Wells Fargo Funds Trust – ‘N-CSR’ for 2/28/95

On:  Wednesday, 4/27/05, at 8:36am ET   ·   Effective:  4/27/05   ·   For:  2/28/95   ·   Accession #:  935069-5-983   ·   File #:  811-09253

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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      7K 
 2: EX-99.CERT  16100 Outlook EX-99 Cert 302                           4     16K 
 4: EX-99.CODE ETH  16100 Outlook EX-99 Code of Ethics                 9     28K 

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

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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                                                               

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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 
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      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
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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
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GROWTH OF $10,000 INVESTMENT(9) (AS OF FEBRUARY 28, 2005)                       
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[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

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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

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

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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

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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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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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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

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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

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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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FEBRUARY 28, 2005                                WELLS FARGO OUTLOOK TODAY FUND 
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                                                                [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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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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FEBRUARY 28, 2005                              WELLS FARGO OUTLOOK TODAY FUND   
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                                                        [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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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  
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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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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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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

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                                                                [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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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 --
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                                                                [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

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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

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                                                                [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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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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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
                                                            ------------

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                                                                [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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                                          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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                                                                [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

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                                                                [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

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

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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

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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

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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

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

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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

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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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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

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

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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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                                                            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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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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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

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

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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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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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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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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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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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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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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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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 --                                                     
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                                          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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WELLS FARGO OUTLOOK 2040 FUND                       FEBRUARY 28, 2005           
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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

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FEBRUARY 28, 2005                                WELLS FARGO OUTLOOK 2040 FUND  
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                                                                [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

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                                                 PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND                      FEBRUARY 28, 2005            
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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

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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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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

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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

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                                                 PORTFOLIO OF INVESTMENTS --
WELLS FARGO OUTLOOK 2040 FUND                      FEBRUARY 28, 2005            
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                                                                [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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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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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

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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

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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

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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

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

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                                                                [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.      

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

                                                        [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.      

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

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                                                                            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  
                                                                  =============        =============  

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

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.      

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

                                                        [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.      

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FINANCIAL HIGHLIGHTS                                   WELLS FARGO OUTLOOK FUNDS
--------------------------------------------------------------------------------

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                                                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
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                                           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                                                                                                                             
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $12.85         0.08              0.45            (0.05)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.28         0.06              2.57            (0.06)            0.00          0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $12.18         0.07             (1.90)           (0.07)            0.00          0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $13.17         0.07             (0.87)           (0.08)           (0.11)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $14.66         0.16             (0.74)           (0.16)           (0.74)        (0.01)

CLASS C                                                                                                                             
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $12.93         0.09              0.44            (0.03)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.34         0.06              2.60            (0.07)            0.00          0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $12.26         0.07             (1.92)           (0.07)            0.00          0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $13.25         0.07             (0.87)           (0.08)           (0.11)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $14.74         0.16             (0.74)           (0.16)           (0.74)        (0.01)

INSTITUTIONAL CLASS                                                                                                                 
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $13.10         0.22              0.45            (0.19)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.47         0.18              2.62            (0.17)            0.00          0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $12.42         0.17             (1.94)           (0.18)            0.00          0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $13.42         0.16             (0.87)           (0.18)           (0.11)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $14.89         0.24             (0.72)           (0.23)           (0.74)        (0.02)

SELECT CLASS                                                                                                                        
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..      $12.87         0.09              0.76            (0.12)            0.00          0.00 

OUTLOOK 2030                                                                                                                        
----------------------------------------------------------------------------------------------------------------------------------- 

CLASS A                                                                                                                             
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $13.53         0.16              0.67            (0.15)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.48         0.13              3.17            (0.13)           (0.12)         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $13.34         0.11             (2.40)           (0.12)           (0.45)         0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $15.13         0.12             (1.43)           (0.12)           (0.36)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $16.96         0.17             (1.17)           (0.16)           (0.67)         0.00 

CLASS B                                                                                                                             
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $13.31         0.06              0.64            (0.04)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.32         0.06              3.11            (0.06)           (0.12)         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $13.13         0.04             (2.35)           (0.05)           (0.45)         0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $14.88         0.05             (1.39)           (0.05)           (0.36)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $16.72         0.07             (1.16)           (0.08)           (0.67)         0.00 

CLASS C                                                                                                                             
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....      $13.32         0.05              0.65            (0.02)            0.00          0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....      $10.33         0.06              3.12            (0.07)           (0.12)         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....      $13.14         0.05             (2.36)           (0.05)           (0.45)         0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....      $14.90         0.04             (1.39)           (0.05)           (0.36)         0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....      $16.74         0.08             (1.17)           (0.08)           (0.67)         0.00 

(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.      

88                                                                              

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FINANCIAL HIGHLIGHTS                                   WELLS FARGO OUTLOOK FUNDS
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                                                ENDING                RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)            
                                             NET ASSET    -------------------------------------------------------------------
                                             VALUE PER    NET INVESTMENT            GROSS         EXPENSES               NET 
                                                 SHARE     INCOME (LOSS)         EXPENSES           WAIVED          EXPENSES 
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
OUTLOOK 2010 (CONTINUED)                                                                                                     

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..        $12.57              2.20%            0.87%           (0.12)%            0.75%

OUTLOOK 2020                                                                                                                 
-----------------------------------------------------------------------------------------------------------------------------

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $13.44              1.31%            1.31%           (0.04)%            1.27%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $12.96              1.16%            1.32%           (0.04)%            1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.36              1.16%            1.42%           (0.12)%            1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $12.29              1.35%            1.50%           (0.20)%            1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $13.28              1.63%            1.39%           (0.09)%            1.30%

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $13.33              0.55%            2.07%           (0.05)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $12.85              0.51%            2.08%           (0.13)%            1.95%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.28              0.66%            2.13%           (0.33)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $12.18              0.85%            2.08%           (0.28)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $13.17              1.12%            1.94%           (0.14)%            1.80%

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $13.43              0.54%            2.07%           (0.05)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $12.93              0.47%            2.07%           (0.11)%            1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.34              0.66%            2.20%           (0.40)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $12.26              0.83%            2.08%           (0.28)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $13.25              1.15%            1.96%           (0.16)%            1.80%

