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Previous: WELLS FARGO FUNDS TRUST, 497, 2000-12-06 |
Next: WELLS FARGO FUNDS TRUST, N-14/A, EX-14.A, 2000-12-06 |
<PAGE>
As filed with the Securities and Exchange Commission on December 6, 2000
Registration No. 333-49224
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_]
Pre-Effective Amendment No. 1 [X]
Post-Effective Amendment No. ___ [_]
(Check appropriate box or boxes)
________________________
Exact Name of Registrant as Specified in Charter:
WELLS FARGO FUNDS TRUST
Area Code and Telephone Number: (800) 552-9612
Address of Principal Executive Offices, including Zip Code:
525 Market Street
San Francisco, California 94163
__________________________
Name and Address of Agent for Service:
C. David Messman
c/o Wells Fargo Bank, N.A.
633 Folsom Street, 7th Floor
San Francisco, California 94107-3600
With copies to:
Robert M. Kurucza, Esq.
Marco E. Adelfio, Esq.
Morrison & Foerster LLP
2000 Pennsylvania Ave., N.W., Suite 5500
Washington, D.C. 20006
__________________________
No filing fee is required under the Securities Act of 1933 because an
indefinite number of shares of beneficial interest in the Registrant has
previously been registered pursuant to Rule 24f-2 under the Investment Company
Act of 1940, as amended.
The Registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this registration statement
shall become shall thereafter become effective in accordance with Section 8(a)
of the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
<PAGE>
WELLS FARGO FUNDS TRUST
CROSS-REFERENCE SHEET
Items Required by Form N-14
---------------------------
Letter to Shareholders -- Incorporated by reference to Registration Statement of
-----------------------
Wells Fargo Funds Trust on Form N-14, filed on November 3, 2000 (File No. 333-
49224).
Notice of Special Meeting -- Incorporated by reference to Registration Statement
-------------------------
of Wells Fargo Funds Trust on Form N-14, filed on November 3, 2000 (File No.
333-49224).
PART A -- Incorporated by reference to Registration Statement of Wells Fargo
------
Funds Trust on Form N-14, filed on November 3, 2000 (File No. 333-49224).
PART B -- Filed herewith.
-------
PART C -- Filed herewith.
<PAGE>
THE FOLLOWING ITEMS ARE INCORPORATED BY REFERENCE:
(A) From Post-Effective Amendment No. 9 of Wells Fargo Funds Trust, filed
February 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and
Statement of Additional Information dated February 1, 2000, as supplemented
on September 29, 2000, describing the Wells Fargo Growth Fund.
(B) From Post-Effective Amendment No. 9 of Wells Fargo Funds Trust, filed
February 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and
Statement of Additional Information dated February 1, 2000, describing the
Wells Fargo Asset Allocation Fund.
(C) From Post-Effective Amendment No. 17 of Wells Fargo Funds Trust, filed
November 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and
Statement of Additional Information dated November 1, 2000, describing the
Wells Fargo National Tax-Free Fund.
(D) From Post-Effective Amendment No. 15 of Wells Fargo Funds Trust, filed
October 2, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and
Statement of Additional Information dated October 1, 2000, describing the
Wells Fargo Income Fund and the Wells Fargo Stable Income Fund.
(E) The audited financial statements and related independent auditors' reports
for the Wells Fargo Growth Fund, contained in the Annual Reports for the
fiscal year ended September 30, 2000, as filed with the SEC on November 30,
2000.
(F) The audited financial statements and related independent auditors' reports
for the Wells Fargo Asset Allocation Fund, contained in the Annual Reports
for the fiscal year ended September 30, 2000, as filed with the SEC on
November 30, 2000.
(G) The audited financial statements and related independent auditors' reports
for the Wells Fargo National Tax-Free Fund, contained in the Annual Reports
for the fiscal year ended June 30, 2000, as filed with the SEC on August
29, 2000.
(H) The audited financial statements and related independent auditors' reports
for the Wells Fargo Income Fund and Wells Fargo Stable Income Fund,
contained in the Annual Reports for the fiscal year ended May 31, 2000, as
filed with the SEC on August 2, 2000.
(I) From Post-Effective Amendment No. 17 of The Achievement Funds Trust, filed
May 30, 2000 (SEC File No. 333-26205; 811-5712): the Prospectus and
Statement of Additional Information dated June 1, 2000, describing the
Funds of the Achievement Funds Trust.
(J) The audited financial statements and related independent auditors' reports
for the Funds of The Achievement Funds Trust, contained in the Annual
Reports for the fiscal year ended January 31, 2000, as filed with the SEC
on March 28, 2000.
<PAGE>
EXPLANATORY NOTE
This Pre-Effective Amendment Number 1 to the Registration Statement of
Wells Fargo Funds Trust (the "Trust") on Form N-14 hereby incorporates Part A
and portions of Part C of the Registration Statement by reference to the Trust's
Registration Statement on Form N-14, filed November 3, 2000. This Pre-Effective
Amendment is being filed to add certain disclosure to the pro forma financial
statements in Part B and to add an auditor's consent to Part C of the
Registration Statement.
<PAGE>
PART B
STATEMENT OF ADDITIONAL INFORMATION
December 20, 2000
THE ACHIEVEMENT FUNDS TRUST
ONE FREEDOM VALLEY DRIVE
OAKS, PENNSYLVANIA 19456
February 8, 2001 Special Meeting of the
Shareholders of the Achievement Funds Trust
This Statement of Additional Information or SAI is not a prospectus but
should be read in conjunction with the Proxy Statement/Prospectus dated December
20, 2000, for the Special Meeting of Shareholders of the Achievement Funds
Trust to be held on February 8, 2001. The Proxy Statement/Prospectus may be
obtained without charge by calling 1-800-522-9612 or writing to Wells Fargo
Funds Trust, P.O. Box 7066, San Francisco, CA 94120-7066. Unless otherwise
indicated, capitalized terms used herein and not otherwise defined have the same
meanings as are given to them in the Proxy Statement/Prospectus.
Incorporation of Documents by Reference in Statement of Additional Information
This SAI consists of this cover page and the following described items,
which are hereby incorporated by reference:
(1) The SAI for the Wells Fargo Growth Fund, dated February 1, 2000, the
SAI for the Wells Fargo Asset Allocation Fund, dated February 1, 2000,
the SAI for the Wells Fargo National Tax-Free Fund, dated November 1,
2000, and the SAI for the Wells Fargo Income and Wells Fargo Stable
Income Funds, dated October 1, 2000.
(2) The SAI for the Achievement Funds dated June 1, 2000.
(3) Report of Independent Auditors and audited annual report financial
statements of the Achievement Funds as of January 31, 2000.
(4) Unaudited semi-annual report financial statements of the Achievement
Funds dated as of July 31, 2000.
(5) Report of Independent Auditors and audited annual report financial
statements of the Wells Fargo Growth Fund as of September 30, 2000.
(6) Report of Independent Auditors and audited annual report financial
statements of the Wells Fargo Asset Allocation Fund as of September
30, 2000.
B-1
<PAGE>
(7) Report of Independent Auditors and audited annual report financial
statements of the Wells Fargo National Tax-Free Fund as of June 30,
2000.
(8) Report of Independent Auditors and audited annual report financial
statements of the Wells Fargo Income and Wells Fargo Stable Income
Funds as of May 31, 2000.
(9) Unaudited pro forma combined financial information: (a) as of
September 30, 2000 for the Wells Fargo Growth Fund/Achievement Equity
Fund Reorganization and the Wells Fargo Asset Allocation
Fund/Achievement Balanced Fund Reorganization; (b) as of June 30, 2000
for the Wells Fargo National Tax-Free Fund/Achievement Municipal Bond
Fund/Achievement Idaho Municipal Bond Fund Reorganization; and (c) as
of May 31, 2000 for the Wells Fargo Income Fund/Achievement
Intermediate Term Bond Fund Reorganization and the Wells Fargo Stable
Income Fund/Achievement Short Term Bond Fund Reorganization. The pro
forma financial statements give effect to the Reorganization as if it
had occurred for the periods presented.
B-2
<PAGE>
Table of Contents
<TABLE>
<S> <C>
General Information............................................ B-4
Pro-Forma Financial Statements and Schedules................... B-5
Notes to Pro Forma Financial Statements........................ B-20
</TABLE>
B-3
<PAGE>
General Information
This SAI relates to the reorganization of the six funds of The
Achievement Funds Trust listed below, which we refer to as the Achievement
Funds, with the five funds of Wells Fargo Funds Trust listed below, which we
refer to as the Wells Fargo Funds.
<TABLE>
<CAPTION>
====================================================================================
Achievement Funds Wells Fargo Funds
------------------------------------------------------------------------------------
<S> <C>
Equity Fund Growth Fund
------------------------------------------------------------------------------------
Balanced Fund Asset Allocation Fund
------------------------------------------------------------------------------------
Municipal Bond Fund National Tax-Free Fund
------------------------------------------------------------------------------------
Idaho Municipal Bond Fund National Tax-Free Fund
------------------------------------------------------------------------------------
Intermediate Term Bond Fund Income Fund
------------------------------------------------------------------------------------
Short Term Bond Fund Stable Income Fund
------------------------------------------------------------------------------------
</TABLE>
The reorganization of each Achievement Fund will involve the following
three steps:
. the transfer of the assets and liabilities of the Achievement Fund to its
corresponding Wells Fargo Fund in exchange for shares of the same class of
the Wells Fargo Fund having equivalent value to the net assets transferred;
. the pro rata distribution of the same class of shares of the Wells Fargo
Fund to the shareholders of record of the Achievement Fund as of the
effective date of the reorganization in full redemption of all shares of
the Achievement Fund; and
. the liquidation and termination of the Achievement Funds.
As a result of the reorganization, shareholders of each Achievement Fund
will hold shares of the same class of the corresponding Wells Fargo Fund having
the same total value as the shares of the Achievement Fund that they held
immediately before the reorganization. If a majority of the shares of one of
the Achievement Funds does not approve the reorganization, that Fund will not
participate in the reorganization. In such a case, the Achievement Fund will
continue its operations beyond the date of the reorganization and its Trustees
will consider what further action is appropriate.
For further information about the transaction, see the Proxy
Statement/Prospectus.
B-4
<PAGE>
WELLS FARGO FUNDS - GROWTH FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo
Growth Fund
Wells Fargo Achievement Pro Forma Pro Forma
Growth Fund Equity Fund Adjustments Combined
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below) $ 434,726 $ 323,384 $ 758,110
Cash 11 0 11
Collateral for securities loaned 71,402 0 71,402
Receivables:
Dividends, interest, other receivables 168 132 300
Fund shares sold 957 67 1,024
Investment securities sold 584 3,454 4,038
Prepaid expenses and other assets 60 75 135
Total Assets 507,908 327,112 835,020
LIABILITIES
Payables:
Securities loaned 71,402 0 71,402
Investment securities purchased 912 3,346 4,258
Fund shares redeemed 1,594 193 1,787
Due to distributor 212 0 212
Due to advisor and affiliates 323 0 323
Other 432 315 747
Total Liabilities 74,875 3,854 78,729
TOTAL NET ASSETS $ 433,033 $ 323,258 $ 756,291
Net assets consist of:
Paid-in capital $ 229,372 $ 188,448 (115) (2) $ 417,705
Undistributed net investment (loss) (1,723) (115) 115 (2) (1,723)
Undistributed net realized gain income
(loss) on investments 92,349 26,640 118,989
Net unrealized appreciation
(depreciation) of investments 113,035 108,285 221,320
TOTAL NET ASSETS $ 433,033 $ 323,258 $ 756,291
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 311,038 $ 13,218 $ 324,256
Shares outstanding - Class A 13,632 669 (90) (3) 14,211
Net asset value per share - Class A $ 22.82 $ 19.76 $ 22.82
Maximum offering price per share - Class A $ 24.21 $ 20.69 $ 24.21
Net assets - Class B $ 69,434 $ 2,987 $ 72,421
Shares outstanding - Class B 4,349 154 33 (3) 4,536
Net asset value and offering price per
share - Class B $ 15.96 $ 19.42 $ 15.96
Net assets - Institutional Class 52,561 307,053 $ 359,614
Shares outstanding - Institutional Class 1,961 15,456 (4000) (3) 13,417
Net asset value and offering price per
share - Institutional Class $ 26.80 $ 19.87 $ 26.80
INVESTMENT AT COST $ 321,691 $ 215,099 $ 536,790
</TABLE>
--------------------------------------------------------------------------------
(1) The information presented for the Achievement Equity Fund is as of July 31,
2000, the Fund's latest semi-annual reporting date. Based on the Fund's low
portfolio turnover rate and stable asset size, Management believes the
information presented is representative of the Fund's balance sheet and
portfolio holdings as of September 30, 2000.
(2) To reclass to paid-in capital the accumulated net investment loss of the
Achievement Equity Fund, because it cannot be carried over to the Wells
Fargo Growth Fund.
(3) Share adjustments based on surviving Fund NAV.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-5
<PAGE>
WELLS FARGO FUNDS - GROWTH FUND
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended September 30, 2000 (Note 1)
(Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo
Growth Fund
Wells Fargo Achievement Pro Forma Pro Forma
Growth Fund Equity Fund Adjustments Combined
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 3,608 $ 2,379 $ 5,987
Interest 506 315 821
Securities lending income 114 0 114
Total Investment Income 4,228 2,694 6,922
EXPENSES
Advisory fees 3,372 2,267 136 (2) 5,775
Administration fees 698 613 (156) (2) 1,155
Custody fees 92 58 * 4 (2) 154
Shareholder servicing fees 1,043 0 12 (2) 1,055
Portfolio accounting fees 83 0 40 (2) 123
Transfer agency fees 826 0 546 (2) 1,372
Distribution fees 537 62 ** (38) (2) 561
Legal and audit fees 70 50 (33) (2) 87
Registration fees 63 81 (39) (2) 105
Director's fees 5 19 (19) (2) 5
Shareholder reports 102 45 0 (2) 147
Other 45 18 0 (2) 63
Total Expenses 6,936 3,213 453 10,602
Less:
Waived fees and reimbursed expenses fees (1,256) (393) (186) (2) (1,835)
Net expenses 5,680 2,820 267 8,767
NET INVESTMENT INCOME (LOSS) (1,452) (126) (267) (1,845)
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of
investments 93,818 33,790 127,608
Net change in unrealized appreciation
or depreciation of invesments (28,752) 18,192 (10,560)
Net Gain (Loss) on Investments 65,066 51,982 117,048
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 63,614 $ 51,856 (267) $ 115,203
</TABLE>
--------------------------------------------------------------------------------
* Includes transfer agency fees
** Includes shareholder servicing fees
(1) The information presented for the Achievement Equity Fund is for the year
ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on
the Fund's stable portfolio and level fee/expense structure, Management
believes the information presented is representative of the Fund's
statement of operations for the twelve months ended September 30, 2000.
(2) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or elimination of duplicative
services.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-6
<PAGE>
WELLS FARGO FUNDS - GROWTH FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of September 30, 2000 (Unaudited) (Note 1)
<TABLE>
<CAPTION>
Shares Security Name Market Value (000's)
------------------------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
WF Growth
Fund WF Growth Fund
WF Growth Achievement Pro Forma Achievement Pro Forma
Fund Equity Fund Combined COMMON STOCK WF Growth Fund Equity Fund Combined
AMUSEMENT & RECREATION SERVICES
$ 93,500 $ 0 $ 93,500 Walt Disney Company $ 3,576 $ 0 $ 3,576
APPAREL & ACCESSORY STORES
58,200 0 58,200 Kohl's Corporation 3,357 0 3,357
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS
82,500 150,000 232,500 Home Depot Incorporated 4,378 7,763 12,141
43,400 0 43,400 Lowe's Companies Incorporated 1,948 0 1,948
-----------------------------------------------
6,326 7,763 14,089
BUSINESS SERVICES
82,258 100,000 182,258 America Online Incorporated 4,421 5,331 9,752
52,500 0 52,500 Commerce One Incorporated 4,121 0 4,121
66,500 0 66,500 Interpublic Group of Companies Incorporated 2,265 0 2,265
202,669 150,000 352,669 Microsoft Corporation 12,211 10,472 22,683
108,500 176,331 284,831 Oracle Corporation 8,544 13,258 21,802
58,304 80,000 138,304 Sun Microsystems Incorporated 6,807 8,435 15,242
15,000 0 15,000 TIBCO Software Incorporated 1,266 0 1,266
39,575 0 39,575 VERITAS Software Corporation 5,620 0 5,620
0 61,000 61,000 Yahoo 0 7,850 7,850
-----------------------------------------------
45,255 45,346 90,601
CHEMICALS & ALLIED PRODUCTS
64,127 100,000 164,127 Abbott Laboratories 3,050 4,162 7,212
59,400 0 59,400 Clorox Company 2,350 0 2,350
103,000 0 103,000 Colgate-Palmolive Company 4,862 0 4,862
37,711 0 37,711 Eli Lilly & Company 3,059 0 3,059
13,000 0 13,000 Genentech Incorporated 2,414 0 2,414
59,076 0 59,076 Gillette Company 1,824 0 1,824
48,425 45,000 93,425 Johnson & Johnson 4,549 4,188 8,737
72,152 90,000 162,152 Merck & Company Incorporated 5,371 6,452 11,823
231,751 180,000 411,751 Pfizer Incorporated 10,414 7,763 18,177
24,500 75,000 99,500 Pharmacia Corporation 1,475 4,106 5,581
50,500 0 50,500 Praxair Incorporated 1,887 0 1,887
38,244 0 38,244 Procter & Gamble Company 2,562 0 2,562
52,725 100,000 152,725 Schering-Plough Corporation 2,452 4,319 6,771
0 45,000 45,000 Amgen 0 2,922 2,922
0 60,000 60,000 Guidant 0 3,383 3,383
-----------------------------------------------
46,269 37,295 83,564
COMMUNICATIONS
88,500 0 88,500 360networks Incorporated 1,737 0 1,737
57,200 0 57,200 Clear Channel Communications Incorporated 3,232 0 3,232
42,500 0 42,500 Nextel Communications Incorporated 1,987 0 1,987
75,500 0 75,500 NEXTLINK Communications Incorporated 2,657 0 2,657
56,000 190,000 246,000 Qwest Communications International Incorporated+ 2,692 8,918 11,610
141,204 107,000 248,204 SBC Communications Incorporated 7,060 4,554 11,614
110,500 187,500 298,000 WorldCom Incorporated 3,356 7,324 10,680
0 150,000 150,000 AT&T 0 4,641 4,641
-----------------------------------------------
22,721 25,437 48,158
DEPOSITORY INSTITUTIONS
77,751 120,000 197,751 Chase Manhattan Corporation 3,591 5,962 9,553
276,132 100,000 376,132 Citigroup Incorporated 14,928 7,056 21,984
28,750 0 28,750 Fifth Third Bancorp 1,549 0 1,549
25,000 0 25,000 Golden West Financial Corporation 1,341 0 1,341
24,650 0 24,650 State Street Corporation 3,205 0 3,205
0 100,000 100,000 Wells Fargo 0 4,131 4,131
-----------------------------------------------
24,614 17,149 41,763
EATING & DRINKING PLACES
66,864 0 66,864 McDonald's Corporation 2,018 0 2,018
ELECTRIC, GAS & SANITARY SERVICES
182,600 0 182,600 AES Corporation 12,508 0 12,508
29,000 0 29,000 Southern Energy Incorporated 910 0 910
47,830 0 47,830 Williams Companies Incorporated 2,021 0 2,021
-----------------------------------------------
15,439 0 15,439
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT
40,900 0 40,900 Celestica Incorporated 2,832 0 2,832
390,726 300,000 690,726 General Electric Company 22,540 15,431 37,971
250,032 220,000 470,032 Intel Corporation 10,408 14,685 25,093
77,800 100,000 177,800 JDS Uniphase Corporation 7,367 11,813 19,180
24,000 0 24,000 Micron Technology Incorporated 1,104 0 1,104
34,300 0 34,300 Network Appliance Incorporated 4,369 0 4,369
219,372 112,000 331,372 Nortel Networks Corporation 13,066 8,330 21,396
15,500 0 15,500 PMC-Sierra Incorporated 3,336 0 3,336
32,100 0 32,100 Sanmina Corporation 3,005 0 3,005
64,488 0 64,488 Texas Instruments Incorporated 3,043 0 3,043
32,000 0 32,000 TyCom Limited 1,228 0 1,228
0 120,000 120,000 Analog Devices 0 8,025 8,025
-----------------------------------------------
72,298 58,284 130,582
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT & RELATED SERVICES
53,600 0 53,600 Halliburton Company 2,623 0 2,623
FOOD & KINDRED PRODUCTS
72,800 0 72,800 Anheuser-Busch Companies Incorporated 3,080 0 3,080
119,020 130,000 249,020 Coca-Cola Company 6,561 7,971 14,532
77,600 120,000 197,600 PepsiCo Incorporated 3,570 5,498 9,068
-----------------------------------------------
13,211 13,469 26,680
GENERAL MERCHANDISE STORES
249,040 180,000 429,040 Target Corporation 6,382 5,220 11,602
173,104 150,000 323,104 Wal-Mart Stores Incorporated 8,331 8,241 16,572
0 150,000 150,000 Gap 0 5,372 5,372
-----------------------------------------------
14,713 18,833 33,546
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT
351,960 200,000 551,960 Cisco Systems Incorporated 19,446 13,087 32,533
138,236 0 138,236 EMC Corporation 13,703 0 13,703
43,076 40,000 83,076 Hewlett-Packard Company 4,178 4,367 8,545
71,482 30,000 101,482 IBM Corporation 8,042 3,373 11,415
36,000 0 36,000 Palm Incorporated 1,906 0 1,906
0 140,000 140,000 Dell Computer 0 6,151 6,151
-----------------------------------------------
47,275 26,978 74,253
INSURANCE AGENTS, BROKERS & SERVICE
18,800 0 18,800 Marsh & McLennan Companies Incorporated 2,496 0 2,496
INSURANCE CARRIERS
141,031 120,000 261,031 American International Group Incorporated 13,495 10,523 24,018
54,000 0 54,000 AXA Financial Incorporated 2,751 0 2,751
35,000 0 35,000 St. Paul Companies Incorporated 1,726 0 1,726
-----------------------------------------------
17,972 10,523 28,495
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS
44,069 0 44,069 Baxter International Incorporated 3,517 0 3,517
37,488 0 37,488 Danaher Corporation 1,865 0 1,865
19,402 0 19,402 Medtronic Incorporated 1,005 0 1,005
0 15,256 15,256 Agilent Technologies 0 622 622
-----------------------------------------------
6,387 622 7,009
MISCELLANEOUS MANUFACTURING INDUSTRIES
118,900 133,000 251,900 Tyco International Limited 6,168 7,115 13,283
MISCELLANEOUS RETAIL
61,800 0 61,800 Bed Bath & Beyond Incorporated 1,507 0 1,507
36,000 0 36,000 Dollar Tree Stores Incorporated 1,460 0 1,460
-----------------------------------------------
2,967 0 2,967
MOTION PICTURES
41,000 0 41,000 Time Warner Incorporated 3,208 0 3,208
NONDEPOSITORY CREDIT INSTITUTIONS
94,750 0 94,750 Federal National Mortgage Association 6,775 0 6,775
106,140 0 106,140 Household International Incorporated 6,010 0 6,010
-----------------------------------------------
12,785 0 12,785
OIL & GAS EXTRACTION
83,000 0 83,000 Diamond Offshore Drilling Incorporated 3,403 0 3,403
29,000 0 29,000 Enron Corporation 2,541 0 2,541
35,669 0 35,669 Transocean Sedco Forex Incorporated 2,091 0 2,091
-----------------------------------------------
8,035 0 8,035
PAPER & ALLIED PRODUCTS
44,600 0 44,600 International Paper Company 1,279 0 1,279
18,800 100,000 118,800 Kimberly-Clark Corporation 1,049 5,744 6,793
-----------------------------------------------
2,328 5,744 8,072
PETROLEUM REFINING & RELATED INDUSTRIES
36,773 0 36,773 Chevron Corporation 3,135 0 3,135
34,100 0 34,100 Coastal Corporation 2,528 0 2,528
113,952 100,000 213,952 Exxon Mobil Corporation 10,156 8,000 18,156
70,216 0 70,216 Royal Dutch Petroleum Company NY Shares ADR 4,208 0 4,208
0 85,000 85,000 Texaco 0 4,202 4,202
----------------------------------------------
20,027 12,202 32,229
PRIMARY METAL INDUSTRIES
107,764 0 107,764 Alcoa Incorporated 2,728 0 2,728
PRINTING, PUBLISHING & ALLIED INDUSTRIES
35,196 0 35,196 Viacom Incorporated Class B 2,059 0 2,059
0 100,000 100,000 McGraw-Hill 0 5,944 5,944
----------------------------------------------
2,059 5,944 8,003
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES
25,500 0 25,500 Franklin Resources Incorporated 1,133 0 1,133
22,000 0 22,000 Goldman Sachs Group Incorporated 2,507 0 2,507
45,600 0 45,600 Merrill Lynch & Company Incorporated 3,010 0 3,010
52,116 100,000 152,116 Morgan Stanley Dean Witter & Company 4,765 9,125 13,890
0 105,000 105,000 American Express 0 5,952 5,952
0 170,000 170,000 Capital One Financial 0 9,966 9,966
0 21,630 21,630 Fannie Mae 0 1,079 1,079
----------------------------------------------
11,415 26,122 37,537
STONE, CLAY, GLASS & CONCRETE PRODUCTS
27,500 0 27,500 Corning Incorporated 8,167 0 8,167
TRANSPORTATION EQUIPMENT
41,600 0 41,600 United Technologies Corporation 2,881 0 2,881
TOTAL COMMON STOCK 429,318 318,826 748,144
PRINCIPAL (000's)
----------------------------------
SHORT-TERM INSTRUMENTS
Goldman Sachs Repurchase Agreement - 102%
5,408 0 5,408 Collateralized by U.S. Government Securities 5,408 0 5,408
0 4,470 4,470 SEI Daily Income Trust Money Market Portfolio 0 4,470 4,470
0 88 88 SEI Daily Income Trust Prime Obligation
Portfolio 0 88 88
----------------------------------------------
5,408 4,558 9,966
TOTAL INVESTMENTS, AT MARKET VALUE $ 434,726 $ 323,384 $ 758,110
TOTAL INVESTMENTS, AT COST $ 321,691 $ 215,099 $ 536,790
</TABLE>
(1) It is not expected that any of the securities will have to be sold as a
result of the merger.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-7
<PAGE>
WELLS FARGO FUNDS - ASSET ALLOCATION FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Asset
Allocation Fund
Wells Fargo Asset Achievement Pro Forma Pro Forma
Allocation Fund Balanced Fund Adjustments Combined
----------------- ------------- ----------- ------------------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below) $ 1,889,506 $ 213,168 $ 2,102,674
Cash 5 0 5
Receivables:
Dividends, interest, other receivables 9,920 1,284 11,204
Fund shares sold 3,522 0 3,522
Investment securities sold 14 2,090 2,104
Prepaid expenses and other assets 27 16 43
Total Assets 1,902,994 216,558 2,119,552
LIABILITIES
Payables:
Investment securities purchased 0 1,360 1,360
Fund shares redeemed 2,059 150 2,209
Due to distributor 1,325 0 1,325
Due to advisor and affiliates 1,360 0 1,360
Other 634 255 889
Total Liabilities 5,378 1,765 7,143
TOTAL NET ASSETS $ 1,897,616 $ 214,793 $ 2,112,409
Net assets consist of:
Paid-in capital 1,497,207 $ 151,585 $ 1,648,792
Undistributed net investment income (loss) 619 39 658
Undistributed net realized gain (loss)
on investments 123,223 12,995 136,218
Net unrealized appreciation (depreciation)
of investments 276,567 50,174 326,741
TOTAL NET ASSETS $ 1,897,616 $ 214,793 $ 2,112,409
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 1,266,357 $ 3,542 $ 1,269,899
Shares outstanding - Class A 51,975 242 (97) (2) 52,120
Net asset value per share - Class A $ 24.36 $ 14.63 $ 24.36
Maximum offering price per share - Class A $ 25.85 $ 15.32 $ 25.85
Net assets - Class B $ 577,526 $ 2,009 $ 579,535
Shares outstanding - Class B 39,088 138 (2) (2) 39,224
Net asset value and offering price per
share - Class B $ 14.78 $ 14.60 $ 14.78
Net assets - Class C $ 32,911 $ 32,911
Shares outstanding - Class C 2,221 2,221
Net asset value and offering price per
share - Class C $ 14.82 $ 14.82
Net assets - Institutional Class $ 20,822 $ 209,242 $ 230,064
Shares outstanding - Institutional Class 854 14,278 (5,693) (2) 9,439
Net asset value and offering price per
share - Institutional Class $ 24.37 $ 14.66 $ 24.37
INVESTMENT AT COST $ 1,612,895 $ 162,994 $ 1,775,889
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The information presented for the Achievement Balanced Fund is as of July
31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's
low portfolio turnover rate and stable asset size, Management believes the
information presented is representative of the Fund's balance sheet and
portfolio holdings as of September 30, 2000.
