASHINGTON MUTUAL INCORPORATED<< 262,037
1,067 WEBSTER FINANCIAL CORPORATION 48,997
9,961 WESTPAC BANKING CORPORATION ADR 743,888
3,048 WILMINGTON TRUST CORPORATION 111,130
1,957 WINTRUST FINANCIAL CORPORATION 100,864
872 ZIONS BANCORPORATION 60,918
19,673,452
---------------
EATING & DRINKING PLACES - 0.44%
1,549 BRINKER INTERNATIONAL INCORPORATED+ 57,545
2,402 CHEESECAKE FACTORY INCORPORATED+<< 76,071
2,867 DARDEN RESTAURANTS INCORPORATED 90,053
1,364 JACK IN THE BOX INCORPORATED+<< 48,108
13,248 MCDONALD'S CORPORATION 429,898
1,388 OUTBACK STEAKHOUSE INCORPORATED 57,755
1,049 WENDY'S INTERNATIONAL INCORPORATED 49,450
3,398 YUM! BRANDS INCORPORATED 160,997
969,877
---------------
EDUCATIONAL SERVICES - 0.10%
1,819 APOLLO GROUP INCORPORATED CLASS A+ 143,082
1,964 CAREER EDUCATION CORPORATION+ 76,989
220,071
---------------
ELECTRIC, GAS & SANITARY SERVICES - 3.81%
8,698 AES CORPORATION+ 136,906
2,118 AMEREN CORPORATION 116,342
4,352 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 161,807
8,219 BG GROUP PLC ADR<< 376,019
8,508 CALPINE CORPORATION+<< 26,120
4,177 CENTERPOINT ENERGY INCORPORATED<< 59,355
2,088 CINERGY CORPORATION 91,956
44,025 CLP HOLDINGS LIMITED 256,600
1,711 CONSOLIDATED EDISON INCORPORATED<< 80,263
2,253 CONSTELLATION ENERGY GROUP INCORPORATED 132,364
2,490 DOMINION RESOURCES INCORPORATED 190,435
10,258 DUKE ENERGY CORPORATION 297,379
14,090 E.ON AG ADR 449,471
4,734 EDISON INTERNATIONAL 213,172
9,357 EL PASO CORPORATION 108,541
2,381 ENTERGY CORPORATION 178,361
8,005 EXELON CORPORATION 431,389
3,797 FIRSTENERGY CORPORATION 193,761
3,824 FPL GROUP INCORPORATED 164,776
SHARES SECURITY NAME VALUE
311,940 HONG KONG & CHINA GAS COMPANY LIMITED ADR $ 626,126
4,606 INTERNATIONAL POWER PLC ADR<< 195,801
1,396 KINDER MORGAN INCORPORATED 133,276
2,543 NATIONAL FUEL GAS COMPANY 76,570
6,163 NATIONAL GRID PLC ADR 292,866
3,496 NISOURCE INCORPORATED 84,393
3,182 NSTAR 94,060
1,257 PEOPLES ENERGY CORPORATION 52,253
4,645 PG&E CORPORATION 174,280
1,716 PINNACLE WEST CAPITAL CORPORATION 77,100
5,476 PPL CORPORATION 175,013
1,644 PROGRESS ENERGY INCORPORATED 71,662
2,801 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 180,805
6,339 RELIANT RESOURCES INCORPORATED+<< 79,237
5,337 RWE AG ADR 355,490
1,892 SCANA CORPORATION 80,202
7,756 SCOTTISH POWER PLC ADR<< 281,000
2,684 SEMPRA ENERGY 120,297
4,220 SOUTH JERSEY INDUSTRIES INCORPORATED 124,321
7,889 SOUTHERN COMPANY 271,382
2,889 TXU CORPORATION 280,291
3,748 UGI CORPORATION 103,632
14,457 UNITED UTILITIES PLC ADR<< 339,017
3,895 WASTE MANAGEMENT INCORPORATED 106,840
7,903 WILLIAMS COMPANIES INCORPORATED 177,343
2,223 WPS RESOURCES CORPORATION 128,134
6,748 XCEL ENERGY INCORPORATED 129,831
8,476,239
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.32%
2,507 ADAPTEC INCORPORATED+ 8,323
5,164 ADVANCED MICRO DEVICES INCORPORATED+<< 107,256
7,927 ALCATEL SA ADR+<< 92,508
3,738 ALTERA CORPORATION+ 81,750
2,751 AMERICAN POWER CONVERSION CORPORATION 71,994
3,456 ANALOG DEVICES INCORPORATED 125,971
3,844 ANDREW CORPORATION+ 44,321
3,676 APPLIED MICRO CIRCUITS CORPORATION+ 10,109
4,104 AVX CORPORATION 54,542
3,180 BROADCOM CORPORATION CLASS A+ 138,330
5,959 CANON INCORPORATED ADR 301,823
21,837 CHARTERED SEMICONDUCTOR+<< 145,216
62,216 CISCO SYSTEMS INCORPORATED+ 1,096,246
3,400 COMVERSE TECHNOLOGY INCORPORATED+ 87,652
1,373 CREE INCORPORATED+<< 35,204
3,168 CYPRESS SEMICONDUCTOR+<< 49,516
1,137 DITECH COMMUNICATIONS CORPORATION+ 8,368
2,888 EMERSON ELECTRIC COMPANY 194,305
2,618 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 63,041
7,663 GEMSTAR-TV GUIDE INTERNATIONAL INCORPORATED+ 21,993
100,122 GENERAL ELECTRIC COMPANY 3,365,100
54
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,200 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED $ 124,080
2,554 HARRIS CORPORATION 98,610
1,417 IMATION CORPORATION 59,670
8,890 INFINEON TECHNOLOGIES AG ADR+<< 83,566
2,282 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 24,417
58,667 INTEL CORPORATION 1,508,915
1,151 INTERNATIONAL RECTIFIER CORPORATION+<< 55,363
2,186 INTERSIL CORPORATION CLASS A 45,906
2,808 JABIL CIRCUIT INCORPORATED+ 82,668
15,584 JDS UNIPHASE CORPORATION+ 24,779
1,955 KLA-TENCOR CORPORATION 99,236
7,631 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NEW YORK SHARES 202,603
1,459 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 119,463
2,604 LATTICE SEMICONDUCTOR CORPORATION+ 11,562
2,538 LINEAR TECHNOLOGY CORPORATION 96,266
5,937 LSI LOGIC CORPORATION+<< 57,233
46,626 LUCENT TECHNOLOGIES INCORPORATED+<< 143,608
21,117 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 370,392
3,078 MAXIM INTEGRATED PRODUCTS INCORPORATED 131,277
1,768 MAYTAG CORPORATION 33,415
3,762 MCDATA CORPORATION CLASS A+ 20,240
2,151 MICROCHIP TECHNOLOGY INCORPORATED 66,939
5,829 MICRON TECHNOLOGY INCORPORATED+ 69,423
21,053 MINEBEA COMPANY LIMITED ADR 173,523
1,717 MOLEX INCORPORATED 45,947
24,927 MOTOROLA INCORPORATED 545,403
4,493 NATIONAL SEMICONDUCTOR CORPORATION 112,010
4,346 NETWORK APPLIANCE INCORPORATED+ 103,174
6,113 NIDEC CORPORATION ADR 174,771
19,345 NOKIA OYJ ADR 305,071
2,005 NOVELLUS SYSTEMS INCORPORATED+<< 53,754
2,863 NVIDIA CORPORATION+<< 87,837
8,125 OMRON CORPORATION 179,118
9,125 PIONEER CORPORATION 142,076
1,700 QLOGIC CORPORATION+ 58,752
16,628 QUALCOMM INCORPORATED 660,298
2,270 RF MICRO DEVICES INCORPORATED+<< 14,869
2,421 ROCKWELL COLLINS INCORPORATED 116,523
6,434 SANMINA-SCI CORPORATION+ 32,620
7,633 SANYO ELECTRIC COMPANY LIMITED<< 100,374
2,579 SCIENTIFIC-ATLANTA INCORPORATED 98,673
1,236 SILICON LABORATORIES INCORPORATED+ 38,353
10,056 SIRIUS SATELLITE RADIO INCORPORATED+ 69,185
7,381 SONY CORPORATION ADR 248,149
3,206 SPATIALIGHT INCORPORATED+<< 15,677
2,064 TDK CORPORATION ADR<< 153,830
7,174 TELLABS INCORPORATED+ 63,777
16,680 TEXAS INSTRUMENTS INCORPORATED 545,102
1,739 THOMAS & BETTS CORPORATION+ 61,804
2,022 UNIVERSAL DISPLAY CORPORATION+<< 26,468
4,360 VALENCE TECHNOLOGY INCORPORATED+<< 12,034
SHARES SECURITY NAME VALUE
1,180 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ $ 53,466
2,761 VISHAY INTERTECHNOLOGY INCORPORATED+<< 35,617
373 WHIRLPOOL CORPORATION 28,367
3,399 XILINX INCORPORATED 95,478
14,085,299
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.35%
2,630 CELGENE CORPORATION+<< 132,026
1,373 CEPHALON INCORPORATED+<< 55,634
2,435 DECODE GENETICS INCORPORATED+ 23,644
1,393 FLUOR CORPORATION 86,240
3,372 MOODY'S CORPORATION 165,599
2,805 PAYCHEX INCORPORATED 95,734
2,062 QUEST DIAGNOSTICS INCORPORATED 103,059
6,058 SERVICEMASTER COMPANY 83,237
2,009 TELIK INCORPORATED+ 30,738
775,911
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.25%
2,618 BALL CORPORATION 98,201
2,240 CRANE COMPANY 66,326
375 DYNAMIC MATERIALS CORPORATION<< 15,143
1,934 FORTUNE BRANDS INCORPORATED 168,219
2,372 ILLINOIS TOOL WORKS INCORPORATED 199,912
909 SUN HYDRAULICS CORPORATION 18,171
565,972
---------------
FINANCIAL SERVICES - 0.03%
4,503 JANUS CAPITAL GROUP INCORPORATED 63,627
---------------
FOOD & KINDRED PRODUCTS - 2.68%
2,833 ANHEUSER-BUSCH COMPANIES INCORPORATED 125,530
7,433 ARCHER-DANIELS-MIDLAND COMPANY 167,317
8,334 CADBURY SCHWEPPES PLC ADR<< 332,360
2,171 CAMPBELL SOUP COMPANY 63,827
15,632 COCA-COLA COMPANY 687,808
2,983 COCA-COLA ENTERPRISES INCORPORATED 66,670
42,986 COMPASS GROUP PLC ADR<< 192,702
4,617 CONAGRA FOODS INCORPORATED 105,406
3,334 DEL MONTE FOODS COMPANY+<< 36,041
7,748 DIAGEO PLC ADR<< 447,137
3,247 FLOWERS FOODS INCORPORATED 88,416
2,276 GENERAL MILLS INCORPORATED<< 104,969
17,920 GROUPE DANONE ADR 381,696
1,242 HANSEN NATURAL CORPORATION+<< 61,665
2,291 HERSHEY FOODS CORPORATION<< 135,375
2,936 HJ HEINZ COMPANY 105,461
1,794 HORMEL FOODS CORPORATION 57,211
1,888 JM SMUCKER COMPANY 90,095
2,877 KELLOGG COMPANY 130,414
26,115 KIRIN BREWERY COMPANY LIMITED 264,806
1,456 KRAFT FOODS INCORPORATED CLASS A 45,136
1,886 MCCORMICK & COMPANY INCORPORATED<< 63,954
367 MOLSON COORS BREWING COMPANY 23,528
12,934 NESTLE SA ADR 904,440
2,497 PEPSI BOTTLING GROUP INCORPORATED 73,612
55
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
2,752 PEPSIAMERICAS INCORPORATED $ 69,406
14,328 PEPSICO INCORPORATED 785,891
7,962 SARA LEE CORPORATION 151,278
1,663 SMITHFIELD FOODS INCORPORATED+ 46,315
373 TREEHOUSE FOODS INCORPORATED+<< 11,227
3,100 TYSON FOODS INCORPORATED CLASS A 55,118
1,418 WM. WRIGLEY JR. COMPANY 100,749
5,975,560
---------------
FOOD STORES - 0.75%
2,684 ALBERTSON'S INCORPORATED<< 54,029
8,000 COLES MYER LIMITED ADR 476,000
17,784 KONINKLIJKE AHOLD NV ADR+ 158,811
4,781 KROGER COMPANY+ 94,377
3,523 SAFEWAY INCORPORATED 83,601
4,945 STARBUCKS CORPORATION+ 242,503
25,152 TESCO PLC ADR<< 442,761
891 WHOLE FOODS MARKET INCORPORATED<< 115,170
1,667,252
---------------
FORESTRY - 0.03%
1,169 WEYERHAEUSER COMPANY 76,008
---------------
FURNITURE & FIXTURES - 0.25%
1,076 ETHAN ALLEN INTERIORS INCORPORATED 34,669
1,915 HERMAN MILLER INCORPORATED 57,259
530 HILLENBRAND INDUSTRIES INCORPORATED 26,378
1,563 HNI CORPORATION 90,107
1,419 HOOKER FURNITURE CORPORATION 25,712
2,989 LEGGETT & PLATT INCORPORATED 72,364
5,847 MASCO CORPORATION 179,386
3,203 NEWELL RUBBERMAID INCORPORATED 75,046
560,921
---------------
GENERAL MERCHANDISE STORES - 1.00%
2,694 BIG LOTS INCORPORATED+ 31,816
1,486 BJ'S WHOLESALE CLUB INCORPORATED+ 42,425
3,684 DOLLAR GENERAL CORPORATION 70,217
1,880 FAMILY DOLLAR STORES INCORPORATED 37,374
2,522 FEDERATED DEPARTMENT STORES INCORPORATED 173,957
2,958 JC PENNEY COMPANY INCORPORATED 143,847
3,174 SAKS INCORPORATED+ 68,908
765 SEARS HOLDINGS CORPORATION+ 103,933
9,177 TARGET CORPORATION 493,264
5,012 TJX COMPANIES INCORPORATED 104,801
21,160 WAL-MART STORES INCORPORATED 951,354
2,221,896
---------------
HEALTH SERVICES - 0.44%
5,604 CAREMARK RX INCORPORATED+ 261,875
4,153 HCA INCORPORATED 204,743
3,281 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 79,794
1,879 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 92,672
1,236 LIFEPOINT HOSPITALS INCORPORATED+ 56,213
5,900 TENET HEALTHCARE CORPORATION+ 71,862
SHARES SECURITY NAME VALUE
1,572 TRIAD HOSPITALS INCORPORATED+ $ 75,676
789 UNIVERSAL HEALTH SERVICES CLASS B 40,326
2,508 VALEANT PHARMACEUTICALS INTERNATIONAL 50,110
1,315 WATSON PHARMACEUTICALS INCORPORATED+ 45,341
978,612
---------------
HOLDING & OTHER INVESTMENT OFFICES - 1.55%
1,541 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 126,285
929 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 37,067
2,397 ARCHSTONE-SMITH TRUST 96,599
2,954 ARDEN REALTY INCORPORATED 112,695
968 AVALONBAY COMMUNITIES INCORPORATED<< 81,351
4,505 BEDFORD PROPERTY INVESTORS 103,840
729 BOSTON PROPERTIES INCORPORATED<< 51,868
2,836 CARRAMERICA REALTY CORPORATION 102,351
2,364 CBL & ASSOCIATES PROPERTIES INCORPORATED 100,281
6,288 CEDAR SHOPPING CENTERS INCORPORATED 92,308
2,089 CENTERPOINT PROPERTIES 88,072
4,104 CRESCENT REAL ESTATE EQUITIES COMPANY<< 80,562
3,172 DISCOVERY HOLDING COMPANY+<< 48,024
1,593 DUKE REALTY CORPORATION 52,155
3,142 ENTERTAINMENT PROPERTIES TRUST 143,150
1,593 EQUITY OFFICE PROPERTIES TRUST 53,047
1,775 EQUITY RESIDENTIAL 67,042
3,016 GENERAL GROWTH PROPERTIES INCORPORATED<< 135,991
3,304 HIGHWOODS PROPERTIES INCORPORATED 102,028
4,211 HOST MARRIOTT CORPORATION 73,650
1,026 ISTAR FINANCIAL INCORPORATED 42,548
3,101 KILROY REALTY CORPORATION<< 163,454
2,354 KIMCO REALTY CORPORATION 74,434
3,581 LASALLE HOTEL PROPERTIES 120,930
996 MACK-CALI REALTY CORPORATION 43,874
34,946 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 361,691
8,689 ONE LIBERTY PROPERTIES INCORPORATED 176,908
1,191 PAN PACIFIC RETAIL PROPERTY 78,928
3,069 PLUM CREEK TIMBER COMPANY 112,786
645 PUBLIC STORAGE INCORPORATED<< 43,550
1,217 SIMON PROPERTY GROUP INCORPORATED 92,577
4,041 SOVRAN SELF STORAGE INCORPORATED<< 187,502
4,933 TANGER FACTORY OUTLET CENTERS INCORPORATED 136,743
717 VORNADO REALTY TRUST 61,676
3,445,967
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.23%
3,561 BED BATH & BEYOND INCORPORATED+ 144,399
4,687 BEST BUY COMPANY INCORPORATED<< 223,382
3,709 CIRCUIT CITY STORES INCORPORATED 62,645
2,454 PIER 1 IMPORTS INCORPORATED 30,552
1,645 RADIO SHACK CORPORATION<< 41,224
502,202
---------------
56
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.27%
2,040 GAYLORD ENTERTAINMENT COMPANY+<< $ 86,904
4,340 HILTON HOTELS CORPORATION 100,558
2,030 LODGIAN INCORPORATED+ 21,254
1,926 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 121,742
2,046 MGM MIRAGE+ 86,464
1,137 RIVIERA HOLDINGS CORPORATED+ 29,482
2,745 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 160,034
606,438
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.77%
6,602 3M COMPANY<< 469,732
2,413 AMERICAN STANDARD COMPANIES INCORPORATED 110,033
8,749 APPLE COMPUTER INCORPORATED+ 410,591
15,930 APPLIED MATERIALS INCORPORATED 291,678
1,420 AXCELIS TECHNOLOGIES INCORPORATED+ 8,378
2,197 BAKER HUGHES INCORPORATED 129,074
1,302 BLACK & DECKER CORPORATION 111,061
4,970 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 19,830
7,254 CATERPILLAR INCORPORATED 402,524
1,091 CDW CORPORATION<< 64,456
1,679 CIRRUS LOGIC INCORPORATED+ 13,264
574 COOPER CAMERON CORPORATION+<< 41,414
2,531 DEERE & COMPANY 165,477
23,668 DELL INCORPORATED+ 842,581
598 DIEBOLD INCORPORATED 28,704
2,185 DOVER CORPORATION 88,929
1,703 EATON CORPORATION 108,856
24,977 EMC CORPORATION+ 321,204
5,492 ENTEGRIS INCORPORATED+ 57,501
5,113 GATEWAY INCORPORATED+ 15,544
3,572 GRANT PRIDECO INCORPORATED+<< 131,664
28,989 HEWLETT-PACKARD COMPANY 804,735
2,726 HITACHI LIMITED ADR 167,813
13,855 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,116,990
5,588 KOMATSU LIMITED ADR 246,378
1,973 LAM RESEARCH CORPORATION+<< 62,544
1,320 LEXMARK INTERNATIONAL INCORPORATED+<< 83,134
19,489 MAKITA CORPORATION 386,272
5,011 MAXTOR CORPORATION+<< 24,353
2,436 NATIONAL-OILWELL INCORPORATED+ 156,416
30,316 NEC CORPORATION ADR 163,403
1,156 NORDSON CORPORATION 41,061
2,818 PALL CORPORATION 80,595
757 PALM INCORPORATED+ 25,874
546 PAR TECHNOLOGY CORPORATION+ 13,628
1,598 PARKER HANNIFIN CORPORATION 102,975
1,278 PITNEY BOWES INCORPORATED 55,273
2,542 SANDISK CORPORATION+ 98,706
5,499 SIEMENS AG ADR<< 420,673
SHARES SECURITY NAME VALUE
2,900 SMITH INTERNATIONAL INCORPORATED<< $ 100,746
13,390 SOLECTRON CORPORATION+ 54,899
1,174 SPX CORPORATION 53,464
1,934 STANLEY WORKS 88,480
2,107 STORAGE TECHNOLOGY CORPORATION+ 77,854
4,675 SYMBOL TECHNOLOGIES INCORPORATED 42,917
2,218 VARIAN MEDICAL SYSTEMS INCORPORATED+ 88,321
8,389,999
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.15%
3,916 AON CORPORATION 117,167
309 JEFFERSON-PILOT CORPORATION 15,367
5,040 MARSH & MCLENNAN COMPANIES INCORPORATED 141,372
3,436 UNUMPROVIDENT CORPORATION<< 66,383
340,289
---------------
INSURANCE CARRIERS - 3.59%
4,414 21ST CENTURY INSURANCE GROUP 65,548
3,471 AETNA INCORPORATED 276,535
4,695 AFLAC INCORPORATED 202,918
212 ALLEGHANY CORPORATION+<< 63,123
22,157 ALLIANZ AG ADR<< 288,263
1,522 ALLMERICA FINANCIAL CORPORATION+ 61,961
5,133 ALLSTATE CORPORATION 288,526
830 AMBAC FINANCIAL GROUP INCORPORATED 56,921
1,733 AMERICAN FINANCIAL GROUP INCORPORATED 58,107
21,110 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,249,712
231 AMERICAN NATIONAL INSURANCE COMPANY 25,646
1,754 AMERUS GROUP COMPANY<< 97,031
8,217 AXA ADR<< 219,394
1,544 CHUBB CORPORATION 134,266
1,499 CIGNA CORPORATION 172,865
1,704 CINCINNATI FINANCIAL CORPORATION<< 69,830
2,795 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 204,175
1,902 HEALTH NET INCORPORATED+ 87,701
12,651 ING GROUP NV ADR<< 369,662
1,810 LINCOLN NATIONAL CORPORATION 89,758
1,717 LOEWS CORPORATION 150,564
203 MARKEL CORPORATION+ 65,924
1,286 MBIA INCORPORATED<< 74,549
918 MERCURY GENERAL CORPORATION<< 53,914
4,366 METLIFE INCORPORATED 213,847
975 MGIC INVESTMENT CORPORATION 60,869
3,906 MILLEA HOLDINGS INCORPORATED 285,529
2,008 OLD REPUBLIC INTERNATIONAL CORPORATION 50,541
1,510 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 113,824
1,012 PMI GROUP INCORPORATED<< 40,945
3,452 PRINCIPAL FINANCIAL GROUP INCORPORATED 158,102
2,124 PROGRESSIVE CORPORATION 204,775
1,849 PROTECTIVE LIFE CORPORATION 75,864
5,954 PRUDENTIAL FINANCIAL INCORPORATED 383,259
1,080 RADIAN GROUP INCORPORATED 55,274
1,983 RLI CORPORATION 91,416
1,509 SAFECO CORPORATION 78,679
57
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
5,989 ST. PAUL COMPANIES INCORPORATED $ 257,587
844 TORCHMARK CORPORATION 44,513
199 TRANSATLANTIC HOLDING INCORPORATED 11,542
996 TRIAD GUARANTY INCORPORATED+ 42,061
12,902 UNITEDHEALTH GROUP INCORPORATED 664,453
1,964 UNITRIN INCORPORATED 90,678
6,633 WELLPOINT INCORPORATED+ 492,500
8,392 ZURICH FINANCIAL SERVICES AG ADR 147,841
7,990,992
---------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.02%
1,537 GEO GROUP INCORPORATED+ 42,882
---------------
LEATHER & LEATHER PRODUCTS - 0.09%
