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Wells Fargo Funds Trust · N-CSR · For 2/28/95

Filed On 4/27/05, 8:36am ET   ·   Accession Number 935069-5-983   ·   SEC File 811-09253

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

 4/27/05  Wells Fargo Funds Trust           N-CSR       2/28/95    4:518K                                   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       16100 Outlook AR 0205 Ncsr                           252±  1.09M 
 3: EX-99.906   16100 Outlook EX-99 906 Cert                           2      6K 
 2: EX-99.CERT  16100 Outlook EX-99 Cert 302                           4     15K 
 4: EX-99.CODE ETH  16100 Outlook EX-99 Code of Ethics                 9     27K 


N-CSR   —   16100 Outlook AR 0205 Ncsr
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Item 1. Report to Shareholders
87Statements of Changes in Net Assets
101Report of Independent Registered Public Accounting Firm
107Item 2. Code of Ethics
"Item 3. Audit Committee Financial Expert
"Item 4. Principal Accountant Fees and Services
109Items 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
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09253 Wells Fargo Funds Trust (Exact name of registrant as specified in charter) 525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: February 28, 2005 Date of reporting period: February 28, 2005  ITEM 1. REPORT TO SHAREHOLDERS ----- WELLS FARGO ----- FUNDS ----- [GRAPHIC OMITTED] Wells Fargo OUTLOOK FUNDS(SM) ANNUAL REPORT WELLS FARGO OUTLOOK TODAY FUND(SM) WELLS FARGO OUTLOOK 2010 FUND(SM) WELLS FARGO OUTLOOK 2020 FUND(SM) WELLS FARGO OUTLOOK 2030 FUND(SM) WELLS FARGO OUTLOOK 2040 FUND(SM) FEBRUARY 28, 2005
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WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- TABLE OF CONTENTS Letter to Shareholders ................................................... 1 -------------------------------------------------------------------------------- Performance Highlights ................................................... 2 -------------------------------------------------------------------------------- Fund Expenses ............................................................ 8 -------------------------------------------------------------------------------- Portfolio of Investments -------------------------------------------------------------------------------- OUTLOOK TODAY FUND ..................................................... 11 OUTLOOK 2010 FUND ...................................................... 24 OUTLOOK 2020 FUND ...................................................... 38 OUTLOOK 2030 FUND ...................................................... 52 OUTLOOK 2040 FUND ...................................................... 64 Financial Statements -------------------------------------------------------------------------------- Statement of Assets and Liabilities .................................... 79 Statement of Operations ................................................ 80 Statements of Changes in Net Assets .................................... 82 Financial Highlights ................................................... 86 Notes to Financial Statements ............................................ 92 -------------------------------------------------------------------------------- Report of Independent Registered Public Accounting Firm .................. 98 -------------------------------------------------------------------------------- Other Information (Unaudited) ............................................ 99 -------------------------------------------------------------------------------- List of Abbreviations .................................................... 102 -------------------------------------------------------------------------------- ----------------------------------------------------- NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE -----------------------------------------------------
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LETTER TO SHAREHOLDERS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- DEAR VALUED SHAREHOLDER, We are pleased to provide you with this WELLS FARGO OUTLOOK FUNDS(SM) annual report for the 12-month period ended February 28, 2005. On the following pages, you will find a discussion of the WELLS FARGO OUTLOOK FUNDS, including performance highlights, the strategic outlook, and facts and figures about each Fund's portfolio. THE ECONOMY: STEADY, UNSPECTACULAR GROWTH -------------------------------------------------------------------------------- During most of the reporting period, the stock and bond markets maintained a sideways direction, but then showed solid, broad-based, but unspectacular growth as they headed into 2005. The S&P 500 Index returned nearly 11% in 2004 and the Lehman Aggregate Bond Index ended the year up 4.3%. Despite the stronger economy and corporate profits, investors remained cautious throughout 2004 and have continued to maintain that approach during the first two months of 2005. The major influences on the economy during the reporting period were the direction of interest rates, oil prices, and U.S. dollar exchange rates. After keeping interest rates at their lowest level in more than 45 years, the Federal Reserve Board (the Fed) raised short-term interest rates by 0.25%, from 1% to 1.25% at the end of June 2004, and continued this measured approach through early February 2005, bringing rates to 2.50%. These increases pushed short- and intermediate-term yields higher but had little, if any, effect on longer-term rates (which many mortgage rates are based on). Along with interest rates, oil prices were also on the rise during the reporting period, impacting consumers and businesses that rely on this energy for transportation, heating, and daily operations. The U.S. dollar, on the other hand, took a different approach, weakening against other currencies and making foreign goods more costly, but improving the outlook for our exports by making them cheaper for foreign buyers. STOCKS AND BONDS REST AND RALLY -------------------------------------------------------------------------------- At the start of the reporting period, concerns over disappointing job gains kept bond yields low and put a damper on the stock market. In the third quarter, the economy regained its momentum, though oil prices continued to cloud the outlook as the economy headed into the closing months of the year. Nevertheless, stocks posted back-to-back monthly gains during the period, with a fourth quarter gain of 9.2% in the S&P 500 Index. In January 2005, stocks suffered their first setback, but rallied in early February 2005 on the strength of favorable fourth-quarter earnings reports and signs of a peak in oil prices. Though bond yields remained low during the first half of the reporting period, by the third quarter of 2004, they posted their best quarterly return in two years with a solid 3.2% gain, leaving the benchmark Lehman Aggregate Bond Index (the Index) of investment-grade, taxable bonds with a return of nearly 3.4% during the first nine months of 2004 and finishing the year on a positive note. Overall, bonds with longer durations benefited the most from stable long-term rates. Corporate and mortgage-backed securities contributed most to performance during the period and for 2004 as a whole. At the start of 2005, bonds continued their rally, measured by the Index, which was up 1.34% as of early February 2005, including an impressive 6.6% return on long-term U.S. Treasury bonds. OUR COMMITMENT TO SHAREHOLDERS -------------------------------------------------------------------------------- In 2004, the markets have made slow but steady progress. There were no spectacular gains--nor were there significant losses. In any economy, we recommend keeping a long-term investment outlook and being proactive about your portfolio by diversifying your investments based on your financial goals and risk tolerances. Each WELLS FARGO OUTLOOK FUND represents a diversified portfolio of domestic and international stocks and domestic bonds. The Funds are designed to help increase assets consistent with the risk tolerance of a particular investor group. As an investor matures and his or her investment time horizon decreases, the Funds systematically move to more conservative asset mixes. Thank you for your investment in WELLS FARGO FUNDS. We appreciate the confidence that you have placed in us. If you have any questions or need further information, please contact your investment professional, or call us at 1-800-222-8222. You may also visit our Web site at WWW.WELLSFARGOFUNDS.COM. Sincerely, /s/ Karla M. Rabusch Karla M. Rabusch President WELLS FARGO FUNDS 1
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WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- Each of the WELLS FARGO OUTLOOK FUNDS(SM) (each, a Fund, and collectively, the Funds) seeks to provide investors with an asset allocation strategy designed to maximize assets for retirement or for other purposes consistent with the quantitatively measured risk that investors may be willing to accept given their investment time horizons. ADVISER SUB-ADVISER Wells Fargo Funds Management, LLC Barclays Global Fund Advisors FUND MANAGERS INCEPTION DATE David Burkart and Mariana Egan 03/01/94 HOW DID THE FUNDS PERFORM OVER THE 12-MONTH REPORTING PERIOD? -------------------------------------------------------------------------------- As equity prices rose, the Outlook Funds with longer time horizons and consequently higher equity allocations, performed best. One example was the WELLS FARGO OUTLOOK 2040 Fund(SM), which had 90% of its portfolio invested in equities as of February 28, 2005. Following is an overview of 12-month returns for the Outlook Funds, for the period ending February 28, 2005. All returns are for Class A shares, excluding sales charges: WELLS FARGO OUTLOOK TODAY FUND(SM) 2.23%(1) WELLS FARGO OUTLOOK 2010 FUND(SM) 3.60%(1) WELLS FARGO OUTLOOK 2020 FUND(SM) 4.92%(1) WELLS FARGO OUTLOOK 2030 FUND(SM) 6.17%(1) WELLS FARGO OUTLOOK 2040 FUND(SM) 6.98%(1) The portfolio composition of different Outlook Funds will continue to change as they get closer to their target time horizons, shifting to higher concentrations of bonds over equities. For example, by 2040, we expect that the WELLS FARGO OUTLOOK 2040 FUND will resemble the WELLS FARGO OUTLOOK TODAY FUND in its present composition, with adjustments reflecting market conditions at that time. FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE WWW.WELLSFARGOFUNDS.COM. FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%.THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE ("CDSC") FOR CLASS B SHARES IS 5.00%. FOR CLASS C SHARES, THE MAXIMUM CDSC IS 1.00%. PERFORMANCE, INCLUDING SALES CHARGES, ASSUMES THE MAXIMUM SALES CHARGE FOR THE PERIOD SHOWN. INSTITUTIONAL AND SELECT CLASS SHARES ARE SOLD WITHOUT SALES CHARGES. OTHER FEES AND EXPENSES APPLY TO AN INVESTMENT IN THE FUND AND ARE DESCRIBED IN THE FUND'S CURRENT PROSPECTUS. WHAT FACTORS AFFECTED THE FUNDS' PERFORMANCE? -------------------------------------------------------------------------------- During the 12-month reporting period, the Funds with longer time horizons outperformed those with shorter time horizons because equities outperformed bonds. Therefore, the Funds with higher equity allocations, such as the WELLS FARGO OUTLOOK 2040 FUND, outperformed the more conservative Funds with lower equity allocations, such as the WELLS FARGO OUTLOOK TODAY FUND. Domestic equity sectors reported mostly positive performance for the period, with energy, integrated oil, and materials/processing being the best performing sectors. The worst performing sectors were technology, health care, and financial services. The Funds' international performance was driven by stock market and currency returns in certain European and Asian countries. The countries with the best performing stocks were Austria, Norway, and Greece. Finland, China, and Portugal were among the poorest performing countries in terms of stock markets. Most foreign currencies appreciated relative to the U.S. dollar, and this contributed significantly to each foreign country's returns. In general, domestic small-cap stocks outperformed large cap stocks, with small-cap value stocks outperforming small-cap growth stocks by roughly 8% for the reporting period. International stocks significantly outperformed domestic stocks. The Funds with longer time horizons and higher equity allocations, such as the WELLS FARGO OUTLOOK 2040 FUND, benefited from the positive performance of their holdings in the equity markets. Long-term bonds outperformed both intermediate- and short-term bonds and money market instruments over the reporting period. WHAT CHANGES DID YOU MAKE TO THE FUNDS' HOLDINGS DURING THE PERIOD? -------------------------------------------------------------------------------- On June 30, 2004, each WELLS FARGO OUTLOOK FUND'S holdings were rebalanced to specifically track different indices for the domestic equity and domestic fixed-income asset classes. This rebalancing was the final step in the process that changed the domestic equity benchmark from the Wilshire 5000 Index(2) to the Russell 3000 Index(3) The fixed-income benchmark index was changed from the Lehman Brothers Aggregrate Bond Index(4) to the Lehman Brothers U.S. Treasury 3-5 Year Index(5) The main purpose for these changes was to more closely track specific published indices. There were no major changes to the international equity holdings. 2
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PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- LOOKING AHEAD, WHAT IS YOUR STRATEGIC OUTLOOK? -------------------------------------------------------------------------------- We believe that the U.S. economic climate continues to look more promising than that of Europe or Japan and, therefore, Wall Street could potentially outpace equity markets elsewhere this year. Although the outlook improved for the U.S. economy, the U.S. dollar's exchange rate troubles continued during the reporting period. While economic growth in the United States is stabilizing, it appears to be faltering in Japan and Europe. The U.S. account deficit at the end of the period, which is the balance of imports and exports of goods and services between the United States and the rest of the world, was already around 6% of its annual economic output, and we believe it could widen further. However, the currency's steep decline over the past couple of years means that it is potentially undervalued. Since the better economic outlook suggests that the Federal Reserve Board may continue raising interest rates, we believe that the worst of the U.S. dollar's fall may be behind us. THE VIEWS EXPRESSED ARE AS OF FEBRUARY 28, 2005, AND ARE THOSE OF THE FUNDS' MANAGERS. THE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME IN RESPONSE TO CHANGING CIRCUMSTANCES IN THE MARKET AND ARE NOT INTENDED TO PREDICT OR GUARANTEE THE FUTURE PERFORMANCE OF ANY INDIVIDUAL SECURITY, MARKET SECTOR OR THE MARKETS GENERALLY, OR THE Wells Fargo Outlook Funds. AVERAGE ANNUAL TOTAL RETURNS(1) (%) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [Enlarge/Download Table] INCLUDING SALES CHARGE EXCLUDING SALES CHARGE ------------------------------------- ------------------------------------- FUND NAME 6-months* 1-Year 5-Year 10-Year 6-months* 1-Year 5-Year 10-Year ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK TODAY FUND - A (2.51) (3.65) 2.74 5.56 3.45 2.23 3.97 6.19 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK TODAY FUND - B (1.93) (3.51) 3.01 5.63 3.07 1.49 3.37 5.63 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK TODAY FUND - C 1.99 0.43 3.37 5.62 2.99 1.43 3.37 5.62 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK TODAY FUND - I 3.65 2.60 4.27 6.34 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK TODAY FUND - SELECT 3.75 2.69 4.29 6.35 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2010 FUND - A (0.75) (2.39) 1.24 7.09 5.31 3.60 2.45 7.73 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2010 FUND - B (0.12) (2.30) 1.46 7.12 4.88 2.70 1.84 7.12 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2010 FUND - C 3.88 1.72 1.84 7.11 4.88 2.72 1.84 7.11 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2010 FUND - I 5.44 3.81 2.70 7.84 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2010 FUND - SELECT 5.46 3.92 2.72 7.85 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2020 FUND - A 1.41 (1.10) (0.59) 7.70 7.63 4.92 0.59 8.33 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2020 FUND - B 2.23 (0.87) (0.40) 7.73 7.23 4.13 0.00 7.73 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2020 FUND - C 6.17 3.09 (0.01) 7.72 7.17 4.09 (0.01) 7.72 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2020 FUND - I 7.77 5.17 0.87 8.49 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2020 FUND - SELECT 7.96 5.44 0.92 8.52 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2030 FUND - A 3.18 0.03 (1.40) 8.46 9.51 6.17 (0.23) 9.10 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2030 FUND - B 4.06 0.28 (1.24) 8.48 9.06 5.28 (0.82) 8.48 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2030 FUND - C 8.03 4.26 (0.82) 8.47 9.03 5.26 (0.82) 8.47 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2030 FUND - I 9.65 6.42 0.04 9.25 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2030 FUND - SELECT 9.77 6.53 0.06 9.26 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2040 FUND - A 4.58 0.82 (2.88) 8.81 10.99 6.98 (1.72) 9.46 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2040 FUND - B 5.59 1.20 (2.73) 8.82 10.59 6.20 (2.28) 8.82 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2040 FUND - C 9.60 5.13 (2.30) 8.82 10.60 6.13 (2.30) 8.82 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2040 FUND - I 11.24 7.35 (1.40) 9.64 ------------------------------------------------------------------------------------------------------------------------------------ WELLS FARGO OUTLOOK 2040 FUND - SELECT 11.29 7.48 (1.38) 9.65 ------------------------------------------------------------------------------------------------------------------------------------ iMoneyNet All Taxable Money Fund Average(6) 0.71 1.02 2.30 3.61 ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers U.S. Treasury 3-5 Year Index(5) (0.76) (0.33) 6.76 6.58 ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital International/ Europe, Australasia and Far East Index(7) (MSCI/EAFE) 21.18 18.68 0.12 6.32 ------------------------------------------------------------------------------------------------------------------------------------ Russell 3000(R) Index(3) 11.27 7.64 (0.66) 11.26 ------------------------------------------------------------------------------------------------------------------------------------ *Returns for periods of less than one year are not annualized. 3
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WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS -------------------------------------------------------------------------------- PORTFOLIO ALLOCATION(8) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [THE FOLLOWING TABLES WERE DEPICTED AS PIE CHARTS IN THE PRINTED MATERIAL.] WELLS FARGO OUTLOOK TODAY FUND Stocks (35%) Bonds (65%) WELLS FARGO OUTLOOK 2010 FUND Stocks (48%) Bonds (52%) WELLS FARGO OUTLOOK 2020 FUND Cash (1%) Stocks (65%) Bonds (34%) WELLS FARGO OUTLOOK 2030 FUND Cash (1%) Stocks (79%) Bonds (20%) WELLS FARGO OUTLOOK 2040 FUND Cash (1%) Stocks (90%) Bonds (9%) FUND CHARACTERISTICS(8) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [Enlarge/Download Table] WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK TODAY FUND 2010 FUND 2020 FUND 2030 FUND 2040 FUND --------------------------------------------------------------------------------------------------------------------------------- Weighted Average Coupon of Bond Portfolio 3.46% 3.45% 3.27% 3.38% 3.30% --------------------------------------------------------------------------------------------------------------------------------- Weighted Average Maturity of Bond Portfolio 3.89 years 3.86 years 3.83 years 3.88 years 3.89 years --------------------------------------------------------------------------------------------------------------------------------- Estimated Duration of Bond Portfolio 3.56 years 3.54 years 3.51 years 3.55 years 3.56 years --------------------------------------------------------------------------------------------------------------------------------- PORTFOLIO ALLOCATION BY ASSET CLASS(8) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [Enlarge/Download Table] WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO OUTLOOK OUTLOOK OUTLOOK OUTLOOK OUTLOOK ASSET CLASS TODAY FUND 2010 FUND 2020 FUND 2030 FUND 2040 FUND DOMESTIC STOCKS ------------------------------------------------------------------------------------------------ Large Cap Value 10% 15% 21% 27% 30% ------------------------------------------------------------------------------------------------ Large Cap Growth 12% 17% 23% 29% 34% ------------------------------------------------------------------------------------------------ Small Cap Value 2% 2% 2% 2% 3% ------------------------------------------------------------------------------------------------ Small Cap Growth 3% 3% 3% 3% 3% ------------------------------------------------------------------------------------------------ TOTAL DOMESTIC STOCKS 27% 37% 49% 61% 70% ------------------------------------------------------------------------------------------------ INTERNATIONAL STOCKS 8% 11% 16% 18% 20% ------------------------------------------------------------------------------------------------ BONDS 65% 52% 34% 20% 9% ------------------------------------------------------------------------------------------------ CASH EQUIVALENTS 0% 0% 1% 1% 1% ------------------------------------------------------------------------------------------------ TOTAL 100% 100% 100% 100% 100% ------------------------------------------------------------------------------------------------ 4
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PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- GROWTH OF $10,000 INVESTMENT(9) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [THE FOLLOWING TABLES WERE DEPICTED AS LINE CHARTS IN THE PRINTED MATERIAL.] Wells Fargo Outlook Today Fund [Enlarge/Download Table] LEHMAN WELLS FARGO WELLS FARGO IMONEYNET ALL BROTHERS OUTLOOK TODAY OUTLOOK TODAY TAXABLE MONEY MSCI RUSSELL TREASURY CLASS A CLASS I FUND AVERAGE EAFE INDEX 3000 INDEX 3-5 YEAR ------- ------- ------------ ---------- ---------- -------- 2/28/1995 9,425 10,000 10,000.00 10,000.00 10,000.00 $ 10,000 3/31/1995 9,510 10,094 10,047.00 10,624.00 10,249.00 $ 10,055 4/30/1995 9,644 10,237 10,093.22 11,023.46 10,516.50 $ 10,182 5/31/1995 9,913 10,523 10,140.65 10,892.28 10,898.25 $ 10,521 6/30/1995 10,006 10,622 10,186.29 10,701.67 11,213.21 $ 10,593 7/31/1995 10,103 10,725 10,233.14 11,368.38 11,663.98 $ 10,586 8/31/1995 10,171 10,797 10,279.19 10,935.25 11,767.79 $ 10,675 9/30/1995 10,285 10,917 10,323.39 11,148.48 12,224.38 $ 10,748 10/31/1995 10,314 10,949 10,368.82 10,848.59 12,119.25 $ 10,878 11/30/1995 10,481 11,125 10,413.40 11,150.18 12,657.34 $ 11,029 12/31/1995 10,604 11,256 10,459.22 11,599.53 12,863.66 $ 11,145 1/31/1996 10,704 11,362 10,504.20 11,647.09 13,236.70 $ 11,256 2/29/1996 10,644 11,298 10,544.11 11,686.69 13,432.61 $ 11,118 3/31/1996 10,621 11,274 10,586.29 11,934.45 13,568.28 $ 11,034 4/30/1996 10,631 11,285 10,627.58 12,281.74 13,826.07 $ 10,987 5/31/1996 10,641 11,295 10,670.09 12,055.76 14,180.02 $ 10,963 6/30/1996 10,710 11,369 10,711.70 12,123.27 14,134.64 $ 11,083 7/31/1996 10,618 11,271 10,755.62 11,769.27 13,395.40 $ 11,116 8/31/1996 10,679 11,336 10,799.71 11,795.16 13,801.28 $ 11,121 9/30/1996 10,902 11,573 10,842.91 12,108.91 14,552.07 $ 11,278 10/31/1996 11,068 11,748 10,887.37 11,985.40 14,818.38 $ 11,487 11/30/1996 11,336 12,033 10,930.92 12,462.42 15,863.07 $ 11,638 12/31/1996 11,244 11,935 10,975.74 12,301.66 15,672.71 $ 11,551 1/31/1997 11,350 12,048 11,020.74 11,871.10 16,539.42 $ 11,595 2/28/1997 11,361 12,059 11,061.51 12,065.78 16,557.61 $ 11,604 3/31/1997 11,205 11,893 11,106.87 12,109.22 15,807.55 $ 11,514 4/30/1997 11,387 12,087 11,152.40 12,173.40 16,586.86 $ 11,658 5/31/1997 11,633 12,348 11,199.24 12,965.89 17,719.74 $ 11,749 6/30/1997 11,835 12,562 11,245.16 13,680.31 18,456.89 $ 11,858 7/31/1997 12,149 12,896 11,293.51 13,901.93 19,903.91 $ 12,117 8/31/1997 11,986 12,723 11,342.08 12,863.46 19,095.81 $ 12,049 9/30/1997 12,231 12,983 11,388.58 13,583.81 20,178.54 $ 12,193 10/31/1997 12,209 12,960 11,437.55 12,539.21 19,500.54 $ 12,353 11/30/1997 12,286 13,041 11,485.59 12,411.31 20,247.41 $ 12,367 12/31/1997 12,417 13,180 11,534.98 12,519.29 20,652.36 $ 12,475 1/31/1998 12,523 13,293 11,584.58 13,091.42 20,759.75 $ 12,670 2/28/1998 12,722 13,505 11,629.76 13,931.89 22,244.07 $ 12,639 3/31/1998 12,896 13,689 11,679.76 14,361.00 23,347.38 $ 12,670 4/30/1998 12,967 13,764 11,727.65 14,474.45 23,576.18 $ 12,730 5/31/1998 12,943 13,739 11,776.91 14,403.52 22,993.85 $ 12,822 6/30/1998 13,075 13,879 11,825.19 14,512.99 23,771.04 $ 12,907 7/31/1998 13,051 13,853 11,876.04 14,659.57 23,338.41 $ 12,954 8/31/1998 12,752 13,536 11,927.11 12,843.25 19,762.97 $ 13,239 9/30/1998 13,057 13,860 11,976.01 12,448.96 21,110.80 $ 13,602 10/31/1998 13,286 14,103 12,023.91 13,746.15 22,713.11 $ 13,638 11/30/1998 13,443 14,270 12,069.60 14,449.95 24,103.15 $ 13,570 12/31/1998 13,676 14,517 12,116.68 15,019.28 25,636.11 $ 13,606 1/31/1999 13,766 14,613 12,162.72 14,974.22 26,507.74 $ 13,675 2/28/1999 13,535 14,367 12,202.86 14,617.83 25,569.37 $ 13,442 3/31/1999 13,706 14,549 12,248.01 15,227.39 26,507.76 $ 13,542 4/30/1999 13,848 14,700 12,290.87 15,844.10 27,703.26 $ 13,575 5/31/1999 13,693 14,535 12,335.12 15,028.13 27,176.90 $ 13,458 6/30/1999 13,847 14,699 12,378.29 15,614.23 28,549.34 $ 13,496 7/31/1999 13,782 14,629 12,425.33 16,077.97 27,684.29 $ 13,495 8/31/1999 13,756 14,601 12,473.79 16,137.46 27,368.69 $ 13,530 9/30/1999 13,779 14,626 12,522.44 16,300.45 26,668.05 $ 13,648 10/31/1999 13,950 14,808 12,572.53 16,911.72 28,340.14 $ 13,650 11/30/1999 14,082 14,934 12,622.82 17,498.55 29,133.66 $ 13,648 12/31/1999 14,291 15,145 12,677.10 19,069.92 30,992.39 $ 13,594 1/31/2000 14,030 14,884 12,731.61 17,858.98 29,777.49 $ 13,529 2/29/2000 14,140 15,000 12,783.81 18,339.39 30,054.42 $ 13,641 3/31/2000 14,502 15,382 12,841.33 19,050.96 32,407.68 $ 13,826 4/30/2000 14,391 15,265 12,899.12 18,048.88 31,266.93 $ 13,801 5/31/2000 14,350 15,222 12,961.04 17,608.49 30,388.33 $ 13,858 6/30/2000 14,596 15,477 13,023.25 18,296.98 31,287.82 $ 14,088 7/31/2000 14,582 15,463 13,089.67 17,530.33 30,734.03 $ 14,180 8/31/2000 14,876 15,785 13,156.43 17,682.85 33,014.49 $ 14,341 9/30/2000 14,780 15,695 13,220.89 16,821.69 31,518.94 $ 14,477 10/31/2000 14,809 15,724 13,288.32 16,424.70 31,071.37 $ 14,576 11/30/2000 14,724 15,650 13,353.43 15,808.77 28,206.59 $ 14,794 12/31/2000 14,914 15,844 13,421.53 16,369.99 28,680.46 $ 15,072 1/31/2001 15,109 16,065 13,485.96 16,361.80 29,661.33 $ 15,264 2/28/2001 14,959 15,891 13,539.90 15,134.67 26,950.28 $ 15,415 3/31/2001 14,857 15,794 13,595.41 14,125.18 25,193.13 $ 15,544 4/30/2001 15,009 15,969 13,645.72 15,106.88 27,213.61 $ 15,470 5/31/2001 15,039 16,000 13,692.11 14,573.61 27,431.32 $ 15,531 6/30/2001 15,009 15,981 13,733.19 13,977.55 26,926.59 $ 15,579 7/31/2001 15,147 16,125 13,773.02 13,723.16 26,482.30 $ 15,892 8/31/2001 15,055 16,029 13,810.20 13,375.96 24,919.84 $ 16,044 9/30/2001 14,978 15,942 13,843.35 12,020.98 22,721.91 $ 16,427 10/31/2001 15,224 16,200 13,871.03 12,328.71 23,251.33 $ 16,690 11/30/2001 15,363 16,362 13,893.23 12,783.64 25,041.69 $ 16,467 12/31/2001 15,407 16,404 13,912.68 12,859.07 25,394.77 $ 16,357 1/31/2002 15,298 16,290 13,930.76 12,176.25 25,077.34 $ 16,423 2/28/2002 15,267 16,273 13,946.09 12,261.49 24,565.76 $ 16,577 3/31/2002 15,392 16,399 13,962.82 12,924.83 25,641.74 $ 16,277 4/30/2002 15,266 16,283 13,978.18 13,010.14 24,295.55 $ 16,602 5/31/2002 15,282 16,300 13,993.56 13,175.36 24,013.72 $ 16,758 6/30/2002 14,999 15,999 14,008.95 12,650.98 22,284.73 $ 16,987 7/31/2002 14,699 15,684 14,024.36 11,402.33 20,513.10 $ 17,418 8/31/2002 14,809 15,800 14,039.79 11,376.11 20,609.51 $ 17,660 9/30/2002 14,338 15,302 14,053.83 10,154.31 18,443.45 $ 18,075 10/31/2002 14,703 15,702 14,067.88 10,699.60 19,911.55 $ 18,043 11/30/2002 14,973 15,986 14,080.54 11,185.36 21,116.20 $ 17,803 12/31/2002 14,787 15,793 14,091.81 10,809.53 19,923.13 $ 18,216 1/31/2003 14,608 15,622 14,101.67 10,358.78 19,435.02 $ 18,130 2/28/2003 14,559 15,571 14,110.13 10,120.52 19,114.34 $ 18,390 3/31/2003 14,560 15,581 14,118.60 9,922.16 19,315.04 $ 18,389 4/30/2003 15,033 16,080 14,127.07 10,894.53 20,893.08 $ 18,434 5/31/2003 15,523 16,613 14,135.55 11,554.74 22,155.02 $ 18,804 6/30/2003 15,614 16,704 14,142.61 11,834.37 22,454.11 $ 18,757 7/31/2003 15,515 16,601 14,149.69 12,120.76 22,968.31 $ 18,252 8/31/2003 15,647 16,756 14,155.35 12,412.87 23,478.21 $ 18,258 9/30/2003 15,829 16,960 14,161.01 12,795.51 23,222.29 $ 18,738 10/31/2003 16,042 17,185 14,166.67 13,593.04 24,627.24 $ 18,509 11/30/2003 16,108 17,255 14,172.34 13,895.24 24,967.10 $ 18,483 12/31/2003 16,472 17,671 14,179.42 14,980.81 26,108.10 $ 18,663 1/31/2004 16,621 17,828 14,185.10 15,192.65 26,653.75 $ 18,765 2/29/2004 16,803 18,020 14,190.77 15,543.36 27,013.58 $ 18,982 3/31/2004 16,805 18,018 14,196.45 15,630.40 26,692.12 $ 19,156 4/30/2004 16,423 17,632 14,202.13 15,277.15 26,139.59 $ 18,616 5/31/2004 16,440 17,650 14,207.81 15,329.09 26,518.62 $ 18,550 6/30/2004 16,587 17,819 14,214.91 15,664.80 27,046.34 $ 18,601 7/31/2004 16,421 17,625 14,223.44 15,155.70 26,023.98 $ 18,739 8/31/2004 16,604 17,836 14,233.40 15,222.38 26,130.68 $ 19,065 9/30/2004 16,707 17,942 14,244.78 15,620.23 26,533.10 $ 19,069 10/31/2004 16,891 18,136 14,259.03 16,152.88 26,968.24 $ 19,221 11/30/2004 17,041 18,313 14,274.71 17,256.12 28,222.26 $ 18,983 12/31/2004 17,312 18,613 14,293.27 18,013.67 29,226.97 $ 19,093 1/31/2005 17,126 18,417 14,313.28 17,684.02 28,449.54 $ 19,076 2/28/2005 17,177 18,488 14,333.32 18,447.97 29,077.00 $ 18,920 Wells Fargo Outlook 2010 Fund [Download Table] LEHMAN IMONEYNET WELLS FARGO WELLS FARGO BROTHERS ALL TAXABLE OUTLOOK 2010 OUTLOOK 2010 TREASURY MONEY FUND MSCI EAFE RUSSELL CLASS A CLASS I 3-5 YEAR AVERAGE INDEX 3000 INDEX ------- ------- -------- ------- ----- ---------- 2/28/1995 9,425 10,000 $10,000 $10,000 $10,000 $10,000 3/31/1995 9,571 10,155 $10,055 $10,047 $10,624 $10,249 4/30/1995 9,752 10,347 $10,182 $10,093 $11,023 $10,517 5/31/1995 10,095 10,711 $10,521 $10,141 $10,892 $10,899 6/30/1995 10,231 10,855 $10,593 $10,186 $10,702 $11,214 7/31/1995 10,423 11,059 $10,586 $10,233 $11,368 $11,664 8/31/1995 10,461 11,100 $10,675 $10,279 $10,935 $11,768 9/30/1995 10,663 11,314 $10,748 $10,323 $11,148 $12,224 10/31/1995 10,663 11,314 $10,878 $10,369 $10,849 $12,118 11/30/1995 10,924 11,591 $11,029 $10,413 $11,150 $12,656 12/31/1995 11,086 11,762 $11,145 $10,459 $11,600 $12,862 1/31/1996 11,283 11,972 $11,256 $10,504 $11,647 $13,236 2/29/1996 11,253 11,940 $11,118 $10,544 $11,687 $13,431 3/31/1996 11,266 11,954 $11,034 $10,586 $11,934 $13,566 4/30/1996 11,346 12,038 $10,987 $10,628 $12,282 $13,823 5/31/1996 11,425 12,123 $10,963 $10,670 $12,056 $14,177 6/30/1996 11,483 12,184 $11,083 $10,712 $12,123 $14,131 7/31/1996 11,252 11,939 $11,116 $10,756 $11,769 $13,391 8/31/1996 11,352 12,046 $11,121 $10,800 $11,795 $13,798 9/30/1996 11,711 12,427 $11,278 $10,843 $12,109 $14,549 10/31/1996 11,923 12,651 $11,487 $10,887 $11,985 $14,815 11/30/1996 12,407 13,165 $11,638 $10,931 $12,462 $15,860 12/31/1996 12,250 12,998 $11,551 $10,976 $12,302 $15,669 1/31/1997 12,518 13,282 $11,595 $11,021 $11,871 $16,536 2/28/1997 12,559 13,326 $11,604 $11,062 $12,066 $16,554 3/31/1997 12,307 13,058 $11,514 $11,107 $12,109 $15,805 4/30/1997 12,650 13,422 $11,658 $11,152 $12,173 $16,583 5/31/1997 13,107 13,907 $11,749 $11,199 $12,966 $17,716 6/30/1997 13,459 14,281 $11,858 $11,245 $13,680 $18,452 7/31/1997 14,014 14,870 $12,117 $11,294 $13,902 $19,899 8/31/1997 13,606 14,437 $12,049 $11,342 $12,863 $19,092 9/30/1997 14,042 14,899 $12,193 $11,389 $13,584 $20,174 10/31/1997 13,842 14,687 $12,353 $11,438 $12,539 $19,497 11/30/1997 14,053 14,911 $12,367 $11,486 $12,411 $20,243 12/31/1997 14,243 15,113 $12,475 $11,535 $12,519 $20,649 1/31/1998 14,390 15,269 $12,670 $11,585 $13,091 $20,756 2/28/1998 14,876 15,785 $12,639 $11,630 $13,932 $22,240 3/31/1998 15,255 16,187 $12,670 $11,680 $14,361 $23,343 4/30/1998 15,369 16,308 $12,730 $11,728 $14,474 $23,572 5/31/1998 15,267 16,199 $12,822 $11,777 $14,404 $22,990 6/30/1998 15,533 16,481 $12,907 $11,825 $14,513 $23,768 7/31/1998 15,464 16,408 $12,954 $11,876 $14,660 $23,336 8/31/1998 14,479 15,363 $13,239 $11,927 $12,843 $19,761 9/30/1998 14,978 15,892 $13,602 $11,976 $12,449 $21,109 10/31/1998 15,589 16,541 $13,638 $12,024 $13,746 $22,712 11/30/1998 15,993 16,969 $13,570 $12,070 $14,450 $24,101 12/31/1998 16,475 17,481 $13,606 $12,117 $15,019 $25,633 1/31/1999 16,721 17,742 $13,675 $12,163 $14,974 $26,503 2/28/1999 16,351 17,350 $13,442 $12,203 $14,618 $25,565 3/31/1999 16,673 17,691 $13,542 $12,248 $15,227 $26,503 4/30/1999 17,008 18,046 $13,575 $12,291 $15,844 $27,699 5/31/1999 16,735 17,757 $13,458 $12,335 $15,028 $27,173 6/30/1999 17,106 18,150 $13,496 $12,378 $15,614 $28,546 7/31/1999 16,919 17,952 $13,495 $12,425 $16,078 $27,680 8/31/1999 16,856 17,886 $13,530 $12,474 $16,137 $27,365 9/30/1999 16,797 17,823 $13,648 $12,522 $16,300 $26,666 10/31/1999 17,211 18,262 $13,650 $12,573 $16,912 $28,339 11/30/1999 17,488 18,528 $13,648 $12,623 $17,499 $29,132 12/31/1999 17,974 19,039 $13,594 $12,677 $19,070 $30,991 1/31/2000 17,496 18,535 $13,529 $12,732 $17,859 $29,776 2/29/2000 17,578 18,622 $13,641 $12,784 $18,339 $30,052 3/31/2000 18,296 19,389 $13,826 $12,841 $19,051 $32,406 4/30/2000 17,994 19,086 $13,801 $12,899 $18,049 $31,264 5/31/2000 17,843 18,927 $13,858 $12,961 $17,608 $30,386 6/30/2000 18,210 19,315 $14,088 $13,023 $18,297 $31,285 7/31/2000 18,086 19,184 $14,180 $13,090 $17,530 $30,733 8/31/2000 18,556 19,693 $14,341 $13,156 $17,683 $33,012 9/30/2000 18,261 19,351 $14,477 $13,221 $16,822 $31,517 10/31/2000 18,247 19,336 $14,576 $13,288 $16,425 $31,068 11/30/2000 17,816 18,882 $14,794 $13,353 $15,809 $28,205 12/31/2000 18,044 19,119 $15,072 $13,422 $16,370 $28,679 1/31/2001 18,380 19,487 $15,264 $13,486 $16,362 $29,660 2/28/2001 17,826 18,904 $15,415 $13,540 $15,135 $26,950 3/31/2001 17,449 18,504 $15,544 $13,595 $14,125 $25,193 4/30/2001 17,962 19,044 $15,470 $13,646 $15,107 $27,213 5/31/2001 17,977 19,075 $15,531 $13,692 $14,574 $27,432 6/30/2001 17,813 18,902 $15,579 $13,733 $13,978 $26,926 7/31/2001 17,843 18,933 $15,892 $13,773 $13,723 $26,482 8/31/2001 17,518 18,591 $16,044 $13,810 $13,376 $24,919 9/30/2001 17,012 18,069 $16,427 $13,843 $12,021 $22,720 10/31/2001 17,338 18,414 $16,690 $13,871 $12,329 $23,249 11/30/2001 17,769 18,868 $16,467 $13,893 $12,784 $25,040 12/31/2001 17,857 18,974 $16,357 $13,913 $12,859 $25,393 1/31/2002 17,676 18,783 $16,423 $13,931 $12,176 $25,074 2/28/2002 17,570 18,688 $16,577 $13,946 $12,261 $24,562 3/31/2002 17,911 19,044 $16,277 $13,963 $12,925 $25,638 4/30/2002 17,517 18,644 $16,602 $13,978 $13,010 $24,293 5/31/2002 17,486 18,612 $16,758 $13,994 $13,175 $24,012 6/30/2002 16,867 17,957 $16,987 $14,009 $12,651 $22,283 7/31/2002 16,288 17,345 $17,418 $14,024 $11,402 $20,512 8/31/2002 16,394 17,458 $17,660 $14,040 $11,376 $20,609 9/30/2002 15,413 16,421 $18,075 $14,054 $10,154 $18,443 10/31/2002 16,117 17,182 $18,043 $14,068 $10,700 $19,912 11/30/2002 16,607 17,699 $17,803 $14,081 $11,185 $21,117 12/31/2002 16,208 17,270 $18,216 $14,092 $10,810 $19,923 1/31/2003 15,961 17,025 $18,130 $14,102 $10,359 $19,435 2/28/2003 15,837 16,894 $18,390 $14,110 $10,121 $19,116 3/31/2003 15,870 16,924 $18,389 $14,119 $ 9,922 $19,317 4/30/2003 16,552 17,663 $18,434 $14,127 $10,895 $20,894 5/31/2003 17,204 18,370 $18,804 $14,136 $11,555 $22,155 6/30/2003 17,328 18,498 $18,757 $14,143 $11,834 $22,454 7/31/2003 17,328 18,498 $18,252 $14,150 $12,121 $22,969 8/31/2003 17,530 18,729 $18,258 $14,155 $12,413 $23,478 9/30/2003 17,682 18,886 $18,738 $14,161 $12,796 $23,224 10/31/2003 18,073 19,317 $18,509 $14,167 $13,593 $24,629 11/30/2003 18,182 19,433 $18,483 $14,172 $13,895 $24,968 12/31/2003 18,730 20,031 $18,663 $14,179 $14,981 $26,110 1/31/2004 18,934 20,264 $18,765 $14,185 $15,193 $26,655 2/29/2004 19,153 20,497 $18,982 $14,191 $15,543 $27,014 3/31/2004 19,111 20,451 $19,156 $14,196 $15,630 $26,693 4/30/2004 18,702 20,017 $18,616 $14,202 $15,277 $26,141 5/31/2004 18,765 20,100 $18,550 $14,208 $15,329 $26,520 6/30/2004 18,968 20,314 $18,601 $14,215 $15,665 $27,048 7/31/2004 18,653 19,996 $18,739 $14,223 $15,156 $26,025 8/31/2004 18,842 20,180 $19,065 $14,233 $15,222 $26,132 9/30/2004 18,992 20,355 $19,069 $14,245 $15,620 $26,534 10/31/2004 19,245 20,625 $19,221 $14,259 $16,153 $26,969 11/30/2004 19,593 20,995 $18,983 $14,275 $17,256 $28,223 12/31/2004 19,971 21,413 $19,093 $14,293 $18,014 $29,229 1/31/2005 19,684 21,125 $19,076 $14,313 $17,684 $28,450 2/28/2005 19,843 21,277 $18,920 $14,333 $18,448 $29,077 5
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WELLS FARGO OUTLOOK FUNDS PERFORMANCE HIGHLIGHTS -------------------------------------------------------------------------------- GROWTH OF $10,000 INVESTMENT(9) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [THE FOLLOWING TABLES WERE DEPICTED AS LINE CHARTS IN THE PRINTED MATERIAL.] Wells Fargo Outlook 2020 Fund [Download Table] LEHMAN IMONEYNET WELLS FARGO WELLS FARGO BROTHERS ALL TAXABLE OUTLOOK 2020 OUTLOOK 2020 TREASURY MONEY FUND MSCI EAFE RUSSELL CLASS A CLASS I 3-5 YEAR AVERAGE INDEX 3000 INDEX ------- ------- -------- ------- ----- ---------- 2/28/1995 9,425 10,000 $10,000 10,000.00 $10,000 $10,000 3/31/1995 9,606 10,192 $10,055 10,047.00 $10,624 $10,249 4/30/1995 9,821 10,420 $10,182 10,093.22 $11,023 $10,517 5/31/1995 10,176 10,796 $10,521 10,140.65 $10,892 $10,899 6/30/1995 10,348 10,979 $10,593 10,186.29 $10,702 $11,214 7/31/1995 10,592 11,238 $10,586 10,233.14 $11,368 $11,664 8/31/1995 10,620 11,268 $10,675 10,279.19 $10,935 $11,768 9/30/1995 10,870 11,533 $10,748 10,323.39 $11,148 $12,224 10/31/1995 10,832 11,493 $10,878 10,368.82 $10,849 $12,118 11/30/1995 11,154 11,834 $11,029 10,413.40 $11,150 $12,656 12/31/1995 11,346 12,038 $11,145 10,459.22 $11,600 $12,862 1/31/1996 11,598 12,305 $11,256 10,504.20 $11,647 $13,236 2/29/1996 11,588 12,294 $11,118 10,544.11 $11,687 $13,431 3/31/1996 11,627 12,336 $11,034 10,586.29 $11,934 $13,566 4/30/1996 11,734 12,450 $10,987 10,627.58 $12,282 $13,823 5/31/1996 11,861 12,584 $10,963 10,670.09 $12,056 $14,177 6/30/1996 11,915 12,642 $11,083 10,711.70 $12,123 $14,131 7/31/1996 11,562 12,267 $11,116 10,755.62 $11,769 $13,391 8/31/1996 11,699 12,413 $11,121 10,799.71 $11,795 $13,798 9/30/1996 12,164 12,905 $11,278 10,842.91 $12,109 $14,549 10/31/1996 12,391 13,146 $11,487 10,887.37 $11,985 $14,815 11/30/1996 13,052 13,848 $11,638 10,930.92 $12,462 $15,860 12/31/1996 12,845 13,629 $11,551 10,975.74 $12,302 $15,669 1/31/1997 13,224 14,030 $11,595 11,020.74 $11,871 $16,536 2/28/1997 13,286 14,095 $11,604 11,061.51 $12,066 $16,554 3/31/1997 12,940 13,728 $11,514 11,106.87 $12,109 $15,805 4/30/1997 13,403 14,220 $11,658 11,152.40 $12,173 $16,583 5/31/1997 14,041 14,897 $11,749 11,199.24 $12,966 $17,716 6/30/1997 14,517 15,402 $11,858 11,245.16 $13,680 $18,452 7/31/1997 15,294 16,226 $12,117 11,293.51 $13,902 $19,899 8/31/1997 14,683 15,578 $12,049 11,342.08 $12,863 $19,092 9/30/1997 15,290 16,222 $12,193 11,388.58 $13,584 $20,174 10/31/1997 14,947 15,858 $12,353 11,437.55 $12,539 $19,497 11/30/1997 15,290 16,222 $12,367 11,485.59 $12,411 $20,243 12/31/1997 15,529 16,476 $12,475 11,534.98 $12,519 $20,649 1/31/1998 15,709 16,666 $12,670 11,584.58 $13,091 $20,756 2/28/1998 16,471 17,475 $12,639 11,629.76 $13,932 $22,240 3/31/1998 17,054 18,094 $12,670 11,679.76 $14,361 $23,343 4/30/1998 17,200 18,249 $12,730 11,727.65 $14,474 $23,572 5/31/1998 16,998 18,034 $12,822 11,776.91 $14,404 $22,990 6/30/1998 17,410 18,471 $12,907 11,825.19 $14,513 $23,768 7/31/1998 17,263 18,315 $12,954 11,876.04 $14,660 $23,336 8/31/1998 15,567 16,516 $13,239 11,927.11 $12,843 $19,761 9/30/1998 16,225 17,214 $13,602 11,976.01 $12,449 $21,109 10/31/1998 17,167 18,214 $13,638 12,023.91 $13,746 $22,712 11/30/1998 17,837 18,924 $13,570 12,069.60 $14,450 $24,101 12/31/1998 18,574 19,707 $13,606 12,116.68 $15,019 $25,633 1/31/1999 18,970 20,127 $13,675 12,162.72 $14,974 $26,503 2/28/1999 18,451 19,575 $13,442 12,202.86 $14,618 $25,565 3/31/1999 18,937 20,091 $13,542 12,248.01 $15,227 $26,503 4/30/1999 19,483 20,671 $13,575 12,290.87 $15,844 $27,699 5/31/1999 19,086 20,249 $13,458 12,335.12 $15,028 $27,173 6/30/1999 19,731 20,934 $13,496 12,378.29 $15,614 $28,546 7/31/1999 19,420 20,603 $13,495 12,425.33 $16,078 $27,680 8/31/1999 19,320 20,498 $13,530 12,473.79 $16,137 $27,365 9/30/1999 19,108 20,273 $13,648 12,522.44 $16,300 $26,666 10/31/1999 19,847 21,056 $13,650 12,572.53 $16,912 $28,339 11/30/1999 20,272 21,507 $13,648 12,622.82 $17,499 $29,132 12/31/1999 21,122 22,424 $13,594 12,677.10 $19,070 $30,991 1/31/2000 20,350 21,611 $13,529 12,731.61 $17,859 $29,776 2/29/2000 20,378 21,640 $13,641 12,783.81 $18,339 $30,052 3/31/2000 21,565 22,901 $13,826 12,841.33 $19,051 $32,406 4/30/2000 21,026 22,332 $13,801 12,899.12 $18,049 $31,264 5/31/2000 20,652 21,953 $13,858 12,961.04 $17,608 $30,386 6/30/2000 21,240 22,568 $14,088 13,023.25 $18,297 $31,285 7/31/2000 20,962 22,290 $14,180 13,089.67 $17,530 $30,733 8/31/2000 21,782 23,169 $14,341 13,156.43 $17,683 $33,012 9/30/2000 21,122 22,462 $14,477 13,220.89 $16,822 $31,517 10/31/2000 20,997 22,329 $14,576 13,288.32 $16,425 $31,068 11/30/2000 20,021 21,302 $14,794 13,353.43 $15,809 $28,205 12/31/2000 20,270 21,565 $15,072 13,421.53 $16,370 $28,679 1/31/2001 20,743 22,078 $15,264 13,485.96 $16,362 $29,660 2/28/2001 19,606 20,865 $15,415 13,539.90 $15,135 $26,950 3/31/2001 18,833 20,050 $15,544 13,595.41 $14,125 $25,193 4/30/2001 19,780 21,064 $15,470 13,645.72 $15,107 $27,213 5/31/2001 19,766 21,049 $15,531 13,692.11 $14,574 $27,432 6/30/2001 19,429 20,695 $15,579 13,733.19 $13,978 $26,926 7/31/2001 19,325 20,601 $15,892 13,773.02 $13,723 $26,482 8/31/2001 18,686 19,911 $16,044 13,810.20 $13,376 $24,919 9/30/2001 17,659 18,841 $16,427 13,843.35 $12,021 $22,720 10/31/2001 18,032 19,234 $16,690 13,871.03 $12,329 $23,249 11/30/2001 18,823 20,084 $16,467 13,893.23 $12,784 $25,040 12/31/2001 18,950 20,206 $16,357 13,912.68 $12,859 $25,393 1/31/2002 18,664 19,903 $16,423 13,930.76 $12,176 $25,074 2/28/2002 18,514 19,760 $16,577 13,946.09 $12,261 $24,562 3/31/2002 18,996 20,283 $16,277 13,962.82 $12,925 $25,638 4/30/2002 18,408 19,661 $16,602 13,978.18 $13,010 $24,293 5/31/2002 18,332 19,581 $16,758 13,993.56 $13,175 $24,012 6/30/2002 17,450 18,649 $16,987 14,008.95 $12,651 $22,283 7/31/2002 16,601 17,735 $17,418 14,024.36 $11,402 $20,512 8/31/2002 16,677 17,831 $17,660 14,039.79 $11,376 $20,609 9/30/2002 15,393 16,455 $18,075 14,053.83 $10,154 $18,443 10/31/2002 16,244 17,373 $18,043 14,067.88 $10,700 $19,912 11/30/2002 16,898 18,081 $17,803 14,080.54 $11,185 $21,117 12/31/2002 16,290 17,425 $18,216 14,091.81 $10,810 $19,923 1/31/2003 16,000 17,134 $18,130 14,101.67 $10,359 $19,435 2/28/2003 15,802 16,924 $18,390 14,110.13 $10,121 $19,116 3/31/2003 15,829 16,948 $18,389 14,118.60 $ 9,922 $19,317 4/30/2003 16,700 17,889 $18,434 14,127.07 $10,895 $20,894 5/31/2003 17,465 18,700 $18,804 14,135.55 $11,555 $22,155 6/30/2003 17,622 18,880 $18,757 14,142.61 $11,834 $22,454 7/31/2003 17,653 18,929 $18,252 14,149.69 $12,121 $22,969 8/31/2003 17,929 19,222 $18,258 14,155.35 $12,413 $23,478 9/30/2003 18,045 19,358 $18,738 14,161.01 $12,796 $23,224 10/31/2003 18,598 19,962 $18,509 14,166.67 $13,593 $24,629 11/30/2003 18,768 20,142 $18,483 14,172.34 $13,895 $24,968 12/31/2003 19,493 20,912 $18,663 14,179.42 $14,981 $26,110 1/31/2004 19,740 21,191 $18,765 14,185.10 $15,193 $26,655 2/29/2004 20,002 21,486 $18,982 14,190.77 $15,543 $27,014 3/31/2004 19,892 21,369 $19,156 14,196.45 $15,630 $26,693 4/30/2004 19,459 20,909 $18,616 14,202.13 $15,277 $26,141 5/31/2004 19,567 21,024 $18,550 14,207.81 $15,329 $26,520 6/30/2004 19,842 21,331 $18,601 14,214.91 $15,665 $27,048 7/31/2004 19,361 20,819 $18,739 14,223.44 $15,156 $26,025 8/31/2004 19,500 20,968 $19,065 14,233.40 $15,222 $26,132 9/30/2004 19,687 21,183 $19,069 14,244.78 $15,620 $26,534 10/31/2004 19,997 21,513 $19,221 14,259.03 $16,153 $26,969 11/30/2004 20,571 22,140 $18,983 14,274.71 $17,256 $28,223 12/31/2004 21,097 22,714 $19,093 14,293.27 $18,014 $29,229 1/31/2005 20,706 22,314 $19,076 14,313.28 $17,684 $28,450 2/28/2005 20,987 22,597 $18,920 14,333.32 $18,448 $29,077 Wells Fargo Outlook 2030 Fund [Enlarge/Download Table] IMONEYNET WELLS FARGO WELLS FARGO LEHMAN BROTHERS ALL TAXABLE OUTLOOK 2030 OUTLOOK 2030 U.S. TREASURY MONEY FUND MSCI EAFE RUSSELL - CLASS A - CLASS I 3-5 YEAR INDEX AVERAGE INDEX 3000 INDEX --------- --------- --------------- ------- ----- ---------- Feb-95 9,425 10,000 $10,000 $10,000 $10,000 $10,000 Mar-95 9,633 10,220 $10,055 $10,047 $10,624 $10,249 Apr-95 9,875 10,477 $10,182 $10,093 $11,023 $10,516 May-95 10,295 10,923 $10,521 $10,141 $10,892 $10,898 Jun-95 10,493 11,133 $10,593 $10,186 $10,702 $11,213 Jul-95 10,765 11,421 $10,586 $10,233 $11,368 $11,664 Aug-95 10,793 11,451 $10,675 $10,279 $10,935 $11,768 Sep-95 11,094 11,771 $10,748 $10,323 $11,148 $12,224 Oct-95 11,038 11,711 $10,878 $10,369 $10,849 $12,119 Nov-95 11,415 12,110 $11,029 $10,413 $11,150 $12,657 Dec-95 11,646 12,356 $11,145 $10,459 $11,600 $12,864 Jan-96 11,926 12,653 $11,256 $10,504 $11,647 $13,237 Feb-96 11,926 12,653 $11,118 $10,544 $11,687 $13,433 Mar-96 11,979 12,709 $11,034 $10,586 $11,934 $13,568 Apr-96 12,134 12,874 $10,987 $10,628 $12,282 $13,826 May-96 12,290 13,039 $10,963 $10,670 $12,056 $14,180 Jun-96 12,333 13,084 $11,083 $10,712 $12,123 $14,135 Jul-96 11,902 12,628 $11,116 $10,756 $11,769 $13,395 Aug-96 12,059 12,794 $11,121 $10,800 $11,795 $13,801 Sep-96 12,606 13,375 $11,278 $10,843 $12,109 $14,552 Oct-96 12,862 13,646 $11,487 $10,887 $11,985 $14,818 Nov-96 13,677 14,511 $11,638 $10,931 $12,462 $15,863 Dec-96 13,431 14,249 $11,551 $10,976 $12,302 $15,673 Jan-97 13,885 14,731 $11,595 $11,021 $11,871 $16,539 Feb-97 13,955 14,806 $11,604 $11,062 $12,066 $16,558 Mar-97 13,537 14,362 $11,514 $11,107 $12,109 $15,808 Apr-97 14,094 14,953 $11,658 $11,152 $12,173 $16,587 May-97 14,864 15,770 $11,749 $11,199 $12,966 $17,720 Jun-97 15,455 16,397 $11,858 $11,245 $13,680 $18,457 Jul-97 16,422 17,423 $12,117 $11,294 $13,902 $19,904 Aug-97 15,618 16,570 $12,049 $11,342 $12,863 $19,096 Sep-97 16,393 17,393 $12,193 $11,389 $13,584 $20,179 Oct-97 15,933 16,905 $12,353 $11,438 $12,539 $19,501 Nov-97 16,373 17,371 $12,367 $11,486 $12,411 $20,247 Dec-97 16,673 17,690 $12,475 $11,535 $12,519 $20,652 Jan-98 16,857 17,885 $12,670 $11,585 $13,091 $20,760 Feb-98 17,863 18,952 $12,639 $11,630 $13,932 $22,244 Mar-98 18,625 19,761 $12,670 $11,680 $14,361 $23,347 Apr-98 18,799 19,945 $12,730 $11,728 $14,474 $23,576 May-98 18,528 19,657 $12,822 $11,777 $14,404 $22,994 Jun-98 19,065 20,227 $12,907 $11,825 $14,513 $23,771 Jul-98 18,858 20,008 $12,954 $11,876 $14,660 $23,338 Aug-98 16,539 17,547 $13,239 $11,927 $12,843 $19,763 Sep-98 17,306 18,361 $13,602 $11,976 $12,449 $21,111 Oct-98 18,539 19,670 $13,638 $12,024 $13,746 $22,713 Nov-98 19,435 20,620 $13,570 $12,070 $14,450 $24,103 Dec-98 20,408 21,652 $13,606 $12,117 $15,019 $25,636 Jan-99 20,915 22,190 $13,675 $12,163 $14,974 $26,508 Feb-99 20,231 21,464 $13,442 $12,203 $14,618 $25,569 Mar-99 20,850 22,122 $13,542 $12,248 $15,227 $26,508 Apr-99 21,571 22,886 $13,575 $12,291 $15,844 $27,703 May-99 21,063 22,347 $13,458 $12,335 $15,028 $27,177 Jun-99 21,913 23,249 $13,496 $12,378 $15,614 $28,549 Jul-99 21,462 22,771 $13,495 $12,425 $16,078 $27,684 Aug-99 21,297 22,595 $13,530 $12,474 $16,137 $27,369 Sep-99 20,977 22,256 $13,648 $12,522 $16,300 $26,668 Oct-99 21,963 23,302 $13,650 $12,573 $16,912 $28,340 Nov-99 22,557 23,905 $13,648 $12,623 $17,499 $29,134 Dec-99 23,767 25,188 $13,594 $12,677 $19,070 $30,992 Jan-00 22,733 24,098 $13,529 $12,732 $17,859 $29,777 Feb-00 22,786 24,169 $13,641 $12,784 $18,339 $30,054 Mar-00 24,378 25,843 $13,826 $12,841 $19,051 $32,408 Apr-00 23,651 25,091 $13,801 $12,899 $18,049 $31,267 May-00 23,112 24,524 $13,858 $12,961 $17,608 $30,388 Jun-00 23,896 25,361 $14,088 $13,023 $18,297 $31,288 Jul-00 23,531 24,977 $14,180 $13,090 $17,530 $30,734 Aug-00 24,639 26,157 $14,341 $13,156 $17,683 $33,014 Sep-00 23,585 25,048 $14,477 $13,221 $16,822 $31,519 Oct-00 23,423 24,877 $14,576 $13,288 $16,425 $31,071 Nov-00 22,058 23,439 $14,794 $13,353 $15,809 $28,207 Dec-00 22,343 23,741 $15,072 $13,422 $16,370 $28,680 Jan-01 22,922 24,367 $15,264 $13,486 $16,362 $29,661 Feb-01 21,354 22,699 $15,415 $13,540 $15,135 $26,950 Mar-01 20,275 21,548 $15,544 $13,595 $14,125 $25,193 Apr-01 21,506 22,877 $15,470 $13,646 $15,107 $27,214 May-01 21,464 22,832 $15,531 $13,692 $14,574 $27,431 Jun-01 21,023 22,355 $15,579 $13,733 $13,978 $26,927 Jul-01 20,825 22,146 $15,892 $13,773 $13,723 $26,482 Aug-01 19,930 21,202 $16,044 $13,810 $13,376 $24,920 Sep-01 18,448 19,635 $16,427 $13,843 $12,021 $22,722 Oct-01 18,874 20,101 $16,690 $13,871 $12,329 $23,251 Nov-01 19,898 21,183 $16,467 $13,893 $12,784 $25,042 Dec-01 20,070 21,380 $16,357 $13,913 $12,859 $25,395 Jan-02 19,690 20,978 $16,423 $13,931 $12,176 $25,077 Feb-02 19,500 20,777 $16,577 $13,946 $12,261 $24,566 Mar-02 20,151 21,464 $16,277 $13,963 $12,925 $25,642 Apr-02 19,375 20,659 $16,602 $13,978 $13,010 $24,296 May-02 19,258 20,535 $16,758 $13,994 $13,175 $24,014 Jun-02 18,178 19,378 $16,987 $14,009 $12,651 $22,285 Jul-02 17,061 18,212 $17,418 $14,024 $11,402 $20,513 Aug-02 17,179 18,336 $17,660 $14,040 $11,376 $20,610 Sep-02 15,619 16,670 $18,075 $14,054 $10,154 $18,443 Oct-02 16,621 17,747 $18,043 $14,068 $10,700 $19,912 Nov-02 17,416 18,605 $17,803 $14,081 $11,185 $21,116 Dec-02 16,660 17,812 $18,216 $14,092 $10,810 $19,923 Jan-03 16,352 17,486 $18,130 $14,102 $10,359 $19,435 Feb-03 16,107 17,225 $18,390 $14,110 $10,121 $19,114 Mar-03 16,145 17,262 $18,389 $14,119 $ 9,922 $19,315 Apr-03 17,193 18,373 $18,434 $14,127 $10,895 $20,893 May-03 18,102 19,370 $18,804 $14,136 $11,555 $22,155 Jun-03 18,292 19,570 $18,757 $14,143 $11,834 $22,454 Jul-03 18,277 19,570 $18,252 $14,150 $12,121 $22,968 Aug-03 18,648 19,964 $18,258 $14,155 $12,413 $23,478 Sep-03 18,795 20,118 $18,738 $14,161 $12,796 $23,222 Oct-03 19,477 20,859 $18,509 $14,167 $13,593 $24,627 Nov-03 19,710 21,122 $18,483 $14,172 $13,895 $24,967 Dec-03 20,575 22,043 $18,663 $14,179 $14,981 $26,108 Jan-04 20,904 22,409 $18,765 $14,185 $15,193 $26,654 Feb-04 21,218 22,760 $18,982 $14,191 $15,543 $27,014 Mar-04 21,078 22,612 $19,156 $14,196 $15,630 $26,692 Apr-04 20,575 22,077 $18,616 $14,202 $15,277 $26,140 May-04 20,732 22,244 $18,550 $14,208 $15,329 $26,519 Jun-04 21,075 22,626 $18,601 $14,215 $15,665 $27,046 Jul-04 20,460 21,971 $18,739 $14,223 $15,156 $26,024 Aug-04 20,571 22,089 $19,065 $14,233 $15,222 $26,131 Sep-04 20,823 22,357 $19,069 $14,245 $15,620 $26,533 Oct-04 21,185 22,777 $19,221 $14,259 $16,153 $26,968 Nov-04 21,958 23,599 $18,983 $14,275 $17,256 $28,222 Dec-04 22,605 24,305 $19,093 $14,293 $18,014 $29,227 Jan-05 22,114 23,781 $19,076 $14,313 $17,684 $28,450 Feb-05 22,526 24,221 $18,920 $14,333 $18,448 $29,077 6
