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Previous: MERRILL LYNCH SENIOR FLOATING RATE FUND II INC, 497, 2000-12-26 |
Next: INTERNET COM CORP, 8-K, 2000-12-26 |
<PAGE>
As filed with the Securities and Exchange Commission on December 26, 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. 2 [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 2 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, and by reference to
the Trust's Pre-Effective Amendment No. 1 to the Registration Statement on Form
N-14, filed December 6, 2000. This Pre-Effective Amendment Number 2 is being
filed to revise the pro forma financial statements in Part B.
<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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF Growth Fund
Wells Fargo Growth Achievement Pro Forma Pro Forma
Fund Equity Fund Adjustments Combined
------------------ ----------- ----------- --------------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below) $434,726 $314,424 $749,150
Cash 11 0 11
Collateral for securities loaned 71,402 0 71,402
Receivables:
Dividends, interest, other receivables 168 197 365
Fund shares sold 957 4 961
Investment securities sold 584 0 584
Prepaid expenses and other assets 60 76 136
Total Assets 507,908 314,701 822,609
LIABILITIES
Payables:
Securities loaned 71,402 0 71,402
Investment securities purchased 912 0 912
Fund shares redeemed 1,594 77 1,671
Due to distributor 212 0 212
Due to advisor and affiliates 323 0 323
Other 432 330 762
Total Liabilities 74,875 407 75,282
TOTAL NET ASSETS $433,033 $314,294 $747,327
Net assets consist of:
Paid-in capital $229,372 $186,817 (112) (1) $416,077
Undistributed net investment income (loss) (1,723) (112) 112 (1) (1,723)
Undistributed net realized gain (loss)
on investments 92,349 25,171 117,520
Net unrealized appreciation (depreciation)
of investments 113,035 102,418 215,453
TOTAL NET ASSETS $433,033 $314,294 $747,327
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $311,038 $ 12,424 $323,462
Shares outstanding - Class A 13,632 644 (99) (2) 14,177
Net asset value per share - Class A $ 22.82 $ 19.30 $ 22.82
Maximum offering price per share - Class A $ 24.21 $ 20.21 $ 24.21
Net assets - Class B $ 69,434 $ 2,770 $ 72,204
Shares outstanding - Class B 4,349 146 28 (2) 4,523
Net asset value and offering price per
share - Class B $ 15.96 $ 18.93 $ 15.96
Net assets - Institutional Class $ 52,561 $299,100 $351,661
Shares outstanding - Institutional Class 1,961 15,409 (4,250) (2) 13,120
Net asset value and offering price per
share - Institutional Class $ 26.80 $ 19.41 $ 26.80
INVESTMENTS AT COST $321,691 $212,006 $533,697
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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.
(2) 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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF Growth Fund
Wells Fargo Growth Achievement Pro Forma Pro Forma
Fund Equity Fund Adjustments Combined
------------------ ----------- ----------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 3,608 $ 2,242 $ 5,850
Interest 506 396 902
Securities lending income 114 0 114
Total Investment Income 4,228 2,638 6,866
EXPENSES
Advisory fees 3,372 2,322 138 (1) 5,832
Administration fees 698 628 (160) (1) 1,166
Custody fees 92 18 46 (1) 156
Shareholder servicing fees 1,043 0 1,769 (1) 2,812
Portfolio accounting fees 83 13 (84) (1) 12
Transfer agency fees 826 41 518 (1) 1,385
Distribution fees 537 63 * (39) (1) 561
Legal and audit fees 70 51 (34) (1) 87
Registration fees 63 81 (38) (1) 106
Directors' fees 5 19 (19) (1) 5
Shareholder reports 102 40 29 (1) 171
OrganizatIon Costs - 11 0 (1) 11
Other 45 - 30 (1) 75
Total Expenses 6,936 3,287 - 2,156 12,379
Less:
Waived fees and reimbursed expenses fees (1,256) (404) (1,876) (1) (3,536)
Net expenses 5,680 2,883 280 8,843
NET INVESTMENT INCOME (LOSS) (1,452) (245) (280) (1,977)
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments 93,818 32,215 126,033
Net change in unrealized appreciation
or depreciation of investments (28,752) 21,939 (6,813)
Net Gain (Loss) on Investments 65,066 54,154 119,220
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 63,614 $ 53,909 (280) $117,243
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes shareholder servicing fees
(1) 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)
--------------------------------------- ----------------------------------------
WF Growth WF Growth
Fund Fund
WF Growth Achievement Pro Forma Achievement Pro Forma
Fund Equity Fund Combined COMMON STOCK WF Growth Fund Equity Fund Combined
<S> <C> <C> <C> <C> <C> <C>
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
82,500 170,000 252,500 Home Depot Incorporated 4,378 9,021 13,399
43,400 0 43,400 Lowe's Companies Incorporated 1,948 0 1,948
----------------------------------------
6,326 9,021 15,347
BUSINESS SERVICES
82,258 82,258 America Online Incorporated 4,421 4,421
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 9,047 21,258
108,500 150,000 258,500 Oracle Corporation 8,544 11,812 20,356
58,304 100,000 158,304 Sun Microsystems Incorporated 6,807 11,674 18,481
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
----------------------------------------
45,255 32,533 77,788
CHEMICALS & ALLIED PRODUCTS
64,127 100,000 164,127 Abbott Laboratories 3,050 4,756 7,806
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 4,227 8,776
72,152 90,000 162,152 Merck & Company Incorporated 5,371 6,699 12,070
231,751 200,000 431,751 Pfizer Incorporated 10,414 8,988 19,402
24,500 131,000 155,500 Pharmacia Corporation 1,475 7,885 9,360
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
52,725 130,000 182,725 Schering-Plough Corporation 2,452 6,045 8,497
0 100,000 100,000 Amgen Incorporated 0 6,983 6,983
0 60,000 60,000 Guidant Corporation 0 4,241 4,241
----------------------------------------
46,269 49,824 96,093
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
56,000 200,000 256,000 Qwest Communications International Incorporated + 2,692 9,612 12,304
141,204 0 141,204 SBC Communications Incorporated 7,060 0 7,060
110,500 300,000 410,500 WorldCom Incorporated 3,356 9,112 12,468
----------------------------------------
22,721 18,724 41,445
DEPOSITORY INSTITUTIONS
77,751 150,000 227,751 Chase Manhattan Corporation 3,591 6,928 10,519
276,132 133,333 409,465 Citigroup Incorporated 14,928 7,208 22,136
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 4,594 4,594
----------------------------------------
24,614 18,730 43,344
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 17,305 39,845
250,032 200,000 450,032 Intel Corporation 10,408 8,313 18,721
77,800 120,000 197,800 JDS Uniphase Corporation 7,367 11,363 18,730
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
219,372 140,000 359,372 Nortel Networks Corporation 13,066 8,339 21,405
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 80,000 80,000 Analog Devices Incorporated 0 6,605 6,605
----------------------------------------
72,298 51,925 124,223
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 0 119,020 Coca-Cola Company 6,561 0 6,561
77,600 120,000 197,600 PepsiCo Incorporated 3,570 5,520 9,090
----------------------------------------
13,211 5,520 18,731
GENERAL MERCHANDISE STORES
249,040 200,000 449,040 Target Corporation 6,382 5,125 11,507
173,104 180,000 353,104 Wal-Mart Stores Incorporated 8,331 8,663 16,994
----------------------------------------
14,713 13,788 28,501
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT
351,960 150,000 501,960 Cisco Systems Incorporated 19,446 8,288 27,734
138,236 0 138,236 EMC Corporation 13,703 0 13,703
43,076 40,000 83,076 Hewlett-Packard Company 4,178 3,880 8,058
71,482 80,000 151,482 IBM Corporation 8,042 9,000 17,042
36,000 0 36,000 Palm Incorporated 1,906 0 1,906
0 120,000 120,000 Dell Computer Corporation 0 3,698 3,698
----------------------------------------
47,275 24,866 72,141
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 11,483 24,978
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 11,483 29,455
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 0 747 747
----------------------------------------
6,387 747 7,134
MISCELLANEOUS MANUFACTURING INDUSTRIES
118,900 150,000 268,900 Tyco International Limited 6,168 7,781 13,949
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 5,581 6,630
----------------------------------------
2,328 5,581 7,909
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 8,913 19,069
70,216 0 70,216 Royal Dutch Petroleum Company NY Shares ADR 4,208 0 4,208
0 85,000 85,000 Texaco Incorporated 0 4,463 4,463
----------------------------------------
20,027 13,376 33,403
PRIMARY METAL INDUSTRIES
107,764 0 107,764 Alcoa Incorporated 2,728 0 2,728
PRINTING, PUBLISHING & ALLIED INDUSTRIES
35,196 100,000 135,196 Viacom Incorporated Class B 2,059 5,850 7,909
0 100,000 100,000 McGraw-Hill 0 6,356 6,356
----------------------------------------
2,059 12,206 14,265
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 9,143 13,908
0 105,000 105,000 American Express Company 0 6,379 6,379
0 170,000 170,000 Capital One Financial Corporation 0 11,911 11,911
----------------------------------------
11,415 27,433 38,848
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 429,318 303,538 732,856
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 6,645 6,645 SEI Daily Income Trust Money Market Portfolio 0 6,645 6,645
0 4,241 4,241 SEI Daily Income Trust Prime Obligation Portfolio 0 4,241 4,241
----------------------------------------
5,408 10,886 16,294
TOTAL INVESTMENTS, AT MARKET VALUE $434,726 $314,424 $749,150
TOTAL INVESTMENTS, AT COST $321,691 $212,006 $533,697
</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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF 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 $ 211,609 $ 2,101,115
Cash 5 83 88
Receivables:
Dividends, interest, other receivables 9,920 1,138 11,058
Fund shares sold 3,522 0 3,522
Investment securities sold 14 0 14
Prepaid expenses and other assets 27 17 44
Total Assets 1,902,994 212,847 2,115,841
LIABILITIES
Payables:
Investment securities purchased 0 0 -
Fund shares redeemed 2,059 18 2,077
Due to distributor 1,325 0 1,325
Due to advisor and affiliates 1,360 0 1,360
Other 634 286 920
Total Liabilities 5,378 304 5,682
TOTAL NET ASSETS $1,897,616 $ 212,543 $ 2,110,159
Net assets consist of:
Paid-in capital $1,497,207 $ 151,013 $ 1,648,220
Undistributed net investment income (loss) 619 275 894
Undistributed net realized gain (loss)
on investments 123,223 12,101 135,324
Net unrealized appreciation
(depreciation) of investments 276,567 49,154 325,721
TOTAL NET ASSETS $1,897,616 $ 212,543 $ 2,110,159
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $1,266,357 $ 3,352 $ 1,269,709
Shares outstanding - Class A 51,975 231 (93) (1) 52,113
Net asset value per share - Class A $ 24.36 $ 14.52 $ 24.36
Maximum offering price per share - Class A $ 25.85 $ 15.20 $ 25.85
Net assets - Class B $ 577,526 $ 1,940 $ 579,466
Shares outstanding - Class B 39,088 134 (3) (1) 39,219
Net asset value and offering price per
share - Class B $ 14.78 $ 14.49 $ 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 $ 207,251 $ 228,073
Shares outstanding - Institutional Class 854 14,255 (5,752) (1) 9,357
Net asset value and offering price per
share - Institutional Class $ 24.37 $ 14.54 $ 24.37
INVESTMENTS AT COST $1,612,896 $ 162,455 $ 1,775,351
------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF 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 $ 1,166 $ 14,729
Interest 47,883 4,615 52,498
Total Investment Income 61,446 5,781 67,227
EXPENSES
Advisory fees 14,567 1,628 970 (1) 17,165
Administration fees 2,895 440 (116) (1) 3,219
Custody fees 0 15 (15) (1) 0
Shareholder servicing fees 2,289 0 (381) (1) 1,908
Portfolio accounting fees 191 9 (28) (1) 172
Transfer agency fees 2,336 63 204 (1) 2,603
Distribution fees 4,307 30 * (3) (1) 4,334
Legal and audit fees 123 54 (23) (1) 154
Registration fees 92 75 (64) (1) 103
Directors' fees 5 15 (15) (1) 5
Shareholder reports 235 31 (4) (1) 262
Organization costs 0 11 0 11
Other 268 2 29 (1) 299
Total Expenses 27,308 2,373 554 30,235
Less:
Waived fees and reimbursed expenses fees (3,915) (362) (358) (1) (4,635)
Net expenses 23,393 2,011 196 25,600
NET INVESTMENT INCOME (LOSS) 38,053 3,770 (196) 41,627
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments 127,664 16,969 144,633
Net change in unrealized appreciation
or depreciation of investments 45,590 8,965 54,555
Net Gain (Loss) on Investments 173,254 25,934 199,188
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 211,307 $ 29,704 (196) $ 240,815
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes shareholder servicing fees
(1) 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>
WELLS FARGO FUNDS - ASSET ALLOCATION FUND
PRO FORMA PORTFOLIO OF INVESTMENTS
As of September 30, 2000 (Unaudited) (Note 1)
<TABLE>
<CAPTION>
Shares Market Value ($000's)
----------------------------------------- -----------------------------------------
WF Asset WF Asset
WF Asset Achievement Allocation Fund WF Asset Achievement Allocation Fund
Allocation Balanced Pro Forma Allocation Balanced Pro Forma
Fund Fund Combined Security Name Fund 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 1,874 9,494
-----------------------------------------
7,943 1,874 9,817
APPAREL & ACCESSORY STORES
81,556 0 81,556 Gap Incorporated 1,641 0 1,641