5,753 COACH INCORPORATED+ 190,942
---------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE - 0.04%
2,837 GEORGIA-PACIFIC CORPORATION 91,039
---------------
MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 2.21%
2,024 ADVANCED MEDICAL OPTICS INCORPORATED+<< 79,665
7,032 ADVANTEST CORPORATION ADR 138,671
1,473 AFFYMETRIX INCORPORATED+<< 72,899
5,164 AGILENT TECHNOLOGIES INCORPORATED+ 166,074
1,333 ALLERGAN INCORPORATED 122,703
2,984 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 64,156
1,009 BAUSCH & LOMB INCORPORATED 76,472
6,103 BAXTER INTERNATIONAL INCORPORATED 246,134
1,015 BECKMAN COULTER INCORPORATED 56,627
2,927 BECTON DICKINSON & COMPANY 154,048
2,863 BIOMET INCORPORATED 105,616
7,189 BOSTON SCIENTIFIC CORPORATION+ 193,240
1,609 C.R. BARD INCORPORATED 103,507
1,374 DENTSPLY INTERNATIONAL INCORPORATED 72,781
3,589 EASTMAN KODAK COMPANY 87,464
1,336 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 86,145
10,067 FUJI PHOTO FILM COMPANY LIMITED ADR 327,681
3,405 GUIDANT CORPORATION 240,529
12,331 MEDTRONIC INCORPORATED 702,867
1,031 MILLIPORE CORPORATION+<< 65,932
7,800 OLYMPUS CORPORATION ADR 153,003
3,485 PERKINELMER INCORPORATED 72,140
4,462 RAYTHEON COMPANY 175,000
2,026 RICOH COMPANY LIMITED ADR 157,927
2,410 ROCKWELL AUTOMATION INCORPORATED 125,416
1,600 SOMANETICS CORPORATION+<< 35,328
4,129 ST. JUDE MEDICAL INCORPORATED+ 189,521
2,542 STERIS CORPORATION 63,398
1,572 SYBRON DENTAL SPECIALTIES INCORPORATED+ 60,946
2,160 TEKTRONIX INCORPORATED 54,583
3,028 TERADYNE INCORPORATED+<< 50,870
2,774 THERMO ELECTRON CORPORATION+ 77,395
SHARES SECURITY NAME VALUE
4,919 THERMOGENESIS+ $ 26,612
1,164 VARIAN INCORPORATED+<< 41,438
1,728 VITAL IMAGES INCORPORATED+ 33,731
1,694 WATERS CORPORATION+ 77,026
10,296 XEROX CORPORATION+ 138,069
2,889 ZIMMER HOLDINGS INCORPORATED+ 237,389
4,933,003
---------------
MEDICAL MANAGEMENT SERVICES - 0.05%
1,482 COVENTRY HEALTH CARE INCORPORATED+<< 118,560
---------------
METAL MINING - 0.39%
5,140 NEWMONT MINING CORPORATION 203,441
1,278 PHELPS DODGE CORPORATION 137,423
3,726 RIO TINTO PLC ADR 533,377
874,241
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
1,434 VULCAN MATERIALS COMPANY 103,033
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.90%
454 ACCO BRANDS CORPORATION+ 11,849
3,777 CALLAWAY GOLF COMPANY 56,315
952 CHARLES AND COLVARD LIMITED+<< 18,259
4,067 HASBRO INCORPORATED 84,187
26,376 JOHNSON & JOHNSON 1,671,975
5,421 MATTEL INCORPORATED 97,741
1,656 TIFFANY & COMPANY 61,968
2,002,294
---------------
MISCELLANEOUS RETAIL - 0.85%
3,644 AMAZON.COM INCORPORATED+<< 155,599
1,653 BARNES & NOBLE INCORPORATED 62,434
1,722 BORDERS GROUP INCORPORATED 39,313
4,992 COSTCO WHOLESALE CORPORATION 216,852
8,076 CVS CORPORATION 237,192
1,802 DILLARDS INCORPORATED CLASS A 40,563
1,524 DOLLAR TREE STORES INCORPORATED+ 34,701
2,124 EXPRESS SCRIPTS INCORPORATED+<< 122,895
529 GAMESTOP CORPORATION - CLASS B+ 15,944
2,196 MICHAELS STORES INCORPORATED<< 79,715
4,215 OFFICE DEPOT INCORPORATED+ 126,450
2,441 PETSMART INCORPORATED 62,905
7,157 RITE AID CORPORATION+ 29,201
8,509 STAPLES INCORPORATED 186,858
10,380 WALGREEN COMPANY 480,905
1,891,527
---------------
MISCELLANEOUS SERVICES - 0.10%
10,124 ADECCO SA ADR 121,488
1,130 D&B CORPORATION+ 71,947
1,153 TOREADOR RESOURCES CORPORATION+ 36,723
230,158
---------------
MOTION PICTURES - 0.79%
31,723 LIBERTY MEDIA CORPORATION CLASS A+<< 263,618
2,108 MACROVISION CORPORATION+ 38,998
58
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
4,266 NEWS CORPORATION CLASS A $ 69,152
46,178 TIME WARNER INCORPORATED 827,510
22,001 WALT DISNEY COMPANY 554,205
1,753,483
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.25%
1,686 CNF INCORPORATED 85,093
6,361 UNITED PARCEL SERVICE INCORPORATED CLASS B 450,931
1,026 USA TRUCK INCORPORATED+ 24,696
560,720
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.42%
10,743 AMERICAN EXPRESS COMPANY 593,443
2,611 CAPITAL ONE FINANCIAL CORPORATION 214,729
2,989 CIT GROUP INCORPORATED 135,342
6,743 COUNTRYWIDE FINANCIAL CORPORATION 227,846
9,301 FANNIE MAE 474,723
2,039 FEDERAL AGRICULTURAL MORTGAGE CORPORATION CLASS C<< 47,631
6,585 FREDDIE MAC 397,602
12,245 MBNA CORPORATION 308,574
4,230 ORIX CORPORATION ADR<< 348,975
4,616 PROVIDIAN FINANCIAL CORPORATION+ 85,858
4,979 SLM CORPORATION 247,705
376 STUDENT LOAN CORPORATION 84,976
3,167,404
---------------
OIL & GAS EXTRACTION - 2.49%
2,227 ANADARKO PETROLEUM CORPORATION 202,368
2,552 APACHE CORPORATION 182,774
18,337 BHP BILLITON LIMITED ADR<< 574,131
1,519 BJ SERVICES COMPANY 95,819
3,915 BURLINGTON RESOURCES INCORPORATED 288,888
2,365 CABOT OIL AND GAS CORPORATION 102,144
2,403 DENBURY RESOURCES INCORPORATED+<< 108,688
4,588 DEVON ENERGY CORPORATION 278,813
1,018 DIAMOND OFFSHORE DRILLING INCORPORATED<< 60,123
3,439 ENCORE ACQUISITION COMPANY+ 115,997
4,863 ENI SPA ADR<< 720,940
1,827 ENSCO INTERNATIONAL INCORPORATED 74,651
2,558 EOG RESOURCES INCORPORATED 163,277
806 EQUITABLE RESOURCES INCORPORATED 60,772
4,932 HALLIBURTON COMPANY 305,636
989 KERR-MCGEE CORPORATION 87,062
915 NOBLE ENERGY INCORPORATED 80,648
3,239 OCCIDENTAL PETROLEUM CORPORATION 268,934
3,658 PATTERSON-UTI ENERGY INCORPORATED 124,445
1,925 PIONEER NATURAL RESOURCES COMPANY 95,095
1,126 POGO PRODUCING COMPANY 63,056
13,042 REPSOL YPF SA ADR 385,522
1,899 ROWAN COMPANIES INCORPORATED 70,643
1,371 STONE ENERGY CORPORATION+ 71,827
5,499 TOTAL SA ADR<< 724,988
SHARES SECURITY NAME VALUE
1,669 TRI-VALLEY CORPORATION+<< $ 16,773
5,372 XTO ENERGY INCORPORATED 213,806
5,537,820
---------------
PAPER & ALLIED PRODUCTS - 0.54%
1,144 BEMIS COMPANY INCORPORATED 29,916
1,628 BOWATER INCORPORATED 50,517
1,244 GREIF INCORPORATED CLASS A<< 73,209
3,865 INTERNATIONAL PAPER COMPANY 119,235
4,174 KIMBERLY-CLARK CORPORATION 260,124
2,471 MEADWESTVACO CORPORATION 71,585
145 NEENAH PAPER INCORPORATED 4,394
941 OFFICEMAX INCORPORATED 27,807
2,752 PACTIV CORPORATION+ 53,416
1,522 SONOCO PRODUCTS COMPANY 43,270
13,688 STORA ENSO OYJ ADR<< 189,716
984 TEMPLE-INLAND INCORPORATED 37,874
11,686 UPM-KYMMENE OYJ ADR<< 234,304
1,195,367
---------------
PERSONAL SERVICES - 0.14%
1,980 CINTAS CORPORATION 81,675
1,345 G & K SERVICES INCORPORATED CLASS A 57,795
3,812 H & R BLOCK INCORPORATED 102,733
1,468 REGIS CORPORATION 60,115
302,318
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 4.02%
1,002 AMERADA HESS CORPORATION 127,354
16,665 BP PLC ADR 1,139,553
18,797 CHEVRONTEXACO CORPORATION 1,154,136
13,664 CONOCOPHILLIPS 901,004
59,012 EXXON MOBIL CORPORATION 3,534,819
1,792 FRONTIER OIL CORPORATION 65,677
3,318 MARATHON OIL CORPORATION 213,381
2,300 MURPHY OIL CORPORATION 125,695
9,863 ROYAL DUTCH SHELL PLC ADR CLASS A 640,700
6,376 ROYAL DUTCH SHELL PLC ADR CLASS B 431,910
2,468 SUNOCO INCORPORATED 179,424
1,681 TESORO PETROLEUM CORPORATION 97,162
3,181 VALERO ENERGY CORPORATION 338,776
8,949,591
---------------
PRIMARY METAL INDUSTRIES - 0.59%
10,131 ALCOA INCORPORATED 271,410
2,633 ALLEGHENY TECHNOLOGIES INCORPORATED 72,723
1,761 COMMSCOPE INCORPORATED+<< 32,931
2,394 ENGELHARD CORPORATION 68,109
950 HUBBELL INCORPORATED CLASS B 42,940
7,885 JOHNSON MATTHEY PLC ADR<< 321,356
7,171 KUBOTA CORPORATION ADR 223,377
2,797 NUCOR CORPORATION 157,975
1,306 PRECISION CASTPARTS CORPORATION 126,264
1,317,085
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.09%
2,552 AMERICAN GREETINGS CORPORATION CLASS A 64,795
2,592 BELO CORPORATION CLASS A 63,659
59
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,289 DOW JONES & COMPANY INCORPORATED<< $ 52,656
1,074 EW SCRIPPS COMPANY CLASS A 53,700
1,832 GANNETT COMPANY INCORPORATED 133,223
2,004 HARTE HANKS INCORPORATED 51,423
5,819 HOLLINGER INTERNATIONAL INCORPORATED 59,121
606 KNIGHT-RIDDER INCORPORATED<< 38,832
3,894 MCGRAW-HILL COMPANIES INCORPORATED 187,769
1,158 MEREDITH CORPORATION 56,858
1,399 NEW YORK TIMES COMPANY CLASS A 44,670
9,879 PEARSON PLC ADR 120,721
4,550 READER'S DIGEST ASSOCIATION INCORPORATED 73,983
10,822 REED ELSEVIER NV ADR<< 302,908
1,843 REYNOLDS & REYNOLDS COMPANY CLASS A 52,599
3,175 RR DONNELLEY & SONS COMPANY 118,618
5,120 TOPPAN PRINTING COMPANY LIMITED ADR 253,616
1,489 TRIBUNE COMPANY 55,942
1,363 VALASSIS COMMUNICATIONS INCORPORATED+<< 53,743
14,847 VIACOM INCORPORATED CLASS B 504,650
110 WASHINGTON POST COMPANY CLASS B 91,520
2,435,006
---------------
RAILROAD TRANSPORTATION - 0.26%
3,917 BURLINGTON NORTHERN SANTA FE CORPORATION 207,679
1,976 CSX CORPORATION 86,806
3,750 KANSAS CITY SOUTHERN+<< 75,413
4,517 NORFOLK SOUTHERN CORPORATION 160,850
838 UNION PACIFIC CORPORATION 57,210
587,958
---------------
REAL ESTATE - 0.10%
3,006 CATELLUS DEVELOPMENT CORPORATION 105,451
3,018 FOREST CITY ENTERPRISES INCORPORATED CLASS A 107,320
572 PHH CORPORATION+<< 17,297
230,068
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.13%
3,965 BRIDGESTONE CORPORATION 155,554
3,739 GOODYEAR TIRE & RUBBER COMPANY+<< 62,815
1,347 SEALED AIR CORPORATION+ 68,360
286,729
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.60%
1,404 AG EDWARDS INCORPORATED 63,475
7,165 AMVESCAP PLC ADR 95,724
1,069 BEAR STEARNS COMPANIES INCORPORATED 107,435
13,349 CHARLES SCHWAB CORPORATION 180,612
9,140 CREDIT SUISSE GROUP ADR 398,687
2,222 FRANKLIN RESOURCES INCORPORATED 178,738
2,507 GAMCO INVESTORS INCORPORATED CLASS A 112,464
3,374 GOLDMAN SACHS GROUP INCORPORATED 375,121
1,585 LEGG MASON INCORPORATED 165,680
2,944 LEHMAN BROTHERS HOLDINGS INCORPORATED 311,063
9,683 MERRILL LYNCH & COMPANY INCORPORATED 553,480
SHARES SECURITY NAME VALUE
11,176 MORGAN STANLEY $ 568,523
19,048 NOMURA HOLDINGS INCORPORATED ADR<< 262,101
1,417 PIPER JAFFRAY COMPANIES INCORPORATED+ 43,204
2,263 T ROWE PRICE GROUP INCORPORATED 142,569
3,558,876
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.61%
801 CABOT MICROELECTRONICS CORPORATION+<< 23,878
15,560 CORNING INCORPORATED+ 310,578
1,181 EAGLE MATERIALS INCORPORATED 133,028
4,112 GENTEX CORPORATION 70,397
6,973 HANSON PLC ADR 366,013
15,251 LAFARGE SA ADR 358,093
3,774 OWENS-ILLINOIS INCORPORATED+ 97,369
1,359,356
---------------
TEXTILE MILL PRODUCTS - 0.02%
651 MOHAWK INDUSTRIES INCORPORATED+ 55,582
---------------
TOBACCO PRODUCTS - 0.85%
18,568 ALTRIA GROUP INCORPORATED 1,312,757
9,028 BRITISH AMERICAN TOBACCO PLC ADR 366,898
1,306 REYNOLDS AMERICAN INCORPORATED<< 109,626
2,313 UST INCORPORATED<< 98,441
1,887,722
---------------
TRANSPORTATION BY AIR - 0.44%
3,119 AMR CORPORATION+<< 39,268
31,998 BAA PLC ADR<< 351,921
1,890 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 25,269
1,215 DELTA AIR LINES INCORPORATED+<< 1,410
3,580 FEDEX CORPORATION 291,555
14,133 JAPAN AIRLINES SYSTEM ADR+ 197,749
2,574 NORTHWEST AIRLINES CORPORATION+<< 12,947
4,837 SOUTHWEST AIRLINES COMPANY 64,429
984,548
---------------
TRANSPORTATION EQUIPMENT - 2.35%
1,930 AUTOLIV INCORPORATED<< 85,885
10,700 BAE SYSTEMS PLC ADR 251,912
8,268 BOEING COMPANY 554,121
2,221 BRUNSWICK CORPORATION 97,724
4,639 DAIMLERCHRYSLER AG<< 239,743
3,152 DANA CORPORATION 42,426
7,273 DELPHI CORPORATION<< 40,365
25,715 FIAT SPA ADR<< 227,578
17,041 FORD MOTOR COMPANY 169,899
1,748 GENERAL DYNAMICS CORPORATION 200,303
4,085 GENERAL MOTORS CORPORATION<< 139,666
2,273 GENUINE PARTS COMPANY 104,149
1,951 GOODRICH CORPORATION 89,395
1,416 GREENBRIER COMPANIES INCORPORATED 40,852
925 GROUP 1 AUTOMOTIVE INCORPORATED+ 27,380
3,297 HARLEY-DAVIDSON INCORPORATED 162,410
1,896 HARSCO CORPORATION 111,200
825 HAYES LIMMERZ INTERNATIONAL+ 5,445
2,406 HEICO CORPORATION 57,864
10,741 HONDA MOTOR COMPANY LIMITED ADR 289,148
60
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
8,970 HONEYWELL INTERNATIONAL INCORPORATED $ 343,372
946 ITT INDUSTRIES INCORPORATED 103,227
1,910 JOHNSON CONTROLS INCORPORATED 114,562
1,036 LEAR CORPORATION<< 39,057
3,269 LOCKHEED MARTIN CORPORATION 203,463
1,374 NAVISTAR INTERNATIONAL CORPORATION+ 43,913
2,984 NORTHROP GRUMMAN CORPORATION 167,373
2,371 PACCAR INCORPORATED 166,160
1,992 STANDARD MOTOR PRODUCTS INCORPORATED 20,617
1,466 TEXTRON INCORPORATED 104,526
5,813 TOYOTA MOTOR CORPORATION ADR 476,550
10,076 UNITED TECHNOLOGIES CORPORATION 503,800
5,224,085
---------------
TRANSPORTATION SERVICES - 0.07%
2,014 EXPEDIA INCORPORATED+<< 44,832
2,025 GATX CORPORATION 82,073
1,665 SABRE HOLDINGS CORPORATION 31,935
158,840
---------------
WATER TRANSPORTATION - 0.10%
2,327 ALEXANDER & BALDWIN INCORPORATED 121,958
3,309 GULFMARK OFFSHORE INCORPORATED+ 98,575
220,533
---------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.83%
1,160 AMERISOURCEBERGEN CORPORATION 86,617
4,406 CARDINAL HEALTH INCORPORATED 262,642
1,866 DEAN FOODS COMPANY+ 68,930
3,252 MCKESSON CORPORATION 151,771
3,454 MEDCO HEALTH SOLUTIONS INCORPORATED+ 170,179
2,313 NIKE INCORPORATED CLASS B 182,519
3,351 SMURFIT-STONE CONTAINER CORPORATION+ 36,995
1,833 SUPERVALU INCORPORATED 63,788
6,362 SYSCO CORPORATION 212,363
4,985 UNILEVER NV NY SHARES<< 344,962
6,366 UNILEVER PLC ADR<< 258,714
1,839,480
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.76%
1,742 ARROW ELECTRONICS INCORPORATED+ 51,946
2,396 AVNET INCORPORATED+ 60,020
2,155 KYOCERA CORPORATION ADR<< 150,311
2,334 MERGE TECHNOLOGIES INCORPORATED+ 43,529
11,533 MITSUBISHI CORPORATION ADR 377,118
1,677 MITSUI & COMPANY LIMITED ADR 348,011
8,185 NISSAN MOTOR COMPANY LIMITED ADR<< 172,622
1,862 OMNICARE INCORPORATED 97,848
31,390 SUMITOMO MITSUI FINANCIAL 254,771
1,090 TECH DATA CORPORATION+<< 39,905
1,454 VISTEON CORPORATION 14,365
1,178 W.W. GRAINGER INCORPORATED 75,769
1,686,215
---------------
TOTAL COMMON STOCKS (COST $150,320,165) 173,412,050
---------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
US TREASURY SECURITIES - 20.56%
US TREASURY NOTES - 20.56%
$ 5,810,000 US TREASURY NOTE<< 3.13 09/15/2008 $ 5,692,440
4,390,000 US TREASURY NOTE<< 3.38 12/15/2008 4,326,723
3,505,000 US TREASURY NOTE<< 2.63 03/15/2009 3,363,706
10,590,000 US TREASURY NOTE<< 4.00 06/15/2009 10,647,504
2,500,000 US TREASURY NOTE<< 6.00 08/15/2009 2,695,215
4,685,000 US TREASURY NOTE<< 3.38 09/15/2009 4,603,561
3,000,000 US TREASURY NOTE<< 3.50 11/15/2009 2,959,686
11,440,000 US TREASURY NOTE<< 4.00 03/15/2010 11,504,350
45,793,185
---------------
TOTAL US TREASURY SECURITIES (COST $46,108,218) 45,793,185
---------------
SHARES
COLLATERAL FOR SECURITIES LENDING - 32.84%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.22%
1,394,584 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,394,584
1,318,162 SHORT TERM INVESTMENTS COMPANY MONEY MARKET FUND 1,318,162
2,712,746
---------------
PRINCIPAL
COLLATERAL INVESTED IN OTHER ASSETS - 31.62%
2,999,997 ATOMIUM FUNDING CORPORATION 3.41 09/12/2005 2,996,757
2,999,997 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 3.55 09/08/2006 2,999,997
3,999,996 CREDIT SUISSE FIRST BOSTON NEW YORK SERIES YCD1 3.61 05/04/2006 3,977,276
31,499,968 DEUTSCHE BANK REPURCHASE AGREEMENT(MATURITY VALUE $31,503,100) 3.58 09/01/2005 31,499,968
1,999,998 GALAXY FUNDING INCORPORATED 3.43 09/29/2005 1,994,438
1,999,998 GEMINI SECURITIZATION INCORPORATED 3.52 09/29/2005 1,994,438
1,999,998 ING USA ANNUITY AND LIFE INSURANCE 3.72 06/06/2006 1,999,998
2,999,997 LEGACY CAPITAL CORPORATION LLC 3.54 09/06/2005 2,998,527
999,999 LEHMAN BROTHERS HOLDINGS INCORPORATED 3.61 03/16/2006 999,999
61
WELLS FARGO ADVANTAGE OUTLOOK 2030 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
COLLATERAL FOR SECURITIES LENDING - (CONTINUED)
$ 2,999,997 LEXINGTON PARKER CAPITAL CORPORATION 3.66 10/14/2005 $ 2,986,947
2,999,997 LIBERTY LIGHT US CAPITAL SERIES MTN 3.57 05/26/2006 3,000,117
1,999,998 LIQUID FUNDING LIMITED 3.49 12/19/2005 1,999,998
1,999,998 LIQUID FUNDING LIMITED 3.51 03/03/2006 1,999,998
3,999,996 MORGAN STANLEY 3.64 01/13/2006 3,999,996
2,999,997 TICONDEROGA FUNDING LLC 3.55 09/20/2005 2,994,387
1,999,998 WHITE PINE FINANCE LLC SERIES MTN 3.57 06/12/2006 2,000,098
70,442,939
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $73,155,685) 73,155,685
---------------
SHORT-TERM INVESTMENTS - 1.15%
US TREASURY BILLS - 1.15%
62,000 US TREASURY BILL<<^ 3.24 09/22/2005 61,883
112,000 US TREASURY BILL<<^ 3.25 09/22/2005 111,788
18,000 US TREASURY BILL<<^ 3.25 09/22/2005 17,966
283,000 US TREASURY BILL<<^ 3.27 09/22/2005 282,461
1,394,000 US TREASURY BILL<<^ 3.27 09/22/2005 1,391,341
201,000 US TREASURY BILL<<^ 3.28 09/22/2005 200,615
376,000 US TREASURY BILL<<^ 3.33 09/22/2005 375,270
128,000 US TREASURY BILL<<^ 3.36 09/22/2005 127,749
2,569,073
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,569,073) 2,569,073
---------------
TOTAL INVESTMENTS IN SECURITIES (COST $272,153,141)* 132.41% $ 294,929,993
OTHER ASSETS AND LIABILITIES, NET (32.41) (72,191,614)
------ ---------------
TOTAL NET ASSETS 100.00% $ 222,738,379
------ ---------------
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE
FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $1,133,976.
