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Wells Fargo Funds Trust – ‘N-CSR’ for 10/31/04

On:  Thursday, 12/30/04, at 1:47pm ET   ·   Effective:  12/30/04   ·   For:  10/31/04   ·   Accession #:  935069-4-2256   ·   File #:  811-09253

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/30/04  Wells Fargo Funds Trust           N-CSR      10/31/04    4:180K                                   Bowne - BGM/FA

Certified Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report of a              73±   326K 
                          Management Investment Company                          
 4: EX-99.906   Miscellaneous Exhibit                                  2      7K 
 3: EX-99.CERT  Miscellaneous Exhibit                                  2     16K 
 2: EX-99.CODE ETH  Miscellaneous Exhibit                              5     26K

N-CSR   —   Certified Annual Shareholder Report of a Management Investment Company
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Item 1. Report to Shareholders
"Funds
13C&B Large Cap Value Fund
16C&B Mid Cap Value Fund
19C&B Tax-Managed Value Fund
29Notes to Financial Highlights
36Report of Independent Registered Public Accounting Firm
42Item 2. Code of Ethics
"Item 3. Audit Committee Financial Expert
"Item 4. Principal Accountant Fees and Services
"Items 5-6. [. Reserved]
"Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"Item 9. Controls and Procedures
"Item 10. Exhibits 
N-CSR1st “Page” of 43TOC↑TopPreviousNext↓BottomJust 1st
 

 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:          October 31, 2004                              

Date of reporting period:         October 31, 2004                              

ITEM 1.  REPORT TO SHAREHOLDERS                                                 
===============================                                                 

[GRAPHIC OMITTED] 

                                                                          [LOGO]
                                                                           WELLS
                                                                           FARGO

                                                                           FUNDS

Wells Fargo Stock Funds                         

Annual Report       

                                    Wells Fargo C&B Large Cap Value Fund(SM)
                                  Wells Fargo C&B Mid Cap Value Fund(SM)
                                      Wells Fargo C&B Tax-Managed Value Fund(SM)

                                              October 31, 2004


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                                                         WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

TABLE OF CONTENTS                                                               

Letter to Shareholders ..................................................      1
--------------------------------------------------------------------------------
Performance Highlights                                                          
--------------------------------------------------------------------------------
   C&B Large Cap Value Fund .............................................      2
   C&B Mid Cap Value Fund ...............................................      4
   C&B Tax-Managed Value Fund ...........................................      6
Fund Expenses ...........................................................      8
--------------------------------------------------------------------------------
Portfolio of Investments                                                        
--------------------------------------------------------------------------------
   C&B Large Cap Value Fund .............................................     10
   C&B Mid Cap Value Fund ...............................................     13
   C&B Tax-Managed Value Fund ...........................................     16
Financial Statements                                                            
--------------------------------------------------------------------------------
   Statement of Assets and Liabilities ..................................     19
   Statement of Operations ..............................................     20
   Statements of Changes in Net Assets ..................................     22
   Financial Highlights .................................................     24
Notes to Financial Highlights ...........................................     26
--------------------------------------------------------------------------------
Notes to Financial Statements ...........................................     27
--------------------------------------------------------------------------------
Report of Independent Registered Public Accounting Firm .................     33
--------------------------------------------------------------------------------
Other Information (Unaudited) ...........................................     34
--------------------------------------------------------------------------------
Tax Information (Unaudited) .............................................     36
--------------------------------------------------------------------------------
List of Abbreviations ...................................................     37
--------------------------------------------------------------------------------

 -------------------------------------------------
 NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE
 -------------------------------------------------


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THIS PAGE IS INTENTIONALLY LEFT BLANK --                                        


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LETTER TO SHAREHOLDERS                                   WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

DEAR VALUED SHAREHOLDER,                                                        

      On July 23, 2004, Wells Fargo Funds Management, LLC completed the adoption
of all three Cooke & Bieler mutual funds. Long-term and new shareholders of the 
Funds now enjoy the same investment strategy and discipline that has established
Cooke & Bieler's 50-year-old reputation as a value-style equity manager. In     
addition, all shareholders have access to an even wider array of investment     
options and financial services through Wells Fargo.                             

We are pleased to provide you with this Wells Fargo C&B Funds annual
report for the 12-month period ended October 31, 2004. On the following pages,  
you will find a discussion of each Fund, including performance highlights, the  
Fund managers' strategic outlook and facts and figures about each Fund's        
portfolio.                                                                      

THE ECONOMY: MODERATE RECOVERY                                                  
--------------------------------------------------------------------------------

  Throughout the reporting period, the economy continued to recover at a
slow and steady pace. The fiscal year started strong with consumer spending on  
the rise and positive performance from the housing and manufacturing sectors.   
Increased tax refunds and gains in household wealth from the 2003 stock market  
rally helped bolster consumer spending. Lower mortgage rates made housing more  
affordable and increased household cash flow. By the second quarter of 2004,    
growth slipped a bit from 4% to 3.3% during the opening months of the year, with
housing activity, consumer and business spending all easing. But by the third   
quarter of 2004, the economy regained its momentum and inched back up to 4%     
growth due to some companies beating their earnings forecast, though modestly.  
Investors are still focused on major events that continue to unfold--from rising
oil prices to terrorist threats.                                                

      Investors were also focused on the Federal Reserve Board (the Fed) and its
plans to raise interest rates. At the start of the reporting period, the Fed    
kept short-term interest rates at 1% even as the economy continued to experience
a moderate, jobless recovery and little threat of inflation. By the second      
quarter of 2004, the Fed moved forward with its plan to raise rates and by third
quarter rates had jumped to 1.75%. Investors anticipated these increases,       
minimizing the impact on the stock market.                                      

STOCKS: UP AND DOWN                                                             
--------------------------------------------------------------------------------

 Stocks turned in a positive performance at the start of the reporting
period, with the S&P 500 Index finishing with a 14.07% gain in the first quarter
of 2004 and continuing its gains into May and June 2004. During that time,      
industrials replaced consumer staples as top performers and energy also did     
well, thanks to rising fuel costs. A steep decline in July 2004 set the markets 
back and made it difficult for the S&P 500 Index to regain its momentum despite 
back-to-back gains from August through October 2004. The good news is that the  
"fundamentals" supporting the market remain largely intact. Energy and          
high-dividend stocks were the best performing style group during the third      
quarter of 2004.                                                                

BONDS: DOWN AND UP                                                              
--------------------------------------------------------------------------------

   Bonds gained for a fourth straight month in September 2004, even though
the latest increase by the benchmark Lehman Brothers(R) Aggregate Bond Index    
(the Index) of investment-grade taxable bonds was the weakest since its decline 
last December. Still, third-quarter returns were the best in two years,         
reversing a fairly steep decline in the April to June period. The rally         
continued through October with the Index up 4.2% year-to-date.                  

LOOKING AHEAD: CONTINUING GROWTH?                                               
--------------------------------------------------------------------------------

 As the economy heads into the closing months of 2004, disinflation is
expected to be a major force affecting economic growth and investment           
performance. During all market conditions, we believe successful investing      
includes taking a balanced approach, maintaining a portfolio that is diversified
among stocks and bonds and keeping a long-term perspective.                     

      Thank you for choosing Wells Fargo Funds. We appreciate your confidence in
us. Through each market cycle, we are committed to helping you meet your        
financial needs. If you have any questions about your investment, please contact
your investment professional, or call us at 1-800-222-8222. You may also visit  
our Web site at WWW.WELLSFARGOFUNDS.COM.                                        

Sincerely,                                                                      

/s/ Karla M. Rabusch                                                            

Karla M. Rabusch                                                                
President                                                                       
WELLS FARGO FUNDS                                                               

                                                                               1


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WELLS FARGO STOCK FUNDS                                   PERFORMANCE HIGHLIGHTS
--------------------------------------------------------------------------------

WELLS FARGO C&B LARGE CAP VALUE FUND                                            

INVESTMENT OBJECTIVE                                                            
--------------------------------------------------------------------------------

 The Wells Fargo C&B Large Cap Value Fund(SM) (the Fund) seeks maximum
long-term total return, consistent with minimizing risk to principal.           

ADVISER                                             SUB-ADVISER                 
Wells Fargo Funds Management, LLC                   Cooke & Bieler, L.P.
FUND MANAGERS                                       INCEPTION DATE              
Team Managed                                        5/15/90             

HOW DID THE FUND PERFORM OVER THE 12-MONTH REPORTING PERIOD?                    
--------------------------------------------------------------------------------

      The Fund's Class A shares returned 11.88%(1) for the 12-month period ended
October 31, 2004, excluding sales charges, underperforming its benchmark, the   
Russell 1000(R) Value Index(2), which returned 15.45%, and outperforming its    
other benchmark, the S&P 500 Index(3), which returned 9.41 % during the same    
period.                                                                         

  The best performing stocks in the portfolio during the period included
Eaton Corporation, Parametric Technology, Leggett & Platt, Exxon Mobil, Carnival
Corporation and Becton Dickinson. The worst performing stocks during the period 
included Merck, Hasbro, Big Lots and Wendy's.                                   

WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?                                   
--------------------------------------------------------------------------------

 The Fund had relatively limited exposure to the energy, utilities and
telecommunication services sectors during the period, contributing to its modest
underperformance relative to its Russell 1000(R) Value Index benchmark. Given   
our focus on investing in quality businesses that we believe have sustainable   
competitive advantages, it is not unusual for the Fund to be underweighted in   
commodity-related and utility companies, which we believe tend to be            
fundamentally challenged over the long-term by competitive and regulatory       
constraints. We feel that the positive factor that contributed most to the      
Fund's performance was its broad-based stock selection. We think that a negative
factor that detracted most from the Fund's performance was profit-taking among  
stock holdings that previously had performed well.                              

WHAT CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS DURING THE PERIOD?             
--------------------------------------------------------------------------------

     Market volatility over the past 12 months created the opportunity to make
new investments in the portfolio. Beyond adding to existing holdings that were  
temporarily out of favor, we established new positions in a number of companies,
including Vodafone Group, Microsoft, Anheuser-Busch, Viacom, Kohl's and         
Colgate-Palmolive. To make room for these opportunities in the portfolio, we    
sold our stakes in Gap, Motorola, Duke Energy, AON, PepsiAmericas, Abbott Labs, 
NIKE and Avery Dennison as these companies had either achieved our price targets
or we reassessed our view of the quality of the underlying businesses.          

LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK?                                  
--------------------------------------------------------------------------------

      Looking at longer-term fundamentals, we view the investment environment as
generally favorable. The economy is growing, albeit at a more modest pace due to
the run-up in energy and commodities prices; corporate profits are increasing;  
the broad rate of inflation is fairly benign; and interest rates remain         
relatively low. Looking ahead, we believe that we may see moderate gains from   
equities, in which case the best performing stocks could be from those companies
that can sustain growth and profitability. Thus, we believe investing in        
well-researched, financially strong companies with competitively advantaged     
businesses will be critical to investment success going forward. And, as always,
we remain committed to what we believe is our high quality, low risk investment 
approach.                                                                       

--------------------------------------------------------------------------------

The views expressed are as of October 31, 2004, and are those of the Fund's     
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 C&B LARGE CAP VALUE FUND.                         

(1)   The Fund's Adviser has committed through February 28,2007,to waive fees   
   and/or reimburse expenses to the extent necessary to maintain a certain
    net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these   
reductions, the Fund's returns would have been lower.               

Performance shown for the Class A, Class B, Class C, Class D,       
    Institutional Class and Select Class shares of the WELLS FARGO C&B LARGE
     CAP VALUE FUND for periods prior to July 26,2004,reflects the performance
of the unnamed share class of the C&B Large Cap Value Portfolio,the 
predecessor fund,adjusted to reflect the sales charges and expenses 
     applicable to each share class. Predecessor fund information can be found
   in the Fund's prospectus, statement of additional information or annual
report.                                                             

(2)   The Russell 1000(R) Value Index measures performance of those Russell 1000
 companies with lower price-to-book ratios and lower forecasted growth
values.You cannot invest directly in an index.                      

(3)   The S&P 500 Index is an unmanaged index of 500 widely held common stocks  
     representing,among others,industrial,financial,utility and transportation
companies listed or traded on national exchanges or over-the-counter
markets.You cannot invest directly in an index.                     

(4)   The ten largest equity holdings are calculated based on the market value  
of the securities divided by total market value of the Fund.        

(5)   Sector distribution and portfolio characteristics are subject to change.  

(6)   The chart compares the performance of the WELLS FARGO C&B LARGE CAP VALUE 
      FUND Class A shares, Class D shares and Institutional Class shares for the
      most recent ten years with the Russell 1000(R) Value Index and the S&P 500
   Index.The chart assumes a hypothetical investment of $10,000 in Class A
  shares, Class D shares and Institutional Class shares and reflects all
   operating expenses and, for Class A shares, assumes the maximum initial
sales charge of 5.75%.                                              

2                                                                               


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PERFORMANCE HIGHLIGHTS                                   WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF OCTOBER 31, 2004)                     
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                               Including Sales Charge               Excluding Sales Charge       
                                                          ---------------------------------  ------------------------------------
                                                          6-Month*  1-Year  5-Year  10-Year  6-Month*   1-Year   5-Year   10-Year
                                                                                                                                 
WELLS FARGO C&B LARGE CAP VALUE FUND - Class A             (3.63)    5.48    8.26    12.76     2.20     11.88     9.56     13.43 

WELLS FARGO C&B LARGE CAP VALUE FUND - Class B             (3.09)    6.17    8.52    12.64     1.91     11.17     8.81     12.64 

WELLS FARGO C&B LARGE CAP VALUE FUND - Class C              0.91    10.17    8.81    12.64     1.91     11.17     8.81     12.64 

WELLS FARGO C&B LARGE CAP VALUE FUND - Class D                                                 2.20     11.88     9.56     13.43 

WELLS FARGO C&B LARGE CAP VALUE FUND - Institutional Class                                     2.33     12.01     9.58     13.44 

WELLS FARGO C&B LARGE CAP VALUE FUND - Select Class                                            2.33     12.01     9.58     13.44 

Benchmarks                                                                                                                       

      The Russell 1000(R) Value Index                                                          6.75     15.45     3.49     12.56 

      The S&P 500 Index                                                                        2.96      9.41    (2.21)    11.00 

*     RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.             

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE      
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON 
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND      
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,   
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE  
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.     
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.    
CURRENT PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE -                       
WWW.WELLSFARGOFUNDS.COM.                                                        

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. THE MAXIMUM    
CONTINGENT-DEFERRED SALES CHARGE (CDSC) FOR CLASS B SHARES IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CDSC IS 1.00%. PERFORMANCE INCLUDING SALES CHARGES ASSUMES  
THE MAXIMUM SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. CLASS D,            
INSTITUTIONAL CLASS AND SELECT CLASS SHARES ARE SOLD WITHOUT SALES CHARGES.     

TEN LARGEST EQUITY HOLDINGS(4) (AS OF OCTOBER 31, 2004)                         
--------------------------------------------------------------------------------
      McDonald's Corporation                                               2.63%

      MBIA Incorporated                                                    2.57%

      Zale Corporation                                                     2.54%

      Exxon Mobil Corporation                                              2.49%

      Berkshire Hathaway Incorporated                                      2.41%

      Vodafone Group plc ADR                                               2.39%

      Dover Corporation                                                    2.38%

      Viacom Incorporated Class B                                          2.36%

      Pitney Bowes Incorporated                                            2.34%

      Microsoft Corporation                                                2.22%

FUND CHARACTERISTICS(5) (AS OF OCTOBER 31, 2004)                                
--------------------------------------------------------------------------------

      Beta**                                                                0.81

      Price to Earnings (trailing 12 months)                              16.72x

      Price to Book Ratio                                                  3.48x

      Median Market Cap. ($B)                                             $17.74

      Portfolio Turnover                                                     30%

**    A MEASURE OF THE FUND'S SENSITIVITY TO MARKET MOVEMENTS. THE BENCHMARK    
BETA IS 1.00 BY DEFINITION.                                         

SECTOR DISTRIBUTION(5) (AS OF OCTOBER 31, 2004)                                 
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]   

Consumer Durables                                 9%                            
Hotel, Restaurants & Leisure                      6%                            
Media                                             7%                            
Retailing                                         6%                            
Consumer Staples                                  6%                            
Energy                                            4%                            
Financial Services                               19%                            
Health Care                                       9%                            
Industrials                                      16%                            
Information Technology                            7%                            
Telecommunications Services                       2%                            
Materials                                         1%                            
Cash                                              8%                            

GROWTH OF $10,000 INVESTMENT(6) (AS OF OCTOBER 31, 2004)                        
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]  

                                                        [Enlarge/Download Table]

       Wells Fargo C&B  Wells Fargo C&B  Wells Fargo C&B                             
       Large Cap Value  Large Cap Value  Large Cap Value  Russell 1000               
       Fund - Class A   Fund - Class I    Fund - Class D   Value Index  S&P 500 Index
                                                                                     