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PERFORMANCE HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- GROWTH OF $10,000 INVESTMENT(9) (AS OF FEBRUARY 28, 2005) -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS DEPICTED AS A LINE CHART IN THE PRINTED MATERIAL.] Wells Fargo Outlook 2040 Fund [Enlarge/Download Table] IMONEYNET WELLS FARGO WELLS FARGO LB TREASURY ALL TAXABLE OUTLOOK 2040 OUTLOOK 2040 3-5 YEAR MONEY FUND MSCI EAFE RUSSELL - CLASS A - CLASS I BOND INDEX AVERAGE INDEX 3000 INDEX --------- --------- ---------- ------- ----- ---------- 2/28/1995 9,425 10,000 $10,000 $ 10,000 $10,000 $10,000 3/31/1995 9,669 10,257 $10,055 10,047.00 $10,624 $10,249 4/30/1995 9,907 10,509 $10,182 10,093.22 $11,023 $10,517 5/31/1995 10,299 10,925 $10,521 10,140.65 $10,892 $10,899 6/30/1995 10,533 11,173 $10,593 10,186.29 $10,702 $11,214 7/31/1995 10,872 11,533 $10,586 10,233.14 $11,368 $11,664 8/31/1995 10,872 11,533 $10,675 10,279.19 $10,935 $11,768 9/30/1995 11,208 11,889 $10,748 10,323.39 $11,148 $12,224 10/31/1995 11,116 11,791 $10,878 10,368.82 $10,849 $12,118 11/30/1995 11,521 12,220 $11,029 10,413.40 $11,150 $12,656 12/31/1995 11,755 12,469 $11,145 10,459.22 $11,600 $12,862 1/31/1996 12,086 12,820 $11,256 10,504.20 $11,647 $13,236 2/29/1996 12,152 12,891 $11,118 10,544.11 $11,687 $13,431 3/31/1996 12,230 12,973 $11,034 10,586.29 $11,934 $13,566 4/30/1996 12,449 13,206 $10,987 10,627.58 $12,282 $13,823 5/31/1996 12,669 13,438 $10,963 10,670.09 $12,056 $14,177 6/30/1996 12,712 13,484 $11,083 10,711.70 $12,123 $14,131 7/31/1996 12,205 12,946 $11,116 10,755.62 $11,769 $13,391 8/31/1996 12,396 13,149 $11,121 10,799.71 $11,795 $13,798 9/30/1996 13,023 13,814 $11,278 10,842.91 $12,109 $14,549 10/31/1996 13,262 14,068 $11,487 10,887.37 $11,985 $14,815 11/30/1996 14,174 15,035 $11,638 10,930.92 $12,462 $15,860 12/31/1996 13,919 14,764 $11,551 10,975.74 $12,302 $15,669 1/31/1997 14,503 15,384 $11,595 11,020.74 $11,871 $16,536 2/28/1997 14,603 15,491 $11,604 11,061.51 $12,066 $16,554 3/31/1997 14,119 14,977 $11,514 11,106.87 $12,109 $15,805 4/30/1997 14,776 15,673 $11,658 11,152.40 $12,173 $16,583 5/31/1997 15,715 16,670 $11,749 11,199.24 $12,966 $17,716 6/30/1997 16,402 17,398 $11,858 11,245.16 $13,680 $18,452 7/31/1997 17,486 18,548 $12,117 11,293.51 $13,902 $19,899 8/31/1997 16,534 17,538 $12,049 11,342.08 $12,863 $19,092 9/30/1997 17,421 18,480 $12,193 11,388.58 $13,584 $20,174 10/31/1997 16,771 17,790 $12,353 11,437.55 $12,539 $19,497 11/30/1997 17,299 18,350 $12,367 11,485.59 $12,411 $20,243 12/31/1997 17,605 18,675 $12,475 11,534.98 $12,519 $20,649 1/31/1998 17,829 18,912 $12,670 11,584.58 $13,091 $20,756 2/28/1998 19,081 20,240 $12,639 11,629.76 $13,932 $22,240 3/31/1998 20,042 21,259 $12,670 11,679.76 $14,361 $23,343 4/30/1998 20,243 21,473 $12,730 11,727.65 $14,474 $23,572 5/31/1998 19,840 21,046 $12,822 11,776.91 $14,404 $22,990 6/30/1998 20,518 21,765 $12,907 11,825.19 $14,513 $23,768 7/31/1998 20,294 21,527 $12,954 11,876.04 $14,660 $23,336 8/31/1998 17,222 18,268 $13,239 11,927.11 $12,843 $19,761 9/30/1998 18,132 19,233 $13,602 11,976.01 $12,449 $21,109 10/31/1998 19,658 20,852 $13,638 12,023.91 $13,746 $22,712 11/30/1998 20,780 22,042 $13,570 12,069.60 $14,450 $24,101 12/31/1998 22,037 23,376 $13,606 12,116.68 $15,019 $25,633 1/31/1999 22,676 24,053 $13,675 12,162.72 $14,974 $26,503 2/28/1999 21,939 23,272 $13,442 12,202.86 $14,618 $25,565 3/31/1999 22,748 24,130 $13,542 12,248.01 $15,227 $26,503 4/30/1999 23,632 25,068 $13,575 12,290.87 $15,844 $27,699 5/31/1999 23,031 24,430 $13,458 12,335.12 $15,028 $27,173 6/30/1999 24,174 25,642 $13,496 12,378.29 $15,614 $28,546 7/31/1999 23,583 25,016 $13,495 12,425.33 $16,078 $27,680 8/31/1999 23,386 24,807 $13,530 12,473.79 $16,137 $27,365 9/30/1999 22,943 24,337 $13,648 12,522.44 $16,300 $26,666 10/31/1999 24,247 25,721 $13,650 12,572.53 $16,912 $28,339 11/30/1999 25,023 26,527 $13,648 12,622.82 $17,499 $29,132 12/31/1999 26,670 28,279 $13,594 12,677.10 $19,070 $30,991 1/31/2000 25,333 26,882 $13,529 12,731.61 $17,859 $29,776 2/29/2000 25,373 26,925 $13,641 12,783.81 $18,339 $30,052 3/31/2000 27,337 29,021 $13,826 12,841.33 $19,051 $32,406 4/30/2000 26,337 27,980 $13,801 12,899.12 $18,049 $31,264 5/31/2000 25,581 27,182 $13,858 12,961.04 $17,608 $30,386 6/30/2000 26,593 28,276 $14,088 13,023.25 $18,297 $31,285 7/31/2000 26,039 27,676 $14,180 13,089.67 $17,530 $30,733 8/31/2000 27,460 29,205 $14,341 13,156.43 $17,683 $33,012 9/30/2000 25,998 27,662 $14,477 13,220.89 $16,822 $31,517 10/31/2000 25,700 27,333 $14,576 13,288.32 $16,425 $31,068 11/30/2000 23,751 25,276 $14,794 13,353.43 $15,809 $28,205 12/31/2000 23,999 25,538 $15,072 13,421.53 $16,370 $28,679 1/31/2001 24,712 26,306 $15,264 13,485.96 $16,362 $29,660 2/28/2001 22,558 24,018 $15,415 13,539.90 $15,135 $26,950 3/31/2001 21,118 22,497 $15,544 13,595.41 $14,125 $25,193 4/30/2001 22,704 24,187 $15,470 13,645.72 $15,107 $27,213 5/31/2001 22,675 24,156 $15,531 13,692.11 $14,574 $27,432 6/30/2001 22,093 23,557 $15,579 13,733.19 $13,978 $26,926 7/31/2001 21,729 23,173 $15,892 13,773.02 $13,723 $26,482 8/31/2001 20,565 21,929 $16,044 13,810.20 $13,376 $24,919 9/30/2001 18,731 19,979 $16,427 13,843.35 $12,021 $22,720 10/31/2001 19,167 20,455 $16,690 13,871.03 $12,329 $23,249 11/30/2001 20,477 21,852 $16,467 13,893.23 $12,784 $25,040 12/31/2001 20,683 22,085 $16,357 13,912.68 $12,859 $25,393 1/31/2002 20,240 21,602 $16,423 13,930.76 $12,176 $25,074 2/28/2002 19,975 21,322 $16,577 13,946.09 $12,261 $24,562 3/31/2002 20,771 22,178 $16,277 13,962.82 $12,925 $25,638 4/30/2002 19,828 21,198 $16,602 13,978.18 $13,010 $24,293 5/31/2002 19,680 21,027 $16,758 13,993.56 $13,175 $24,012 6/30/2002 18,340 19,603 $16,987 14,008.95 $12,651 $22,283 7/31/2002 17,039 18,213 $17,418 14,024.36 $11,402 $20,512 8/31/2002 17,128 18,322 $17,660 14,039.79 $11,376 $20,609 9/30/2002 15,370 16,451 $18,075 14,053.83 $10,154 $18,443 10/31/2002 16,511 17,658 $18,043 14,067.88 $10,700 $19,912 11/30/2002 17,415 18,645 $17,803 14,080.54 $11,185 $21,117 12/31/2002 16,545 17,719 $18,216 14,091.81 $10,810 $19,923 1/31/2003 16,201 17,355 $18,130 14,101.67 $10,359 $19,435 2/28/2003 15,931 17,054 $18,390 14,110.13 $10,121 $19,116 3/31/2003 15,941 17,076 $18,389 14,118.60 $ 9,922 $19,317 4/30/2003 17,126 18,347 $18,434 14,127.07 $10,895 $20,894 5/31/2003 18,145 19,443 $18,804 14,135.55 $11,555 $22,155 6/30/2003 18,356 19,680 $18,757 14,142.61 $11,834 $22,454 7/31/2003 18,446 19,776 $18,252 14,149.69 $12,121 $22,969 8/31/2003 18,852 20,222 $18,258 14,155.35 $12,413 $23,478 9/30/2003 18,927 20,302 $18,738 14,161.01 $12,796 $23,224 10/31/2003 19,785 21,243 $18,509 14,166.67 $13,593 $24,629 11/30/2003 20,056 21,530 $18,483 14,172.34 $13,895 $24,968 12/31/2003 21,025 22,590 $18,663 14,179.42 $14,981 $26,110 1/31/2004 21,418 23,023 $18,765 14,185.10 $15,193 $26,655 2/29/2004 21,750 23,375 $18,982 14,190.77 $15,543 $27,014 3/31/2004 21,539 23,151 $19,156 14,196.45 $15,630 $26,693 4/30/2004 21,055 22,638 $18,616 14,202.13 $15,277 $26,141 5/31/2004 21,252 22,862 $18,550 14,207.81 $15,329 $26,520 6/30/2004 21,629 23,279 $18,601 14,214.91 $15,665 $27,048 7/31/2004 20,874 22,462 $18,739 14,223.44 $15,156 $26,025 8/31/2004 20,965 22,558 $19,065 14,233.40 $15,222 $26,132 9/30/2004 21,267 22,894 $19,069 14,244.78 $15,620 $26,534 10/31/2004 21,674 23,343 $19,221 14,259.03 $16,153 $26,969 11/30/2004 22,611 24,352 $18,983 14,274.71 $17,256 $28,223 12/31/2004 23,375 25,174 $19,093 14,293.27 $18,014 $29,229 1/31/2005 22,796 24,558 $19,076 14,313.28 $17,684 $28,450 2/28/2005 23,269 25,093 $18,920 14,333.32 $18,448 $29,077 (1) THE FUNDS' ADVISER HAS COMMITTED THROUGH JUNE 30, 2006, TO WAIVE FEES AND/OR REIMBURSE EXPENSES TO THE EXTENT NECESSARY TO MAINTAIN A CERTAIN NET OPERATING EXPENSE RATIO FOR THE FUNDS. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Funds' returns would have been lower. Performance shown for Class A, Class B, and Class C shares of each of the WELLS FARGO OUTLOOK FUNDS (formerly LifePath Funds) for periods prior to November 8, 1999, reflects performance of the Class A, Class B, and Class C shares of the corresponding Stagecoach LifePath Funds, their predecessor funds. Performance shown for the Class B shares of the OUTLOOK TODAY FUND (formerly LifePath Opportunity Fund) for periods prior to August 1, 1998 reflects the performance of the Class A shares of the OUTLOOK TODAY FUND adjusted to reflect the Class B shares contingent-deferred sales charge (CDSC) and expenses. Performance shown for the Class B shares of all other OUTLOOK FUNDS for periods prior to March 1, 1997 reflects the performance of the Class A shares of the corresponding OUTLOOK FUNDS adjusted to reflect the Class B share CDSCs and expenses. Performance shown for the Class C shares of the OUTLOOK 2040 FUND (formerly LifePath 2040 Fund) for periods prior to July 1, 1998 reflects the performance of the Class A shares of the OUTLOOK 2040 FUND adjusted to reflect the Class C shares CDSCs and expenses. Performance shown for the Class C shares of all other OUTLOOK FUNDS for periods prior to December 1, 1998 reflects the performance of the Class A shares of the corresponding OUTLOOK FUNDS adjusted to reflect the Class C share CDSCs and expenses. Performance shown for Institutional Class shares of each of the WELLS FARGO OUTLOOK FUNDS for periods prior to November 8, 1999, reflects performance of the Class A shares of the corresponding Stagecoach LifePath Funds, their predecessor funds, adjusted to reflect the expenses of the Institutional Class shares. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the WELLS FARGO FUNDS. Performance for Select Class shares reflects performance of the Institutional Class shares adjusted to reflect expenses of the Select Class shares. (2) The Wilshire 5000 Index is comprised of over 6,500 U.S. equity securities with readily available price data. The Index includes all New York Stock Exchange and American Stock Exchange issues, and active over-the-counter equity issues. You cannot invest directly in an index. (3) The Russell 3000(R) Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. (4) The Lehman Brothers Aggregate Bond Index is composed of the Lehman Brothers Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index. (5) The Lehman Brothers U.S.Treasury Index is composed of public obligations of the U.S.Treasury with a remaining maturity of one year or more. The Lehman Brothers U.S. Treasury 3-5 Year Index is the 3-5 year component of the U.S. Treasury index that holds obligations with a a minimum maturity of 3 years up to a maximum maturity of 4.9 years. (6) The iMoneyNet All Taxable Money Fund Average includes all taxable retail and institutional money funds. It is made up of funds in the Treasury Retail, Treasury Institutional, Treasury & Repo Retail, Treasury & Repo Institutional, Government & Agency Retail, Government & Agency Institutional, First Tier Retail, First Tier Institutional, Second Tier Retail, and Second Tier Institutional categories. (7) The Morgan Stanley Capital International/Europe, Australasia and Far East ("MSCI/EAFE") Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia and the Far East. You cannot invest directly in an index. (8) Portfolio holdings and characteristics are subject to change. (9) The charts compare the performance of the WELLS FARGO OUTLOOK FUNDS Class A and Institutional Class shares for the most recent ten years with the Lehman Brothers U.S. Treasury 3-5 Year Index, MSCI/EAFE, the iMoneyNet All Taxable Money Fund Average, and the Russell 3000(R) Index. The charts assume a hypothetical $10,000 investment in Class A and Institutional Class shares and reflects all operating expenses and, for Class A shares, assumes the maximum initial sales charge of 5.75%.The indices presented do not incur expenses and are not available directly for investment. Had these indices incurred operating expenses, their performance would have been lower. 7
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WELLS FARGO OUTLOOK 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 (August 31, 2004 to February 28, 2005). ACTUAL EXPENSES The "Actual" line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Actual" line under the heading entitled "Expenses Paid During Period" for your applicable class of shares to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The "Hypothetical" line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. [Enlarge/Download Table] Beginning Ending Account Account Expenses Net Annual Value Value Paid During Expense 8/31/2004 2/28/2005 the Period* Ratio Wells Fargo Outlook Today Fund ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook Today Fund - Class A Actual $1,000.00 $1,034.50 $ 6.41 1.27% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,018.50 $ 6.36 1.27% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook Today Fund - Class B Actual $1,000.00 $1,030.70 $ 10.17 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook Today Fund - Class C Actual $1,000.00 $1,029.90 $ 10.17 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook Today Fund - Institutional Class Actual $1,000.00 $1,036.50 $ 4.90 0.97% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,019.98 $ 4.86 0.97% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook Today Fund - Select Class Actual $1,000.00 $1,037.50 $ 3.79 0.75% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,021.08 $ 3.76 0.75% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund - Class A Actual $1,000.00 $1,053.10 $ 6.47 1.27% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,018.50 $ 6.36 1.27% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund - Class B Actual $1,000.00 $1,048.80 $ 10.26 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund - Class C Actual $1,000.00 $1,048.80 $ 10.26 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% 8
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FUND EXPENSES WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- [Enlarge/Download Table] Beginning Ending Account Account Expenses Net Annual Value Value Paid During Expense 8/31/2004 2/28/2005 the Period* Ratio Wells Fargo Outlook 2010 Fund (continued) ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund - Institutional Class Actual $1,000.00 $1,054.40 $ 4.94 0.97% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,019.98 $ 4.86 0.97% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2010 Fund - Select Class Actual $1,000.00 $1,054.60 $ 3.82 0.75% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,021.08 $ 3.76 0.75% Wells Fargo Outlook 2020 Fund ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2020 Fund - Class A Actual $1,000.00 $1,076.30 $ 6.54 1.27% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,018.50 $ 6.36 1.27% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2020 Fund - Class B Actual $1,000.00 $1,072.30 $ 10.38 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2020 Fund - Class C Actual $1,000.00 $1,071.70 $ 10.38 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2020 Fund - Institutional Class Actual $1,000.00 $1,077.70 $ 5.00 0.97% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,019.98 $ 4.86 0.97% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2020 Fund - Select Class Actual $1,000.00 $1,079.60 $ 3.87 0.75% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,021.08 $ 3.76 0.75% Wells Fargo Outlook 2030 Fund ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2030 Fund - Class A Actual $1,000.00 $1,095.10 $ 6.60 1.27% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,018.50 $ 6.36 1.27% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2030 Fund - Class B Actual $1,000.00 $1,090.60 $ 10.47 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2030 Fund - Class C Actual $1,000.00 $1,090.30 $ 10.47 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2030 Fund - Institutional Class Actual $1,000.00 $1,096.50 $ 4.99 0.96% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,020.03 $ 4.81 0.96% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2030 Fund - Select Class Actual $1,000.00 $1,097.70 $ 3.90 0.75% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,021.08 $ 3.76 0.75% 9
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WELLS FARGO OUTLOOK FUNDS FUND EXPENSES -------------------------------------------------------------------------------- [Enlarge/Download Table] Beginning Ending Account Account Expenses Net Annual Value Value Paid During Expense 8/31/2004 2/28/2005 the Period* Ratio Wells Fargo Outlook 2040 Fund ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2040 Fund - Class A Actual $1,000.00 $1,109.90 $ 6.64 1.27% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,018.50 $ 6.36 1.27% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2040 Fund - Class B Actual $1,000.00 $1,105.90 $ 10.55 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2040 Fund - Class C Actual $1,000.00 $1,106.00 $ 10.55 2.02% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,014.78 $ 10.09 2.02% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2040 Fund - Institutional Class Actual $1,000.00 $1,112.40 $ 4.98 0.95% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,020.08 $ 4.76 0.95% ------------------------------------------------------------------------------------------------------------------------ Wells Fargo Outlook 2040 Fund - Select Class Actual $1,000.00 $1,112.90 $ 3.93 0.75% ------------------------------------------------------------------------------------------------------------------------ Hypothetical (5% annual return before expenses) $1,000.00 $1,021.08 $ 3.76 0.75% * EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF-YEAR DIVIDED BY THE NUMBER OF DAYS IN THE FISCAL YEAR (TO REFLECT THE ONE-HALF YEAR PERIOD). 10
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - 35.56% AGRICULTURAL PRODUCTION CROPS - 0.02% 192 ALICO INCORPORATED $ 11,224 453 CHIQUITA BRANDS INTERNATIONAL INCORPORATED 10,338 21,562 ------------ AGRICULTURAL PRODUCTION LIVESTOCK & ANIMAL SPECIALIZED - 0.01% 6 SEABOARD CORPORATION 6,420 ------------ AMUSEMENT & RECREATION SERVICES - 0.08% 373 GAYLORD ENTERTAINMENT COMPANY+ 15,964 331 HARRAH'S ENTERTAINMENT INCORPORATED 21,710 683 INTERNATIONAL GAME TECHNOLOGY 20,804 318 MULTIMEDIA GAMES INCORPORATED+<< 3,177 188 PENN NATIONAL GAMING INCORPORATED+ 11,348 73,003 ------------ APPAREL & ACCESSORY STORES - 0.16% 242 ABERCROMBIE & FITCH COMPANY CLASS A 12,995 322 AEROPOSTALE INCORPORATED+ 10,272 444 CHICO'S FAS INCORPORATED+ 13,076 339 CHRISTOPHER & BANKS CORPORATION 5,583 1,242 GAP INCORPORATED 26,492 570 KOHL'S CORPORATION+ 27,286 899 LIMITED BRANDS 21,378 314 NORDSTROM INCORPORATED 16,881 533 ROSS STORES INCORPORATED 14,924 148,887 ------------ APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.13% 2,470 BENETTON GROUP SPA ADR<< 60,688 403 LIZ CLAIBORNE INCORPORATED 17,047 378 PHILLIPS-VAN HEUSEN CORPORATION 10,482 439 QUIKSILVER INCORPORATED+ 13,868 565 WARNACO GROUP INCORPORATED+ 13,515 115,600 ------------ AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.04% 129 AUTOZONE INCORPORATED+<< 12,500 236 CARMAX INCORPORATED+ 7,788 241 COPART INCORPORATED+ 5,615 237 MARINEMAX INCORPORATED+ 8,120 242 UNITED AUTO GROUP INCORPORATED 6,747 40,770 ------------ AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01% 263 RYDER SYSTEM INCORPORATED 11,167 ------------ BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.18% 102 BEAZER HOMES USA INCORPORATED 17,536 287 CENTEX CORPORATION 18,250 566 D.R. HORTON INCORPORATED 24,768 82 KB HOME 10,234 271 LENNAR CORPORATION CLASS A 16,482 SHARES SECURITY NAME VALUE 2,140 VIVENDI UNIVERSAL SA ADR+<< $ 67,753 243 WCI COMMUNITIES INCORPORATED+ 8,432 163,455 ------------ BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.29% 238 CENTRAL GARDEN & PET COMPANY+ 10,857 177 FASTENAL COMPANY 10,347 3,831 HOME DEPOT INCORPORATED 153,317 1,338 LOWE'S COMPANIES INCORPORATED 78,648 363 SHERWIN-WILLIAMS COMPANY 16,081 269,250 ------------ BUSINESS SERVICES - 2.15% 826 24/7 REAL MEDIA INCORPORATED+ 3,048 449 AARON RENTS INCORPORATED 9,186 470 ADOBE SYSTEMS INCORPORATED 29,022 267 ADVO INCORPORATED 9,791 388 AKAMAI TECHNOLOGIES INCORPORATED+ 4,272 213 ALTIRIS INCORPORATED+ 6,226 380 ANSYS INCORPORATED+ 13,665 231 ARBITRON INCORPORATED 9,367 462 ASCENTIAL SOFTWARE CORPORATION+ 7,166 162 ASK JEEVES INCORPORATED+<< 3,703 469 ASPECT COMMUNICATIONS CORPORATION+ 5,112 560 AUTODESK INCORPORATED 16,643 1,016 AUTOMATIC DATA PROCESSING INCORPORATED 43,647 181 AVOCENT CORPORATION+ 6,201 876 BEA SYSTEMS INCORPORATED+<< 7,271 834 BISYS GROUP INCORPORATED+ 12,360 151 BLUE COAT SYSTEMS INCORPORATED+ 2,812 641 BMC SOFTWARE INCORPORATED+<< 9,583 162 CACI INTERNATIONAL INCORPORATED CLASS A+ 8,741 765 CADENCE DESIGN SYSTEMS INCORPORATED+ 10,542 366 CATALINA MARKETING CORPORATION 9,864 1,967 CENDANT CORPORATION 43,510 217 CERNER CORPORATION+ 11,306 301 CERTEGY INCORPORATED 10,725 214 CHECKFREE CORPORATION+<< 8,247 372 CITRIX SYSTEMS INCORPORATED+ 8,370 855 CNET NETWORKS INCORPORATED+ 7,738 342 COGNEX CORPORATION 9,473 333 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 15,728 946 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 25,627 403 COMPUTER SCIENCES CORPORATION+ 18,631 1,339 COMPUWARE CORPORATION+ 9,052 173 COSTAR GROUP INCORPORATED+ 6,372 497 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 8,499 281 DELUXE CORPORATION 10,970 459 DIGIMARC CORPORATION+ 3,553 202 DIGITAL RIVER INCORPORATED+ 6,086 1,807 EBAY INCORPORATED+ 77,412 810 ELECTRO RENT CORPORATION+ 11,267 581 ELECTRONIC ARTS INCORPORATED+ 37,469 11
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,042 ELECTRONIC DATA SYSTEMS CORPORATION $ 22,195 434 ELECTRONICS FOR IMAGING INCORPORATED+ 7,191 446 EQUIFAX INCORPORATED 13,554 189 F5 NETWORKS INCORPORATED+<< 10,412 313 FACTSET RESEARCH SYSTEMS INCORPORATED 10,326 920 FALCONSTOR SOFTWARE INCORPORATED+<< 6,679 233 FILENET CORPORATION+ 5,457 1,480 FIRST DATA CORPORATION 60,710 479 FISERV INCORPORATED+ 18,173 248 GEVITY HR INCORPORATED 4,504 438 HUDSON HIGHLAND GROUP INCORPORATED+<< 7,306 254 HYPERION SOLUTIONS CORPORATION+ 12,822 285 IDX SYSTEMS CORPORATION+ 9,778 598 IMS HEALTH INCORPORATED 14,561 157 INFOSPACE INCORPORATED+<< 6,509 413 INTERGRAPH CORPORATION+ 12,295 359 INTERNET CAPITAL GROUP INCORPORATED+ 2,987 271 INTERNET SECURITY SYSTEMS+ 5,442 947 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 12,443 385 INTUIT INCORPORATED+ 16,478 142 IPAYMENT INCORPORATED+ 6,112 414 KORN/FERRY INTERNATIONAL+ 7,940 228 KRONOS INCORPORATED+ 12,731 180 MACROMEDIA INCORPORATED+ 6,100 264 MANHATTAN ASSOCIATES INCORPORATED+<< 5,246 636 MENTOR GRAPHICS CORPORATION+<< 8,764 191 MERCURY INTERACTIVE CORPORATION+<< 8,763 15,919 MICROSOFT CORPORATION 400,840 79 MICROSTRATEGY INCORPORATED CLASS A+ 5,587 243 MONSTER WORLDWIDE INCORPORATED+ 7,010 862 MPS GROUP INCORPORATED+ 9,258 351 NCO GROUP INCORPORATED+ 7,059 698 NCR CORPORATION+ 27,215 959 NOVELL INCORPORATED+ 5,025 318 OMNICOM GROUP INCORPORATED 28,960 6,534 ORACLE CORPORATION+ 84,354 312 PACKETEER INCORPORATED+ 4,936 269 PALMSOURCE INCORPORATED+<< 2,722 653 PEROT SYSTEMS CORPORATION CLASS A+ 8,659 327 RADISYS CORPORATION+ 4,980 408 RED HAT INCORPORATED+<< 4,676 3,864 RENTOKIL INITIAL PLC ADR 58,969 843 REUTERS GROUP PLC ADR 39,865 443 ROBERT HALF INTERNATIONAL INCORPORATED 12,922 390 RSA SECURITY INCORPORATED+ 6,373 635 S1 CORPORATION+ 4,877 182 SAFENET INCORPORATED+ 5,460 1,578 SAP AG<< 63,988 475 SECURE COMPUTING CORPORATION+ 4,322 279 SERENA SOFTWARE INCORPORATED+<< 6,445 1,119 SIEBEL SYSTEMS INCORPORATED+ 9,545 410 SOTHEBY'S HOLDINGS INCORPORATED+ 7,306 7,099 SUN MICROSYSTEMS INCORPORATED+<< 29,958 550 SUNGARD DATA SYSTEMS INCORPORATED+ 14,360 1,188 SYMANTEC CORPORATION+<< 26,148 388 SYNOPSYS INCORPORATED+<< 7,023 SHARES SECURITY NAME VALUE 318 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< $ 11,661 349 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 8,160 18 TRAVELZOO INCORPORATED+ 1,110 995 UNISYS CORPORATION+ 7,642 396 UNITED ONLINE INCORPORATED+ 4,297 361 UNITED RENTALS INCORPORATED+ 6,830 566 VALUECLICK INCORPORATED+ 7,160 497 VERISIGN INCORPORATED+<< 13,628 816 VERITAS SOFTWARE CORPORATION+ 19,763 502 VERITY INCORPORATED+ 5,949 144 WEBSENSE INCORPORATED+ 8,618 532 WIND RIVER SYSTEMS INCORPORATED+ 7,161 841 WPP GROUP PLC ADR<< 48,357 1,936 YAHOO! INCORPORATED+ 62,475 1,985,388 ------------ CHEMICALS & ALLIED PRODUCTS - 3.37% 2,669 ABBOTT LABORATORIES 122,747 541 ABGENIX INCORPORATED+<< 4,469 511 AIR PRODUCTS & CHEMICALS INCORPORATED 31,999 1,977 AKZO NOBEL NV ADR 89,143 270 ALBERTO-CULVER COMPANY CLASS B 14,113 292 ALEXION PHARMACEUTICALS INCORPORATED+ 6,818 626 ALKERMES INCORPORATED+ 7,312 342 ALPHARMA INCORPORATED CLASS A 4,487 2,195 AMGEN INCORPORATED+ 135,234 1,719 ASTRAZENECA PLC ADR 68,313 221 ATHEROGENICS INCORPORATED+ 3,649 322 AVERY DENNISON CORPORATION 19,545 898 AVON PRODUCTS INCORPORATED 38,407 198 BARR LABORATORIES INCORPORATED+ 9,453 3,337 BRISTOL-MYERS SQUIBB COMPANY 83,525 343 CAMBREX CORPORATION 7,783 102 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 4,702 221 CHIRON CORPORATION+<< 7,863 299 CLOROX COMPANY 17,952 869 COLGATE PALMOLIVE COMPANY 45,988 1,400 CORIXA CORPORATION+ 5,432 464 CUBIST PHARMACEUTICALS INCORPORATED+ 4,779 425 DENDREON CORPORATION+<< 2,792 139 DIGENE CORPORATION+ 3,340 521 DISCOVERY LABORATORIES INCORPORATED+ 3,058 1,659 DOW CHEMICAL COMPANY 91,494 1,648 DU PONT (E.I.) DE NEMOURS & COMPANY 87,838 279 EASTMAN CHEMICAL COMPANY 16,109 417 ECOLAB INCORPORATED 13,223 1,690 ELI LILLY & COMPANY 94,640 297 EPIX MEDICAL INCORPORATED+<< 2,486 301 FMC CORPORATION+ 14,857 667 FOREST LABORATORIES INCORPORATED+<< 28,481 791 GENENTECH INCORPORATED+ 37,335 470 GENZYME CORPORATION+ 26,362 185 GEORGIA GULF CORPORATION 9,770 844 GILEAD SCIENCES INCORPORATED+ 29,160 1,735 GILLETTE COMPANY 87,184 12
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 2,447 GLAXOSMITHKLINE PLC ADR<< $ 117,994 428 GREAT LAKES CHEMICAL CORPORATION 11,428 453 HOSPIRA INCORPORATED+ 13,409 200 IDEXX LABORATORIES INCORPORATED+ 11,090 142 IMCLONE SYSTEMS INCORPORATED+ 6,285 295 IMMUCOR INCORPORATED+ 8,763 371 IMPAX LABORATORIES INCORPORATED+ 6,329 1,192 INKINE PHARMACEUTICAL COMPANY INCORPORATED+ 4,399 369 INSPIRE PHARMACEUTICALS INCORPORATED+ 2,937 316 INTERMUNE INCORPORATED+<< 3,489 356 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,699 476 IVAX CORPORATION+ 7,611 313 K-V PHARMACEUTICAL COMPANY CLASS A+ 6,811 659 KING PHARMACEUTICALS INCORPORATED+ 6,293 443 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+<< 4,341 423 LYONDELL CHEMICAL COMPANY 14,319 78 MARTEK BIOSCIENCES CORPORATION+ 5,226 305 MEDICINES COMPANY+<< 7,107 505 MEDIMMUNE INCORPORATED+ 12,160 3,832 MERCK & COMPANY INCORPORATED 121,474 190 MGI PHARMA INCORPORATED+ 4,351 747 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 6,424 557 MONSANTO COMPANY 32,740 582 MOSAIC COMPANY+<< 9,580 434 NABI BIOPHARMACEUTICALS+ 5,512 303 NEKTAR THERAPEUTICS+<< 5,254 129 NEUROCRINE BIOSCIENCES INCORPORATED+<< 5,164 2,868 NOVARTIS AG ADR 143,314 273 NOVEN PHARMACEUTICALS INCORPORATED+ 4,510 1,067 NOVO NORDISK A/S ADR<< 59,805 299 NPS PHARMACEUTICALS INCORPORATED+ 4,288 258 OM GROUP INCORPORATED+ 8,225 191 ONYX PHARMACEUTICALS INCORPORATED+ 5,528 791 ORASURE TECHNOLOGIES INCORPORATED+ 5,300 111 OSI PHARMACEUTICALS INCORPORATED+ 6,064 183 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 6,769 377 PENWEST PHARMACEUTICALS COMPANY+ 4,147 489 PERRIGO COMPANY 8,592 13,255 PFIZER INCORPORATED 348,474 129 PHARMION CORPORATION+ 4,360 1,244 PHARMOS CORPORATION+ 883 299 PPG INDUSTRIES INCORPORATED 21,513 710 PRAXAIR INCORPORATED 31,829 4,251 PROCTER & GAMBLE COMPANY 225,686 265 PROTEIN DESIGN LABS INCORPORATED+<< 3,970 2,320 ROCHE HOLDING AG ADR 122,712 343 ROHM & HAAS COMPANY 16,522 364 SALIX PHARMACEUTICALS LIMITED+ 5,908 1,782 SANOFI-AVENTIS ADR<< 71,120 2,628 SCHERING-PLOUGH CORPORATION 49,801 208 SEPRACOR INCORPORATED+<< 13,410 5,120 SHISEIDO COMPANY LIMITED<< 69,913 SHARES SECURITY NAME VALUE 177 SIGMA-ALDRICH CORPORATION $ 10,905 455 VALEANT PHARMACEUTICALS INTERNATIONAL 11,034 662 VERTEX PHARMACEUTICALS INCORPORATED+ 7,639 366 VICURON PHARMACEUTICALS INCORPORATED+ 6,350 246 WATSON PHARMACEUTICALS INCORPORATED+ 7,808 2,331 WYETH 95,151 3,118,561 ------------ COAL MINING - 0.01% 250 MASSEY ENERGY COMPANY<< 10,895 ------------ COMMUNICATIONS - 1.80% 625 ALLTEL CORPORATION 35,750 665 AMERICAN TOWER CORPORATION CLASS A+ 12,189 1,671 AT&T CORPORATION 32,467 985 AVAYA INCORPORATED+ 13,790 768 BEASLEY BROADCAST GROUP INCORPORATED CLASS A+ 13,286 3,393 BELLSOUTH CORPORATION 87,539 888 BRITISH SKY BROADCASTING GROUP PLC ADR<< 38,726 1,317 BT GROUP PLC ADR 53,036 432 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 13,418 470 CENTURYTEL INCORPORATED 15,811 938 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 31,217 3,842 COMCAST CORPORATION CLASS A+ 125,057 766 CROWN CASTLE INTERNATIONAL CORPORATION+<< 12,516 3,570 DEUTSCHE TELEKOM AG ADR+ 74,506 1,357 DIRECTV GROUP INCORPORATED+ 20,369 571 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+<< 16,987 548 EMMIS COMMUNICATIONS CORPORATION CLASS A+ 10,248 359 FOUNDRY NETWORKS INCORPORATED+ 3,723 1,561 FRANCE TELECOM SA ADR 47,127 215 GOLDEN TELECOM INCORPORATED<< 6,334 678 IAC INTERACTIVECORP+<< 15,255 1,049 ITC DELTACOM INCORPORATED+ 776 156 J2 GLOBAL COMMUNICATIONS INCORPORATED+<< 5,976 398 LIBERTY CORPORATION 17,412 413 LIBERTY MEDIA INTERNATIONAL INCORPORATED CLASS A+<< 17,854 1,929 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+ 56,770 425 NEXTEL PARTNERS INCORPORATED CLASS A+<< 8,462 1,658 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR 35,929 199 NOVATEL WIRELESS INCORPORATED+ 2,141 212 NTL INCORPORATED+ 13,757 2,502 NTT DOCOMO INCORPORATED ADR 42,409 6,020 SBC COMMUNICATIONS INCORPORATED 144,781 2,725 SPRINT CORPORATION-FON GROUP<< 64,528 1,283 TELECOM CORPORATION OF NEW ZEALAND LIMITED ADR 47,779 13
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 2,098 TELEFONICA SA ADR $ 115,705 854 TIVO INCORPORATED+<< 3,424 544 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 14,356 233 UTSTARCOM INCORPORATED+<< 2,994 4,958 VERIZON COMMUNICATIONS INCORPORATED 178,339 6,933 VODAFONE GROUP PLC ADR 182,269 234 WEBEX COMMUNICATIONS INCORPORATED+ 5,469 239 WESTERN WIRELESS CORPORATION CLASS A+ 9,393 403 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 13,283 ------------ 1,663,157 CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.03% 129 CHEMED CORPORATION 9,211 333 DYCOM INDUSTRIES INCORPORATED+ 8,974 189 EMCOR GROUP INCORPORATED+ 9,115 27,300 ------------ DEPOSITORY INSTITUTIONS - 4.12% 2,843 ABN AMRO HOLDING NV ADR 78,410 1,840 ALLIED IRISH BANKS PLC ADR 78,660 1,289 AMSOUTH BANCORPORATION 32,199 4,865 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 84,116 4,529 BANCO SANTANDER CENTRAL HISPANO SA ADR 55,707 709 BANCTRUST FINANCIAL GROUP INCORPORATED 14,634 7,178 BANK OF AMERICA CORPORATION 334,854 1,753 BANK OF NEW YORK COMPANY INCORPORATED 53,028 591 BANKUNITED FINANCIAL CORPORATION CLASS A+ 16,725 2,988 BARCLAYS PLC ADR 131,323 1,299 BB&T CORPORATION 50,856 3,562 BNP PARIBAS SA ADR<< 129,548 965 CASCADE BANCORP 17,939 1,035 CENTRAL COAST BANCORP+ 21,611 856 CHITTENDEN CORPORATION 22,752 8,955 CITIGROUP INCORPORATED 427,333 615 CITY BANK LYNNWOOD WASHINGTON 19,846 894 COASTAL FINANCIAL CORPORATION 13,571 529 COMERICA INCORPORATED 30,195 443 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED 9,569 589 CORUS BANKSHARES INCORPORATED 29,126 1,087 DEUTSCHE BANK AG 95,547 314 EURONET WORLDWIDE INCORPORATED+ 8,136 718 FARMERS CAPITAL BANK CORPORATION 25,396 1,162 FIFTH THIRD BANCORP<< 52,023 398 FIRST BANCORP PUERTO RICO 18,730 620 FIRST HORIZON NATIONAL CORPORATION 26,381 1,520 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 20,809 559 FIRST OF LONG ISLAND CORPORATION 26,273 576 GOLDEN WEST FINANCIAL CORPORATION 35,649 SHARES SECURITY NAME VALUE 2,091 HBOS PLC ADR $ 100,143 2,382 HSBC HOLDINGS PLC ADR<< 198,873 1,334 HUNTINGTON BANCSHARES INCORPORATED 30,042 260 ITLA CAPITAL CORPORATION+ 12,969 6,412 JP MORGAN CHASE & COMPANY 234,359 1,152 KEYCORP 38,016 845 MARSHALL & ILSLEY CORPORATION 34,214 616 MB FINANCIAL INCORPORATED 25,016 1,254 MELLON FINANCIAL CORPORATION 35,965 470 NASB FINANCIAL INCORPORATED 19,749 552 NATIONAL AUSTRALIA BANK LIMITED ADR<< 63,038 1,496 NATIONAL CITY CORPORATION 53,512 811 NEW YORK COMMUNITY BANCORP INCORPORATED 14,890 650 NORTHERN TRUST CORPORATION 27,462 736 PNC FINANCIAL SERVICES GROUP 38,743 1,310 REGIONS FINANCIAL CORPORATION 42,261 669 RIGGS NATIONAL CORPORATION 12,945 2,458 SAN PAOLO-IMI SPA 71,724 431 SILICON VALLEY BANCSHARES+ 18,886 353 SMITHTOWN BANCORPORATION INCORPORATED 10,897 769 STATE STREET CORPORATION 33,721 858 SUN BANCORP INCORPORATED NEW JERSEY+ 21,021 720 SUNTRUST BANKS INCORPORATED 52,157 1,227 SYNOVUS FINANCIAL CORPORATION 33,325 3,640 US BANCORP 108,290 552 USB HOLDING COMPANY INCORPORATED 12,343 2,945 WACHOVIA CORPORATION 156,114 1,602 WASHINGTON MUTUAL INCORPORATED<< 67,220 380 WEBSTER FINANCIAL CORPORATION 16,644 2,315 WESTPAC BANKING CORPORATION ADR<< 175,662 416 WINTRUST FINANCIAL CORPORATION 22,322 360 WSFS FINANCIAL CORPORATION 20,732 559 YARDVILLE NATIONAL BANCORP 17,910 453 ZIONS BANCORPORATION 29,943 3,812,054 ------------ EATING & DRINKING PLACES - 0.20% 637 DARDEN RESTAURANTS INCORPORATED 17,072 507 KRISPY KREME DOUGHNUTS INCORPORATED+<< 2,778 2,292 MCDONALD'S CORPORATION 75,819 267 P.F. CHANG'S CHINA BISTRO INCORPORATED+<< 14,634 544 RARE HOSPITALITY INTERNATIONAL INCORPORATED+ 15,918 166 RED ROBIN GOURMET BURGERS INCORPORATED+ 7,525 435 WENDY'S INTERNATIONAL INCORPORATED 16,465 708 YUM! BRANDS INCORPORATED 34,536 184,747 ------------ EDUCATIONAL SERVICES - 0.05% 307 APOLLO GROUP INCORPORATED CLASS A+ 22,608 276 CAREER EDUCATION CORPORATION+ 9,425 302 CORINTHIAN COLLEGES INCORPORATED+ 5,222 117 STRAYER EDUCATION INCORPORATED 12,375 49,630 ------------ 14
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) ELECTRIC, GAS & SANITARY SERVICES - 1.56% 1,404 AES CORPORATION+ $ 23,503 1,041 ALLIED WASTE INDUSTRIES INCORPORATED+<< 8,557 506 AMEREN CORPORATION 26,044 877 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 29,292 1,000 AMERICAN STATES WATER COMPANY 27,200 479 BLACK HILLS CORPORATION 15,184 2,000 CALPINE CORPORATION+<< 6,620 1,233 CENTERPOINT ENERGY INCORPORATED 14,771 512 CH ENERGY GROUP INCORPORATED 23,629 545 CINERGY CORPORATION 22,045 935 CMS ENERGY CORPORATION+ 11,351 552 CONSOLIDATED EDISON INCORPORATED 23,598 439 CONSTELLATION ENERGY GROUP INCORPORATED 22,595 573 DOMINION RESOURCES INCORPORATED 41,273 510 DTE ENERGY COMPANY 22,552 1,873 DUKE ENERGY CORPORATION 50,552 1,425 E.ON AG 128,250 807 EDISON INTERNATIONAL 26,211 1,530 EL PASO CORPORATION 18,865 4,213 ENDESA SA ADR 95,467 465 ENTERGY CORPORATION 32,141 1,267 EXELON CORPORATION 57,471 738 FIRSTENERGY CORPORATION 30,435 401 FPL GROUP INCORPORATED 31,819 338 KINDER MORGAN INCORPORATED 27,098 2,886 NATIONAL GRID TRANSCO PLC<< 141,789 198 NICOR INCORPORATED 7,383 1,026 NISOURCE INCORPORATED 23,229 526 PEOPLES ENERGY CORPORATION 22,502 830 PG&E CORPORATION 29,199 488 PROGRESS ENERGY INCORPORATED<< 21,150 523 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 28,530 895 RELIANT RESOURCES INCORPORATED+ 10,731 3,146 SCOTTISH POWER PLC<< 100,043 528 SEMPRA ENERGY<< 21,120 589 SOUTH JERSEY INDUSTRIES INCORPORATED 32,908 1,351 SOUTHERN COMPANY<< 43,394 565 TXU CORPORATION 43,081 393 UIL HOLDINGS CORPORATION 19,689 1,353 WASTE MANAGEMENT INCORPORATED 39,562 1,262 WILLIAMS COMPANIES INCORPORATED 23,764 1,087 XCEL ENERGY INCORPORATED 19,262 1,443,859 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 2.87% 307 ACUITY BRANDS INCORPORATED 8,489 726 ADVANCED MICRO DEVICES INCORPORATED+ 12,669 587 AEROFLEX INCORPORATED+ 5,964 819 ALTERA CORPORATION+<< 16,986 532 AMERICAN POWER CONVERSION CORPORATION 11,715 SHARES SECURITY NAME VALUE 340 AMETEK INCORPORATED $ 13,036 749 ANALOG DEVICES INCORPORATED 27,503 437 ANDREW CORPORATION+ 5,288 1,214 APPLIED MICRO CIRCUITS CORPORATION+ 4,188 338 ATMI INCORPORATED+ 9,200 309 BENCHMARK ELECTRONICS INCORPORATED+ 10,049 515 BROADCOM CORPORATION CLASS A+<< 16,609 449 C&D TECHNOLOGIES INCORPORATED 6,187 986 CANON INCORPORATED ADR 52,002 167 CATAPULT COMMUNICATIONS CORPORATION+ 4,008 261 CERADYNE INCORPORATED+<< 7,856 3,687 CHARTERED SEMICONDUCTOR+<< 24,740 528 COMVERSE TECHNOLOGY INCORPORATED+ 12,255 188 CREE INCORPORATED+<< 4,422 416 CUBIC CORPORATION 7,796 283 CYMER INCORPORATED+ 8,180 257 DITECH COMMUNICATIONS CORPORATION+ 3,228 359 DSP GROUP INCORPORATED+ 9,038 667 EMERSON ELECTRIC COMPANY 44,235 434 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 8,324 1,574 FUJITSU LIMITED ADR 51,921 18,220 GENERAL ELECTRIC COMPANY 641,344 605 GRAFTECH INTERNATIONAL LIMITED+ 5,590 11,301 INTEL CORPORATION 270,998 374 INTERDIGITAL COMMUNICATIONS CORPORATION+ 6,481 2,879 INTERNATIONAL BUSINESS MACHINES CORPORATION 266,538 587 INTERSIL CORPORATION CLASS A 9,897 460 JABIL CIRCUIT INCORPORATED+ 11,827 5,369 JDS UNIPHASE CORPORATION+ 10,201 434 KLA-TENCOR CORPORATION 21,444 1,453 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 40,277 631 LINEAR TECHNOLOGY CORPORATION 24,647 293 LITTELFUSE INCORPORATED+ 9,528 1,338 LSI LOGIC CORPORATION+ 8,536 7,450 LUCENT TECHNOLOGIES INCORPORATED+<< 22,871 667 MAXIM INTEGRATED PRODUCTS INCORPORATED 28,694 297 MAYTAG CORPORATION 4,526 362 MEDIS TECHNOLOGIES LIMITED+<< 6,835 571 MICROCHIP TECHNOLOGY INCORPORATED 15,680 1,351 MICRON TECHNOLOGY INCORPORATED+<< 15,536 500 MICROSEMI CORPORATION+<< 8,130 5,414 MINEBEA COMPANY LIMITED ADR<< 49,631 544 MOLEX INCORPORATED 13,671 316 MOOG INCORPORATED CLASS A+ 14,094 4,131 MOTOROLA INCORPORATED 64,691 510 MYKROLIS CORPORATION+ 6,895 842 NATIONAL SEMICONDUCTOR CORPORATION<< 16,798 661 NETWORK APPLIANCE INCORPORATED+ 19,837 2,689 NOKIA OYJ ADR 43,400 412 NOVELLUS SYSTEMS INCORPORATED+ 12,168 411 NVIDIA CORPORATION+ 11,915 371 OMNIVISION TECHNOLOGIES INCORPORATED+<< 7,498 2,901 OMRON CORPORATION 67,598 445 OPENWAVE SYSTEMS INCORPORATED+ 5,678 15
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,719 PIONEER CORPORATION<< $ 30,220 565 PMC-SIERRA INCORPORATED+ 5,622 209 QLOGIC CORPORATION+<< 8,421 2,871 QUALCOMM INCORPORATED 103,672 257 RAMBUS INCORPORATED+ 4,515 835 REMEC INCORPORATED+ 5,235 1,404 RF MICRO DEVICES INCORPORATED+ 7,722 493 ROCKWELL COLLINS INCORPORATED 22,703 164 ROGERS CORPORATION+ 7,488 1,509 SANMINA-SCI CORPORATION+ 8,375 379 SCIENTIFIC-ATLANTA INCORPORATED 11,711 388 SEACHANGE INTERNATIONAL INCORPORATED+ 5,374 172 SIGMATEL INCORPORATED+ 7,171 487 SILICON IMAGE INCORPORATED+ 5,610 623 SILICON STORAGE TECHNOLOGY INCORPORATED+ 2,878 1,014 SKYWORKS SOLUTIONS INCORPORATED+ 7,362 217 SOHU.COM INCORPORATED+ 3,886 2,705 SOLECTRON CORPORATION+ 13,390 1,600 SONY CORPORATION ADR 60,464 569 SPATIALIGHT INCORPORATED+<< 2,902 1,058 STMICROELECTRONICS NV NY SHARES<< 18,822 389 TECHNITROL INCORPORATED 6,905 359 TEKELEC+ 6,096 1,215 TELLABS INCORPORATED+ 8,614 3,086 TEXAS INSTRUMENTS INCORPORATED 81,686 467 THOMAS & BETTS CORPORATION+ 14,514 270 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 10,757 36 WHIRLPOOL CORPORATION 2,295 707 XILINX INCORPORATED 21,351 439 ZORAN CORPORATION+ 4,702 2,649,805 ------------ ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.25% 165 AFFYMETRIX INCORPORATED+<< 7,050 228 AMERICAN HEALTHCORP+ 7,747 315 AMYLIN PHARMACEUTICALS INCORPORATED+ 6,747 523 ANTIGENICS INCORPORATED+<< 3,609 534 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 5,933 558 AXONYX INCORPORATED+ 921 323 CDI CORPORATION 6,722 314 CELGENE CORPORATION+ 8,596 134 CHARLES RIVER ASSOCIATES INCORPORATED+ 5,690 188 CORPORATE EXECUTIVE BOARD COMPANY 11,759 255 CV THERAPEUTICS INCORPORATED+<< 5,592 276 ERESEARCH TECHNOLOGY INCORPORATED+ 4,297 269 FLUOR CORPORATION 16,880 132 GEN-PROBE INCORPORATED+<< 6,720 210 MAXMUS INCORPORATED 7,111 280 MOODY'S CORPORATION 23,495 382 NAVIGANT CONSULTING INCORPORATED+<< 9,836 659 PAYCHEX INCORPORATED 21,042 517 PER-SE TECHNOLOGIES INCORPORATED+ 7,817 178 QUEST DIAGNOSTICS INCORPORATED 17,693 SHARES SECURITY NAME VALUE 167 RESOURCES CONNECTION INCORPORATED+<< $ 8,310 391 TELIK INCORPORATED+ 7,382 388 URS CORPORATION+ 11,190 361 WASHINGTON GROUP INTERNATIONAL INCORPORATED+ 15,794 227,933 ------------ FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.26% 366 BALL CORPORATION 16,250 344 CRANE COMPANY 10,251 989 CROWN HOLDINGS INCORPORATED+ 16,269 296 FORTUNE BRANDS INCORPORATED 23,976 507 GRIFFON CORPORATION+ 11,661 800 GULF ISLAND FABRICATION INCORPORATED 19,256 420 ILLINOIS TOOL WORKS INCORPORATED 37,695 959 MASCO CORPORATION 32,337 345 METALS USA INCORPORATED+ 8,408 318 NCI BUILDING SYSTEMS INCORPORATED+ 11,887 478 SIMPSON MANUFACTURING COMPANY INCORPORATED 16,505 395 SNAP-ON INCORPORATED 13,075 264 TASER INTERNATIONAL INCORPORATED+<< 3,435 442 WATTS WATER TECHNOLOGIES INCORPORATED 14,697 235,702 ------------ FINANCIAL SERVICES - 0.01% 846 JANUS CAPITAL GROUP INCORPORATED 11,869 ------------ FOOD & KINDRED PRODUCTS - 1.33% 163 AMERICAN ITALIAN PASTA COMPANY CLASS A<< 4,401 1,210 ANHEUSER-BUSCH COMPANIES INCORPORATED 57,415 1,182 ARCHER-DANIELS-MIDLAND COMPANY 28,486 3,665 CADBURY SCHWEPPES PLC ADR 145,391 712 CAMPBELL SOUP COMPANY 19,722 3,568 COCA-COLA COMPANY 152,710 651 COCA-COLA ENTERPRISES INCORPORATED 13,899 1,240 CONAGRA FOODS INCORPORATED 33,877 745 DEL MONTE FOODS COMPANY+ 7,890 1,798 DIAGEO PLC ADR 102,972 495 GENERAL MILLS INCORPORATED 25,923 162 HANSEN NATURAL CORPORATION+ 7,091 912 HERCULES INCORPORATED+<< 13,078 394 HERSHEY FOODS CORPORATION 24,822 838 HJ HEINZ COMPANY 31,542 557 KELLOGG COMPANY 24,508 9,636 KIRIN BREWERY COMPANY LIMITED 98,865 88 MOLSON COORS BREWING COMPANY 6,119 2,576 NESTLE SA ADR 179,353 502 PEPSI BOTTLING GROUP INCORPORATED 13,664 2,906 PEPSICO INCORPORATED 156,517 123 SANDERSON FARMS INCORPORATED 5,519 1,631 SARA LEE CORPORATION 36,534 1,464 TOPPS COMPANY INCORPORATED 13,776 386 WM WRIGLEY JR COMPANY 25,692 1,229,766 ------------ 16
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) FOOD STORES - 0.32% 797 ALBERTSON'S INCORPORATED $ 17,845 2,403 COLES MYER LIMITED ADR<< 145,814 477 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+<< 5,304 4,640 KONINKLIJKE AHOLD NV ADR+ 41,992 1,500 KROGER COMPANY+ 26,985 244 PANERA BREAD COMPANY+<< 13,044 809 STARBUCKS CORPORATION+ 41,915 369 WINN-DIXIE STORES INCORPORATED+<< 223 293,122 ------------ FORESTRY - 0.03% 400 WEYERHAEUSER COMPANY 26,772 ------------ FURNITURE & FIXTURES - 0.08% 412 FURNITURE BRANDS INTERNATIONAL INCORPORATED 9,571 445 HERMAN MILLER INCORPORATED 12,896 283 HOOKER FURNITURE CORPORATION 7,352 701 LEGGETT & PLATT INCORPORATED 19,397 705 NEWELL RUBBERMAID INCORPORATED 15,714 317 SELECT COMFORT CORPORATION+<< 6,530 71,460 ------------ GENERAL MERCHANDISE STORES - 0.26% 658 BIG LOTS INCORPORATED+ 7,679 721 DOLLAR GENERAL CORPORATION 15,307 376 FEDERATED DEPARTMENT STORES INCORPORATED 21,225 302 FRED'S INCORPORATED 5,089 526 JC PENNEY COMPANY INCORPORATED 23,402 112 KMART HOLDING CORPORATION+<< 10,917 577 MAY DEPARTMENT STORES COMPANY 19,912 410 SEARS ROEBUCK & COMPANY 20,471 443 SHOPKO STORES INCORPORATED+ 7,757 1,607 TARGET CORPORATION 81,668 1,137 TJX COMPANIES INCORPORATED 27,765 241,192 ------------ HEALTH SERVICES - 0.29% 397 AMSURG CORPORATION+ 9,592 364 APRIA HEALTHCARE GROUP INCORPORATED+ 11,815 769 BEVERLY ENTERPRISES INCORPORATED+ 9,228 639 BIOGEN IDEC INCORPORATED+<< 24,697 920 CAREMARK RX INCORPORATED+ 35,218 308 DAVITA INCORPORATED+ 13,010 678 HCA INCORPORATED 32,008 678 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 15,574 849 HUMAN GENOME SCIENCES INCORPORATED+ 9,475 327 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 15,660 291 LIFEPOINT HOSPITALS INCORPORATED+ 11,655 220 MANOR CARE INCORPORATED 7,495 310 MATRIA HEALTHCARE INCORPORATED+<< 8,928 283 NEIGHBORCARE INCORPORATED+ 8,510 376 ODYSSEY HEALTHCARE INCORPORATED+ 4,230 SHARES SECURITY NAME VALUE 155 PEDIATRIX MEDICAL GROUP INCORPORATED+ $ 10,622 206 SIERRA HEALTH SERVICES INCORPORATED+ 12,681 1,245 TENET HEALTHCARE CORPORATION+<< 13,583 301 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 12,359 266,340 ------------ HOLDING & OTHER INVESTMENT OFFICES - 0.60% 356 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 23,845 680 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 21,182 1,049 BEDFORD PROPERTY INVESTORS 24,452 1,088 CAPITAL AUTOMOTIVE<< 36,230 1,108 CEDAR SHOPPING CENTERS INCORPORATED 15,822 896 CORPORATE OFFICE PROPERTIES TRUST SBI MD 23,699 844 ENTERTAINMENT PROPERTIES TRUST 34,604 1,519 EQUITY OFFICE PROPERTIES TRUST 45,828 1,213 EQUITY RESIDENTIAL 39,799 1,191 FELCOR LODGING TRUST INCORPORATED+ 14,935 974 GENERAL GROWTH PROPERTIES INCORPORATED 33,993 229 HEADWATERS INCORPORATED+<< 7,365 977 HOME PROPERTIES INCORPORATED 39,500 692 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 13,321 809 LASALLE HOTEL PROPERTIES 24,383 985 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 36,997 1,327 NATIONAL HEALTH INVESTORS INCORPORATED 34,476 351 NOVASTAR FINANCIAL INCORPORATED<< 12,492 617 SIMON PROPERTY GROUP INCORPORATED 38,229 819 SOVRAN SELF STORAGE INCORPORATED 33,522 554,674 ------------ HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.11% 596 BED BATH & BEYOND INCORPORATED+ 22,362 491 BEST BUY COMPANY INCORPORATED<< 26,524 401 BROOKSTONE INCORPORATED+ 5,862 616 CIRCUIT CITY STORES INCORPORATED 9,628 184 COST PLUS INCORPORATED+ 5,176 177 GUITAR CENTER INCORPORATED+<< 10,723 337 MOVIE GALLERY INCORPORATED 7,697 303 RADIO SHACK CORPORATION 8,957 96,929 ------------ HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.13% 419 BOYD GAMING CORPORATION 20,535 364 EMPIRE RESORTS INCORPORATED+ 4,112 894 HILTON HOTELS CORPORATION 18,828 2,001 LA QUINTA CORPORATION+ 18,509 512 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 32,819 521 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 29,822 124,625 ------------ 17
