-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U5t4bx0wNlEQodIUjRfFER7x62UwsLHUNOL5pxO4ICqkr32uBr3jK4HPZcmA0DbI dUQ/2K8lyKaUKfDLfAGEYA== 0000898430-00-004017.txt : 20010101 0000898430-00-004017.hdr.sgml : 20010101 ACCESSION NUMBER: 0000898430-00-004017 CONFORMED SUBMISSION TYPE: N-14/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20001229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO FUNDS TRUST CENTRAL INDEX KEY: 0001081400 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-14/A SEC ACT: SEC FILE NUMBER: 333-49224 FILM NUMBER: 799088 BUSINESS ADDRESS: STREET 1: 111 CENTER STREET SUITE 300 CITY: LITTLE ROCK STATE: AR ZIP: 72201 MAIL ADDRESS: STREET 1: 111 CENTER STREET SUITE 300 CITY: LITTLE ROCK STATE: AR ZIP: 72201 N-14/A 1 0001.txt FORM N-14/A PRE-EFFECTIVE AMEND #3 As filed with the Securities and Exchange Commission on December 29, 2000 Registration No. 333-49224 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_] Pre-Effective Amendment No. 3 [X] Post-Effective Amendment No. ___ [_] (Check appropriate box or boxes) ________________________ Exact Name of Registrant as Specified in Charter: WELLS FARGO FUNDS TRUST Area Code and Telephone Number: (800) 552-9612 Address of Principal Executive Offices, including Zip Code: 525 Market Street San Francisco, California 94163 __________________________ Name and Address of Agent for Service: C. David Messman c/o Wells Fargo Bank, N.A. 633 Folsom Street, 7th Floor San Francisco, California 94107-3600 With copies to: Robert M. Kurucza, Esq. Marco E. Adelfio, Esq. Morrison & Foerster LLP 2000 Pennsylvania Ave., N.W., Suite 5500 Washington, D.C. 20006 __________________________ No filing fee is required under the Securities Act of 1933 because an indefinite number of shares of beneficial interest in the Registrant has previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended. The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall become shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. WELLS FARGO FUNDS TRUST CROSS-REFERENCE SHEET Items Required by Form N-14 --------------------------- Letter to Shareholders -- Incorporated by reference to Registration Statement of - ----------------------- Wells Fargo Funds Trust on Form N-14, filed on November 3, 2000 (File No. 333- 49224). Notice of Special Meeting -- Incorporated by reference to Registration Statement - ------------------------- of Wells Fargo Funds Trust on Form N-14, filed on November 3, 2000 (File No. 333-49224). PART A -- Incorporated by reference to Registration Statement of Wells Fargo - ------ Funds Trust on Form N-14, filed on November 3, 2000 (File No. 333-49224). PART B -- Filed herewith. - ------- PART C -- Filed herewith. THE FOLLOWING ITEMS ARE INCORPORATED BY REFERENCE: (A) From Post-Effective Amendment No. 9 of Wells Fargo Funds Trust, filed February 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and Statement of Additional Information dated February 1, 2000, as supplemented on September 29, 2000, describing the Wells Fargo Growth Fund. (B) From Post-Effective Amendment No. 9 of Wells Fargo Funds Trust, filed February 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and Statement of Additional Information dated February 1, 2000, describing the Wells Fargo Asset Allocation Fund. (C) From Post-Effective Amendment No. 17 of Wells Fargo Funds Trust, filed November 1, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and Statement of Additional Information dated November 1, 2000, describing the Wells Fargo National Tax-Free Fund. (D) From Post-Effective Amendment No. 15 of Wells Fargo Funds Trust, filed October 2, 2000 (SEC File No. 333-74295; 811-9253): the Prospectuses and Statement of Additional Information dated October 1, 2000, describing the Wells Fargo Income Fund and the Wells Fargo Stable Income Fund. (E) The audited financial statements and related independent auditors' reports for the Wells Fargo Growth Fund, contained in the Annual Reports for the fiscal year ended September 30, 2000, as filed with the SEC on November 30, 2000. (F) The audited financial statements and related independent auditors' reports for the Wells Fargo Asset Allocation Fund, contained in the Annual Reports for the fiscal year ended September 30, 2000, as filed with the SEC on November 30, 2000. (G) The audited financial statements and related independent auditors' reports for the Wells Fargo National Tax-Free Fund, contained in the Annual Reports for the fiscal year ended June 30, 2000, as filed with the SEC on August 29, 2000. (H) The audited financial statements and related independent auditors' reports for the Wells Fargo Income Fund and Wells Fargo Stable Income Fund, contained in the Annual Reports for the fiscal year ended May 31, 2000, as filed with the SEC on August 2, 2000. (I) From Post-Effective Amendment No. 17 of The Achievement Funds Trust, filed May 30, 2000 (SEC File No. 333-26205; 811-5712): the Prospectus and Statement of Additional Information dated June 1, 2000, describing the Funds of the Achievement Funds Trust. (J) The audited financial statements and related independent auditors' reports for the Funds of The Achievement Funds Trust, contained in the Annual Reports for the fiscal year ended January 31, 2000, as filed with the SEC on March 28, 2000. EXPLANATORY NOTE This Pre-Effective Amendment Number 3 to the Registration Statement of Wells Fargo Funds Trust (the "Trust") on Form N-14 hereby incorporates Part A and portions of Part C of the Registration Statement by reference to the Trust's Registration Statement on Form N-14, filed November 3, 2000. This Pre-Effective Amendment Number 3 is being filed to slightly revise the pro forma financial statements in Part B and to update the auditors' consents in Part C. PART B STATEMENT OF ADDITIONAL INFORMATION December 20, 2000 THE ACHIEVEMENT FUNDS TRUST ONE FREEDOM VALLEY DRIVE OAKS, PENNSYLVANIA 19456 February 8, 2001 Special Meeting of the Shareholders of the Achievement Funds Trust This Statement of Additional Information or SAI is not a prospectus but should be read in conjunction with the Proxy Statement/Prospectus dated December 20, 2000, for the Special Meeting of Shareholders of the Achievement Funds Trust to be held on February 8, 2001. The Proxy Statement/Prospectus may be obtained without charge by calling 1-800-522-9612 or writing to Wells Fargo Funds Trust, P.O. Box 7066, San Francisco, CA 94120-7066. Unless otherwise indicated, capitalized terms used herein and not otherwise defined have the same meanings as are given to them in the Proxy Statement/Prospectus. Incorporation of Documents by Reference in Statement of Additional Information This SAI consists of this cover page and the following described items, which are hereby incorporated by reference: (1) The SAI for the Wells Fargo Growth Fund, dated February 1, 2000, the SAI for the Wells Fargo Asset Allocation Fund, dated February 1, 2000, the SAI for the Wells Fargo National Tax-Free Fund, dated November 1, 2000, and the SAI for the Wells Fargo Income and Wells Fargo Stable Income Funds, dated October 1, 2000. (2) The SAI for the Achievement Funds dated June 1, 2000. (3) Report of Independent Auditors and audited annual report financial statements of the Achievement Funds as of January 31, 2000. (4) Unaudited semi-annual report financial statements of the Achievement Funds dated as of July 31, 2000. (5) Report of Independent Auditors and audited annual report financial statements of the Wells Fargo Growth Fund as of September 30, 2000. (6) Report of Independent Auditors and audited annual report financial statements of the Wells Fargo Asset Allocation Fund as of September 30, 2000. B-1 (7) Report of Independent Auditors and audited annual report financial statements of the Wells Fargo National Tax-Free Fund as of June 30, 2000. (8) Report of Independent Auditors and audited annual report financial statements of the Wells Fargo Income and Wells Fargo Stable Income Funds as of May 31, 2000. (9) Unaudited pro forma combined financial information: (a) as of September 30, 2000 for the Wells Fargo Growth Fund/Achievement Equity Fund Reorganization and the Wells Fargo Asset Allocation Fund/Achievement Balanced Fund Reorganization; (b) as of June 30, 2000 for the Wells Fargo National Tax-Free Fund/Achievement Municipal Bond Fund/Achievement Idaho Municipal Bond Fund Reorganization; and (c) as of May 31, 2000 for the Wells Fargo Income Fund/Achievement Intermediate Term Bond Fund Reorganization and the Wells Fargo Stable Income Fund/Achievement Short Term Bond Fund Reorganization. The pro forma financial statements give effect to the Reorganization as if it had occurred for the periods presented. B-2 Table of Contents General Information............................................ B-4 Pro-Forma Financial Statements and Schedules................... B-5 Notes to Pro Forma Financial Statements........................ B-20
B-3 General Information This SAI relates to the reorganization of the six funds of The Achievement Funds Trust listed below, which we refer to as the Achievement Funds, with the five funds of Wells Fargo Funds Trust listed below, which we refer to as the Wells Fargo Funds.
