FORUM ANNUAL REPORT
FUNDS SEPTEMBER 30, 2000
EQUITY INDEX FUND
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TABLE OF CONTENTS
A Message to Our Shareholders................................................ 1
FINANCIAL STATEMENTS OF FORUM EQUITY INDEX FUND
Performance Charts and Analysis.............................................. 2
Independent Auditors' Report................................................. 3
Statement of Assets and Liabilities.......................................... 4
Statements of Operations..................................................... 5
Statements of Changes in Net Assets.......................................... 6
Financial Highlights......................................................... 7
Notes to Financial Statements................................................ 8
FINANCIAL STATEMENTS OF INDEX PORTFOLIO OF WELLS FARGO CORE TRUST
Independent Auditors' Report................................................ 12
Statement of Assets and Liabilities......................................... 13
Statement of Operations..................................................... 14
Statements of Changes in Net Assets......................................... 15
Financial Highlights........................................................ 16
Notes to Financial Statements............................................... 17
Schedule of Investments..................................................... 20
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A MESSAGE TO OUR SHAREHOLDERS
SEPTEMBER 30, 2000
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EQUITY INDEX FUND
September 30, 2000 ANNUAL REPORT
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Dear Investor:
This Annual Report covers the Equity Index Fund (the "Fund"), a series of Forum
Funds, and reviews its performance for the fiscal period beginning June 1, 2000
and ending September 30, 2000. This short fiscal year is a result of the Board
of Trustees' decision to change the Fund's fiscal year end to September 30.
As of September 30, 2000 the Fund contains assets totaling over $10.5 million.
The Fund returned 13.27% for the fiscal year ended September 30, 2000, excluding
any sales charges, matching the performance of its benchmark, the S&P 500 Index,
which also returned 13.27%.* The Fund did not distribute any dividend income or
capital gains during the fiscal period, June 1, 2000 to September 30, 2000.
In seeking to duplicate the return of the S&P 500 Index, the Fund invests
substantially all of its assets in Index Portfolio (the "Portfolio"), a series
of Wells Fargo Core Trust, another open-end management investment company. The
Portfolio seeks to invest in all 500 stocks that make up the S&P 500 Index and
in the same weightings as determined by S&P.
A small portion of the Portfolio's assets are held in cash, which is invested in
money market investments so the Portfolio can accommodate shareholder
transactions and to provide liquidity. Although holding cash minimizes
transaction costs, it can hurt performance in a rising market. The Fund seeks to
reduce this risk by hedging its cash position through investing in S&P 500
futures contracts, which has the effect of keeping the Portfolio fully invested
in stocks.
Thank you for your confidence in Forum Funds. We will continue to provide you
with the high quality investment service to which you have grown accustomed. If
you have questions, please discuss them with your investment professional or
call us at (207) 879-0001.
Sincerely,
/s/ John Y. Keffer
John Y. Keffer,
Chairman
*PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. During the period, certain
fees and expenses were waived by the service providers. Without these waivers
total returns would have been lower. If the maximum 4.0% sales charge had been
reflected the quoted performance would have been lower.
The S&P 500 Index is a group of unmanaged securities widely regarded by
investors to be representative of the market in general. One cannot invest
directly in an index.
1 FORUM FUNDS(R)
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PERFORMANCE CHARTS & ANALYSIS
SEPTEMBER 30, 2000
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COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
These charts reflect the change in value of a $10,000 investment, including
reinvested dividends and distributions, in Equity Index Fund, compared to the
S&P 500 Index, since the Fund's inception. The S&P 500 Index is a market
weighted index composed of 500 large capitalization companies. The total return
of the Fund includes operating expenses and a 4.00% sales charge that reduce
returns, while the total return of the S&P 500 Index does not include expenses
and sales charges. The Fund is professionally managed while the S&P 500 Index is
unmanaged and is not available for investment. Investment return and principal
value of an investment in the Fund will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
Performance information presented here represents only past performance and does
not predict future results.
EQUITY INDEX FUND VS. S&P 500 Index
Average Annual Total Return on 9/30/00
One Year: 8.74%
Since Inception on 12/24/97: 16.41%
Investment Value on 9/30/00
Equity Index Fund: $15,225
S&P 500 Index: $15,989
[EDGAR representation of graph]
Equity Index Fund S&P 500 Index
12/24/97 9,600 10,000
01/31/98 10,042 10,534
02/28/98 10,762 11,294
03/31/98 11,309 11,872
04/30/98 11,424 11,991
05/31/98 11,222 11,785
06/30/98 11,674 12,263
07/31/98 11,549 12,133
08/31/98 9,878 10,381
09/30/98 10,560 11,046
10/31/98 11,395 11,943
11/30/98 12,086 12,667
12/31/98 12,792 13,397
01/31/99 13,286 13,957
02/28/99 12,879 13,523
03/31/99 13,383 14,064
04/30/99 13,906 14,609
05/31/99 13,577 14,264
06/30/99 14,332 15,055
07/31/99 13,887 14,585
08/31/99 13,819 14,513
09/30/99 13,441 14,116
10/31/99 14,313 15,009
11/30/99 14,594 15,314
12/31/99 15,451 16,215
01/31/00 14,675 15,401
02/29/00 14,400 15,109
03/31/00 15,804 16,587
04/30/00 15,323 16,088
05/31/00 15,009 15,757
06/30/00 15,372 16,146
07/31/00 15,146 15,894
08/31/00 16,079 16,880
09/30/00 15,225 15,825
2 FORUM FUNDS
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INDEPENDENT AUDITORS' REPORT
SEPTEMBER 30, 2000
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To the Board of Trustees and Shareholders,
Forum Funds:
We have audited the accompanying statement of assets and liabilities of the
Forum Equity Index Fund, (the "Fund"), (one of the series comprising Forum Funds
(the "Trust")), the related statement of operations for the four months ended
September 30, 2000 and the year ended May 31, 2000, the statements of changes in
net assets for the four months ended September 30, 2000 and the years ended May
31, 2000 and 1999, and the financial highlights for the four months ended
September 30, 2000 and for each year in the three year period ending May 31,
2000. These financial statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Fund as of
September 30, 2000, and the results of its operations, the changes in its net
assets and its financial highlights for the respective stated periods, in
conformity with accounting principles generally accepted in the United States of
America.