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 0 4,555
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 75,000 296,804 Home Depot Incorporated 11,769 3,980 15,749
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 3,980 17,730
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
BUSINESS SERVICES
11,461 0 11,461 Adobe Systems Incorporated 1,779 0 1,779
220,228 0 220,228 America Online Incorporated 11,837 0 11,837
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 4,210 34,572
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 70,000 339,763 Oracle Corporation 21,244 5,512 26,756
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 45,000 197,109 Sun Microsystems Incorporated 17,759 5,253 23,012
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 0 52,120 Yahoo! Incorporated 4,743 0 4,743
6,880 0 6,880 Young & Rubicam Incorporated 341 0 341
-----------------------------------------
119,480 14,975 134,455
CHEMICALS & ALLIED PRODUCTS
148,511 35,000 183,511 Abbott Laboratories 7,063 1,665 8,728
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
98,479 43,000 141,479 Amgen Incorporated 6,877 3,002 9,879
22,771 0 22,771 Avon Products Incorporated 931 0 931
14,259 0 14,259 Biogen Incorporated 870 0 870
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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
Incorporated 179 0 179
133,374 15,000 148,374 Johnson & Johnson 12,529 1,409 13,938
20,000 0 20,000 MedImmune Incorporated 1,545 0 1,545
220,414 58,000 278,414 Merck & Company Incorporated 16,407 4,318 20,725
603,506 60,000 663,506 Pfizer Incorporated 27,120 2,695 29,815
122,024 55,000 177,024 Pharmacia Corporation 7,344 3,310 10,654
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 60,000 200,389 Schering-Plough Corporation 6,528 2,790 9,318
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 19,189 159,775
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 0 359,748 AT&T Corporation 10,568 0 10,568
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 70,000 226,560 Qwest Communications International
Incorporated 7,525 3,364 10,889
325,011 0 325,011 SBC Communications Incorporated 16,251 0 16,251
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
274,550 150,000 424,550 WorldCom Incorporated 8,339 4,556 12,895
-----------------------------------------
84,508 7,920 92,428
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 60,000 184,908 Chase Manhattan Corporation 5,769 2,771 8,540
431,025 70,666 501,691 Citigroup Incorporated 23,302 3,820 27,122
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 2,338 9,457
-----------------------------------------
89,669 8,929 98,598
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
ELECTRIC, GAS & SANITARY SERVICES
43,836 0 43,836 AES Corporation 3,003 0 3,003
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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
Incorporated 1,206 0 1,206
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 Incorporated 926 0 926
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 35,000 68,897 Analog Devices Incorporated 2,799 2,890 5,689
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 9,230 63,929
642,204 85,000 727,204 Intel Corporation 26,732 3,533 30,265
89,300 58,000 147,300 JDS Uniphase Corporation 8,456 5,492 13,948
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
Incorporated 2,184 0 2,184
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 60,000 344,132 Nortel Networks Corporation 16,924 3,574 20,498
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 24,719 197,242
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 0 237,341 Coca-Cola Company 13,083 0 13,083
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 3,082 9,436
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 3,082 45,223
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 Incorporated 536 0 536
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 2,665 4,905
28,717 0 28,717 TJX Companies Incorporated 646 0 646
427,343 85,000 512,343 Wal-Mart Stores Incorporated 20,566 4,091 24,657
-----------------------------------------
27,077 6,756 33,833
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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
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 75,000 751,996 Cisco Systems Incorporated 37,404 4,144 41,548
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 60,000 306,870 Dell Computer Corporation 7,607 1,849 9,456
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 1,164 10,448
168,739 35,000 203,739 IBM Corporation 18,983 3,938 22,921
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 11,095 131,631
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 Incorporated 3,434 0 3,434
-----------------------------------------
4,569 0 4,569
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 Incorporated 21,212 5,741 26,953
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
Incorporated 575 0 575
-----------------------------------------
41,812 5,741 47,553
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 2,119 224 2,343
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 3,040 5,119
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 3,264 28,018
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 55,000 216,814 Tyco International Limited 8,394 2,853 11,247
-----------------------------------------
9,621 2,853 12,474
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 4,192 11,966
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 5,115 6,434
25,250 0 25,250 CIT Group Incorporated 442 0 442
10,854 0 10,854 Countrywide Credit Industries Incorporated 410 0 410
66,623 0 66,623 Federal Home Loan Mortgage Corporation 3,602 0 3,602
96,605 0 96,605 Federal National Mortgage Association 6,907 0 6,907
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 9,307 40,585
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
37,957 0 37,957 Minnesota Mining and Manufacturing 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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
PERSONAL SERVICES
9,403 0 9,403 H&R Block Incorporated 348 0 348
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 6,032 35,772
24,336 0 24,336 Phillips Petroleum Company 1,527 0 1,527
205,554 0 205,554 Royal Dutch Petroleum Company 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 2,205 4,986
13,895 0 13,895 Tosco Corporation 433 0 433
23,269 0 23,269 Unocal Corporation 825 0 825
-----------------------------------------
57,123 8,237 65,360
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 2,543 3,731
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 50,000 195,651 Viacom Incorporated Class B 8,521 2,925 11,446
-----------------------------------------
14,829 5,468 20,297
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 4,572 14,441
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 4,572 29,889
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
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 1,208,057 141,961 1,350,018
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Maturity
Principal (000's) CORPORATE BONDS Rate Date
----------------------------------------- BANKS
0 1,500 1,500 Banc One 7.25 08/01/2002 0 1,509 1,509
0 2,000 2,000 Bank of America, MTN 7.13 05/12/2005 0 2,013 2,013
0 2,000 2,000 Chase Manhatten 6.50 01/15/2009 0 1,905 1,905
0 2,000 2,000 First Union 7.50 07/15/2006 0 2,005 2,005
-----------------------------------------
0 7,432 7,432
ENTERTAINMENT
0 2,255 2,255 Walt Disney 5.13 12/15/2003 0 2,142 2,142
FINANCE
0 1,500 1,500 Aetna Services 7.13 08/15/2006 0 1,491 1,491
0 1,000 1,000 Ford Motor Credit 6.25 11/08/2000 0 999 999
0 1,500 1,500 Safeco 6.88 07/15/2007 0 1,429 1,429
-----------------------------------------
0 3,919 3,919
FOOD, BEVERAGE & TOBACCO
0 2,000 2,000 Philip Morris 7.25 09/15/2001 0 1,990 1,990
0 1,000 1,000 Seagram 6.50 04/01/2003 0 989 989
-----------------------------------------
0 2,979 2,979
RETAIL
0 2,000 2,000 Albertson's 6.95 08/01/2009 0 1,880 1,880
TELEPHONE &
TELECOMMUNICATIONS
0 2,000 2,000 Lucent Technologies 7.25 07/15/2006 0 2,008 2,008
TRANSPORTATION
0 2,000 2,000 U.S. Freightways 8.50 04/15/2010 0 2,003 2,003
TOTAL CORPORATE BONDS 0 22,363 22,363
MORTGAGE-BACKED SECURITIES
537 537 American Southwest
Financial Securities,
Series 1996-FHA1,
0 Cl A2 7.00 11/25/2038 0 531 531
1,200 1,200 Donaldson Lufkin Jenrette
Mortgage Acceptance,
Series 1997-CF1, Cl A1B
0 (A) 7.60 04/15/2007 0 1,223 1,223
2,000 2,000 General Motors Acceptance,
Commercial Mortgage
Securities, Series
0 1999-C1, Cl A2 6.18 05/15/2033 0 1,876 1,876
-----------------------------------------
0 3,630 3,630
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS
0 2,500 2,500 FHLB 7.25 05/15/2003 0 2,543 2,543
0 2,000 2,000 FHLB 6.25 08/13/2004 0 1,980 1,980
0 2,000 2,000 FHLMC 6.45 04/29/2009 0 1,896 1,896
0 1,000 1,000 FHLMC 7.63 09/09/2009 0 993 993
0 2,000 2,000 FNMA 6.50 08/15/2004 0 1,997 1,997
0 2,000 2,000 FNMA 7.13 02/15/2005 0 2,043 2,043
0 2,500 2,500 FNMA 6.00 05/15/2008 0 2,387 2,387
-----------------------------------------
0 13,839 13,839
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 7.88 08/15/2001 0 2,534 2,534
0 2,500 2,500 U.S. Treasury Notes 7.50 05/15/2002 0 2,555 2,555
0 3,000 3,000 U.S. Treasury Notes 5.50 03/31/2003 0 2,967 2,967
0 2,500 2,500 U.S. Treasury Notes 7.25 05/15/2004 0 2,606 2,606
0 2,500 2,500 U.S. Treasury Notes 7.88 11/15/2004 0 2,675 2,675
0 3,000 3,000 U.S. Treasury Notes 6.63 05/15/2007 0 3,110 3,110
0 3,000 3,000 U.S. Treasury Notes 5.50 02/15/2008 0 2,922 2,922
0 3,000 3,000 U.S. Treasury Notes 4.75 11/15/2008 0 2,776 2,776
-----------------------------------------
0 22,145 22,145
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 20/15/2025 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 19,352 0 19,352
45,100 0 45,100 U.S. Treasury Bonds 6.25 5/15/2030 47,411 0 47,411
-----------------------------------------
587,571 0 587,571
TOTAL U.S. TREASURY
SECURITIES 681,449 22,145 703,594
SHORT-TERM INVESTMENTS
SEI Daily Income Trust
0 4,299,000 4,299,000 Money Market Portfolio 0 4,299 4,299
SEI Daily Income Trust
3,372,261 3,372,261 Prime Obligation Fund 0 3,372 3,372
-----------------------------------------
0 7,671 7,671
TOTAL INVESTMENTS, at
MARKET VALUE $1,889,506 $ 211,609 $ 2,101,115
=========================================
TOTAL INVESTMENTS,
at COST $1,612,896 $ 162,455 $ 1,775,351
=========================================
</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)
($000's)
<TABLE>
<CAPTION>
WF National
Achievement Achievement Idaho TF Fund
Wells Fargo Municipal Bond Municipal Bond Pro Forma Pro Forma
National TF Fund Fund Fund Adjustments Combined
---------------- -------------- ----------------- ----------- --------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see
cost below) $ 331,748 $ 68,036 $ 30,413 $ 430,197
Cash 1 0 0 1
Receivables:
Interest 5,214 1,193 629 7,036
Fund shares sold 426 4 430
Prepaid expenses and other assets 23 0 45 68
Total Assets 337,412 69,233 31,087 437,732
LIABILITIES
Payables:
Investment securities purchased 2,000 0 0 2,000
Distributions to shareholders 1,251 292 117 1,660
Fund shares redeemed 238 4 1 243
Due to distributor 15 0 0 15
Due to advisor and affiliates 156 0 0 156
Other 329 2 11 342
Total Liabilities 3,989 298 129 4,416
TOTAL NET ASSETS $ 333,423 $ 68,935 $ 30,958 $ 433,316
Net assets consist of:
Paid-in capital $ 354,182 $ 73,344 $ 31,868 - $ 459,394
Undistributed net investment income (loss) (62) 7 - (55)
Undistributed net realized gain (loss)
on investments (22,713) (634) 47 (23,300)
Net unrealized appreciation (depreciation)
of investments 2,016 (3,782) (957) (2,723)
TOTAL NET ASSETS $ 333,423 $ 68,935 $ 30,958 $ 433,316
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 64,859 $ 4,552 $ 8,036 $ 77,447
Shares outstanding - Class A 6,670 480 791 24 (1) 7,965
Net asset value per share - Class A $ 9.72 $ 9.48 $ 10.16 $ 9.72
Maximum offering price per share - Class A $ 10.18 $ 9.88 $ 9.88 $ 10.18
Net assets - Class B $ 18,366 $ 2,058 $ 1,670 $ 22,094
Shares outstanding - Class B 1,889 217 164 2 (1) 2,272
Net asset value and offering price per
share - Class B $ 9.72 $ 9.48 $ 10.17 $ 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 $ 62,325 $ 21,252 $ 328,203
Shares outstanding - Institutional Class 25,144 6,573 2,097 (79) (1) 33,735
Net asset value and offering price per
share - Institutional Class $ 9.73 $ 9.48 $ 10.13 $ 9.73
INVESTMENT AT COST $ 329,732 $ 71,818 $ 31,370 $ 432,920
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF National
Achievement Achievement Idaho TF Fund
Wells Fargo Municipal Bond Municipal Bond Pro Forma Pro Forma
National TF Fund Fund Fund Adjustments Combined
------------------ --------------- ----------------- ----------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 21,940 $ 4,287 $ 1,879 $ 28,106
Total Investment Income 21,940 4,287 1,879 28,106
EXPENSES
Advisory fees 1,525 435 208 (464) (1) 1,704
Administration fees 468 146 70 (45) (1) 639
Custody fees 64 9 7 5 (1) 85
Shareholder servicing fees 148 0 78 (1) 226
Portfolio accounting fees 91 0 1 19 (1) 111
Transfer agency fees 361 41 41 (8) (1) 435
Organization fees 3 3 6
Distribution fees 168 34 * 42 * (41) (1) 203
Legal and audit fees 31 13 7 (12) (1) 39
Registration fees 73 14 4 (3) (1) 88
Directors' fees 6 6 3 (9) (1) 6
Shareholder reports 51 11 6 (7) (1) 61
Other 62 3 10 (1) 75
Total Expenses 3,048 715 392 (477) 3,678