==================================================================================== Achievement Funds Wells Fargo Funds - ------------------------------------------------------------------------------------ Equity Fund Growth Fund - ------------------------------------------------------------------------------------ Balanced Fund Asset Allocation Fund - ------------------------------------------------------------------------------------ Municipal Bond Fund National Tax-Free Fund - ------------------------------------------------------------------------------------ Idaho Municipal Bond Fund National Tax-Free Fund - ------------------------------------------------------------------------------------ Intermediate Term Bond Fund Income Fund - ------------------------------------------------------------------------------------ Short Term Bond Fund Stable Income Fund - ------------------------------------------------------------------------------------
The reorganization of each Achievement Fund will involve the following three steps: . the transfer of the assets and liabilities of the Achievement Fund to its corresponding Wells Fargo Fund in exchange for shares of the same class of the Wells Fargo Fund having equivalent value to the net assets transferred; . the pro rata distribution of the same class of shares of the Wells Fargo Fund to the shareholders of record of the Achievement Fund as of the effective date of the reorganization in full redemption of all shares of the Achievement Fund; and . the liquidation and termination of the Achievement Funds. As a result of the reorganization, shareholders of each Achievement Fund will hold shares of the same class of the corresponding Wells Fargo Fund having the same total value as the shares of the Achievement Fund that they held immediately before the reorganization. If a majority of the shares of one of the Achievement Funds does not approve the reorganization, that Fund will not participate in the reorganization. In such a case, the Achievement Fund will continue its operations beyond the date of the reorganization and its Trustees will consider what further action is appropriate. For further information about the transaction, see the Proxy Statement/Prospectus. B-4 WELLS FARGO FUNDS - GROWTH FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of September 30, 2000 (Unaudited) ($000's)
WF Growth Fund Wells Fargo Growth Achievement Pro Forma Pro Forma Fund Equity Fund Adjustments Combined ------------------ ----------- ----------- -------------- ASSETS Investments: In securities, at market value (see cost below) $434,726 $314,424 $749,150 Cash 11 0 11 Collateral for securities loaned 71,402 0 71,402 Receivables: Dividends, interest, other receivables 168 197 365 Fund shares sold 957 4 961 Investment securities sold 584 0 584 Prepaid expenses and other assets 60 76 136 Total Assets 507,908 314,701 822,609 LIABILITIES Payables: Securities loaned 71,402 0 71,402 Investment securities purchased 912 0 912 Fund shares redeemed 1,594 77 1,671 Due to distributor 212 0 212 Due to advisor and affiliates 323 0 323 Other 432 330 762 Total Liabilities 74,875 407 75,282 TOTAL NET ASSETS $433,033 $314,294 $747,327 Net assets consist of: Paid-in capital $229,372 $186,817 (112) (1) $416,077 Undistributed net investment income (loss) (1,723) (112) 112 (1) (1,723) Undistributed net realized gain (loss) on investments 92,349 25,171 117,520 Net unrealized appreciation (depreciation) of investments 113,035 102,418 215,453 TOTAL NET ASSETS $433,033 $314,294 $747,327 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $311,038 $ 12,424 $323,462 Shares outstanding - Class A 13,632 644 (99) (2) 14,177 Net asset value per share - Class A $ 22.82 $ 19.30 $ 22.82 Maximum offering price per share - Class A $ 24.21 $ 20.21 $ 24.21 Net assets - Class B $ 69,434 $ 2,770 $ 72,204 Shares outstanding - Class B 4,349 146 28 (2) 4,523 Net asset value and offering price per share - Class B $ 15.96 $ 18.93 $ 15.96 Net assets - Institutional Class $ 52,561 $299,100 $351,661 Shares outstanding - Institutional Class 1,961 15,409 (4,250) (2) 13,120 Net asset value and offering price per share - Institutional Class $ 26.80 $ 19.41 $ 26.80 INVESTMENTS AT COST $321,691 $212,006 $533,697 - ---------------------------------------------------------------------------------------------------------------------------
(1) To reclass to paid-in capital the accumulated net investment loss of the Achievement Equity Fund, because it cannot be carried over to the Wells Fargo Growth Fund. (2) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-5 WELLS FARGO FUNDS - GROWTH FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended September 30, 2000 (Unaudited) ($000's)
WF Growth Fund Wells Fargo Growth Achievement Pro Forma Pro Forma Fund Equity Fund Adjustments Combined ------------------ ----------- ----------- -------------- INVESTMENT INCOME Dividends $ 3,608 $ 2,242 $ 5,850 Interest 506 396 902 Securities lending income 114 0 114 Total Investment Income 4,228 2,638 6,866 EXPENSES Advisory fees 3,372 2,322 138 (1) 5,832 Administration fees 698 628 (160) (1) 1,166 Custody fees 92 18 46 (1) 156 Shareholder servicing fees 1,043 0 1,769 (1) 2,812 Portfolio accounting fees 83 13 (84) (1) 12 Transfer agency fees 826 41 518 (1) 1,385 Distribution fees 537 63 * (39) (1) 561 Legal and audit fees 70 51 (34) (1) 87 Registration fees 63 81 (38) (1) 106 Directors' fees 5 19 (19) (1) 5 Shareholder reports 102 40 29 (1) 171 OrganizatIon Costs - 11 0 (1) 11 Other 45 - 30 (1) 75 Total Expenses 6,936 3,287 - 2,156 12,379 Less: Waived fees and reimbursed expenses fees (1,256) (404) (1,876) (1) (3,536) Net expenses 5,680 2,883 280 8,843 NET INVESTMENT INCOME (LOSS) (1,452) (245) (280) (1,977) REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments 93,818 32,215 126,033 Net change in unrealized appreciation or depreciation of investments (28,752) 21,939 (6,813) Net Gain (Loss) on Investments 65,066 54,154 119,220 NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 63,614 $ 53,909 (280) $117,243 - -----------------------------------------------------------------------------------------------------------------------
* Includes shareholder servicing fees (1) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-6 WELLS FARGO FUNDS - GROWTH FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of September 30, 2000 (Unaudited)(Note 1)
Shares Security Name Market Value (000's) - --------------------------------------- ---------------------------------------- WF Growth WF Growth Fund Fund WF Growth Achievement Pro Forma Achievement Pro Forma Fund Equity Fund Combined COMMON STOCK WF Growth Fund Equity Fund Combined AMUSEMENT & RECREATION SERVICES 93,500 $ 0 93,500 Walt Disney Company $ 3,576 $ 0 $ 3,576 APPAREL & ACCESSORY STORES 58,200 0 58,200 Kohl's Corporation 3,357 0 3,357 BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS 82,500 170,000 252,500 Home Depot Incorporated 4,378 9,021 13,399 43,400 0 43,400 Lowe's Companies Incorporated 1,948 0 1,948 ---------------------------------------- 6,326 9,021 15,347 BUSINESS SERVICES 82,258 82,258 America Online Incorporated 4,421 4,421 52,500 0 52,500 Commerce One Incorporated 4,121 0 4,121 66,500 0 66,500 Interpublic Group of Companies Incorporated 2,265 0 2,265 202,669 150,000 352,669 Microsoft Corporation 12,211 9,047 21,258 108,500 150,000 258,500 Oracle Corporation 8,544 11,812 20,356 58,304 100,000 158,304 Sun Microsystems Incorporated 6,807 11,674 18,481 15,000 0 15,000 TIBCO Software Incorporated 1,266 0 1,266 39,575 0 39,575 VERITAS Software Corporation 5,620 0 5,620 ---------------------------------------- 45,255 32,533 77,788 CHEMICALS & ALLIED PRODUCTS 64,127 100,000 164,127 Abbott Laboratories 3,050 4,756 7,806 59,400 0 59,400 Clorox Company 2,350 0 2,350 103,000 0 103,000 Colgate-Palmolive Company 4,862 0 4,862 37,711 0 37,711 Eli Lilly & Company 3,059 0 3,059 13,000 0 13,000 Genentech Incorporated 2,414 0 2,414 59,076 0 59,076 Gillette Company 1,824 0 1,824 48,425 45,000 93,425 Johnson & Johnson 4,549 4,227 8,776 72,152 90,000 162,152 Merck & Company Incorporated 5,371 6,699 12,070 231,751 200,000 431,751 Pfizer Incorporated 10,414 8,988 19,402 24,500 131,000 155,500 Pharmacia Corporation 1,475 7,885 9,360 50,500 0 50,500 Praxair Incorporated 1,887 0 1,887 38,244 0 38,244 Procter & Gamble Company 2,562 0 2,562 52,725 130,000 182,725 Schering-Plough Corporation 2,452 6,045 8,497 0 100,000 100,000 Amgen Incorporated 0 6,983 6,983 0 60,000 60,000 Guidant Corporation 0 4,241 4,241 ---------------------------------------- 46,269 49,824 96,093 COMMUNICATIONS 88,500 0 88,500 360networks Incorporated 1,737 0 1,737 57,200 0 57,200 Clear Channel Communications Incorporated 3,232 0 3,232 42,500 0 42,500 Nextel Communications Incorporated 1,987 0 1,987 75,500 0 75,500 NEXTLINK Communications Incorporated 2,657 0 2,657 56,000 200,000 256,000 Qwest Communications International Incorporated + 2,692 9,612 12,304 141,204 0 141,204 SBC Communications Incorporated 7,060 0 7,060 110,500 300,000 410,500 WorldCom Incorporated 3,356 9,112 12,468 ---------------------------------------- 22,721 18,724 41,445 DEPOSITORY INSTITUTIONS 77,751 150,000 227,751 Chase Manhattan Corporation 3,591 6,928 10,519 276,132 133,333 409,465 Citigroup Incorporated 14,928 7,208 22,136 28,750 0 28,750 Fifth Third Bancorp 1,549 0 1,549 25,000 0 25,000 Golden West Financial Corporation 1,341 0 1,341 24,650 0 24,650 State Street Corporation 3,205 