Deloitte & Touche LLP
Boston, Massachusetts
November 10, 2000
3 FORUM FUNDS
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EQUITY INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000
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ASSETS
Investments (Notes 1 and 2)
Investments, at cost $ 7,380,872
Net unrealized appreciation 3,150,441
---------------------
Total investments, at value 10,531,313
Receivable for Fund shares sold 4,844
Prepaid expenses 275
Organization costs, net of amortization (Note 2) 1,176
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Total Assets 10,537,608
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LIABILITIES
Payable to related parties (Note 3) 9,547
Accrued expenses and other liabilities 11,547
---------------------
Total Liabilities 21,094
---------------------
NET ASSETS $ 10,516,514
=====================
COMPONENTS OF NET ASSETS
Paid-in capital $ 6,920,042
Accumulated undistributed net investment income 104,439
Unrealized appreciation of investments 3,150,441
Accumulated net realized gain from investments 341,592
---------------------
NET ASSETS $ 10,516,514
=====================
SHARES OF BENEFICIAL INTEREST 677,934
NET ASSET VALUE AND
REDEMPTION PRICE PER SHARE $ 15.51
OFFERING PRICE PER SHARE
(NAV / (1 - MAXIMUM SALES LOAD)) $ 16.16
MAXIMUM SALES LOAD 4.00%
See Notes to Financial Statements 4 FORUM FUNDS
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EQUITY INDEX FUND
STATEMENTS OF OPERATIONS
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Four Months Year
Ended Ended
Sept. 30, 2000 May 31, 2000
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INVESTMENT INCOME
Interest income allocated from Portfolio (Note 1) $ 3,557 $ 18,985
Dividend income allocated from Portfolio (Note 1) 46,888 151,275
Securities lending income allocated from Portfolio (Note 1) 1,008 2,937
Net expenses allocated from Portfolio (Note 1) (5,863) (18,849)
---------------- ---------------
Total Investment Income 45,590 154,348
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EXPENSES
Adminstration (Note 3) 8,978 25,366
Transfer agency (Note 3) 15,420 44,241
Accounting (Note 3) 6,200 14,200
Audit 6,000 11,900
Legal 298 7,550
Trustees 133 712
Reporting 15 4,533
Pricing - 7
Compliance 1,049 3,080
Amortization of organization costs (Note 2) 176 528
Miscellaneous 1,350 1,829
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Total Expenses 39,619 113,946
Expenses reimbursed and fees waived (Note 4) (34,233) (101,030)
---------------- ---------------
Net Expenses 5,386 12,916
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NET INVESTMENT INCOME 40,204 141,432
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NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FUTURES TRANSACTIONS
Net realized gain on investments in Portfolio (Note 1) 111,588 309,294
Net realized gain (loss) on futures transactions
in Portfolio (Note 1) 989 (4,569)
---------------- ---------------
Net Realized Gain on Investments 112,577 304,725
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Net change in unrealized appreciation
on investments in Portfolio (Note 1) 132,868 784,213
Net change in unrealized appreciation on futures
transactions in Portfolio (Note 1) 2,236 26,472
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Net Change in Unrealized Appreciation on Investments
and Futures Transactions 135,104 810,685
---------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS 247,681 1,115,410
---------------- ---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 287,885 $ 1,256,842
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See Notes to Financial Statements 5 FORUM FUNDS
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EQUITY INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS
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Four Months Year Year
Ended Ended Ended
Sept. 30, 2000 May 31, 2000 May 31, 1999
------------------- ------------------- -------------------
NET ASSETS, Beginning of Period $ 13,481,984 $ 11,127,368 $ 5,037,606
------------------- ------------------- -------------------
OPERATIONS
Net investment income 40,204 141,432 99,175
Net realized (loss) on investments 112,577 304,725 (31,534)
Net change in unrealized appreciation
of investments 135,104 810,685 1,642,777
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Net Increase in Net Assets Resulting from Operations 287,885 1,256,842 1,710,418
------------------- ------------------- -------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - (128,972) (75,754)
Net realized gain on investments - (42,603) (1,550)
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Total Distributions to Shareholders - (171,575) (77,304)
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CAPITAL SHARE TRANSACTIONS
Sale of shares 154,855 2,921,530 5,660,156
Reinvestment of distributions - 171,526 77,304
Redemption of shares (3,408,210) (1,823,707) (1,280,812)
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Net Increase (Decrease) from Capital Share Transactions (3,253,355) 1,269,349 4,456,648
------------------- ------------------- -------------------
Net Increase (Decrease) in Net Assets (2,965,470) 2,354,616 6,089,762
------------------- ------------------- -------------------
NET ASSETS, End of Period $ 10,516,514 $ 13,481,984 $111,127,368
=================== =================== ===================
SHARE TRANSACTIONS
Sale of shares 9,794 197,840 450,517
Reinvestment of distributions - 11,010 6,272
Redemption of shares (213,644) (121,246) (93,576)
------------------- ------------------- -------------------
Net Increase in Shares (203,850) 87,604 363,213
=================== =================== ===================
Accumulated Undistributed Net Investment Income $ 104,439 $ 64,235 $ 51,775
=================== =================== ===================
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See Notes to Financial Statements 6 FORUM FUNDS
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EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
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These financial highlights reflect selected data for a share outstanding
throughout each period.
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June 1, 2000 June 1, 1999 June 1, 1998 Dec. 24, 1997 (f)
to to to to
Sept. 30, 2000 May 31, 2000 May 31, 1999 May 31, 1998
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NET ASSET VALUE PER SHARE, Beginning of Period $15.29 $14.01 $11.69 $10.00
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INVESTMENT OPERATIONS
Net investment income (a) 0.08 0.45 0.16 0.07
Net realized and unrealized gain
on investments 0.14 1.03 2.27 1.62
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Total from Investment Operations 0.22 1.48 2.43 1.69
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DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - (0.15) (0.11) -
Net realized gain - (0.05) - (d) -
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Decrease in Net Assets from Distributions - (0.20) (0.11) -
------------- ------------ ------------ -----------
NET ASSET VALUE, End of Period $15.51 $15.29 $14.01 $11.69
============= ============ ============ ===========
TOTAL RETURN (b) 1.44% 10.55% 20.98% 16.90%
RATIO/SUPPLEMENTARY DATA
Net assets at end of period (000's omitted) $10,517 $13,482 $11,127 $5,038
Ratios to Average Net Assets
Expenses, including reimbursement/
waiver of fees (a) 0.25% (c) 0.25% 0.25% 0.25% (c)
Expenses, excluding reimbursement/
waiver of fees (a) 1.06% (c) 1.08% 1.26% 2.25% (c)
Net investment income (loss), including
reimbursement/waiver of fees (a) 0.91% (c) 1.12% 1.27% 1.41% (c)
PORTFOLIO TURNOVER RATE (e) 3% 16% 4% 7%
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(a) Includes the Fund's proportionate share of income and expenses of
Portfolio.
(b) Total return calculations do not include sales charges and would have been
lower had certain expenses not been waived or reimbursed during the period
shown (Note 4).
(c) Annualized.
(d) Distributions per share were $0.002332.
(e) Information presented is that of the Portfolio in which the Fund invests as
of the fiscal year end. (Note 1).
(f) Commencement of opertions.
See Notes to Financial Statements 7 FORUM FUNDS
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NOTES TO FINANCIAL STATEMENTS
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NOTE 1. ORGANIZATION
Forum Funds(R) (the "Trust") is a Delaware business trust that is registered as
an open-end, management investment company under the Investment Company Act of
1940, as amended (the "Act"). The Trust currently has twenty-one active
investment portfolios. Included in this report is the Equity Index Fund (the
"Fund"), a diversified portfolio. Under its Trust Instrument, the Trust is
authorized to issue an unlimited number of the Fund's shares of beneficial
interest without par value. The Fund commenced operations on December 24, 1997.
MASTER FEEDER ARRANGEMENT - The Fund seeks to achieve its investment objective
by investing all of its investable assets in Index Portfolio (the "Portfolio"),
a separate diversified portfolio of Wells Fargo Core Trust, a registered,
open-end management investment company. This is commonly referred to as a
master-feeder arrangement. Prior to November 5, 1999, the Fund invested all of
its investable assets in Index Portfolio, a diversified portfolio of Core Trust
(Delaware), another registered, open-end investment company. On November 5,
1999, Index Portfolio of Core Trust (Delaware) reorganized into the Portfolio.
The Portfolio directly acquires portfolio securities and a fund investing in the
Portfolio acquires an indirect interest in those securities. The Fund accounts
for its investment in the Portfolio as a partnership interest and records daily
its share of the Portfolio's income, expenses, and realized and unrealized gain
or loss. In addition, the Fund incurs its own expenses. The Fund may withdraw
its investment from the Portfolio at any time if the Trust's Board of Trustees
determines that it is in the best interest of the Fund and its shareholders to
do so. The financial statements of the Portfolio, including its schedule of
investments, are in this report and should be read in conjunction with the
Fund's financial statements. The Fund's ownership interest in Index Portfolio
was 0.59% as of September 30, 2000.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, which require management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of increase and decrease in
net assets from operations during the fiscal period. Actual amounts could differ
from these estimates. The following summarizes the significant accounting
policies of the Fund:
SECURITY VALUATION - On each Fund business day, the Trust determines the net
asset value per share of the Fund as of the close of the regular trading day on
the New York Stock Exchange. The Fund records its investments in the Portfolio
at value. The value of such an investment reflects the Fund's proportionate
interest in the net assets of the Portfolio. The valuation of securities held in
the Portfolio is discussed in the Notes to the Financial Statements of the
Portfolio, which are included in this report.
INVESTMENT INCOME AND EXPENSES - The Fund records daily its pro rata share of
its Portfolio's income, expenses, realized and unrealized gain and loss. In
addition, the Fund accrues its own expenses.
DISTRIBUTIONS TO SHAREHOLDERS - Distributions of net investment income and net
capital gain, if any, are declared and paid at least annually. Distributions are
based on amounts calculated in accordance with applicable income tax
regulations, which may differ from generally accepted accounting principles.
These differences are due primarily to differing treatments of income and gain
on various investment securities held by the Fund, timing differences and
differing characterizations of distributions made by the Fund.
ORGANIZATION COSTS - Costs that were incurred by the Fund in connection with its
organization are amortized using the straight-line method over a five-year
period.
FEDERAL TAXES - The Fund intends to qualify each year as a regulated investment
company and distribute all of its taxable income. In addition, by distributing
in each calendar year substantially all its net investment income, capital gains
and certain other amounts, if any, each Fund will not be subject to a federal
excise tax. Therefore, no federal income or excise tax provision is required.