10/94       9426           10000              10000          10000          10000    
            9131            9688               9688           9597           9636    
            9326            9894               9894           9708           9779    
            9615           10200              10200          10007          10032    
            9838           10438              10438          10404          10423    
           10192           10813              10813          10633          10730    
           10214           10836              10836          10968          11046    
           10497           11137              11137          11429          11486    
           10817           11476              11476          11583          11753    
           11080           11755              11755          11987          12142    
           11131           11809              11809          12156          12173    
           11540           12243              12243          12596          12686    
10/95      11525           12228              12228          12471          12641    
           12003           12734              12734          13102          13195    
           12302           13051              13051          13431          13449    
           12650           13421              13421          13850          13907    
           12712           13486              13486          13955          14036    
           12998           13790              13790          14192          14171    
           13192           13995              13995          14246          14379    
           13440           14259              14259          14424          14748    
           13448           14268              14268          14436          14805    
           12783           13562              13562          13890          14150    
           13057           13853              13853          14287          14449    
           13722           14558              14558          14856          15261    
10/96      14060           14916              14916          15431          15682    
           14963           15875              15875          16550          16866    
           14789           15690              15690          16338          16532    
           15245           16174              16174          17130          17565    
           15462           16405              16405          17382          17702    
           15126           16047              16047          16756          16976    
           15584           16533              16533          17460          17988    
           16848           17874              17874          18436          19082    
           17643           18718              18718          19227          19937    
           18976           20132              20132          20673          21522    
           18123           19227              19227          19937          20317    
           19107           20271              20271          21141          21428    
10/97      18338           19455              19455          20551          20712    
           18766           19909              19909          21460          21671    
           18927           20080              20080          22086          22044    
           18756           19899              19899          21773          22286    
           20395           21638              21638          23238          23893    
           21193           22485              22485          24660          25117    
           21050           22332              22332          24825          25373    
           20593           21848              21848          24458          24936    
           20422           21666              21666          24771          25949    
           19418           20601              20601          24335          25674    
           16609           17621              17621          20714          21964    
           17598           18670              18670          21903          23372    
10/98      19541           20731              20731          23601          25272    
           20131           21357              21357          24700          26803    
           20449           21695              21695          25540          28347    
           19655           20852              20852          25744          29532    
           19862           21072              21072          25381          28614    
           20501           21750              21750          25907          29758    
           22303           23662              23662          28327          30910    
           22061           23405              23405          28015          30180    
           22858           24251              24251          28827          31855    
           22458           23827              23827          27983          30861    
           21606           22923              22923          26945          30708    
           20894           22167              22167          26004          29866    
10/99      21051           22334              22334          27502          31757    
           20982           22260              22260          27288          32402    
           20871           22142              22142          27419          34310    
           20127           21353              21353          26525          32588    
           18906           20057              20057          24554          31972    
           21262           22558              22558          27549          35099    
           21502           22812              22812          27230          34042    
           22408           23773              23773          27516          33344    
           21331           22631              22631          26258          34168    
           21545           22858              22858          26587          33635    
           22695           24077              24077          28065          35724    
           22995           24396              24396          28323          33837    
10/00      23343           24766              24766          29020          33695    
           23317           24737              24737          27943          31040    
           24937           26457              26457          29343          31192    
           25413           26961              26961          29455          32300    
           25073           26601              26601          28636          29357    
           24421           25909              25909          27625          27499    
           25000           26524              26524          28979          29633    
           26124           27716              27716          29631          29831    
           25264           26803              26803          28973          29106    
           25776           27346              27346          28912          28821    
           25708           27274              27274          27753          27020    
           24258           25736              25736          25799          24839    
10/01      24395           25881              25881          25577          25314    
           25900           27478              27478          27063          27255    
           26581           28200              28200          27702          27495    
           26545           28163              28163          27488          27094    
           27078           28728              28728          27532          26571    
           28430           30163              30163          28835          27570    
           28217           29936              29936          27846          25899    
           28537           30276              30276          27985          25710    
           26766           28396              28396          26378          23879    
           24666           26168              26168          23925          22019    
           24915           26433              26433          24107          22162    
10/02      22070           23415              23415          21426          19756    
           23140           24550              24550          23014          21492    
           24852           26366              26366          24464          22756    
           23686           25129              25129          23402          21420    
           22889           24284              24284          22836          20861    
           21894           23228              23228          22226          20548    
           22170           23521              23521          22264          20745    
           24642           26143              26143          24223          22455    
           26397           28005              28005          25788          23636    
           26812           28445              28445          26110          23938    
           27291           28954              28954          26502          24360    
           28370           30098              30098          26915          24835    
10/03      27658           29343              29343          26652          24571    
           29699           31508              31508          28283          25960    
           30139           31975              31975          28666          26188    
           31611           33537              33537          30433          27560    
           32093           34048              34048          30968          28068    
           33056           35070              35070          31632          28458    
           32872           34874              34874          31355          28028    
           32510           34491              34491          30590          27588    
           32872           34874              34874          30902          27966    
           33628           35677              35677          31632          28508    
           32624           34612              34612          31186          27565    
           32744           34739              34739          31628          27675    
10/04      33106           35123              35123          32119          27974    
           33227           35294              35251          32652          28402    

                                                                               3


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WELLS FARGO STOCK FUNDS                                   PERFORMANCE HIGHLIGHTS
--------------------------------------------------------------------------------

WELLS FARGO C&B MID CAP VALUE FUND                                              

INVESTMENT OBJECTIVE                                                            
--------------------------------------------------------------------------------

The WELLS FARGO C&B MID CAP VALUE FUND(SM) (the Fund) seeks maximum 
long-term total return, consistent with minimizing risk to principal.           

ADVISER                                             SUB-ADVISER                 
Wells Fargo Funds Management, LLC                   Cooke & Bieler, L.P.
FUND MANAGERS                                       INCEPTION DATE              
Team Managed                                        2/18/98             

HOW DID THE FUND PERFORM OVER THE 12-MONTH REPORTING PERIOD?                    
--------------------------------------------------------------------------------

     The Fund's Class A shares returned 6.18%(1) for the 12-month period ended
October 31, 2004, excluding sales charges, underperforming its benchmark, the   
Russell Mid Cap(R) Value Index(2), which returned 19.74%, and underperforming   
its other benchmark, the Russell Mid Cap(R) Index(3), which returned 15.09% for 
the same period.                                                                

WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?                                   
--------------------------------------------------------------------------------

  The following three factors affected the Fund's performance during the
reporting period. First, we generally allow portfolio concentrations at the low 
end of the mid-cap spectrum where we believe potential opportunities are most   
plentiful. This period, smaller companies lagged their larger counterparts.     
Second, the market experienced an outflow from technology (where we were        
overweighted) and into the high-dividend-yield utility and real estate          
investment trust sectors (where we were underweighted). Third, we rarely invest 
in commodity producers because we believe they lack competitive advantages, and 
those companies have been recently doing well because the prices of their       
commodities have been rising.                                                   

WHAT CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS DURING THE PERIOD?             
--------------------------------------------------------------------------------

      Our worst performers were stocks that had been among our best contributors
in prior years. This was true of Big Lots, Mykrolis, Entegris and Tommy         
Hilfiger. We had previously sold off most of these holdings when they were at   
higher prices. By the end of the period, we were taking advantage of the lower  
prices to add to all these positions once again. Beyond adding to existing      
holdings that are temporarily out of favor, we also established new positions in
a number of companies similar to what we already own, including Albemarle       
Corporation, Mettler-Toledo, Superior Industries, Universal Health Services,    
Jones Apparel Group and Equifax. In all cases, we believe these are solid       
business franchises with healthy financial profiles. To make room for these     
potential opportunities in the portfolio, we sold our stakes in Countrywide     
Financial, Dionex and Burlington Resources as these companies achieved our price
targets. We also sold our position in Nicor, as that business franchise proved  
to be somewhat disappointing. Overall, we view these changes to the portfolio as
minor, and there has been no major shift in strategy.                           

LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK?                                  
--------------------------------------------------------------------------------

      Looking at longer-term fundamentals, we view the investment environment as
generally favorable. The economy is growing, albeit at a more modest pace due to
the run-up in energy and commodities prices; corporate profits are increasing;  
the broad rate of inflation is fairly benign; and interest rates remain         
relatively low. Looking ahead, we believe we may see moderate gains from        
equities, in which case the best performing stocks could be from those companies
that can sustain growth and profitability. In any event, our strategy is not    
based on economic forecasts. We follow a bottom-up style--we believe that the   
recipe for successful investing is to buy good companies, not to pay too much   
for them and to have the patience to hold them for the long term.               

--------------------------------------------------------------------------------

The views expressed are as of October 31, 2004, and are those of the Fund's     
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 C&B MID CAP VALUE FUND.                           

(1)   The Fund's Adviser has committed through February 28,2007,to waive fees   
   and/or reimburse expenses to the extent necessary to maintain a certain
    net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these   
reductions, the Fund's returns would have been lower.               

Performance shown for the Class A, Class B, Class C, Class D,       
      Institutional Class and Select Class shares of the WELLS FARGO C&B MID CAP
    VALUE FUND for periods prior to July 26,2004,reflects the performance of
      the unnamed share class of the C&B Mid Cap Value Portfolio,the predecessor
      fund,adjusted to reflect the sales charges and expenses applicable to each
share class. Predecessor fund information can be found in the Fund's
prospectus, statement of additional information or annual report.   

(2)   The Russell Mid Cap(R) Value Index measures the performance of those      
 Russell Mid Cap companies with higher price-to-book ratios and higher
     forecasted growth values.The stocks are also members of the Russell 1000"
Growth Index.You cannot invest directly in an index.                

(3)   The Russell Mid Cap(R) Index measures the performance of the smallest 800 
  securities in the Russell 1000.You cannot invest directly in an index.

(4)   The ten largest equity holdings are calculated based on the market value  
of the securities divided by total market value of the Fund.        

(5)   Sector distribution and portfolio characteristics are subject to change.  

(6)   The chart compares the performance of the WELLS FARGO C&B MID CAP VALUE   
      FUND Class A shares, Class D shares and Institutional Class shares for the
    life of the Fund with the Russell Mid Cap(R) Value Index and the Russell
      Mid Cap(R) Index.The chart assumes a hypothetical investment of $10,000 in
      Class A shares, Class D shares and Institutional Class shares and reflects
all operating expenses and, for Class A shares, assumes the maximum 
initial sales charge of 5.75%.                                      

4                                                                               


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PERFORMANCE HIGHLIGHTS                                   WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN(1) (%) (AS OF OCTOBER 31, 2004)                     
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                Including Sales Charge               Excluding Sales Charge         
                                                        -------------------------------------  -------------------------------------
                                                        6-Month* 1-Year  5-Year  Life of Fund  6-Month*  1-Year  5-Year Life of Fund
                                                                                                                                    
WELLS FARGO C&B MID CAP VALUE FUND - Class A             (6.58)   0.05   16.19      11.76       (0.89)    6.18   17.58     12.75    

WELLS FARGO C&B MID CAP VALUE FUND - Class B             (6.22)   0.43   16.50      11.92       (1.22)    5.43   16.71     11.92    

WELLS FARGO C&B MID CAP VALUE FUND - Class C             (2.22)   4.43   16.71      11.92       (1.22)    5.43   16.71     11.92    

WELLS FARGO C&B MID CAP VALUE FUND - Class D                                                    (0.89)    6.18   17.58     12.75    

WELLS FARGO C&B MID CAP VALUE FUND - Institutional Class                                        (0.84)    6.24   17.59     12.76    

WELLS FARGO C&B MID CAP VALUE FUND - Select Class                                               (0.79)    6.30   17.60     12.77    

Benchmarks                                                                                                                          

      The Russell Mid Cap(R) Value Index                                                        10.57    19.74   11.33      8.57    

      Russell Mid Cap(R) Index                                                                   7.31    15.09    7.85      7.71    

*     RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.             

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE      
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON 
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND      
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,   
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE  
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.     
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.    
CURRENT PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE -                       
WWW.WELLSFARGOFUNDS.COM.                                                        

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. THE MAXIMUM    
CONTINGENT-DEFERRED SALES CHARGE (CDSC) FOR CLASS B SHARES IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CDSC IS 1.00%. PERFORMANCE INCLUDING SALES CHARGES ASSUMES  
THE MAXIMUM SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. CLASS D,            
INSTITUTIONAL CLASS AND SELECT CLASS SHARES ARE SOLD WITHOUT SALES CHARGES.     

TEN LARGEST EQUITY HOLDINGS(4) (AS OF OCTOBER 31, 2004)                         
--------------------------------------------------------------------------------
      Big Lots Incorporated                                                4.82%

      Zale Corporation                                                     4.27%

      Carlisle Companies Incorporated                                      3.96%

      Haemonetics Corporation                                              3.94%

      Hubbell Incorporated Class B                                         3.86%

      Pall Corporation                                                     3.80%

      CBRL Group Incorporated                                              3.62%

      Mettler-Toledo International Incorporated                            3.55%

      Parametric Technology Corporation                                    3.49%

      Snap-On Incorporated                                                 3.43%

FUND CHARACTERISTICS(5) (AS OF OCTOBER 31, 2004)                                
--------------------------------------------------------------------------------

      Beta**                                                                0.93

      Price to Earnings (trailing 12 months)                             18.50 x

      Price to Book Ratio                                                 3.34 x

      Median Market Cap. ($B)                                              $2.29

      Portfolio Turnover                                                     31%

**    A MEASURE OF THE FUND'S SENSITIVITY TO MARKET MOVEMENTS. THE BENCHMARK    
BETA IS 1.00 BY DEFINITION.                                         

SECTOR DISTRIBUTION(5) (AS OF OCTOBER 31, 2004)                                 
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]   

Consumer Durables                                  9%                           
Hotel, Restaurants & Leisure                       5%                           
Media                                              5%                           
Retailing                                         10%                           
Automobile Components                              1%                           
Financial Services                                12%                           
Consumer Staples                                   1%                           
Health Care                                       13%                           
Industrials                                       22%                           
Information Technology                            15%                           
Materials                                          1%                           
Cash                                               5%                           

GROWTH OF $10,000 INVESTMENT(6) (AS OF OCTOBER 31, 2004)                        
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]  

                                                        [Enlarge/Download Table]

        Wells Fargo C&B  Wells Fargo C&B  Wells Fargo C&B                              
         Mid Cap Value    Mid Cap Value    Mid Cap Value   Russell Mid Cap  Russell Mid
         Fund - Class A   Fund - Class I  Fund - Class D     Value Index     Cap Index 
                                                                                       
Feb-98        9425            10000            10000            10000          10000   
              9632            10220            10220            10186          10254   
             10160            10780            10780            10710          10740   
             10019            10630            10630            10651          10767   
             10009            10620            10620            10402          10434   
              9509            10089            10089            10435          10578   
              9036             9588             9588             9906          10074   
              7741             8214             8214             8513           8463   
              8053             8545             8545             9010           9010   
Oct-98        9170             9729             9729             9593           9625   
              9208             9770             9770             9930          10080   
              9484            10063            10063            10232          10671   
              8982             9530             9530             9994          10653   
              8640             9167             9167             9774          10299   
              8830             9369             9369             9914          10621   
              9467            10044            10044            10853          11406   
              9562            10145            10145            10898          11373   
             10664            11315            11315            11022          11775   
             10541            11184            11184            10746          11451   
              9713            10306            10306            10375          11155   
              9323             9892             9892             9850          10763   
Oct-99        9371             9942             9942            10140          11273   
              9447            10023            10023             9954          11597   
              9467            10044            10044            10221          12617   
              9359             9930             9930             9610          12200   
              9086             9640             9640             9208          13137   
             10028            10640            10640            10324          13890   
             10360            10992            10992            10365          13232   
             11338            12029            12029            10543          12882   
             11374            12067            12067            10150          13263   
             11550            12254            12254            10388          13114   
             12098            12836            12836            11025          14371   
             12115            12853            12853            11130          14166   
Oct-00       12536            13301            13301            11342          13947   
             12576            13343            13343            11194          12692   
             13351            14165            14165            12181          13658   
             14276            15146            15146            12137          13878   
             14618            15510            15510            12086          13033   
             13968            14820            14820            11751          12225   
             14395            15273            15273            12397          13270   
             15331            16266            16266            12749          13517   
             15252            16182            16182            12579          13390   
             15679            16635            16635            12529          13007   
             15491            16436            16436            12300          12507   
             14236            15104            15104            11126          10998   
 1-Oct       14810            15713            15713            11185          11434   
             15760            16721            16721            11968          12392   
             16710            17730            17730            12465          12890   
             16710            17730            17730            12590          12813   
             17019            18057            18057            12795          12677   
             17984            19081            19081            13449          13437   
             18182            19291            19291            13440          13177   
             18348            19467            19467            13420          13028   
             17631            18706            18706            12821          12154   
             15944            16916            16916            11566          10968   
             15635            16589            16589            11700          11028   
             13972            14824            14824            10519          10011   
 2-Oct       14501            15385            15385            10853          10517   
             15571            16520            16520            11537          11247   
             15124            16046            16046            11262          10804   
             14672            15566            15566            10950          10585   
             14087            14946            14946            10769          10445   
             14463            15345            15345            10806          10548   
             15788            16751            16751            11627          11314   
             17025            18063            18063            12651          12350   
             17391            18451            18451            12739          12474   
             18031            19131            19131            13135          12886   
             18870            20021            20021            13601          13445   
             18175            19283            19283            13496          13277   
 3-Oct       19831            21040            21040            14486          14290   
             20295            21533            21533            14906          14691   
             21021            22303            22303            15550          15131   
             21311            22610            22610            15960          15571   
             21611            22930            22930            16355          15906   
             21782            23110            23110            16381          15910   
             21247            22542            22542            15688          15325   
             21336            22637            22637            16090          15706   
             22127            23477            23477            16664          16140   
             20745            22010            22010            16213          15434   
             20756            22022            22022            16474          15501   
             21124            22424            22424            16954          16004   
 4-Oct       21057            22353            22341            17346          16446   

                                                                               5


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WELLS FARGO STOCK FUNDS                                   PERFORMANCE HIGHLIGHTS
--------------------------------------------------------------------------------

WELLS FARGO C&B TAX-MANAGED VALUE FUND                                          

INVESTMENT OBJECTIVE                                                            
--------------------------------------------------------------------------------

   The WELLS FARGO C&B TAX-MANAGED VALUE FUND(SM) (the Fund) seeks maximum
long-term total return, consistent with minimizing risk to principal.           