0 3,205 0 100,000 100,000 Wells Fargo 0 4,594 4,594 ---------------------------------------- 24,614 18,730 43,344 EATING & DRINKING PLACES 66,864 0 66,864 McDonald's Corporation 2,018 0 2,018 ELECTRIC, GAS & SANITARY SERVICES 182,600 0 182,600 AES Corporation 12,508 0 12,508 29,000 0 29,000 Southern Energy Incorporated 910 0 910 47,830 0 47,830 Williams Companies Incorporated 2,021 0 2,021 ---------------------------------------- 15,439 0 15,439 ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT 40,900 0 40,900 Celestica Incorporated 2,832 0 2,832 390,726 300,000 690,726 General Electric Company 22,540 17,305 39,845 250,032 200,000 450,032 Intel Corporation 10,408 8,313 18,721 77,800 120,000 197,800 JDS Uniphase Corporation 7,367 11,363 18,730 24,000 0 24,000 Micron Technology Incorporated 1,104 0 1,104 34,300 0 34,300 Network Appliance Incorporated 4,369 0 4,369 219,372 140,000 359,372 Nortel Networks Corporation 13,066 8,339 21,405 15,500 0 15,500 PMC-Sierra Incorporated 3,336 0 3,336 32,100 0 32,100 Sanmina Corporation 3,005 0 3,005 64,488 0 64,488 Texas Instruments Incorporated 3,043 0 3,043 32,000 0 32,000 TyCom Limited 1,228 0 1,228 0 80,000 80,000 Analog Devices Incorporated 0 6,605 6,605 ---------------------------------------- 72,298 51,925 124,223 ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT & RELATED SERVICES 53,600 0 53,600 Halliburton Company 2,623 0 2,623 FOOD & KINDRED PRODUCTS 72,800 0 72,800 Anheuser-Busch Companies Incorporated 3,080 0 3,080 119,020 0 119,020 Coca-Cola Company 6,561 0 6,561 77,600 120,000 197,600 PepsiCo Incorporated 3,570 5,520 9,090 ---------------------------------------- 13,211 5,520 18,731 GENERAL MERCHANDISE STORES 249,040 200,000 449,040 Target Corporation 6,382 5,125 11,507 173,104 180,000 353,104 Wal-Mart Stores Incorporated 8,331 8,663 16,994 ---------------------------------------- 14,713 13,788 28,501 INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 351,960 150,000 501,960 Cisco Systems Incorporated 19,446 8,288 27,734 138,236 0 138,236 EMC Corporation 13,703 0 13,703 43,076 40,000 83,076 Hewlett-Packard Company 4,178 3,880 8,058 71,482 80,000 151,482 IBM Corporation 8,042 9,000 17,042 36,000 0 36,000 Palm Incorporated 1,906 0 1,906 0 120,000 120,000 Dell Computer Corporation 0 3,698 3,698 ---------------------------------------- 47,275 24,866 72,141 INSURANCE AGENTS, BROKERS & SERVICE 18,800 0 18,800 Marsh & McLennan Companies Incorporated 2,496 0 2,496 INSURANCE CARRIERS 141,031 120,000 261,031 American International Group Incorporated 13,495 11,483 24,978 54,000 0 54,000 AXA Financial Incorporated 2,751 0 2,751 35,000 0 35,000 St. Paul Companies Incorporated 1,726 0 1,726 ---------------------------------------- 17,972 11,483 29,455 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 44,069 0 44,069 Baxter International Incorporated 3,517 0 3,517 37,488 0 37,488 Danaher Corporation 1,865 0 1,865 19,402 0 19,402 Medtronic Incorporated 1,005 0 1,005 0 15,256 15,256 Agilent Technologies 0 747 747 ---------------------------------------- 6,387 747 7,134 MISCELLANEOUS MANUFACTURING INDUSTRIES 118,900 150,000 268,900 Tyco International Limited 6,168 7,781 13,949 MISCELLANEOUS RETAIL 61,800 0 61,800 Bed Bath & Beyond Incorporated 1,507 0 1,507 36,000 0 36,000 Dollar Tree Stores Incorporated 1,460 0 1,460 ---------------------------------------- 2,967 0 2,967 MOTION PICTURES 41,000 0 41,000 Time Warner Incorporated 3,208 0 3,208 NONDEPOSITORY CREDIT INSTITUTIONS 94,750 0 94,750 Federal National Mortgage Association 6,775 0 6,775 106,140 0 106,140 Household International Incorporated 6,010 0 6,010 ---------------------------------------- 12,785 0 12,785 OIL & GAS EXTRACTION 83,000 0 83,000 Diamond Offshore Drilling Incorporated 3,403 0 3,403 29,000 0 29,000 Enron Corporation 2,541 0 2,541 35,669 0 35,669 Transocean Sedco Forex Incorporated 2,091 0 2,091 ---------------------------------------- 8,035 0 8,035 PAPER & ALLIED PRODUCTS 44,600 0 44,600 International Paper Company 1,279 0 1,279 18,800 100,000 118,800 Kimberly-Clark Corporation 1,049 5,581 6,630 ---------------------------------------- 2,328 5,581 7,909 PETROLEUM REFINING & RELATED INDUSTRIES 36,773 0 36,773 Chevron Corporation 3,135 0 3,135 34,100 0 34,100 Coastal Corporation 2,528 0 2,528 113,952 100,000 213,952 Exxon Mobil Corporation 10,156 8,913 19,069 70,216 0 70,216 Royal Dutch Petroleum Company NY Shares ADR 4,208 0 4,208 0 85,000 85,000 Texaco Incorporated 0 4,463 4,463 ---------------------------------------- 20,027 13,376 33,403 PRIMARY METAL INDUSTRIES 107,764 0 107,764 Alcoa Incorporated 2,728 0 2,728 PRINTING, PUBLISHING & ALLIED INDUSTRIES 35,196 100,000 135,196 Viacom Incorporated Class B 2,059 5,850 7,909 0 100,000 100,000 McGraw-Hill 0 6,356 6,356 ---------------------------------------- 2,059 12,206 14,265 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 25,500 0 25,500 Franklin Resources Incorporated 1,133 0 1,133 22,000 0 22,000 Goldman Sachs Group Incorporated 2,507 0 2,507 45,600 0 45,600 Merrill Lynch & Company Incorporated 3,010 0 3,010 52,116 100,000 152,116 Morgan Stanley Dean Witter & Company 4,765 9,143 13,908 0 105,000 105,000 American Express Company 0 6,379 6,379 0 170,000 170,000 Capital One Financial Corporation 0 11,911 11,911 ---------------------------------------- 11,415 27,433 38,848 STONE, CLAY, GLASS & CONCRETE PRODUCTS 27,500 0 27,500 Corning Incorporated 8,167 0 8,167 TRANSPORTATION EQUIPMENT 41,600 0 41,600 United Technologies Corporation 2,881 0 2,881 TOTAL COMMON STOCK 429,318 303,538 732,856 PRINCIPAL (000's) - --------------------------------------- SHORT-TERM INSTRUMENTS Goldman Sachs Repurchase Agreement - 102% 5,408 0 5,408 Collateralized by U.S. Government Securities 5,408 0 5,408 0 6,645 6,645 SEI Daily Income Trust Money Market Portfolio 0 6,645 6,645 0 4,241 4,241 SEI Daily Income Trust Prime Obligation Portfolio 0 4,241 4,241 ---------------------------------------- 5,408 10,886 16,294 TOTAL INVESTMENTS, AT MARKET VALUE $434,726 $314,424 $749,150 TOTAL INVESTMENTS, AT COST $321,691 $212,006 $533,697
(1) It is not expected that any of the securities will have to be sold as a result of the merger. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-7 WELLS FARGO FUNDS - ASSET ALLOCATION FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of September 30, 2000 (Unaudited) ($000's)
WF Asset Allocation Fund Wells Fargo Asset Achievement Pro Forma Pro Forma Allocation Fund Balanced Fund Adjustments Combined ------------------ --------------- -------------- ------------------ ASSETS Investments: In securities, at market value (see cost below) $1,889,506 $ 211,609 $ 2,101,115 Cash 5 83 88 Receivables: Dividends, interest, other receivables 9,920 1,138 11,058 Fund shares sold 3,522 0 3,522 Investment securities sold 14 0 14 Prepaid expenses and other assets 27 17 44 Total Assets 1,902,994 212,847 2,115,841 LIABILITIES Payables: Investment securities purchased 0 0 - Fund shares redeemed 2,059 18 2,077 Due to distributor 1,325 0 1,325 Due to advisor and affiliates 1,360 0 1,360 Other 634 286 920 Total Liabilities 5,378 304 5,682 TOTAL NET ASSETS $1,897,616 $ 212,543 $ 2,110,159 Net assets consist of: Paid-in capital $1,497,207 $ 151,013 $ 1,648,220 Undistributed net investment income (loss) 619 275 894 Undistributed net realized gain (loss) on investments 123,223 12,101 135,324 Net unrealized appreciation (depreciation) of investments 276,567 49,154 325,721 TOTAL NET ASSETS $1,897,616 $ 212,543 $ 2,110,159 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $1,266,357 $ 3,352 $ 1,269,709 Shares outstanding - Class A 51,975 231 (93) (1) 52,113 Net asset value per share - Class A $ 24.36 $ 14.52 $ 24.36 Maximum offering price per share - Class A $ 25.85 $ 15.20 $ 25.85 Net assets - Class B $ 577,526 $ 1,940 $ 579,466 Shares outstanding - Class B 39,088 134 (3) (1) 39,219 Net asset value and offering price per share - Class B $ 14.78 $ 14.49 $ 14.78 Net assets - Class C $ 32,911 $ - $ 32,911 Shares outstanding - Class C 2,221 $ - 2,221 Net asset value and offering price per share - Class C $ 14.82 $ - $ 14.82 Net assets - Institutional Class $ 20,822 $ 207,251 $ 228,073 Shares outstanding - Institutional Class 854 14,255 (5,752) (1) 9,357 Net asset value and offering price per share - Institutional Class $ 24.37 $ 14.54 $ 24.37 INVESTMENTS AT COST $1,612,896 $ 162,455 $ 1,775,351 - ------------------------------------------------------------------------------------------------------------------------
(1) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-8 WELLS FARGO FUNDS - ASSET ALLOCATION FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended September 30, 2000 (Unaudited) ($000's)
WF Asset Allocation Fund Wells Fargo Asset Achievement Pro Forma Pro Forma Allocation Fund Balanced Fund Adjustments Combined ------------------- ---------------- ---------------- ------------------ INVESTMENT INCOME Dividends $ 13,563 $ 1,166 $ 14,729 Interest 47,883 4,615 52,498 Total Investment Income 61,446 5,781 67,227 EXPENSES Advisory fees 14,567 1,628 970 (1) 17,165 Administration fees 2,895 440 (116) (1) 3,219 Custody fees 0 15 (15) (1) 0 Shareholder servicing fees 2,289 0 (381) (1) 1,908 Portfolio accounting fees 191 9 (28) (1) 172 Transfer agency fees 2,336 63 204 (1) 2,603 Distribution fees 4,307 30 * (3) (1) 4,334 Legal and audit fees 123 54 (23) (1) 154 Registration fees 92 75 (64) (1) 103 Directors' fees 5 15 (15) (1) 5 Shareholder reports 235 31 (4) (1) 262 Organization costs 0 11 0 11 Other 268 2 29 (1) 299 Total Expenses 27,308 2,373 554 30,235 Less: Waived fees and reimbursed expenses fees (3,915) (362) (358) (1) (4,635) Net expenses 23,393 2,011 196 25,600 NET INVESTMENT INCOME (LOSS) 38,053 3,770 (196) 41,627 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments 127,664 16,969 144,633 Net change in unrealized appreciation or depreciation of investments 45,590 8,965 54,555 Net Gain (Loss) on Investments 173,254 25,934 199,188 NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 211,307 $ 29,704 (196) $ 240,815 - -----------------------------------------------------------------------------------------------------------------------
