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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
<PAGE> PAGE 42
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 23316
071 B000800 21402
071 C000800 19601
071 D000800 109
072 A000800 3
072 B000800 13
072 C000800 4
072 D000800 0
072 E000800 0
072 F000800 39
072 G000800 8
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<PAGE> PAGE 43
072 K000800 0
072 L000800 4
072 M000800 2
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 4
072 S000800 4
072 T000800 13
072 U000800 0
072 V000800 0
072 W000800 35
072 X000800 126
072 Y000800 64
072 Z000800 -45
072AA000800 4879
072BB000800 0
072CC010800 4724
072CC020800 0
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 470
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 23842
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 111
074 K000800 6
074 L000800 2
074 M000800 0
074 N000800 24431
074 O000800 121
074 P000800 26
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074 R040800 465
074 S000800 0
074 T000800 23819
074 U010800 1317
<PAGE> PAGE 44
074 U020800 0
074 V010800 18.09
074 V020800 0.00
074 W000800 0.0000
074 X000800 8
074 Y000800 0
075 A000800 0
075 B000800 13590
076 000800 0.00
SIGNATURE DAWN TAYLOR
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 216796472
<INVESTMENTS-AT-VALUE> 238876138
<RECEIVABLES> 2111384
<ASSETS-OTHER> 2271
<OTHER-ITEMS-ASSETS> 9350
<TOTAL-ASSETS> 240999143
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 328153
<TOTAL-LIABILITIES> 328153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 211171901
<SHARES-COMMON-STOCK> 16688676
<SHARES-COMMON-PRIOR> 15406464
<ACCUMULATED-NII-CURRENT> 137010
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7210288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22151791
<NET-ASSETS> 240670990
<DIVIDEND-INCOME> 450652
<INTEREST-INCOME> 1667684
<OTHER-INCOME> 0
<EXPENSES-NET> (644554)
<NET-INVESTMENT-INCOME> 1473782
<REALIZED-GAINS-CURRENT> 972150
<APPREC-INCREASE-CURRENT> 8791408
<NET-CHANGE-FROM-OPS> 11237340
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2441413
<DISTRIBUTIONS-OF-GAINS> 200663
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1327207
<NUMBER-OF-SHARES-REDEEMED> 250493
<SHARES-REINVESTED> 189621
<NET-CHANGE-IN-ASSETS> 17764005
<ACCUMULATED-NII-PRIOR> 1104639
<ACCUMULATED-GAINS-PRIOR> 6438801
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 354961
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 724338
<AVERAGE-NET-ASSETS> 224299079
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> 1
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> CORPORATE BOND FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 68171050
<INVESTMENTS-AT-VALUE> 66991886
<RECEIVABLES> 1578640
<ASSETS-OTHER> 5593
<OTHER-ITEMS-ASSETS> 4573
<TOTAL-ASSETS> 68580692
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157674
<TOTAL-LIABILITIES> 157674
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69649218
<SHARES-COMMON-STOCK> 6966686
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18058
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 69552
<ACCUM-APPREC-OR-DEPREC> (1174706)
<NET-ASSETS> 68423018
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1321953
<OTHER-INCOME> 0
<EXPENSES-NET> (175774)
<NET-INVESTMENT-INCOME> 1146179
<REALIZED-GAINS-CURRENT> (51484)
<APPREC-INCREASE-CURRENT> (1174706)
<NET-CHANGE-FROM-OPS> (80011)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1146189
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7089778
<NUMBER-OF-SHARES-REDEEMED> 236247
<SHARES-REINVESTED> 113155
<NET-CHANGE-IN-ASSETS> 68423018
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87894
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 243972
<AVERAGE-NET-ASSETS> 67904870
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (0.18)
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 109262730
<INVESTMENTS-AT-VALUE> 127136421
<RECEIVABLES> 832794
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127969215
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175736
<TOTAL-LIABILITIES> 175736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108048369
<SHARES-COMMON-STOCK> 7478001
<SHARES-COMMON-PRIOR> 6863823
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1871419
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17873691
<NET-ASSETS> 127793479
<DIVIDEND-INCOME> 638222
<INTEREST-INCOME> 56678
<OTHER-INCOME> 0
<EXPENSES-NET> (351789)