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 1.68% 1,276 3M COMPANY $ 107,107 223 ACTUANT CORPORATION CLASS A+ 12,053 1,438 APPLE COMPUTER INCORPORATED+ 64,509 3,120 APPLIED MATERIALS INCORPORATED+ 54,600 941 AXCELIS TECHNOLOGIES INCORPORATED+ 8,093 657 BAKER HUGHES INCORPORATED 31,063 187 BLACK & DECKER CORPORATION 15,506 244 BLACK BOX CORPORATION 9,504 152 BRIGGS & STRATTON CORPORATION 5,992 1,450 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 8,990 404 BROOKS AUTOMATION INCORPORATED+ 7,316 267 CASCADE CORPORATION 9,585 580 CATERPILLAR INCORPORATED 55,129 168 CDW CORPORATION<< 9,655 11,821 CISCO SYSTEMS INCORPORATED+ 205,922 497 DEERE & COMPANY 35,342 4,455 DELL INCORPORATED+ 178,601 518 DOVER CORPORATION 20,031 4,312 EMC CORPORATION+ 54,590 446 EMULEX CORPORATION+ 7,537 185 ENGINEERED SUPPORT SYSTEMS INCORPORATED 10,227 148 EQUINIX INCORPORATED+ 6,481 462 FLOWSERVE CORPORATION+ 11,545 352 GARDNER DENVER INCORPORATED+ 14,471 1,178 GATEWAY INCORPORATED+ 5,537 533 GENERAL BINDING CORPORATION+ 7,153 321 GLOBAL IMAGING SYSTEMS INCORPORATED+ 11,408 559 GRANT PRIDECO INCORPORATED+<< 13,505 785 HITACHI LIMITED ADR<< 49,690 682 JOY GLOBAL INCORPORATED 25,063 1,044 JUNIPER NETWORKS INCORPORATED+<< 22,488 572 KADANT INCORPORATED+ 11,469 276 LEXMARK INTERNATIONAL INCORPORATED+ 22,116 381 LUFKIN INDUSTRIES INCORPORATED 16,463 5,369 MAKITA CORPORATION<< 102,602 390 MODINE MANUFACTURING COMPANY 12,694 4,700 NEC CORPORATION ADR 30,315 564 PALL CORPORATION 15,267 226 PALMONE INCORPORATED+<< 5,383 497 PITNEY BOWES INCORPORATED 22,792 261 PROQUEST COMPANY+ 9,540 337 SANDISK CORPORATION+ 9,059 548 SCIENTIFIC GAMES CORPORATION CLASS A+<< 14,095 1,392 SIEMENS AG<< 108,632 253 SMITH INTERNATIONAL INCORPORATED 16,258 308 STANLEY WORKS 14,245 661 SYMBOL TECHNOLOGIES INCORPORATED 11,719 333 TEREX CORPORATION+ 15,052 214 TORO COMPANY<< 18,556 157 TRANSACT TECHNOLOGIES INCORPORATED+ 2,793 SHARES SECURITY NAME VALUE 322 WATSCO INCORPORATED $ 12,287 531 WESTERN DIGITAL CORPORATION+ 5,979 1,556,009 ------------ INSURANCE AGENTS, BROKERS & SERVICE - 0.18% 713 AON CORPORATION<< 17,476 382 HILB, ROGAL & HAMILTON COMPANY 13,106 428 HUMANA INCORPORATED+ 14,240 231 LABONE INCORPORATED+<< 8,316 940 MARSH & MCLENNAN COMPANIES INCORPORATED 30,691 602 MEDCO HEALTH SOLUTIONS INCORPORATED+ 26,741 720 METLIFE INCORPORATED 29,549 275 NATIONAL FINANCIAL PARTNERS CORPORATION 10,862 774 UNUMPROVIDENT CORPORATION<< 13,096 164,077 ------------ INSURANCE CARRIERS - 1.51% 194 AEGON NV<< 2,790 275 AETNA INCORPORATED 40,155 977 AFLAC INCORPORATED 37,448 270 ALLMERICA FINANCIAL CORPORATION+ 9,666 1,377 ALLSTATE CORPORATION 73,917 302 AMBAC FINANCIAL GROUP INCORPORATED 23,490 3,955 AMERICAN INTERNATIONAL GROUP INCORPORATED 264,194 266 AMERIGROUP CORPORATION+ 10,603 2,363 AXA ADR<< 63,376 359 CENTENE CORPORATION+ 11,976 417 CHUBB CORPORATION 32,989 276 CIGNA CORPORATION 25,061 545 CINCINNATI FINANCIAL CORPORATION 24,378 627 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 45,113 216 HEALTH NET INCORPORATED+ 6,458 3,085 ING GROEP NV ADR 94,648 245 KANSAS CITY LIFE INSURANCE COMPANY 11,699 241 LANDAMERICA FINANCIAL GROUP INCORPORATED 13,192 469 LINCOLN NATIONAL CORPORATION 21,973 354 LOEWS CORPORATION 25,233 41 MARKEL CORPORATION+ 14,657 362 MBIA INCORPORATED<< 21,213 302 MGIC INVESTMENT CORPORATION 18,947 1,068 MILLEA HOLDINGS INCORPORATED 78,359 1,122 PHOENIX COMPANIES INCORPORATED<< 14,384 773 PRINCIPAL FINANCIAL GROUP INCORPORATED 30,162 467 PROASSURANCE CORPORATION+<< 18,914 436 PROGRESSIVE CORPORATION 37,976 1,004 PRUDENTIAL FINANCIAL INCORPORATED 57,228 418 SAFECO CORPORATION<< 19,934 1,355 ST. PAUL COMPANIES INCORPORATED 51,924 353 TORCHMARK CORPORATION 18,395 315 UNITED INSURANCE COMPANIES INCORPORATED 8,637 18
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,116 UNITEDHEALTH GROUP INCORPORATED $ 101,735 526 WELLPOINT INCORPORATED+ 64,204 1,395,028 ------------ JUSTICE, PUBLIC ORDER & SAFETY - 0.01% 325 CORRECTIONS CORPORATION OF AMERICA+ 12,233 ------------ LEATHER & LEATHER PRODUCTS - 0.03% 460 COACH INCORPORATED+ 25,544 ------------ LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION - 0.02% 703 LAIDLAW INTERNATIONAL INCORPORATED+ 16,169 ------------ LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.05% 771 CHAMPION ENTERPRISES INCORPORATED+ 7,980 565 GEORGIA-PACIFIC CORPORATION 20,233 403 SKYLINE CORPORATION 15,455 43,668 ------------ MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.99% 298 ADVANCED MEDICAL OPTICS INCORPORATED+<< 11,309 193 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ 5,693 920 AGILENT TECHNOLOGIES INCORPORATED+ 22,080 1,156 AKSYS LIMITED+<< 5,410 409 ALIGN TECHNOLOGY INCORPORATED+<< 3,096 260 ALLERGAN INCORPORATED<< 19,547 250 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 9,900 314 ANALOGIC CORPORATION 13,483 530 ANAREN INCORPORATED+ 6,768 533 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 10,948 155 BAUSCH & LOMB INCORPORATED 10,972 1,060 BAXTER INTERNATIONAL INCORPORATED 37,800 556 BECTON DICKINSON & COMPANY 33,288 553 BIOMET INCORPORATED<< 23,348 1,191 BOSTON SCIENTIFIC CORPORATION+ 38,898 261 C.R. BARD INCORPORATED 17,357 369 CONMED CORPORATION+<< 10,926 84 COOPER COMPANIES INCORPORATED 6,917 740 CREDENCE SYSTEMS CORPORATION+ 6,490 144 CYBERONICS INCORPORATED+<< 5,399 434 DANAHER CORPORATION 23,510 603 EASTMAN KODAK COMPANY 20,496 168 ESCO TECHNOLOGIES INCORPORATED+ 13,579 328 FLIR SYSTEMS INCORPORATED+<< 10,250 569 GUIDANT CORPORATION 41,759 286 INTEGRA LIFESCIENCES HOLDINGS+<< 10,608 180 LASERSCOPE+ 6,035 2,091 MEDTRONIC INCORPORATED 108,983 286 MENTOR CORPORATION 9,901 126 MILLIPORE CORPORATION+ 5,703 SHARES SECURITY NAME VALUE 298 POLYMEDICA CORPORATION $ 10,260 244 POSSIS MEDICAL INCORPORATED+ 2,298 818 RAYTHEON COMPANY 31,280 172 RESMED INCORPORATED+ 10,139 390 RICOH COMPANY LIMITED ADR 36,388 416 ROCKWELL AUTOMATION INCORPORATED 25,854 696 ST. JUDE MEDICAL INCORPORATED+ 27,214 564 STRYKER CORPORATION 28,008 347 SYBRON DENTAL SPECIALTIES INCORPORATED+ 12,395 301 TECHNE CORPORATION+ 10,261 504 TERADYNE INCORPORATED+<< 7,772 532 THERMO ELECTRON CORPORATION+ 14,609 1,199 THERMOGENESIS+ 6,547 360 TRIMBLE NAVIGATION LIMITED+ 12,967 288 VARIAN INCORPORATED+ 12,283 463 VIASYS HEALTHCARE INCORPORATED+ 9,579 281 VISX INCORPORATED+ 6,789 336 WATERS CORPORATION+ 16,414 295 WRIGHT MEDICAL GROUP INCORPORATED+<< 7,520 746 X-RITE INCORPORATED 12,063 1,820 XEROX CORPORATION+ 28,392 461 ZIMMER HOLDINGS INCORPORATED+<< 39,600 919,085 ------------ MEDICAL EQUIPMENT & SUPPLIES - 0.00% 193 WILSON GREATBATCH TECHNOLOGIES INCORPORATED+ 3,383 ------------ MEDICAL MANAGEMENT SERVICES - 0.01% 164 COVENTRY HEALTH CARE INCORPORATED+ 10,348 ------------ METAL MINING - 0.20% 160 CLEVELAND CLIFFS INCORPORATED<< 12,856 984 NEWMONT MINING CORPORATION 44,300 190 PHELPS DODGE CORPORATION<< 20,225 722 RIO TINTO PLC ADR 102,213 494 STILLWATER MINING COMPANY+ 5,622 185,216 ------------ MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.02% 285 VULCAN MATERIALS COMPANY 16,490 ------------ MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.58% 320 EATON CORPORATION 22,320 476 HASBRO INCORPORATED 10,053 5,349 HEWLETT-PACKARD COMPANY 111,259 172 ITT INDUSTRIES INCORPORATED 15,127 5,054 JOHNSON & JOHNSON 331,542 1,068 MATTEL INCORPORATED 22,343 323 TIFFANY & COMPANY 9,739 433 YANKEE CANDLE COMPANY INCORPORATED 13,406 535,789 ------------ MISCELLANEOUS RETAIL - 0.60% 642 1-800-FLOWERS.COM INCORPORATED CLASS A+ 4,815 499 AMAZON.COM INCORPORATED+<< 17,555 19
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 402 CASH AMERICA INTERNATIONAL INCORPORATED $ 11,662 869 COSTCO WHOLESALE CORPORATION 40,487 753 CVS CORPORATION 37,522 338 DILLARDS INCORPORATED CLASS A 7,875 268 GSI COMMERCE INCORPORATED+ 3,846 771 HANCOCK FABRICS INCORPORATED 6,631 336 J JILL GROUP INCORPORATED+ 4,855 339 LONGS DRUG STORES CORPORATION 9,231 373 MICHAELS STORES INCORPORATED 11,895 636 OFFICE DEPOT INCORPORATED+ 12,243 81 OVERSTOCK.COM INCORPORATED+ 4,349 643 PC CONNECTION INCORPORATED+ 4,932 391 PETSMART INCORPORATED 11,926 222 PRICELINE.COM INCORPORATED+<< 4,988 168 SPORTS AUTHORITY INCORPORATED+ 4,114 1,050 STAPLES INCORPORATED 33,096 4,345 WAL-MART STORES INCORPORATED 224,245 1,766 WALGREEN COMPANY 75,638 356 WORLD FUEL SERVICES CORPORATION 10,199 365 ZALE CORPORATION+ 10,859 552,963 ------------ MISCELLANEOUS SERVICES - 0.04% 1,717 ADECCO SA ADR 23,523 232 D&B CORPORATION+<< 14,259 37,782 ------------ MOTION PICTURES - 0.32% 5,653 LIBERTY MEDIA CORPORATION CLASS A+ 57,322 317 MACROVISION CORPORATION+ 7,687 7,654 TIME WARNER INCORPORATED+ 131,878 3,646 WALT DISNEY COMPANY 101,869 298,756 ------------ MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.14% 314 FORWARD AIR CORPORATION 13,904 567 LANDSTAR SYSTEM INCORPORATED+<< 19,890 1,022 UNITED PARCEL SERVICE INCORPORATED CLASS B 79,195 400 USF CORPORATION<< 19,120 132,109 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS - 0.70% 177 ACCREDITED HOME LENDERS HOLDING COMPANY+<< 7,083 1,940 AMERICAN EXPRESS COMPANY 105,051 407 AMERICREDIT CORPORATION+ 9,589 888 APOLLO INVESTMENT CORPORATION+ 14,608 445 CAPITAL ONE FINANCIAL CORPORATION 34,123 1,035 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY 22,677 465 CIT GROUP INCORPORATED 18,763 984 COUNTRYWIDE FINANCIAL CORPORATION 34,194 1,631 FANNIE MAE 95,348 SHARES SECURITY NAME VALUE 271 FINANCIAL FEDERAL CORPORATION $ 9,236 1,147 FREDDIE MAC 71,114 1,952 MBNA CORPORATION 49,522 1,626 ORIX CORPORATION ADR 106,096 782 PROVIDIAN FINANCIAL CORPORATION+<< 13,411 841 SLM CORPORATION 41,041 164 WFS FINANCIAL INCORPORATED+ 8,251 407 WORLD ACCEPTANCE CORPORATION+ 11,111 651,218 ------------ OIL & GAS EXTRACTION - 1.18% 580 ANADARKO PETROLEUM CORPORATION 44,579 745 APACHE CORPORATION 46,846 221 ATWOOD OCEANICS INCORPORATED+ 15,194 4,049 BHP BILLITON LIMITED ADR 124,547 382 BJ SERVICES COMPANY 19,085 938 BURLINGTON RESOURCES INCORPORATED 46,553 152 CHENIERE ENERGY INCORPORATED+ 11,309 598 DENBURY RESOURCES INCORPORATED+ 20,314 1,045 DEVON ENERGY CORPORATION 48,896 854 ENI SPA ADR<< 111,874 544 FX ENERGY INCORPORATED+<< 6,952 826 HALLIBURTON COMPANY 36,319 716 HANOVER COMPRESSOR COMPANY+ 9,480 337 KERR-MCGEE CORPORATION 26,171 786 MAGNUM HUNTER RESOURCES INCORPORATED+ 13,150 806 OCCIDENTAL PETROLEUM CORPORATION 56,638 396 OCEANEERING INTERNATIONAL INCORPORATED+ 15,800 570 PATTERSON-UTI ENERGY INCORPORATED 14,250 472 PIONEER NATURAL RESOURCES 19,904 513 PLAINS EXPLORATION & PRODUCTION COMPANY+ 17,447 2,786 REPSOL YPF SA ADR 76,141 409 ROWAN COMPANIES INCORPORATED+ 12,957 217 SOUTHWESTERN ENERGY COMPANY+ 13,237 271 SPINNAKER EXPLORATION COMPANY+ 9,718 231 STONE ENERGY CORPORATION+ 11,603 1,391 TOTAL SA ADR<< 165,807 461 UNIT CORPORATION+ 21,105 680 UNOCAL CORPORATION 36,788 343 VERITAS DGC INCORPORATED+ 9,302 649 XTO ENERGY INCORPORATED 29,543 1,091,509 ------------ PAPER & ALLIED PRODUCTS - 0.32% 651 BEMIS COMPANY INCORPORATED 19,426 614 CHESAPEAKE CORPORATION 13,170 909 GLATFELTER 13,471 944 INTERNATIONAL PAPER COMPANY 35,258 753 KIMBERLY-CLARK CORPORATION 49,683 642 MEADWESTVACO CORPORATION 20,133 26 NEENAH PAPER INCORPORATED<< 914 268 OFFICEMAX INCORPORATED 8,461 496 PACTIV CORPORATION+ 11,215 223 POTLATCH CORPORATION 10,291 2,889 STORA ENSO OYJ<< 43,942 20
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 174 TEMPLE-INLAND INCORPORATED $ 13,955 2,625 UPM-KYMMENE OYJ ADR<< 58,669 298,588 ------------ PERSONAL SERVICES - 0.05% 351 CINTAS CORPORATION 15,367 374 H & R BLOCK INCORPORATED 19,934 211 REGIS CORPORATION 8,313 43,614 ------------ PETROLEUM REFINING & RELATED INDUSTRIES - 1.72% 215 AMERADA HESS CORPORATION<< 21,586 253 ASHLAND INCORPORATED 16,518 3,502 BP PLC ADR 227,350 3,735 CHEVRONTEXACO CORPORATION 231,869 1,211 CONOCOPHILLIPS 134,288 278 ELKCORP 10,670 11,338 EXXONMOBIL CORPORATION 717,809 762 MARATHON OIL CORPORATION 36,073 1,913 ROYAL DUTCH PETROLEUM COMPANY 120,691 200 SUNOCO INCORPORATED<< 19,820 395 TESORO PETROLEUM CORPORATION+ 14,587 517 VALERO ENERGY CORPORATION 36,831 1,588,092 ------------ PRIMARY METAL INDUSTRIES - 0.29% 1,572 ALCOA INCORPORATED 50,493 581 ALLEGHENY TECHNOLOGIES INCORPORATED 14,298 464 BELDEN CDT INCORPORATED 11,145 197 CARPENTER TECHNOLOGY CORPORATION 13,321 203 CENTURY ALUMINUM COMPANY+ 6,600 442 COMMSCOPE INCORPORATED+ 6,692 559 ENGELHARD CORPORATION 16,910 2,266 KUBOTA CORPORATION ADR 62,406 172 LONE STAR TECHNOLOGIES INCORPORATED+ 7,793 249 MAVERICK TUBE CORPORATION+ 8,854 379 MUELLER INDUSTRIES INCORPORATED 11,931 287 STEEL DYNAMICS INCORPORATED 12,783 233 TEXAS INDUSTRIES INCORPORATED 15,541 268 UNITED STATES STEEL CORPORATION 16,713 555 WORTHINGTON INDUSTRIES INCORPORATED 11,627 267,107 ------------ PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.46% 502 AMERICAN GREETINGS CORPORATION CLASS A 12,364 588 BOWNE & COMPANY INCORPORATED 9,290 261 CONSOLIDATED GRAPHICS INCORPORATED+ 13,585 242 DOW JONES & COMPANY INCORPORATED 8,978 382 GANNETT COMPANY INCORPORATED 30,083 249 KNIGHT-RIDDER INCORPORATED 16,310 354 MCGRAW-HILL COMPANIES INCORPORATED 32,515 158 MEREDITH CORPORATION 7,251 508 NEW YORK TIMES COMPANY CLASS A 18,623 3,533 PEARSON PLC<< 43,703 200 R.H. DONNELLEY CORPORATION+ 12,200 SHARES SECURITY NAME VALUE 2,732 REED ELSEVIER NV ADR<< $ 82,151 608 RR DONNELLEY & SONS COMPANY 20,192 459 TRIBUNE COMPANY 18,695 262 VALASSIS COMMUNICATIONS INCORPORATED+ 9,801 2,608 VIACOM INCORPORATED CLASS B 91,019 426,760 ------------ RAILROAD TRANSPORTATION - 0.13% 756 BURLINGTON NORTHERN SANTA FE CORPORATION 38,004 495 CSX CORPORATION 20,449 896 NORFOLK SOUTHERN CORPORATION 32,157 423 UNION PACIFIC CORPORATION 26,839 117,449 ------------ REAL ESTATE - 0.05% 335 JONES LANG LASALLE INCORPORATED+ 14,395 273 NEW CENTURY FINANCIAL CORPORATION 13,846 100 PHH CORPORATION+ 2,100 1,832 STEWART ENTERPRISES INCORPORATED CLASS A+ 11,615 41,956 ------------ RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.13% 645 A. SCHULMAN INCORPORATED 11,649 535 COOPER TIRE & RUBBER COMPANY 10,352 960 GOODYEAR TIRE & RUBBER COMPANY+<< 13,882 154 JARDEN CORPORATION+<< 6,700 353 NIKE INCORPORATED CLASS B 30,693 248 SEALED AIR CORPORATION+<< 12,963 127 TREX COMPANY INCORPORATED+ 5,780 628 TUPPERWARE CORPORATION 12,868 432 WEST PHARMACEUTICAL SERVICES INCORPORATED 11,102 115,989 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.59% 207 BEAR STEARNS COMPANIES INCORPORATED 20,596 2,078 CHARLES SCHWAB CORPORATION 21,819 77 CHICAGO MERCANTILE EXCHANGE 15,910 1,474 CREDIT SUISSE GROUP ADR+ 64,119 403 FRANKLIN RESOURCES INCORPORATED 28,287 635 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A 11,779 546 GOLDMAN SACHS GROUP INCORPORATED 59,405 520 LEHMAN BROTHERS HOLDINGS INCORPORATED 47,414 1,644 MERRILL LYNCH & COMPANY INCORPORATED 96,305 1,899 MORGAN STANLEY 107,237 3,308 NOMURA HOLDINGS INCORPORATED ADR<< 45,816 177 PIPER JAFFRAY COMPANIES INCORPORATED+ 7,000 373 T ROWE PRICE GROUP INCORPORATED 22,898 548,585 ------------ SOCIAL SERVICES - 0.01% 174 BRIGHT HORIZONS FAMILY SOLUTIONS INCORPORATED+ 11,985 ------------ 21
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK TODAY FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.37% 186 CABOT MICROELECTRONICS CORPORATION+ $ 6,043 193 CARBO CERAMICS INCORPORATED 14,278 2,654 CORNING INCORPORATED+ 30,441 300 GENTEX CORPORATION 10,173 1,492 HANSON PLC ADR 72,661 3,527 HOLCIM LIMITED ADR 117,415 3,466 LAFARGE SA ADR 90,393 341,404 ------------ TEXTILE MILL PRODUCTS - 0.03% 399 ALBANY INTERNATIONAL CORPORATION CLASS A 12,868 982 INTERFACE INCORPORATED+ 8,180 147 OXFORD INDUSTRIES INCORPORATED 5,198 26,246 ------------ TOBACCO PRODUCTS - 0.31% 3,542 ALTRIA GROUP INCORPORATED 232,532 306 LOEWS CORPORATION - CAROLINA GROUP 10,019 276 UNIVERSAL CORPORATION 13,855 418 UST INCORPORATED 22,844 609 VECTOR GROUP LIMITED 10,170 289,420 ------------ TRANSPORTATION BY AIR - 0.32% 584 AMR CORPORATION+<< 4,958 8,760 BAA PLC ADR<< 102,565 886 DELTA AIR LINES INCORPORATED+<< 4,111 353 EGL INCORPORATED+ 11,208 631 FEDEX CORPORATION 61,699 5,036 JAPAN AIRLINES SYSTEM ADR+ 76,057 400 JETBLUE AIRWAYS CORPORATION+<< 7,208 1,915 SOUTHWEST AIRLINES COMPANY 26,523 294,329 ------------ TRANSPORTATION EQUIPMENT - 1.03% 554 ARVIN INDUSTRIES INCORPORATED 9,340 3,203 BAE SYSTEMS PLC ADR 63,161 1,445 BOEING COMPANY 79,432 351 BRUNSWICK CORPORATION 16,371 1,217 DAIMLERCHRYSLER AG<< 56,104 1,607 DELPHI CORPORATION 11,040 6,820 FIAT SPA ADR 50,741 468 FLEETWOOD ENTERPRISES INCORPORATED+<< 4,525 3,303 FORD MOTOR COMPANY 41,783 323 GENERAL DYNAMICS CORPORATION 34,028 707 GENERAL MOTORS CORPORATION<< 25,219 391 GOODRICH CORPORATION 14,479 231 GROUP 1 AUTOMOTIVE INCORPORATED+ 6,387 595 HARLEY-DAVIDSON INCORPORATED 36,819 2,050 HONDA MOTOR COMPANY LIMITED ADR 55,042 1,564 HONEYWELL INTERNATIONAL INCORPORATED 59,385 329 JOHNSON CONTROLS INCORPORATED 19,444 704 LOCKHEED MARTIN CORPORATION 41,691 SHARES SECURITY NAME VALUE 587 NORTHROP GRUMMAN CORPORATION $ 31,052 356 PACCAR INCORPORATED 26,792 205 SEQUA CORPORATION+ 11,882 1,033 SPORTS RESORTS INTERNATIONAL INCORPORATED+<< 4,111 228 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 6,037 454 TENNECO AUTOMOTIVE INCORPORATED+ 6,896 294 TEXTRON INCORPORATED 22,741 296 THOR INDUSTRIES INCORPORATED 10,538 1,294 TOYOTA MOTOR CORPORATION ADR 100,647 333 TRINITY INDUSTRIES INCORPORATED 9,590 252 TRIUMPH GROUP INCORPORATED+ 9,367 827 UNITED TECHNOLOGIES CORPORATION 82,601 947,245 ------------ TRANSPORTATION SERVICES - 0.03% 376 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 20,872 408 SABRE HOLDINGS CORPORATION 8,600 29,472 ------------ WATER TRANSPORTATION - 0.02% 368 KIRBY CORPORATION+ 16,284 ------------ WHOLESALE TRADE NON-DURABLE GOODS - 0.25% 479 ADVANCED MARKETING SERVICES INCORPORATED 3,554 227 AMERISOURCE-BERGEN CORPORATION 13,597 268 BROWN-FORMAN CORPORATION CLASS B 13,641 757 CARDINAL HEALTH INCORPORATED 44,322 526 HANDLEMAN COMPANY<< 10,841 575 MCKESSON CORPORATION 21,471 321 MEN'S WEARHOUSE INCORPORATED+ 11,290 342 NU SKIN ENTERPRISES INCORPORATED CLASS A 7,637 916 SAFEWAY INCORPORATED+ 16,854 297 SCHOOL SPECIALTY INCORPORATED+<< 11,197 409 SUPERVALU INCORPORATED 12,994 1,196 SYSCO CORPORATION 41,166 215 TRACTOR SUPPLY COMPANY+ 9,157 332 UNITED NATURAL FOODS INCORPORATED+ 10,349 228,070 ------------ WHOLESALE TRADE-DURABLE GOODS - 0.44% 277 1-800 CONTACTS INCORPORATED+ 6,529 310 IMAGISTICS INTERNATIONAL INCORPORATED+ 10,494 468 INSIGHT ENTERPRISES INCORPORATED+ 8,330 211 INTAC INTERNATIONAL+<< 3,644 520 KYOCERA CORPORATION ADR 38,792 2,983 MITSUBISHI CORPORATION ADR 81,522 414 MITSUI & COMPANY LIMITED ADR 85,259 1,650 NISSAN MOTOR COMPANY LIMITED ADR<< 35,360 286 OMNICARE INCORPORATED 9,864 426 PEP BOYS-MANNY, MOE & JACK<< 7,702 311 RELIANCE STEEL & ALUMINUM COMPANY 14,213 431 SCP POOL CORPORATION 14,671 22
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK TODAY FUND -------------------------------------------------------------------------------- [Enlarge/Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 9,114 SUMITOMO MITSUI FINANCIAL $ 63,449 1,112 VISTEON CORPORATION 7,462 263 W.W. GRAINGER INCORPORATED 16,511 403,802 ------------ TOTAL COMMON STOCK (COST $27,595,625) 32,859,667 ------------ INTEREST RATE MATURITY PRINCIPAL % DATE US TREASURY SECURITIES - 63.91% US TREASURY NOTES - 63.91% $ 11,810,000 US TREASURY NOTE<< 2.63 05/15/2008 11,398,032 2,695,000 US TREASURY NOTE<< 5.63 05/15/2008 2,843,330 95,000 US TREASURY NOTE 3.25 08/15/2008 93,248 7,385,000 US TREASURY NOTE<< 3.13 09/15/2008 7,210,758 590,000 US TREASURY NOTE<< 3.38 11/15/2008 580,067 3,335,000 US TREASURY NOTE 4.75 11/15/2008 3,438,308 3,045,000 US TREASURY NOTE<< 3.38 12/15/2008 2,991,950 8,130,000 US TREASURY NOTE<< 2.63 03/15/2009 7,748,272 600,000 US TREASURY NOTE<< 5.50 05/15/2009 637,102 14,620,000 US TREASURY NOTE<< 4.00 06/15/2009 14,656,550 3,235,000 US TREASURY NOTE<< 3.38 09/15/2009 3,153,873 3,400,000 US TREASURY NOTE<< 3.50 11/15/2009 3,330,538 1,000,000 US TREASURY NOTE<< 3.63 01/15/2010 983,203 59,065,231 ------------ TOTAL US TREASURY SECURITIES (COST $59,615,081) 59,065,231 ------------ COLLATERAL FOR SECURITIES LENDING - 47.90% SHARES COLLATERAL INVESTED IN MONEY MARKET FUNDS - 2.53% 2,337,544 SHORT TERM INVESTMENTS COMPANY LIQUID ASSETS PORTFOLIO 2,337,544 2,337,544 ------------ INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS - 45.37% $ 2,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/07/06 $ 1,934,260 2,000,000 LEGACY CAPITAL CORPORATION 2.56 03/23/05 1,996,840 38,000,000 DEUTSCHE BANK AGENCY MORTGAGE REPURCHASE AGREEMENT 2.62 03/01/05 38,000,000 41,931,100 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $44,268,644) 44,268,644 ------------ SHORT-TERM INVESTMENTS - 0.63% US TREASURY BILLS - 0.63% 585,000 US TREASURY BILL^<< 2.39 03/17/2005 584,395 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $584,395) 584,395 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $132,063,745)* 148.00% $136,777,937 OTHER ASSETS AND LIABILITIES, NET (48.00) (44,360,548) ------ ------------ TOTAL NET ASSETS 100.00% $ 92,417,389 ------ ------------ + NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2) ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. * COST FOR FEDERAL INCOME TAX PURPOSES IS $132,779,405 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $ 6,948,464 GROSS UNREALIZED DEPRECIATION (2,949,932) ----------- NET UNREALIZED APPRECIATION (DEPRECIATION) $ 3,998,532 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 23
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - 48.14% AMUSEMENT & RECREATION SERVICES - 0.11% 734 ALLIANCE GAMING CORPORATION+ $ 8,147 685 CHURCHILL DOWNS INCORPORATED 30,592 1,327 GAYLORD ENTERTAINMENT COMPANY+ 56,796 835 HARRAH'S ENTERTAINMENT INCORPORATED 54,768 2,114 INTERNATIONAL GAME TECHNOLOGY 64,392 393 MULTIMEDIA GAMES INCORPORATED+<< 3,926 731 WESTWOOD ONE INCORPORATED+ 15,965 234,586 ------------ APPAREL & ACCESSORY STORES - 0.25% 749 ABERCROMBIE & FITCH COMPANY CLASS A 40,221 822 AEROPOSTALE INCORPORATED+ 26,222 687 CATO CORPORATION<< 20,431 3,455 CHARMING SHOPPES INCORPORATED+ 26,638 1,484 CHICO'S FAS INCORPORATED+ 43,704 1,502 DEB SHOPS INCORPORATED 42,657 3,889 GAP INCORPORATED 82,952 1,735 KOHL'S CORPORATION+ 83,055 2,684 LIMITED BRANDS 63,826 846 NORDSTROM INCORPORATED 45,481 1,345 ROSS STORES INCORPORATED 37,660 512,847 ------------ APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.26% 7,048 BENETTON GROUP SPA ADR<< 173,169 1,181 JONES APPAREL GROUP INCORPORATED 37,520 829 LIZ CLAIBORNE INCORPORATED 35,067 1,085 QUIKSILVER INCORPORATED+<< 34,275 642 VF CORPORATION 38,366 3,284 WACOAL CORPORATION ADR<< 194,906 1,214 WARNACO GROUP INCORPORATED+ 29,039 542,342 ------------ AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.05% 283 AUTOZONE INCORPORATED+ 27,423 949 CARMAX INCORPORATED+<< 31,317 850 COPART INCORPORATED+ 19,805 477 O'REILLY AUTOMOTIVE INCORPORATED+<< 24,279 102,824 ------------ BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.32% 286 BEAZER HOMES USA INCORPORATED 49,169 891 CENTEX CORPORATION 56,659 1,507 D.R. HORTON INCORPORATED 65,946 846 LENNAR CORPORATION CLASS A<< 51,454 45 NVR INCORPORATED+<< 35,651 764 PULTE HOMES INCORPORATED 59,607 17,563 SEKISUI HOUSE LIMITED<< 194,180 312 STANDARD-PACIFIC CORPORATION 24,960 4,371 VIVENDI UNIVERSAL SA ADR+<< 138,386 676,012 ------------ SHARES SECURITY NAME VALUE BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.40% 525 FASTENAL COMPANY $ 30,691 12,454 HOME DEPOT INCORPORATED 498,409 4,243 LOWE'S COMPANIES INCORPORATED 249,404 1,120 SHERWIN-WILLIAMS COMPANY 49,616 828,120 ------------ BUSINESS SERVICES - 2.79% 1,578 24/7 REAL MEDIA INCORPORATED+ 5,823 1,078 AARON RENTS INCORPORATED 22,056 1,417 ADOBE SYSTEMS INCORPORATED 87,500 836 ADVO INCORPORATED 30,656 738 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 38,155 1,488 AKAMAI TECHNOLOGIES INCORPORATED+ 16,383 602 ALTIRIS INCORPORATED+ 17,597 815 ANSYS INCORPORATED+ 29,307 586 ARBITRON INCORPORATED 23,762 1,247 ASCENTIAL SOFTWARE CORPORATION+ 19,341 563 ASK JEEVES INCORPORATED+<< 12,870 1,580 AUTODESK INCORPORATED 46,958 3,137 AUTOMATIC DATA PROCESSING INCORPORATED 134,766 616 AVOCENT CORPORATION+ 21,104 2,869 BEA SYSTEMS INCORPORATED+<< 23,813 2,150 BISYS GROUP INCORPORATED+ 31,863 438 BLUE COAT SYSTEMS INCORPORATED+ 8,156 1,512 BMC SOFTWARE INCORPORATED+<< 22,604 442 CACI INTERNATIONAL INCORPORATED CLASS A+<< 23,850 2,234 CADENCE DESIGN SYSTEMS INCORPORATED+ 30,785 582 CCC INFORMATION SERVICES GROUP+ 12,752 6,053 CENDANT CORPORATION 133,892 544 CERNER CORPORATION+ 28,342 962 CERTEGY INCORPORATED<< 34,276 724 CHECKFREE CORPORATION+ 27,903 563 CHOICEPOINT INCORPORATED+ 22,689 1,377 CITRIX SYSTEMS INCORPORATED+ 30,983 2,550 CNET NETWORKS INCORPORATED+ 23,078 1,004 COGNEX CORPORATION 27,811 1,017 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 48,033 2,902 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 78,615 1,188 COMPUTER SCIENCES CORPORATION+ 54,921 5,550 COMPUWARE CORPORATION+ 37,518 1,699 CONVERGYS CORPORATION+ 25,468 1,262 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 21,580 1,131 DIGITAL INSIGHT CORPORATION+<< 18,153 586 DIGITAL RIVER INCORPORATED+ 17,656 600 DST SYSTEMS INCORPORATED+<< 28,494 5,859 EBAY INCORPORATED+ 251,000 1,448 ELECTRO RENT CORPORATION+ 20,142 1,718 ELECTRONIC ARTS INCORPORATED+ 110,794 3,314 ELECTRONIC DATA SYSTEMS CORPORATION 70,588 1,108 ELECTRONICS FOR IMAGING INCORPORATED+ 18,360 949 EQUIFAX INCORPORATED 28,840 24
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 597 F5 NETWORKS INCORPORATED+<< $ 32,889 736 FACTSET RESEARCH SYSTEMS INCORPORATED 24,281 799 FAIR ISAAC CORPORATION 27,006 750 FILENET CORPORATION+ 17,565 4,739 FIRST DATA CORPORATION 194,394 1,110 FISERV INCORPORATED+ 42,113 694 HYPERION SOLUTIONS CORPORATION+ 35,033 616 IDX SYSTEMS CORPORATION+ 21,135 1,450 IMS HEALTH INCORPORATED 35,308 516 INFOSPACE INCORPORATED+<< 21,393 911 INSURANCE AUTO AUCTIONS INCORPORATED+ 25,335 885 INTERGRAPH CORPORATION+ 26,346 1,206 INTERNET CAPITAL GROUP INCORPORATED+ 10,034 3,246 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 42,652 716 INTRADO INCORPORATED+ 8,964 1,108 INTUIT INCORPORATED+ 47,422 1,947 KEYNOTE SYSTEMS INCORPORATED+ 23,169 3,210 KIDDE PLC ADR 102,768 557 KRONOS INCORPORATED+ 31,103 801 LAMAR ADVERTISING COMPANY+ 31,471 770 MANHATTAN ASSOCIATES INCORPORATED+ 15,300 786 MANPOWER INCORPORATED 34,348 1,199 MCAFEE INCORPORATED+ 27,733 1,551 MENTOR GRAPHICS CORPORATION+ 21,373 722 MERCURY INTERACTIVE CORPORATION+ 33,125 51,346 MICROSOFT CORPORATION 1,292,892 1,011 MONSTER WORLDWIDE INCORPORATED+ 29,167 2,273 MPS GROUP INCORPORATED+ 24,412 1,404 NCR CORPORATION+ 54,742 3,177 NOVELL INCORPORATED+<< 16,648 1,054 OMNICOM GROUP INCORPORATED 95,988 20,131 ORACLE CORPORATION+ 259,891 357 PALMSOURCE INCORPORATED+<< 3,613 1,344 RED HAT INCORPORATED+<< 15,402 4,530 RENTOKIL INITIAL PLC ADR 69,133 1,660 REUTERS GROUP PLC ADR 78,501 1,302 ROBERT HALF INTERNATIONAL INCORPORATED 37,979 1,079 RSA SECURITY INCORPORATED+ 17,631 558 SAFENET INCORPORATED+ 16,740 3,003 SAP AG 121,772 3,140 SIEBEL SYSTEMS INCORPORATED+ 26,784 404 SRA INTERNATIONAL INCORPORATED CLASS A+ 24,575 23,236 SUN MICROSYSTEMS INCORPORATED+<< 98,056 1,991 SUNGARD DATA SYSTEMS INCORPORATED+ 51,985 3,614 SYMANTEC CORPORATION+<< 79,544 1,550 SYNOPSYS INCORPORATED+<< 28,055 794 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 29,116 929 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 21,720 95 TRAVELZOO INCORPORATED+<< 5,858 3,299 UNISYS CORPORATION+ 25,336 1,227 UNITED ONLINE INCORPORATED+ 13,313 833 UNITED RENTALS INCORPORATED+ 15,760 521 USA MOBILITY INCORPORATED+ 20,444 1,728 VALUECLICK INCORPORATED+ 21,859 SHARES SECURITY NAME VALUE 1,741 VERISIGN INCORPORATED+<< $ 47,738 2,723 VERITAS SOFTWARE CORPORATION+ 65,951 431 WEBSENSE INCORPORATED+<< 25,795 1,385 WIND RIVER SYSTEMS INCORPORATED+ 18,642 1,689 WPP GROUP PLC ADR<< 97,118 6,330 YAHOO! INCORPORATED+ 204,269 5,807,926 ------------ CHEMICALS & ALLIED PRODUCTS - 4.66% 8,463 ABBOTT LABORATORIES 389,213 1,867 ABGENIX INCORPORATED+<< 15,421 1,560 AIR PRODUCTS & CHEMICALS INCORPORATED 97,687 2,966 AKZO NOBEL NV ADR 133,737 772 ALBERTO-CULVER COMPANY CLASS B 40,352 1,757 ALKERMES INCORPORATED+ 20,522 6,852 AMGEN INCORPORATED+ 422,152 735 ANDRX CORPORATION+ 16,501 4,627 ASTRAZENECA PLC ADR 183,877 875 AVERY DENNISON CORPORATION 53,113 2,760 AVON PRODUCTS INCORPORATED 118,045 3,149 BASF AG ADR<< 235,860 3,743 BAYER AG ADR<< 131,791 10,084 BRISTOL-MYERS SQUIBB COMPANY 252,403 510 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 23,511 883 CHIRON CORPORATION+<< 31,417 933 CLOROX COMPANY 56,017 3,012 COLGATE PALMOLIVE COMPANY 159,395 920 DENDREON CORPORATION+<< 6,044 1,703 DISCOVERY LABORATORIES INCORPORATED+<< 9,997 5,234 DOW CHEMICAL COMPANY 288,655 5,248 DU PONT (E.I.) DE NEMOURS & COMPANY 279,718 938 EASTMAN CHEMICAL COMPANY 54,160 1,391 ECOLAB INCORPORATED 44,109 5,196 ELI LILLY & COMPANY 290,976 767 FMC CORPORATION+ 37,859 2,085 FOREST LABORATORIES INCORPORATED+<< 89,030 2,509 GENENTECH INCORPORATED+ 118,425 1,379 GENZYME CORPORATION+ 77,348 1,359 GERON CORPORATION+ 9,499 2,458 GILEAD SCIENCES INCORPORATED+ 84,924 5,473 GILLETTE COMPANY 275,018 8,395 GLAXOSMITHKLINE PLC ADR<< 404,807 1,212 GREAT LAKES CHEMICAL CORPORATION 32,360 1,264 HOSPIRA INCORPORATED+ 37,414 479 IMCLONE SYSTEMS INCORPORATED+<< 21,201 847 IMMUCOR INCORPORATED+ 25,160 1,165 IMPAX LABORATORIES INCORPORATED+ 19,875 376 INKINE PHARMACEUTICAL COMPANY INCORPORATED+ 1,387 795 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 32,826 394 INVITROGEN CORPORATION+<< 27,564 1,392 IVAX CORPORATION+ 22,258 915 K-V PHARMACEUTICAL COMPANY CLASS A+ 19,910 2,286 KING PHARMACEUTICALS INCORPORATED+ 21,831 1,364 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+ 13,367 25
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 312 MARTEK BIOSCIENCES CORPORATION+ $ 20,904 1,234 MEDAREX INCORPORATED+ 10,440 912 MEDICINES COMPANY+<< 21,250 1,736 MEDIMMUNE INCORPORATED+<< 41,803 12,051 MERCK & COMPANY INCORPORATED 382,017 648 MGI PHARMA INCORPORATED+<< 14,839 2,446 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 21,036 1,725 MONSANTO COMPANY 101,396 1,842 MOSAIC COMPANY+<< 30,319 2,011 MYLAN LABORATORIES INCORPORATED<< 35,394 1,235 NEKTAR THERAPEUTICS+ 21,415 10,953 NOVARTIS AG ADR 547,321 658 NOVEN PHARMACEUTICALS INCORPORATED+ 10,870 1,821 NOVO NORDISK A/S ADR<< 102,067 779 NPS PHARMACEUTICALS INCORPORATED+ 11,171 433 OM GROUP INCORPORATED+ 13,804 619 ONYX PHARMACEUTICALS INCORPORATED+ 17,914 345 OSI PHARMACEUTICALS INCORPORATED+ 18,847 583 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 21,565 1,098 PENWEST PHARMACEUTICALS COMPANY+ 12,078 1,097 PERRIGO COMPANY 19,274 42,464 PFIZER INCORPORATED 1,116,379 322 PHARMION CORPORATION+ 10,884 1,228 PPG INDUSTRIES INCORPORATED 88,355 1,988 PRAXAIR INCORPORATED 89,122 16,521 PROCTER & GAMBLE COMPANY 877,100 896 PROTEIN DESIGN LABS INCORPORATED+<< 13,422 5,325 ROCHE HOLDING AG ADR 281,655 1,264 ROHM & HAAS COMPANY 60,887 854 SALIX PHARMACEUTICALS LIMITED+ 13,860 3,796 SANOFI-AVENTIS ADR<< 151,498 7,919 SCHERING-PLOUGH CORPORATION 150,065 659 SEPRACOR INCORPORATED+<< 42,486 11,612 SHISEIDO COMPANY LIMITED<< 158,561 685 SIGMA-ALDRICH CORPORATION 42,203 1,262 VALEANT PHARMACEUTICALS INTERNATIONAL 30,604 1,682 VERTEX PHARMACEUTICALS INCORPORATED+ 19,410 964 VICURON PHARMACEUTICALS INCORPORATED+ 16,725 620 VION PHARMACEUTICALS INCORPORATED+ 2,139 863 WATSON PHARMACEUTICALS INCORPORATED+ 27,392 7,210 WYETH 294,312 9,689,519 ------------ COAL MINING - 0.05% 856 CONSOL ENERGY INCORPORATED 39,239 803 MASSEY ENERGY COMPANY<< 34,995 624 PENN VIRGINIA CORPORATION 30,476 104,710 ------------ COMMUNICATIONS - 2.41% 1,520 ALLTEL CORPORATION 86,944 1,844 AMERICAN TOWER CORPORATION CLASS A+ 33,801 5,583 AT&T CORPORATION<< 108,478 2,926 AVAYA INCORPORATED+ 40,964 9,825 BELLSOUTH CORPORATION 253,485 SHARES SECURITY NAME VALUE 1,194 BOSTON COMMUNICATIONS GROUP INCORPORATED+ $ 9,003 1,969 BRITISH SKY BROADCASTING GROUP PLC ADR<< 85,868 2,859 BT GROUP PLC ADR 115,132 1,794 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 55,722 1,376 CENTURYTEL INCORPORATED 46,289 2,900 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 96,512 11,680 COMCAST CORPORATION CLASS A+<< 380,184 1,950 CROWN CASTLE INTERNATIONAL CORPORATION+ 31,863 9,115 DEUTSCHE TELEKOM AG ADR+<< 190,230 4,232 DIRECTV GROUP INCORPORATED+ 63,522 1,784 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+<< 53,074 1,581 EMMIS COMMUNICATIONS CORPORATION CLASS A+ 29,565 3,119 EXTREME NETWORKS INCORPORATED+ 18,153 1,256 FOUNDRY NETWORKS INCORPORATED+ 13,025 3,620 FRANCE TELECOM SA ADR 109,288 578 GOLDEN TELECOM INCORPORATED<< 17,028 1,642 GRAY TELEVISION INCORPORATED 23,875 2,329 IAC INTERACTIVECORP+<< 52,402 1,246 LAGARDERE SCA ADR 97,744 782 LIBERTY CORPORATION 34,213 865 LIN TV CORPORATION CLASS A+ 15,250 1,177 LODGENET ENTERTAINMENT CORPORATION+ 20,774 5,775 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+ 169,958 1,174 NEXTEL PARTNERS INCORPORATED CLASS A+<< 23,374 4,218 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR 91,404 516 NOVATEL WIRELESS INCORPORATED+<< 5,552 597 NTL INCORPORATED+<< 38,739 5,597 NTT DOCOMO INCORPORATED ADR 94,869 2,526 REED ELSEVIER PLC ADR<< 103,187 8,652 ROYAL KPN NV ADR 83,405 1,542 SAGA COMMUNICATIONS INCORPORATED CLASS A+ 24,718 18,893 SBC COMMUNICATIONS INCORPORATED 454,377 2,464 SPANISH BROADCASTING SYSTEMS INCORPORATED+ 24,763 8,346 SPRINT CORPORATION-FON GROUP<< 197,633 4,282 TDC A/S ADR 96,045 5,248 TELEFONICA SA ADR 289,427 450 TELEPHONE & DATA SYSTEMS INCORPORATED 39,375 1,759 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 46,420 1,114 UTSTARCOM INCORPORATED+<< 14,315 15,729 VERIZON COMMUNICATIONS INCORPORATED 565,772 18,949 VODAFONE GROUP PLC ADR<< 498,169 807 WESTERN WIRELESS CORPORATION CLASS A+ 31,715 1,202 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 39,618 5,015,223 ------------ 26
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.02% 989 DYCOM INDUSTRIES INCORPORATED+ $ 26,653 482 EMCOR GROUP INCORPORATED+ 23,247 49,900 ------------ DEPOSITORY INSTITUTIONS - 5.74% 6,312 ABN AMRO HOLDING NV ADR 174,085 4,787 ALLIED IRISH BANKS PLC ADR 204,644 1,466 AMCORE FINANCIAL INCORPORATED 41,678 2,942 AMSOUTH BANCORPORATION 73,491 10,082 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 174,318 17,538 BANCO SANTANDER CENTRAL HISPANO SA ADR 215,717 1,242 BANCTRUST FINANCIAL GROUP INCORPORATED 25,635 25,774 BANK OF AMERICA CORPORATION 1,202,357 4,927 BANK OF NEW YORK COMPANY INCORPORATED 149,042 1,181 BANKUNITED FINANCIAL CORPORATION CLASS A+ 33,422 1,729 BANNER CORPORATION 51,092 6,363 BARCLAYS PLC ADR 279,654 3,008 BAYERISCHE HYPO-UND VEREINSBANK AG ADR+ 73,146 3,212 BB&T CORPORATION 125,750 7,196 BNP PARIBAS SA ADR<< 261,714 1,627 CASCADE BANCORP 30,246 1,411 CATHAY GENERAL BANCORPORATION 50,852 1,729 CHITTENDEN CORPORATION 45,957 32,875 CITIGROUP INCORPORATED 1,568,795 1,697 CITIZENS BANKING CORPORATION MI 52,318 1,083 CITY BANK LYNNWOOD WASHINGTON 34,948 1,826 COASTAL FINANCIAL CORPORATION 27,719 1,164 COMERICA INCORPORATED 66,441 1,403 COMMERCIAL FEDERAL CORPORATION 38,344 1,853 COMMUNITY TRUST BANCORP 55,256 1,046 CORUS BANKSHARES INCORPORATED 51,725 2,387 DEUTSCHE BANK AG<< 209,817 1,855 DIME COMMUNITY BANCSHARES 28,957 938 EAST WEST BANCORP INCORPORATED 33,730 1,188 FARMERS CAPITAL BANK CORPORATION 42,020 2,820 FIFTH THIRD BANCORP<< 126,251 1,225 FIRST HORIZON NATIONAL CORPORATION 52,124 773 FIRST OF LONG ISLAND CORPORATION 36,331 1,062 FIRST REPUBLIC BANK 56,392 750 FIRSTFED FINANCIAL CORPORATION+ 38,325 1,107 FLAGSTAR BANCORP INCORPORATED 22,749 2,716 GOLD BANC CORP INCORPORATED 38,594 1,136 GOLDEN WEST FINANCIAL CORPORATION<< 70,307 1,287 GREATER BAY BANCORP 32,600 5,210 HBOS PLC ADR<< 249,519 6,340 HSBC HOLDINGS PLC ADR<< 529,327 2,744 HUNTINGTON BANCSHARES INCORPORATED 61,795 752 HYPO REAL ESTATE HOLDING AG ADR+ 30,614 SHARES SECURITY NAME VALUE 683 INVESTORS FINANCIAL SERVICES CORPORATION $ 34,232 20,116 JP MORGAN CHASE & COMPANY 735,240 2,668 KEYCORP 88,044 5,009 LLOYDS TSB GROUP PLC ADR+<< 190,843 1,832 MARSHALL & ILSLEY CORPORATION 74,178 3,250 MELLON FINANCIAL CORPORATION 93,210 638 NASB FINANCIAL INCORPORATED 26,809 2,088 NATIONAL AUSTRALIA BANK LIMITED ADR 238,450 33,078 NATIONAL BANK OF GREECE SA ADR 253,047 3,297 NATIONAL CITY CORPORATION 117,934 2,853 NBT BANCORP INCORPORATED 66,903 1,621 NORTHERN TRUST CORPORATION 68,487 1,967 NORTHWEST BANCORP INCORPORATED 42,192 1,381 OCEANFIRST FINANCIAL CORPORATION 32,108 1,758 PNC FINANCIAL SERVICES GROUP 92,541 2,497 PROVIDENT FINANCIAL SERVICES INCORPORATED 44,497 825 R&G FINANCIAL CORPORATION CLASS B 29,964 3,039 REGIONS FINANCIAL CORPORATION 98,038 3,531 REPUBLIC BANCORP INCORPORATED 51,376 1,912 REPUBLIC BANCORP INCORPORATED CLASS A 49,961 2,645 ROYAL BANCSHARES OF PENNSYLVANIA INCORPORATED CLASS A 65,384 6,476 SAN PAOLO-IMI SPA<< 188,970 1,109 SILICON VALLEY BANCSHARES+ 48,596 309 SMITHTOWN BANCORPORATION INCORPORATED 9,539 9,227 SOCIETE GENERALE<< 195,469 1,970 SOUTHWEST BANCORPORATION OF TEXAS INCORPORATED 37,528 2,671 SOVEREIGN BANCORP INCORPORATED<< 61,273 2,099 STATE STREET CORPORATION 92,041 1,883 STERLING BANCORPORATION NY<< 46,623 2,180 STERLING FINANCIAL CORPORATION 57,399 1,657 SUNTRUST BANKS INCORPORATED 120,033 2,992 SYNOVUS FINANCIAL CORPORATION 81,263 929 TOMPKINS TRUSTCOMPANY INCORPORATED 39,650 1,220 UMPQUA HOLDINGS CORPORATION 29,170 4,450 UNITED COMMUNITY FINANCIAL CORPORATION 49,840 10,393 US BANCORP 309,192 1,397 USB HOLDING COMPANY INCORPORATED 31,243 8,988 WACHOVIA CORPORATION 476,454 4,910 WASHINGTON MUTUAL INCORPORATED<< 206,024 2,482 WEST COAST BANCORP OREGON 61,057 5,548 WESTPAC BANKING CORPORATION ADR 420,982 914 WINTRUST FINANCIAL CORPORATION 49,045 924 ZIONS BANCORPORATION 61,076 11,933,703 ------------ EATING & DRINKING PLACES - 0.28% 1,481 BOB EVANS FARMS INCORPORATED 33,545 1,243 CHEESECAKE FACTORY INCORPORATED+<< 42,299 1,723 DARDEN RESTAURANTS INCORPORATED 46,176 990 IHOP CORPORATION<< 46,609 947 JACK IN THE BOX INCORPORATED+ 33,997 1,289 KRISPY KREME DOUGHNUTS INCORPORATED+<< 7,064 27
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 7,268 MCDONALD'S CORPORATION $ 240,425 1,189 WENDY'S INTERNATIONAL INCORPORATED 45,004 1,851 YUM! BRANDS INCORPORATED 90,292 585,411 ------------ EDUCATIONAL SERVICES - 0.05% 993 APOLLO GROUP INCORPORATED CLASS A+<< 73,124 872 CAREER EDUCATION CORPORATION+<< 29,779 102,903 ------------ ELECTRIC, GAS & SANITARY SERVICES - 2.27% 4,906 AES CORPORATION+ 82,126 2,886 ALLIED WASTE INDUSTRIES INCORPORATED+<< 23,723 1,382 AMEREN CORPORATION 71,132 2,737 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 91,416 4,576 BG GROUP PLC ADR 181,210 1,131 BLACK HILLS CORPORATION 35,853 6,014 CALPINE CORPORATION+<< 19,906 3,870 CENTERPOINT ENERGY INCORPORATED 46,363 1,258 CH ENERGY GROUP INCORPORATED 58,057 1,535 CINERGY CORPORATION 62,091 3,729 CMS ENERGY CORPORATION+ 45,270 1,455 CONSTELLATION ENERGY GROUP INCORPORATED 74,889 1,698 DOMINION RESOURCES INCORPORATED 122,307 1,446 DTE ENERGY COMPANY 63,942 5,779 DUKE ENERGY CORPORATION 155,975 2,802 E.ON AG 252,180 2,374 EDISON INTERNATIONAL 77,108 5,861 EL PASO CORPORATION 72,266 6,612 ENDESA SA ADR 149,828 4,795 ENEL SPA ADR<< 231,263 1,352 ENTERGY CORPORATION 93,450 3,836 EXELON CORPORATION 174,001 2,185 FIRSTENERGY CORPORATION 90,109 1,115 FPL GROUP INCORPORATED 88,475 106,748 HONG KONG & CHINA GAS COMPANY LIMITED ADR 223,787 18,325 HONG KONG ELECTRIC HOLDINGS LIMITED ADR<< 83,412 2,784 INTERNATIONAL POWER PLC+<< 97,885 866 KINDER MORGAN INCORPORATED 69,427 3,676 MIDDLESEX WATER COMPANY 65,837 3,507 NATIONAL GRID TRANSCO PLC<< 172,299 250 NICOR INCORPORATED 9,322 3,010 NISOURCE INCORPORATED 68,146 2,554 PG&E CORPORATION 89,850 2,138 PICO HOLDINGS INCORPORATED+ 47,122 1,039 PINNACLE WEST CAPITAL CORPORATION 43,378 1,193 PPL CORPORATION 65,066 1,500 PROGRESS ENERGY INCORPORATED<< 65,010 1,740 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 94,917 2,941 RELIANT RESOURCES INCORPORATED+ 35,263 4,247 SCOTTISH POWER PLC<< 135,055 1,725 SEMPRA ENERGY<< 69,000 SHARES SECURITY NAME VALUE 3,993 SOUTHERN COMPANY<< $ 128,255 5,744 SUEZ SA<< 156,179 1,746 TXU CORPORATION 133,132 803 UIL HOLDINGS CORPORATION 40,230 9,256 UNITED UTILITIES PLC<< 223,532 3,950 WASTE MANAGEMENT INCORPORATED 115,498 3,597 WILLIAMS COMPANIES INCORPORATED 67,732 3,719 XCEL ENERGY INCORPORATED 65,901 4,728,175 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 4.12% 2,547 ADVANCED MICRO DEVICES INCORPORATED+ 44,445 1,567 AEROFLEX INCORPORATED+ 15,921 4,127 ALCATEL SA ADR+<< 53,610 2,111 ALTERA CORPORATION+ 43,782 1,802 AMERICAN POWER CONVERSION CORPORATION 39,680 895 AMETEK INCORPORATED 34,314 2,150 ANALOG DEVICES INCORPORATED 78,948 1,649 ANDREW CORPORATION+ 19,953 4,013 APPLIED MICRO CIRCUITS CORPORATION+ 13,845 1,883 ASML HOLDING NV NY SHARES+ 34,497 814 ATMI INCORPORATED+<< 22,157 777 BENCHMARK ELECTRONICS INCORPORATED+ 25,268 1,645 BROADCOM CORPORATION CLASS A+<< 53,051 1,712 C-COR INCORPORATED+ 12,977 2,959 CANON INCORPORATED ADR 156,058 3,500 CHARTERED SEMICONDUCTOR+<< 23,485 1,350 COMVERSE TECHNOLOGY INCORPORATED+ 31,333 642 CREE INCORPORATED+<< 15,100 860 CYMER INCORPORATED+ 24,858 683 DITECH COMMUNICATIONS CORPORATION+ 8,578 1,067 DSP GROUP INCORPORATED+ 26,862 925 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 20,905 2,048 ELECTROLUX AB ADR CLASS B<< 98,632 2,124 EMERSON ELECTRIC COMPANY 140,864 1,385 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 26,564 3,915 FUJITSU LIMITED ADR 129,142 61,911 GENERAL ELECTRIC COMPANY 2,179,267 1,692 GRAFTECH INTERNATIONAL LIMITED+ 15,634 398 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 44,644 678 HUTCHINSON TECHNOLOGY INCORPORATED+ 22,143 721 IMATION CORPORATION 24,795 3,925 INFINEON TECHNOLOGIES AG ADR+<< 40,584 35,661 INTEL CORPORATION 855,151 844 INTER-TEL INCORPORATED 23,202 1,103 INTERDIGITAL COMMUNICATIONS CORPORATION+ 19,115 9,390 INTERNATIONAL BUSINESS MACHINES CORPORATION 869,326 649 INTERNATIONAL RECTIFIER CORPORATION+ 28,556 1,463 INTERSIL CORPORATION CLASS A 24,666 1,440 JABIL CIRCUIT INCORPORATED+ 37,022 28
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 10,973 JDS UNIPHASE CORPORATION+ $ 20,849 1,234 KLA-TENCOR CORPORATION 60,972 2,421 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 67,110 692 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 49,893 1,707 LINEAR TECHNOLOGY CORPORATION 66,675 709 LITTELFUSE INCORPORATED+ 23,057 3,589 LSI LOGIC CORPORATION+ 22,898 23,357 LUCENT TECHNOLOGIES INCORPORATED+<< 71,706 9,403 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 140,481 1,642 MAXIM INTEGRATED PRODUCTS INCORPORATED 70,639 1,062 MAYTAG CORPORATION 16,185 2,342 MCDATA CORPORATION CLASS A+<< 9,204 1,532 MICROCHIP TECHNOLOGY INCORPORATED 42,069 3,847 MICRON TECHNOLOGY INCORPORATED+<< 44,241 11,612 MINEBEA COMPANY LIMITED ADR<< 106,450 1,477 MOLEX INCORPORATED 37,117 12,746 MOTOROLA INCORPORATED 199,602 989 MYKROLIS CORPORATION+ 13,371 718 NATIONAL PRESTO INDUSTRIES INCORPORATED 30,055 2,667 NATIONAL SEMICONDUCTOR CORPORATION 53,207 2,106 NETWORK APPLIANCE INCORPORATED+ 63,201 11,843 NOKIA OYJ ADR 191,146 1,239 NOVELLUS SYSTEMS INCORPORATED+ 36,594 1,534 NVIDIA CORPORATION+ 44,471 1,073 OMNIVISION TECHNOLOGIES INCORPORATED+<< 21,685 4,635 OMRON CORPORATION 108,002 1,129 OPENWAVE SYSTEMS INCORPORATED+ 14,406 3,808 PIONEER CORPORATION<< 66,945 794 QLOGIC CORPORATION+<< 31,990 9,062 QUALCOMM INCORPORATED 327,229 1,019 RAMBUS INCORPORATED+ 17,904 3,169 RF MICRO DEVICES INCORPORATED+ 17,430 1,339 ROCKWELL COLLINS INCORPORATED 61,661 444 ROGERS CORPORATION+ 20,273 4,863 SANMINA-SCI CORPORATION+ 26,990 1,287 SCIENTIFIC-ATLANTA INCORPORATED 39,768 1,275 SILICON IMAGE INCORPORATED+ 14,688 2,429 SKYWORKS SOLUTIONS INCORPORATED+ 17,635 597 SOHU.COM INCORPORATED+ 10,692 7,832 SOLECTRON CORPORATION+ 38,768 3,872 SONY CORPORATION ADR 146,323 2,338 STMICROELECTRONICS NV NY SHARES<< 41,593 1,359 TDK CORPORATION ADR 98,324 4,610 TELEFONAKTIEBOLAGET LM ERICSSON ADR+<< 135,119 3,572 TELLABS INCORPORATED+ 25,325 9,515 TEXAS INSTRUMENTS INCORPORATED 251,862 1,386 THOMAS & BETTS CORPORATION+ 43,077 752 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 29,960 396 WHIRLPOOL CORPORATION 25,245 2,169 XILINX INCORPORATED 65,504 1,244 ZORAN CORPORATION+ 13,323 8,571,848 ------------ SHARES SECURITY NAME VALUE ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.27% 610 AFFYMETRIX INCORPORATED+<< $ 26,065 582 AMERICAN HEALTHCORP+ 19,776 1,194 AMYLIN PHARMACEUTICALS INCORPORATED+ 25,575 1,667 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 18,520 564 CDI CORPORATION 11,737 1,038 CELGENE CORPORATION+ 28,415 509 CEPHALON INCORPORATED+<< 24,977 472 CORPORATE EXECUTIVE BOARD COMPANY 29,524 929 ERESEARCH TECHNOLOGY INCORPORATED+ 14,464 789 FLUOR CORPORATION 49,510 491 GEN-PROBE INCORPORATED+<< 24,997 647 MOODY'S CORPORATION 54,290 957 NAVIGANT CONSULTING INCORPORATED+ 24,643 2,002 PAYCHEX INCORPORATED 63,924 1,311 PER-SE TECHNOLOGIES INCORPORATED+ 19,822 464 QUEST DIAGNOSTICS INCORPORATED<< 46,122 534 RESOURCES CONNECTION INCORPORATED+<< 26,572 1,061 TELIK INCORPORATED+<< 20,032 3,026 UNITEDGLOBAL.COM INCORPORATED+ 28,142 557,107 ------------ FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.22% 995 BALL CORPORATION 44,178 915 FORTUNE BRANDS INCORPORATED 74,115 1,350 ILLINOIS TOOL WORKS INCORPORATED 121,162 2,841 MASCO CORPORATION 95,799 756 NCI BUILDING SYSTEMS INCORPORATED+<< 28,259 1,098 SIMPSON MANUFACTURING COMPANY INCORPORATED 37,914 1,087 SNAP-ON INCORPORATED 35,980 808 TASER INTERNATIONAL INCORPORATED+<< 10,512 447,919 ------------ FINANCIAL SERVICES - 0.02% 2,381 JANUS CAPITAL GROUP INCORPORATED 33,405 ------------ FOOD & KINDRED PRODUCTS - 1.80% 398 AMERICAN ITALIAN PASTA COMPANY CLASS A 10,746 8,476 ANHEUSER-BUSCH COMPANIES INCORPORATED 402,186 3,812 ARCHER-DANIELS-MIDLAND COMPANY 91,869 5,788 CADBURY SCHWEPPES PLC ADR 229,610 1,652 CAMPBELL SOUP COMPANY 45,760 16,385 COCA-COLA COMPANY 701,278 1,954 COCA-COLA ENTERPRISES INCORPORATED 41,718 17,300 COMPASS GROUP PLC<< 83,454 3,545 CONAGRA FOODS INCORPORATED 96,849 3,972 DIAGEO PLC ADR 227,477 1,495 GENERAL MILLS INCORPORATED 78,293 268 HANSEN NATURAL CORPORATION+ 11,730 2,791 HERCULES INCORPORATED+ 40,023 1,104 HERSHEY FOODS CORPORATION 69,552 2,330 HJ HEINZ COMPANY 87,701 29
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 712 J & J SNACK FOODS CORPORATION $ 33,614 1,532 KELLOGG COMPANY 67,408 17,801 KIRIN BREWERY COMPANY LIMITED<< 182,638 3,993 NATIONAL BEVERAGE CORPORATION+ 34,939 7,163 NESTLE SA ADR<< 498,720 1,247 PEPSI BOTTLING GROUP INCORPORATED 33,943 9,069 PEPSICO INCORPORATED 488,456 264 SANDERSON FARMS INCORPORATED 11,846 4,714 SARA LEE CORPORATION 105,594 972 WM WRIGLEY JR COMPANY 64,696 3,740,100 ------------ FOOD STORES - 0.43% 2,084 ALBERTSON'S INCORPORATED 46,661 4,604 COLES MYER LIMITED ADR<< 279,371 8,369 KONINKLIJKE AHOLD NV ADR+ 75,739 4,640 KROGER COMPANY+<< 83,474 2,488 STARBUCKS CORPORATION+ 128,903 13,139 TESCO PLC ADR<< 231,702 458 WHOLE FOODS MARKET INCORPORATED<< 47,092 1,154 WINN-DIXIE STORES INCORPORATED+<< 698 893,640 ------------ FORESTRY - 0.04% 1,403 WEYERHAEUSER COMPANY 93,903 ------------ FURNITURE & FIXTURES - 0.09% 1,237 FURNITURE BRANDS INTERNATIONAL INCORPORATED 28,736 599 HILLENBRAND INDUSTRIES INCORPORATED 33,790 245 HOOKER FURNITURE CORPORATION 6,365 1,839 LEGGETT & PLATT INCORPORATED 50,885 2,098 NEWELL RUBBERMAID INCORPORATED 46,764 569 SELECT COMFORT CORPORATION+<< 11,721 178,261 ------------ GENERAL MERCHANDISE STORES - 0.34% 1,997 DOLLAR GENERAL CORPORATION 42,396 1,341 FAMILY DOLLAR STORES INCORPORATED 44,146 1,132 FEDERATED DEPARTMENT STORES INCORPORATED 63,901 1,007 FRED'S INCORPORATED 16,968 1,526 JC PENNEY COMPANY INCORPORATED 67,892 310 KMART HOLDING CORPORATION+<< 30,216 1,812 MAY DEPARTMENT STORES COMPANY 62,532 1,262 SEARS ROEBUCK & COMPANY 63,012 4,871 TARGET CORPORATION 247,544 2,722 TJX COMPANIES INCORPORATED 66,471 705,078 ------------ HEALTH SERVICES - 0.35% 844 APRIA HEALTHCARE GROUP INCORPORATED+ 27,396 1,938 BIOGEN IDEC INCORPORATED+<< 74,904 2,718 CAREMARK RX INCORPORATED+ 104,045 869 DAVITA INCORPORATED+ 36,707 2,369 HCA INCORPORATED 111,841 1,769 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 40,634 SHARES SECURITY NAME VALUE 2,413 HUMAN GENOME SCIENCES INCORPORATED+ $ 26,929 687 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 32,900 681 LIFEPOINT HOSPITALS INCORPORATED+ 27,274 861 LINCARE HOLDINGS INCORPORATED+ 34,939 931 MANOR CARE INCORPORATED 31,719 786 NEIGHBORCARE INCORPORATED+ 23,635 401 PEDIATRIX MEDICAL GROUP INCORPORATED+ 27,481 414 SIERRA HEALTH SERVICES INCORPORATED+ 25,486 3,674 TENET HEALTHCARE CORPORATION+<< 40,083 791 TRIAD HOSPITALS INCORPORATED+ 34,543 681 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 27,962 728,478 ------------ HOLDING & OTHER INVESTMENT OFFICES - 0.92% 579 4KIDS ENTERTAINMENT INCORPORATED+ 11,314 612 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 40,992 1,024 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 31,898 1,383 AMLI RESIDENTIAL PROPERTIES TRUST 38,198 1,450 BEDFORD PROPERTY INVESTORS 33,799 1,935 BRANDYWINE REALTY TRUST 57,257 823 CAPSTEAD MORTGAGE CORPORATION<< 7,786 2,022 CARRAMERICA REALTY CORPORATION 63,187 1,183 CEDAR SHOPPING CENTERS INCORPORATED 16,893 1,432 COLONIAL PROPERTIES TRUST<< 52,110 1,371 CORPORATE OFFICE PROPERTIES TRUST SBI MD 36,263 1,297 COUSINS PROPERTIES INCORPORATED 35,188 2,500 CRT PROPERTIES INCORPORATED 56,550 1,790 EASTGROUP PROPERTIES INCORPORATED<< 69,345 1,412 ENTERTAINMENT PROPERTIES TRUST 57,892 1,357 EQUITY LIFESTYLE PROPERTIES INCORPORATED 45,595 2,104 FELCOR LODGING TRUST INCORPORATED+ 26,384 1,857 GENERAL GROWTH PROPERTIES INCORPORATED 64,809 619 HEADWATERS INCORPORATED+<< 19,907 1,439 HEALTHCARE REALTY TRUST INCORPORATED 52,955 1,676 HERITAGE PROPERTY INVESTMENT TRUST 51,369 1,173 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 22,580 1,282 KILROY REALTY CORPORATION 54,113 1,107 KRAMONT REALTY TRUST 25,804 1,270 LASALLE HOTEL PROPERTIES 38,278 1,350 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 50,706 15,000 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 137,550 1,822 NATIONAL HEALTH INVESTORS INCORPORATED 47,336 602 NOVASTAR FINANCIAL INCORPORATED<< 21,425 859 PARKWAY PROPERTIES INCORPORATED 40,399 1,274 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 51,724 1,612 PLUM CREEK TIMBER COMPANY 60,531 1,149 PS BUSINESS PARKS INCORPORATED 47,684 875 RAMCO-GERSHENSON PROPERTIES 24,763 2,504 REALTY INCORPORATEDOME CORPORATION 58,894 892 SAUL CENTERS INCORPORATED 30,774 30