EXPENSE ALLOCATION - The Trust accounts separately for the assets, liabilities
and operations of each of its funds. Expenses that are directly attributable to
more than one fund are allocated among the respective funds in proportion to
each fund's average daily net assets.
8 FORUM FUNDS
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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NOTE 3. ADVISORY FEES AND OTHER TRANSACTIONS WITH RELATED PARTIES
INVESTMENT ADVISER - The investment adviser for the Portfolio in which the Fund
invests is Wells Fargo Bank ("WFB"). WFB is a wholly owned subsidiary of Wells
Fargo & Company, a national bank holding company. Pursuant to an Investment
Advisory Agreement, WFB receives an advisory fee at an annual rate of 0.15% of
the Portfolio's average daily net assets. For the twelve months ended September
30, 2000, the Portfolio's advisory fee was $2,677,126. The Fund pays its pro
rata portion of the advisory fees incurred by the Portfolio. WFB has retained
the services of Wells Capital Management Inc. ("WCM"), an affiliate, as an
investment subadviser to the Portfolio. The fees related to WCM's subadviser
services are borne directly by WFB and do not increase the overall fees paid by
the Portfolio to WFB.
ADMINISTRATOR - The administrator for the Fund is Forum Administrative Services,
LLC ("FAdS"). For its services, FAdS receives a fee at an annual rate of 0.20%
of the average daily net assets of the Fund.
TRANSFER AGENT - The transfer agent and dividend disbursing agent for the Fund
is Forum Shareholder Services, LLC ("FSS"). FSS receives from each Fund an
annual fee of $12,000, plus 0.25% of the average daily net assets of the Fund,
and an annual shareholder account fee of $18 per shareholder account.
DISTRIBUTOR - Forum Fund Services, LLC ("FFS"), a registered broker-dealer and a
member of the National Association of Securities Dealers, Inc., is the Fund's
distributor. For its services, FFS receives, and may reallocate to certain
financial institutions, the sales charges paid in connection with purchases or
sales of the Fund's shares.
OTHER SERVICE PROVIDER - Forum Accounting Services, LLC ("FAcS") provides fund
accounting services to the Fund. For its services, FAcS receives an annual fee
of $12,000 plus $2,200 for the preparation of tax returns.
NOTE 4. WAIVER OF FEES AND REIMBURSEMENT OF EXPENSES
Certain service providers of the Fund have voluntarily undertaken to waive a
portion of their fees and/or reimburse certain expenses of the Fund so that
total expenses of the Fund would not exceed certain limitations. Fee waivers and
expense reimbursements may be reduced or eliminated at any time. For the four
months ended September 30, 2000, expenses reimbursed and fees waived were as
follows:
EXPENSES TOTAL FEES WAIVED
FEES WAIVED REIMBURSED FEES WAIVED FEES WAIVED AND EXPENSES
BY FADS BY FADS BY FSS BY ADVISOR REIMBURSED
---------------------------------------------------------------
Equity Index Fund $8,978 $16,018 $9,237 - $34,233
Index Portfolio $218 - - $1,983 $2,201
NOTE 5. SECURITY TRANSACTIONS
The cost of purchases and proceeds from sales of securities, other than
short-term investments for the Fund based on its ownership percentage of the
Portfolio, were $435,502 and $267,896 respectively, for the four months ended
September 30, 2000.
NOTE 6. FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE FISCAL YEAR
(UNAUDITED)
Income Dividends - All the income and any short-term capital gain dividends paid
by the Fund for the fiscal year ended May 31, 2000 were ordinary income for
federal income tax purposes. The percentage of qualifying dividends eligible for
the corporate dividends received deductions was 98.76% for the year ended May
31, 2000 and 29.32% for the four month period ended September 30, 2000..
Capital Gain Dividends - The Fund declared long-term capital gains of $42,603,
for the fiscal year ended May 31, 2000. There were no capital gain dividend
distributions as of the four months ended September 30, 2000.
9 FORUM FUNDS
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ANNUAL REPORT
SEPTEMBER 30, 2000
INDEX PORTFOLIO
WELLS FARGO CORE TRUST
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INDEPENDENT AUDITORS' REPORT
SEPTEMBER 30, 2000
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To the Board of Trustees and Partners
Wells Fargo Core Trust:
We have audited the accompanying statement of assets and liabilities of Wells
Fargo Core Trust Index Portfolio, one portfolio of the Wells Fargo Core Trust,
(the "Portfolio") including the portfolio of investments as of September 30,
2000, and the related statement of operations for the year then ended, the
statements of changes in net assets for the periods presented on page 15, and
the financial highlights for the periods presented on page 16. These financial
statements and financial highlights are the responsibility of the Portfolio's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
the securities owned as of September 30, 2000, by correspondence with the
custodian. As to securities purchased but not yet received, we performed other
appropriate auditing procedures. An audit includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Wells Fargo Core Trust Index Portfolio as of September 30, 2000, the results of
its operations, changes in its net assets and its financial highlights for the
periods indicated above in conformity with accounting principles generally
accepted in the United States of America.
/s/ KPMG LLP
San Francisco, California
November 3, 2000
12 WELLS FARGO CORE TRUST
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INDEX PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000
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ASSETS
Investments
<TABLE>
<S> <C>
Investments, at cost $ 1,160,090,015
Net unrealized appreciation 638,178,232
---------------
Total investments, at value 1,798,268,247
Cash 17,348
Collateral for securities loaned 262,076,969
Receivable for investments sold 20,319
Receivable for dividends, interest and other receivables 1,470,351
---------------
Total Assets 2,061,853,234
---------------
LIABILITIES
Payable for securities loaned 262,076,969
Payable for daily variation margin on financial futures contracts 319,900
Payable to investment adviser and affiliates 193,340
Accrued expenses and other liabilities 18,705
---------------
Total Liabilities 262,608,914
---------------
NET ASSETS $1,799,244,320
===============
</TABLE>
See Notes to Financial Statements 13 WELLS FARGO CORE TRUST
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INDEX PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED SEPTEMBER 30, 2000
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INVESTMENT INCOME
Dividend income $ 19,909,417
Interest income 2,243,756
Securities lending income 444,628
------------------
Total Investment Income 22,597,801
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EXPENSES
Advisory 2,677,126
Administration 84,206
Custody 341,667
Accounting 134,206
Legal 4,760
Audit 17,757
Directors' Fees 4,849
Other 21,365
------------------
Total Expenses 3,285,936
Waived fees and reimbursed expenses (896,975)
------------------
------------------
Net Expenses 2,388,961
------------------
------------------
NET INVESTMENT INCOME 20,208,840
------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net Realized Gain from
Securities 77,457,330
Financial futures transactions 235,160
------------------
Net Realized Gain from Investments 77,692,490
------------------
Net Change in Unrealized Appreciation of
Securities 112,986,029
Financial futures transactions 832,800
------------------
Net Change in Unrealized Appreciation of Investments 113,818,829
------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 191,511,319
------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $211,720,159
==================
See Notes to Financial Statements 14 WELLS FARGO CORE TRUST
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INDEX PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Year June 1,1999 Year
Ended To Ended
Sept. 30, 2000 Sept. 30, 1999 May 31, 1999
----------------- ----------------- -----------------
NET ASSETS, BEGINNING OF PERIOD $ 1,583,558,662 $ 1,830,641,407 $ 1,385,279,923
----------------- ----------------- -----------------
OPERATIONS
Net investment income 20,208,840 7,070,132 21,141,735
Net realized gain from investments 77,692,490 17,917,926 26,353,322
Net change in unrealized appreciation of investments 113,818,829 (247,065,769) 247,309,848
----------------- ----------------- -----------------
Net Increase in Net Assets Resulting from Operations 211,720,159 (222,077,711) 294,804,905
----------------- ----------------- -----------------
TRANSACTIONS IN INVESTORS' BENEFICAL INTERESTS
Contributions 230,919,882 168,104,830 338,399,367
Withdrawals (226,954,383) (193,109,864) (187,842,788)
----------------- ----------------- -----------------
Net Increase from Transactions in Investors' Beneficial Interest 3,965,499 (25,005,034) 150,556,579
----------------- ----------------- -----------------
Net Increase in Net Assets 215,685,658 (247,082,745) 445,361,484
----------------- ----------------- -----------------
NET ASSETS, END OF PERIOD $ 1,799,244,320 $ 1,583,558,662 $ 1,830,641,407
================= ================= =================
</TABLE>
See Notes to Financial Statements 15 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------
INDEX PORTFOLIO
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
Ratios to Average
Net Assets (a)
--------------------------------------------
Net Portfolio
Investment Net Gross Turnover
Income Expenses Expenses (b) Rate
For Year or Period
October 1, 1999 to September 30, 2000 1.13% 0.13% 0.18% 8%
June 1, 1999 to September 30, 1999 1.25% 0.18% 0.23% 11%
June 1, 1998 to May 31, 1999 1.35% 0.18% 0.23% 4%
June 1, 1997 to May 31, 1998 1.60% 0.19% 0.24% 7%
June 1, 1996 to May 31, 1997 2.03% 0.11% 0.31% 7%
November 1, 1995 to May 31, 1996 2.35% 0.17% 0.32% 7%
</TABLE>
-------------------------------------------------
-------------------------------------------------
(a) Ratios for periods of less than one year are annualized.