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $13.58              1.61%            0.98%           (0.01)%            0.97%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.10              1.48%            0.99%           (0.03)%            0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.47              1.46%            1.01%           (0.01)%            1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $12.42              1.60%            1.18%           (0.15)%            1.03%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $13.42              1.93%            1.04%            0.00%             1.04%

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..        $13.60              1.89%            0.88%           (0.13)%            0.75%

OUTLOOK 2030                                                                                                                 
-----------------------------------------------------------------------------------------------------------------------------

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $14.21              1.17%            1.31%           (0.04)%            1.27%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.53              1.15%            1.33%           (0.05)%            1.28%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.48              0.88%            1.52%           (0.22)%            1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.34              0.81%            1.57%           (0.27)%            1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $15.13              0.97%            1.41%           (0.11)%            1.30%

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $13.97              0.43%            2.06%           (0.04)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.31              0.50%            2.09%           (0.15)%            1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.32              0.38%            2.21%           (0.41)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.13              0.30%            2.17%           (0.37)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $14.88              0.47%            2.00%           (0.20)%            1.80%

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $14.00              0.43%            2.07%           (0.05)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.32              0.45%            2.08%           (0.12)%            1.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.33              0.39%            2.44%           (0.64)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.14              0.29%            2.17%           (0.37)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $14.90              0.49%            2.16%           (0.36)%            1.80%


                                                               PORTFOLIO     NET ASSETS AT                                   
                                                 TOTAL          TURNOVER     END OF PERIOD                                   
                                             RETURN(2)              RATE    (000'S OMITTED)                                  
-------------------------------------------------------------------------------------------                                  
                                                                                                                             
OUTLOOK 2010 (CONTINUED)                                                                                                     

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..          5.20%               81%          $ 25,512                                  

OUTLOOK 2020                                                                                                                 
-------------------------------------------------------------------------------------------                                  

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          4.92%               60%          $151,258                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         26.58%               31%          $139,981                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (14.65)%              62%          $105,206                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (5.57)%              29%          $137,265                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (3.79)%              39%          $154,871                                  

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          4.13%               60%          $ 25,378                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         25.71%               31%          $ 32,803                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (15.04)%              62%          $ 31,052                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (6.09)%              29%          $ 43,280                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (4.25)%              39%          $ 47,591                                  

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          4.09%               60%          $  4,155                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         25.79%               31%          $  8,040                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (15.12)%              62%          $  5,330                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (6.06)%              29%          $  6,767                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (4.26)%              39%          $  6,308                                  

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          5.17%               60%          $131,133                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         26.96%               31%          $116,214                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (14.35)%              62%          $ 89,948                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (5.30)%              29%          $ 94,895                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (3.58)%              39%          $ 64,541                                  

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..          6.61%               60%          $ 51,662                                  

OUTLOOK 2030                                                                                                                 
-------------------------------------------------------------------------------------------                                  

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          6.17%               48%          $109,923                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         31.73%               27%          $106,449                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (17.40)%              68%          $ 75,953                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (8.68)%              27%          $100,884                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (6.29)%              27%          $133,569                                  

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          5.28%               48%          $ 16,372                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         30.82%               27%          $ 21,131                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (17.76)%              68%          $ 20,319                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (9.10)%              27%          $ 27,913                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (6.79)%              27%          $ 34,570                                  

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          5.26%               48%          $  2,991                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         30.88%               27%          $  5,559                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (17.78)%              68%          $  2,791                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (9.12)%              27%          $  3,412                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....         (6.79)%              27%          $  3,467                                  

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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 2030 (CONTINUED)                                                                                                         

INSTITUTIONAL CLASS                                                                                                              
MARCH 1, 2004 TO FEBRUARY 28, 2005 ....     $13.65          0.21             0.66            (0.19)            0.00         0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 ....     $10.57          0.18             3.19            (0.17)           (0.12)        0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 ....     $13.45          0.14            (2.41)           (0.16)           (0.45)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 ....     $15.24          0.15            (1.42)           (0.16)           (0.36)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2001 ....     $17.07          0.17            (1.16)           (0.17)           (0.67)        0.00 

SELECT CLASS                                                                                                                     
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .     $13.42          0.08             0.94            (0.11)            0.00         0.00 

OUTLOOK 2040                                                                                                                     
---------------------------------------------------------------------------------------------------------------------------------

CLASS A                                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 ....     $14.40          0.14(4)          0.86            (0.13)            0.00         0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 ....     $10.65          0.12(4)          3.75            (0.12)            0.00         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 ....     $13.55          0.08(4)         (2.81)           (0.08)           (0.09)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 ....     $15.50          0.03            (1.80)            0.00            (0.18)        0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 ....     $18.78          0.02            (1.98)           (0.03)           (1.29)        0.00 

CLASS B                                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 ....     $13.86          0.04(4)          0.82             0.00             0.00         0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 ....     $10.28          0.04(4)          3.61            (0.07)            0.00         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 ....     $13.08          0.02(4)         (2.70)           (0.03)           (0.09)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 ....     $15.05         (0.05)           (1.74)            0.00            (0.18)        0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 ....     $18.34         (0.05)           (1.95)            0.00            (1.29)        0.00 

CLASS C                                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 ....     $13.86          0.04(4)          0.81             0.00             0.00         0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 ....     $10.28          0.03(4)          3.62            (0.07)            0.00         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 ....     $13.09          0.02(4)         (2.71)           (0.03)           (0.09)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 ....     $15.06         (0.04)           (1.75)            0.00            (0.18)        0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 ....     $18.34         (0.05)           (1.94)            0.00            (1.29)        0.00 

INSTITUTIONAL CLASS                                                                                                              
MARCH 1, 2004 TO FEBRUARY 28, 2005 ....     $14.59          0.19(4)          0.88            (0.18)            0.00         0.00 
MARCH 1, 2003 TO FEBRUARY 29, 2004 ....     $10.77          0.16(4)          3.81            (0.15)            0.00         0.00 
MARCH 1, 2002 TO FEBRUARY 28, 2003 ....     $13.71          0.12(4)         (2.85)           (0.12)           (0.09)        0.00 
MARCH 1, 2001 TO FEBRUARY 28, 2002 ....     $15.64          0.07            (1.82)            0.00            (0.18)        0.00 
MARCH 1, 2000 TO FEBRUARY 28, 2001 ....     $18.90          0.07            (1.99)           (0.05)           (1.29)        0.00 

SELECT CLASS                                                                                                                     
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 .     $14.47          0.15(4)          1.06            (0.21)            0.00         0.00 

(1)   DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED, 
    AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
    THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).                                                                 

(2)   TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
    BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
     PERIODS SHOWN. RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.