THE TOTAL COLLATERAL RECEIVED REPRESENTS 101.87% OF THE VALUE OF THE
PORTFOLIO SECURITIES LOANED.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
62
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 89.65%
AGRICULTURAL PRODUCTION CROPS - 0.10%
7,195 TATE & LYLE PLC ADR $ 238,367
---------------
AMUSEMENT & RECREATION SERVICES - 0.16%
2,999 HARRAH'S ENTERTAINMENT INCORPORATED 208,610
4,980 INTERNATIONAL GAME TECHNOLOGY 138,046
1,874 WESTWOOD ONE INCORPORATED 38,098
384,754
---------------
APPAREL & ACCESSORY STORES - 0.44%
1,608 ABERCROMBIE & FITCH COMPANY CLASS A 89,421
856 AEROPOSTALE INCORPORATED+<< 21,862
1,956 AMERICAN EAGLE OUTFITTERS INCORPORATED<< 56,000
2,766 CHICO'S FAS INCORPORATED+ 96,008
1,194 CLAIRE'S STORES INCORPORATED 28,035
9,241 GAP INCORPORATED<< 175,672
4,003 KOHL'S CORPORATION+ 209,957
5,781 LIMITED BRANDS 127,066
4,056 NORDSTROM INCORPORATED 136,201
2,712 ROSS STORES INCORPORATED 67,475
932 URBAN OUTFITTERS INCORPORATED+ 51,875
1,059,572
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS - 0.38%
11,893 BENETTON GROUP SPA ADR<< 235,244
2,128 JONES APPAREL GROUP INCORPORATED 59,967
2,278 LIZ CLAIBORNE INCORPORATED 93,466
1,850 VF CORPORATION 109,723
6,314 WACOAL CORPORATION ADR 426,511
924,911
---------------
APPLICATIONS SOFTWARE - 0.03%
3,050 CITRIX SYSTEMS INCORPORATED+ 72,590
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.17%
1,030 ADVANCE AUTO PARTS INCORPORATED+<< 62,758
1,143 AMERICA'S CAR MART INCORPORATED+ 23,397
4,176 AUTONATION INCORPORATED+ 86,902
761 AUTOZONE INCORPORATED+ 71,914
1,865 CARMAX INCORPORATED+<< 59,419
1,404 COPART INCORPORATED+ 34,665
2,366 O'REILLY AUTOMOTIVE INCORPORATED+<< 65,231
404,286
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01%
623 DOLLAR THRIFTY AUTOMOTIVE GROUP INCORPORATED+ 18,852
295 PACIFIC ETHANOL INCORPORATED+<< 2,463
21,315
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.54%
1,500 CENTEX CORPORATION 101,625
4,747 D.R. HORTON INCORPORATED 175,259
2,020 LENNAR CORPORATION CLASS A 125,442
1,447 PULTE HOMES INCORPORATED 124,732
43,926 SEKISUI HOUSE LIMITED 480,225
SHARES SECURITY NAME VALUE
8,641 VIVENDI UNIVERSAL SA ADR<< $ 272,624
1,178 WCI COMMUNITIES INCORPORATED+<< 35,540
1,315,447
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.77%
1,219 FASTENAL COMPANY 73,847
26,035 HOME DEPOT INCORPORATED 1,049,731
9,883 LOWE'S COMPANIES INCORPORATED 635,576
2,347 SHERWIN-WILLIAMS COMPANY 108,807
1,867,961
---------------
BUSINESS SERVICES - 5.64%
11,041 3COM CORPORATION+ 37,539
1,086 AARON RENTS INCORPORATED 24,055
2,189 ACTIVISION INCORPORATED+ 48,924
63 ADMINISTAFF INCORPORATED 2,266
6,280 ADOBE SYSTEMS INCORPORATED<< 169,811
1,657 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 86,081
2,073 AKAMAI TECHNOLOGIES INCORPORATED+<< 28,690
137 ALTIRIS INCORPORATED+<< 1,788
1,064 ANSYS INCORPORATED+<< 40,166
3,324 AUTODESK INCORPORATED 143,597
6,083 AUTOMATIC DATA PROCESSING INCORPORATED 260,048
1,083 AVOCENT CORPORATION+ 36,086
6,995 BEA SYSTEMS INCORPORATED+ 61,696
2,965 BISYS GROUP INCORPORATED+ 44,267
142 BLUE COAT SYSTEMS INCORPORATED+ 5,600
3,917 BMC SOFTWARE INCORPORATED+ 78,340
1,200 BRINK'S COMPANY 48,216
5,008 BUNZL PLC ADR+<< 245,392
876 CACI INTERNATIONAL INCORPORATED CLASS A+ 54,873
5,157 CADENCE DESIGN SYSTEMS INCORPORATED+<< 82,564
14,559 CENDANT CORPORATION 296,130
3,882 CERIDIAN CORPORATION+ 78,805
646 CERNER CORPORATION+<< 50,879
1,816 CERTEGY INCORPORATED 62,434
1,425 CHECKFREE CORPORATION+ 52,426
1,737 CHOICEPOINT INCORPORATED+ 74,569
3,890 CNET NETWORKS INCORPORATED+<< 52,048
1,630 COGNEX CORPORATION 48,493
1,882 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 85,687
6,645 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED 179,149
2,441 COMPUTER SCIENCES CORPORATION+ 108,747
8,567 COMPUWARE CORPORATION+ 77,617
3,268 CONVERGYS CORPORATION+<< 46,471
1,422 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 28,995
3,032 CSK CORPORATION<< 131,134
1,465 DELUXE CORPORATION 58,219
548 DIGITAL RIVER INCORPORATED+<< 20,813
1,465 DST SYSTEMS INCORPORATED+<< 78,671
13,665 eBAY INCORPORATED+ 553,296
1,136 ECLIPSYS CORPORATION+ 19,176
63
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,783 ELECTRONIC ARTS INCORPORATED+ $ 216,690
7,104 ELECTRONIC DATA SYSTEMS CORPORATION 159,130
1,691 ELECTRONICS FOR IMAGING INCORPORATED+ 33,482
2,697 EQUIFAX INCORPORATED 89,109
1,120 FACTSET RESEARCH SYSTEMS INCORPORATED 39,200
1,843 FAIR ISAAC CORPORATION 75,323
1,201 FILENET CORPORATION+ 31,911
9,112 FIRST DATA CORPORATION 378,604
2,770 FISERV INCORPORATED+ 124,290
726 GETTY IMAGES INCORPORATED+<< 62,138
1,787 GOOGLE INCORPORATED CLASS A+ 511,082
2,036 GTECH HOLDINGS CORPORATION 58,189
73 HUDSON HIGHLAND GROUP INCORPORATED+<< 1,835
933 HYPERION SOLUTIONS CORPORATION+ 40,464
944 IDX SYSTEMS CORPORATION+<< 29,925
678 INFOSPACE INCORPORATED+ 16,923
996 INTERGRAPH CORPORATION+ 40,647
488 INTERNET CAPITAL GROUP INCORPORATED+ 3,933
6,473 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 78,517
2,371 INTUIT INCORPORATED+ 108,687
721 IPAYMENT INCORPORATED+ 28,011
2,516 IRON MOUNTAIN INCORPORATED+ 86,777
7,255 JUNIPER NETWORKS INCORPORATED+<< 164,979
723 KORN/FERRY INTERNATIONAL+ 14,330
901 KRONOS INCORPORATED+<< 39,040
1,920 LAMAR ADVERTISING COMPANY+ 77,222
1,157 MACROMEDIA INCORPORATED+ 42,751
367 MAGMA DESIGN AUTOMATION INCORPORATED+ 3,248
1,179 MANHATTAN ASSOCIATES INCORPORATED+<< 24,924
1,640 MANPOWER INCORPORATED 73,898
2,601 MCAFEE INCORPORATED+ 79,721
2,246 MENTOR GRAPHICS CORPORATION+<< 19,158
109,033 MICROSOFT CORPORATION 2,987,504
102 MICROSTRATEGY INCORPORATED CLASS A+ 7,854
1,856 MONSTER WORLDWIDE INCORPORATED+ 57,981
2,658 MPS GROUP INCORPORATED+ 29,397
3,016 NCR CORPORATION+ 103,208
315 NETFLIX INCORPORATED+<< 6,791
7,289 NOVELL INCORPORATED+ 47,962
2,460 OMNICOM GROUP INCORPORATED 197,882
51,036 ORACLE CORPORATION+ 661,937
6,592 PARAMETRIC TECHNOLOGY CORPORATION+ 39,948
6,314 PUBLICIS GROUPE ADR<< 210,004
887 RADISYS CORPORATION+ 16,560
2,087 REALNETWORKS INCORPORATED+ 11,249
2,610 RED HAT INCORPORATED+ 37,088
961 RENT-A-CENTER INCORPORATED+ 19,412
14,710 RENTOKIL INITIAL PLC ADR 214,300
3,185 REUTERS GROUP PLC ADR 126,381
3,133 ROBERT HALF INTERNATIONAL INCORPORATED 105,519
1,466 RSA SECURITY INCORPORATED+ 19,263
886 SAFENET INCORPORATED+ 28,352
8,210 SAP AG ADR<< 350,321
1,276 SERENA SOFTWARE INCORPORATED+<< 24,091
894 SI INTERNATIONAL INCORPORATED+ 28,054
SHARES SECURITY NAME VALUE
7,872 SIEBEL SYSTEMS INCORPORATED $ 64,944
1,248 SRA INTERNATIONAL INCORPORATED CLASS A+<< 41,895
253 STRATASYS INCORPORATED+<< 7,167
49,175 SUN MICROSYSTEMS INCORPORATED+ 186,865
2,062 SYBASE INCORPORATED+ 46,044
15,482 SYMANTEC CORPORATION+ 324,812
2,939 SYNOPSYS INCORPORATED+ 55,841
1,650 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 39,270
3,617 TIBCO SOFTWARE INCORPORATED+ 27,634
1,672 TOTAL SYSTEM SERVICES INCORPORATED 39,208
1,530 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+<< 40,973
198 TRAVELZOO INCORPORATED+<< 4,580
6,249 UNISYS CORPORATION+<< 41,556
2,471 UNITED ONLINE INCORPORATED 32,197
980 UNITED RENTALS INCORPORATED+<< 17,689
1,155 USA MOBILITY INCORPORATED+ 32,536
583 VERINT SYSTEMS INCORPORATED+ 22,236
4,239 VERISIGN INCORPORATED+ 92,410
1,422 VIAD CORPORATION 41,338
7,630 WEBMD CORPORATION+<< 83,625
746 WEBSENSE INCORPORATED+<< 37,218
2,085 WIND RIVER SYSTEMS INCORPORATED+ 27,397
3,747 WPP GROUP PLC ADR<< 193,608
14,920 YAHOO! INCORPORATED+ 497,433
13,687,430
---------------
CHEMICALS & ALLIED PRODUCTS - 8.43%
17,252 ABBOTT LABORATORIES 778,583
2,875 AIR PRODUCTS & CHEMICALS INCORPORATED 159,275
7,967 AKZO NOBEL NV ADR 328,798
1,649 ALBERTO-CULVER COMPANY CLASS B 70,825
1,338 ALEXION PHARMACEUTICALS INCORPORATED+<< 38,267
2,807 ALKERMES INCORPORATED+<< 52,715
1,405 ALPHARMA INCORPORATED CLASS A 37,401
1,496 AMERICAN VANGUARD CORPORATION<< 29,920
14,835 AMGEN INCORPORATED+ 1,185,316
1,193 ANDRX CORPORATION+ 21,629
7,718 ASTRAZENECA PLC ADR 355,954
1,724 AVERY DENNISON CORPORATION 92,131
6,304 AVON PRODUCTS INCORPORATED 206,897
1,427 BALCHEM CORPORATION 44,094
4,553 BIOGEN IDEC INCORPORATED+ 191,909
23,919 BRISTOL-MYERS SQUIBB COMPANY 585,298
1,854 CABOT CORPORATION 61,182
639 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 32,474
3,839 CHEMTURA CORPORATION 65,877
1,857 CHIRON CORPORATION+ 67,669
6,719 COLGATE PALMOLIVE COMPANY 352,747
812 CUBIST PHARMACEUTICALS INCORPORATED+ 14,673
876 DISCOVERY LABORATORIES INCORPORATED+<< 5,466
1,144 DOV PHARMACEUTICAL INCORPORATED+ 17,183
12,106 DOW CHEMICAL COMPANY 522,979
11,542 E.I. DU PONT DE NEMOURS AND COMPANY 456,717
1,235 EASTMAN CHEMICAL COMPANY 59,243
64
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,677 ECOLAB INCORPORATED $ 121,341
5,890 EISAI COMPANY LIMITED ADR 222,064
11,630 ELI LILLY & COMPANY 639,883
1,802 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 72,783
4,953 FOREST LABORATORIES INCORPORATED+ 219,913
5,829 GENENTECH INCORPORATED+ 547,576
3,545 GENZYME CORPORATION+ 252,298
6,016 GILEAD SCIENCES INCORPORATED+ 258,688
10,818 GILLETTE COMPANY 582,766
15,590 GLAXOSMITHKLINE PLC ADR 759,545
2,140 HOSPIRA INCORPORATED+ 85,258
831 IDEXX LABORATORIES INCORPORATED+ 53,217
914 IMCLONE SYSTEMS INCORPORATED+ 29,906
1,179 IMMUCOR INCORPORATED+ 27,907
861 INTERMUNE INCORPORATED+<< 13,802
2,053 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED<< 74,113
827 INVITROGEN CORPORATION+<< 70,072
3,370 IVAX CORPORATION+<< 87,283
1,484 K-V PHARMACEUTICAL COMPANY CLASS A+ 25,317
4,740 KING PHARMACEUTICALS INCORPORATED+ 69,678
2,247 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+<< 17,639
4,223 LYONDELL CHEMICAL COMPANY 108,953
1,370 MEDICINES COMPANY+<< 30,304
1,366 MEDICIS PHARMACEUTICAL CORPORATION CLASS A<< 46,458
3,819 MEDIMMUNE INCORPORATED+ 114,303
25,976 MERCK & COMPANY INCORPORATED 733,302
1,208 MGI PHARMA INCORPORATED+<< 32,568
6,153 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 61,592
3,670 MONSANTO COMPANY 234,293
4,049 MOSAIC COMPANY+<< 65,391
4,700 MYLAN LABORATORIES INCORPORATED 86,433
18,385 NOVARTIS AG ADR 896,269
788 NOVEN PHARMACEUTICALS INCORPORATED+<< 13,128
3,775 NOVO NORDISK A/S ADR 195,621
235 NPS PHARMACEUTICALS INCORPORATED+ 2,343
800 OM GROUP INCORPORATED+<< 15,584
471 ONYX PHARMACEUTICALS INCORPORATED+<< 9,382
999 OSI PHARMACEUTICALS INCORPORATED+ 32,767
1,037 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 25,064
91,429 PFIZER INCORPORATED 2,328,697
485 PHARMION CORPORATION+ 12,052
2,194 PPG INDUSTRIES INCORPORATED 138,178
4,458 PRAXAIR INCORPORATED 215,321
28,812 PROCTER & GAMBLE COMPANY<< 1,598,490
1,430 PROTEIN DESIGN LABS INCORPORATED+ 38,238
8,389 ROCHE HOLDING AG ADR 577,287
3,039 ROHM & HAAS COMPANY 131,923
1,118 SALIX PHARMACEUTICALS LIMITED+ 22,785
12,511 SANOFI-AVENTIS ADR<< 534,970
18,961 SCHERING-PLOUGH CORPORATION 405,955
1,490 SEPRACOR INCORPORATED+<< 74,798
SHARES SECURITY NAME VALUE
18,052 SHISEIDO COMPANY LIMITED<< $ 252,584
1,378 SIGMA-ALDRICH CORPORATION 85,987
19,095 SYNGENTA AG ADR+ 406,533
1,182 VALSPAR CORPORATION 57,102
2,137 VERTEX PHARMACEUTICALS INCORPORATED+<< 39,321
16,544 WYETH 757,550
20,447,797
---------------
COAL MINING - 0.16%
1,327 CONSOL ENERGY INCORPORATED 92,492
1,804 MASSEY ENERGY COMPANY<< 91,643
1,897 PEABODY ENERGY CORPORATION 135,958
1,132 PENN VIRGINIA CORPORATION 63,483
383,576
---------------
COMMUNICATIONS - 4.45%
4,620 ALLTEL CORPORATION 286,394
4,901 AMERICAN TOWER CORPORATION CLASS A+<< 116,840
11,783 AT&T CORPORATION 231,889
6,507 AVAYA INCORPORATED+ 66,371
22,010 BELLSOUTH CORPORATION<< 578,643
3,322 BRITISH SKY BROADCASTING GROUP PLC ADR 137,498
6,443 BT GROUP PLC ADR 251,986
3,236 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 100,963
2,354 CENTURYTEL INCORPORATED 84,509
7,669 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 255,378
26,764 COMCAST CORPORATION CLASS A+ 822,993
4,599 CROWN CASTLE INTERNATIONAL CORPORATION+ 113,871
20,178 DEUTSCHE TELEKOM AG ADR<< 384,996
10,134 DIRECTV GROUP INCORPORATED+ 161,232
3,787 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+ 113,345
1,070 ENTERCOM COMMUNICATIONS CORPORATION+ 35,791
435 EQUINIX INCORPORATED+ 16,952
563 EXTREME NETWORKS INCORPORATED+ 2,432
2,506 FOUNDRY NETWORKS INCORPORATED+ 29,320
9,216 FRANCE TELECOM SA ADR 279,153
1,039 GOLDEN TELECOM INCORPORATED<< 30,650
3,334 IAC INTERACTIVECORP+<< 81,850
3,470 LAGARDERE SCA ADR<< 247,519
2,843 LIBERTY GLOBAL INCORPORATED CLASS A+ 144,282
3,961 MCI INCORPORATED+ 101,560
2,200 NEXTEL PARTNERS INCORPORATED CLASS A+ 57,728
5,829 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR<< 127,014
1,254 NTL INCORPORATED+<< 80,106
11,113 NTT DOCOMO INCORPORATED ADR 179,586
2,062 RADIO ONE INCORPORATED CLASS D+ 28,827
5,551 REED ELSEVIER PLC ADR 207,940
39,049 SBC COMMUNICATIONS INCORPORATED 940,300
36,664 SPRINT NEXTEL CORPORATION 950,698
8,829 TDC A/S ADR 234,763
12,865 TELEFONAKTIEBOLAGET LM ERICSSON ADR<< 448,988
11,232 TELEFONICA SA ADR 559,129
65
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
802 TELEPHONE AND DATA SYSTEMS INCORPORATED $ 32,762
802 TELEPHONE AND DATA SYSTEMS INCORPORATED SHS<< 30,877
3,812 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 102,543
1,373 UTSTARCOM INCORPORATED+<< 10,572
31,635 VERIZON COMMUNICATIONS INCORPORATED 1,034,781
36,602 VODAFONE GROUP PLC ADR<< 997,404
2,855 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 100,639
10,801,074
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.03%
970 CHEMED CORPORATION 39,246
1,516 DYCOM INDUSTRIES INCORPORATED+ 26,864
66,110
---------------
DEPOSITORY INSTITUTIONS - 10.16%
13,508 ABN AMRO HOLDING NV ADR 326,218
10,242 ALLIED IRISH BANKS PLC ADR 445,015
7,150 AMSOUTH BANCORPORATION 188,188
4,807 ASSOCIATED BANC-CORP 156,420
2,853 ASTORIA FINANCIAL CORPORATION 79,684
33,192 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 554,970
34,734 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 428,270
5,034 BANCTRUST FINANCIAL GROUP INCORPORATED 109,590
46,114 BANK OF AMERICA CORPORATION 1,984,285
219,277 BANK OF EAST ASIA LIMITED ADR<< 640,442
11,446 BANK OF NEW YORK COMPANY INCORPORATED 349,904
1,182 BANKNORTH GROUP INCORPORATED 35,543
11,233 BARCLAYS PLC ADR<< 452,690
8,178 BAYERISCHE HYPO-UND VEREINSBANK AG ADR<< 231,126
8,528 BB&T CORPORATION 345,981
3,199 BERKSHIRE HILLS BANCORP INCORPORATED 103,168
13,704 BNP PARIBAS SA ADR 496,766
2,127 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 56,514
3,115 CAPITOL FEDERAL FINANCIAL 105,162
3,889 CASCADE BANCORP<< 81,513
2,050 CENTRAL PACIFIC FINANCIAL CORPORATION 70,889
3,796 CHITTENDEN CORPORATION 102,340
62,974 CITIGROUP INCORPORATED 2,756,372
2,768 CITIZENS & NORTHERN CORPORATION 84,479
2,881 CITY BANK LYNNWOOD WASHINGTON 95,793
3,861 COASTAL FINANCIAL CORPORATION 58,224
2,449 COMERICA INCORPORATED 148,140
2,300 COMMERCE BANCORP INCORPORATED<< 77,556
2,724 COMMERCE BANCSHARES INCORPORATED 145,680
1,568 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED 28,114
1,563 COMMERCIAL FEDERAL CORPORATION 53,001
3,753 COMPASS BANCSHARES INCORPORATED 175,678
SHARES SECURITY NAME VALUE
5,506 DEUTSCHE BANK AG<< $ 478,967
3,739 FARMERS CAPITAL BANK CORPORATION 122,452
6,370 FIFTH THIRD BANCORP 263,782
2,242 FIRST HORIZON NATIONAL CORPORATION 87,617
1,896 FIRST REPUBLIC BANK 68,256
1,046 FIRSTFED FINANCIAL CORPORATION+ 60,197
3,439 GOLDEN WEST FINANCIAL CORPORATION 209,745
10,068 HBOS PLC ADR<< 472,345
10,063 HSBC HOLDINGS PLC ADR<< 813,493
6,846 HUNTINGTON BANCSHARES INCORPORATED 164,236
4,749 HYPO REAL ESTATE HOLDING AG ADR 233,621
5,869 INTERCHANGE FINANCIAL SERVICES CORPORATION 103,118
1,448 INVESTORS FINANCIAL SERVICES CORPORATION<< 50,854
40,309 JP MORGAN CHASE & COMPANY 1,366,072
6,814 KEYCORP 225,680
8,325 LLOYDS TSB GROUP PLC ADR<< 277,722
1,466 M&T BANK CORPORATION 156,305
4,414 MARSHALL & ILSLEY CORPORATION 193,201
7,430 MELLON FINANCIAL CORPORATION 241,104
2,075 MERCANTILE BANK CORPORATION 94,205
2,743 MERCANTILE BANKSHARES CORPORATION 147,656
1,802 NASB FINANCIAL INCORPORATED 71,720
5,193 NATIONAL AUSTRALIA BANK LIMITED ADR<< 614,851
8,721 NATIONAL CITY CORPORATION 319,450
4,445 NEW YORK COMMUNITY BANCORP INCORPORATED<< 78,143
7,079 NORTH FORK BANCORPORATION INCORPORATED 194,602
3,532 NORTHERN TRUST CORPORATION 176,035
2,576 PFF BANCORP INCORPORATED 76,585
4,116 PNC FINANCIAL SERVICES GROUP 231,443
7,288 POPULAR INCORPORATED 199,400
3,631 PREMIERWEST BANCORP+<< 51,197
954 R&G FINANCIAL CORPORATION CLASS B<< 14,434
7,343 REGIONS FINANCIAL CORPORATION 240,263
15,336 SANPAOLO IMI SPA ADR<< 441,830
3,373 SEACOAST BANKING CORPORATION 74,510
17,674 SOCIETE GENERALE ADR 380,603
6,208 SOVEREIGN BANCORP INCORPORATED 144,771
4,864 STATE STREET CORPORATION 235,077
2,698 STERLING BANCORPORATION NEW YORK 59,788
4,499 SUNTRUST BANKS INCORPORATED 316,190
1,955 SVB FINANCIAL GROUP+<< 91,963
3,668 SY BANCORP INCORPORATED 87,995
6,573 SYNOVUS FINANCIAL CORPORATION 189,105
3,134 TCF FINANCIAL CORPORATION<< 88,724
1,879 TIERONE CORPORATION 53,025
1,408 TOMPKINS TRUST COMPANY INCORPORATED 59,587
3,564 UCBH HOLDINGS INCORPORATED<< 67,965
1,698 UNIONBANCAL CORPORATION 115,073
2,275 UNITED SECURITY BANCSHARES INCORPORATED 64,906
23,014 US BANCORP 672,469
17,699 WACHOVIA CORPORATION 878,224
8,499 WASHINGTON MUTUAL INCORPORATED<< 353,388
11,942 WESTPAC BANKING CORPORATION ADR 891,829
2,900 WILMINGTON TRUST CORPORATION 105,734
66
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,640 WINTRUST FINANCIAL CORPORATION $ 84,526
1,906 ZIONS BANCORPORATION 133,153
24,656,901
---------------
EATING & DRINKING PLACES - 0.54%
1,564 BOB EVANS FARMS INCORPORATED 37,833
1,417 BRINKER INTERNATIONAL INCORPORATED+ 52,641
1,034 CEC ENTERTAINMENT INCORPORATED+ 35,456
1,639 CHEESECAKE FACTORY INCORPORATED+<< 51,907
3,371 DARDEN RESTAURANTS INCORPORATED 105,883
1,237 DAVE & BUSTER'S INCORPORATED+<< 17,627
1,734 DENNYS CORPORATION+ 9,103
1,431 IHOP CORPORATION<< 57,469
1,193 JACK IN THE BOX INCORPORATED+<< 42,077
886 KRISPY KREME DOUGHNUTS INCORPORATED+<< 6,158
16,037 MCDONALD'S CORPORATION 520,401
1,859 OUTBACK STEAKHOUSE INCORPORATED 77,353
2,176 WENDY'S INTERNATIONAL INCORPORATED 102,577
4,355 YUM! BRANDS INCORPORATED 206,340
1,322,825
---------------
EDUCATIONAL SERVICES - 0.13%
2,135 APOLLO GROUP INCORPORATED CLASS A+ 167,939
1,718 CAREER EDUCATION CORPORATION+ 67,346
1,362 DEVRY INCORPORATED+ 25,156
1,093 ITT EDUCATIONAL SERVICES INCORPORATED+ 55,568
316,009
---------------
ELECTRIC, GAS & SANITARY SERVICES - 4.09%
11,070 AES CORPORATION+ 174,242
4,786 ALLIED WASTE INDUSTRIES INCORPORATED+<< 38,192
3,457 AMEREN CORPORATION 189,893
6,096 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 226,649
11,700 BG GROUP PLC ADR<< 535,275
2,290 BLACK HILLS CORPORATION 95,379
4,136 CASCADE NATURAL GAS CORPORATION<< 86,484
6,192 CENTERPOINT ENERGY INCORPORATED<< 87,988
2,796 CENTRAL VERMONT PUBLIC SERVICE<< 53,404
3,429 CINERGY CORPORATION 151,013
6,843 CITIZENS COMMUNICATIONS COMPANY 93,339
3,708 CONSOLIDATED EDISON INCORPORATED<< 173,942
3,555 CONSTELLATION ENERGY GROUP INCORPORATED 208,856
4,203 DOMINION RESOURCES INCORPORATED 321,445
2,991 DTE ENERGY COMPANY 136,898
12,963 DUKE ENERGY CORPORATION 375,797
18,105 E.ON AG ADR 577,550
5,316 EDISON INTERNATIONAL 239,379
10,743 EL PASO CORPORATION 124,619
18,327 ENDESA SA ADR<< 414,007
2,589 ENTERGY CORPORATION 193,942
7,859 EXELON CORPORATION 423,522
5,069 FIRSTENERGY CORPORATION 258,671
5,084 FPL GROUP INCORPORATED 219,070
3,098 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 82,128
SHARES SECURITY NAME VALUE
64,155 HONG KONG ELECTRIC HOLDINGS LIMITED ADR<< $ 309,958
3,991 INTERNATIONAL POWER PLC ADR<< 169,657
1,982 KINDER MORGAN INCORPORATED 189,222
2,996 LACLEDE GROUP INCORPORATED 96,831
6,599 NATIONAL GRID PLC ADR 313,584
859 NICOR INCORPORATED 35,571
5,095 NISOURCE INCORPORATED 122,993
3,828 NSTAR 113,156
6,235 PG&E CORPORATION 233,937
1,674 PINNACLE WEST CAPITAL CORPORATION 75,213
6,636 PPL CORPORATION 212,087
3,287 PROGRESS ENERGY INCORPORATED 143,280
3,301 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 213,080
6,859 RELIANT RESOURCES INCORPORATED+<< 85,738
5,839 RWE AG ADR<< 388,927
9,845 SCOTTISH POWER PLC ADR 356,684
3,756 SEMPRA ENERGY 168,344
3,868 SOUTH JERSEY INDUSTRIES INCORPORATED 113,951
8,430 SOUTHERN COMPANY 289,992
2,855 TXU CORPORATION 276,992
1,467 UIL HOLDINGS CORPORATION 77,692
4,626 WASTE MANAGEMENT INCORPORATED 126,891
8,875 WILLIAMS COMPANIES INCORPORATED 199,155
7,369 XCEL ENERGY INCORPORATED 141,780
9,936,399
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 7.23%
2,402 ADC TELECOMMUNICATIONS INCORPORATED+<< 50,298
5,489 ADVANCED MICRO DEVICES INCORPORATED+<< 114,007
7,520 ALCATEL SA ADR+<< 87,758
5,474 ALTERA CORPORATION+ 119,716
3,877 AMERICAN POWER CONVERSION CORPORATION 101,461
4,885 ANALOG DEVICES INCORPORATED 178,058
3,820 ANDREW CORPORATION+ 44,045
707 APPLIED SIGNAL TECHNOLOGY INCORPORATED 13,497
961 ATMI INCORPORATED+<< 29,628
2,051 AVX CORPORATION 27,258
1,329 BENCHMARK ELECTRONICS INCORPORATED+<< 38,687
3,549 BROADCOM CORPORATION CLASS A+ 154,381
7,359 CANON INCORPORATED ADR 372,733
741 CERADYNE INCORPORATED+<< 23,401
13,247 CHARTERED SEMICONDUCTOR+<< 88,093
80,179 CISCO SYSTEMS INCORPORATED+ 1,412,754
3,509 COMVERSE TECHNOLOGY INCORPORATED+ 90,462
1,440 CREE INCORPORATED+<< 36,922
815 CYMER INCORPORATED+ 27,302
3,055 CYPRESS SEMICONDUCTOR+<< 47,750
1,968 DSP GROUP INCORPORATED+ 50,125
719 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 15,947
5,165 EMERSON ELECTRIC COMPANY 347,501
1,361 ENERGIZER HOLDINGS INCORPORATED+<< 88,329
67
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
2,037 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+ $ 34,323
6,483 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 156,111
133,433 GENERAL ELECTRIC COMPANY 4,484,683
2,397 GRAFTECH INTERNATIONAL LIMITED+ 14,238
858 GREATBATCH INCORPORATED+ 21,450
834 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 86,236
2,360 HARRIS CORPORATION 91,120
10,267 INFINEON TECHNOLOGIES AG ADR+<< 96,510
1,365 INTEGRATED CIRCUIT SYSTEMS INCORPORATED+ 28,747
1,802 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 19,281
72,507 INTEL CORPORATION 1,864,880
1,851 INTERDIGITAL COMMUNICATIONS CORPORATION+ 32,911
1,031 INTERNATIONAL RECTIFIER CORPORATION+<< 49,591
2,567 INTERSIL CORPORATION CLASS A 53,907
2,825 JABIL CIRCUIT INCORPORATED+ 83,168
2,533 KLA-TENCOR CORPORATION 128,575
5,974 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES 158,610
1,343 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 109,965
4,030 LINEAR TECHNOLOGY CORPORATION 152,858
1,024 LITTELFUSE INCORPORATED+ 28,488
5,997 LSI LOGIC CORPORATION+<< 57,811
31,973 LUCENT TECHNOLOGIES INCORPORATED+<< 98,477
21,220 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 372,199
4,219 MAXIM INTEGRATED PRODUCTS INCORPORATED 179,940
1,299 MAYTAG CORPORATION 24,551
633 MCDATA CORPORATION CLASS A+ 3,406
3,026 MICROCHIP TECHNOLOGY INCORPORATED 94,169
7,678 MICRON TECHNOLOGY INCORPORATED+ 91,445
27,970 MINEBEA COMPANY LIMITED ADR 230,534
3,414 MOLEX INCORPORATED 91,359
31,243 MOTOROLA INCORPORATED 683,597
1,700 NATIONAL PRESTO INDUSTRIES INCORPORATED 75,803
4,976 NATIONAL SEMICONDUCTOR CORPORATION 124,052
5,011 NETWORK APPLIANCE INCORPORATED+ 118,961
31,184 NOKIA OYJ ADR 491,772
2,130 NOVELLUS SYSTEMS INCORPORATED+<< 57,105
2,749 NVIDIA CORPORATION+<< 84,339
109 OMNIVISION TECHNOLOGIES INCORPORATED+<< 1,598
8,730 OMRON CORPORATION 192,455
966 OPENWAVE SYSTEMS INCORPORATED+<< 16,625
598 PHOTRONICS INCORPORATED+ 12,420