(2) Share adjustments based on surviving Fund NAV.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-8
<PAGE>
WELLS FARGO FUNDS - ASSET ALLOCATION FUND
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended September 30, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Asset
Allocation Fund
Wells Fargo Asset Achievement Pro Forma Pro Forma
Allocation Fund Balanced Fund Adjustments Combined
----------------- ------------- ----------- -------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 13,563 $ 1,251 $ 14,814
Interest 47,883 4,630 52,513
Total Investment Income 61,446 5,881 67,327
EXPENSES
Advisory fees 14,567 1,627 969 (2) 17,163
Administration fees 2,895 440 (117)(2) 3,218
Custody fees 0 55 * (55)(2) 0
Shareholder servicing fees 2,289 0 0 (2) 2,289
Portfolio accounting fees 191 0 0 (2) 191
Transfer agency fees 2,336 0 266 (2) 2,602
Distribution fees 4,307 30 ** (3)(2) 4,334
Legal and audit fees 123 54 (23)(2) 154
Registration fees 92 74 (64)(2) 102
Directors' fees 5 15 (15)(2) 5
Shareholder reports 235 38 (11)(2) 262
Other 268 16 0 (2) 284
Total Expenses 27,308 2,349 947 30,604
Less:
Waived fees and reimbursed expenses fees (3,915) (341) (752)(2) (5,008)
Net expenses 23,393 2,008 195 25,596
NET INVESTMENT INCOME (LOSS) 38,053 3,873 (195) 41,731
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on sale of investments 127,664 18,887 146,551
Net change in unrealized appreciation or
depreciation of investments 45,590 2,964 48,554
Net Gain (Loss) on Investments 173,254 21,851 195,105
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 211,307 $ 25,724 (195) $236,836
---------------------------------------------------------------------------------------------------------------- ----------
</TABLE>
* Includes transfer agency fees
** Includes shareholder servicing fees
(1) The information presented for the Achievement Balanced Fund is for the year
ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on the
Fund's stable portfolio and level fee/expense structure, Management believes the
information presented is representative of the Fund's statement of operations
for the twelve months ended September 30, 2000.
(2) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or elimination of duplicative services.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-9
<PAGE>
<TABLE>
<CAPTION>
WELLS FARGO FUNDS - ASSET ALLOCATION FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of September 30, 2000 (Unaudited) (Note 1)
Shares Market Value ($000's)
------------------------------------------------- ----------------------------------------------
WF Asset WF Asset
Allocation Allocation
Fund Fund
WF Asset Allocation Achievement Pro Forma WF Asset Allocation Achievement Pro Forma
Fund Balanced Fund Combined Security Name Fund Balanced Fund Combined
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS
$ 31,267 $ 0 $ 31,267 Nabisco Group Holdings Corporation $ 891 $ 0 $ 891
AMUSEMENT & RECREATION SERVICES
11,728 0 11,728 Harrah's Entertainment Incorporated 323 0 323
199,215 49,000 248,215 Walt Disney Company 7,620 1,896 9,516
----------------------------------------------
7,943 1,896 9,839
APPAREL & ACCESSORY STORES
81,556 40,000 121,556 Gap Incorporated 1,641 1,433 3,074
31,256 0 31,256 Kohl's Corporation 1,803 0 1,803
41,224 0 41,224 Limited Incorporated 910 0 910
12,910 0 12,910 Nordstrom Incorporated 201 0 201
----------------------------------------------
4,555 1,433 5,988
APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR MATERIALS
5,262 0 5,262 Liz Claiborne Incorporated 202 0 202
10,931 0 10,931 V F Corporation 270 0 270
----------------------------------------------
472 0 472
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS
12,846 0 12,846 Autozone Incorporated 291 0 291
AUTOMOTIVE REPAIR, SERVICES & PARKING
5,751 0 5,751 Ryder System Incorporated 106 0 106
BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS
5,729 0 5,729 Centex Corporation 184 0 184
4,656 0 4,656 Kaufman & Broad Home Corporation 125 0 125
3,970 0 3,970 Pulte Corporation 131 0 131
----------------------------------------------
440 0 440
BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY & MOBILE HOME DEALERS
221,804 70,500 292,304 Home Depot Incorporated 11,769 3,648 15,417
36,667 0 36,667 Lowe's Companies Incorporated 1,645 0 1,645
15,720 0 15,720 Sherwin-Williams Company 336 0 336
----------------------------------------------
13,750 3,648 17,398
BUSINESS SERVICES
11,461 0 11,461 Adobe Systems Incorporated 1,779 0 1,779
220,228 50,000 270,228 America Online Incorporated 11,837 2,666 14,503
5,630 0 5,630 Autodesk Incorporated 143 0 143
60,129 0 60,129 Automatic Data Processing
Incorporated 4,021 0 4,021
23,432 0 23,432 BMC Software Incorporated 448 0 448
17,526 0 17,526 Cabletron Systems Incorporated 515 0 515
69,121 0 69,121 Cendant Corporation 752 0 752
13,934 0 13,934 Ceridian Corporation 391 0 391
17,756 0 17,756 Citrix Systems Incorporated 356 0 356
56,423 0 56,423 Computer Associates International
Incorporated 1,421 0 1,421
16,093 0 16,093 Computer Sciences Corporation 1,195 0 1,195
34,549 0 34,549 Compuware Corporation 289 0 289
14,750 0 14,750 Convergys Corporation 573 0 573
6,983 0 6,983 Deluxe Corporation 142 0 142
12,446 0 12,446 Ecolab Incorporated 449 0 449
44,636 0 44,636 Electronic Data Systems Corporation 1,852 0 1,852
13,532 0 13,532 Equifax Incorporated 365 0 365
39,549 0 39,549 First Data Corporation 1,545 0 1,545
28,534 0 28,534 IMS Health Incorporated 592 0 592
28,894 0 28,894 Interpublic Group of Companies
Incorporated 984 0 984
27,067 0 27,067 McKesson HBOC Incorporated 827 0 827
7,600 0 7,600 Mercury Interactive Corporation 1,191 0 1,191
503,931 69,800 573,731 Microsoft Corporation 30,362 4,873 35,235
9,095 0 9,095 NCR Corporation 344 0 344
31,649 0 31,649 Novell Incorporated 315 0 315
17,082 0 17,082 Omnicom Group Incorporated 1,246 0 1,246
269,763 83,200 352,963 Oracle Corporation 21,244 6,256 27,500
26,513 0 26,513 Parametric Technology Company 290 0 290
26,460 0 26,460 PeopleSoft Incorporated 739 0 739
11,300 0 11,300 Sapient Corporation 460 0 460
38,700 0 38,700 Siebel Systems Incorporated 4,308 0 4,308
152,109 36,000 188,109 Sun Microsystems Incorporated 17,759 3,796 21,555
29,870 0 29,870 Unisys Corporation 336 0 336
37,507 0 37,507 VERITAS Software Corporation 5,326 0 5,326
52,120 30,200 82,320 Yahoo! Incorporated 4,743 3,886 8,629
6,880 0 6,880 Young & Rubicam Incorporated 341 0 341
----------------------------------------------
119,480 21,477 140,957
CHEMICALS & ALLIED PRODUCTS
148,511 35,000 183,511 Abbott Laboratories 7,063 1,457 8,520
21,948 0 21,948 Air Products and Chemicals
Incorporated 790 0 790
5,379 0 5,379 Alberto Culver Company 155 0 155
11,036 0 11,036 ALZA Corporation 955 0 955
125,083 0 125,083 American Home Products Corporation 7,075 0 7,075
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
98,479 23,000 121,479 Amgen Incorporated 6,877 1,494 8,371
22,771 0 22,771 Avon Products Incorporated 931 0 931
14,259 0 14,259 Biogen Incorporated 870 0 870
188,721 0 188,721 Bristol-Myers Squibb Company 10,781 0 10,781
22,476 0 22,476 Clorox Company 889 0 889
55,268 0 55,268 Colgate-Palmolive Company 2,609 0 2,609
64,868 0 64,868 Dow Chemical Company 1,618 0 1,618
100,366 0 100,366 E I du Pont de Nemours & Company 4,159 0 4,159
7,340 0 7,340 Eastman Chemical Company 271 0 271
108,288 0 108,288 Eli Lilly & Company 8,785 0 8,785
2,914 0 2,914 FMC Corporation 195 0 195
100,123 0 100,123 Gillette Company 3,091 0 3,091
5,252 0 5,252 Great Lakes Chemical Corporation 154 0 154
9,841 0 9,841 International Flavors & Fragrances 179 0 179
Incorporated
133,374 15,000 148,374 Johnson & Johnson 12,529 1,396 13,925
20,000 0 20,000 MedImmune Incorporated 1,545 0 1,545
220,414 58,000 278,414 Merck & Company Incorporated 16,407 4,158 20,565
603,506 39,000 642,506 Pfizer Incorporated 27,120 1,682 28,802
122,024 30,000 152,024 Pharmacia Corporation 7,344 1,643 8,987
16,659 0 16,659 PPG Industries Incorporated 661 0 661
15,132 0 15,132 Praxair Incorporated 565 0 565
125,358 0 125,358 Procter & Gamble Company 8,399 0 8,399
20,853 0 20,853 Rohm & Haas Company 606 0 606
140,389 50,000 190,389 Schering-Plough Corporation 6,528 2,159 8,687
8,145 0 8,145 Sigma Aldrich 269 0 269
12,928 0 12,928 Union Carbide Corporation 488 0 488
6,543 0 6,543 W R Grace & Company 45 0 45
9,753 0 9,753 Watson Pharmaceuticals Incorporated 633 0 633
----------------------------------------------
140,586 13,989 154,575
COMMUNICATIONS
64,740 0 64,740 ADC Telecommunications Incorporated 1,741 0 1,741
30,196 0 30,196 Alltel Corporation 1,576 0 1,576
359,748 82,500 442,248 AT&T Corporation 10,568 2,552 13,120
180,235 0 180,235 BellSouth Corporation 7,254 0 7,254
13,475 0 13,475 CenturyTel Incorporated 367 0 367
56,027 0 56,027 Clear Channel Communications
Incorporated 3,165 0 3,165
86,081 0 86,081 Comcast Corporation Class A 3,524 0 3,524
84,572 0 84,572 Global Crossing Limited 2,622 0 2,622
72,710 0 72,710 Nextel Communications Incorporated 3,399 0 3,399
156,560 60,000 216,560 Qwest Communications International
Incorporated 7,525 2,816 10,341
325,011 55,000 380,011 SBC Communications Incorporated 16,251 2,341 18,592
84,064 0 84,064 Sprint Corporation (FON Group) 2,464 0 2,464
87,783 0 87,783 Sprint Corporation (PCS Group) 3,078 0 3,078
260,847 0 260,847 Verizon Communications 12,635 0 12,635
274,550 93,000 367,550 WorldCom Incorporated 8,339 3,633 11,972
----------------------------------------------
84,508 11,342 95,850
DEPOSITORY INSTITUTIONS
37,687 0 37,687 AmSouth Bancorp 471 0 471
157,746 0 157,746 Bank of America Corporation 8,262 0 8,262
70,704 0 70,704 Bank of New York Company Incorporated 3,964 0 3,964
109,986 0 109,986 Bank One Corporation 4,248 0 4,248
37,561 0 37,561 BB&T Corporation 1,131 0 1,131
21,053 0 21,053 Charter One Financial Incorporated 513 0 513
124,908 48,000 172,908 Chase Manhattan Corporation 5,769 2,385 8,154
431,025 53,000 484,025 Citigroup Incorporated 23,302 3,740 27,042
15,007 0 15,007 Comerica Incorporated 877 0 877
44,531 0 44,531 Fifth Third Bancorp 2,399 0 2,399
94,013 0 94,013 First Union Corporation 3,026 0 3,026
92,990 0 92,990 Firstar Corporation 2,081 0 2,081
86,357 0 86,357 FleetBoston Financial Corporation 3,368 0 3,368
15,166 0 15,166 Golden West Financial Corporation 813 0 813
23,432 0 23,432 Huntington Bancshares Incorporated 344 0 344
15,386 0 15,386 J P Morgan & Company Incorporated 2,514 0 2,514
41,663 0 41,663 KeyCorp 1,055 0 1,055
47,076 0 47,076 Mellon Financial Corporation 2,183 0 2,183
58,119 0 58,119 National City Corporation 1,286 0 1,286
21,319 0 21,319 Northern Trust Corporation 1,895 0 1,895
13,178 0 13,178 Old Kent Financial Corporation 381 0 381
27,880 0 27,880 PNC Financial Services Group 1,812 0 1,812
21,135 0 21,135 Regions Financial Corporation 480 0 480
16,133 0 16,133 SouthTrust Corporation 507 0 507
15,448 0 15,448 State Street Corporation 2,008 0 2,008
16,899 0 16,899 Summit Bancorp 583 0 583
29,048 0 29,048 Suntrust Banks Incorporated 1,447 0 1,447
27,105 0 27,105 Synovus Financial Corporation 574 0 574
72,080 0 72,080 US Bancorp 1,640 0 1,640
12,999 0 12,999 Union Planters Corporation 430 0 430
19,371 0 19,371 Wachovia Corporation 1,098 0 1,098
52,459 0 52,459 Washington Mutual Incorporated 2,089 0 2,089
154,967 50,900 205,867 Wells Fargo & Company 7,119 2,103 9,222
----------------------------------------------
89,669 8,228 97,897
EATING & DRINKING PLACES
11,852 0 11,852 Darden Restaurants Incorporated 247 0 247
127,721 0 127,721 McDonald's Corporation 3,855 0 3,855
17,650 0 17,650 Starbucks Corporation 707 0 707
14,161 0 14,161 Tricon Global Restaurants
Incorporated 434 0 434
10,919 0 10,919 Wendy's International Incorporated 219 0 219
----------------------------------------------
5,462 0 5,462
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ELECTRIC, GAS & SANITARY SERVICES
43,836 0 43,836 AES Corporation 3,003 0 3,003
18,081 0 18,081 Allied Waste Industries Incorporated 166 0 166
13,158 0 13,158 Ameren Corporation 551 0 551
30,826 0 30,826 American Electric Power Company 1,206 0 1,206
Incorporated
15,282 0 15,282 Cinergy Corporation 505 0 505
10,534 0 10,534 CMS Energy Corporation 284 0 284
7,716 0 7,716 Columbia Energy Group 548 0 548
20,373 0 20,373 Consolidated Edison Incorporated 695 0 695
14,386 0 14,386 Constellation Energy Group 716 0 716
15,313 0 15,313 CP&L Energy Incorporated 638 0 638
22,789 0 22,789 Dominion Resource Incorporated 1,323 0 1,323
13,694 0 13,694 DTE Energy Company 524 0 524
35,217 0 35,217 Duke Energy Corporation 3,020 0 3,020
2,607 0 2,607 Eastern Enterprises 166 0 166
31,821 0 31,821 Edison International 615 0 615
22,169 0 22,169 El Paso Energy Corporation 1,366 0 1,366
22,034 0 22,034 Entergy Corporation 821 0 821
22,122 0 22,122 FirstEnergy Corporation 596 0 596
9,457 0 9,457 Florida Progress Corporation 501 0 501
17,122 0 17,122 FPL Group Incorporated 1,126 0 1,126
11,634 0 11,634 GPU Incorporated 377 0 377
12,800 0 12,800 KeySpan Corporation 514 0 514
16,577 0 16,577 Niagara Mohawk Holdings Incorporated 261 0 261
4,481 0 4,481 NICOR Incorporated 162 0 162
2,829 0 2,829 Oneok Incorporated 112 0 112
16,300 0 16,300 PECO Energy Company 987 0 987
3,431 0 3,431 People's Energy Corporation 115 0 115
36,935 0 36,935 PG&E Corporation 893 0 893
8,100 0 8,100 Pinnacle West Capital Corporation 412 0 412
13,857 0 13,857 PPL Corporation 579 0 579
20,714 0 20,714 Public Service Enterprise Group 926 0 926
Incorporated
28,386 0 28,386 Reliant Energy Incorporated 1,320 0 1,320
19,571 0 19,571 Sempra Energy 407 0 407
62,238 0 62,238 Southern Company 2,019 0 2,019
25,304 0 25,304 Texas Utilities Company 1,003 0 1,003
17,000 0 17,000 Unicom Corporation 955 0 955
59,536 0 59,536 Waste Management Incorporated 1,038 0 1,038
42,401 0 42,401 Williams Companies Incorporated 1,791 0 1,791
32,341 0 32,341 XCEL Energy Incorporated 889 0 889
----------------------------------------------
33,130 0 33,130
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT
9,933 0 9,933 Adaptec Incorporated 199 0 199
29,348 0 29,348 Advanced Micro Devices Incorporated 693 0 693
38,200 0 38,200 Altera Corporation 1,824 0 1,824
18,550 0 18,550 American Power Conversion Corporation 356 0 356
33,897 43,800 77,697 Analog Devices Incorporated 2,799 2,929 5,728
7,701 0 7,701 Andrew Corporation 202 0 202
20,800 0 20,800 Broadcom Corporation 5,070 0 5,070
20,809 0 20,809 Conexant Systems Incorporated 871 0 871
8,894 0 8,894 Cooper Industries Incorporated 314 0 314
6,931 0 6,931 Eaton Corporation 427 0 427
40,961 0 40,961 Emerson Electric Company 2,744 0 2,744
948,198 160,000 1,108,198 General Electric Company 54,699 8,230 62,929
642,204 92,800 735,004 Intel Corporation 26,732 6,194 32,926
89,300 50,000 139,300 JDS Uniphase Corporation 8,456 5,906 14,362
29,867 0 29,867 Linear Technology Corporation 1,934 0 1,934
29,484 0 29,484 LSI Logic Corporation 862 0 862
316,375 0 316,375 Lucent Technologies Incorporated 9,669 0 9,669
27,150 0 27,150 Maxim Integrated Products 2,184 0 2,184
Incorporated
7,472 0 7,472 Maytag Corporation 232 0 232
53,228 0 53,228 Micron Technology Incorporated 2,448 0 2,448
18,762 0 18,762 Molex Incorporated 1,021 0 1,021
206,394 0 206,394 Motorola Incorporated 5,831 0 5,831
16,976 0 16,976 National Semiconductor Corporation 683 0 683
3,956 0 3,956 National Service Industries 77 0 77
29,171 0 29,171 Network Appliance Incorporated 3,716 0 3,716
284,132 50,000 334,132 Nortel Networks Corporation 16,924 3,719 20,643
12,550 0 12,550 Novellus Systems Incorporated 584 0 584
71,038 0 71,038 Qualcomm Incorporated 5,061 0 5,061
32,545 0 32,545 Raytheon Company Class B 925 0 925
14,250 0 14,250 Sanmina Corporation 1,334 0 1,334
15,308 0 15,308 Scientific-Atlanta Incorporated 974 0 974
39,219 0 39,219 Tellabs Incorporated 1,873 0 1,873
165,316 0 165,316 Texas Instruments Incorporated 7,801 0 7,801
5,525 0 5,525 Thomas & Betts Corporation 96 0 96
6,987 0 6,987 Whirlpool Corporation 272 0 272
30,784 0 30,784 Xilink Incorporated 2,636 0 2,636
----------------------------------------------
172,523 26,978 199,501
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT & RELATED SERVICES
15,545 0 15,545 Dun & Bradstreet Corporation 535 0 535
7,367 0 7,367 Fluor Corporation 221 0 221
42,548 0 42,548 Halliburton Company 2,082 0 2,082
35,605 0 35,605 Paychex Incorporated 1,869 0 1,869
4,703 0 4,703 PerkinElmer Incorporated 491 0 491
11,026 0 11,026 Quintiles Transnational Corporation 176 0 176
----------------------------------------------
5,374 0 5,374
FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT
2,893 0 2,893 Ball Corporation 92 0 92
5,768 0 5,768 Crane Company 132 0 132
12,270 0 12,270 Crown Cork & Seal Company Incorporated 131 0 131
15,196 0 15,196 Fortune Brands Incorporated 403 0 403
28,960 0 28,960 Illinois Tool Works Incorporated 1,618 0 1,618
41,047 0 41,047 Lockheed Martin Corporation 1,353 0 1,353
42,979 0 42,979 Masco Corporation 800 0 800
5,588 0 5,588 Snap-On Incorporated 132 0 132
8,451 0 8,451 Stanley Works 195 0 195
----------------------------------------------
4,856 0 4,856
FOOD & KINDRED PRODUCTS
3,553 0 3,553 Adolph Coors Company 225 0 225
86,728 0 86,728 Anheuser-Busch Companies Incorporated 3,670 0 3,670
60,625 0 60,625 Archer Daniels Midland Company 523 0 523
26,358 0 26,358 Bestfoods Incorporated 1,918 0 1,918
6,601 0 6,601 Brown-Forman Corporation 361 0 361
40,472 0 40,472 Campbell Soup Company 1,047 0 1,047
237,341 45,000 282,341 Coca-Cola Company 13,083 2,759 15,842
40,345 0 40,345 Coca-Cola Enterprises Incorporated 643 0 643
51,114 0 51,114 ConAgra Foods Incorporated 1,025 0 1,025
27,967 0 27,967 General Mills Incorporated 993 0 993
33,741 0 33,741 H J Heinz Company 1,251 0 1,251
10,272 0 10,272 Hercules Incorporated 145 0 145
13,162 0 13,162 Hershey Foods Corporation 712 0 712
38,929 0 38,929 Kellogg Company 942 0 942
138,123 67,000 205,123 PepsiCo Incorporated 6,354 3,069 9,423
12,554 0 12,554 Quaker Oats Company 993 0 993
29,466 0 29,466 Ralston Purina Group 698 0 698
83,402 0 83,402 Sara Lee Corporation 1,694 0 1,694
41,815 0 41,815 Seagram Company Limited 2,402 0 2,402
54,757 0 54,757 Unilever NV ADR 2,642 0 2,642
10,948 0 10,948 Wm Wrigley Jr Company 820 0 820
----------------------------------------------
42,141 5,828 47,969
FOOD STORES
40,653 0 40,653 Albertson's Incorporated 854 0 854
80,016 0 80,016 Kroger Company 1,805 0 1,805
13,886 0 13,886 Winn-Dixie Stores Incorporated 200 0 200
----------------------------------------------
2,859 0 2,859
FURNITURE & FIXTURES
18,812 0 18,812 Leggett & Platt 297 0 297
GENERAL MERCHANDISE STORES
10,619 0 10,619 Consolidated Stores Corporation 143 0 143
9,027 0 9,027 Dillards Incorporated 96 0 96
31,540 0 31,540 Dollar General Corporation 528 0 528
20,506 0 20,506 Federated Department Stores 536 0 536
Incorporated
25,017 0 25,017 J C Penney Company Incorporated 296 0 296
46,095 0 46,095 KMart Corporation 277 0 277
31,926 0 31,926 May Department Stores Company 654 0 654
33,783 0 33,783 Sears Roebuck & Company 1,095 0 1,095
87,398 104,000 191,398 Target Corporation 2,240 3,016 5,256
28,717 0 28,717 TJX Companies Incorporated 646 0 646
427,343 76,000 503,343 Wal-Mart Stores Incorporated 20,566 4,175 24,741
----------------------------------------------
27,077 7,191 34,268
HEALTH SERVICES
53,421 0 53,421 HCA - The Healthcare Company 1,983 0 1,983
36,884 0 36,884 HEALTHSOUTH Corporation 300 0 300
9,802 0 9,802 Manor Care Incorporated 154 0 154
30,018 0 30,018 Tenet Healthcare Corporation 1,092 0 1,092
----------------------------------------------
3,529 0 3,529
HEAVY CONSTRUCTION OTHER THAN
BUILDING CONSTRUCTION-CONTRACTORS
5,819 0 5,819 McDermott International Incorporated 64 0 64
HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES
19,645 0 19,645 Best Buy Company Incorporated 1,250 0 1,250
19,451 0 19,451 Circuit City Stores 447 0 447
17,933 0 17,933 RadioShack Corporation 1,159 0 1,159
----------------------------------------------
2,856 0 2,856
HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGING PLACES
35,333 0 35,333 Hilton Hotels Corporation 409 0 409
22,963 0 22,963 Marriott International Class A 837 0 837