ADVISER                                             SUB-ADVISER                 
Wells Fargo Funds Management, LLC                   Cooke & Bieler, L.P.
FUND MANAGERS                                       INCEPTION DATE              
Team Managed                                        2/12/97             

HOW DID THE FUND PERFORM OVER THE 12-MONTH REPORTING PERIOD?                    
--------------------------------------------------------------------------------

      The Fund's Class A shares returned 11.38%(1) for the 12-month period ended
October 31, 2004, excluding sales charges, underperforming its benchmark, the   
Russell 1000(R) Value Index(2), which returned 15.45%, and outperforming its    
other benchmark, the S&P 500 Index(3), which returned 9.41% for the same period.

  The best performing stocks in the portfolio during the period included
Parametric Technology, Eaton Corporation, Exxon Mobil, Carnival Corporation and 
Becton Dickinson. The worst performing stocks in the portfolio during the period
included Merck, Hasbro, Big Lots and Wendy's.                                   

WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE?                                   
--------------------------------------------------------------------------------

 The Fund had relatively limited exposure to the energy, utilities and
telecommunication services sectors during the period, contributing to its modest
underperformance relative to its Russell 1000(R) Value Index benchmark. Given   
our focus on investing in quality businesses that we believe have sustainable   
competitive advantages, it is not unusual for the Fund to be underweighted in   
commodity-related and utility companies, which we tend to believe are           
fundamentally challenged over the long-term by competitive and regulatory       
constraints. We feel that the positive factor that contributed most to the      
Fund's performance was its broad-based stock selection. We think that a negative
factor that detracted most from the Fund's performance was profit-taking among  
stock holdings that previously performed well.                                  

WHAT CHANGES DID YOU MAKE TO THE FUND'S HOLDINGS DURING THE PERIOD?             
--------------------------------------------------------------------------------

    Market volatility over the past 12 months created the opportunity for us
to make new investments in the portfolio. Beyond adding to existing holdings    
that were temporarily out of favor, we established new positions in a number of 
companies, including Comcast, Vodafone Group, Microsoft, Anheuser-Busch, Viacom,
Kohl's and Colgate-Palmolive. To make room for these potential opportunities in 
the portfolio, we sold our stakes in Gap, Motorola, Duke Energy, AON,           
PepsiAmericas, IBM, Interpublic Group, Abbott Labs, NIKE and Avery Dennison as  
these companies had either achieved our price targets or we reassessed our view 
of the quality of the underlying businesses.                                    

LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK?                                  
--------------------------------------------------------------------------------

      Looking at longer-term fundamentals, we view the investment environment as
generally favorable. The economy is growing, albeit at a more modest pace due to
the run-up in energy and commodities prices; corporate profits are increasing;  
the broad rate of inflation is fairly benign; and interest rates remain         
relatively low. Looking ahead, we believe that we may see moderate gains from   
equities, in which case the best performing stocks could be from those companies
that can sustain growth and profitability. Thus, we believe investing in        
well-researched, financially strong companies with competitively advantaged     
businesses will be critical to investment success going forward. And, as always,
we remain steadfastly committed to what we believe is our high quality, low risk
investment approach.                                                            

--------------------------------------------------------------------------------

The views expressed are as of October 31, 2004, and are those of the Fund's     
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 C&B TAX-MANAGED VALUE FUND.                       

(1)   The Fund's Adviser has committed through February 28,2007,to waive fees   
   and/or reimburse expenses to the extent necessary to maintain a certain
    net operating expense ratio for the Fund. Actual reductions of operating
expenses can increase total return to shareholders. Without these   
reductions, the Fund's returns would have been lower.               

Performance shown for the Class A,Class B,Class C,Class D and       
    Institutional Class shares of the WELLS FARGO C&B TAX-MANAGED VALUE FUND
for periods prior to July 26, 2004, reflects the performance of the 
unnamed share class of the C&B Tax-Managed Value Portfolio, the     
predecessor fund, adjusted to reflect the sales charges and expenses
     applicable to each share class. Predecessor fund information can be found
   in the Fund's prospectus, statement of additional information or annual
report.                                                             

(2)   The Russell 1000(R) Value Index measures performance of those Russell 1000
 companies with lower price-to-book ratios and lower forecasted growth
values.You cannot invest directly in an index.                      

(3)   The S&P 500 Index is an unmanaged index of 500 widely held common stocks  
     representing,among others,industrial,financial,utility and transportation
companies listed or traded on national exchanges or over-the-counter
markets. You cannot invest directly in an index.                    

(4)   The ten largest equity holdings are calculated based on the market value  
of the securities divided by total market value of the Fund.        

6                                                                               


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PERFORMANCE HIGHLIGHTS                                   WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN(1) (%) (as of OCTOBER 31, 2004)                     

                                                        [Enlarge/Download Table]

                                                               Including Sales Charge                   Excluding Sales Charge      
                                                        -------------------------------------  -------------------------------------
                                                        6-Month*  1-Year 5-Year  Life of Fund  6-Month*  1-Year  5-Year Life of Fund
                                                                                                                                    
WELLS FARGO C&B TAX-MANAGED VALUE FUND - Class A         (3.34)    5.00   8.03       9.07        2.58    11.38    9.33      9.91    

WELLS FARGO C&B TAX-MANAGED VALUE FUND - Class B         (3.05)    5.31   8.22       9.11        1.95    10.31    8.51      9.11    

WELLS FARGO C&B TAX-MANAGED VALUE FUND - Class C          1.01     9.37   8.52       9.12        2.01    10.37    8.52      9.12    

WELLS FARGO C&B TAX-MANAGED VALUE FUND - Class D                                                 2.41    11.19    9.29      9.89    

WELLS FARGO C&B TAX-MANAGED VALUE FUND - Institutional Class                                     2.47    11.25    9.30      9.90    

Benchmarks                                                                                                                          

  The Russell 1000(R) Value Index                                                                6.75    15.45    3.49      8.59    

  S&P 500 Index                                                                                  2.96     9.41   (2.21)     4.53    

*     RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.             

FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE      
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON 
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND      
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,   
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE  
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.     
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.    
CURRENT PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE -                       
WWW.WELLSFARGOFUNDS.COM.                                                        

FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. THE MAXIMUM    
CONTINGENT-DEFERRED SALES CHARGE (CDSC) FOR CLASS B SHARES IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CDSC IS 1.00%. PERFORMANCE INCLUDING SALES CHARGES ASSUMES  
THE MAXIMUM SALES CHARGE FOR THE CORRESPONDING TIME PERIOD. CLASS D AND         
INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT SALES CHARGES.                      

TEN LARGEST EQUITY HOLDINGS(4) (AS OF OCTOBER 31, 2004)                         
--------------------------------------------------------------------------------

      HCA Incorporated                                                     3.50%

      Merck & Company Incorporated                                         3.23%

      Big Lots Incorporated                                                2.74%

      McDonald's Corporation                                               2.64%

      MBIA Incorporated                                                    2.55%

      Zale Corporation                                                     2.45%

      Vodafone Group plc ADR                                               2.40%

      Dover Corporation                                                    2.40%

      Exxon Mobil Corporation                                              2.35%

      Bank of New York Company Incorporated                                2.33%

FUND CHARACTERISTICS(5) (AS OF OCTOBER 31, 2004)                                
--------------------------------------------------------------------------------

      Beta**                                                                0.79

      Price to Earnings (trailing 12 months)                             16.54 x

      Price to Book Ratio                                                 3.45 x

      Median Market Cap. ($B)                                             $17.54

      Portfolio Turnover                                                     25%

**    A MEASURE OF THE FUND'S SENSITIVITY TO MARKET MOVEMENTS.THE BENCHMARK BETA
IS 1.00 BY DEFINITION.                                              

SECTOR DISTRIBUTION(5) (AS OF OCTOBER 31, 2004)                                 
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]   

Consumer Durables                               8%                              
Hotel, Restaurants & Leisure                    6%                              
Media                                           7%                              
Retailing                                       7%                              
Consumer Staples                                6%                              
Energy                                          4%                              
Financial Services                             18%                              
Health Care                                    12%                              
Industrials                                    17%                              
Information Technology                          7%                              
Telecommunication Services                      2%                              
Materials                                       1%                              
Cash                                            5%                              

GROWTH OF $10,000 INVESTMENT(6) (AS OF OCTOBER 31, 2004)                        
--------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]  

                                                                [Download Table]

        Wells Fargo C&B  Wells Fargo C&B  Wells Fargo C&B                       
          Tax-Managed       Tax-Managed     Tax-Managed    Russell 1000  S&P 500
         Fund - Class A   Fund - Class I   Fund - Class D   Value Index   Index 
                                                                                
Feb-97        9425            10000            10000           10000      10000 
              9312             9880             9880           10050       9860 
              9237             9800             9800            9688       9440 
              9388             9961             9961           10095       9991 
             10192            10813            10813           10659      10577 
             10702            11355            11355           11117      11036 
             11489            12189            12189           11953      11898 
             10986            11656            11656           11527      11215 
             11451            12149            12149           12223      11811 
Oct-97       10889            11554            11554           11882      11404 
             11222            11907            11907           12408      11912 
             11308            11998            11998           12770      12100 
             11232            11917            11917           12589      12222 
             12129            12868            12868           13436      13083 
             12625            13395            13395           14258      13736 
             12510            13273            13273           14354      13861 
             12232            12978            12978           14141      13600 
             12098            12836            12836           14322      14136 
             11619            12327            12327           14070      13972 
             9845             10446            10446           11976      11936 
             10545            11188            11188           12664      12681 
Oct-98       11778            12496            12496           13645      13699 
             12211            12956            12956           14281      14509 
             12369            13123            13123           14767      15327 
             11751            12468            12468           14885      15956 
             11867            12591            12591           14675      15441 
             12234            12980            12980           14979      16040 
             13210            14016            14016           16378      16648 
             13268            14077            14077           16198      16233 
             13645            14478            14478           16667      17116 
             13374            14189            14189           16179      16568 
             12908            13696            13696           15579      16464 
             12473            13234            13234           15035      15994 
Oct-99       12512            13275            13275           15901      16994 
             12589            13357            13357           15777      17318 
             13055            13852            13852           15853      18320 
             12870            13655            13655           15336      17388 
             11828            12549            12549           14197      17038 
             13394            14211            14211           15929      18686 
             13570            14398            14398           15744      18110 
             14234            15102            15102           15909      17714 
             13795            14637            14637           15182      18138 
             13805            14647            14647           15372      17841 
             14422            15301            15301           16226      18924 
             14582            15472            15472           16376      17912 
 1-Oct       15054            15972            15972           16779      17823 
             15034            15951            15951           16156      16396 
             15900            16869            16869           16966      16463 
             15685            16641            16641           17030      17033 
             15330            16265            16265           16557      15461 
             14865            15772            15772           15972      14468 
             15059            15978            15978           16755      15580 
             15717            16676            16676           17132      15659 
             15216            16144            16144           16751      15267 
             15583            16534            16534           16716      15103 
             15529            16476            16476           16046      14135 
             14780            15681            15681           14916      12980 
 1-Oct       14758            15658            15658           14788      13214 
             15397            16336            16336           15647      14208 
             15745            16705            16705           16016      14316 
             15897            16866            16866           15893      14093 
             16244            17235            17235           15919      13800 
             16751            17773            17773           16672      14307 
             16414            17416            17416           16100      13428 
             16414            17416            17416           16180      13306 
             15504            16450            16450           15251      12342 
             14471            15354            15354           13833      11367 
             14591            15481            15481           13938      11423 
             13197            14002            14002           12388      10166 
 2-Oct       14101            14961            14961           13306      11045 
             15300            16233            16233           14145      11675 
             14599            15490            15490           13531      10971 
             14063            14921            14921           13203      10670 
             13374            14190            14190           12851      10488 
             13462            14283            14283           12873      10575 
             14842            15748            15748           14005      11433 
             15883            16852            16852           14910      12015 
             16101            17083            17083           15096      12151 
             16343            17340            17340           15323      12348 
             17023            18062            18062           15562      12569 
             16524            17532            17532           15409      12419 
 3-Oct       17545            18616            18616           16352      13101 
             17820            18907            18907           16574      13195 
             18701            19842            19842           17596      13865 
             18932            20087            20087           17905      14104 
             19472            20659            20659           18289      14276 
             19269            20445            20445           18129      14043 
             19049            20211            20211           17687      13807 
             19214            20386            20386           17867      13974 
             19662            20862            20862           18289      14225 
             19056            20219            20219           18031      13737 
             19200            20359            20347           18287      13769 
             19453            20616            20616           18570      13898 
 4-Oct       19541            20710            20698           18879      14093 

--------------------------------------------------------------------------------
(5)   Sector distribution and portfolio characteristics are subject to change.  

(6)   The chart compares the performance of the WELLS FARGO C&B TAX-MANAGED     
    VALUE FUND Class A shares, Class D shares and Institutional Class shares
     for the life of the Fund with the Russell 1000(R) Value Index and the S&P
     500 Index.The chart assumes a hypothetical investment of $10,000 in Class
A shares and Institutional Class shares and reflects all operating  
      expenses and, for Class A shares, assumes the maximum initial sales charge
of 5.75%.                                                           

                                                                               7


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WELLS FARGO STOCK FUNDS                                            FUND EXPENSES
--------------------------------------------------------------------------------

As a shareholder of the Fund, you incur two types of costs: (1)     
transaction costs, including sales charges (loads) on purchase payments,        
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,     
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing     
costs (in dollars) of investing in the Fund and to compare these costs with the 
ongoing costs of investing in other mutual funds.                               

   Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as     
sales charges (loads), redemption fees, or exchange fees. Therefore, the        
"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.                                                                    

     The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (last six month period).           

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.                                         

                                                        [Enlarge/Download Table]

                                                            Beginning       Ending                                     
                                                             Account       Account        Expenses                     
                                                              Value         Value        Paid During       Net Annual  
                                                            4/30/2004     10/31/2004      Period(1)      Expense Ratio 
Wells Fargo C & B Large Cap Value Fund                                                                                 
-----------------------------------------------------------------------------------------------------------------------
                                                                                                                       
Wells Fargo C & B Large Cap Value Fund - Class A                                                                       
Actual(2)                                                   $1,000.00      $1,032.50        $3.27            1.20%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.10        $6.09            1.20%     

Wells Fargo C & B Large Cap Value Fund - Class B                                                                       
Actual(2)                                                   $1,000.00      $1,031.20        $5.30            1.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,015.33        $9.88            1.95%     

Wells Fargo C & B Large Cap Value Fund - Class C                                                                       
Actual(2)                                                   $1,000.00      $1,031.20        $5.30            1.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,015.33        $9.88            1.95%     

Wells Fargo C & B Large Cap Value Fund - Class D                                                                       
Actual                                                      $1,000.00      $1,022.00        $5.85            1.15%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.36        $5.84            1.15%     

Wells Fargo C & B Large Cap Value Fund - Institutional Class                                                           
Actual(2)                                                   $1,000.00      $1,033.70        $2.59            0.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,020.36        $4.82            0.95%     

Wells Fargo C & B Large Cap Value Fund - Select Class                                                                  
Actual(2)                                                   $1,000.00      $1,033.70        $1.91            0.70%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,021.62        $3.56            0.70%     

8                                                                               


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FUND EXPENSES                                            WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                            Beginning       Ending                                     
                                                             Account       Account        Expenses                     
                                                              Value         Value        Paid During       Net Annual  
                                                            4/30/2004     10/31/2004      Period(1)      Expense Ratio 
Wells Fargo C & B Mid Cap Value Fund                                                                                   
-----------------------------------------------------------------------------------------------------------------------
                                                                                                                       
Wells Fargo C & B Mid Cap Value Fund - Class A                                                                         
Actual(2)                                                   $1,000.00      $1,020.00        $3.76            1.39%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,018.15        $7.05            1.39%     

Wells Fargo C & B Mid Cap Value Fund - Class B                                                                         
Actual(2)                                                   $1,000.00      $1,018.40        $5.78            2.14%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,014.38       $10.84            2.14%     

Wells Fargo C & B Mid Cap Value Fund - Class C                                                                         
Actual(2)                                                   $1,000.00      $1,018.40        $5.78            2.14%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,014.38       $10.84            2.14%     

Wells Fargo C & B Mid Cap Value Fund - Class D                                                                         
Actual                                                      $1,000.00        $991.10        $6.11            1.22%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.00        $6.19            1.22%     

Wells Fargo C & B Mid Cap Value Fund - Institutional Class                                                             
Actual(2)                                                   $1,000.00      $1,020.50        $3.11            1.15%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.36        $5.84            1.15%     

Wells Fargo C & B Mid Cap Value Fund - Select Class                                                                    
Actual(2)                                                   $1,000.00      $1,021.10        $2.44            0.90%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,020.61        $4.57            0.90%     

Wells Fargo C & B Tax-Managed Value Fund                                                                               
-----------------------------------------------------------------------------------------------------------------------
Wells Fargo C & B Tax-Managed Value Fund - Class A                                                                     
Actual(2)                                                   $1,000.00      $1,039.30        $3.28            1.20%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.10        $6.09            1.20%     

Wells Fargo C & B Tax-Managed Value Fund - Class B                                                                     
Actual(2)                                                   $1,000.00      $1,034.60        $5.31            1.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,015.33        $9.88            1.95%     

Wells Fargo C & B Tax-Managed Value Fund - Class C                                                                     
Actual(2)                                                   $1,000.00      $1,035.20        $5.31            1.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,015.33        $9.88            1.95%     

Wells Fargo C & B Tax-Managed Value Fund - Class D                                                                     
Actual                                                      $1,000.00      $1,024.10        $6.11            1.20%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,019.10        $6.09            1.20%     

Wells Fargo C & B Tax-Managed Value Fund - Institutional                                                               
Class Actual(2)                                             $1,000.00      $1,038.10        $2.59            0.95%     

Hypothetical (5% return before expenses)                    $1,000.00      $1,020.36        $4.82            0.95%     

(1)   EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY   
  THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
     DAYS IN THE MOST RECENT FISCAL HALF-YEAR DIVIDED BY THE NUMBER OF DAYS IN
THE FISCAL YEAR (TO REFLECT THE ONE-HALF YEAR PERIOD).              