(b) During each period, various fees and expenses were waived and reimbursed.
The ratio of Gross Expenses to Average Net Assets reflects the expense
ratio in the absence of any waivers and reimbursements (Note 5).
See Notes to Financial Statements 16 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
Note 1. ORGANIZATION
Wells Fargo Core Trust ("Core Trust") is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act"). Core Trust, created as the successor entity to the Norwest Core
Trust, currently has 14 separate investment portfolios. These financial
statements present the Index Portfolio (the "Portfolio")
Interest in the Portfolio is sold without any sales charge in private placement
transactions to qualified investors, including open-end management investment
companies.
Concurrent with the establishment of Core Trust, the Board of Trustees of the
Stagecoach Family of Funds and the Board of Trustees of the Norwest Advantage
Funds approved a consolidation agreement providing for the acquisition of the
assets and assumption of liabilities of certain Stagecoach and Norwest Advantage
Funds into the Wells Fargo Funds Trust. Effective at the close of business
November 5, 1999, the Stagecoach and/or Norwest Advantage Funds were
consolidated into the Wells Fargo Funds Trust, some of which invest in one or
more portfolios of Core Trust, through a tax-free exchange of shares.
Note 2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies which are consistently followed by
the Core Trust in the preparation of its financial statements are in conformity
with generally accepted accounting principles ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
SECURITY VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange which is usually 1:00 p.m.
(Pacific Time) 3:00 p.m. (Central Time). Securities which are traded on a
national or foreign securities exchange or the National Association of
Securities Dealers Automated Quotation ("NASDAQ") National Market are valued at
the last reported sales price. In the absence of any sale of such securities,
and in the case of other securities, including U.S. Government obligations, but
excluding debt securities maturing in 60 days or less, the valuations are based
on the latest quoted bid prices. Securities for which quotations are not readily
available are valued at fair value as determined by policies set by the Board of
Trustees.
Debt securities maturing in 60 days or less are valued at amortized cost. The
amortized cost method involves valuing a security at its cost, plus accretion of
discount or minus amortization of premium over the period until maturity, which
approximates market value.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized under provisions of the Internal Revenue Code of 1986, as amended
(the "Code").
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Portfolio
is informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
Foreign currency amounts are translated into U.S. dollars at the mean of the bid
and ask price of such currencies against U.S. dollars as follows: (i) assets and
liabilities at the rate of exchange at the end of the respective period; and
(ii) purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. The portion of the
results of operations arising from changes in the exchange rates and the portion
due to fluctuations arising from changes in the market prices of securities are
not isolated. Such fluctuations are included with the net realized and
unrealized gain or loss on investments.
17 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
FUTURES CONTRACTS
The Portfolio may purchase futures contracts to gain exposure to market changes,
which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Portfolio is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Portfolio agrees to receive from or pay to the
broker an amount of cash equal to the daily fluctuation in the value of the
contract. Such receipts or payments are known as "variation margin" and are
recorded by the Portfolio as unrealized gains or losses. When the contract is
closed, the Portfolio records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at the
time it was closed. Pursuant to regulations and/or published positions of the
Securities and Exchange Commission (the "SEC") for long futures positions, the
Portfolio is required to segregate highly liquid securities as permitted by the
SEC in connection with futures transactions in an amount generally equal to the
entire value of the underlying contracts. Risks of entering into futures
contracts include the possibility that there may be an illiquid market and that
a change in the value of the contract may not correlate with changes in the
value of the underlying securities. On September 30, 2000, the Index Portfolio
held the following long futures contracts:
Notional Net Unrealized
Contracts Type Expiration Date Contract Value (Depreciation)
--------------------------------------------------------------------------------
52 Long S&P 500 Index December 2000 $18,898,100 $(613,875)
The Index Portfolio has pledged to brokers U.S. Treasury bills for initial
margin requirements with a par value of $1,305,000.
REPURCHASE AGREEMENTS
The Portfolio may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other Portfolios advised by Wells Fargo
Bank, N.A. ("WFB"). The repurchase agreements must be fully collateralized based
on values that are marked to market daily. The collateral may be held by an
agent bank under a tri-party agreement. It is the Portfolios' custodian's
responsibility to value collateral daily and to take action to obtain additional
collateral as necessary to maintain market value equal to or greater than the
resale price. The repurchase agreements held by the Portfolio is collateralized
by instruments such as U.S. Treasury, federal agency, or high-grade corporate
obligations.
SECURITY LOANS
The Portfolio may loan securities in return for securities and cash collateral
which is invested in various short-term fixed income securities. The Portfolio
may receive compensation for lending securities in the form of fees or by
retaining a portion of interest on the investment securities or cash received as
collateral. The Portfolio also continues to receive interest or dividends on the
securities loaned. Security loans are secured at all times by collateral. The
collateral is equal to at least 102% of the market value of the securities
loaned plus accrued interest. If the collateral falls to 100%, it will be
brought back to 102%. Gain or loss in the market price of the securities loaned
that may occur during the term of the loan are reflected in the value of the
Portfolio. WFB receives 40% of income on security lending activities and covers
the expenses associated with securities lending activities. As of September 30,
2000, the value of securities on loan and the value of the related collateral
were $233,410,482 and $262,076,969 respectively.
FEDERAL INCOME TAXES
The Portfolio is treated as a separate entity for federal income tax purposes.
The Portfolio is not required to pay federal income taxes on its net investment
income and net capital gain as it is treated as partnership for federal income
tax purposes. All interest, dividends, gain and loss of the Portfolio is deemed
to have been "passed through" to the interestholders in proportion to their
holdings of the Portfolio regardless of whether such interest, dividends, or
gain have been distributed by the Portfolio.
18 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
Note 3. ADVISORY FEES
The Investment Advisor of Portfolio is WFB. WFB has retained the services of
Wells Capital Management, Inc. as sub-advisor to the Portfolio. The fees related
to sub-advisory services are borne directly by the Advisor and do not increase
the overall fees paid by the Portfolios to the Advisor. This sub-advisor
provided the same services to the predecessor portfolio. Prior to November 8,
1999, the Index Portfolio was charged an advisory fee of 0.15%, as a percentage
of the average daily net assets of the Portfolio. The current investment
advisory fee and the associated sub-advisor and sub-advisory fees are as
follows, with the fees expressed as a percentage of the average daily net
assets.
Advisory Fee Subadvisor Sub-Advisory Fee
------------------------------------------------------------------------------
0.15% Wells Capital Management 0-200 million, 0.02%
Greater than 200 million, 0.01%
Note 4. OTHER FEES AND TRANSACTIONS WITH AFFILIATES
Currently there are no administration fees charged to the Portfolio at the core
level. Prior to November 8, 1999, Forum Administrative Services, LLC ("FAdS")
was the administrator to the Core Trust and received a fee with respect to the
Portfolio at an annual rate of 0.05% of the Portfolio's average daily net
assets.
Wells Fargo Bank Minnesota, N.A. ("WFB MN"), formerly Norwest Bank Minnesota,
N.A., serves as the custodian for the Portfolio and may appoint certain
sub-custodians to custody those portfolios' foreign securities and assets held
in foreign countries. WFB MN receives a fee with respect to the Portfolio at an
annual rate of 0.02% of the Portfolio's average daily net assets. Prior to
November 8, 1999, WFB MN received a fee with respect to the Portfolio at an
annual rate of 0.02% for the first $100 million of each Portfolio's average
daily net assets, declining to 0.01% of the average daily net assets of the
Portfolio in excess of $200 million.