1,060 PLANTRONICS INCORPORATED 34,556
2,906 PMC-SIERRA INCORPORATED+ 24,643
2,714 POLYCOM INCORPORATED+ 48,336
1,732 POWERWAVE TECHNOLOGIES+ 18,151
1,582 QLOGIC CORPORATION+ 54,674
20,425 QUALCOMM INCORPORATED 811,077
2,021 RAMBUS INCORPORATED+<< 21,221
371 RF MICRO DEVICES INCORPORATED+<< 2,430
SHARES SECURITY NAME VALUE
2,972 ROCKWELL COLLINS INCORPORATED $ 143,042
759 ROGERS CORPORATION+<< 29,654
7,746 SANMINA-SCI CORPORATION+ 39,272
6,574 SANYO ELECTRIC COMPANY LIMITED<< 86,448
2,462 SCIENTIFIC-ATLANTA INCORPORATED 94,196
1,370 SEMTECH CORPORATION+ 22,400
430 SILICON IMAGE INCORPORATED+ 4,442
938 SILICON LABORATORIES INCORPORATED+ 29,106
14,783 SIRIUS SATELLITE RADIO INCORPORATED+ 101,707
742 SKYWORKS SOLUTIONS INCORPORATED+ 5,595
1,079 SOHU.COM INCORPORATED+ 18,861
7,559 SONY CORPORATION ADR 254,134
2,901 TDK CORPORATION ADR<< 216,212
8,827 TELLABS INCORPORATED+ 78,472
21,574 TEXAS INSTRUMENTS INCORPORATED 705,038
1,626 THOMAS & BETTS CORPORATION+ 57,788
862 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 39,057
3,879 VISHAY INTERTECHNOLOGY INCORPORATED+<< 50,039
750 WHIRLPOOL CORPORATION 57,037
4,936 XILINX INCORPORATED 138,652
17,544,623
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.57%
804 AMERICAN HEALTHCORP+<< 35,135
1,972 AMYLIN PHARMACEUTICALS INCORPORATED+<< 64,583
1,948 APPLERA CORPORATION-CELERA GENOMICS GROUP+<< 22,870
3,874 BEARINGPOINT INCORPORATED+ 31,689
834 CDI CORPORATION 22,476
2,306 CELGENE CORPORATION+<< 115,761
931 CEPHALON INCORPORATED+<< 37,724
866 CORPORATE EXECUTIVE BOARD COMPANY<< 69,947
970 CV THERAPEUTICS INCORPORATED+<< 26,355
1,294 ERESEARCH TECHNOLOGY INCORPORATED+ 19,954
1,414 FLUOR CORPORATION 87,541
1,235 GEN-PROBE INCORPORATED+ 56,217
1,537 ICOS CORPORATION+ 40,162
79,485 INVENSYS PLC ADR+ 42,175
4,110 MOODY'S CORPORATION 201,842
1,589 NAVIGANT CONSULTING INCORPORATED+ 30,731
4,434 PAYCHEX INCORPORATED 151,332
2,430 QUEST DIAGNOSTICS INCORPORATED 121,451
1,414 RESOURCES CONNECTION INCORPORATED+<< 41,006
769 RIGEL PHARMACEUTICALS INCORPORATED+ 15,480
9,858 SERVICEMASTER COMPANY 135,449
1,582 TELIK INCORPORATED+ 24,205
1,394,085
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.30%
1,103 AMERON INTERNATIONAL CORPORATION 46,833
1,504 BALL CORPORATION 56,415
1,759 CRANE COMPANY 52,084
1,876 FORTUNE BRANDS INCORPORATED 163,174
3,053 ILLINOIS TOOL WORKS INCORPORATED 257,307
262 METALS USA INCORPORATED+ 5,161
68
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
981 NCI BUILDING SYSTEMS INCORPORATED+<< $ 36,984
2,077 SNAP-ON INCORPORATED 73,734
1,671 WATER PIK TECHNOLOGIES INCORPORATED+ 32,919
724,611
---------------
FINANCIAL SERVICES - 0.03%
4,932 JANUS CAPITAL GROUP INCORPORATED 69,689
---------------
FOOD & KINDRED PRODUCTS - 2.86%
1,088 AMERICAN ITALIAN PASTA COMPANY CLASS A<< 12,001
3,523 ANHEUSER-BUSCH COMPANIES INCORPORATED 156,104
9,393 ARCHER-DANIELS-MIDLAND COMPANY 211,436
9,517 CADBURY SCHWEPPES PLC ADR<< 379,538
4,471 CAMPBELL SOUP COMPANY 131,447
22,515 COCA-COLA COMPANY 990,660
4,143 COCA-COLA ENTERPRISES INCORPORATED 92,596
7,404 CONAGRA FOODS INCORPORATED 169,033
2,015 DEL MONTE FOODS COMPANY+<< 21,782
6,283 DIAGEO PLC ADR 362,592
3,610 GENERAL MILLS INCORPORATED<< 166,493
20,123 GROUPE DANONE ADR 428,620
798 HANSEN NATURAL CORPORATION+<< 39,621
2,460 HERSHEY FOODS CORPORATION<< 145,361
4,250 HJ HEINZ COMPANY 152,660
2,675 HORMEL FOODS CORPORATION 85,306
990 JM SMUCKER COMPANY 47,243
3,747 KELLOGG COMPANY 169,852
28,187 KIRIN BREWERY COMPANY LIMITED 285,816
3,535 KRAFT FOODS INCORPORATED CLASS A 109,585
2,931 MCCORMICK & COMPANY INCORPORATED<< 99,390
248 MOLSON COORS BREWING COMPANY 15,899
15,328 NESTLE SA ADR 1,071,846
3,445 PEPSIAMERICAS INCORPORATED 86,883
19,150 PEPSICO INCORPORATED 1,050,377
10,933 SARA LEE CORPORATION 207,727
485 TREEHOUSE FOODS INCORPORATED+<< 14,599
4,474 TYSON FOODS INCORPORATED CLASS A 79,548
2,240 WM. WRIGLEY JR. COMPANY 159,152
6,943,167
---------------
FOOD STORES - 0.85%
5,159 ALBERTSON'S INCORPORATED<< 103,851
10,332 COLES MYER LIMITED ADR 614,754
16,324 KONINKLIJKE AHOLD NV ADR+ 145,773
9,968 KROGER COMPANY+ 196,768
6,412 SAFEWAY INCORPORATED 152,157
5,646 STARBUCKS CORPORATION+ 276,880
25,880 TESCO PLC ADR<< 455,576
930 WHOLE FOODS MARKET INCORPORATED<< 120,212
2,065,971
---------------
FORESTRY - 0.08%
2,946 WEYERHAEUSER COMPANY 191,549
---------------
FURNITURE & FIXTURES - 0.26%
1,928 HERMAN MILLER INCORPORATED 57,647
1,044 HILLENBRAND INDUSTRIES INCORPORATED 51,960
SHARES SECURITY NAME VALUE
1,477 HNI CORPORATION $ 85,149
1,138 HOOKER FURNITURE CORPORATION 20,621
3,982 LEGGETT & PLATT INCORPORATED 96,404
6,550 MASCO CORPORATION 200,954
4,086 NEWELL RUBBERMAID INCORPORATED 95,735
663 SELECT COMFORT CORPORATION+<< 12,816
621,286
---------------
GENERAL MERCHANDISE STORES - 1.19%
2,039 BIG LOTS INCORPORATED+ 24,081
5,264 DOLLAR GENERAL CORPORATION 100,332
2,025 FAMILY DOLLAR STORES INCORPORATED 40,257
3,621 FEDERATED DEPARTMENT STORES INCORPORATED 249,766
2,606 FOOT LOCKER INCORPORATED 56,915
1,197 FRED'S INCORPORATED 16,770
3,245 JC PENNEY COMPANY INCORPORATED 157,804
1,490 SEARS HOLDINGS CORPORATION+ 202,431
11,751 TARGET CORPORATION 631,616
7,490 TJX COMPANIES INCORPORATED 156,616
27,796 WAL-MART STORES INCORPORATED 1,249,708
2,886,296
---------------
HEALTH SERVICES - 0.68%
452 AMEDISYS INCORPORATED+<< 17,682
6,402 CAREMARK RX INCORPORATED+ 299,165
1,332 COVANCE INCORPORATED+ 69,664
1,425 DAVITA INCORPORATED+ 65,422
7 ENZON PHARMACEUTICALS INCORPORATED+ 49
5,697 HCA INCORPORATED 280,862
4,215 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 102,509
3,414 HUMAN GENOME SCIENCES INCORPORATED+<< 44,075
688 LABONE INCORPORATED+ 29,742
610 LCA-VISION INCORPORATED 25,041
1,553 LINCARE HOLDINGS INCORPORATED+<< 65,754
1,486 MANOR CARE INCORPORATED 58,652
2,293 NEKTAR THERAPEUTICS+ 39,164
1,361 ODYSSEY HEALTHCARE INCORPORATED+ 22,729
424 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 31,431
1,523 RENAL CARE GROUP INCORPORATED+<< 71,718
739 SIERRA HEALTH SERVICES INCORPORATED+<< 49,735
6,266 TENET HEALTHCARE CORPORATION+ 76,320
1,265 TRIAD HOSPITALS INCORPORATED+ 60,897
1,149 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+<< 44,018
681 UNIVERSAL HEALTH SERVICES CLASS B 34,806
2,551 VALEANT PHARMACEUTICALS INTERNATIONAL 50,969
1,629 VICURON PHARMACEUTICALS INCORPORATED+ 46,931
1,802 WATSON PHARMACEUTICALS INCORPORATED+ 62,133
1,649,468
---------------
HOLDING & OTHER INVESTMENT OFFICES - 1.85%
1,762 4KIDS ENTERTAINMENT INCORPORATED+ 30,342
2,246 ACADIA REALTY TRUST<< 39,754
2,524 AGREE REALTY CORPORATION 74,710
960 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 30,710
69
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
5,364 ARCHSTONE-SMITH TRUST $ 216,169
1,551 BEDFORD PROPERTY INVESTORS 35,751
2,351 BOSTON PROPERTIES INCORPORATED<< 167,274
1,665 CAPITAL TRUST INCORPORATED NEW YORK CLASS A 54,795
559 CEDAR SHOPPING CENTERS INCORPORATED 8,206
2,356 CORPORATE OFFICE PROPERTIES TRUST<< 82,083
2,018 CORRECTIONAL PROPERTIES TRUST 59,047
5,109 CRESCENT REAL ESTATE EQUITIES COMPANY<< 100,290
1,589 CRT PROPERTIES INCORPORATED 44,444
4,287 DISCOVERY HOLDING COMPANY+<< 64,905
4,923 DUKE REALTY CORPORATION 161,179
1,414 EASTGROUP PROPERTIES INCORPORATED 61,000
1,645 ENTERTAINMENT PROPERTIES TRUST 74,946
895 EQUITY LIFESTYLE PROPERTIES INCORPORATED 40,418
5,834 EQUITY OFFICE PROPERTIES TRUST 194,272
4,653 EQUITY RESIDENTIAL 175,744
3,539 GENERAL GROWTH PROPERTIES INCORPORATED<< 159,573
2,272 HERITAGE PROPERTY INVESTMENT TRUST<< 81,133
8,033 HOST MARRIOTT CORPORATION 140,497
1,915 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 26,733
3,190 ISTAR FINANCIAL INCORPORATED 132,289
1,714 KILROY REALTY CORPORATION<< 90,345
6,142 KIMCO REALTY CORPORATION 194,210
1,602 LASALLE HOTEL PROPERTIES 54,100
2,773 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 123,620
44,239 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 457,874
1,723 NATIONAL HEALTH INVESTORS INCORPORATED 49,915
823 NOVASTAR FINANCIAL INCORPORATED<< 28,180
832 ONE LIBERTY PROPERTIES INCORPORATED 16,940
892 PARKWAY PROPERTIES INCORPORATED 43,119
1,965 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 84,790
4,204 PLUM CREEK TIMBER COMPANY 154,497
1,536 RAIT INVESTMENT TRUST 45,911
2,615 RAMCO-GERSHENSON PROPERTIES 75,887
658 REDWOOD TRUST INCORPORATED<< 33,104
1,634 SAUL CENTERS INCORPORATED 60,197
2,908 SIMON PROPERTY GROUP INCORPORATED 221,212
1,364 SOVRAN SELF STORAGE INCORPORATED<< 63,290
2,005 TANGER FACTORY OUTLET CENTERS INCORPORATED 55,579
2,526 TOWN & COUNTRY TRUST 70,728
3,691 TRUSTREET PROPERTIES INCORPORATED 60,865
1,021 UNIVERSAL HEALTH REALTY INCOME TRUST 35,214
2,423 VORNADO REALTY TRUST 208,426
4,484,267
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.25%
4,025 BED BATH & BEYOND INCORPORATED+ 163,214
5,568 BEST BUY COMPANY INCORPORATED<< 265,371
3,004 CIRCUIT CITY STORES INCORPORATED 50,737
607 COST PLUS INCORPORATED+ 13,056
SHARES SECURITY NAME VALUE
2,261 RADIO SHACK CORPORATION<< $ 56,661
1,467 WILLIAMS-SONOMA INCORPORATED+<< 59,047
608,086
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.30%
1,393 GAYLORD ENTERTAINMENT COMPANY+<< 59,342
7,778 HILTON HOTELS CORPORATION 180,216
2,912 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 184,067
3,004 MGM MIRAGE+ 126,949
2,902 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 169,187
719,761
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.49%
7,667 3M COMPANY<< 545,507
1,091 ACTUANT CORPORATION CLASS A 46,258
2,625 AMERICAN STANDARD COMPANIES INCORPORATED 119,700
10,279 APPLE COMPUTER INCORPORATED+ 482,394
22,138 APPLIED MATERIALS INCORPORATED 405,347
4,303 BAKER HUGHES INCORPORATED 252,801
1,190 BLACK & DECKER CORPORATION 101,507
855 BLACK BOX CORPORATION<< 36,739
3,944 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 15,737
1,079 BROOKS AUTOMATION INCORPORATED+<< 15,322
656 CASCADE CORPORATION 29,769
8,568 CATERPILLAR INCORPORATED 475,438
1,134 CDW CORPORATION<< 66,997
1,082 COOPER CAMERON CORPORATION+<< 78,066
3,219 DEERE & COMPANY 210,458
29,630 DELL INCORPORATED+ 1,054,828
1,137 DIEBOLD INCORPORATED 54,576
2,906 DOVER CORPORATION 118,274
2,086 EATON CORPORATION 133,337
31,888 EMC CORPORATION+ 410,080
1,495 EMULEX CORPORATION+ 32,217
894 ENGINEERED SUPPORT SYSTEMS INCORPORATED 30,485
3,879 ENTEGRIS INCORPORATED+ 40,613
1,478 FLOWSERVE CORPORATION+ 54,893
4,543 GATEWAY INCORPORATED+ 13,811
2,780 GRANT PRIDECO INCORPORATED+<< 102,471
37,340 HEWLETT-PACKARD COMPANY 1,036,558
3,067 HITACHI LIMITED ADR 188,805
17,637 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,421,895
1,968 JOY GLOBAL INCORPORATED 94,070
6,235 KOMATSU LIMITED ADR 274,904
2,459 LAM RESEARCH CORPORATION+<< 77,950
1,604 LEXMARK INTERNATIONAL INCORPORATED+<< 101,020
1,152 LINDSAY MANUFACTURING COMPANY 29,146
22,704 MAKITA CORPORATION 449,993
1,020 MANITOWOC COMPANY INCORPORATED 47,532
2,400 NATIONAL-OILWELL INCORPORATED+ 154,104
70
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
22,710 NEC CORPORATION ADR $ 122,407
888 NORDSON CORPORATION 31,542
3,026 PALL CORPORATION 86,544
753 PALM INCORPORATED+ 25,738
1,737 PARKER HANNIFIN CORPORATION 111,932
2,315 PENTAIR INCORPORATED 91,396
2,735 PITNEY BOWES INCORPORATED 118,289
1,639 ROBBINS & MYERS INCORPORATED 35,943
2,549 SANDISK CORPORATION+ 98,978
1,873 SCIENTIFIC GAMES CORPORATION CLASS A+<< 56,452
7,175 SIEMENS AG ADR 548,888
3,608 SMITH INTERNATIONAL INCORPORATED<< 125,342
13,480 SOLECTRON CORPORATION+ 55,268
1,443 SPX CORPORATION 65,714
1,281 STANLEY WORKS 58,606
2,411 STORAGE TECHNOLOGY CORPORATION+ 89,087
4,304 SYMBOL TECHNOLOGIES INCORPORATED 39,511
753 TENNANT COMPANY 28,569
1,140 TEREX CORPORATION+ 55,609
1,040 TORO COMPANY 40,383
2,378 VARIAN MEDICAL SYSTEMS INCORPORATED+ 94,692
4,518 WESTERN DIGITAL CORPORATION+<< 62,574
1,123 ZEBRA TECHNOLOGIES CORPORATION CLASS A+ 41,955
10,889,021
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.29%
4,803 AON CORPORATION 143,706
1,257 HILB, ROGAL & HAMILTON COMPANY 44,272
2,130 HUMANA INCORPORATED+ 102,581
1,577 JEFFERSON-PILOT CORPORATION 78,424
7,239 MARSH & MCLENNAN COMPANIES INCORPORATED 203,054
1,288 NATIONAL FINANCIAL PARTNERS CORPORATION<< 56,543
4,604 UNUMPROVIDENT CORPORATION<< 88,949
717,529
---------------
INSURANCE CARRIERS - 4.04%
3,468 AETNA INCORPORATED 276,296
5,743 AFLAC INCORPORATED 248,212
22,618 ALLIANZ AG ADR<< 294,260
1,375 ALLMERICA FINANCIAL CORPORATION+ 55,976
6,189 ALLSTATE CORPORATION 347,884
1,342 AMBAC FINANCIAL GROUP INCORPORATED 92,034
26,747 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,583,422
1,029 AMERICAN NATIONAL INSURANCE COMPANY 114,240
1,572 AMERICAN PHYSICIANS CAPITAL INCORPORATED+<< 69,498
9,305 AXA ADR<< 248,444
1,770 CENTENE CORPORATION+ 53,950
2,299 CHUBB CORPORATION 199,921
1,674 CIGNA CORPORATION 193,046
3,278 CINCINNATI FINANCIAL CORPORATION<< 134,332
2,746 FIDELITY NATIONAL FINANCIAL INCORPORATED 107,424
SHARES SECURITY NAME VALUE
3,735 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED $ 272,842
2,120 HEALTH NET INCORPORATED+ 97,753
13,697 ING GROUP NV ADR<< 400,226
1,109 KANSAS CITY LIFE INSURANCE COMPANY 56,382
573 LANDAMERICA FINANCIAL GROUP INCORPORATED 33,876
2,330 LINCOLN NATIONAL CORPORATION 115,545
2,385 LOEWS CORPORATION 209,141
222 MARKEL CORPORATION+ 72,095
1,832 MBIA INCORPORATED<< 106,201
1,200 MERCURY GENERAL CORPORATION<< 70,476
5,007 METLIFE INCORPORATED 245,243
1,202 MGIC INVESTMENT CORPORATION 75,041
3,123 MILLEA HOLDINGS INCORPORATED 228,291
4,063 OLD REPUBLIC INTERNATIONAL CORPORATION 102,266
1,412 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 106,437
806 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 62,618
1,533 PMI GROUP INCORPORATED<< 62,025
3,931 PRINCIPAL FINANCIAL GROUP INCORPORATED 180,040
2,602 PROGRESSIVE CORPORATION 250,859
6,086 PRUDENTIAL FINANCIAL INCORPORATED 391,756
1,665 RADIAN GROUP INCORPORATED 85,215
1,986 SAFECO CORPORATION 103,550
8,899 ST. PAUL COMPANIES INCORPORATED 382,746
531 STANCORP FINANCIAL GROUP INCORPORATED 42,931
1,176 STEWART & STEVENSON SERVICES CORPORATION 28,659
3,449 SWISS REINSURANCE COMPANY ADR<< 221,446
2,042 TORCHMARK CORPORATION 107,695
820 TRANSATLANTIC HOLDING INCORPORATED 47,560
14,549 UNITEDHEALTH GROUP INCORPORATED 749,273
1,719 UNITRIN INCORPORATED 79,366
1,768 W.R. BERKLEY CORPORATION 62,746
7,514 WELLPOINT INCORPORATED+ 557,914
701 ZENITH NATIONAL INSURANCE CORPORATION 44,268
6,916 ZURICH FINANCIAL SERVICES AG ADR 121,838
9,793,259
---------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.03%
1,196 CORRECTIONS CORPORATION OF AMERICA+ 47,362
770 GEO GROUP INCORPORATED+ 21,483
68,845
---------------
LEATHER & LEATHER PRODUCTS - 0.09%
522 BROWN SHOE COMPANY INCORPORATED 18,688
5,926 COACH INCORPORATED+ 196,684
215,372
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.09%
1,497 COACHMEN INDUSTRIES INCORPORATED 20,164
3,575 GEORGIA-PACIFIC CORPORATION 114,722
1,320 LOUISIANA-PACIFIC CORPORATION 33,383
1,230 SKYLINE CORPORATION 48,425
216,694
---------------
71
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 2.64%
1,007 ABAXIS INCORPORATED+<< $ 11,550
1,878 ADVANCED MEDICAL OPTICS INCORPORATED+<< 73,918
665 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ 34,241
9,155 ADVANTEST CORPORATION ADR 180,537
1,045 AFFYMETRIX INCORPORATED+<< 51,717
7,081 AGILENT TECHNOLOGIES INCORPORATED+ 227,725
2,055 ALIGN TECHNOLOGY INCORPORATED+ 13,995
1,801 ALLERGAN INCORPORATED 165,782
3,469 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 74,583
599 ARMOR HOLDINGS INCORPORATED+<< 25,404
701 ARTHROCARE CORPORATION+<< 25,495
763 BADGER METER INCORPORATED 33,419
932 BAUSCH & LOMB INCORPORATED 70,636
8,132 BAXTER INTERNATIONAL INCORPORATED 327,964
3,654 BECTON DICKINSON & COMPANY 192,310
3,793 BIOMET INCORPORATED 139,924
8,714 BOSTON SCIENTIFIC CORPORATION+ 234,232
1,673 C.R. BARD INCORPORATED 107,624
310 COOPER COMPANIES INCORPORATED<< 21,257
360 CREDENCE SYSTEMS CORPORATION+ 3,193
577 CYBERONICS INCORPORATED+<< 22,088
3,339 DANAHER CORPORATION 178,837
4,061 EASTMAN KODAK COMPANY 98,967
177 FARO TECHNOLOGIES INCORPORATED+ 3,657
1,385 FEI COMPANY+ 28,988
1,591 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 102,588
9,417 FUJI PHOTO FILM COMPANY LIMITED ADR 306,523
4,074 GUIDANT CORPORATION 287,787
967 HOLOGIC INCORPORATED+ 46,638
1,094 INTEGRA LIFESCIENCES HOLDINGS+<< 37,831
793 INTUITIVE SURGICAL INCORPORATED+<< 58,999
1,084 KEITHLEY INSTRUMENTS INCORPORATED 15,664
673 KENSEY NASH CORPORATION+<< 20,392
436 LASERSCOPE+<< 12,753
770 MEASUREMENT SPECIALTIES INCORPORATED+ 17,379
14,630 MEDTRONIC INCORPORATED 833,910
1,186 MENTOR CORPORATION<< 62,384
836 MILLIPORE CORPORATION+<< 53,462
8,507 OLYMPUS CORPORATION ADR 166,872
2,508 PERKINELMER INCORPORATED 51,916
5,810 RAYTHEON COMPANY 227,868
2,261 RICOH COMPANY LIMITED ADR 176,245
2,883 ROCKWELL AUTOMATION INCORPORATED 150,031
648 SOMANETICS CORPORATION+<< 14,308
4,802 ST. JUDE MEDICAL INCORPORATED+ 220,412
4,162 STRYKER CORPORATION 227,037
1,724 SYBRON DENTAL SPECIALTIES INCORPORATED+ 66,839
1,125 TECHNE CORPORATION+<< 64,091
SHARES SECURITY NAME VALUE
1,762 TEKTRONIX INCORPORATED $ 44,526
3,038 TERADYNE INCORPORATED+<< 51,038
1,572 TRIMBLE NAVIGATION LIMITED+ 57,409
486 UNITED INDUSTRIAL CORPORATION NY 16,514
1,350 VARIAN INCORPORATED+<< 48,060
1,572 VIASYS HEALTHCARE INCORPORATED+ 42,334
1,999 WATERS CORPORATION+ 90,895
1,227 WRIGHT MEDICAL GROUP INCORPORATED+<< 29,657
12,128 XEROX CORPORATION+ 162,636
3,213 ZIMMER HOLDINGS INCORPORATED+ 264,012
737 ZOLL MEDICAL CORPORATION+<< 19,656
6,396,709
---------------
MEDICAL MANAGEMENT SERVICES - 0.06%
1,724 COVENTRY HEALTH CARE INCORPORATED+<< 137,920
---------------
MEMBERSHIP ORGANIZATIONS - 0.16%
3,968 ALLIANCE ONE INTERNATIONAL 15,872
12,885 ANGLO AMERICAN PLC ADR 328,568
1,202 BRIGHTPOINT INCORPORATED+ 34,449
378,889
---------------
METAL MINING - 0.47%
722 CLEVELAND CLIFFS INCORPORATED<< 51,320
2,433 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 102,600
5,290 NEWMONT MINING CORPORATION 209,378
1,403 PHELPS DODGE CORPORATION 150,865
4,136 RIO TINTO PLC ADR<< 592,068
791 ROYAL GOLD INCORPORATED<< 18,889
395 SOUTHERN PERU COPPER CORPORATION 19,347
496 STILLWATER MINING COMPANY+ 3,983
1,148,450
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
1,754 VULCAN MATERIALS COMPANY 126,025
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.12%
440 ACCO BRANDS CORPORATION+ 11,484
3,899 HASBRO INCORPORATED 80,709
120 JAKKS PACIFIC INCORPORATED+ 1,993
36,935 JOHNSON & JOHNSON 2,341,310
6,354 MATTEL INCORPORATED 114,563
799 RC2 CORPORATION+ 31,041
1,243 RUSS BERRIE AND COMPANY INCORPORATED 20,820
1,230 STEINWAY MUSICAL INSTRUMENTS+ 34,010
2,469 TIFFANY & COMPANY 92,390
2,728,320
---------------
MISCELLANEOUS RETAIL - 0.97%
4,471 AMAZON.COM INCORPORATED+<< 190,912
816 BLAIR CORPORATION<< 32,640
6,231 COSTCO WHOLESALE CORPORATION 270,675
10,682 CVS CORPORATION 313,730
878 DICK'S SPORTING GOODS INCORPORATED+ 27,780
1,111 DILLARDS INCORPORATED CLASS A 25,009
72
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
1,654 DOLLAR TREE STORES INCORPORATED+ $ 37,662
2,624 EXPRESS SCRIPTS INCORPORATED+<< 151,825
2,498 MICHAELS STORES INCORPORATED<< 90,677
4,851 OFFICE DEPOT INCORPORATED+ 145,530
97 OVERSTOCK.COM INCORPORATED+<< 3,913
2,736 PETSMART INCORPORATED 70,507
1,315 PRICELINE.COM INCORPORATED+<< 28,259
11,227 RITE AID CORPORATION+ 45,806
10,967 STAPLES INCORPORATED 240,835
13,228 WALGREEN COMPANY 612,853
1,303 WORLD FUEL SERVICES CORPORATION 42,608
1,136 ZALE CORPORATION+ 31,694
2,362,915
---------------
MISCELLANEOUS SERVICES - 0.11%
14,147 ADECCO SA ADR 169,764
1,457 D&B CORPORATION+ 92,767
262,531
---------------
MOTION PICTURES - 1.00%
42,876 LIBERTY MEDIA CORPORATION CLASS A+<< 356,300
1,369 MACROVISION CORPORATION+ 25,326
23,556 NEWS CORPORATION CLASS A 381,843
57,770 TIME WARNER INCORPORATED 1,035,238
25,143 WALT DISNEY COMPANY 633,352
2,432,059
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.32%
699 ARKANSAS BEST CORPORATION 23,535
1,072 CNF INCORPORATED 54,104
1,358 FORWARD AIR CORPORATION 47,910
2,480 HUNT (J.B.) TRANSPORT SERVICES INCORPORATED 44,813
1,969 LANDSTAR SYSTEM INCORPORATED<< 71,514
354 SCS TRANSPORTATION INCORPORATED+ 5,682
7,193 UNITED PARCEL SERVICE INCORPORATED CLASS B 509,912
328 YELLOW ROADWAY CORPORATION+ 15,367
772,837
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.60%
679 ACCREDITED HOME LENDERS HOLDING COMPANY+ 27,201
12,366 AMERICAN EXPRESS COMPANY 683,098
2,354 AMERICREDIT CORPORATION+ 58,709
3,169 CAPITAL ONE FINANCIAL CORPORATION 260,619
3,254 CIT GROUP INCORPORATED 147,341
6,159 COUNTRYWIDE FINANCIAL CORPORATION 208,113
11,763 FANNIE MAE 600,383
1,291 FEDERAL AGRICULTURAL MORTGAGE CORPORATION CLASS C<< 30,158
981 FINANCIAL FEDERAL CORPORATION 38,308
8,555 FREDDIE MAC 516,551
15,545 MBNA CORPORATION 391,734
5,433 ORIX CORPORATION ADR 448,222
5,295 PROVIDIAN FINANCIAL CORPORATION+ 98,487
SHARES SECURITY NAME VALUE
5,886 SLM CORPORATION $ 292,828
401 STUDENT LOAN CORPORATION 90,626
3,892,378
---------------
OIL & GAS EXTRACTION - 2.88%
3,518 ANADARKO PETROLEUM CORPORATION 319,681
4,561 APACHE CORPORATION 326,659
2,499 BJ SERVICES COMPANY 157,637
5,632 BURLINGTON RESOURCES INCORPORATED 415,585
2,020 CABOT OIL & GAS CORPORATION 87,244
1,351 CAL DIVE INTERNATIONAL INCORPORATED+ 84,383
601 CHENIERE ENERGY INCORPORATED+ 23,469
3,166 CHESAPEAKE ENERGY CORPORATION<< 100,077
1,717 CIMAREX ENERGY COMPANY+<< 73,385
5,642 DEVON ENERGY CORPORATION 342,864
1,733 DIAMOND OFFSHORE DRILLING INCORPORATED<< 102,351
669 EDGE PETROLEUM CORPORATION+ 13,173
2,353 ENCORE ACQUISITION COMPANY+ 79,367
558 ENERGY PARTNERS LIMITED+ 13,392
5,660 ENI SPA ADR<< 839,095
3,434 ENSCO INTERNATIONAL INCORPORATED 140,313
3,894 EOG RESOURCES INCORPORATED 248,554
2,068 EQUITABLE RESOURCES INCORPORATED 155,927
6,075 HALLIBURTON COMPANY 376,468
1,860 HANOVER COMPRESSOR COMPANY+ 28,123
1,403 KERR-MCGEE CORPORATION 123,506
915 NOBLE ENERGY INCORPORATED 80,648
5,272 OCCIDENTAL PETROLEUM CORPORATION 437,734
1,528 QUICKSILVER RESOURCES INCORPORATED+<< 66,315
584 REMINGTON OIL & GAS CORPORATION+ 22,502
18,966 REPSOL YPF SA ADR 560,635
2,165 ROWAN COMPANIES INCORPORATED 80,538
746 SEACOR SMIT INCORPORATED+ 53,339
1,730 SOUTHWESTERN ENERGY COMPANY+ 100,167
1,009 SPINNAKER EXPLORATION COMPANY+<< 45,375
2,463 ST. MARY LAND & EXPLORATION COMPANY 84,900
905 STONE ENERGY CORPORATION+ 47,413
688 SWIFT ENERGY COMPANY+ 31,600
1,650 TIDEWATER INCORPORATED<< 73,491
1,202 TODCO 41,733
7,797 TOTAL SA ADR<< 1,027,956
4,484 XTO ENERGY INCORPORATED 178,463
6,984,062
---------------
PAPER & ALLIED PRODUCTS - 0.50%
2,142 BEMIS COMPANY INCORPORATED 56,013
1,146 BOWATER INCORPORATED 35,560
704 GREIF INCORPORATED CLASS A 41,430
6,267 INTERNATIONAL PAPER COMPANY 193,337
5,048 KIMBERLY-CLARK CORPORATION 314,591
3,479 MEADWESTVACO CORPORATION 100,787
184 NEENAH PAPER INCORPORATED 5,575
1,098 OFFICEMAX INCORPORATED 32,446
3,614 PACTIV CORPORATION+ 70,148
4,491 REXAM PLC ADR<< 202,320
73
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
3,387 SONOCO PRODUCTS COMPANY $ 96,293
1,470 TEMPLE-INLAND INCORPORATED 56,580
1,205,080
---------------
PERSONAL SERVICES - 0.15%
1,337 ANGELICA CORPORATION 29,534
2,473 CINTAS CORPORATION 102,011
592 G & K SERVICES INCORPORATED CLASS A 25,438
4,610 H & R BLOCK INCORPORATED 124,240
867 REGIS CORPORATION 35,504
4,394 SERVICE CORPORATION INTERNATIONAL US 37,305
500 UNIFIRST CORPORATION 19,645
373,677
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 4.66%
1,085 AMERADA HESS CORPORATION 137,904