* Includes shareholder servicing fees (1) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-9 WELLS FARGO FUNDS - ASSET ALLOCATION FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of September 30, 2000 (Unaudited) (Note 1)
Shares Market Value ($000's) - ----------------------------------------- ----------------------------------------- WF Asset WF Asset WF Asset Achievement Allocation Fund WF Asset Achievement Allocation Fund Allocation Balanced Pro Forma Allocation Balanced Pro Forma Fund Fund Combined Security Name Fund Fund Combined COMMON STOCK AGRICULTURAL PRODUCTION-CROPS 31,267 $ 0 31,267 Nabisco Group Holdings Corporation $ 891 $ 0 $ 891 AMUSEMENT & RECREATION SERVICES 11,728 0 11,728 Harrah's Entertainment Incorporated 323 0 323 199,215 49,000 248,215 Walt Disney Company 7,620 1,874 9,494 ----------------------------------------- 7,943 1,874 9,817 APPAREL & ACCESSORY STORES 81,556 0 81,556 Gap Incorporated 1,641 0 1,641 31,256 0 31,256 Kohl's Corporation 1,803 0 1,803 41,224 0 41,224 Limited Incorporated 910 0 910 12,910 0 12,910 Nordstrom Incorporated 201 0 201 ----------------------------------------- 4,555 0 4,555 APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS 5,262 0 5,262 Liz Claiborne Incorporated 202 0 202 10,931 0 10,931 V F Corporation 270 0 270 ----------------------------------------- 472 0 472 AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS 12,846 0 12,846 Autozone Incorporated 291 0 291 AUTOMOTIVE REPAIR, SERVICES & PARKING 5,751 0 5,751 Ryder System Incorporated 106 0 106 BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS 5,729 0 5,729 Centex Corporation 184 0 184 4,656 0 4,656 Kaufman & Broad Home Corporation 125 0 125 3,970 0 3,970 Pulte Corporation 131 0 131 ----------------------------------------- 440 0 440 BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS 221,804 75,000 296,804 Home Depot Incorporated 11,769 3,980 15,749 36,667 0 36,667 Lowe's Companies Incorporated 1,645 0 1,645 15,720 0 15,720 Sherwin-Williams Company 336 0 336 ----------------------------------------- 13,750 3,980 17,730
BUSINESS SERVICES 11,461 0 11,461 Adobe Systems Incorporated 1,779 0 1,779 220,228 0 220,228 America Online Incorporated 11,837 0 11,837 5,630 0 5,630 Autodesk Incorporated 143 0 143 60,129 0 60,129 Automatic Data Processing Incorporated 4,021 0 4,021 23,432 0 23,432 BMC Software Incorporated 448 0 448 17,526 0 17,526 Cabletron Systems Incorporated 515 0 515 69,121 0 69,121 Cendant Corporation 752 0 752 13,934 0 13,934 Ceridian Corporation 391 0 391 17,756 0 17,756 Citrix Systems Incorporated 356 0 356 56,423 0 56,423 Computer Associates International Incorporated 1,421 0 1,421 16,093 0 16,093 Computer Sciences Corporation 1,195 0 1,195 34,549 0 34,549 Compuware Corporation 289 0 289 14,750 0 14,750 Convergys Corporation 573 0 573 6,983 0 6,983 Deluxe Corporation 142 0 142 12,446 0 12,446 Ecolab Incorporated 449 0 449 44,636 0 44,636 Electronic Data Systems Corporation 1,852 0 1,852 13,532 0 13,532 Equifax Incorporated 365 0 365 39,549 0 39,549 First Data Corporation 1,545 0 1,545 28,534 0 28,534 IMS Health Incorporated 592 0 592 28,894 0 28,894 Interpublic Group of Companies Incorporated 984 0 984 27,067 0 27,067 McKesson HBOC Incorporated 827 0 827 7,600 0 7,600 Mercury Interactive Corporation 1,191 0 1,191 503,931 69,800 573,731 Microsoft Corporation 30,362 4,210 34,572 9,095 0 9,095 NCR Corporation 344 0 344 31,649 0 31,649 Novell Incorporated 315 0 315 17,082 0 17,082 Omnicom Group Incorporated 1,246 0 1,246 269,763 70,000 339,763 Oracle Corporation 21,244 5,512 26,756 26,513 0 26,513 Parametric Technology Company 290 0 290 26,460 0 26,460 PeopleSoft Incorporated 739 0 739 11,300 0 11,300 Sapient Corporation 460 0 460 38,700 0 38,700 Siebel Systems Incorporated 4,308 0 4,308 152,109 45,000 197,109 Sun Microsystems Incorporated 17,759 5,253 23,012 29,870 0 29,870 Unisys Corporation 336 0 336 37,507 0 37,507 VERITAS Software Corporation 5,326 0 5,326 52,120 0 52,120 Yahoo! Incorporated 4,743 0 4,743 6,880 0 6,880 Young & Rubicam Incorporated 341 0 341 ----------------------------------------- 119,480 14,975 134,455 CHEMICALS & ALLIED PRODUCTS 148,511 35,000 183,511 Abbott Laboratories 7,063 1,665 8,728 21,948 0 21,948 Air Products and Chemicals Incorporated 790 0 790 5,379 0 5,379 Alberto Culver Company 155 0 155 11,036 0 11,036 ALZA Corporation 955 0 955 125,083 0 125,083 American Home Products Corporation 7,075 0 7,075 98,479 43,000 141,479 Amgen Incorporated 6,877 3,002 9,879 22,771 0 22,771 Avon Products Incorporated 931 0 931 14,259 0 14,259 Biogen Incorporated 870 0 870
188,721 0 188,721 Bristol-Myers Squibb Company 10,781 0 10,781 22,476 0 22,476 Clorox Company 889 0 889 55,268 0 55,268 Colgate-Palmolive Company 2,609 0 2,609 64,868 0 64,868 Dow Chemical Company 1,618 0 1,618 100,366 0 100,366 E I du Pont de Nemours & Company 4,159 0 4,159 7,340 0 7,340 Eastman Chemical Company 271 0 271 108,288 0 108,288 Eli Lilly & Company 8,785 0 8,785 2,914 0 2,914 FMC Corporation 195 0 195 100,123 0 100,123 Gillette Company 3,091 0 3,091 5,252 0 5,252 Great Lakes Chemical Corporation 154 0 154 9,841 0 9,841 International Flavors & Fragrances Incorporated 179 0 179 133,374 15,000 148,374 Johnson & Johnson 12,529 1,409 13,938 20,000 0 20,000 MedImmune Incorporated 1,545 0 1,545 220,414 58,000 278,414 Merck & Company Incorporated 16,407 4,318 20,725 603,506 60,000 663,506 Pfizer Incorporated 27,120 2,695 29,815 122,024 55,000 177,024 Pharmacia Corporation 7,344 3,310 10,654 16,659 0 16,659 PPG Industries Incorporated 661 0 661 15,132 0 15,132 Praxair Incorporated 565 0 565 125,358 0 125,358 Procter & Gamble Company 8,399 0 8,399 20,853 0 20,853 Rohm & Haas Company 606 0 606 140,389 60,000 200,389 Schering-Plough Corporation 6,528 2,790 9,318 8,145 0 8,145 Sigma Aldrich 269 0 269 12,928 0 12,928 Union Carbide Corporation 488 0 488 6,543 0 6,543 W R Grace & Company 45 0 45 9,753 0 9,753 Watson Pharmaceuticals Incorporated 633 0 633 ----------------------------------------- 140,586 19,189 159,775 COMMUNICATIONS 64,740 0 64,740 ADC Telecommunications Incorporated 1,741 0 1,741 30,196 0 30,196 Alltel Corporation 1,576 0 1,576 359,748 0 359,748 AT&T Corporation 10,568 0 10,568 180,235 0 180,235 BellSouth Corporation 7,254 0 7,254 13,475 0 13,475 CenturyTel Incorporated 367 0 367 56,027 0 56,027 Clear Channel Communications Incorporated 3,165 0 3,165 86,081 0 86,081 Comcast Corporation Class A 3,524 0 3,524 84,572 0 84,572 Global Crossing Limited 2,622 0 2,622 72,710 0 72,710 Nextel Communications Incorporated 3,399 0 3,399 156,560 70,000 226,560 Qwest Communications International Incorporated 7,525 3,364 10,889 325,011 0 325,011 SBC Communications Incorporated 16,251 0 16,251 84,064 0 84,064 Sprint Corporation (FON Group) 2,464 0 2,464 87,783 0 87,783 Sprint Corporation (PCS Group) 3,078 0 3,078 260,847 0 260,847 Verizon Communications 12,635 0 12,635 274,550 150,000 424,550 WorldCom Incorporated 8,339 4,556 12,895 ----------------------------------------- 84,508 7,920 92,428
DEPOSITORY INSTITUTIONS 37,687 0 37,687 AmSouth Bancorp 471 0 471 157,746 0 157,746 Bank of America Corporation 8,262 0 8,262 70,704 0 70,704 Bank of New York Company Incorporated 3,964 0 3,964 109,986 0 109,986 Bank One Corporation 4,248 0 4,248 37,561 0 37,561 BB&T Corporation 1,131 0 1,131 21,053 0 21,053 Charter One Financial Incorporated 513 0 513 124,908 60,000 184,908 Chase Manhattan Corporation 5,769 2,771 8,540 431,025 70,666 501,691 Citigroup Incorporated 23,302 3,820 27,122 15,007 0 15,007 Comerica Incorporated 877 0 877 44,531 0 44,531 Fifth Third Bancorp 2,399 0 2,399 94,013 0 94,013 First Union Corporation 3,026 0 3,026 92,990 0 92,990 Firstar Corporation 2,081 0 2,081 86,357 0 86,357 FleetBoston Financial Corporation 3,368 0 3,368 15,166 0 15,166 Golden West Financial Corporation 813 0 813 23,432 0 23,432 Huntington Bancshares Incorporated 344 0 344 15,386 0 15,386 J P Morgan & Company Incorporated 2,514 0 2,514 41,663 0 41,663 KeyCorp 1,055 0 1,055 47,076 0 47,076 Mellon Financial Corporation 2,183 0 2,183 58,119 0 58,119 National City Corporation 1,286 0 1,286 21,319 0 21,319 Northern Trust Corporation 1,895 0 1,895 13,178 0 13,178 Old Kent Financial Corporation 381 0 381 27,880 0 27,880 PNC Financial Services Group 1,812 0 1,812 21,135 0 21,135 Regions Financial Corporation 480 0 480 16,133 0 16,133 SouthTrust Corporation 507 0 507 15,448 0 15,448 State Street Corporation 2,008 0 2,008 16,899 0 16,899 Summit Bancorp 583 0 583 29,048 0 29,048 Suntrust Banks Incorporated 1,447 0 1,447 27,105 0 27,105 Synovus Financial Corporation 574 0 574 72,080 0 72,080 US Bancorp 1,640 0 1,640 12,999 0 12,999 Union Planters Corporation 430 0 430 19,371 0 19,371 Wachovia Corporation 1,098 0 1,098 52,459 0 52,459 Washington Mutual Incorporated 2,089 0 2,089 154,967 50,900 205,867 Wells Fargo & Company 7,119 2,338 9,457 ----------------------------------------- 89,669 8,929 98,598 EATING & DRINKING PLACES 11,852 0 11,852 Darden Restaurants Incorporated 247 0 247 127,721 0 127,721 McDonald's Corporation 3,855 0 3,855 17,650 0 17,650 Starbucks Corporation 707 0 707 14,161 0 14,161 Tricon Global Restaurants Incorporated 434 0 434 10,919 0 10,919 Wendy's International Incorporated 219 0 219 ----------------------------------------- 5,462 0 5,462 ELECTRIC, GAS & SANITARY SERVICES 43,836 0 43,836 AES Corporation 3,003 0 3,003