Less:
Waived fees and reimbursed expenses fees (637) (138) (90) 126 (1) (739)
Net expenses 2,411 577 302 (351) 2,939
NET INVESTMENT INCOME (LOSS) 19,529 3,710 1,577 351 25,167
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments (19,915) (563) 128 (20,350)
Net change in unrealized appreciation
or depreciation of investments 1,543 (2,985) (1,117) (2,559)
Net Gain (Loss) on Investments (18,372) (3,548) (989) (22,909)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 1,157 $ 162 $ 588 351 $ 2,258
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes shareholder servicing fees
(1) 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)
----------------------------------------------- -------------------------------
WI
WF National
WF WI National National TF Fund
National Achievement AF Idaho TF Fund Tax- Achievement AF Idaho Pro
Tax-Free Municipal Municipal Pro Forma Coupon Maturity Free Municipal Municipal Forma
Fund Fund Fund Combined Security Description Rate Date Fund Fund Fund Combined
MUNICIPAL BONDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALABAMA
3,680 - - 3,680 Alabama State Public School
& College Authority Capital
Improvement Revenue 4.25 11/1/2018 $ 3,001 $ 0 $ 0 $ 3,001
0 100 0 100 Alabama State Housing
Finance Authority RB,
Collateral Mortgage
Project, Series B,
AMT,GNMA/FNMA/FHLMC 6.10 10/01/2020 0 100 0 100
--------------------------------------
3,001 100 0 3,101
ALASKA
0 370 0 370 Alaska State Housing Finance
RB, General Meeting, Series
A, MBIA, GOC 6.10 12/01/2037 0 369 0 369
0 500 0 500 Alaska State Housing Finance
RB, Housing Development,
Series A, GOC 5.70 12/01/2029 0 471 0 471
0 275 0 275 Alaska State Housing Finance
RB, Veterans Mortgage Project,
1st Series, GNMA/FNMA/FHLMC 5.40 12/01/2023 0 254 0 254
0 400 0 400 Alaska State Student Loan RB,
Series A, AMBAC, GOC, AMT 5.75 07/01/2014 0 398 0 398
0 1,000 0 1,000 Valdez, Marine Terminal RB, BP
Pipelines Project, Series A 5.85 08/01/2025 0 971 0 971
0 1,000 0 1,000 Valdez, Marine Terminal RB, BP
Pipelines Project, Series B 5.50 10/01/2028 0 917 0 917
0 1,000 0 1,000 Valdez, Marine Terminal RB,
Mobil Alaska Pipeline Project 5.75 11/01/2028 0 963 0 963
--------------------------------------
0 4,343 0 4,343
ARIZONA
1,250 0 0 1,250 Maricopa County AZ IDA
Educational Revenue Arizona
Charter Schools Project
Series A 6.75 7/1/2029 1,217 0 0 1,217
3,000 0 0 3,000 Maricopa County AZ Union
School District #48 GO School
Improvements 9.00 7/1/2005 3,557 0 0 3,557
0 500 0 500 Maricopa, Elementary School
District # 068 GO, School
Improvement Project, AMBAC 5.10 07/01/2011 0 499 0 499
0 400 0 400 Maricopa, Industrial
Development Authority RB,
Catholic Healthcare West
Project, Series A 5.00 07/01/2016 0 323 0 323
--------------------------------------
4,774 822 0 5,596
ARKANSAS
1,545 0 0 1,545 Matanuska-Susitna Boro AK 4.50 3/1/2017 1,314 0 0 1,314
Independence, Pollution
0 500 0 500 Control RB, Power & Light
Project 6.25 01/01/2021 0 489 0 489
--------------------------------------
1,314 489 0 1,803
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CALIFORNIA
1,525 0 0 1,525 Los Angeles CA Community
Redevelopment Agency Housing
Revenue Monterey Hills
Redevelopment Project Series A 8.20 12/1/2013 1,633 0 0 1,633
6,900 0 0 6,900 Metropolitan Water District
Southern California Waterworks
Revenue Series Project + 6.54 8/10/2018 7,211 0 0 7,211
-
1,000 0 0 1,000 Student Education Loan
Marketing Corporation CA
Student Loan Revenue Junior
Subordinates Series IV-D1
Guaranteed by Student Loans 5.88 1/1/2018 891 0 0 891
0 500 0 500 California State Tri-City
Hospital District RB, Series
A, MBIA 5.63 02/15/2017 0 502 0 502
0 160 0 160 Los Angeles, Wastewater System
RB, Series A, MBIA 5.88 06/01/2024 0 162 0 162
0 720 0 720 Northern California Power
Agency RB, Public Power Project,
AMBAC, Pre-refunded @ 100 (A) 7.50 07/01/2021 0 877 0 877
0 130 0 130 Sacramento, Municipal Utility
District RB, Series E,
MBIA-IBC 5.75 05/15/2022 0 130 0 130
0 290 0 290 San Francisco, Airport
Improvement RB, United
Airlines, ETM 8.00 07/01/2013 0 340 0 340
0 120 0 120 San Francisco, City & County
RR Series A, GNMA 7.13 10/01/2016 0 125 0 125
--------------------------------------
9,735 2,136 0 11,871
COLORADO
1,420 0 0 1,420 Adams County CO SFMR Series A2 8.70 6/1/2012 1,460 0 0 1,460
Arapahoe County CO Utilities
Revenue Water & Wastewater
1,750 0 0 1,750 Authority Revenue 6.25 12/1/2020 1,714 0 0 1,714
Black Hawk CO Business
Improvements District Special
1,950 0 0 1,950 Assessment Series H981 7.00 12/1/2011 2,007 0 0 2,007
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
Remarketed 7/15/1994 8.00 12/1/2024 1,288 0 0 1,288
805 0 0 805 Colorado HFA SFMR Series D2
Remarketed 11/15/1994 8.13 6/1/2025 859 0 0 859
1,000 0 0 1,000 Colorado HFFA Revenue Hospital
Steamboat Springs Health 5.75 9/15/2022 819 0 0 819
1,000 0 0 1,000 Colorado HFFA Revenue Steamboat
Springs Health Project 5.70 9/15/2023 810 0 0 810
5,200 0 0 5,200 Denver CO Urban Renewal
Authority Tax Increment Revenue
Remarketed 6/15/94 9.13 9/1/2017 5,933 0 0 5,933
3,500 0 0 3,500 El Paso County CO GO School
District #11 Colorado Springs 7.10 12/1/2017 4,130 0 0 4,130
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 Adams County 6.50 12/1/2016 941 0 0 941
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 RB, University of
Southern
Colorado Sports Project 8.25 05/01/2003 0 101 0 101
0 200 0 200 Colorado State Educational &
Cultural Facilities Authority
RB, Core Knowledge Project 7.00 11/01/2029 0 197 0 197
0 500 0 500 Denver, City & County Airport
RB, Series E, MBIA 5.50 11/15/2025 0 476 0 476
Denver, City & County RB, The
Boston Lofts Project, Series A,
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 500 0 500 FHA, AMT 5.75 10/01/2027 0 473 0 473
0 500 0 500 Denver, City & County School
District # 1 GO, FGIC 5.25 12/01/2017 0 482 0 482
0 420 0 420 Summit, Sports Facilities RB,
Keystone Resorts Project 7.38 09/01/2010 0 467 0 467
---------------------------------------
25,800 2,196 0 27,996
CONNECTICUT
40 0 0 40 Connecticut State HFA Housing
Mortgage Finance Program
Series B4 7.30 11/15/2003 40 0 0 40
0 115 0 115 Connecticut State Health &
Educational Facilities Authority
RB, New Britain General
Hospital, Series B, AMBAC, GOI 6.00 07/01/2024 0 116 0 116
0 155 0 155 Connecticut State Health &
Educational Facilities Authority
RB,Trinity College Project,
Series E, MBIA 5.88 07/01/2026 0 156 0 156
0 500 0 500 Waterbury, Housing Authority
RB, Section 8 Project, Series
A, GNMA 5.85 02/01/2037 0 486 0 486
---------------------------------------
40 758 0 798
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 RB, Clipper Cove
Apartments 6.45 01/01/2027 0 517 0 517
0 500 0 500 Florida State Housing Finance
Agency RB, Glen Oaks Apartment
Project, FNMA, AMT 5.90 02/01/2030 0 484 0 484
0 100 0 100 Florida State University
Housing Facility RB, MBIA 5.88 05/01/2014 0 102 0 102
---------------------------------------
87 1,103 0 1,190
GEORGIA
3,500 1,000 0 4,500 Atlanta GA Water & Wastewater
Revenue Series A FGIC Insured
Houston County GA Development
Authority MFHR Emerald 5.50 11/1/2022 3,442 974 0 4,416
1,500 0 0 1,500 Coast Housing Series A 7.00 8/1/2028 1,306 0 1,306
0 1,000 0 1,000 Atlanta, Airport Authority RB,
Series A, FGIC 5.60 01/01/2030 0 972 0 972
0 500 0 500 Fulton, Housing Authority RB,
Multi-Family Housing, Concorde
Place Apartments Project,
Series C, AMT, Prerefunded
@ 100 (A) 6.90 07/01/2008 0 558 0 558
0 265 0 265 Georgia State Housing & Finance
Authority RB, Homeownership
Opportunity Program, Series C,
FHA, GOA 6.50 12/01/2011 0 274 0 274
Georgia State Housing & Finance
Authority RB, Single Family 5.85 12/01/2028 0 465 0 465
0 485 0 485 Mortgage, Subseries B2, AMT
Smyra, Hospital Authority RB,
0 500 0 500 Ridgeview Institute Project 6.00 11/01/2028 0 404 0 404
---------------------------------------
4,748 3,647 0 8,395
HAWAII
6,950 0 0 6,950 Hawaii State Department of
Budget & Finance Special
Purpose Revenue The Queens
Health Systems Series A 5.75 7/1/2026 6,349 0 0 6,349
0 500 0 500 Hawaii State Housing Finance &
Development RB, Series A, FNMA,
AMT 5.75 07/01/2030 0 471 0 471
---------------------------------------
6,349 471 0 6,820
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IDAHO
900 0 0 900 Idaho Housing Agency SFMR
Series C2 Prerefunded 1/1/05
@102 6.35 7/1/2015 919 0 0 919
1,000 0 0 1,000 Idaho State Building Authority
Building Revenue Series A MBIA
Insured 4.75 9/1/2025 855 0 0 855
470 0 0 470 Pocatello ID IDA Revenue
Allocation Tax Increment
Series B 7.25 12/1/2008 475 0 0 475
0 0 1,075 1,075 Ada & Canyon Counties, Joint
School District # 2 GO 5.50 07/30/2015 0 0 1,084 1,084
0 0 500 500 Ada & Canyon Countries, Joint
School District # 2 GO 5.50 07/30/2016 0 0 501 501
Ammon, Urban Renewal Agency,
Series B, Pre-refunded @ 100,
0 0 120 120 LOC (A) 6.00 08/01/2006 0 0 124 124
0 0 500 500 Bannock County, School District
# 25 GO, FGIC 5.25 08/01/2015 0 0 492 492
Bingham County, School District
0 0 560 560 # 055 GO, MBIA 5.65 08/01/2015 0 0 568 568
0 0 135 135 Blackfoot, Wastewater Treatment
Plant Facilities Project COP,
AMBAC 5.80 09/01/2018 0 0 139 139
0 0 115 115 Blackfoot, Wastewater Treatment
Plant Facilities Project COP,
AMBAC 5.85 09/01/2019 0 0 118 118
0 0 500 500 Boise, Urban Renewal RB, Ada
County Courts, AMBAC 5.90 08/15/2029 0 0 503 503
0 0 500 500 Boise Airport COP, Package
Facility Project, Series A,
AMBAC 5.40 08/01/2011 0 0 504 504
0 0 365 365 Boise, Urban Renewal, Tax
Increment Capital City
Development Project, FSA 5.10 09/01/2014 0 0 357 357
0 0 385 385 Boise, Urban Renewal, Tax
Increment Capital City
Development Project, FSA 5.15 09/01/2015 0 0 376 376
0 0 1,000 1,000 Boise State University RB, FSA 5.00 04/01/2023 0 0 905 905
0 0 160 160 Boise State University RB,
Student Union & Housing System
Project, MBIA 5.25 04/01/2017 0 0 157 157
0 0 1,000 1,000 Boise, Independent School
District GO 5.50 07/30/2016 0 0 996 996
0 0 500 500 Bonneville & Bingham, School
District # 93 GO, Series A,
FGIC 5.75 07/30/2007 0 0 524 524
0 0 500 500 Bonneville & Bingham, School
District # 93 GO, Series A,
FGIC 5.50 07/30/2010 0 0 516 516
0 0 590 590 Bonneville GO, FSA
School District # 93 GO,
FGIC 5.50 08/01/2016 0 0 593 593
0 0 400 400 Canyon, School District # 132
GO, FSA 5.40 07/30/2012 0 0 406 406
0 0 470 470 Canyon, School District # 132
GO, FSA 5.45 07/30/2014 0 0 474 474
0 0 900 900 Canyon, School District # 132
GO, FSA 5.45 07/30/2015 0 0 904 904
0 0 500 500 Cassia & Twin Falls, Joint
School District # 151 GO, FGIC 5.38 08/01/2014 0 0 503 503
0 0 1,000 1,000 Cassia & Twin Falls, Joint
School District # 151 GO, FGIC 5.38 08/01/2016 0 0 995 995
0 0 250 250 Elks, Health Facility Authority
RB, Rehabilitation Hospital
Project 5.00 07/15/2008 0 0 224 224
0 0 500 500 Elks, Health Facility Authority
RB, Rehabilitation Hospital
Project 5.13 07/15/2013 0 0 416 416
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 0 715 715 Elks, Health Facility Authority
RB, Rehabilitation Hospital
Project 5.45 07/15/2023 0 0 559 559
0 0 100 100 Elmore, School District # 193
GO, AMBAC 5.00 07/31/2010 0 0 100 100
0 0 125 125 Fremont & Madison, School
District # 215 GO, FSA 5.60 08/01/2014 0 0 127 127
0 0 765 765 Fremont & Madison, School
District # 215 GO, FSA 5.60 08/01/2015 0 0 773 773
0 0 130 130 Gooding & Lincoln, Joint School
District # 231 GO, FSA,
Pre-refunded @ 100 (A) 6.25 02/01/2004 0 0 137 137
0 0 100 100 Idaho State Building Authority
RB, Series C, MBIA 5.60 09/01/2005 0 0 103 103
0 0 1,150 1,150 Idaho State Building Authority
RB, Series A, MBIA 5.00 09/01/2021 0 0 1,036 1,036
0 0 250 250 Idaho State Health Facility
Authority RB, Bannock Regional
Medical Project 5.25 05/01/2014 0 0 217 217
0 0 500 500 Idaho State Health Facility
Authority RB, Holy Cross Health
Systems, MBIA 5.25 12/01/2014 0 0 492 492
0 0 500 500 Idaho State Health Facility
Authority RB, Holy Cross Health
Systems, MBIA 5.00 12/01/2018 0 0 455 455
0 0 40 40 Idaho State Health Facility
Authority RB, Holy Cross Health
Systems, MBIA 5.00 12/01/2028 0 0 35 35
0 0 150 150 Idaho State Health Facility
Authority RB, IHC Hospital
Project, ETM 6.65 02/15/2021 0 0 168 168
0 0 200 200 Idaho State Health Facility
Authority RB, Magic Valley
Regional Medical Center, AMBAC 5.63 12/01/2013 0 0 203 203
0 0 130 130 Idaho State Health Facility
Authority RB, Mercy Medical
Center Project, Pre-refunded
@102 (A) 6.20 11/15/2002 0 0 137 137
0 0 100 100 Idaho State Health Facility
Authority RB, St. Alphonsus
Regional Medical Center Project,
Pre-refunded @102 (A) 6.10 12/01/2007 0 0 105 105
0 0 960 960 Idaho State Housing & Finance
Authority RB, Single Family
Mortgage, Series H-2, FHA AMT 6.15 01/01/2028 0 0 956 956
0 0 365 365 Idaho State Housing & Finance
Authority RB, Single Family
Mortgage, Series E-2 FHA AMT 4.95 07/01/2011 0 0 347 347
0 0 485 485 Idaho State Housing & Finance
Authority RB, Single Family
Mortgage, Series I-2, FHA AMT 5.20 07/01/2020 0 0 451 451
0 0 500 500 Idaho State University RB,
Student Facility Fee, MBIA 4.90 04/01/2017 0 0 457 457
0 0 865 865 Idaho State University RB,
Student Facility Fee, Recreation
Center Project, FSA 6.50 04/01/2015 0 0 942 942
0 0 500 500 Idaho State Water Resource
Board RB, Student led Loan
Program, Series A 6.20 05/01/2020 0 0 500 500
0 0 240 240 Jefferson, School District #
253 GO, MBIA 5.50 08/01/2015 0 0 242 242
0 0 290 290 Jerome, Lincoln & Gooding GO,
School District # 2, FSA 5.00 07/31/2012 0 0 288 288
