<PAGE> PAGE 1
000 A000000 06/30/99
000 C000000 0001040623
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 WELLS FAMILY OF REAL ESTATE FUNDS
001 B000000 811-8355
001 C000000 7704497800
002 A000000 3885 HOLCOMB BRIDGE ROAD
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30092
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 WELLS ASSET MANAGEMENT, INC.
008 B000001 A
008 C000001 801-54778
008 D010001 ATLANTA
008 D020001 GA
008 D030001 30092
008 A000002 GATEWAY INVESTMENT ADVISERS, L.P.
008 B000002 S
008 C000002 801-50824
008 D010002 MILFORD
008 D020002 OH
008 D030002 45150
010 A000001 COUNTRYWIDE FUND SERVICES, INC.
010 B000001 84-1093
010 C010001 CINCINNATI
010 C020001 OH
010 C030001 45202
011 A000001 WELLS INVESTMENT SECURITIES, INC.
011 B000001 8-31924
<PAGE> PAGE 2
011 C010001 ATLANTA
011 C020001 GA
011 C030001 30092
012 A000001 COUNTRYWIDE FUND SERVICES, INC.
012 B000001 84-1093
012 C010001 CINCINNATI
012 C020001 OH
012 C030001 45202
013 A000001 ARTHUR ANDERSEN, LLP
013 B010001 CINCINNATI
013 B020001 OH
013 B030001 45202
014 A000001 WELLS INVESTMENT SECURITIES, INC.
014 B000001 8-31924
014 A000002 COUNTRYWIDE INVESTMENTS, INC.
014 B000002 8-24674
014 A000003 CW FUND DISTRIBUTORS, INC.
014 B000003 8-40907
014 A000004 DONALDSON LUFKIN & JENRETTE SECURITES CORP.
014 B000004 8-17574
014 A000005 COMERICA BANK
014 B000005 8-35001
015 A000001 FIRSTAR BANK, NA
015 B000001 C
015 C010001 CINCINNATI
015 C020001 OH
015 C030001 45202
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 BRIDGE TRADING COMPANY
020 B000001 43-1450530
020 C000001 14
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 14
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
<PAGE> PAGE 3
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 621
028 A020000 0
028 A030000 0
028 A040000 109
028 B010000 628
028 B020000 0
028 B030000 0
028 B040000 104
028 C010000 828
028 C020000 181
028 C030000 0
028 C040000 146
028 D010000 650
028 D020000 0
028 D030000 0
028 D040000 216
028 E010000 1952
<PAGE> PAGE 4
028 E020000 0
028 E030000 0
028 E040000 71
028 F010000 1731
028 F020000 191
028 F030000 0
028 F040000 107
028 G010000 6410
028 G020000 372
028 G030000 0
028 G040000 753
028 H000000 4354
029 000000 Y
030 A000000 156
030 B000000 4.00
030 C000000 0.00
031 A000000 22
031 B000000 0
032 000000 132
033 000000 2
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
<PAGE> PAGE 5
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
<PAGE> PAGE 6
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 Y
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
<PAGE> PAGE 7
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 6979
071 B000000 1052
071 C000000 13995
071 D000000 8
072 A000000 6
072 B000000 0
072 C000000 512
072 D000000 0
072 E000000 0
072 F000000 35
072 G000000 11
072 H000000 0
072 I000000 14
072 J000000 22
072 K000000 8
072 L000000 3
072 M000000 2
072 N000000 19
072 O000000 0
072 P000000 0
072 Q000000 16
072 R000000 4
072 S000000 11
072 T000000 0
072 U000000 4
072 V000000 0
072 W000000 7
072 X000000 156
072 Y000000 86
072 Z000000 442
072AA000000 29
072BB000000 505
072CC010000 671
072CC020000 0
072DD010000 419
072DD020000 4
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
<PAGE> PAGE 8
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 17829
074 G000000 0
074 H000000 0
074 I000000 459
074 J000000 0
074 K000000 29
074 L000000 180
074 M000000 50
074 N000000 18547
074 O000000 250
074 P000000 10
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 59
074 S000000 0
074 T000000 18228
074 U010000 2188
074 U020000 123
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 1074
074 Y000000 0
075 A000000 0
075 B000000 14151
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 Y
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 9
078 000000 N
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE TINA D. HOSKING
TITLE SECRETARY
ATTACHMENT
----------
77.I Below is brief description of the two new classes of shares added to the
Wells S&P REIT Index Fund.