18,081 0 18,081 Allied Waste Industries Incorporated 166 0 166 13,158 0 13,158 Ameren Corporation 551 0 551 30,826 0 30,826 American Electric Power Company Incorporated 1,206 0 1,206 15,282 0 15,282 Cinergy Corporation 505 0 505 10,534 0 10,534 CMS Energy Corporation 284 0 284 7,716 0 7,716 Columbia Energy Group 548 0 548 20,373 0 20,373 Consolidated Edison Incorporated 695 0 695 14,386 0 14,386 Constellation Energy Group 716 0 716 15,313 0 15,313 CP&L Energy Incorporated 638 0 638 22,789 0 22,789 Dominion Resource Incorporated 1,323 0 1,323 13,694 0 13,694 DTE Energy Company 524 0 524 35,217 0 35,217 Duke Energy Corporation 3,020 0 3,020 2,607 0 2,607 Eastern Enterprises 166 0 166 31,821 0 31,821 Edison International 615 0 615 22,169 0 22,169 El Paso Energy Corporation 1,366 0 1,366 22,034 0 22,034 Entergy Corporation 821 0 821 22,122 0 22,122 FirstEnergy Corporation 596 0 596 9,457 0 9,457 Florida Progress Corporation 501 0 501 17,122 0 17,122 FPL Group Incorporated 1,126 0 1,126 11,634 0 11,634 GPU Incorporated 377 0 377 12,800 0 12,800 KeySpan Corporation 514 0 514 16,577 0 16,577 Niagara Mohawk Holdings Incorporated 261 0 261 4,481 0 4,481 NICOR Incorporated 162 0 162 2,829 0 2,829 Oneok Incorporated 112 0 112 16,300 0 16,300 PECO Energy Company 987 0 987 3,431 0 3,431 People's Energy Corporation 115 0 115 36,935 0 36,935 PG&E Corporation 893 0 893 8,100 0 8,100 Pinnacle West Capital Corporation 412 0 412 13,857 0 13,857 PPL Corporation 579 0 579 20,714 0 20,714 Public Service Enterprise Group Incorporated 926 0 926 28,386 0 28,386 Reliant Energy Incorporated 1,320 0 1,320 19,571 0 19,571 Sempra Energy 407 0 407 62,238 0 62,238 Southern Company 2,019 0 2,019 25,304 0 25,304 Texas Utilities Company 1,003 0 1,003 17,000 0 17,000 Unicom Corporation 955 0 955 59,536 0 59,536 Waste Management Incorporated 1,038 0 1,038 42,401 0 42,401 Williams Companies Incorporated 1,791 0 1,791 32,341 0 32,341 XCEL Energy Incorporated 889 0 889 ----------------------------------------- 33,130 0 33,130
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT 9,933 0 9,933 Adaptec Incorporated 199 0 199 29,348 0 29,348 Advanced Micro Devices Incorporated 693 0 693 38,200 0 38,200 Altera Corporation 1,824 0 1,824 18,550 0 18,550 American Power Conversion Corporation 356 0 356 33,897 35,000 68,897 Analog Devices Incorporated 2,799 2,890 5,689 7,701 0 7,701 Andrew Corporation 202 0 202 20,800 0 20,800 Broadcom Corporation 5,070 0 5,070 20,809 0 20,809 Conexant Systems Incorporated 871 0 871 8,894 0 8,894 Cooper Industries Incorporated 314 0 314 6,931 0 6,931 Eaton Corporation 427 0 427 40,961 0 40,961 Emerson Electric Company 2,744 0 2,744 948,198 160,000 1,108,198 General Electric Company 54,699 9,230 63,929 642,204 85,000 727,204 Intel Corporation 26,732 3,533 30,265 89,300 58,000 147,300 JDS Uniphase Corporation 8,456 5,492 13,948 29,867 0 29,867 Linear Technology Corporation 1,934 0 1,934 29,484 0 29,484 LSI Logic Corporation 862 0 862 316,375 0 316,375 Lucent Technologies Incorporated 9,669 0 9,669 27,150 0 27,150 Maxim Integrated Products Incorporated 2,184 0 2,184 7,472 0 7,472 Maytag Corporation 232 0 232 53,228 0 53,228 Micron Technology Incorporated 2,448 0 2,448 18,762 0 18,762 Molex Incorporated 1,021 0 1,021 206,394 0 206,394 Motorola Incorporated 5,831 0 5,831 16,976 0 16,976 National Semiconductor Corporation 683 0 683 3,956 0 3,956 National Service Industries 77 0 77 29,171 0 29,171 Network Appliance Incorporated 3,716 0 3,716 284,132 60,000 344,132 Nortel Networks Corporation 16,924 3,574 20,498 12,550 0 12,550 Novellus Systems Incorporated 584 0 584 71,038 0 71,038 Qualcomm Incorporated 5,061 0 5,061 32,545 0 32,545 Raytheon Company Class B 925 0 925 14,250 0 14,250 Sanmina Corporation 1,334 0 1,334 15,308 0 15,308 Scientific-Atlanta Incorporated 974 0 974 39,219 0 39,219 Tellabs Incorporated 1,873 0 1,873 165,316 0 165,316 Texas Instruments Incorporated 7,801 0 7,801 5,525 0 5,525 Thomas & Betts Corporation 96 0 96 6,987 0 6,987 Whirlpool Corporation 272 0 272 30,784 0 30,784 Xilink Incorporated 2,636 0 2,636 ----------------------------------------- 172,523 24,719 197,242 ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT & RELATED SERVICES 15,545 0 15,545 Dun & Bradstreet Corporation 535 0 535 7,367 0 7,367 Fluor Corporation 221 0 221 42,548 0 42,548 Halliburton Company 2,082 0 2,082 35,605 0 35,605 Paychex Incorporated 1,869 0 1,869 4,703 0 4,703 PerkinElmer Incorporated 491 0 491 11,026 0 11,026 Quintiles Transnational Corporation 176 0 176 ----------------------------------------- 5,374 0 5,374 FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT 2,893 0 2,893 Ball Corporation 92 0 92 5,768 0 5,768 Crane Company 132 0 132 12,270 0 12,270 Crown Cork & Seal Company Incorporated 131 0 131 15,196 0 15,196 Fortune Brands Incorporated 403 0 403 28,960 0 28,960 Illinois Tool Works Incorporated 1,618 0 1,618 41,047 0 41,047 Lockheed Martin Corporation 1,353 0 1,353 42,979 0 42,979 Masco Corporation 800 0 800 5,588 0 5,588 Snap-On Incorporated 132 0 132 8,451 0 8,451 Stanley Works 195 0 195 ----------------------------------------- 4,856 0 4,856
FOOD & KINDRED PRODUCTS 3,553 0 3,553 Adolph Coors Company 225 0 225 86,728 0 86,728 Anheuser-Busch Companies Incorporated 3,670 0 3,670 60,625 0 60,625 Archer Daniels Midland Company 523 0 523 26,358 0 26,358 Bestfoods Incorporated 1,918 0 1,918 6,601 0 6,601 Brown-Forman Corporation 361 0 361 40,472 0 40,472 Campbell Soup Company 1,047 0 1,047 237,341 0 237,341 Coca-Cola Company 13,083 0 13,083 40,345 0 40,345 Coca-Cola Enterprises Incorporated 643 0 643 51,114 0 51,114 ConAgra Foods Incorporated 1,025 0 1,025 27,967 0 27,967 General Mills Incorporated 993 0 993 33,741 0 33,741 H J Heinz Company 1,251 0 1,251 10,272 0 10,272 Hercules Incorporated 145 0 145 13,162 0 13,162 Hershey Foods Corporation 712 0 712 38,929 0 38,929 Kellogg Company 942 0 942 138,123 67,000 205,123 PepsiCo Incorporated 6,354 3,082 9,436 12,554 0 12,554 Quaker Oats Company 993 0 993 29,466 0 29,466 Ralston Purina Group 698 0 698 83,402 0 83,402 Sara Lee Corporation 1,694 0 1,694 41,815 0 41,815 Seagram Company Limited 2,402 0 2,402 54,757 0 54,757 Unilever NV ADR 2,642 0 2,642 10,948 0 10,948 Wm Wrigley Jr Company 820 0 820 ----------------------------------------- 42,141 3,082 45,223 FOOD STORES 40,653 0 40,653 Albertson's Incorporated 854 0 854 80,016 0 80,016 Kroger Company 1,805 0 1,805 13,886 0 13,886 Winn-Dixie Stores Incorporated 200 0 200 ----------------------------------------- 2,859 0 2,859 FURNITURE & FIXTURES 18,812 0 18,812 Leggett & Platt 297 0 297 GENERAL MERCHANDISE STORES 10,619 0 10,619 Consolidated Stores Corporation 143 0 143 9,027 0 9,027 Dillards Incorporated 96 0 96 31,540 0 31,540 Dollar General Corporation 528 0 528 20,506 0 20,506 Federated Department Stores Incorporated 536 0 536 25,017 0 25,017 J C Penney Company Incorporated 296 0 296 46,095 0 46,095 KMart Corporation 277 0 277 31,926 0 31,926 May Department Stores Company 654 0 654 33,783 0 33,783 Sears Roebuck & Company 1,095 0 1,095 87,398 104,000 191,398 Target Corporation 2,240 2,665 4,905 28,717 0 28,717 TJX Companies Incorporated 646 0 646 427,343 85,000 512,343 Wal-Mart Stores Incorporated 20,566 4,091 24,657 ----------------------------------------- 27,077 6,756 33,833
HEALTH SERVICES 53,421 0 53,421 HCA - The Healthcare Company 1,983 0 1,983 36,884 0 36,884 HEALTHSOUTH Corporation 300 0 300 9,802 0 9,802 Manor Care Incorporated 154 0 154 30,018 0 30,018 Tenet Healthcare Corporation 1,092 0 1,092 ----------------------------------------- 3,529 0 3,529 HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION-CONTRACTORS 5,819 0 5,819 McDermott International Incorporated 64 0 64 HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES 19,645 0 19,645 Best Buy Company Incorporated 1,250 0 1,250 19,451 0 19,451 Circuit City Stores 447 0 447 17,933 0 17,933 RadioShack Corporation 1,159 0 1,159 ----------------------------------------- 2,856 0 2,856 HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGING PLACES 35,333 0 35,333 Hilton Hotels Corporation 409 0 409 22,963 0 22,963 Marriott International Class A 837 0 837 ----------------------------------------- 1,246 0 1,246 INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 31,162 0 31,162 Apple Computer Incorporated 802 0 802 77,466 0 77,466 Applied Materials Incorporated 4,595 0 4,595 31,646 0 31,646 Baker Hughes Incorporated 1,175 0 1,175 8,146 0 8,146 Black & Decker Corporation 278 0 278 2,156 0 2,156 Briggs & Stratton Corporation 82 0 82 33,423 0 33,423 Caterpillar Incorporated 1,128 0 1,128 676,996 75,000 751,996 Cisco Systems Incorporated 37,404 4,144 41,548 162,784 0 162,784 Compaq Computer Corporation 4,490 0 4,490 14,686 0 14,686 Comverse Technology Incorporated 1,586 0 1,586 4,012 0 4,012 Cummins Engine Company Incorporated 120 0 120 22,440 0 22,440 Deere & Company 746 0 746 246,870 60,000 306,870 Dell Computer Corporation 7,607 1,849 9,456 19,431 0 19,431 Dover Corporation 912 0 912 208,012 0 208,012 EMC Corporation 20,619 0 20,619 30,835 0 30,835 Gateway Incorporated 1,442 0 1,442 95,711 12,000 107,711 Hewlett-Packard Company 9,284 1,164 10,448 168,739 35,000 203,739 IBM Corporation 18,983 3,938 22,921 15,537 0 15,537 Ingersoll-Rand Company 526 0 526 12,379 0 12,379 Lexmark International Incorporated 464 0 464 11,832 0 11,832 Pall Corporation 236 0 236 54,079 0 54,079 Palm Incorporated 2,863 0 2,863 24,703 0 24,703 Pitney Bowes Incorporated 974 0 974 21,770 0 21,770 Seagate Technology Incorporated 1,502 0 1,502 57,166 0 57,166 Solectron Corporation 2,637 0 2,637 5,885 0 5,885 Timken Company 81 0 81 ----------------------------------------- 120,536 11,095 131,631 INSURANCE AGENTS, BROKERS & SERVICE 24,528 0 24,528 AON Corporation 963 0 963 16,000 0 16,000 Humana Incorporated 172 0 172 25,869 0 25,869 Marsh & McLennan Companies Incorporated 3,434 0 3,434 ----------------------------------------- 4,569 0 4,569