0 0 170 170 Kootenai, School District
#273 GO, AMBAC 5.00 07/30/2017 0 0 159 159
0 0 250 250 Lewis-Clark State College,
College Facilities RB, MBIA 5.20 04/01/2017 0 0 242 242
0 0 420 420 Madison GO, FSA 5.40 08/01/2015 0 0 421 421
0 0 250 250 Madison, Memorial Hospital Board
COP, Asset Guaranty 5.00 12/01/2018 0 0 222 222
0 0 215 215 McCall, Water RB, Parity Lien,
FSA 5.75 03/01/2007 0 0 224 224
0 0 500 500 McCall, Water RB, Parity Lien,
FSA 5.85 03/01/2016 0 0 509 509
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 0 290 290 Meridian, Free Library District
GO, FSA 5.00 08/01/2015 0 0 280 280
0 545 1,000 1,545 Nez Perce, Pollution Control RB,
Potlatch Corporation Project 6.00 10/01/2024 0 510 935 1,445
0 0 375 375 Oneida, School District # 351
GO, MBIA 5.00 07/31/2015 0 0 360 360
0 0 365 365 Payette, School District # 372
GO, AMBAC 6.25 07/30/2010 0 0 404 404
0 0 100 100 Payette, School District # 372
GO, Asset Guaranty, Pre-refunded
@ 100 (A) 6.75 07/31/2003 0 0 106 106
0 0 500 500 Southern Idaho Regional Solid
Waste Project COP LOC 5.45 11/01/2013 0 0 502 502
0 0 400 400 Teton, School District # 401
GO, FSA 5.50 08/01/2010 0 0 412 412
0 0 145 145 Twin Falls & Cassia, Joint
School District # 418 GO, MBIA 5.45 08/01/2015 0 0 146 146
0 0 400 400 Twin Falls, School District #
413 GO, Cl A, AMBAC 5.25 07/30/2013 0 0 401 401
0 0 420 420 Twin Falls, School District #
413 GO, Cl A, AMBAC 5.25 07/30/2014 0 0 420 420
0 0 195 195 Twin Falls, School District #
415 GO, Asset Guaranty 5.50 08/01/2015 0 0 195 195
0 0 200 200 University of Idaho, Student
Fee RB, FSA 5.85 04/01/2011 0 0 208 208
0 0 500 500 University of Idaho, Student
Fee RB, Kibbie & Enroll Project,
Series D, FSA 6.00 04/01/2026 0 0 507 507
0 0 500 500 University of Idaho, Student Fee
RB, University Commons Project,
MBIA 5.65 04/01/2022 0 0 503 503
0 465 0 465 Idaho State Health Facilities
Authority RB, Bannock Regional
Medical Center Project 6.13 05/01/2025 0 424 0 424
--------------------------------------
2,249 934 28,365 31,548
ILLINOIS
35,000 0 0 35,000 Illinois Development Finance
Authority Retirement Housing
Revenue Regency Park Series A 5.92 7/15/2023 7,615 0 0 7,615
1,000 0 0 1,000 Illinois Development Finance
Authority Revenue Community
Rehabilitation Providers
Series A 5.70 7/1/2019 839 0 0 839
950 0 0 950 Illinois Development Financial
Authority Revenue Community
Rehabilitation Providers
Series A 7.88 7/1/2020 850 0 0 850
1,735 0 0 1,735 Illinois Development Financial
Authority Revenue Community
Rehabilitation Providers
Series A 7.88 7/1/2020 1,975 0 0 1,975
1,120 0 0 1,120 Illinois Development Finance
Authority Revenue Community
Rehabilitation Providers
Series C 5.65 7/1/2019 934 0 0 934
4,940 0 0 4,940 Illinois Educational Facilities
Authority Revenue Capital
Appreciation Refunded 5.99 7/1/2014 2,066 0 0 2,066
1,120 0 0 1,120 Illinois HFFA Revenue Edgewater
Medical Center Series A 9.25 7/1/2024 1,294 0 0 1,294
4,500 0 0 4,500 Illinois HFFA Revenue
Healthcare System 6.25 11/15/2029 4,241 0 0 4,241
1,025 0 0 1,025 Lake County, IL, Community Unit
School District #116
Educational Facilities Revenue
Rund Lake 7.60 2/1/2013 1,234 0 0 1,234
7,350 0 0 7,350 Regional Transportation
Authority IL Sales Tax Revenue
Series D FGIC Insured 7.75 6/1/2019 9,144 0 0 9,144
0 1,000 0 1,000 Bryant, Pollution Control RB,
Central Illinois Light Project 5.90 08/01/2023 0 941 0 941
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 500 0 500 Chicago, Board of Education GO,
School Reform Board, Series A,
FGIC 5.50 12/01/2026 0 475 0 475
0 500 0 500 Chicago, Multi-Family Housing
RB, Bryne Mawr/Belle Project,
GNMA, AMT 6.13 06/01/2039 0 503 0 503
0 520 0 520 Illinois State Health Facilities
Authority RB, Holy Cross
Hospital Project, GOH 6.25 03/01/2004 0 521 0 521
0 235 0 235 Illinois State Housing
Development Authority RB, Multi-
Family Housing, HUD 7.00 07/01/2017 0 236 0 236
0 1,255 0 1,255 Illinois State, Sales Tax RB,
Series P 6.50 06/15/2022 0 1,355 0 1,355
0 500 0 500 Jackson and Williamson GO,
AMBAC 6.25 12/01/2015 0 527 0 527
0 1,000 0 1,000 Rockford, Mortgage Authority RB,
Faust Landmark Apartments,
Series A, MBIA, AMT, HUD 6.75 01/01/2018 0 1,050 0 1,050
--------------------------------------
30,192 5,608 0 35,800
INDIANA
0 720 0 720 Hammod, Multi-School Building
RB, First Mortgage Project,
State Aid Witholding 6.13 07/15/2019 0 733 0 733
0 25 0 25 Indiana State Toll Financial
Authority RB 6.00 07/01/2013 0 25 0 25
0 290 0 290 Indianapolis, Local Public
Improvement RB, Series B 6.00 01/10/2020 0 303 0 303
0 105 0 105 Petersburg, Pollution Control
RB, Indianapolis Power & Light
Project 6.63 12/01/2024 0 110 0 110
--------------------------------------
0 1,171 0 1,171
IOWA
1,225 0 0 1,225 Iowa Finance Authority SFMR
Mortgage Backed Securities
Program Series B 6.95 7/1/2024 1,275 0 0 1,275
185 0 0 185 Iowa Finance Authority SFMR
Series B 7.45 7/1/2023 191 0 0 191
0 1,000 0 1,000 Iowa City, Sewer RB, MBIA 5.75 7/1/2021 0 1,000 0 1,000
0 485 0 485 Iowa State Finance Authority RB,
Series F, GNMA/FNMA 5.70 1/1/2027 0 466 0 466
0 200 0 200 Iowa State Hospital Facility RB,
Sisters of Mercy Health Project,
Series N, FSA 6.25 2/15/2022 0 204 0 204
--------------------------------------
1,466 1,670 0 3,136
KANSAS
3,175 0 0 3,175 Kansas State DOT Highway Revenue
Series A 7.25 9/1/2008 3,649 0 0 3,649
3,175 0 0 3,175 Sedgwick & Shawnee Counties KS
SFMR Mortgage Backed Securities
Series A2 Collateralized by GNMA 6.70 6/1/2029 4,086 0 0 4,086
--------------------------------------
7,735 0 0 7,735
KENTUCKY
0 500 0 500 Kentucky State Economic
Development Finance RB,
Appalachian 5.88 10/01/2022 0 338 0 338
Hospital System
0 100 0 100 University of Louisville,
Consolidated Educational
Building, School Board
Guaranty RB, Series H 5.88 05/01/2011 0 103 0 103
--------------------------------------
0 441 0 441
LOUISIANA
235 0 0 235 Louisiana Public Facilities
Authority Revenue Student Loan LA
Opportunity Loans Series A 6.85 1/1/2009 244 0 0 244
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2,000 0 0 2,000 Louisiana Stadium & Exposition
District Hotel Occupancy Tax &
Stadium Revenue 4.75 7/1/2021 1,717 0 0 1,717
5,000 0 0 5,000 Rapides Parish LA Housing &
Mortgage Finance Authority Capital
Appreciation Revenue Series C 7.45 7/10/2014 1,882 0 0 1,882
2,900 0 0 2,900 St. Bernard Parish LA Housing
Mortgage Authority SFMR Series
1992 C 7.65 7/10/2014 1,026 0 0 1,026
0 1,000 0 1,000 Louisiana State, Stadium &
Exposition District RB, Series B,
FGIC 5.00 07/01/2026 0 873 0 873
--------------------------------------
4,869 873 0 5,742
MAINE
0 1,000 0 1,000 Maine State Housing Authority RB,
Series D2, AMT 5.90 11/15/2025 0 967 0 967
MASSACHUSETTS
5,325 0 0 5,325 Massachusetts Bay Transportation
Authority General Transportation
System Revenue Series B 6.20 3/1/2016 5,765 0 0 5,765
4,490 0 0 4,490 Massachusetts EDFA Revenue Series
C MBIA Insured 4.80 12/1/2010 4,233 0 0 4,233
2,500 0 0 2,500 Massachusetts State College
Building Authority Educational
Facilities Revenue Series A 7.50 5/1/2014 3,006 0 0 3,006
2,235 0 0 2,235 Massachusetts State Development
Finance Agency Resource Recovery
Revenue Ogden Haverhill Project
Series B 5.30 12/1/2014 1,939 0 0 1,939
2,500 0 0 2,500 Massachusetts State Health &
Educational Facilities Authority
Revenue Caritas Christi
Obligations Group A 5.70 7/1/2015 2,107 0 0 2,107
1,000 0 0 1,000 Massachusetts State HFA
Residential Development FNMA
Collateralized 6.90 11/15/2021 1,047 0 0 1,047
750 0 0 750 Massachusetts State HFA SFMR
Series 26 5.60 6/1/2023 696 0 0 696
10,000 0 0 10,000 Massachusetts State Turnpike
Authority Metropolitan Highway
System Revenue Series A 4.75 1/1/2034 8,266 0 0 8,266
380 0 0 380 New Bedford MA IDA Revenue
Aerovox Incorporated Project
Series 1982 7.42 7/1/2002 382 0 0 382
0 200 0 200 Massachusetts State Health &
Education Authority RB,
Melrose-Wakefield Hospital,
Series B, GOH, ETM 5.88 07/01/2018 0 207 0 207
0 400 0 400 Massachusetts State Water
Pollution Authority RB, MWRA
Project, Subseries A 6.00 08/01/2023 0 406 0 406
--------------------------------------
27,441 613 0 28,054
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
500 0 0 500 Austin MN Housing & Redevelopment
Authority Governmental Housing
Gross Revenue Courtyard Residence
Project Series A 7.25 1/1/2032 503 0 0 503
290 0 0 290 Minneapolis St. Paul MN Housing
Finance Board SFMR Phase IX 7.30 8/1/2031 296 0 0 296
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Minneapolis St. Paul Housing &
Redevelopment Authority RB,
0 500 0 500 Group Health Plan Project 6.90 10/15/2022 0 502 0 502
--------------------------------------
799 502 0 1,301
MISSOURI
0 500 0 500 Boone, Public Water Supply RB,
District # 07 5.50 05/01/2029 0 442 0 442
0 650 0 650 Health & Educational Facilities
Authority MBIA SSM Health Care
Projects Series B RB 0 671 0 671
0 200 0 200 Springfield, Public Building
Leasehold RB, Parks Department
Improvement Project, FSA 5.90 11/01/2014 0 208 0 208
---------------------------------------
Total Missouri 0 1,321 0 1,321
NEBRASKA
0 150 0 150 Lincoln-Lancaster, Public
Building Commission RB, Tax
Supported Lease Rental, GOC 6.00 10/15/2026 0 152 0 152
Total Nebraska
NEVADA
2,000 0 0 2,000 Clark County NV IDR Nevada
Power Company Project Series A 5.90 11/1/2032 1,717 0 0 1,717
0 180 0 180 Nevada State Housing Division RB,
Single Family Program, Series
C-1, FHA 6.50 10/01/2016 0 185 0 185
0 280 0 280 Nevada State Housing Division RB,
Multi-Unit Housing, Saratoga
Palms, AMT, FNMA 6.25 10/01/2016 0 284 0 284
---------------------------------------
1,717 469 0 2,186
NEW HAMPSHIRE
0 1,170 0 1,170 New Hampshire State Higher
Educational & Health Facilities
Authority RB, Androscoggin
Valley Hospital 5.80 11/01/2027 0 1,333 0 1,333
NEW JERSEY
1,570 0 0 1,570 New Jersey Health Care Facilities
Financing Authority Revenue
Englewood Hospital & Medical
Center 6.50 7/1/2009 1,546 0 0 1,546
1,250 0 0 1,250 New Jersey State Housing &
Mortgage Finance Agency MFHR
Presidential Plaza FHA Insured 7.00 5/1/2030 1,301 0 0 1,301
0 140 0 140 New Jersey State Health Care
Facility Financing Authority RB,
Raritan Bay Center 7.25 07/01/2027 0 124 0 124
---------------------------------------
2,847 124 0 2,971
NEW MEXICO
3,040 0 0 3,040 Bernalillo County NM Gross
Receipts Tax Revenue Bonds 5.20 4/1/2021 2,876 0 0 2,876
1,475 0 0 1,475 Bernalillo County NM Gross
Receipts Tax Revenue Bonds 5.25 4/1/2027 1,390 0 0 1,390
3,500 0 0 3,500 Bernalillo County NM Gross
Receipts Tax Revenue Bonds
Series B 5.70 4/1/2027 3,508 0 0 3,508
2,000 0 0 2,000 Farmington NM PCR Public
Service Company San Juan Project
Series D 6.38 4/1/2022 1,891 0 0 1,891
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
Systems Revenue FSA Insured 6.00 2/1/2027 6,836 0 0 6,836
0 375 0 375 Carlsbad, Multi-Family Housing
RB, Colonial Hillcrest 7.38 08/01/2027 0 366 0 366
0 430 0 430 Southeastern New Mexico
Affordable Housing RB, Casa
Hermosa Apartments 7.25 12/01/2027 0 396 0 396
---------------------------------------
17,249 762 0 18,011
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NEW YORK
2,400 0 0 2,400 New York NY City Transitional
Finance Authority Revenue 4.75 5/1/2023 2,053 0 0 2,053
1,480 0 0 1,480 New York NY GO Series B1
Prerefunded 8/15/04 @ 101 7.30 8/15/2010 1,635 0 0 1,635
1,340 0 0 1,340 New York NY GO Series B1
Prerefunded 8/15/04 @ 101 7.38 8/15/2013 1,484 0 0 1,484
0 1,000 0 1,000 New York State Dormitory
Authority RB, Menorah Campus,
FHA 6.10 02/01/2037 0 996 0 996
0 280 0 280 New York State Local Government
Assistance RB, Series A, GOC 6.00 04/01/2024 0 283 0 283
0 100 0 100 New York State Medical Care
Facilities RB, Series E, MBIA,
Pre-refunded @ 102 (A) 6.50 08/15/2004 0 109 0 109
0 1,000 0 1,000 New York State Metropolitan
Transportation Authority RB,
Series C1 5.63 07/01/2027 0 953 0 953
0 270 0 270 New York State Unrefunded Balance
GO, Series E 6.00 08/01/2026 0 271 0 271
0 485 0 485 Newark-Wayne, Community Hospital
RB, Series A, GOH 7.60 09/01/2015 0 493 0 493
0 500 0 500 United Nations Development RB,
Series B, GOC 5.60 07/01/2026 0 477 0 477
---------------------------------------
5,172 3,582 0 8,754
NORTH CAROLINA
4,000 0 0 4,000 North Carolina Eastern Municipal
Power Revenue Series B 5.70 1/1/2017 3,705 0 0 3,705
0 375 0 375 North Carolina State Eastern
Municipal Power Agency RB, Series
A, ETM 4.00 01/01/2018 0 309 0 309
0 1,000 0 1,000 North Carolina State Eastern
Municipal Power Agency RB, Series
A, Pre-refunded @ 100 (A) 6.00 01/01/2022 0 1,045 0 1,045
0 500 0 500 North Carolina State Medical Care
Commission RB, Firsthealth of the
Carolinas 4.75 10/01/2026 0 405 0 405
0 500 0 500 North Carolina State Municipal
Power Agency RB, Series B 6.00 01/01/2020 0 477 0 477
--------------------------------------
3,705 2,236 0 5,941
NORTH DAKOTA
0 255 0 255 Fargo, Multi-Family Housing RB 7.13 02/01/2026 0 235 0 235
0 260 0 260 North Dakota State Housing
Finance Agency RB, Home Mortgage,
Series C, AMT 5.95 07/01/2017 0 265 0 265
0 335 0 335 North Dakota State Housing
Finance Agency RB, Home Mortgage,
Series C, AMT 6.10 07/01/2028 0 330 0 330
---------------------------------------
0 830 0 830
OHIO
2,000 0 0 2,000 Pike County OH Hospital
Facilities Revenue Pike Health
Services Incorporated Project 7.00 7/1/2022 1,836 0 0 1,836
0 500 0 500 Butler, Hospital Facilities RB,
Middletown Hospital 5.00 11/15/2028 0 393 0 393
0 1,000 0 1,000 Erie, Franciscan Service RB,