(2)   THIS CLASS COMMENCED OPERATIONS ON JULY 26, 2004. ACTUAL EXPENSES SHOWN   
      FOR THIS CLASS ARE EQUAL TO THE ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE
   AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY 98/366 (TO REFLECT
THE PERIOD FROM JULY 26, 2004 TO OCTOBER 31, 2004).                 

                                                                               9


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WELLS FARGO STOCK FUNDS             PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
--------------------------------------------------------------------------------

C&B LARGE CAP VALUE FUND                                                  
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                  VALUE    
                                                                                                     
COMMON STOCK - 90.93%                                                                                

APPAREL & ACCESSORY STORES - 1.95%                                                                   
     36,700  KOHL'S CORPORATION+                                                         $  1,862,892
                                                                                         ------------

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 2.89%                      
     38,500  JONES APPAREL GROUP INCORPORATED                                               1,359,050
     26,000  VF CORPORATION                                                                 1,399,580

                                                                                            2,758,630
                                                                                         ------------

BUSINESS SERVICES - 8.95%                                                                            
     19,400  COMPUTER SCIENCES CORPORATION+                                                   963,598
     45,400  MANPOWER INCORPORATED                                                          2,054,350
     74,900  MICROSOFT CORPORATION                                                          2,096,451
     25,900  OMNICOM GROUP INCORPORATED                                                     2,043,510
    265,976  PARAMETRIC TECHNOLOGY CORPORATION+                                             1,380,416

                                                                                            8,538,325
                                                                                         ------------

CHEMICALS & ALLIED PRODUCTS - 5.42%                                                                  
     60,200  BRISTOL-MYERS SQUIBB COMPANY<<                                                 1,410,486
     42,100  COLGATE PALMOLIVE COMPANY                                                      1,878,502
     60,100  MERCK & COMPANY INCORPORATED                                                   1,881,731

                                                                                            5,170,719
                                                                                         ------------

COMMUNICATIONS - 4.48%                                                                               
     69,300  COMCAST CORPORATION+<<                                                         2,012,472
     87,500  VODAFONE GROUP PLC ADR<<                                                       2,256,625

                                                                                            4,269,097
                                                                                         ------------

DEPOSITORY INSTITUTIONS - 5.96%                                                                      
     42,400  BANK OF AMERICA CORPORATION                                                    1,899,096
     62,700  BANK OF NEW YORK COMPANY INCORPORATED<<                                        2,035,242
     45,300  JP MORGAN CHASE & COMPANY                                                      1,748,580

                                                                                            5,682,918
                                                                                         ------------

EATING & DRINKING PLACES - 6.09%                                                                     
     57,400  ARAMARK CORPORATION CLASS B                                                    1,294,370
     84,900  MCDONALD'S CORPORATION                                                         2,474,835
     61,100  WENDY'S INTERNATIONAL INCORPORATED                                             2,038,907

                                                                                            5,808,112
                                                                                         ------------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 1.91%              
     70,700  MOLEX INCORPORATED CLASS A                                                     1,818,404
                                                                                         ------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 1.57%                       
     50,900  SNAP-ON INCORPORATED                                                           1,495,442
                                                                                         ------------

FOOD & KINDRED PRODUCTS - 1.90%                                                                      
     36,200  ANHEUSER-BUSCH COMPANIES INCORPORATED                                          1,808,190
                                                                                         ------------

10                                                                              


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PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004             WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

C&B LARGE CAP VALUE FUND                                                  
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                        VALUE    
                                                                                                           
FURNITURE & FIXTURES - 2.18%                                                                               
     74,100  LEGGETT & PLATT INCORPORATED                                                      $  2,084,433
                                                                                               ------------

GENERAL MERCHANDISE STORES - 1.93%                                                                         
    148,500  BIG LOTS INCORPORATED+                                                               1,839,915
                                                                                               ------------

HEALTH SERVICES - 1.84%                                                                                    
     47,700  HCA INCORPORATED                                                                     1,752,021
                                                                                               ------------

HOLDING & OTHER INVESTMENT OFFICES - 2.38%                                                                 
        810  BERKSHIRE HATHAWAY INCORPORATED+<<                                                   2,271,240
                                                                                               ------------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.66%                                             
     57,100  DOVER CORPORATION                                                                    2,242,317
     50,400  PITNEY BOWES INCORPORATED                                                            2,205,000

                                                                                                  4,447,317
                                                                                               ------------

INSURANCE CARRIERS - 4.42%                                                                                 
     41,800  MBIA INCORPORATED                                                                    2,418,548
     47,700  PRINCIPAL FINANCIAL GROUP INCORPORATED                                               1,801,152

                                                                                                  4,219,700
                                                                                               ------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 3.44%              
     58,600  BAXTER INTERNATIONAL INCORPORATED                                                    1,802,536
     28,200  BECTON DICKINSON & COMPANY                                                           1,480,500

                                                                                                  3,283,036
                                                                                               ------------

MISCELLANEOUS MANUFACTURING INDUSTRIES - 3.90%                                                             
     26,672  EATON CORPORATION                                                                    1,705,674
    113,900  HASBRO INCORPORATED                                                                  2,014,891

                                                                                                  3,720,565
                                                                                               ------------

MISCELLANEOUS RETAIL - 2.51%                                                                               
     83,900  ZALE CORPORATION+                                                                    2,392,828
                                                                                               ------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 5.46%                                                                 
     36,500  AMERICAN EXPRESS COMPANY<<                                                           1,937,055
     52,698  COUNTRYWIDE FINANCIAL CORPORATION<<                                                  1,682,647
     23,800  FREDDIE MAC                                                                          1,585,080

                                                                                                  5,204,782
                                                                                               ------------

PAPER & ALLIED PRODUCTS - 1.96%                                                                            
     31,300  KIMBERLY-CLARK CORPORATION                                                           1,867,671
                                                                                               ------------

PETROLEUM REFINING & RELATED INDUSTRIES - 4.21%                                                            
     47,700  EXXON MOBIL CORPORATION                                                              2,347,794
     30,700  ROYAL DUTCH PETROLEUM COMPANY                                                        1,665,168

                                                                                                  4,012,962
                                                                                               ------------

                                                                              11


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WELLS FARGO STOCK FUNDS             PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
--------------------------------------------------------------------------------

C&B LARGE CAP VALUE FUND                                                  
--------------------------------------------------------------------------------

                                                                [Download Table]

SHARES       SECURITY NAME                                     VALUE     
                                                                         
PRIMARY METAL INDUSTRIES - 3.08%                                         
     33,100  ENGELHARD CORPORATION                          $    936,730 
     43,700  HUBBELL INCORPORATED CLASS B                      1,997,964 

                                                               2,934,694 
                                                            ------------ 

PRINTING, PUBLISHING & ALLIED INDUSTRIES - 2.33%                         
     61,000  VIACOM INCORPORATED CLASS B<<                     2,225,890 
                                                            ------------ 

TRANSPORTATION EQUIPMENT - 3.96%                                         
     34,600  BOEING COMPANY                                    1,726,540 
     20,100  GENERAL DYNAMICS CORPORATION                      2,052,612 

                                                               3,779,152 
                                                            ------------ 

WATER TRANSPORTATION - 1.55%                                             
     29,300  CARNIVAL CORPORATION                              1,481,408 
                                                            ------------ 

TOTAL COMMON STOCK (COST $82,804,348)                         86,730,343 
                                                            ------------ 

COLLATERAL FOR SECURITIES LENDING - 11.51%                               
             COLLATERAL FOR SECURITY LENDING                  10,975,057 

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $10,975,057)    10,975,057 
                                                            ------------ 

PRINCIPAL                                                                

SHORT-TERM INVESTMENTS - 7.89%                                           
  7,522,872  WELLS FARGO MONEY MARKET TRUST~++                 7,522,872 
                                                            ------------ 

TOTAL SHORT-TERM INVESTMENTS (COST $7,522,872)                 7,522,872 
                                                            ------------ 

TOTAL INVESTMENTS IN SECURITIES                                          

(COST $101,302,277)*                        110.33%         $105,228,272 
OTHER ASSETS AND LIABILITIES, NET           (10.33)           (9,851,135)
                                            ------          ------------ 
TOTAL NET ASSETS                            100.00%         $ 95,377,137 
                                            ======          ============ 

+     NON-INCOME EARNING SECURITIES.                                            

<<    ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)                

~     THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY 
 PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN
INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.                       

++    SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $7,522,872.           

*     COST FOR FEDERAL INCOME TAX PURPOSES IS $101,425,797 AND NET UNREALIZED   
APPRECIATION (DEPRECIATION) CONSISTS OF:                            

GROSS UNREALIZED APPRECIATION                     $ 4,987,935       
GROSS UNREALIZED DEPRECIATION                      (1,185,460)      
                                           -----------
NET UNREALIZED APPRECIATION (DEPRECIATION)        $ 3,802,475       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

12                                                                              


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PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004             WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

C&B MID CAP VALUE FUND                                                    
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                  VALUE    
                                                                                                     
COMMON STOCK - 94.90%                                                                                

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 3.21%                      
    252,886  JONES APPAREL GROUP INCORPORATED                                            $  8,926,876
  1,093,500  TOMMY HILFIGER CORPORATION+                                                   10,497,600

                                                                                           19,424,476
                                                                                         ------------

BUSINESS SERVICES - 15.34%                                                                           
    782,800  CATALINA MARKETING CORPORATION                                                20,047,508
    122,000  COMPUTER SCIENCES CORPORATION+                                                 6,059,740
    253,900  EQUIFAX INCORPORATED                                                           6,639,485
    709,150  IMS HEALTH INCORPORATED                                                       15,019,797
  1,056,000  MONEYGRAM INTERNATIONAL INCORPORATED                                          19,641,600
  4,052,000  PARAMETRIC TECHNOLOGY CORPORATION+                                            21,029,880
    210,063  VIAD CORPORATION                                                               4,522,656

                                                                                           92,960,666
                                                                                         ------------

CHEMICALS & ALLIED PRODUCTS - 2.32%                                                                  
    391,978  ALBEMARLE CORPORATION<<                                                       14,052,411
                                                                                         ------------

EATING & DRINKING PLACES - 6.46%                                                                     
    385,000  ARAMARK CORPORATION CLASS B                                                    8,681,750
    601,071  CBRL GROUP INCORPORATED                                                       21,794,834
    259,826  WENDY'S INTERNATIONAL INCORPORATED                                             8,670,394

                                                                                           39,146,978
                                                                                         ------------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 4.43%              
  4,299,673  ADC TELECOMMUNICATIONS INCORPORATED+<<                                         9,502,278
    437,176  AVX CORPORATION                                                                5,246,112
  1,147,765  MYKROLIS CORPORATION+                                                         12,063,010

                                                                                           26,811,400
                                                                                         ------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 3.41%                       
    704,121  SNAP-ON INCORPORATED                                                          20,687,075
                                                                                         ------------

FOOD & KINDRED PRODUCTS - 1.21%                                                                      
    360,900  PEPSIAMERICAS INCORPORATED                                                     7,308,225
                                                                                         ------------

FURNITURE & FIXTURES - 2.19%                                                                         
  1,011,800  STEELCASE INCORPORATED                                                        13,254,580
                                                                                         ------------

GENERAL MERCHANDISE STORES - 5.77%                                                                   
  2,341,800  BIG LOTS INCORPORATED+<<                                                      29,014,902
    308,583  DOLLAR GENERAL CORPORATION                                                     5,940,223

                                                                                           34,955,125
                                                                                         ------------

HEALTH SERVICES - 1.92%                                                                              
    279,800  UNIVERSAL HEALTH SERVICES CLASS B                                             11,628,488
                                                                                         ------------

                                                                              13


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WELLS FARGO STOCK FUNDS             PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
--------------------------------------------------------------------------------

C&B MID CAP VALUE FUND                                                    
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                        VALUE    
                                                                                                           
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 9.03%                                             
    292,654  DOVER CORPORATION                                                                 $ 11,492,522
  1,775,000  ENTEGRIS INCORPORATED+                                                              16,427,625
    885,230  PALL CORPORATION                                                                    22,892,048
     95,100  TENNANT COMPANY                                                                      3,880,080

                                                                                                 54,692,275
                                                                                               ------------

INSURANCE AGENTS, BROKERS & SERVICE - 5.03%                                                                
    518,400  MEDCO HEALTH SOLUTIONS INCORPORATED+                                                17,578,944
    944,714  UNUMPROVIDENT CORPORATION<<                                                         12,904,793

                                                                                                 30,483,737
                                                                                               ------------

INSURANCE CARRIERS - 6.11%                                                                                 
    109,344  AMBAC FINANCIAL GROUP INCORPORATED                                                   8,535,393
    302,093  MBIA INCORPORATED<<                                                                 17,479,101
    291,324  PRINCIPAL FINANCIAL GROUP INCORPORATED                                              11,000,394

                                                                                                 37,014,888
                                                                                               ------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 8.54%              
    126,000  BECTON DICKINSON & COMPANY                                                           6,615,000
    721,990  HAEMONETICS CORPORATION MASSACHUSETTS+<<                                            23,717,372
    446,700  METTLER-TOLEDO INTERNATIONAL INCORPORATED+                                          21,396,930

                                                                                                 51,729,302
                                                                                               ------------

MISCELLANEOUS MANUFACTURING INDUSTRIES - 2.22%                                                             
    760,758  HASBRO INCORPORATED                                                                 13,457,809
                                                                                               ------------

MISCELLANEOUS RETAIL - 4.25%                                                                               
    902,370  ZALE CORPORATION+<<                                                                 25,735,592
                                                                                               ------------

PRIMARY METAL INDUSTRIES - 3.84%                                                                           
    508,252  HUBBELL INCORPORATED CLASS B                                                        23,237,281
                                                                                               ------------

PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.58%                                                           
    373,000  HARTE HANKS INCORPORATED                                                             9,601,020
                                                                                               ------------

TRANSPORTATION EQUIPMENT - 4.10%                                                                           
    980,625  FEDERAL SIGNAL CORPORATION<<                                                        16,297,988
    314,300  SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<<                                     8,570,961

                                                                                                 24,868,949
                                                                                               ------------

WHOLESALE TRADE-DURABLE GOODS - 3.94%                                                                      
    410,877  CARLISLE COMPANIES INCORPORATED                                                     23,884,280
                                                                                               ------------

TOTAL COMMON STOCK (COST $550,305,392)                                                          574,934,557
                                                                                               ------------

COLLATERAL FOR SECURITIES LENDING - 7.20%                                                                  
             COLLATERAL FOR SECURITY LENDING                                                     43,631,788

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $43,631,788)                                       43,631,788
                                                                                               ------------

14                                                                              


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PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004             WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

C&B MID CAP VALUE FUND                                                    
--------------------------------------------------------------------------------

                                                                [Download Table]

SHARES       SECURITY NAME                              VALUE     
                                                                  
SHORT-TERM INVESTMENTS - 4.55%                                    
 27,557,437  WELLS FARGO MONEY MARKET TRUST~++       $ 27,557,437 
                                                     ------------ 

TOTAL SHORT-TERM INVESTMENTS (COST $27,557,437)        27,557,437 
                                                     ------------ 

TOTAL INVESTMENTS IN SECURITIES                                   

(COST $621,494,617)*                        106.65%  $646,123,782 
OTHER ASSETS AND LIABILITIES, NET            (6.65)   (40,261,863)
                                            ------   ------------ 
TOTAL NET ASSETS                            100.00%  $605,861,919 
                                            ======   ============ 

+     NON-INCOME EARNING SECURITIES.                                            

<<    ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)                

~     THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY 
 PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN
INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.                       

++    SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $27,557,437.          