INSURANCE CARRIERS 13,528 0 13,528 Aetna Incorporated 785 0 785 25,449 0 25,449 AFLAC Incorporated 1,630 0 1,630 71,420 0 71,420 Allstate Corporation 2,482 0 2,482 23,841 0 23,841 American General Corporation 1,860 0 1,860 221,675 60,000 281,675 American International Group Incorporated 21,212 5,741 26,953 16,817 0 16,817 Chubb Corporation 1,331 0 1,331 15,437 0 15,437 CIGNA Corporation 1,612 0 1,612 15,458 0 15,458 Cincinnati Financial Corporation 549 0 549 31,252 0 31,252 Conseco Incorporated 238 0 238 20,572 0 20,572 Hartford Financial Services Group 1,500 0 1,500 9,886 0 9,886 Jefferson-Pilot Corporation 671 0 671 18,363 0 18,363 Lincoln National Corporation 884 0 884 9,412 0 9,412 Loews Corporation 785 0 785 9,430 0 9,430 MBIA Incorporated 671 0 671 10,149 0 10,149 MGIC Investment Corporation 620 0 620 6,967 0 6,967 Progressive Corporation 570 0 570 12,220 0 12,220 Safeco Corporation 333 0 333 20,286 0 20,286 St Paul Companies Incorporated 1,000 0 1,000 12,303 0 12,303 Torchmark Corporation 342 0 342 15,526 0 15,526 Unitedhealth Group Incorporated 1,533 0 1,533 23,065 0 23,065 UnumProvident Corporation 629 0 629 5,991 0 5,991 Wellpoint Health Networks Incorporated 575 0 575 ----------------------------------------- 41,812 5,741 47,553 LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE 10,047 0 10,047 Louisiana-Pacific Corporation 92 0 92 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 43,308 4,576 47,884 Agilent Technologies Incorporated 2,119 224 2,343 12,415 0 12,415 Allergan Incorporated 1,048 0 1,048 5,117 0 5,117 Bausch & Lomb Incorporated 199 0 199 27,791 0 27,791 Baxter International Incorporated 2,218 0 2,218 24,186 0 24,186 Becton Dickinson & Company 639 0 639 17,048 0 17,048 Biomet Incorporated 597 0 597 39,134 0 39,134 Boston Scientific Corporation 643 0 643 4,890 0 4,890 C R Bard Incorporated 207 0 207 13,583 0 13,583 Danaher Corporation 676 0 676 29,731 0 29,731 Eastman Kodak Company 1,215 0 1,215 29,413 43,000 72,413 Guidant Corporation 2,079 3,040 5,119 8,266 0 8,266 Johnson Controls Incorporated 440 0 440 17,880 0 17,880 KLA-Tencor Corporation 736 0 736 6,419 0 6,419 Mallinckrodt Incorporated 293 0 293 114,721 0 114,721 Medtronic Incorporated 5,944 0 5,944 4,449 0 4,449 Millipore Corporation 215 0 215 10,743 0 10,743 Parker-Hannifin Corporation 363 0 363 19,965 0 19,965 PE CorPoration - PE Biosystems Group 2,326 0 2,326 4,341 0 4,341 Polaroid Corporation 58 0 58 8,020 0 8,020 St Jude Medical Incorporated 409 0 409 4,644 0 4,644 Tektronix Incorporated 357 0 357 16,557 0 16,557 Teradyne Incorporated 579 0 579 16,584 0 16,584 Thermo Electron Corporation 431 0 431 63,930 0 63,930 Xerox Corporation 963 0 963 ----------------------------------------- 24,754 3,264 28,018 METAL MINING - 0.11% 37,969 0 37,969 Barrick Gold Corporation 579 0 579 15,289 0 15,289 Freeport McMoran Incorporated Class B 135 0 135 24,998 0 24,998 Homestake Mining Company 130 0 130 17,390 0 17,390 Inco Limited 280 0 280 16,143 0 16,143 Newmont Mining Corporation 274 0 274 7,591 0 7,591 Phelps Dodge Corporation 317 0 317 31,461 0 31,461 Placer Dome Incorporated 297 0 297 ----------------------------------------- 2,012 0 2,012
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS 9,663 0 9,663 Vulcan Materials Company 388 0 388 MISCELLANEOUS MANUFACTURING INDUSTRIES 3,852 0 3,852 Armstrong Holdings Incorporated 46 0 46 16,559 0 16,559 Hasbro Incorporated 189 0 189 40,780 0 40,780 Mattel Incorporated 456 0 456 13,900 0 13,900 Tiffany & Company 536 0 536 161,814 55,000 216,814 Tyco International Limited 8,394 2,853 11,247 ----------------------------------------- 9,621 2,853 12,474 MISCELLANEOUS RETAIL 26,960 0 26,960 Bed Bath & Beyond Incorporated 658 0 658 42,805 0 42,805 Costco Wholesale Corporation 1,496 0 1,496 37,409 0 37,409 CVS Corporation 1,733 0 1,733 3,786 0 3,786 Longs Drug Stores Incorporated 72 0 72 30,361 0 30,361 Office Depot Incorporated 237 0 237 45,734 0 45,734 Staples Incorporated 649 0 649 20,709 0 20,709 Toys R Us Incorporated 337 0 337 96,673 0 96,673 Walgreen Company 3,668 0 3,668 ----------------------------------------- 8,850 0 8,850 MOTION PICTURES 126,106 0 126,106 Time Warner Incorporated 9,868 0 9,868 NONDEPOSITORY CREDIT INSTITUTIONS 127,963 69,000 196,963 American Express Company 7,774 4,192 11,966 69,815 0 69,815 Associates First Capital Corporation 2,653 0 2,653 18,820 73,000 91,820 Capital One Financial Corporation 1,319 5,115 6,434 25,250 0 25,250 CIT Group Incorporated 442 0 442 10,854 0 10,854 Countrywide Credit Industries Incorporated 410 0 410 66,623 0 66,623 Federal Home Loan Mortgage Corporation 3,602 0 3,602 96,605 0 96,605 Federal National Mortgage Association 6,907 0 6,907 45,339 0 45,339 Household International Incorporated 2,567 0 2,567 81,624 0 81,624 MBNA Corporation 3,143 0 3,143 13,669 0 13,669 Providian Financial Corporation 1,736 0 1,736 15,045 0 15,045 USA Education Incorporated 725 0 725 ----------------------------------------- 31,278 9,307 40,585 OIL & GAS EXTRACTION 23,280 0 23,280 Anadarko Petroleum Corporation 1,547 0 1,547 10,971 0 10,971 Apache Corporation 649 0 649 20,607 0 20,607 Burlington Resources Incorporated 759 0 759 12,100 0 12,100 Devon Energy Corporation 728 0 728 70,178 0 70,178 Enron Corporation 6,149 0 6,149 8,980 0 8,980 Kerr-McGee Corporation 595 0 595 35,327 0 35,327 Occidental Petroleum Corporation 771 0 771 8,990 0 8,990 Rowan Companies Incorporated 261 0 261 54,533 0 54,533 Schlumberger Limited 4,489 0 4,489 20,155 0 20,155 Transocean Sedco Forex Incorporated 1,182 0 1,182 29,847 0 29,847 USX-Marathon Group Incorporated 847 0 847 ----------------------------------------- 17,977 0 17,977 PAPER & ALLIED PRODUCTS 10,740 0 10,740 Avery Dennison Corporation 498 0 498 5,061 0 5,061 Bemis Company Incorporated 163 0 163 5,445 0 5,445 Boise Cascade Corporation 145 0 145 19,776 0 19,776 Fort James Corporation 604 0 604 16,399 0 16,399 Georgia-Pacific Group 385 0 385 46,302 0 46,302 International Paper Company 1,328 0 1,328 52,129 0 52,129 Kimberly-Clark Corporation 2,909 0 2,909 9,828 0 9,828 Mead Corporation 230 0 230 37,957 0 37,957 Minnesota Mining and Manufacturing Company 3,459 0 3,459 16,213 0 16,213 Pactiv Corporation 181 0 181 2,749 0 2,749 Potlatch Corporation 87 0 87 5,050 0 5,050 Temple-Inland Incorporated 191 0 191 9,608 0 9,608 Westvaco Corporation 256 0 256 21,928 0 21,928 Weyerhaeuser Company 885 0 885 10,611 0 10,611 Willamette Industries Incorporated 297 0 297 ----------------------------------------- 11,618 0 11,618
PERSONAL SERVICES 9,403 0 9,403 H&R Block Incorporated 348 0 348 PETROLEUM REFINING & RELATED INDUSTRIES 8,661 0 8,661 Amerada Hess Corporation 580 0 580 6,740 0 6,740 Ashland Incorporated 227 0 227 62,538 0 62,538 Chevron Corporation 5,331 0 5,331 20,486 0 20,486 Coastal Corporation 1,519 0 1,519 59,849 0 59,849 Conoco Incorporated Class B 1,612 0 1,612 333,686 67,683 401,369 Exxon Mobil Corporation 29,740 6,032 35,772 24,336 0 24,336 Phillips Petroleum Company 1,527 0 1,527 205,554 0 205,554 Royal Dutch Petroleum Company NY Shares ADR 12,320 0 12,320 8,462 0 8,462 Sunoco Incorporated 228 0 228 52,970 42,000 94,970 Texaco Incorporated 2,781 2,205 4,986 13,895 0 13,895 Tosco Corporation 433 0 433 23,269 0 23,269 Unocal Corporation 825 0 825 ----------------------------------------- 57,123 8,237 65,360 PRIMARY METAL INDUSTRIES 20,934 0 20,934 Alcan Aluminum Limited 606 0 606 82,844 0 82,844 Alcoa Incorporated 2,097 0 2,097 8,029 0 8,029 Allegheny Technologies Incorporated 146 0 146 12,633 0 12,633 Bethlehem Steel Corporation 38 0 38 12,239 0 12,239 Engelhard Corporation 199 0 199 8,137 0 8,137 Nucor Corporation 245 0 245 8,452 0 8,452 USX-US Steel Group Incorporated 128 0 128 8,245 0 8,245 Worthington Industries Incorporated 77 0 77 ----------------------------------------- 3,536 0 3,536 PRINTING, PUBLISHING & ALLIED INDUSTRIES 6,145 0 6,145 American Greetings Corporation 108 0 108 8,463 0 8,463 Dow Jones & Company Incorporated 512 0 512 25,592 0 25,592 Gannett Company Incorporated 1,356 0 1,356 6,849 0 6,849 Harcourt General Incorporated 404 0 404 7,412 0 7,412 Knight-Ridder Incorporated 377 0 377 18,686 40,000 58,686 McGraw-Hill Companies Incorporated 1,188 2,543 3,731 4,906 0 4,906 Meredith Corporation 145 0 145 16,318 0 16,318 New York Times Company 642 0 642 11,695 0 11,695 R R Donnelley & Sons Company 287 0 287 29,541 0 29,541 Tribune Company 1,289 0 1,289 145,651 50,000 195,651 Viacom Incorporated Class B 8,521 2,925 11,446 ----------------------------------------- 14,829 5,468 20,297 RAILROAD TRANSPORTATION 40,333 0 40,333 Burlington Northern Santa Fe Corporation 870 0 870 20,905 0 20,905 CSX Corporation 456 0 456 36,745 0 36,745 Norfolk Southern Corporation 537 0 537 23,759 0 23,759 Union Pacific Corporation 924 0 924 ----------------------------------------- 2,787 0 2,787