971 ASHLAND INCORPORATED 59,027
20,469 BP PLC ADR 1,399,670
26,071 CHEVRONTEXACO CORPORATION 1,600,759
16,677 CONOCOPHILLIPS 1,099,681
75,501 EXXON MOBIL CORPORATION 4,522,510
1,528 FRONTIER OIL CORPORATION 56,001
548 GIANT INDUSTRIES INCORPORATED+ 26,989
980 HEADWATERS INCORPORATED+ 37,730
5,145 MARATHON OIL CORPORATION 330,875
2,930 MURPHY OIL CORPORATION 160,125
10,934 ROYAL DUTCH SHELL PLC ADR CLASS A 710,273
7,619 ROYAL DUTCH SHELL PLC ADR CLASS B 516,111
2,370 SUNOCO INCORPORATED 172,299
1,461 TESORO PETROLEUM CORPORATION 84,446
3,627 VALERO ENERGY CORPORATION 386,275
11,300,675
---------------
PRIMARY METAL INDUSTRIES - 0.75%
11,424 ALCOA INCORPORATED 306,049
534 ALERIS INTERNATIONAL INCORPORATED+ 12,650
2,359 ALLEGHENY TECHNOLOGIES INCORPORATED 65,156
738 CARPENTER TECHNOLOGY CORPORATION 41,107
937 CHAPARRAL STEEL COMPANY+ 20,914
1,303 COMMSCOPE INCORPORATED+<< 24,366
463 CURTISS-WRIGHT CORPORATION 29,891
2,770 ENGELHARD CORPORATION 78,806
7,907 JOHNSON MATTHEY PLC ADR<< 322,253
10,602 KUBOTA CORPORATION ADR<< 330,252
404 LONE STAR TECHNOLOGIES INCORPORATED+ 22,341
1,150 MAVERICK TUBE CORPORATION+ 36,628
1,971 MUELLER INDUSTRIES INCORPORATED 51,660
466 NS GROUP INCORPORATED+ 19,395
2,108 NUCOR CORPORATION 119,060
611 OREGON STEEL MILLS INCORPORATED+<< 13,735
1,244 PRECISION CASTPARTS CORPORATION 120,270
1,121 QUANEX CORPORATION 68,953
1,045 STEEL DYNAMICS INCORPORATED<< 32,949
755 TEXAS INDUSTRIES INCORPORATED<< 45,157
1,559 UNITED STATES STEEL CORPORATION 65,353
1,826,945
---------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.08%
3,413 BELO CORPORATION CLASS A $ 83,823
879 CONSOLIDATED GRAPHICS INCORPORATED+ 33,938
200 CSS INDUSTRIES INCORPORATED 7,220
1,257 DOW JONES & COMPANY INCORPORATED<< 51,349
1,700 ENNIS INCORPORATED 29,580
680 EW SCRIPPS COMPANY CLASS A 34,000
3,342 GANNETT COMPANY INCORPORATED 243,030
959 KNIGHT-RIDDER INCORPORATED<< 61,453
260 MARTHA STEWART LIVING OMNIMEDIA INCORPORATED+<< 8,398
580 MCCLATCHY COMPANY CLASS A 38,396
4,242 MCGRAW-HILL COMPANIES INCORPORATED 204,549
798 MEDIA GENERAL INCORPORATED CLASS A 52,500
963 MEREDITH CORPORATION 47,283
2,066 NEW YORK TIMES COMPANY CLASS A 65,967
3,309 READER'S DIGEST ASSOCIATION INCORPORATED 53,804
11,672 REED ELSEVIER NV ADR<< 326,699
3,088 RR DONNELLEY & SONS COMPANY 115,368
5,432 TOPPAN PRINTING COMPANY LIMITED ADR 269,071
3,468 TRIBUNE COMPANY 130,293
1,569 VALASSIS COMMUNICATIONS INCORPORATED+<< 61,866
18,553 VIACOM INCORPORATED CLASS B 630,617
88 WASHINGTON POST COMPANY CLASS B 73,216
2,622,420
---------------
RAILROAD TRANSPORTATION - 0.33%
4,995 BURLINGTON NORTHERN SANTA FE CORPORATION 264,835
3,236 CSX CORPORATION 142,157
5,820 NORFOLK SOUTHERN CORPORATION 207,250
2,866 UNION PACIFIC CORPORATION 195,662
809,904
---------------
REAL ESTATE - 0.37%
2,815 CATELLUS DEVELOPMENT CORPORATION 98,750
98,786 CITY DEVELOPMENTS LIMITED 498,346
425 CONSOLIDATED-TOMOKA LAND COMPANY 31,875
1,478 JONES LANG LASALLE INCORPORATED 72,910
979 NEW CENTURY FINANCIAL CORPORATION<< 42,087
727 PHH CORPORATION+<< 21,984
1,837 ST. JOE COMPANY 138,161
904,113
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.24%
203 APPLIED FILMS CORPORATION+ 4,594
5,848 BRIDGESTONE CORPORATION 229,426
1,161 COOPER TIRE & RUBBER COMPANY 19,621
3,661 GOODYEAR TIRE & RUBBER COMPANY+<< 61,505
1,449 JARDEN CORPORATION+<< 57,511
1,699 SEALED AIR CORPORATION+ 86,224
602 TREX COMPANY INCORPORATED+ 14,514
3,036 TUPPERWARE CORPORATION 66,549
1,380 WEST PHARMACEUTICAL SERVICES INCORPORATED 39,123
579,067
---------------
74
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.81%
1,608 AG EDWARDS INCORPORATED $ 72,698
4,250 AMERITRADE HOLDING CORPORATION+<< 84,575
1,200 BEAR STEARNS COMPANIES INCORPORATED 120,600
1,304 BKF CAPITAL GROUP INCORPORATED 42,224
850 BLACKROCK INCORPORATED 69,827
17,943 CHARLES SCHWAB CORPORATION 242,769
448 CHICAGO MERCANTILE EXCHANGE 124,365
10,127 CREDIT SUISSE GROUP ADR 441,740
7,675 E*TRADE FINANCIAL CORPORATION+ 122,800
2,246 FRANKLIN RESOURCES INCORPORATED 180,668
1,737 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A<< 20,323
951 GAMCO INVESTORS INCORPORATED CLASS A 42,662
3,964 GOLDMAN SACHS GROUP INCORPORATED 440,717
1,257 JEFFERIES GROUP INCORPORATED<< 49,626
740 LADENBURG THALMANN FINANCIAL SERVICES INCORPORATED+ 370
1,615 LEGG MASON INCORPORATED 168,816
3,466 LEHMAN BROTHERS HOLDINGS INCORPORATED 366,218
11,090 MERRILL LYNCH & COMPANY INCORPORATED 633,904
13,156 MORGAN STANLEY 669,246
16,453 NOMURA HOLDINGS INCORPORATED ADR<< 226,393
2,107 NUVEEN INVESTMENTS CLASS A 79,223
711 PIPER JAFFRAY COMPANIES INCORPORATED+ 21,678
1,272 STIFEL FINANCIAL CORPORATION+ 32,627
2,071 T ROWE PRICE GROUP INCORPORATED 130,473
4,384,542
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.53%
625 CABOT MICROELECTRONICS CORPORATION+<< 18,631
19,695 CORNING INCORPORATED+ 393,112
2,444 GENTEX CORPORATION 41,841
6,924 HANSON PLC ADR 363,441
17,829 LAFARGE SA ADR 418,625
2,408 OWENS-ILLINOIS INCORPORATED+ 62,127
1,297,777
---------------
TEXTILE MILL PRODUCTS - 0.05%
953 MOHAWK INDUSTRIES INCORPORATED+ 81,367
642 OXFORD INDUSTRIES INCORPORATED 29,949
111,316
---------------
TOBACCO PRODUCTS - 1.13%
23,348 ALTRIA GROUP INCORPORATED 1,650,704
7,759 BRITISH AMERICAN TOBACCO PLC ADR 315,326
16,097 FILTRONA PLC+ 70,802
6,495 IMPERIAL TOBACCO GROUP PLC ADR 364,369
1,369 LOEWS CORPORATION - CAROLINA GROUP 52,857
1,692 REYNOLDS AMERICAN INCORPORATED<< 142,026
2,635 UST INCORPORATED<< 112,146
1,706 VECTOR GROUP LIMITED<< 34,120
2,742,350
---------------
TRANSPORTATION BY AIR - 0.34%
1,000 ALASKA AIR GROUP INCORPORATED+<< 33,720
SHARES SECURITY NAME VALUE
2,257 AMR CORPORATION+<< $ 28,416
906 EGL INCORPORATED+<< 22,731
4,065 FEDEX CORPORATION 331,054
16,934 JAPAN AIRLINES SYSTEM ADR+ 236,940
1,902 JETBLUE AIRWAYS CORPORATION+<< 36,233
10,558 SOUTHWEST AIRLINES COMPANY 140,633
829,727
---------------
TRANSPORTATION EQUIPMENT - 2.61%
1,549 AUTOLIV INCORPORATED<< 68,931
10,805 BAE SYSTEMS PLC ADR 254,384
10,402 BOEING COMPANY 697,142
1,843 BRUNSWICK CORPORATION 81,092
4,137 DAIMLERCHRYSLER AG<< 213,800
2,568 DANA CORPORATION 34,565
9,155 DELPHI CORPORATION<< 50,810
34,607 FIAT SPA ADR<< 306,272
24,071 FORD MOTOR COMPANY 239,988
2,471 GENERAL DYNAMICS CORPORATION 283,152
5,695 GENERAL MOTORS CORPORATION<< 194,712
3,251 GENUINE PARTS COMPANY 148,961
1,745 GOODRICH CORPORATION 79,956
1,064 GREENBRIER COMPANIES INCORPORATED 30,696
588 GROUP 1 AUTOMOTIVE INCORPORATED+ 17,405
3,995 HARLEY-DAVIDSON INCORPORATED 196,794
1,299 HEICO CORPORATION<< 31,241
14,867 HONDA MOTOR COMPANY LIMITED ADR 400,220
11,513 HONEYWELL INTERNATIONAL INCORPORATED 440,718
2,542 JOHNSON CONTROLS INCORPORATED 152,469
515 LEAR CORPORATION<< 19,416
4,504 LOCKHEED MARTIN CORPORATION 280,329
187 MONACO COACH CORPORATION 2,874
872 NAVISTAR INTERNATIONAL CORPORATION+ 27,869
4,396 NORTHROP GRUMMAN CORPORATION 246,572
2,528 PACCAR INCORPORATED 177,162
947 POLARIS INDUSTRIES INCORPORATED 49,888
816 TENNECO AUTOMOTIVE INCORPORATED+ 14,794
1,915 TEXTRON INCORPORATED 136,539
9,131 TOYOTA MOTOR CORPORATION ADR 748,559
1,206 TRINITY INDUSTRIES INCORPORATED<< 45,141
386 TRIUMPH GROUP INCORPORATED+ 15,158
12,356 UNITED TECHNOLOGIES CORPORATION 617,800
884 WABASH NATIONAL CORPORATION<< 18,405
6,323,814
---------------
TRANSPORTATION SERVICES - 0.07%
3,334 EXPEDIA INCORPORATED+ 74,215
1,490 GATX CORPORATION 60,390
2,037 SABRE HOLDINGS CORPORATION 39,069
173,674
---------------
WATER TRANSPORTATION - 0.12%
3,836 CARNIVAL PLC ADR<< 198,973
983 KIRBY CORPORATION+ 46,201
646 MARITRANS INCORPORATED 18,941
552 OVERSEAS SHIPHOLDING GROUP INCORPORATED 33,755
297,870
---------------
75
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - (CONTINUED)
WHOLESALE TRADE NON-DURABLE GOODS - 0.90%
1,368 AMERISOURCEBERGEN CORPORATION $ 102,149
1,160 BROWN-FORMAN CORPORATION CLASS B 65,691
5,732 CARDINAL HEALTH INCORPORATED 341,685
2,427 DEAN FOODS COMPANY+ 89,653
577 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 16,531
3,917 MCKESSON CORPORATION 182,806
3,840 MEDCO HEALTH SOLUTIONS INCORPORATED+ 189,197
2,328 NIKE INCORPORATED CLASS B 183,702
1,325 PERRY ELLIS INTERNATIONAL INCORPORATED+ 34,781
5,315 SMURFIT-STONE CONTAINER CORPORATION+ 58,678
8,370 SYSCO CORPORATION 279,391
900 TRACTOR SUPPLY COMPANY+ 46,314
5,152 UNILEVER NV NY SHARES<< 356,518
6,120 UNILEVER PLC ADR<< 248,717
2,195,813
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.92%
2,404 ARROW ELECTRONICS INCORPORATED+ 71,687
2,807 AVNET INCORPORATED+ 70,315
898 BORGWARNER INCORPORATED 52,497
2,744 CYTYC CORPORATION+ 68,463
851 DREW INDUSTRIES INCORPORATED+<< 38,167
666 IMAGISTICS INTERNATIONAL INCORPORATED+ 22,278
1,791 INGRAM MICRO INCORPORATED CLASS A+ 31,360
1,498 INSIGHT ENTERPRISES INCORPORATED+<< 28,207
2,799 KYOCERA CORPORATION ADR 195,230
10,752 MITSUBISHI CORPORATION ADR 351,580
1,683 MITSUI & COMPANY LIMITED ADR<< 349,256
9,511 NISSAN MOTOR COMPANY LIMITED ADR<< 200,587
1,903 OMNICARE INCORPORATED 100,003
1,844 PATTERSON COMPANIES INCORPORATED+<< 73,871
936 PEP BOYS-MANNY, MOE & JACK 12,224
1,394 SCP POOL CORPORATION 51,020
44,350 SUMITOMO MITSUI FINANCIAL 359,958
5,047 SYCAMORE NETWORKS INCORPORATED+ 18,876
1,262 TECH DATA CORPORATION+<< 46,202
302 VISTEON CORPORATION 2,984
1,424 W.W. GRAINGER INCORPORATED 91,592
2,236,357
---------------
TOTAL COMMON STOCKS
(COST $184,559,064) 217,549,119
---------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
US TREASURY SECURITIES - 9.78%
US TREASURY NOTES - 9.78%
$ 520,000 US TREASURY NOTE<< 3.13 09/15/2008 509,478
2,500,000 US TREASURY NOTE<< 3.38 12/15/2008 2,463,965
4,955,000 US TREASURY NOTE<< 2.63 03/15/2009 4,755,254
7,595,000 US TREASURY NOTE<< 4.00 06/15/2009 7,636,241
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
$ 1,800,000 US TREASURY NOTE<< 3.38 09/15/2009 $ 1,768,711
1,500,000 US TREASURY NOTE<< 3.50 11/15/2009 1,479,843
4,410,000 US TREASURY NOTE<< 4.00 03/15/2010 4,434,806
685,000 US TREASURY NOTE 4.13 08/15/2010 692,974
23,741,272
---------------
TOTAL US TREASURY SECURITIES
(COST $23,863,326) 23,741,272
---------------
COLLATERAL FOR SECURITIES LENDING - 22.96%
SHARES
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.14%
1,729,407 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,729,407
1,042,908 SHORT TERM INVESTMENTS COMPANY MONEY MARKET FUND 1,042,909
2,772,316
---------------
PRINCIPAL
COLLATERAL INVESTED IN OTHER ASSETS - 21.82%
3,000,000 ATOMIUM FUNDING CORPORATION 3.41 09/12/2005 2,996,760
2,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER
SERIES B 3.55 09/08/2006 2,000,000
3,000,000 CREDIT SUISSE FIRST BOSTON NEW YORK SERIES YCD1 3.61 05/04/2006 2,982,960
21,000,000 DEUTSCHE BANK REPURCHASE AGREEMENT
(MATURITY VALUE $21,002,088) 3.58 09/01/2005 21,000,000
2,000,000 GALAXY FUNDING INCORPORATED 3.43 09/29/2005 1,994,440
2,000,000 GEMINI SECURITIZATION INCORPORATED 3.52 09/29/2005 1,994,440
2,000,000 ING USA ANNUITY AND LIFE INSURANCE 3.72 06/06/2006 2,000,000
2,000,000 LEGACY CAPITAL CORPORATION LLC 3.54 09/06/2005 1,999,020
1,000,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 3.61 03/16/2006 1,000,000
3,000,000 LEXINGTON PARKER CAPITAL CORPORATION 3.66 10/14/2005 2,986,950
3,000,000 LIBERTY LIGHT US CAPITAL SERIES MTN 3.57 05/26/2006 3,000,120
2,000,000 LIQUID FUNDING LIMITED 3.49 12/19/2005 2,000,000
76
WELLS FARGO ADVANTAGE OUTLOOK 2040 FUND
PORTFOLIO OF INVESTMENTS -- AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE % MATURITY DATE VALUE
COLLATERAL FOR SECURITIES LENDING - (CONTINUED)
$ 3,000,000 MORGAN STANLEY 3.64 01/13/2006 $ 3,000,000
2,000,000 TICONDEROGA FUNDING LLC 3.55 09/20/2005 1,996,260
2,000,000 WHITE PINE FINANCE LLC SERIES MTN 3.57 06/12/2006 2,000,100
52,951,050
---------------
TOTAL COLLATERAL FOR SECURITIES
LENDING** (COST $55,723,366) 55,723,366
---------------
SHORT-TERM INVESTMENTS - 0.46%
US TREASURY BILLS - 0.46%
73,000 US TREASURY BILL<<^ 3.22 09/22/2005 72,863
885,000 US TREASURY BILL<<^ 3.27 09/22/2005 883,312
105,000 US TREASURY BILL<<^ 3.28 09/22/2005 104,799
41,000 US TREASURY BILL<<^ 3.33 09/22/2005 40,920
1,101,894
---------------
TOTAL SHORT-TERM INVESTMENTS
(COST $1,101,894) 1,101,894
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $265,247,650)* 122.85% $ 298,115,651
OTHER ASSETS AND LIABILITIES, NET (22.85) (55,458,830)
------ ---------------
TOTAL NET ASSETS 100.00% $ 242,656,821
====== ===============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE
FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $1,420,445.
THE TOTAL COLLATERAL RECEIVED REPRESENTS 101.82% OF THE VALUE OF THE
PORTFOLIO SECURITIES LOANED.
* 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.
77
STATEMENTS OF ASSETS AND LIABILITIES -- AUGUST 31, 2005 (UNAUDITED)
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK OUTLOOK OUTLOOK
TODAY 2010 2020
FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................................ $ 87,278,883 $ 197,752,418 $ 356,494,232
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ............................. 41,737,347 93,499,336 165,592,914
------------- ------------- -------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ....................... 129,016,230 291,251,754 522,087,146
------------- ------------- -------------
CASH .................................................................. 50,882 50,606 50,714
RECEIVABLE FOR FUND SHARES ISSUED ..................................... 16,993 76,858 36,649
RECEIVABLE FOR INVESTMENTS SOLD ....................................... 1,017,753 32,163 73,663
RECEIVABLES FOR DIVIDENDS AND INTEREST ................................ 778,515 1,488,815 1,933,812
PREPAID EXPENSES AND OTHER ASSETS ..................................... 0 5,665 21,410
------------- ------------- -------------
TOTAL ASSETS ............................................................. 130,880,373 292,905,861 524,203,394
------------- ------------- -------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ...................................... 62,434 124,556 197,275
PAYABLE FOR INVESTMENTS PURCHASED ..................................... 699,437 0 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ................. 61,247 132,850 241,624
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ............................... 37,343 60,150 82,617
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................................ 41,737,347 93,499,336 165,592,914
ACCRUED EXPENSES AND OTHER LIABILITIES ................................ 8,367 0 0
------------- ------------- -------------
TOTAL LIABILITIES ........................................................ 42,606,175 93,816,892 166,114,430
------------- ------------- -------------
TOTAL NET ASSETS ......................................................... $ 88,274,198 $ 199,088,969 $ 358,088,964
============= ============= =============
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ....................................................... $ 82,295,457 $ 184,071,035 $ 329,310,565
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................ 301,012 653,376 958,791
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ................. 553,831 (1,118,363) (4,382,125)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS,
FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES .................................. 5,123,898 15,482,921 32,201,733
------------- ------------- -------------
TOTAL NET ASSETS ......................................................... $ 88,274,198 $ 199,088,969 $ 358,088,964
------------- ------------- -------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A .................................................. $ 39,062,822 $ 77,281,921 $ 154,143,884
SHARES OUTSTANDING - CLASS A .......................................... 3,780,542 6,100,579 11,258,432
NET ASSET VALUE PER SHARE - CLASS A ................................... $ 10.33 $ 12.67 $ 13.69
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ......................... $ 10.96 $ 13.44 $ 14.53
NET ASSETS - CLASS B .................................................. $ 17,010,911 $ 22,270,322 $ 20,360,784
SHARES OUTSTANDING - CLASS B .......................................... 1,616,240 1,756,555 1,499,687
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ................ $ 10.52 $ 12.68 $ 13.58
NET ASSETS - CLASS C .................................................. $ 11,941,849 $ 4,981,212 $ 3,918,882
SHARES OUTSTANDING - CLASS C .......................................... 1,137,550 389,518 286,400
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ................ $ 10.50 $ 12.79 $ 13.68
NET ASSETS - ADMINISTRATOR CLASS ...................................... $ 12,639,358 $ 74,971,098 $ 134,085,875
SHARES OUTSTANDING - ADMINISTRATOR CLASS .............................. 1,203,653 5,871,634 9,686,215
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
ADMINISTRATOR CLASS ................................................ $ 10.50 $ 12.77 $ 13.84
NET ASSETS - INSTITUTIONAL CLASS ...................................... $ 7,619,258 $ 19,584,416 $ 45,579,539
SHARES OUTSTANDING - INSTITUTIONAL CLASS .............................. 725,441 1,534,174 3,288,889
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS ................................................ $ 10.50 $ 12.77 $ 13.86
------------- ------------- -------------
INVESTMENTS AT COST ...................................................... $ 123,892,332 $ 275,768,833 $ 489,885,413
============= ============= =============
SECURITIES ON LOAN, AT MARKET VALUE ...................................... $ 41,107,137 $ 92,360,389 $ 164,151,300
============= ============= =============
OUTLOOK OUTLOOK
2030 2040
FUND FUND
- -----------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................................ $ 221,774,308 $ 242,392,285
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ............................. 73,155,685 55,723,366
------------- -------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ....................... 294,929,993 298,115,651
------------- -------------
CASH .................................................................. 50,180 50,162
RECEIVABLE FOR FUND SHARES ISSUED ..................................... 234,106 68,895
RECEIVABLE FOR INVESTMENTS SOLD ....................................... 50,534 783,259
RECEIVABLES FOR DIVIDENDS AND INTEREST ................................ 919,983 684,039
PREPAID EXPENSES AND OTHER ASSETS ..................................... 18,712 0
------------- -------------
TOTAL ASSETS ............................................................. 296,203,508 299,702,006
------------- -------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ...................................... 103,672 181,093
PAYABLE FOR INVESTMENTS PURCHASED ..................................... 0 693,450
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ................. 151,401 189,573
PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ............................... 54,371 61,785
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................................ 73,155,685 55,723,366
ACCRUED EXPENSES AND OTHER LIABILITIES ................................ 0 195,918
------------- -------------
TOTAL LIABILITIES ........................................................ 73,465,129 57,045,185
------------- -------------
TOTAL NET ASSETS ......................................................... $ 222,738,379 $ 242,656,821
============= =============
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ....................................................... $ 197,750,246 $ 225,043,016
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................ 474,855 375,768
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ................. 1,736,426 (15,629,964)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS,
FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES .................................. 22,776,852 32,868,001
------------- -------------
TOTAL NET ASSETS ......................................................... $ 222,738,379 $ 242,656,821
------------- -------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A .................................................. $ 109,885,716 $ 162,574,371
SHARES OUTSTANDING - CLASS A .......................................... 7,566,626 10,373,859
NET ASSET VALUE PER SHARE - CLASS A ................................... $ 14.52 $ 15.67
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ......................... $ 15.41 $ 16.63
NET ASSETS - CLASS B .................................................. $ 13,691,109 $ 20,864,162
SHARES OUTSTANDING - CLASS B .......................................... 958,783 1,380,692
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ................ $ 14.28 $ 15.11
NET ASSETS - CLASS C .................................................. $ 3,031,845 $ 3,444,427
SHARES OUTSTANDING - CLASS C .......................................... 211,870 228,236
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ................ $ 14.31 $ 15.09
NET ASSETS - ADMINISTRATOR CLASS ...................................... $ 74,837,214 $ 44,179,767
SHARES OUTSTANDING - ADMINISTRATOR CLASS .............................. 5,108,138 2,782,055
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
ADMINISTRATOR CLASS ................................................ $ 14.65 $ 15.88
NET ASSETS - INSTITUTIONAL CLASS ...................................... $ 21,292,495 $ 11,594,094
SHARES OUTSTANDING - INSTITUTIONAL CLASS .............................. 1,453,133 730,090
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
INSTITUTIONAL CLASS ................................................ $ 14.65 $ 15.88
------------- -------------
INVESTMENTS AT COST ...................................................... $ 272,153,141 $ 265,247,650
============= =============
SECURITIES ON LOAN, AT MARKET VALUE ...................................... $ 72,922,836 $ 56,119,714
============= =============
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
(2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSET VALUE. ON
INVESTMENTS OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
78
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
STATEMENTS OF OPERATIONS -- FOR THE SIX MONTHS ENDED AUGUST 31, 2005 (UNAUDITED)
- --------------------------------------------------------------------------------
OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK
TODAY 2010 2020 2030 2040
FUND FUND FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) .......................................... $ 357,863 $ 1,100,628 $ 2,661,851 $ 1,957,156 $ 2,452,119
INTEREST .............................................. 1,089,273 1,964,574 2,299,351 869,502 446,754
SECURITIES LENDING INCOME, NET ........................ 36,167 77,391 131,076 57,681 56,193
----------- ----------- ----------- ----------- -----------
TOTAL INVESTMENT INCOME .................................. 1,483,303 3,142,593 5,092,278 2,884,339 2,955,066
----------- ----------- ----------- ----------- -----------
EXPENSES
ADVISORY FEES ......................................... 295,033 669,209 1,183,357 736,225 808,762
ADMINISTRATION FEES
FUND LEVEL ......................................... 22,695 51,478 91,027 56,633 62,213
CLASS A ............................................ 55,251 110,963 214,061 154,028 227,959