*     COST FOR FEDERAL INCOME TAX PURPOSES IS $622,272,196 AND NET UNREALIZED   
APPRECIATION (DEPRECIATION) CONSISTS OF:                            

GROSS UNREALIZED APPRECIATION                    $ 46,498,170       
GROSS UNREALIZED DEPRECIATION                     (22,646,584)      
                                          ------------
NET UNREALIZED APPRECIATION (DEPRECIATION)       $ 23,851,586       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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WELLS FARGO STOCK FUNDS             PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
--------------------------------------------------------------------------------

C&B TAX-MANAGED VALUE FUND                                                
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                  VALUE    
                                                                                                     

COMMON STOCK - 95.34%                                                                                

APPAREL & ACCESSORY STORES - 1.95%                                                                   
      8,900  KOHL'S CORPORATION+                                                         $    451,764
                                                                                         ------------

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 2.75%                      
      8,970  JONES APPAREL GROUP INCORPORATED                                                 316,641
      5,940  VF CORPORATION                                                                   319,750

                                                                                              636,391
                                                                                         ------------

BUSINESS SERVICES - 8.98%                                                                            
      4,400  COMPUTER SCIENCES CORPORATION+                                                   218,548
     11,150  MANPOWER INCORPORATED                                                            504,537
     18,210  MICROSOFT CORPORATION                                                            509,698
      6,400  OMNICOM GROUP INCORPORATED                                                       504,960
     65,130  PARAMETRIC TECHNOLOGY CORPORATION+                                               338,025

                                                                                            2,075,768
                                                                                         ------------

CHEMICALS & ALLIED PRODUCTS - 6.70%                                                                  
     14,610  BRISTOL-MYERS SQUIBB COMPANY                                                     342,312
     10,200  COLGATE PALMOLIVE COMPANY                                                        455,124
     24,020  MERCK & COMPANY INCORPORATED                                                     752,066

                                                                                            1,549,502
                                                                                         ------------

COMMUNICATIONS - 4.57%                                                                               
     17,100  COMCAST CORPORATION+<<                                                           496,584
     21,700  VODAFONE GROUP PLC ADR<<                                                         559,643

                                                                                            1,056,227
                                                                                         ------------

DEPOSITORY INSTITUTIONS - 6.20%                                                                      
     10,342  BANK OF AMERICA CORPORATION                                                      463,218
     16,740  BANK OF NEW YORK COMPANY INCORPORATED                                            543,380
     11,060  JP MORGAN CHASE & COMPANY                                                        426,916

                                                                                            1,433,514
                                                                                         ------------

EATING & DRINKING PLACES - 6.07%                                                                     
     13,000  ARAMARK CORPORATION CLASS B                                                      293,150
     21,080  MCDONALD'S CORPORATION                                                           614,482
     14,840  WENDY'S INTERNATIONAL INCORPORATED                                               495,211

                                                                                            1,402,843
                                                                                         ------------

ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 1.93%              
     17,370  MOLEX INCORPORATED CLASS A                                                       446,756
                                                                                         ------------

FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 1.46%                       
     11,470  SNAP-ON INCORPORATED                                                             336,988
                                                                                         ------------

FOOD & KINDRED PRODUCTS - 1.91%                                                                      
      8,820  ANHEUSER-BUSCH COMPANIES INCORPORATED                                            440,559
                                                                                         ------------

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--------------------------------------------------------------------------------

C&B TAX-MANAGED VALUE FUND                                                
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

SHARES       SECURITY NAME                                                                        VALUE    
                                                                                                           
FURNITURE & FIXTURES - 2.81%                                                                               
     17,990  LEGGETT & PLATT INCORPORATED                                                      $    506,059
     11,000  STEELCASE INCORPORATED                                                                 144,100

                                                                                                    650,159
                                                                                               ------------

GENERAL MERCHANDISE STORES - 2.76%                                                                         
     51,500  BIG LOTS INCORPORATED+                                                                 638,085
                                                                                               ------------

HEALTH SERVICES - 3.52%                                                                                    
     22,180  HCA INCORPORATED<<                                                                     814,671
                                                                                               ------------

HOLDING & OTHER INVESTMENT OFFICES - 2.28%                                                                 
        188  BERKSHIRE HATHAWAY INCORPORATED+                                                       527,152
                                                                                               ------------

INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.73%                                             
     14,200  DOVER CORPORATION                                                                      557,634
     12,250  PITNEY BOWES INCORPORATED                                                              535,937

                                                                                                  1,093,571
                                                                                               ------------

INSURANCE CARRIERS - 4.40%                                                                                 
     10,270  MBIA INCORPORATED                                                                      594,222
     11,190  PRINCIPAL FINANCIAL GROUP INCORPORATED                                                 422,535

                                                                                                  1,016,757
                                                                                               ------------

MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 3.38%              
     14,210  BAXTER INTERNATIONAL INCORPORATED                                                      437,100
      6,580  BECTON DICKINSON & COMPANY                                                             345,450

                                                                                                    782,550
                                                                                               ------------

MISCELLANEOUS MANUFACTURING INDUSTRIES - 3.94%                                                             
      6,520  EATON CORPORATION                                                                      416,954
     27,900  HASBRO INCORPORATED                                                                    493,551

                                                                                                    910,505
                                                                                               ------------

MISCELLANEOUS RETAIL - 2.46%                                                                               
     19,980  ZALE CORPORATION+                                                                      569,830
                                                                                               ------------

NON-DEPOSITORY CREDIT INSTITUTIONS - 5.47%                                                                 
      8,900  AMERICAN EXPRESS COMPANY<<                                                             472,323
     12,800  COUNTRYWIDE FINANCIAL CORPORATION                                                      408,704
      5,760  FREDDIE MAC                                                                            383,616

                                                                                                  1,264,643
                                                                                               ------------

PAPER & ALLIED PRODUCTS - 1.96%                                                                            
      7,600  KIMBERLY-CLARK CORPORATION                                                             453,492
                                                                                               ------------

PETROLEUM REFINING & RELATED INDUSTRIES - 4.15%                                                            
     11,120  EXXON MOBIL CORPORATION                                                                547,327
      7,580  ROYAL DUTCH PETROLEUM COMPANY<<                                                        411,139

                                                                                                    958,466
                                                                                               ------------

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WELLS FARGO STOCK FUNDS             PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2004
--------------------------------------------------------------------------------

C&B TAX-MANAGED VALUE FUND                                                
--------------------------------------------------------------------------------

                                                                [Download Table]

SHARES       SECURITY NAME                                    VALUE     
                                                                        
PRIMARY METAL INDUSTRIES - 3.10%                                        
      8,000  ENGELHARD CORPORATION                         $    226,400 
     10,740  HUBBELL INCORPORATED CLASS B                       491,033 

                                                                717,433 
                                                           ------------ 

PRINTING, PUBLISHING & ALLIED INDUSTRIES - 2.34%                        
     14,820  VIACOM INCORPORATED CLASS B<<                      540,782 
                                                           ------------ 

TRANSPORTATION EQUIPMENT - 4.02%                                        
      8,520  BOEING COMPANY                                     425,148 
      4,930  GENERAL DYNAMICS CORPORATION                       503,452 

                                                                928,600 
                                                           ------------ 

WATER TRANSPORTATION - 1.50%                                            
      6,860  CARNIVAL CORPORATION                               346,842 
                                                           ------------ 

TOTAL COMMON STOCK (COST $19,999,823)                        22,043,850 
                                                           ------------ 

COLLATERAL FOR SECURITIES LENDING - 9.05%                               
             COLLATERAL FOR SECURITY LENDING                  2,091,575 

TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,091,575)     2,091,575 
                                                           ------------ 

PRINCIPAL                                                               

SHORT-TERM INVESTMENTS - 5.31%                                          
  1,227,394  WELLS FARGO MONEY MARKET TRUST~++                1,227,394 
                                                           ------------ 

TOTAL SHORT-TERM INVESTMENTS (COST $1,227,394)                1,227,394 
                                                           ------------ 

TOTAL INVESTMENTS IN SECURITIES                                         
(COST $23,318,792)*                         109.70%        $ 25,362,819 
OTHER ASSETS AND LIABILITIES, NET            (9.70)          (2,241,769)
                                            ------         ------------ 
TOTAL NET ASSETS                            100.00%        $ 23,121,050 
                                            ======         ============ 

+     NON-INCOME EARNING SECURITIES.                                            

<<    ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)                

~     THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY 
 PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN
INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.                       

++    SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $1,227,394.           

*     COST FOR FEDERAL INCOME TAX PURPOSES IS $23,338,435 AND NET UNREALIZED    
APPRECIATION (DEPRECIATION) CONSISTS OF:                            

GROSS UNREALIZED APPRECIATION                     $ 2,398,554       
GROSS UNREALIZED DEPRECIATION                        (374,170)      
                                           -----------
NET UNREALIZED APPRECIATION (DEPRECIATION)        $ 2,024,384       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

18                                                                              


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STATEMENT OF ASSETS AND LIABILITIES -- OCTOBER 31, 2004  WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                    C&B                 C&B                 C&B
                                                                              LARGE CAP             MID CAP         TAX-MANAGED
                                                                             VALUE FUND          VALUE FUND          VALUE FUND
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               
INVESTMENTS:                                                                                                                   
  IN SECURITIES, AT MARKET VALUE .....................................   $   86,730,343      $  574,934,557      $   22,043,850
  COLLATERAL FOR SECURITIES LOANED (NOTE 2) ..........................       10,975,057          43,631,788           2,091,575
  INVESTMENTS IN AFFILIATES ..........................................        7,522,872          27,557,437           1,227,394
                                                                         --------------      --------------      --------------
TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ....................      105,228,272         646,123,782          25,362,819
                                                                         --------------      --------------      --------------
  RECEIVABLE FOR FUND SHARES ISSUED ..................................        2,808,202           3,168,845             145,283
  RECEIVABLE FOR INVESTMENTS SOLD ....................................          533,724           6,301,084             128,094
  RECEIVABLES FOR DIVIDENDS AND INTEREST .............................           86,741             352,199              25,483
                                                                         --------------      --------------      --------------
TOTAL ASSETS .........................................................      108,656,939         655,945,910          25,661,679
                                                                         --------------      --------------      --------------

LIABILITIES                                                                                                                    
  PAYABLE FOR FUND SHARES REDEEMED ...................................           87,945           2,135,801              13,543
  PAYABLE FOR INVESTMENTS PURCHASED ..................................        2,116,884           3,630,201             398,318
  PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ..............           52,931             494,085               8,627
  PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ............................           16,361             108,148               4,349
  PAYABLE FOR SECURITIES LOANED (NOTE 2) .............................       10,975,057          43,631,788           2,091,575
  ACCRUED EXPENSES AND OTHER LIABILITIES .............................           30,624              83,968              24,217
                                                                         --------------      --------------      --------------
TOTAL LIABILITIES ....................................................       13,279,802          50,083,991           2,540,629
                                                                         --------------      --------------      --------------
TOTAL NET ASSETS .....................................................   $   95,377,137      $  605,861,919      $   23,121,050
                                                                         ==============      ==============      ==============

NET ASSETS CONSIST OF:                                                                                                         
-------------------------------------------------------------------------------------------------------------------------------
  PAID-IN CAPITAL ....................................................   $   90,227,622      $  562,467,891      $   20,602,071
  UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .........................           49,379                   0              20,534
  UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ..............        1,174,141          18,764,863             454,418
  NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN                                                           
   CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN                                                         
   FOREIGN CURRENCIES ................................................        3,925,995          24,629,165           2,044,027
                                                                         --------------      --------------      --------------
TOTAL NET ASSETS .....................................................   $   95,377,137      $  605,861,919      $   23,121,050
                                                                         --------------      --------------      --------------

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)                                                                 
-------------------------------------------------------------------------------------------------------------------------------
  NET ASSETS - CLASS A ...............................................   $   11,408,197      $    4,937,818      $    1,437,927
  SHARES OUTSTANDING - CLASS A .......................................        1,379,349             261,419              81,084
  NET ASSET VALUE PER SHARE - CLASS A ................................   $         8.27      $        18.89      $        17.73
  MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ......................   $         8.77      $        20.04      $        18.81
  NET ASSETS - CLASS B ...............................................   $    5,790,439      $    2,612,582      $      394,726
  SHARES OUTSTANDING - CLASS B .......................................          701,305             138,548              22,360
  NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B .............   $         8.26      $        18.86      $        17.65
  NET ASSETS - CLASS C ...............................................   $    2,732,406      $    1,080,900      $      174,264
  SHARES OUTSTANDING - CLASS C .......................................          330,930              57,312               9,867
  NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C .............   $         8.26      $        18.86      $        17.66
  NET ASSETS - CLASS D ...............................................   $   50,789,558      $  498,622,504      $   19,912,654
  SHARES OUTSTANDING - CLASS D .......................................        6,141,987          26,389,871           1,125,135
  NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS D .............   $         8.27      $        18.89      $        17.70
  NET ASSETS - INSTITUTIONAL CLASS ...................................   $   15,029,851      $   81,231,710      $    1,201,479
  SHARES OUTSTANDING - INSTITUTIONAL CLASS ...........................        1,816,323           4,297,395              67,848
  NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS .   $         8.27      $        18.90      $        17.71
  NET ASSET -SELECT CLASS ............................................   $    9,626,686      $   17,376,405                 N/A
  SHARES OUTSTANDING - SELECT CLASS ..................................        1,162,463             918,744                 N/A
  NET ASSET VALUE AND OFFERING PRICE PER SHARE - SELECT CLASS ........   $         8.28      $        18.91                 N/A
                                                                         --------------      --------------      --------------
INVESTMENTS AT COST ..................................................   $  101,302,277      $  621,494,617      $   23,318,792
                                                                         ==============      ==============      ==============
SECURITIES ON LOAN, AT MARKET VALUE ..................................   $   10,720,882      $   41,165,538      $    2,034,184
                                                                         ==============      ==============      ==============

(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.      

                                                                              19


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WELLS FARGO STOCK FUNDS           STATEMENT OF OPERATIONS  -- FOR THE YEAR ENDED
                                                                OCTOBER 31, 2004
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                    C&B                 C&B                 C&B 
                                                                              LARGE CAP             MID CAP         TAX-MANAGED 
                                                                             VALUE FUND          VALUE FUND          VALUE FUND 
------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                
INVESTMENT INCOME                                                                                                               
  DIVIDENDS(1) .......................................................   $      470,189      $    5,007,722      $      235,244 
  INTEREST ...........................................................            9,900              99,566               5,937 
  INCOME FROM AFFILIATED SECURITIES ..................................           23,321              78,830               3,666 
  SECURITIES LENDING INCOME ..........................................              594               4,840                 220 
                                                                         --------------      --------------      -------------- 
TOTAL INVESTMENT INCOME ..............................................          504,004           5,190,958             245,067 
                                                                         --------------      --------------      -------------- 

EXPENSES                                                                                                                        
  ADVISORY FEES ......................................................          225,689           3,193,832             102,395 
  ADMINISTRATION FEES                                                                                                           
   FUND LEVEL ........................................................           55,009             639,950              34,195 
   CLASS A ...........................................................            3,738               1,801                 359 
   CLASS B ...........................................................            1,773                 865                 118 
   CLASS C ...........................................................              840                 313                  28 
   CLASS D ...........................................................           24,505             374,920              13,894 
   INSTITUTIONAL CLASS ...............................................            4,042              21,941                 621 
   SELECT CLASS ......................................................            2,490               4,412                 N/A 
  CUSTODY FEES .......................................................           13,880              48,300               3,680 
  SHAREHOLDER SERVICING FEES .........................................           38,238           1,172,560              24,103 
  ACCOUNTING FEES ....................................................           14,835              22,953              12,604 
  DISTRIBUTION FEES (NOTE 3)                                                                                                    
   CLASS B ...........................................................            4,750               2,317                 315 
   CLASS C ...........................................................            2,251                 839                  74 
  AUDIT FEES .........................................................            6,780              40,828               5,717 
  LEGAL FEES .........................................................            1,086              31,442                 756 
  REGISTRATION FEES ..................................................           32,832              63,275              28,192 
  SHAREHOLDER REPORTS ................................................            3,859              66,098               1,078 
  TRUSTEES' FEES .....................................................            2,547              14,441               2,194 
  OTHER FEES AND EXPENSES ............................................              821              11,005                 549 
                                                                         --------------      --------------      -------------- 
TOTAL EXPENSES .......................................................          439,965           5,712,092             230,872 
                                                                         --------------      --------------      -------------- 

LESS:                                                                                                                           
  WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......................          (67,908)           (186,320)            (45,434)
  NET EXPENSES .......................................................          372,057           5,525,772             185,438 
                                                                         --------------      --------------      -------------- 
NET INVESTMENT INCOME (LOSS) .........................................          131,947            (334,814)             59,629 
                                                                         --------------      --------------      -------------- 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                                              
------------------------------------------------------------------------------------------------------------------------------- 
NET REALIZED GAIN (LOSS) FROM:                                                                                                  
  SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....        1,641,376          34,633,113             549,417 
                                                                         --------------      --------------      -------------- 
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................        1,641,376          34,633,113             549,417 
                                                                         --------------      --------------      -------------- 
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:                                                                        
  SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....        1,152,621         (18,313,305)            651,539 
                                                                         --------------      --------------      -------------- 
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS...        1,152,621         (18,313,305)            651,539 
                                                                         ==============      ==============      ============== 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ...............        2,793,997          16,319,808           1,200,956 
                                                                         --------------      --------------      -------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......   $    2,925,944      $   15,984,994      $    1,260,585 
                                                                         ==============      ==============      ============== 

  (1) NET OF FOREIGN WITHHOLDING TAXES OF ............................   $        3,884      $            0      $        2,283 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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WELLS FARGO STOCK FUNDS                      STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                               C&B LARGE CAP VALUE FUND     
                                                                         ---------------------------------- 
                                                                                FOR THE             FOR THE 
                                                                             YEAR ENDED          YEAR ENDED 
                                                                            OCTOBER 31,         OCTOBER 31, 
                                                                                   2004                2003 
----------------------------------------------------------------------------------------------------------- 
                                                                                                            