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS 7,057 0 7,057 Cooper Tire & Rubber Company 71 0 71 15,015 0 15,015 Goodyear Tire & Rubber Company 270 0 270 25,576 0 25,576 Newell Rubbermaid Incorporated 583 0 583 26,234 0 26,234 Nike Incorporated Class B 1,051 0 1,051 5,445 0 5,445 Reebok International Limited 102 0 102 8,002 0 8,002 Sealed Air Corporation 362 0 362 5,491 0 5,491 Tupperware Corporation 99 0 99 ----------------------------------------- 2,538 0 2,538 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 10,607 0 10,607 Bear Stearns Companies Incorporated 668 0 668 130,539 0 130,539 Charles Schwab Corporation 4,634 0 4,634 23,364 0 23,364 Franklin Resources Incorporated 1,038 0 1,038 11,600 0 11,600 Lehman Brothers Holding Incorporated 1,714 0 1,714 75,298 0 75,298 Merrill Lynch & Company Incorporated 4,970 0 4,970 107,931 50,000 157,931 Morgan Stanley Dean Witter & Company 9,869 4,572 14,441 13,978 0 13,978 Paine Webber Group Incorporated 952 0 952 21,334 0 21,334 Stilwell Financial Incorporated 928 0 928 11,595 0 11,595 T Rowe Price Associates 544 0 544 ----------------------------------------- 25,317 4,572 29,889 STONE, CLAY, GLASS & CONCRETE PRODUCTS 28,177 0 28,177 Corning Incorporated 8,369 0 8,369 14,071 0 14,071 Owens-Illinois Incorporated 130 0 130 ----------------------------------------- 8,499 0 8,499 TEXTILE MILL PRODUCTS 3,152 0 3,152 Russell Corporation 50 0 50 1,747 0 1,747 Springs Industries Incorporated Class A 49 0 49 ----------------------------------------- 99 0 99 TOBACCO PRODUCTS 216,798 0 216,798 Philip Morris Companies Incorporated 6,382 0 6,382 15,580 0 15,580 UST Incorporated 356 0 356 ----------------------------------------- 6,738 0 6,738 TRANSPORTATION BY AIR 14,363 0 14,363 AMR Corporation 469 0 469 11,722 0 11,722 Delta Airlines Incorporated 520 0 520 27,760 0 27,760 Fedex Corporation 1,231 0 1,231 47,570 0 47,570 Southwest Airlines Company 1,154 0 1,154 6,435 0 6,435 US Airways Group Incorporated 196 0 196 ----------------------------------------- 3,570 0 3,570
TRANSPORTATION EQUIPMENT 9,772 0 9,772 B F Goodrich Company 383 0 383 86,410 0 86,410 Boeing Company 5,444 0 5,444 8,476 0 8,476 Brunswick Corporation 155 0 155 14,623 0 14,623 Dana Corporation 314 0 314 53,959 0 53,959 Delphi Automotive Systems Corporation 816 0 816 179,745 0 179,745 Ford Motor Company 4,550 0 4,550 19,284 0 19,284 General Dynamics Corporation 1,211 0 1,211 51,255 0 51,255 General Motors Corporation 3,332 0 3,332 29,060 0 29,060 Harley-Davidson Incorporated 1,391 0 1,391 76,491 0 76,491 Honeywell International Incorporated 2,725 0 2,725 8,425 0 8,425 ITT Industries Incorporated 273 0 273 5,977 0 5,977 Navistar International Corporation 179 0 179 6,655 0 6,655 Northrop Grumman Corporation 605 0 605 7,374 0 7,374 PACCAR Incorporated 273 0 273 18,067 0 18,067 Rockwell International Corporation 547 0 547 13,849 0 13,849 Textron Incorporated 639 0 639 11,808 0 11,808 TRW Incorporated 480 0 480 45,082 0 45,082 United Technologies Corporation 3,122 0 3,122 ----------------------------------------- 26,439 0 26,439 TRANSPORTATION SERVICES 12,369 0 12,369 Sabre Holdings Corporation 358 0 358 WATER TRANSPORTATION 57,960 0 57,960 Carnival Corporation 1,427 0 1,427 WHOLESALE TRADE-DURABLE GOODS 16,976 0 16,976 Genuine Parts Company 324 0 324 12,447 0 12,447 Visteon Corporation 188 0 188 8,969 0 8,969 W W Grainger Incorporated 236 0 236 ----------------------------------------- 748 0 748 WHOLESALE TRADE-NONDURABLE GOODS 26,419 0 26,419 Cardinal Health Incorporated 2,330 0 2,330 47,602 0 47,602 Safeway Incorporated 2,222 0 2,222 12,618 0 12,618 Supervalu Incorporated 190 0 190 31,940 0 31,940 Sysco Corporation 1,479 0 1,479 ----------------------------------------- 6,221 0 6,221 TOTAL COMMON STOCK 1,208,057 141,961 1,350,018
Interest Maturity Principal (000's) CORPORATE BONDS Rate Date - ----------------------------------------- BANKS 0 1,500 1,500 Banc One 7.25 08/01/2002 0 1,509 1,509 0 2,000 2,000 Bank of America, MTN 7.13 05/12/2005 0 2,013 2,013 0 2,000 2,000 Chase Manhatten 6.50 01/15/2009 0 1,905 1,905 0 2,000 2,000 First Union 7.50 07/15/2006 0 2,005 2,005 ----------------------------------------- 0 7,432 7,432 ENTERTAINMENT 0 2,255 2,255 Walt Disney 5.13 12/15/2003 0 2,142 2,142 FINANCE 0 1,500 1,500 Aetna Services 7.13 08/15/2006 0 1,491 1,491 0 1,000 1,000 Ford Motor Credit 6.25 11/08/2000 0 999 999 0 1,500 1,500 Safeco 6.88 07/15/2007 0 1,429 1,429 ----------------------------------------- 0 3,919 3,919 FOOD, BEVERAGE & TOBACCO 0 2,000 2,000 Philip Morris 7.25 09/15/2001 0 1,990 1,990 0 1,000 1,000 Seagram 6.50 04/01/2003 0 989 989 ----------------------------------------- 0 2,979 2,979 RETAIL 0 2,000 2,000 Albertson's 6.95 08/01/2009 0 1,880 1,880 TELEPHONE & TELECOMMUNICATIONS 0 2,000 2,000 Lucent Technologies 7.25 07/15/2006 0 2,008 2,008 TRANSPORTATION 0 2,000 2,000 U.S. Freightways 8.50 04/15/2010 0 2,003 2,003 TOTAL CORPORATE BONDS 0 22,363 22,363 MORTGAGE-BACKED SECURITIES 537 537 American Southwest Financial Securities, Series 1996-FHA1, 0 Cl A2 7.00 11/25/2038 0 531 531 1,200 1,200 Donaldson Lufkin Jenrette Mortgage Acceptance, Series 1997-CF1, Cl A1B 0 (A) 7.60 04/15/2007 0 1,223 1,223 2,000 2,000 General Motors Acceptance, Commercial Mortgage Securities, Series 0 1999-C1, Cl A2 6.18 05/15/2033 0 1,876 1,876 ----------------------------------------- 0 3,630 3,630
U.S. GOVERNMENT AGENCY OBLIGATIONS 0 2,500 2,500 FHLB 7.25 05/15/2003 0 2,543 2,543 0 2,000 2,000 FHLB 6.25 08/13/2004 0 1,980 1,980 0 2,000 2,000 FHLMC 6.45 04/29/2009 0 1,896 1,896 0 1,000 1,000 FHLMC 7.63 09/09/2009 0 993 993 0 2,000 2,000 FNMA 6.50 08/15/2004 0 1,997 1,997 0 2,000 2,000 FNMA 7.13 02/15/2005 0 2,043 2,043 0 2,500 2,500 FNMA 6.00 05/15/2008 0 2,387 2,387 ----------------------------------------- 0 13,839 13,839 U.S. TREASURY SECURITIES U.S. TREASURY BILLS 33,272 0 33,272 U.S. Treasury Bills 6.05 10/12/2000 33,219 0 33,219 26,096 0 26,096 U.S. Treasury Bills 5.94 11/2/2000 25,964 0 25,964 14,791 0 14,791 U.S. Treasury Bills 6.08 11/9/2000 14,698 0 14,698 20,120 0 20,120 U.S. Treasury Bills 5.97 12/7/2000 19,898 0 19,898 100 0 100 U.S. Treasury Bills 5.96 12/21/2000 99 0 99 ----------------------------------------- 93,878 0 93,878 U.S. TREASURY NOTES 0 2,500 2,500 U.S. Treasury Notes 7.88 08/15/2001 0 2,534 2,534 0 2,500 2,500 U.S. Treasury Notes 7.50 05/15/2002 0 2,555 2,555 0 3,000 3,000 U.S. Treasury Notes 5.50 03/31/2003 0 2,967 2,967 0 2,500 2,500 U.S. Treasury Notes 7.25 05/15/2004 0 2,606 2,606 0 2,500 2,500 U.S. Treasury Notes 7.88 11/15/2004 0 2,675 2,675 0 3,000 3,000 U.S. Treasury Notes 6.63 05/15/2007 0 3,110 3,110 0 3,000 3,000 U.S. Treasury Notes 5.50 02/15/2008 0 2,922 2,922 0 3,000 3,000 U.S. Treasury Notes 4.75 11/15/2008 0 2,776 2,776 ----------------------------------------- 0 22,145 22,145
U.S. TREASURY BONDS 19,360 0 19,360 U.S. Treasury Bonds 7.88 2/15/2021 23,280 0 23,280 18,965 0 18,965 U.S. Treasury Bonds 8.13 5/15/2021 23,375 0 23,375 18,990 0 18,990 U.S. Treasury Bonds 8.13 8/15/2021 23,435 0 23,435 62,210 0 62,210 U.S. Treasury Bonds 8.00 11/15/2021 75,993 0 75,993 18,300 0 18,300 U.S. Treasury Bonds 7.25 8/15/2022 20,799 0 20,799 16,635 0 16,635 U.S. Treasury Bonds 7.63 11/15/2022 19,650 0 19,650 29,615 0 29,615 U.S. Treasury Bonds 7.13 2/15/2023 33,261 0 33,261 43,045 0 43,045 U.S. Treasury Bonds 6.25 8/15/2023 43,838 0 43,838 18,535 0 18,535 U.S. Treasury Bonds 7.50 11/15/2024 21,813 0 21,813 20,180 0 20,180 U.S. Treasury Bonds 7.63 20/15/2025 24,090 0 24,090 20,530 0 20,530 U.S. Treasury Bonds 6.88 8/15/2025 22,596 0 22,596 22,425 0 22,425 U.S. Treasury Bonds 6.00 2/15/2026 22,215 0 22,215 18,380 0 18,380 U.S. Treasury Bonds 6.75 8/15/2026 19,994 0 19,994 19,250 0 19,250 U.S. Treasury Bonds 6.50 11/15/2026 20,321 0 20,321 18,790 0 18,790 U.S. Treasury Bonds 6.63 2/15/2027 20,140 0 20,140 17,380 0 17,380 U.S. Treasury Bonds 6.38 8/15/2027 18,091 0 18,091 37,480 0 37,480 U.S. Treasury Bonds 6.13 11/15/2027 37,785 0 37,785 17,150 0 17,150 U.S. Treasury Bonds 5.50 8/15/2028 15,917 0 15,917 19,450 0 19,450 U.S. Treasury Bonds 5.25 11/15/2028 17,420 0 17,420 18,700 0 18,700 U.S. Treasury Bonds 5.25 2/15/2029 16,795 0 16,795 18,950 0 18,950 U.S. Treasury Bonds 6.13 8/15/2029 19,352 0 19,352 45,100 0 45,100 U.S. Treasury Bonds 6.25 5/15/2030 47,411 0 47,411 ----------------------------------------- 587,571 0 587,571 TOTAL U.S. TREASURY SECURITIES 681,449 22,145 703,594 SHORT-TERM INVESTMENTS SEI Daily Income Trust 0 4,299,000 4,299,000 Money Market Portfolio 0 4,299 4,299 SEI Daily Income Trust 3,372,261 3,372,261 Prime Obligation Fund 0 3,372 3,372 ----------------------------------------- 0 7,671 7,671 TOTAL INVESTMENTS, at MARKET VALUE $1,889,506 $ 211,609 $ 2,101,115 ========================================= TOTAL INVESTMENTS, at COST $1,612,896 $ 162,455 $ 1,775,351 =========================================