Forum Accounting Services, LLC provides portfolio accounting and interestholder
recordkeeping services for the Portfolio.
Note 5. WAIVED FEES AND REIMBURSED EXPENSES
For the year ended September 30, 2000, fees waived by the Portfolio's service
providers were as follows:
Fees Waived by FAdS Fees Waived by WFB Total Fees Waived
--------------------------------------------------------------------------------
$ 88,805 $ 808,170 $ 896,975
Note 6. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date), for the
Portfolio for the year ended September 30, 2000 were $183,569,659 and
$147,209,936 respectively.
19 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
COMMON STOCK - 98.85
<TABLE>
<CAPTION>
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
<S> <C> <C> <C> <C>
AGRICULTURAL PRODUCTION-CROPS - 0.07% BUSINESS SERVICES - CONTINUED
46,000 Nabisco Group Holdings Corp. $ 1,311,000 10,200 Deluxe Corp. $ 207,188
------------
18,000 Ecolab, Inc. # 649,125
AMUSEMENT & RECREATION SERVICES - 0.65% 65,700 Electronic Data Systems Corp. 2,726,550
16,400 Harrah's Entertainment, Inc. + 451,000 19,900 Equifax, Inc. # 536,056
293,600 Walt Disney Co. # 11,230,200 57,100 First Data Corp. 2,230,469
------------
11,681,200 41,900 IMS Health, Inc. 869,425
------------
43,300 Interpublic Group of Cos., Inc. 1,474,906
APPAREL & ACCESSORY STORES - 0.37% 40,000 McKesson HBOC, Inc. 1,222,500
119,700 Gap, Inc. 2,408,962 11,200 Mercury Interactive Corp. + # 1,755,600
46,400 Kohl's Corp. + # 2,676,700 741,200 Microsoft Corp. + 44,657,300
60,800 Limited, Inc. 1,341,400 13,500 NCR Corp. + 510,469
18,300 Nordstrom, Inc. 284,794 45,700 Novell, Inc. + 454,144
------------
6,711,856 25,000 Omnicom Group, Inc. 1,823,438
------------
396,500 Oracle Corp. + 31,224,374
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS 38,400 Parametric Technology Co. + 420,000
& SIMILAR MATERIALS - 0.04% 39,400 PeopleSoft, Inc. + 1,100,737
7,500 Liz Claiborne, Inc. # 288,750 16,700 Sapient Corp. + # 679,480
16,100 V.F. Corp. # 397,469 58,700 Siebel Systems, Inc. + # 6,534,043
------------
686,219 223,400 Sun Microsystems, Inc. + 26,081,950
------------
44,100 Unisys Corp. + 496,125
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.02% 56,600 VERITAS Software Corp. + # 8,037,200
18,000 Autozone, Inc. + # 408,375 77,400 Yahoo!, Inc. + # 7,043,400
------------
10,300 Young & Rubicam, Inc. 509,850
-----------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01% 176,227,338
-----------
8,400 Ryder System, Inc. 154,875
------------
CHEMICALS & ALLIED PRODUCTS - 11.50%
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE 218,300 Abbott Laboratories 10,382,894
BUILDERS - 0.04% 32,300 Air Products and Chemicals, Inc. # 1,162,800
8,300 Centex Corp. 266,638 7,900 Alberto Culver Co. # 227,619
6,800 Kaufman & Broad Home Corp. 183,175 16,300 ALZA Corp. + # 1,409,950
5,700 Pulte Corp. 188,100 183,600 American Home Products Corp. 10,384,875
------------
637,913 144,800 Amgen, Inc. + 10,111,113
------------
33,400 Avon Products, Inc. 1,365,225
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY 20,800 Biogen, Inc. + 1,268,800
& MOBILE HOME DEALERS - 1.13% 276,800 Bristol-Myers Squibb Co. 15,812,200
326,200 Home Depot, Inc. 17,308,988 33,100 Clorox Co. 1,309,519
53,900 Lowe's Cos., Inc. 2,418,763 80,900 Colgate-Palmolive Co. 3,818,480
22,900 Sherwin-Williams Co. 489,487 95,500 Dow Chemical Co. # 2,381,531
------------
20,217,238 146,800 E.I. du Pont de Nemours & Co. 6,083,025
------------
10,800 Eastman Chemical Co. 398,925
BUSINESS SERVICES - 9.80% 159,100 Eli Lilly & Co. 12,906,988
16,900 Adobe Systems, Inc. 2,623,725 4,300 FMC Corp. + 288,369
325,200 America Online, Inc. + 17,479,500 148,300 Gillette Co. 4,578,763
8,100 Autodesk, Inc. # 205,538 7,400 Great Lakes Chemical Corp. 216,913
88,300 Automatic Data Processing, Inc. 5,905,063 14,100 International Flavors
34,800 BMC Software, Inc. + 665,550 & Fragrances, Inc. 257,325
25,900 Cabletron Systems, Inc. + 760,813 195,800 Johnson & Johnson 18,392,963
102,300 Cendant Corp. + # 1,112,513 29,600 MedImmune, Inc. + 2,286,600
20,500 Ceridian Corp. + # 575,281 324,000 Merck & Co., Inc. 24,117,750
26,200 Citrix Systems, Inc. + 525,638 889,300 Pfizer, Inc. 39,962,918
83,200 Computer Associates Intl., Inc. 2,095,600 182,800 Pharmacia Corp. 11,002,275
23,700 Computer Sciences Corp. + 1,759,725 24,500 PPG Industries, Inc. 972,343
51,400 Compuware Corp. + 430,475 22,300 Praxair, Inc. 833,462
21,700 Convergys Corp. + # 843,588 184,200 Procter & Gamble Co. 12,341,400
30,500 Rohm & Haas Co. 886,405
See Notes to Financial Statements 20 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
CHEMICALS & ALLIED PRODUCTS - CONTINUED DEPOSITORY INSTITUTIONS - CONTINUED
206,300 Schering-Plough Corp $ 9,592,950 19,300 Old Kent Financial Corp. # $ 558,494
11,400 Sigma Aldrich 376,200 40,700 PNC Financial Services Group 2,645,500
19,000 Union Carbide Corp. 717,250 30,800 Regions Financial Corp. 698,775
9,400 W.R. Grace & Co. + 64,625 23,700 SouthTrust Corp. # 745,069
14,400 Watson Pharmaceuticals, Inc. + 934,200 22,700 State Street Corp. 2,951,000
------------
206,846,655 24,500 Summit Bancorp 845,250
------------
42,000 Suntrust Banks, Inc. 2,092,124
COMMUNICATIONS - 6.93% 40,000 Synovus Financial Corp. 847,500
99,400 ADC Telecommunications, Inc. + 2,672,928 19,000 Union Planters Corp. # 628,188
44,400 Alltel Corp. 2,317,125 105,000 U.S. Bancorp 2,388,750
529,000 AT&T Corp. # 15,539,375 28,600 Wachovia Corp. 1,621,262
264,000 BellSouth Corp. 10,626,000 75,900 Washington Mutual, Inc. # 3,021,769
19,800 CenturyTel, Inc. 539,550 231,900 Wells Fargo & Co. # 10,652,905
-----------
82,500 Clear Channel 131,805,538
-----------
Communications, Inc. + # 4,661,250
127,400 Comcast Corp., Class A + 5,215,438 EATING & DRINKING PLACES - 0.44%
124,000 Global Crossing Ltd. + # 3,844,000 17,200 Darden Restaurants, Inc. # 357,975
107,200 Nextel Communications, Inc. + # 5,011,600 186,000 McDonald's Corp. 5,614,874
233,900 Qwest Communications Intl. Inc. +11,241,819 26,300 Starbucks Corp. + # 1,053,644
477,400 SBC Communications, Inc. 23,870,000 20,500 Tricon Global Restaurants, Inc. + 627,813
124,600 Sprint Corp. (FON Group) 3,652,338 16,000 Wendy's International, Inc. 321,000
-----------
130,700 Sprint Corp. (PCS Group) + # 4,582,668 7,975,306
-----------
382,800 Verizon Communications 18,541,875 ELECTRIC, GAS & SANITARY SERVICES - 2.70%
404,600 WorldCom, Inc. + 12,289,725 64,300 AES Corp. + # 4,404,550
------------
124,605,691 27,700 Allied Waste Industries, Inc. + 254,494
------------