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,358 SOVRAN SELF STORAGE INCORPORATED<< $ 55,583 15,641 SUN HUNG KAI PROPERTIES 145,898 2,084 TANGER FACTORY OUTLET CENTERS INCORPORATED 49,703 1,691 WASHINGTON REAL ESTATE INVESTMENT TRUST 49,377 3,268 WINSTON HOTELS INCORPORATED 36,438 1,919,251 ------------ HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.15% 1,986 BED BATH & BEYOND INCORPORATED+ 74,515 1,562 BEST BUY COMPANY INCORPORATED<< 84,379 1,905 CIRCUIT CITY STORES INCORPORATED 29,775 546 GUITAR CENTER INCORPORATED+ 33,077 965 LINENS `N THINGS INCORPORATED+ 25,949 1,027 RADIO SHACK CORPORATION 30,358 856 WILLIAMS-SONOMA INCORPORATED+ 29,694 307,747 ------------ HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.20% 6,442 ACCOR SA ADR 151,307 7 EMPIRE RESORTS INCORPORATED+ 79 3,340 HILTON HOTELS CORPORATION 70,340 507 MANDALAY RESORT GROUP 35,931 1,217 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 78,010 1,524 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 87,234 422,901 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.18% 4,258 3M COMPANY 357,416 1,327 AMERICAN STANDARD COMPANIES INCORPORATED 60,777 4,552 APPLE COMPUTER INCORPORATED+ 204,203 9,014 APPLIED MATERIALS INCORPORATED+ 157,745 1,880 BAKER HUGHES INCORPORATED 88,886 542 BLACK & DECKER CORPORATION 44,943 555 BLACK BOX CORPORATION 21,617 662 BRIGGS & STRATTON CORPORATION 26,096 1,099 BROOKS AUTOMATION INCORPORATED+ 19,903 1,826 CATERPILLAR INCORPORATED 173,561 564 CDW CORPORATION<< 32,413 37,144 CISCO SYSTEMS INCORPORATED+ 647,048 1,399 DEERE & COMPANY 99,483 14,135 DELL INCORPORATED+ 566,672 1,484 DOVER CORPORATION 57,386 13,167 EMC CORPORATION+ 166,694 1,206 EMULEX CORPORATION+ 20,381 425 ENGINEERED SUPPORT SYSTEMS INCORPORATED 23,494 416 EQUINIX INCORPORATED+ 18,217 1,049 FLOWSERVE CORPORATION+ 26,214 4,484 GATEWAY INCORPORATED+ 21,075 639 GLOBAL IMAGING SYSTEMS INCORPORATED+<< 22,710 1,285 IDEX CORPORATION 50,757 SHARES SECURITY NAME VALUE 1,576 JOY GLOBAL INCORPORATED $ 57,918 3,179 JUNIPER NETWORKS INCORPORATED+<< 68,476 1,275 KADANT INCORPORATED+ 25,564 757 KENNAMETAL INCORPORATED 37,153 4,375 KOMATSU LIMITED ADR 131,562 1,186 LAM RESEARCH CORPORATION+<< 37,288 749 LEXMARK INTERNATIONAL INCORPORATED+ 60,017 13,682 MAKITA CORPORATION<< 261,463 808 MANITOWOC COMPANY INCORPORATED 33,290 12,147 NEC CORPORATION ADR 78,348 785 NORDSON CORPORATION 31,392 1,890 OIL STATES INTERNATIONAL INCORPORATED+ 39,766 1,250 PALL CORPORATION 33,837 660 PALMONE INCORPORATED+<< 15,721 687 PARKER HANNIFIN CORPORATION 45,205 1,072 PITNEY BOWES INCORPORATED 49,162 1,228 SANDISK CORPORATION+ 33,009 1,380 SCIENTIFIC GAMES CORPORATION CLASS A+<< 35,494 2,802 SIEMENS AG<< 218,668 783 SMITH INTERNATIONAL INCORPORATED 50,316 780 SPX CORPORATION 34,726 747 STANLEY WORKS 34,549 1,697 SYMBOL TECHNOLOGIES INCORPORATED<< 30,088 616 TENNANT COMPANY 24,209 766 TEREX CORPORATION+ 34,623 487 TORO COMPANY 42,228 373 TRANSACT TECHNOLOGIES INCORPORATED+ 6,636 1,043 VARIAN MEDICAL SYSTEMS INCORPORATED+ 37,475 1,896 WESTERN DIGITAL CORPORATION+ 21,349 487 ZEBRA TECHNOLOGIES CORPORATION CLASS A+ 24,287 4,541,510 ------------ INSURANCE AGENTS, BROKERS & SERVICE - 0.24% 2,182 AON CORPORATION<< 53,481 926 JEFFERSON-PILOT CORPORATION 45,337 749 LABONE INCORPORATED+<< 26,964 3,218 MARSH & MCLENNAN COMPANIES INCORPORATED 105,068 1,768 MEDCO HEALTH SOLUTIONS INCORPORATED+ 78,534 2,527 METLIFE INCORPORATED 103,708 983 NATIONAL FINANCIAL PARTNERS CORPORATION 38,828 2,729 UNUMPROVIDENT CORPORATION<< 46,175 498,095 ------------ INSURANCE CARRIERS - 2.04% 1,310 AEGON NV<< 18,837 887 AETNA INCORPORATED 129,520 3,127 AFLAC INCORPORATED 119,858 6,338 ALLIANZ AG ADR<< 79,859 867 ALLMERICA FINANCIAL CORPORATION+ 31,039 3,714 ALLSTATE CORPORATION 199,368 593 AMBAC FINANCIAL GROUP INCORPORATED 46,124 14,042 AMERICAN INTERNATIONAL GROUP INCORPORATED 938,006 842 AMERIGROUP CORPORATION+ 33,562 2,979 AXA ADR<< 79,897 31
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,027 CHUBB CORPORATION $ 81,246 730 CIGNA CORPORATION 66,284 1,292 CINCINNATI FINANCIAL CORPORATION<< 57,791 794 COMMERCE GROUP INCORPORATED 54,143 1,088 FIDELITY NATIONAL FINANCIAL INCORPORATED 48,133 1,755 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 126,272 1,016 HEALTH NET INCORPORATED+ 30,378 5,215 ING GROEP NV ADR<< 159,996 1,332 LINCOLN NATIONAL CORPORATION 62,404 1,025 LOEWS CORPORATION 73,062 1,068 MBIA INCORPORATED 62,585 746 MGIC INVESTMENT CORPORATION 46,804 2,328 MILLEA HOLDINGS INCORPORATED<< 170,805 1,508 OHIO CASUALTY CORPORATION+ 36,388 703 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 44,626 603 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 45,816 2,007 PRINCIPAL FINANCIAL GROUP INCORPORATED 78,313 915 PROASSURANCE CORPORATION+ 37,057 1,144 PROGRESSIVE CORPORATION 99,642 3,124 PRUDENTIAL FINANCIAL INCORPORATED 178,068 697 RADIAN GROUP INCORPORATED 33,686 968 RLI CORPORATION 41,914 1,089 SAFECO CORPORATION<< 51,934 980 SELECTIVE INSURANCE GROUP INCORPORATED 45,090 3,773 ST. PAUL COMPANIES INCORPORATED 144,581 1,489 SWISS REINSURANCE COMPANY ADR 109,618 824 TORCHMARK CORPORATION 42,939 3,797 UNITEDHEALTH GROUP INCORPORATED 346,135 1,666 WELLPOINT INCORPORATED+ 203,352 4,255,132 ------------ JUSTICE, PUBLIC ORDER & SAFETY - 0.02% 904 CORRECTIONS CORPORATION OF AMERICA+ 34,026 308 GEO GROUP INCORPORATED+ 8,843 42,869 ------------ LEATHER & LEATHER PRODUCTS - 0.03% 1,291 COACH INCORPORATED+ 71,689 ------------ LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION - 0.02% 1,774 LAIDLAW INTERNATIONAL INCORPORATED+ 40,802 ------------ LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.04% 2,113 CHAMPION ENTERPRISES INCORPORATED+ 21,869 1,801 GEORGIA-PACIFIC CORPORATION<< 64,494 86,363 ------------ MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC MEDICAL, & OPTICAL GOODS - 1.35% 648 ADVANCED MEDICAL OPTICS INCORPORATED+<< 24,592 SHARES SECURITY NAME VALUE 523 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+ $ 15,428 4,305 ADVANTEST CORPORATION ADR 92,988 3,147 AGILENT TECHNOLOGIES INCORPORATED+ 75,528 1,322 ALIGN TECHNOLOGY INCORPORATED+<< 10,007 766 ALLERGAN INCORPORATED<< 57,588 705 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 27,918 1,222 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 25,100 496 ARMOR HOLDINGS INCORPORATED+<< 19,800 501 BAUSCH & LOMB INCORPORATED 35,466 3,239 BAXTER INTERNATIONAL INCORPORATED 115,503 1,411 BECTON DICKINSON & COMPANY 84,477 1,684 BIOMET INCORPORATED 71,098 3,801 BOSTON SCIENTIFIC CORPORATION+ 124,141 788 C.R. BARD INCORPORATED 52,402 194 COOPER COMPANIES INCORPORATED 15,976 1,840 CREDENCE SYSTEMS CORPORATION+ 16,137 1,423 DANAHER CORPORATION 77,084 1,807 EASTMAN KODAK COMPANY 61,420 675 ENERGY CONVERSION DEVICES INCORPORATED+ 13,750 4,221 FUJI PHOTO FILM COMPANY LIMITED ADR 159,431 1,683 GUIDANT CORPORATION 123,515 289 II-VI INCORPORATED+ 11,274 547 INTEGRA LIFESCIENCES HOLDINGS+<< 20,288 887 KEITHLEY INSTRUMENTS INCORPORATED 14,689 389 LASERSCOPE+ 13,043 6,578 MEDTRONIC INCORPORATED 342,845 948 MENTOR CORPORATION 32,820 439 MILLIPORE CORPORATION+ 19,869 1,590 PERKINELMER INCORPORATED 35,266 392 PHOTON DYNAMICS INCORPORATED+ 9,114 2,127 PINNACLE SYSTEMS INCORPORATED+ 9,104 480 POSSIS MEDICAL INCORPORATED+ 4,522 2,683 RAYTHEON COMPANY 102,598 893 RICOH COMPANY LIMITED ADR 83,319 1,158 ROCKWELL AUTOMATION INCORPORATED 71,970 2,072 ST. JUDE MEDICAL INCORPORATED+ 81,015 1,272 STERIS CORPORATION+ 31,482 1,771 STRYKER CORPORATION 87,948 842 SYBRON DENTAL SPECIALTIES INCORPORATED+ 30,076 667 TECHNE CORPORATION+<< 22,738 890 TEKTRONIX INCORPORATED 25,739 1,839 TERADYNE INCORPORATED+<< 28,357 1,459 THERMO ELECTRON CORPORATION+ 40,064 1,616 THERMOGENESIS+ 8,823 1,031 TRIMBLE NAVIGATION LIMITED+ 37,137 798 VARIAN INCORPORATED+ 34,035 1,152 VIASYS HEALTHCARE INCORPORATED+ 23,835 671 VISX INCORPORATED+ 16,211 965 WATERS CORPORATION+ 47,140 766 WRIGHT MEDICAL GROUP INCORPORATED+<< 19,525 32
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 5,075 XEROX CORPORATION+ $ 79,170 1,427 ZIMMER HOLDINGS INCORPORATED+<< 122,579 2,805,944 ------------ MEDICAL EQUIPMENT & SUPPLIES - 0.00% 466 WILSON GREATBATCH TECHNOLOGIES INCORPORATED+ 8,169 ------------ MEDICAL MANAGEMENT SERVICES - 0.01% 430 COVENTRY HEALTH CARE INCORPORATED+ 27,133 ------------ METAL MINING - 0.23% 1,330 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 55,621 2,702 NEWMONT MINING CORPORATION 121,644 645 PHELPS DODGE CORPORATION<< 68,660 1,629 RIO TINTO PLC ADR 230,617 476,542 ------------ MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.03% 992 VULCAN MATERIALS COMPANY 57,397 ------------ MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.84% 891 BLYTH INCORPORATED<< 28,325 766 EATON CORPORATION 53,429 1,426 HASBRO INCORPORATED 30,117 16,514 HEWLETT-PACKARD COMPANY 343,491 498 ITT INDUSTRIES INCORPORATED 43,799 16,689 JOHNSON & JOHNSON 1,094,798 2,960 MATTEL INCORPORATED 61,923 476 RC2 CORPORATION+<< 14,723 286 STEINWAY MUSICAL INSTRUMENTS+ 7,745 1,271 TIFFANY & COMPANY 38,321 1,143 YANKEE CANDLE COMPANY INCORPORATED 35,387 1,752,058 ------------ MISCELLANEOUS RETAIL - 0.80% 1,793 AMAZON.COM INCORPORATED+<< 63,078 2,491 COSTCO WHOLESALE CORPORATION 116,056 2,354 CVS CORPORATION 117,300 670 DICK'S SPORTING GOODS INCORPORATED+<< 24,020 1,132 DOLLAR TREE STORES INCORPORATED+<< 30,507 491 EXPRESS SCRIPTS INCORPORATED+<< 36,967 1,196 MICHAELS STORES INCORPORATED 38,140 2,704 OFFICE DEPOT INCORPORATED+ 52,052 205 OVERSTOCK.COM INCORPORATED+<< 11,007 1,201 PETSMART INCORPORATED 36,631 838 PRICELINE.COM INCORPORATED+<< 18,830 2,886 STAPLES INCORPORATED 90,967 2,063 TOYS R US INCORPORATED+ 47,181 13,971 WAL-MART STORES INCORPORATED 721,043 5,486 WALGREEN COMPANY 234,965 842 WORLD FUEL SERVICES CORPORATION 24,123 1,662,867 ------------ SHARES SECURITY NAME VALUE MISCELLANEOUS SERVICES - 0.05% 5,921 ADECCO SA ADR<< $ 81,118 424 D&B CORPORATION+ 26,059 107,177 ------------ MOTION PICTURES - 0.44% 16,113 LIBERTY MEDIA CORPORATION CLASS A+ 163,386 895 MACROVISION CORPORATION+ 21,704 24,045 TIME WARNER INCORPORATED+ 414,295 11,578 WALT DISNEY COMPANY 323,489 922,874 ------------ MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.18% 625 ARKANSAS BEST CORPORATION 27,012 586 FORWARD AIR CORPORATION 25,948 746 HUNT (J.B.) TRANSPORT SERVICES INCORPORATED<< 35,204 1,224 LANDSTAR SYSTEM INCORPORATED+<< 42,938 2,744 UNITED PARCEL SERVICE INCORPORATED CLASS B 212,633 685 USF CORPORATION<< 32,743 376,478 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS - 0.88% 6,315 AMERICAN EXPRESS COMPANY 341,957 1,334 AMERICREDIT CORPORATION+ 31,429 1,422 CAPITAL ONE FINANCIAL CORPORATION 109,039 2,005 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY 43,930 1,542 CIT GROUP INCORPORATED 62,220 3,128 COUNTRYWIDE FINANCIAL CORPORATION 108,698 5,766 FANNIE MAE 337,080 616 FINANCIAL FEDERAL CORPORATION 20,993 3,671 FREDDIE MAC 227,602 6,362 MBNA CORPORATION 161,404 3,383 ORIX CORPORATION ADR 220,741 2,748 PROVIDIAN FINANCIAL CORPORATION+<< 47,128 2,618 SLM CORPORATION 127,758 1,839,979 ------------ OIL & GAS EXTRACTION - 1.60% 1,458 ANADARKO PETROLEUM CORPORATION 112,062 1,876 APACHE CORPORATION 117,963 648 ATWOOD OCEANICS INCORPORATED+ 44,550 10,704 BHP BILLITON LIMITED ADR 329,255 1,337 BJ SERVICES COMPANY 66,797 2,480 BURLINGTON RESOURCES INCORPORATED 123,082 909 CABOT OIL AND GAS CORPORATION 50,895 1,144 CAL DIVE INTERNATIONAL INCORPORATED+ 58,092 435 CHENIERE ENERGY INCORPORATED+ 32,364 1,109 CIMAREX ENERGY COMPANY+ 45,103 1,435 DENBURY RESOURCES INCORPORATED+ 48,747 2,754 DEVON ENERGY CORPORATION 128,860 941 ENCORE ACQUISITION COMPANY+ 40,040 2,585 ENI SPA ADR<< 338,635 33
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,144 FX ENERGY INCORPORATED+<< $ 14,620 2,718 HALLIBURTON COMPANY 119,510 1,951 HANOVER COMPRESSOR COMPANY+ 25,831 956 KERR-MCGEE CORPORATION 74,243 2,356 OCCIDENTAL PETROLEUM CORPORATION 165,556 1,713 PRIDE INTERNATIONAL INCORPORATED+ 42,174 734 QUICKSILVER RESOURCES INCORPORATED+ 36,539 1,535 RANGE RESOURCES CORPORATION 38,743 597 REMINGTON OIL & GAS CORPORATION+ 19,892 7,031 REPSOL YPF SA ADR<< 192,157 1,295 ROWAN COMPANIES INCORPORATED+ 41,026 594 SEACOR SMIT INCORPORATED+ 37,392 3,569 SHELL TRANSPORT & TRADING COMPANY PLC ADR<< 202,398 748 SOUTHWESTERN ENERGY COMPANY+ 45,628 638 SPINNAKER EXPLORATION COMPANY+ 22,879 900 ST. MARY LAND & EXPLORATION COMPANY 45,792 836 SWIFT ENERGY COMPANY+ 22,731 3,270 TOTAL SA ADR<< 389,784 1,052 UNIT CORPORATION+ 48,161 1,866 UNOCAL CORPORATION 100,951 612 VERITAS DGC INCORPORATED+ 16,597 1,831 XTO ENERGY INCORPORATED 83,347 3,322,396 ------------ PAPER & ALLIED PRODUCTS - 0.35% 1,409 BEMIS COMPANY INCORPORATED 42,044 512 GREIF INCORPORATED CLASS A 33,075 2,862 INTERNATIONAL PAPER COMPANY 106,896 2,516 KIMBERLY-CLARK CORPORATION 166,006 1,809 MEADWESTVACO CORPORATION 56,730 80 NEENAH PAPER INCORPORATED 2,813 966 OFFICEMAX INCORPORATED 30,497 596 POPE & TALBOT INCORPORATED 9,655 770 POTLATCH CORPORATION 35,535 5,365 STORA ENSO OYJ<< 81,602 575 TEMPLE-INLAND INCORPORATED 46,115 5,157 UPM-KYMMENE OYJ ADR<< 115,259 726,227 ------------ PERSONAL SERVICES - 0.08% 1,149 CINTAS CORPORATION 50,303 660 G & K SERVICES INCORPORATED CLASS A 28,321 930 H & R BLOCK INCORPORATED 49,569 558 REGIS CORPORATION 21,985 277 UNIFIRST CORPORATION 11,241 161,419 ------------ PETROLEUM REFINING & RELATED INDUSTRIES - 2.32% 594 AMERADA HESS CORPORATION<< 59,638 9,570 BP PLC ADR 621,284 11,766 CHEVRONTEXACO CORPORATION 730,433 3,667 CONOCOPHILLIPS 406,634 36,948 EXXONMOBIL CORPORATION 2,339,178 979 FRONTIER OIL CORPORATION 31,387 1,991 MARATHON OIL CORPORATION 94,254 619 MURPHY OIL CORPORATION<< 61,925 SHARES SECURITY NAME VALUE 5,403 ROYAL DUTCH PETROLEUM COMPANY $ 340,875 1,006 TESORO PETROLEUM CORPORATION+ 37,152 1,552 VALERO ENERGY CORPORATION 110,564 4,833,324 ------------ PRIMARY METAL INDUSTRIES - 0.45% 5,097 ALCOA INCORPORATED 163,716 1,668 ALLEGHENY TECHNOLOGIES INCORPORATED 41,049 500 CARPENTER TECHNOLOGY CORPORATION 33,810 1,120 COMMSCOPE INCORPORATED+ 16,957 581 CURTISS-WRIGHT CORPORATION 32,274 1,185 ENGELHARD CORPORATION 35,846 1,189 GENERAL CABLE CORPORATION+<< 14,161 2,925 JOHNSON MATTHEY PLC ADR 113,949 7,248 KUBOTA CORPORATION ADR 199,610 389 LONE STAR TECHNOLOGIES INCORPORATED+ 17,626 822 MAVERICK TUBE CORPORATION+ 29,230 1,221 MUELLER INDUSTRIES INCORPORATED 38,437 1,111 NUCOR CORPORATION 69,260 818 STEEL DYNAMICS INCORPORATED 36,434 581 TEXAS INDUSTRIES INCORPORATED 38,753 902 UNITED STATES STEEL CORPORATION 56,249 937,361 ------------ PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.58% 1,018 BANTA CORPORATION 44,751 441 CONSOLIDATED GRAPHICS INCORPORATED+ 22,954 977 DOW JONES & COMPANY INCORPORATED 36,247 1,367 GANNETT COMPANY INCORPORATED 107,651 764 KNIGHT-RIDDER INCORPORATED 50,042 1,081 MCGRAW-HILL COMPANIES INCORPORATED 99,290 1,315 NEW YORK TIMES COMPANY CLASS A 48,208 6,182 PEARSON PLC<< 76,471 342 PULITZER INCORPORATED 21,779 4,818 REED ELSEVIER NV ADR<< 144,877 1,885 RR DONNELLEY & SONS COMPANY 62,601 2,082 TOPPAN PRINTING COMPANY LIMITED ADR 110,803 1,550 TRIBUNE COMPANY 63,131 794 VALASSIS COMMUNICATIONS INCORPORATED+ 29,704 8,123 VIACOM INCORPORATED CLASS B 283,493 1,202,002 ------------ RAILROAD TRANSPORTATION - 0.17% 1,895 BURLINGTON NORTHERN SANTA FE CORPORATION 95,262 1,435 CSX CORPORATION 59,280 2,022 KANSAS CITY SOUTHERN+<< 39,671 2,298 NORFOLK SOUTHERN CORPORATION 82,475 1,169 UNION PACIFIC CORPORATION 74,173 350,861 ------------ REAL ESTATE - 0.04% 910 JONES LANG LASALLE INCORPORATED+ 39,103 664 NEW CENTURY FINANCIAL CORPORATION 33,678 302 PHH CORPORATION+ 6,342 79,123 ------------ 34
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.12% 1,199 COOPER TIRE & RUBBER COMPANY $ 23,200 3,069 GOODYEAR TIRE & RUBBER COMPANY+<< 44,378 641 JARDEN CORPORATION+<< 27,890 939 NIKE INCORPORATED CLASS B 81,646 792 SEALED AIR CORPORATION+ 41,398 1,291 WEST PHARMACEUTICAL SERVICES INCORPORATED 33,179 251,691 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.89% 3,843 AMVESCAP PLC ADR 50,651 610 BEAR STEARNS COMPANIES INCORPORATED 60,695 890 BKF CAPITAL GROUP INCORPORATED 36,713 7,030 CHARLES SCHWAB CORPORATION 73,815 234 CHICAGO MERCANTILE EXCHANGE 48,349 3,948 CREDIT SUISSE GROUP ADR+ 171,738 2,835 E*TRADE FINANCIAL CORPORATION+ 37,620 1,536 EATON VANCE CORPORATION 41,411 1,066 FRANKLIN RESOURCES INCORPORATED 74,823 1,301 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A 24,134 1,902 GOLDMAN SACHS GROUP INCORPORATED 206,938 1,547 LEHMAN BROTHERS HOLDINGS INCORPORATED 141,055 5,518 MERRILL LYNCH & COMPANY INCORPORATED 323,244 6,230 MORGAN STANLEY 351,808 9,392 NOMURA HOLDINGS INCORPORATED ADR<< 130,079 626 PIPER JAFFRAY COMPANIES INCORPORATED+ 24,758 975 T ROWE PRICE GROUP INCORPORATED 59,855 1,857,686 ------------ SOCIAL SERVICES - 0.03% 9,335 ABB LIMITED ADR+ 56,850 ------------ STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.33% 530 CABOT MICROELECTRONICS CORPORATION+<< 17,220 531 CARBO CERAMICS INCORPORATED 39,283 7,861 CORNING INCORPORATED+ 90,166 869 GENTEX CORPORATION 29,468 3,021 HANSON PLC ADR 147,123 6,669 HOLCIM LIMITED ADR 222,012 5,054 LAFARGE SA ADR<< 131,808 677,080 ------------ TEXTILE MILL PRODUCTS - 0.01% 446 OXFORD INDUSTRIES INCORPORATED 15,771 ------------ TOBACCO PRODUCTS - 0.52% 11,350 ALTRIA GROUP INCORPORATED 745,128 4,732 BRITISH AMERICAN TOBACCO PLC ADR 174,043 928 REYNOLDS AMERICAN INCORPORATED 76,050 561 UNIVERSAL CORPORATION 28,162 1,022 UST INCORPORATED 55,852 1,079,235 ------------ SHARES SECURITY NAME VALUE TRANSPORTATION BY AIR - 0.26% 797 ALASKA AIR GROUP INCORPORATED+<< $ 22,603 2,502 AMR CORPORATION+<< 21,242 10,119 BAA PLC ADR<< 118,476 3,187 DELTA AIR LINES INCORPORATED+<< 14,787 755 EGL INCORPORATED+ 23,971 1,556 FEDEX CORPORATION 152,146 6,933 JAPAN AIRLINES SYSTEM ADR+ 104,708 5,562 SOUTHWEST AIRLINES COMPANY 77,034 534,967 ------------ TRANSPORTATION EQUIPMENT - 1.30% 823 AUTOLIV INCORPORATED 41,101 5,490 BAE SYSTEMS PLC ADR 108,258 4,576 BOEING COMPANY 251,543 885 CLARCOR INCORPORATED 48,914 2,293 DAIMLERCHRYSLER AG<< 105,707 1,806 DANA CORPORATION 26,043 5,340 DELPHI CORPORATION 36,686 9,216 FIAT SPA ADR<< 68,567 10,050 FORD MOTOR COMPANY 127,133 968 GENERAL DYNAMICS CORPORATION 101,979 2,431 GENERAL MOTORS CORPORATION<< 86,714 1,327 GENUINE PARTS COMPANY 57,433 1,205 GOODRICH CORPORATION 44,621 530 GREENBRIER COMPANIES INCORPORATED 14,326 615 GROUP 1 AUTOMOTIVE INCORPORATED+ 17,005 1,740 HARLEY-DAVIDSON INCORPORATED 107,671 7,279 HONDA MOTOR COMPANY LIMITED ADR 195,441 4,886 HONEYWELL INTERNATIONAL INCORPORATED 185,521 914 JOHNSON CONTROLS INCORPORATED 54,017 1,935 LOCKHEED MARTIN CORPORATION 114,591 591 NAVISTAR INTERNATIONAL CORPORATION+ 23,321 1,799 NORTHROP GRUMMAN CORPORATION 95,167 1,067 PACCAR INCORPORATED 80,302 2,637 SPORTS RESORTS INTERNATIONAL INCORPORATED+<< 10,495 704 TEXTRON INCORPORATED 54,454 509 THOR INDUSTRIES INCORPORATED 18,120 3,991 TOYOTA MOTOR CORPORATION ADR 310,420 930 TRINITY INDUSTRIES INCORPORATED 26,784 643 TRIUMPH GROUP INCORPORATED+<< 23,900 2,710 UNITED TECHNOLOGIES CORPORATION 270,675 2,706,909 ------------ TRANSPORTATION SERVICES - 0.06% 734 CH ROBINSON WORLDWIDE INCORPORATED<< 40,223 750 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 41,633 1,732 PEGASUS SOLUTIONS INCORPORATED+ 20,646 1,317 SABRE HOLDINGS CORPORATION 27,762 130,264 ------------ WATER TRANSPORTATION - 0.05% 959 ALEXANDER & BALDWIN INCORPORATED 43,539 642 KIRBY CORPORATION+ 28,408 35
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2010 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Enlarge/Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 440 OVERSEAS SHIPHOLDING GROUP INCORPORATED $ 28,653 100,600 ------------ WHOLESALE TRADE NON-DURABLE GOODS - 0.47% 474 AMERISOURCE-BERGEN CORPORATION 28,393 570 BROWN-FORMAN CORPORATION CLASS B 29,013 2,283 CARDINAL HEALTH INCORPORATED 133,670 696 MAUI LAND & PINEAPPLE COMPANY INCORPORATED+ 32,440 1,884 MCKESSON CORPORATION 70,348 441 NASH FINCH COMPANY 17,468 3,007 SAFEWAY INCORPORATED+ 55,329 2,563 SMURFIT-STONE CONTAINER CORPORATION+<< 42,623 1,196 SUPERVALU INCORPORATED 37,997 3,897 SYSCO CORPORATION 134,135 707 TRACTOR SUPPLY COMPANY+ 30,111 2,706 UNILEVER NV<< 181,004 3,961 UNILEVER PLC ADR<< 153,726 882 UNITED NATURAL FOODS INCORPORATED+ 27,492 973,749 ------------ WHOLESALE TRADE-DURABLE GOODS - 0.52% 1,283 ARROW ELECTRONICS INCORPORATED+ 34,513 1,192 AVNET INCORPORATED+<< 23,125 1,106 CYTYC CORPORATION+ 25,217 971 HUGHES SUPPLY INCORPORATED 29,761 757 IMAGISTICS INTERNATIONAL INCORPORATED+ 25,625 1,268 INSIGHT ENTERPRISES INCORPORATED+ 22,570 360 INTAC INTERNATIONAL+<< 6,217 1,267 KYOCERA CORPORATION ADR 94,518 6,194 MITSUBISHI CORPORATION ADR 169,276 923 MITSUI & COMPANY LIMITED ADR<< 190,083 5,175 NISSAN MOTOR COMPANY LIMITED ADR<< 110,900 920 OMNICARE INCORPORATED 31,731 987 PATTERSON COMPANIES INCORPORATED+<< 48,975 1,201 PEP BOYS-MANNY, MOE & JACK 21,714 956 SCP POOL CORPORATION 32,542 19,371 SUMITOMO MITSUI FINANCIAL 134,855 563 TECH DATA CORPORATION+<< 23,077 2,504 VISTEON CORPORATION 16,802 687 W.W. GRAINGER INCORPORATED 43,130 1,084,631 ------------ TOTAL COMMON STOCK (COST $84,697,697) 100,169,063 ------------ INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE US TREASURY SECURITIES - 50.92% US TREASURY NOTES - 50.92% $22,545,000 US TREASURY NOTE<< 2.63 05/15/2008 $ 21,758,563 6,135,000 US TREASURY NOTE<< 5.63 05/15/2008 6,472,664 12,610,000 US TREASURY NOTE<< 3.13 09/15/2008 12,312,480 1,425,000 US TREASURY NOTE<< 4.75 11/15/2008 1,469,142 12,190,000 US TREASURY NOTE<< 3.38 12/15/2008 11,977,626 12,730,000 US TREASURY NOTE<< 2.63 03/15/2009 12,132,288 27,020,000 US TREASURY NOTE<< 4.00 06/15/2009 27,087,550 1,500,000 US TREASURY NOTE<< 6.00 08/15/2009 1,624,629 6,360,000 US TREASURY NOTE<< 3.38 09/15/2009 6,200,504 3,600,000 US TREASURY NOTE<< 3.50 11/15/2009 3,526,452 1,400,000 US TREASURY NOTE<< 3.63 01/15/2010 1,376,484 105,938,382 ------------ TOTAL US TREASURY SECURITIES (COST $107,349,624) 105,938,382 ------------ SHARES COLLATERAL FOR SECURITIES LENDING - 47.71% COLLATERAL INVESTED IN MONEY MARKET FUNDS - 3.08% 4,000,000 DEUTSCHE SCUDDER INSTITUTIONAL FUND 4,000,000 2,410,731 SHORT TERM INVESTMENTS COMPANY LIQUID ASSETS PORTFOLIO 2,410,731 6,410,731 ------------ PRINCIPAL COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS - 44.63% 4,000,000 BLUE RIDGE ASSET FUNDING 2.60 03/01/05 4,000,000 4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/07/06 3,868,520 4,000,000 LEGACY CAPITAL CORPORATION 2.56 03/23/05 3,993,680 3,000,000 PICAROS FUNDING LLC CPDN 2.54 03/01/05 3,000,000 4,000,000 TRANSAMERICA ASSET FUNDING COMMERCIAL PAPER 2.54 03/08/05 3,998,040 74,000,000 DEUTSCHE BANK AGENCY MORTGAGE REPURCHASE AGREEMENT 2.62 03/01/05 74,000,000 92,860,240 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $99,270,971) 99,270,971 ------------ 36
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2010 FUND -------------------------------------------------------------------------------- [Download Table] INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE SHORT-TERM INVESTMENTS - 0.48% US TREASURY BILLS - 0.48% $ 1,008,000 US TREASURY BILL^<< 0.39 23/17/2005 $ 1,006,991 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $1,006,991) 1,006,991 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $292,325,283)* 147.25% $306,385,407 OTHER ASSETS AND LIABILITIES, NET (47.25) (98,317,495) ------ ------------ TOTAL NET ASSETS 100.00% $208,067,912 ------ ------------ + NON-INCOME EARNING SECURITIES. ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2) ** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $501,403. THE TOTAL COLLATERAL RECEIVED REPRESENTS 102.57% OF THE VALUE OF THE PORTFOLIO SECURITIES LOANED. * COST FOR FEDERAL INCOME TAX PURPOSES IS $294,360,922 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $20,849,642 GROSS UNREALIZED DEPRECIATION (8,825,157) ----------- NET UNREALIZED APPRECIATION (DEPRECIATION) $12,024,485 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 37
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - 65.59% AMUSEMENT & RECREATION SERVICES - 0.16% 6,569 CAESARS ENTERTAINMENT INCORPORATED+ $ 131,774 2,903 GAYLORD ENTERTAINMENT COMPANY+ 124,248 1,991 HARRAH'S ENTERTAINMENT INCORPORATED 130,590 5,249 INTERNATIONAL GAME TECHNOLOGY 159,884 2,328 MULTIMEDIA GAMES INCORPORATED+<< 23,257 569,753 ------------- APPAREL & ACCESSORY STORES - 0.29% 1,915 ABERCROMBIE & FITCH COMPANY CLASS A 102,836 2,009 AEROPOSTALE INCORPORATED+ 64,087 3,992 CHICO'S FAS INCORPORATED+<< 117,564 9,518 GAP INCORPORATED 203,019 3,988 KOHL'S CORPORATION+ 190,906 6,598 LIMITED BRANDS 156,900 2,198 NORDSTROM INCORPORATED 118,164 3,523 ROSS STORES INCORPORATED 98,644 1,052,120 ------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.41% 19,055 BENETTON GROUP SPA ADR<< 468,181 2,454 JONES APPAREL GROUP INCORPORATED 77,964 2,512 LIZ CLAIBORNE INCORPORATED 106,258 2,100 VF CORPORATION 125,496 12,027 WACOAL CORPORATION ADR<< 713,802 1,491,701 ------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.08% 3,862 AUTONATION INCORPORATED+ 75,425 839 AUTOZONE INCORPORATED+<< 81,299 2,929 CARMAX INCORPORATED+<< 96,657 2,331 COPART INCORPORATED+ 54,312 307,693 ------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.48% 2,387 CENTEX CORPORATION 151,789 4,565 D.R. HORTON INCORPORATED 199,764 2,497 LENNAR CORPORATION CLASS A<< 151,868 1,241 MDC HOLDINGS INCORPORATED 98,808 144 NVR INCORPORATED+<< 114,084 2,080 PULTE HOMES INCORPORATED 162,282 53,098 SEKISUI HOUSE LIMITED<< 587,062 8,594 VIVENDI UNIVERSAL SA ADR+<< 272,086 1,737,743 ------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.55% 1,328 FASTENAL COMPANY 77,635 29,818 HOME DEPOT INCORPORATED 1,193,316 10,630 LOWE'S COMPANIES INCORPORATED 624,832 2,363 SHERWIN-WILLIAMS COMPANY 104,681 2,000,464 ------------- SHARES SECURITY NAME VALUE BUSINESS SERVICES - 3.89% 10,014 24/7 REAL MEDIA INCORPORATED+<< $ 36,952 4,961 3COM CORPORATION+ 17,760 3,831 AARON RENTS INCORPORATED 78,382 3,470 ADOBE SYSTEMS INCORPORATED 214,272 1,781 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 92,078 3,028 AKAMAI TECHNOLOGIES INCORPORATED+<< 33,338 1,968 ANSYS INCORPORATED+ 70,769 1,434 ARBITRON INCORPORATED 58,149 4,177 ASCENTIAL SOFTWARE CORPORATION+ 64,785 1,564 ASK JEEVES INCORPORATED+<< 35,753 4,154 AUTODESK INCORPORATED 123,457 7,793 AUTOMATIC DATA PROCESSING INCORPORATED 334,787 1,496 AVOCENT CORPORATION+ 51,253 6,426 BEA SYSTEMS INCORPORATED+<< 53,336 5,081 BISYS GROUP INCORPORATED+ 75,300 1,250 BLUE COAT SYSTEMS INCORPORATED+ 23,275 4,525 BMC SOFTWARE INCORPORATED+<< 67,649 2,535 BRINK'S COMPANY 87,863 5,101 CADENCE DESIGN SYSTEMS INCORPORATED+ 70,292 14,924 CENDANT CORPORATION 330,119 3,267 CERIDIAN CORPORATION+ 59,623 1,933 CERTEGY INCORPORATED<< 68,873 1,750 CHECKFREE CORPORATION+<< 67,445 2,020 CHOICEPOINT INCORPORATED+ 81,406 3,451 CITRIX SYSTEMS INCORPORATED+ 77,647 5,664 CNET NETWORKS INCORPORATED+ 51,259 2,129 COGNEX CORPORATION 58,973 2,782 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 131,394 7,050 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 190,984 2,953 COMPUTER SCIENCES CORPORATION+ 136,517 9,026 COMPUWARE CORPORATION+ 61,016 3,324 CONVERGYS CORPORATION+ 49,827 2,959 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 50,599 1,899 DELUXE CORPORATION 74,137 1,578 DIGITAL RIVER INCORPORATED+ 47,545 4,553 DOUBLECLICK INCORPORATED+ 35,468 1,527 DST SYSTEMS INCORPORATED+<< 72,517 14,000 EBAY INCORPORATED+ 599,760 3,277 EFUNDS CORPORATION+ 72,880 4,503 ELECTRONIC ARTS INCORPORATED+<< 290,398 7,554 ELECTRONIC DATA SYSTEMS CORPORATION 160,900 2,329 ELECTRONICS FOR IMAGING INCORPORATED+ 38,592 3,069 EQUIFAX INCORPORATED 93,267 1,918 FAIR ISAAC CORPORATION 64,828 1,664 FILENET CORPORATION+ 38,971 11,516 FIRST DATA CORPORATION 472,386 3,129 FISERV INCORPORATED+ 118,714 1,175 GETTY IMAGES INCORPORATED+<< 83,825 3,978 HUDSON HIGHLAND GROUP INCORPORATED+<< 66,353 1,491 HYPERION SOLUTIONS CORPORATION+ 75,266 1,799 IDX SYSTEMS CORPORATION+ 61,724 38
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,871 IMS HEALTH INCORPORATED $ 94,259 1,144 INFOSPACE INCORPORATED+<< 47,443 4,538 INTERNET CAPITAL GROUP INCORPORATED+ 37,756 7,215 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 94,805 1,605 INTERSECTIONS INCORPORATED+ 21,250 2,820 INTUIT INCORPORATED+ 120,696 2,856 IRON MOUNTAIN INCORPORATED+<< 77,255 1,521 KRONOS INCORPORATED+ 84,933 1,946 LAMAR ADVERTISING COMPANY+ 76,458 1,637 MACROMEDIA INCORPORATED+ 55,478 1,872 MANHATTAN ASSOCIATES INCORPORATED+<< 37,197 1,793 MANPOWER INCORPORATED 78,354 2,995 MCAFEE INCORPORATED+ 69,274 1,806 MERCURY INTERACTIVE CORPORATION+<< 82,859 120,713 MICROSOFT CORPORATION 3,039,553 2,457 MONSTER WORLDWIDE INCORPORATED+ 70,884 5,505 MPS GROUP INCORPORATED+ 59,124 4,905 NCR CORPORATION+ 191,246 7,283 NOVELL INCORPORATED+ 38,163 2,579 OMNICOM GROUP INCORPORATED 234,870 50,618 ORACLE CORPORATION+ 653,478 1,168 PALMSOURCE INCORPORATED+<< 11,820 7,241 PARAMETRIC TECHNOLOGY CORPORATION+ 41,636 5,059 REALNETWORKS INCORPORATED+ 31,669 3,417 RED HAT INCORPORATED+<< 39,159 19,060 RENTOKIL INITIAL PLC ADR 290,878 6,046 REUTERS GROUP PLC ADR 285,915 3,118 ROBERT HALF INTERNATIONAL INCORPORATED 90,952 2,958 RSA SECURITY INCORPORATED+ 48,334 1,531 SAFENET INCORPORATED+ 45,930 6,117 SAP AG<< 248,044 7,730 SIEBEL SYSTEMS INCORPORATED+ 65,937 46,673 SUN MICROSYSTEMS INCORPORATED+<< 196,960 4,691 SUNGARD DATA SYSTEMS INCORPORATED+ 122,482 2,695 SYBASE INCORPORATED+ 50,774 9,252 SYMANTEC CORPORATION+<< 203,637 3,589 SYNOPSYS INCORPORATED+<< 64,961 1,786 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 65,493 5,893 TIBCO SOFTWARE INCORPORATED+ 57,516 2,607 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 60,952 359 TRAVELZOO INCORPORATED+<< 22,136 6,212 UNISYS CORPORATION+ 47,708 2,873 UNITED ONLINE INCORPORATED+ 31,172 3,030 UNITED RENTALS INCORPORATED+ 57,328 1,452 USA MOBILITY INCORPORATED+ 56,977 4,048 VERISIGN INCORPORATED+ 110,996 6,473 VERITAS SOFTWARE CORPORATION+ 156,776 2,181 VIAD CORPORATION 58,887 1,355 WEBSENSE INCORPORATED+<< 81,097 4,177 WPP GROUP PLC ADR<< 240,178 15,703 YAHOO! INCORPORATED+ 506,736 14,131,038 ------------- SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS - 6.16% 20,569 ABBOTT LABORATORIES $ 945,968 3,153 ABGENIX INCORPORATED+ 26,044 3,097 AIR PRODUCTS & CHEMICALS INCORPORATED 193,934 6,345 AKZO NOBEL NV ADR 286,096 1,728 ALBERTO-CULVER COMPANY CLASS B 90,323 3,875 ALKERMES INCORPORATED+<< 45,260 16,750 AMGEN INCORPORATED+ 1,031,968 1,882 ANDRX CORPORATION+<< 42,251 12,246 ASTRAZENECA PLC ADR<< 486,656 1,621 AVERY DENNISON CORPORATION 98,395 6,692 AVON PRODUCTS INCORPORATED 286,217 5,058 BASF AG ADR<< 378,844 7,450 BAYER AG ADR<< 262,315 25,483 BRISTOL-MYERS SQUIBB COMPANY 637,840 2,319 CABOT CORPORATION 80,701 1,749 CHIRON CORPORATION+<< 62,229 1,791 CLOROX COMPANY 107,532 7,045 COLGATE PALMOLIVE COMPANY 372,821 6,378 CROMPTON CORPORATION 87,379 3,498 DENDREON CORPORATION+<< 22,982 4,127 DISCOVERY LABORATORIES INCORPORATED+<< 24,225 12,659 DOW CHEMICAL COMPANY 698,144 12,847 DU PONT (E.I.) DE NEMOURS & COMPANY 684,745 1,905 EASTMAN CHEMICAL COMPANY<< 109,995 3,610 ECOLAB INCORPORATED 114,473 12,595 ELI LILLY & COMPANY 705,320 2,037 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 89,587 5,155 FOREST LABORATORIES INCORPORATED+<< 220,119 9,841 GENAERA CORPORATION+ 30,507 6,122 GENENTECH INCORPORATED+ 288,958 4,003 GENZYME CORPORATION+ 224,528 6,322 GILEAD SCIENCES INCORPORATED+ 218,425 13,237 GILLETTE COMPANY 665,159 18,988 GLAXOSMITHKLINE PLC ADR<< 915,601 2,534 GREAT LAKES CHEMICAL CORPORATION 67,658 3,374 HOSPIRA INCORPORATED+ 99,870 1,150 IMCLONE SYSTEMS INCORPORATED+<< 50,899 10,414 INKINE PHARMACEUTICAL COMPANY INCORPORATED+ 38,428 2,186 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 90,260 813 INVITROGEN CORPORATION+<< 56,877 3,621 IVAX CORPORATION+<< 57,900 2,373 K-V PHARMACEUTICAL COMPANY CLASS A+ 51,636 4,161 KING PHARMACEUTICALS INCORPORATED+ 39,738 3,150 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+<< 30,870 2,116 LUBRIZOL CORPORATION 90,205 3,757 MEDAREX INCORPORATED+ 31,784 1,951 MEDICINES COMPANY+<< 45,458 1,553 MEDICIS PHARMACEUTICAL CORPORATION CLASS A<< 53,641 3,674 MEDIMMUNE INCORPORATED+<< 88,470 28,860 MERCK & COMPANY INCORPORATED 914,862 5,325 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 45,795 39
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 4,386 MONSANTO COMPANY $ 257,809 4,346 MYLAN LABORATORIES INCORPORATED<< 76,490 2,892 NEKTAR THERAPEUTICS+<< 50,147 18,938 NOVARTIS AG ADR 946,332 4,743 NOVO NORDISK A/S ADR<< 265,845 1,868 NPS PHARMACEUTICALS INCORPORATED+ 26,787 1,837 OM GROUP INCORPORATED+ 58,564 1,771 ONYX PHARMACEUTICALS INCORPORATED+ 51,253 1,284 OSI PHARMACEUTICALS INCORPORATED+ 70,145 1,280 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 47,347 100,398 PFIZER INCORPORATED 2,639,463 2,464 PPG INDUSTRIES INCORPORATED 177,285 4,860 PRAXAIR INCORPORATED 217,874 32,418 PROCTER & GAMBLE COMPANY 1,721,072 2,189 PROTEIN DESIGN LABS INCORPORATED+<< 32,791 13,482 ROCHE HOLDING AG ADR 713,102 2,449 ROHM & HAAS COMPANY 117,968 2,326 SALIX PHARMACEUTICALS LIMITED+ 37,751 13,347 SANOFI-AVENTIS ADR<< 532,679 19,987 SCHERING-PLOUGH CORPORATION 378,754 1,835 SEPRACOR INCORPORATED+<< 118,302 25,508 SHISEIDO COMPANY LIMITED<< 348,309 1,289 SIGMA-ALDRICH CORPORATION 79,415 3,091 VALEANT PHARMACEUTICALS INTERNATIONAL 74,957 1,425 VALSPAR CORPORATION 65,764 4,436 VERTEX PHARMACEUTICALS INCORPORATED+ 51,191 2,319 VICURON PHARMACEUTICALS INCORPORATED+ 40,235 13,547 VION PHARMACEUTICALS INCORPORATED+ 46,737 1,955 WATSON PHARMACEUTICALS INCORPORATED+ 62,052 17,471 WYETH 713,166 22,409,478 ------------- COAL MINING - 0.07% 2,442 ARCH COAL INCORPORATED 108,889 2,795 CONSOL ENERGY INCORPORATED 128,123 237,012 ------------- COMMUNICATIONS - 3.27% 3,693 ALLTEL CORPORATION<< 211,240 4,740 AMERICAN TOWER CORPORATION CLASS A+ 86,884 11,555 AT&T CORPORATION 224,514 7,190 AVAYA INCORPORATED+ 100,660 23,448 BELLSOUTH CORPORATION 604,958 4,617 BRITISH SKY BROADCASTING GROUP PLC ADR<< 201,347 8,870 BT GROUP PLC ADR 357,195 3,876 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 120,389 2,857 CENTURYTEL INCORPORATED 96,109 7,155 CINCINNATI BELL INCORPORATED+ 31,482 6,661 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 221,678 29,596 COMCAST CORPORATION CLASS A+<< 963,350 4,460 CROWN CASTLE INTERNATIONAL CORPORATION+<< 72,876 20,768 DEUTSCHE TELEKOM AG ADR+<< 433,428 SHARES SECURITY NAME VALUE 9,532 DIRECTV GROUP INCORPORATED+ $ 143,075 4,069 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+<< 121,053 3,267 EMMIS COMMUNICATIONS CORPORATION CLASS A+ 61,093 5,263 EXTREME NETWORKS INCORPORATED+ 30,631 3,018 FOUNDRY NETWORKS INCORPORATED+ 31,297 9,959 FRANCE TELECOM SA ADR<< 300,662 5,639 IAC INTERACTIVECORP+<< 126,877 2,631 LAGARDERE SCA ADR 206,393 1,861 LIBERTY CORPORATION 81,419 2,990 LIBERTY MEDIA INTERNATIONAL INCORPORATED CLASS A+<< 129,258 3,030 LIN TV CORPORATION CLASS A+ 53,419 14,381 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+<< 423,233 3,596 NEXTEL PARTNERS INCORPORATED CLASS A+<< 71,596 10,030 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR 217,350 1,468 NTL INCORPORATED+<< 95,258 15,722 NTT DOCOMO INCORPORATED ADR 266,488 23,822 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+<< 92,906 7,028 REED ELSEVIER PLC ADR<< 287,094 3,639 SAGA COMMUNICATIONS INCORPORATED CLASS A+ 58,333 42,737 SBC COMMUNICATIONS INCORPORATED 1,027,825 20,294 SPRINT CORPORATION-FON GROUP<< 480,562 11,227 TDC A/S ADR 251,822 12,226 TELEFONICA SA ADR 674,264 1,021 TELEPHONE & DATA SYSTEMS INCORPORATED 89,337 4,052 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 106,932 2,970 UTSTARCOM INCORPORATED+<< 38,164 35,549 VERIZON COMMUNICATIONS INCORPORATED 1,278,698 46,695 VODAFONE GROUP PLC ADR<< 1,227,612 1,983 WESTERN WIRELESS CORPORATION CLASS A+ 77,932 2,917 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 96,144 11,872,837 ------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.02% 2,275 DYCOM INDUSTRIES INCORPORATED+ 61,311 ------------- DEPOSITORY INSTITUTIONS - 7.63% 3,317 ABC BANCORP 71,315 14,314 ABN AMRO HOLDING NV ADR<< 394,780 8,793 ALLIED IRISH BANKS PLC ADR 375,901 3,816 AMCORE FINANCIAL INCORPORATED 108,489 5,934 AMSOUTH BANCORPORATION<< 148,231 3,908 ASSOCIATED BANC-CORP 125,290 32,713 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 565,608 45,922 BANCO SANTANDER CENTRAL HISPANO SA ADR<< 564,841 40
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 5,650 BANCTRUST FINANCIAL GROUP INCORPORATED $ 116,616 52,542 BANK OF AMERICA CORPORATION 2,451,084 10,347 BANK OF NEW YORK COMPANY INCORPORATED 312,997 13,540 BARCLAYS PLC ADR 595,083 8,275 BAYERISCHE HYPO-UND VEREINSBANK AG ADR+ 201,224 7,157 BB&T CORPORATION 280,197 14,542 BNP PARIBAS SA ADR<< 528,884 2,944 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 79,488 2,844 BRYN MAWR BANK CORPORATION 61,231 3,333 CAPITOL BANCORP LIMITED 101,856 5,547 CASCADE BANCORP 103,119 3,079 CENTRAL PACIFIC FINANCIAL CORPORATION 110,228 3,617 CHITTENDEN CORPORATION 96,140 66,569 CITIGROUP INCORPORATED 3,176,673 3,569 CITIZENS BANKING CORPORATION MI 110,032 3,225 CITY BANK LYNNWOOD WASHINGTON 104,071 1,330 CITY NATIONAL CORPORATION 91,039 7,646 COASTAL FINANCIAL CORPORATION 116,066 4,072 COBIZ INCORPORATED 81,440 1,932 COLUMBIA BANCORP 61,940 2,286 COMERICA INCORPORATED<< 130,485 2,261 COMMERCE BANCSHARES INCORPORATED 106,742 3,374 COMMERCIAL FEDERAL CORPORATION 92,211 3,297 COMMUNITY BANK SYSTEM INCORPORATED 77,348 3,285 COMPASS BANCSHARES INCORPORATED 149,172 5,295 DEUTSCHE BANK AG<< 465,431 6,189 FIFTH THIRD BANCORP<< 277,082 2,039 FIRST HORIZON NATIONAL CORPORATION 86,759 3,105 FIRST OAK BROOK BANCSHARES INCORPORATED 93,026 3,217 FIRST OF LONG ISLAND CORPORATION 151,199 2,934 FIRST PLACE FINANCIAL CORPORATION 58,416 2,141 FIRST REPUBLIC BANK 113,687 3,998 FIRSTMERIT CORPORATION 104,068 4,725 FULTON FINANCIAL CORPORATION 101,304 1,827 GERMAN AMERICAN BANCORP 28,501 3,346 GOLDEN WEST FINANCIAL CORPORATION<< 207,084 11,459 HBOS PLC ADR 548,798 4,098 HIBERNIA CORPORATION CLASS A 105,196 9,698 HORIZON FINANCIAL CORPORATION 203,658 13,404 HSBC HOLDINGS PLC ADR<< 1,119,100 4,124 HUNTINGTON BANCSHARES INCORPORATED 92,872 6,685 HYPO REAL ESTATE HOLDING AG ADR+ 272,146 1,710 IBERIABANK CORPORATION 100,616 4,398 INTERCHANGE FINANCIAL SERVICES CORP 76,789 1,636 INVESTORS FINANCIAL SERVICES CORPORATION 81,996 1,168 ITLA CAPITAL CORPORATION+ 58,260 46,290 JP MORGAN CHASE & COMPANY 1,691,900 5,889 KEYCORP 194,337 12,452 LLOYDS TSB GROUP PLC ADR+<< 474,421 1,162 M&T BANK CORPORATION 115,050 3,907 MARSHALL & ILSLEY CORPORATION 158,194 SHARES SECURITY NAME VALUE 5,320 MELLON FINANCIAL CORPORATION $ 152,578 2,227 MERCANTILE BANKSHARES CORPORATION 108,254 5,099 NATIONAL AUSTRALIA BANK LIMITED ADR<< 582,306 86,609 NATIONAL BANK OF GREECE SA ADR<< 662,559 7,836 NATIONAL CITY CORPORATION 280,294 5,294 NEW YORK COMMUNITY BANCORP INCORPORATED 97,198 6,403 NORTH FORK BANCORPORATION INCORPORATED 184,470 2,977 NORTHERN TRUST CORPORATION 125,778 942 PARK NATIONAL CORPORATION 111,636 2,316 PEOPLES BANCORP INCORPORATED 60,332 2,508 PFF BANCORP INCORPORATED 105,587 3,301 PNC FINANCIAL SERVICES GROUP 173,765 3,746 PROSPERITY BANCSHARES INCORPORATED 103,427 2,956 R&G FINANCIAL CORPORATION CLASS B 107,362 6,252 REGIONS FINANCIAL CORPORATION 201,690 16,269 SAN PAOLO-IMI SPA 474,729 2,441 SILICON VALLEY BANCSHARES+<< 106,965 2,205 SMITHTOWN BANCORPORATION INCORPORATED 68,068 20,493 SOCIETE GENERALE<< 434,134 5,787 SOVEREIGN BANCORP INCORPORATED<< 132,754 3,596 STATE BANCORP INCORPORATED 95,222 4,207 STATE STREET CORPORATION 184,477 4,776 STERLING BANCORPORATION NY<< 118,254 3,757 SUNTRUST BANKS INCORPORATED 272,157 5,513 SYNOVUS FINANCIAL CORPORATION 149,733 3,123 TCF FINANCIAL CORPORATION 86,351 2,001 TOMPKINS TRUSTCOMPANY INCORPORATED 85,398 4,128 TRUSTMARK CORPORATION 113,603 25,767 US BANCORP 766,568 4,159 VALLEY NATIONAL BANCORP 108,092 20,767 WACHOVIA CORPORATION 1,100,859 10,316 WASHINGTON MUTUAL INCORPORATED<< 432,859 1,939 WEBSTER FINANCIAL CORPORATION 84,928 10,808 WESTPAC BANKING CORPORATION ADR<< 820,111 2,714 WILMINGTON TRUST CORPORATION 91,977 1,870 WINTRUST FINANCIAL CORPORATION 100,344 2,557 YARDVILLE NATIONAL BANCORP 81,926 1,583 ZIONS BANCORPORATION 104,636 27,741,092 ------------- EATING & DRINKING PLACES - 0.39% 3,246 BOB EVANS FARMS INCORPORATED 73,522 2,173 BRINKER INTERNATIONAL INCORPORATED+ 82,270 2,739 CHEESECAKE FACTORY INCORPORATED+<< 93,208 3,673 DARDEN RESTAURANTS INCORPORATED<< 98,437 2,298 JACK IN THE BOX INCORPORATED+ 82,498 2,632 KRISPY KREME DOUGHNUTS INCORPORATED+<< 14,423 17,737 MCDONALD'S CORPORATION 586,740 1,772 OUTBACK STEAKHOUSE INCORPORATED 79,581 2,031 WENDY'S INTERNATIONAL INCORPORATED 76,873 4,662 YUM! BRANDS INCORPORATED 227,412 1,414,964 ------------- 41
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) EDUCATIONAL SERVICES - 0.07% 2,477 APOLLO GROUP INCORPORATED CLASS A+<< $ 182,406 2,129 CAREER EDUCATION CORPORATION+ 72,706 255,112 ------------- ELECTRIC, GAS & SANITARY SERVICES - 3.25% 11,307 AES CORPORATION+ 189,279 3,870 ALLEGHENY ENERGY INCORPORATED+<< 73,259 5,748 ALLIED WASTE INDUSTRIES INCORPORATED+<< 47,249 2,804 AMEREN CORPORATION 144,322 5,985 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 199,899 11,175 BG GROUP PLC ADR 442,530 2,614 BLACK HILLS CORPORATION 82,864 16,470 CALPINE CORPORATION+<< 54,516 6,206 CENTERPOINT ENERGY INCORPORATED 74,348 3,085 CH ENERGY GROUP INCORPORATED 142,373 2,418 CINERGY CORPORATION 97,808 7,875 CITIZENS COMMUNICATIONS COMPANY 105,052 67,542 CLP HOLDINGS LIMITED 387,110 6,418 CMS ENERGY CORPORATION+ 77,915 3,064 CONNECTICUT WATER SERVICE INCORPORATED 78,101 2,754 CONSOLIDATED EDISON INCORPORATED 117,733 2,858 CONSTELLATION ENERGY GROUP INCORPORATED 147,101 3,705 DOMINION RESOURCES INCORPORATED 266,871 2,315 DTE ENERGY COMPANY 102,369 13,232 DUKE ENERGY CORPORATION 357,132 4,788 E.ON AG<< 430,920 5,459 EDISON INTERNATIONAL 177,308 10,304 EL PASO CORPORATION 127,048 16,476 ENDESA SA ADR 373,346 2,387 ENERGYSOUTH INCORPORATED 68,889 2,792 ENTERGY CORPORATION 192,983 9,349 EXELON CORPORATION 424,071 4,420 FIRSTENERGY CORPORATION 182,281 2,533 FPL GROUP INCORPORATED 200,994 341,781 HONG KONG & CHINA GAS COMPANY LIMITED ADR 716,510 61,326 HONG KONG ELECTRIC HOLDINGS LIMITED ADR<< 279,144 9,491 INTERNATIONAL POWER PLC+<< 333,704 2,921 KEYSPAN CORPORATION 115,526 1,686 KINDER MORGAN INCORPORATED 135,167 4,634 LACLEDE GROUP INCORPORATED 145,415 4,284 MIDDLESEX WATER COMPANY 76,726 7,305 NATIONAL GRID TRANSCO PLC<< 358,895 5,464 NISOURCE INCORPORATED 123,705 1,773 NSTAR 98,402 6,105 PG&E CORPORATION 214,774 2,151 PINNACLE WEST CAPITAL CORPORATION<< 89,804 3,336 PPL CORPORATION 181,945 2,934 PROGRESS ENERGY INCORPORATED<< 127,160 3,984 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 217,327 7,982 RELIANT RESOURCES INCORPORATED+<< 95,704 6,661 RWE AG<< 404,940 SHARES SECURITY NAME VALUE 9,653 SCOTTISH POWER PLC<< $ 306,965 3,663 SEMPRA ENERGY<< 146,520 9,329 SOUTHERN COMPANY<< 299,647 13,997 SUEZ SA<< 380,578 4,500 TXU CORPORATION 343,125 2,473 UIL HOLDINGS CORPORATION 123,897 20,703 UNITED UTILITIES PLC<< 499,977 7,715 WASTE MANAGEMENT INCORPORATED 225,587 8,972 WILLIAMS COMPANIES INCORPORATED 168,943 1,995 WPS RESOURCES CORPORATION 103,979 7,904 XCEL ENERGY INCORPORATED 140,059 11,819,796 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.44% 6,109 ADVANCED MICRO DEVICES INCORPORATED+ 106,602 9,628 ALCATEL SA ADR+<< 125,068 5,475 ALTERA CORPORATION+ 113,552 3,986 AMERICAN POWER CONVERSION CORPORATION 87,772 5,216 ANALOG DEVICES INCORPORATED 191,532 3,777 ANDREW CORPORATION+ 45,702 6,682 APPLIED MICRO CIRCUITS CORPORATION+ 23,053 1,209 APPLIED SIGNAL TECHNOLOGY INCORPORATED 28,206 6,754 ASML HOLDING NV NY SHARES+ 123,733 1,919 ATMI INCORPORATED+ 52,235 3,848 BROADCOM CORPORATION CLASS A+<< 124,098 6,600 CANON INCORPORATED ADR 348,084 24,781 CHARTERED SEMICONDUCTOR+<< 166,281 3,909 COMVERSE TECHNOLOGY INCORPORATED+<< 90,728 1,773 CREE INCORPORATED+<< 41,701 1,875 CYMER INCORPORATED+<< 54,197 3,310 CYPRESS SEMICONDUCTOR+<< 46,605 1,779 DITECH COMMUNICATIONS CORPORATION+ 22,344 2,170 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 49,042 5,429 EMERSON ELECTRIC COMPANY 360,051 3,437 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 65,922 6,669 GEMSTAR-TV GUIDE INTERNATIONAL INCORPORATED+ 29,744 137,672 GENERAL ELECTRIC COMPANY 4,846,054 1,084 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 121,592 1,416 HARRIS CORPORATION 94,447 9,320 INFINEON TECHNOLOGIES AG ADR+<< 96,369 3,691 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 46,174 84,187 INTEL CORPORATION 2,018,804 3,197 INTERDIGITAL COMMUNICATIONS CORPORATION+ 55,404 21,739 INTERNATIONAL BUSINESS MACHINES CORPORATION 2,012,597 1,565 INTERNATIONAL RECTIFIER CORPORATION+ 68,860 3,245 INTERSIL CORPORATION CLASS A 54,711 3,269 JABIL CIRCUIT INCORPORATED+<< 84,046 21,032 JDS UNIPHASE CORPORATION+ 39,961 42
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,040 KLA-TENCOR CORPORATION $ 150,206 9,822 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 272,266 1,530 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 110,313 8,573 LATTICE SEMICONDUCTOR CORPORATION+ 45,265 4,199 LINEAR TECHNOLOGY CORPORATION 164,013 1,785 LITTELFUSE INCORPORATED+ 58,048 6,466 LSI LOGIC CORPORATION+ 41,253 54,668 LUCENT TECHNOLOGIES INCORPORATED+<< 167,831 22,188 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 331,489 4,311 MAXIM INTEGRATED PRODUCTS INCORPORATED 185,459 1,925 MAYTAG CORPORATION 29,337 5,184 MCDATA CORPORATION CLASS A+<< 20,373 3,268 MICROCHIP TECHNOLOGY INCORPORATED 89,739 8,643 MICRON TECHNOLOGY INCORPORATED+<< 99,395 2,787 MINDSPEED TECHNOLOGIES INCORPORATED+<< 7,859 33,328 MINEBEA COMPANY LIMITED ADR<< 305,524 2,969 MOLEX INCORPORATED<< 74,611 32,405 MOTOROLA INCORPORATED 507,462 4,083 MYKROLIS CORPORATION+ 55,202 3,181 NATIONAL PRESTO INDUSTRIES INCORPORATED 133,157 5,778 NATIONAL SEMICONDUCTOR CORPORATION 115,271 5,057 NETWORK APPLIANCE INCORPORATED+ 151,761 8,049 NIDEC CORPORATION ADR<< 246,702 21,774 NOKIA OYJ ADR 351,432 2,640 NOVELLUS SYSTEMS INCORPORATED+ 77,972 3,738 NVIDIA CORPORATION+ 108,365 8,837 OMRON CORPORATION 205,915 3,228 OPENWAVE SYSTEMS INCORPORATED+ 41,189 8,923 PIONEER CORPORATION<< 156,866 2,919 PLEXUS CORPORATION+ 30,941 5,906 PMC-SIERRA INCORPORATED+ 58,765 3,308 POLYCOM INCORPORATED+ 53,557 1,838 QLOGIC CORPORATION+<< 74,053 22,053 QUALCOMM INCORPORATED 796,334 2,291 RAMBUS INCORPORATED+ 40,253 6,449 RF MICRO DEVICES INCORPORATED+ 35,470 2,676 ROCKWELL COLLINS INCORPORATED 123,230 1,033 ROGERS CORPORATION+ 47,167 9,166 SANMINA-SCI CORPORATION+ 50,871 3,060 SCIENTIFIC-ATLANTA INCORPORATED 94,554 4,697 SKYWORKS SOLUTIONS INCORPORATED+ 34,100 15,732 SOLECTRON CORPORATION+ 77,873 8,457 SONY CORPORATION ADR 319,590 7,223 SPATIALIGHT INCORPORATED+<< 36,837 5,145 STMICROELECTRONICS NV NY SHARES<< 91,530 2,455 TDK CORPORATION ADR 177,619 12,925 TELEFONAKTIEBOLAGET LM ERICSSON ADR+<< 378,832 7,764 TELLABS INCORPORATED+ 55,047 23,073 TEXAS INSTRUMENTS INCORPORATED 610,742 3,260 THOMAS & BETTS CORPORATION+ 101,321 4,972 TRIQUINT SEMICONDUCTOR INCORPORATED+ 17,153 SHARES SECURITY NAME VALUE 12,401 VALENCE TECHNOLOGY INCORPORATED+<< $ 35,963 1,672 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 66,612 3,495 VISHAY INTERTECHNOLOGY INCORPORATED+ 45,610 4,886 XILINX INCORPORATED 147,557 2,306 ZORAN CORPORATION+ 24,697 19,765,824 ------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.35% 1,679 AFFYMETRIX INCORPORATED+<< 71,744 2,740 AMYLIN PHARMACEUTICALS INCORPORATED+ 58,691 2,936 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 32,619 5,870 AXONYX INCORPORATED+<< 9,685 2,103 CDI CORPORATION 43,763 2,668 CELGENE CORPORATION+<< 73,037 1,076 CEPHALON INCORPORATED+<< 52,799 4,056 CURAGEN CORPORATION+<< 22,430 3,089 ERESEARCH TECHNOLOGY INCORPORATED+ 48,096 1,732 FLUOR CORPORATION 108,683 1,255 GEN-PROBE INCORPORATED+<< 63,892 3,173 INCYTE CORPORATION+ 27,700 2,109 MOODY'S CORPORATION<< 176,966 2,504 NAVIGANT CONSULTING INCORPORATED+<< 64,478 4,611 PAYCHEX INCORPORATED 147,229 1,238 QUEST DIAGNOSTICS INCORPORATED<< 123,057 7,486 SERVICEMASTER COMPANY 99,489 2,409 TELIK INCORPORATED+ 45,482 1,269,840 ------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.29% 789 ALLIANT TECHSYSTEMS INCORPORATED+<< 54,622 2,626 BALL CORPORATION 116,594 2,407 CRANE COMPANY 71,728 2,089 FORTUNE BRANDS INCORPORATED 169,209 3,404 ILLINOIS TOOL WORKS INCORPORATED 305,509 7,087 MASCO CORPORATION<< 238,974 1,728 NCI BUILDING SYSTEMS INCORPORATED+<< 64,593 2,976 TASER INTERNATIONAL INCORPORATED+<< 38,718 1,059,947 ------------- FINANCIAL SERVICES - 0.02% 4,798 JANUS CAPITAL GROUP INCORPORATED 67,316 ------------- FOOD & KINDRED PRODUCTS - 2.21% 8,519 ANHEUSER-BUSCH COMPANIES INCORPORATED 404,227 9,296 ARCHER-DANIELS-MIDLAND COMPANY 224,034 12,373 CADBURY SCHWEPPES PLC ADR<< 490,837 4,028 CAMPBELL SOUP COMPANY 111,576 25,502 COCA-COLA COMPANY 1,091,486 3,950 COCA-COLA ENTERPRISES INCORPORATED 84,332 50,526 COMPASS GROUP PLC<< 243,732 7,216 CONAGRA FOODS INCORPORATED 197,141 4,730 DEL MONTE FOODS COMPANY+ 50,091 8,534 DIAGEO PLC ADR 488,742 43