12B-1
- --------------------------------------------------------------------------------
B Maximum 5.00% contingent 1.00% Class B shares
deferred sales load will automatically
during the first year convert to Class
decreasing to 0 after A shares after
six years approximately
eight years
- --------------------------------------------------------------------------------
C 1.00% contingent deferred 1.00% None
sales load during first year
- --------------------------------------------------------------------------------
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001040623
<NAME> WELLS FAMILY OF REAL ESTATE FUNDS
<SERIES>
<NUMBER> 11
<NAME> WELLS S&P REIT INDEX FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 19,075,736
<INVESTMENTS-AT-VALUE> 18,288,362
<RECEIVABLES> 208,334
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 50,198
<TOTAL-ASSETS> 18,546,894
<PAYABLE-FOR-SECURITIES> 249,972
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,663
<TOTAL-LIABILITIES> 318,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,658,541
<SHARES-COMMON-STOCK> 2,187,743
<SHARES-COMMON-PRIOR> 1,546,689
<ACCUMULATED-NII-CURRENT> 18,970
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (661,878)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (787,374)
<NET-ASSETS> 17,250,864
<DIVIDEND-INCOME> 512,454
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 69,936
<NET-INVESTMENT-INCOME> 442,518
<REALIZED-GAINS-CURRENT> (476,220)
<APPREC-INCREASE-CURRENT> 670,562
<NET-CHANGE-FROM-OPS> 636,860
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 419,529
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 690,592
<NUMBER-OF-SHARES-REDEEMED> 98,207
<SHARES-REINVESTED> 48,669
<NET-CHANGE-IN-ASSETS> 5,265,186
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (185,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,721
<AVERAGE-NET-ASSETS> 14,001,807
<PER-SHARE-NAV-BEGIN> 7.75
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> .21
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.89
<EXPENSE-RATIO> .99
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001040623
<NAME> WELLS FAMILY OF REAL ESTATE FUNDS
<SERIES>
<NUMBER> 12
<NAME> WELLS S&P REIT INDEX FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 19,075,736
<INVESTMENTS-AT-VALUE> 18,288,362
<RECEIVABLES> 208,334
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 50,198
<TOTAL-ASSETS> 18,546,894
<PAYABLE-FOR-SECURITIES> 249,972
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,663
<TOTAL-LIABILITIES> 318,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,658,541
<SHARES-COMMON-STOCK> 44,545
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,970
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (661,878)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (787,374)
<NET-ASSETS> 354,667
<DIVIDEND-INCOME> 512,454
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 69,936
<NET-INVESTMENT-INCOME> 442,518
<REALIZED-GAINS-CURRENT> (476,220)
<APPREC-INCREASE-CURRENT> (670,562)
<NET-CHANGE-FROM-OPS> (636,860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 889
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,470
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 75
<NET-CHANGE-IN-ASSETS> 354,667
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (185,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,721
<AVERAGE-NET-ASSETS> 145,277
<PER-SHARE-NAV-BEGIN> 8.16
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.22)
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.96
<EXPENSE-RATIO> 1.68
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001040623
<NAME> WELLS FAMILY OF REAL ESTATE FUNDS
<SERIES>
<NUMBER> 13
<NAME> WELLS S&P REIT INDEX FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 19,075,736
<INVESTMENTS-AT-VALUE> 18,288,362
<RECEIVABLES> 208,344
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 50,198
<TOTAL-ASSETS> 18,546,894
<PAYABLE-FOR-SECURITIES> 249,972
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,663
<TOTAL-LIABILITIES> 318,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,658,541
<SHARES-COMMON-STOCK> 78,495
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,970
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (661,878)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (787,374)
<NET-ASSETS> 622,728
<DIVIDEND-INCOME> 512,454
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 69,936
<NET-INVESTMENT-INCOME> 442,518
<REALIZED-GAINS-CURRENT> (476,220)
<APPREC-INCREASE-CURRENT> (670,562)
<NET-CHANGE-FROM-OPS> (636,860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,130
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,242
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 253
<NET-CHANGE-IN-ASSETS> 622,728
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (185,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,721
<AVERAGE-NET-ASSETS> 384,607
<PER-SHARE-NAV-BEGIN> 8.09
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.17)
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.93
<EXPENSE-RATIO> 1.71
</TABLE>