Providence Hospital 6.00 01/01/2013 0 980 0 980
0 250 0 250 Johnstown, Waterworks System RB 6.00 12/01/2017 0 240 0 240
0 600 0 600 Mason, Tax Increment Financing
Authority, J. W. Harris
Development Ltd. Project, LOC 5.30 12/01/2018 0 537 0 537
0 76 0 76 Montgomery, Special Assessment
GO, Montgomery Woods Project 6.00 12/01/2017 0 76 0 76
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 500 0 500 Oak Hills, Local School District
GO, Series A 5.70 12/01/2025 0 489 0 489
0 400 0 400 Perrysburg, School District GO,
Exempt Village School District 5.35 12/01/2025 0 370 0 370
---------------------------------------
1,836 3,085 0 4,921
OKLAHOMA
200 0 0 200 Pryor Creek OK, EDA Mortgage
Revenue Series A 7.13 7/1/2021 202 0 0 202
365 0 0 365 Tulsa County OK HFA Mortgage
Revenue GNMA Collateralized
Series B 7.55 5/1/2023 373 0 0 373
405 0 0 405 Tulsa County OK HFA Mortgage
Revenue GNMA Collateralized
Series C 7.10 6/1/2022 414 0 0 414
1,245 0 0 1,245 Tulsa OK IDA Revenue University
of Tulsa Series A MBIA Insured 6.00 10/1/2016 1,321 0 0 1,321
--------------------------------------
2,310 0 0 2,310
OREGON
1,500 0 0 1,500 Klamath Falls OR Electric Revenue
Lien-Klamath Cogen Project 5.88 1/1/2016 1,343 0 0 1,343
8,500 0 0 8,500 Klamath Falls OR Electric Revenue
Lien-Klamath Cogen Project 6.00 1/1/2025 7,475 0 0 7,475
1,000 0 0 1,000 Oregon State Health Housing
Educational & Cultural Facilities
Authority 5.25 10/1/2016 781 0 0 781
2,000 0 0 2,000 Washington County OR Housing
Authority Revenue Affordable
Housing Pool Series A 6.13 7/1/2029 1,811 0 0 1,811
0 500 0 500 Lane, School District # 52,
School Board Guaranty GO 5.63 06/15/2020 0 496 0 496
0 500 0 500 Oregon State Economic Development
RB, Pacific Corporation Project,
Series 183, AMT 5.70 12/01/2025 0 443 0 443
--------------------------------------
11,410 939 0 12,349
PENNSYLVANIA
2,000 0 0 2,000 Carbon County PA Industrial
Development Authority Revenue
Panther Creek Partners
Project 6.70 5/1/2012 2,002 0 0 2,002
2,250 0 0 2,250 Chester County PA Health &
Education Facilities Authority
Revenue Jefferson Health System
Series B 5.38 5/15/2027 1,885 0 0 1,885
4,230 0 0 4,230 Cumberland County PA Municipal
Authority Revenue Carlisle
Hospital & Health 6.80 11/15/2023 3,854 0 0 3,854
1,375 0 0 1,375 Montgomery County PA Higher
Education & Health Authority
Revenue Montgomery Hospital
Medical Center Project Series B 6.60 7/1/2010 1,351 0 0 1,351
500 0 0 500 Pennsylvania State Higher
Education Assistance Agency
Student Loan Revenue Series A
AMBAC Insured 7.05 10/1/2016 536 0 0 536
6,000 0 0 6,000 Pennsylvania State Higher
Education Assistance Agency
Student Loan Revenue Series A
AMBAC Insured + 7.60 3/1/2022 6,120 0 0 6,120
-
4,500 0 0 4,500 Philadelphia PA School District
GO Series A MBIA Insured 4.50 4/1/2023 3,702 0 0 3,702
0 500 0 500 Allegheny, Hospital Development
Authority RB, St Francis Medical
Center Project 5.75 05/15/2017 0 412 0 412
0 500 0 500 Allentown, Hospital Authority RB,
Sacred Heart Hospital of
0 500 0 500 Allentown 6.75 11/15/2014 0 491 0 491
Dauphin, General Authority Office
RB, Office & Packaging Project,
Series A 6.00 01/15/2025 0 442 0 442
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 500 0 500 Delaware, Hospital Authority RB,
Crozer-Chester Medical Center 6.00 12/15/2020 0 428 0 428
0 100 0 100 Pennsylvania State GO 9.00 10/01/2000 0 101 0 101
0 750 0 750 Pennsylvania State Housing
Finance Agency RB, Single Family
Mortgage, Series 39B, AMT 6.88 10/01/2024 0 774 0 774
0 1,250 0 1,250 Pennsylvania State Housing
Finance Agency RB, Single Family
Mortgage, Series 59A, GOA, AMT 5.80 10/01/2029 0 1,195 0 1,195
0 500 0 500 Scranton-Lackawanna, Health &
Welfare Authority RB, Moses
Taylor Hospital Project 6.25 07/01/2020 0 429 0 429
0 500 0 500 Warren, Hospital Authority RB,
Warren General Hospital Project,
Series A, GOH 6.90 04/01/2011 0 502 0 502
0 500 0 500 Washington, Hospital Authority
RB, Canonsburg General Hospital
Project, Pre-refunded @ 102 (A) 7.35 06/01/2003 0 486 0 486
---------------------------------------
19,450 5,260 0 24,710
PUERTO RICO
0 0 735 735 Puerto Rico Commonwealth Highway
& Transportation Authority
Highway RB, Series Z, FSA 6.25 07/01/2016 0 0 812 812
0 0 400 400 Puerto Rico Commonwealth Highway
& Transportation Authority
Highway RB, Series Z, MBIA 6.25 07/01/2013 0 0 441 441
0 0 500 500 Puerto Rico Commonwealth Highway
& Transportation Authority
Highway RB, Series Y, FSA 6.25 07/01/2014 0 0 551 551
0 0 250 250 Puerto Rico Commonwealth Highway
& Transportation Authority
Highway RB Series Y, MBIA 5.50 07/01/2026 0 0 244 244
---------------------------------------
0 0 2,048 2,048
RHODE ISLAND
0 325 0 325 Rhode Island Depositors Economic
Protection Corporation, Special
Obligation RB, Series A, ETM 6.38 08/01/2022 0 352 0 352
0 150 0 150 Rhode Island State, Convention
Center Authority RB, Series A,
AMBAC 5.75 05/15/2020 0 149 0 149
0 1,000 0 1,000 Rhode Island State Housing &
Mortgage Finance RB, Series 23,
AMT 5.95 04/01/2029 0 970 0 970
----------------------------------------
0 1,471 0 1,471
SOUTH CAROLINA
8,800 0 0 8,800 Connector 2000 Association
Incorporated SC Toll Road Revenue
Southern Connector Project
Series B 5.73 1/1/2017 2,466 0 0 2,466
9,100 0 0 9,100 Connector 2000 Association
Incorporated SC Toll Road Revenue
Southern Connector Project
Series B 5.75 1/1/2018 2,349 0 0 2,349
9,400 0 0 9,400 Connector 2000 Association
Incorporated SC Toll Road Revenue
Southern Connector Project
Series B 5.75 1/1/2019 2,245 0 0 2,245
1,000 0 0 1,000 Loris SC Community Hospital
District Hospital Revenue
Series B 5.63 1/1/2029 805 0 0 805
0 500 0 500 South Carolina State Connector
2000 Association RB, Toll Road
Project, (B) 5.85 + 01/01/2031 0 48 0 48
0 1,000 0 1,000 University of South Carolina RB,
MBIA 5.75 06/01/2026 0 995 0 995
--------------------------------------
7,865 1,043 0 8,908
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SOUTH DAKOTA
3,500 0 0 3,500 South Dakota State HEFA Revenue
Huron Regional Medical Center 7.30 4/1/2016 3,545 0 0 3,545
0 500 0 500 South Dakota State Health &
Education Facilities RB, Huron
Regional Medical Center 7.25 04/01/2020 0 506 0 506
--------------------------------------
3,545 506 0 4,051
TENNESSEE
14,250 0 0 14,250 Metropolitan Governments of
Nashville & Davidson County TN
Health & Educational Facilities
Revenue Volunteer Health Care 5.72 6/1/2021 3,468 0 0 3,468
0 500 0 500 Nashville & Davidson Counties,
Health & Education Facility RB,
Open Arms Development Center 5.00 08/01/2012 0 467 0 467
--------------------------------------
3,468 467 0 3,935
TEXAS
320 0 0 320 Baytown TX Housing Finance
Corporation SFMR Series 1992 A 8.50 9/1/2011 354 0 0 354
1,535 0 0 1,535 Beaumont TX Housing Finance
Corporation Revenue 9.20 3/1/2012 1,729 0 0 1,729
2,900 0 0 2,900 Brazos River Authority TX
Utilities Revenue Houston
Industries Incorporated
Project Series A 5.13 5/1/2019 2,665 0 0 2,665
2,000 0 0 2,000 Columbia & Brazoria TX
Independent School District GO
PSFG Insured 4.75 2/1/2025 1,697 0 0 1,697
1,145 0 0 1,145 Corpus ChristiTX HFA Housing
Revenue Series A MBIA Insured 7.70 7/1/2011 1,210 0 0 1,210
2,150 0 0 2,150 Cypress Fairbanks TX Independent
School District PSFG Insured 4.75 2/15/2022 1,843 0 0 1,843
2,395 0 0 2,395 Desoto TX Housing Finance
Corporation MFHR Windsor
Foundation Project Series A 7.00 2/1/2025 2,633 0 0 2,633
180 0 0 180 El Paso TX Housing Finance
Corporation SFMR Series A 8.75 10/1/2011 197 0 0 197
2,000 0 0 2,000 Fort Bend TX Independent School
District Public School Financed
Insured 5.38 2/15/2024 1,891 0 0 1,891
220 0 0 220 Galveston County TX Property
Finance Authority Incorporated
SFMR Series A 8.50 9/1/2011 237 0 0 237
1,300 0 0 1,300 Grape Creek-Pulliam TX
Independent School District
Public Facilities Corporation GO 7.25 5/15/2021 1,374 0 0 1,374
1,115 0 0 1,115 Harlandale TX Independent School
District Public Facilities
Corporation Lease Revenue
Educational Facilities Revenue 5.50 10/15/2012 1,069 0 0 1,069
3,690 0 0 3,690 Houston TX Housing Finance
Corporation SFMR Series A-1 8.00 6/1/2014 3,927 0 0 3,927
2,250 0 0 2,250 Houston TX Housing Finance
Corporation SFMR Series B-1 8.00 6/1/2014 2,418 0 0 2,418
1,000 0 0 1,000 La Porte TX GO Independent
School District PSFG Insured 4.25 2/15/2018 820 0 0 820
1,000 0 0 1,000 La Porte TX GO Independent
School District PSFG Insured 4.25 2/15/2019 810 0 0 810
3,075 0 0 3,075 Lufkin TX Health Facilities
Development Corporation Health
System Revenue Memorial Health
System of East Texas 6.88 2/15/2026 2,842 0 0 2,842
1,005 0 0 1,005 Port Arthur TX Housing Finance
Corporation SFMR 8.70 3/1/2012 1,101 0 0 1,101
4,180 0 0 4,180 San Antonio TX Higher Education
Authority Incorporated
Educational Facilities Revenue 7.13 11/1/2015 4,398 0 0 4,394
2,200 0 0 2,200 Texas State Department of
Housing & Community Affairs
SFMR Series A 8.10 9/1/2015 2,392 0 0 2,392
1,040 0 0 1,040 Texas State PFA Building Revenue
State Preservation Board
Series A AMBAC Insured 4.50 2/1/2017 886 0 0 886
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
295 0 0 295 Travis County TX Housing Finance
Corporation Residential Mortgage
Revenue GNMA/FNMA Mortgage
Backed Securities Series A 7.00 12/1/2011 303 0 0 303
0 500 0 500 Beaumont, Multi-Family Housing
RB, Park Shadows Project, FNMA 6.45 06/15/2022 0 499 0 499
0 325 0 325 Carroll, Independent School
District GO, PSFG 6.75 08/15/2020 0 367 0 367
0 700 0 700 Denison, Hospital Authority RB,
Texoma Medical Center Project 6.13 08/15/2017 0 584 0 584
0 500 0 500 Harris County, Industrial
Development RB, Gatx Terminals
Project 6.95 02/01/2022 0 516 0 516
0 200 0 200 Socorro, Independent School
District GO 5.75 02/15/2021 0 210 0 210
0 160 0 160 Texarkana, Health Facilities RB,
Wadley Regional Medical Center,
Series B, MBIA 6.00 10/01/2017 0 166 0 166
---------------------------------------
36,796 2,342 0 39,138
UTAH
1,450 410 0 1,860 Salt Lake County UT EDFA Revenue
Westminster College Project 5.75 10/1/2027 1,313 385 0 1,698
1,100 0 0 1,100 Utah State Board Regents Student
Loan Revenue Amortized Series H 6.70 11/1/2015 1,140 0 0 1,140
500 0 0 500 Utah State Board Regents Student
Loan Revenue Series F 7.45 11/1/2008 515 0 0 515
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 Health Service Incorporated
AMBAC Insured 5.00 8/15/2030 9,835 0 0 9,835
0 500 0 500 Provo City, Housing Authority
RB, Lookout Pointe Apartments,
GNMA 5.80 07/20/2022 0 485 0 485
0 275 0 275 Salt Lake City, Metropolitan
Water Division RB, FGIC 4.10 08/01/2004 0 244 0 244
0 250 0 250 Utah State Building Ownership
Authority Lease RB, Student
Facilities Master Lease,
Series C, FSA 5.50 05/15/2019 0 247 0 247
0 95 0 95 Utah State Housing Finance
Agency RB, Single Family
Mortgage, FHA 6.80 01/01/2012 0 98 0 98
0 1,000 0 1,000 Weber County, Municipal Building
Authority RB, MBIA 5.75 12/15/2019 0 992 0 992
---------------------------------------
12,808 2,451 0 15,259
VERMONT
0 365 0 365 Vermont State Housing Finance
Agency RB, Series 9, MBIA, AMT 6.00 05/01/2037 0 357 0 357
0 900 0 900 Vermont State Student
Assistance Financing RB,
Series B, FSA, AMT 6.70 12/15/2012 0 944 0 944
---------------------------------------
0 1,301 0 1,301
VIRGINIA
3,000 0 0 3,000 Fairfax County VA Redevelopment
& Housing Authority MFHR Burke
Shire Commons 7.60 10/1/2036 3,105 0 0 3,105
0 1,000 0 1,000 Chesapeake Bay Bridge and Tunnel
Commission RB, General
Resolution, MBIA 5.50 07/01/2025 0 979 0 979
---------------------------------------
3,105 979 0 4,084
WASHINGTON
1,748 0 0 1,748 Kitsap County WA Housing
Authority Revenue MFHR Bonds
Low IncomeHousing Collaterized
by GNMA 7.10 8/20/2016 1,947 0 0 1,947
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
Revenue Springbrook Square 5.65 3/1/2031 930 0 0 930
2,750 0 0 2,750 Washington Public Power Supply
System Power Revenue Nuclear
Project #2 Series A 6.00 7/1/2007 2,894 0 0 2,894
4,000 0 0 4,000 Washington State Housing Finance
Commission Nonprofit Housing
Revenue Ocean Ridge Apartments
Project Series A 5.25 7/1/2002 3,990 0 0 3,990
1,145 0 0 1,145 Washington State Housing Finance
Commission SFMR GNMA/FNMA
Collateralized Series E 7.10 7/1/2022 1,169 0 0 1,169
2,000 0 0 2,000 Washington State Public Power
Supply System Power Revenue
Nuclear Project #2 Series A 5.13 7/1/2018 1,830 0 0 1,830
4,980 0 0 4,980 Washington State University
Washington Education Lease
Revenue 4225 Roosevelt Project
Series A 5.38 6/1/2029 4,626 0 0 4,626
3,000 0 0 3,000 Yakima County WA School
District #007 GO MBIA Insured 6.75 12/1/2006 3,301 0 0 3,301
0 500 0 500 Clark County, School District
# 98 GO, MBIA 6.15 12/01/2015 0 524 0 524
0 110 0 110 King County GO, MBIA 6.13 01/01/2033 0 111 0 111
0 820 0 820 Pilchuck, State Development RB,
Tramco Project, AMT 6.00 08/01/2023 0 773 0 773
0 1,000 0 1,000 Seattle, Low Income Housing
Assistance Authority RB, Kin On 7.40 11/20/2036 0 1,105 0 1,105
Project, GNMA
0 500 0 500 Seattle, Water Systems RB,
Series B, FGIC 6.00 07/01/2029 0 504 0 504
0 220 0 220 Snohomish County, Public
Utility RB, District # 001, FGIC 6.00 01/01/2018 0 222 0 222
0 110 0 110 Stevens County, Water Power RB,
Kettle Project 6.00 12/01/2023 0 106 0 106
0 250 0 250 Washington State GO, Series
W & At-7 6.40 06/01/2017 0 273 0 273
0 250 0 250 Washington State Housing
Finance RB, Seattle University
Auxiliary Services Project, LOC 5.30 07/01/2031 0 220 0 220
---------------------------------------
26,254 3,838 0 30,092
WASHINGTON D.C.