INCREASE (DECREASE) IN NET ASSETS                                                                           
   BEGINNING NET ASSETS ..............................................   $   20,418,564       $  14,383,316 
OPERATIONS:                                                                                                 
   NET INVESTMENT INCOME (LOSS) ......................................          131,947             131,138 
   NET REALIZED GAIN (LOSS) ON INVESTMENTS ...........................        1,641,376             177,533 
   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS        1,152,621           4,055,893 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......        2,925,944           4,364,564 
                                                                         --------------       ------------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                         

   NET INVESTMENT INCOME                                                                                    
     CLASS D .........................................................          (88,394)           (133,963)
   NET REALIZED GAIN ON SALES OF INVESTMENTS                                                                
     CLASS D .........................................................                0          (1,711,433)
CAPITAL SHARES TRANSACTIONS:                                                                                
   PROCEEDS FROM SHARES SOLD - CLASS A ...............................       11,504,396                 N/A 
   COST OF SHARES REDEEMED - CLASS A .................................         (225,395)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS A ..............................................       11,279,001                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS B ...............................        6,011,658                 N/A 
   COST OF SHARES REDEEMED - CLASS B .................................         (270,318)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS B ..............................................        5,741,340                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS C ...............................        2,720,503                 N/A 
   COST OF SHARES REDEEMED - CLASS C .................................          (11,332)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS C .............................................        2,709,171                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS D ...............................       47,900,214           4,861,256 
   REINVESTMENT OF DISTRIBUTION - CLASS D ............................           82,043           1,772,656 
   COST OF SHARES REDEEMED -CLASS D ..................................      (19,799,697)         (3,117,832)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS D .............................................       28,182,560           3,516,080 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ...................       24,787,502                 N/A 
   COST OF SHARES REDEEMED - INSTITUTIONAL CLASS .....................       (9,889,934)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL                                                
 SHARE TRANSACTIONS - INSTITUTIONAL CLASS ............................       14,897,568                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - SELECT CLASS ..........................        9,311,383                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - SELECT CLASS .........................................        9,311,383                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM                                                        
 CAPITAL SHARE TRANSACTIONS ..........................................       72,121,023           3,516,080 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS ................................       74,958,573           6,035,248 
                                                                         ==============       ============= 
ENDING NET ASSETS ....................................................   $   95,377,137       $  20,418,564 
                                                                         ==============       ============= 

SHARES ISSUED AND REDEEMED:                                                                                 
   SHARES SOLD - CLASS A .............................................        1,406,791                 N/A 
   SHARES REDEEMED - CLASS A .........................................          (27,442)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..............        1,379,349                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS B .............................................          734,857                 N/A 
   SHARES REDEEMED - CLASS B .........................................          (33,552)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..............          701,305                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS C .............................................          332,319                 N/A 
   SHARES REDEEMED - CLASS C .........................................           (1,389)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..............          330,930                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS D .............................................        5,852,480             721,278 
   SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS D ..........           10,360             295,868 
   SHARES REDEEMED - CLASS D .........................................       (2,472,145)           (481,755)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS D ..............        3,390,695             535,391 
                                                                         --------------       ------------- 
   SHARES SOLD - INSTITUTIONAL CLASS .................................        3,016,249                 N/A 
   SHARES REDEEMED - INSTITUTIONAL CLASS .............................       (1,199,926)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ..        1,816,323                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - SELECT CLASS ........................................        1,162,463                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .........        1,162,463                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING                                                     
 FROM CAPITAL SHARE TRANSACTIONS .....................................        8,781,065             535,391 
                                                                         ==============       ============= 
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .........   $       49,379       $       5,833 
                                                                         ==============       ============= 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

22                                                                              


N-CSR26th “Page” of 43TOC1stPreviousNext↓BottomJust 26th

STATEMENTS OF CHANGES IN NET ASSETS                      WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                C&B MID CAP VALUE FUND      
                                                                         ---------------------------------- 
                                                                                FOR THE             FOR THE 
                                                                             YEAR ENDED          YEAR ENDED 
                                                                            OCTOBER 31,         OCTOBER 31, 
                                                                                   2004                2003 
----------------------------------------------------------------------------------------------------------- 
                                                                                                            
INCREASE (DECREASE) IN NET ASSETS                                                                           
   BEGINNING NET ASSETS ..............................................   $  301,512,899       $  81,390,319 
OPERATIONS:                                                                                                 
   NET INVESTMENT INCOME (LOSS) ......................................         (334,814)             18,145 
   NET REALIZED GAIN (LOSS) ON INVESTMENTS ...........................       34,633,113           2,700,196 
   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS      (18,313,305)         53,887,494 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......       15,984,994          56,605,835 
                                                                         --------------       ------------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                         

   NET INVESTMENT INCOME                                                                                    
     CLASS D .........................................................          (71,509)           (154,510)
   NET REALIZED GAIN ON SALES OF INVESTMENTS                                                                
     CLASS D .........................................................       (3,206,067)                  0 
CAPITAL SHARES TRANSACTIONS:                                                                                
   PROCEEDS FROM SHARES SOLD - CLASS A ...............................        5,110,743                 N/A 
   COST OF SHARES REDEEMED - CLASS A .................................         (205,346)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS A ..............................................        4,905,397                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS B ...............................        2,655,821                 N/A 
   COST OF SHARES REDEEMED - CLASS B .................................          (65,845)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS B ..............................................        2,589,976                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS C ...............................        1,084,568                 N/A 
   COST OF SHARES REDEEMED - CLASS C .................................           (6,867)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS C .............................................        1,077,701                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS D ...............................      401,407,999         205,607,838 
   REINVESTMENT OF DISTRIBUTION - CLASS D ............................        3,170,770             143,356 
   COST OF SHARES REDEEMED -CLASS D ..................................    ((220,155,503)        (42,079,939)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS D .............................................      184,423,266         163,671,255 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ...................      178,233,439                 N/A 
   COST OF SHARES REDEEMED - INSTITUTIONAL CLASS .....................      (96,612,026)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL                                                
 SHARE TRANSACTIONS - INSTITUTIONAL CLASS ............................       81,621,413                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - SELECT CLASS ..........................       17,023,849                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - SELECT CLASS .........................................       17,023,849                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM                                                        
 CAPITAL SHARE TRANSACTIONS ..........................................      291,641,602         163,671,255 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS ................................      304,349,020         220,122,580 
                                                                         ==============       ============= 
ENDING NET ASSETS ....................................................   $  605,861,919       $ 301,512,899 
                                                                         ==============       ============= 

SHARES ISSUED AND REDEEMED:                                                                                 
   SHARES SOLD - CLASS A .............................................          272,409                 N/A 
   SHARES REDEEMED - CLASS A .........................................          (10,990)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..............          261,419                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS B .............................................          142,042                 N/A 
   SHARES REDEEMED - CLASS B .........................................           (3,494)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..............          138,548                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS C .............................................           57,678                 N/A 
   SHARES REDEEMED - CLASS C .........................................             (366)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..............           57,312                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS D .............................................       21,070,037          13,377,575 
   SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS D ..........          173,128              10,567 
   SHARES REDEEMED - CLASS D .........................................      (11,642,685)         (2,786,926)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS D ..............        9,600,480          10,601,216 
                                                                         --------------       ------------- 
   SHARES SOLD - INSTITUTIONAL CLASS .................................        9,334,372                 N/A 
   SHARES REDEEMED - INSTITUTIONAL CLASS .............................       (5,036,977)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ..        4,297,395                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - SELECT CLASS ........................................          918,744                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .........          918,744                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING                                                     
 FROM CAPITAL SHARE TRANSACTIONS .....................................       15,273,898          10,601,216 
                                                                         ==============       ============= 
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .........   $            0       $         (20)
                                                                         ==============       ============= 

                                                        [Enlarge/Download Table]

                                                                               C&B TAX-MANAGED VALUE FUND   
                                                                         ---------------------------------- 
                                                                                FOR THE             FOR THE 
                                                                             YEAR ENDED          YEAR ENDED 
                                                                            OCTOBER 31,         OCTOBER 31, 
                                                                                   2004                2003 
----------------------------------------------------------------------------------------------------------- 
                                                                                                            
INCREASE (DECREASE) IN NET ASSETS                                                                           
   BEGINNING NET ASSETS ..............................................   $    9,147,073       $   4,798,515 
OPERATIONS:                                                                                                 
   NET INVESTMENT INCOME (LOSS) ......................................           59,629              40,075 
   NET REALIZED GAIN (LOSS) ON INVESTMENTS ...........................          549,417             (71,258)
   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS          651,539           1,415,189 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......        1,260,585           1,384,006 
                                                                         --------------       ------------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                         
   NET INVESTMENT INCOME                                                                                    
     CLASS D .........................................................          (40,558)            (41,841)
   NET REALIZED GAIN ON SALES OF INVESTMENTS                                                                
     CLASS D .........................................................                0              (5,748)
CAPITAL SHARES TRANSACTIONS:                                                                                
   PROCEEDS FROM SHARES SOLD - CLASS A ...............................        1,464,268                 N/A 
   COST OF SHARES REDEEMED - CLASS A .................................          (43,459)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS A ..............................................        1,420,809                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS B ...............................          398,606                 N/A 
   COST OF SHARES REDEEMED - CLASS B .................................           (6,479)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - CLASS B ..............................................          392,127                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS C ...............................          171,542                 N/A 
   COST OF SHARES REDEEMED - CLASS C .................................                0                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS C .............................................          171,542                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - CLASS D ...............................       12,580,545           4,016,584 
   REINVESTMENT OF DISTRIBUTION - CLASS D ............................                0              33,212 
   COST OF SHARES REDEEMED -CLASS D ..................................       (2,968,697)         (1,037,655)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
  TRANSACTIONS - CLASS D .............................................        9,611,848           3,012,141 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ...................        1,167,257                 N/A 
   COST OF SHARES REDEEMED - INSTITUTIONAL CLASS .....................           (9,633)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL                                                
 SHARE TRANSACTIONS - INSTITUTIONAL CLASS ............................        1,157,624                 N/A 
                                                                         --------------       ------------- 
   PROCEEDS FROM SHARES SOLD - SELECT CLASS ..........................              N/A                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE                                          
 TRANSACTIONS - SELECT CLASS .........................................              N/A                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM                                                        
 CAPITAL SHARE TRANSACTIONS ..........................................       12,753,950           3,012,141 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN NET ASSETS ................................       13,973,977           4,348,558 
                                                                         ==============       ============= 
ENDING NET ASSETS ....................................................   $   23,121,050       $   9,147,073 
                                                                         ==============       ============= 
SHARES ISSUED AND REDEEMED:                                                                                 
   SHARES SOLD - CLASS A .............................................           83,591                 N/A 
   SHARES REDEEMED - CLASS A .........................................           (2,507)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..............           81,084                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS B .............................................           22,723                 N/A 
   SHARES REDEEMED - CLASS B .........................................             (363)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..............           22,360                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS C .............................................            9,867                 N/A 
   SHARES REDEEMED - CLASS C .........................................                0                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..............            9,867                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - CLASS D .............................................          725,438             276,221 
   SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS D ..........                0               2,418 
   SHARES REDEEMED - CLASS D .........................................         (173,198)            (76,621)
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS D ..............          552,240             202,018 
                                                                         --------------       ------------- 
   SHARES SOLD - INSTITUTIONAL CLASS .................................           68,417                 N/A 
   SHARES REDEEMED - INSTITUTIONAL CLASS .............................             (569)                N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ..           67,848                 N/A 
                                                                         --------------       ------------- 
   SHARES SOLD - SELECT CLASS ........................................              N/A                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .........              N/A                 N/A 
                                                                         --------------       ------------- 
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING                                                     
 FROM CAPITAL SHARE TRANSACTIONS .....................................          733,399             202,018 
                                                                         ==============       ============= 
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .........   $       20,534       $       1,460 
                                                                         ==============       ============= 

                                                                              23


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WELLS FARGO STOCK FUNDS                                     FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                          NET REALIZED                              
                                                                BEGINNING          NET             AND    DIVIDENDS   DISTRIBUTIONS 
                                                                NET ASSET   INVESTMENT      UNREALIZED     FROM NET        FROM NET 
                                                                VALUE PER       INCOME  GAIN (LOSS) ON   INVESTMENT        REALIZED 
                                                                    SHARE       (LOSS)     INVESTMENTS       INCOME           GAINS 
------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND                                                                                                            
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
CLASS A                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $    8.01         0.00            0.26         0.00            0.00 

CLASS B                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $    8.01        (0.01)           0.26         0.00            0.00 

CLASS C                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $    8.01        (0.01)           0.26         0.00            0.00 

CLASS D                                                                                                                             
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................  $    7.42         0.03            0.85        (0.03)           0.00 
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................  $    6.49         0.05            1.61        (0.05)          (0.68)
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................  $    7.13         0.05           (0.38)       (0.05)          (0.26)
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................  $    8.71         0.07            0.27        (0.11)          (1.81)
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................  $   12.06         0.12            0.54        (0.09)          (3.92)

INSTITUTIONAL CLASS                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $    8.01         0.01            0.25         0.00            0.00 

SELECT CLASS                                                                                                                        
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $    8.01         0.02            0.25         0.00            0.00 

C&B MID CAP VALUE FUND                                                                                                              
------------------------------------------------------------------------------------------------------------------------------------
CLASS A                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   18.52        (0.00)           0.37         0.00            0.00 

CLASS B                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   18.52        (0.02)           0.36         0.00            0.00 

CLASS C                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   18.52        (0.02)           0.36         0.00            0.00 

CLASS D                                                                                                                             
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................  $   17.96        (0.01)           1.11        (0.00)          (0.17)
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................  $   13.15         0.00            4.83        (0.02)           0.00 
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................  $   14.19        (0.01)          (0.19)       (0.04)          (0.80)
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................  $   12.78         0.08            2.12        (0.09)          (0.70)
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................  $    9.84         0.07            3.16        (0.08)          (0.21)

INSTITUTIONAL CLASS                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   18.52         0.00            0.38         0.00            0.00 

SELECT CLASS                                                                                                                        
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   18.52         0.02            0.37         0.00            0.00 

C&B TAX-MANAGED VALUE FUND                                                                                                          
------------------------------------------------------------------------------------------------------------------------------------
CLASS A                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   17.06         0.01            0.66         0.00            0.00 

CLASS B                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   17.06        (0.01)           0.60         0.00            0.00 

CLASS C                                                                                                                             
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   17.06         0.00            0.60         0.00            0.00 

CLASS D                                                                                                                             
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................  $   15.97         0.07            1.72        (0.05)           0.00 
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................  $   12.94         0.09            3.05        (0.10)          (0.01)
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................  $   13.63         0.09           (0.69)       (0.09)           0.00 
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................  $   15.33         0.13           (0.39)       (0.14)          (1.30)
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................  $   12.87         0.15            2.45        (0.14)           0.00 

INSTITUTIONAL CLASS                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................  $   17.06         0.03            0.62         0.00            0.00 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

24                                                                              


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FINANCIAL HIGHLIGHTS                                     WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                DISTRIBUTIONS       ENDING
                                                                 IN EXCESS OF    NET ASSET
                                                                     REALIZED    VALUE PER
                                                                        GAINS        SHARE
------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND                                                                  
------------------------------------------------------------------------------------------
                                                                                          
CLASS A                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $    8.27

CLASS B                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $    8.26

CLASS C                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $    8.26

CLASS D                                                                                   
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           0.00    $    8.27
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           0.00    $    7.42
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           0.00    $    6.49
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................           0.00    $    7.13
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           0.00    $    8.71

INSTITUTIONAL CLASS                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $    8.27

SELECT CLASS                                                                              
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $    8.28

C&B MID CAP VALUE FUND                                                                    
------------------------------------------------------------------------------------------
CLASS A                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   18.89

CLASS B                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   18.86

CLASS C                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   18.86

CLASS D                                                                                   
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           0.00    $   18.89
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           0.00    $   17.96
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           0.00    $   13.15
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................           0.00    $   14.19
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           0.00    $   12.78

INSTITUTIONAL CLASS                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   18.90

SELECT CLASS                                                                              
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   18.91

C&B TAX-MANAGED VALUE FUND                                                                
------------------------------------------------------------------------------------------
CLASS A                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   17.73

CLASS B                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   17.65

CLASS C                                                                                   
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   17.66

CLASS D                                                                                   
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           0.00    $   17.70
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           0.00    $   15.97
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           0.00    $   12.94
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................           0.00    $   13.63
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           0.00    $   15.33

INSTITUTIONAL CLASS                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           0.00    $   17.71

                                                        [Enlarge/Download Table]

                                                                        RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)     
                                                                ------------------------------------------------------- 
                                                                NET INVESTMENT        GROSS      EXPENSES           NET 
                                                                 INCOME (LOSS)     EXPENSES        WAIVED      EXPENSES 
----------------------------------------------------------------------------------------------------------------------- 
C&B LARGE CAP VALUE FUND                                                                                                
----------------------------------------------------------------------------------------------------------------------- 
                                                                                                                        
CLASS A                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.18%        1.60%        (0.40)%        1.20%

CLASS B                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.60)%       2.35%        (0.40)%        1.95%

CLASS C                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.58)%       2.35%        (0.40)%        1.95%

CLASS D                                                                                                                 
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................            0.40%        1.30%        (0.14)%        1.16%
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................            0.76%        1.20%        (0.04)%        1.16%
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................            0.59%        1.60%        (0.46)%        1.14%
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................            0.91%        1.00%         0.00%         1.00%
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................            1.16%        1.00%         0.00%         1.00%

INSTITUTIONAL CLASS                                                                                                     
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.47%        1.39%        (0.44)%        0.95%

SELECT CLASS                                                                                                            
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.91%        1.22%        (0.52)%        0.70%