(3)   COMMENCEMENT OF OPERATIONS.                                               

(4)   CALCULATED BASED UPON AVERAGE SHARES OUTSTANDINGS.                        

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

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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 2030 (CONTINUED)                                                                                                     

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $14.33              1.47%            0.98%           (0.02)%            0.96%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.65              1.46%            1.00%           (0.04)%            0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.57              1.17%            1.07%           (0.07)%            1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.45              1.05%            1.24%           (0.21)%            1.03%
MARCH 1, 2001 TO FEBRUARY 28, 2001 .....        $15.24              1.27%            1.05%            0.00%             1.05%

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..        $14.33              1.74%            0.87%           (0.12)%            0.75%

OUTLOOK 2040                                                                                                                 
-----------------------------------------------------------------------------------------------------------------------------

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $15.27              1.01%            1.28%           (0.01)%            1.27%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $14.40              0.95%            1.33%           (0.06)%            1.27%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.65              0.65%            1.49%           (0.19)%            1.30%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.55              0.24%            1.55%           (0.25)%            1.30%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $15.50              0.15%            1.41%           (0.11)%            1.30%

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $14.72              0.26%            2.03%           (0.01)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.86              0.31%            2.09%           (0.15)%            1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.28              0.15%            2.23%           (0.43)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.08             (0.27)%           2.14%           (0.34)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $15.05             (0.35)%           2.05%           (0.25)%            1.80%

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $14.71              0.26%            2.03%           (0.01)%            2.02%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $13.86              0.28%            2.08%           (0.14)%            1.94%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.28              0.15%            2.31%           (0.51)%            1.80%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.09             (0.27)%           2.14%           (0.34)%            1.80%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $15.06             (0.35)%           1.96%           (0.16)%            1.80%

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....        $15.48              1.31%            0.95%            0.00%             0.95%
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....        $14.59              1.29%            1.01%           (0.05)%            0.96%
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        $10.77              0.96%            1.03%           (0.03)%            1.00%
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        $13.71              0.54%            1.22%           (0.20)%            1.02%
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        $15.64              0.46%            1.07%           (0.03)%            1.04%

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..        $15.47              1.55%            0.85%           (0.10)%            0.75%



                                                               PORTFOLIO     NET ASSETS AT                                   
                                                 TOTAL          TURNOVER     END OF PERIOD                                   
                                             RETURN(2)              RATE    (000'S OMITTED)                                  
-------------------------------------------------------------------------------------------                                  
                                                                                                                             
OUTLOOK 2030 (CONTINUED)                                                                                                     

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          6.42%               48%          $ 65,968                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         32.13%               27%          $ 56,586                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (17.10)%              68%          $ 35,203                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....         (8.47)%              27%          $ 30,749                                  
MARCH 1, 2001 TO FEBRUARY 28, 2001 .....         (6.08)%              27%          $ 19,156                                  

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..          7.64%               48%          $ 28,149                                  

OUTLOOK 2040                                                                                                                 
-------------------------------------------------------------------------------------------                                  

CLASS A                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          6.98%               29%          $165,145                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         36.52%               18%          $156,806                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (20.24)%              54%          $111,546                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        (11.45)%              14%          $169,829                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        (11.09)%              20%          $218,085                                  

CLASS B                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          6.20%               29%          $ 27,229                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         35.58%               18%          $ 42,603                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (20.60)%              54%          $ 43,980                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        (11.93)%              14%          $ 67,290                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        (11.53)%              20%          $ 84,993                                  

CLASS C                                                                                                                      
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          6.13%               29%          $  3,681                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         35.62%               18%          $  5,146                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (20.66)%              54%          $  3,767                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        (11.92)%              14%          $  5,432                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        (11.52)%              20%          $  6,349                                  

INSTITUTIONAL CLASS                                                                                                          
MARCH 1, 2004 TO FEBRUARY 28, 2005 .....          7.35%               29%          $ 42,700                                  
MARCH 1, 2003 TO FEBRUARY 29, 2004 .....         37.06%               18%          $ 33,396                                  
MARCH 1, 2002 TO FEBRUARY 28, 2003 .....        (20.02)%              54%          $ 29,829                                  
MARCH 1, 2001 TO FEBRUARY 28, 2002 .....        (11.22)%              14%          $ 33,976                                  
MARCH 1, 2000 TO FEBRUARY 28, 2001 .....        (10.80)%              20%          $ 31,613                                  

SELECT CLASS                                                                                                                 
JUNE 30, 2004(3) TO FEBRUARY 28, 2005 ..          8.37%               29%          $ 14,712                                  

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

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

     Wells Fargo Funds Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an  
open-end series management investment company. The Trust commenced  
     operations on November 8, 1999, and is currently comprised of 74 separate
series (each, a "Fund", collectively, the "Funds"). These financial 
      statements present the Outlook Today Fund, Outlook 2010 Fund, Outlook 2020
      Fund, Outlook 2030 Fund, and Outlook 2040 Fund. Each Fund is a diversified
series of the Trust.                                                

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

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

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

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

            In the normal course of business, the Trust may enter into contracts
     that provide certain indemnifications. The Trust's maximum exposure under
     these arrangements is dependent on future claims that may be made against
the Funds and, therefore, cannot be estimated; however, based on    
experience, the risk of loss from such claims is considered remote. 

SECURITY VALUATION                                                              

        Investments in securities are valued each business day as of the
     close of regular trading on the New York Stock Exchange, which is usually
  4:00 p.m. (Eastern Time). Securities which are traded on a national or
    foreign securities exchange are valued at the last reported sales price.
Securities listed on The Nasdaq Stock Market, Inc. are valued at the
     Nasdaq Official Closing Price ("NOCP"), and if no NOCP is available, then
at the last reported sales price. In the absence of any sale of such
      securities, and in the case of other securities, including U.S. Government
   obligations, but excluding debt securities maturing in 60 days or less,
the valuations are based on the latest quoted bid prices.           