8,300 0 0 8,300 Washington DC Convention Center
Authority Dedicated Tax Revenue 4.75 10/1/2028 6,851 0 0 6,851
WEST VIRGINIA
0 140 0 140 West Virginia State Hospital
Financing Authority RB, Fairmont
General Hospital, GOH 6.75 03/01/2014 0 137 0 137
WISCONSIN
1,750 0 0 1,750 Wisconsin Center District Tax
Revenue JR Dedicated FSA Insured 5.25 12/15/2023 1,655 0 0 1,655
4,950 0 0 4,950 Wisconsin Center District Tax
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 0 143 0 143
0 1,000 0 1,000 Wisconsin State Health &
Education Facilities RB,
Franciscan Skemp Medical Center 6.13 11/15/2015 0 1,025 0 1,025
0 550 0 550 Wisconsin State Housing &
& Economic Development RB,
Series A, GOA 6.00 09/01/2015 0 555 0 555
---------------------------------------
6,298 1,723 0 8,021
WYOMING
0 500 0 500 Jackson, National Rural
Utilities RB, Lower Valley
Power & Light, Series B, AMT 5.88 05/01/2026 0 482 0 482
0 600 0 600 Teton County, Hospital
District RB 5.80 12/01/2017 0 586 0 586
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 420 0 420 Wyoming State Community
Development Authority RB,
Series 4, AMT 5.85 06/01/2028 0 402 0 402
0 1,000 0 1,000 Wyoming State Community
Development Authority RB,
Series A, FHA 6.00 06/01/2023 0 999 0 999
---------------------------------------
0 2,469 0 2,469
TOTAL MUNICIPAL BONDS 309,574 67,664 30,413 407,651
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
Wells Fargo National Tax-Free
6,223,900 0 0 6,223,900 Money Market Fund 6,224 0 0 6,224
SEI Tax-Exempt Trust Institutional
0 372 0 372 Tax-Free Portfolio 0 372 0 372
---------------------------------------
6,224 372 0 6,596
TOTAL INVESTMENTS, AT MARKET VALUE $331,748 $68,036 $30,413 $430,197
=======================================
TOTAL INVESTMENTS, AT COST $329,732 $71,818 $31,370 $432,920
=======================================
</TABLE>
<PAGE>
WELLS FARGO FUNDS - INCOME FUND
PRO FORMA STATEMENT OF ASSETS AND LIABILITIES
As of May 31, 2000 (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Achievement Intermediate Pro Forma WF Income Fund
Income Fund Term Bond Fund Adjustments Pro Forma Combined
------------- ------------------------- ------------ ------------------
<S> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost
below) $ 389,347 $ 153,788 $ 543,135
Collateral for securities loaned 177,507 - 177,507
Receivables:
Interest 6,712 2,466 9,178
Fund shares sold 1,693 - 1,693
Prepaid expenses and other assets 15 77 92
Total Assets 575,274 156,331 731,605
LIABILITIES
Payables:
Securities loaned 177,507 - 177,507
Investment securities purchased - - -
Distributions to shareholders 1,884 795 2,679
Fund shares redeemed 233 - 233
Due to distributor 40 - 40
Due to advisor and affiliates 222 - 222
Other 164 240 404
Total Liabilities 180,050 1,035 181,085
TOTAL NET ASSETS $ 395,224 $ 155,296 $ 550,520
Net assets consist of:
Paid-in capital $ 448,471 $ 165,851 $ 614,322
Undistributed net investment income (loss) - - -
Undistributed net realized gain (loss)
on investments (31,054) (3,062) (34,116)
Net unrealized appreciation (depreciation)
of investments (22,193) (7,493) (29,686)
TOTAL NET ASSETS $ 395,224 $ 155,296 $ 550,520
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 16,895 $ 1,164 $ 18,059
Shares outstanding - Class A 1,908 117 14 (1) 2,039
Net asset value per share - Class A $8.86 $ 9.91 $ 8.86
Maximum offering price per share - Class A $9.28 $ 10.27 $ 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 $ 369,718 $ 154,132 $ 523,850
Shares outstanding - Institutional Class 41,786 15,584 1,836 (1) 59,206
Net asset value and offering price per
share - Institutional Class $8.85 $ 9.89 $ 8.85
INVESTMENTS AT COST $ 411,540 $ 161,281 $ 572,821
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
Wells Fargo Achievement Intermediate Pro Forma WF Income Fund
Income Fund Term Bond Fund Adjustments Pro Forma Combined
----------- ------------------------ ----------- ------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 29,484 $ 10,815 $ 40,299
Securities lending income 154 0 154
Total Investment Income 29,638 10,815 40,453
EXPENSES
Advisory fees 1,982 982 (149) (1) 2,815
Administration fees 520 327 (3) (1) 844
Custody fees 71 17 25 (1) 113
Shareholder servicing fees 37 0 27 (1) 64
Portfolio accounting fees 85 9 24 (1) 118
Transfer agency fees 489 41 159 (1) 689
Distribution fees 64 3 * (2) (1) 65
Legal and audit fees 26 36 (31) (1) 31
Registration fees 49 59 (39) (1) 69
Directors' fees 5 14 (14) (1) 5
Shareholder reports 45 30 (12) (1) 63
Organization Costs - 7 0 7
Other 35 - 14 (1) 49
Total Expenses 3,408 1,525 (1) 4,932
Less:
Waived fees and reimbursed expenses fees (306) (294) 20 (1) (580)
Net expenses 3,102 1,231 19 4,352
NET INVESTMENT INCOME (LOSS) 26,536 9,584 (19) 36,101
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments (18,974) (1,054) (20,028)
Net change in unrealized appreciation
or depreciation of investments (8,738) (6,199) (14,937)
Net Gain (Loss) on Investments (27,712) (7,253) (34,965)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (1,176) $ 2,331 (19) $ 1,136
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes shareholder servicing fees
(1) 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 Income WF Income
Achievement Fund Achievement Fund
WF Income Intermediate-Term Pro Forma WF Income Intermediate-Term Pro Forma
Fund Bond Fund Combined Security Name Coupon Rate Maturity Date Fund 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 09/16/05 $ 5,002 - $ 5,002
925 0 925 First USA Consumer Trust
Class A 6.50 09/15/02 922 - 922
7,000 0 7,000 Green Tree Financial
Corporation Series 1997-6 A7 7.14 01/15/29 6,688 - 6,688
320 0 320 Sequoia Mortgage Trust
Series 2 Class A1 6.15 10/25/24 320 - 320
1,355 0 1,355 Van Kampen CLO-I 6.57 10/08/07 1,362 - 1,362
0 2,000 2,000 Champion Home Equity Loan
Trust, Series 1997-2, Cl A3 6.770 03/25/2015 0 1,957 1,957
0 2,000 2,000 Olympic Automobile Receivables
Trust, Series 1996-B, Cl A5 6.900 02/15/2004 0 1,996 1,996
0 2,000 2,000 WFS Financial Owner Trust,
Series 1998-B, Cl A4 6.050 04/20/2003 0 1,968 1,968
--------------------------------------
14,294 5,921 20,215
COLLATERALIZED MORTGAGE
OBLIGATIONS
554 0 554 Saco I Incorporated Series
1997-2 7.00 08/25/36 548 - 548
0 1,429 1,429 American Southwest Financial
Securities, Series 1996-FHA1,
Cl A2 7.000 11/25/2038 0 1,395 1,395
0 3,000 3,000 Donaldson Lufkin Jenrette
Mortgage Acceptance, Series
1996-CF2, Cl A1B (A) 7.290 07/12/06 0 2,958 2,958
0 2,000 2,000 Donaldson Lufkin Jenrette
Mortgage Acceptance, Series
1997-CF1, Cl A1B (A) 7.600 04/15/2007 0 1,968 1,968
0 3,000 3,000 General Motors Acceptance,
Commercial Mortgage Securities,
Series 1999-C1, Cl A2 6.175 05/15/2033 0 2,674 2,674
0 3,000 3,000 Lehman Brothers Commercial
Conduit Mortgage Trust,
Series 1998-C1, Cl B 6.590 02/18/2030 0 2,736 2,736
--------------------------------------
548 11,731 12,279
CORPORATE BONDS & NOTES
APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR MATERIALS
541 0 541 Tommy Hilfiger 6.50 06/01/03 408 - 408
AUTOMOTIVE DEALERS & GASOLINE
SERVICE STATIONS
774 0 774 Pep Boys 6.71 11/03/04 494 - 494
0 1,000 1,000 TRW 6.450 06/15/2001 0 985 985
--------------------------------------
494 985 1,479
AUTOMOTIVE REPAIR, SERVICES & PARKING
5,000 0 5,000 Hertz Corporation 7.63 08/15/07 4,894 - 4,894
BUILDING PRODUCTS
0 2,000 2,000 CSR America 6.875 07/21/2005 0 1,895 1,895
BUSINESS SERVICES
5,000 0 5,000 First Data Corporation 6.38 12/15/07 4,631 - 4,631
5,968 0 5,968 Oracle Corporation 6.72 02/15/04 5,759 - 5,759
--------------------------------------
10,390 - 10,390
CHEMICALS & ALLIED PRODUCTS
5,000 0 5,000 E. I. Du Pont de Nemours & Company 6.88 10/15/09 4,737 - 4,737
1,000 0 1,000 IMC Global Incorporated 7.63 11/01/05 969 - 969
6,800 0 6,800 Merck & Company Incorporated 6.40 03/01/28 5,942 - 5,942
5,000 0 5,000 Procter & Gamble Company 6.60 12/15/04 4,844 - 4,844
--------------------------------------
16,492 - 16,492
COMMUNICATIONS
3,000 0 3,000 AT&T Capital Corporation 6.75 12/01/00 2,992 - 2,992
4,500 0 4,500 LCI International Incorporated 7.25 06/15/07 4,196 - 4,196
2,000 0 2,000 Qwest Communications International
Incorporated 7.50 11/01/08 1,883 - 1,883
0 1,000 1,000 Qwest Communications International
Incorporated 5.63 11/15/08 - 840 840
5,000 0 5,000 WorldCom Incorporated 8.00 05/15/06 5,000 - 5,000
--------------------------------------
14,071 840 14,911
DEPOSITORY INSTITUTIONS
3,500 0 3,500 Bank United Corporation 8.00 03/15/09 3,041 - 3,041
4,500 0 4,500 BankBoston Corporation 6.88 07/15/03 4,365 - 4,365
3,000 0 3,000 Bankers Trust New York Company 7.38 05/01/08 2,835 - 2,835
194 0 194 Golden State Holdings 7.13 08/01/05 169 - 169
5,000 0 5,000 Key Bank NA 6.50 04/15/08 4,506 - 4,506
250 0 250 Midland Bank PLC 6.95 03/15/11 225 - 225
5,000 0 5,000 NationsBank Corporation 7.80 09/15/16 4,756 - 4,756
2,500 0 2,500 Society Corporation 8.13 06/15/02 2,513 - 2,513
0 1,000 1,000 Bank of America 7.625 04/15/2005 0 983 983
0 2,000 2,000 Bank of America 7.125 05/01/2006 0 1,920 1,920
0 1,000 1,000 Citicorp 7.125 06/01/2003 0 979 979
0 1,000 1,000 First Tennessee Bank 5.750 12/01/2008 0 836 836
0 1,000 1,000 First Union 7.050 08/01/2005 0 963 963
0 1,000 1,000 KeyCorp 7.250 06/01/2005 0 961 961
--------------------------------------
22,410 6,642 29,052
ELECTRIC, GAS & SANITARY SERVICES
147 0 147 Niagara Mohawk Power 7.38 07/01/03 144 - 144
725 0 725 Texas Utilities Company 6.20 10/01/02 703 - 703
774 0 774 Williams Companies Incorporated 6.13 02/15/02 750 - 750
0 1,000 1,000 Consolidated Edison 6.375 04/01/2003 0 964 964
0 1,000 1,000 Consolidated Edison 6.150 07/01/2008 0 884 884
0 1,000 1,000 Monongahela Power, MTN 7.360 01/15/2010 0 961 961
0 1,000 1,000 Pacific Gas & Electric, MTN 6.680 03/19/2003 0 965 965
0 1,000 1,000 Philadelphia Electric 6.625 03/01/2003 0 969 969
0 1,000 1,000 Public Service Electric & Gas 6.500 05/01/2004 0 956 956
0 1,000 1,000 Rochester Gas & Electric, MTN 6.375 07/30/2003 0 954 954
0 1,000 1,000 Scana, MTN 6.250 07/08/2003 0 953 953
--------------------------------------
1,597 7,606 9,203
ENERGY
3,300 0 3,300 Midamerican Energy Holdings 6.96 09/15/03 3,160 - 3,160
FOOD & KINDRED PRODUCTS
4,000 0 4,000 Anheuser Busch Companies 9.00 12/01/09 4,330 - 4,330
1,500 0 1,500 Flowers Industries Incorporated 7.15 04/15/28 1,043 - 1,043
774 0 774 Whitman Corporation 7.29 09/15/26 760 - 760
0 1,000 1,000 Diageo PLC 7.125 09/15/2004 0 973 973
0 1,000 1,000 Nabisco 6.700 06/15/2002 0 956 956
0 1,000 1,000 Sara Lee, MTN 7.400 03/22/2002 0 996 996
--------------------------------------
6,133 2,925 9,058
FOREIGN DEPOSITORY INSTITUTIONS
3,000 0 3,000 Korea Development Bank 7.13 04/22/04 2,858 - 2,858
GENERAL MERCHANDISE STORES
5,000 0 5,000 Saks Incorporated 7.50 12/01/10 3,869 - 3,869
5,000 0 5,000 Target Corporation 7.50 02/15/05 4,981 - 4,981
0 1,000 1,000 J.C. Penney, MTN 7.050 05/23/2005 0 855 855
0 1,000 1,000 Sears Roebuck Acceptance 6.950 05/15/2002 0 981 981
0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.580 11/20/2003 0 958 958
0 2,000 2,000 Target 7.500 07/15/2006 0 1,943 1,943
0 1,000 1,000 Wal-Mart Stores 6.500 06/01/2003 0 980 980
--------------------------------------
8,850 5,717 14,567
INDUSTRIAL & COMMERCIAL MACHINERY
& COMPUTER EQUIPMENT
6,861 0 6,861 Dell Computer Corporation 7.10 04/15/28 5,969 - 5,969
0 1,000 1,000 Texas Instruments Incorporated 6.88 07/15/00 - 1,000
4,000 0 4,000 IBM Corporation 8.38 11/01/19 4,275 - 4,275
--------------------------------------
10,244 1,000 10,244
INDUSTRIAL SERVICES