19,300 Ameren Corp. # 808,188
DEPOSITORY INSTITUTIONS - 7.33% 45,400 American Electric Power Co., Inc. #1,776,275
53,100 AmSouth Bancorp 663,750 22,400 Cinergy Corp. 740,600
231,400 Bank of America Corp. + # 12,119,575 15,500 CMS Energy Corp. 417,531
104,000 Bank of New York Co., Inc. 5,830,500 22,500 C P & L Energy, Inc. 937,969
162,800 Bank One Corp. 6,288,150 11,200 Columbia Energy Group 795,200
56,300 BB&T Corp. 1,696,038 29,900 Consolidated Edison, Inc. # 1,020,338
29,600 Charter One Financial Inc. 721,500 21,100 Constellation Energy Group # 1,049,725
184,300 Chase Manhattan Corp. 8,512,356 33,500 Dominion Resource, Inc. 1,945,094
633,600 Citigroup, Inc. # 34,254,000 20,100 DTE Energy Co. # 768,825
22,000 Comerica, Inc. # 1,285,625 51,800 Duke Energy Corp. 4,441,850
65,500 Fifth Third Bancorp # 3,528,813 3,800 Eastern Enterprises 242,488
138,700 First Union Corp. # 4,464,406 45,900 Edison International 886,444
135,000 Firstar Corp. 3,020,625 32,700 El Paso Energy Corp. # 2,015,138
127,100 FleetBoston Financial Corp. 4,956,900 31,400 Entergy Corp. # 1,169,650
22,300 Golden West Financial Corp. 1,195,838 32,200 FirstEnergy Corp. # 867,388
35,400 Huntington Bancshares, Inc. # 519,938 13,900 Florida Progress Corp. 735,831
22,400 J.P. Morgan & Co., Inc. 3,659,600 25,000 FPL Group, Inc. 1,643,750
60,600 KeyCorp 1,533,938 17,100 GPU, Inc. 554,681
68,800 Mellon Financial Corp. 3,190,600 18,900 KeySpan Corp. 758,363
85,600 National City Corp. 1,893,900 22,600 Niagara Mohawk Holdings, Inc. + 355,950
31,200 Northern Trust Corp. 2,772,900 6,500 NICOR, Inc. # 235,218
See Notes to Financial Statements 21 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
ELECTRIC, GAS & SANITARY SERVICES - CONTINUED ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
4,100 Oneok, Inc. $ 162,975 EXCEPT COMPUTER EQUIPMENT - CONTINUED
23,900 PECO Energy Co. 1,447,443 47,900 Raytheon Co., - Class B $1,362,156
5,000 People's Energy Corp. # 166,875 21,300 Sanmina Corp. + # 1,994,213
54,300 PG&E Corporation 1,313,380 22,400 Scientific-Atlanta, Inc. 1,425,200
11,900 Pinnacle West Capital Corp. 605,413 57,800 Tellabs, Inc. + 2,759,950
20,400 PPL Corp. 851,700 243,500 Texas Instruments, Inc. 11,490,155
30,200 Public Service Enterprise Group, I1,349,562 8,200 Thomas & Betts Corp. # 142,987
41,400 Reliant Energy, Inc. 1,925,100 10,000 Whirlpool Corp. 388,750
28,800 Sempra Energy 599,400 46,300 Xilink, Inc. + 3,964,438
-----------
91,400 Southern Co. 2,964,787 254,890,469
-----------
37,200 TUX Corp. 1,474,050
24,800 Unicom Corp. # 1,393,450 ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT
87,600 Waste Management, Inc. 1,527,525 & RELATED SERVICES - 0.44%
62,400 Williams Cos., Inc. # 2,636,400 22,800 Dun & Bradstreet Corp. 785,175
47,800 XCEL Energy Inc 1,314,500 10,700 Fluor Corp. 321,000
------------
48,558,100 62,800 Halliburton Co. # 3,073,275
------------
52,400 Paychex, Inc. 2,751,000
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, 6,900 PerkinElmer, Inc. 720,188
EXCEPT COMPUTER EQUIPMENT - 14.17% 16,300 Quintiles Transnational Corp. + 259,781
-----------
14,000 Adaptec Inc. + 280,000 7,910,419
-----------
43,900 Advanced Micro Devices, Inc. + # 1,037,138
56,200 Altera Corp. + 2,683,550 FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
27,400 American Power Conversion Corp. + 525,738 TRANSPORTATION EQUIPMENT - 0.40%
50,000 Analog Devices, Inc. + # 4,128,125 4,100 Ball Corp. # 129,919
11,400 Andrew Corp. + 298,538 8,600 Crane Co. # 196,725
31,300 Broadcom Corp. + 7,629,375 17,700 Crown Cork & Seal Co., Inc. 189,168
32,100 Conexant Systems, Inc. + # 1,344,188 22,100 Fortune Brands, Inc. 585,650
13,100 Cooper Industries, Inc. # 461,775 42,500 Illinois Tool Works, Inc. # 2,374,688
10,300 Eaton Corp. 634,738 60,100 Lockheed Martin Corp. # 1,980,896
60,200 Emerson Electric Co. 4,033,400 64,400 Masco Corp. # 1,199,450
1,395,100 General Electric Co. 80,479,831 8,300 Snap-On, Inc. 195,569
945,700 Intel Corp. 39,364,763 12,100 Stanley Works 279,056
-----------
131,800 JDS Uniphase Corp. + # 12,479,813 7,131,121
-----------
43,800 Linear Technology Corp. 2,836,050
43,700 LSI Logic Corp. + 1,278,225 FOOD & KINDRED PRODUCTS - 3.44%
470,400 Lucent Technologies, Inc. 14,376,600 5,200 Adolph Coors Co. # 328,575
39,800 Maxim Integrated Products, Inc. + 3,201,413 127,600 Anheuser-Busch Cos., Inc. # 5,399,075
10,900 Maytag Corp. 338,580 89,100 Archer Daniels Midland Co. 768,488
79,500 Micron Technology, Inc. + # 3,657,000 39,100 Bestfoods, Inc. 2,844,525
27,600 Molex Inc. # 1,502,475 9,700 Brown-Forman Corp. 531,075
307,100 Motorola, Inc. 8,675,575 59,300 Campbell Soup Co. # 1,534,388
25,000 National Semiconductor Corp. + 1,006,250 348,900 Coca-Cola Co. # 19,233,113
5,700 National Service Industries 111,506 58,900 Coca-Cola Enterprises, Inc. 938,719
44,000 Network Appliance, Inc. + 5,604,500 75,100 ConAgra Foods, Inc. # 1,506,693
420,700 Nortel Networks Corp. # 25,057,943 40,200 General Mills, Inc. 1,427,100
18,500 Novellus Systems, Inc. + 861,406 48,900 H J Heinz Co. 1,812,356
104,900 Qualcomm, Inc. + 7,474,125 15,100 Hercules, Inc. 213,288
19,300 Hershey Foods Corp. 1,044,612
57,100 Kellogg Co. 1,381,106
203,300 PepsiCo, Inc. 9,351,800
18,700 Quaker Oats Co. 1,479,638
See Notes to Financial Statements 22 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
FOOD & KINDRED PRODUCTS - CONTINUED INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
43,200 Ralston Purina Group # $ 1,023,300 EQUIPMENT - 9.87%
122,500 Sara Lee Corp. 2,488,280 45,800 Apple Computer, Inc. + # $1,179,350
61,500 Seagram Co. Ltd. 3,532,406 114,200 Applied Materials, Inc. + 6,773,488
80,500 Unilever N V 3,884,125 46,600 Baker Hughes, Inc. 1,730,025
16,000 Wm Wrigley Jr. Co. 1,198,000 11,700 Black & Decker Corp. # 399,994
------------
61,920,662 3,000 Briggs & Stratton Corp. # 113,438
------------
48,700 Caterpillar, Inc. 1,643,625
FOOD STORES - 0.23% 999,500 Cisco Systems, Inc. + 55,222,375
59,600 Albertson's, Inc. # 1,251,600 239,400 Compaq Computer Corp. 6,602,652
116,300 Kroger Co. + # 2,624,019 22,000 Comverse Technology Inc. + 2,376,000
19,800 Winn-Dixie Stores, Inc. # 284,625 5,800 Cummins Engine Co., Inc. # 173,638
------------
4,160,244 33,000 Deere & Co. 1,097,250
------------
364,400 Dell Computer Corp. + # 11,228,075
FURNITURE & FIXTURES - 0.02% 28,600 Dover Corp. # 1,342,413
27,700 Leggett & Platt 438,006 307,100 EMC Corp. + 30,441,288
------------
45,400 Gateway, Inc. + # 2,122,450
General Merchandise Stores - 2.21% 140,500 Hewlett-Packard Co. # 13,628,500