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 2,904 FLOWERS FOODS INCORPORATED $ 87,120 3,476 GENERAL MILLS INCORPORATED 182,038 1,789 HANSEN NATURAL CORPORATION+ 78,304 4,579 HERCULES INCORPORATED+<< 65,663 2,802 HERSHEY FOODS CORPORATION 176,526 4,534 HJ HEINZ COMPANY 170,660 2,414 HORMEL FOODS CORPORATION 75,196 1,541 JM SMUCKER COMPANY 75,756 3,417 KELLOGG COMPANY 150,348 44,666 KIRIN BREWERY COMPANY LIMITED<< 458,273 3,456 KRAFT FOODS INCORPORATED CLASS A 115,603 2,696 MCCORMICK & COMPANY INCORPORATED 102,421 15,841 NESTLE SA ADR<< 1,102,920 3,393 PEPSI BOTTLING GROUP INCORPORATED 92,357 3,040 PEPSIAMERICAS INCORPORATED 69,160 21,736 PEPSICO INCORPORATED 1,170,701 11,098 SARA LEE CORPORATION 248,595 4,566 TYSON FOODS INCORPORATED CLASS A 77,713 1,985 WM WRIGLEY JR COMPANY 132,122 8,017,674 ------------- FOOD STORES - 0.58% 4,640 ALBERTSON'S INCORPORATED 103,890 11,692 COLES MYER LIMITED ADR<< 709,470 23,526 KONINKLIJKE AHOLD NV ADR+ 212,910 10,073 KROGER COMPANY+<< 181,213 6,230 STARBUCKS CORPORATION+ 322,776 26,562 TESCO PLC ADR<< 468,413 1,085 WHOLE FOODS MARKET INCORPORATED<< 111,560 2,064 WINN-DIXIE STORES INCORPORATED+<< 1,249 2,111,481 ------------- FORESTRY - 0.06% 3,153 WEYERHAEUSER COMPANY 211,030 ------------- FURNITURE & FIXTURES - 0.17% 1,524 ETHAN ALLEN INTERIORS INCORPORATED 53,553 2,550 HERMAN MILLER INCORPORATED 73,899 1,141 HILLENBRAND INDUSTRIES INCORPORATED 64,364 1,706 HNI CORPORATION 74,416 2,588 HOOKER FURNITURE CORPORATION 67,236 4,388 LEGGETT & PLATT INCORPORATED 121,416 4,709 NEWELL RUBBERMAID INCORPORATED 104,964 2,402 SELECT COMFORT CORPORATION+<< 49,481 609,329 ------------- GENERAL MERCHANDISE STORES - 0.54% 2,026 BJ'S WHOLESALE CLUB INCORPORATED+<< 61,935 5,368 DOLLAR GENERAL CORPORATION 113,963 2,528 FAMILY DOLLAR STORES INCORPORATED 83,222 2,458 FEDERATED DEPARTMENT STORES INCORPORATED 138,754 3,584 FOOT LOCKER INCORPORATED<< 97,843 2,317 FRED'S INCORPORATED 39,041 3,814 JC PENNEY COMPANY INCORPORATED 169,685 915 KMART HOLDING CORPORATION+<< 89,185 4,274 MAY DEPARTMENT STORES COMPANY 147,496 SHARES SECURITY NAME VALUE 3,487 SAKS INCORPORATED+ $ 52,968 3,136 SEARS ROEBUCK & COMPANY 156,580 12,037 TARGET CORPORATION 611,720 7,924 TJX COMPANIES INCORPORATED 193,504 1,955,896 ------------- HEALTH SERVICES - 0.47% 4,796 BIOGEN IDEC INCORPORATED+<< 185,365 7,207 CAREMARK RX INCORPORATED+ 275,884 1,598 CORVEL CORPORATION+ 35,635 2,344 DAVITA INCORPORATED+ 99,010 5,663 HCA INCORPORATED 267,350 4,141 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 95,119 4,530 HUMAN GENOME SCIENCES INCORPORATED+ 50,555 5,009 IMMUNOMEDICS INCORPORATED+<< 13,324 2,327 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 111,440 2,086 LINCARE HOLDINGS INCORPORATED+<< 84,650 2,338 MANOR CARE INCORPORATED 79,656 1,887 NEIGHBORCARE INCORPORATED+ 56,742 920 PEDIATRIX MEDICAL GROUP INCORPORATED+ 63,048 2,290 RENAL CARE GROUP INCORPORATED+ 90,226 7,402 TENET HEALTHCARE CORPORATION+<< 80,756 1,793 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 73,620 664 UNIVERSAL HEALTH SERVICES CLASS B 31,341 1,693,721 ------------- HOLDING & OTHER INVESTMENT OFFICES - 1.30% 2,495 4KIDS ENTERTAINMENT INCORPORATED+<< 48,752 7,594 ACADIA REALTY TRUST 120,745 1,625 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 108,842 2,688 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 102,843 4,366 ARCHSTONE-SMITH TRUST 147,702 1,819 AVALONBAY COMMUNITIES INCORPORATED 126,420 3,990 BEDFORD PROPERTY INVESTORS 93,007 3,124 CAPITAL TRUST INCORPORATED NY CLASS A 100,968 5,092 CEDAR SHOPPING CENTERS INCORPORATED 72,714 4,547 CORPORATE OFFICE PROPERTIES TRUST SBI MD 120,268 4,482 CORRECTIONAL PROPERTIES TRUST 117,787 3,160 DUKE REALTY CORPORATION 100,109 3,772 ENTERTAINMENT PROPERTIES TRUST 154,652 5,662 EQUITY OFFICE PROPERTIES TRUST 170,823 4,446 EQUITY RESIDENTIAL 145,873 5,036 FELCOR LODGING TRUST INCORPORATED+ 63,151 1,548 HEADWATERS INCORPORATED+<< 49,784 4,095 HERITAGE PROPERTY INVESTMENT TRUST 125,512 7,207 HOST MARRIOTT CORPORATION<< 115,168 4,034 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 77,654 2,509 ISTAR FINANCIAL INCORPORATED 106,607 3,322 KILROY REALTY CORPORATION 140,222 6,368 KRAMONT REALTY TRUST 148,438 3,527 LASALLE HOTEL PROPERTIES 106,304 44
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 4,027 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED $ 151,254 49,474 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 453,677 4,982 NATIONAL HEALTH INVESTORS INCORPORATED 129,432 2,606 PARKWAY PROPERTIES INCORPORATED 122,560 3,620 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 146,972 4,433 PLUM CREEK TIMBER COMPANY 166,459 5,191 RAIT INVESTMENT TRUST 139,378 4,080 RAMCO-GERSHENSON PROPERTIES 115,464 3,156 SAUL CENTERS INCORPORATED 108,882 2,518 SIMON PROPERTY GROUP INCORPORATED<< 156,015 3,061 SOVRAN SELF STORAGE INCORPORATED<< 125,287 5,152 TANGER FACTORY OUTLET CENTERS INCORPORATED 122,875 1,931 VORNADO REALTY TRUST<< 132,660 4,735,260 ------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.16% 4,690 BED BATH & BEYOND INCORPORATED+ 175,969 3,906 BEST BUY COMPANY INCORPORATED<< 211,002 4,236 CIRCUIT CITY STORES INCORPORATED 66,209 2,519 PIER 1 IMPORTS INCORPORATED 45,972 3,194 RADIO SHACK CORPORATION 94,414 593,566 ------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.29% 15,278 ACCOR SA ADR 358,842 3,386 EMPIRE RESORTS INCORPORATED+<< 38,245 7,033 HILTON HOTELS CORPORATION 148,115 1,221 MANDALAY RESORT GROUP 86,532 3,229 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 206,979 3,639 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 208,296 1,047,009 ------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.96% 9,679 3M COMPANY 812,455 2,679 AGCO CORPORATION+ 52,160 3,767 AMERICAN STANDARD COMPANIES INCORPORATED 172,529 11,280 APPLE COMPUTER INCORPORATED+ 506,021 22,275 APPLIED MATERIALS INCORPORATED+ 389,812 3,468 BAKER HUGHES INCORPORATED 163,967 1,514 BLACK & DECKER CORPORATION<< 125,541 1,379 BLACK BOX CORPORATION 53,712 7,352 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 45,582 2,789 BROOKS AUTOMATION INCORPORATED+ 50,509 4,596 CATERPILLAR INCORPORATED 436,850 1,353 CDW CORPORATION<< 77,757 SHARES SECURITY NAME VALUE 89,187 CISCO SYSTEMS INCORPORATED+ $ 1,553,638 989 COOPER CAMERON CORPORATION+ 57,055 3,323 DEERE & COMPANY 236,299 33,874 DELL INCORPORATED+ 1,358,009 1,150 DIEBOLD INCORPORATED 61,376 3,349 DOVER CORPORATION 129,506 32,509 EMC CORPORATION+ 411,564 3,579 EMULEX CORPORATION+ 60,485 1,046 EQUINIX INCORPORATED+ 45,804 3,592 FLOWSERVE CORPORATION+ 89,764 2,221 FMC TECHNOLOGIES INCORPORATED+ 76,713 8,015 GATEWAY INCORPORATED+ 37,671 4,020 GRANT PRIDECO INCORPORATED+ 97,123 3,294 HITACHI LIMITED ADR<< 208,510 7,944 JUNIPER NETWORKS INCORPORATED+<< 171,114 8,387 KOMATSU LIMITED ADR 252,209 2,778 LAM RESEARCH CORPORATION+<< 87,340 1,846 LEXMARK INTERNATIONAL INCORPORATED+ 147,920 3,176 LINDSAY MANUFACTURING COMPANY 73,810 30,923 MAKITA CORPORATION<< 590,939 33,725 NEC CORPORATION ADR 217,526 2,383 NORDSON CORPORATION 95,296 3,873 PALL CORPORATION 104,842 2,159 PALMONE INCORPORATED+<< 51,427 2,001 PARKER HANNIFIN CORPORATION 131,666 2,791 PITNEY BOWES INCORPORATED 127,995 2,972 SANDISK CORPORATION+ 79,887 5,562 SIEMENS AG<< 434,058 1,834 SMITH INTERNATIONAL INCORPORATED<< 117,853 1,519 SPX CORPORATION 67,626 2,191 STANLEY WORKS 101,334 2,627 STORAGE TECHNOLOGY CORPORATION+ 83,539 4,930 SYMBOL TECHNOLOGIES INCORPORATED<< 87,409 2,016 TENNANT COMPANY 79,229 1,903 TEREX CORPORATION+ 86,016 979 TORO COMPANY 84,889 1,248 TRANSACT TECHNOLOGIES INCORPORATED+ 22,202 2,779 VARIAN MEDICAL SYSTEMS INCORPORATED+ 99,849 1,361 ZEBRA TECHNOLOGIES CORPORATION CLASS A+<< 67,873 10,774,260 ------------- INSURANCE AGENTS, BROKERS & SERVICE - 0.34% 5,194 AON CORPORATION<< 127,305 3,383 HUMANA INCORPORATED+ 112,552 1,708 JEFFERSON-PILOT CORPORATION 83,624 1,969 LABONE INCORPORATED+<< 70,884 7,006 MARSH & MCLENNAN COMPANIES INCORPORATED 228,746 4,383 MEDCO HEALTH SOLUTIONS INCORPORATED+ 194,693 5,643 METLIFE INCORPORATED<< 231,589 2,062 NATIONAL FINANCIAL PARTNERS CORPORATION 81,449 5,282 UNUMPROVIDENT CORPORATION<< 89,371 1,220,213 ------------- 45
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) INSURANCE CARRIERS - 2.79% 2,226 AETNA INCORPORATED $ 325,041 6,801 AFLAC INCORPORATED 260,682 20,904 ALLIANZ AG ADR<< 263,390 2,047 ALLMERICA FINANCIAL CORPORATION+ 73,283 8,922 ALLSTATE CORPORATION 478,933 1,546 AMBAC FINANCIAL GROUP INCORPORATED 120,248 29,425 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,965,590 711 AMERICAN NATIONAL INSURANCE COMPANY 77,599 7,138 AXA ADR<< 191,441 2,517 CHUBB CORPORATION<< 199,120 2,010 CIGNA CORPORATION 182,508 2,758 CINCINNATI FINANCIAL CORPORATION<< 123,365 1,924 CNA FINANCIAL CORPORATION+ 55,354 3,156 FIDELITY NATIONAL FINANCIAL INCORPORATED 139,621 3,366 GENWORTH FINANCIAL INCORPORATED 94,787 4,054 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 291,685 2,382 HEALTH NET INCORPORATED+ 71,222 15,094 ING GROEP NV ADR 463,084 2,558 LINCOLN NATIONAL CORPORATION 119,842 2,305 LOEWS CORPORATION 164,300 2,345 MBIA INCORPORATED<< 137,417 1,458 MGIC INVESTMENT CORPORATION 91,475 5,165 MILLEA HOLDINGS INCORPORATED<< 378,956 3,987 OLD REPUBLIC INTERNATIONAL CORPORATION 95,648 1,677 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 106,456 1,392 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+<< 105,764 2,001 PMI GROUP INCORPORATED 80,540 4,592 PRINCIPAL FINANCIAL GROUP INCORPORATED 179,180 2,996 PROGRESSIVE CORPORATION 260,952 1,948 PROTECTIVE LIFE CORPORATION 77,842 7,388 PRUDENTIAL FINANCIAL INCORPORATED 421,116 1,791 RADIAN GROUP INCORPORATED 86,559 2,631 SAFECO CORPORATION 125,472 9,032 ST. PAUL COMPANIES INCORPORATED 346,106 772 STANCORP FINANCIAL GROUP INCORPORATED 67,233 3,810 SWISS REINSURANCE COMPANY ADR<< 280,486 1,835 TORCHMARK CORPORATION 95,622 9,166 UNITEDHEALTH GROUP INCORPORATED 835,573 1,916 UNITRIN INCORPORATED 89,822 4,120 WELLPOINT INCORPORATED+ 502,887 6,777 ZURICH FINANCIAL SERVICES AG ADR+<< 125,299 10,151,500 ------------- JUSTICE, PUBLIC ORDER & SAFETY - 0.04% 1,855 CORRECTIONS CORPORATION OF AMERICA+ 69,822 3,105 GEO GROUP INCORPORATED+ 89,145 158,967 ------------- LEATHER & LEATHER PRODUCTS - 0.05% 3,261 COACH INCORPORATED+ 181,083 ------------- SHARES SECURITY NAME VALUE LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.07% 4,950 GEORGIA-PACIFIC CORPORATION<< $ 177,260 2,078 SKYLINE CORPORATION 79,691 256,951 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC MEDICAL, & OPTICAL GOODS - 1.93% 2,040 ADVANCED MEDICAL OPTICS INCORPORATED+<< 77,418 1,790 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+<< 52,805 12,547 ADVANTEST CORPORATION ADR 271,015 7,195 AGILENT TECHNOLOGIES INCORPORATED+ 172,680 3,684 ALIGN TECHNOLOGY INCORPORATED+<< 27,888 1,831 ALLERGAN INCORPORATED<< 137,655 2,690 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 55,253 1,004 BAUSCH & LOMB INCORPORATED 71,073 8,480 BAXTER INTERNATIONAL INCORPORATED 302,397 1,187 BECKMAN COULTER INCORPORATED 83,624 3,856 BECTON DICKINSON & COMPANY 230,859 3,890 BIOMET INCORPORATED<< 164,236 9,243 BOSTON SCIENTIFIC CORPORATION+ 301,876 2,020 C.R. BARD INCORPORATED 134,330 958 COOPER COMPANIES INCORPORATED 78,891 4,276 CREDENCE SYSTEMS CORPORATION+<< 37,501 3,444 DANAHER CORPORATION 186,561 1,906 DENTSPLY INTERNATIONAL INCORPORATED<< 104,773 4,384 EASTMAN KODAK COMPANY<< 149,012 1,462 FARO TECHNOLOGIES INCORPORATED+<< 38,670 1,691 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 102,559 9,486 FUJI PHOTO FILM COMPANY LIMITED ADR 358,296 4,309 GUIDANT CORPORATION 316,238 15,891 MEDTRONIC INCORPORATED 828,239 2,203 MENTOR CORPORATION 76,268 836 MILLIPORE CORPORATION+ 37,837 2,892 NEWPORT CORPORATION+ 40,748 9,734 OLYMPUS CORPORATION ADR 214,682 3,801 PERKINELMER INCORPORATED 84,306 2,093 POSSIS MEDICAL INCORPORATED+ 19,716 6,117 RAYTHEON COMPANY 233,914 1,321 RESMED INCORPORATED+<< 77,873 2,547 RICOH COMPANY LIMITED ADR 237,640 3,330 ROCKWELL AUTOMATION INCORPORATED 206,959 5,155 ST. JUDE MEDICAL INCORPORATED+ 201,560 4,247 STRYKER CORPORATION 210,906 1,458 TECHNE CORPORATION+<< 49,703 2,130 TEKTRONIX INCORPORATED 61,600 3,703 TERADYNE INCORPORATED+<< 57,100 3,577 THERMO ELECTRON CORPORATION+ 98,224 10,895 THERMOGENESIS+ 59,487 2,458 TRIMBLE NAVIGATION LIMITED+ 88,537 2,409 WATERS CORPORATION+ 117,680 1,890 WRIGHT MEDICAL GROUP INCORPORATED+<< 48,176 46
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 12,243 XEROX CORPORATION+ $ 190,991 3,525 ZIMMER HOLDINGS INCORPORATED+<< 302,798 7,000,554 ------------- MEDICAL EQUIPMENT & SUPPLIES - 0.01% 2,298 WILSON GREATBATCH TECHNOLOGIES INCORPORATED+ 40,284 ------------- MEDICAL MANAGEMENT SERVICES - 0.01% 683 COVENTRY HEALTH CARE INCORPORATED+ 43,097 ------------- METAL MINING - 0.33% 3,141 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 131,357 5,864 NEWMONT MINING CORPORATION 263,997 1,555 PHELPS DODGE CORPORATION<< 165,530 3,864 RIO TINTO PLC ADR 547,026 1,226 SOUTHERN PERU COPPER CORPORATION<< 77,128 1,185,038 ------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.03% 2,159 VULCAN MATERIALS COMPANY 124,920 ------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.18% 3,121 CALLAWAY GOLF COMPANY 41,884 2,185 EATON CORPORATION 152,404 3,588 HASBRO INCORPORATED 75,779 40,813 HEWLETT-PACKARD COMPANY 848,910 1,478 ITT INDUSTRIES INCORPORATED 129,990 2,007 JAKKS PACIFIC INCORPORATED+ 39,678 38,344 JOHNSON & JOHNSON 2,515,366 6,165 MATTEL INCORPORATED 128,972 2,068 RC2 CORPORATION+<< 63,963 3,316 RUSS BERRIE AND COMPANY INCORPORATED<< 75,472 1,927 STEINWAY MUSICAL INSTRUMENTS+ 52,183 2,650 TIFFANY & COMPANY 79,898 2,488 YANKEE CANDLE COMPANY INCORPORATED 77,029 4,281,528 ------------- MISCELLANEOUS RETAIL - 1.11% 4,177 AMAZON.COM INCORPORATED+<< 146,947 2,201 BLAIR CORPORATION 72,193 2,622 CASH AMERICA INTERNATIONAL INCORPORATED 76,064 6,380 COSTCO WHOLESALE CORPORATION 297,244 5,664 CVS CORPORATION 282,237 2,614 DOLLAR TREE STORES INCORPORATED+<< 70,447 1,249 EXPRESS SCRIPTS INCORPORATED+<< 94,037 3,401 MICHAELS STORES INCORPORATED 108,458 5,826 OFFICE DEPOT INCORPORATED+ 112,150 3,522 PETSMART INCORPORATED 107,421 7,449 RITE AID CORPORATION+<< 26,072 8,059 STAPLES INCORPORATED 254,020 4,708 TOYS R US INCORPORATED+ 107,672 31,552 WAL-MART STORES INCORPORATED 1,628,399 SHARES SECURITY NAME VALUE 13,564 WALGREEN COMPANY $ 580,946 2,860 WORLD FUEL SERVICES CORPORATION 81,939 4,046,246 ------------- MISCELLANEOUS SERVICES - 0.07% 12,423 ADECCO SA ADR<< 170,195 1,381 D&B CORPORATION+<< 84,876 255,071 ------------- MOTION PICTURES - 0.61% 37,750 LIBERTY MEDIA CORPORATION CLASS A+ 382,785 2,502 MACROVISION CORPORATION+ 60,674 58,949 TIME WARNER INCORPORATED+<< 1,015,691 27,452 WALT DISNEY COMPANY 767,009 2,226,159 ------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.26% 2,351 ARKANSAS BEST CORPORATION 101,610 1,618 CNF INCORPORATED 74,218 1,750 FORWARD AIR CORPORATION 77,490 3,545 LANDSTAR SYSTEM INCORPORATED+<< 124,359 7,160 UNITED PARCEL SERVICE INCORPORATED CLASS B 554,828 932,505 ------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 1.20% 14,052 AMERICAN EXPRESS COMPANY 760,916 3,271 AMERICREDIT CORPORATION+ 77,065 3,260 APOLLO INVESTMENT CORPORATION+ 53,633 3,356 CAPITAL ONE FINANCIAL CORPORATION 257,338 3,600 CIT GROUP INCORPORATED 145,260 8,162 COUNTRYWIDE FINANCIAL CORPORATION 283,629 1,910 DORAL FINANCIAL CORPORATION<< 75,751 12,278 FANNIE MAE 717,772 1,575 FINANCIAL FEDERAL CORPORATION 53,676 8,750 FREDDIE MAC 542,500 15,562 MBNA CORPORATION 394,808 3,059 METRIS COMPANIES INCORPORATED+ 35,974 6,914 ORIX CORPORATION ADR 451,138 5,862 PROVIDIAN FINANCIAL CORPORATION+<< 100,533 6,252 SLM CORPORATION 305,098 388 STUDENT LOAN CORPORATION 76,552 1,725 WORLD ACCEPTANCE CORPORATION+ 47,093 4,378,736 ------------- OIL & GAS EXTRACTION - 2.21% 3,460 ANADARKO PETROLEUM CORPORATION 265,936 4,601 APACHE CORPORATION 289,311 28,822 BHP BILLITON LIMITED ADR 886,565 2,553 BJ SERVICES COMPANY 127,548 6,057 BURLINGTON RESOURCES INCORPORATED 300,609 2,051 CABOT OIL AND GAS CORPORATION 114,835 2,663 CAL DIVE INTERNATIONAL INCORPORATED+<< 135,227 1,223 CHENIERE ENERGY INCORPORATED+ 90,991 3,062 CIMAREX ENERGY COMPANY+<< 124,531 3,498 DENBURY RESOURCES INCORPORATED+ 118,827 7,021 DEVON ENERGY CORPORATION 328,513 47
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,741 DIAMOND OFFSHORE DRILLING INCORPORATED<< $ 86,179 2,296 ENCORE ACQUISITION COMPANY+ 97,695 5,330 ENI SPA ADR<< 698,230 2,544 ENSCO INTERNATIONAL INCORPORATED<< 102,472 1,797 EOG RESOURCES INCORPORATED 163,743 5,228 FX ENERGY INCORPORATED+<< 66,814 6,455 HALLIBURTON COMPANY 283,826 4,390 HANOVER COMPRESSOR COMPANY+ 58,124 1,904 KERR-MCGEE CORPORATION 147,865 1,496 NOBLE ENERGY INCORPORATED<< 101,189 5,528 OCCIDENTAL PETROLEUM CORPORATION 388,453 2,833 PIONEER NATURAL RESOURCES 119,468 2,956 PRIDE INTERNATIONAL INCORPORATED+ 72,777 13,899 REPSOL YPF SA ADR<< 379,860 2,136 ROWAN COMPANIES INCORPORATED+ 67,668 1,625 SEACOR SMIT INCORPORATED+ 102,294 8,504 SHELL TRANSPORT & TRADING COMPANY PLC ADR<< 482,262 1,773 SPINNAKER EXPLORATION COMPANY+ 63,580 2,164 ST. MARY LAND & EXPLORATION COMPANY 110,104 1,049 TIDEWATER INCORPORATED 43,292 8,245 TOTAL SA ADR<< 982,804 3,087 UNIT CORPORATION+ 141,323 3,543 UNOCAL CORPORATION 191,676 2,544 VARCO INTERNATIONAL INCORPORATED+ 95,934 4,874 XTO ENERGY INCORPORATED 221,864 8,052,389 ------------- PAPER & ALLIED PRODUCTS - 0.48% 1,291 BOWATER INCORPORATED 50,130 1,888 GREIF INCORPORATED CLASS A 121,965 6,687 INTERNATIONAL PAPER COMPANY 249,760 6,232 KIMBERLY-CLARK CORPORATION 411,187 4,317 MEADWESTVACO CORPORATION 135,381 188 NEENAH PAPER INCORPORATED 6,610 2,090 OFFICEMAX INCORPORATED 65,981 3,811 POPE & TALBOT INCORPORATED 61,738 16,867 STORA ENSO OYJ<< 256,547 1,086 TEMPLE-INLAND INCORPORATED 87,097 13,477 UPM-KYMMENE OYJ ADR<< 301,211 1,747,607 ------------- PERSONAL SERVICES - 0.13% 2,649 CINTAS CORPORATION 115,973 1,934 G & K SERVICES INCORPORATED CLASS A 82,988 2,094 H & R BLOCK INCORPORATED 111,610 1,676 REGIS CORPORATION 66,035 2,169 UNIFIRST CORPORATION 88,018 464,624 ------------- PETROLEUM REFINING & RELATED INDUSTRIES - 3.13% 1,244 AMERADA HESS CORPORATION<< 124,898 1,601 ASHLAND INCORPORATED 104,529 21,165 BP PLC ADR 1,374,032 27,536 CHEVRONTEXACO CORPORATION 1,709,435 SHARES SECURITY NAME VALUE 9,032 CONOCOPHILLIPS $ 1,001,558 84,333 EXXONMOBIL CORPORATION 5,339,122 2,388 FRONTIER OIL CORPORATION 76,559 4,995 MARATHON OIL CORPORATION 236,463 1,369 MURPHY OIL CORPORATION<< 136,955 11,501 ROYAL DUTCH PETROLEUM COMPANY 725,598 1,250 SUNOCO INCORPORATED<< 123,875 2,519 TESORO PETROLEUM CORPORATION+ 93,027 4,000 VALERO ENERGY CORPORATION 284,960 1,959 WD-40 COMPANY 64,177 11,395,188 ------------- PRIMARY METAL INDUSTRIES - 0.60% 12,252 ALCOA INCORPORATED 393,534 3,983 ALLEGHENY TECHNOLOGIES INCORPORATED 98,022 1,487 CARPENTER TECHNOLOGY CORPORATION 100,551 2,527 COMMSCOPE INCORPORATED+ 38,259 3,252 ENGELHARD CORPORATION 98,373 9,348 JOHNSON MATTHEY PLC ADR 364,170 12,728 KUBOTA CORPORATION ADR<< 350,529 1,817 LONE STAR TECHNOLOGIES INCORPORATED+ 82,328 2,205 MAVERICK TUBE CORPORATION+ 78,410 3,144 NUCOR CORPORATION 195,997 1,531 PRECISION CASTPARTS CORPORATION 115,223 2,398 STEEL DYNAMICS INCORPORATED 106,807 2,380 UNITED STATES STEEL CORPORATION 148,417 2,170,620 ------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.89% 3,536 BELO CORPORATION CLASS A 83,450 2,025 CONSOLIDATED GRAPHICS INCORPORATED+ 105,401 1,640 DOW JONES & COMPANY INCORPORATED 60,844 3,176 GANNETT COMPANY INCORPORATED 250,110 1,035 KNIGHT-RIDDER INCORPORATED 67,792 2,763 MCGRAW-HILL COMPANIES INCORPORATED 253,782 2,436 NEW YORK TIMES COMPANY CLASS A 89,304 17,500 PEARSON PLC<< 216,475 1,335 PULITZER INCORPORATED 85,013 5,291 READERS DIGEST ASSOCIATION INCORPORATED 91,534 10,294 REED ELSEVIER NV ADR<< 309,541 1,983 REYNOLDS & REYNOLDS COMPANY CLASS A 54,870 4,405 RR DONNELLEY & SONS COMPANY 146,290 7,481 TOPPAN PRINTING COMPANY LIMITED ADR 398,135 3,100 TRIBUNE COMPANY 126,263 2,350 VALASSIS COMMUNICATIONS INCORPORATED+ 87,913 19,600 VIACOM INCORPORATED CLASS B 684,040 125 WASHINGTON POST COMPANY CLASS B 112,250 3,223,007 ------------- RAILROAD TRANSPORTATION - 0.22% 4,843 BURLINGTON NORTHERN SANTA FE CORPORATION 243,458 3,198 CSX CORPORATION 132,109 3,831 KANSAS CITY SOUTHERN+<< 75,164 48
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 5,949 NORFOLK SOUTHERN CORPORATION $ 213,510 2,375 UNION PACIFIC CORPORATION 150,694 814,935 ------------- REAL ESTATE - 0.11% 4,244 CATELLUS DEVELOPMENT CORPORATION 117,177 2,007 CONSOLIDATED-TOMOKA LAND COMPANY 88,408 2,341 JONES LANG LASALLE INCORPORATED+ 100,593 1,767 NEW CENTURY FINANCIAL CORPORATION 89,622 746 PHH CORPORATION+ 15,666 411,466 ------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.19% 5,880 BRIDGESTONE CORPORATION 225,085 5,203 GOODYEAR TIRE & RUBBER COMPANY+<< 75,235 2,531 NIKE INCORPORATED CLASS B 220,070 1,952 SEALED AIR CORPORATION+ 102,031 3,602 TUPPERWARE CORPORATION 73,805 696,226 ------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.23% 1,717 AG EDWARDS INCORPORATED 74,020 11,451 AMVESCAP PLC ADR<< 150,924 1,271 BEAR STEARNS COMPANIES INCORPORATED 126,464 2,153 BKF CAPITAL GROUP INCORPORATED 88,811 825 BLACKROCK INCORPORATED 64,028 14,090 CHARLES SCHWAB CORPORATION 147,945 672 CHICAGO MERCANTILE EXCHANGE 138,849 10,363 CREDIT SUISSE GROUP ADR+ 450,790 6,532 E*TRADE FINANCIAL CORPORATION+ 86,680 1,887 FEDERATED INVESTORS INCORPORATED CLASS B 55,742 2,508 FRANKLIN RESOURCES INCORPORATED 176,037 3,996 GOLDMAN SACHS GROUP INCORPORATED 434,765 4,641 KNIGHT TRADING GROUP INCORPORATED+ 48,545 1,733 LEGG MASON INCORPORATED 139,749 3,550 LEHMAN BROTHERS HOLDINGS INCORPORATED 323,689 11,853 MERRILL LYNCH & COMPANY INCORPORATED 694,349 13,995 MORGAN STANLEY 790,298 19,217 NOMURA HOLDINGS INCORPORATED ADR<< 266,155 1,287 PIPER JAFFRAY COMPANIES INCORPORATED+ 50,901 2,304 STIFEL FINANCIAL CORPORATION+ 49,536 2,070 T ROWE PRICE GROUP INCORPORATED 127,077 4,485,354 ------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.50% 1,257 CABOT MICROELECTRONICS CORPORATION+<< 40,840 19,665 CORNING INCORPORATED+ 225,558 2,278 GENTEX CORPORATION 77,247 9,430 HANSON PLC ADR 459,241 17,878 HOLCIM LIMITED ADR 595,162 16,261 LAFARGE SA ADR<< 424,087 1,822,135 ------------- SHARES SECURITY NAME VALUE TEXTILE MILL PRODUCTS - 0.04% 995 MOHAWK INDUSTRIES INCORPORATED+ $ 89,291 2,012 OXFORD INDUSTRIES INCORPORATED 71,145 160,436 ------------- TOBACCO PRODUCTS - 0.72% 26,717 ALTRIA GROUP INCORPORATED 1,753,971 11,385 BRITISH AMERICAN TOBACCO PLC ADR 418,740 2,043 REYNOLDS AMERICAN INCORPORATED 167,424 1,273 UNIVERSAL CORPORATION 63,905 2,570 UST INCORPORATED 140,450 3,663 VECTOR GROUP LIMITED<< 61,172 2,605,662 ------------- TRANSPORTATION BY AIR - 0.36% 5,054 AMR CORPORATION+<< 42,909 36,059 BAA PLC ADR<< 422,190 5,889 DELTA AIR LINES INCORPORATED+<< 27,325 4,015 FEDEX CORPORATION 392,587 16,191 JAPAN AIRLINES SYSTEM ADR+ 244,529 4,377 NORTHWEST AIRLINES CORPORATION+<< 30,770 12,058 SOUTHWEST AIRLINES COMPANY 167,003 1,327,313 ------------- TRANSPORTATION EQUIPMENT - 1.82% 14,031 BAE SYSTEMS PLC ADR 276,680 11,091 BOEING COMPANY 609,672 2,607 CLARCOR INCORPORATED 144,089 5,674 DAIMLERCHRYSLER AG<< 261,571 4,741 DANA CORPORATION 68,365 9,033 DELPHI CORPORATION 62,057 2,817 EXIDE TECHNOLOGIES+ 41,551 38,680 FIAT SPA ADR<< 287,779 23,920 FORD MOTOR COMPANY 302,588 2,370 GENERAL DYNAMICS CORPORATION 249,680 5,302 GENERAL MOTORS CORPORATION<< 189,122 3,653 GENUINE PARTS COMPANY 158,102 2,181 GOODRICH CORPORATION 80,762 2,270 GREENBRIER COMPANIES INCORPORATED 61,358 2,009 GROUP 1 AUTOMOTIVE INCORPORATED+ 55,549 4,279 HARLEY-DAVIDSON INCORPORATED 264,785 3,633 HEICO CORPORATION 82,215 12,803 HONDA MOTOR COMPANY LIMITED ADR 343,761 11,732 HONEYWELL INTERNATIONAL INCORPORATED 445,464 2,752 JOHNSON CONTROLS INCORPORATED 162,643 1,235 LEAR CORPORATION 64,405 4,711 LOCKHEED MARTIN CORPORATION 278,985 1,482 NAVISTAR INTERNATIONAL CORPORATION+<< 58,480 4,406 NORTHROP GRUMMAN CORPORATION 233,077 2,839 PACCAR INCORPORATED 213,663 3,936 TENNECO AUTOMOTIVE INCORPORATED+ 59,788 1,829 TEXTRON INCORPORATED 141,473 9,357 TOYOTA MOTOR CORPORATION ADR 727,788 1,763 TRIUMPH GROUP INCORPORATED+ 65,531 6,442 UNITED TECHNOLOGIES CORPORATION 643,427 6,634,410 ------------- 49
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2020 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Enlarge/Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) TRANSPORTATION SERVICES - 0.07% 2,317 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED $ 128,617 2,550 GATX CORPORATION 76,449 2,878 SABRE HOLDINGS CORPORATION 60,668 265,734 ------------- WATER TRANSPORTATION - 0.06% 2,804 ALEXANDER & BALDWIN INCORPORATED 127,302 1,980 KIRBY CORPORATION+ 87,615 214,917 ------------- WHOLESALE TRADE NON-DURABLE GOODS - 0.60% 1,413 AMERISOURCE-BERGEN CORPORATION 84,639 718 BROWN-FORMAN CORPORATION CLASS B 36,546 5,984 CARDINAL HEALTH INCORPORATED 350,363 2,805 DEAN FOODS COMPANY+ 96,913 2,031 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 58,919 4,257 MCKESSON CORPORATION 158,957 5,838 SAFEWAY INCORPORATED+ 107,419 5,516 SMURFIT-STONE CONTAINER CORPORATION+<< 91,731 2,577 SUPERVALU INCORPORATED 81,871 8,862 SYSCO CORPORATION 305,030 1,748 TRACTOR SUPPLY COMPANY+ 74,447 6,257 UNILEVER NV<< 418,531 8,224 UNILEVER PLC ADR<< 319,174 2,184,540 ------------- WHOLESALE TRADE-DURABLE GOODS - 0.64% 2,732 ARROW ELECTRONICS INCORPORATED+ 73,491 3,128 AVNET INCORPORATED+<< 60,683 3,238 CYTYC CORPORATION+ 73,826 2,788 INTAC INTERNATIONAL+<< 48,149 2,541 KYOCERA CORPORATION ADR 189,559 15,111 MITSUBISHI CORPORATION ADR 412,969 2,212 MITSUI & COMPANY LIMITED ADR 455,539 10,708 NISSAN MOTOR COMPANY LIMITED ADR<< 229,472 2,165 OMNICARE INCORPORATED 74,671 2,760 PEP BOYS-MANNY, MOE & JACK<< 49,901 2,983 SCP POOL CORPORATION 101,541 44,760 SUMITOMO MITSUI FINANCIAL 311,606 4,535 SYCAMORE NETWORKS INCORPORATED+ 16,281 1,454 TECH DATA CORPORATION+<< 59,599 5,887 VISTEON CORPORATION 39,502 1,886 W.W. GRAINGER INCORPORATED 118,403 2,315,192 ------------- TOTAL COMMON STOCK (COST $207,547,809) 238,488,874 ------------- INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE US TREASURY SECURITIES - 33.29% US TREASURY NOTES - 33.29% $34,650,000 US TREASURY NOTE<< 2.63 05/15/2008 $ 33,441,304 3,510,000 US TREASURY NOTE<< 5.63 05/15/2008 3,703,187 11,495,000 US TREASURY NOTE<< 3.13 09/15/2008 11,223,787 1,000,000 US TREASURY NOTE<< 4.75 11/15/2008 1,030,977 14,780,000 US TREASURY NOTE<< 3.38 12/15/2008 14,522,503 17,390,000 US TREASURY NOTE<< 2.63 03/15/2009 16,573,487 26,000,000 US TREASURY NOTE<< 4.00 06/15/2009 26,065,000 1,270,000 US TREASURY NOTE<< 6.00 08/15/2009 1,375,519 9,700,000 US TREASURY NOTE<< 3.38 09/15/2009 9,456,744 3,700,000 US TREASURY NOTE<< 3.50 11/15/2009 3,624,409 121,016,917 ------------- TOTAL US TREASURY SECURITIES (COST $122,676,342) 121,016,917 ------------- SHARES COLLATERAL FOR SECURITIES LENDING - 46.58% COLLATERAL INVESTED IN MONEY MARKET FUNDS - 3.10% 1,566,000 EVERGREEN FUNDS - INSTITUTIONAL MONEY MARKET FUND 1,566,000 4,000,000 DEUTSCHE SCUDDER INSTITUTIONAL FUND 4,000,000 5,719,905 SHORT TERM INVESTMENTS COMPANY LIQUID ASSETS PORTFOLIO 5,719,905 11,285,905 ------------- PRINCIPAL PRINCIPAL COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS - 43.48% 3,132,000 BELFORD US CAPITAL COMPANY FLOATING RATE NOTE 2.59 06/21/05 3,131,843 940,000 BETA FINANCE INCORPORATED MEDIUM TERM NOTE 2.66 06/02/06 940,085 1,566,000 CC USA INCORPORATED MEDIUM TERM NOTE 2.74 07/05/05 1,566,861 940,000 DEUTSCHE BANK CERTIFICATE OF DEPOSIT 2.78 11/10/05 933,044 1,253,000 K2 USA LLC FLOATING RATE NOTE 2.65 07/24/06 1,252,987 1,566,000 LEHMAN BROTHERS HOLDINGS MEDIUM TERM NOTE 2.82 12/23/05 1,566,987 3,132,000 LINKS FINANCE LLC FLOATING RATE NOTE 2.58 03/15/06 3,131,374 50
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2020 FUND -------------------------------------------------------------------------------- [Enlarge/Download Table] INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS (CONTINUED) $ 1,879,000 LIQUID FUNDING LIMITED FLOATING RATE CD 2.66 03/29/05 $ 1,875,223 1,566,000 LIQUID FUNDING LIMITED FLOATING RATE CD 2.65 03/31/05 1,566,000 2,192,000 LIQUID FUNDING LIMITED FLOATING RATE CD 2.65 06/01/05 2,192,000 1,253,000 MORGAN STANLEY SENIOR NOTE SERIES EXL 2.59 08/13/10 1,252,962 3,132,000 MORGAN STANLEY CPDN 2.71 04/22/05 3,119,785 3,132,000 NATEXIS BANQUE NY DEPOSIT NOTE 2.73 06/09/05 3,121,978 3,132,000 RACERS TRUST 2004-6-MM 2.60 05/20/05 3,133,190 3,132,000 SECURITY LIFE OF DENVER FUNDING AGREEMENT 2.76 06/03/05 3,132,000 3,132,000 TANGO FINANCIAL CORPORATION MEDIUM TERM NOTE 2.65 10/25/06 3,131,342 1,566,000 TRAVELERS INSURANCE FUNDING AGREEMENT 2.67 02/10/06 1,565,969 8,000,000 BLUE RIDGE ASSET FUNDING 2.60 03/01/05 8,000,000 4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/08/05 4,000,000 3,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/07/06 2,901,390 8,000,000 LEGACY CAPITAL CORPORATION 2.83 05/17/05 7,952,080 8,000,000 LEHMAN BROTHERS HOLDINGS FLOATING RATE CD 2.56 08/16/05 8,000,000 INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE $ 7,549,000 LIBERTY LIGHTHOUSE FDG 2.56 03/04/05 $ 7,547,415 5,000,000 PICAROS FUNDING LLC CPDN 2.54 03/01/05 5,000,000 8,078,000 TRANSAMERICA ASSET FUNDING COMMERCIAL PAPER 2.54 03/08/05 8,074,042 59,000,000 MORGAN STANLEY AGENCY MORTGAGE REPURCHASE AGREEMENT 2.63 03/01/05 59,000,000 11,000,000 BEAR STEARNS AND COMPANY AGENCY MORTGAGE REPURCHASE AGREEMENT 2.64 03/01/05 11,000,000 158,088,557 ------------- TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $169,374,462) 169,374,462 ------------- SHORT-TERM INVESTMENTS - 0.71% US TREASURY BILLS - 0.71% 2,591,000 US TREASURY BILL^<< 2.39 03/17/2005 2,588,400 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $2,588,400) 2,588,400 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $502,187,013)* 146.17% $ 531,468,653 OTHER ASSETS AND LIABILITIES, NET (46.17) (167,883,265) ------ ------------- TOTAL NET ASSETS 100.00% $ 363,585,388 ------ ------------- + NON-INCOME EARNING SECURITIES. ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2) ** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $4,570,475. THE TOTAL COLLATERAL RECEIVED REPRESENTS 102.71% OF THE VALUE OF THE PORTFOLIO SECURITIES LOANED. * COST FOR FEDERAL INCOME TAX PURPOSES IS $505,753,292 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $44,448,942 GROSS UNREALIZED DEPRECIATION (18,733,581) ----------- NET UNREALIZED APPRECIATION (DEPRECIATION) $25,715,361 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 51
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - 79.38% AMUSEMENT & RECREATION SERVICES - 0.21% 4,957 CAESARS ENTERTAINMENT INCORPORATED+ $ 99,437 3,530 GAYLORD ENTERTAINMENT COMPANY+ 151,084 985 HARRAH'S ENTERTAINMENT INCORPORATED 64,606 4,710 INTERNATIONAL GAME TECHNOLOGY 143,467 458,594 ------------- APPAREL & ACCESSORY STORES - 0.39% 1,741 ABERCROMBIE & FITCH COMPANY CLASS A 93,491 4,464 CHICO'S FAS INCORPORATED+ 131,465 7,245 GAP INCORPORATED 154,536 3,009 KOHL'S CORPORATION+ 144,041 4,601 LIMITED BRANDS 109,412 2,067 NORDSTROM INCORPORATED 111,122 3,966 PAYLESS SHOESOURCE INCORPORATED+ 46,481 2,595 ROSS STORES INCORPORATED 72,660 863,208 ------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.50% 14,637 BENETTON GROUP SPA ADR<< 359,631 1,992 JONES APPAREL GROUP INCORPORATED 63,286 2,026 LIZ CLAIBORNE INCORPORATED 85,700 1,770 VF CORPORATION 105,775 8,516 WACOAL CORPORATION ADR<< 505,425 1,119,817 ------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.08% 3,123 AUTONATION INCORPORATED+ 60,992 380 AUTOZONE INCORPORATED+<< 36,822 2,755 CARMAX INCORPORATED+<< 90,915 188,729 ------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.52% 1,725 CENTEX CORPORATION 109,693 3,480 D.R. HORTON INCORPORATED 152,285 667 KB HOME 83,241 1,780 LENNAR CORPORATION CLASS A<< 108,259 1,533 PULTE HOMES INCORPORATED 119,605 30,777 SEKISUI HOUSE LIMITED<< 340,277 7,794 VIVENDI UNIVERSAL SA ADR+<< 246,758 1,160,118 ------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.68% 1,183 FASTENAL COMPANY 69,158 22,863 HOME DEPOT INCORPORATED 914,977 8,035 LOWE'S COMPANIES INCORPORATED 472,298 1,547 SHERWIN-WILLIAMS COMPANY 68,532 1,524,965 ------------- BUSINESS SERVICES - 4.58% 6,723 3COM CORPORATION+ 24,068 2,781 ADOBE SYSTEMS INCORPORATED 171,727 SHARES SECURITY NAME VALUE 1,414 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< $ 73,104 1,332 ARBITRON INCORPORATED 54,013 3,176 ARIBA INCORPORATED+ 28,933 4,018 AUTODESK INCORPORATED 119,415 5,861 AUTOMATIC DATA PROCESSING INCORPORATED 251,789 5,783 BEA SYSTEMS INCORPORATED+<< 47,999 3,687 BMC SOFTWARE INCORPORATED+<< 55,121 3,999 CADENCE DESIGN SYSTEMS INCORPORATED+ 55,106 11,443 CENDANT CORPORATION 253,119 2,625 CERIDIAN CORPORATION+ 47,906 1,955 CERTEGY INCORPORATED<< 69,657 1,569 CHOICEPOINT INCORPORATED+ 63,231 3,134 CITRIX SYSTEMS INCORPORATED+ 70,515 2,433 COGNEX CORPORATION 67,394 5,501 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 149,022 2,017 COMPUTER SCIENCES CORPORATION+ 93,246 7,354 COMPUWARE CORPORATION+ 49,713 2,193 CONVERGYS CORPORATION+<< 32,873 2,152 CSK CORPORATION 95,118 1,677 DELUXE CORPORATION 65,470 5,518 DOUBLECLICK INCORPORATED+ 42,985 1,144 DST SYSTEMS INCORPORATED+<< 54,329 11,814 EBAY INCORPORATED+ 506,112 7,391 ECHELON CORPORATION+ 51,515 4,048 EFUNDS CORPORATION+ 90,027 3,522 ELECTRONIC ARTS INCORPORATED+<< 227,134 5,689 ELECTRONIC DATA SYSTEMS CORPORATION 121,176 2,898 ELECTRONICS FOR IMAGING INCORPORATED+ 48,020 1,913 EQUIFAX INCORPORATED 58,136 1,970 FAIR ISAAC CORPORATION 66,586 2,021 FILENET CORPORATION+ 47,332 8,777 FIRST DATA CORPORATION 360,032 2,173 FISERV INCORPORATED+ 82,444 3,159 IMS HEALTH INCORPORATED 76,922 1 INFOSPACE INCORPORATED+ 29 5,877 INTERNET CAPITAL GROUP INCORPORATED+ 48,897 4,877 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 64,084 1,917 INTUIT INCORPORATED+ 82,048 4,224 KEANE INCORPORATED+ 55,926 1,699 MACROMEDIA INCORPORATED+ 57,579 1,714 MANPOWER INCORPORATED 74,902 2,855 MCAFEE INCORPORATED+ 66,036 4,970 MENTOR GRAPHICS CORPORATION+<< 68,487 1,543 MERCURY INTERACTIVE CORPORATION+<< 70,793 93,412 MICROSOFT CORPORATION 2,352,114 2,420 MONSTER WORLDWIDE INCORPORATED+ 69,817 6,137 MPS GROUP INCORPORATED+ 65,911 4,145 NCR CORPORATION+ 161,613 2,107 NDCHEALTH CORPORATION 32,680 7,552 NOVELL INCORPORATED+ 39,572 1,781 OMNICOM GROUP INCORPORATED 162,196 38,405 ORACLE CORPORATION+ 495,809 10,280 PARAMETRIC TECHNOLOGY CORPORATION+ 59,110 8,085 REALNETWORKS INCORPORATED+ 50,612 52
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,823 RED HAT INCORPORATED+<< $ 43,812 11,638 RENTOKIL INITIAL PLC ADR 177,610 3,113 REUTERS GROUP PLC ADR 147,214 ROBERT HALF INTERNATIONAL 3,568 INCORPORATED 104,079 2,728 RSA SECURITY INCORPORATED+ 44,575 5,033 SAP AG<< 204,088 6,631 SIEBEL SYSTEMS INCORPORATED+ 56,562 33,570 SUN MICROSYSTEMS INCORPORATED+<< 141,665 3,514 SUNGARD DATA SYSTEMS INCORPORATED+ 91,750 2,883 SYBASE INCORPORATED+ 54,316 7,324 SYMANTEC CORPORATION+<< 161,201 2,219 SYNOPSYS INCORPORATED+<< 40,164 1,603 TOTAL SYSTEM SERVICES INCORPORATED 38,520 4,309 UNISYS CORPORATION+ 33,093 3,743 VERISIGN INCORPORATED+<< 102,633 4,987 VERITAS SOFTWARE CORPORATION+ 120,785 2,952 VIAD CORPORATION 79,704 1,619 WEBSENSE INCORPORATED+ 96,897 3,657 WPP GROUP PLC ADR<< 210,277 13,350 YAHOO! INCORPORATED+ 430,804 10,229,253 ------------- CHEMICALS & ALLIED PRODUCTS - 7.73% 16,043 ABBOTT LABORATORIES 737,818 1,871 AIR PRODUCTS & CHEMICALS INCORPORATED 117,162 4,923 AKZO NOBEL NV ADR 221,978 1,438 ALBERTO-CULVER COMPANY CLASS B 75,164 13,285 AMGEN INCORPORATED+ 818,489 8,964 ASTRAZENECA PLC ADR<< 356,229 757 AVERY DENNISON CORPORATION 45,950 5,790 AVON PRODUCTS INCORPORATED 247,638 1,323 BARR LABORATORIES INCORPORATED+ 63,160 18,679 BRISTOL-MYERS SQUIBB COMPANY 467,535 1,988 CABOT CORPORATION 69,182 1,811 CHIRON CORPORATION+<< 64,435 8,214 CIBA SPECIALTY CHEMICALS 293,404 5,372 COLGATE PALMOLIVE COMPANY 284,286 8,053 CROMPTON CORPORATION 110,326 9,310 DISCOVERY LABORATORIES INCORPORATED+<< 54,650 9,716 DOW CHEMICAL COMPANY 535,837 9,429 DU PONT (E.I.) DE NEMOURS & COMPANY 502,566 1,400 EASTMAN CHEMICAL COMPANY<< 80,836 2,656 ECOLAB INCORPORATED<< 84,222 5,341 EISAI COMPANY LIMITED ADR<< 180,790 9,541 ELI LILLY & COMPANY 534,296 1,857 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 81,671 3,964 FOREST LABORATORIES INCORPORATED+<< 169,263 5,229 GENENTECH INCORPORATED+ 246,809 3,045 GENZYME CORPORATION+ 170,794 5,784 GILEAD SCIENCES INCORPORATED+ 199,837 11,250 GILLETTE COMPANY 565,312 13,159 GLAXOSMITHKLINE PLC ADR<< 634,527 2,581 HOSPIRA INCORPORATED+ 76,398 1,179 IDEXX LABORATORIES INCORPORATED+ 65,376 1,245 IMCLONE SYSTEMS INCORPORATED+<< 55,104 SHARES SECURITY NAME VALUE 15,075 INKINE PHARMACEUTICAL COMPANY INCORPORATED+ $ 55,627 2,370 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 97,857 3,299 IVAX CORPORATION+<< 52,751 3,652 KING PHARMACEUTICALS INCORPORATED+ 34,877 1,497 LUBRIZOL CORPORATION 63,817 5,762 LYONDELL CHEMICAL COMPANY 195,044 3,769 MEDIMMUNE INCORPORATED+<< 90,757 21,784 MERCK & COMPANY INCORPORATED 690,553 6,277 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 53,982 3,528 MONSANTO COMPANY 207,376 4,504 MOSAIC COMPANY+<< 74,136 3,419 MYLAN LABORATORIES INCORPORATED<< 60,174 11,516 NOVARTIS AG ADR 575,455 3,612 NOVO NORDISK A/S ADR<< 202,453 5,176 OLIN CORPORATION<< 129,141 1,497 OSI PHARMACEUTICALS INCORPORATED+ 81,781 76,988 PFIZER INCORPORATED 2,024,015 19,845 PHARMOS CORPORATION+ 14,090 1,329 PPG INDUSTRIES INCORPORATED 95,622 3,165 PRAXAIR INCORPORATED 141,887 26,040 PROCTER & GAMBLE COMPANY 1,382,464 8,298 ROCHE HOLDING AG ADR 438,905 1,611 ROHM & HAAS COMPANY 77,602 8,957 SANOFI-AVENTIS ADR<< 357,474 14,887 SCHERING-PLOUGH CORPORATION 282,109 1,907 SEPRACOR INCORPORATED+<< 122,944 15,435 SHISEIDO COMPANY LIMITED<< 210,763 848 SIGMA-ALDRICH CORPORATION 52,245 19,315 SYNGENTA AG ADR+ 435,746 4,493 TANOX INCORPORATED+ 50,007 2,508 VALEANT PHARMACEUTICALS INTERNATIONAL 60,819 1,055 VALSPAR CORPORATION 48,688 1,315 WATSON PHARMACEUTICALS INCORPORATED+ 41,738 13,611 WYETH 555,601 17,269,544 ------------- COAL MINING - 0.14% 3,341 MASSEY ENERGY COMPANY<< 145,601 3,482 PENN VIRGINIA CORPORATION 170,061 315,662 ------------- COMMUNICATIONS - 4.17% 1,791 ADTRAN INCORPORATED 33,510 3,539 ALLTEL CORPORATION<< 202,431 5,643 AMERICAN TOWER CORPORATION CLASS A+103,436 1,841 ANIXTER INTERNATIONAL INCORPORATED+69,111 8,755 AT&T CORPORATION 170,110 6,664 AVAYA INCORPORATED+ 93,296 19,027 BELLSOUTH CORPORATION 490,897 3,281 BRITISH SKY BROADCASTING GROUP PLC ADR<< 143,084 7,075 BT GROUP PLC ADR 284,910 3,524 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 109,455 2,049 CENTURYTEL INCORPORATED 68,928 53
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 9,554 CINCINNATI BELL INCORPORATED+<< $ 42,038 5,017 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 166,966 23,694 COMCAST CORPORATION CLASS A+<< 771,240 16,227 DEUTSCHE TELEKOM AG ADR+<< 338,657 8,974 DIRECTV GROUP INCORPORATED+ 134,700 4,329 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+<< 128,788 7,542 FRANCE TELECOM SA ADR<< 227,693 1,305 GLOBAL PAYMENTS INCORPORATED 72,454 3,859 HEARST-ARGYLE TELEVISION INCORPORATED 94,893 4,029 IAC INTERACTIVECORP+<< 90,652 2,881 LAGARDERE SCA ADR 226,004 2,717 LIBERTY MEDIA INTERNATIONAL INCORPORATED CLASS A+<< 117,456 12,267 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+<< 361,018 9,344 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR<< 202,484 1,663 NTL INCORPORATED+<< 107,912 13,214 NTT DOCOMO INCORPORATED ADR 223,977 4,520 REED ELSEVIER PLC ADR<< 184,642 33,614 SBC COMMUNICATIONS INCORPORATED 808,417 16,882 SPRINT CORPORATION-FON GROUP<< 399,766 8,392 TDC A/S ADR<< 188,233 10,533 TELEFONICA SA ADR 580,895 1,139 TELEPHONE & DATA SYSTEMS INCORPORATED 99,662 29,253 VERIZON COMMUNICATIONS INCORPORATED 1,052,230 35,032 VODAFONE GROUP PLC ADR<< 920,991 9,310,936 ------------- DEPOSITORY INSTITUTIONS - 9.20% 12,410 ABN AMRO HOLDING NV ADR<< 342,268 6,058 ALLIED IRISH BANKS PLC ADR 258,979 4,395 AMSOUTH BANCORPORATION 109,787 3,973 ASSOCIATED BANC-CORP 127,374 29,036 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 502,032 35,334 BANCO SANTANDER CENTRAL HISPANO SA ADR 434,608 42,094 BANK OF AMERICA CORPORATION 1,963,685 2,277 BANK OF HAWAII CORPORATION 103,649 8,511 BANK OF NEW YORK COMPANY INCORPORATED 257,458 2,608 BANKNORTH GROUP INCORPORATED 94,123 10,738 BARCLAYS PLC ADR 471,935 7,151 BAYERISCHE HYPO-UND VEREINSBANK AG ADR+ 173,892 5,432 BB&T CORPORATION 212,663 8,172 BERKSHIRE HILLS BANCORP INCORPORATED 284,631 10,880 BNP PARIBAS SA ADR<< 395,699 4,785 CHITTENDEN CORPORATION 127,185 52,506 CITIGROUP INCORPORATED 2,505,586 1,112 CITY NATIONAL CORPORATION 76,116 1,664 COMERICA INCORPORATED<< 94,981 1,480 COMMERCE BANCSHARES INCORPORATED 69,871 SHARES SECURITY NAME VALUE 4,949 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED $ 106,898 5,058 COMMERCIAL FEDERAL CORPORATION 138,235 5,849 COMMUNITY BANK SYSTEM INCORPORATED 137,218 2,548 COMPASS BANCSHARES INCORPORATED 115,705 3,788 DEUTSCHE BANK AG<< 332,965 1,517 DOWNEY FINANCIAL CORPORATION 95,040 4,242 FIFTH THIRD BANCORP<< 189,914 1,373 FIRST HORIZON NATIONAL CORPORATION 58,421 2,236 FIRSTFED FINANCIAL CORPORATION+ 114,260 1,763 GOLDEN WEST FINANCIAL CORPORATION<< 109,112 8,508 HBOS PLC ADR 407,468 3,733 HIBERNIA CORPORATION CLASS A 95,826 9,179 HSBC HOLDINGS PLC ADR<< 766,355 3,480 HUNTINGTON BANCSHARES INCORPORATED 78,370 5,454 HYPO REAL ESTATE HOLDING AG ADR+ 222,032 4,550 IBERIABANK CORPORATION 267,722 36,319 JP MORGAN CHASE & COMPANY 1,327,459 4,109 KEYCORP 135,597 9,604 LLOYDS TSB GROUP PLC ADR+ 365,912 750 M&T BANK CORPORATION 74,257 2,753 MARSHALL & ILSLEY CORPORATION 111,469 3,708 MELLON FINANCIAL CORPORATION 106,345 1,778 MERCANTILE BANKSHARES CORPORATION 86,429 3,289 NATIONAL AUSTRALIA BANK LIMITED ADR<< 375,604 62,549 NATIONAL BANK OF GREECE SA ADR<< 478,500 5,947 NATIONAL CITY CORPORATION 212,724 3,395 NEW YORK COMMUNITY BANCORP INCORPORATED 62,332 5,981 NORTH FORK BANCORPORATION INCORPORATED 172,313 2,505 NORTHERN TRUST CORPORATION 105,836 1,091 PARK NATIONAL CORPORATION 129,294 5,033 PENNROCK FINANCIAL SERVICES CORPORATION 181,943 1,826 PNC FINANCIAL SERVICES GROUP 96,121 5,438 POPULAR INCORPORATED 144,053 5,363 REGIONS FINANCIAL CORPORATION 173,010 11,070 SAN PAOLO-IMI SPA 323,023 4,039 SKY FINANCIAL GROUP INCORPORATED 112,365 15,886 SOCIETE GENERALE 336,537 3,045 STATE STREET CORPORATION 133,523 2,358 SUNTRUST BANKS INCORPORATED 170,814 4,125 SYNOVUS FINANCIAL CORPORATION 112,035 2,581 TCF FINANCIAL CORPORATION 71,365 4,753 TRUSTMARK CORPORATION 130,803 20,810 US BANCORP 619,098 4,423 VALLEY NATIONAL BANCORP 114,954 16,529 WACHOVIA CORPORATION 876,202 5,275 WASHINGTON FEDERAL INCORPORATED<< 125,281 6,859 WASHINGTON MUTUAL INCORPORATED<< 287,804 1,067 WEBSTER FINANCIAL CORPORATION 46,735 7,339 WESTPAC BANKING CORPORATION ADR<< 556,883 2,570 WILMINGTON TRUST CORPORATION 87,097 3,748 WINTRUST FINANCIAL CORPORATION 201,118 872 ZIONS BANCORPORATION 57,639 20,544,537 ------------- 54
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) EATING & DRINKING PLACES - 0.48% 1,549 BRINKER INTERNATIONAL INCORPORATED+ $ 58,645 3,483 CHEESECAKE FACTORY INCORPORATED+<< 118,526 2,867 DARDEN RESTAURANTS INCORPORATED<< 76,836 3,331 JACK IN THE BOX INCORPORATED+ 119,583 13,248 MCDONALD'S CORPORATION 438,244 1,388 OUTBACK STEAKHOUSE INCORPORATED 62,335 1,049 WENDY'S INTERNATIONAL INCORPORATED 39,705 3,398 YUM! BRANDS INCORPORATED 165,754 1,079,628 ------------- EDUCATIONAL SERVICES - 0.10% 2,254 APOLLO GROUP INCORPORATED CLASS A+<< 165,984 1,964 CAREER EDUCATION CORPORATION+<< 67,071 233,055 ------------- ELECTRIC, GAS & SANITARY SERVICES - 3.71% 9,607 AES CORPORATION+ 160,821 2,118 AMEREN CORPORATION 109,013 4,352 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 145,357 7,348 BG GROUP PLC ADR 290,981 14,347 CALPINE CORPORATION+<< 47,489 4,177 CENTERPOINT ENERGY INCORPORATED 50,040 2,088 CINERGY CORPORATION 84,460 50,261 CLP HOLDINGS LIMITED 288,066 1,711 CONSOLIDATED EDISON INCORPORATED 73,145 2,253 CONSTELLATION ENERGY GROUP INCORPORATED 115,962 2,490 DOMINION RESOURCES INCORPORATED 179,355 10,258 DUKE ENERGY CORPORATION 276,863 4,411 E.ON AG<< 396,990 4,734 EDISON INTERNATIONAL 153,760 9,357 EL PASO CORPORATION 115,372 2,381 ENTERGY CORPORATION 164,575 8,158 EXELON CORPORATION 370,047 3,797 FIRSTENERGY CORPORATION 156,588 1,912 FPL GROUP INCORPORATED 151,717 170,132 HONG KONG & CHINA GAS COMPANY LIMITED ADR 356,665 58,504 HONG KONG ELECTRIC HOLDINGS LIMITED ADR 266,298 5,511 INTERNATIONAL POWER PLC+<< 193,767 1,396 KINDER MORGAN INCORPORATED 111,917 2,204 NATIONAL FUEL GAS COMPANY 62,417 6,143 NATIONAL GRID TRANSCO PLC<< 301,806 3,496 NISOURCE INCORPORATED 79,149 1,591 NSTAR 88,300 1,257 PEOPLES ENERGY CORPORATION 53,774 4,645 PG&E CORPORATION 163,411 1,716 PINNACLE WEST CAPITAL CORPORATION<< 71,643 2,738 PPL CORPORATION 149,330 1,644 PROGRESS ENERGY INCORPORATED<< 71,251 2,801 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 152,795 7,196 RELIANT RESOURCES INCORPORATED+<< 86,280 7,366 RWE AG<< 447,799 SHARES SECURITY NAME VALUE 1,892 SCANA CORPORATION $ 71,972 6,984 SCOTTISH POWER PLC<< 222,091 2,684 SEMPRA ENERGY<< 107,360 5,157 SOUTH JERSEY INDUSTRIES INCORPORATED 288,122 7,889 SOUTHERN COMPANY<< 253,395 3,849 TXU CORPORATION 293,486 2,817 UGI CORPORATION 126,061 14,457 UNITED UTILITIES PLC<< 349,137 4,948 WASTE MANAGEMENT INCORPORATED 144,680 7,903 WILLIAMS COMPANIES INCORPORATED 148,813 3,180 WPS RESOURCES CORPORATION 165,742 6,748 XCEL ENERGY INCORPORATED 119,575 8,277,637 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.63% 6,815 ADAPTEC INCORPORATED+ 37,074 5,164 ADVANCED MICRO DEVICES INCORPORATED+ 90,112 4,475 ALCATEL SA ADR+<< 58,130 4,284 ALTERA CORPORATION+ 88,850 2,751 AMERICAN POWER CONVERSION CORPORATION 60,577 3,723 ANALOG DEVICES INCORPORATED 136,709 3,844 ANDREW CORPORATION+ 46,512 6,998 APPLIED MICRO CIRCUITS CORPORATION+ 24,143 4,104 AVX CORPORATION<< 50,356 3,180 BROADCOM CORPORATION CLASS A+<< 102,555 4,862 CANON INCORPORATED ADR 256,422 11,042 CHARTERED SEMICONDUCTOR+<< 74,092 3,400 COMVERSE TECHNOLOGY INCORPORATED+<< 78,914 1,709 CREE INCORPORATED+<< 40,196 3,168 CYPRESS SEMICONDUCTOR+<< 44,605 3,342 DITECH COMMUNICATIONS CORPORATION+ 41,976 2,888 EMERSON ELECTRIC COMPANY 191,532 2,618 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 50,213 7,663 GEMSTAR-TV GUIDE INTERNATIONAL INCORPORATED+ 34,177 107,791 GENERAL ELECTRIC COMPANY 3,794,243 1,200 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 134,604 1,277 HARRIS CORPORATION 85,176 1,770 IMATION CORPORATION 60,870 6,653 INFINEON TECHNOLOGIES AG ADR+<< 68,792 3,864 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 48,339 64,199 INTEL CORPORATION 1,539,492 16,885 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,563,213 1,365 INTERNATIONAL RECTIFIER CORPORATION+ 60,060 2,700 INTERSIL CORPORATION CLASS A 45,522 2,808 JABIL CIRCUIT INCORPORATED+ 72,194 15,584 JDS UNIPHASE CORPORATION+ 29,610 1,955 KLA-TENCOR CORPORATION 96,597 7,631 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 211,531 55