<NET-INVESTMENT-INCOME> 343111
<REALIZED-GAINS-CURRENT> 37
<APPREC-INCREASE-CURRENT> (447213)
<NET-CHANGE-FROM-OPS> (104065)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1284267
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 671642
<NUMBER-OF-SHARES-REDEEMED> 133155
<SHARES-REINVESTED> 75691
<NET-CHANGE-IN-ASSETS> 9038676
<ACCUMULATED-NII-PRIOR> 928972
<ACCUMULATED-GAINS-PRIOR> 1883566
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 193608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 412992
<AVERAGE-NET-ASSETS> 109253745
<PER-SHARE-NAV-BEGIN> 17.30
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.09
<EXPENSE-RATIO> 0.86
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 25930611
<INVESTMENTS-AT-VALUE> 26942293
<RECEIVABLES> 231308
<ASSETS-OTHER> 9237
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27182838
<PAYABLE-FOR-SECURITIES> 549202
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66583
<TOTAL-LIABILITIES> 615785
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27184181
<SHARES-COMMON-STOCK> 2877459
<SHARES-COMMON-PRIOR> 2486997
<ACCUMULATED-NII-CURRENT> 4768
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1633578
<ACCUM-APPREC-OR-DEPREC> 1011682
<NET-ASSETS> 26567053
<DIVIDEND-INCOME> 110195
<INTEREST-INCOME> 20033
<OTHER-INCOME> 0
<EXPENSES-NET> (69525)
<NET-INVESTMENT-INCOME> 60703
<REALIZED-GAINS-CURRENT> (1214703)
<APPREC-INCREASE-CURRENT> 1110181
<NET-CHANGE-FROM-OPS> (43819)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 103046
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 489955
<NUMBER-OF-SHARES-REDEEMED> 133291
<SHARES-REINVESTED> 11433
<NET-CHANGE-IN-ASSETS> 3296025
<ACCUMULATED-NII-PRIOR> 47111
<ACCUMULATED-GAINS-PRIOR> (418875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38332
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108440
<AVERAGE-NET-ASSETS> 24203958
<PER-SHARE-NAV-BEGIN> 9.33
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.23
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 95263420
<INVESTMENTS-AT-VALUE> 128544045
<RECEIVABLES> 116196
<ASSETS-OTHER> 19160
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128679401
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 183970
<TOTAL-LIABILITIES> 183970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84650095
<SHARES-COMMON-STOCK> 5330893
<SHARES-COMMON-PRIOR> 5274677
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10564711
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33280625
<NET-ASSETS> 128495431
<DIVIDEND-INCOME> 302738
<INTEREST-INCOME> 63851
<OTHER-INCOME> 0
<EXPENSES-NET> (189870)
<NET-INVESTMENT-INCOME> 176719
<REALIZED-GAINS-CURRENT> 861865
<APPREC-INCREASE-CURRENT> 11072645
<NET-CHANGE-FROM-OPS> 12111229
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76173
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157735
<NUMBER-OF-SHARES-REDEEMED> 107577
<SHARES-REINVESTED> 3540
<NET-CHANGE-IN-ASSETS> 1192515
<ACCUMULATED-NII-PRIOR> 31915
<ACCUMULATED-GAINS-PRIOR> 9716262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 188599
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421667
<AVERAGE-NET-ASSETS> 119107053
<PER-SHARE-NAV-BEGIN> 21.87
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.24
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.11
<EXPENSE-RATIO> 1
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 06
<NAME> LARGE COMPANY GROWTH FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 42978055
<INVESTMENTS-AT-VALUE> 51184315
<RECEIVABLES> 77026
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51261341
<PAYABLE-FOR-SECURITIES> 195653
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77671
<TOTAL-LIABILITIES> 273324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42865180
<SHARES-COMMON-STOCK> 4239563
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 83423
<ACCUM-APPREC-OR-DEPREC> 8206260
<NET-ASSETS> 50988017
<DIVIDEND-INCOME> 39083
<INTEREST-INCOME> 24272
<OTHER-INCOME> 0
<EXPENSES-NET> (119045)
<NET-INVESTMENT-INCOME> (55690)
<REALIZED-GAINS-CURRENT> (83423)
<APPREC-INCREASE-CURRENT> 8206260
<NET-CHANGE-FROM-OPS> 8067147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4344118
<NUMBER-OF-SHARES-REDEEMED> 104555
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 50988017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65721
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 170660
<AVERAGE-NET-ASSETS> 41358272
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.03