         Certain fixed income securities with maturities exceeding 60 days
  are valued by using a pricing service approved by the Trust's Board of
Trustees. The service uses market prices as quoted by an independent
    pricing service or by dealers in these securities when, in the service's
      judgment, these prices are readily available and are representative of the
securities' market values. For some securities, such prices are not 
   readily available. These securities will generally be fair valued using
     methods which may include consideration of yields or prices of securities
of comparable quality, coupon rate, maturity and type of issue;     
indications as to values from dealers in securities, trading        
characteristics and general market conditions.                      

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

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION                                    

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

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

DISTRIBUTIONS TO SHAREHOLDERS                                                   

     Net investment income, if any, is declared and distributed to
   shareholders quarterly. Distributions to shareholders from net realized
  capital gains, if any, are declared and distributed at least annually.

        For federal income tax purposes, a Fund may designate as capital
   gains dividends the earnings and profits distributed to shareholders on
the redemption of fund shares during the year.                      

            Distributions are based on amounts calculated in accordance with the
      applicable federal income tax regulations, which may differ from GAAP. The
 timing and character of distributions made during the period from net
investment income or net realized gains may also differ from their  
    ultimate characterization for federal income tax purposes. To the extent
that these differences are permanent in nature, such amounts are    
     reclassified within the capital accounts based on their federal tax-basis
treatment. Temporary differences do not require reclassifications.  

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

  At February 28, 2005, as a result of permanent book-to-tax
    differences, the following reclassification adjustments were made on the
Statement of Assets and Liabilities:                                

                          Undistributed Net   Undistributed Net        Paid-in
     Fund                 Investment Income   Realized Gain/Loss       Capital
      --------------------------------------------------------------------------
      OUTLOOK TODAY            $(11,746)            $ 11,907           $   (161)
      --------------------------------------------------------------------------
      OUTLOOK 2010              (38,974)              40,181             (1,207)
      --------------------------------------------------------------------------
     OUTLOOK 2020              (72,164)              72,164                  0
      --------------------------------------------------------------------------
      OUTLOOK 2030              (88,423)              88,691               (268)
      --------------------------------------------------------------------------
     OUTLOOK 2040              (74,811)              74,807                  4
      --------------------------------------------------------------------------

FEDERAL INCOME TAXES                                                            

        Each Fund is treated as a separate entity for federal income tax
purposes. It is the policy of each Fund of the Trust to continue to 
      qualify as a regulated investment company by complying with the provisions
     applicable to regulated investment companies, as defined under subchapter
     M of the Internal Revenue Code (the "Code"), and to make distributions of
  substantially all of its investment company taxable income and any net
   realized capital gains (after reduction for capital loss carryforwards)
   sufficient to relieve it from all, or substantially all, federal income
     taxes. Accordingly, no provision for federal income taxes was required at
February 28, 2005.                                                  

       At February 28, 2005, estimated net capital loss carryforwards,
  which are available to offset future net realized capital gains, were:

      Fund                            Year Expires    Capital Loss Carryforwards
      --------------------------------------------------------------------------
OUTLOOK 2010                        2012                $   658,707 
      --------------------------------------------------------------------------
OUTLOOK 2020                        2012                  4,515,332 
      --------------------------------------------------------------------------
OUTLOOK 2040                        2011                  3,086,887 
      --------------------------------------------------------------------------
OUTLOOK 2040                        2012                 14,370,242 
      --------------------------------------------------------------------------

SECURITY LOANS                                                                  

 The Fund(s) may loan securities in return for securities,
  irrevocable letters of credit or cash collateral, which is invested in
various short-term fixed income securities. A Fund may receive      
     compensation for lending securities in the form of fees or by retaining a
portion of interest on the investment securities or cash received as
     collateral. A Fund also continues to receive interest or dividends on the
     securities loaned. Security loans are secured at all times by collateral.
The collateral is equal to at least 102% of the market value of the 
   securities loaned plus accrued interest when the transaction is entered
   into. If the collateral falls to 100%, it will be brought back to 102%.
    Gain or loss in the market price of the securities loaned that may occur
   during the term of the loan are reflected in the value of the Fund. The
risks from securities lending are that the borrower may not provide 
    additional collateral when required or return the securities when due or
      when called for by the Fund. Wells Fargo Bank, N.A., the Funds' custodian,
   acts as the securities lending agent for the Funds and receives for its
    services 35% of the revenues earned on the securities lending activities
     and incurs all expenses. Prior to October 1, 2004, Wells Fargo Bank, N.A.
    was entitled to receive 40% of the revenues earned on securities lending
activities. The value of the securities on loan and the value of the
 related collateral at February 28, 2005 are shown on the Statement of
Assets and Liabilities.                                             

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

3. EXPENSES                                                                     
--------------------------------------------------------------------------------

ADVISORY FEES                                                                   

        The Trust has entered into an advisory contract with Wells Fargo
      Funds Management, LLC ("Funds Management"). The adviser is responsible for
   implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.

            Pursuant to the contract, Funds Management is entitled to receive an
     advisory fee for its services as adviser. Funds Management may retain the
  services of certain investment sub-advisers to provide daily portfolio
    management. The fees related to sub-advisory services are borne directly
     by the adviser and do not increase the overall fees paid by a Fund to the
    adviser. Funds Management and the investment sub-adviser(s) are entitled
to be paid a monthly fee at the following annual rates:             

                                                        [Enlarge/Download Table]

                                                                                                                 Sub-Advisory 
                                                Advisory Fee*                                                         Fee     
                                                    (% of                                                            (% of    
                                 Average Daily  Average Daily                                     Average Daily  Average Daily
Fund                              Net Assets     Net Assets)     Sub-Adviser                       Net Assets     Net Assets) 
------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              
OUTLOOK TODAY                $0 - $499 million      0.650      Barclays Global                $0 - $100 million      0.25     