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,459 L-3 COMMUNICATIONS HOLDINGS INCORPORATED $ 105,194 8,592 LATTICE SEMICONDUCTOR CORPORATION+ 45,366 2,538 LINEAR TECHNOLOGY CORPORATION 99,134 5,937 LSI LOGIC CORPORATION+ 37,878 46,626 LUCENT TECHNOLOGIES INCORPORATED+<< 143,142 17,575 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 262,570 3,078 MAXIM INTEGRATED PRODUCTS INCORPORATED 132,416 1,477 MAYTAG CORPORATION 22,509 7,976 MCDATA CORPORATION CLASS A+<< 31,346 2,475 MICROCHIP TECHNOLOGY INCORPORATED 67,963 5,829 MICRON TECHNOLOGY INCORPORATED+<< 67,033 16,522 MINEBEA COMPANY LIMITED ADR<< 151,460 1,717 MOLEX INCORPORATED<< 43,148 24,927 MOTOROLA INCORPORATED 390,357 5,171 MYKROLIS CORPORATION+ 69,912 4,493 NATIONAL SEMICONDUCTOR CORPORATION 89,635 4,346 NETWORK APPLIANCE INCORPORATED+ 130,423 4,751 NIDEC CORPORATION ADR<< 145,618 17,147 NOKIA OYJ ADR 276,753 2,005 NOVELLUS SYSTEMS INCORPORATED+ 59,218 3,222 NVIDIA CORPORATION+ 93,406 6,775 OMRON CORPORATION 157,868 6,281 PIONEER CORPORATION<< 110,420 1,700 QLOGIC CORPORATION+<< 68,493 17,376 QUALCOMM INCORPORATED 627,447 6,670 RF MICRO DEVICES INCORPORATED+ 36,685 2,694 ROCKWELL COLLINS INCORPORATED 124,059 8,467 SANMINA-SCI CORPORATION+ 46,992 5,895 SANYO ELECTRIC COMPANY LIMITED<< 98,983 2,579 SCIENTIFIC-ATLANTA INCORPORATED 79,691 1,236 SILICON LABORATORIES INCORPORATED+ 43,384 13,390 SOLECTRON CORPORATION+ 66,281 6,276 SONY CORPORATION ADR 237,170 9,048 SPATIALIGHT INCORPORATED+<< 46,145 3,512 STMICROELECTRONICS NV NY SHARES<< 62,478 1,784 TDK CORPORATION ADR 129,072 9,589 TELEFONAKTIEBOLAGET LM ERICSSON ADR+<< 281,054 7,174 TELLABS INCORPORATED+ 50,864 16,988 TEXAS INSTRUMENTS INCORPORATED 449,672 2,425 THOMAS & BETTS CORPORATION+ 75,369 1,601 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 63,784 2,761 VISHAY INTERTECHNOLOGY INCORPORATED+ 36,031 373 WHIRLPOOL CORPORATION 23,779 3,841 XILINX INCORPORATED 115,998 14,813,588 ------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.39% 2,606 AFFYMETRIX INCORPORATED+<< 111,354 3,758 CELGENE CORPORATION+<< 102,875 1,373 CEPHALON INCORPORATED+<< 67,373 1,393 FLUOR CORPORATION 87,411 1,686 MOODY'S CORPORATION<< 141,472 SHARES SECURITY NAME VALUE 2,805 PAYCHEX INCORPORATED $ 89,564 1,135 QUEST DIAGNOSTICS INCORPORATED<< 112,819 6,058 SERVICEMASTER COMPANY 80,511 4,399 TELIK INCORPORATED+<< 83,053 876,432 ------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.34% 2,618 BALL CORPORATION 116,239 2,570 CRANE COMPANY 76,586 1,934 FORTUNE BRANDS INCORPORATED 156,654 2,372 ILLINOIS TOOL WORKS INCORPORATED 212,887 5,847 MASCO CORPORATION<< 197,161 759,527 ------------- FINANCIAL SERVICES - 0.03% 4,503 JANUS CAPITAL GROUP INCORPORATED 63,177 ------------- FOOD & KINDRED PRODUCTS - 2.70% 6,875 ANHEUSER-BUSCH COMPANIES INCORPORATED 326,219 7,433 ARCHER-DANIELS-MIDLAND COMPANY 179,135 8,122 CADBURY SCHWEPPES PLC ADR<< 322,200 2,171 CAMPBELL SOUP COMPANY 60,137 19,904 COCA-COLA COMPANY 851,891 2,983 COCA-COLA ENTERPRISES INCORPORATED 63,687 42,986 COMPASS GROUP PLC<< 207,360 4,617 CONAGRA FOODS INCORPORATED 126,136 3,334 DEL MONTE FOODS COMPANY+ 35,307 5,595 DIAGEO PLC ADR 320,426 3,141 FLOWERS FOODS INCORPORATED 94,230 2,276 GENERAL MILLS INCORPORATED 119,194 15,543 GROUPE DANONE ADR<< 309,306 2,887 HANSEN NATURAL CORPORATION+ 126,364 2,291 HERSHEY FOODS CORPORATION 144,333 2,936 HJ HEINZ COMPANY 110,511 1,794 HORMEL FOODS CORPORATION 55,883 1,228 JM SMUCKER COMPANY 60,369 2,877 KELLOGG COMPANY 126,588 22,958 KIRIN BREWERY COMPANY LIMITED 235,549 1,456 KRAFT FOODS INCORPORATED CLASS A 48,703 1,886 MCCORMICK & COMPANY INCORPORATED 71,649 367 MOLSON COORS BREWING COMPANY 25,518 8,362 NESTLE SA ADR<< 582,199 2,497 PEPSI BOTTLING GROUP INCORPORATED 67,968 2,752 PEPSIAMERICAS INCORPORATED 62,608 16,652 PEPSICO INCORPORATED 896,877 7,962 SARA LEE CORPORATION 178,349 2,226 SMITHFIELD FOODS INCORPORATED+ 75,795 3,100 TYSON FOODS INCORPORATED CLASS A 52,762 1,418 WM WRIGLEY JR COMPANY 94,382 6,031,635 ------------- FOOD STORES - 0.71% 2,684 ALBERTSON'S INCORPORATED 60,095 8,936 COLES MYER LIMITED ADR<< 542,236 18,028 KONINKLIJKE AHOLD NV ADR+ 163,153 4,781 KROGER COMPANY+ 86,010 56
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 4,945 STARBUCKS CORPORATION+ $ 256,200 22,308 TESCO PLC ADR<< 393,395 891 WHOLE FOODS MARKET INCORPORATED<< 91,613 3,315 WINN-DIXIE STORES INCORPORATED+<< 2,006 1,594,708 ------------- FORESTRY - 0.03% 1,169 WEYERHAEUSER COMPANY 78,241 ------------- FURNITURE & FIXTURES - 0.23% 1,564 ETHAN ALLEN INTERIORS INCORPORATED 54,959 1,961 HERMAN MILLER INCORPORATED 56,830 1,009 HILLENBRAND INDUSTRIES INCORPORATED 56,918 1,327 HNI CORPORATION 57,884 4,830 HOOKER FURNITURE CORPORATION 125,483 3,438 LEGGETT & PLATT INCORPORATED 95,129 3,203 NEWELL RUBBERMAID INCORPORATED 71,395 518,598 ------------- GENERAL MERCHANDISE STORES - 0.59% 3,454 BIG LOTS INCORPORATED+<< 40,308 1,811 BJ'S WHOLESALE CLUB INCORPORATED+<< 55,362 3,684 DOLLAR GENERAL CORPORATION 78,211 1,880 FAMILY DOLLAR STORES INCORPORATED 61,890 1,635 FEDERATED DEPARTMENT STORES INCORPORATED 92,296 2,958 JC PENNEY COMPANY INCORPORATED 131,602 2,847 MAY DEPARTMENT STORES COMPANY 98,250 3,174 SAKS INCORPORATED+<< 48,213 2,433 SEARS ROEBUCK & COMPANY 121,480 9,177 TARGET CORPORATION 466,375 5,451 TJX COMPANIES INCORPORATED 133,113 1,327,100 ------------- HEALTH SERVICES - 0.48% 4,554 BIOGEN IDEC INCORPORATED+<< 176,012 6,131 CAREMARK RX INCORPORATED+ 234,695 4,153 HCA INCORPORATED 196,063 3,281 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 75,365 2,187 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 104,736 2,067 LIFEPOINT HOSPITALS INCORPORATED+ 82,783 5,900 TENET HEALTHCARE CORPORATION+<< 64,369 1,915 TRIAD HOSPITALS INCORPORATED+ 83,628 981 UNIVERSAL HEALTH SERVICES CLASS B 46,303 1,063,954 ------------- HOLDING & OTHER INVESTMENT OFFICES - 1.57% 1,541 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 103,216 929 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 35,544 2,397 ARCHSTONE-SMITH TRUST 81,091 2,954 ARDEN REALTY INCORPORATED 101,470 968 AVALONBAY COMMUNITIES INCORPORATED 67,276 7,730 BEDFORD PROPERTY INVESTORS 180,186 729 BOSTON PROPERTIES INCORPORATED<< 43,594 SHARES SECURITY NAME VALUE 2,836 CARRAMERICA REALTY CORPORATION $ 88,625 1,182 CBL & ASSOCIATES PROPERTIES INCORPORATED 88,071 13,862 CEDAR SHOPPING CENTERS INCORPORATED 197,949 2,089 CENTERPOINT PROPERTIES 91,415 CRESCENT REAL ESTATE EQUITIES 6,895 4,104 COMPANY 6 1,593 DUKE REALTY CORPORATION 50,466 6,199 ENTERTAINMENT PROPERTIES TRUST 254,159 1,593 EQUITY OFFICE PROPERTIES TRUST 48,061 1,775 EQUITY RESIDENTIAL 58,238 3,016 GENERAL GROWTH PROPERTIES INCORPORATED 105,258 3,304 HIGHWOODS PROPERTIES INCORPORATED 85,210 4,211 HOST MARRIOTT CORPORATION<< 67,292 1,026 ISTAR FINANCIAL INCORPORATED 43,595 5,252 KILROY REALTY CORPORATION 221,687 1,177 KIMCO REALTY CORPORATION 62,510 5,481 LASALLE HOTEL PROPERTIES 165,197 996 MACK-CALI REALTY CORPORATION 44,023 32,941 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 302,069 1,191 PAN PACIFIC RETAIL PROPERTY 69,257 3,069 PLUM CREEK TIMBER COMPANY 115,241 645 PUBLIC STORAGE INCORPORATED<< 35,191 1,217 SIMON PROPERTY GROUP INCORPORATED<< 75,405 6,806 SOVRAN SELF STORAGE INCORPORATED<< 278,570 10,024 TANGER FACTORY OUTLET CENTERS INCORPORATED 239,072 717 VORNADO REALTY TRUST 49,258 3,515,091 ------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.22% 3,561 BED BATH & BEYOND INCORPORATED+ 133,609 3,125 BEST BUY COMPANY INCORPORATED<< 168,812 4,276 CIRCUIT CITY STORES INCORPORATED 66,834 2,454 PIER 1 IMPORTS INCORPORATED 44,786 2,274 RADIO SHACK CORPORATION 67,219 481,260 ------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.36% 12,519 ACCOR SA ADR 294,040 4,340 HILTON HOTELS CORPORATION 91,400 930 MANDALAY RESORT GROUP 65,909 1,926 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 123,457 1,023 MGM MIRAGE+ 75,876 2,745 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 157,124 807,806 ------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.51% 7,385 3M COMPANY 619,897 2,413 AMERICAN STANDARD COMPANIES INCORPORATED 110,515 8,920 APPLE COMPUTER INCORPORATED+ 400,151 15,930 APPLIED MATERIALS INCORPORATED+ 278,775 57
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 5,545 AXCELIS TECHNOLOGIES INCORPORATED+ $ 47,687 2,197 BAKER HUGHES INCORPORATED 103,874 1,302 BLACK & DECKER CORPORATION 107,962 7,945 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 49,259 3,627 CATERPILLAR INCORPORATED 344,746 1,091 CDW CORPORATION<< 62,700 7,072 CIRRUS LOGIC INCORPORATED+ 33,097 68,225 CISCO SYSTEMS INCORPORATED+ 1,188,480 574 COOPER CAMERON CORPORATION+ 33,114 2,531 DEERE & COMPANY 179,979 26,526 DELL INCORPORATED+ 1,063,427 598 DIEBOLD INCORPORATED 31,915 2,185 DOVER CORPORATION 84,494 24,977 EMC CORPORATION+ 316,209 7,570 GATEWAY INCORPORATED+ 35,579 4,099 GRANT PRIDECO INCORPORATED+ 99,032 2,726 HITACHI LIMITED ADR<< 172,556 6,415 JUNIPER NETWORKS INCORPORATED+<< 138,179 6,522 KOMATSU LIMITED ADR 196,126 2,316 LAM RESEARCH CORPORATION+<< 72,815 1,320 LEXMARK INTERNATIONAL INCORPORATED+ 105,772 21,683 MAKITA CORPORATION<< 414,362 7,638 MAXTOR CORPORATION+<< 42,315 17,505 NEC CORPORATION ADR 112,907 3,069 NORDSON CORPORATION 122,729 2,818 PALL CORPORATION 76,283 1,445 PALMONE INCORPORATED+<< 34,420 1,598 PARKER HANNIFIN CORPORATION 105,148 1,278 PITNEY BOWES INCORPORATED 58,609 2,542 SANDISK CORPORATION+ 68,329 5,177 SIEMENS AG<< 404,013 1,450 SMITH INTERNATIONAL INCORPORATED<< 93,177 1,174 SPX CORPORATION 52,267 1,934 STANLEY WORKS 89,448 2,508 STORAGE TECHNOLOGY CORPORATION+ 79,754 4,675 SYMBOL TECHNOLOGIES INCORPORATED<< 82,888 2,929 TRANSACT TECHNOLOGIES INCORPORATED+ 52,107 2,218 VARIAN MEDICAL SYSTEMS INCORPORATED+ 79,693 7,844,789 ------------- INSURANCE AGENTS, BROKERS & SERVICE - 0.30% 3,916 AON CORPORATION<< 95,981 309 JEFFERSON-PILOT CORPORATION 15,128 5,040 MARSH & MCLENNAN COMPANIES INCORPORATED 164,556 3,454 MEDCO HEALTH SOLUTIONS INCORPORATED+ 153,427 4,366 METLIFE INCORPORATED<< 179,181 3,436 UNUMPROVIDENT CORPORATION<< 58,137 666,410 ------------- INSURANCE CARRIERS - 3.55% 4,414 21ST CENTURY INSURANCE GROUP 62,414 5,476 AEGON NV<< 78,745 1,865 AETNA INCORPORATED<< 272,327 4,860 AFLAC INCORPORATED 186,284 SHARES SECURITY NAME VALUE 208 ALLEGHANY CORPORATION+ $ 56,992 20,420 ALLIANZ AG ADR<< 257,292 1,522 ALLMERICA FINANCIAL CORPORATION+ 54,488 5,979 ALLSTATE CORPORATION 320,953 830 AMBAC FINANCIAL GROUP INCORPORATED 64,557 1,733 AMERICAN FINANCIAL GROUP INCORPORATED<< 52,839 23,453 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,566,660 231 AMERICAN NATIONAL INSURANCE COMPANY 25,211 1,754 AMERUS GROUP COMPANY<< 84,420 7,734 AXA ADR<< 207,426 1,544 CHUBB CORPORATION<< 122,146 1,499 CIGNA CORPORATION 136,109 1,623 CINCINNATI FINANCIAL CORPORATION<< 72,597 2,795 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 201,100 1,902 HEALTH NET INCORPORATED+ 56,870 13,470 ING GROEP NV ADR 413,260 1,810 LINCOLN NATIONAL CORPORATION 84,798 1,717 LOEWS CORPORATION 122,388 203 MARKEL CORPORATION+ 72,572 1,286 MBIA INCORPORATED<< 75,360 918 MERCURY GENERAL CORPORATION 50,361 975 MGIC INVESTMENT CORPORATION 61,172 3,906 MILLEA HOLDINGS INCORPORATED<< 286,583 2,008 OLD REPUBLIC INTERNATIONAL CORPORATION 48,172 1,795 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 113,947 1,012 PMI GROUP INCORPORATED 40,733 3,452 PRINCIPAL FINANCIAL GROUP INCORPORATED 134,697 2,124 PROGRESSIVE CORPORATION 185,000 1,849 PROTECTIVE LIFE CORPORATION 73,886 5,954 PRUDENTIAL FINANCIAL INCORPORATED 339,378 1,080 RADIAN GROUP INCORPORATED 52,196 3,335 RLI CORPORATION 144,406 1,509 SAFECO CORPORATION<< 71,964 5,989 ST. PAUL COMPANIES INCORPORATED 229,498 844 TORCHMARK CORPORATION 43,981 199 TRANSATLANTIC HOLDING INCORPORATED 13,353 1,985 TRIAD GUARANTY INCORPORATED+ 104,272 7,573 UNITEDHEALTH GROUP INCORPORATED 690,355 2,164 UNITRIN INCORPORATED 101,448 3,445 WELLPOINT INCORPORATED+ 420,497 3,872 ZURICH FINANCIAL SERVICES AG ADR+<< 71,589 7,925,296 ------------- LEATHER & LEATHER PRODUCTS - 0.08% 3,205 COACH INCORPORATED+ 177,974 ------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.05% 2,837 GEORGIA-PACIFIC CORPORATION<< 101,593 ------------- 58
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 2.21% 2,542 ADVANCED MEDICAL OPTICS INCORPORATED+<< $ 96,469 5,402 ADVANTEST CORPORATION ADR 116,683 5,164 AGILENT TECHNOLOGIES INCORPORATED+ 123,936 1,333 ALLERGAN INCORPORATED<< 100,215 2,984 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 61,291 1,009 BAUSCH & LOMB INCORPORATED 71,427 6,103 BAXTER INTERNATIONAL INCORPORATED 217,633 1,015 BECKMAN COULTER INCORPORATED 71,507 2,927 BECTON DICKINSON & COMPANY 175,239 3,335 BIOMET INCORPORATED<< 140,804 7,189 BOSTON SCIENTIFIC CORPORATION+ 234,793 1,767 C.R. BARD INCORPORATED 117,505 1,374 DENTSPLY INTERNATIONAL INCORPORATED<< 75,529 3,589 EASTMAN KODAK COMPANY 121,990 1,336 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 81,028 6,656 FUJI PHOTO FILM COMPANY LIMITED ADR<< 251,404 3,405 GUIDANT CORPORATION 249,893 12,404 MEDTRONIC INCORPORATED 646,496 1,351 MILLIPORE CORPORATION+ 61,146 7,800 OLYMPUS CORPORATION ADR 172,028 4,002 PERKINELMER INCORPORATED 88,764 4,462 RAYTHEON COMPANY 170,627 1,588 RICOH COMPANY LIMITED ADR<< 148,164 2,410 ROCKWELL AUTOMATION INCORPORATED 149,781 4,129 ST. JUDE MEDICAL INCORPORATED+ 161,444 2,542 STERIS CORPORATION+ 62,915 2,368 SYBRON DENTAL SPECIALTIES INCORPORATED+ 84,585 2,160 TEKTRONIX INCORPORATED 62,467 3,028 TERADYNE INCORPORATED+<< 46,692 2,774 THERMO ELECTRON CORPORATION+ 76,174 17,517 THERMOGENESIS+ 95,643 1,950 VARIAN INCORPORATED+ 83,168 2,156 WATERS CORPORATION+ 105,321 10,296 XEROX CORPORATION+ 160,618 2,889 ZIMMER HOLDINGS INCORPORATED+<< 248,165 4,931,544 ------------- MEDICAL MANAGEMENT SERVICES - 0.04% 1,482 COVENTRY HEALTH CARE INCORPORATED+ 93,514 ------------- MEMBERSHIP ORGANIZATIONS - 0.00% 529 GAMESTOP CORPORATION - CLASS B+ 10,347 ------------- METAL MINING - 0.33% 4,869 NEWMONT MINING CORPORATION 219,202 1,278 PHELPS DODGE CORPORATION<< 136,043 2,750 RIO TINTO PLC ADR 389,318 744,563 ------------- SHARES SECURITY NAME VALUE MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.04% 1,434 VULCAN MATERIALS COMPANY $ 82,971 ------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.41% 4,448 CALLAWAY GOLF COMPANY 59,692 1,703 EATON CORPORATION 118,784 4,067 HASBRO INCORPORATED 85,895 30,668 HEWLETT-PACKARD COMPANY 637,894 946 ITT INDUSTRIES INCORPORATED 83,201 30,428 JOHNSON & JOHNSON 1,996,077 5,421 MATTEL INCORPORATED 113,407 2,005 TIFFANY & COMPANY 60,451 3,155,401 ------------- MISCELLANEOUS RETAIL - 1.41% 3,644 AMAZON.COM INCORPORATED+ 128,196 1,653 BARNES & NOBLE INCORPORATED+<< 56,466 2,673 BORDERS GROUP INCORPORATED 68,776 4,992 COSTCO WHOLESALE CORPORATION 232,577 4,038 CVS CORPORATION 201,214 2,540 DILLARDS INCORPORATED CLASS A 59,182 1,937 DOLLAR TREE STORES INCORPORATED+<< 52,202 1,062 EXPRESS SCRIPTS INCORPORATED+<< 79,958 2,748 MICHAELS STORES INCORPORATED 87,634 4,572 OFFICE DEPOT INCORPORATED+ 88,011 3,194 PETSMART INCORPORATED 97,417 7,157 RITE AID CORPORATION+<< 25,049 5,673 STAPLES INCORPORATED 178,813 3,703 TOYS R US INCORPORATED+ 84,688 24,350 WAL-MART STORES INCORPORATED 1,256,704 10,587 WALGREEN COMPANY 453,441 3,150,328 ------------- MISCELLANEOUS SERVICES - 0.10% 10,891 ADECCO SA ADR<< 149,207 1,287 D&B CORPORATION+<< 79,099 228,306 ------------- MOTION PICTURES - 0.81% 31,723 LIBERTY MEDIA CORPORATION CLASS A+ 321,671 2,665 MACROVISION CORPORATION+ 64,626 46,178 TIME WARNER INCORPORATED+<< 795,647 22,494 WALT DISNEY COMPANY 628,483 1,810,427 ------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.26% 2,075 CNF INCORPORATED 95,180 6,361 UNITED PARCEL SERVICE INCORPORATED CLASS B 492,914 588,094 ------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 1.42% 11,460 AMERICAN EXPRESS COMPANY 620,559 2,611 CAPITAL ONE FINANCIAL CORPORATION 200,212 2,989 CIT GROUP INCORPORATED 120,606 59
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 6,743 COUNTRYWIDE FINANCIAL CORPORATION $ 234,319 9,301 FANNIE MAE 543,737 6,585 FREDDIE MAC 408,270 12,245 MBNA CORPORATION 310,656 5,181 ORIX CORPORATION ADR 338,060 4,616 PROVIDIAN FINANCIAL CORPORATION+<< 79,164 4,979 SLM CORPORATION 242,975 376 STUDENT LOAN CORPORATION 74,185 3,172,743 ------------- OIL & GAS EXTRACTION - 2.49% 2,227 ANADARKO PETROLEUM CORPORATION 171,167 2,552 APACHE CORPORATION 160,470 22,639 BHP BILLITON LIMITED ADR 696,376 1,519 BJ SERVICES COMPANY 75,889 3,915 BURLINGTON RESOURCES INCORPORATED 194,301 2,852 CABOT OIL AND GAS CORPORATION 159,684 5,353 DENBURY RESOURCES INCORPORATED+ 181,841 4,588 DEVON ENERGY CORPORATION 214,673 1,018 DIAMOND OFFSHORE DRILLING INCORPORATED<< 50,391 3,435 ENCORE ACQUISITION COMPANY+ 146,159 5,076 ENI SPA ADR<< 664,956 1,827 ENSCO INTERNATIONAL INCORPORATED<< 73,592 1,279 EOG RESOURCES INCORPORATED 116,542 806 EQUITABLE RESOURCES INCORPORATED 47,836 4,932 HALLIBURTON COMPANY 216,860 989 KERR-MCGEE CORPORATION 76,806 915 NOBLE ENERGY INCORPORATED<< 61,891 3,239 OCCIDENTAL PETROLEUM CORPORATION 227,605 3,658 PATTERSON-UTI ENERGY INCORPORATED 91,450 1,925 PIONEER NATURAL RESOURCES 81,177 583 POGO PRODUCING COMPANY<< 28,340 13,042 REPSOL YPF SA ADR<< 356,438 1,899 ROWAN COMPANIES INCORPORATED+ 60,160 5,399 SHELL TRANSPORT & TRADING COMPANY PLC ADR<< 306,177 1,175 STONE ENERGY CORPORATION+ 59,020 5,350 TOTAL SA ADR<< 637,720 1,950 UNOCAL CORPORATION 105,495 2,913 VARCO INTERNATIONAL INCORPORATED+ 109,849 4,029 XTO ENERGY INCORPORATED 183,400 5,556,265 ------------- PAPER & ALLIED PRODUCTS - 0.64% 1,144 BEMIS COMPANY INCORPORATED 34,137 628 BOWATER INCORPORATED 24,385 2,425 GREIF INCORPORATED CLASS A 156,655 3,865 INTERNATIONAL PAPER COMPANY 144,358 4,807 KIMBERLY-CLARK CORPORATION 317,166 2,109 MEADWESTVACO CORPORATION 66,138 145 NEENAH PAPER INCORPORATED<< 5,098 1,300 OFFICEMAX INCORPORATED 41,041 2,752 PACTIV CORPORATION+ 62,223 7,949 POPE & TALBOT INCORPORATED 128,774 1,522 SONOCO PRODUCTS COMPANY 44,260 10,952 STORA ENSO OYJ<< 166,580 SHARES SECURITY NAME VALUE 492 TEMPLE-INLAND INCORPORATED $ 39,458 8,810 UPM-KYMMENE OYJ ADR<< 196,903 1,427,176 ------------- PERSONAL SERVICES - 0.19% 2,298 CINTAS CORPORATION 100,606 3,167 G & K SERVICES INCORPORATED CLASS A 135,896 1,906 H & R BLOCK INCORPORATED 101,590 2,274 REGIS CORPORATION 89,596 427,688 ------------- PETROLEUM REFINING & RELATED INDUSTRIES - 3.89% 1,002 AMERADA HESS CORPORATION<< 100,601 16,403 BP PLC ADR 1,064,883 21,066 CHEVRONTEXACO CORPORATION 1,307,777 6,832 CONOCOPHILLIPS 757,601 64,772 EXXONMOBIL CORPORATION 4,100,715 5,073 FRONTIER OIL CORPORATION 162,640 3,318 MARATHON OIL CORPORATION 157,074 1,150 MURPHY OIL CORPORATION<< 115,046 7,152 ROYAL DUTCH PETROLEUM COMPANY 451,220 1,234 SUNOCO INCORPORATED<< 122,289 2,918 TESORO PETROLEUM CORPORATION+ 107,762 3,515 VALERO ENERGY CORPORATION 250,409 8,698,017 ------------- PRIMARY METAL INDUSTRIES - 0.65% 10,131 ALCOA INCORPORATED 325,408 4,034 ALLEGHENY TECHNOLOGIES INCORPORATED 99,277 3,024 COMMSCOPE INCORPORATED+ 45,783 2,052 ENGELHARD CORPORATION 62,073 950 HUBBELL INCORPORATED CLASS B 51,110 7,885 JOHNSON MATTHEY PLC ADR 307,176 9,871 KUBOTA CORPORATION ADR 271,847 2,797 NUCOR CORPORATION 174,365 1,416 PRECISION CASTPARTS CORPORATION 106,568 1,443,607 ------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.10% 2,952 AMERICAN GREETINGS CORPORATION CLASS A 72,708 2,592 BELO CORPORATION CLASS A 61,171 1,289 DOW JONES & COMPANY INCORPORATED 47,822 1,074 EW SCRIPPS COMPANY CLASS A 49,576 1,832 GANNETT COMPANY INCORPORATED 144,270 2,914 HARTE HANKS INCORPORATED 78,095 5,819 HOLLINGER INTERNATIONAL INCORPORATED 66,918 606 KNIGHT-RIDDER INCORPORATED 39,693 1,947 MCGRAW-HILL COMPANIES INCORPORATED 178,832 1,238 MEREDITH CORPORATION 56,812 1,399 NEW YORK TIMES COMPANY CLASS A 51,287 14,134 PEARSON PLC<< 174,838 5,287 READERS DIGEST ASSOCIATION INCORPORATED 91,465 6,331 REED ELSEVIER NV ADR<< 190,373 1,843 REYNOLDS & REYNOLDS COMPANY CLASS A 50,996 60
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,175 RR DONNELLEY & SONS COMPANY $ 105,442 4,364 TOPPAN PRINTING COMPANY LIMITED ADR<< 232,250 1,489 TRIBUNE COMPANY 60,647 2,164 VALASSIS COMMUNICATIONS INCORPORATED+ 80,955 14,847 VIACOM INCORPORATED CLASS B 518,160 110 WASHINGTON POST COMPANY CLASS B 98,780 2,451,090 ------------- RAILROAD TRANSPORTATION - 0.26% 3,917 BURLINGTON NORTHERN SANTA FE CORPORATION 196,908 1,976 CSX CORPORATION 81,628 4,961 KANSAS CITY SOUTHERN+<< 97,335 4,517 NORFOLK SOUTHERN CORPORATION 162,115 838 UNION PACIFIC CORPORATION 53,171 591,157 ------------- REAL ESTATE - 0.09% 3,006 CATELLUS DEVELOPMENT CORPORATION 82,996 1,509 FOREST CITY ENTERPRISES INCORPORATED CLASS A 95,595 572 PHH CORPORATION+ 12,012 190,603 ------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.23% 4,369 BRIDGESTONE CORPORATION 167,244 5,067 GOODYEAR TIRE & RUBBER COMPANY+<< 73,269 2,313 NIKE INCORPORATED CLASS B 201,115 1,347 SEALED AIR CORPORATION+ 70,408 512,036 ------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.58% 1,404 AG EDWARDS INCORPORATED 60,526 8,444 AMVESCAP PLC ADR<< 111,292 1,069 BEAR STEARNS COMPANIES INCORPORATED 106,365 13,349 CHARLES SCHWAB CORPORATION 140,165 7,943 CREDIT SUISSE GROUP ADR+ 345,521 2,222 FRANKLIN RESOURCES INCORPORATED 155,962 4,679 GABELLI ASSET MANAGEMENT INCORPORATED CLASS A 207,093 3,374 GOLDMAN SACHS GROUP INCORPORATED 367,091 1,680 LEGG MASON INCORPORATED 135,475 2,944 LEHMAN BROTHERS HOLDINGS INCORPORATED 268,434 9,683 MERRILL LYNCH & COMPANY INCORPORATED 567,230 11,176 MORGAN STANLEY 631,109 16,819 NOMURA HOLDINGS INCORPORATED ADR<< 232,943 1,417 PIPER JAFFRAY COMPANIES INCORPORATED+ 56,042 2,263 T ROWE PRICE GROUP INCORPORATED 138,926 3,524,174 ------------- SHARES SECURITY NAME VALUE STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.72% 1,477 CABOT MICROELECTRONICS CORPORATION+<< $ 47,988 16,060 CORNING INCORPORATED+ 184,208 1,716 EAGLE MATERIALS INCORPORATED 143,337 2,056 GENTEX CORPORATION 69,719 7,128 HANSON PLC ADR 347,134 12,410 HOLCIM LIMITED ADR<< 413,131 11,759 LAFARGE SA ADR<< 306,675 3,774 OWENS-ILLINOIS INCORPORATED+ 93,935 1,606,127 ------------- TEXTILE MILL PRODUCTS - 0.03% 651 MOHAWK INDUSTRIES INCORPORATED+ 58,421 ------------- TOBACCO PRODUCTS - 0.88% 20,960 ALTRIA GROUP INCORPORATED 1,376,024 8,661 BRITISH AMERICAN TOBACCO PLC ADR 318,552 1,898 REYNOLDS AMERICAN INCORPORATED<< 155,541 2,313 UST INCORPORATED 126,405 1,976,522 ------------- TRANSPORTATION BY AIR - 0.46% 3,838 AMR CORPORATION+<< 32,585 24,142 BAA PLC ADR<< 282,662 3,298 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 35,322 5,168 DELTA AIR LINES INCORPORATED+<< 23,979 4,073 FEDEX CORPORATION 398,258 10,038 JAPAN AIRLINES SYSTEM ADR+ 151,602 5,162 NORTHWEST AIRLINES CORPORATION+<< 36,289 4,837 SOUTHWEST AIRLINES COMPANY 66,992 1,027,689 ------------- TRANSPORTATION EQUIPMENT - 2.34% 1,930 AUTOLIV INCORPORATED 96,384 13,273 BAE SYSTEMS PLC ADR 261,733 8,668 BOEING COMPANY 476,480 2,633 BRUNSWICK CORPORATION 122,803 4,639 DAIMLERCHRYSLER AG<< 213,858 3,152 DANA CORPORATION 45,452 7,273 DELPHI CORPORATION 49,966 28,169 FIAT SPA ADR 209,577 17,041 FORD MOTOR COMPANY 215,569 1,748 GENERAL DYNAMICS CORPORATION 184,152 2,976 GENERAL MOTORS CORPORATION<< 106,154 2,273 GENUINE PARTS COMPANY 98,375 2,270 GOODRICH CORPORATION 84,058 3,582 GREENBRIER COMPANIES INCORPORATED 96,822 2,222 GROUP 1 AUTOMOTIVE INCORPORATED+ 61,438 3,856 HARLEY-DAVIDSON INCORPORATED 238,609 2,063 HARSCO CORPORATION 120,500 10,741 HONDA MOTOR COMPANY LIMITED ADR 288,396 8,970 HONEYWELL INTERNATIONAL INCORPORATED 340,591 1,910 JOHNSON CONTROLS INCORPORATED 112,881 778 LEAR CORPORATION 40,573 3,528 LOCKHEED MARTIN CORPORATION 208,928 61
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2030 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Enlarge/Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,374 NAVISTAR INTERNATIONAL CORPORATION+<< $ 54,218 2,984 NORTHROP GRUMMAN CORPORATION 157,854 2,371 PACCAR INCORPORATED 178,441 1,466 TEXTRON INCORPORATED 113,395 6,942 TOYOTA MOTOR CORPORATION ADR 539,949 5,038 UNITED TECHNOLOGIES CORPORATION 503,195 5,220,351 ------------- TRANSPORTATION SERVICES - 0.06% 2,608 GATX CORPORATION 78,188 2,191 SABRE HOLDINGS CORPORATION 46,186 124,374 ------------- WATER TRANSPORTATION - 0.17% 4,470 ALEXANDER & BALDWIN INCORPORATED 202,938 6,895 GULFMARK OFFSHORE INCORPORATED+ 187,613 390,551 ------------- WHOLESALE TRADE NON-DURABLE GOODS - 0.63% 1,160 AMERISOURCE-BERGEN CORPORATION 69,484 4,406 CARDINAL HEALTH INCORPORATED 257,971 1,866 DEAN FOODS COMPANY+ 64,470 3,252 MCKESSON CORPORATION 121,430 3,523 SAFEWAY INCORPORATED+ 64,823 3,351 SMURFIT-STONE CONTAINER CORPORATION+<< 55,727 1,833 SUPERVALU INCORPORATED 58,235 6,362 SYSCO CORPORATION 218,980 3,755 UNILEVER NV<< 251,172 6,041 UNILEVER PLC ADR<< 234,451 1,396,743 ------------- WHOLESALE TRADE-DURABLE GOODS - 0.68% 2,079 ARROW ELECTRONICS INCORPORATED+ 55,925 2,396 AVNET INCORPORATED+<< 46,483 1,779 KYOCERA CORPORATION ADR 132,713 10,867 MITSUBISHI CORPORATION ADR 296,984 1,529 MITSUI & COMPANY LIMITED ADR<< 314,882 8,290 NISSAN MOTOR COMPANY LIMITED ADR<< 177,655 1,862 OMNICARE INCORPORATED 64,220 37,341 SUMITOMO MITSUI FINANCIAL 259,957 1,090 TECH DATA CORPORATION+<< 44,679 8,432 VISTEON CORPORATION 56,579 1,178 W.W. GRAINGER INCORPORATED 73,955 1,524,032 ------------- TOTAL COMMON STOCK (COST $156,598,848) 177,337,723 ------------- SHARES SECURITY NAME VALUE COLLATERAL FOR SECURITIES LENDING - 34.51% COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.43% 3,200,082 SHORT TERM INVESTMENTS COMPANY LIQUID ASSETS PORTFOLIO $ 3,200,082 ------------- INTEREST RATE MATURITY PRINCIPAL % DATE COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS - 33.08% $ 3,000,000 BLUE RIDGE ASSET FUNDING 2.60 03/01/05 3,000,000 3,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/07/06 2,901,390 3,000,000 LEGACY CAPITAL CORPORATION 2.56 03/23/05 2,995,260 65,000,000 DEUTSCHE BANK AGENCY MORTGAGE REPURCHASE AGREEMENT 2.62 03/01/05 65,000,000 73,896,650 ------------- TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $77,096,732) 77,096,732 ------------- US TREASURY SECURITIES - 19.82% US TREASURY NOTES - 19.82% 9,900,000 US TREASURY NOTE<< 2.63 05/15/2008 9,554,658 920,000 US TREASURY NOTE<< 5.63 05/15/2008 970,636 7,315,000 US TREASURY NOTE<< 3.13 09/15/2008 7,142,410 6,000,000 US TREASURY NOTE<< 3.38 12/15/2008 5,895,468 3,505,000 US TREASURY NOTE<< 2.63 03/15/2009 3,340,430 9,400,000 US TREASURY NOTE<< 4.00 06/15/2009 9,423,500 1,500,000 US TREASURY NOTE<< 6.00 08/15/2009 1,624,629 4,685,000 US TREASURY NOTE<< 3.38 09/15/2009 4,567,509 1,800,000 US TREASURY NOTE<< 3.50 11/15/2009 1,763,226 44,282,466 ------------- TOTAL US TREASURY SECURITIES (COST $44,950,465) 44,282,466 ------------- 62
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2030 FUND -------------------------------------------------------------------------------- [Download Table] INTEREST RATE MATURITY PRINCIPAL SECURITY NAME % DATE VALUE SHORT-TERM INVESTMENTS - 0.69% US TREASURY BILLS - 0.69% $ 1,536,000 US TREASURY BILL<<^ 2.39 03/17/2005 $ 1,534,445 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $1,534,445) 1,534,445 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $280,180,490)* 134.40% $ 300,251,366 OTHER ASSETS AND LIABILITIES, NET (34.40) (76,848,543) ------ ------------- TOTAL NET ASSETS 100.00% $ 223,402,823 ------ ------------- + NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2) ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. ** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $4,708,881. THE TOTAL COLLATERAL RECEIVED REPRESENTS 102.45% OF THE VALUE OF THE PORTFOLIO SECURITIES LOANED. * COST FOR FEDERAL INCOME TAX PURPOSES IS $281,038,599 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $35,583,786 GROSS UNREALIZED DEPRECIATION (16,371,019) ----------- NET UNREALIZED APPRECIATION (DEPRECIATION) $19,212,767 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 63
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - 90.72% AGRICULTURAL PRODUCTION CROPS - 0.08% 5,239 TATE & LYLE PLC ADR $ 210,452 ------------- AMUSEMENT & RECREATION SERVICES - 0.31% 5,137 CAESARS ENTERTAINMENT INCORPORATED+ 103,048 2,027 GAYLORD ENTERTAINMENT COMPANY+ 86,756 1,864 HARRAH'S ENTERTAINMENT INCORPORATED 122,260 4,980 INTERNATIONAL GAME TECHNOLOGY 151,691 1,050 MULTIMEDIA GAMES INCORPORATED+<< 10,490 2,461 NEVADA GOLD & CASINOS INCORPORATED+ 32,854 21,180 RANK GROUP PLC ADR<< 233,615 1,874 WESTWOOD ONE INCORPORATED+ 40,928 781,642 ------------- APPAREL & ACCESSORY STORES - 0.42% 1,680 ABERCROMBIE & FITCH COMPANY CLASS A 90,216 1,456 AEROPOSTALE INCORPORATED+ 46,446 978 AMERICAN EAGLE OUTFITTERS INCORPORATED<< 52,939 2,910 CHICO'S FAS INCORPORATED+ 85,699 1,194 CLAIRE'S STORES INCORPORATED<< 27,474 9,241 GAP INCORPORATED 197,111 4,003 KOHL'S CORPORATION+ 191,624 5,781 LIMITED BRANDS 137,472 2,028 NORDSTROM INCORPORATED 109,025 3,450 ROSS STORES INCORPORATED 96,600 932 URBAN OUTFITTERS INCORPORATED+<< 38,762 1,073,368 ------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.49% 12,425 BENETTON GROUP SPA ADR<< 305,282 2,452 JONES APPAREL GROUP INCORPORATED 77,900 2,278 LIZ CLAIBORNE INCORPORATED 96,359 311 SKECHERS U.S.A. INCORPORATED CLASS A+ 4,752 1,850 VF CORPORATION 110,556 10,707 WACOAL CORPORATION ADR<< 635,461 1,230,310 ------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.16% 1,030 ADVANCE AUTO PARTS INCORPORATED+<< 51,892 762 AMERICA'S CAR MART INCORPORATED+ 27,021 4,176 AUTONATION INCORPORATED+ 81,557 761 AUTOZONE INCORPORATED+<< 73,741 2,209 CARMAX INCORPORATED+<< 72,897 1,404 COPART INCORPORATED+ 32,713 1,427 O'REILLY AUTOMOTIVE INCORPORATED+<< 72,634 412,455 ------------- AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01% 623 DOLLAR THRIFTY AUTOMOTIVE GROUP INCORPORATED+ 19,207 ------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.57% 1,500 CENTEX CORPORATION 95,385 3,561 D.R. HORTON INCORPORATED 155,829 2,020 LENNAR CORPORATION CLASS A<< 122,856 SHARES SECURITY NAME VALUE 118 NVR INCORPORATED+<< $ 93,485 1,507 PULTE HOMES INCORPORATED 117,576 40,228 SEKISUI HOUSE LIMITED<< 444,769 12,007 VIVENDI UNIVERSAL SA ADR+<< 380,142 1,178 WCI COMMUNITIES INCORPORATED+<< 40,877 1,450,919 ------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.77% 1,219 FASTENAL COMPANY 71,263 29,152 HOME DEPOT INCORPORATED 1,166,663 10,237 LOWE'S COMPANIES INCORPORATED 601,731 2,347 SHERWIN-WILLIAMS COMPANY 103,972 1,943,629 ------------- BUSINESS SERVICES - 5.54% 8,128 24/7 REAL MEDIA INCORPORATED+<< 29,992 14,507 3COM CORPORATION+ 51,935 1,548 AARON RENTS INCORPORATED 31,672 1,642 ACTIVISION INCORPORATED+ 35,894 3,140 ADOBE SYSTEMS INCORPORATED 193,895 1,657 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 85,667 2,073 AKAMAI TECHNOLOGIES INCORPORATED+ 22,824 1,187 ALTIRIS INCORPORATED+ 34,696 1,064 ANSYS INCORPORATED+ 38,261 1,902 ASCENTIAL SOFTWARE CORPORATION+ 29,500 1,098 ASK JEEVES INCORPORATED+<< 25,100 3,470 AUTODESK INCORPORATED 103,128 7,767 AUTOMATIC DATA PROCESSING INCORPORATED 333,670 1,083 AVOCENT CORPORATION+ 37,104 6,995 BEA SYSTEMS INCORPORATED+<< 58,058 2,965 BISYS GROUP INCORPORATED+ 43,941 798 BLUE COAT SYSTEMS INCORPORATED+ 14,859 3,917 BMC SOFTWARE INCORPORATED+<< 58,559 1,453 BRINK'S COMPANY 50,361 876 CACI INTERNATIONAL INCORPORATED CLASS A+<< 47,269 5,157 CADENCE DESIGN SYSTEMS INCORPORATED+ 71,063 14,559 CENDANT CORPORATION 322,045 3,882 CERIDIAN CORPORATION+ 70,846 646 CERNER CORPORATION+<< 33,657 2,093 CERTEGY INCORPORATED<< 74,574 1,425 CHECKFREE CORPORATION+<< 54,919 1,737 CHOICEPOINT INCORPORATED+ 70,001 3,050 CITRIX SYSTEMS INCORPORATED+ 68,625 3,890 CNET NETWORKS INCORPORATED+ 35,204 1,630 COGNEX CORPORATION 45,151 1,988 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION+ 93,893 6,645 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 180,013 2,441 COMPUTER SCIENCES CORPORATION+ 112,847 8,567 COMPUWARE CORPORATION+ 57,913 3,268 CONVERGYS CORPORATION+<< 48,987 1,925 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 32,917 3,049 CSK CORPORATION 134,766 64
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,801 DELUXE CORPORATION $ 70,311 863 DIGITAL RIVER INCORPORATED+ 26,002 1,465 DST SYSTEMS INCORPORATED+<< 69,573 13,892 EBAY INCORPORATED+ 595,133 2,507 ECHELON CORPORATION+ 17,474 1,735 ECLIPSYS CORPORATION+ 26,719 3,783 ELECTRONIC ARTS INCORPORATED+<< 243,966 7,104 ELECTRONIC DATA SYSTEMS CORPORATION 151,315 1,691 ELECTRONICS FOR IMAGING INCORPORATED+ 28,020 2,697 EQUIFAX INCORPORATED 81,962 1,120 FACTSET RESEARCH SYSTEMS INCORPORATED 36,949 1,843 FAIR ISAAC CORPORATION 62,293 1,201 FILENET CORPORATION+ 28,127 1,018 FINDWHAT.COM+<< 11,198 11,460 FIRST DATA CORPORATION 470,089 2,770 FISERV INCORPORATED+ 105,094 726 GETTY IMAGES INCORPORATED+<< 51,793 2,036 GTECH HOLDINGS CORPORATION 47,541 1,640 HUDSON HIGHLAND GROUP INCORPORATED+<< 27,355 933 HYPERION SOLUTIONS CORPORATION+ 47,098 944 IDX SYSTEMS CORPORATION+ 32,389 4,070 IMS HEALTH INCORPORATED 99,105 1,206 INFOSPACE INCORPORATED+<< 50,001 1,244 INTERGRAPH CORPORATION+ 37,034 3,909 INTERNET CAPITAL GROUP INCORPORATED+ 32,523 6,473 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 85,055 2,371 INTUIT INCORPORATED+ 101,479 721 IPAYMENT INCORPORATED+ 31,032 2,835 IRON MOUNTAIN INCORPORATED+<< 76,687 11,127 KIDDE PLC ADR 356,230 1,229 KORN/FERRY INTERNATIONAL+ 23,572 901 KRONOS INCORPORATED+ 50,312 1,920 LAMAR ADVERTISING COMPANY+ 75,437 1,157 MACROMEDIA INCORPORATED+ 39,211 1,543 MAGMA DESIGN AUTOMATION INCORPORATED+<< 20,290 1,179 MANHATTAN ASSOCIATES INCORPORATED+<< 23,427 1,640 MANPOWER INCORPORATED 71,668 2,601 MCAFEE INCORPORATED+ 60,161 2,246 MENTOR GRAPHICS CORPORATION+<< 30,950 1,537 MERCURY INTERACTIVE CORPORATION+<< 70,518 1,863 MICROMUSE INCORPORATED+ 9,166 120,701 MICROSOFT CORPORATION 3,039,251 393 MICROSTRATEGY INCORPORATED CLASS A+ 27,793 1,856 MONSTER WORLDWIDE INCORPORATED+ 53,546 3,474 MPS GROUP INCORPORATED+ 37,311 3,016 NCR CORPORATION+ 117,594 1,227 NETFLIX INCORPORATED+<< 13,129 7,289 NOVELL INCORPORATED+ 38,194 2,594 OMNICOM GROUP INCORPORATED 236,236 51,036 ORACLE CORPORATION+ 658,875 868 PALMSOURCE INCORPORATED+<< 8,784 6,592 PARAMETRIC TECHNOLOGY CORPORATION+ 37,904 6,314 PUBLICIS GROUPE ADR<< 190,999 1,480 RADISYS CORPORATION+<< 22,540 2,087 REALNETWORKS INCORPORATED+ 13,065 SHARES SECURITY NAME VALUE 2,610 RED HAT INCORPORATED+<< $ 29,911 1,461 RENT-A-CENTER INCORPORATED+ 37,913 8,243 RENTOKIL INITIAL PLC ADR<< 125,798 3,913 REUTERS GROUP PLC ADR 185,046 3,475 ROBERT HALF INTERNATIONAL INCORPORATED 101,366 1,466 RSA SECURITY INCORPORATED+ 23,954 886 SAFENET INCORPORATED+ 26,580 8,330 SAP AG<< 337,782 1,276 SERENA SOFTWARE INCORPORATED+<< 29,476 894 SI INTERNATIONAL INCORPORATED+ 22,734 7,872 SIEBEL SYSTEMS INCORPORATED+ 67,148 624 SRA INTERNATIONAL INCORPORATED CLASS A+ 37,958 603 STRATASYS INCORPORATED+<< 17,463 49,175 SUN MICROSYSTEMS INCORPORATED+<< 207,519 4,139 SUNGARD DATA SYSTEMS INCORPORATED+ 108,069 2,062 SYBASE INCORPORATED+ 38,848 8,264 SYMANTEC CORPORATION+<< 181,891 2,939 SYNOPSYS INCORPORATED+<< 53,196 1,100 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 40,337 3,617 TIBCO SOFTWARE INCORPORATED+ 35,302 1,672 TOTAL SYSTEM SERVICES INCORPORATED 40,178 1,530 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 35,771 277 TRAVELZOO INCORPORATED+<< 17,080 6,249 UNISYS CORPORATION+ 47,992 2,471 UNITED ONLINE INCORPORATED+ 26,810 1,781 UNITED RENTALS INCORPORATED+ 33,697 1,155 USA MOBILITY INCORPORATED+ 45,322 583 VERINT SYSTEMS INCORPORATED+<< 23,008 4,239 VERISIGN INCORPORATED+<< 116,233 6,421 VERITAS SOFTWARE CORPORATION+ 155,517 1,422 VIAD CORPORATION 38,394 7,630 WEBMD CORPORATION+<< 57,530 746 WEBSENSE INCORPORATED+<< 44,648 2,085 WIND RIVER SYSTEMS INCORPORATED+ 28,064 3,958 WPP GROUP PLC ADR<< 227,585 15,150 YAHOO! INCORPORATED+ 488,891 14,038,297 ------------- CHEMICALS & ALLIED PRODUCTS - 8.47% 19,745 ABBOTT LABORATORIES 908,073 919 ABLE LABORATORIES INCORPORATED+ 19,970 2,875 AIR PRODUCTS & CHEMICALS INCORPORATED 180,032 8,067 AKZO NOBEL NV ADR<< 363,741 1,649 ALBERTO-CULVER COMPANY CLASS B 86,193 1,338 ALEXION PHARMACEUTICALS INCORPORATED+ 31,242 2,807 ALKERMES INCORPORATED+<< 32,786 1,405 ALPHARMA INCORPORATED CLASS A 18,434 748 AMERICAN VANGUARD CORPORATION<< 29,120 16,911 AMGEN INCORPORATED+ 1,041,887 1,193 ANDRX CORPORATION+<< 26,783 11,327 ASTRAZENECA PLC ADR<< 450,135 1,724 AVERY DENNISON CORPORATION 104,647 6,304 AVON PRODUCTS INCORPORATED 269,622 675 BONE CARE INTERNATIONAL INCORPORATED+<< 18,265 24,962 BRISTOL-MYERS SQUIBB COMPANY 624,799 1,854 CABOT CORPORATION 64,519 65
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 639 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ $ 29,458 1,857 CHIRON CORPORATION+<< 66,072 2,207 CLOROX COMPANY 132,508 6,719 COLGATE PALMOLIVE COMPANY 355,569 1,952 CUBIST PHARMACEUTICALS INCORPORATED+ 20,106 1,883 DENDREON CORPORATION+<< 12,371 2,879 DISCOVERY LABORATORIES INCORPORATED+<< 16,900 12,390 DOW CHEMICAL COMPANY 683,308 12,660 DU PONT (E.I.) DE NEMOURS & COMPANY 674,778 1,235 EASTMAN CHEMICAL COMPANY<< 71,309 3,677 ECOLAB INCORPORATED<< 116,598 7,041 EISAI COMPANY LIMITED ADR<< 238,334 12,814 ELI LILLY & COMPANY 717,584 1,802 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 79,252 4,953 FOREST LABORATORIES INCORPORATED+<< 211,493 3,935 GENAERA CORPORATION+ 12,198 5,829 GENENTECH INCORPORATED+ 275,129 3,627 GENZYME CORPORATION+ 203,438 6,016 GILEAD SCIENCES INCORPORATED+ 207,853 13,061 GILLETTE COMPANY 656,315 15,590 GLAXOSMITHKLINE PLC ADR<< 751,750 1,727 GREAT LAKES CHEMICAL CORPORATION 46,111 1,240 HOLLIS-EDEN PHARMACEUTICALS+<< 9,374 2,140 HOSPIRA INCORPORATED+ 63,344 831 IDEXX LABORATORIES INCORPORATED+ 46,079 914 IMCLONE SYSTEMS INCORPORATED+<< 40,454 1,179 IMMUCOR INCORPORATED+ 35,022 1,835 IMPAX LABORATORIES INCORPORATED+ 31,305 2,388 INKINE PHARMACEUTICAL COMPANY INCORPORATED+ 8,812 1,722 INTERMUNE INCORPORATED+<< 19,011 2,053 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,768 827 INVITROGEN CORPORATION+<< 57,857 1,830 ISOLAGEN INCORPORATED+<< 13,743 3,370 IVAX CORPORATION+<< 53,886 1,484 K-V PHARMACEUTICAL COMPANY CLASS A+ 32,292 4,740 KING PHARMACEUTICALS INCORPORATED+ 45,267 2,247 LIGAND PHARMACEUTICALS INCORPORATED CLASS B+<< 22,021 5,131 LYONDELL CHEMICAL COMPANY 173,684 1,370 MEDICINES COMPANY+<< 31,921 1,366 MEDICIS PHARMACEUTICAL CORPORATION CLASS A<< 47,182 3,819 MEDIMMUNE INCORPORATED+<< 91,962 29,322 MERCK & COMPANY INCORPORATED 929,507 1,208 MGI PHARMA INCORPORATED+<< 27,663 6,153 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 52,916 3,670 MONSANTO COMPANY 215,723 4,049 MOSAIC COMPANY+<< 66,647 4,700 MYLAN LABORATORIES INCORPORATED<< 82,720 2,293 NEKTAR THERAPEUTICS+<< 39,761 18,385 NOVARTIS AG ADR 918,698 788 NOVEN PHARMACEUTICALS INCORPORATED+ 13,018 SHARES SECURITY NAME VALUE 4,862 NOVO NORDISK A/S ADR<< $ 272,515 1,433 NPS PHARMACEUTICALS INCORPORATED+ 20,549 1,542 NUVELO INCORPORATED+<< 11,981 800 OM GROUP INCORPORATED+<< 25,504 1,474 ONYX PHARMACEUTICALS INCORPORATED+ 42,658 999 OSI PHARMACEUTICALS INCORPORATED+ 54,575 1,037 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 38,359 99,637 PFIZER INCORPORATED 2,619,457 892 PHARMION CORPORATION+ 30,150 2,194 PPG INDUSTRIES INCORPORATED 157,858 4,458 PRAXAIR INCORPORATED 199,852 34,442 PROCTER & GAMBLE COMPANY 1,828,526 1,430 PROTEIN DESIGN LABS INCORPORATED+<< 21,421 13,420 ROCHE HOLDING AG ADR 709,823 3,039 ROHM & HAAS COMPANY 146,389 1,118 SALIX PHARMACEUTICALS LIMITED+ 18,145 10,103 SANOFI-AVENTIS ADR<< 403,211 18,961 SCHERING-PLOUGH CORPORATION 359,311 1,573 SEPRACOR INCORPORATED+<< 101,411 18,052 SHISEIDO COMPANY LIMITED<< 246,498 1,378 SIGMA-ALDRICH CORPORATION 84,899 2,551 VALEANT PHARMACEUTICALS INTERNATIONAL 61,862 1,434 VALSPAR CORPORATION 66,179 2,743 VERTEX PHARMACEUTICALS INCORPORATED+ 31,654 1,983 VICURON PHARMACEUTICALS INCORPORATED+ 34,405 2,687 VION PHARMACEUTICALS INCORPORATED+ 9,270 1,802 WATSON PHARMACEUTICALS INCORPORATED+ 57,195 17,174 WYETH 701,043 21,458,019 ------------- COAL MINING - 0.11% 1,327 CONSOL ENERGY INCORPORATED 60,830 1,804 MASSEY ENERGY COMPANY<< 78,618 996 PEABODY ENERGY CORPORATION 96,711 1,132 PENN VIRGINIA CORPORATION 55,287 291,446 ------------- COMMUNICATIONS - 4.50% 1,081 AIRGATE PCS INCORPORATED+(A) 39,522 3,665 ALLTEL CORPORATION<< 209,638 4,901 AMERICAN TOWER CORPORATION CLASS A+ 89,835 11,783 AT&T CORPORATION 228,944 6,507 AVAYA INCORPORATED+ 91,098 24,649 BELLSOUTH CORPORATION 635,944 4,312 BRITISH SKY BROADCASTING GROUP PLC ADR<< 188,046 8,340 BT GROUP PLC ADR 335,852 3,391 CABLEVISION SYSTEMS NEW YORK GROUP CLASS A+<< 105,325 2,354 CENTURYTEL INCORPORATED 79,189 7,669 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 255,224 28,635 COMCAST CORPORATION CLASS A+<< 932,069 4,599 CROWN CASTLE INTERNATIONAL CORPORATION+<< 75,148 22,450 DEUTSCHE TELEKOM AG ADR+<< 468,532 10,134 DIRECTV GROUP INCORPORATED+ 152,111 66
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,787 ECHOSTAR COMMUNICATIONS CORPORATION CLASS A+<< $ 112,663 1,070 ENTERCOM COMMUNICATIONS CORPORATION+ 36,829 4,994 EXTREME NETWORKS INCORPORATED+ 29,065 2,506 FOUNDRY NETWORKS INCORPORATED+ 25,987 3,229 FOX ENTERTAINMENT GROUP INCORPORATED CLASS A+ 107,526 7,576 FRANCE TELECOM SA ADR<< 228,719 1,039 GOLDEN TELECOM INCORPORATED<< 30,609 5,278 IAC INTERACTIVECORP+<< 118,755 3,934 LAGARDERE SCA ADR<< 308,609 2,843 LIBERTY MEDIA INTERNATIONAL INCORPORATED CLASS A+<< 122,903 13,746 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+<< 404,545 2,200 NEXTEL PARTNERS INCORPORATED CLASS A+<< 43,802 5,829 NIPPON TELEGRAPH AND TELEPHONE CORPORATION ADR<< 126,314 1,603 NOVATEL WIRELESS INCORPORATED+<< 17,248 1,254 NTL INCORPORATED+ 81,372 8,817 NTT DOCOMO INCORPORATED ADR 149,448 2,062 RADIO ONE INCORPORATED CLASS D+ 28,188 4,534 REED ELSEVIER PLC ADR<< 185,214 44,484 SBC COMMUNICATIONS INCORPORATED 1,069,840 19,892 SPRINT CORPORATION-FON GROUP<< 471,043 9,098 TDC A/S ADR<< 204,068 13,230 TELEFONICA SA ADR 729,635 802 TELEPHONE & DATA SYSTEMS INCORPORATED 70,175 3,812 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 100,599 2,617 UTSTARCOM INCORPORATED+<< 33,628 36,428 VERIZON COMMUNICATIONS INCORPORATED 1,310,315 45,794 VODAFONE GROUP PLC ADR<< 1,203,924 1,772 WESTERN WIRELESS CORPORATION CLASS A+ 69,640 2,855 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 94,101 11,401,241 ------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.03% 485 CHEMED CORPORATION 34,629 1,516 DYCOM INDUSTRIES INCORPORATED+<< 40,856 75,485 ------------- DEPOSITORY INSTITUTIONS - 10.68% 15,568 ABN AMRO HOLDING NV ADR<< 429,365 10,242 ALLIED IRISH BANKS PLC ADR 437,845 7,150 AMSOUTH BANCORPORATION 178,607 4,807 ASSOCIATED BANC-CORP 154,112 1,902 ASTORIA FINANCIAL CORPORATION 71,477 35,248 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 609,438 40,825 BANCO SANTANDER CENTRAL HISPANO SA ADR 502,147 3,859 BANCTRUST FINANCIAL GROUP INCORPORATED 79,650 SHARES SECURITY NAME VALUE 54,578 BANK OF AMERICA CORPORATION $ 2,546,064 120,000 BANK OF EAST ASIA LIMITED ADR<< 365,424 11,446 BANK OF NEW YORK COMPANY INCORPORATED 346,242 4,984 BANKNORTH GROUP INCORPORATED 179,873 13,002 BARCLAYS PLC ADR 571,438 8,318 BAYERISCHE HYPO-UND VEREINSBANK AG ADR+ 202,270 8,724 BB&T CORPORATION 341,545 1,600 BERKSHIRE HILLS BANCORP INCORPORATED 55,728 15,949 BNP PARIBAS SA ADR<< 580,056 2,127 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 57,429 3,115 CAPITOL FEDERAL FINANCIAL 113,604 3,669 CASCADE BANCORP 68,207 2,050 CENTRAL PACIFIC FINANCIAL CORPORATION 73,390 4,715 CHITTENDEN CORPORATION 125,325 71,466 CITIGROUP INCORPORATED 3,410,358 2,694 CITY BANK LYNNWOOD WASHINGTON 86,935 4,545 COASTAL FINANCIAL CORPORATION 68,993 2,449 COMERICA INCORPORATED<< 139,789 1,150 COMMERCE BANCORP INCORPORATED 70,472 2,724 COMMERCE BANCSHARES INCORPORATED 128,600 1,568 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED 33,869 3,009 COMMERCIAL FEDERAL CORPORATION 82,236 3,753 COMPASS BANCSHARES INCORPORATED 170,424 5,856 DEUTSCHE BANK AG<< 514,742 2,624 FARMERS CAPITAL BANK CORPORATION 92,811 7,580 FIFTH THIRD BANCORP<< 339,357 2,242 FIRST HORIZON NATIONAL CORPORATION 95,397 1,565 FIRST OF LONG ISLAND CORPORATION 73,555 1,464 FIRST REPUBLIC BANK 77,738 1,392 FIRSTFED FINANCIAL CORPORATION+ 71,131 3,692 GOLDEN WEST FINANCIAL CORPORATION<< 228,498 11,300 HBOS PLC ADR 541,183 11,673 HSBC HOLDINGS PLC ADR<< 974,579 6,846 HUNTINGTON BANCSHARES INCORPORATED 154,172 2,079 HYPO REAL ESTATE HOLDING AG ADR+ 84,636 6,993 INTERCHANGE FINANCIAL SERVICES CORP 122,098 1,736 INVESTORS FINANCIAL SERVICES CORPORATION 87,008 47,119 JP MORGAN CHASE & COMPANY 1,722,199 6,814 KEYCORP 224,862 10,842 LLOYDS TSB GROUP PLC ADR+<< 413,080 1,466 M&T BANK CORPORATION 145,149 4,414 MARSHALL & ILSLEY CORPORATION 178,723 7,430 MELLON FINANCIAL CORPORATION 213,092 2,743 MERCANTILE BANKSHARES CORPORATION 133,337 1,051 NASB FINANCIAL INCORPORATED 44,163 4,293 NATIONAL AUSTRALIA BANK LIMITED ADR<< 490,261 9,156 NATIONAL CITY CORPORATION 327,510 4,445 NEW YORK COMMUNITY BANCORP INCORPORATED 81,610 7,079 NORTH FORK BANCORPORATION INCORPORATED 203,946 3,532 NORTHERN TRUST CORPORATION 149,227 973 OAK HILL FINANCIAL INCORPORATED 34,337 1,958 PFF BANCORP INCORPORATED 82,432 67
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 4,207 PNC FINANCIAL SERVICES GROUP $ 221,456 7,288 POPULAR INCORPORATED 193,059 1,579 R&G FINANCIAL CORPORATION CLASS B 57,349 7,343 REGIONS FINANCIAL CORPORATION 236,885 16,454 SAN PAOLO-IMI SPA 480,128 4,355 SEACOAST BANKING CORPORATION 86,229 1,955 SILICON VALLEY BANCSHARES+<< 85,668 1,504 SMITHTOWN BANCORPORATION INCORPORATED 46,428 21,036 SOCIETE GENERALE<< 445,637 6,208 SOVEREIGN BANCORP INCORPORATED<< 142,412 4,864 STATE STREET CORPORATION 213,286 3,555 STERLING BANCORPORATION NY 88,022 4,984 SUNTRUST BANKS INCORPORATED 361,041 4,095 SY BANCORP INCORPORATED 102,498 6,573 SYNOVUS FINANCIAL CORPORATION 178,523 3,134 TCF FINANCIAL CORPORATION 86,655 1,879 TIERONE CORPORATION<< 46,618 1,408 TOMPKINS TRUSTCOMPANY INCORPORATED 60,093 1,782 UCBH HOLDINGS INCORPORATED 73,757 1,698 UNIONBANCAL CORPORATION 105,106 26,650 US BANCORP 792,838 21,403 WACHOVIA CORPORATION 1,134,573 10,948 WASHINGTON MUTUAL INCORPORATED<< 459,378 11,434 WESTPAC BANKING CORPORATION ADR<< 867,612 2,900 WILMINGTON TRUST CORPORATION 98,281 1,640 WINTRUST FINANCIAL CORPORATION 88,002 1,906 ZIONS BANCORPORATION 125,987 27,059,266 ------------- EATING & DRINKING PLACES - 0.53% 1,994 BOB EVANS FARMS INCORPORATED 45,164 1,417 BRINKER INTERNATIONAL INCORPORATED+ 53,648 1,034 CEC ENTERTAINMENT INCORPORATED+ 40,016 1,639 CHEESECAKE FACTORY INCORPORATED+<< 55,775 3,371 DARDEN RESTAURANTS INCORPORATED<< 90,343 1,237 DAVE & BUSTER'S INCORPORATED+ 24,394 1,431 IHOP CORPORATION<< 67,371 1,193 JACK IN THE BOX INCORPORATED+ 42,829 2,395 KRISPY KREME DOUGHNUTS INCORPORATED+<< 13,124 16,037 MCDONALD'S CORPORATION 530,504 1,859 OUTBACK STEAKHOUSE INCORPORATED 83,488 2,176 WENDY'S INTERNATIONAL INCORPORATED 82,361 4,355 YUM! BRANDS INCORPORATED 212,437 1,341,454 ------------- EDUCATIONAL SERVICES - 0.12% 2,135 APOLLO GROUP INCORPORATED CLASS A+<< 157,221 1,718 CAREER EDUCATION CORPORATION+<< 58,670 1,867 DEVRY INCORPORATED+<< 32,449 1,093 ITT EDUCATIONAL SERVICES INCORPORATED+ 53,218 301,558 ------------- ELECTRIC, GAS & SANITARY SERVICES - 3.95% 11,375 AES CORPORATION+ 190,417 4,786 ALLIED WASTE INDUSTRIES INCORPORATED+<< 39,341 3,457 AMEREN CORPORATION 177,932 SHARES SECURITY NAME VALUE 6,233 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 208,182 11,700 BG GROUP PLC ADR 463,320 2,290 BLACK HILLS CORPORATION 72,593 4,136 CASCADE NATURAL GAS CORPORATION 84,995 6,192 CENTERPOINT ENERGY INCORPORATED 74,180 2,796 CENTRAL VERMONT PUBLIC SERVICE 62,882 3,429 CINERGY CORPORATION 138,703 6,843 CITIZENS COMMUNICATIONS COMPANY 91,286 3,708 CONSOLIDATED EDISON INCORPORATED 158,517 3,555 CONSTELLATION ENERGY GROUP INCORPORATED 182,976 4,203 DOMINION RESOURCES INCORPORATED 302,742 2,991 DTE ENERGY COMPANY 132,262 12,963 DUKE ENERGY CORPORATION 349,871 6,283 E.ON AG<< 565,470 5,316 EDISON INTERNATIONAL 172,664 10,743 EL PASO CORPORATION 132,461 20,231 ENDESA SA ADR 458,434 3,449 ENTERGY CORPORATION 238,395 9,484 EXELON CORPORATION 430,194 5,273 FIRSTENERGY CORPORATION 217,458 2,542 FPL GROUP INCORPORATED 201,708 3,098 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 82,469 110,000 HONG KONG ELECTRIC HOLDINGS LIMITED ADR<< 500,698 5,430 INTERNATIONAL POWER PLC+<< 190,919 2,042 KINDER MORGAN INCORPORATED 163,707 2,996 LACLEDE GROUP INCORPORATED 94,014 7,520 NATIONAL GRID TRANSCO PLC<< 369,458 859 NICOR INCORPORATED 32,032 5,095 NISOURCE INCORPORATED 115,351 1,914 NSTAR 106,227 6,235 PG&E CORPORATION 219,347 1,674 PINNACLE WEST CAPITAL CORPORATION<< 69,889 3,318 PPL CORPORATION 180,964 3,287 PROGRESS ENERGY INCORPORATED<< 142,459 3,301 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 180,070 6,859 RELIANT RESOURCES INCORPORATED+<< 82,239 3,049 REPUBLIC SERVICES INCORPORATED 96,684 6,949 RWE AG<< 422,448 9,845 SCOTTISH POWER PLC<< 313,071 3,878 SEMPRA ENERGY<< 155,120 1,934 SOUTH JERSEY INDUSTRIES INCORPORATED 108,053 9,896 SOUTHERN COMPANY<< 317,860 4,272 TXU CORPORATION 325,740 1,467 UIL HOLDINGS CORPORATION 73,497 7,630 WASTE MANAGEMENT INCORPORATED 223,101 8,875 WILLIAMS COMPANIES INCORPORATED 167,116 7,369 XCEL ENERGY INCORPORATED 130,579 10,010,095 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 7.55% 5,489 ADVANCED MICRO DEVICES INCORPORATED+ 95,783 2,237 ALCATEL SA ADR+<< 29,059 68