<EXPENSE-RATIO> 1
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 07
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 42232821
<INVESTMENTS-AT-VALUE> 42232821
<RECEIVABLES> 187046
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42419867
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 256298
<TOTAL-LIABILITIES> 256298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42163569
<SHARES-COMMON-STOCK> 42163603
<SHARES-COMMON-PRIOR> 37338340
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42163569
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 670511
<OTHER-INCOME> 0
<EXPENSES-NET> (100411)
<NET-INVESTMENT-INCOME> 570100
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 570100
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 558406
<DISTRIBUTIONS-OF-GAINS> 11
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18175975
<NUMBER-OF-SHARES-REDEEMED> 13820177
<SHARES-REINVESTED> 469465
<NET-CHANGE-IN-ASSETS> 4825233
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 47247
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104990
<AVERAGE-NET-ASSETS> 41040115
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE WELLS FARGO VARIABLE TRUST FUNDS ANNUAL REPORT DATED DECEMBER 31,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 08
<NAME> SMALL CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> SEP-20-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 17417083
<INVESTMENTS-AT-VALUE> 24312049
<RECEIVABLES> 118919
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24430968
<PAYABLE-FOR-SECURITIES> 120761
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 491216
<TOTAL-LIABILITIES> 611977
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15947851
<SHARES-COMMON-STOCK> 1316622
<SHARES-COMMON-PRIOR> 1111822
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 976174
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6894966
<NET-ASSETS> 23818991
<DIVIDEND-INCOME> 4435
<INTEREST-INCOME> 13395
<OTHER-INCOME> 0
<EXPENSES-NET> (62632)
<NET-INVESTMENT-INCOME> (44802)
<REALIZED-GAINS-CURRENT> 4878565
<APPREC-INCREASE-CURRENT> 4723594
<NET-CHANGE-FROM-OPS> 9557357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 325269
<NUMBER-OF-SHARES-REDEEMED> 120469
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11661615
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 5075
<OVERDIST-NET-GAINS-PRIOR> 3850988
<GROSS-ADVISORY-FEES> 39470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126542
<AVERAGE-NET-ASSETS> 13589629
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 7.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.09
<EXPENSE-RATIO> 0.95
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Trustees of
Well Fargo Variable Trust Funds:
In planning and performing our audit of the financial statements of Asset
Allocation Fund, Corporate Bond Fund, Equity Value Fund, Growth Fund, Equity
Income Fund, Large Company Growth Fund, Money Market Fund and Small Cap Growth
Fund, portfolios of the Wells Fargo Variable Trust Funds (collectively, the
"Funds") for the year ended December 31, 1999, we considered their internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risks that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Well Fargo Variable Trust Funds and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/S/KPMG LLP
February 2, 2000
10f-3 Transaction Report
The following is a summary of all 10f-3 related transactions for the
quarter ended December 31, 1999. Details of each transaction are on the
following page.
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
Name of Stock Price of Whom Total Shares
Date of Total Shares Shares Total $ Amount Shares were of Initial Total Amount of
Purchase Purchased Purchased Purchased Purchased Offering Initial Offering
- ----------------------------------------------------------------------------------------------------------------------------
Wells Fargo Variable Trust Small Cap Fund
- ----------------------------------------------------------------------------------------------------------------------------
Classic Communications 12/8/99 1,700 $25.00 $42,500.00 Goldman Sachs 8,250,000 $206,250,000.00
- ----------------------------------------------------------------------------------------------------------------------------
PFSWEB.INC 12/2/99 175 $17.00 $2,975.00 Hambrecht & Quis3,100,000 $52,700,000.00
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