                   $500 million - $999 million      0.600      Fund Advisors        $100 million - $200 million      0.20     

                    $1 billion - $2.99 billion      0.550                                         >$200 million      0.15     

                    $3 billion - $4.99 billion      0.525                                                                     

                               > $4.99 billion      0.500                                                                     
------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010                 $0 - $499 million      0.650      Barclays Global                $0 - $100 million      0.25     

                   $500 million - $999 million      0.600      Fund Advisors        $100 million - $200 million      0.20     

                    $1 billion - $2.99 billion      0.550                                         >$200 million      0.15     

                    $3 billion - $4.99 billion      0.525                                                                     

                               > $4.99 billion      0.500                                                                     
------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2020                 $0 - $499 million      0.650      Barclays Global                $0 - $100 million      0.25     

                   $500 million - $999 million      0.600      Fund Advisors        $100 million - $200 million      0.20     

                    $1 billion - $2.99 billion      0.550                                         >$200 million      0.15     

                    $3 billion - $4.99 billion      0.525                                                                     

                               > $4.99 billion      0.500                                                                     
------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030                 $0 - $499 million      0.650      Barclays Global                $0 - $100 million      0.25     

                   $500 million - $999 million      0.600      Fund Advisors        $100 million - $200 million      0.20     

                    $1 billion - $2.99 billion      0.550                                         >$200 million      0.15     

                    $3 billion - $4.99 billion      0.525                                                                     

                               > $4.99 billion      0.500                                                                     
------------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2040                 $0 - $499 million      0.650      Barclays Global                $0 - $100 million      0.25     

                   $500 million - $999 million      0.600      Fund Advisors        $100 million - $200 million      0.20     

                    $1 billion - $2.99 billion      0.550                                         >$200 million      0.15     

                    $3 billion - $4.99 billion      0.525                                                                     

                               > $4.99 billion      0.500                                                                     
------------------------------------------------------------------------------------------------------------------------------

            * Effective August 2, 2004. For the period July 1, 2004 to August 1,
    2004, Funds Management was entitled to be paid a monthly advisory fee at
  the annual rate of 0.65% of average daily net assets. Prior to July 1,
    2004, Funds Management was entitled to be paid a monthly advisory fee at
the annual rate of 0.70% of average daily net assets.               

ADMINISTRATION AND TRANSFER AGENT FEES                                          

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

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

                                                           Administration Fees**
                                     Average Daily         (% of Average
                                         Net Assets        Daily Net Assets)
      --------------------------------------------------------------------------
FUND LEVEL                    $0 - $4.99 billion             0.05   

                   $5 billion - $9.99 billion             0.04

                              > $9.99 billion             0.03

CLASS A                                                      0.28   
      --------------------------------------------------------------------------
CLASS B                                                      0.28   
      --------------------------------------------------------------------------
CLASS C                                                      0.28   
      --------------------------------------------------------------------------
INSTITUTIONAL                                                0.20   
      --------------------------------------------------------------------------
SELECT                                                       0.10   
      --------------------------------------------------------------------------

   ** Effective August 2, 2004. Prior to August 2, 2004, Funds
 Management was entitled to be paid a fund level administration fee of
0.05% of average daily net assets.                                  

          The Trust has entered into an agreement with Boston Financial Data
      Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
   receive fees from the administrator for its services as transfer agent.

CUSTODY FEES                                                                    

         The Trust has entered into a contract with Wells Fargo Bank, N.A.
("WFB"), whereby WFB is responsible for providing custody services. 
    Pursuant to the contract, WFB is entitled to certain transaction charges
  plus a monthly fee for custody services at the following annual rates:

                                                              % Of Average Daily
                                                              Net Assets
      --------------------------------------------------------------------------
ALL FUNDS                                                      0.02 
      --------------------------------------------------------------------------

SHAREHOLDER SERVICING FEES                                                      

         The Trust has entered into contracts with one or more shareholder
     servicing agents, whereby each Fund is charged the following annual fees:

                                                              % Of Average Daily
                                                              Net Assets
      --------------------------------------------------------------------------
CLASS A                                                        0.25 
      --------------------------------------------------------------------------
CLASS B                                                        0.25 
      --------------------------------------------------------------------------
CLASS C                                                        0.25 
      --------------------------------------------------------------------------

        For the year ended February 28, 2005, shareholder servicing fees
paid by the Funds were as follows:                                  

Fund                    Class A            Class B           Class C
      --------------------------------------------------------------------------
OUTLOOK TODAY           $ 98,462          $ 53,069          $ 35,915
      --------------------------------------------------------------------------
OUTLOOK 2010             211,283            74,741            17,190
      --------------------------------------------------------------------------
OUTLOOK 2020             352,031            70,701            14,991
      --------------------------------------------------------------------------
OUTLOOK 2030             261,240            45,315            10,803
      --------------------------------------------------------------------------
OUTLOOK 2040             393,966            80,974            10,966
      --------------------------------------------------------------------------

DISTRIBUTION FEES                                                               

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

        For the year ended February 28, 2005, distribution fees paid are
disclosed on the Statement of Operations.                           

OTHER FEES                                                                      

          PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
  entitled to receive an annual asset based fee, and an annual fixed fee
from each Fund. PFPC is also entitled to be reimbursed for all      
   out-of-pocket expenses reasonably incurred in providing these services.