----------------------------------------------
1,246 0 1,246
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
INDUSTRIAL & COMMERCIAL MACHINERY
& COMPUTER EQUIPMENT
31,162 0 31,162 Apple Computer Incorporated 802 0 802
77,466 0 77,466 Applied Materials Incorporated 4,595 0 4,595
31,646 0 31,646 Baker Hughes Incorporated 1,175 0 1,175
8,146 0 8,146 Black & Decker Corporation 278 0 278
2,156 0 2,156 Briggs & Stratton Corporation 82 0 82
33,423 0 33,423 Caterpillar Incorporated 1,128 0 1,128
676,996 97,800 774,796 Cisco Systems Incorporated 37,404 6,400 43,804
162,784 0 162,784 Compaq Computer Corporation 4,490 0 4,490
14,686 0 14,686 Comverse Technology Incorporated 1,586 0 1,586
4,012 0 4,012 Cummins Engine Company Incorporated 120 0 120
22,440 0 22,440 Deere & Company 746 0 746
246,870 67,000 313,870 Dell Computer Corporation 7,607 2,944 10,551
19,431 0 19,431 Dover Corporation 912 0 912
208,012 0 208,012 EMC Corporation 20,619 0 20,619
30,835 0 30,835 Gateway Incorporated 1,442 0 1,442
95,711 12,000 107,711 Hewlett-Packard Company 9,284 1,310 10,594
168,739 13,200 181,939 IBM Corporation 18,983 1,484 20,467
15,537 0 15,537 Ingersoll-Rand Company 526 0 526
12,379 0 12,379 Lexmark International Incorporated 464 0 464
11,832 0 11,832 Pall Corporation 236 0 236
54,079 0 54,079 Palm Incorporated 2,863 0 2,863
24,703 0 24,703 Pitney Bowes Incorporated 974 0 974
21,770 0 21,770 Seagate Technology Incorporated 1,502 0 1,502
57,166 0 57,166 Solectron Corporation 2,637 0 2,637
5,885 0 5,885 Timken Company 81 0 81
----------------------------------------------
120,536 12,138 132,674
INSURANCE AGENTS, BROKERS & SERVICE
24,528 0 24,528 AON Corporation 963 0 963
16,000 0 16,000 Humana Incorporated 172 0 172
25,869 0 25,869 Marsh & McLennan Companies 3,434 0 3,434
Incorporated
----------------------------------------------
4,569 0 4,569
INSURANCE CARRIERS
13,528 0 13,528 Aetna Incorporated 785 0 785
25,449 0 25,449 AFLAC Incorporated 1,630 0 1,630
71,420 0 71,420 Allstate Corporation 2,482 0 2,482
23,841 0 23,841 American General Corporation 1,860 0 1,860
221,675 60,000 281,675 American International Group 21,212 5,261 26,473
Incorporated
16,817 0 16,817 Chubb Corporation 1,331 0 1,331
15,437 0 15,437 CIGNA Corporation 1,612 0 1,612
15,458 0 15,458 Cincinnati Financial Corporation 549 0 549
31,252 0 31,252 Conseco Incorporated 238 0 238
20,572 0 20,572 Hartford Financial Services Group 1,500 0 1,500
9,886 0 9,886 Jefferson-Pilot Corporation 671 0 671
18,363 0 18,363 Lincoln National Corporation 884 0 884
9,412 0 9,412 Loews Corporation 785 0 785
9,430 0 9,430 MBIA Incorporated 671 0 671
10,149 0 10,149 MGIC Investment Corporation 620 0 620
6,967 0 6,967 Progressive Corporation 570 0 570
12,220 0 12,220 Safeco Corporation 333 0 333
20,286 0 20,286 St Paul Companies Incorporated 1,000 0 1,000
12,303 0 12,303 Torchmark Corporation 342 0 342
15,526 0 15,526 Unitedhealth Group Incorporated 1,533 0 1,533
23,065 0 23,065 UnumProvident Corporation 629 0 629
5,991 0 5,991 Wellpoint Health Networks 575 0 575
Incorporated
----------------------------------------------
41,812 5,261 47,073
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE
10,047 0 10,047 Louisiana-Pacific Corporation 92 0 92
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS
43,308 4,576 47,884 Agilent Technologies Incorporated 2,119 186 2,305
12,415 0 12,415 Allergan Incorporated 1,048 0 1,048
5,117 0 5,117 Bausch & Lomb Incorporated 199 0 199
27,791 0 27,791 Baxter International Incorporated 2,218 0 2,218
24,186 0 24,186 Becton Dickinson & Company 639 0 639
17,048 0 17,048 Biomet Incorporated 597 0 597
39,134 0 39,134 Boston Scientific Corporation 643 0 643
4,890 0 4,890 C R Bard Incorporated 207 0 207
13,583 0 13,583 Danaher Corporation 676 0 676
29,731 0 29,731 Eastman Kodak Company 1,215 0 1,215
29,413 43,000 72,413 Guidant Corporation 2,079 2,424 4,503
8,266 0 8,266 Johnson Controls Incorporated 440 0 440
17,880 0 17,880 KLA-Tencor Corporation 736 0 736
6,419 0 6,419 Mallinckrodt Incorporated 293 0 293
114,721 0 114,721 Medtronic Incorporated 5,944 0 5,944
4,449 0 4,449 Millipore Corporation 215 0 215
10,743 0 10,743 Parker-Hannifin Corporation 363 0 363
19,965 0 19,965 PE Corporation - PE Biosystems Group 2,326 0 2,326
4,341 0 4,341 Polaroid Corporation 58 0 58
8,020 0 8,020 St Jude Medical Incorporated 409 0 409
4,644 0 4,644 Tektronix Incorporated 357 0 357
16,557 0 16,557 Teradyne Incorporated 579 0 579
16,584 0 16,584 Thermo Electron Corporation 431 0 431
63,930 0 63,930 Xerox Corporation 963 0 963
----------------------------------------------
24,754 2,610 27,364
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
METAL MINING - 0.11%
37,969 0 37,969 Barrick Gold Corporation 579 0 579
15,289 0 15,289 Freeport McMoran Incorporated Class B 135 0 135
24,998 0 24,998 Homestake Mining Company 130 0 130
17,390 0 17,390 Inco Limited 280 0 280
16,143 0 16,143 Newmont Mining Corporation 274 0 274
7,591 0 7,591 Phelps Dodge Corporation 317 0 317
31,461 0 31,461 Placer Dome Incorporated 297 0 297
----------------------------------------------
2,012 0 2,012
MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS
9,663 0 9,663 Vulcan Materials Company 388 0 388
MISCELLANEOUS MANUFACTURING
INDUSTRIES
3,852 0 3,852 Armstrong Holdings Incorporated 46 0 46
16,559 0 16,559 Hasbro Incorporated 189 0 189
40,780 0 40,780 Mattel Incorporated 456 0 456
13,900 0 13,900 Tiffany & Company 536 0 536
161,814 47,000 208,814 Tyco International Limited 8,394 2,514 10,908
----------------------------------------------
9,621 2,514 12,135
MISCELLANEOUS RETAIL
26,960 0 26,960 Bed Bath & Beyond Incorporated 658 0 658
42,805 0 42,805 Costco Wholesale Corporation 1,496 0 1,496
37,409 0 37,409 CVS Corporation 1,733 0 1,733
3,786 0 3,786 Longs Drug Stores Incorporated 72 0 72
30,361 0 30,361 Office Depot Incorporated 237 0 237
45,734 0 45,734 Staples Incorporated 649 0 649
20,709 0 20,709 Toys R Us Incorporated 337 0 337
96,673 0 96,673 Walgreen Company 3,668 0 3,668
----------------------------------------------
8,850 0 8,850
MOTION PICTURES
126,106 0 126,106 Time Warner Incorporated 9,868 0 9,868
NONDEPOSITORY CREDIT INSTITUTIONS
127,963 69,000 196,963 American Express Company 7,774 3,911 11,685
69,815 0 69,815 Associates First Capital Corporation 2,653 0 2,653
18,820 73,000 91,820 Capital One Financial Corporation 1,319 4,280 5,599
25,250 0 25,250 CIT Group Incorporated 442 0 442
Countrywide Credit Industries
10,854 0 10,854 Incorporated 410 0 410
66,623 0 66,623 Federal Home Loan Mortgage Corporation 3,602 0 3,602
96,605 8,652 105,257 Federal National Mortgage Association 6,907 432 7,339
45,339 0 45,339 Household International Incorporated 2,567 0 2,567
81,624 0 81,624 MBNA Corporation 3,143 0 3,143
13,669 0 13,669 Providian Financial Corporation 1,736 0 1,736
15,045 0 15,045 USA Education Incorporated 725 0 725
----------------------------------------------
31,278 8,623 39,901
OIL & GAS EXTRACTION
23,280 0 23,280 Anadarko Petroleum Corporation 1,547 0 1,547
10,971 0 10,971 Apache Corporation 649 0 649
20,607 0 20,607 Burlington Resources Incorporated 759 0 759
12,100 0 12,100 Devon Energy Corporation 728 0 728
70,178 0 70,178 Enron Corporation 6,149 0 6,149
8,980 0 8,980 Kerr-McGee Corporation 595 0 595
35,327 0 35,327 Occidental Petroleum Corporation 771 0 771
8,990 0 8,990 Rowan Companies Incorporated 261 0 261
54,533 0 54,533 Schlumberger Limited 4,489 0 4,489
20,155 0 20,155 Transocean Sedco Forex Incorporated 1,182 0 1,182
29,847 0 29,847 USX-Marathon Group Incorporated 847 0 847
----------------------------------------------
17,977 0 17,977
PAPER & ALLIED PRODUCTS
10,740 0 10,740 Avery Dennison Corporation 498 0 498
5,061 0 5,061 Bemis Company Incorporated 163 0 163
5,445 0 5,445 Boise Cascade Corporation 145 0 145
19,776 0 19,776 Fort James Corporation 604 0 604
16,399 0 16,399 Georgia-Pacific Group 385 0 385
46,302 0 46,302 International Paper Company 1,328 0 1,328
52,129 0 52,129 Kimberly-Clark Corporation 2,909 0 2,909
9,828 0 9,828 Mead Corporation 230 0 230
Minnesota Mining and Manufacturing
37,957 0 37,957 Company 3,459 0 3,459
16,213 0 16,213 Pactiv Corporation 181 0 181
2,749 0 2,749 Potlatch Corporation 87 0 87
5,050 0 5,050 Temple-Inland Incorporated 191 0 191
9,608 0 9,608 Westvaco Corporation 256 0 256
21,928 0 21,928 Weyerhaeuser Company 885 0 885
10,611 0 10,611 Willamette Industries Incorporated 297 0 297
----------------------------------------------
11,618 0 11,618
PERSONAL SERVICES
9,403 0 9,403 H&R Block Incorporated 348 0 348
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
PETROLEUM REFINING & RELATED
INDUSTRIES
8,661 0 8,661 Amerada Hess Corporation 580 0 580
6,740 0 6,740 Ashland Incorporated 227 0 227
62,538 0 62,538 Chevron Corporation 5,331 0 5,331
20,486 0 20,486 Coastal Corporation 1,519 0 1,519
59,849 0 59,849 Conoco Incorporated Class B 1,612 0 1,612
333,686 67,683 401,369 Exxon Mobil Corporation 29,740 5,415 35,155
24,336 0 24,336 Phillips Petroleum Company 1,527 0 1,527
Royal Dutch Petroleum Company
205,554 0 205,554 NY Shares ADR 12,320 0 12,320
8,462 0 8,462 Sunoco Incorporated 228 0 228
52,970 42,000 94,970 Texaco Incorporated 2,781 2,076 4,857
13,895 0 13,895 Tosco Corporation 433 0 433
23,269 0 23,269 Unocal Corporation 825 0 825
----------------------------------------------
57,123 7,491 64,614
PRIMARY METAL INDUSTRIES
20,934 0 20,934 Alcan Aluminum Limited 606 0 606
82,844 0 82,844 Alcoa Incorporated 2,097 0 2,097
8,029 0 8,029 Allegheny Technologies Incorporated 146 0 146
12,633 0 12,633 Bethlehem Steel Corporation 38 0 38
12,239 0 12,239 Engelhard Corporation 199 0 199
8,137 0 8,137 Nucor Corporation 245 0 245
8,452 0 8,452 USX-US Steel Group Incorporated 128 0 128
8,245 0 8,245 Worthington Industries Incorporated 77 0 77
----------------------------------------------
3,536 0 3,536
PRINTING, PUBLISHING & ALLIED
INDUSTRIES
6,145 0 6,145 American Greetings Corporation 108 0 108
8,463 0 8,463 Dow Jones & Company Incorporated 512 0 512
25,592 0 25,592 Gannett Company Incorporated 1,356 0 1,356
6,849 0 6,849 Harcourt General Incorporated 404 0 404
7,412 0 7,412 Knight-Ridder Incorporated 377 0 377
18,686 40,000 58,686 McGraw-Hill Companies Incorporated 1,188 2,378 3,566
4,906 0 4,906 Meredith Corporation 145 0 145
16,318 0 16,318 New York Times Company 642 0 642
11,695 0 11,695 R R Donnelley & Sons Company 287 0 287
29,541 0 29,541 Tribune Company 1,289 0 1,289
145,651 0 145,651 Viacom Incorporated Class B 8,521 0 8,521
----------------------------------------------
14,829 2,378 17,207
RAILROAD TRANSPORTATION
40,333 0 40,333 Burlington Northern Santa Fe
Corporation 870 0 870
20,905 0 20,905 CSX Corporation 456 0 456
36,745 0 36,745 Norfolk Southern Corporation 537 0 537
23,759 0 23,759 Union Pacific Corporation 924 0 924
----------------------------------------------
2,787 0 2,787
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS
7,057 0 7,057 Cooper Tire & Rubber Company 71 0 71
15,015 0 15,015 Goodyear Tire & Rubber Company 270 0 270
25,576 0 25,576 Newell Rubbermaid Incorporated 583 0 583
26,234 0 26,234 Nike Incorporated Class B 1,051 0 1,051
5,445 0 5,445 Reebok International Limited 102 0 102
8,002 0 8,002 Sealed Air Corporation 362 0 362
5,491 0 5,491 Tupperware Corporation 99 0 99
----------------------------------------------
2,538 0 2,538
SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES
10,607 0 10,607 Bear Stearns Companies Incorporated 668 0 668
130,539 0 130,539 Charles Schwab Corporation 4,634 0 4,634
23,364 0 23,364 Franklin Resources Incorporated 1,038 0 1,038
11,600 0 11,600 Lehman Brothers Holding Incorporated 1,714 0 1,714
75,298 0 75,298 Merrill Lynch & Company Incorporated 4,970 0 4,970
107,931 50,000 157,931 Morgan Stanley Dean Witter & Company 9,869 4,563 14,432
13,978 0 13,978 Paine Webber Group Incorporated 952 0 952
21,334 0 21,334 Stilwell Financial Incorporated 928 0 928
11,595 0 11,595 T Rowe Price Associates 544 0 544
---------------------------------------------
25,317 4,563 29,880
STONE, CLAY, GLASS & CONCRETE
PRODUCTS
28,177 0 28,177 Corning Incorporated 8,369 0 8,369
14,071 0 14,071 Owens-Illinois Incorporated 130 0 130
----------------------------------------------
8,499 0 8,499
TEXTILE MILL PRODUCTS
3,152 0 3,152 Russell Corporation 50 0 50
1,747 0 1,747 Springs Industries Incorporated Class A 49 0 49
----------------------------------------------
99 0 99
TOBACCO PRODUCTS
216,798 0 216,798 Philip Morris Companies Incorporated 6,382 0 6,382
15,580 0 15,580 UST Incorporated 356 0 356
----------------------------------------------
6,738 0 6,738
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
TRANSPORTATION BY AIR
14,363 0 14,363 AMR Corporation 469 0 469
11,722 0 11,722 Delta Airlines Incorporated 520 0 520
27,760 0 27,760 Fedex Corporation 1,231 0 1,231
47,570 0 47,570 Southwest Airlines Company 1,154 0 1,154
6,435 0 6,435 US Airways Group Incorporated 196 0 196
----------------------------------------------
3,570 0 3,570
TRANSPORTATION EQUIPMENT
9,772 0 9,772 B F Goodrich Company 383 0 383
86,410 0 86,410 Boeing Company 5,444 0 5,444
8,476 0 8,476 Brunswick Corporation 155 0 155
14,623 0 14,623 Dana Corporation 314 0 314
53,959 0 53,959 Delphi Automotive Systems Corporation 816 0 816
179,745 0 179,745 Ford Motor Company 4,550 0 4,550
19,284 0 19,284 General Dynamics Corporation 1,211 0 1,211
51,255 0 51,255 General Motors Corporation 3,332 0 3,332
29,060 0 29,060 Harley-Davidson Incorporated 1,391 0 1,391
76,491 0 76,491 Honeywell International Incorporated 2,725 0 2,725
8,425 0 8,425 ITT Industries Incorporated 273 0 273
5,977 0 5,977 Navistar International Corporation 179 0 179
6,655 0 6,655 Northrop Grumman Corporation 605 0 605
7,374 0 7,374 PACCAR Incorporated 273 0 273
18,067 0 18,067 Rockwell International Corporation 547 0 547
13,849 0 13,849 Textron Incorporated 639 0 639
11,808 0 11,808 TRW Incorporated 480 0 480
45,082 0 45,082 United Technologies Corporation 3,122 0 3,122
----------------------------------------------
26,439 0 26,439
TRANSPORTATION SERVICES
12,369 0 12,369 Sabre Holdings Corporation 358 0 358
WATER TRANSPORTATION
57,960 0 57,960 Carnival Corporation 1,427 0 1,427
WHOLESALE TRADE-DURABLE GOODS
16,976 0 16,976 Genuine Parts Company 324 0 324
12,447 0 12,447 Visteon Corporation 188 0 188
8,969 0 8,969 W W Grainger Incorporated 236 0 236
----------------------------------------------
748 0 748
WHOLESALE TRADE-NONDURABLE GOODS
26,419 0 26,419 Cardinal Health Incorporated 2,330 0 2,330
47,602 0 47,602 Safeway Incorporated 2,222 0 2,222
12,618 0 12,618 Supervalu Incorporated 190 0 190
31,940 0 31,940 Sysco Corporation 1,479 0 1,479
----------------------------------------------
6,221 0 6,221
TOTAL COMMON STOCK 1,208,057 147,588 1,355,645
</TABLE>
<TABLE>
<CAPTION>
Interest Maturity
Principal (000's) CORPORATE BONDS Rate Date
---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BANKS
0 1,500 1,500 Banc One 7.25 08/01/2002 0 1,498 1,498
0 2,000 2,000 Bank of America, MTN 7.13 05/12/2005 0 1,970 1,970
0 2,000 2,000 Chase Manhatten 6.50 01/15/2009 0 1,857 1,857
0 2,000 2,000 First Union 7.50 07/15/2006 0 1,967 1,967
0 7,292 7,292
ENTERTAINMENT
0 2,255 2,255 Walt Disney 5.13 12/15/2003 0 2,117 2,117
FINANCE
0 1,500 1,500 Aetna Services 7.13 08/15/2006 0 1,431 1,431
0 1,000 1,000 Ford Motor Credit 6.25 11/08/2000 0 997 997
0 1,500 1,500 Safeco 6.88 07/15/2007 0 1,397 1,397
----------------------------------------------
0 3,825 3,825
FOOD, BEVERAGE &
TOBACCO
0 2,000 2,000 Philip Morris 7.25 09/15/2001 0 1,975 1,975
0 1,000 1,000 Seagram 6.50 04/01/2003 0 977 977
----------------------------------------------
0 2,952 2,952
RETAIL
0 2,000 2,000 Albertson's 6.95 08/01/2009 0 1,902 1,902
TELEPHONE &
TELECOMMUNICATIONS
Lucent
0 2,000 2,000 Technologies 7.25 07/15/2006 0 2,010 2,010
TRANSPORTATION
0 2,000 2,000 U.S. Freightways 8.50 04/15/2010 0 2,002 2,002
TOTAL CORPORATE
BONDS 0 22,100 22,100
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MORTGAGE-BACKED
SECURITIES
American Southwest
Financial Securities,
Series 1996-FHA1,
0 591 591 Cl A2 7.00 11/25/2038 0 581 581
Donaldson Lufkin
Jenrette Mortgage
Acceptance, Series
0 1,200 1,200 1997-CF1, Cl A1B (A) 7.60 04/15/2007 0 1,206 1,206
General Motors
Acceptance, Commercial
0 2,000 2,000 Mortgage Securities, 6.18 05/15/2033 0 1,828 1,828
Series 1999-C1, Cl A2
----------------------------------------------
0 3,615 3,615
U.S. GOVERNMENT
AGENCY OBLIGATIONS
0 2,500 2,500 FHLB 7.25 05/15/2003 0 2,519 2,519
0 2,000 2,000 FHLB 6.25 08/13/2004 0 1,947 1,947
0 2,000 2,000 FHLMC 6.45 04/29/2009 0 1,865 1,865
0 1,000 1,000 FHLMC 7.63 09/09/2009 0 981 981
0 2,000 2,000 FNMA 6.50 08/15/2004 0 1,966 1,966
0 2,000 2,000 FNMA 7.13 02/15/2005 0 2,010 2,010
0 2,500 2,500 FNMA 6.00 05/15/2008 0 2,336 2,336
----------------------------------------------
0 13,624 13,624
U.S. TREASURY
SECURITIES
U.S. TREASURY BILLS
33,272 0 33,272 U.S. Treasury Bills 6.05 10/12/2000 33,219 0 33,219
26,096 0 26,096 U.S. Treasury Bills 5.94 11/2/2000 25,964 0 25,964
14,791 0 14,791 U.S. Treasury Bills 6.08 11/9/2000 14,698 0 14,698
20,120 0 20,120 U.S. Treasury Bills 5.97 12/7/2000 19,898 0 19,898
100 0 100 U.S. Treasury Bills 5.96 12/21/2000 99 0 99
----------------------------------------------
93,878 0 93,878
U.S. TREASURY NOTES
0 2,500 2,500 U.S. Treasury Notes 7.75 02/15/2001 0 2,518 2,518
0 2,500 2,500 U.S. Treasury Notes 7.88 08/15/2001 0 2,536 2,536
0 2,500 2,500 U.S. Treasury Notes 7.50 05/15/2002 0 2,547 2,547
0 3,000 3,000 U.S. Treasury Notes 5.50 03/31/2003 0 2,938 2,938
0 2,500 2,500 U.S. Treasury Notes 7.25 05/15/2004 0 2,581 2,581
0 2,500 2,500 U.S. Treasury Notes 7.88 11/15/2004 0 2,650 2,650
0 3,000 3,000 U.S. Treasury Notes 6.63 05/15/2007 0 3,072 3,072
0 3,000 3,000 U.S. Treasury Notes 5.50 02/15/2008 0 2,881 2,881
0 3,000 3,000 U.S. Treasury Notes 4.75 11/15/2008 0 2,732 2,732
----------------------------------------------
0 24,455 24,455
U.S. TREASURY BONDS
19,360 0 19,360 U.S. Treasury Bonds 7.88 2/15/2021 23,280 0 23,280
18,965 0 18,965 U.S. Treasury Bonds 8.13 5/15/2021 23,375 0 23,375
18,990 0 18,990 U.S. Treasury Bonds 8.13 8/15/2021 23,435 0 23,435
62,210 0 62,210 U.S. Treasury Bonds 8.00 11/15/2021 75,993 0 75,993
18,300 0 18,300 U.S. Treasury Bonds 7.25 8/15/2022 20,799 0 20,799
16,635 0 16,635 U.S. Treasury Bonds 7.63 11/15/2022 19,650 0 19,650
29,615 0 29,615 U.S. Treasury Bonds 7.13 2/15/2023 33,261 0 33,261
43,045 0 43,045 U.S. Treasury Bonds 6.25 8/15/2023 43,838 0 43,838
18,535 0 18,535 U.S. Treasury Bonds 7.50 11/15/2024 21,813 0 21,813
20,180 0 20,180 U.S. Treasury Bonds 7.63 2/15/2025 24,090 0 24,090
20,530 0 20,530 U.S. Treasury Bonds 6.88 8/15/2025 22,596 0 22,596
22,425 0 22,425 U.S. Treasury Bonds 6.00 2/15/2026 22,215 0 22,215
18,380 0 18,380 U.S. Treasury Bonds 6.75 8/15/2026 19,994 0 19,994
19,250 0 19,250 U.S. Treasury Bonds 6.50 11/15/2026 20,321 0 20,321
18,790 0 18,790 U.S. Treasury Bonds 6.63 2/15/2027 20,140 0 20,140
17,380 0 17,380 U.S. Treasury Bonds 6.38 8/15/2027 18,091 0 18,091
37,480 0 37,480 U.S. Treasury Bonds 6.13 11/15/2027 37,785 0 37,785
17,150 0 17,150 U.S. Treasury Bonds 5.50 8/15/2028 15,917 0 15,917
19,450 0 19,450 U.S. Treasury Bonds 5.25 11/15/2028 17,420 0 17,420
18,700 0 18,700 U.S. Treasury Bonds 5.25 2/15/2029 16,795 0 16,795
18,950 0 18,950 U.S. Treasury Bonds 6.13 8/15/2029 19,353 0 19,353
45,100 0 45,100 U.S. Treasury Bonds 6.25 5/15/2030 47,411 0 47,411
----------------------------------------------
587,572 0 587,572
TOTAL U.S. TREASURY
SECURITIES 681,450 24,455 705,905
SHORT-TERM INVESTMENTS
SEI Daily Income Trust
0 1,785,920 1,785,920 Money Market Portfolio 0 1,786 1,786
TOTAL INVESTMENTS,
at MARKET VALUE $ 1,889,507 $ 213,168 $2,102,675
==============================================
TOTAL INVESTMENTS, at COST $ 1,612,895 $ 162,994 $1,775,889
==============================================
</TABLE>
Note - As of September 30, 2000, the Wells Fargo Asset Allocation Fund held 2
long S&P 500 Index futures contracts with a notional contract value of $726,850
and unrealized depreciation of $(42,925).