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 5,474 ALTERA CORPORATION+ $ 113,531 3,877 AMERICAN POWER CONVERSION CORPORATION 85,372 2,897 AMKOR TECHNOLOGY INCORPORATED+<< 12,660 4,885 ANALOG DEVICES INCORPORATED 179,377 3,820 ANDREW CORPORATION+ 46,222 6,538 APPLIED MICRO CIRCUITS CORPORATION+ 22,556 707 APPLIED SIGNAL TECHNOLOGY INCORPORATED 16,494 1,297 ATMI INCORPORATED+<< 35,304 2,051 AVX CORPORATION<< 25,166 1,329 BENCHMARK ELECTRONICS INCORPORATED+ 43,219 3,549 BROADCOM CORPORATION CLASS A+<< 114,455 1,885 C&D TECHNOLOGIES INCORPORATED 25,975 4,239 CANON INCORPORATED ADR 223,565 741 CERADYNE INCORPORATED+<< 22,304 11,617 CHARTERED SEMICONDUCTOR+<< 77,950 3,509 COMVERSE TECHNOLOGY INCORPORATED+<< 81,444 1,440 CREE INCORPORATED+<< 33,869 1,318 CYMER INCORPORATED+<< 38,097 3,055 CYPRESS SEMICONDUCTOR+<< 43,014 819 DITECH COMMUNICATIONS CORPORATION+ 10,287 1,968 DSP GROUP INCORPORATED+ 49,544 745 DUPONT PHOTOMASKS INCORPORATED+ 19,623 1,298 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 29,335 5,165 EMERSON ELECTRIC COMPANY 342,543 1,361 ENERGIZER HOLDINGS INCORPORATED+<< 80,612 2,037 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+<< 33,651 3,449 FREESCALE SEMICONDUCTOR INCORPORATED CLASS B+ 66,152 6,567 GEMSTAR-TV GUIDE INTERNATIONAL INCORPORATED+ 29,289 140,576 GENERAL ELECTRIC COMPANY 4,948,275 2,397 GRAFTECH INTERNATIONAL LIMITED+ 22,148 834 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 93,550 1,180 HARRIS CORPORATION 78,706 6,927 INFINEON TECHNOLOGIES AG ADR+<< 71,625 1,365 INTEGRATED CIRCUIT SYSTEMS INCORPORATED+ 27,546 3,599 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 45,023 85,220 INTEL CORPORATION 2,043,576 1,851 INTERDIGITAL COMMUNICATIONS CORPORATION+ 32,078 21,572 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,997,136 1,031 INTERNATIONAL RECTIFIER CORPORATION+ 45,364 3,049 INTERSIL CORPORATION CLASS A 51,406 2,986 JABIL CIRCUIT INCORPORATED+ 76,770 2,533 KLA-TENCOR CORPORATION<< 125,156 7,529 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV NY SHARES<< 208,704 1,343 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 96,830 2,886 LATTICE SEMICONDUCTOR CORPORATION+ 15,238 SHARES SECURITY NAME VALUE 4,030 LINEAR TECHNOLOGY CORPORATION $ 157,412 1,024 LITTELFUSE INCORPORATED+ 33,300 8,425 LSI LOGIC CORPORATION+ 53,751 54,815 LUCENT TECHNOLOGIES INCORPORATED+<< 168,282 18,069 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED ADR 269,951 4,349 MAXIM INTEGRATED PRODUCTS INCORPORATED 187,094 1,893 MAYTAG CORPORATION 28,849 3,737 MCDATA CORPORATION CLASS A+<< 14,686 1,601 MERIX CORPORATION+ 16,250 3,026 MICROCHIP TECHNOLOGY INCORPORATED 83,094 7,678 MICRON TECHNOLOGY INCORPORATED+<< 88,297 38,299 MINEBEA COMPANY LIMITED ADR<< 351,095 3,414 MOLEX INCORPORATED<< 85,794 31,243 MOTOROLA INCORPORATED 489,265 2,791 MYKROLIS CORPORATION+ 37,734 2,203 NATIONAL PRESTO INDUSTRIES INCORPORATED 92,218 4,976 NATIONAL SEMICONDUCTOR CORPORATION 99,271 5,011 NETWORK APPLIANCE INCORPORATED+ 150,380 37,428 NOKIA OYJ ADR 604,088 2,130 NOVELLUS SYSTEMS INCORPORATED+ 62,910 2,749 NVIDIA CORPORATION+ 79,694 1,883 OMNIVISION TECHNOLOGIES INCORPORATED+<< 38,055 8,730 OMRON CORPORATION 203,422 2,247 OPENWAVE SYSTEMS INCORPORATED+<< 28,672 1,410 PHOTRONICS INCORPORATED+ 26,198 1,060 PLANTRONICS INCORPORATED 38,626 2,906 PMC-SIERRA INCORPORATED+ 28,915 2,714 POLYCOM INCORPORATED+ 43,940 2,579 POWERWAVE TECHNOLOGIES+<< 17,666 1,582 QLOGIC CORPORATION+<< 63,739 21,318 QUALCOMM INCORPORATED 769,793 2,021 RAMBUS INCORPORATED+ 35,509 4,357 RF MICRO DEVICES INCORPORATED+ 23,963 2,972 ROCKWELL COLLINS INCORPORATED 136,861 1,017 ROGERS CORPORATION+ 46,436 10,522 SANMINA-SCI CORPORATION+ 58,397 11,974 SANYO ELECTRIC COMPANY LIMITED<< 201,055 2,462 SCIENTIFIC-ATLANTA INCORPORATED 76,076 1,370 SEMTECH CORPORATION+<< 26,797 2,151 SILICON IMAGE INCORPORATED+ 24,780 938 SILICON LABORATORIES INCORPORATED+ 32,924 2,914 SKYWORKS SOLUTIONS INCORPORATED+ 21,156 1,079 SOHU.COM INCORPORATED+ 19,325 13,480 SOLECTRON CORPORATION+ 66,726 7,559 SONY CORPORATION ADR 285,655 1,618 SPATIALIGHT INCORPORATED+<< 8,252 2,901 TDK CORPORATION ADR 209,887 13,057 TELEFONAKTIEBOLAGET LM ERICSSON ADR+<< 382,701 8,827 TELLABS INCORPORATED+ 62,583 23,284 TEXAS INSTRUMENTS INCORPORATED 616,327 2,069 THOMAS & BETTS CORPORATION+ 64,305 3,387 TRIQUINT SEMICONDUCTOR INCORPORATED+ 11,685 1,122 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 44,700 69
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 3,879 VISHAY INTERTECHNOLOGY INCORPORATED+<< $ 50,621 750 WHIRLPOOL CORPORATION 47,813 5,132 XILINX INCORPORATED 154,986 1,217 ZORAN CORPORATION+ 13,034 19,140,578 ------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.57% 1,045 AFFYMETRIX INCORPORATED+<< 44,653 804 AMERICAN HEALTHCORP+<< 27,320 2,287 AMYLIN PHARMACEUTICALS INCORPORATED+<< 48,988 1,948 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 21,642 5,067 BEARINGPOINT INCORPORATED+ 39,827 1,206 CDI CORPORATION 25,097 2,306 CELGENE CORPORATION+<< 63,127 931 CEPHALON INCORPORATED+<< 45,684 1,757 CORNELL COMPANIES INCORPORATED+ 25,055 866 CORPORATE EXECUTIVE BOARD COMPANY 54,168 4,735 CURAGEN CORPORATION+<< 26,185 1,320 CV THERAPEUTICS INCORPORATED+<< 28,948 1,294 ERESEARCH TECHNOLOGY INCORPORATED+ 20,148 1,414 FLUOR CORPORATION 88,728 1,235 GEN-PROBE INCORPORATED+<< 62,874 1,537 ICOS CORPORATION+ 33,998 117,309 INVENSYS PLC 79,066 2,055 MOODY'S CORPORATION<< 172,435 1,589 NAVIGANT CONSULTING INCORPORATED+<< 40,917 1,153 OMNICELL INCORPORATED+ 7,494 4,780 PAYCHEX INCORPORATED 152,625 1,215 QUEST DIAGNOSTICS INCORPORATED<< 120,771 873 RESOURCES CONNECTION INCORPORATED+<< 43,440 10,589 SERVICEMASTER COMPANY 140,728 1,582 TELIK INCORPORATED+<< 29,868 1,443,786 ------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.42% 1,103 AMERON INTERNATIONAL CORPORATION 38,737 1,504 BALL CORPORATION 66,778 1,250 COMPX INTERNATIONAL INCORPORATED 20,850 1,759 CRANE COMPANY 52,418 1,876 FORTUNE BRANDS INCORPORATED 151,956 3,523 ILLINOIS TOOL WORKS INCORPORATED 316,189 6,706 MASCO CORPORATION<< 226,126 1,067 METALS USA INCORPORATED+ 26,003 981 NCI BUILDING SYSTEMS INCORPORATED+<< 36,670 2,077 SNAP-ON INCORPORATED 68,749 1,518 TASER INTERNATIONAL INCORPORATED+<< 19,749 1,671 WATER PIK TECHNOLOGIES INCORPORATED+ 31,465 1,055,690 ------------- FINANCIAL SERVICES - 0.03% 4,932 JANUS CAPITAL GROUP INCORPORATED 69,196 ------------- SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS - 3.10% 1,088 AMERICAN ITALIAN PASTA COMPANY CLASS A<< $ 29,376 12,403 ANHEUSER-BUSCH COMPANIES INCORPORATED 588,522 9,393 ARCHER-DANIELS-MIDLAND COMPANY 226,371 9,517 CADBURY SCHWEPPES PLC ADR 377,539 4,471 CAMPBELL SOUP COMPANY 123,847 32,474 COCA-COLA COMPANY 1,389,887 4,143 COCA-COLA ENTERPRISES INCORPORATED 88,453 7,404 CONAGRA FOODS INCORPORATED 202,277 2,015 DEL MONTE FOODS COMPANY+ 21,339 6,283 DIAGEO PLC ADR 359,827 3,610 GENERAL MILLS INCORPORATED 189,056 17,621 GROUPE DANONE ADR<< 350,658 502 HANSEN NATURAL CORPORATION+ 21,973 2,460 HERSHEY FOODS CORPORATION 154,980 4,250 HJ HEINZ COMPANY 159,970 2,999 HORMEL FOODS CORPORATION 93,419 1,563 JM SMUCKER COMPANY 76,837 3,747 KELLOGG COMPANY 164,868 28,187 KIRIN BREWERY COMPANY LIMITED 289,199 3,535 KRAFT FOODS INCORPORATED CLASS A 118,246 2,931 MCCORMICK & COMPANY INCORPORATED 111,349 1,701 MGP INGREDIENTS INCORPORATED 13,047 248 MOLSON COORS BREWING COMPANY 17,243 12,671 NESTLE SA ADR 882,211 3,290 PEPSI BOTTLING GROUP INCORPORATED 89,554 3,445 PEPSIAMERICAS INCORPORATED 78,374 21,794 PEPSICO INCORPORATED 1,173,825 10,933 SARA LEE CORPORATION 244,899 4,474 TYSON FOODS INCORPORATED CLASS A 76,147 2,240 WM WRIGLEY JR COMPANY 149,094 7,862,387 ------------- FOOD STORES - 0.74% 5,159 ALBERTSON'S INCORPORATED 115,510 10,134 COLES MYER LIMITED ADR<< 614,931 12,798 KONINKLIJKE AHOLD NV ADR+ 115,822 9,968 KROGER COMPANY+ 179,324 5,646 STARBUCKS CORPORATION+ 292,519 25,880 TESCO PLC ADR<< 456,386 930 WHOLE FOODS MARKET INCORPORATED<< 95,623 1,683 WINN-DIXIE STORES INCORPORATED+<< 1,018 1,871,133 ------------- FORESTRY - 0.08% 2,946 WEYERHAEUSER COMPANY 197,176 ------------- FURNITURE & FIXTURES - 0.17% 1,928 HERMAN MILLER INCORPORATED 55,873 1,221 HILLENBRAND INDUSTRIES INCORPORATED 68,877 1,477 HNI CORPORATION 64,427 853 HOOKER FURNITURE CORPORATION 22,161 3,982 LEGGETT & PLATT INCORPORATED 110,182 4,086 NEWELL RUBBERMAID INCORPORATED 91,077 1,129 SELECT COMFORT CORPORATION+<< 23,257 435,854 ------------- 70
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) GENERAL MERCHANDISE STORES - 0.72% 3,110 BIG LOTS INCORPORATED+<< $ 36,294 5,264 DOLLAR GENERAL CORPORATION 111,755 2,855 FAMILY DOLLAR STORES INCORPORATED 93,986 2,525 FEDERATED DEPARTMENT STORES INCORPORATED 142,536 2,606 FOOT LOCKER INCORPORATED<< 71,144 1,721 FRED'S INCORPORATED 28,999 3,245 JC PENNEY COMPANY INCORPORATED 144,370 770 KMART HOLDING CORPORATION+<< 75,052 4,343 MAY DEPARTMENT STORES COMPANY 149,877 3,301 SEARS ROEBUCK & COMPANY 164,819 12,138 TARGET CORPORATION 616,853 7,490 TJX COMPANIES INCORPORATED 182,906 1,818,591 ------------- HEALTH SERVICES - 0.66% 452 AMEDISYS INCORPORATED+ 14,437 4,553 BIOGEN IDEC INCORPORATED+<< 175,973 6,402 CAREMARK RX INCORPORATED+ 245,069 1,332 COVANCE INCORPORATED+ 58,222 1,425 DAVITA INCORPORATED+ 60,192 1,265 ENZON PHARMACEUTICALS INCORPORATED+ 13,599 6,410 HCA INCORPORATED 302,616 4,215 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 96,818 3,414 HUMAN GENOME SCIENCES INCORPORATED+ 38,100 2,117 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 101,383 991 LCA-VISION INCORPORATED 28,660 1,553 LINCARE HOLDINGS INCORPORATED+<< 63,021 1,486 MANOR CARE INCORPORATED 50,628 1,064 NEIGHBORCARE INCORPORATED+ 31,994 2,417 ODYSSEY HEALTHCARE INCORPORATED+ 27,191 559 PEDIATRIX MEDICAL GROUP INCORPORATED+ 38,308 1,523 RENAL CARE GROUP INCORPORATED+ 60,006 882 SIERRA HEALTH SERVICES INCORPORATED+<< 54,296 6,266 TENET HEALTHCARE CORPORATION+<< 68,362 1,265 TRIAD HOSPITALS INCORPORATED+ 55,243 1,149 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 47,178 1,054 UNIVERSAL HEALTH SERVICES CLASS B 49,749 1,681,045 ------------- HOLDING & OTHER INVESTMENT OFFICES - 1.70% 1,762 4KIDS ENTERTAINMENT INCORPORATED+<< 34,429 3,536 ACADIA REALTY TRUST 56,222 1,616 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 50,338 5,364 ARCHSTONE-SMITH TRUST 181,464 2,461 BEDFORD PROPERTY INVESTORS 57,366 2,351 BOSTON PROPERTIES INCORPORATED<< 140,590 1,665 CAPITAL TRUST INCORPORATED NY CLASS A 53,813 2,923 CAPSTEAD MORTGAGE CORPORATION<< 27,652 3,661 CEDAR SHOPPING CENTERS INCORPORATED 52,279 2,356 CORPORATE OFFICE PROPERTIES TRUST SBI MD 62,316 SHARES SECURITY NAME VALUE 2,018 CORRECTIONAL PROPERTIES TRUST $ 53,033 5,109 CRESCENT REAL ESTATE EQUITIES COMPANY 83,277 4,923 DUKE REALTY CORPORATION 155,961 1,414 EASTGROUP PROPERTIES INCORPORATED 54,778 2,123 ENTERTAINMENT PROPERTIES TRUST 87,043 2,526 EQUITY LIFESTYLE PROPERTIES INCORPORATED<< 84,874 5,834 EQUITY OFFICE PROPERTIES TRUST 176,012 4,653 EQUITY RESIDENTIAL 152,665 2,989 FELCOR LODGING TRUST INCORPORATED+ 37,482 3,539 GENERAL GROWTH PROPERTIES INCORPORATED 123,511 980 HEADWATERS INCORPORATED+<< 31,517 2,272 HERITAGE PROPERTY INVESTMENT TRUST 69,637 8,033 HOST MARRIOTT CORPORATION<< 128,367 1,915 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 36,864 3,190 ISTAR FINANCIAL INCORPORATED 135,543 1,714 KILROY REALTY CORPORATION 72,348 3,071 KIMCO REALTY CORPORATION 163,101 1,912 KRAMONT REALTY TRUST 44,569 1,602 LASALLE HOTEL PROPERTIES 48,284 2,773 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 104,154 45,147 MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED ADR 413,998 1,723 NATIONAL HEALTH INVESTORS INCORPORATED 44,763 823 NOVASTAR FINANCIAL INCORPORATED<< 29,291 1,418 PARKWAY PROPERTIES INCORPORATED 66,689 1,965 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 79,779 4,204 PLUM CREEK TIMBER COMPANY 157,860 2,674 PUBLIC STORAGE INCORPORATED<< 145,893 1,904 RAIT INVESTMENT TRUST 51,122 1,423 RAMCO-GERSHENSON PROPERTIES 40,271 658 REDWOOD TRUST INCORPORATED<< 37,466 1,634 SAUL CENTERS INCORPORATED 56,373 2,908 SIMON PROPERTY GROUP INCORPORATED<< 180,180 1,598 SOVRAN SELF STORAGE INCORPORATED<< 65,406 3,326 TANGER FACTORY OUTLET CENTERS INCORPORATED 79,325 2,893 TOWN & COUNTRY TRUST 77,012 3,691 TRUSTREET PROPERTIES INCORPORATED 65,331 2,423 VORNADO REALTY TRUST 166,460 4,316,708 ------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.22% 4,143 BED BATH & BEYOND INCORPORATED+<< 155,445 3,712 BEST BUY COMPANY INCORPORATED<< 200,522 3,004 CIRCUIT CITY STORES INCORPORATED 46,953 1,069 COST PLUS INCORPORATED+ 30,071 2,664 RADIO SHACK CORPORATION 78,748 1,467 WILLIAMS-SONOMA INCORPORATED+ 50,890 562,629 ------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.28% 1,228 EMPIRE RESORTS INCORPORATED+<< 13,870 7,778 HILTON HOTELS CORPORATION 163,805 71
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 805 MANDALAY RESORT GROUP $ 57,050 2,912 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 186,659 1,502 MGM MIRAGE+ 111,403 2,902 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 166,111 698,898 ------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.25% 9,988 3M COMPANY 838,393 1,091 ACTUANT CORPORATION CLASS A+ 58,969 2,625 AMERICAN STANDARD COMPANIES INCORPORATED 120,225 10,416 APPLE COMPUTER INCORPORATED+ 467,262 22,138 APPLIED MATERIALS INCORPORATED+ 387,415 4,536 BAKER HUGHES INCORPORATED 214,462 1,190 BLACK & DECKER CORPORATION<< 98,675 855 BLACK BOX CORPORATION 33,302 6,171 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 38,260 2,166 BROOKS AUTOMATION INCORPORATED+ 39,226 895 CASCADE CORPORATION 32,130 4,284 CATERPILLAR INCORPORATED 407,194 1,134 CDW CORPORATION<< 65,171 89,397 CISCO SYSTEMS INCORPORATED+ 1,557,296 1,082 COOPER CAMERON CORPORATION+ 62,421 3,294 DEERE & COMPANY 234,236 33,158 DELL INCORPORATED+ 1,329,304 1,137 DIEBOLD INCORPORATED 60,682 1,669 DOT HILL SYSTEMS CORPORATION+ 10,531 2,906 DOVER CORPORATION 112,375 31,888 EMC CORPORATION+ 403,702 2,706 EMULEX CORPORATION+ 45,731 596 ENGINEERED SUPPORT SYSTEMS INCORPORATED 32,947 665 EQUINIX INCORPORATED+ 29,120 2,272 FLOWSERVE CORPORATION+ 56,777 7,604 GATEWAY INCORPORATED+ 35,739 4,333 GRANT PRIDECO INCORPORATED+ 104,685 3,067 HITACHI LIMITED ADR<< 194,141 2,922 JOY GLOBAL INCORPORATED 107,383 7,255 JUNIPER NETWORKS INCORPORATED+<< 156,273 11,336 KOMATSU LIMITED ADR 340,889 2,459 LAM RESEARCH CORPORATION+<< 77,311 1,604 LEXMARK INTERNATIONAL INCORPORATED+ 128,529 1,957 LINDSAY MANUFACTURING COMPANY 45,481 32,684 MAKITA CORPORATION<< 624,591 1,240 MANITOWOC COMPANY INCORPORATED 51,088 22,710 NEC CORPORATION ADR 146,479 1,464 NORDSON CORPORATION 58,545 3,026 PALL CORPORATION 81,914 1,080 PALMONE INCORPORATED+<< 25,726 1,737 PARKER HANNIFIN CORPORATION 114,295 2,315 PENTAIR INCORPORATED 95,934 2,735 PITNEY BOWES INCORPORATED 125,427 2,107 ROBBINS & MYERS INCORPORATED<< 50,568 SHARES SECURITY NAME VALUE 2,549 SANDISK CORPORATION+ $ 68,517 1,873 SCIENTIFIC GAMES CORPORATION CLASS A+<< 48,174 7,802 SIEMENS AG<< 608,868 1,804 SMITH INTERNATIONAL INCORPORATED<< 115,925 1,443 SPX CORPORATION 64,242 1,281 STANLEY WORKS 59,246 2,411 STORAGE TECHNOLOGY CORPORATION+ 76,670 4,304 SYMBOL TECHNOLOGIES INCORPORATED<< 76,310 1,390 TENNANT COMPANY 54,627 1,140 TEREX CORPORATION+ 51,528 520 TORO COMPANY 45,089 711 TRANSACT TECHNOLOGIES INCORPORATED+ 12,649 2,378 VARIAN MEDICAL SYSTEMS INCORPORATED+ 85,442 4,518 WESTERN DIGITAL CORPORATION+ 50,873 1,123 ZEBRA TECHNOLOGIES CORPORATION CLASS A+<< 56,004 10,774,968 ------------- INSURANCE AGENTS, BROKERS & SERVICE - 0.41% 4,803 AON CORPORATION<< 117,721 1,257 HILB, ROGAL & HAMILTON COMPANY 43,128 1,577 JEFFERSON-PILOT CORPORATION 77,210 973 LABONE INCORPORATED+<< 35,028 7,413 MARSH & MCLENNAN COMPANIES INCORPORATED 242,034 3,840 MEDCO HEALTH SOLUTIONS INCORPORATED+ 170,573 5,750 METLIFE INCORPORATED<< 235,980 1,288 NATIONAL FINANCIAL PARTNERS CORPORATION 50,876 4,604 UNUMPROVIDENT CORPORATION<< 77,900 1,050,450 ------------- INSURANCE CARRIERS - 3.99% 2,640 AEGON NV<< 37,958 2,007 AETNA INCORPORATED<< 293,062 6,886 AFLAC INCORPORATED 263,940 148 ALLEGHANY CORPORATION+ 40,552 17,718 ALLIANZ AG ADR<< 223,247 1,375 ALLMERICA FINANCIAL CORPORATION+ 49,225 8,902 ALLSTATE CORPORATION 477,859 1,342 AMBAC FINANCIAL GROUP INCORPORATED 104,381 30,205 AMERICAN INTERNATIONAL GROUP INCORPORATED 2,017,694 1,029 AMERICAN NATIONAL INSURANCE COMPANY 112,305 10,639 AXA ADR<< 285,338 1,770 CENTENE CORPORATION+ 59,047 2,299 CHUBB CORPORATION<< 181,874 1,720 CIGNA CORPORATION 156,176 3,122 CINCINNATI FINANCIAL CORPORATION<< 139,647 2,746 FIDELITY NATIONAL FINANCIAL INCORPORATED 121,483 3,923 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 282,260 2,339 HEALTH NET INCORPORATED+ 69,936 18,464 ING GROEP NV ADR 566,476 1,319 KANSAS CITY LIFE INSURANCE COMPANY 62,982 754 LANDAMERICA FINANCIAL GROUP INCORPORATED 41,274 2,330 LINCOLN NATIONAL CORPORATION 109,160 72
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 2,449 LOEWS CORPORATION $ 174,565 222 MARKEL CORPORATION+ 79,365 1,832 MBIA INCORPORATED<< 107,355 1,200 MERCURY GENERAL CORPORATION 65,832 1,202 MGIC INVESTMENT CORPORATION 75,413 2,724 MILLEA HOLDINGS INCORPORATED<< 199,860 4,063 OLD REPUBLIC INTERNATIONAL CORPORATION 97,471 1,481 PACIFICARE HEALTH SYSTEMS INCORPORATED+<< 94,014 953 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+<< 72,409 1,533 PMI GROUP INCORPORATED 61,703 4,050 PRINCIPAL FINANCIAL GROUP INCORPORATED 158,031 2,925 PROGRESSIVE CORPORATION 254,768 7,375 PRUDENTIAL FINANCIAL INCORPORATED 420,375 1,870 RADIAN GROUP INCORPORATED 90,377 1,986 SAFECO CORPORATION<< 94,712 8,899 ST. PAUL COMPANIES INCORPORATED 341,010 531 STANCORP FINANCIAL GROUP INCORPORATED 46,245 2,006 STEWART & STEVENSON SERVICES CORPORATION 42,969 3,931 SWISS REINSURANCE COMPANY ADR<< 289,394 2,042 TORCHMARK CORPORATION 106,409 820 TRANSATLANTIC HOLDING INCORPORATED 55,022 8,760 UNITEDHEALTH GROUP INCORPORATED 798,562 1,719 UNITRIN INCORPORATED 80,587 1,179 W.R. BERKLEY CORPORATION 60,553 3,918 WELLPOINT INCORPORATED+ 478,231 701 ZENITH NATIONAL INSURANCE CORPORATION 35,492 1,754 ZURICH FINANCIAL SERVICES AG ADR+<< 32,429 10,109,029 ------------- JUSTICE, PUBLIC ORDER & SAFETY - 0.03% 1,196 CORRECTIONS CORPORATION OF AMERICA+ 45,018 785 GEO GROUP INCORPORATED+ 22,537 67,555 ------------- LEATHER & LEATHER PRODUCTS - 0.08% 902 BROWN SHOE COMPANY INCORPORATED 30,127 2,963 COACH INCORPORATED+ 164,535 194,662 ------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.10% 2,255 COACHMEN INDUSTRIES INCORPORATED 33,802 3,575 GEORGIA-PACIFIC CORPORATION<< 128,021 1,320 LOUISIANA-PACIFIC CORPORATION<< 34,676 1,230 SKYLINE CORPORATION 47,171 243,670 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 2.65% 1,007 ABAXIS INCORPORATED+<< 11,117 1,372 ADVANCED MEDICAL OPTICS INCORPORATED+<< 52,067 SHARES SECURITY NAME VALUE 857 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+<< $ 25,282 9,155 ADVANTEST CORPORATION ADR 197,748 7,081 AGILENT TECHNOLOGIES INCORPORATED+ 169,944 2,055 ALIGN TECHNOLOGY INCORPORATED+<< 15,556 1,859 ALLERGAN INCORPORATED<< 139,760 3,469 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 71,253 599 ARMOR HOLDINGS INCORPORATED+<< 23,912 701 ARTHROCARE CORPORATION+<< 20,203 932 BAUSCH & LOMB INCORPORATED 65,976 8,132 BAXTER INTERNATIONAL INCORPORATED 289,987 1,149 BECKMAN COULTER INCORPORATED 80,947 3,654 BECTON DICKINSON & COMPANY 218,765 3,793 BIOMET INCORPORATED<< 160,140 8,896 BOSTON SCIENTIFIC CORPORATION+ 290,543 1,748 C.R. BARD INCORPORATED 116,242 310 COOPER COMPANIES INCORPORATED 25,529 2,486 CREDENCE SYSTEMS CORPORATION+<< 21,802 841 CYBERONICS INCORPORATED+<< 31,529 920 CYBEROPTICS CORPORATION+ 12,558 3,339 DANAHER CORPORATION 180,874 4,061 EASTMAN KODAK COMPANY 138,033 737 FARO TECHNOLOGIES INCORPORATED+<< 19,494 1,385 FEI COMPANY+ 34,279 1,668 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 101,164 9,050 FUJI PHOTO FILM COMPANY LIMITED ADR<< 341,828 4,074 GUIDANT CORPORATION 298,991 967 HOLOGIC INCORPORATED+ 35,731 1,094 INTEGRA LIFESCIENCES HOLDINGS+<< 40,576 1,121 INTUITIVE SURGICAL INCORPORATED+<< 52,855 1,084 KEITHLEY INSTRUMENTS INCORPORATED 17,951 673 KENSEY NASH CORPORATION+<< 21,799 727 LASERSCOPE+ 24,376 770 MEASUREMENT SPECIALTIES INCORPORATED+ 19,481 15,643 MEDTRONIC INCORPORATED 815,313 1,377 MENTOR CORPORATION 47,672 836 MILLIPORE CORPORATION+ 37,837 8,507 OLYMPUS CORPORATION ADR 187,621 2,508 PERKINELMER INCORPORATED 55,627 1,019 PHOTON DYNAMICS INCORPORATED+ 23,692 900 POSSIS MEDICAL INCORPORATED+ 8,478 5,810 RAYTHEON COMPANY 222,174 883 RESMED INCORPORATED+<< 52,053 2,261 RICOH COMPANY LIMITED ADR 210,956 2,883 ROCKWELL AUTOMATION INCORPORATED 179,178 4,802 ST. JUDE MEDICAL INCORPORATED+ 187,758 4,162 STRYKER CORPORATION 206,685 1,724 SYBRON DENTAL SPECIALTIES INCORPORATED+ 61,581 1,125 TECHNE CORPORATION+<< 38,351 1,762 TEKTRONIX INCORPORATED 50,957 3,038 TERADYNE INCORPORATED+<< 46,846 3,189 THERMO ELECTRON CORPORATION+ 87,570 5,388 THERMOGENESIS+ 29,419 73
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,572 TRIMBLE NAVIGATION LIMITED+ $ 56,623 486 UNITED INDUSTRIAL CORPORATION NEW YORK 16,038 1,350 VARIAN INCORPORATED+ 57,578 1,572 VIASYS HEALTHCARE INCORPORATED+ 32,525 917 VISX INCORPORATED+ 22,155 1,999 WATERS CORPORATION+ 97,651 1,227 WRIGHT MEDICAL GROUP INCORPORATED+<< 31,276 12,128 XEROX CORPORATION+ 189,197 3,213 ZIMMER HOLDINGS INCORPORATED+<< 275,997 737 ZOLL MEDICAL CORPORATION+ 22,302 6,719,402 ------------- MEDICAL EQUIPMENT & SUPPLIES - 0.01% 1,938 WILSON GREATBATCH TECHNOLOGIES INCORPORATED+ 33,973 ------------- MEDICAL MANAGEMENT SERVICES - 0.04% 1,724 COVENTRY HEALTH CARE INCORPORATED+ 108,784 ------------- MEMBERSHIP ORGANIZATIONS - 0.01% 1,202 BRIGHTPOINT INCORPORATED+ 21,660 ------------- METAL MINING - 0.47% 722 CLEVELAND CLIFFS INCORPORATED<< 58,013 2,433 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 101,748 5,290 NEWMONT MINING CORPORATION 238,156 1,403 PHELPS DODGE CORPORATION<< 149,349 4,092 RIO TINTO PLC ADR 579,305 1,234 ROYAL GOLD INCORPORATED 21,755 395 SOUTHERN PERU COPPER CORPORATION<< 24,850 2,009 STILLWATER MINING COMPANY+ 22,862 1,196,038 ------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.04% 1,754 VULCAN MATERIALS COMPANY 101,486 ------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.60% 2,086 EATON CORPORATION 145,498 4,376 HASBRO INCORPORATED 92,421 40,020 HEWLETT-PACKARD COMPANY 832,416 1,382 ITT INDUSTRIES INCORPORATED 121,547 702 JAKKS PACIFIC INCORPORATED+ 13,879 38,032 JOHNSON & JOHNSON 2,494,899 1,875 LEAPFROG ENTERPRISES INCORPORATED+<< 19,688 6,354 MATTEL INCORPORATED 132,926 799 RC2 CORPORATION+<< 24,713 2,572 RUSS BERRIE AND COMPANY INCORPORATED<< 58,539 1,230 STEINWAY MUSICAL INSTRUMENTS+ 33,308 2,469 TIFFANY & COMPANY 74,440 4,044,274 ------------- MISCELLANEOUS RETAIL - 1.60% 1,435 ACTION PERFORMANCE COMPANIES INCORPORATED<< 20,836 4,471 AMAZON.COM INCORPORATED+<< 157,290 SHARES SECURITY NAME VALUE 816 BLAIR CORPORATION $ 26,765 6,231 COSTCO WHOLESALE CORPORATION 290,302 5,341 CVS CORPORATION 266,142 878 DICK'S SPORTING GOODS INCORPORATED+<< 31,476 1,111 DILLARDS INCORPORATED CLASS A 25,886 2,315 DOLLAR TREE STORES INCORPORATED+<< 62,389 1,312 EXPRESS SCRIPTS INCORPORATED+<< 98,781 2,118 HANCOCK FABRICS INCORPORATED 18,215 2,498 MICHAELS STORES INCORPORATED 79,661 6,049 OFFICE DEPOT INCORPORATED+ 116,443 325 OVERSTOCK.COM INCORPORATED+<< 17,451 2,736 PETSMART INCORPORATED 83,448 1,315 PRICELINE.COM INCORPORATED+<< 29,548 11,227 RITE AID CORPORATION+<< 39,295 7,466 STAPLES INCORPORATED 235,328 2,943 TOYS R US INCORPORATED+ 67,307 33,316 WAL-MART STORES INCORPORATED 1,719,439 13,228 WALGREEN COMPANY 566,555 1,714 WORLD FUEL SERVICES CORPORATION 49,106 1,511 ZALE CORPORATION+<< 44,952 4,046,615 ------------- MISCELLANEOUS SERVICES - 0.11% 14,635 ADECCO SA ADR<< 200,500 1,457 D&B CORPORATION+<< 89,547 290,047 ------------- MOTION PICTURES - 0.87% 42,876 LIBERTY MEDIA CORPORATION CLASS A+ 434,763 1,369 MACROVISION CORPORATION+ 33,198 57,770 TIME WARNER INCORPORATED+<< 995,377 26,933 WALT DISNEY COMPANY 752,508 2,215,846 ------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.37% 998 ARKANSAS BEST CORPORATION 43,133 1,349 CNF INCORPORATED 61,879 1,146 FORWARD AIR CORPORATION 50,745 1,240 HUNT (J.B.) TRANSPORT SERVICES INCORPORATED<< 58,516 2,416 LANDSTAR SYSTEM INCORPORATED+<< 84,753 894 SCS TRANSPORTATION INCORPORATED+ 19,802 7,193 UNITED PARCEL SERVICE INCORPORATED CLASS B 557,386 1,040 USF CORPORATION<< 49,712 925,926 ------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 1.68% 679 ACCREDITED HOME LENDERS HOLDING COMPANY+<< 27,174 14,637 AMERICAN EXPRESS COMPANY 792,594 2,354 AMERICREDIT CORPORATION+ 55,460 3,237 CAPITAL ONE FINANCIAL CORPORATION 248,213 3,372 CIT GROUP INCORPORATED 136,060 7,527 COUNTRYWIDE FINANCIAL CORPORATION 261,563 12,537 FANNIE MAE 732,913 74
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,793 FEDERAL AGRICULTURAL MORTGAGE CORPORATION CLASS C<< $ 34,569 1,243 FINANCIAL FEDERAL CORPORATION 42,361 8,925 FREDDIE MAC 553,350 15,545 MBNA CORPORATION 394,377 8,065 ORIX CORPORATION ADR 526,241 5,295 PROVIDIAN FINANCIAL CORPORATION+<< 90,809 5,886 SLM CORPORATION 287,237 449 STUDENT LOAN CORPORATION 88,588 4,271,509 ------------- OIL & GAS EXTRACTION - 2.86% 3,518 ANADARKO PETROLEUM CORPORATION 270,393 4,638 APACHE CORPORATION 291,637 2,594 BJ SERVICES COMPANY 129,596 5,632 BURLINGTON RESOURCES INCORPORATED 279,516 1,347 CABOT OIL AND GAS CORPORATION 75,419 1,891 CAL DIVE INTERNATIONAL INCORPORATED+<< 96,025 711 CALLON PETROLEUM COMPANY+ 11,355 768 CHENIERE ENERGY INCORPORATED+ 57,139 3,166 CHESAPEAKE ENERGY CORPORATION 68,671 1,717 CIMAREX ENERGY COMPANY+<< 69,830 2,447 DENBURY RESOURCES INCORPORATED+ 83,125 5,642 DEVON ENERGY CORPORATION 263,989 1,733 DIAMOND OFFSHORE DRILLING INCORPORATED<< 85,783 1,385 EDGE PETROLEUM CORPORATION+ 23,780 1,569 ENCORE ACQUISITION COMPANY+ 66,761 558 ENERGY PARTNERS LIMITED+ 14,424 6,551 ENI SPA ADR<< 858,181 3,434 ENSCO INTERNATIONAL INCORPORATED<< 138,321 1,947 EOG RESOURCES INCORPORATED 177,411 2,068 EQUITABLE RESOURCES INCORPORATED 122,736 2,469 FX ENERGY INCORPORATED+<< 31,554 6,460 HALLIBURTON COMPANY 284,046 2,993 HANOVER COMPRESSOR COMPANY+ 39,627 1,403 KERR-MCGEE CORPORATION 108,957 5,336 OCCIDENTAL PETROLEUM CORPORATION 374,961 1,586 PATINA OIL & GAS CORPORATION 63,852 1,019 QUICKSILVER RESOURCES INCORPORATED+<< 50,726 584 REMINGTON OIL & GAS CORPORATION+ 19,459 18,966 REPSOL YPF SA ADR<< 518,341 2,165 ROWAN COMPANIES INCORPORATED+ 68,587 1,142 SEACOR SMIT INCORPORATED+ 71,889 9,470 SHELL TRANSPORT & TRADING COMPANY PLC ADR<< 537,044 1,112 SOUTHWESTERN ENERGY COMPANY+ 67,832 1,009 SPINNAKER EXPLORATION COMPANY+ 36,183 1,449 ST. MARY LAND & EXPLORATION COMPANY 73,725 905 STONE ENERGY CORPORATION+ 45,458 904 SWIFT ENERGY COMPANY+<< 24,580 1,893 TIDEWATER INCORPORATED 78,124 2,373 TODCO+ 59,776 8,850 TOTAL SA ADR<< 1,054,920 3,799 UNOCAL CORPORATION 205,526 SHARES SECURITY NAME VALUE 2,870 VARCO INTERNATIONAL INCORPORATED+ $ 108,228 3,363 XTO ENERGY INCORPORATED 153,084 7,260,571 ------------- PAPER & ALLIED PRODUCTS - 0.69% 2,142 BEMIS COMPANY INCORPORATED 63,917 1,146 BOWATER INCORPORATED 44,499 6,439 BUNZL PLC ADR<< 311,583 861 GREIF INCORPORATED CLASS A 55,621 6,267 INTERNATIONAL PAPER COMPANY 234,072 6,074 KIMBERLY-CLARK CORPORATION 400,763 3,479 MEADWESTVACO CORPORATION 109,101 184 NEENAH PAPER INCORPORATED<< 6,469 1,557 OFFICEMAX INCORPORATED 49,155 3,614 PACTIV CORPORATION+ 81,713 1,897 POPE & TALBOT INCORPORATED 30,731 4,491 REXAM PLC ADR 198,278 3,387 SONOCO PRODUCTS COMPANY 98,494 735 TEMPLE-INLAND INCORPORATED 58,947 1,743,343 ------------- PERSONAL SERVICES - 0.17% 1,337 ANGELICA CORPORATION 39,535 2,473 CINTAS CORPORATION 108,268 1,185 G & K SERVICES INCORPORATED CLASS A 50,848 2,305 H & R BLOCK INCORPORATED 122,857 1,151 REGIS CORPORATION 45,349 4,394 SERVICE CORPORATION INTERNATIONAL US 33,131 500 UNIFIRST CORPORATION 20,290 420,278 ------------- PETROLEUM REFINING & RELATED INDUSTRIES - 4.49% 1,085 AMERADA HESS CORPORATION<< 108,934 971 ASHLAND INCORPORATED 63,397 22,469 BP PLC ADR 1,458,687 27,660 CHEVRONTEXACO CORPORATION 1,717,133 8,928 CONOCOPHILLIPS 990,026 84,509 EXXONMOBIL CORPORATION 5,350,265 1,433 FRONTIER OIL CORPORATION 45,942 885 GIANT INDUSTRIES INCORPORATED+ 28,019 4,916 MARATHON OIL CORPORATION 232,723 1,465 MURPHY OIL CORPORATION<< 146,559 12,466 ROYAL DUTCH PETROLEUM COMPANY 786,480 1,185 SUNOCO INCORPORATED<< 117,433 1,461 TESORO PETROLEUM CORPORATION+ 53,955 3,782 VALERO ENERGY CORPORATION 269,430 11,368,983 ------------- PRIMARY METAL INDUSTRIES - 0.77% 11,424 ALCOA INCORPORATED 366,939 1,669 ALERIS INTERNATIONAL INCORPORATED+ 33,497 2,359 ALLEGHENY TECHNOLOGIES INCORPORATED 58,055 738 CARPENTER TECHNOLOGY CORPORATION 49,904 1,303 COMMSCOPE INCORPORATED+ 19,727 745 CURTISS-WRIGHT CORPORATION 41,385 2,770 ENGELHARD CORPORATION 83,792 6,981 JOHNSON MATTHEY PLC ADR 271,959 75
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 12,402 KUBOTA CORPORATION ADR $ 341,551 653 LONE STAR TECHNOLOGIES INCORPORATED+ 29,587 1,150 MAVERICK TUBE CORPORATION+ 40,894 1,971 MUELLER INDUSTRIES INCORPORATED 62,047 466 NS GROUP INCORPORATED+ 15,942 2,108 NUCOR CORPORATION 131,413 1,116 OREGON STEEL MILLS INCORPORATED+ 32,487 1,244 PRECISION CASTPARTS CORPORATION 93,623 1,121 QUANEX CORPORATION 65,971 1,045 STEEL DYNAMICS INCORPORATED 46,544 937 TEXAS INDUSTRIES INCORPORATED 62,498 1,559 UNITED STATES STEEL CORPORATION 97,219 1,945,034 ------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.09% 3,826 BELO CORPORATION CLASS A 90,294 879 CONSOLIDATED GRAPHICS INCORPORATED+ 45,752 1,490 CSS INDUSTRIES INCORPORATED 49,110 1,257 DOW JONES & COMPANY INCORPORATED 46,635 1,700 ENNIS INCORPORATED 29,036 680 EW SCRIPPS COMPANY CLASS A 31,389 3,342 GANNETT COMPANY INCORPORATED 263,182 959 KNIGHT-RIDDER INCORPORATED 62,815 715 MCCLATCHY COMPANY CLASS A 51,866 2,121 MCGRAW-HILL COMPANIES INCORPORATED 194,814 952 MEDIA GENERAL INCORPORATED CLASS A 60,918 1,224 MEREDITH CORPORATION 56,169 2,066 NEW YORK TIMES COMPANY CLASS A 75,740 461 PULITZER INCORPORATED 29,356 3,309 READERS DIGEST ASSOCIATION INCORPORATED 57,246 8,593 REED ELSEVIER NV ADR<< 258,392 3,088 RR DONNELLEY & SONS COMPANY 102,552 5,432 TOPPAN PRINTING COMPANY LIMITED ADR<< 289,088 3,468 TRIBUNE COMPANY 141,252 1,569 VALASSIS COMMUNICATIONS INCORPORATED+ 58,696 19,820 VIACOM INCORPORATED CLASS B 691,718 88 WASHINGTON POST COMPANY CLASS B 79,024 2,765,044 ------------- RAILROAD TRANSPORTATION - 0.31% 4,995 BURLINGTON NORTHERN SANTA FE CORPORATION 251,098 3,236 CSX CORPORATION 133,679 5,820 NORFOLK SOUTHERN CORPORATION 208,880 2,866 UNION PACIFIC CORPORATION 181,848 775,505 ------------- REAL ESTATE - 0.29% 2,815 CATELLUS DEVELOPMENT CORPORATION 77,722 88,492 CITY DEVELOPMENTS LIMITED 367,711 791 CONSOLIDATED-TOMOKA LAND COMPANY 34,843 1,478 JONES LANG LASALLE INCORPORATED+ 63,510 979 NEW CENTURY FINANCIAL CORPORATION 49,655 SHARES SECURITY NAME VALUE 727 PHH CORPORATION+ $ 15,267 1,837 ST. JOE COMPANY 133,458 742,166 ------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.30% 567 APPLIED FILMS CORPORATION+ 12,729 5,872 BRIDGESTONE CORPORATION 224,778 1,161 COOPER TIRE & RUBBER COMPANY 22,465 3,661 GOODYEAR TIRE & RUBBER COMPANY+<< 52,938 966 JARDEN CORPORATION+<< 42,031 2,328 NIKE INCORPORATED CLASS B 202,420 1,699 SEALED AIR CORPORATION+ 88,807 602 TREX COMPANY INCORPORATED+<< 27,397 3,036 TUPPERWARE CORPORATION 62,208 1,380 WEST PHARMACEUTICAL SERVICES INCORPORATED 35,466 771,239 ------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.74% 1,608 AG EDWARDS INCORPORATED 69,321 4,250 AMERITRADE HOLDING CORPORATION+ 45,177 1,200 BEAR STEARNS COMPANIES INCORPORATED 119,400 1,304 BKF CAPITAL GROUP INCORPORATED 53,790 850 BLACKROCK INCORPORATED 65,968 17,943 CHARLES SCHWAB CORPORATION 188,401 448 CHICAGO MERCANTILE EXCHANGE 92,566 11,191 CREDIT SUISSE GROUP ADR+ 486,809 7,675 E*TRADE FINANCIAL CORPORATION+ 101,847 2,246 FRANKLIN RESOURCES INCORPORATED 157,647 1,737 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A 32,221 951 GABELLI ASSET MANAGEMENT INCORPORATED CLASS A 42,091 3,964 GOLDMAN SACHS GROUP INCORPORATED 431,283 1,257 JEFFERIES GROUP INCORPORATED 47,967 1,615 LEGG MASON INCORPORATED 130,234 3,559 LEHMAN BROTHERS HOLDINGS INCORPORATED 324,510 12,301 MERRILL LYNCH & COMPANY INCORPORATED 720,593 14,281 MORGAN STANLEY 806,448 16,453 NOMURA HOLDINGS INCORPORATED ADR<< 227,874 2,107 NUVEEN INVESTMENTS CLASS A 85,966 711 PIPER JAFFRAY COMPANIES INCORPORATED+ 28,120 1,272 STIFEL FINANCIAL CORPORATION+ 27,348 2,071 T ROWE PRICE GROUP INCORPORATED 127,139 4,412,720 ------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.62% 966 CABOT MICROELECTRONICS CORPORATION+<< 31,386 19,992 CORNING INCORPORATED+ 229,308 1,222 GENTEX CORPORATION 41,438 7,056 HANSON PLC ADR 343,627 17,900 HOLCIM LIMITED ADR<< 595,895 10,826 LAFARGE SA ADR<< 282,342 2,408 OWENS-ILLINOIS INCORPORATED+ 59,935 1,583,931 ------------- 76
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PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK 2040 FUND -------------------------------------------------------------------------------- [Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) TEXTILE MILL PRODUCTS - 0.05% 953 MOHAWK INDUSTRIES INCORPORATED+ $ 85,522 893 OXFORD INDUSTRIES INCORPORATED 31,577 117,099 ------------- TOBACCO PRODUCTS - 1.09% 25,666 ALTRIA GROUP INCORPORATED 1,684,973 9,042 BRITISH AMERICAN TOBACCO PLC ADR<< 332,565 6,495 IMPERIAL TOBACCO GROUP PLC ADR<< 351,899 1,849 LOEWS CORPORATION - CAROLINA GROUP 60,536 1,756 REYNOLDS AMERICAN INCORPORATED<< 143,904 2,635 UST INCORPORATED 144,003 3,084 VECTOR GROUP LIMITED<< 51,503 2,769,383 ------------- TRANSPORTATION BY AIR - 0.39% 1,282 ALASKA AIR GROUP INCORPORATED+<< 36,358 4,162 AMR CORPORATION+<< 35,335 1,407 EGL INCORPORATED+ 44,672 4,125 FEDEX CORPORATION 403,342 16,934 JAPAN AIRLINES SYSTEM ADR+ 255,751 1,902 JETBLUE AIRWAYS CORPORATION+<< 34,274 12,710 SOUTHWEST AIRLINES COMPANY 176,034 985,766 ------------- TRANSPORTATION EQUIPMENT - 2.60% 1,549 AUTOLIV INCORPORATED 77,357 15,460 BAE SYSTEMS PLC ADR 304,859 10,907 BOEING COMPANY 599,558 1,843 BRUNSWICK CORPORATION 85,958 8,383 DAIMLERCHRYSLER AG<< 386,456 2,568 DANA CORPORATION 37,031 11,562 DELPHI CORPORATION 79,431 1,033 DUCOMMUN INCORPORATED+ 21,073 19,888 FIAT SPA ADR 147,967 24,071 FORD MOTOR COMPANY 304,498 2,471 GENERAL DYNAMICS CORPORATION 260,320 5,695 GENERAL MOTORS CORPORATION<< 203,141 3,251 GENUINE PARTS COMPANY 140,703 1,745 GOODRICH CORPORATION 64,617 1,674 GREENBRIER COMPANIES INCORPORATED 45,248 1,131 GROUP 1 AUTOMOTIVE INCORPORATED+ 31,272 3,995 HARLEY-DAVIDSON INCORPORATED 247,211 2,096 HEICO CORPORATION 47,433 15,438 HONDA MOTOR COMPANY LIMITED ADR 414,510 11,513 HONEYWELL INTERNATIONAL INCORPORATED 437,149 2,542 JOHNSON CONTROLS INCORPORATED 150,232 1,001 LEAR CORPORATION 52,202 4,637 LOCKHEED MARTIN CORPORATION 274,603 759 MONACO COACH CORPORATION 13,594 1,157 NAVISTAR INTERNATIONAL CORPORATION+<< 45,655 4,396 NORTHROP GRUMMAN CORPORATION 232,548 2,528 PACCAR INCORPORATED 190,257 947 POLARIS INDUSTRIES INCORPORATED<< 66,091 SHARES SECURITY NAME VALUE 1,471 TENNECO AUTOMOTIVE INCORPORATED+ $ 22,345 1,915 TEXTRON INCORPORATED<< 148,125 9,131 TOYOTA MOTOR CORPORATION ADR 710,209 1,475 TRINITY INDUSTRIES INCORPORATED 42,480 1,154 TRIUMPH GROUP INCORPORATED+ 42,894 6,364 UNITED TECHNOLOGIES CORPORATION 635,636 884 WABASH NATIONAL CORPORATION<< 23,842 6,586,505 ------------- TRANSPORTATION SERVICES - 0.09% 2,382 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 132,225 1,490 GATX CORPORATION 44,670 2,037 SABRE HOLDINGS CORPORATION 42,940 219,835 ------------- WATER TRANSPORTATION - 0.16% 5,240 CARNIVAL PLC ADR<< 303,396 1,503 KIRBY CORPORATION+ 66,508 722 OVERSEAS SHIPHOLDING GROUP INCORPORATED 47,016 416,920 ------------- WHOLESALE TRADE NON-DURABLE GOODS - 0.80% 1,441 AMERISOURCE-BERGEN CORPORATION 86,316 1,160 BROWN-FORMAN CORPORATION CLASS B 59,044 5,732 CARDINAL HEALTH INCORPORATED 335,609 2,713 DEAN FOODS COMPANY+ 93,734 917 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 26,602 4,029 MCKESSON CORPORATION 150,443 1,325 PERRY ELLIS INTERNATIONAL INCORPORATED+ 30,051 6,412 SAFEWAY INCORPORATED+ 117,981 5,315 SMURFIT-STONE CONTAINER CORPORATION+<< 88,389 2,406 STANDARD COMMERCIAL CORPORATION 45,473 2,512 SUPERVALU INCORPORATED 79,806 8,370 SYSCO CORPORATION 288,095 1,170 TRACTOR SUPPLY COMPANY+ 49,830 4,868 UNILEVER NV<< 325,621 6,663 UNILEVER PLC ADR<< 258,591 2,035,585 ------------- WHOLESALE TRADE-DURABLE GOODS - 0.92% 2,404 ARROW ELECTRONICS INCORPORATED+ 64,668 3,214 AVNET INCORPORATED+<< 62,352 1,091 BORGWARNER INCORPORATED 57,550 2,744 CYTYC CORPORATION+ 62,563 851 DREW INDUSTRIES INCORPORATED+ 31,887 666 IMAGISTICS INTERNATIONAL INCORPORATED+ 22,544 1,791 INGRAM MICRO INCORPORATED CLASS A+ 32,095 1,986 INSIGHT ENTERPRISES INCORPORATED+ 35,351 1,226 INTAC INTERNATIONAL+<< 21,173 2,799 KYOCERA CORPORATION ADR 208,805 11,999 MITSUBISHI CORPORATION ADR 327,921 1,683 MITSUI & COMPANY LIMITED ADR 346,597 11,074 NISSAN MOTOR COMPANY LIMITED ADR<< 237,316 77
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PORTFOLIO OF INVESTMENTS -- WELLS FARGO OUTLOOK 2040 FUND FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Enlarge/Download Table] SHARES SECURITY NAME VALUE COMMON STOCK - (CONTINUED) 1,903 OMNICARE INCORPORATED $ 65,634 1,844 PATTERSON COMPANIES INCORPORATED+<< 91,499 1,682 PEP BOYS-MANNY, MOE & JACK<< 30,410 1,055 RYERSON TULL INCORPORATED<< 15,139 1,394 SCP POOL CORPORATION 47,452 55,310 SUMITOMO MITSUI FINANCIAL 385,052 5,047 SYCAMORE NETWORKS INCORPORATED+ 18,119 1,262 TECH DATA CORPORATION+<< 51,729 4,266 VISTEON CORPORATION 28,625 1,424 W.W. GRAINGER INCORPORATED 89,399 2,333,880 ------------- TOTAL COMMON STOCK (COST $200,000,599) 229,922,195 ------------- INTEREST RATE MATURITY PRINCIPAL % DATE US TREASURY SECURITIES - 8.96% US TREASURY NOTES - 8.96% $ 5,280,000 US TREASURY NOTE<< 2.63 05/15/2008 5,095,818 460,000 US TREASURY NOTE<< 5.63 05/15/2008 485,318 3,700,000 US TREASURY NOTE<< 3.13 09/15/2008 3,612,702 2,000,000 US TREASURY NOTE<< 3.38 12/15/2008 1,965,156 2,400,000 US TREASURY NOTE<< 2.63 03/15/2009 2,287,313 6,020,000 US TREASURY NOTE<< 4.00 06/15/2009 6,035,050 1,800,000 US TREASURY NOTE<< 3.38 09/15/2009 1,754,860 1,500,000 US TREASURY NOTE<< 3.50 11/15/2009 1,469,355 22,705,572 ------------- TOTAL US TREASURY SECURITIES (COST $22,987,702) 22,705,572 ------------- SHARES SECURITY NAME VALUE COLLATERAL FOR SECURITIES LENDING - 25.85% COLLATERAL INVESTED IN MONEY MARKET FUNDS - 1.04% 2,636,795 SHORT TERM INVESTMENTS COMPANY LIQUID ASSETS PORT-FOLIO $ 2,636,795 ------------- INTEREST RATE MATURITY PRINCIPAL % DATE COLLATERAL INVESTED IN OTHER SHORT-TERM ASSETS - 24.81% $ 3,000,000 CONCORD MINUTEMEN CAPITAL COMPANY COMMERCIAL PAPER SERIES B 2.57 03/07/06 2,901,390 3,000,000 LEGACY CAPITAL CORPORATION 2.56 03/23/05 2,995,260 2,000,000 PICAROS FUNDING LLC CPDN 2.54 03/01/05 2,000,000 55,000,000 DEUTSCHE BANK AGENCY MORTGAGE REPURCHASE AGREEMENT 2.62 03/01/05 55,000,000 62,896,650 ------------- TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $65,533,445) 65,533,445 ------------- SHORT-TERM INVESTMENTS - 0.24% US TREASURY BILLS - 0.24% 616,000 US TREASURY BILL<<^ 2.39 03/17/2005 615,386 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $615,386) 615,386 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $289,137,132)* 125.77% $ 318,776,598 OTHER ASSETS AND LIABILITIES, NET (25.77) (65,310,199) ------ ------------- TOTAL NET ASSETS 100.00% $ 253,466,399 ------ ------------- << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2) + NON-INCOME EARNING SECURITIES. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. ** SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES OUT-ON-LOAN. THE FUND HAS ALSO RECEIVED NON-CASH COLLATERAL IN THE AMOUNT OF $5,763,450. THE TOTAL COLLATERAL RECEIVED REPRESENTS 102.63% OF THE VALUE OF THE PORTFOLIO SECURITIES LOANED. * COST FOR FEDERAL INCOME TAX PURPOSES IS $290,226,808 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $49,835,468 GROSS UNREALIZED DEPRECIATION (21,285,678) ----------- NET UNREALIZED APPRECIATION (DEPRECIATION) $28,549,790 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 78
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STATEMENT OF ASSETS AND LIABILITIES -- FEBRUARY 28, 2005 WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- [Enlarge/Download Table] OUTLOOK OUTLOOK OUTLOOK TODAY 2010 2020 FUND FUND FUND ---------------------------------------------------------------------------------------------------------------------- ASSETS INVESTMENTS: IN SECURITIES, AT MARKET VALUE .................................. $ 92,509,293 $ 207,114,436 $ 362,094,191 COLLATERAL FOR SECURITIES LOANED (NOTE 2) ....................... 44,268,644 99,270,971 169,374,462 ------------- ------------- ------------- TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ................. 136,777,937 306,385,407 531,468,653 ------------- ------------- ------------- CASH ............................................................ 49,492 57,947 50,722 RECEIVABLE FOR FUND SHARES ISSUED ............................... 134,742 334,697 933,047 RECEIVABLE FOR INVESTMENTS SOLD ................................. 212 996,608 15,649 RECEIVABLES FOR DIVIDENDS AND INTEREST .......................... 688,390 1,250,599 1,613,544 PREPAID EXPENSES AND OTHER ASSETS ............................... 0 0 8,926 ------------- ------------- ------------- TOTAL ASSETS ...................................................... 137,650,773 309,025,258 534,090,541 ------------- ------------- ------------- LIABILITIES PAYABLE FOR FUND SHARES REDEEMED ................................ 326,563 477,002 828,316 PAYABLE FOR INVESTMENTS PURCHASED ............................... 500,066 999,864 0 PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........... 64,532 147,035 250,710 PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ......................... 34,242 41,448 51,665 PAYABLE FOR SECURITIES LOANED (NOTE 2) .......................... 44,268,644 99,270,971 169,374,462 ACCRUED EXPENSES AND OTHER LIABILITIES .......................... 39,337 21,026 0 ------------- ------------- ------------- TOTAL LIABILITIES ................................................. 45,233,384 100,957,346 170,505,153 ============= ============= ============= TOTAL NET ASSETS .................................................. $ 92,417,389 $ 208,067,912 $ 363,585,388 ============= ============= ============= NET ASSETS CONSIST OF: ---------------------------------------------------------------------------------------------------------------------- PAID-IN CAPITAL ................................................. $ 87,580,463 $ 196,240,024 $ 341,756,492 UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................... 234,208 462,110 628,867 UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (111,474) (2,694,346) (8,081,611) NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ............................. 4,714,192 14,060,124 29,281,640 ------------- ------------- ------------- TOTAL NET ASSETS .................................................. $ 92,417,389 $ 208,067,912 $ 363,585,388 ------------- ------------- ------------- COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) ---------------------------------------------------------------------------------------------------------------------- NET ASSETS - CLASS A ............................................ $ 39,418,048 $ 82,295,518 $ 151,257,621 SHARES OUTSTANDING - CLASS A .................................... 3,863,736 6,596,702 11,255,829 NET ASSET VALUE PER SHARE - CLASS A ............................. $ 10.20 $ 12.48 $ 13.44 MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ................... $ 10.82 $ 13.24 $ 14.26 NET ASSETS - CLASS B ............................................ $ 19,690,474 $ 26,479,995 $ 25,377,550 SHARES OUTSTANDING - CLASS B .................................... 1,895,292 2,120,979 1,904,454 NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B .......... $ 10.39 $ 12.48 $ 13.33 NET ASSETS - CLASS C ............................................ $ 13,679,804 $ 5,724,445 $ 4,155,280 SHARES OUTSTANDING - CLASS C .................................... 1,319,876 454,564 309,357 NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C .......... $ 10.36 $ 12.59 $ 13.43 NET ASSETS - INSTITUTIONAL CLASS ................................ $ 12,989,429 $ 68,055,478 $ 131,132,631 SHARES OUTSTANDING - INSTITUTIONAL CLASS ........................ 1,253,145 5,412,508 9,652,959 NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ........................................... $ 10.37 $ 12.57 $ 13.58 NET ASSETS - SELECT CLASS ....................................... $ 6,639,634 $ 25,512,476 $ 51,662,306 SHARES OUTSTANDING - SELECT CLASS ............................... 640,419 2,029,184 3,798,969 NET ASSET VALUE AND OFFERING PRICE PER SHARE - SELECT CLASS ..... $ 10.37 $ 12.57 $ 13.60 ------------- ------------- ------------- INVESTMENTS AT COST ............................................... $ 132,063,745 $ 292,325,283 $ 502,187,013 ============= ============= ============= SECURITIES ON LOAN, AT MARKET VALUE ............................... $ 43,152,974 $ 97,269,777 $ 169,356,379 ============= ============= ============= OUTLOOK OUTLOOK 2030 2040 FUND FUND ----------------------------------------------------------------------------------------------------- ASSETS INVESTMENTS: IN SECURITIES, AT MARKET VALUE .................................. $ 223,154,634 $ 253,243,153 COLLATERAL FOR SECURITIES LOANED (NOTE 2) ....................... 77,096,732 65,533,445 ------------- ------------- TOTAL INVESTMENT AT MARKET VALUE (SEE COST BELOW) ................. 300,251,366 318,776,598 ------------- ------------- CASH ............................................................ 50,514 50,116 RECEIVABLE FOR FUND SHARES ISSUED ............................... 617,818 326,383 RECEIVABLE FOR INVESTMENTS SOLD ................................. 788,045 1,004,230 RECEIVABLES FOR DIVIDENDS AND INTEREST .......................... 749,991 616,223 PREPAID EXPENSES AND OTHER ASSETS ............................... 2,831 0 ------------- ------------- TOTAL ASSETS ...................................................... 302,460,565 320,773,550 ------------- ------------- LIABILITIES PAYABLE FOR FUND SHARES REDEEMED ................................ 768,685 750,933 PAYABLE FOR INVESTMENTS PURCHASED ............................... 999,402 497,722 PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........... 156,943 186,351 PAYABLE TO THE TRUSTEES AND DISTRIBUTOR ......................... 35,980 55,528 PAYABLE FOR SECURITIES LOANED (NOTE 2) .......................... 77,096,732 65,533,445 ACCRUED EXPENSES AND OTHER LIABILITIES .......................... 0 283,172 ------------- ------------- TOTAL LIABILITIES ................................................. 79,057,742 67,307,151 ============= ============= TOTAL NET ASSETS .................................................. $ 223,402,823 $ 253,466,399 ============= ============= NET ASSETS CONSIST OF: ----------------------------------------------------------------------------------------------------- PAID-IN CAPITAL ................................................. $ 203,665,512 $ 242,204,968 UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................... 277,540 168,770 UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (611,105) (18,546,805) NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ............................. 20,070,876 29,639,466 ------------- ------------- TOTAL NET ASSETS .................................................. $ 223,402,823 $ 253,466,399 ------------- ------------- COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1) ----------------------------------------------------------------------------------------------------- NET ASSETS - CLASS A ............................................ $ 109,923,194 $ 165,144,815 SHARES OUTSTANDING - CLASS A .................................... 7,736,455 10,812,127 NET ASSET VALUE PER SHARE - CLASS A ............................. $ 14.21 $ 15.27 MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ................... $ 15.08 $ 16.20 NET ASSETS - CLASS B ............................................ $ 16,371,762 $ 27,228,508 SHARES OUTSTANDING - CLASS B .................................... 1,171,734 1,849,489 NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B .......... $ 13.97 $ 14.72 NET ASSETS - CLASS C ............................................ $ 2,991,093 $ 3,680,645 SHARES OUTSTANDING - CLASS C .................................... 213,595 250,152 NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C .......... $ 14.00 $ 14.71 NET ASSETS - INSTITUTIONAL CLASS ................................ $ 65,967,840 $ 42,700,084 SHARES OUTSTANDING - INSTITUTIONAL CLASS ........................ 4,602,601 2,759,082 NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ........................................... $ 14.33 $ 15.48 NET ASSETS - SELECT CLASS ....................................... $ 28,148,934 $ 14,712,347 SHARES OUTSTANDING - SELECT CLASS ............................... 1,963,825 950,769 NET ASSET VALUE AND OFFERING PRICE PER SHARE - SELECT CLASS ..... $ 14.33 $ 15.47 ------------- ------------- INVESTMENTS AT COST ............................................... $ 280,180,490 $ 289,137,132 ============= ============= SECURITIES ON LOAN, AT MARKET VALUE ............................... $ 79,845,626 $ 69,471,971 ============= ============= (1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES. (2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSET VALUE. ON INVESTMENTS OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 79