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

WAIVED FEES AND REIMBURSED EXPENSES                                             

      All amounts shown as waived fees or reimbursed expenses on the
      Statement of Operations, for the year ended February 28, 2005, were waived
 by Funds Management, first from advisory fees, and then any remaining
amount consecutively from administration, custody and shareholder   
 servicing fees collected, if any. The Fund's Adviser has committed to
      waive fees and/or reimburse expenses to the extent necessary to maintain a
   certain net operating expense limitation for the Fund(s). Net operating
expense limitations during the period were as follows:              

NET OPERATING EXPENSE LIMITATIONS*
    Fund                  Class A   Class B   Class C  Institutional  Select
      --------------------------------------------------------------------------
    OUTLOOK TODAY          1.25%     2.00%     2.00%       0.95%       0.75%
      --------------------------------------------------------------------------
    OUTLOOK 2010           1.25%     2.00%     2.00%       0.95%       0.75%
      --------------------------------------------------------------------------
    OUTLOOK 2020           1.25%     2.00%     2.00%       0.95%       0.75%
      --------------------------------------------------------------------------
    OUTLOOK 2030           1.25%     2.00%     2.00%       0.95%       0.75%
      --------------------------------------------------------------------------
    OUTLOOK 2040           1.25%     2.00%     2.00%       0.95%       0.75%
      --------------------------------------------------------------------------

           * Effective July 1, 2004 for Class A, B, C and Institutional Class.
    The Select Class commenced operations on June 30, 2004. Prior to July 1,
2004, the Funds' net operating expense limitations were as follows: 

     Fund                         Class A    Class B    Class C  Institutional
      --------------------------------------------------------------------------
 OUTLOOK TODAY                 1.30%      2.05%      2.05%       1.00%
      --------------------------------------------------------------------------
 OUTLOOK 2010                  1.30%      2.05%      2.05%       1.00%
      --------------------------------------------------------------------------
 OUTLOOK 2020                  1.30%      2.05%      2.05%       1.00%
      --------------------------------------------------------------------------
 OUTLOOK 2030                  1.30%      2.05%      2.05%       1.00%
      --------------------------------------------------------------------------
 OUTLOOK 2040                  1.30%      2.05%      2.05%       1.00%
      --------------------------------------------------------------------------

4. INVESTMENT PORTFOLIO TRANSACTIONS                                            
--------------------------------------------------------------------------------

   Purchases and sales of investments, exclusive of short-term
  securities (securities with maturities of one year or less at purchase
date) for the year ended February 28, 2005, were as follows:        

                                                        [Enlarge/Download Table]

                          Purchases at Cost                    Sales Proceeds        
Fund              U.S. Government        Other        U.S. Government         Other  
-------------------------------------------------------------------------------------
                                                                                     
OUTLOOK TODAY      $ 88,617,870      $ 11,269,305      $ 83,878,579      $ 11,960,458
-------------------------------------------------------------------------------------
OUTLOOK 2010        140,825,688        27,888,404       128,112,384        30,080,445
-------------------------------------------------------------------------------------
OUTLOOK 2020        165,322,568        72,982,063       138,316,956        47,553,919
-------------------------------------------------------------------------------------
OUTLOOK 2030         72,736,191        45,615,338        64,655,818        30,850,777
-------------------------------------------------------------------------------------
OUTLOOK 2040         38,045,151        33,667,053        36,762,751        31,890,063
-------------------------------------------------------------------------------------

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

      The Wells Fargo Funds Trust and the Wells Fargo Variable Trust
    (excluding the money market funds) share in a revolving Credit Agreement
  with The Bank of New York, whereby the Funds are permitted to use bank
borrowings for temporary or emergency purposes, such as to fund     
      shareholder redemption requests. The agreement permits borrowings of up to
     $150 million, collectively. Interest is charged to each Fund based on its
borrowing at a rate equal to the Federal Funds Rate plus 0.40%. In  
      addition, the Funds pay a quarterly commitment fee equal to 0.1% per annum
   of the credit line. For the year ended February 28, 2005, there were no
borrowings under the agreement.                                     

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

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

      The tax character of distributions paid during the years ended
February 28, 2005 and February 29, 2004 was as follows:             

                                                                [Download Table]

                    Ordinary        Long-Term   Dividends Paid               
                     Income       Capital Gain   on Redemption        Total  
Fund                  2005            2005            2005            2005   
-----------------------------------------------------------------------------
                                                                             
OUTLOOK TODAY      $1,265,309      $  269,066      $        0      $1,534,375
-----------------------------------------------------------------------------
OUTLOOK 2010        2,766,765               0               0       2,766,765
-----------------------------------------------------------------------------
OUTLOOK 2020        4,041,141               0               0       4,041,141
-----------------------------------------------------------------------------
OUTLOOK 2030        2,278,163               0               0       2,278,163
-----------------------------------------------------------------------------
OUTLOOK 2040        2,117,382               0               0       2,117,382
-----------------------------------------------------------------------------


                    Ordinary        Long-Term   Dividends Paid               
                     Income       Capital Gain   on Redemption        Total  
Fund                  2004            2004            2004            2004   
-----------------------------------------------------------------------------
                                                                             
OUTLOOK TODAY      $1,125,716      $        0      $        0      $1,125,716
-----------------------------------------------------------------------------
OUTLOOK 2010        2,344,570               0               0       2,344,570
-----------------------------------------------------------------------------
OUTLOOK 2020        3,194,786               0               0       3,194,786
-----------------------------------------------------------------------------
OUTLOOK 2030        1,746,398       1,545,797               0       3,292,195
-----------------------------------------------------------------------------
OUTLOOK 2040        1,923,855               0               0       1,923,855
-----------------------------------------------------------------------------

            As of February 28, 2005, the components of distributable earnings on
 a tax basis are shown on the table below. The difference between book
   basis and tax basis appreciation/(depreciation) is attributable to wash
sale deferrals, REIT adjustments and partnership adjustments.       

                                                        [Enlarge/Download Table]

                                                                    Unrealized                                              
                      Undistributed       Undistributed Long-      Appreciation         Capital Loss                        
Fund                 Ordinary Income           Term Gain          (Depreciation)        Carryforward *              Total   
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                            
OUTLOOK TODAY          $    331,496          $    506,898          $  3,998,532          $          0           $  4,836,926
----------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2010                462,110                     0            12,024,485              (658,707)            11,827,888
----------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2020                628,867                     0            25,715,361            (4,515,332)            21,828,896
----------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2030                277,540               247,004            19,212,767                     0             19,737,311
----------------------------------------------------------------------------------------------------------------------------
OUTLOOK 2040                168,770                     0            28,549,790           (17,457,129)            11,261,431
----------------------------------------------------------------------------------------------------------------------------

*     THIS AMOUNT INCLUDES ANY POST-OCTOBER LOSS, WHICH WILL REVERSE ON THE     
FIRST DAY OF THE FOLLOWING FISCAL YEAR.                             