(1) It is not expected that any of the securities will have to be sold as a
result of the merger.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-10
<PAGE>
WELLS FARGO FUNDS - NATIONAL TAX FREE FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2000 (Unaudited) (Note 1)
($000's)
<TABLE>
<CAPTION>
Wells Fargo
Achievement Achievement National TF Fund
Wells Fargo Municipal Bond Idaho Municipal Pro Forma Pro Forma
National TF Fund Fund Bond Fund Adjustments Combined
---------------- -------------- --------------- ----------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value
(see cost below) $ 331,748 $ 68,866 $ 30,975 $ 431,589
Cash 1 0 0 1
Receivables:
Interest 5,214 967 419 6,600
Fund shares sold 426 46 37 509
Prepaid expenses and other assets 23 0 45 68
Total Assets 337,412 69,879 31,476 438,767
LIABILITIES
Payables:
Investment securities purchased 2,000 0 123 2,123
Distributions to shareholders 1,251 302 0 1,553
Fund shares redeemed 238 4 17 259
Due to distributor 15 0 0 15
Due to advisor and affiliates 156 0 0 156
Other 329 0 0 329
Total Liabilities 3,989 306 140 4,435
TOTAL NET ASSETS $ 333,423 $ 69,573 $ 31,336 $ 434,332
Net assets consist of:
Paid-in capital $ 354,182 $ 73,269 $ 31,970 (9)(2) $ 459,412
Undistributed net investment
income (loss) (62) 0 (9) 9 (2) (62)
Undistributed net realized
gain (loss) on investments (22,713) (714) 47 (23,380)
Net unrealized appreciation
(depreciation) of investments 2,016 (2,982) (672) (1,638)
TOTAL NET ASSETS $ 333,423 $ 69,573 $ 31,336 $ 434,332
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 64,859 $ 4,445 $ 8,136 $ 77,440
Shares outstanding - Class A 6,670 464 794 36 (3) 7,964
Net asset value per share - Class A $ 9.72 $ 9.58 $ 10.25 $ 9.72
Maximum offering price per share -
Class A $ 10.18 $ 9.98 $ 10.68 $ 10.18
Net assets - Class B $ 18,366 $ 2,118 $ 1,657 $ 22,141
Shares outstanding - Class B 1,889 221 161 6 (3) 2,277
Net asset value and offering price
per share - Class B $ 9.72 $ 9.58 $ 10.26 $ 9.72
Net assets - Class C $ 5,572 $ 5,572
Shares outstanding - Class C $ 573 573
Net asset value and offering price
per share - Class C $ 9.73 $ 9.73
Net assets - Institutional Class $ 244,626 $ 63,010 $ 21,543 $ 329,179
Shares outstanding - Institutional
Class 25,144 6,577 2,106 8 (3) 33,835
Net asset value and offering price
per share - Institutional Class $ 9.73 $ 9.58 $ 10.23 $ 9.73
INVESTMENT AT COST $ 329,732 $ 71,848 $ 31,647 $ 433,227
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The information presented for the Achievement Municipal Bond and Idaho
Municipal Bond Funds is as of July 31, 2000, the Funds' latest semi-annual
reporting date. Based on the Funds' low portfolio turnover rates and stable
asset sizes, Management believes the information presented is representative
of the Funds' balance sheets and portfolio holdings as of June 30, 2000.
(2) To reclass to paid-in capital the accumulated net investment loss of the
Achievement Idaho Municipal Bond Fund, because it cannot be carried over to
the Wells Fargo National Tax-Free Fund.
(3) Share adjustments based on surviving Fund NAV.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-11
<PAGE>
WELLS FARGO FUNDS - NATIONAL TAX FREE FUND
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended June 30, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Achievement Achievement Wells Fargo
Wells Fargo Municipal Bond Idaho Municipal Pro Forma National TF Fund
National TF Fund Fund Bond Fund Adjustments Pro Forma Combined
---------------- -------------- --------------- ------------ --------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 21,940 $ 4,261 $ 1,845 $ 28,046
Total Investment Income 21,940 4,261 1,845 28,046
EXPENSES
Advisory fees 1,525 430 204 (458) (2) 1,701
Administration fees 468 144 81 (55) (2) 638
Custody fees 64 50 * 48 * (77) (2) 85
Shareholder servicing fees 148 0 0 77 (2) 225
Portfolio accounting fees 91 0 0 20 (2) 111
Transfer agency fees 361 0 0 73 (2) 434
Distribution fees 168 36 ** 43 ** (45) (2) 202
Legal and audit fees 31 14 7 (13) (2) 39
Registration fees 73 14 4 (3) (2) 88
Directors' fees 6 7 3 (10) (2) 6
Shareholder reports 51 11 7 (8) (2) 61
Other 62 6 3 0 (2) 71
Total Expenses 3,048 712 400 (499) 3,661
Less:
Waived fees and reimbursed
expenses fees (637) (141) (105) 156 (2) (727)
Net expenses 2,411 571 295 (343) 2,934
NET INVESTMENT INCOME (LOSS) 19,529 3,690 1,550 343 25,112
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale
of investments (19,915) (640) 128 (20,427)
Net change in unrealized
appreciation or depreciation of
investments 1,543 (1,954) (783) (1,194)
Net Gain (Loss) on Investments (18,372) (2,594) (655) (21,621)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 1,157 $ 1,096 $ 895 343 $ 3,491
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes transfer agency fees
** Includes shareholder servicing fees
(1) The information presented for the Achievement Municipal Bond and Idaho
Municipal Bond Funds is for the year ended July 31, 2000, the Funds' latest
semi-annual reporting date. Based on the Funds' stable portfolios and level
fee/expense structures, Management believes the information presented is
representative of the Funds' statements of operations for the twelve months
ended June 30, 2000.
(2) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or elimination of duplicative services.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-12
<PAGE>
WELLS FARGO FUNDS - NATIONAL TAX-FREE FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of June 30, 2000 (Unaudited) (Note 1)
<TABLE>
<CAPTION>
Principal ($000's) Market Value ($000's)
--------------------------------------------- -------------------------------
WF
National
WF National WF Achieve- AF TF Fund
WF TF Fund National ment Idaho Pro
National Achievement AF Idaho Pro Tax- Muni- Muni- Forma
Tax-Free Municipal Municipal Forma Coupon Maturity Free cipal cipal com-
Fund Fund Fund Combined Security Description Rate Date Fund Fund Fund bined
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MUNICIPAL BONDS
ALABAMA
Alabama State Public School & 0
College Authority Capital
$ 3,680 $ 0 $ 0 $ 3,680 Improvement Revenue 4.25 11/1/2018 $3,001 $ 0 $ 0 $ 3,001
Alabama State Housing Finance
Authority RB, Collateral Home
Mortgage Project, Series B,
0 100 0 100 AMT,GNMA/FNMA/FHLMC 6.10 10/01/2020 0 100 0 100
------------------------------------------------------
3,001 100 0 3,101
ALASKA
Alaska State Housing Finance RB,
0 370 0 370 General Meeting, Series A, MBIA, GOC 6.10 12/01/2037 0 372 0 372
Alaska State Housing Finance RB,
0 500 0 500 Housing Development, Series A, GOC 5.70 12/01/2029 0 479 0 479
Alaska State Housing Finance RB, 0 0
Veterans Mortgage Project, 1st 5.40 12/01/2023 0 258 0 258
0 275 0 275 Series, GNMA/FNMA/FHLMC
Alaska State Student Loan RB, Series
0 400 0 400 A, AMBAC, GOC, AMT 5.75 07/01/2014 0 400 0 400
Valdez, Marine Terminal RB, BP
0 1,000 0 1,000 Pipelines Project, Series A 5.85 08/01/2025 0 984 0 984
Valdez, Marine Terminal RB, BP
0 1,000 0 1,000 Pipelines Project, Series B 5.50 10/01/2028 0 935 0 935
Valdez, Marine Terminal RB, Mobil
0 1,000 0 1,000 Alaska Pipeline Project 5.75 11/01/2028 0 974 0 974
------------------------------------------------------
0 4,402 0 4,402
ARIZONA
Maricopa County AZ IDA Educational
Revenue Arizona Charter Schools
1,250 0 0 1,250 Project Series A 6.75 7/1/2029 1,217 0 0 1,217
Maricopa County AZ Union School
3,000 0 0 3,000 District #48 GO School Improvements 9.00 7/1/2005 3,557 0 0 3,557
Maricopa, Elementary School District
# 068 GO, School Improvement
0 500 0 500 Project, AMBAC 5.10 07/01/2011 0 502 0 502
Maricopa, Industrial Development
Authority RB, Catholic Healthcare
0 400 0 400 West Project, Series A 5.00 07/01/2016 0 331 0 331
------------------------------------------------------
4,774 833 0 5,607
ARKANSAS
1,545 0 0 1,545 Matanuska-Susitna Boro AK 4.50 3/1/2017 1,314 0 0 1,314
Independence, Pollution Control RB,
0 500 0 500 Power & Light Project 6.25 01/01/2021 0 494 0 494
------------------------------------------------------
1,314 494 0 1,808
CALIFORNIA
Los Angeles CA Community
Redevelopment Agency Housing Revenue
1,525 0 0 1,525 Series A 8.20 12/1/2013 1,633 0 0 1,633
Monterey Hills Redevelopment Project
Metropolitan Water District Southern
California Waterworks Revenue Series
6,900 0 0 6,900 Project+/- 6.54 8/10/2018 7,211 0 0 7,211
Student Education Loan Marketing
Corporation CA Student Loan Revenue
Junior Subordinates Series IV-D1
1,000 0 0 1,000 Guaranteed by Student Loans 5.88 1/1/2018 891 0 0 891
0 500 0 500 California State Tri-City Hospital 5.63 02/15/2017 0 505 0 505
District RB, Series A, MBIA
0 160 0 160 Los Angeles, Wastewater System RB, 5.88 06/01/2024 162 0 162
Series A, MBIA 0
0 720 0 720 Northern California Power Agency RB, 7.50 07/01/2021 888 0 888
Public Power Project, AMBAC, 0
Pre-refunded @ 100 (A)
0 130 0 130 Sacramento, Municipal Utility 5.75 05/15/2022 0 131 0 131
District RB, Series E, MBIA-IBC
0 280 0 280 San Francisco, Airport Improvement 8.00 07/01/2013 0 336 0 336
RB, United Airlines, ETM
0 120 0 120 San Francisco, City & County RB, 7.13 10/01/2016 0 124 0 124
Series A, GNMA
------------------------------------------------------
9,735 2,146 0 11,881
COLORADO
1,420 0 0 1,420 Adams County CO SFMR Series A2 8.70 6/1/2012 1,460 0 0 1,460
1,750 0 0 1,750 Arapahoe County CO Utilities Revenue 6.25 12/1/2020 1,714 0 0 1,714
Water & Wastewater Authority Revenue
1,950 0 0 1,950 Black Hawk CO Business Improvements 7.00 12/1/2011 2,007 0 0 2,007
District Special Assessment Series
H981
1,000 0 0 1,000 Colorado HFA GO Series A 7.40 5/1/2011 1,043 0 0 1,043
1,120 0 0 1,120 Colorado HFA SFMR Series A2 7.15 11/1/2014 1,196 0 0 1,196
1,330 0 0 1,330 Colorado HFA SFMR Series B2 7.50 12/1/2016 1,398 0 0 1,398
1,470 0 0 1,470 Colorado HFA SFMR Series C 7.90 12/1/2024 1,561 0 0 1,561
1,210 0 0 1,210 Colorado HFA SFMR Series D1 8.00 12/1/2024 1,288 0 0 1,288
Remarketed 7/15/1994
805 0 0 805 Colorado HFA SFMR Series D2 8.13 6/1/2025 859 0 0 859
Remarketed 11/15/1994
1,000 0 0 1,000 Colorado HFFA Revenue Hospital 5.75 9/15/2022 819 0 0 819
Steamboat Springs Health
1,000 0 0 1,000 Colorado HFFA Revenue Steamboat 5.70 9/15/2023 810 0 0 810
Springs Health Project
5,200 0 0 5,200 Denver CO Urban Renewal Authority 9.13 9/1/2017 5,933 0 0 5,933
Tax Increment Revenue Remarketed
6/15/94
3,500 0 0 3,500 El Paso County CO GO School 7.10 12/1/2017 4,130 0 0 4,130
District #11 Colorado Springs
195 0 0 195 Logan County CO SFMR Series A 8.50 11/1/2011 203 0 0 203
960 0 0 960 Northern Metropolitan District CO 6.50 12/1/2016 941 0 0 941
Adams County
410 0 0 410 Vail CO SFMR Series 1992 A 8.13 6/1/2010 438 0 0 438
0 100 0 100 Colorado State Board of Agriculture 8.25 05/01/2003 0 101 0 101
RB, University of Southern Colorado
Sports Project
0 200 0 200 Colorado State Educational & 7.00 11/01/2029 0 199 0 199
Cultural Facilities Authority RB,
Core Knowledge Project
0 500 0 500 Denver, City & County Airport RB, 5.50 11/15/2025 0 487 0 487
Series E, MBIA
Denver, City & County RB, The Boston
0 500 0 500 Lofts Project, Series A, FHA, AMT 5.75 10/01/2027 0 482 0 482
Denver, City & County School
0 500 0 500 District # 1 GO, FGIC 5.25 12/01/2017 0 486 0 486
Summit, Sports Facilities RB,
0 420 0 420 Keystone Resorts Project 7.38 08/01/2010 0 469 0 469
------------------------------------------------------
25,800 2,224 0 28,024
CONNECTICUT
Connecticut State HFA Housing
40 0 0 40 Mortgage Finance Program Series B4 7.30 11/15/2003 40 0 0 40
Connecticut State Health &
0 115 0 115 Educational Facilities Authority RB, 6.00 07/01/2024 0 117 0 117
New Britain General Hospital, Series
B, AMBAC, GOI
Connecticut State Health &
0 155 0 155 Educational Facilities Authority RB,
Trinity College Project, Series E,
MBIA 5.88 07/01/2026 0 157 0 157
Waterbury, Housing Authority RB,
0 500 0 500 Section 8 Project, Series A, GNMA 5.85 02/01/2037 0 494 0 494
------------------------------------------------------
40 768 0 808
FLORIDA
85 0 0 85 Brevard County FL HFA SFMR Series B 7.00 3/1/2013 87 0 0 87
0 505 0 505 Boynton Beach, Multi-Family Housing 6.45 01/01/2027 0 521 0 521
RB, Clipper Cove Apartments
0 500 0 500 Florida State Housing Finance Agency 5.90 02/01/2030 0 492 0 492
RB, Glen Oaks Apartment Project,
FNMA, AMT
0 100 0 100 Florida State University Housing 5.88 05/01/2014 0 103 0 103
Facility RB, MBIA
------------------------------------------------------
87 1,116 0 1,203
GEORGIA
Atlanta GA Water & Wastewater
3,500 1,000 0 4,500 Revenue Series A FGIC Insured 5.50 11/1/2022 3,442 990 0 4,432
Houston County GA Development
1,500 0 0 1,500 Authority MFHR Emerald Coast Housing 7.00 8/1/2028 1,306 0 1,306
Series A
Atlanta, Airport Authority RB,
0 1,000 0 1,000 Series A, FGIC 5.60 01/01/2030 0 987 0 987
Fulton, Housing Authority RB,
0 500 0 500 Multi-Family Housing, Concorde Place 6.90 07/01/2008 0 564 0 564
Apartments Project, Series C, AMT,
Prerefunded @ 100 (A)
Georgia State Housing & Finance
0 265 0 265 Authority RB, Homeownership 6.50 12/01/2011 0 276 0 276
Opportunity Program, Series C, FHA,
GOA
Georgia State Housing & Finance
0 485 0 485 Authority RB, Single Family 5.85 12/01/2028 0 474 0 474
Mortgage, Subseries B2, AMT
Smyra, Hospital Authority RB,
0 500 0 500 Ridgeview Institute Project 6.00 11/01/2028 0 406 0 406
------------------------------------------------------
4,748 3,697 0 8,445
HAWAII
6,950 0 0 6,950 Hawaii State Department of Budget &
Finance Special Purpose Revenue The 5.75 7/1/2026 6,349 0 0 6,349
Queens Health Systems Series A
0 500 0 500 Hawaii State Housing Finance &
Development RB, Series A, FNMA, AMT 5.75 07/01/2030 0 479 0 479
------------------------------------------------------
6,349 479 0 6,828
IDAHO
900 0 0 900 Idaho Housing Agency SFMR Series C2 6.35 7/1/2015 919 0 0 919
Prerefunded 1/1/05 @102
1,000 0 0 1,000 Idaho State Building Authority 4.75 9/1/2025 855 0 0 855
Building Revenue Series A MBIA
Insured
470 0 0 470 Pocatello ID IDA Revenue Allocation 7.25 12/1/2008 475 0 0 475
Tax Increment Series B
0 0 1,075 1,075 Ada & Canyon Counties, Joint School 5.50 07/30/2015 0 0 1,094 1,094
District # 2 GO
0 0 500 500 Ada & Canyon Counties, Joint School 5.50 07/30/2016 0 0 505 505
District # 2 GO
0 0 120 120 Ammon, Urban Renewal Agency, Series 6.00 08/01/2006 0 0 125 125
B, Pre-refunded @ 100, LOC (A)
0 0 500 500 Bannock County, School District # 25 5.25 08/01/2015 0 0 498 498
GO, FGIC
0 0 560 560 Bingham County, School District # 5.65 08/01/2015 0 0 570 570
055 GO, MBIA
0 0 135 135 Blackfoot, Wastewater Treatment 5.80 09/01/2018 0 0 140 140
Plant Facilities Project COP, AMBAC
0 0 115 115 Blackfoot, Wastewater Treatment 5.85 09/01/2019 0 0 119 119
Plant Facilities Project COP, AMBAC
0 0 500 500 Boise, Urban Renewal RB, Ada County 5.90 08/15/2029 0 0 509 509
Courts, AMBAC
0 0 500 500 Boise Airport COP, Package Facility 5.40 08/01/2011 0 0 507 507
Project, Series A, AMBAC
0 0 365 365 Boise, Urban Renewal, Tax Increment 5.10 09/01/2014 0 0 361 361
Capital City Development Project, FSA
0 0 385 385 Boise, Urban Renewal, Tax Increment 5.15 09/01/2015 0 0 381 381
Capital City Development Project, FSA
0 0 1,000 1,000 Boise State University RB, FSA 5.00 04/01/2023 0 0 929 929
0 0 160 160 Boise State University RB, Student 5.25 04/01/2017 0 0 159 159
Union & Housing System Project, MBIA
0 0 1,000 1,000 Boise, Independent School District GO 5.50 07/30/2016 0 0 1,002 1,002
0 0 500 500 Bonneville & Bingham, School 5.75 07/30/2007 0 0 527 527
District # 93 GO, Series A, FGIC
0 0 500 500 Bonneville & Bingham, School 5.50 07/30/2010 0 0 519 519
District # 93 GO, Series A, FGIC
0 0 590 590 Bonneville GO, FSA 5.50 08/01/2016 0 0 596 596
0 0 400 400 Canyon, School District # 132 GO, FSA 5.40 07/30/2012 0 0 409 409
0 0 470 470 Canyon, School District # 132 GO, FSA 5.45 07/30/2014 0 0 477 477
0 0 900 900 Canyon, School District # 132 GO, FSA 5.45 07/30/2015 0 0 909 909
0 0 500 500 Cassia & Twin Falls, Joint School 5.38 08/01/2014 0 0 506 506
District # 151 GO, FGIC
0 0 1,000 1,000 Cassia & Twin Falls, Joint School 5.38 08/01/2016 0 0 1,002 1,002
District # 151 GO, FGIC
0 0 250 250 Elks, Health Facility Authority RB, 5.00 07/15/2008 0 0 225 225
Rehabilitation Hospital Project
0 0 500 500 Elks, Health Facility Authority RB, 5.13 07/15/2013 0 0 418 418
Rehabilitation Hospital Project
0 0 715 715 Elks, Health Facility Authority RB, 5.45 07/15/2023 0 0 560 560
Rehabilitation Hospital Project
0 0 100 100 Elmore, School District # 193 GO, 5.00 07/31/2010 0 0 101 101
AMBAC
0 0 125 125 Fremont & Madison, School District # 5.60 08/01/2014 0 0 127 127
215 GO, FSA
0 0 765 765 Fremont & Madison, School District # 5.60 08/01/2015 0 0 776 776
215 GO, FSA
0 0 130 130 Gooding & Lincoln, Joint School 6.25 02/01/2004 0 0 137 137
District # 231 GO, FSA, Pre-refunded
@ 100 (A)
0 0 100 100 Idaho State Building Authority RB, 5.60 09/01/2005 0 0 103 103
Series C, MBIA
0 0 1,150 1,150 Idaho State Building Authority RB, 5.00 09/01/2021 0 0 1,055 1,055
Series A, MBIA
0 0 250 250 Idaho State Health Facility 5.25 05/01/2014 0 0 218 218
Authority RB, Bannock Regional
Medical Project
0 0 500 500 Idaho State Health Facility 5.25 12/01/2014 0 0 497 497
Authority RB, Holy Cross Health
Systems, MBIA
0 0 500 500 Idaho State Health Facility 5.00 12/01/2018 0 0 467 467
Authority RB, Holy Cross Health
Systems, MBIA
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 0 40 40 Idaho State Health Facility 5.00 12/01/2028 0 0 35 35
Authority RB, Holy Cross Health
Systems, MBIA
0 0 150 150 Idaho State Health Facility 6.65 02/15/2021 0 0 171 171
Authority RB, IHC Hospital Project,
ETM
0 0 200 200 Idaho State Health Facility 5.63 12/01/2013 0 0 204 204
Authority RB, Magic Valley Regional
Medical Center, AMBAC
0 0 130 130 Idaho State Health Facility 6.20 11/15/2002 0 0 137 137
Authority RB, Mercy Medical Center
Project, Pre-refunded @102 (A)
0 0 100 100 Idaho State Health Facility 6.10 12/01/2007 0 0 105 105
Authority RB, St. Alphonsus Regional
Medical Center Project, Pre-refunded
@102 (A)
0 0 960 960 Idaho State Housing & Finance 6.15 01/01/2028 0 0 964 964
Authority RB, Single Family
Mortgage, Series H-2, FHA AMT
0 0 365 365 Idaho State Housing & Finance 4.95 07/01/2011 0 0 352 352
Authority RB, Single Family
Mortgage, Series E-2
0 0 485 485 Idaho State Housing & Finance 5.20 07/01/2020 0 0 444 444
Authority RB, Single Family
Mortgage, Series I-2, FHA AMT
0 0 500 500 Idaho State University RB, Student 4.90 04/01/2017 0 0 464 464
Facility Fee, MBIA
0 0 865 865 Idaho State University RB, Student 6.50 04/01/2015 0 0 948 948
Facility Fee, Recreation Center
Project, FSA
0 0 500 500 Idaho State Water Resource Board RB, 6.20 05/01/2020 0 0 503 503
Pooled Loan Program, Series A