C&B MID CAP VALUE FUND                                                                                                  
----------------------------------------------------------------------------------------------------------------------- 
CLASS A                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.18)%       1.41%        (0.01)%        1.40%

CLASS B                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.95)%       2.16%        (0.01)%        2.15%

CLASS C                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.98)%       2.16%        (0.01)%        2.15%

CLASS D                                                                                                                 
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           (0.08)%       1.19%        (0.04)%        1.15%
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................            0.01%        1.27%         0.00%         1.27%
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           (0.07)%       1.54%        (0.17)%        1.37%
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................            0.68%        1.00%         0.00%         1.00%
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................            0.66%        1.00%         0.00%         1.00%

INSTITUTIONAL CLASS                                                                                                     
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.03%        1.17%        (0.02)%        1.15%

SELECT CLASS                                                                                                            
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.40%        0.96%        (0.06)%        0.90%

C&B TAX-MANAGED VALUE FUND                                                                                              
----------------------------------------------------------------------------------------------------------------------- 
CLASS A                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.34%        2.03%        (0.83)%        1.20%

CLASS B                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.49)%       2.78%        (0.83)%        1.95%

CLASS C                                                                                                                 
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................           (0.33)%       2.86%        (0.91)%        1.95%

CLASS D                                                                                                                 
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................            0.39%        1.51%        (0.29)%        1.22%
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................            0.65%        1.76%        (0.51)%        1.25%
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................            0.66%        2.63%        (1.44)%        1.19%
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................            0.94%        1.00%         0.00%         1.00%
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................            0.96%        1.00%         0.00%         1.00%

INSTITUTIONAL CLASS                                                                                                     
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            0.77%        1.80%        (0.85)%        0.95%

                                                        [Enlarge/Download Table]

                                                                                  PORTFOLIO      NET ASSETS AT
                                                                         TOTAL     TURNOVER      END OF PERIOD
                                                                     RETURN(2)         RATE    (000'S OMITTED)
--------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND                                                                                      
--------------------------------------------------------------------------------------------------------------
                                                                                                              
CLASS A                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.25%          30%   $        11,408

CLASS B                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.12%          30%   $         5,790

CLASS C                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.12%          30%   $         2,732

CLASS D                                                                                                       
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           11.88%          30%   $        50,790
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           28.34%          26%   $        20,419
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           (5.14)%         39%   $        14,383
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................            4.50%          41%   $        38,850
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           10.89%          48%   $        35,251

INSTITUTIONAL CLASS                                                                                           
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.37%          30%   $         9,627

SELECT CLASS                                                                                                  
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.37%          30%   $        15,030

C&B MID CAP VALUE FUND                                                                                        
--------------------------------------------------------------------------------------------------------------
CLASS A                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            2.00%          31%   $         4,938

CLASS B                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            1.84%          31%   $         2,613

CLASS C                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            1.84%          31%   $         1,081

CLASS D                                                                                                       
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................            6.18%          31%   $       498,623
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           36.76%          18%   $       301,513
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           (2.09)%         30%   $        81,390
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................           18.14%          44%   $         5,934
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           33.78%         101%   $         1,520

INSTITUTIONAL CLASS                                                                                           
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            2.05%          31%   $        81,232

SELECT CLASS                                                                                                  
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            2.11%          31%   $        17,376

C&B TAX-MANAGED VALUE FUND                                                                                    
--------------------------------------------------------------------------------------------------------------
CLASS A                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.93%          25%   $         1,438

CLASS B                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.46%          25%   $           395

CLASS C                                                                                                       
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.52%          25%   $           174

CLASS D                                                                                                       
NOVEMBER 1, 2003 TO OCTOBER 31, 2004..........................           11.19%          25%   $        19,913
NOVEMBER 1, 2002 TO OCTOBER 31, 2003..........................           24.42%          31%   $         9,147
NOVEMBER 1, 2001 TO OCTOBER 31, 2002..........................           (4.45)%         32%   $         4,799
NOVEMBER 1, 2000 TO OCTOBER 31, 2001..........................           (1.96)%         16%   $         2,623
NOVEMBER 1, 1999 TO OCTOBER 31, 2000..........................           20.32%           9%   $         2,253

INSTITUTIONAL CLASS                                                                                           
JULY 26, 2004(3) TO OCTOBER 31, 2004..........................            3.81%          25%   $         1,201

                                                                              25


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WELLS FARGO STOCK FUNDS                            NOTES TO FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

NOTES TO FINANCIAL HIGHLIGHTS                                                   

(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
period shown. Returns for the periods less than one year are not    
annualized.                                                         

(3)   Commencement of operations.                                               

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

26                                                                              


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NOTES TO FINANCIAL STATEMENTS                            WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

1. ORGANIZATION                                                                 
--------------------------------------------------------------------------------

    Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series         
management investment company. The Trust commenced operations on November 8,    
1999, and is currently comprised of 75 separate series (each, a "Fund",         
collectively, the "Funds"). These financial statements present the C&B Large Cap
Value Fund, C&B Mid Cap Value Fund, and C&B Tax-Managed Value Fund.             

   On February 3, 2004, the Board of Trustees of the Trust and on February
18, 2004, the Boards of Trustees of The Cooke & Bieler Funds, approved an       
Agreement and Plan of Reorganization of the Cooke & Bieler Portfolios (C&B      
Portfolios) into the Funds as defined above. Effective at the close of business 
on July 23, 2004, the Wells Fargo C&B Large Cap Value Fund, the Wells Fargo C&B 
Mid CapValue Fund and the Wells Fargo C&B Tax-Managed Value Fund acquired all of
the net assets of the C&B Large Cap Value Portfolio, C&B Mid Cap Value Portfolio
and C&B Tax-Managed Value Portfolio respectively.                               

     The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that     
particular class. All shareholders bear the common expenses of a Fund, earn     
income from the portfolio and are allocated unrealized gains and losses pro rata
based on the average daily net assets of each class, without distinction between
share classes. Dividends are determined separately for each class based on      
income and expenses allocable to each class. Realized gains and losses are      
allocated to each class pro rata based upon the net assets of each class on the 
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from   
differences in separate class expenses, including distribution, shareholding    
servicing and administration fees.                                              

2. SIGNIFICANT ACCOUNTING POLICIES                                              
--------------------------------------------------------------------------------

 The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in    
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.                                      

    The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the  
date of the financial statements and the reported amounts of revenues and       
expenses during the reporting period. Actual results could differ from those    
estimates.                                                                      

     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.      

Debt securities maturing in 60 days or less generally are valued at 
amortized cost. The amortized cost method involves valuing a security at its    
cost, plus accretion of discount or minus amortization of premium over the      
period until maturity, which approximates market value.                         

      Investments which are not valued using any of the methods discussed above,
are valued at their fair value as determined by procedures approved by the Board
of Trustees.                                                                    

SECURITY TRANSACTIONS AND INCOME RECOGNITION                                    

      Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered. 
Interest income is accrued daily and bond discounts are accreted and premiums   
are amortized.                                                                  

     Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is    
informed of the ex-dividend date. Dividend income from foreign securities is    
recorded net of foreign taxes withheld where recovery of such taxes is not      
assured.                                                                        

DISTRIBUTIONS TO SHAREHOLDERS                                                   

  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.                                                 

                                                                              27


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WELLS FARGO STOCK FUNDS                            NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

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.                                   

 During the fiscal year ended October 31, 2004, the Mid Cap Value Fund
transferred portfolio assets to fund shareholders in exchange for shares of     
beneficial interest. The gain realized on this redemption-in-kind totaled       
$14,471,197 and represents a permanent difference which will be reclassified    
within the capital accounts for federal income tax purposes.                    

                                                                [Download Table]

                            Undistributed Net  Undistributed Net                  
Fund                        Investment Income  Realized Gain/Loss  Paid-in Capital

                                                                                  
C&B LARGE CAP VALUE FUND      $      (7)         $          3        $         4  

C&B MID CAP VALUE FUND          406,343           (14,877,521)        14,471,178  

C&B TAX-MANAGED VALUE FUND            3                     1                 (4) 

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 October 31, 2004.                                               

SECURITY LOANS                                                                  

The Fund(s) may loan securities in return for securities and cash   
collateral, which is invested in various short-term fixed income securities. A  
Fund may receive compensation for lending securities in the form of fees or by  
retaining a portion of interest on the investment securities or cash received as
collateral. A Fund also continues to receive interest or dividends on the       
securities loaned. Security loans are secured at all times by collateral. The   
collateral is equal to at least 102% of the market value of the securities      
loaned plus accrued interest when the transaction is entered into. If the       
collateral falls to 100%, it will be brought back to 102%. Gain or loss in the  
market price of the securities loaned that may occur during the term of the loan
are reflected in the value of the Fund. The risks from securities lending are   
that the borrower may not provide additional collateral when required or return 
the securities when due or when called for by the Fund. Wells Fargo Bank, N.A., 
the Funds' custodian, acts as the securities lending agent for the Funds and    
receives for its services 35% of the revenues earned on the securities lending  
activities and incurs all expenses. Prior to October 1, 2004 Wells Fargo Bank,  
N.A. was entitled to receive 40% of the revenues earned on securities lending   
activities. The value of the securities on loan and the value of the related    
collateral at October 31, 2004 are shown on the Statement of Assets and         
Liabilities.                                                                    

      At October 31, 2004, cash collateral invested and credit quality breakdown
were as follows:                                                                

                                                                [Download Table]

                            Repurchase  Short-Term   Mid-Term   Money Market       
Fund                        Agreements  Securities  Securities      Fund      Total

                                                                                   
C&B LARGE CAP VALUE FUND        24%        55%         19%           2%       100% 

C&B MID CAP VALUE FUND          37%        48%         14%           1%       100% 

C&B TAX-MANAGED VALUE FUND      24%        52%         22%           2%       100% 

Fund                         A Ratings  AA Ratings  AAA Ratings   Non-rated   Total

C&B LARGE CAP VALUE FUND        54%         4%         20%          22%       100% 

C&B MID CAP VALUE FUND          72%         3%         17%           8%       100% 

C&B TAX-MANAGED VALUE FUND      57%         4%         19%          20%       100% 

28                                                                              


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NOTES TO FINANCIAL STATEMENTS                            WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

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:                                      

                                                        [Enlarge/Download Table]

                                       Advisory Fees                                      Sub-Advisory Fees
                   Average Daily       (% of Average                     Average Daily      (% of Average  
Fund                 Net Assets      Daily Net Assets)   Sub-Adviser      Net Assets      Daily Net Assets)

                                                                                                           
C&B LARGE CAP      $0 - 499 million        0.750          Cooke &       $0 - 250 million        0.45       
VALUE FUND       $500 - 999 million        0.700        Bieler, L.P.  $250 - 500 million        0.40       
                  $1 - 2.99 billion        0.650                      $500 - 750 million        0.35       
                  $3 - 4.99 billion        0.625                           >$750 million        0.30       
                       >$ 5 billion        0.600                                                           

C&B MID CAP        $0 - 499 million        0.750          Cooke &       $0 - 250 million        0.55       
VALUE FUND       $500 - 999 million        0.700        Bieler, L.P.  $250 - 500 million        0.50       
                  $1 - 2.99 billion        0.650                      $500 - 750 million        0.45       
                  $3 - 4.99 billion        0.625                           >$750 million        0.40       
                       >$ 5 billion        0.600                                                           

C&B TAX-MANAGED    $0 - 499 million        0.750          Cooke &       $0 - 250 million        0.45       
VALUE FUND       $500 - 999 million        0.700         Bieler, L.P  $250 - 500 million        0.40       
                  $1 - 2.99 billion        0.650                      $500 - 750 million        0.35       
                  $3 - 4.99 billion        0.625                           >$750 million        0.30       
                       >$ 5 billion        0.600                                                           

     Prior to July 26, 2004 Cooke & Bieler L.P. served as the advisor for each
of the Cooke & Bieler funds, and was entitled to receive an annual fee equal to 
0.63% of the average daily net assets of each Fund.                             

ADMINISTRATION AND TRANSFER AGENT FEES                                          

The Trust has entered into an Administration Agreement with Funds   
Management. Under this Agreement, for providing administrative services, which  
includes paying fees and expenses for services provided by the transfer agent,  
sub-transfer agents, omnibus account servicers and record-keepers out of the    
fees it receives as administrator, Funds Management is entitled to receive the  
following annual fees:                                                          

                                Admin 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                      

CLASS D                                               0.28                      

INSTITUTIONAL                                         0.20                      

SELECT                                                0.10                      

                                                                              29


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WELLS FARGO STOCK FUNDS                            NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

     Prior to July 26, 2004 SEI Investments Global Fund Services ("SEI")served
as administrator for each of the Cooke & Bieler funds, and was entitled to      
receive the following annual fees:                                              

                                    Admin Fees
Average Daily                                   (% of Average             
Net Assets                                   Daily Net Assets)          

$0 - 250 million                                       0.150                    

$250 - 500 million                                     0.125                    

> 500 million                                         0.100                   

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.         

    Prior to July 26, 2004 DST Systems Inc. ("DST") served as transfer agent
for each of the Cooke & Bieler funds.                                           

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:                                 

Fund                                       % of Average Daily Net Assets        

C&B LARGE CAP VALUE FUND                               0.02                     

C&B MID CAP VALUE FUND                                 0.02                     

C&B TAX-MANAGED VALUE FUND                             0.02                     

      Prior to July 26, 2004 Wachovia Bank, N.A. served as custodian for each of
the Cooke & Bieler 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:       

Share Class                                % of Average Daily Net Assets        

CLASS A, CLASS B, CLASS C AND CLASS D                  0.25                     

INSTITUTIONAL CLASS*                                   0.10                     

SELECT CLASS                                           0.00                     

*     Fees apply only to Institutional Class shares of the C&B Large Cap Value  
Fund and C&B Mid Cap Value Fund.                                    

     For the year ended October 31, 2004, shareholder servicing fees paid were
as follows:                                                                     

                                                        [Enlarge/Download Table]

Fund                        Class A  Class B  Class C   Class D    Institutional Class

                                                                                      
C&B LARGE CAP VALUE FUND    $ 3,338  $ 1,583   $ 750   $   30,546      $  2,021       

C&B MID CAP VALUE FUND        1,608      772     280    1,158,930        10,970       

C&B TAX-MANAGED VALUE FUND      321      105      25       23,652             0       

 Prior to July 26, 2004 each of the Cooke & Bieler funds has adopted a
Shareholder Services Plan ("Plan"). Under the Plan, service providers that      
entered into agreements could receive up to 0.25% of each Fund's average daily  
net assets.                                                                     

DISTRIBUTION FEES                                                               

  The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940    
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Stephens Inc. ("Stephens") at an annual rate of 0.75% of average daily net      
assets.                                                                         

     For the year ended October 31, 2004, distribution fees paid are disclosed
on the Statement of Operations.                                                 

  Prior to July 26, 2004 SEI Investments Distributions Company served as
distributor for each of the Cooke & Bieler funds.                               

30                                                                              


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NOTES TO FINANCIAL STATEMENTS                            WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

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.                                

      Prior to July 26, 2004 SEI served as fund accountant for each of the Cooke
& Bieler funds.                                                                 

WAIVED FEES AND REIMBURSED EXPENSES                                             

    All amounts shown as waived fees or reimbursed expenses on the Statement
of Operations, for the year ended October 31, 2004, were waived by Funds        
Management, first from advisory fees, and then any remaining amount             
consecutively from administration, custody and shareholder servicing fees       
collected, if any. The Fund's Adviser has committed to waive fees and/or        
reimburse expenses to the extent necessary to maintain a certain net operating  
expense limitation for the Fund(s). Net operating expense limitations during the
period were as follows:                                                         

                                                        [Enlarge/Download Table]

                                             Net Operating Expense Limitations                      
                                                                         Institutional              
Fund                        Class A  Class B        Class C     Class D     Class       Select Class
                                                                                                    
C&B LARGE CAP VALUE FUND     1.20%    1.95%          1.95%       1.20%      0.95%           0.70%   

C&B MID CAP VALUE FUND       1.40%    2.15%          2.15%       1.25%      1.15%           0.90%   

C&B TAX-MANAGED VALUE FUND   1.20%    1.95%          1.95%       1.20%      0.95%             N/A   

    Prior to July 26, 2004 net operating expense limitations for the Cooke &
Bieler funds were as follows:                                                   

                               Net Operating Expense Limitations
Fund                                                Class D                     

C&B LARGE CAP VALUE FUND                             1.25%                      

C&B MID CAP VALUE FUND                               1.40%                      

C&B TAX-MANAGED VALUE FUND                           1.25%                      

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 year  
ended October 31, 2004, were as follows:                                        

Fund                               Purchases at Cost       Sales Proceeds       

C&B LARGE CAP VALUE FUND             $ 75,086,031            $ 9,545,515        

C&B MID CAP VALUE FUND                408,842,198            143,605,430        

C&B TAX-MANAGED VALUE FUND             15,763,606              3,557,889        

5. BANK BORROWINGS                                                              
--------------------------------------------------------------------------------

     The Wells Fargo Funds Trust and the Wells Fargo Variable Trust (excluding
the money market funds) share in a revolving Credit Agreement with The Bank of  
New York, whereby the Funds are permitted to use bank borrowings for temporary  
or emergency purposes, such as to fund shareholder redemption requests. The     
agreement permits borrowings of up to $150 million, collectively. Interest is   
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to 
0.1% per annum of the credit line. For the year ended October 31, 2004, there   
were no borrowings under the agreement.                                         

6. DISTRIBUTION TO SHAREHOLDERS                                                 
--------------------------------------------------------------------------------

      The tax character of distributions paid during the years ended October 31,
2004 and October 31, 2003 was as follows:                                       

                                                                [Download Table]

                                         Long-Term                            
                             Ordinary     Capital   Dividend Paid             
                              Income       Gain     on Redemption     Total   
Fund                           2004        2004         2004          2004    

                                                                              
C&B LARGE CAP VALUE FUND    $   88,394  $        0  $     0        $    88,394

C&B MID CAP VALUE FUND       2,329,633     947,943        0          3,277,576

C&B TAX-MANAGED VALUE FUND      40,558           0        0             40,558

                                                                              31


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WELLS FARGO STOCK FUNDS                            NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

                                                                [Download Table]

                                        Long-Term                             
                             Ordinary    Capital    Dividend Paid             
                              Income      Gain      on Redemption      Total  
Fund                           2003       2003          2003           2003   

                                                                              
C&B LARGE CAP VALUE FUND    $ 133,257  $ 1,712,139  $     0        $ 1,845,396

C&B MID CAP VALUE FUND        154,510            0        0            154,510

C&B TAX-MANAGED VALUE FUND     41,851        5,738        0             47,589

     As of October 31, 2004, the components of distributable earnings on a tax
basis are shown on the table below. The difference between book basis and tax   
basis appreciation is attributable to deferred loss on wash sales.              