3,000 0 3,000 Gruma SA de CV 7.63 10/15/07 2,520 - 2,520
INSURANCE CARRIERS
8,000 0 8,000 AMBAC Incorporated 9.38 08/01/11 8,620 - 8,620
968 0 968 Reliastar Financial Corporation 7.13 03/01/03 945 - 945
968 0 968 Terra Nova (U.K.) Holdings 7.20 08/15/07 916 - 916
0 2,000 2,000 Aetna Services 6.750 08/15/2001 0 1,973 1,973
--------------------------------------
10,481 1,973 12,454
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS
387 0 387 Mallinckrodt Incorporated 6.30 03/15/01 380 - 380
NONDEPOSITORY CREDIT INSTITUTIONS
4,500 0 4,500 Dresdner Funding Trust I 8.15 06/30/31 3,769 - 3,769
6,000 0 6,000 General Electric Capital
Corporation 8.70 02/15/03 6,173 - 6,173
5,000 0 5,000 General Electric Capital
Corporation 8.63 06/15/08 5,281 - 5,281
0 1,000 1,000 Chase Manhattan 8.125 06/15/2002 0 1,008 1,008
0 1,000 1,000 Chase Manhattan 6.375 02/15/2008 0 904 904
0 1,000 1,000 Associates of North America, MTN 6.810 08/03/2001 0 994 994
0 1,000 1,000 Associates of North America, MTN 7.540 04/14/2004 0 988 988
0 1,000 1,000 Capital One Bank 7.080 10/30/2001 0 988 988
0 1,000 1,000 CitiFinancial 6.875 05/01/2002 0 986 986
0 1,000 1,000 Ford Motor Credit 8.000 06/15/2002 0 1,006 1,006
0 1,000 1,000 Ford Motor Credit 7.750 03/15/2005 0 988 988
0 1,000 1,000 General Motors Acceptance, MTN 7.250 05/15/2003 0 988 988
0 1,000 1,000 Household Finance 7.650 05/15/2007 0 963 963
0 1,000 1,000 J.P. Morgan 7.250 01/15/2002 0 993 993
0 1,000 1,000 Lehman Brothers Holdings 6.125 07/15/2003 0 938 938
--------------------------------------
15,223 11,744 26,967
PETROLEUM PRODUCTS & SERVICES
0 1,000 1,000 Kerr-McGee 6.625 10/15/2007 0 903 903
PRIMARY METAL INDUSTRIES
194 0 194 CSC Holdings Incorporated 7.25 07/15/08 174 - 174
4,000 0 4,000 CSC Holdings Incorporated 7.63 07/15/18 3,370 - 3,370
--------------------------------------
3,544 - 3,544
RAILROADS
0 1,000 1,000 CSX Transportation 7.540 03/15/2003 0 989 989
REAL ESTATE
4,500 0 4,500 Rouse Company 8.50 01/15/03 4,506 - 4,506
RENTAL EQUIPMENT
0 2,000 2,000 Hertz 7.000 07/01/2004 0 1,933 1,933
0 1,040 1,040 Ryder System, MTN 7.340 11/01/2000 0 1,035 1,035
--------------------------------------
0 2,968 2,968
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
1,161 0 1,161 Charles Schwab Corporation 6.88 09/02/03 1,130 - 1,130
5,000 0 5,000 Goldman Sachs Group Incorporated 7.50 01/28/05 4,894 - 4,894
5,000 0 5,000 Lehman Brothers Holdings
Incorporated 8.50 08/01/15 4,894 - 4,894
--------------------------------------
10,918 - 10,918
TECHNOLOGY
1,819 0 1,819 Massachusetts Institute of
Technology 7.25 11/02/96 1,673 - 1,673
TELEPHONES & TELECOMMUNICATIONS -
0 1,000 1,000 AT&T 6.750 04/01/2004 0 968 968
0 1,000 1,000 GTE California 5.500 01/15/2009 0 844 844
0 1,000 1,000 SBC Communications 7.000 07/15/2004 0 975 975
0 1,000 1,000 SBC Communications Capital 5.750 09/01/2004 0 925 925
0 1,000 1,000 Telstra Ltd. 6.500 07/31/2003 0 969 969
--------------------------------------
0 4,681 4,681
TRANSPORTATION BY AIR
5,000 0 5,000 Delta Airlines Incorporated 8.30 12/15/29 4,225 - 4,225
736 0 736 Federal Express Series 97-B 7.52 01/15/18 704 - 704
1,200 0 1,200 Southwest Airlines Company 7.88 09/01/07 1,195 - 1,195
--------------------------------------
6,124 - 6,124
TRANSPORTATION EQUIPMENT
10,000 0 10,000 DaimlerChrysler 7.40 01/20/05 9,825 - 9,825
2,000 0 2,000 Federal-Mogul Corporation 7.75 07/01/06 1,440 - 1,440
--------------------------------------
11,265 - 11,265
UTILITY-ELECTRIC
387 0 387 Calenergy Company Incorporated 7.23 09/15/05 365 - 365
WATER TRANSPORTATION
1,161 0 1,161 Royal Caribbean Cruises 7.13 09/18/02 1,112 - 1,112
WHOLESALE TRADE - NONDURABLE GOODS
4,500 0 4,500 Staples Incorporated 7.13 08/15/07 4,151 - 4,151
TOTAL CORPORATE BONDS & NOTES 174,263 50,868 225,131
YANKEE BONDS -
0 1,000 1,000 Dow Capital 7.125 01/15/2003 0 981 981
0 2,000 2,000 Walt Disney 6.750 03/30/2006 0 1,930 1,930
0 500 500 Worldcom 6.125 08/15/2001 0 493 493
--------------------------------------
0 3,404 3,404
MUNICIPAL BONDS
774 0 774 Hudson County NJ Import Authority
Facilities Leasing RV FSA insured 7.40 12/01/25 719 - 719
778 0 778 Western Minnesota Power Agency RV
Series A AMBAC Insured 6.33 01/01/02 766 - 766
--------------------------------------
1,485 - 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 1,975 1,975
FEDERAL HOME LOAN BANK
0 1,000 1,000 Federal Home Loan Bank 7.190 04/27/01 0 1,001 1,001
0 1,000 1,000 Federal Home Loan Bank 7.280 07/25/2001 0 1,001 1,001
0 1,000 1,000 Federal Home Loan Bank 7.390 08/22/2001 0 1,002 1,002
0 1,000 1,000 Federal Home Loan Bank 5.600 10/28/2003 0 945 945
0 1,000 1,000 Federal Home Loan Bank 7.380 08/05/2004 0 999 999
0 1,000 1,000 Federal Home Loan Bank 6.250 08/13/2004 0 959 959
0 1,000 1,000 Federal Home Loan Bank 6.375 08/15/2006 0 946 946
0 3,035 3,035 Federal Home Loan Bank 6.185 05/06/2008 0 2,793 2,793
0 2,000 2,000 Federal Home Loan Bank 5.450 01/12/2009 0 1,738 1,738
0 3,000 3,000 Federal Home Loan Bank 7.375 02/12/2010 0 2,975 2,975
--------------------------------------
0 14,359 14,359
FEDERAL HOME LOAN MORTGAGE
CORPORATION
4,957 0 4,957 FHLMC # C00920 7.00 02/01/30 4,710 - 4,710
968 0 968 FHLMC Series T-20 Class A6 7.49 09/25/29 942 - 942
0 2,000 2,000 FHLMC 5.750 07/15/2003 0 1,909 1,909
0 1,000 1,000 FHLMC 6.795 12/01/2003 0 981 981
0 1,000 1,000 FHLMC 5.900 02/14/2006 0 930 930
0 2,000 2,000 FHLMC 6.450 04/29/2009 0 1,827 1,827
0 2,000 2,000 FHLMC 7.020 06/23/2009 0 1,890 1,890
0 2,500 2,500 FHLMC 7.625 09/09/2009 0 2,415 2,415
--------------------------------------
5,652 9,952 15,604
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
4,500 0 4,500 FNMA 7.13 02/15/05 4,451 - 4,451
4,740 0 4,740 FNMA 6.25 05/15/29 4,118 - 4,118
4,856 0 4,856 FNMA 7.50 09/01/29 4,714 - 4,714
3,000 0 3,000 FNMA 7.13 01/15/30 2,915 - 2,915
6,593 0 6,593 FNMA #253008 8.00 11/01/29 6,537 - 6,537
1 0 1 FNMA #303414 6.50 07/01/02 1 - 1
665 0 665 FNMA #408118 6.50 01/01/28 615 - 615
861 0 861 FNMA #415414 6.50 02/01/28 797 - 797
4,594 0 4,594 FNMA #492910+ 7.50 01/01/29 4,461 - 4,461
4,840 0 4,840 FNMA #520842 8.00 11/01/29 4,799 - 4,799
0 1,000 1,000 FNMA 5.750 04/15/2003 0 958 958
0 2,000 2,000 FNMA 4.750 11/14/2003 0 1,841 1,841
0 1,000 1,000 FNMA 6.375 06/15/2009 0 925 925
0 1,000 1,000 FNMA, MTN 6.760 07/16/2007 0 947 947
0 979 979 FNMA 6.440 05/01/2008 0 925 925
--------------------------------------
33,408 5,596 39,004
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION
4,971 0 4,971 GNMA 7.50 01/15/29 4,881 - 4,881
4,895 0 4,895 GNMA # 2824 7.00 10/20/29 4,677 - 4,677
1,154 0 1,154 GNMA #473918 7.00 04/15/28 1,107 - 1,107
4,573 0 4,573 GNMA # 491192 7.00 02/15/29 4,388 - 4,388
3,361 0 3,361 GNMA #780626 7.00 08/15/27 3,228 - 3,228
--------------------------------------
18,281 - 18,281
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 57,341 31,882 89,223
U.S. TREASURY SECURITIES
U.S. TREASURY BONDS
6,500 0 6,500 U.S. Treasury Bonds 10.75 05/15/03 7,183 - 7,183
4,000 0 4,000 U.S. Treasury Bonds 11.88 11/15/03 4,623 - 4,623
13,500 0 13,500 U.S. Treasury Bonds 10.75 08/15/05 15,885 - 15,885
5,000 0 5,000 U.S. Treasury Bonds 6.50 02/15/10 5,072 - 5,072
7,000 0 7,000 U.S. Treasury Bonds 11.25 02/15/15 10,121 - 10,121
1,000 0 1,000 U.S. Treasury Bonds 10.63 08/15/15 1,397 - 1,397
14,500 0 14,500 U.S. Treasury Bonds 8.88 08/15/17 18,129 - 18,129
9,000 0 9,000 U.S. Treasury Bonds 8.13 08/15/19 10,662 - 10,662
5,000 0 5,000 U.S. Treasury Bonds 7.88 02/15/21 5,836 - 5,836
6,500 0 6,500 U.S. Treasury Bonds 8.13 08/15/21 7,786 - 7,786
10,000 0 10,000 U.S. Treasury Bonds 7.50 11/15/24 11,411 - 11,411
2,000 0 2,000 U.S. Treasury Bonds 7.63 02/15/25 2,314 - 2,314
2,000 0 2,000 U.S. Treasury Bonds 6.13 08/15/29 1,992 - 1,992
0 2,000 2,000 U.S. Treasury Bonds 7.125 02/15/2023 0 2,177 2,177
0 2,000 2,000 U.S. Treasury Bonds 6.250 08/15/2023 0 1,974 1,974
--------------------------------------
102,411 4,151 106,562
U.S. TREASURY NOTES
2,000 0 2,000 U.S. Treasury Notes 6.38 03/31/01 1,994 - 1,994
2,000 1,000 3,000 U.S. Treasury Notes 7.88 08/15/01 2,025 1,012 3,037
17,500 0 17,500 U.S. Treasury Notes 7.50 05/15/02 17,731 - 17,731
11,000 0 11,000 U.S. Treasury Notes 9.88 11/15/15 14,617 - 14,617
0 3,500 3,500 U.S. Treasury Notes 6.375 09/30/2001 0 3,481 3,481
0 1,000 1,000 U.S. Treasury Notes 7.500 11/15/2001 0 1,010 1,010
0 6,000 6,000 U.S. Treasury Notes 6.125 12/31/2001 0 5,941 5,941
0 2,000 2,000 U.S. Treasury Notes 6.500 03/31/2002 0 1,990 1,990
0 4,000 4,000 U.S. Treasury Notes 6.250 08/31/2002 0 3,959 3,959
0 1,000 1,000 U.S. Treasury Notes 6.250 02/15/2003 0 988 988
0 3,000 3,000 U.S. Treasury Notes 5.500 05/31/2003 0 2,904 2,904
0 2,000 2,000 U.S. Treasury Notes 5.375 06/30/2003 0 1,929 1,929
0 1,000 1,000 U.S. Treasury Notes 5.750 08/15/2003 0 973 973
0 3,000 3,000 U.S. Treasury Notes 5.875 02/15/2004 0 2,924 2,924
0 1,000 1,000 U.S. Treasury Notes 7.500 02/15/2005 0 1,034 1,034
0 2,000 2,000 U.S. Treasury Notes 6.500 08/15/2005 0 1,990 1,990
0 1,000 1,000 U.S. Treasury Notes 5.875 11/15/2005 0 967 967
0 1,000 1,000 U.S. Treasury Notes 6.875 05/15/2006 0 1,014 1,014
0 2,000 2,000 U.S. Treasury Notes 7.000 07/15/2006 0 2,040 2,040
0 5,000 5,000 U.S. Treasury Notes 6.500 10/15/2006 0 4,978 4,978
0 3,000 3,000 U.S. Treasury Notes 6.250 02/15/2007 0 2,956 2,956
0 3,000 3,000 U.S. Treasury Notes 6.125 08/15/2007 0 2,932 2,932
--------------------------------------
36,367 45,022 81,389
TOTAL U.S. TREASURY SECURITIES 138,778 49,173 187,951
Shares
---------------------------------------
SHORT-TERM INSTRUMENTS
2,638,229 0 2,638,229 Wells Fargo Cash Investment
Fund 2,638 - 2,638
0 809,119 809,119 SEI Daily Income Trust Prime
Obligations Fund - 453 453
0 1,910,929 356,322 SEI Daily Income Trust Money
Market Portfolio 0 356 356
--------------------------------------
2,638 809 3,447
TOTAL INVESTMENTS, AT MARKET VALUE $389,347 153,788 $543,135
======================================
</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 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF 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 (1) $28,592 $231,387
Cash 0 -
Receivables:
Interest 0 470 470
Fund shares sold 96 96
Organization expenses, net of amortization 0 0
Prepaid expenses and other assets 0 50 50
Total Assets 202,891 29,112 232,003
LIABILITIES
Payables:
Investment securities purchased 0 -
Distributions to shareholders 0 136 136
Fund shares redeemed 80 80
Due to distributor 18 18
Due to advisor and affiliates 4 4
Other 70 82 152
Total Liabilities 172 218 390
TOTAL NET ASSETS $202,719 $28,894 $231,613
Net assets consist of:
Paid-in capital $212,405 $31,988 $244,393
Undistributed net investment income (loss) 236 236
Undistributed net realized gain (loss)
on investments (7,627) (2,493) (10,120)
Net unrealized appreciation (depreciation)
of investments (2,295) (601) (2,896)
TOTAL NET ASSETS $202,719 $28,894 $231,613
COMPUTATION OF NET ASSET VALUE
AND OFFERING PRICE PER SHARE
Net assets - Class A $ 8,912 $ 174 $ 9,086
Shares outstanding - Class A 878 18 (1) (2) 895
Net asset value per share - Class A $ 10.15 $ 9.77 $ 10.15
Maximum offering price per share - Class A $ 10.30 $ 9.92 $ 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 $ 10.14
Net assets - Institutional Class $191,358 $28,720 $220,078
Shares outstanding - Institutional Class 18,850 2,937 (108) (2) 21,679
Net asset value and offering price per
share - Institutional Class $ 10.15 $ 9.78 $ 10.15
INVESTMENTS AT COST $205,090 $29,193 $234,283
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) 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.