0 0 240 240 Jefferson, School District # 253 5.50 08/01/2015 0 0 244 244
GO, MBIA
0 0 290 290 Jerome, Lincoln & Gooding GO, School 5.00 07/31/2012 0 0 290 290
District # 2, FSA
0 0 170 170 Kootenai, School District #273 GO, 5.00 07/30/2017 0 0 163 163
AMBAC
0 0 250 250 Lewis-Clark State College, College 5.20 04/01/2017 0 0 245 245
Facilities RB, MBIA
0 0 420 420 Madison GO, FSA 5.40 08/01/2015 0 0 423 423
0 0 250 250 Madison, Memorial Hospital Board 5.00 12/01/2018 0 0 227 227
COP, Asset Guaranty
0 0 215 215 McCall, Water RB, Parity Lien, FSA 5.75 03/01/2007 0 0 226 226
0 0 500 500 McCall, Water RB, Parity Lien, FSA 5.85 03/01/2016 0 0 512 512
0 0 290 290 Meridian, Free Library District GO, 5.00 08/01/2015 0 0 283 283
FSA
0 545 1,000 1,545 Nez Perce, Pollution Control RB, 6.00 10/01/2024 0 515 945 1,460
Potlatch Corporation Project
0 0 375 375 Oneida, School District # 351 GO, 5.00 07/31/2015 0 0 364 364
MBIA
0 0 365 365 Payette, School District # 372 GO, 6.25 07/30/2010 0 0 407 407
AMBAC
0 0 100 100 Payette, School District # 372 GO, 6.75 07/31/2003 0 0 106 106
Asset Guaranty, Pre-refunded @ 100
(A)
0 0 500 500 Southern Idaho Regional Solid Waste 5.45 11/01/2013 0 0 506 506
Project COP LOC
0 0 400 400 Teton, School District # 401 GO, FSA 5.50 08/01/2010 0 0 415 415
0 0 145 145 Twin Falls & Cassia, Joint School 5.45 08/01/2015 0 0 146 146
District # 418 GO, MBIA
0 0 400 400 Twin Falls, School District # 413 5.25 07/30/2013 0 0 403 403
GO, Cl A, AMBAC
0 0 420 420 Twin Falls, School District # 413 5.25 07/30/2014 0 0 422 422
GO, Cl A, AMBAC
0 0 195 195 Twin Falls, School District # 415 5.50 08/01/2015 0 0 195 195
GO, Asset Guaranty
0 0 200 200 University of Idaho, Student Fee RB, 5.85 04/01/2011 0 0 209 209
FSA
0 0 500 500 University of Idaho, Student Fee RB, 6.00 04/01/2026 0 0 511 511
Kibbie & Enroll Project, Series D,
FSA
0 0 500 500 University of Idaho, Student Fee RB, 5.65 04/01/2022 0 0 507 507
University Commons Project, MBIA
0 465 0 465 Idaho State Health Facilities 6.13 05/01/2025 0 423 0 423
Authority RB, Bannock Regional
Medical Center Project
------------------------------------------------------
2,249 938 28,604 31,791
ILLINOIS
Illinois Development Finance
35,000 0 0 35,000 Authority Retirement Housing Revenue 5.92 7/15/2023 7,615 0 0 7,615
Regency Park Series
A
Illinois Development Finance
1,000 0 0 1,000 Authority Revenue Community 5.70 7/1/2019 839 0 0 839
Rehabilitation Providers Series A
Illinois Development Financial
950 0 0 950 Authority Revenue Community 7.88 7/1/2020 850 0 0 850
Rehabilitation Providers Series A
Illinois Development Financial
1,735 0 0 1,735 Authority Revenue Community 7.88 7/1/2020 1,975 0 0 1,975
Rehabilitation Providers Series A
Illinois Development Finance
1,120 0 0 1,120 Authority Revenue Community 5.65 7/1/2019 934 0 0 934
Rehabilitation Providers Series C
Illinois Educational Facilities
4,940 0 0 4,940 Authority Revenue Capital 5.99 7/1/2014 2,066 0 0 2,066
Appreciation
Refunded
Illinois HFFA Revenue Edgewater
1,120 0 0 1,120 Medical Center Series A 9.25 7/1/2024 1,294 0 0 1,294
Illinois HFFA Revenue Healthcare
4,500 0 0 4,500 System 6.25 11/15/2029 4,241 0 0 4,241
Lake County, IL, Community Unit
1,025 0 0 1,025 School District #116 Educational 7.60 2/1/2013 1,234 0 0 1,234
Facilities Revenue Rund Lake
Regional Transportation Authority IL
7,350 0 0 7,350 Sales Tax Revenue Series D FGIC 7.75 6/1/2019 9,144 0 0 9,144
Insured
Bryant, Pollution Control RB,
0 1,000 0 1,000 Central Illinois Light Project 5.90 08/01/2023 0 950 0 950
Chicago, Board of Education GO,
0 500 0 500 School Reform Board, Series A, FGIC 5.50 12/01/2026 0 483 0 483
Chicago, Multi-Family Housing RB,
0 500 0 500 Bryne Mawr/Belle Project, GNMA, AMT 6.13 06/01/2039 0 507 0 507
Illinois State Health Facilities
0 520 0 520 Authority RB, Holy Cross Hospital 6.25 03/01/2004 0 522 0 522
Project, GOH
Illinois State Housing Development
0 235 0 235 Authority RB, Multi-Family Housing, 7.00 07/01/2017 0 236 0 236
HUD
Illinois State, Sales Tax RB, Series
0 1,255 0 1,255 P 6.50 06/15/2022 0 1,368 0 1,368
Jackson and Williamson GO, AMBAC
0 500 0 500 6.25 12/01/2015 0 531 0 531
Rockford, Mortgage Authority RB,
0 1,000 0 1,000 Faust Landmark Apartments, Series A, 6.75 01/01/2018 0 1,059 0 1,059
MBIA, AMT, HUD
-----------------------------------------------------
30,192 5,656 0 35,848
INDIANA
Hammod, Multi-School Building RB,
0 720 0 720 First Mortgage Project, State Aid 6.13 07/15/2019 0 741 0 741
Witholding
Indiana State Toll Financial
0 25 0 25 Authority RB 6.00 07/01/2013 0 25 0 25
Indianapolis, Local Public
0 290 0 290 Improvement RB, Series B 6.00 01/10/2020 0 306 0 306
Petersburg, Pollution Control RB,
0 105 0 105 Indianapolis Power & Light Project 6.63 12/01/2024 0 107 0 107
-----------------------------------------------------
0 1,179 0 1,179
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IOWA
Iowa Finance Authority SFMR Mortgage
1,225 0 0 1,225 Backed Securities Program Series B 6.95 7/1/2024 1,275 0 0 1,275
Iowa Finance Authority SFMR Series B 7.45 7/1/2023 191 0 0 191
185 0 0 185 Iowa City, Sewer RB, MBIA 5.75 07/01/2021 0 1,006 0 1,006
0 1,000 0 1,000 Iowa State Finance Authority RB,
0 475 0 475 Series F, GNMA/FNMA 5.70 01/01/2027 464 0 464
Iowa State Hospital Facility RB,
0 200 0 200 Sisters of Mercy Health Project, 6.25 02/15/2022 204 0 204
Series N, FSA
-----------------------------------------------------
1,466 1,674 0 3,140
KANSAS
3,175 0 0 3,175 Kansas State DOT Highway Revenue 7.25 9/1/2008 3,649 0 0 3,649
Series A
3,755 0 0 3,755 Sedgwick & Shawnee Counties KS SFMR 6.70 6/1/2029 4,086 0 0 4,086
Mortgage Backed Securities Series A2
Collateralized by GNMA
-----------------------------------------------------
7,735 0 0 7,735
KENTUCKY
0 500 0 500 Kentucky State Economic Development 5.88 10/01/2022 0 338 0 338
Finance RB, Appalachian Hospital
System
0 100 0 100 University of Louisville, 5.88 05/01/2011 0 103 0 103
Consolidated Educational Building,
School Board Guaranty RB, Series H
-----------------------------------------------------
0 441 0 441
LOUISIANA
Louisiana Public Facilities
235 0 0 235 Authority Revenue Student Loan LA 6.85 1/1/2009 244 0 0 244
Opportunity Loans Series A
Louisiana Stadium & Exposition
2,000 0 0 2,000 District Hotel Occupancy Tax & 4.75 7/1/2021 1,717 0 0 1,717
Stadium Revenue
Rapides Parish LA Housing & Mortgage
5,000 0 0 5,000 Finance Authority Capital 7.45 7/10/2014 1,882 0 0 1,882
Appreciation Revenue Series C
St. Bernard Parish LA Housing
2,900 0 0 2,900 Mortgage Authority SFMR Series 1992 C 7.65 7/10/2014 1,026 0 0 1,026
Louisiana State, Stadium &
0 1,000 0 1,000 Exposition District RB, Series B, 5.00 07/01/2026 0 890 0 890
FGIC
-----------------------------------------------------
4,869 890 0 5,759
MAINE
Maine State Housing Authority RB,
0 1,000 0 1,000 Series D2, AMT 5.90 11/15/2025 0 984 0 984
MASSACHUSETTS
Massachusetts Bay Transportation
5,325 0 0 5,325 Authority General Transportation 6.20 3/1/2016 5,765 0 0 5,765
System Revenue Series B
Massachusetts EDFA Revenue Series C
4,490 0 0 4,490 MBIA Insured 4.80 12/1/2010 4,233 0 0 4,233
Massachusetts State College Building
2,500 0 0 2,500 Authority Educational Facilities 7.50 5/1/2014 3,006 0 0 3,006
Revenue Series A
Massachusetts State Development
2,235 0 0 2,235 Finance Agency Resource Recovery 5.30 12/1/2014 1,939 0 0 1,939
Revenue Ogden Haverhill Project
Series B
Massachusetts State Health &
2,500 0 0 2,500 Educational Facilities Authority 5.70 7/1/2015 2,107 0 0 2,107
Revenue Caritas Christi Obligations
Group A
Massachusetts State HFA Residential
1,000 0 0 1,000 Development FNMA Collateralized 6.90 11/15/2021 1,047 0 0 1,047
Massachusetts State HFA SFMR Series
750 0 0 750 26 5.60 6/1/2025 696 0 0 696
Massachusetts State Turnpike
10,000 0 0 10,000 Authority Metropolitan Highway 4.75 1/1/2034 8,266 0 0 8,266
System Revenue Series A
New Bedford MA IDA Revenue Aerovox
380 0 0 380 Incorporated Project Series 1982 7.42 7/1/2002 382 0 0 382
Massachusetts State Health &
0 200 0 200 Education Authority RB, 5.88 07/01/2018 0 208 0 208
Melrose-Wakefield Hospital, Series
B, GOH, ETM
Massachusetts State Water Pollution
0 400 0 400 Authority RB, MWRA Project, 6.00 08/01/2023 0 410 0 410
Subseries A
-----------------------------------------------------
27,441 618 0 28,059
MICHIGAN
2,990 0 0 2,990 Michigan State HFFA Revenue Henry
Ford Health System Series A 6.00 11/15/2019 2,916 0 0 2,916
2,760 0 0 2,760 Wayland MI USD GO FGIC Insured
8.00 5/1/2010 3,373 0 0 3,373
-----------------------------------------------------
6,289 0 0 6,289
MINNESOTA
Austin MN Housing & Redevelopment
500 0 0 500 Authority Governmental Housing Gross 7.25 1/1/2032 503 0 0 503
Revenue Courtyard Residence Project
Series A
Minneapolis St. Paul MN Housing
290 0 0 290 Finance Board SFMR Phase IX 7.30 8/1/2031 296 0 0 296
Minneapolis & St. Paul, Housing &
0 500 0 500 Redevelopment Authority RB, Group 6.90 10/15/2022 0 503 0 503
Health Plan Project
-----------------------------------------------------
799 503 0 1,302
MISSOURI
0 500 0 500 Boone, Public Water Supply RB, 5.50 05/01/2029 0 450 0 450
District # 07
0 200 0 200 Springfield, Public Building 5.90 11/01/2014 0 209 0 209
Leasehold RB, Parks Department
Improvement Project, FSA
Total Missouri
0 659 0 659
NEBRASKA
Lincoln-Lancaster, Public Building
0 150 0 150 Commission RB, Tax Supported Lease 6.00 10/15/2026 0 153 0 153
Rental, GOC
Total Nebraska
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NEVADA
2,000 0 0 2,000 Clark County NV IDR Nevada Power 5.90 11/1/2032 1,717 0 0 1,717
Company Project Series A
0 180 0 180 Nevada State Housing Division RB, 6.50 10/01/2016 0 185 0 185
Single Family Program, Series C-1,
FHA
0 280 0 280 Nevada State Housing Division RB, 6.25 10/01/2016 0 286 0 286
Multi-Unit Housing, Saratoga Palms,
AMT, FNMA
-----------------------------------------------------
1,717 471 0 2,188
NEW HAMPSHIRE
0 1,170 0 1,170 New Hampshire State Higher 5.80 11/01/2027 0 1,052 0 1,052
Educational & Health Facilities
Authority RB, Androscoggin Valley
Hospital
NEW JERSEY
1,570 0 0 1,570 New Jersey Health Care Facilities 6.50 7/1/2009 1,546 0 0 1,546
Financing Authority Revenue
Englewood Hospital & Medical Center
1,250 0 0 1,250 New Jersey State Housing & Mortgage 7.00 5/1/2030 1,301 0 0 1,301
Finance Agency MFHR Presidential
Plaza FHA Insured
0 140 0 140 New Jersey State Health Care 7.25 07/01/2027 0 124 0 124
Facility Financing Authority RB,
Raritan Bay Center
-----------------------------------------------------
2,847 124 0 2,971
NEW MEXICO
3,040 0 0 3,040 Bernalillo County NM Gross Receipts 5.20 4/1/2021 2,876 0 0 2,876
Tax Revenue Bonds
1,475 0 0 1,475 Bernalillo County NM Gross Receipts 5.25 4/1/2027 1,390 0 0 1,390
Tax Revenue Bonds
3,500 0 0 3,500 Bernalillo County NM Gross Receipts 5.70 4/1/2027 3,508 0 0 3,508
Tax Revenue Bonds Series B
2,000 0 0 2,000 Farmington NM PCR Public Service 6.38 4/1/2022 1,891 0 0 1,891
Company San Juan Project Series D
690 0 0 690 Hobbs NM SFMR 8.75 7/1/2011 748 0 0 748
6,585 0 0 6,585 Santa Fe County NM Correctional 6.00 2/1/2027 6,836 0 0 6,836
Systems Revenue FSA Insured
0 375 0 375 Carlsbad, Multi-Family Housing RB, 7.38 08/01/2027 0 368 0 368
Colonial Hillcrest
0 430 0 430 Southeastern New Mexico Affordable 7.25 12/01/2027 0 399 0 399
Housing RB, Casa Hermosa Apartments
-----------------------------------------------------
17,249 767 0 18,016
NEW YORK
2,400 0 0 2,400 New York NY City Transitional 4.75 5/1/2023 2,053 0 0 2,053
Finance Authority Revenue
1,480 0 0 1,480 New York NY GO Series B1 Prerefunded 7.30 8/15/2010 1,635 0 0 1,635
8/15/04 @ 101
1,340 0 0 1,340 New York NY GO Series B1 Prerefunded 7.38 8/15/2013 1,484 0 0 1,484
8/15/04 @ 101
0 1,000 0 1,000 New York State Dormitory Authority 6.10 02/01/2037 0 1,006 0 1,006
RB, Menorah Campus, FHA
0 280 0 280 New York State Local Government 6.00 04/01/2024 0 286 0 286
Assistance RB, Series A, GOC
0 100 0 100 New York State Medical Care 6.50 08/15/2004 0 109 0 109
Facilities RB, Series E, MBIA,
Pre-refunded @ 102 (A)
0 1,000 0 1,000 New York State Metropolitan 5.63 07/01/2027 0 971 0 971
Transportation Authority RB, Series
C1
0 270 0 270 New York State Unrefunded Balance 6.00 08/01/2026 0 274 0 274
GO, Series E
0 485 0 485 Newark-Wayne, Community Hospital RB, 7.60 09/01/2015 0 493 0 493
Series A, GOH
0 500 0 500 United Nations Development RB, 5.60 07/01/2026 0 482 0 482
Series B, GOC
-----------------------------------------------------
5,172 3,621 0 8,793
NORTH CAROLINA
4,000 0 0 4,000 North Carolina Eastern Municipal 5.70 1/1/2017 3,705 0 0 3,705
Power Revenue Series B
0 375 0 375 North Carolina State Eastern 4.00 01/01/2018 0 313 0 313
Municipal Power Agency RB, Series A,
ETM
0 1,000 0 1,000 North Carolina State Eastern 6.00 01/01/2022 0 1,059 0 1,059
Municipal Power Agency RB, Series A,
Pre-refunded @ 100 (A)
0 500 0 500 North Carolina State Medical Care 4.75 10/01/2026 0 414 0 414
Commission RB, Firsthealth of the
Carolinas
0 500 0 500 North Carolina State Municipal Power 6.00 01/01/2020 0 487 0 487
Agency RB, Series B
-----------------------------------------------------
3,705 2,273 0 5,978
NORTH DAKOTA
0 255 0 255 Fargo, Multi-Family Housing RB 7.13 02/01/2026 0 237 0 237
0 260 0 260 North Dakota State Housing Finance 5.95 07/01/2017 0 262 0 262
Agency RB, Home Mortgage, Series C,
AMT
0 335 0 335 North Dakota State Housing Finance 6.10 07/01/2028 0 335 0 335
Agency RB, Home Mortgage, Series C,
AMT
-----------------------------------------------------
0 834 0 834
OHIO
2,000 0 0 2,000 Pike County OH Hospital Facilities 7.00 7/1/2022 1,836 0 0 1,836
Revenue Pike Health Services
Incorporated Project
0 500 0 500 Butler, Hospital Facilities RB, 5.00 11/15/2028 0 398 0 398
Middletown Hospital
0 1,000 0 1,000 Erie, Franciscan Service RB, 6.00 01/01/2013 0 986 0 986
Providence Hospital
0 250 0 250 Johnstown, Waterworks System RB 6.00 12/01/2017 0 242 0 242
0 600 0 600 Mason, Tax Increment Financing 5.30 12/01/2018 0 541 0 541
Authority, J. W. Harris Development
Ltd. Project, LOC
0 76 0 76 Montgomery, Special Assessment GO, 6.00 12/01/2017 0 77 0 77
Montgomery Woods Project
0 500 0 500 Oak Hills, Local School District GO, 5.70 12/01/2025 0 495 0 495
Series A
0 400 0 400 Perrysburg, School District GO, 5.35 12/01/2025 0 378 0 378
Exempt Village School District
-----------------------------------------------------
1,836 3,117 0 4,953
OKLAHOMA
200 0 0 200 Pryor Creek OK, EDA Mortgage Revenue 7.13 7/1/2021 202 0 0 202
Series A
365 0 0 365 Tulsa County OK HFA Mortgage Revenue 7.55 5/1/2023 373 0 0 373
GNMA Collateralized Series B
405 0 0 405 Tulsa County OK HFA Mortgage Revenue 7.10 6/1/2022 414 0 0 414
GNMA Collateralized Series C
1,245 0 0 1,245 Tulsa OK IDA Revenue University of 6.00 10/1/2016 1,321 0 0 1,321
Tulsa Series A MBIA Insured
-----------------------------------------------------
2,310 0 0 2,310
OREGON
1,500 0 0 1,500 Klamath Falls OR Electric Revenue 5.88 1/1/2016 1,343 0 0 1,343
Lien-Klamath Cogen
8,500 0 0 8,500 Klamath Falls OR Electric Revenue 6.00 1/1/2025 7,475 0 0 7,475
Lien-Klamath Cogen Project
1,000 0 0 1,000 Oregon State Health Housing 5.25 10/1/2016 781 0 0 781
Educational & Cultural Facilities
Authority
2,000 0 0 2,000 Washington County OR Housing 6.13 7/1/2029 1,811 0 0 1,811
Authority Revenue Affordable Housing
Pool Series A
0 500 0 500 Lane, School District # 52, School 5.63 06/15/2020 0 501 0 501
Board Guaranty GO
0 500 0 500 Oregon State Economic Development 5.70 12/01/2025 0 442 0 442
RB, Pacific Corporation Project,
Series 183, AMT
-----------------------------------------------------
11,410 943 0 12,353
PENNSYLVANIA
2,000 0 0 2,000 Carbon County PA Industrial 6.70 5/1/2012 2,002 0 0 2,002
Development Authority Revenue
Panther Creek Partners Project
2,250 0 0 2,250 Chester County PA Health & Education 5.38 5/15/2027 1,885 0 0 1,885
Facilities Authority Revenue
Jefferson Health System Series B
4,230 0 0 4,230 Cumberland County PA Municipal 6.80 11/15/2023 3,854 0 0 3,854
Authority Revenue Carlisle Hospital
& Health
1,375 0 0 1,375 Montgomery County PA Higher 6.60 7/1/2010 1,351 0 0 1,351
Education & Health Authority Revenue
Montgomery Hospital Medical Center
Project Series B
500 0 0 500 Pennsylvania State Higher Education 7.05 10/1/2016 536 0 0 536
Assistance Agency Student Loan
Revenue Series A AMBAC Insured
6,000 0 0 6,000 Pennsylvania State Higher Education 7.60 3/1/2022 6,120 0 0 6,120
Assistance Agency Student Loan
Revenue Series A AMBAC Insured+/-
4,500 0 0 4,500 Philadelphia PA School District GO 4.50 4/1/2023 3,702 0 0 3,702
Series A MBIA Insured
0 500 0 500 Allegheny, Hospital Development 5.75 05/15/2017 0 413 0 413
Authority RB, St Francis Medical
Center Project
0 500 0 500 Allentown, Hospital Authority RB, 6.75 11/15/2014 0 493 0 493
Sacred Heart Hospital of Allentown
0 500 0 500 Dauphin, General Authority Office 6.00 01/15/2025 0 446 0 446
RB, Office & Packaging Project,
Series A
0 500 0 500 Delaware, Hospital Authority RB, 6.00 12/15/2020 0 431 0 431
Crozer-Chester Medical Center
0 100 0 100 Pennsylvania State GO 9.00 10/01/2000 0 101 0 101
0 750 0 750 Pennsylvania State Housing Finance 6.88 10/01/2024 0 778 0 778
Agency RB, Single Family Mortgage,
Series 39B, AMT
0 1,250 0 1,250 Pennsylvania State Housing Finance 5.80 10/01/2029 0 1,214 0 1,214
Agency RB, Single Family Mortgage,
Series 59A, GOA, AMT
0 500 0 500 Scranton-Lackawanna, Health & 6.25 07/01/2020 0 431 0 431
Welfare Authority RB, Moses Taylor
Hospital Project
0 500 0 500 Warren, Hospital Authority RB, 6.90 04/01/2011 0 504 0 504
Warren General Hospital Project,
Series A, GOH
0 500 0 500 Washington, Hospital Authority RB, 7.35 06/01/2003 0 499 0 499
Canonsburg General Hospital Project,
Pre-refunded @ 102 (A)
-----------------------------------------------------
19,450 5,310 0 24,760
PUERTO RICO
0 0 735 735 Puerto Rico Commonwealth Highway & 6.25 07/01/2016 0 0 823 823
Transportation Authority Highway RB,
Series Z, FSA
0 0 400 400 Puerto Rico Commonwealth Highway & 6.25 07/01/2013 0 0 446 446
Transportation Authority Highway RB,
Series Z, MBIA
0 0 500 500 Puerto Rico Commonwealth Highway & 6.25 07/01/2014 0 0 558 558
Transportation Authority Highway RB,
Series Y, FSA
0 0 250 250 Puerto Rico Commonwealth Highway & 5.50 07/01/2026 0 0 249 249
Transportation Authority Highway RB,
Series Y, MBIA
-----------------------------------------------------
0 0 2,076 2,076
RHODE ISLAND
0 325 0 325 Rhode Island Depositors Economic 6.38 08/01/2022 0 357 0 357
Protection Corporation, Special
Obligation RB, Series A, ETM
0 150 0 150 Rhode Island State, Convention 5.75 05/15/2020 0 151 0 151
Center Authority RB, Series A, AMBAC
0 1,000 0 1,000 Rhode Island State Housing & 5.95 04/01/2029 0 986 0 986
Mortgage Finance RB, Series 23, AMT