CLASS B ............................................ 25,751 33,804 31,866 20,706 33,045
CLASS C ............................................ 17,922 7,467 5,738 4,144 4,969
ADMINISTRATOR CLASS ................................ 7,800 43,302 80,441 42,399 26,821
INSTITUTIONAL CLASS ................................ 3,110 10,919 22,340 12,195 6,276
CUSTODY FEES .......................................... 9,078 20,591 36,411 22,653 24,885
SHAREHOLDER SERVICING FEES ............................ 100,621 205,911 352,091 228,324 280,419
ACCOUNTING FEES ....................................... 14,668 17,501 21,396 18,006 14,562
DISTRIBUTION FEES (NOTE 3)
CLASS B ............................................ 68,977 90,545 85,355 55,462 88,512
CLASS C ............................................ 48,004 20,002 15,368 11,100 13,309
AUDIT FEES ............................................ 8,418 8,418 8,418 8,418 950
LEGAL FEES ............................................ 605 2,037 4,123 3,500 550
REGISTRATION FEES ..................................... 20,165 22,684 41,805 32,767 1,450
SHAREHOLDER REPORTS ................................... 2,521 16,039 25,385 17,375 650
TRUSTEES' FEES ........................................ 4,447 4,447 4,447 4,324 400
OTHER FEES AND EXPENSES ............................... 1,706 2,614 5,037 3,568 30
----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES ........................................... 706,772 1,337,931 2,228,666 1,431,827 1,595,762
----------- ----------- ----------- ----------- -----------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......... (59,999) (112,166) (181,801) (126,555) (42,632)
NET EXPENSES .......................................... 646,773 1,225,765 2,046,865 1,305,272 1,553,130
----------- ----------- ----------- ----------- -----------
NET INVESTMENT INCOME (LOSS) ............................. 836,530 1,916,828 3,045,413 1,579,067 1,401,936
----------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY
TRANSLATION ........................................ 665,305 1,575,983 3,699,486 2,347,531 2,916,841
----------- ----------- ----------- ----------- -----------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................ 665,305 1,575,983 3,699,486 2,347,531 2,916,841
----------- ----------- ----------- ----------- -----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY
TRANSLATION ........................................ 409,706 1,422,797 2,920,093 2,705,976 3,228,535
----------- ----------- ----------- ----------- -----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ........................................... 409,706 1,422,797 2,920,093 2,705,976 3,228,535
=========== =========== =========== =========== ===========
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ... 1,075,011 2,998,780 6,619,579 5,053,507 6,145,376
----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ....................................... $ 1,911,541 $ 4,915,608 $ 9,664,992 $ 6,632,574 $ 7,547,312
=========== =========== =========== =========== ===========
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................. $ 17,156 $ 55,008 $ 135,658 $ 96,793 $ 113,120
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
79
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
OUTLOOK TODAY
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................... $ 92,417,389 $ 88,683,030
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................ 836,530 1,379,075
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................. 665,305 827,266
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS .......................................................... 409,706 (232,459)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................................. 1,911,541 1,973,882
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................................. (375,359) (643,446)
CLASS B .............................................................. (102,795) (175,335)
CLASS C .............................................................. (73,354) (123,095)
ADMINISTRATOR CLASS .................................................. (135,055) (283,416)
INSTITUTIONAL CLASS .................................................. (83,163) (40,017)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .............................................................. 0 (112,085)
CLASS B .............................................................. 0 (57,386)
CLASS C .............................................................. 0 (39,927)
ADMINISTRATOR CLASS .................................................. 0 (43,507)
INSTITUTIONAL CLASS .................................................. 0 (16,161)
------------------ -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (769,726) (1,534,375)
------------------ -----------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................................... 5,668,626 10,122,549
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................................. 363,225 734,448
COST OF SHARES REDEEMED - CLASS A ....................................... (6,889,108) (11,396,849)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................................... (857,257) (539,852)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................................... 483,711 2,119,336
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................................. 96,040 219,307
COST OF SHARES REDEEMED - CLASS B ....................................... (3,474,265) (5,328,077)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................................... (2,894,514) (2,989,434)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................................... 450,496 3,304,686
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................................. 68,302 151,715
COST OF SHARES REDEEMED - CLASS C ....................................... (2,403,014) (3,645,883)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................................... (1,884,216) (189,482)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ......................... 6,369,296 34,317,390
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ..................... 135,054 326,922
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ........................... (7,016,963) (34,210,841)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR CLASS ........................ (512,613) 433,471
------------------ -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......................... 7,254,020 23,369,416
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................... 83,163 56,178
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........................... (6,473,589) (16,845,445)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........................ 863,594 6,580,149
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................................. (5,285,006) 3,294,852
================== =================
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (4,143,191) 3,734,359
================== =================
ENDING NET ASSETS .......................................................... $ 88,274,198 $ 92,417,389
================== =================
OUTLOOK 2010
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................... $ 208,067,912 $ 194,913,249
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................ 1,916,828 2,982,717
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................. 1,575,983 2,968,138
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS .......................................................... 1,422,797 1,118,262
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................................. 4,915,608 7,069,117
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................................. (639,994) (1,222,850)
CLASS B .............................................................. (105,092) (189,242)
CLASS C .............................................................. (23,487) (40,331)
ADMINISTRATOR CLASS .................................................. (676,687) (1,175,691)
INSTITUTIONAL CLASS .................................................. (280,302) (138,651)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .............................................................. 0 0
CLASS B .............................................................. 0 0
CLASS C .............................................................. 0 0
ADMINISTRATOR CLASS .................................................. 0 0
INSTITUTIONAL CLASS .................................................. 0 0
------------------ -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (1,725,562) (2,766,765)
------------------ -----------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................................... 11,516,468 29,518,598
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................................. 626,528 1,192,723
COST OF SHARES REDEEMED - CLASS A ....................................... (18,333,411) (39,026,472)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................................... (6,190,415) (8,315,151)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................................... 384,170 2,795,525
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................................. 98,600 178,705
COST OF SHARES REDEEMED - CLASS B ....................................... (5,023,423) (11,268,323)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................................... (4,540,653) (8,294,093)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................................... 205,769 1,135,042
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................................. 21,505 36,856
COST OF SHARES REDEEMED - CLASS C ....................................... (1,044,644) (3,714,723)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................................... (817,370) (2,542,825)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ......................... 24,123,677 72,092,676
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ..................... 675,716 1,174,976
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ........................... (19,041,899) (70,088,945)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR CLASS ........................ 5,757,494 3,178,707
------------------ -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......................... 23,874,912 78,783,434
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................... 280,302 138,651
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........................... (30,533,259) (54,096,412)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........................ (6,378,045) 24,825,673
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................................. (12,168,989) 8,852,311
================== =================
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (8,978,943) 13,154,663
================== =================
ENDING NET ASSETS .......................................................... $ 199,088,969 $ 208,067,912
================== =================
80
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK 2020
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................... $ 363,585,388 $ 297,037,843
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................ 3,045,413 4,397,601
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................. 3,699,486 2,407,684
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS .......................................................... 2,920,093 10,989,463
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................................. 9,664,992 17,794,748
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................................. (1,052,231) (1,690,739)
CLASS B .............................................................. (73,683) (106,550)
CLASS C .............................................................. (13,919) (14,201)
ADMINISTRATOR CLASS .................................................. (1,077,376) (1,819,227)
INSTITUTIONAL CLASS .................................................. (498,280) (410,424)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .............................................................. 0 0
CLASS B .............................................................. 0 0
CLASS C .............................................................. 0 0
ADMINISTRATOR CLASS .................................................. 0 0
INSTITUTIONAL CLASS .................................................. 0 0
------------------ -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (2,715,489) (4,041,141)
------------------ -----------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................................... 33,788,529 76,818,585
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................................. 1,036,223 1,668,789
COST OF SHARES REDEEMED - CLASS A ....................................... (34,826,494) (73,011,986)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................................... (1,742) 5,475,388
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................................... 831,775 2,759,261
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................................. 69,446 102,770
COST OF SHARES REDEEMED - CLASS B ....................................... (6,285,125) (11,125,872)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................................... (5,383,904) (8,263,841)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................................... 406,329 1,077,091
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................................. 13,303 13,767
COST OF SHARES REDEEMED - CLASS C ....................................... (729,207) (5,029,621)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................................... (309,575) (3,938,763)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ......................... 42,276,960 104,062,505
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ..................... 1,077,368 1,815,550
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ........................... (42,838,609) (96,129,169)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR CLASS ........................ 515,719 9,748,886
------------------ -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......................... 30,512,152 151,795,736
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................... 498,280 410,423
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........................... (38,276,857) (102,433,891)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........................ (7,266,425) 49,772,268
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................................. (12,445,927) 52,793,938
================== =================
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (5,496,424) 66,547,545
================== =================
ENDING NET ASSETS .......................................................... $ 358,088,964 $ 363,585,388
================== =================
OUTLOOK 2030
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................... $ 223,402,823 $ 189,724,221
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................ 1,579,067 2,427,493
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................. 2,347,531 1,327,725
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS .......................................................... 2,705,976 9,561,735
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................................. 6,632,574 13,316,953
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................................. (618,872) (1,155,141)
CLASS B .............................................................. (29,390) (56,544)
CLASS C .............................................................. (6,359) (8,087)
ADMINISTRATOR CLASS .................................................. (487,655) (850,867)
INSTITUTIONAL CLASS .................................................. (239,476) (207,524)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .............................................................. 0 0
CLASS B .............................................................. 0 0
CLASS C .............................................................. 0 0
ADMINISTRATOR CLASS .................................................. 0 0
INSTITUTIONAL CLASS .................................................. 0 0
------------------ -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (1,381,752) (2,278,163)
------------------ -----------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................................... 15,213,688 33,976,818
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................................. 605,336 1,134,350
COST OF SHARES REDEEMED - CLASS A ....................................... (18,259,859) (36,952,978)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................................... (2,440,835) (1,841,810)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................................... 450,889 2,468,355
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................................. 28,152 54,432
COST OF SHARES REDEEMED - CLASS B ....................................... (3,450,815) (8,055,258)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................................... (2,971,774) (5,532,471)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................................... 291,733 1,085,808
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................................. 6,169 7,883
COST OF SHARES REDEEMED - CLASS C ....................................... (321,670) (3,747,279)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................................... (23,768) (2,653,588)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ......................... 34,653,486 74,785,266
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ..................... 487,655 850,816
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ........................... (27,884,326) (69,557,186)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR CLASS ........................ 7,256,815 6,078,896
------------------ -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......................... 28,144,242 84,067,838
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................... 239,476 207,524
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........................... (36,119,422) (57,686,577)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........................ (7,735,704) 26,588,785
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................................. (5,915,266) 22,639,812
================== =================
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (664,444) 33,678,602
================== =================
ENDING NET ASSETS .......................................................... $ 222,738,379 $ 223,402,823
================== =================
OUTLOOK 2040
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................... $ 253,466,399 $ 237,950,396
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................ 1,401,936 2,267,282
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................. 2,916,841 1,942,132
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS .......................................................... 3,228,535 12,384,623
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS .............................................................. 7,547,312 16,594,037
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .............................................................. (789,376) (1,459,395)
CLASS B .............................................................. (18,676) 0
CLASS C .............................................................. (5,251) 0
ADMINISTRATOR CLASS .................................................. (267,216) (476,678)
INSTITUTIONAL CLASS .................................................. (114,419) (181,309)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .............................................................. 0 0
CLASS B .............................................................. 0 0
CLASS C .............................................................. 0 0
ADMINISTRATOR CLASS .................................................. 0 0
INSTITUTIONAL CLASS .................................................. 0 0
------------------ -----------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ........................................ (1,194,938) (2,117,382)
------------------ -----------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ..................................... 13,726,224 33,539,020
REINVESTMENT OF DISTRIBUTIONS - CLASS A ................................. 773,517 1,433,765
COST OF SHARES REDEEMED - CLASS A ....................................... (21,146,733) (36,067,871)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS A .................................... (6,646,992) (1,095,086)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS B ..................................... 566,873 2,061,042
REINVESTMENT OF DISTRIBUTIONS - CLASS B ................................. 18,048 0
COST OF SHARES REDEEMED - CLASS B ....................................... (7,478,210) (19,001,124)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS B .................................... (6,893,289) (16,940,082)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - CLASS C ..................................... 225,335 983,228
REINVESTMENT OF DISTRIBUTIONS - CLASS C ................................. 4,971 0
COST OF SHARES REDEEMED - CLASS C ....................................... (554,443) (2,629,707)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - CLASS C .................................... (324,137) (1,646,479)
------------------ -----------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ......................... 22,396,988 43,282,725
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ..................... 266,634 476,678
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ........................... (22,344,442) (36,910,613)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR CLASS ........................ 319,180 6,848,790
------------------ -----------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ......................... 11,814,645 44,273,641
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................... 114,419 181,309
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ........................... (15,545,778) (30,582,745)
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ........................ (3,616,714) 13,872,205
------------------ -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS .............................................. (17,161,952) 1,039,348
================== =================