(2) 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 ASSETS AND LIABILITIES
As of May 31, 2000 (Unaudited)
($000's)
<TABLE>
<CAPTION>
WF 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 $ 2,017 $ 14,282
Securities lending income 16 0 16
Net expenses allocated from Core Portfolios (941) 0 (152) (1) (1,093)
Total Investment Income 11,340 2,017 13,205
EXPENSES
Advisory fees 0 195 (195) (1) 0
Administration fees 217 65 69 (1) 351
Custody fees 0 7 (7) (1) 0
Shareholder servicing fees 16 0 14 (1) 30
Portfolio accounting fees 50 2 16 (1) 68
Organization fees 8 8
Transfer agency fees 244 41 (2) (1) 283
Distribution fees 19 1 * (1) (1) 19
Legal and audit fees 10 7 (5) (1) 12
Registration fees 27 18 (14) (1) 31
Directors' fees 4 4 (4) (1) 4
Shareholder reports 15 6 (4) (1) 17
Other 19 - 3 (1) 22
Total Expenses 621 354 (130) 845
Less:
Waived fees and reimbursed expenses fees (218) (109) (48) (1) (375)
Net expenses 403 245 (178) 470
NET INVESTMENT INCOME (LOSS) 10,937 1,772 26 12,735
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain (loss) on sale of investments (701) (125) (826)
Net change in unrealized appreciation
or depreciation of investments (1,632) (403) (2,035)
Net Gain (Loss) on Investments (2,333) (528) (2,861)
NET INCREASE(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 8,604 $ 1,244 26 $ 9,874
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Includes shareholder servicing fees
(1) To adjust expenses to reflect the Combined Fund's estimated fees and
expenses, based on contractual rates or eliminating 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
WF Stable Achievement Income Fund WF Stable Achievement Income Fund
Income Short-Term Pro Forma Coupon Maturity Income Short-Term Pro 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 10/20/01 $ 2,914 $ 0 2,914
212 0 212 AFC Home
Equity Loan Trust Series
1995-2 A1 6.75 07/25/26 211 0 211
2,975 0 2,975 Capital Auto
Receivables Asset
Trust Series 1999-2 A4 6.30 05/15/04 2,930 0 2,930
5,000 0 5,000 Chase Credit Card
Master Trust Series
1998-6 A 6.78 09/15/04 5,016 0 5,016
5,000 0 5,000 Chevy Chase Master
Credit Card Trust
Series 1998 Class A 6.92 10/16/06 5,021 0 5,021
2,500 0 2,500 Discover Master Card
Trust I Series 1997-4 6.59 04/16/03 2,500 0 2,500
1,256 0 1,256 EQCC Home Equity Loan
Trust Series 1995-3A4 7.10 02/15/12 1,248 0 1,248
3,637 0 3,637 EQCC Home Equity Loan
Trust Series 1998-4 A1F 6.57 01/15/29 3,666 0 3,666
204 0 204 First Merchants Grantor
Trust Series 1996-2 A 6.85 11/15/01 204 0 204
5,000 0 5,000 First USA Credit Card
Master Trust Series
1995-5 A 6.73 04/15/03 5,001 0 5,001
5,000 0 5,000 First USA Credit Card
Master Trust Series
1999-1 B 7.01 10/19/06 4,984 0 4,984
4,100 0 4,100 Fleet Credit Card Master
Trust Series 1996-C Class A 6.27 11/15/03 4,100 0 4,100
3,505 0 3,505 Household Consumer Loan Trust
Series 1997-1 Class A3 6.87 03/15/07 3,504 0 3,504
4,691 0 4,691 Household Consumer Loan Trust
Series 1997-2 Class A3 6.53 11/15/07 4,661 0 4,661
18 0 18 Keystone Home Improvement
Loan Trust Series 1997-P2
Class IA3 6.99 04/25/14 18 0 18
750 0 750 Loop Funding Master Trust
I Series 1997-AER Class B1 7.19 12/26/07 746 0 746
4,500 0 4,500 Loop Funding Master Trust
Series 1997-A144 Class B1 7.19 12/26/07 4,478 0 4,478
5,500 0 5,500 MBNA Master Credit Card Trust
Series 1998-I Class A 6.81 10/15/03 5,513 0 5,513
4,000 0 4,000 Premier Auto Trust Series
1997-1 Class B 6.55 09/06/03 3,976 0 3,976
3,800 0 3,800 Rental Car Finance 6.45 08/25/05 3,677 0 3,677
1,926 0 1,926 Corporation Series 1997-1 A2
Sequoia Mortgage Trust Series
2 Class A1 6.15 10/25/24 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 08/15/05 723 0 723
21 0 21 DLJ Mortgage Acceptance
Corporation Series 1998-STF1
Class A1 6.41 02/08/00 21 0 21
2,827 0 2,827 GMAC #1996 C1 A1 6.91 02/15/06 2,819 0 2,819
362 0 362 Independent National Mortgage
Corporation Series 1994 V
Class M 8.84 12/25/24 374 0 374
1,039 0 1,039 Independent National Mortgage
Corporation Series 1994 X
Class A2 8.72 01/25/25 1,077 0 1,077
2,854 0 2,854 Independent National Mortgage
Corporation Series 1995 E
Class A1 7.34 04/25/25 2,864 0 2,864
3,500 0 3,500 Mall of America Capital
Company LLC Series 200-1 A 6.30 03/12/05 3,500 0 3,500
1,721 0 1,721 Merrill Lynch Mortgage
Investors Incorporated 6.83 06/15/18 1,719 0 1,719
2,943 0 2,943 Merrill Lynch Mortgage
Investors Incorporated
Series 1993-F A3 6.75 09/15/23 2,941 0 2,941
184 0 184 Merrill Lynch Mortgage
Investors Incorporated
Series 1994-I 8.20 01/25/05 183 0 183
2,086 0 2,086 MLCC Mortgage Investors
Incorporated Series 1994 A
Class A3 6.93 07/15/19 2,087 0 2,087
3,910 0 3,910 Nationslink Funding 6.48 09/10/07 3,909 0 3,909
109 0 109 Residential Funding Mortgage
Security Series 1991 21 BA 6.94 08/25/21 109 0 109
16 0 16 RTC Series 1991 M6 A3 8.56 06/25/21 16 0 16
190 0 190 RTC Series 1991-6 E 11.61 05/25/24 189 0 189
1,040 0 1,040 RTC Series 1992-18P A4 7.58 04/25/28 1,040 0 1,040
4,278 0 4,278 RTC Series 1994-1 Class A5 7.28 09/25/29 4,284 0 4,284
782 0 782 RTC Series 1995-1 A3 7.06 10/25/28 783 0 783
2,479 0 2,479 SASCO 99-C3 A 7.01 10/21/13 2,483 0 2,483
3,927 0 3,927 Vendee Mortgage Trust Series
1993-1 Class E 7.00 01/15/16 3,917 0 3,917
-----------------------------------
35,038 0 35,038
CORPORATE BONDS & NOTES
Apparel & Other Finished
Products Made From Fabrics &
Similar
3,400 0 3,400 V.F. Corporation Materials 9.50 05/01/01 3,464 0 3,464
Business Services
3,250 0 3,250 First Data Corporation 6.82 09/18/01 3,222 0 3,222
1,825 0 1,825 Sun Microsystems Incorporated 7.00 08/15/02 1,798 0 1,798
-----------------------------------
5,020 0 5,020
Chemicals & Allied Products
3,100 0 3,100 Monsanto Company 5.38 12/01/01 3,017 0 3,017
Communications
2,500 0 2,500 Bell Atlantic Financial 6.30 03/21/02 2,498 0 2,498
2,000 0 2,000 Cox Communications
Incorporated 7.00 08/15/01 1,978 0 1,978
1,000 0 1,000 Sprint Corporation 8.13 07/15/02 1,009 0 1,009
2,000 0 2,000 Viacom Incorporated 6.75 01/15/03 1,945 0 1,945
2,000 0 2,000 WorldCom Incorporated 7.05 11/26/01 1,998 0 1,998
-----------------------------------
9,428 0 9,428
Domestic Depository Institutions
4,000 0 4,000 BankAmerica Corporation 8.13 02/01/02 4,025 0 4,025
4,037 0 4,037 Chase Manhattan Corporation 10.13 11/01/00 4,087 0 4,087
2,490 0 2,490 Citicorp 9.50 02/01/02 2,571 0 2,571
2,500 0 2,500 Corestates Capital
Corporation 9.63 02/15/01 2,541 0 2,541
2,735 0 2,735 Firstar Bank Milwaukee 6.25 12/01/02 2,639 0 2,639
2,000 0 2,000 FleetBoston Financial Group 6.46 03/27/03 1,995 0 1,995
4,000 0 4,000 Mellon Financial Company 9.75 06/15/01 4,080 0 4,080
2,650 0 2,650 US Bank NA North Dakota 6.58 06/20/01 2,645 0 2,645
0 1,000 1,000 First Chicago MTN 6.70 03/15/02 0 984 984
0 1,000 1,000 KeyCorp, MTN 6.75 05/29/01 0 990 990
-----------------------------------
24,583 1,974 26,557
Eating & Drinking Places
4,000 0 4,000 McDonald's Corporation 6.00 06/23/02 3,880 0 3,880
Electric, Gas & Sanitary Services
2,000 0 2,000 El Paso Natural Gas 7.75 01/15/02 1,995 0 1,995
0 375 375 Northern Illinois Gas 6.45 08/01/01 0 371 371
0 1,000 1,000 Pacificorp MTN 7.25 09/09/02 0 991 991
-----------------------------------
1,995 1,362 3,357
Food & Kindred Products
5,350 0 5,350 Whitman Corporation 7.50 08/15/01 5,330 0 5,330
Food Stores
3,350 0 3,350 Kroger Company 7.13 10/01/00 3,348 0 3,348
0 1,000 1,000 Albertson's Inc. 6.38 06/01/00 0 1,000 1,000
-----------------------------------
3,348 1,000 4,348
Holding & Other Investment
Offices
Main Place Real Estate
5,000 0 5,000 Investment 6.94 05/28/02 4,990 0 4,990
Industrial & Commercial
Machinery & Computer
Equipment
2,400 0 2,400 Tyco International Limited 6.50 11/01/01 2,373 0 2,373
Insurance
0 1,000 1,000 Aetna Services 6.75 08/15/01 0 986 986
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Measuring, Analyzing, and
Controlling Instruments;
Photographic, Medical & Optical
Goods
1,600 0 1,600 Bausch & Lomb Incorporated 6.15 08/01/01 1,564 0 1,564
Miscellaneous Retail
2,900 0 2,900 Rite Aid Corporation 6.70 12/15/01 2,378 0 2,378
0 1,000 1,000 J.C. Penny, MTN 6.35 09/15/00 0 994 994
0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.40 09/25/00 0 997 997
-----------------------------------
2,378 1,991 4,369
Nondepository Credit Institutions
3,850 0 3,850 Caterpillar Financial Services 6.69 08/01/02 3,850 0 3,850
3,900 0 3,900 Ford Capital BV 9.38 05/15/01 3,959 0 3,959
3,200 0 3,200 General Electric Capital
Corporation 6.29 12/15/01 3,152 0 3,152
1,000 0 1,000 GMAC 5.50 01/14/02 - 968 968
1,500 0 1,500 Transamerica Financial 6.41 06/20/00 1,500 0 1,500
1,000 0 1,000 Transamerica Financial 6.36 06/26/00 1,000 0 1,000
2,700 0 2,700 USAA Capital Corporation 6.90 11/01/02 2,656 0 2,656
0 1,000 1,000 Bear Stearns Companies
Incorporated 6.75 05/01/01 0 993 993
0 1,000 1,000 Beneficial, MTN 6.33 12/18/00 0 995 995
0 1,000 1,000 International Lease Finance
Corporation 5.45 01/04/02 0 966 966
0 1,000 1,000 John Deere Capital, MTN 6.15 08/01/00 0 998 998
-----------------------------------
16,117 4,920 21,037
Oil & Gas Extraction
2,000 0 2,000 Enron Corporation 9.13 04/01/03 2,050 0 2,050
Paper & Paper Products
0 1,000 1,000 Mead Corporaton 6.60 03/01/02 0 986 986
Security & Commodity
Brokers, Dealers, Exchanges
& Service
2,000 0 2,000 Charles Schwab Corporation 7.36 04/25/02 1,985 0 1,985
2,750 0 2,750 Merrill Lynch & Company
Incorporated 6.70 05/30/01 2,750 0 2,750
2,375 0 2,375 Paine Webber Group Incorporated 6.36 06/26/01 2,364 0 2,364
0 1,000 1,000 Goldman Sachs Group LP 6.20 12/15/00 0 994 994
0 1,000 1,000 Merrill Lynch 6.50 04/01/01 0 993 993
-----------------------------------
7,099 1,987 9,086
Stone, Clay, Glass & Concrete
Products
3,475 0 3,475 Newell Company 6.18 07/11/00 3,475 0 3,475
Telephones & Telecommunications
0 1,000 1,000 Lucent Technologies 6.90 07/15/01 0 999 999
Transportation By Air
4,000 0 4,000 Southwest Airlines Company 9.40 07/01/01 4,080 0 4,080
Transportation Services
4,000 0 4,000 Daimler Chrysler 6.67 09/25/01 3,945 0 3,945
Wholesale Trade-Nondurable Goods
1,750 0 1,750 Safeway Incorporated 7.00 09/15/02 1,717 0 1,717
TOTAL CORPORATE BONDS & NOTES 109,853 16,205 126,058
MUNICIPAL BONDS & NOTES
3,300 0 3,300 Connecticut State GO Bonds
Taxable Series A 5.70 01/15/01 3,272 0 3,272
2,215 0 2,215 Cow Creek Bank Umpqua Tribe
of Indians AMBAC Insured 6.20 07/01/03 2,135 0 2,135
Denver CO City and County SD
#1 Educational Facilities RV
Taxable Pension School Facilities
3,145 0 3,145 Lease AMBAC insured 6.34 12/15/00 3,132 0 3,132
2,000 0 2,000 Hudson County NJ GO Bonds FSA
insured 6.09 09/01/05 1,929 0 1,929
2,005 0 2,005 Michigan State Taxable-Clean
Initiative GO Bonds Series B 6.75 11/01/02 1,989 0 1,989
5,000 0 5,000 New York NY GO Bonds 6.10 08/01/01 4,904 0 4,904
4,000 0 4,000 New York State GO Bonds Series C 6.13 03/01/02 3,918 0 3,918
2,200 0 2,200 North Carolina State Taxable-
Public Improvement GO Bonds
Series B 6.70 03/01/01 2,189 0 2,189
2,590 0 2,590 Seattle WA GO Bonds Series B 7.10 01/15/04 2,571 0 2,571
1,870 0 1,870 Washington State GO Bonds State
Housing Trust Fund Series T 6.60 01/01/01 1,864 0 1,864
-----------------------------------
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 01/29/02 0 972 972
0 1,000 1,000 Federal Home Loan Bank 5.23 11/16/01 0 973 973
0 2,000 2,000 Federal Home Loan Bank 6.08 07/08/02 0 1,955 1,955
0 1,000 1,000 Federal Home Loan Bank 7.25 02/28/03 0 993 993
-----------------------------------
0 4,893 4,893
Federal Home Loan Mortgage
Corporation
4,000 0 4,000 FHLMC #1192 I 7.50 01/15/07 3,995 0 3,995
83 0 83 FHLMC #410220 7.20 10/01/25 83 0 83
3,634 0 3,634 FHLMC #786614 6.08 08/01/25 3,491 0 3,491
5,011 0 5,011 FHLMC #786702 5.78 06/01/29 4,904 0 4,904
486 0 486 FHLMC #845151 7.03 06/01/22 496 0 496
156 0 156 FHLMC #846367 7.52 04/01/29 160 0 160
0 1,000 1,000 FHLMC 5.50 01/07/02 - 974 974
5,000 0 5,000 FHLMC #2091 NA 5.50 03/15/04 4,937 0 4,937
5,000 0 5,000 FHLMC #2091 PC 6.00 06/15/16 4,793 0 4,793
0 1,000 1,000 FHLMC 6.25 10/15/02 0 977 977
-----------------------------------
22,859 1951 24,810
Federal National Mortgage
Association
153 0 153 FNMA #331866 7.54 12/01/25 155 0 155
179 0 179 FNMA #318464 7.49 04/01/25 182 0 182
188 0 188 FNMA #46698 6.89 12/01/15 189 0 189
202 0 202 FNMA #220706 6.61 06/01/23 204 0 204
504 0 504 FNMA #321051 6.97 08/01/25 513 0 513
1,024 0 1,024 FNMA #155506 8.18 04/01/22 1,046 0 1,046
1,611 0 1,611 FNMA #1994 M2 A 6.63 02/25/01 1,601 0 1,601
1,892 0 1,892 FNMA #190815 6.21 07/01/17 1,840 0 1,840
2,481 0 2,481 FNMA #519047 5.93 09/01/29 2,488 0 2,488
14,502 0 14,502 FNMA #535236 6.00 09/01/06 13,751 0 13,751
15,000 0 15,000 FNMA 5.38 03/15/02 14,539 0 14,539
6,229 0 6,229 FNMA 1991 146 6,272 0 6,272
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 02/04/02 0 972 972
0 1,000 1,000 FNMA, MTN 6.50 09/05/02 0 983 983
-----------------------------------
55,897 1,955 57,852
Government National Mortgage
Association
4,353 0 4,353 GNMA #780533 7.00 07/15/08 4,243 0 4,243
Small Business Administration
30 0 30 SBA #501973 10.63 12/25/01 31 0 31
49 0 49 SBA #500276 10.88 05/25/07 53 0 53
54 0 54 SBA #500025 8.88 12/25/10 56 0 56
55 0 55 SBA #502974 9.63 01/25/10 58 0 58
64 0 64 SBA #502083 8.88 11/25/04 66 0 66
75 0 75 SBA #502966 10.23 05/25/15 81 0 81
78 0 78 SBA #500569 10.88 06/25/08 84 0 84
88 0 88 SBA #502241 8.88 04/25/03 89 0 89
109 0 109 SBA #500299 10.88 06/25/07 117 0 117
163 0 163 SBA #502583 10.23 09/25/03 168 0 168
278 0 278 SBA #501224 7.75 06/25/15 286 0 286
283 0 283 SBA #500957 9.25 07/25/14 300 0 300
316 0 316 SBA #500664 8.88 03/25/04 324 0 324
527 0 527 SBA #503405 9.38 05/25/13 562 0 562
856 0 856 SBA #503664 9.47 01/25/13 910 0 910
1,043 0 1,043 SBA #503658 10.13 09/25/10 1,120 0 1,120
1,708 0 1,708 SBA #503611 8.88 12/25/21 1,807 0 1,807
-----------------------------------
6,112 0 6,112
Tennessee Valley Authority
3,020 0 3,020 TVA 6.24 07/15/45 2,978 0 2,978
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 92,091 8,799 100,890
U.S. TREASURY OBLIGATIONS
0 1,000 1,000 U.S. Treasury Notes 6.13 12/31/01 0 990 990
0 1,000 1,000 U.S. Treasury Notes 6.25 01/31/02 0 992 992
0 1,982 1,982
SHORT-TERM INVESTMENTS
5,509 0 5,509 Banc of America Securities LLC Pooled 5,509 0 5,509
0 833 833 SEI Daily Income Trust Money Market Portfolio 0 832 832
0 774 774 SEI Daily Income Trust Prime Obligation Portfolio 0 774 774
-----------------------------------
5,509 1,606 7,115
SUB-TOTALS $ 336,691 $28,592 $ 365,283
PORTION OF CORE PORTFOLIO NOT OWNED BY STABLE INCOME FUND (133,896) (133,896)
TOTAL INVESTMENTS, AT MARKET VALUE $ 202,795 $28,592 $ 231,387
===================================
TOTAL INVESTMENTS, AT COST $ 205,090 $29,193 $ 234,283
===================================
</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.
It is not expected that any of the securities in the Funds will have to be sold
as a result of the merger.
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 is incorporated by reference to Exhibit 14(a) of Item
16 of the Registrant's Pre-Effective Amendment No. 1 to the
Registration Statement on Form N-14, filed December 6, 2000
(File nos. 333-49224; 811-09253).
(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. 2 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 26th day of December, 2000.
WELLS FARGO FUNDS TRUST
By: /s/ Dorothy A. Peters
________________________
Dorothy A. Peters
Assistant Secretary
Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective
Amendment No. 2 to the Registration Statement on Form N-14 has been signed by
the following persons in the capacities and on the 26th 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/ Dorothy A. Peters
__________________________
Dorothy A. Peters
(Attorney-in-Fact)
C-6
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