------------------------------
0 1,494 0 1,494
SOUTH CAROLINA
8,800 0 0 8,800 Connector 2000 Association 5.73 1/1/2017 2,466 0 0 2,466
Incorporated SC Toll Road Revenue
Southern Connector Project Series
B
9,100 0 0 9,100 Connector 2000 Association 5.75 1/1/2018 2,349 0 0 2,349
Incorporated SC Toll Road Revenue
Southern Connector Project Series B
9,400 0 0 9,400 Connector 2000 Association 5.75 1/1/2019 2,245 0 0 2,245
Incorporated SC Toll Road Revenue
Southern Connector Project Series
B
1,000 0 0 1,000 Loris SC Community Hospital District 5.63 1/1/2029 805 0 0 805
Hospital Revenue Series B South
Carolina State Connector 2000
Association RB, Toll Road
0 500 0 500 Project, (B) 5.85 + 01/01/2031 0 49 0 49
0 1,000 0 1,000 University of South Carolina RB, MBIA 5.75 06/01/2026 0 1,003 0 1,003
-------------------------------
7,865 1,052 0 8,917
SOUTH DAKOTA
3,500 0 0 3,500 South Dakota State HEFA Revenue 7.30 4/1/2016 3,545 0 0 3,545
Huron Regional Medical Center
0 500 0 500 South Dakota State Health & 7.25 04/01/2020 0 508 0 508
Education Facilities RB, Huron
Regional Medical Center -------------------------------
3,545 508 0 4,053
TENNESSEE
14,250 0 0 14,250 Metropolitan Governments of 5.72 6/1/2021 3,468 0 0 3,468
Nashville & Davidson County TN
Health & Educational Facilities
Revenue Volunteer Health Care
0 500 0 500 Nashville & Davidson Counties, 5.00 08/01/2012 0 474 0 474
Health & Education Facility RB,
Open Arms Development Center -------------------------------
3,468 474 0 3,942
TEXAS
320 0 0 320 Baytown TX Housing Finance 8.50 9/1/2011 354 0 0 354
Corporation SFMR Series 1992 A
1,535 0 0 1,535 Beaumont TX Housing Finance 9.20 3/1/2012 1,729 0 0 1,729
Corporation Revenue Brazos
River Authority TX Utilities
2,900 0 0 2,900 Revenue Houston Industries 5.13 5/1/2019 2,665 0 0 2,665
Incorporated Project Series A
2,000 0 0 2,000 Columbia & Brazoria TX Independent 4.75 2/1/2025 1,697 0 0 1,697
School District GO PSFG Insured
1,145 0 0 1,145 Corpus ChristiTX HFA Housing Revenue 7.70 7/1/2011 1,210 0 0 1,210
Series A MBIA Insured
2,150 0 0 2,150 Cypress Fairbanks TX Independent 4.75 2/15/2022 1,843 0 0 1,843
School District PSFG Insured
2,395 0 0 2,395 Desoto TX Housing Finance 7.00 2/1/2025 2,633 0 0 2,633
Corporation MFHR Windsor Foundation
Project Series A
180 0 0 180 El Paso TX Housing Finance 8.75 10/1/2011 197 0 0 197
Corporation SFMR Series A
2,000 0 0 2,000 Fort Bend TX Independent School 5.38 2/15/2024 1,891 0 0 1,891
District Public School Financed
Insured
220 0 0 220 Galveston County TX Property Finance 8.50 9/1/2011 237 0 0 237
Authority Incorporated SFMR Series A
1,300 0 0 1,300 Grape Creek-Pulliam TX Independent 7.25 5/15/2021 1,374 0 0 1,374
School District Public Facilities
Corporation GO
1,115 0 0 1,115 Harlandale TX Independent School 5.50 10/15/2012 1,069 0 0 1,069
District Public Facilities
Corporation Lease Revenue
Educational Facilities Revenue
3,690 0 0 3,690 Houston TX Housing Finance 8.00 6/1/2014 3,927 0 0 3,927
Corporation SFMR Series A-1
2,250 0 0 2,250 Houston TX Housing Finance 8.00 6/1/2014 2,418 0 0 2,418
Corporation SFMR Series B-1
1,000 0 0 1,000 La Porte TX GO Independent School 4.25 2/15/2018 820 0 0 820
District PSFG Insured
1,000 0 0 1,000 La Porte TX GO Independent School 4.25 2/15/2019 810 0 0 810
District PSFG Insured
3,075 0 0 3,075 Lufkin TX Health Facilities 6.88 2/15/2026 2,842 0 0 2,842
Development Corporation Health
System Revenue Memorial Health
System of East Texas
1,005 0 0 1,005 Port Arthur TX Housing Finance 8.70 3/1/2012 1,101 0 0 1,101
Corporation SFMR
4,180 0 0 4,180 San Antonio TX Higher Education 7.13 11/1/2015 4,398 0 0 4,398
Authority Incorporated Educational
Facilities Revenue
2,200 0 0 2,200 Texas State Department of Housing & 8.10 9/1/2015 2,392 0 0 2,392
Community Affairs SFMR Series A
1,040 0 0 1,040 Texas State PFA Building Revenue 4.50 2/1/2017 886 0 0 886
State Preservation Board Series A
AMBAC Insured
295 0 0 295 Travis County TX Housing Finance 7.00 12/1/2011 303 0 0 303
Corporation Residential Mortgage
Revenue GNMA/FNMA Mortgage Backed
Securities Series A
0 500 0 500 Beaumont, Multi-Family Housing RB, 6.45 06/15/2022 0 506 0 506
Park Shadows Project, FNMA
0 325 0 325 Carroll, Independent School District 6.75 08/15/2020 0 371 0 371
GO, PSFG
0 700 0 700 Denison, Hospital Authority 6.13 08/15/2017 0 586 0 586
RB,Texoma Medical Center Project
0 500 0 500 Harris County, Industrial 6.95 02/01/2022 0 516 0 516
Development RB, Gatx Terminals
Project
0 200 0 200 Socorro, Independent School District 5.75 02/15/2021 0 210 0 210
GO
0 160 0 160 Texarkana, Health Facilities RB, 6.00 10/01/2017 0 168 0 168
Wadley Regional Medical Center,
Series B, MBIA
---------------------------------
36,796 2,357 0 39,153
UTAH
1,450 410 0 1,860 Salt Lake County UT EDFA Revenue 5.75 10/1/2027 1,313 383 0 1,696
Westminster College Project
1,100 0 0 1,100 Utah State Board Regents Student 6.70 11/1/2015 1,140 0 0 1,140
Loan Revenue Amortized Series H
500 0 0 500 Utah State Board Regents Student 7.45 11/1/2008 515 0 0 515
Loan Revenue Series F
5 0 0 5 Utah State HFA SFMR Series D2 6.45 1/1/2011 5 0 0 5
11,500 0 0 11,500 Weber County UT Hospital Revenue IHC 5.00 8/15/2030 9,835 0 0 9,835
Health Service Incorporated AMBAC
Insured
0 500 0 500 Provo City, Housing Authority RB, 5.80 07/20/2022 0 492 0 492
Lookout Pointe Apartments, GNMA
0 275 0 275 Salt Lake City, Metropolitan Water 4.10 08/01/2004 0 247 0 247
Division RB, FGIC
0 250 0 250 Utah State Building Ownership 5.50 05/15/2019 0 250 0 250
Authority Lease RB, Student
Facilities Master Lease, Series C,
FSA
0 75 0 75 Utah State Housing Finance Agency 6.80 01/01/2012 0 78 0 78
RB, Single Family Mortgage, FHA
0 1,000 0 1,000 Weber County, Municipal Building 5.75 12/15/2019 0 1,004 0 1,004
Authority RB, MBIA
-------------------------------
12,808 2,454 0 15,262
VERMONT
0 365 0 365 Vermont State Housing Finance Agency 6.00 05/01/2037 0 364 0 364
RB, Series 9, MBIA, AMT
0 900 0 900 Vermont State Student Assistance 6.70 12/15/2012 0 946 0 946
Financing RB, Series B, FSA, AMT
-------------------------------
0 1,310 0 1,310
VIRGINIA
3,000 0 0 3,000 Fairfax County VA Redevelopment & 7.60 10/1/2036 3,105 0 0 3,105
Housing Authority MFHR Burke Shire
Commons
0 1,000 0 1,000 Chesapeake Bay Bridge and Tunnel 5.50 07/01/2025 0 995 0 995
Commission RB, General Resolution,
MBIA
-------------------------------
3,105 995 0 4,100
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WASHINGTON
1,748 0 0 1,748 Kitsap County WA Housing Authority 7.10 8/20/2016 1,947 0 0 1,947
Revenue MFHR Bonds Low Income
Housing Collaterized by GNMA
6,205 0 0 6,205 Port Longview WA Revenue Series A 5.00 12/1/2014 5,567 0 0 5,567
1,100 0 0 1,100 Vancouver WA Housing Authority 5.65 3/1/2031 930 0 0 930
Revenue Springbrook Square
2,750 0 0 2,750 Washington Public Power Supply 6.00 7/1/2007 2,894 0 0 2,894
System Power Revenue Nuclear
Project #2 Series A
4,000 0 0 4,000 Washington State Housing Finance 5.25 7/1/2002 3,990 0 0 3,990
Commission Nonprofit Housing Revenue
Ocean Ridge Apartments Project
Series A
1,145 0 0 1,145 Washington State Housing Finance 7.10 7/1/2022 1,169 0 0 1,169
Commission SFMR GNMA/FNMA
Collateralized Series E
2,000 0 0 2,000 Washington State Public Power Supply 5.13 7/1/2018 1,830 0 0 1,830
System Power Revenue Nuclear Project
#2 Series A
4,980 0 0 4,980 Washington State University 5.38 6/1/2029 4,626 0 0 4,626
Washington Education Lease Revenue
4225 Roosevelt Project Series A
3,000 0 0 3,000 Yakima County WA School District 6.75 12/1/2006 3,301 0 0 3,301
#007 GO MBIA Insured
0 500 0 500 Clark County, School District # 98 6.15 12/01/2015 0 528 0 528
GO, MBIA
0 110 0 110 King County GO, MBIA 6.13 01/01/2033 0 112 0 112
0 820 0 820 Pilchuck, State Development RB, 6.00 08/01/2023 0 781 0 781
Tramco Project, AMT
0 1,000 0 1,000 Seattle, Low Income Housing 7.40 11/20/2036 0 1,111 0 1,111
Assistance Authority RB, Kin On
Project, GNMA
0 500 0 500 Seattle, Water Systems RB, Series B, 6.00 07/01/2029 0 509 0 509
FGIC
0 220 0 220 Snohomish County, Public Utility RB, 6.00 01/01/2018 0 223 0 223
District # 001, FGIC
0 110 0 110 Stevens County, Water Power RB, 6.00 12/01/2023 0 105 0 105
Kettle Project
0 250 0 250 Washington State GO, Series B & At-7 6.40 06/01/2017 0 276 0 276
Washington State Housing Finance RB,
Seattle University
0 250 0 250 Washington State Housing Finance RB, 5.30 07/01/2031 0 226 0 226
Seattle University Auxiliary
Services Project, LOC
--------------------------------
26,254 3,871 0 30,125
WASHINGTON D.C.
Washington DC Convention Center
8,300 0 0 8,300 Authority Dedicated Tax Revenue 4.75 10/1/2028 6,851 0 0 6,851
WEST VIRGINIA
West Virginia State Hospital
Financing Authority RB, Fairmont
0 140 0 140 General Hospital, GOH 6.75 03/01/2014 0 138 0 138
WISCONSIN
Wisconsin Center District Tax
1,750 0 0 1,750 Revenue JR Dedicated FSA Insured 5.25 12/15/2023 1,655 0 0 1,655
Wisconsin Center District Tax
4,950 0 0 4,950 Revenue JR Dedicated FSA Insured 5.25 12/15/2027 4,643 0 0 4,643
0 145 0 145 Wisconsin State GO, Series D, AMT 5.80 05/01/2020 0 145 0 145
Wisconsin State Health & Education
Facilities RB, Franciscan Skemp
0 1,000 0 1,000 Medical Center 6.13 11/15/2015 0 1,034 0 1,034
Wisconsin State Housing & Economic
0 550 0 550 Development RB, Series A, GOA 6.00 09/01/2015 0 558 0 558
--------------------------------
6,298 1,737 0 8,035
WYOMING
Jackson, National Rural Utilities
RB, Lower Valley Power & Light,
0 500 0 500 Series B, AMT 5.88 05/01/2026 0 488 0 488
0 600 0 600 Teton County, Hospital District RB 5.80 12/01/2017 0 593 0 593
Wyoming State Community Development
0 420 0 420 Authority RB, Series 4, AMT 5.85 06/01/2028 0 409 0 409
Wyoming State Community Development
0 1,000 0 1,000 Authority RB, Series A, FHA 6.00 06/01/2023 0 1,003 0 1,003
--------------------------------
0 2,493 0 2,493
TOTAL MUNICIPAL BONDS 309,574 67,349 30,680 407,603
SHARES
-------------------------------------------
CLOSED-END MUTUAL FUNDS
60,485 0 0 60,485 Black Rock Strategic Municipal Trust 760 0 0 760
357,724 0 0 357,724 Dreyfus Municipal Income Fund 2,705 0 0 2,705
75,530 0 0 75,530 Dreyfus Strategic Municipal Bond Fund 609 0 0 609
261,246 0 0 261,246 Dreyfus Strategic Municipals Fund 2,090 0 0 2,090
8,585 0 0 8,585 Eaton Vance Municipal Income Trust 93 0 0 93
100,136 0 0 100,136 Municipal Advantage Fund Incorporated 1,114 0 0 1,114
24,112 0 0 24,112 Municipal Partners Fund 285 0 0 285
115,082 0 0 115,082 Nuveen Dividend Advantage Municipal Fund 1,410 0 0 1,410
189,766 0 0 189,766 Nuveen Insured Municipal Opportunity Fund 2,467 0 0 2,467
105,143 0 0 105,143 Nuveen Premium Income Municipal Fund 1,255 0 0 1,255
91,608 0 0 91,608 Seligman Select Municipal Fund 859 0 0 859
57,005 0 0 57,005 Van Kampen Advantage Municipal Income Trust 723 0 0 723
42,976 0 0 42,976 Van Kampen Advantage Municipal Income Trust II 492 0 0 492
80,979 0 0 80,979 Van Kampen Trust for Investment Grade 1,088 0 0 1,088
--------------------------------
15,950 0 0 15,950
SHORT-TERM INVESTMENTS
6,223,900 0 0 6,223,900 Wells Fargo National Tax-Free Money Market Fund 6,224 0 0 6,224
SEI Tax-Exempt Trust Institutional
0 1,517 294,979 296,496 Tax-Free Portfolio 0 1,517 295 1,812
-------------------------------
6,224 1,517 295 8,036
TOTAL INVESTMENTS, AT MARKET VALUE $331,748 $68,866 $ 30,975 $431,589
==================================
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
TOTAL INVESTMENTS, AT COST $329,732 $71,848 $ 31,647 $433,227
+ Yield-to-maturity
</TABLE>
(1) It is not expected that any of the securities will have to be sold as a
result of the merger.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-13
<PAGE>
WELLS FARGO FUNDS - INCOME FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of May 31, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo
Achievement Income Fund
Wells Fargo Intermediate Term Pro Forma Pro Forma
Income Fund Bond Fund Adjustments Combined
----------------- ----------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below) $ 389,347 $ 153,957 $ 543,304
Collateral for securities loaned 177,507 0 177,507
Receivables:
Interest 6,712 2,517 9,229
Fund shares sold 1,692 210 1,902
Prepaid expenses and other assets 16 77 93
Total Assets 575,274 156,761 732,035
LIABILITIES
Payables:
Securities loaned 177,507 0 177,507
Investment securities purchased 0 778 778
Distributions to shareholders 1,884 0 1,884
Fund shares redeemed 233 63 296
Due to distributor 40 0 40
Due to advisor and affiliates 222 0 222
Other 164 241 405
Total Liabilities 180,050 1,082 181,132
TOTAL NET ASSETS $ 395,224 $ 155,679 $ 550,903
Net assets consist of:
Paid-in capital $ 448,471 $ 163,924 $ 612,395
Undistributed net investment income (loss) 0 0 0
Undistributed net realized gain (loss)
on investments (31,054) (3,153) (34,207)
Net unrealized appreciation (depreciation)
of investments (22,193) (5,092) (27,285)
TOTAL NET ASSETS $ 395,224 $ 155,679 $ 550,903
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 16,894 $ 1,176 $ 18,070
Shares outstanding - Class A 1,908 117 15 (2) 2,040
Net asset value per share - Class A $ 8.86 $ 10.06 $ 8.86
Maximum offering price per share - Class A $ 9.28 $ 10.42 $ 9.28
Net assets - Class B $ 8,611 $ 8,611
Shares outstanding - Class B 974 974
Net asset value and offering price per
share - Class B $ 8.84 $ 8.84
Net assets - Institutional Class $ 369,719 $ 154,503 $ 524,222
Shares outstanding - Institutional Class 41,786 15,391 2,071 (2) $ 59,248
Net asset value and offering price per
share - Institutional Class $ 8.85 $ 10.04 $ 8.85
INVESTMENT AT COST $ 411,540 $ 159,049 $ 570,589
</TABLE>
--------------------------------------------------------------------------------
(1) The information presented for the Achievement Intermediate Term Bond Fund is
as of July 31, 2000, the Fund's latest semi-annual reporting date. Based on the
Fund's low portfolio turnover rate and stable asset size, Management believes
the information presented is representative of the Fund's balance sheet and
portfolio holdings as of May 31, 2000.
(2) Share adjustments based on surviving Fund NAV.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-14
<PAGE>
WELLS FARGO FUNDS - INCOME FUND
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended May 31, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo
Achievement Income Fund
Wells Fargo Intermediate Term Pro Forma Pro Forma
Income Fund Bond Fund Adjustments Combined
----------------- ----------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 29,484 $ 10,758 $ 40,242
Securities lending income 154 0 154
Total Investment Income 29,638 10,758 40,396
EXPENSES
Advisory fees 1,982 972 (147) (2) 2,807
Administration fees 520 324 (2) (2) 842
Custody fees 71 55 * (14) (2) 112
Shareholder servicing fees 37 0 27 (2) 64
Portfolio accounting fees 85 0 33 (2) 118
Transfer agency fees 489 0 198 (2) 687
Distribution fees 64 4 ** (3) (2) 65
Legal and audit fees 26 37 (31) (2) 32
Registration fees 49 59 (39) (2) 69
Directors' fees 5 14 (14) (2) 5
Shareholder reports 45 34 (16) (2) 63
Other 35 13 0 (2) 48
Total Expenses 3,408 1,512 (8) 4,912
Less:
Waived fees and reimbursed expenses fees (306) (293) 27 (2) (572)
Net expenses 3,102 1,219 19 4,340
NET INVESTMENT INCOME (LOSS) 26,536 9,539 (19) 36,056
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments (18,974) (1,012) (19,986)
Net change in unrealized appreciation
or depreciation of investments (8,738) (1,661) (10,399)
Net Gain (Loss) on Investments (27,712) (2,673) (30,385)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (1,176) $ 6,866 (19) $ 5,671
</TABLE>
--------------------------------------------------------------------------------
* Includes transfer agency fees
** Includes shareholder servicing fees
(1) The information presented for the Achievement Intermediate Term Bond Fund is
for the year ended July 31, 2000, the Fund's latest semi-annual reporting date.
Based on the Fund's stable portfolio and level fee/expense structure, Management
believes the information presented is representative of the Fund's statement of
operations for the twelve months ended May 31, 2000.
(2) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or elimination of duplicative services.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-15
<PAGE>
WELLS FARGO FUNDS - INCOME FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of May 31, 2000 (Unaudited) (Note 1)
<TABLE>
<CAPTION>
Principal ($000's) Market Value ($000's)
---------------------------------- ----------------------------------
WF
WF Income Income
Achievement Fund Achievement Fund
WF Income Intermediate- Pro Forma Coupon Maturity WF Income Intermediate- Pro Forma
Fund Term Bond Fund Combined Security Name Rate Date Fund Term Bond Fund Combined
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSET BACKED SECURITIES
$ 5,000 $ 0 $ 5,000 Discover Card Master Trust I 6.64 9/16/2005 $ 5,002 $ 0 $ 5,002
925 0 925 First USA Consumer Trust Class A 6.50 9/15/2002 922 0 922
Green Tree Financial Corporation Series
7,000 0 7,000 1997-6 A7 7.14 1/15/2029 6,688 0 6,688
320 0 320 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/2024 320 0 320
1,355 0 1,355 Van Kampen CLO-I 6.57 10/8/2007 1,362 0 1,362
Champion Home Equity Loan Trust, Series
0 2,000 2,000 1997-2, Cl A3 6.770 03/25/2015 0 1,972 1,972
Olympic Automobile Receivables Trust, Series
0 2,000 2,000 1996-B, Cl A5 6.900 02/15/2004 0 1,998 1,998
WFS Financial Owner Trust, Series
0 2,000 2,000 1998-B, Cl A4 6.050 04/20/2003 0 1,977 1,977
-----------------------------------
14,294 5,947 20,241
COLLATERALIZED MORTGAGE OBLIGATIONS
554 0 554 Saco I Incorporated Series 1997-2 7.00 8/25/1936 548 0 548
American Southwest Financial Securities,
0 1,182 1,182 Series 1996-FHA1, Cl A2 7.000 11/25/2038 0 1,162 1,162
Donaldson Lufkin Jenrette Mortgage
0 3,000 3,000 Acceptance, Series 1996-CF2, Cl A1B (A) 7.290 11/12/2021 0 2,991 2,991
Donaldson Lufkin Jenrette Mortgage
0 2,000 2,000 Acceptance, Series 1997-CF1, Cl A1B (A) 7.600 04/15/2007 0 2,009 2,009
General Motors Acceptance,
Commercial Mortgage Securities, Series
0 3,000 3,000 1999-C1, Cl A2 6.175 05/15/2033 0 2,742 2,742
Lehman Brothers Commercial Conduit Mortgage
0 3,000 3,000 Trust, Series 1998-C1, Cl B 6.590 02/18/2030 0 2,795 2,795
-----------------------------------
548 11,699 12,247
CORPORATE BONDS & NOTES
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS
541 0 541 Tommy Hilfiger 6.50 6/1/2003 408 0 408
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS
774 0 774 Pep Boys 6.71 11/3/2004 494 0 494
0 1,000 1,000 TRW 6.450 06/15/2001 0 993 993
-----------------------------------
494 993 1,487
AUTOMOTIVE REPAIR, SERVICES & PARKING
5,000 0 5,000 Hertz Corporation 7.63 8/15/2007 4,894 0 4,894
BUILDING PRODUCTS
0 2,000 2,000 CSR America 6.875 07/21/2005 0 1,933 1,933