                                                        [Enlarge/Download Table]

                            Undistributed  Undistributed    Unrealized                             
                              Ordinary       Long-Term     Appreciation   Capital Loss             
Fund                           Income           Gain      (Depreciation)  Carryforward       Total 

                                                                                                   
C&B Large Cap Value Fund     $   49,379     $ 1,297,661    $ 3,802,475      $ 0         $ 5,149,515

C&B Mid Cap Value Fund        2,315,794      17,226,648     23,851,586        0          43,394,028

C&B Tax-Managed Value Fund       20,534         474,061      2,024,384        0           2,518,979

32                                                                              


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                         

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:           

  We have audited the accompanying statements of assets and liabilities,
including the portfolio of investments, of C&B Large Cap Value Fund, C&B Mid Cap
Value Fund, and C&B Tax-Managed Value Fund (collectively the "Funds"), three of 
the Funds constituting Wells Fargo Funds Trust as of October 31, 2004, and the  
related statements of operations for the year then ended, the statements of     
changes in net assets for each of the two years in the period then ended, and   
the financial highlights for each of the three years or periods in the period   
ended October 31, 2004. These financial statements and financial highlights are 
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our     
audits. The financial highlights for each of the years or periods ended October 
31, 2001, and prior, were audited by other auditors who have ceased operations. 
Those auditors expressed an unqualified opinion on those financial statements in
their report dated December 14, 2001.                                           

  We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the 
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts   
and disclosures in the financial statements. Our procedures included            
confirmation of securities owned as of October 31, 2004. As to securities       
purchased or sold but not received or delivered we performed other appropriate  
auditing procedures. An audit also includes assessing the accounting principles 
used and significant estimates made by management, as well as evaluating the    
overall financial statement presentation. We believe that our audits provide a  
reasonable basis for our opinion.                                               

      In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
C&B Large Cap Value Fund, C&B Mid Cap Value Fund, and C&B Tax-Managed Value Fund
of Wells Fargo Funds Trust as of October 31, 2004, the results of their         
operations for the year then ended, changes in their net assets for each of the 
two years in the period then ended, and their financial highlights for each of  
the three years or periods in the period ended October 31, 2004, in conformity  
with U.S. generally accepted accounting principles.                             

KPMG LLP                                                                        

Philadelphia, Pennsylvania                                                      
December 16, 2004                                                               

                                                                              33


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WELLS FARGO STOCK FUNDS                                        OTHER INFORMATION
--------------------------------------------------------------------------------

PROXY VOTING INFORMATION                                                        

 A description of the policies and procedures that the Fund(s) uses to
determine how to vote proxies relating to portfolio securities and information  
regarding the results of such voting is available without charge, upon request, 
by calling 1-800-222-8222, visiting our website at WWW.WELLSFARGOFUNDS.COM or   
visiting the SEC website at WWW.SEC.GOV.                                        

PORTFOLIO HOLDINGS INFORMATION                                                  

    Each Fund of the Trust files its complete schedule of portfolio holdings
with SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC website at WWW.SEC.GOV. In      
addition, the Fund's Form N-Q may be reviewed and copied at the SEC's Public    
Reference Room in Washington, DC, and information on 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
("Trustees") of the Wells Fargo Fund 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 102 funds comprising the     
Trust, Wells Fargo Funds Trust and Wells Fargo Variable Trust (collectively the 
"Fund Complex"). All of the non-interested Trustees are also members of the     
Audit and Nominating Committees of each Trust in the Fund Complex. The address  
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the 
Trustees.                                                                       

INTERESTED TRUSTEES **                                                          

                                                        [Enlarge/Download Table]

                          POSITION HELD AND         PRINCIPAL OCCUPATIONS DURING                               
NAME AND AGE              LENGTH OF SERVICE ***     PAST FIVE YEARS                         OTHER DIRECTORSHIPS
---------------------------------------------------------------------------------------------------------------
                                                                                                               
Robert C. Brown           Trustee                   Retired.                                None               
73                        since 1992                                                                           
---------------------------------------------------------------------------------------------------------------
J. Tucker Morse           Trustee                   Private Investor/Real Estate            None               
60                        since 1987                Developer; Chairman of White                               
                                                    Point Capital, LLC.                                        

---------------------------------------------------------------------------------------------------------------

NON-INTERESTED TRUSTEES                                                                                        


                          POSITION HELD AND         PRINCIPAL OCCUPATIONS DURING                               
NAME AND AGE              LENGTH OF SERVICE ***     PAST FIVE YEARS                         OTHER DIRECTORSHIPS
---------------------------------------------------------------------------------------------------------------
                                                                                                               
Thomas S. Goho            Trustee                   Wake Forest University,                 None               
62                        since 1987                Calloway School of Business                                
                                                    and Accountancy, Associate                                 
                                                    Professor of Finance.                                      

---------------------------------------------------------------------------------------------------------------
Peter G. Gordon           Trustee                   Chairman, CEO, and Co-                  None               
62                        since 1998                Founder of Crystal Geyser                                  
                          (Lead Trustee since       Water Company and President                                
                          2001)                     of Crystal Geyser Roxane Water                             
                                                    Company.                                                   

---------------------------------------------------------------------------------------------------------------
Richard M. Leach          Trustee                   Retired. Prior thereto, President       None               
71                        since 1987                of Richard M. Leach Associates                             
                                                    (a financial consulting firm).                             

---------------------------------------------------------------------------------------------------------------
Timothy J. Penny          Trustee                   Senior Counselor to the public          None               
53                        since 1996                relations firm of Himle-Horner                             
                                                    and Senior Fellow at the                                   
                                                    Humphrey Institute,                                        
                                                    Minneapolis, Minnesota (a                                  
                                                    public policy organization).                               

---------------------------------------------------------------------------------------------------------------
Donald C. Willeke         Trustee                   Principal in the law firm of            None               
64                        since 1996                Willeke & Daniels.                                         

---------------------------------------------------------------------------------------------------------------

34                                                                              


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OTHER INFORMATION                                        WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                          POSITION HELD AND         PRINCIPAL OCCUPATIONS DURING                               
NAME AND AGE              LENGTH OF SERVICE         PAST FIVE YEARS                         OTHER DIRECTORSHIPS
---------------------------------------------------------------------------------------------------------------
                                                                                                               
Karla M. Rabusch          President                 Executive Vice President of             None               
45                        since 2003                Wells Fargo Bank, N.A.                                     
                                                    President of Wells Fargo Funds                             
                                                    Management, LLC. Senior Vice                               
                                                    President and Chief                                        
                                                    Administrative Officer of Wells                            
                                                    Fargo Funds Management, LLC                                
                                                    from 2001 to 2003. Vice                                    
                                                    President of Wells Fargo Bank,                             
                                                    N.A. from 1997 to 2000.                                    

---------------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo        Treasurer                 Senior Vice President of Wells          None               
35                        since 2003                Fargo Bank, N.A. Senior Vice                               
                                                    President of Operations                                    
                                                    for Wells Fargo Funds                                      
                                                    Management, LLC. Prior                                     
                                                    thereto, Operations                                        
                                                    Manager at Scudder                                         
                                                    Weisel Capital, LLC                                        
                                                    (2000 to 2001),                                            
                                                    Director of Shareholder                                    
                                                    Services at BISYS Fund                                     
                                                    Services (1999 to 2000)                                    
                                                    and Assistant Vice                                         
                                                    President of Operations                                    
                                                    with Nicholas-                                             
                                                    Applegate Capital                                          
                                                    Management (1993 to                                        
                                                    1999).                                                     

---------------------------------------------------------------------------------------------------------------
C. David Messman          Secretary                 Senior Vice President and               None               
   44                     since 2000                Managing Senior Counsel of                                 
                                                    Wells Fargo Bank, N.A. Senior                              
                                                    Vice President and Secretary of                            
                                                    Wells Fargo Funds                                          
                                                    Management, LLC. Vice                                      
                                                    President and Senior Counsel of                            
                                                    Wells Fargo Bank, N.A. from                                
                                                    1996 to 2003.                                              

---------------------------------------------------------------------------------------------------------------

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

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

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

                                                                              35


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WELLS FARGO STOCK FUNDS                              TAX INFORMATION (UNAUDITED)
--------------------------------------------------------------------------------

   Pursuant to Section 854(b)(2) of the Internal Revenue Code, the Fund(s)
listed below designates a percentage of its ordinary income dividends           
distributed during the year as qualifying for the corporate dividends-received  
deduction.                                                                      

                                       Ordinary Income
Fund                                            Dividend Distribution %         

C&B LARGE CAP VALUE FUND                                 99.98%                 

C&B MID CAP VALUE FUND                                   80.99%                 

C&B TAX-MANAGED VALUE FUND                              100.00%                 

     Pursuant to Section 852(b)(3) of the Internal Revenue Code, the following
funds designate capital gain dividends as follows:                              

                                        Capital Gain
Fund                                                    Dividends               

C&B MID CAP VALUE FUND                                 $  947,943               

  The following funds designate the income dividends distributed between
November 1, 2003 and October 31, 2004, as qualified dividend income (QDI) as    
defined in Section 1(h)(11) of the Internal Revenue Code, as follows:           

                                       % of Qualifying
Fund                                              Dividend Income (QDI)         

C&B LARGE CAP VALUE FUND                                 98.13%                 

C&B MID CAP VALUE FUND                                   76.25%                 

C&B TAX-MANAGED VALUE FUND                               98.88%                 

36                                                                              


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LIST OF ABBREVIATIONS                                    WELLS FARGO STOCK FUNDS
--------------------------------------------------------------------------------

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

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


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MORE INFORMATION ABOUT WELLS FARGO FUNDS(R) IS AVAILABLE FREE UPON REQUEST. TO  
OBTAIN LITERATURE, PLEASE WRITE OR CALL:                                        

WELLS FARGO FUNDS                                                               
PO BOX 8266                                                                     
BOSTON, MA 02266-8266                                                           

WELLS FARGO FUNDS INVESTOR SERVICES:  1-800-222-8222 OR VISIT OUR WEB SITE AT   
WWW.WELLSFARGOFUNDS.COM.                                                        

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE 
GENERAL INFORMATION OF THE SHAREHOLDERS OF THE WELLS FARGO FUNDS. IF THIS REPORT
IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE ACCOMPANIED
OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING MORE COMPLETE  
INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222. PLEASE        
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE          
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS   
FARGO FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE PROSPECTUS         
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.                                      

WELLS FARGO FUNDS MANAGEMENT, LLC, A WHOLLY-OWNED SUBSIDIARY OF WELLS FARGO &   
COMPANY, PROVIDES INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES FOR THE WELLS 
FARGO FUNDS. OTHER AFFILIATES OF WELLS FARGO & COMPANY PROVIDE SUB-ADVISORY AND 
OTHER SERVICES FOR THE FUNDS. THE FUNDS ARE DISTRIBUTED BY STEPHENS INC., MEMBER
NYSE/SIPC. WELLS FARGO & COMPANY AND ITS AFFILIATES ARE NOT AFFILIATED WITH     
STEPHENS INC.                                                                   

 -----------------------------------------------------
 NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
 -----------------------------------------------------

(C)2004 Wells Fargo Funds Management, LLC. All rights reserved.   AR 031 (12/04)

ITEM 2.  CODE OF ETHICS                                                         
=======================                                                         

As of the end of the period, October 31, 2004, Wells Fargo Funds Trust has      
adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to   
its President and Treasurer. A copy of the code of ethics is filed as an exhibit
to this Form N-CSR.                                                             

ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT                                       
=========================================                                       

The Board of Trustees of Wells Fargo Funds Trust has determined that Thomas S.  
Goho is an audit committee financial expert, as defined in Item 3 of Form N-CSR.
Mr. Goho is independent for purposes of Item 3 of Form N-CSR.                   

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES                                 
======================                                                          
(a)                                                                             
AUDIT FEES - Provided below are the aggregate fees billed for the fiscal years  
ended October 31, 2003 and October 31, 2004 for professional services rendered  
by the principal accountant for the audit of the Registrant's annual financial  
statements or services that are normally provided by the accountant in          
connection with statutory and regulatory filings or engagements.                

       For the fiscal years ended October 31, 2003 and October 31, 2004, the
Audit Fees were $894,295 and $966,020, respectively.        

(b)                                                                             
AUDIT-RELATED FEES - There were no audit-related fees incurred for the fiscal   
years ended October 31, 2003 and October 31, 2004 for assurance and related     
services by the principal accountant for the Registrant.                        

(c)                                                                             
TAX FEES - Provided below are the aggregate fees billed for the fiscal years    
ended October 31, 2003 and October 31, 2004 for professional services rendered  
by the principal accountant for the Registrant for tax compliance, tax advice,  
and tax planning.                                                               

         For the fiscal years ended October 31, 2003 and October 31, 2004, the
          Tax Fees were $73,000 and $76,500, respectively. The incurred Tax Fees
are comprised of excise tax review services.                

         For the fiscal years ended October 31, 2003 and October 31, 2004, the
      Tax Fees were $92,685 and $153,824, respectively. The incurred Tax
  Fees are comprised of tax preparation and consulting services.

(d)                                                                             
ALL OTHER FEES - There were no other fees incurred for the fiscal years ended   
October 31, 2003 and October 31, 2004                                           

(e)(1)                                                                          

The Chairman of the Audit Committees is authorized to pre-approve: (1) audit    
services to the mutual funds of Wells Fargo Funds Trust, Wells Fargo Variable   
Trust and Wells Fargo Master Trust (the "Funds"); (2) non-audit tax or          
compliance consulting or training services provided to the Funds by the         
independent auditors ("Auditors") if the fees for any particular engagement are 
not anticipated to exceed $50,000; and (3) non-audit tax or compliance          
consulting or training services provided by the Auditors to a Fund's investment 
adviser and its controlling entities (where pre-approval is required because the
engagement relates directly to the operations and financial reporting of the    
Fund) if the fee to the Auditors for any particular engagement is not           
anticipated to exceed $50,000. For any such pre-approval sought from the        
Chairman, Management shall prepare a brief description of the proposed services.
If the Chairman approves of such service, he or she shall sign the statement    
prepared by Management. Such written statement shall be presented to the full   
Committees at their next regularly scheduled meetings.                          

(e)(2)                                                                          

Not Applicable.                                                                 

(f) Not Applicable.                                                             

(g) 

Provided below are the aggregate non-audit fees billed for the fiscal years     
ended October 31, 2003 and October 31, 2004 by the principal accountant for     
services rendered to the Registrant, and rendered to the Registrant's investment
adviser, and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the Registrant.                   

       For the fiscal years ended October 31, 2003 and October 31, 2004, the
 Registrant incurred non-audit fees in the amount of $72,000 and
    $77,000, respectively. The non-audit fees consist of SAS70 control
reviews of Wells Fargo Bank, N.A., the Funds' custodian.      

         For the fiscal years ended October 31, 2003 and October 31, 2004, the
         Registrant's investment adviser incurred non-audit fees in the amount
      of $57,120 and $25,000 respectively. The non-audit fees consist of
procedure reviews for pending mergers associated with fund  
reorganizations.                                            

(h)                                                                             
The Registrant's audit committee of the board of directors has determined that  
non-audit services rendered to the registrant's investment adviser, that were   
not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of the Regulation
S-X, does not compromise the independence of the principal accountant.          

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) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto
as Exhibit 10a.                                                                 

(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.               


N-CSRLast “Page” of 43TOC1stPreviousNext↓BottomJust 43rd

SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report  
to be signed on its behalf by the undersigned, thereunto duly authorized.       

                                                 Wells Fargo Funds Trust

                                                    By:    /s/Karla M. Rabusch

                                                        Karla M. Rabusch
                                                 President

Date: December 16, 2004                                                         

SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report  
to be signed on its behalf by the undersigned, thereunto duly authorized.       

                                                 Wells Fargo Funds Trust

                                                     By:   /s/Stacie D. DeAngelo

                                                          Stacie D. DeAngelo
                                                 Treasurer

Date: December 16, 2004

Dates Referenced Herein   and   Documents Incorporated by Reference

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12/16/043643
For Period End:10/31/04142NSAR-B
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7/26/04934485BPOS
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2/18/0430
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11/1/032739
10/31/032742485BPOS,  497
11/1/022728485BPOS,  N-30D
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12/14/0136
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