                                                                              97

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                         

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

  We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the Outlook Today Fund, Outlook 2010
Fund, Outlook 2020 Fund, Outlook 2030 Fund and Outlook 2040 Fund, (the "Funds"),
each a series of the Wells Fargo Funds Trust, as of February 28, 2005, and the  
related statements of operations for the year then ended, and the statements of 
changes in net assets and the financial highlights for the periods presented.   
These financial statements and financial highlights are the responsibility of   
the Funds' management. Our responsibility is to express an opinion on these     
financial statements and financial highlights based on our audits.              

  We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the 
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts   
and disclosures in the financial statements. Our procedures included            
confirmation of securities owned as of February 28, 2005, by correspondence with
the custodian and brokers. As to securities purchased or sold but not yet       
received or delivered, we performed other appropriate auditing procedures. An   
audit also includes assessing the accounting principles used and significant    
estimates made by management, as well as evaluating the overall financial       
statement presentation. We believe that our audits provide a reasonable basis   
for our opinion.                                                                

      In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of    
each of the aforementioned Funds of the Wells Fargo Funds Trust as of February  
28, 2005, the results of their operations for the year then ended, and the      
changes in its net assets and its financial highlights for the periods          
presented, in conformity with U.S. generally accepted accounting principles.    

/s/ KPMG LLP                                                                    

Philadelphia, Pennsylvania                                                      
April 13, 2005                                                                  

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OTHER INFORMATION (UNAUDITED)                          WELLS FARGO OUTLOOK FUNDS
--------------------------------------------------------------------------------

PROXY VOTING INFORMATION                                                        

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

TAX INFORMATION                                                                 

           For the year ended February 28, 2005, the following Funds designate
the amounts listed below as a long-term capital gain distribution,  
pursuant to Section 852(b)(3) of the Internal Revenue Code:         

Fund                          Capital Gain Dividends                
      --------------------------------------------------------------------------
OUTLOOK TODAY                        $269,066                       
      --------------------------------------------------------------------------

       Pursuant to Section 854(b)(2) of the Internal Revenue Code, the
Fund(s) listed below designates a percentage of its ordinary income 
dividends distributed during the year ended Feburary 28, 2005 as    
qualifying for the corporate dividends-received deduction:          

                                 Dividend-Received Deduction
Fund                              (% of ordinary income dividends)  
      --------------------------------------------------------------------------
OUTLOOK TODAY                                   29.00               
      --------------------------------------------------------------------------
OUTLOOK 2010                                    43.54               
      --------------------------------------------------------------------------
OUTLOOK 2020                                    66.00               
      --------------------------------------------------------------------------
OUTLOOK 2030                                    92.67               
      --------------------------------------------------------------------------
OUTLOOK 2040                                   100.00               
      --------------------------------------------------------------------------

            Pursuant to Section 1(h)(11) of the Internal Revenue Code, the Funds
      listed below designate the following percentages of their income dividends
     paid during the year ended February 28, 2005 as qualified dividend income
(QDI):                                                              

Fund                                            QDI %               
      --------------------------------------------------------------------------
OUTLOOK TODAY                                   44.26               
      --------------------------------------------------------------------------
OUTLOOK 2010                                    65.61               
      --------------------------------------------------------------------------
OUTLOOK 2020                                   100.00               
      --------------------------------------------------------------------------
OUTLOOK 2030                                   100.00               
      --------------------------------------------------------------------------
OUTLOOK 2040                                   100.00               
      --------------------------------------------------------------------------

                                                                              99

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WELLS FARGO OUTLOOK FUNDS                          OTHER INFORMATION (UNAUDITED)
--------------------------------------------------------------------------------

PORTFOLIO HOLDINGS INFORMATION                                                  

          The Fund(s) files its complete schedule of portfolio holdings with
     the SEC for the first and third quarters of each fiscal year on Form N-Q,
which is available without charge by visiting the SEC Web site at   
    WWW.SEC.GOV. In addition, the Fund's Form N-Q may be reviewed and copied
    at the SEC's Public Reference Room in Washington, DC, and information on
the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BOARD OF TRUSTEES                                                               

         The following table provides basic information about the Board of
    Trustees ("Trustees") of the Wells Fargo Funds Trust (the "Trust"). This
     table supplements, and should be read in conjunction with, the Prospectus
  and the Statement of Additional Information* of each Fund. Each of the
  Trustees listed below acts in identical capacities for each of the 101
  funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo
     Master Trust (collectively the "Fund Complex"). All of the non-interested
    Trustees are also members of the Audit and Nominating Committees of each
     Trust in the Fund Complex. The address of each Trustee and Officer is 525
Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and
     Officer serves an indefinite term, however, each Trustee serves such term
    until reaching the mandatory retirement age established by the Trustees.

                                                        [Enlarge/Download Table]

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


NON-INTERESTED TRUSTEES                                                                                      
-------------------------------------------------------------------------------------------------------------
                           POSITION HELD AND         PRINCIPAL OCCUPATIONS DURING                            
NAME AND AGE               LENGTH OF SERVICE ***     PAST FIVE YEARS                      OTHER DIRECTORSHIPS
-------------------------------------------------------------------------------------------------------------
                                                                                                             
Thomas S. Goho             Trustee since 1987        Associate Professor of Finance,      None               
62                                                   Wake Forest University,                                 
                                                     Calloway School of Business and                         
                                                     Accountancy.                                            
-------------------------------------------------------------------------------------------------------------
Peter G. Gordon            Trustee since 1998        Chairman, CEO, and Co-               None               
62                         (Lead Trustee since       Founder of Crystal Geyser                               
                           2001)                     Water Company and President                             
                                                     of Crystal Geyser Roxane Water                          
                                                     Company.                                                
-------------------------------------------------------------------------------------------------------------
Richard M. Leach           Trustee since 1987        Retired. Prior thereto, President    None               
71                                                   of Richard M. Leach Associates                          
                                                     (a financial consulting firm).                          
-------------------------------------------------------------------------------------------------------------
Timothy J. Penny           Trustee since 1996        Senior Counselor to the public       None               
53                                                   relations firm of Himle-Horner                          
                                                     and Senior Fellow at the                                
                                                     Humphrey Institute,                                     
                                                     Minneapolis, Minnesota (a pub-                          
                                                     lic policy organization).                               
-------------------------------------------------------------------------------------------------------------
Donald C. Willeke          Trustee since 1996        Principal in the law firm of         None               
64                                                   Willeke & Daniels.                                      