BUSINESS SERVICES
5,000 0 5,000 First Data Corporation 6.38 12/15/2007 4,631 0 4,631
5,968 0 5,968 Oracle Corporation 6.72 2/15/2004 5,759 0 5,759
----------------------------------
10,390 0 10,390
CHEMICALS & ALLIED PRODUCTS
5,000 0 5,000 E. I. Du Pont de Nemours & Company 6.88 10/15/2009 4,737 0 4,737
1,000 0 1,000 IMC Global Incorporated 7.63 11/1/2005 969 0 969
6,800 0 6,800 Merck & Company Incorporated 6.40 3/1/2028 5,942 0 5,942
5,000 0 5,000 Procter & Gamble Company 6.60 12/15/2004 4,844 0 4,844
----------------------------------
16,492 0 16,492
COMMUNICATIONS
3,000 0 3,000 AT&T Capital Corporation 6.75 12/1/2000 2,992 0 2,992
4,500 0 4,500 LCI International Incorporated 7.25 6/15/2007 4,196 0 4,196
Qwest Communications International
2,000 0 2,000 Incorporated 7.50 11/1/2008 1,883 0 1,883
5,000 0 5,000 WorldCom Incorporated 8.00 5/15/2006 5,000 0 5,000
----------------------------------
14,071 0 14,071
DEPOSITORY INSTITUTIONS
3,500 0 3,500 Bank United Corporation 8.00 3/15/2009 3,041 0 3,041
4,500 0 4,500 BankBoston Corporation 6.88 7/15/2003 4,365 0 4,365
3,000 0 3,000 Bankers Trust New York Company 7.38 5/1/2008 2,835 0 2,835
194 0 194 Golden State Holdings 7.13 8/1/2005 169 0 169
5,000 0 5,000 Key Bank NA 6.50 4/15/2008 4,506 0 4,506
250 0 250 Midland Bank PLC 6.95 3/15/2011 225 0 225
5,000 0 5,000 NationsBank Corporation 7.80 9/15/2016 4,756 0 4,756
2,500 0 2,500 Society Corporation 8.13 6/15/2002 2,513 0 2,513
0 1,000 1,000 Bank of America 7.625 04/15/2005 0 1,002 1,002
0 2,000 2,000 Bank of America 7.125 05/01/2006 0 1,955 1,955
0 1,000 1,000 Citicorp 7.125 06/01/2003 0 992 992
0 1,000 1,000 First Tennessee Bank 5.750 12/01/2008 0 850 850
0 1,000 1,000 First Union 7.050 08/01/2005 0 971 971
0 1,000 1,000 KeyCorp 7.250 06/01/2005 0 980 980
----------------------------------
22,410 6,750 29,160
ELECTRIC, GAS & SANITARY SERVICES
147 0 147 Niagara Mohawk Power 7.38 7/1/2003 144 0 144
725 0 725 Texas Utilities Company 6.20 10/1/2002 703 0 703
774 0 774 Williams Companies Incorporated 6.13 2/15/2002 750 0 750
0 1,000 1,000 Consolidated Edison 6.375 04/01/2003 0 983 983
0 1,000 1,000 Consolidated Edison 6.150 07/01/2008 0 915 915
0 1,000 1,000 Monogahela Power, MTN 7.360 01/15/2010 0 979 979
0 1,000 1,000 Pacific Gas & Electric, MTN 6.680 03/19/2003 0 986 986
0 1,000 1,000 Philadelphia Electric 6.625 03/01/2003 0 979 979
0 1,000 1,000 Public Service Electric & Gas 6.500 05/01/2004 0 968 968
0 1,000 1,000 Rochester Gas & Electric, MTN 6.375 07/30/2003 0 967 967
0 1,000 1,000 Scana, MTN 6.250 07/08/2003 0 966 966
-----------------------------------
1,597 7,743 9,340
ENERGY
3,300 0 3,300 Midamerican Energy Holdings 6.96 9/15/2003 3,160 0 3,160
FOOD & KINDRED PRODUCTS
4,000 0 4,000 Anheuser Busch Companies 9.00 12/1/2009 4,330 0 4,330
1,500 0 1,500 Flowers Industries Incorporated 7.15 4/15/2028 1,043 0 1,043
774 0 774 Whitman Corporation 7.29 9/15/2026 760 0 760
0 1,000 1,000 Diageo PLC 7.125 09/15/2004 0 990 990
0 1,000 1,000 Nabisco 6.700 06/15/2002 0 974 974
0 1,000 1,000 Sara Lee, MTN 7.400 03/22/2002 0 1,000 1,000
-----------------------------------
6,133 2,964 9,097
FOREIGN DEPOSITORY INSTITUTIONS
3,000 0 3,000 Korea Development Bank 7.13 4/22/2004 2,858 0 2,858
GENERAL MERCHANDISE STORES
5,000 0 5,000 Saks Incorporated 7.50 12/1/2010 3,869 0 3,869
5,000 0 5,000 Target Corporation 7.50 2/15/2005 4,981 0 4,981
0 1,000 1,000 J.C. Penney, MTN 7.050 05/23/2005 0 894 894
0 1,000 1,000 Sears Roebuck Acceptance 6.950 05/15/2002 0 991 991
0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.580 11/20/2003 0 971 971
0 2,000 2,000 Target 7.500 07/15/2006 0 1,983 1,983
0 1,000 1,000 Wal-Mart Stores 6.500 06/01/2003 0 989 989
-----------------------------------
8,850 5,828 14,678
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT
6,861 0 6,861 Dell Computer Corporation 7.10 4/15/2028 5,969 0 5,969
4,000 0 4,000 IBM Corporation 8.38 11/1/2019 4,275 0 4,275
-----------------------------------
10,244 0 10,244
INDUSTRIAL SERVICES
3,000 0 3,000 Gruma SA de CV 7.63 10/15/2007 2,520 0 2,520
INSURANCE CARRIERS
8,000 0 8,000 AMBAC Incorporated 9.38 8/1/2011 8,620 0 8,620
968 0 968 Reliastar Financial Corporation 7.13 3/1/2003 945 0 945
968 0 968 Terra Nova (U.K.) Holdings 7.20 8/15/2007 916 0 916
0 2,000 2,000 Aetna Services 6.750 08/15/2001 0 1,985 1,985
-----------------------------------
10,481 1,985 12,466
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS
387 0 387 Mallinckrodt Incorporated 6.30 3/15/2001 380 0 380
NONDEPOSITORY CREDIT INSTITUTIONS
4,500 0 4,500 Dresdner Funding Trust I 8.15 6/30/1931 3,769 0 3,769
6,000 0 6,000 General Electric Capital Corporation 8.70 2/15/2003 6,173 0 6,173
5,000 0 5,000 General Electric Capital Corporation 8.63 6/15/2008 5,281 0 5,281
0 1,000 1,000 Chase Manhattan 8.125 06/15/2002 0 1,014 1,014
0 1,000 1,000 Chase Manhattan 6.375 02/15/2008 0 927 927
0 1,000 1,000 Associates of North America, MTN 6.810 08/03/2001 0 996 996
0 1,000 1,000 Associates of North America, MTN 7.540 04/14/2004 0 999 999
0 1,000 1,000 Capital One Bank 7.080 10/30/2001 0 994 994
0 1,000 1,000 CitiFinancial 6.875 05/01/2002 0 995 995
0 1,000 1,000 Ford Motor Credit 8.000 06/15/2002 0 1,011 1,011
0 1,000 1,000 Ford Motor Credit 7.750 03/15/2005 0 1,004 1,004
0 1,000 1,000 General Motors Acceptance, MTN 7.250 05/15/2003 0 996 996
0 1,000 1,000 Household Finance 7.650 05/15/2007 0 985 985
0 1,000 1,000 J.P. Morgan 7.250 01/15/2002 0 999 999
0 1,000 1,000 Lehman Brothers Holdings 6.125 07/15/2003 0 957 957
-----------------------------------
15,223 11,877 27,100
PETROLEUM PRODUCTS & SERVICES
0 1,000 1,000 Kerr-McGee 6.625 10/15/2007 0 931 931
PRIMARY METAL INDUSTRIES
194 0 194 CSC Holdings Incorporated 7.25 7/15/2008 174 0 174
4,000 0 4,000 CSC Holdings Incorporated 7.63 7/15/2018 3,370 0 3,370
-----------------------------------
3,544 0 3,544
RAILROADS
0 1,000 1,000 CSX Transportation 7.540 03/15/2003 0 1,000 1,000
REAL ESTATE
4,500 0 4,500 Rouse Company 8.50 1/15/2003 4,506 0 4,506
RENTAL EQUIPMENT
0 2,000 2,000 Hertz 7.000 07/01/2004 0 1,960 1,960
0 1,040 1,040 Ryder System, MTN 7.340 11/01/2000 0 1,036 1,036
-----------------------------------
0 2,996 2,996
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
1,161 0 1,161 Charles Schwab Corporation 6.88 9/2/2003 1,130 0 1,130
5,000 0 5,000 Goldman Sachs Group Incorporated 7.50 1/28/2005 4,894 0 4,894
5,000 0 5,000 Lehman Brothers Holdings Incorporated 8.50 8/1/2015 4,894 0 4,894
-----------------------------------
10,918 0 10,918
TECHNOLOGY
1,819 0 1,819 Massachusetts Institute of Technology 7.25 11/2/1996 1,673 0 1,673
TELEPHONES & TELECOMMUNICATIONS
0 1,000 1,000 AT&T 6.750 04/01/2004 0 979 979
0 1,000 1,000 GTE California 5.500 01/15/2009 0 863 863
0 1,000 1,000 Qwest 5.625 11/15/2008 0 865 865
0 1,000 1,000 SBC Communications 7.000 07/15/2004 0 989 989
0 1,000 1,000 SBC Communications Capital 5.750 09/01/2004 0 946 946
0 1,000 1,000 Telstra Ltd. 6.500 07/31/2003 0 978 978
-----------------------------------
0 5,620 5,620
TRANSPORTATION BY AIR
5,000 0 5,000 Delta Airlines Incorporated 8.30 12/15/2029 4,225 0 4,225
736 0 736 Federal Express Series 97-B 7.52 1/15/2018 704 0 704
1,200 0 1,200 Southwest Airlines Company 7.88 9/1/2007 1,195 0 1,195
-----------------------------------
6,124 0 6,124
TRANSPORTATION EQUIPMENT
10,000 0 10,000 DaimlerChrysler 7.40 1/20/2005 9,825 0 9,825
2,000 0 2,000 Federal-Mogul Corporation 7.75 7/1/2006 1,440 0 1,440
-----------------------------------
11,265 0 11,265
UTILITY-ELECTRIC
387 0 387 Calenergy Company Incorporated 7.23 9/15/2005 365 0 365
WATER TRANSPORTATION
1,161 0 1,161 Royal Caribbean Cruises 7.13 9/18/2002 1,112 0 1,112
WHOLESALE TRADE - NONDURABLE GOODS
4,500 0 4,500 Staples Incorporated 7.13 8/15/2007 4,151 0 4,151
TOTAL CORPORATE BONDS & NOTES 174,263 50,620 224,883
YANKEE BONDS
0 1,000 1,000 Dow Capital 7.125 01/15/2003 0 993 993
0 2,000 2,000 Walt Disney 6.750 03/30/2006 0 1,955 1,955
0 500 500 Worldcom 6.125 08/15/2001 0 494 494
-----------------------------------
0 3,442 3,442
MUNICIPAL BONDS
Hudson County NJ Import Authority Facilities
774 0 774 Leasing RV FSA insured 7.40 12/1/2025 719 0 719
Western Minnesota Power Agency RV Series A
778 0 778 AMBAC Insured 6.33 1/1/2002 766 0 766
-----------------------------------
1,485 0 1,485
U.S. GOVERNMENT AGENCY SECURITIES
FEDERAL FARM CREDIT BANK
0 2,000 2,000 Federal Farm Credit Bank, MTN 7.310 11/05/2007 0 2,025 2,025
FEDERAL HOME LOAN BANK
0 1,000 1,000 Federal Home Loan Bank 7.280 07/25/2001 0 1,004 1,004
0 1,000 1,000 Federal Home Loan Bank 7.390 08/22/2001 0 1,005 1,005
0 1,000 1,000 Federal Home Loan Bank 5.600 10/28/2003 0 959 959
0 1,000 1,000 Federal Home Loan Bank 7.380 08/05/2004 0 1,013 1,013
0 1,000 1,000 Federal Home Loan Bank 6.250 08/13/2004 0 974 974
0 1,000 1,000 Federal Home Loan Bank 6.375 08/15/2006 0 969 969
0 3,035 3,035 Federal Home Loan Bank 6.185 05/06/2008 0 2,870 2,870
0 2,000 2,000 Federal Home Loan Bank 5.450 01/12/2009 0 1,787 1,787
0 3,000 3,000 Federal Home Loan Bank 7.375 02/12/2010 0 3,049 3,049
-----------------------------------
0 13,630 13,630
FEDERAL HOME LOAN MORTGAGE CORPORATION
4,957 0 4,957 FHLMC # C00920 7.00 2/1/1930 4,710 0 4,710
968 0 968 FHLMC Series T-20 Class A6 7.49 9/25/2029 942 0 942
0 2,000 2,000 FHLMC 5.750 07/15/2003 0 1,937 1,937
0 1,000 1,000 FHLMC 6.795 12/01/2003 0 995 995
0 1,000 1,000 FHLMC 5.900 02/14/2006 0 950 950
0 2,000 2,000 FHLMC 6.450 04/29/2009 0 1,865 1,865
0 2,000 2,000 FHLMC 7.020 06/23/2009 0 1,928 1,928
0 2,500 2,500 FHLMC 7.625 09/09/2009 0 2,453 2,453
-----------------------------------
5,652 10,128 15,780
FEDERAL NATIONAL MORTGAGE ASSOCIATION
4,500 0 4,500 FNMA 7.13 2/15/2005 4,451 0 4,451
4,740 0 4,740 FNMA 6.25 5/15/2029 4,118 0 4,118
4,856 0 4,856 FNMA 7.50 9/1/2029 4,714 0 4,714
3,000 0 3,000 FNMA 7.13 1/15/1930 2,915 0 2,915
6,593 0 6,593 FNMA #253008 8.00 11/1/2029 6,537 0 6,537
1 0 1 FNMA #303414 6.50 7/1/2002 1 0 1
665 0 665 FNMA #408118 6.50 1/1/2028 615 0 615
861 0 861 FNMA #415414 6.50 2/1/2028 797 0 797
4,594 0 4,594 FNMA #492910+/- 7.50 1/1/2029 4,461 0 4,461
4,840 0 4,840 FNMA #520842 8.00 11/1/2029 4,799 0 4,799
0 1,000 1,000 FNMA 5.750 04/15/2003 0 971 971
0 2,000 2,000 FNMA 4.750 11/14/2003 0 1,874 1,874
0 1,000 1,000 FNMA 6.375 06/15/2009 0 949 949
0 1,000 1,000 FNMA, MTN 6.760 07/16/2007 0 965 965
0 977 977 FNMA 6.440 05/01/2008 0 942 942
-----------------------------------
33,408 5,701 39,109
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
4,971 0 4,971 GNMA 7.50 1/15/2029 4,881 0 4,881
4,895 0 4,895 GNMA # 2824 7.00 10/20/2029 4,677 0 4,677
1,154 0 1,154 GNMA #473918 7.00 4/15/2028 1,107 0 1,107
4,573 0 4,573 GNMA # 491192 7.00 2/15/2029 4,388 0 4,388
3,361 0 3,361 GNMA #780626 7.00 8/15/2027 3,228 0 3,228
-----------------------------------
18,281 0 18,281
TOTAL U.S. GOVERNMENT AGENCY SECURITIES 57,341 31,484 88,825
U.S. TREASURY SECURITIES
U.S. TREASURY BONDS
6,500 0 6,500 U.S. Treasury Bonds 10.75 5/15/2003 7,183 0 7,183
4,000 0 4,000 U.S. Treasury Bonds 11.88 11/15/2003 4,623 0 4,623
13,500 0 13,500 U.S. Treasury Bonds 10.75 8/15/2005 15,885 0 15,885
5,000 0 5,000 U.S. Treasury Bonds 6.50 2/15/2010 5,072 0 5,072
7,000 0 7,000 U.S. Treasury Bonds 11.25 2/15/2015 10,121 0 10,121
1,000 0 1,000 U.S. Treasury Bonds 10.63 8/15/2015 1,397 0 1,397
14,500 0 14,500 U.S. Treasury Bonds 8.88 8/15/2017 18,129 0 18,129
9,000 0 9,000 U.S. Treasury Bonds 8.13 8/15/2019 10,662 0 10,662
5,000 0 5,000 U.S. Treasury Bonds 7.88 2/15/2021 5,836 0 5,836
6,500 0 6,500 U.S. Treasury Bonds 8.13 8/15/2021 7,786 0 7,786
10,000 0 10,000 U.S. Treasury Bonds 7.50 11/15/2024 11,411 0 11,411
2,000 0 2,000 U.S. Treasury Bonds 7.63 2/15/2025 2,314 0 2,314
2,000 0 2,000 U.S. Treasury Bonds 6.13 8/15/2029 1,992 0 1,992
0 2,000 2,000 U.S. Treasury Bonds 7.125 02/15/2023 0 2,249 2,249
0 2,000 2,000 U.S. Treasury Bonds 6.250 08/15/2023 0 2,041 2,041
-----------------------------------
102,411 4,290 106,701
U.S. TREASURY NOTES
2,000 0 2,000 U.S. Treasury Notes 6.38 3/31/2001 1,994 0 1,994
2,000 1,000 3,000 U.S. Treasury Notes 7.88 8/15/2001 2,025 1014 3,039
17,500 0 17,500 U.S. Treasury Notes 7.50 5/15/2002 17,731 0 17,731
11,000 0 11,000 U.S. Treasury Notes 9.88 11/15/2015 14,617 0 14,617
0 2,500 2,500 U.S. Treasury Notes 6.375 09/30/2001 0 2,498 2,498
0 1,000 1,000 U.S. Treasury Notes 7.500 11/15/2001 0 1,013 1,013
0 6,000 6,000 U.S. Treasury Notes 6.125 12/31/2001 0 5,974 5,974
0 2,000 2,000 U.S. Treasury Notes 6.500 03/31/2002 0 2,002 2,002
0 4,000 4,000 U.S. Treasury Notes 6.250 08/31/2002 0 3,991 3,991
0 1,000 1,000 U.S. Treasury Notes 6.250 02/15/2003 0 998 998
0 3,000 3,000 U.S. Treasury Notes 5.500 05/31/2003 0 2,936 2,936
0 2,000 2,000 U.S. Treasury Notes 5.375 06/30/2003 0 1,951 1,951
0 1,000 1,000 U.S. Treasury Notes 5.750 08/15/2003 0 985 985
0 3,000 3,000 U.S. Treasury Notes 5.875 02/15/2004 0 2,964 2,964
0 1,000 1,000 U.S. Treasury Notes 7.500 02/15/2005 0 1,048 1,048
0 2,000 2,000 U.S. Treasury Notes 6.500 08/15/2005 0 2,024 2,024
0 1,000 1,000 U.S. Treasury Notes 5.875 11/15/2005 0 985 985
0 1,000 1,000 U.S. Treasury Notes 6.875 05/15/2006 0 1,032 1,032
0 2,000 2,000 U.S. Treasury Notes 7.000 07/15/2006 0 2,077 2,077
0 5,000 5,000 U.S. Treasury Notes 6.500 10/15/2006 0 5,072 5,072
0 3,000 3,000 U.S. Treasury Notes 6.250 02/15/2007 0 3,010 3,010
0 3,000 3,000 U.S. Treasury Notes 6.125 08/15/2007 0 2,990 2,990
-----------------------------------
36,367 44,564 80,931
TOTAL U.S. TREASURY SECURITIES 138,778 48,854 187,632
Shares
----------------------------------
SHORT-TERM INSTRUMENTS
2,638,229 0 2,638,229 Wells Fargo Cash Investment Fund 2,638 0 2,638
0 1,910,929 1,910,929 SEI Daily Income Trust Money Market Portfolio 0 1,911 1,911
-----------------------------------
2,638 1,911 4,549
TOTAL INVESTMENTS, AT MARKET VALUE $389,347 $153,957 $543,304
===================================
TOTAL INVESTMENTS, AT COST $411,540 $159,049 $570,589
===================================
</TABLE>
(1) It is not expected that any of the securities will have to be sold as a
result of the merger.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-16
<PAGE>
WELLS FARGO FUNDS - STABLE INCOME FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of May 31, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Stable
Income Fund
Wells Fargo Stable Achievement Short Pro Forma Pro Forma
Income Fund Term Bond Fund Adjustments Combined
----------------- ------------------ ------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below) $ 202,795 (2) $ 28,170 $ 230,965
Cash 0 988 988
Receivables:
Interest 0 437 437
Fund shares sold 96 311 407
Organization expenses, net of amortization 0 0 0
Prepaid expenses and other assets 0 65 65
Total Assets 202,891 29,971 232,862
LIABILITIES
Payables:
Investment securities purchased 0 1,014 1,014
Distributions to shareholders 0 135 135
Fund shares redeemed 80 9 89
Due to distributor 18 0 18
Due to advisor and affiliates 4 0 4
Other 70 101 171
Total Liabilities 172 1,259 1,431
TOTAL NET ASSETS $ 202,719 $ 28,712 $ 231,431
Net assets consist of:
Paid-in capital $ 212,405 $ 31,683 $ 244,088
Undistributed net investment income (loss) 236 0 236
Undistributed net realized gain (loss)
on investments (7,627) (2,545) (10,172)
Net unrealized appreciation (depreciation)
of investments (2,295) (426) (2,721)
TOTAL NET ASSETS $ 202,719 $ 28,712 $ 231,431
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 8,912 $ 182 $ 9,094
Shares outstanding - Class A 878 19 (1) (3) 896
Net asset value per share - Class A $ 10.15 $ 9.81 $ 10.15
Maximum offering price per share - Class A $ 10.30 $ 9.96 $ 10.30
Net assets - Class B $ 2,449 $ 2,449
Shares outstanding - Class B 241 241
Net asset value and offering price per
share - Class B $ 10.14 $ 10.15
Net assets - Institutional Class $ 191,358 $ 28,530 $ 219,888
Shares outstanding - Institutional Class 18,850 2,905 (95) (3) 21,660
Net asset value and offering price per
share - Institutional Class $ 10.15 $ 9.82 $ 10.15
INVESTMENT AT COST $ 205,090 $ 28,596 $ 233,686
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The information presented for the Achievement Short Term Bond Fund is as of
July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's
low portfolio turnover rate and stable asset size, Management believes the
information presented is representative of the Fund's balance sheet and
portfolio holdings as of May 31, 2000.
(2) The Stable Income Fund invest all of its investable assets in an affiliated
Core Portfolio. The Core Portfolio directly acquires portfolio securities and
the Stable Income Fund acquires an indirect interest in those securities.
(3) Share adjustments based on surviving Fund NAV.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-17
<PAGE>
WELLS FARGO FUNDS - STABLE INCOME FUND
PRO FORMA STATEMENT OF OPERATIONS
For the Year Ended May 31, 2000 (Note 1) (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Stable
Income Fund
Wells Fargo Stable Achievement Short Pro Forma Pro Forma
Income Fund Term Bond Fund Adjustments Combined
------------------ ----------------- ----------- -----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 12,265 $ 1,954 $ 14,219
Securities lending income 16 0 16
Net expenses allocated from Core Portfolios (941) 0 146 (2) (795)
Total Investment Income 11,340 1,954 13,440
EXPENSES
Advisory fees 0 189 (189) (2) 0
Administration fees 217 63 69 (2) 349
Custody fees 0 48 * (48) (2) 0
Shareholder servicing fees 16 0 14 (2) 30
Portfolio accounting fees 50 0 17 (2) 67
Transfer agency fees 244 0 38 (2) 282
Distribution fees 19 1 ** (1) (2) 19
Legal and audit fees 10 7 (5) (2) 12
Registration fees 27 18 (14) (2) 31
Directors' fees 4 3 (3) (2) 4
Shareholder reports 15 10 (8) (2) 17
Other 19 5 (2) (2) 22
Total Expenses 621 344 (132) 833
Less:
Waived fees and reimbursed expenses fees (218) (108) 326 (2) 0
Net expenses 403 236 194 833
NET INVESTMENT INCOME (LOSS) 10,937 1,718 (48) 12,607
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of
investments (701) (123) (824)
Net change in unrealized appreciation
or depreciation of Investments (1,632) (133) (1,765)
Net Gain (Loss) on Investments (2,333) (256) (2,589)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 8,604 $ 1,462 (48) $ 10,018
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes transfer agency fees
** Includes shareholder servicing fees
(1) The information presented for the Achievement Short Term Bond Fund is for
the year ended July 31, 2000, the Fund's latest semi-annual reporting date.
Based on the Fund's stable portfolio and level fee/expense structure, Management
believes the information presented is representative of the Fund's statement of
operations for the twelve months ended May 31, 2000.