15,700 Consolidated Stores Corp. + 211,950 248,000 IBM Corp. 27,900,000
13,200 Dillards, Inc. # 140,250 22,700 Ingersoll-Rand Co. 768,963
46,300 Dollar General Corp. 775,525 18,000 Lexmark International, Inc. + 675,000
29,300 Federated Department Stores, Inc. + 765,463 17,400 Pall Corp. # 346,912
36,800 J.C. Penney Co., Inc. # 434,700 79,600 Palm, Inc. + 4,213,824
67,600 KMart Corp. + 405,600 36,000 Pitney Bowes, Inc. # 1,419,750
44,800 May Department Stores Co. # 918,400 32,300 Seagate Technology, Inc. + # 2,228,700
48,300 Sears Roebuck & Co. 1,565,885 84,700 Solectron Corp. + 3,906,787
128,200 Target Corp. 3,285,125 8,500 Timken Co. 116,343
-----------
41,200 TJX Cos., Inc. # 927,000 177,650,840
-----------
629,100 Wal-Mart Stores, Inc. 30,275,438
------------
39,705,336 INSURANCE AGENTS, BROKERS & SERVICE - 0.37%
------------
35,900 Aon Corp. # 1,409,075
HEALTH SERVICES - 0.29% 23,400 Humana, Inc. + 251,550
78,600 HCA - The Healthcare Co. # 2,918,025 38,200 Marsh & McLennan Cos., Inc. 5,071,050
-----------
54,300 HEALTHSOUTH Corp. + 441,187 6,731,675
-----------
14,400 Manor Care, Inc. + 225,900
44,300 Tenet Healthcare Corp. # 1,611,413 INSURANCE CARRIERS - 3.42%
------------
5,196,525 19,900 Aetna, Inc. 1,155,444
------------
37,300 AFLAC, Inc. 2,389,531
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION 103,400 Allstate Corp. 3,593,150
CONTRACTORS - 0.01% 35,600 American General Corp. 2,776,800
8,500 McDermott International, Inc. 93,500 325,900 American International Group, Inc.31,184,556
------------
24,600 Chubb Corp. 1,946,475
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.23% 22,200 CIGNA Corp. 2,317,680
29,100 Best Buy Co., Inc. + 1,851,487 22,700 Cincinnati Financial Corp. 805,850
28,900 Circuit City Stores 664,700 45,800 Conseco, Inc. # 349,225
26,200 RadioShack Corp. 1,693,175 31,600 Hartford Financial Services Group 2,304,825
------------
4,209,362 14,500 Jefferson-Pilot Corp. 984,188
------------
26,900 Lincoln National Corp. # 1,294,563
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGING 13,900 Loews Corp. 1,158,913
PLACES - 0.10% 13,800 MBIA, Inc. # 981,525
51,900 Hilton Hotels Corp. 600,093 15,000 MGIC Investment Corp. 916,875
33,800 Marriott International - Class A 1,231,588 10,300 Progressive Corp. # 843,313
------------
1,831,681 18,000 Safeco Corp. 490,500
------------
31,500 St. Paul Cos., Inc. 1,553,344
See Notes to Financial Statements 23 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
INSURANCE CARRIERS - CONTINUED MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.78%
18,000 Torchmark Corp. # $ 500,624 5,700 Armstrong Holdings, Inc. $ 68,044
22,600 Unitedhealth Group, Inc. # 2,231,750 24,300 Hasbro, Inc. 277,931
33,900 UnumProvident Corp 923,774 60,100 Mattel, Inc. 672,369
8,800 Wellpoint Health Networks, Inc. + 844,800 20,500 Tiffany & Co. # 790,531
------------
61,547,705 237,300 Tyco International Ltd. # 12,309,937
------------
-----------
14,118,812
-----------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.01%
14,700 Louisiana-Pacific Corp. 135,056 MISCELLANEOUS RETAIL - 0.72%
------------
39,800 Bed Bath & Beyond, Inc.+ 970,747
MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; 63,000 Costco Wholesale Corp. + 2,201,063
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 2.02% 55,000 CVS Corp. 2,547,188
63,800 Agilent Technologies, Inc. + 3,122,213 5,300 Longs Drug Stores, Inc. # 101,363
18,500 Allergan, Inc. 1,562,094 43,100 Office Depot, Inc. + 336,718
7,500 Bausch & Lomb, Inc. 292,031 64,000 Staples, Inc. + 908,000
41,200 Baxter International, Inc. 3,288,275 30,500 Toys R Us Inc. + # 495,625
35,700 Becton Dickinson & Co. 943,819 142,300 Walgreen Co. # 5,398,505
-----------
25,000 Biomet, Inc. 875,000 12,959,209
-----------
57,200 Boston Scientific Corp. + 940,225
7,200 C R Bard, Inc. # 304,200 MOTION PICTURES - 0.81%
20,000 Danaher Corp. 995,000 186,400 Time Warner, Inc. # 14,585,800
-----------
43,400 Eastman Kodak Co. 1,773,975
43,200 Guidant Corp. + # 3,053,700 NONDEPOSITORY CREDIT INSTITUTIONS - 2.55%
12,100 Johnson Controls, Inc. 643,569 187,600 American Express Co. 11,396,700
26,200 KLA-Tencor Corp. + 1,079,113 102,600 Associates First Capital Corp. 3,898,800
9,500 Mallinckrodt, Inc. 433,438 27,600 Capital One Financial Corp. # 1,933,725
168,700 Medtronic, Inc. 8,740,770 37,000 CIT Group, Inc. 647,500
6,500 Millipore Corp. 314,844 16,100 Countrywide Credit Industries, Inc. 607,775
15,800 Parker-Hannifin Corp. 533,250 97,900 FHLMC 5,292,719
29,300 PE Corp - PE Biosystems Group 3,413,450 141,900 FNMA 10,145,850
6,300 Polaroid Corp. 84,654 66,500 Household International, Inc. 3,765,563
11,900 St. Jude Medical, Inc. + 606,900 120,000 MBNA Corp. 4,620,000
6,800 Tektronix, Inc. 522,325 20,100 Providian Financial Corp. # 2,552,700
24,400 Teradyne, Inc. + 854,000 21,900 USA Education Inc 1,055,306
-----------
24,400 Thermo Electron Corp. + 634,400 45,916,638
-----------
93,900 Xerox Corp. 1,414,368
------------
36,425,613 OIL & GAS EXTRACTION - 1.48%
------------
34,200 Anadarko Petroleum Corp. 2,272,932
METAL MINING - 0.16% 17,200 Apache Corp. 1,016,950
55,700 Barrick Gold Corp. 849,425 30,400 Burlington Resources, Inc. # 1,119,100
21,500 Freeport McMoran Inc., Class B + 189,469 18,000 Devon Energy Corp. 1,082,700
37,100 Homestake Mining Co. + 192,456 104,100 Enron Corp. 9,121,763
25,600 Inco, Ltd. + 412,800 13,300 Kerr-McGee Corp. 881,125
23,700 Newmont Mining Corp. # 402,900 52,000 Occidental Petroleum Corp. # 1,134,250
11,100 Phelps Dodge Corp. # 463,425 13,300 Rowan Cos., Inc. + 385,700
46,100 Placer Dome, Inc. 435,069 80,300 Schlumberger Ltd. 6,609,694
------------
2,945,544 29,700 Transocean Sedco Forex, Inc. + # 1,741,162
------------
44,000 USX-Marathon Group, Inc. 1,248,500
-----------
MINING & QUARRYING OF NONMETALLIC MINERALS, 26,613,876
-----------
EXCEPT FUELS - 0.03%
14,200 Vulcan Materials Co. 570,663 PAPER & ALLIED PRODUCTS - 0.94%
------------
15,700 Avery Dennison Corp. 728,088
7,500 Bemis Co., Inc. 240,938
See Notes to Financial Statements 24 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED
Shares Security Description Value Shares Security Description Value
------------ ------------------------------- ------------ ---------- -------------------------------- -----------
PAPER & ALLIED PRODUCTS - CONTINUED PRINTING, PUBLISHING & ALLIED INDUSTRIES - CONTINUED
8,100 Boise Cascade Corp. $ 215,156 213,600 Viacom, Inc. - Class B + # $12,495,600
-----------
28,800 Fort James Corp. 880,200 21,707,400
-----------
24,000 Georgia-Pacific Group 564,000