100                                                                             

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OTHER INFORMATION (UNAUDITED)                          WELLS FARGO OUTLOOK FUNDS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

OFFICERS                                                                                                     
-------------------------------------------------------------------------------------------------------------
                           POSITION HELD AND         PRINCIPAL OCCUPATIONS DURING                            
NAME AND AGE               LENGTH OF SERVICE ***     PAST FIVE YEARS                      OTHER DIRECTORSHIPS
-------------------------------------------------------------------------------------------------------------
                                                                                                             
Karla M. Rabusch           President since           Executive Vice President of Wells    None               
45                         2003                      Fargo Bank, N.A. President of                           
                                                     Wells Fargo Funds Management,                           
                                                     LLC. Senior Vice President and                          
                                                     Chief Administrative Officer of                         
                                                     Wells Fargo Funds Management,                           
                                                     LLC from 2001 to 2003. Vice                             
                                                     President of Wells Fargo Bank,                          
                                                     N.A. from 1997 to 2000.                                 
-------------------------------------------------------------------------------------------------------------
Stacie D. DeAngelo         Treasurer since 2003      Senior Vice President of Wells       None               
36                                                   Fargo Bank, N.A. Senior Vice                            
                                                     President of Operations for                             
                                                     Wells Fargo Funds                                       
                                                     Management, LLC. Prior there-                           
                                                     to, Operations Manager at                               
                                                     Scudder Weisel Capital, LLC                             
                                                     (2000 to 2001), Director of                             
                                                     Shareholder Services at BISYS                           
                                                     Fund Services (1999 to 2000)                            
                                                     and Assistant Vice President of                         
                                                     Operations with Nicholas-                               
                                                     Applegate Capital Management                            
                                                     (1993 to 1999).                                         
-------------------------------------------------------------------------------------------------------------
C. David Messman           Secretary since 2000      Vice President and Managing          None               
44                                                   Senior Counsel of Wells Fargo                           
                                                     Bank, N.A. Senior Vice                                  
                                                     President and Secretary of Wells                        
                                                     Fargo Funds Management, LLC.                            
                                                     Vice President and Senior                               
                                                     Counsel of Wells Fargo Bank,                            
                                                     N.A. from 1996 to 2003.                                 

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

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

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

                                                                             101

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WELLS FARGO OUTLOOK FUNDS                                  LIST OF ABBREVIATIONS
--------------------------------------------------------------------------------

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

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

102                                                                             

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

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

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

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

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

                                                                  AR 003 (04/05)

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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE 
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ITEM 2.  CODE OF ETHICS                                                         

As of the end of the period, February 28, 2005, Wells Fargo Funds Trust has     
adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to   
its President and Treasurer. A copy of the code of ethics is filed as an exhibit
to this Form N-CSR.                                                             

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT                                        

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

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES                                 

(a)                                                                             
AUDIT FEES - Provided below are the aggregate fees billed for the fiscal years  
ended February 29, 2004 and February 28, 2005 for professional services rendered
by the principal accountant for the audit of the Registrant's annual financial  
statements or services that are normally provided by the accountant in          
connection with statutory and regulatory filings or engagements.                

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   For the fiscal years ended February 29, 2004 and February 28, 2005, the
Audit Fees were $896,095 and $987,170, respectively.                

(b)                                                                             
AUDIT-RELATED FEES - There were no audit-related fees incurred for the fiscal   
years ended February 29, 2004 and February 28, 2005 for assurance and related   
services by the principal accountant for the Registrant.                        

(c)                                                                             
TAX FEES - Provided below are the aggregate fees billed for the fiscal years    
ended February 29, 2004 and February 28, 2005 for professional services rendered
by the principal accountant for the Registrant for tax compliance, tax advice,  
and tax planning.                                                               

   For the fiscal years ended February 29, 2004 and February 28, 2005, the
      Tax Fees were $76,500 and $84,325, respectively. The incurred Tax Fees are
comprised of excise tax review services.                            

   For the fiscal years ended February 29, 2004 and February 28, 2005, the
    Tax Fees were $106,685 and $136,218, respectively. The incurred Tax Fees
are comprised of tax preparation and consulting services.           

(d)                                                                             
ALL OTHER FEES - There were no other fees incurred for the fiscal years ended   
February 29, 2004 and February 28, 2005.                                        

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

(e)(2)                                                                          
Not Applicable.                                                                 

(f)                                                                             
Not Applicable.                                                                 

(g)                                                                             
Provided below are the aggregate non-audit fees billed for the fiscal years     
ended February 29, 2004 and February 28, 2005 by the principal accountant for   
services rendered to the Registrant, and rendered to the Registrant's investment
adviser, and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the Registrant.                   

   For the fiscal years ended February 29, 2004 and February 28, 2005, the
    Registrant incurred non-audit fees in the amount of $72,000 and $77,000,
      respectively. The non-audit fees consist of SAS70 control reviews of Wells
Fargo Bank, N.A., the Funds' custodian.                             

   For the fiscal years ended February 29, 2004 and February 28, 2005, the
    Registrant's investment adviser incurred non-audit fees in the amount of
     $57,120 and $96,000 respectively. The non-audit fees consist of procedure
reviews for pending mergers associated with fund reorganizations.   

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

ITEMS 5-6.  [RESERVED]                                                          

ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR                 
CLOSED-END MANAGEMENT INVESTMENT COMPANIES                    

Not applicable.                                                                 

ITEM 8.  [RESERVED]                                                             

ITEM 9.  CONTROLS AND PROCEDURES                                                

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

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

ITEM 10. EXHIBITS                                                               

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

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

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

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SIGNATURES

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

                     Wells Fargo Funds Trust

                         By:    /s/ Karla M. Rabusch

                            Karla M. Rabusch
                     President

Date: April 13, 2005                                                            

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SIGNATURES

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

                                 Wells Fargo Funds Trust

                                       By:    /s/ Stacie D. DeAngelo

                                          Stacie D. DeAngelo
                                 Treasurer

Date: April 13, 2005