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STATEMENT OF OPERATIONS -- WELLS FARGO OUTLOOK FUNDS FOR THE YEAR ENDED FEBRUARY 28, 2005 -------------------------------------------------------------------------------- [Enlarge/Download Table] OUTLOOK OUTLOOK OUTLOOK TODAY 2010 2020 FUND FUND FUND ----------------------------------------------------------------------------------------------------------- INVESTMENT INCOME DIVIDENDS(1) ............................................ $ 659,609 $ 1,975,393 $ 4,254,933 INTEREST ................................................ 2,018,188 3,367,083 3,704,905 INCOME FROM AFFILIATED SECURITIES ....................... 5,737 19,581 42,129 NET SECURITIES LENDING INCOME ........................... 70,976 150,538 237,857 ------------ ------------ ------------ TOTAL INVESTMENT INCOME ................................... 2,754,510 5,512,595 8,239,824 ------------ ------------ ------------ EXPENSES ADVISORY FEES ........................................... 612,110 1,314,628 2,129,689 ADMINISTRATION FEES FUND LEVEL ............................................ 45,953 98,642 160,017 CLASS A ............................................... 110,277 236,637 394,275 CLASS B ............................................... 59,438 83,710 79,185 CLASS C ............................................... 40,225 19,253 16,789 INSTITUTIONAL CLASS ................................... 29,699 135,969 259,067 SELECT CLASS .......................................... 2,079 8,014 15,411 CUSTODY FEES ............................................ 18,381 39,457 64,007 SHAREHOLDER SERVICING FEES .............................. 187,446 303,214 437,723 ACCOUNTING FEES ......................................... 25,237 31,244 38,240 DISTRIBUTION FEES (NOTE 3) CLASS B ............................................... 159,208 224,222 212,104 CLASS C ............................................... 107,745 51,570 44,971 AUDIT FEES .............................................. 16,301 16,301 16,301 LEGAL FEES .............................................. 1,500 407 3,500 REGISTRATION FEES ....................................... 500 500 29,999 SHAREHOLDER REPORTS ..................................... 15,002 3,571 50,001 TRUSTEES' FEES .......................................... 6,001 6,001 6,001 OTHER FEES AND EXPENSES ................................. 3,461 7,395 14,274 ------------ ------------ ------------ TOTAL EXPENSES ............................................ 1,440,563 2,580,735 3,971,554 ------------ ------------ ------------ LESS: WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ............ (65,128) (50,857) (129,331) NET EXPENSES ............................................ 1,375,435 2,529,878 3,842,223 ------------ ------------ ------------ NET INVESTMENT INCOME (LOSS) .............................. 1,379,075 2,982,717 4,397,601 ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ----------------------------------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) FROM: SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... 780,370 2,838,011 2,120,803 AFFILIATED SECURITIES ................................... 46,896 130,127 286,881 ------------ ------------ ------------ NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................. 827,266 2,968,138 2,407,684 ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF: SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... (232,459) 1,118,262 10,989,463 ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .......................................... (232,459) 1,118,262 10,989,463 ============ ============ ============ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .. 594,807 4,086,400 13,397,147 ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......................................... $ 1,973,882 $ 7,069,117 $ 17,794,748 ============ ============ ============ (1) NET OF FOREIGN WITHHOLDING TAXES OF ................... $ 19,109 $ 58,209 $ 116,122 OUTLOOK OUTLOOK 2030 2040 FUND FUND ------------------------------------------------------------------------------------------- INVESTMENT INCOME DIVIDENDS(1) ............................................ $ 3,233,292 $ 4,377,405 INTEREST ................................................ 1,522,851 892,331 INCOME FROM AFFILIATED SECURITIES ....................... 33,018 42,657 NET SECURITIES LENDING INCOME ........................... 105,281 101,112 ------------ ------------ TOTAL INVESTMENT INCOME ................................... 4,894,442 5,413,505 ------------ ------------ EXPENSES ADVISORY FEES ........................................... 1,334,737 1,588,027 ADMINISTRATION FEES FUND LEVEL ............................................ 100,248 119,156 CLASS A ............................................... 292,589 441,242 CLASS B ............................................... 50,753 90,690 CLASS C ............................................... 12,099 12,281 INSTITUTIONAL CLASS ................................... 129,111 78,651 SELECT CLASS .......................................... 8,997 4,625 CUSTODY FEES ............................................ 40,099 47,663 SHAREHOLDER SERVICING FEES .............................. 317,358 485,906 ACCOUNTING FEES ......................................... 31,426 9,280 DISTRIBUTION FEES (NOTE 3) CLASS B ............................................... 135,946 242,921 CLASS C ............................................... 32,408 32,897 AUDIT FEES .............................................. 16,301 16,301 LEGAL FEES .............................................. 1,706 352 REGISTRATION FEES ....................................... 10,001 652 SHAREHOLDER REPORTS ..................................... 16,625 996 TRUSTEES' FEES .......................................... 6,001 6,001 OTHER FEES AND EXPENSES ................................. 8,655 103 ------------ ------------ TOTAL EXPENSES ............................................ 2,545,060 3,177,744 ------------ ------------ LESS: WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ............ (78,111) (31,521) NET EXPENSES ............................................ 2,466,949 3,146,223 ------------ ------------ NET INVESTMENT INCOME (LOSS) .............................. 2,427,493 2,267,282 ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ------------------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) FROM: SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... 1,079,187 1,699,452 AFFILIATED SECURITIES ................................... 248,538 242,680 ------------ ------------ NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................. 1,327,725 1,942,132 ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF: SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... 9,561,735 12,384,623 ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .......................................... 9,561,735 12,384,623 ============ ============ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .. 10,889,460 14,326,755 ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......................................... $ 13,316,953 $ 16,594,037 ============ ============ (1) NET OF FOREIGN WITHHOLDING TAXES OF ................... $ 81,628 $ 109,080 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 80
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WELLS FARGO OUTLOOK FUNDS STATEMENTS OF CHANGES IN NET ASSETS -------------------------------------------------------------------------------- [Enlarge/Download Table] OUTLOOK TODAY -------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS BEGINNING NET ASSETS ..................................... $ 88,683,030 $ 69,281,351 OPERATIONS: NET INVESTMENT INCOME (LOSS) ............................. 1,379,075 1,068,781 NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 827,266 (244,355) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ............................................ (232,459) 10,261,110 ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................................... 1,973,882 11,085,536 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: NET INVESTMENT INCOME CLASS A ................................................ (643,446) (600,878) CLASS B ................................................ (175,335) (213,613) CLASS C ................................................ (123,095) (110,063) INSTITUTIONAL CLASS .................................... (283,416) (201,161) SELECT CLASS ........................................... (40,017) N/A NET REALIZED GAIN ON SALES OF INVESTMENTS CLASS A ................................................ (112,085) 0 CLASS B ................................................ (57,386) 0 CLASS C ................................................ (39,927) 0 INSTITUTIONAL CLASS .................................... (43,507) 0 SELECT CLASS ........................................... (16,161) N/A CAPITAL SHARES TRANSACTIONS: PROCEEDS FROM SHARES SOLD - CLASS A ...................... 10,122,549 8,978,690 REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 734,448 578,860 COST OF SHARES REDEEMED - CLASS A ........................ (11,396,849) (7,604,844) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A ..................... (539,852) 1,952,706 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS B ...................... 2,119,336 4,886,311 REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 219,307 196,679 COST OF SHARES REDEEMED - CLASS B ........................ (5,328,077) (4,561,187) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (2,989,434) 521,803 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS C ...................... 3,304,686 6,389,831 REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 151,715 97,839 COST OF SHARES REDEEMED - CLASS C ........................ (3,645,883) (1,869,617) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (189,482) 4,618,053 ------------- ------------- PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 34,317,390 4,946,471 REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 326,922 201,026 COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (34,210,841) (2,798,201) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 433,471 2,349,296 ------------- ------------- PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 23,369,416 N/A REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 56,178 N/A COST OF SHARES REEDEMED - SELECT CLASS ................... (16,845,445) N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 6,580,149 N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................... 3,294,852 9,441,858 ============= ============= NET INCREASE (DECREASE) IN NET ASSETS ...................... 3,734,359 19,401,679 ============= ============= ENDING NET ASSETS .......................................... $ 92,417,389 $ 88,683,030 ============= ============= OUTLOOK 2010 -------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ----------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS BEGINNING NET ASSETS ..................................... $ 194,913,249 $ 150,087,200 OPERATIONS: NET INVESTMENT INCOME (LOSS) ............................. 2,982,717 2,260,516 NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 2,968,138 (1,903,251) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ............................................ 1,118,262 32,116,741 ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................................... 7,069,117 32,474,006 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: NET INVESTMENT INCOME CLASS A ................................................ (1,222,850) (1,103,535) CLASS B ................................................ (189,242) (276,640) CLASS C ................................................ (40,331) (55,040) INSTITUTIONAL CLASS .................................... (1,175,691) (909,355) SELECT CLASS ........................................... (138,651) N/A NET REALIZED GAIN ON SALES OF INVESTMENTS CLASS A ................................................ 0 0 CLASS B ................................................ 0 0 CLASS C ................................................ 0 0 INSTITUTIONAL CLASS .................................... 0 0 SELECT CLASS ........................................... 0 N/A CAPITAL SHARES TRANSACTIONS: PROCEEDS FROM SHARES SOLD - CLASS A ...................... 29,518,598 21,586,626 REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 1,192,723 1,075,428 COST OF SHARES REDEEMED - CLASS A ........................ (39,026,472) (16,226,127) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A ..................... (8,315,151) 6,435,927 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS B ...................... 2,795,525 4,773,768 REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 178,705 260,925 COST OF SHARES REDEEMED - CLASS B ........................ (11,268,323) (9,614,551) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (8,294,093) (4,579,858) ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS C ...................... 1,135,042 2,503,717 REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 36,856 48,541 COST OF SHARES REDEEMED - CLASS C ........................ (3,714,723) (1,181,093) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (2,542,825) 1,371,165 ------------- ------------- PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 72,092,676 26,897,670 REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 1,174,976 907,686 COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (70,088,945) (16,335,977) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 3,178,707 11,469,379 ------------- ------------- PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 78,783,434 N/A REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 138,651 N/A COST OF SHARES REEDEMED - SELECT CLASS ................... (54,096,412) N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 24,825,673 N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................... 8,852,311 14,696,613 ============= ============= NET INCREASE (DECREASE) IN NET ASSETS ...................... 13,154,663 44,826,049 ============= ============= ENDING NET ASSETS .......................................... $ 208,067,912 $ 194,913,249 ============= ============= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 82
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STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- [Enlarge/Download Table] OUTLOOK 2020 -------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS BEGINNING NET ASSETS ..................................... $ 297,037,843 $ 231,535,861 OPERATIONS: NET INVESTMENT INCOME (LOSS) ............................. 4,397,601 3,223,497 NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 2,407,684 (3,161,041) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ............................................ 10,989,463 62,316,380 ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................................... 17,794,748 62,378,836 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: NET INVESTMENT INCOME CLASS A ................................................ (1,690,739) (1,467,101) CLASS B ................................................ (106,550) (182,066) CLASS C ................................................ (14,201) (38,145) INSTITUTIONAL CLASS .................................... (1,819,227) (1,507,474) SELECT CLASS ........................................... (410,424) N/A NET REALIZED GAIN ON SALES OF INVESTMENTS CLASS A ................................................ 0 0 CLASS B ................................................ 0 0 CLASS C ................................................ 0 0 INSTITUTIONAL CLASS .................................... 0 0 SELECT CLASS ........................................... 0 N/A CAPITAL SHARES TRANSACTIONS: PROCEEDS FROM SHARES SOLD - CLASS A ...................... 76,818,585 29,027,805 REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 1,668,789 1,444,342 COST OF SHARES REDEEMED - CLASS A ........................ (73,011,986) (23,127,600) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A ..................... 5,475,388 7,344,547 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS B ...................... 2,759,261 5,152,500 REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 102,770 176,135 COST OF SHARES REDEEMED - CLASS B ........................ (11,125,872) (10,755,478) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (8,263,841) (5,426,843) ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS C ...................... 1,077,091 2,304,407 REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 13,767 37,232 COST OF SHARES REDEEMED - CLASS C ........................ (5,029,621) (1,098,202) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (3,938,763) 1,243,437 ------------- ------------- PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 104,062,505 39,083,418 REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 1,815,550 1,501,573 COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (96,129,169) (37,428,200) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 9,748,886 3,156,791 ------------- ------------- PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 151,795,736 N/A REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 410,423 N/A COST OF SHARES REEDEMED - SELECT CLASS ................... (102,433,891) N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 49,772,268 N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................... 52,793,938 6,317,932 ============= ============= NET INCREASE (DECREASE) IN NET ASSETS ...................... 66,547,545 65,501,982 ============= ============= ENDING NET ASSETS .......................................... $ 363,585,388 $ 297,037,843 ============= ============= OUTLOOK 2030 -------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS BEGINNING NET ASSETS ..................................... $ 189,724,221 $ 134,266,749 OPERATIONS: NET INVESTMENT INCOME (LOSS) ............................. 2,427,493 1,831,174 NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 1,327,725 (564,903) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ............................................ 9,561,735 42,301,630 ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................................... 13,316,953 43,567,901 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: NET INVESTMENT INCOME CLASS A ................................................ (1,155,141) (1,020,159) CLASS B ................................................ (56,544) (105,981) CLASS C ................................................ (8,087) (21,827) INSTITUTIONAL CLASS .................................... (850,867) (598,431) SELECT CLASS ........................................... (207,524) N/A NET REALIZED GAIN ON SALES OF INVESTMENTS CLASS A ................................................ 0 (910,283) CLASS B ................................................ 0 (184,590) CLASS C ................................................ 0 (45,971) INSTITUTIONAL CLASS .................................... 0 (404,953) SELECT CLASS ........................................... 0 N/A CAPITAL SHARES TRANSACTIONS: PROCEEDS FROM SHARES SOLD - CLASS A ...................... 33,976,818 23,282,229 REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 1,134,350 1,895,168 COST OF SHARES REDEEMED - CLASS A ........................ (36,952,978) (17,826,702) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A ..................... (1,841,810) 7,350,695 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS B ...................... 2,468,355 3,979,187 REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 54,432 281,835 COST OF SHARES REDEEMED - CLASS B ........................ (8,055,258) (8,721,693) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (5,532,471) (4,460,671) ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS C ...................... 1,085,808 2,586,040 REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 7,883 65,992 COST OF SHARES REDEEMED - CLASS C ........................ (3,747,279) (894,959) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (2,653,588) 1,757,073 ------------- ------------- PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 74,785,266 22,147,011 REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 850,816 1,001,614 COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (69,557,186) (12,613,956) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 6,078,896 10,534,669 ------------- ------------- PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 84,067,838 N/A REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 207,524 N/A COST OF SHARES REEDEMED - SELECT CLASS ................... (57,686,577) N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 26,588,785 N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................... 22,639,812 15,181,766 ============= ============= NET INCREASE (DECREASE) IN NET ASSETS ...................... 33,678,602 55,457,472 ============= ============= ENDING NET ASSETS .......................................... $ 223,402,823 $ 189,724,221 ============= ============= OUTLOOK 2040 -------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ---------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS BEGINNING NET ASSETS ..................................... $ 237,950,396 $ 189,121,289 OPERATIONS: NET INVESTMENT INCOME (LOSS) ............................. 2,267,282 1,848,019 NET REALIZED GAIN (LOSS) ON INVESTMENTS .................. 1,942,132 (8,121,382) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ............................................ 12,384,623 72,096,594 ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................................... 16,594,037 65,823,231 ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: NET INVESTMENT INCOME CLASS A ................................................ (1,459,395) (1,275,237) CLASS B ................................................ 0 (252,697) CLASS C ................................................ 0 (25,341) INSTITUTIONAL CLASS .................................... (476,678) (370,580) SELECT CLASS ........................................... (181,309) N/A NET REALIZED GAIN ON SALES OF INVESTMENTS CLASS A ................................................ 0 0 CLASS B ................................................ 0 0 CLASS C ................................................ 0 0 INSTITUTIONAL CLASS .................................... 0 0 SELECT CLASS ........................................... 0 N/A CAPITAL SHARES TRANSACTIONS: PROCEEDS FROM SHARES SOLD - CLASS A ...................... 33,539,020 23,317,246 REINVESTMENT OF DISTRIBUTIONS - CLASS A .................. 1,433,765 1,255,503 COST OF SHARES REDEEMED - CLASS A ........................ (36,067,871) (19,040,627) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A ..................... (1,095,086) 5,532,122 ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS B ...................... 2,061,042 2,715,854 REINVESTMENT OF DISTRIBUTIONS - CLASS B .................. 0 246,813 COST OF SHARES REDEEMED - CLASS B ........................ (19,001,124) (17,652,555) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B ..................... (16,940,082) (14,689,888) ------------- ------------- PROCEEDS FROM SHARES SOLD - CLASS C ...................... 983,228 1,136,443 REINVESTMENT OF DISTRIBUTIONS - CLASS C .................. 0 24,240 COST OF SHARES REDEEMED - CLASS C ........................ (2,629,707) (1,047,564) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C ..................... (1,646,479) 113,119 ------------- ------------- PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS .......... 43,282,725 16,288,417 REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ...... 476,678 370,157 COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ............ (36,910,613) (22,684,196) ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL CLASS ......... 6,848,790 (6,025,622) ------------- ------------- PROCEEDS FROM SHARES SOLD - SELECT CLASS ................. 44,273,641 N/A REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............. 181,309 N/A COST OF SHARES REEDEMED - SELECT CLASS ................... (30,582,745) N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - SELECT CLASS ................ 13,872,205 N/A ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ............................... 1,039,348 (15,070,269) ============= ============= NET INCREASE (DECREASE) IN NET ASSETS ...................... 15,516,003 48,829,107 ============= ============= ENDING NET ASSETS .......................................... $ 253,466,399 $ 237,950,396 ============= ============= 83
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WELLS FARGO OUTLOOK FUNDS STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------  STATEMENTS OF CHANGES IN NET ASSETS [Enlarge/Download Table] OUTLOOK TODAY --------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 --------------------------------------------------------------------------------------------------------- SHARES ISSUED AND REDEEMED: SHARES SOLD - CLASS A ..................................... 1,004,052 936,323 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 72,732 60,837 SHARES REDEEMED - CLASS A ................................. (1,132,127) (792,777) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (55,343) 204,383 ----------- ----------- SHARES SOLD - CLASS B ..................................... 207,473 504,566 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 21,260 20,389 SHARES REDEEMED - CLASS B ................................. (518,560) (468,990) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (289,827) 55,965 ----------- ----------- SHARES SOLD - CLASS C ..................................... 325,171 660,222 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 14,745 10,104 SHARES REDEEMED - CLASS C ................................. (356,272) (192,714) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (16,356) 477,612 ----------- ----------- SHARES SOLD - INSTITUTIONAL CLASS ......................... 3,353,440 507,802 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................................... 31,888 20,777 SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (3,333,502) (286,803) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................................... 51,826 241,776 ----------- ----------- SHARES SOLD - SELECT CLASS ................................ 2,272,232 N/A SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............................................ 5,408 N/A SHARES REDEEMED - SELECT CLASS ............................ (1,637,221) N/A ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .............................................. 640,419 N/A ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........................... 330,719 979,736 =========== =========== ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................. $ 234,208 $ 132,188 =========== =========== OUTLOOK 2010 --------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 -------------------------------------------------------------------------------------------------------- SHARES ISSUED AND REDEEMED: SHARES SOLD - CLASS A ..................................... 2,434,793 1,907,665 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 98,170 96,497 SHARES REDEEMED - CLASS A ................................. (3,210,170) 1,456,769) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (677,207) 547,393 ----------- ----------- SHARES SOLD - CLASS B ..................................... 231,824 424,711 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 14,652 23,652 SHARES REDEEMED - CLASS B ................................. (929,306) (843,666) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (682,830) (395,303) ----------- ----------- SHARES SOLD - CLASS C ..................................... 93,122 220,737 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 2,996 4,331 SHARES REDEEMED - CLASS C ................................. (305,829) (104,814) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (209,711) 120,254 ----------- ----------- SHARES SOLD - INSTITUTIONAL CLASS ......................... 5,864,277 2,377,451 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................................... 96,090 80,542 SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (5,704,700) 1,428,802) ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................................... 255,667 1,029,191 ----------- ----------- SHARES SOLD - SELECT CLASS ................................ 6,432,951 N/A SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............................................ 11,066 N/A SHARES REDEEMED - SELECT CLASS ............................ (4,414,833) N/A ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .............................................. 2,029,184 N/A ----------- ----------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........................... 715,103 1,301,535 =========== =========== ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................. $ 462,110 $ 285,132 =========== =========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 84
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STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- [Enlarge/Download Table] OUTLOOK 2020 ---------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ----------------------------------------------------------------------------------------------------------- SHARES ISSUED AND REDEEMED: SHARES SOLD - CLASS A ..................................... 6,011,610 2,468,730 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 127,470 124,052 SHARES REDEEMED - CLASS A ................................. (5,682,123) (1,946,757) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... 456,957 646,025 ------------ ------------ SHARES SOLD - CLASS B ..................................... 217,468 439,828 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 7,907 15,438 SHARES REDEEMED - CLASS B ................................. (873,824) (923,600) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (648,449) (468,334) ------------ ------------ SHARES SOLD - CLASS C ..................................... 84,698 196,046 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 1,071 3,218 SHARES REDEEMED - CLASS C ................................. (398,181) (92,727) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (312,412) 106,537 ------------ ------------ SHARES SOLD - INSTITUTIONAL CLASS ......................... 7,985,990 3,296,758 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................................... 137,523 127,916 SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (7,341,927) (3,145,460) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................................... 781,586 279,214 ------------ ------------ SHARES SOLD - SELECT CLASS ................................ 11,580,634 N/A SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............................................ 30,424 N/A SHARES REDEEMED - SELECT CLASS ............................ (7,812,089) N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .............................................. 3,798,969 N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........................... 4,076,651 563,442 ============ ============ ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................. $ 628,867 $ 344,571 ============ ============ OUTLOOK 2030 ---------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ----------------------------------------------------------------------------------------------------------- SHARES ISSUED AND REDEEMED: SHARES SOLD - CLASS A ..................................... 2,517,914 1,914,940 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 82,829 153,273 SHARES REDEEMED - CLASS A ................................. (2,729,504) (1,447,145) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (128,761) 621,068 ------------ ------------ SHARES SOLD - CLASS B ..................................... 186,868 328,193 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 4,050 23,101 SHARES REDEEMED - CLASS B ................................. (607,223) (732,907) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (416,305) (381,613) ------------ ------------ SHARES SOLD - CLASS C ..................................... 83,174 217,181 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 602 5,360 SHARES REDEEMED - CLASS C ................................. (287,600) (75,307) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (203,824) 147,234 ------------ ------------ SHARES SOLD - INSTITUTIONAL CLASS ......................... 5,516,705 1,771,283 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................................... 61,680 80,723 SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (5,121,575) (1,037,010) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................................... 456,810 814,996 ------------ ------------ SHARES SOLD - SELECT CLASS ................................ 6,197,982 N/A SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............................................ 14,656 N/A SHARES REDEEMED - SELECT CLASS ............................ (4,248,813) N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .............................................. 1,963,825 N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........................... 1,671,745 1,201,685 ============ ============ ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................. $ 277,540 $ 216,633 ============ ============ OUTLOOK 2040 ---------------------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED FEBRUARY 28, 2005 FEBRUARY 29, 2004 ---------------------------------------------------------------------------------------------------------- SHARES ISSUED AND REDEEMED: SHARES SOLD - CLASS A ..................................... 2,335,715 1,828,911 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .. 95,140 100,338 SHARES REDEEMED - CLASS A ................................. (2,506,726) (1,517,720) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ..... (75,871) 411,529 ------------ ------------ SHARES SOLD - CLASS B ..................................... 150,048 217,827 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .. 0 20,693 SHARES REDEEMED - CLASS B ................................. (1,373,567) (1,445,241) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ..... (1,223,519) (1,206,721) ------------ ------------ SHARES SOLD - CLASS C ..................................... 71,949 91,422 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .. 0 2,010 SHARES REDEEMED - CLASS C ................................. (193,044) (88,685) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ..... (121,095) 4,747 ------------ ------------ SHARES SOLD - INSTITUTIONAL CLASS ......................... 2,959,903 1,263,464 SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ..................................... 31,237 29,738 SHARES REDEEMED - INSTITUTIONAL CLASS ..................... (2,520,951) (1,772,799) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................................... 470,189 (479,597) ------------ ------------ SHARES SOLD - SELECT CLASS ................................ 3,028,057 N/A SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - SELECT CLASS ............................................ 11,881 N/A SHARES REDEEMED - SELECT CLASS ............................ (2,089,169) N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING - SELECT CLASS .............................................. 950,769 N/A ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........................... 473 (1,270,042) ============ ============ ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................. $ 168,770 $ 93,681 ============ ============ 85
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WELLS FARGO OUTLOOK FUNDS FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- [Enlarge/Download Table] BEGINNING NET NET REALIZED DISTRIBUTIONS DISTRIBUTIONS NET ASSET INVESTMENT AND UNREALIZED FROM NET FROM NET RETURN VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED OF SHARE (LOSS) INVESTMENTS INCOME GAINS CAPITAL ----------------------------------------------------------------------------------------------------------------------------------- OUTLOOK TODAY CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.17 0.17 0.05 (0.16) (0.03) 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $ 8.96 0.15 1.22 (0.16) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.79 0.21 (0.66) (0.22) (0.16) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $ 9.94 0.29 (0.09) (0.29) (0.06) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.30 0.38 0.21 (0.39) (0.56) 0.00 CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.35 0.10 0.05 (0.08) (0.03) 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $ 9.12 0.09 1.24 (0.10) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.96 0.15 (0.66) (0.17) (0.16) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $10.11 0.23 (0.08) (0.24) (0.06) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.44 0.31 0.24 (0.32) (0.56) 0.00 CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.33 0.10 0.05 (0.09) (0.03) 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $ 9.11 0.08 1.24 (0.10) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.94 0.16 (0.66) (0.17) (0.16) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $10.09 0.23 (0.08) (0.24) (0.06) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.44 0.34 0.21 (0.34) (0.56) 0.00 INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.33 0.21 0.06 (0.20) (0.03) 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $ 9.10 0.19 1.23 (0.19) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.94 0.23 (0.66) (0.25) (0.16) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $10.08 0.30 (0.07) (0.31) (0.06) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.36 0.36 0.25 (0.33) (0.56) 0.00 SELECT CLASS JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .. $10.09 0.14 0.29 (0.12) (0.03) 0.00 OUTLOOK 2010 ----------------------------------------------------------------------------------------------------------------------------------- CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.22 0.18 0.25 (0.17) 0.00 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.25 0.15 1.98 (0.16) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $11.65 0.19 (1.33) (0.20) (0.06) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $12.22 0.28 (0.45) (0.27) (0.13) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.88 0.35 (0.15) (0.35) (0.51) 0.00 CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.23 0.11 0.22 (0.08) 0.00 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.26 0.08 1.98 (0.09) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $11.66 0.13 (1.33) (0.14) (0.06) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $12.23 0.20 (0.43) (0.21) (0.13) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.88 0.28 (0.14) (0.28) (0.51) 0.00 CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.33 0.11 0.22 (0.07) 0.00 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.35 0.07 2.00 (0.09) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $11.75 0.13 (1.33) (0.14) (0.06) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $12.32 0.20 (0.43) (0.21) (0.13) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.97 0.29 (0.16) (0.27) (0.51) 0.00 INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.32 0.22 0.24 (0.21) 0.00 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.33 0.19 1.99 (0.19) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $11.75 0.21 (1.33) (0.24) (0.06) 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $12.32 0.29 (0.43) (0.30) (0.13) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.95 0.33 (0.12) (0.33) (0.51) 0.00 (1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED, AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE 3). (2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE PERIODS SHOWN. RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED. (3) COMMENCEMENT OF OPERATIONS. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. 86
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FINANCIAL HIGHLIGHTS WELLS FARGO OUTLOOK FUNDS -------------------------------------------------------------------------------- [Enlarge/Download Table] ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1) NET ASSET ------------------------------------------------------------------- VALUE PER NET INVESTMENT GROSS EXPENSES NET SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES ----------------------------------------------------------------------------------------------------------------------------- OUTLOOK TODAY CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.20 1.73% 1.34% (0.07)% 1.27% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.17 1.58% 1.36% (0.08)% 1.28% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 8.96 2.12% 1.60% (0.30)% 1.30% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $ 9.79 2.85% 1.63% (0.33)% 1.30% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $ 9.94 3.66% 1.51% (0.21)% 1.30% CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.39 0.97% 2.09% (0.07)% 2.02% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.35 0.91% 2.11% (0.16)% 1.95% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.12 1.60% 2.28% (0.48)% 1.80% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $ 9.96 2.31% 2.26% (0.46)% 1.80% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.11 3.15% 2.00% (0.20)% 1.80% CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.36 0.98% 2.09% (0.07)% 2.02% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.33 0.88% 2.10% (0.14)% 1.96% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.11 1.61% 2.23% (0.43)% 1.80% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $ 9.94 2.32% 2.26% (0.46)% 1.80% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.09 3.19% 1.97% (0.17)% 1.80% INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $10.37 2.04% 1.01% (0.04)% 0.97% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.33 1.89% 1.03% (0.06)% 0.97% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $ 9.10 2.42% 1.17% (0.17)% 1.00% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $ 9.94 3.06% 1.29% (0.26)% 1.03% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $10.08 3.88% 1.16% (0.12)% 1.04% SELECT CLASS JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .. $10.37 2.41% 0.91% (0.16)% 0.75% OUTLOOK 2010 ----------------------------------------------------------------------------------------------------------------------------- CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.48 1.52% 1.30% (0.03)% 1.27% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $12.22 1.36% 1.33% (0.05)% 1.28% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $10.25 1.69% 1.44% (0.14)% 1.30% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $11.65 2.25% 1.53% (0.23)% 1.30% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.22 2.74% 1.43% (0.13)% 1.30% CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.48 0.76% 2.05% (0.03)% 2.02% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $12.23 0.70% 2.09% (0.14)% 1.95% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $10.26 1.19% 2.13% (0.33)% 1.80% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $11.66 1.73% 2.12% (0.32)% 1.80% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.23 2.23% 1.95% (0.15)% 1.80% CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.59 0.76% 2.05% (0.03)% 2.02% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $12.33 0.67% 2.08% (0.12)% 1.96% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $10.35 1.18% 2.21% (0.41)% 1.80% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $11.75 1.74% 2.12% (0.32)% 1.80% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.32 2.24% 1.96% (0.16)% 1.80% INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.57 1.82% 0.97% 0.00% 0.97% MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $12.32 1.66% 1.00% (0.04)% 0.96% MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $10.33 1.98% 1.05% (0.05)% 1.00% MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $11.75 2.48% 1.21% (0.18)% 1.03% MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $12.32 3.03% 1.08% (0.04)% 1.04% PORTFOLIO NET ASSETS AT TOTAL TURNOVER END OF PERIOD RETURN(2) RATE (000'S OMITTED) ------------------------------------------------------------------------------------------- OUTLOOK TODAY CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 2.23% 106% $ 39,418 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 15.41% 33% $ 39,856 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (4.63)% 53% $ 33,299 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... 2.06% 51% $ 41,543 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 5.79% 58% $ 46,316 CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 1.49% 106% $ 19,690 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 14.65% 33% $ 22,616 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (5.15)% 53% $ 19,428 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... 1.54% 51% $ 16,678 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 5.30% 58% $ 11,425 CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 1.43% 106% $ 13,680 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 14.61% 33% $ 13,800 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (5.06)% 53% $ 7,822 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... 1.52% 51% $ 7,678 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 5.36% 58% $ 5,972 INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 2.60% 106% $ 12,989 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 15.73% 33% $ 12,410 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (4.32)% 53% $ 8,732 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... 2.40% 51% $ 9,052 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 5.94% 58% $ 3,954 SELECT CLASS JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .. 4.26% 106% $ 6,640 OUTLOOK 2010 ------------------------------------------------------------------------------------------- CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 3.60% 81% $ 82,296 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 20.94% 31% $ 88,910 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (9.86)% 65% $ 68,977 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... (1.43)% 39% $ 89,878 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 1.41% 54% $107,161 CLASS B MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 2.70% 81% $ 26,480 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 20.16% 31% $ 34,284 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (10.34)% 65% $ 32,831 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... (1.92)% 39% $ 41,166 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 0.93% 54% $ 36,727 CLASS C MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 2.72% 81% $ 5,724 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 20.13% 31% $ 8,190 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (10.29)% 65% $ 5,631 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... (1.90)% 39% $ 5,919 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 0.89% 54% $ 5,850 INSTITUTIONAL CLASS MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... 3.81% 81% $ 68,055 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... 21.33% 31% $ 63,530 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... (9.60)% 65% $ 42,649 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... (1.14)% 39% $ 36,548 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... 1.52% 54% $ 22,299 87
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WELLS FARGO OUTLOOK FUNDS FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- [Enlarge/Download Table] BEGINNING NET NET REALIZED DISTRIBUTIONS DISTRIBUTIONS NET ASSET INVESTMENT AND UNREALIZED FROM NET FROM NET RETURN VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED OF SHARE (LOSS) INVESTMENTS INCOME GAINS CAPITAL ----------------------------------------------------------------------------------------------------------------------------------- OUTLOOK 2010 (CONTINUED) SELECT CLASS JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .. $12.08 0.15 0.47 (0.13) 0.00 0.00 OUTLOOK 2020 ----------------------------------------------------------------------------------------------------------------------------------- CLASS A MARCH 1, 2004 TO FEBRUARY 28, 2005 ..... $12.96 0.16 0.47 (0.15) 0.00 0.00 MARCH 1, 2003 TO FEBRUARY 29, 2004 ..... $10.36 0.14 2.60 (0.14) 0.00 0.00 MARCH 1, 2002 TO FEBRUARY 28, 2003 ..... $12.29 0.14 (1.93) (0.14) 0.00 0.00 MARCH 1, 2001 TO FEBRUARY 28, 2002 ..... $13.28 0.13 (0.87) (0.14) (0.11) 0.00 MARCH 1, 2000 TO FEBRUARY 28, 2001 ..... $14.78 0.24 (0.75) (0.23) (0.74) (0.02) CLASS B