(2) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or elimination of duplicative services.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-18
<PAGE>
WELLS FARGO FUNDS - STABLE INCOME FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of May 31, 2000 (Unaudited) (Note 1)
<TABLE>
<CAPTION>
Principal ($000's) Market Value ($000's)
--------------------------------------- ------------------------------
WF Stable
WF Stable Income
Income Fund
Achievement Fund WF Stable Achievement Pro
WF Stable Income Short-Term Pro Forma Coupon Maturity Income Short-Term Forma
Fund Bond Fund Combined Security Description Rate Date Fund Bond Fund Combined
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSET BACKED SECURITIES
$ 2,917 $ 0 $ 2,917 Aesop Funding II LLC Series 1997-1 A1 6.22 10/20/2001 $ 2,914 $ 0 2,914
212 0 212 AFC Home Equity Loan Trust Series 1995-2 A1 6.75 7/25/2026 211 0 211
2,975 0 2,975 Capital Auto Receivables Asset Trust Series 6.30 5/15/2004 2,930 0 2,930
1999-2 A4
5,000 0 5,000 Chase Credit Card Master Trust Series 1998-6 A 6.78 9/15/2004 5,016 0 5,016
5,000 0 5,000 Chevy Chase Master Credit Card Trust Series 6.92 10/16/2006 5,021 0 5,021
1998 Class A
2,500 0 2,500 Discover Master Card Trust I Series 1997-4 6.59 4/16/2003 2,500 0 2,500
1,256 0 1,256 EQCC Home Equity Loan Trust Series 1995-3A4 7.10 2/15/2012 1,248 0 1,248
3,637 0 3,637 EQCC Home Equity Loan Trust Series 1998-4 A1F 6.57 1/15/2029 3,666 0 3,666
204 0 204 First Merchants Grantor Trust Series 1996-2 A 6.85 11/15/2001 204 0 204
5,000 0 5,000 First USA Credit Card Master Trust Series 6.73 4/15/2003 5,001 0 5,001
1995-5 A
5,000 0 5,000 First USA Credit Card Master Trust Series 7.01 10/19/2006 4,984 0 4,984
1999-1 B
4,100 0 4,100 Fleet Credit Card Master Trust Series 1996-C 6.27 11/15/2003 4,100 0 4,100
Class A
3,505 0 3,505 Household Consumer Loan Trust Series 1997-1 6.87 3/15/2007 3,504 0 3,504
Class A3
4,691 0 4,691 Household Consumer Loan Trust Series 1997-2 6.53 11/15/2007 4,661 0 4,661
Class A3
18 0 18 Keystone Home Improvement Loan Trust Series 6.99 4/25/2014 18 0 18
1997-P2 Class IA3
750 0 750 Loop Funding Master Trust I Series 1997-AER 7.19 12/26/2007 746 0 746
Class B1
4,500 0 4,500 Loop Funding Master Trust Series 1997-A144 7.19 12/26/2007 4,478 0 4,478
Class B1
5,500 0 5,500 MBNA Master Credit Card Trust Series 1998-I 6.81 10/15/2003 5,513 0 5,513
Class A
4,000 0 4,000 Premier Auto Trust Series 1997-1 Class B 6.55 9/6/2003 3,976 0 3,976
3,800 0 3,800 Rental Car Finance Corporation Series 1997-1 6.45 8/25/2005 3,677 0 3,677
A2
1,926 0 1,926 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/2024 1,927 0 1,927
-----------------------------
66,297 0 66,297
COLLATERALIZED MORTGAGE OBLIGATIONS
726 0 726 Commercial Loan Funding Trust Series I Class A 6.92 8/15/2005 723 0 723
21 0 21 DLJ Mortgage Acceptance Corporation Series 6.41 2/8/2000 21 0 21
1998-STF1 Class A1
2,827 0 2,827 GMAC #1996 C1 A1 6.91 2/15/2006 2,819 0 2,819
362 0 362 Independent National Mortgage Corporation 8.84 12/25/2024 374 0 374
Series 1994 V Class M
1,039 0 1,039 Independent National Mortgage Corporation 8.72 1/25/2025 1,077 0 1,077
Series 1994 X Class A2
2,854 0 2,854 Independent National Mortgage Corporation 7.34 4/25/2025 2,864 0 2,864
Series 1995 E Class A1
3,500 0 3,500 Mall of America Capital Company LLC Series 6.30 3/12/2005 3,500 0 3,500
200-1 A
1,721 0 1,721 Merrill Lynch Mortgage Investors Incorporated 6.83 6/15/2018 1,719 0 1,719
2,943 0 2,943 Merrill Lynch Mortgage Investors Incorporated 6.75 9/15/2023 2,941 0 2,941
Series 1993-F A3
184 0 184 Merrill Lynch Mortgage Investors Incorporated 8.20 1/25/2005 183 0 183
Series 1994-I
2,086 0 2,086 MLCC Mortgage Investors Incorporated Series 6.93 7/15/2019 2,087 0 2,087
1994 A Class A3
3,910 0 3,910 Nationslink Funding 6.48 9/10/2007 3,909 0 3,909
109 0 109 Residential Funding Mortgage Security Series 6.94 8/25/2021 109 0 109
1991 21 BA
16 0 16 RTC Series 1991 M6 A3 8.56 6/25/2021 16 0 16
190 0 190 RTC Series 1991-6 E 11.61 5/25/2024 189 0 189
1,040 0 1,040 RTC Series 1992-18P A4 7.58 4/25/2028 1,040 0 1,040
4,278 0 4,278 RTC Series 1994-1 Class A5 7.28 9/25/2029 4,284 0 4,284
782 0 782 RTC Series 1995-1 A3 7.06 10/25/2028 783 0 783
2,479 0 2,479 SASCO 99-C3 A 7.01 10/21/2013 2,483 0 2,483
3,927 0 3,927 Vendee Mortgage Trust Series 1993-1 Class E 7.00 1/15/2016 3,917 0 3,917
-----------------------------
35,038 0 35,038
CORPORATE BONDS & NOTES
Apparel & Other Finished Products Made From
Fabrics & Similar Materials
3,400 0 3,400 V.F. Corporation 9.50 5/1/2001 3,464 0 3,464
Business Services
3,250 0 3,250 First Data Corporation 6.82 9/18/2001 3,222 0 3,222
1,825 0 1,825 Sun Microsystems Incorporated 7.00 8/15/2002 1,798 0 1,798
-----------------------------
5,020 0 5,020
Chemicals & Allied Products
3,100 0 3,100 Monsanto Company 5.38 12/1/2001 3,017 0 3,017
Communications
2,500 0 2,500 Bell Atlantic Financial 6.30 3/21/2002 2,498 0 2,498
2,000 0 2,000 Cox Communications Incorporated 7.00 8/15/2001 1,978 0 1,978
1,000 0 1,000 Sprint Corporation 8.13 7/15/2002 1,009 0 1,009
2,000 0 2,000 Viacom Incorporated 6.75 1/15/2003 1,945 0 1,945
2,000 0 2,000 WorldCom Incorporated 7.05 11/26/2001 1,998 0 1,998
-----------------------------
9,428 0 9,428
Domestic Depository Institutions
4,000 0 4,000 BankAmerica Corporation 8.13 2/1/2002 4,025 0 4,025
4,037 0 4,037 Chase Manhattan Corporation 10.13 11/1/2000 4,087 0 4,087
2,490 0 2,490 Citicorp 9.50 2/1/2002 2,571 0 2,571
2,500 0 2,500 Corestates Capital Corporation 9.63 2/15/2001 2,541 0 2,541
2,735 0 2,735 Firstar Bank Milwaukee 6.25 12/1/2002 2,639 0 2,639
2,000 0 2,000 FleetBoston Financial Group 6.46 3/27/2003 1,995 0 1,995
4,000 0 4,000 Mellon Financial Company 9.75 6/15/2001 4,080 0 4,080
2,650 0 2,650 US Bank NA North Dakota 6.58 6/20/2001 2,645 0 2,645
0 1,000 1,000 Bank One, MTN 6.70 03/15/2002 0 989 989
0 1,000 1,000 KeyCorp, MTN 6.75 05/29/2001 0 995 995
-----------------------------
24,583 1,984 26,567
Eating & Drinking Places
4,000 0 4,000 McDonald's Corporation 6.00 6/23/2002 3,880 0 3,880
Electric, Gas & Sanitary Services
2,000 0 2,000 El Paso Natural Gas 7.75 1/15/2002 1,995 0 1,995
0 375 375 Northern Illinois Gas 6.45 8/1/2001 0 373 373
0 1,000 1,000 Scottish Power PLC, MTN 7.25 09/09/2002 0 998 998
-----------------------------
1,995 1,371 3,366
Food & Kindred Products
5,350 0 5,350 Whitman Corporation 7.50 8/15/2001 5,330 0 5,330
Food Stores
3,350 0 3,350 Kroger Company 7.13 10/1/2000 3,348 0 3,348
Holding & Other Investment Offices
5,000 0 5,000 Main Place Real Estate Investment 6.94 5/28/2002 4,990 0 4,990
Industrial & Commercial Machinery & Computer
Equipment
2,400 0 2,400 Tyco International Limited 6.50 11/1/2001 2,373 0 2,373
Insurance
0 1,000 1,000 Aetna Services 6.75 08/15/2001 0 993 993
Measuring, Analyzing, and Controlling
Instruments; Photographic, Medical & Optical
Goods
1,600 0 1,600 Bausch & Lomb Incorporated 6.15 8/1/2001 1,564 0 1,564
Miscellaneous Retail
2,900 0 2,900 Rite Aid Corporation 6.70 12/15/2001 2,378 0 2,378
0 1,000 1,000 J.C. Penney, MTN 6.38 09/15/2000 0 996 996
0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.40 09/25/2000 0 999 999
-----------------------------
2,378 1,995 4,373
Nondepository Credit Institutions
3,850 0 3,850 Caterpillar Financial Services 6.69 8/1/2002 3,850 0 3,850
3,900 0 3,900 Ford Capital BV 9.38 5/15/2001 3,959 0 3,959
3,200 0 3,200 General Electric Capital Corporation 6.29 12/15/2001 3,152 0 3,152
1,500 0 1,500 Transamerica Financial 6.41 6/20/2000 1,500 0 1,500
1,000 0 1,000 Transamerica Financial 6.36 6/26/2000 1,000 0 1,000
2,700 0 2,700 USAA Capital Corporation 6.90 11/1/2002 2,656 0 2,656
0 1,000 1,000 Bear Stearns 6.75 05/01/2001 0 994 994
0 1,000 1,000 Beneficial, MTN 6.33 12/18/2000 0 998 998
0 1,000 1,000 International Lease Finance 5.45 01/04/2002 0 971 971
0 1,000 1,000 John Deere Capital, MTN 6.15 08/01/2000 0 1,000 1,000
-----------------------------
16,117 3,963 20,080
Oil & Gas Extraction
2,000 0 2,000 Enron Corporation 9.13 4/1/2003 2,050 0 2,050
Paper & Paper Products
0 1,000 1,000 Mead Corporaton 6.60 03/01/2002 0 991 991
Security & Commodity Brokers, Dealers,
Exchanges & Service
2,000 0 2,000 Charles Schwab Corporation 7.36 4/25/2002 1,985 0 1,985
2,750 0 2,750 Merrill Lynch & Company Incorporated 6.70 5/30/2001 2,750 0 2,750
2,375 0 2,375 Paine Webber Group Incorporated 6.36 6/26/2001 2,364 0 2,364
0 1,000 1,000 Goldman Sachs Group LP 6.20 12/15/2000 0 997 997
0 1,000 1,000 Merrill Lynch 6.50 04/01/2001 0 996 996
-----------------------------
7,099 1,993 9,092
Stone, Clay, Glass & Concrete Products
3,475 0 3,475 Newell Company 6.18 7/11/2000 3,475 0 3,475
Telephones & Telecommunications
0 1,000 1,000 Lucent Technologies 6.90 07/15/2001 0 1,001 1,001
Transportation By Air
4,000 0 4,000 Southwest Airlines Company 9.40 7/1/2001 4,080 0 4,080
Transportation Services
4,000 0 4,000 Daimler Chrysler 6.67 9/25/2001 3,945 0 3,945
Wholesale Trade-Nondurable Goods
1,750 0 1,750 Safeway Incorporated 7.00 9/15/2002 1,717 0 1,717
TOTAL CORPORATE BONDS & NOTES 109,853 14,291 124,144
YANKEE BONDS
0 1,000 1,000 General Motors Acceptance 5.50 01/14/2002 0 976 976
0 1,000 1,000 Household Finance 8.00 05/09/2005 0 1,010 1,010
-----------------------------
0 1,986 1,986
MUNICIPAL BONDS & NOTES
3,300 0 3,300 Connecticut State GO Bonds Taxable Series A 5.70 1/15/2001 3,272 0 3,272
2,215 0 2,215 Cow Creek Bank Umpqua Tribe of Indians AMBAC 6.20 7/1/2003 2,135 0 2,135
Insured
3,145 0 3,145 Denver CO City and County SD #1 Educational 6.34 12/15/2000 3,132 0 3,132
Facilities RV Taxable Pension School
Facilities Lease AMBAC insured
2,000 0 2,000 Hudson County NJ GO Bonds FSA insured 6.09 9/1/2005 1,929 0 1,929
2,005 0 2,005 Michigan State Taxable-Clean Initiative GO 6.75 11/1/2002 1,989 0 1,989
Bonds Series B
5,000 0 5,000 New York NY GO Bonds 6.10 8/1/2001 4,904 0 4,904
4,000 0 4,000 New York State GO Bonds Series C 6.13 3/1/2002 3,918 0 3,918
2,200 0 2,200 North Carolina State Taxable-Public 6.70 3/1/2001 2,189 0 2,189
Improvement GO Bonds Series B
2,590 0 2,590 Seattle WA GO Bonds Series B 7.10 1/15/2004 2,571 0 2,571
1,870 0 1,870 Washington State GO Bonds State Housing Trust 6.60 1/1/2001 1,864 0 1,864
Fund Series T
-----------------------------
27,903 0 27,903
U.S. GOVERNMENT AGENCY OBLIGATIONS
Federal Home Loan Bank
0 1,000 1,000 Federal Home Loan Bank 5.44 01/29/2002 0 979 979
0 2,000 2,000 Federal Home Loan Bank 6.08 07/08/2002 0 1,971 1,971
0 1,000 1,000 Federal Home Loan Bank 7.25 02/28/2003 0 1,001 1,001
0 1,000 1,000 Federal Home Loan Bank 7.25 05/13/2005 0 1,010 1,010
-----------------------------
0 4,961 4,961
Federal Home Loan Mortgage Corporation
4,000 0 4,000 FHLMC #1192 I 7.50 1/15/2007 3,995 0 3,995
83 0 83 FHLMC #410220 7.20 10/1/2025 83 0 83
3,634 0 3,634 FHLMC #786614 6.08 8/1/2025 3,491 0 3,491
5,011 0 5,011 FHLMC #786702 5.78 6/1/2029 4,904 0 4,904
486 0 486 FHLMC #845151 7.03 6/1/2022 496 0 496
156 0 156 FHLMC #846367 7.52 4/1/2029 160 0 160
5,000 0 5,000 FHLMC #2091 NA 5.50 3/15/2004 4,937 0 4,937
5,000 0 5,000 FHLMC #2091 PC 6.00 6/15/2016 4,793 0 4,793
0 1,000 1,000 FHLMC 6.25 10/15/2002 0 987 987
-----------------------------
22,859 987 23,846
Federal National Mortgage Association
153 0 153 FNMA #331866 7.54 12/1/2025 155 0 155
179 0 179 FNMA #318464 7.49 4/1/2025 182 0 182
188 0 188 FNMA #46698 6.89 12/1/2015 189 0 189
202 0 202 FNMA #220706 6.61 6/1/2023 204 0 204
504 0 504 FNMA #321051 6.97 8/1/2025 513 0 513
1,024 0 1,024 FNMA #155506 8.18 4/1/2022 1,046 0 1,046
1,611 0 1,611 FNMA #1994 M2 A 6.63 2/25/2001 1,601 0 1,601
1,892 0 1,892 FNMA #190815 6.21 7/1/2017 1,840 0 1,840
2,481 0 2,481 FNMA #519047 5.93 9/1/2029 2,488 0 2,488
14,502 0 14,502 FNMA #535236 6.00 9/1/2006 13,751 0 13,751
15,000 0 15,000 FNMA 5.38 3/15/2002 14,539 0 14,539
6,229 0 6,229 FNMA 1991 146 6,272 0 6,272
6,200 0 6,200 FNMA 1999-19 6,094 0 6,094
7,100 0 7,100 FNMA 1999-19 7,023 0 7,023
0 1,000 1,000 FNMA, MTN 5.41 02/04/2002 0 975 975
0 1,000 1,000 FNMA, MTN 6.50 09/05/2002 0 987 987
-----------------------------
55,897 1,962 57,859
Government National Mortgage Association
4,353 0 4,353 GNMA #780533 7.00 7/15/2008 4,243 0 4,243
Small Business Administration
30 0 30 SBA #501973 10.63 12/25/2001 31 0 31
49 0 49 SBA #500276 10.88 5/25/2007 53 0 53
54 0 54 SBA #500025 8.88 12/25/2010 56 0 56
55 0 55 SBA #502974 9.63 1/25/2010 58 0 58
64 0 64 SBA #502083 8.88 11/25/2004 66 0 66
75 0 75 SBA #502966 10.23 5/25/2015 81 0 81
78 0 78 SBA #500569 10.88 6/25/2008 84 0 84
88 0 88 SBA #502241 8.88 4/25/2003 89 0 89
109 0 109 SBA #500299 10.88 6/25/2007 117 0 117
163 0 163 SBA #502583 10.23 9/25/2003 168 0 168
278 0 278 SBA #501224 7.75 6/25/2015 286 0 286
283 0 283 SBA #500957 9.25 7/25/2014 300 0 300
316 0 316 SBA #500664 8.88 3/25/2004 324 0 324
527 0 527 SBA #503405 9.38 5/25/2013 562 0 562
856 0 856 SBA #503664 9.47 1/25/2013 910 0 910
1,043 0 1,043 SBA #503658 10.13 9/25/2010 1,120 0 1,120
1,708 0 1,708 SBA #503611 8.88 12/25/2021 1,807 0 1,807
-----------------------------
6,112 0 6,112
Tennessee Valley Authority
3,020 0 3,020 TVA 6.24 7/15/2045 2,978 0 2,978
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 92,091 7,910 100,001
U.S. TREASURY OBLIGATIONS
0 1,000 1,000 U.S. Treasury Notes 6.38 09/30/2001 0 999 999
0 1,000 1,000 U.S. Treasury Notes 6.13 12/31/2001 0 996 996
0 1,000 1,000 U.S. Treasury Notes 6.25 01/31/2002 0 998 998
-----------------------------
0 2,993 2,993
SHORT-TERM INVESTMENTS
5,509 0 5,509 Banc of America Securities LLC Pooled 5,509 0 5,509
0 919,181 919,181 SEI Daily Income Trust Money Market Portfolio 0 919 919
0 71,174 71,174 SEI Daily Income Trust Prime Obligation
Portfolio 0 71 71
-----------------------------
5,509 990 6,499
SUB-TOTALS $ 336,682 $ 28,170 $364,852
PORTION OF CORE PORTFOLIO NOT OWNED BY STABLE
INCOME FUND (133,887) 0(133,887)
TOTAL INVESTMENTS, AT MARKET VALUE $ 202,795 $ 28,170 $230,965
=============================
TOTAL INVESTMENTS, AT COST $ 205,090 $ 28,596 $233,686
=============================
</TABLE>
(1) It is not expected that any of the securities will have to be sold as a
result of the merger.
[THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See
Page B-20]
B-19
<PAGE>
Wells Fargo Funds
Notes to Pro Forma Financial Statements (Unaudited)
1) Basis of Combination
The accompanying unaudited Pro Forma Combining Portfolio of Investments,
Statements of Assets and Liabilities and the Statement of Operations reflect the
accounts of The Achievement Funds Trust ("Achievement") and certain funds within
the Wells Fargo Funds Trust ("Wells Fargo") as of, and for the periods specified
in the statements. These pro forma statements have been derived from the annual
and semi-annual reports of Achievement and Wells Fargo.
Wells Fargo Bank, N.A. has agreed to pay all expenses of the reorganization so
Achievement or Wells shareholders will not bear these costs.
The pro forma statements give effect to the proposed transfer of assets and
liabilities for the following fund mergers:
Achievement Fund Wells Fund
---------------- ----------
Equity Fund Growth Fund (1)
Balanced Fund Asset Allocation Fund (1)
Municipal Bond Fund National Tax-Free Fund (1)
Idaho Municipal Bond Fund National Tax-Free Fund (1)
Intermediate Term Bond Fund Income Fund (1)
Short Term Bond Fund Stable Income Fund (1)
(1) For each merger transaction, the respective Wells Fargo Fund will be the
accounting and the legal survivor.
Under generally accepted accounting principles, the historical cost of the
investment securities will be carried forward to the surviving entity. The pro
forma statements have been prepared utilizing proposed fee data and historical
data of the Achievement and Wells Fargo Funds.
The Pro Forma Portfolio of Investments, Statement of Assets and Liabilities and
Statement of Operations should be read in conjunction with the historical
financial statements of Achievement and Wells Fargo.
Pro forma adjusted annual investment advisory fee rates used were .75% for WF
Growth Fund, .80% for WF Asset Allocation Fund, .40% for WF National Tax-Free
Fund and .50% for the WF Income and Stable Income Funds.
Pro forma adjusted administration fees were computed based on the annual rate of
.15% of average daily net assets of the Funds.
Pro forma adjusted transfer agency fees were calculated on a per shareholder
account basis.
Pro forma adjusted custody fees were computed based on an annual rate of .02% of
average daily net assets.
Pro forma adjusted shareholder servicing fees were computed based on an annual
rate of .25% for Class A and Class B average daily net assets.
Pro forma distribution fees were computed based on an annual rate of .75% of
Class B and Class C average daily net assets.
The pro forma adjustments to portfolio accounting and directors' fees reflect
contracts of the Funds.
The pro forma adjustments to legal and audit, registration, and shareholder
report costs reflect the estimated differences resulting from having a single
entity with a greater level of net assets and number of shareholders, savings
due to economies of scale and decreases in certain expenses duplicated between
the funds.
2) Portfolio Valuation
Investments in securities in the pro forma financial statements are valued in
accordance with the descriptions in their respective prospectuses.
3) Investment Objectives and Policies
The pro forma financial statements do not reflect the effects, if any, of the
proposed differing investment objectives and policies of certain of the Funds.
B-20
<PAGE>
PART C
OTHER INFORMATION
Item 15. INDEMNIFICATION.
Incorporated by reference to Item 15 of the Trust's Registration Statement on
Form N-14, filed November 3, 2000 (File Nos. 333-49224; 811-09253).
C-1
<PAGE>
Item 16. EXHIBITS.
All references to the "Registration Statement" in the following list of
Exhibits refer to the Registrant's Registration Statement on Form N-1A (File
Nos. 333-74295; 811-09253).
Exhibit Number Description
(1) Amended and Restated Declaration of Trust dated August 19,
1999, is incorporated by reference to Post-Effective Amendment
No. 8 to the Registration Statement, filed on December 17,
1999.
(2) Not applicable
(3) Not Applicable.
(4) Form of Agreement and Plan of Reorganization, is incorporated
by reference to Exhibit 4 of Item 16 of the Registrant's
Registration Statement on Form N-14, filed November 3, 2000
(File nos. 333-49224; 811-09253).
(5) Not Applicable.
C-2
<PAGE>
Exhibit Number Description
(6)(a) Investment Advisory Agreement between the Registrant and Wells
Fargo Bank, N.A., dated November 8, 1999, is incorporated by
reference to Post-Effective Amendment No. 16 to the
Registration Statement, filed on October 30, 2000.
(6)(b) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Barclays Global Fund Advisors, dated November
8, 1999, is incorporated by reference to Post-Effective
Amendment No. 16 to the Registration Statement, filed on
October 30, 2000.
(6)(c) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Dresdner RCM Global Investors LLC, dated July
25, 2000, is incorporated by reference to Post-Effective
Amendment No. 16 to the Registration Statement, filed on
October 30, 2000.
(6)(d) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Galliard Capital Management, Inc., dated
November 8, 1999, is incorporated by reference to Post-
Effective Amendment No. 16 to the Registration Statement,
filed on October 30, 2000.
(6)(e) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Peregrine Capital Management, Inc., dated
November 8, 1999, is incorporated by reference to Post-
Effective Amendment No. 16 to the Registration Statement,
filed on October 30, 2000.
(6)(f) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Schroder Investment Management North America,
Inc., dated November 8, 1999, is incorporated by reference to
Post-Effective Amendment No. 16 to the Registration Statement,
filed on October 30, 2000.
(6)(g) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Smith Asset Management Group, L.P., dated
November 8, 1999 as amended July 25, 2000, is incorporated by
reference to Post-Effective Amendment No. 16 to the
Registration Statement, filed on October 30, 2000.
(6)(h) Sub-Advisory Agreement between the Registrant, Wells Fargo
Bank, N.A. and Wells Capital Management Incorporated, dated
November 8, 1999, is incorporated by reference to Post-
Effective Amendment No. 16 to the Registration Statement,
filed on October 30, 2000.
C-3
<PAGE>
Exhibit Number Description
(7) Distribution Agreement with Stephens Inc. and form of Selling
Agreement, is incorporated by reference to Post-Effective
Amendment No. 16 to the Registration Statement, filed on
October 30, 2000.
(8) Not Applicable.
(9)(a) Custody Agreement between Registrant and Wells Fargo Bank
Minnesota, N.A. dated November 8, 1999, as amended July 25,
2000, is incorporated by reference to Post-Effective Amendment
No. 16 to the Registration Statement, filed on October 30,
2000.
(9)(b) Custody Agreement between Registrant and Barclays Global
Investors, dated November 8, 1999 as amended July 25, 2000, is
incorporated by reference to Post-Effective Amendment No. 16
to the Registration Statement, filed on October 30, 2000.
(10) Distribution Plan adopted under Rule 12b-1 of the 1940 Act,
dated November 8, 1999, is incorporated by reference to Post-
Effective Amendment No. 16 to the Registration Statement,
filed on October 30, 2000.
(11) Opinion and Consent of Counsel, is incorporated by reference
to Exhibit 11 of Item 16 of the Trust's Registration Statement
on Form N-14, filed November 3, 2000 (files Nos. 333-49224;
811-09253).
(12) See Item 17(3) of this Part C.
(13)(a) Fee and Expense Agreement between Registrant and Wells Fargo
Bank, N.A. dated July 25, 2000, is incorporated by reference
to Post-Effective Amendment No. 16 to the Registration
Statement, filed on October 30, 2000.
13(b) Administration Agreement between Registrant and Wells Fargo
Bank, N.A., dated November 8, 1999, is incorporated by
reference to Post-Effective Amendment No. 16 to the
Registration Statement, filed on October 30, 2000.
13(c) Transfer Agency and Service Agreement between Registrant and
Boston Financial Data Services, Inc., dated November 8, 1999,
is incorporated by reference to Post-Effective Amendment No.
16 to the Registration Statement, filed on October 30, 2000.
C-4
<PAGE>
Exhibit Number Description
(14)(a) Consent of Independent Auditors of Wells Fargo Funds Trust -
KPMG LLP to the use of the reports dated July 10, 2000 for the
Wells Fargo Income and Stable Income Funds, August 7, 2000 for
the Wells Fargo National Tax-Free Fund, and November 3, 2000
for the Wells Fargo Growth and Asset Allocation Funds, filed
herewith.
(14)(b) Consent of Independent Auditors of The Achievement Funds
Trust - Deloitte & Touche LLP, is incorporated by reference to
Exhibit 14(b) of Item 16 of the Registrant's Registration
Statement on Form N-14, filed November 3, 2000 (File nos.
333-49224; 811-09253).
(15) Not Applicable.
(16) Powers of Attorney, are incorporated by reference to Exhibit
16 of Item 16 of the Registrant's Registration Statement on
Form N-14, filed November 3, 2000 (File nos. 333-49224;
811-09253).
(17) Form of Proxy Ballot, is incorporated by reference to Exhibit
17 of Item 16 of the Registrant's Registration Statement on
Form N-14, filed November 3, 2000 (File nos. 333-49224;
811-09253).
ITEM 17. UNDERTAKINGS.
(1) Wells Fargo Funds agrees that, prior to any public reoffering of the
securities registered through the use of a prospectus which is a part of
this registration statement by any person or party who is deemed to be an
underwriter within the meaning of Rule 145 (c) of the Securities Act of
1933, the reoffering prospectus will contain the information called for by
the applicable registration form for the reofferings by persons who may be
deemed underwriters, in addition to the information called for by the other
items of the applicable form.
(2) The undersigned registrant agrees that every prospectus that is filed under
paragraph (1) above will be filed as part of an amendment to the
registration statement and will not be used until the amendment is
effective, and that, in determining any liability under the Securities Act
of 1933, each post-effective amendment shall be deemed to be a new
registration statement for the securities offered therein, and the offering
of the securities at that time shall be deemed to be the initial bona fide
offering of them.
(3) The undersigned Registrant agrees to file, by post-effective amendment, an
opinion of counsel or a copy of an IRS ruling supporting the tax
consequences of the Reorganization within a reasonably prompt time after
receipt of such opinion or ruling, but in any event no later than one
business day after consummation of the Reorganization.
C-5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Pre-Effective Amendment
No. 1 to the Registration Statement on Form N-14 to be signed on its behalf by
the undersigned, thereto duly authorized, in the City of San Francisco and State
of California on the 6th day of December, 2000.
WELLS FARGO FUNDS TRUST
By: /s/ Christopher Bellonzi
________________________
Christopher Bellonzi
Assistant Secretary
Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective
Amendment No. 1 to the Registration Statement on Form N-14 has been signed by
the following persons in the capacities and on the 6th day of December, 2000.
SIGNATURES TITLE
________________________________ President and/or Principal Executive
Michael J. Hogan* Officer
________________________________ Treasurer and/or Principal Financial
Karla M. Rabusch* Officer
A Majority of the Trustees*
Robert C. Brown Trustee
Donald H. Burkhardt Trustee
Jack S. Euphrat Trustee
Thomas S. Goho Trustee
Peter G. Gordon Trustee
W. Rodney Hughes Trustee
Richard M. Leach Trustee
J. Tucker Morse Trustee
Timothy J. Penny Trustee
Donald C. Willeke Trustee
*By: /s/ Christopher Bellonzi
__________________________
Christopher Bellonzi
(Attorney-in-Fact)
C-6
<PAGE>
WELLS FARGO FUNDS TRUST
N-14 Exhibit Index
<TABLE>
<CAPTION>
Exhibit Number Description
-------------- -----------
<S> <C>
14(a) Independent Auditors' Consent - KPMG LLP.
</TABLE>
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