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (10,809,578) 15,516,003
================== =================
ENDING NET ASSETS .......................................................... $ 242,656,821 $ 253,466,399
================== =================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
81
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
OUTLOOK TODAY
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................................... 557,072 1,004,052
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ................ 35,899 72,732
SHARES REDEEMED - CLASS A ............................................... (676,165) (1,132,127)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................... (83,194) (55,343)
------------------ -----------------
SHARES SOLD - CLASS B ................................................... 46,655 207,473
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ................ 9,312 21,260
SHARES REDEEMED - CLASS B ............................................... (335,019) (518,560)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................... (279,052) (289,827)
------------------ -----------------
SHARES SOLD - CLASS C ................................................... 43,466 325,171
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ................ 6,638 14,745
SHARES REDEEMED - CLASS C ............................................... (232,430) (356,272)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................... (182,326) (16,356)
------------------ -----------------
SHARES SOLD - ADMINISTRATOR CLASS ....................................... 617,847 3,353,440
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .................................................. 13,150 31,888
SHARES REDEEMED - ADMINISTRATOR CLASS ................................... (680,489) (3,333,502)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ..................................................... (49,492) 51,826
------------------ -----------------
SHARES SOLD - INSTITUTIONAL CLASS ....................................... 702,716 2,272,232
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .................................................. 8,096 5,408
SHARES REDEEMED - INSTITUTIONAL CLASS ................................... (625,790) (1,637,221)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ..................................................... 85,022 640,419
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ......................................... (509,042) 330,719
================== =================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ........................................................... $ 301,012 $ 234,208
================== =================
OUTLOOK 2010
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................................... 926,153 2,434,793
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ................ 50,739 98,170
SHARES REDEEMED - CLASS A ............................................... (1,473,015) (3,210,170)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................... (496,123) (677,207)
------------------ -----------------
SHARES SOLD - CLASS B ................................................... 30,873 231,824
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ................ 7,962 14,652
SHARES REDEEMED - CLASS B ............................................... (403,259) (929,306)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................... (364,424) (682,830)
------------------ -----------------
SHARES SOLD - CLASS C ................................................... 16,404 93,122
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ................ 1,722 2,996
SHARES REDEEMED - CLASS C ............................................... (83,172) (305,829)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................... (65,046) (209,711)
------------------ -----------------
SHARES SOLD - ADMINISTRATOR CLASS ....................................... 1,922,491 5,864,277
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .................................................. 54,319 96,090
SHARES REDEEMED - ADMINISTRATOR CLASS ................................... (1,517,684) (5,704,700)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ..................................................... 459,126 255,667
------------------ -----------------
SHARES SOLD - INSTITUTIONAL CLASS ....................................... 1,900,152 6,432,951
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .................................................. 22,538 11,066
SHARES REDEEMED - INSTITUTIONAL CLASS ................................... (2,417,700) (4,414,833)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ..................................................... (495,010) 2,029,184
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ......................................... (961,477) 715,103
================== =================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ........................................................... $ 653,376 $ 462,110
================== =================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
82
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
OUTLOOK 2020
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................................... 2,532,904 6,011,610
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ................ 78,072 127,470
SHARES REDEEMED - CLASS A ............................................... (2,608,373) (5,682,123)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................... 2,603 456,957
------------------ -----------------
SHARES SOLD - CLASS B ................................................... 62,947 217,468
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ................ 5,260 7,907
SHARES REDEEMED - CLASS B ............................................... (472,974) (873,824)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................... (404,767) (648,449)
------------------ -----------------
SHARES SOLD - CLASS C ................................................... 30,404 84,698
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ................ 1,000 1,071
SHARES REDEEMED - CLASS C ............................................... (54,361) (398,181)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................... (22,957) (312,412)
------------------ -----------------
SHARES SOLD - ADMINISTRATOR CLASS ....................................... 3,126,778 7,985,990
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .................................................. 80,358 137,523
SHARES REDEEMED - ADMINISTRATOR CLASS ................................... (3,173,880) (7,341,927)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ..................................................... 33,256 781,586
------------------ -----------------
SHARES SOLD - INSTITUTIONAL CLASS ....................................... 2,252,234 11,580,634
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .................................................. 37,128 30,424
SHARES REDEEMED - INSTITUTIONAL CLASS ................................... (2,799,442) (7,812,089)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ..................................................... (510,080) 3,798,969
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ......................................... (901,945) 4,076,651
================== =================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ........................................................... $ 958,791 $ 628,867
================== =================
OUTLOOK 2030
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................................... 1,075,115 2,517,914
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ................ 43,194 82,829
SHARES REDEEMED - CLASS A ............................................... (1,288,138) (2,729,504)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................... (169,829) (128,761)
------------------ -----------------
SHARES SOLD - CLASS B ................................................... 32,641 186,868
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ................ 2,034 4,050
SHARES REDEEMED - CLASS B ............................................... (247,626) (607,223)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................... (212,951) (416,305)
------------------ -----------------
SHARES SOLD - CLASS C ................................................... 20,867 83,174
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ................ 445 602
SHARES REDEEMED - CLASS C ............................................... (23,037) (287,600)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................... (1,725) (203,824)
------------------ -----------------
SHARES SOLD - ADMINISTRATOR CLASS ....................................... 2,426,886 5,516,705
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .................................................. 34,513 61,680
SHARES REDEEMED - ADMINISTRATOR CLASS ................................... (1,955,862) (5,121,575)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ..................................................... 505,537 456,810
------------------ -----------------
SHARES SOLD - INSTITUTIONAL CLASS ....................................... 1,968,483 6,197,982
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .................................................. 16,946 14,656
SHARES REDEEMED - INSTITUTIONAL CLASS ................................... (2,496,121) (4,248,813)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ..................................................... (510,692) 1,963,825
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ......................................... (389,660) 1,671,745
================== =================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ........................................................... $ 474,855 $ 277,540
================== =================
OUTLOOK 2040
--------------------------------------
FOR THE SIX MONTHS FOR THE
ENDED AUGUST 31, YEAR ENDED
2005 (UNAUDITED) FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ................................................... 902,231 2,335,715
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ................ 51,125 95,140
SHARES REDEEMED - CLASS A ............................................... (1,391,624) (2,506,726)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................... (438,268) (75,871)
------------------ -----------------
SHARES SOLD - CLASS B ................................................... 38,781 150,048
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ................ 1,235 0
SHARES REDEEMED - CLASS B ............................................... (508,813) (1,373,567)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................... (468,797) (1,223,519)
------------------ -----------------
SHARES SOLD - CLASS C ................................................... 15,474 71,949
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ................ 341 0
SHARES REDEEMED - CLASS C ............................................... (37,731) (193,044)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................... (21,916) (121,095)
------------------ -----------------
SHARES SOLD - ADMINISTRATOR CLASS ....................................... 1,458,513 2,959,903
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
ADMINISTRATOR CLASS .................................................. 17,393 31,237
SHARES REDEEMED - ADMINISTRATOR CLASS ................................... (1,452,933) (2,520,951)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
ADMINISTRATOR CLASS ..................................................... 22,973 470,189
------------------ -----------------
SHARES SOLD - INSTITUTIONAL CLASS ....................................... 767,958 3,028,057
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS -
INSTITUTIONAL CLASS .................................................. 7,469 11,881
SHARES REDEEMED - INSTITUTIONAL CLASS ................................... (996,106) (2,089,169)
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING -
INSTITUTIONAL CLASS ..................................................... (220,679) 950,769
------------------ -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING
FROM CAPITAL SHARE TRANSACTIONS ......................................... (1,126,687) 473
================== =================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) ........................................................... $ 375,768 $ 168,770
================== =================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
83
WELLS FARGO ADVANTAGE OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DISTRIBUTIONS 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
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 10.20 0.10 0.13 (0.10) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 10.17 0.17 0.05 (0.16) (0.03) 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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 10.39 0.07 0.12 (0.06) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 10.35 0.10 0.05 (0.08) (0.03) 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
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 10.36 0.07 0.13 (0.06) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 10.33 0.10 0.05 (0.09) (0.03) 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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 10.37 0.13 0.11 (0.11) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 10.33 0.21 0.06 (0.20) (0.03) 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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 10.37 0.14 0.11 (0.12) 0.00 0.00
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ........... $ 10.09 0.14 0.29 (0.12) (0.03) 0.00
OUTLOOK 2010
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 12.48 0.12 0.17 (0.10) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 12.22 0.18 0.25 (0.17) 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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) .... $ 12.48 0.07 0.18 (0.05) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 .............. $ 12.23 0.11 0.22 (0.08) 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
84
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE 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
- ------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 10.33 2.02% 1.37% (0.12)% 1.25%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 10.20 1.73% 1.34% (0.07)% 1.27%
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%
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 10.52 1.27% 2.11% (0.11)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 10.39 0.97% 2.09% (0.07)% 2.02%
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%
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 10.50 1.27% 2.12% (0.12)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 10.36 0.98% 2.09% (0.07)% 2.02%
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%
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 10.50 2.32% 1.15% (0.20)% 0.95%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 10.37 2.04% 1.01% (0.04)% 0.97%
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%
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 10.50 2.52% 0.92% (0.17)% 0.75%
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 10.37 2.41% 0.91% (0.16)% 0.75%
OUTLOOK 2010
- ------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.67 1.81% 1.32% (0.07)% 1.25%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.48 1.52% 1.30% (0.03)% 1.27%
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%
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.68 1.05% 2.07% (0.07)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.48 0.76% 2.05% (0.03)% 2.02%
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%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ---------------------------------------------------------------------------------------------
OUTLOOK TODAY
- ---------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.25% 18% $ 39,063
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 2.23% 106% $ 39,418
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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 1.82% 18% $ 17,011
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 1.49% 106% $ 19,690
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
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 1.93% 18% $ 11,942
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 1.43% 106% $ 13,680
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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.36% 18% $ 12,639
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 2.60% 106% $ 12,989
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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.47% 18% $ 7,619
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. 4.26% 106% $ 6,640
OUTLOOK 2010
- ---------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.36% 19% $ 77,282
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 3.60% 81% $ 82,296
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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.05% 19% $ 22,270
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 2.70% 81% $ 26,480
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
(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 OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) CALCULATED ON THE BASIS OF THE FUND AS A WHOLE WITHOUT DISTINGUISHING
BETWEEN THE CLASSES OF SHARES ISSUED.
(4) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
85
WELLS FARGO ADVANTAGE OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DISTRIBUTIONS 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)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.59 0.08 0.18 (0.06) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.33 0.11 0.22 (0.07) 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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.57 0.13 0.19 (0.12) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.32 0.22 0.24 (0.21) 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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.57 0.14 0.19 (0.13) 0.00 0.00
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 12.08 0.15 0.47 (0.13) 0.00 0.00
OUTLOOK 2020
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.44 0.10 0.24 (0.09) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.96 0.16 0.47 (0.15) 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)
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.33 0.06 0.23 (0.04) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.85 0.08 0.45 (0.05) 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)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.43 0.06 0.24 (0.05) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.93 0.09 0.44 (0.03) 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)
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.58 0.12 0.25 (0.11) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.10 0.22 0.45 (0.19) 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)
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.60 0.13 0.26 (0.13) 0.00 0.00
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 12.87 0.09 0.76 (0.12) 0.00 0.00
86
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE 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)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.79 1.05% 2.07% (0.07)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.59 0.76% 2.05% (0.03)% 2.02%
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%
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.77 2.10% 1.11% (0.16)% 0.95%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 12.57 1.82% 0.97% 0.00% 0.97%
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%
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 12.77 2.29% 0.88% (0.13)% 0.75%
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 12.57 2.20% 0.87% (0.12)% 0.75%
OUTLOOK 2020
- -----------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.69 1.55% 1.31% (0.06)% 1.25%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.44 1.31% 1.31% (0.04)% 1.27%
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%
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.58 0.80% 2.06% (0.06)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.33 0.55% 2.07% (0.05)% 2.02%
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%
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.68 0.80% 2.06% (0.06)% 2.00%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.43 0.54% 2.07% (0.05)% 2.02%
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%
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.84 1.85% 1.10% (0.15)% 0.95%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.58 1.61% 0.98% (0.01)% 0.97%
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%
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.86 2.04% 0.86% (0.11)% 0.75%
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 13.60 1.89% 0.88% (0.13)% 0.75%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ---------------------------------------------------------------------------------------------
OUTLOOK 2010 (CONTINUED)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.04% 19% $ 4,981
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 2.72% 81% $ 5,724
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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.58% 19% $ 74,971
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 3.81% 81% $ 68,055
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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.68% 19% $ 19,585
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. 5.20% 81% $ 25,512
OUTLOOK 2020
- ---------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.58% 18% $ 154,144
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 4.92% 60% $ 151,258
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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.21% 18% $ 20,361
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 4.13% 60% $ 25,378
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
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.21% 18% $ 3,919
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 4.09% 60% $ 4,155
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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.77% 18% $ 134,086
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 5.17% 60% $ 131,133
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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 2.87% 18% $ 45,579
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. 6.61% 60% $ 51,662
(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 OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) CALCULATED ON THE BASIS OF THE FUND AS A WHOLE WITHOUT DISTINGUISHING
BETWEEN THE CLASSES OF SHARES ISSUED.