68,100 International Paper Co. 1,953,619 RAILROAD TRANSPORTATION - 0.22%
75,800 Kimberly-Clark Corp. 4,230,588 56,900 Burlington Northern Santa Fe Corp. 1,226,906
14,400 Mead Corp. # 336,600 30,800 CSX Corp. 671,825
55,700 Minnesota Mining and Manufacturing5,075,663 54,000 Norfolk Southern Corp. 789,750
23,900 Pactiv Corp. + 267,380 34,900 Union Pacific Corp. 1,356,738
-----------
4,000 Potlatch Corp. # 126,500 4,045,219
-----------
7,200 Temple-Inland, Inc. 272,700
14,200 Westvaco Corp. 378,962 RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.21%
31,000 Weyerhaeuser Co. # 1,251,625 10,200 Cooper Tire and Rubber Co. 102,638
15,400 Willamette Industries, Inc. 431,200 22,000 Goodyear Tire & Rubber Co. # 396,000
------------
16,953,219 37,500 Newell Rubbermaid, Inc. # 855,468
------------
38,000 Nike, Inc. - Class B 1,522,375
PERSONAL SERVICES - 0.03% 8,000 Reebok International Ltd. + # 150,500
13,800 H&R Block, Inc. 511,463 11,800 Sealed Air Corp. + # 533,950
------------
8,100 Tupperware Corp. # 145,800
-----------
PETROLEUM REFINING & RELATED INDUSTRIES - 4.67% 3,706,731
-----------
12,700 Amerada Hess Corp. 850,106
9,900 Ashland, Inc. 333,506 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES
91,900 Chevron Corp. 7,834,475 & SERVICES - 2.08%
30,200 Coastal Corp. 2,238,575 15,200 Bear Stearns Cos., Inc. # 957,600
87,700 Conoco, Inc. - Class B 2,362,419 194,500 Charles Schwab Corp. 6,904,750
490,700 Exxon Mobil Corp. 43,733,638 34,300 Franklin Resources, Inc. 1,523,949
35,900 Phillips Petroleum Co. # 2,252,725 17,100 Lehman Brothers Holdings, Inc. # 2,526,525
302,000 Royal Dutch Petroleum Co. NY Shar18,101,125 113,100 Merrill Lynch & Co., Inc. # 7,464,600
12,300 Sunoco, Inc. 331,331 158,500 Morgan Stanley Dean Witter & Co. 14,492,844
77,600 Texaco, Inc. 4,074,000 20,800 Paine Webber Group, Inc. 1,417,000
20,400 Tosco Corp. # 636,225 31,600 Stilwell Financial Inc. + 1,374,600
34,200 Unocal Corp. 1,211,963 17,100 T. Rowe Price Associates 802,631
------------ -----------
83,960,088 37,464,499
------------ -----------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.69%
PRIMARY METAL INDUSTRIES - 0.29% 41,400 Corning, Inc. # 12,295,800
30,800 Alcan Aluminum Ltd. # 891,275 20,600 Owens-Illinois, Inc. + # 190,550
-----------
122,000 Alcoa, Inc. 3,088,125 12,486,350
-----------
11,500 Allegheny Technologies, Inc. 208,438
18,600 Bethlehem Steel Corp. + 55,800 TEXTILE MILL PRODUCTS - 0.01%
18,000 Engelhard Corp. 292,500 4,600 Russell Corp. 73,025
11,400 Nucor Corp. # 343,425 2,500 Springs Industries, Inc. - Class A 70,469
-----------
12,500 USX-U.S. Steel Group, Inc. 189,843 143,494
-----------
12,100 Worthington Industries, Inc. 113,438
------------
5,182,844 TOBACCO PRODUCTS - 0.55%
------------
317,200 Philip Morris Cos., Inc. 9,337,574
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.21% 22,900 UST, Inc. 523,838
-----------
9,100 American Greetings Corp. 159,250 9,861,412
-----------
12,300 Dow Jones & Co., Inc. 744,150
37,100 Gannett Co., Inc. 1,966,300 TRANSPORTATION BY AIR - 0.29%
10,300 Harcourt General, Inc. 607,700 21,100 AMR Corp. + 689,706
10,700 Knight-Ridder, Inc. 543,694 17,300 Delta Airlines, Inc. # 767,688
27,400 McGraw-Hill Cos., Inc. 1,741,612 40,100 Fedex Corp. + 1,778,033
7,100 Meredith Corp. # 209,450 70,200 Southwest Airlines Co. 1,702,350
23,500 New York Times Co. # 923,844 9,400 US Airways Group, Inc. + 286,113
-----------
17,200 R.R. Donnelley & Sons Co. 422,475 5,223,890
-----------
43,400 Tribune Co. # 1,893,325
See Notes to Financial Statements 25 WELLS FARGO CORE TRUST
<PAGE>
--------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS (CONCLUDED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------------------------------------
COMMON STOCK - CONTINUED Face
Shares Security Description Value Amount Security Description Value
------------------------------------- ------------- ----------------------------------------- --------------
TRANSPORTATION EQUIPMENT - 2.16% TIME DEPOSITS - 1.03%
14,300 B. F. Goodrich Co. $ 560,380 18,557,232 Caisse des depots et $ 18,557,232
--------------
126,400 Boeing Co. 7,963,200 Consignations, 6.73%, 10/2/00
12,300 Brunswick Corp. 224,475 (Cost $18,557,232)
21,000 Dana Corp. # 451,500
78,900 Delphi Automotive Systems Cor1,193,363 U.S. TREASURY BILLS - 0.07%
266,600 Ford Motor Co W/I 6,748,313 1,305,000 5.89% Yield, 2/1/01++ 1,278,234
--------------
28,000 General Dynamics Corp. 1,758,750 (Cost $1,279,078)
75,600 General Motors Corp. 4,914,000
42,600 Harley-Davidson, Inc. # 2,039,475 TOTAL INVESTMENTS -
112,800 Honeywell International Inc. 4,018,500 (Cost $1,160,090,015) 99.95% $ 1,798,268,247
12,400 ITT Industries, Inc. 402,225 Other Assets and Liabilities 0.05% 976,073
------- --------------
------- --------------
8,300 Navistar International Corp. + 248,481 TOTAL NET ASSETS 100.00% $ 1,799,244,320
======= ==============
10,100 Northrop Grumman Corp. 917,838
10,800 PACCAR, Inc. 400,275
26,100 Rockwell International Corp. 789,525
20,200 Textron, Inc. 931,725
17,500 TRW, Inc. # 710,938
65,900 United Technologies Corp. 4,563,575
-------------
38,836,538
-------------
TRANSPORTATION SERVICES - 0.03%
18,200 Sabre Holdings Corp. 526,662
-------------
WATER TRANSPORTATION - 0.11%
83,000 Carnival Corp. 2,043,875
-------------
WHOLESALE TRADE-DURABLE GOODS - 0.06%
24,600 Genuine Parts Co. 468,938
18,400 Visteon Corp. 278,300
13,200 W W Grainger, Inc. 347,325
-------------
1,094,563
-------------
WHOLESALE TRADE-NONDURABLE GOODS - 0.51%
39,100 Cardinal Health, Inc. 3,448,130
70,000 Safeway Inc. + # 3,268,125
18,600 Supervalu, Inc. 280,163
46,900 Sysco Corp. 2,172,056
-------------
-------------
9,168,474
-------------
Total Common Stocks (Cost $1,140,253,71,778,432,781
-------------
</TABLE>
--------------------------------------------------------------------------------
+ Non-Income Producing Security
# Part or all of this investment is on loan. See Note 2 of Notes to Financial
Statements
++ As of September 30, 2000, $1,305,000 of U.S. Treasury Bills, 2/1/01, with a
market value of $1,278,234 were pledged to cover margin requirements for
open futures contracts
See Notes to Financial Statements 26 WELLS FARGO CORE TRUST
<PAGE>
FOR MORE INFORMATION FORUM
FUNDS
EQUITY INDEX FUND
TRANSFER AGENT
Forum Shareholder Services, LLC
Two Portland Square
Portland, ME 04101
DISTRIBUTOR
Forum Fund Services, LLC
Two Portland Square
Portland, ME 04101
[LOGO]
FORUM FUNDS
P.O. Box 446
Portland, Maine 04112
800-94FORUM
800-943-6786
207-879-0001
www.forumfunds.com
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