(4) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
87
WELLS FARGO ADVANTAGE OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DISTRIBUTIONS 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
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.21 0.09 0.30 (0.08) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.53 0.16 0.67 (0.15) 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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 13.97 0.05 0.29 (0.03) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.31 0.06 0.64 (0.04) 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
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.00 0.04 0.30 (0.03) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.32 0.05 0.65 (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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.33 0.11 0.31 (0.10) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.65 0.21 0.66 (0.19) 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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.33 0.11 0.32 (0.11) 0.00 0.00
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 13.42 0.08 0.94 (0.11) 0.00 0.00
OUTLOOK 2040
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.27 0.09(5) 0.39 (0.08) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.40 0.14(5) 0.86 (0.13) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 10.65 0.12(5) 3.75 (0.12) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 13.55 0.08(5) (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
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.72 0.03(5) 0.37 (0.01) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.86 0.04(5) 0.82 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 10.28 0.04(5) 3.61 (0.07) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 13.08 0.02(5) (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
88
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET --------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET TOTAL
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2)
- -----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030
- -----------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.52 1.30% 1.33% (0.08)% 1.25% 2.77%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.21 1.17% 1.31% (0.04)% 1.27% 6.17%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.53 1.15% 1.33% (0.05)% 1.28% 31.73%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.48 0.88% 1.52% (0.22)% 1.30% (17.40)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.34 0.81% 1.57% (0.27)% 1.30% (8.68)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 15.13 0.97% 1.41% (0.11)% 1.30% (6.29)%
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.28 0.55% 2.08% (0.08)% 2.00% 2.42%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.97 0.43% 2.06% (0.04)% 2.02% 5.28%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.31 0.50% 2.09% (0.15)% 1.94% 30.82%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.32 0.38% 2.21% (0.41)% 1.80% (17.76)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.13 0.30% 2.17% (0.37)% 1.80% (9.10)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 14.88 0.47% 2.00% (0.20)% 1.80% (6.79)%
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.31 0.55% 2.08% (0.08)% 2.00% 2.44%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.00 0.43% 2.07% (0.05)% 2.02% 5.26%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.32 0.45% 2.08% (0.12)% 1.96% 30.88%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.33 0.39% 2.44% (0.64)% 1.80% (17.78)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.14 0.29% 2.17% (0.37)% 1.80% (9.12)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 14.90 0.49% 2.16% (0.36)% 1.80% (6.79)%
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.65 1.60% 1.12% (0.17)% 0.95% 2.97%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.33 1.47% 0.98% (0.02)% 0.96% 6.42%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.65 1.46% 1.00% (0.04)% 0.96% 32.13%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.57 1.17% 1.07% (0.07)% 1.00% (17.10)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.45 1.05% 1.24% (0.21)% 1.03% (8.47)%
MARCH 1, 2001 TO FEBRUARY 28, 2001 ................ $ 15.24 1.27% 1.05% 0.00% 1.05% (6.08)%
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.65 1.78% 0.88% (0.13)% 0.75% 3.07%
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 14.33 1.74% 0.87% (0.12)% 0.75% 7.64%
OUTLOOK 2040
- -----------------------------------------------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.67 1.12% 1.26% (0.01)% 1.25% 3.13%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 15.27 1.01% 1.28% (0.01)% 1.27% 6.98%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 14.40 0.95% 1.33% (0.06)% 1.27% 36.52%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.65 0.65% 1.49% (0.19)% 1.30% (20.24)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.55 0.24% 1.55% (0.25)% 1.30% (11.45)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 15.50 0.15% 1.41% (0.11)% 1.30% (11.09)%
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.11 0.38% 2.01% (0.01)% 2.00% 2.74%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.72 0.26% 2.03% (0.01)% 2.02% 6.20%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.86 0.31% 2.09% (0.15)% 1.94% 35.58%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.28 0.15% 2.23% (0.43)% 1.80% (20.60)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.08 (0.27)% 2.14% (0.34)% 1.80% (11.93)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 15.05 (0.35)% 2.05% (0.25)% 1.80% (11.53)%
PORTFOLIO NET ASSETS AT
TURNOVER END OF PERIOD
RATE(3) (000'S OMITTED)
- -------------------------------------------------------------------------------
OUTLOOK 2030
- -------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 14% $ 109,886
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 48% $ 109,923
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 27% $ 106,449
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 68% $ 75,953
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 27% $ 100,884
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 27% $ 133,569
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 14% $ 13,691
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 48% $ 16,372
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 27% $ 21,131
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 68% $ 20,319
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 27% $ 27,913
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 27% $ 34,570
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 14% $ 3,032
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 48% $ 2,991
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 27% $ 5,559
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 68% $ 2,791
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 27% $ 3,412
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 27% $ 3,467
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 14% $ 74,837
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 48% $ 65,968
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 27% $ 56,586
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 68% $ 35,203
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 27% $ 30,749
MARCH 1, 2001 TO FEBRUARY 28, 2001 ................ 27% $ 19,156
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 14% $ 21,292
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. 48% $ 28,149
OUTLOOK 2040
- -------------------------------------------------------------------------------
CLASS A
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 9% $ 162,574
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 29% $ 165,145
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 18% $ 156,806
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 54% $ 111,546
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 14% $ 169,829
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 20% $ 218,085
CLASS B
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 9% $ 20,864
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 29% $ 27,229
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 18% $ 42,603
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 54% $ 43,980
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 14% $ 67,290
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 20% $ 84,993
(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 OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) CALCULATED ON THE BASIS OF THE FUND AS A WHOLE WITHOUT DISTINGUISHING
BETWEEN THE CLASSES OF SHARES ISSUED.
(4) COMMENCEMENT OF OPERATIONS.
(5) CALCULATED BASED UPON AVERAGE SHARES OUTSTANDING.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
89
WELLS FARGO ADVANTAGE OUTLOOK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
BEGINNING NET NET REALIZED DISTRIBUTIONS 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 2040 (CONTINUED)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 14.71 0.03(5) 0.37 (0.02) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 13.86 0.04(5) 0.81 0.00 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 10.28 0.03(5) 3.62 (0.07) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 13.09 0.02(5) (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
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.48 0.11(5) 0.39 (0.10) 0.00 0.00
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.59 0.19(5) 0.88 (0.18) 0.00 0.00
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 10.77 0.16(5) 3.81 (0.15) 0.00 0.00
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 13.71 0.12(5) (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
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.47 0.13(5) 0.39 (0.11) 0.00 0.00
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 14.47 0.15(5) 1.06 (0.21) 0.00 0.00
90
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET --------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET TOTAL
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2)
- -----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2040 (CONTINUED)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.09 0.37% 2.01% (0.01)% 2.00% 2.74%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 14.71 0.26% 2.03% (0.01)% 2.02% 6.13%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 13.86 0.28% 2.08% (0.14)% 1.94% 35.62%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.28 0.15% 2.31% (0.51)% 1.80% (20.66)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.09 (0.27)% 2.14% (0.34)% 1.80% (11.92)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 15.06 (0.35)% 1.96% (0.16)% 1.80% (11.52)%
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.88 1.44% 1.05% (0.10)% 0.95% 3.24%
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ $ 15.48 1.31% 0.95% 0.00% 0.95% 7.35%
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ $ 14.59 1.29% 1.01% (0.05)% 0.96% 37.06%
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ $ 10.77 0.96% 1.03% (0.03)% 1.00% (20.02)%
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ $ 13.71 0.54% 1.22% (0.20)% 1.02% (11.22)%
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ $ 15.64 0.46% 1.07% (0.03)% 1.04% (10.80)%
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... $ 15.88 1.61% 0.82% (0.07)% 0.75% 3.41%
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. $ 15.47 1.55% 0.85% (0.10)% 0.75% 8.37%
PORTFOLIO NET ASSETS AT
TURNOVER END OF PERIOD
RATE(3) (000'S OMITTED)
- -------------------------------------------------------------------------------
OUTLOOK 2040 (CONTINUED)
CLASS C
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 9% $ 3,444
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 29% $ 3,681
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 18% $ 5,146
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 54% $ 3,767
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 14% $ 5,432
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 20% $ 6,349
ADMINISTRATOR CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 9% $ 44,180
MARCH 1, 2004 TO FEBRUARY 28, 2005 ................ 29% $ 42,700
MARCH 1, 2003 TO FEBRUARY 29, 2004 ................ 18% $ 33,396
MARCH 1, 2002 TO FEBRUARY 28, 2003 ................ 54% $ 29,829
MARCH 1, 2001 TO FEBRUARY 28, 2002 ................ 14% $ 33,976
MARCH 1, 2000 TO FEBRUARY 28, 2001 ................ 20% $ 31,613
INSTITUTIONAL CLASS
MARCH 1, 2005 TO AUGUST 31, 2005 (UNAUDITED) ...... 9% $ 11,594
JUNE 30, 2004(4) TO FEBRUARY 28, 2005 ............. 29% $ 14,712
(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 OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) CALCULATED ON THE BASIS OF THE FUND AS A WHOLE WITHOUT DISTINGUISHING
BETWEEN THE CLASSES OF SHARES ISSUED.
(4) COMMENCEMENT OF OPERATIONS.
(5) CALCULATED BASED UPON AVERAGE SHARES OUTSTANDING.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
91
WELLS FARGO ADVANTAGE 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 management
investment company. The Trust commenced operations on November 8, 1999, and at
August 31, 2005, was comprised of 108 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. Effective at the close of business on April 8, 2005, the Institutional
Class changed its name to Administrator Class and the Select Class changed its
name to Institutional Class in all WELLS FARGO ADVANTAGE OUTLOOK FUNDS.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
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.
In the normal course of business, the Trust may enter into contracts that
provide certain indemnifications. The Trust's maximum exposure under these
arrangements is dependent on future claims that may be made against the Funds
and, therefore, cannot be estimated; however, based on experience, the risk of
loss from such claims is considered remote.
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 daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For 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.
92
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
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, 2005.
At February 28, 2005, estimated net capital loss carryforwards, which are
available to offset future net realized capital gains, were:
Fund Year Expires Capital Loss Carryforwards
- --------------------------------------------------------------------------------
OUTLOOK 2010 2012 $ 658,707
- --------------------------------------------------------------------------------
OUTLOOK 2020 2012 4,515,332
- --------------------------------------------------------------------------------
OUTLOOK 2030 2011 3,086,887
- --------------------------------------------------------------------------------
OUTLOOK 2040 2012 14,370,242
SECURITY LOANS
The Fund(s) may loan securities in return for securities, irrevocable
letters of credit or cash collateral, which is invested in various short-term
fixed income securities. A Fund may receive compensation for lending securities
in the form of fees 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 35% of the revenues earned on
the securities lending activities and incurs all expenses. Effective October 1,
2005 Wells Fargo Bank, N.A. will be receiving 30% of the revenues earned on the
securities lending activities. The value of the securities on loan and the value
of the related collateral at August 31, 2005 are shown on the Statements of
Assets and Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment 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:
Advisory Fee Sub-Advisory
(% of Fee (% 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
>$4.99 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
>$4.99 billion 0.500
93
WELLS FARGO ADVANTAGE OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Advisory Fee Sub-Advisory
(% of Fee (% of
Average Daily Average Daily Average Daily Average Daily
Fund Net Assets Net Assets) Sub-Adviser Net Assets Net Assets)
- --------------------------------------------------------------------------------------------------------------------------------
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
>$4.99 billion 0.500
- --------------------------------------------------------------------------------------------------------------------------------
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
>$4.99 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
>$4.99 billion 0.500
- --------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Average Daily (% of Average
Net Assets Daily Net Assets)
- ------------------------------------------------------------------------
FUND LEVEL $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
- ------------------------------------------------------------------------
ADMINISTRATOR CLASS 0.10
- ------------------------------------------------------------------------
INSTITUTIONAL CLASS 0.08
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 OUTLOOK FUNDS 0.02
- ------------------------------------------------------------------------
94
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------
ADMINISTRATOR CLASS 0.25
For the six months ended August 31, 2005, shareholder servicing fees paid
were as follows:
Administrator
Fund Class A Class B Class C Class
- --------------------------------------------------------------------------------
OUTLOOK TODAY 49,332 22,992 16,001 12,296
- --------------------------------------------------------------------------------
OUTLOOK 2010 99,075 30,182 6,667 69,987
- --------------------------------------------------------------------------------
OUTLOOK 2020 191,125 28,452 5,123 127,391
- --------------------------------------------------------------------------------
OUTLOOK 2030 137,525 18,487 3,700 68,612
- --------------------------------------------------------------------------------
OUTLOOK 2040 203,535 29,504 4,436 42,944
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
Prior to April 11, 2005, Stephens, Inc. served as distributor to the
applicable Funds and received distribution fees at an annual rate of 0.75% of
average daily net assets of the Funds' Class B and Class C shares.
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 on the Statements
of Operations, for the six months ended August 31, 2005, were waived by Funds
Management proportionately from all classes, first from advisory fees, and then
any class specific expenses, if applicable. Funds Management has committed to
waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund(s). Net operating expense
ratios during the period were as follows:
NET OPERATING EXPENSE RATIOS
Fund Class A Class B Class C Administrator Class Institutional Class
- ----------------------------------------------------------------------------------------------------------------------
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%
- ----------------------------------------------------------------------------------------------------------------------
95
WELLS FARGO ADVANTAGE OUTLOOK FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
With recent approval from the Board of Directors, the Outlook Funds are
now able to invest directly in foreign securities. At the time such direct
foreign investments begin, Fund Management has committed to maintain the
following lowered net operating expense ratios for the Funds through June 30,
2006:
PROPOSED NET OPERATING EXPENSE RATIOS
Fund Class A Class B Class C Administrator Class Institutional Class
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK TODAY 1.20% 1.95% 1.95% 0.90% 0.70%
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010 1.21% 1.96% 1.96% 0.91% 0.71%
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2020 1.22% 1.97% 1.97% 0.92% 0.72%
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030 1.23% 1.98% 1.98% 0.93% 0.73%
- ----------------------------------------------------------------------------------------------------------------------
OUTLOOK 2040 1.24% 1.99% 1.99% 0.94% 0.74%
- ----------------------------------------------------------------------------------------------------------------------
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, 2005, were as follows:
Purchases at Cost Sales Proceeds
Fund U.S. Government Other U.S. Government Other
- --------------------------------------------------------------------------------------------------------
OUTLOOK TODAY $ 13,361,895 $ 2,668,745 $ 16,531,197 $ 5,535,374
- --------------------------------------------------------------------------------------------------------
OUTLOOK 2010 31,396,523 7,308,364 34,001,228 18,180,384
- --------------------------------------------------------------------------------------------------------
OUTLOOK 2020 46,617,596 17,481,234 46,842,101 31,695,418
- --------------------------------------------------------------------------------------------------------
OUTLOOK 2030 18,014,919 11,966,532 16,686,914 20,830,514
- --------------------------------------------------------------------------------------------------------
OUTLOOK 2040 11,495,042 10,228,561 10,558,518 28,424,117
- --------------------------------------------------------------------------------------------------------
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the six months ended August 31, 2005,
there were no borrowings by the Outlook Funds under the agreement.
96
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities and information
regarding how to obtain the results of such voting during the most recent
12-month period ended June 30, is available without charge, upon request, by
calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 140 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.
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 Associate Professor of Finance, None
63 Wake Forest University, Calloway
School of Business and
Accountancy.
- ----------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO, and Co-Founder of None
63 (Chairman, since 2001) Crystal Geyser Water Company and
President of Crystal Geyser
Roxane Water Company.
- ----------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President None
72 of Richard M. Leach Associates (a
financial consulting firm).
- ----------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
53 relations firm of Himle-Horner
and Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota
(a public policy organization).
- ----------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal in the law firm of None
65 Willeke & Daniels.
- ----------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE**
- ----------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE *** PAST FIVE YEARS OTHER DIRECTORSHIPS
- ----------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
61 Developer; Chairman of White
Point Capital, LLC.
- ----------------------------------------------------------------------------------------------------------
97
WELLS FARGO ADVANTAGE 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 2003 Executive Vice President of Wells None
46 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
36 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 from 2000 to 2001.
Director of Shareholder Services
at BISYS Fund Services from 1999
to 2000.
- ----------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000 Vice President and Managing None
45 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.
** As of August 31, 2005, one of the six Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC. Robert C. Brown was an interested Trustee prior to
his retirement on April 5, 2005.
*** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
98
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
OUTLOOK TODAY FUND, OUTLOOK 2010 FUND, OUTLOOK 2020 FUND, OUTLOOK 2030 FUND AND
OUTLOOK 2040 FUND
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Outlook Today Fund, Outlook 2010 Fund, Outlook 2020 Fund,
Outlook 2030 Fund and Outlook 2040 Fund (the "Funds"); and (ii) an investment
sub-advisory agreement with Barclays Global Fund Advisors ("Barclays") for the
Funds. The investment advisory agreement with Funds Management and the
investment sub-advisory agreement with Barclays are collectively referred to as
the "Advisory Agreements."
More specifically, at a meeting held on April 4, 2005, the Board,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and Barclays and the continuation of the
Advisory Agreements.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Board received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and Barclays under the Advisory Agreements. Responses of Funds
Management and Barclays to a detailed set of requests submitted by the
Independent Trustees' independent legal counsel on behalf of such Trustees were
provided to the Board. The Board reviewed and considered the data and
information, which included, among other things, information about the
background and experience of the senior management and the expertise of the
investment personnel of Funds Management and Barclays.
The Board considered the ability of Funds Management and Barclays, based
on their respective resources, reputations and other attributes, to attract and
retain highly qualified investment professionals, including research, advisory,
and supervisory personnel. In this connection, the Board considered information
regarding each of Funds Management's and Barclays' compensation for its
personnel involved in the management of the Funds. In addition, the Board
considered the effects of certain personnel changes in light of the acquisition
of certain of the asset management arrangements of Strong Capital Management,
Inc. by Wells Fargo & Company.
The Board further considered the compliance programs and compliance
records of Funds Management and Barclays. In addition, the Board took into
account the administrative services provided to the Funds by Funds Management
and its affiliates. In considering these matters, the Board considered not only
the specific information presented in connection with the meeting, but also the
knowledge gained over the course of interacting with Funds Management, including
with respect to Funds Management's oversight of service providers, such as the
investment sub-adviser.
Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and Barclays.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Board considered the performance results for each of the Funds over
various time periods. The Board also considered these results in comparison to
the median performance results of the group of funds that was determined to be
the most similar to a given Fund (the "Peer Group") and to the median
performance of a broader universe of relevant funds (the "Universe"), as well as
to each Fund's benchmark index. Lipper Inc. ("Lipper"), an independent provider
of investment company data, determined the Peer Group and Universe for each
Fund. The Board was provided with a description of the methodology used by
Lipper to select the mutual funds in each Fund's Peer Group and Universe. The
Board noted that the performance of each Fund was better than, or not
appreciably below, the median performance of its Peer Group for most time
periods.
99
WELLS FARGO ADVANTAGE OUTLOOK FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
The Board received and considered information regarding each Fund's net
operating expense ratio and its various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The
Board also considered comparisons of these fees to the expense information for
each Fund's Peer Group and Universe, which comparative data was provided by
Lipper. The Board noted that the net operating expense ratios of the Funds were
equal to, or lower than, the Funds' Peer Group's median net operating expense
ratios. The Board also noted that there was a discrepancy in the Lipper
materials between the other non-management expenses and the management fees and
transfer agent expenses, which was due to the inclusion of a shareholder
servicing fee in the non-management expenses and the waiver of such fee in the
management fees and transfer agent expenses, for the Funds.
Management also discussed the Lipper data and rankings, and other relevant
information, for the Funds. Based on the above-referenced considerations and
other factors, the Board concluded that the overall performance and expense
results supported the re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Board reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services,
both on a stand-alone basis and on a combined basis with the Funds'
administration fee rates (the "Advisory Agreement Rates"). The Board took into
account the separate administrative services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates (the "Sub-Advisory Agreement Rates") payable by Funds
Management to Barclays for investment sub-advisory services. In addition, the
Board reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in the Peer
Group. The Board noted that the Advisory Agreement Rates and the Net Advisory
Rates for the Funds were lower than, or not appreciably higher than, the median
rates of each Fund's respective Peer Group. In addition, the Board concluded
that the combined investment advisory/administration fee rates for the Funds
(before and after waivers/caps and/or expense reimbursements) were reasonable in
relation to each Fund's Peer Group, and reasonable in relation to the services
provided.
The Board also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on its consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Board received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and the Net Advisory
Rates, as well as on other relationships between the Funds and Funds Management
and its affiliates. The Board concluded that, in light of the costs of providing
investment management and other services to the Fund, the profits and other
ancillary benefits that Funds Management and its affiliates received with regard
to providing these services to the Funds were not unreasonable. The Board did
not consider profitability information with respect to Barclays, which is not
affiliated with Funds Management. The Board considered that the sub-advisory
fees paid to Barclays had been negotiated by Funds Management on an arms length
basis and that Barclays separate profitability from its relationship with the
Funds was not a material factor in determining whether to renew the agreement.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Board received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale.
The Board acknowledged the inherent limitations of any analysis of an investment
adviser's economies of scale and of any attempt to correlate breakpoints with
such economies, stemming largely from the Board's understanding that economies
of scale are realized, if at all, by an investment adviser across a variety of
products and services, not just with respect to a single fund. The Board
concluded that any actual or potential economies of scale are, or will be,
shared reasonably with Fund shareholders, including most particularly through
Advisory Agreement Rate breakpoints, which are applicable to the Funds.
100
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE OUTLOOK FUNDS
- --------------------------------------------------------------------------------
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Board also received and considered information about the nature,
extent and quality of services and fee rates offered by Funds Management to
other similarly situated series within the Trust, and those offered by Barclays
to other clients, including other registered investment companies and separate
accounts. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Barclays,
giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND BARCLAYS
- --------------------------------------------------------------------------------
The Board received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
and Barclays as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and Barclays with the Funds and benefits potentially derived
from an increase in the business of Funds Management and Barclays as a result of
their relationship with the Funds (such as the ability to market to shareholders
other financial products offered by Funds Management and its affiliates or
Barclays and its affiliates).
The Board also considered the effectiveness of policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized,
potential benefits that may be realized by using an affiliated broker, and the
controls applicable to brokerage allocation procedures. The Board also took note
of the policies of Barclays regarding the allocation of portfolio investment
opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Board also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares are offered and
sold. The Board noted that the Funds are now part of one of the few fund
families that have both direct-to-fund and intermediary distribution.
As discussed above, the Board reviewed detailed materials received from
Funds Management and Barclays annually as part of the re-approval process under
Section 15(c) of the 1940 Act. The Board also regularly reviews and assesses the
quality of the services that the Funds receive throughout the year. In this
regard, the Board reviews reports of Funds Management and Barclays at least
quarterly, which include, among other things, a detailed portfolio review, and
detailed fund performance reports. In addition, the Board meets with the
portfolio managers of the Funds at various times throughout the year.
After considering the above-described factors and based on its
deliberations and its evaluation of the information described above, the Board
concluded that approval of the continuation of the Advisory Agreements for each
of the Funds was in the best interest of the Funds and their shareholders.
Accordingly, the Board unanimously approved the continuation of the Advisory
Agreements.
101
WELLS FARGO ADVANTAGE OUTLOOK FUNDS LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
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
FFCB -- Federal Farm Credit Bank
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
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MUD -- Municipal Utility District
MTN -- Medium Term Note
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PLC -- Private Placement
PSFG -- Public School Fund Guaranty
RAW -- Revenue Anticipation Warrants
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
R&D -- Research & Development
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
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
XLCA -- XL Capital Assurance
102
[LOGO]
WELLS ADVANTAGE
FARGO FUNDS
More information about WELLS FARGO This report and the financial statements
ADVANTAGE FUNDS(SM) is available contained herein are submitted for the
free upon request. To obtain general information of the shareholders
literature, please write, e-mail, of the WELLS FARGO ADVANTAGE FUNDS. If
or call: this report is used for promotional
purposes, distribution of the report must
WELLS FARGO ADVANTAGE FUNDS be accompanied or preceded by a current
P.O. Box 8266 prospectus. For a prospectus containing
Boston, MA 02266-8266 more complete information, including
charges and expenses, call
E-mail: wfaf@wellsfargo.com 1-800-222-8222. Please consider the
Retail Investment Professionals: investment objective, risks, charges and
888-877-9275 expenses of the investment carefully
Institutional Investment before investing. This and other
Professionals: 866-765-0778 information about WELLS FARGO ADVANTAGE
Web: www.wellsfargo.com/advantage FUNDS can be found in the current
funds 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 ADVANTAGE FUNDS. Other affiliates
of Wells Fargo & Company provide
sub-advisory and other services for the
Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member
NASD/SIPC, an affiliate of Wells Fargo &
Company.
-------------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-------------------------------------------------------
- --------------------------------------------------------------------------------
(c)2005 Wells Fargo | www.wellsfargo.com/advantagefunds | RT53096 10-05
Advantage Funds, LLC. | | SOFLD/SAR101 08-05
All rights reserved. | |
ITEM 2. CODE OF ETHICS
=======================
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
======================
Not applicable.
ITEMS 5-6. [RESERVED]
======================
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. [RESERVED]
===================
ITEM 9. CONTROLS AND PROCEDURES
================================
(a)(i) The President and Treasurer have concluded that the Wells Fargo Funds
Trust (the "Trust") disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances
that material information relating to the Trust is made known to them by the
appropriate persons based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(a)(ii) There were no significant changes in the Trust's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of the evaluation referenced in (a)(i) above.
ITEM 10. EXHIBITS
=================
(a) 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 21, 2005