Note - As of September 30, 2000, the Wells Fargo Asset Allocation Fund held 2 long S&P 500 Index futures contracts with a notional contract value of $726,850 and unrealized depreciation of $(42,925). (1) It is not expected that any of the securities will have to be sold as a result of the merger. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-10 WELLS FARGO FUNDS - NATIONAL TAX FREE FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of June 30, 2000 (Unaudited) ($000's)
WF National Achievement Achievement Idaho TF Fund Wells Fargo Municipal Bond Municipal Bond Pro Forma Pro Forma National TF Fund Fund Fund Adjustments Combined ---------------- -------------- ----------------- ----------- -------- ASSETS Investments: In securities, at market value (see cost below) $ 331,748 $ 68,036 $ 30,413 $ 430,197 Cash 1 0 0 1 Receivables: Interest 5,214 1,193 629 7,036 Fund shares sold 426 4 430 Prepaid expenses and other assets 23 0 45 68 Total Assets 337,412 69,233 31,087 437,732 LIABILITIES Payables: Investment securities purchased 2,000 0 0 2,000 Distributions to shareholders 1,251 292 117 1,660 Fund shares redeemed 238 4 1 243 Due to distributor 15 0 0 15 Due to advisor and affiliates 156 0 0 156 Other 329 2 11 342 Total Liabilities 3,989 298 129 4,416 TOTAL NET ASSETS $ 333,423 $ 68,935 $ 30,958 $ 433,316 Net assets consist of: Paid-in capital $ 354,182 $ 73,344 $ 31,868 - $ 459,394 Undistributed net investment income (loss) (62) 7 - (55) Undistributed net realized gain (loss) on investments (22,713) (634) 47 (23,300) Net unrealized appreciation (depreciation) of investments 2,016 (3,782) (957) (2,723) TOTAL NET ASSETS $ 333,423 $ 68,935 $ 30,958 $ 433,316 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 64,859 $ 4,552 $ 8,036 $ 77,447 Shares outstanding - Class A 6,670 480 791 24 (1) 7,965 Net asset value per share - Class A $ 9.72 $ 9.48 $ 10.16 $ 9.72 Maximum offering price per share - Class A $ 10.18 $ 9.88 $ 9.88 $ 10.18 Net assets - Class B $ 18,366 $ 2,058 $ 1,670 $ 22,094 Shares outstanding - Class B 1,889 217 164 2 (1) 2,272 Net asset value and offering price per share - Class B $ 9.72 $ 9.48 $ 10.17 $ 9.72 Net assets - Class C $ 5,572 $ 5,572 Shares outstanding - Class C $ 573 573 Net asset value and offering price per share - Class C $ 9.73 $ 9.73 Net assets - Institutional Class $ 244,626 $ 62,325 $ 21,252 $ 328,203 Shares outstanding - Institutional Class 25,144 6,573 2,097 (79) (1) 33,735 Net asset value and offering price per share - Institutional Class $ 9.73 $ 9.48 $ 10.13 $ 9.73 INVESTMENT AT COST $ 329,732 $ 71,818 $ 31,370 $ 432,920 - ----------------------------------------------------------------------------------------------------------------------------------
(1) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-11 WELLS FARGO FUNDS - NATIONAL TAX FREE FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended June 30, 2000 (Unaudited) ($000's)
WF National Achievement Achievement Idaho TF Fund Wells Fargo Municipal Bond Municipal Bond Pro Forma Pro Forma National TF Fund Fund Fund Adjustments Combined ------------------ --------------- ----------------- ----------- --------- INVESTMENT INCOME Interest $ 21,940 $ 4,287 $ 1,879 $ 28,106 Total Investment Income 21,940 4,287 1,879 28,106 EXPENSES Advisory fees 1,525 435 208 (464) (1) 1,704 Administration fees 468 146 70 (45) (1) 639 Custody fees 64 9 7 5 (1) 85 Shareholder servicing fees 148 0 78 (1) 226 Portfolio accounting fees 91 0 1 19 (1) 111 Transfer agency fees 361 41 41 (8) (1) 435 Organization fees 3 3 6 Distribution fees 168 34 * 42 * (41) (1) 203 Legal and audit fees 31 13 7 (12) (1) 39 Registration fees 73 14 4 (3) (1) 88 Directors' fees 6 6 3 (9) (1) 6 Shareholder reports 51 11 6 (7) (1) 61 Other 62 3 10 (1) 75 Total Expenses 3,048 715 392 (477) 3,678 Less: Waived fees and reimbursed expenses fees (637) (138) (90) 126 (1) (739) Net expenses 2,411 577 302 (351) 2,939 NET INVESTMENT INCOME (LOSS) 19,529 3,710 1,577 351 25,167 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (19,915) (563) 128 (20,350) Net change in unrealized appreciation or depreciation of investments 1,543 (2,985) (1,117) (2,559) Net Gain (Loss) on Investments (18,372) (3,548) (989) (22,909) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,157 $ 162 $ 588 351 $ 2,258 - ------------------------------------------------------------------------------------------------------------------------------------
* Includes shareholder servicing fees (1) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-12 WELLS FARGO FUNDS - NATIONAL TAX-FREE FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of June 30, 2000 (Unaudited) (Note 1)
Principal ($000's) Market Value ($000's) - ----------------------------------------------- ------------------------------- WI WF National WF WI National National TF Fund National Achievement AF Idaho TF Fund Tax- Achievement AF Idaho Pro Tax-Free Municipal Municipal Pro Forma Coupon Maturity Free Municipal Municipal Forma Fund Fund Fund Combined Security Description Rate Date Fund Fund Fund Combined MUNICIPAL BONDS ALABAMA 3,680 - - 3,680 Alabama State Public School & College Authority Capital Improvement Revenue 4.25 11/1/2018 $ 3,001 $ 0 $ 0 $ 3,001 0 100 0 100 Alabama State Housing Finance Authority RB, Collateral Mortgage Project, Series B, AMT,GNMA/FNMA/FHLMC 6.10 10/01/2020 0 100 0 100 -------------------------------------- 3,001 100 0 3,101 ALASKA 0 370 0 370 Alaska State Housing Finance RB, General Meeting, Series A, MBIA, GOC 6.10 12/01/2037 0 369 0 369 0 500 0 500 Alaska State Housing Finance RB, Housing Development, Series A, GOC 5.70 12/01/2029 0 471 0 471 0 275 0 275 Alaska State Housing Finance RB, Veterans Mortgage Project, 1st Series, GNMA/FNMA/FHLMC 5.40 12/01/2023 0 254 0 254 0 400 0 400 Alaska State Student Loan RB, Series A, AMBAC, GOC, AMT 5.75 07/01/2014 0 398 0 398 0 1,000 0 1,000 Valdez, Marine Terminal RB, BP Pipelines Project, Series A 5.85 08/01/2025 0 971 0 971 0 1,000 0 1,000 Valdez, Marine Terminal RB, BP Pipelines Project, Series B 5.50 10/01/2028 0 917 0 917 0 1,000 0 1,000 Valdez, Marine Terminal RB, Mobil Alaska Pipeline Project 5.75 11/01/2028 0 963 0 963 -------------------------------------- 0 4,343 0 4,343 ARIZONA 1,250 0 0 1,250 Maricopa County AZ IDA Educational Revenue Arizona Charter Schools Project Series A 6.75 7/1/2029 1,217 0 0 1,217 3,000 0 0 3,000 Maricopa County AZ Union School District #48 GO School Improvements 9.00 7/1/2005 3,557 0 0 3,557 0 500 0 500 Maricopa, Elementary School District # 068 GO, School Improvement Project, AMBAC 5.10 07/01/2011 0 499 0 499 0 400 0 400 Maricopa, Industrial Development Authority RB, Catholic Healthcare West Project, Series A 5.00 07/01/2016 0 323 0 323 -------------------------------------- 4,774 822 0 5,596 ARKANSAS 1,545 0 0 1,545 Matanuska-Susitna Boro AK 4.50 3/1/2017 1,314 0 0 1,314 Independence, Pollution 0 500 0 500 Control RB, Power & Light Project 6.25 01/01/2021 0 489 0 489 -------------------------------------- 1,314 489 0 1,803
CALIFORNIA 1,525 0 0 1,525 Los Angeles CA Community Redevelopment Agency Housing Revenue Monterey Hills Redevelopment Project Series A 8.20 12/1/2013 1,633 0 0 1,633 6,900 0 0 6,900 Metropolitan Water District Southern California Waterworks Revenue Series Project + 6.54 8/10/2018 7,211 0 0 7,211 - 1,000 0 0 1,000 Student Education Loan Marketing Corporation CA Student Loan Revenue Junior Subordinates Series IV-D1 Guaranteed by Student Loans 5.88 1/1/2018 891 0 0 891 0 500 0 500 California State Tri-City Hospital District RB, Series A, MBIA 5.63 02/15/2017 0 502 0 502 0 160 0 160 Los Angeles, Wastewater System RB, Series A, MBIA 5.88 06/01/2024 0 162 0 162 0 720 0 720 Northern California Power Agency RB, Public Power Project, AMBAC, Pre-refunded @ 100 (A) 7.50 07/01/2021 0 877 0 877 0 130 0 130 Sacramento, Municipal Utility District RB, Series E, MBIA-IBC 5.75 05/15/2022 0 130 0 130 0 290 0 290 San Francisco, Airport Improvement RB, United Airlines, ETM 8.00 07/01/2013 0 340 0 340 0 120 0 120 San Francisco, City & County RR Series A, GNMA 7.13 10/01/2016 0 125 0 125 -------------------------------------- 9,735 2,136 0 11,871 COLORADO 1,420 0 0 1,420 Adams County CO SFMR Series A2 8.70 6/1/2012 1,460 0 0 1,460 Arapahoe County CO Utilities Revenue Water & Wastewater 1,750 0 0 1,750 Authority Revenue 6.25 12/1/2020 1,714 0 0 1,714 Black Hawk CO Business Improvements District Special 1,950 0 0 1,950 Assessment Series H981 7.00 12/1/2011 2,007 0 0 2,007 1,000 0 0 1,000 Colorado HFA GO Series A 7.40 5/1/2011 1,043 0 0 1,043 1,120 0 0 1,120 Colorado HFA SFMR Series A2 7.15 11/1/2014 1,196 0 0 1,196 1,330 0 0 1,330 Colorado HFA SFMR Series B2 7.50 12/1/2016 1,398 0 0 1,398 1,470 0 0 1,470 Colorado HFA SFMR Series C 7.90 12/1/2024 1,561 0 0 1,561 1,210 0 0 1,210 Colorado HFA SFMR Series D1 Remarketed 7/15/1994 8.00 12/1/2024 1,288 0 0 1,288 805 0 0 805 Colorado HFA SFMR Series D2 Remarketed 11/15/1994 8.13 6/1/2025 859 0 0 859 1,000 0 0 1,000 Colorado HFFA Revenue Hospital Steamboat Springs Health 5.75 9/15/2022 819 0 0 819 1,000 0 0 1,000 Colorado HFFA Revenue Steamboat Springs Health Project 5.70 9/15/2023 810 0 0 810 5,200 0 0 5,200 Denver CO Urban Renewal Authority Tax Increment Revenue Remarketed 6/15/94 9.13 9/1/2017 5,933 0 0 5,933 3,500 0 0 3,500 El Paso County CO GO School District #11 Colorado Springs 7.10 12/1/2017 4,130 0 0 4,130 195 0 0 195 Logan County CO SFMR Series A 8.50 11/1/2011 203 0 0 203 960 0 0 960 Northern Metropolitan District CO Adams County 6.50 12/1/2016 941 0 0 941 410 0 0 410 Vail CO SFMR Series 1992 A 8.13 6/1/2010 438 0 0 438 0 100 0 100 Colorado State Board of Agriculture RB, University of Southern Colorado Sports Project 8.25 05/01/2003 0 101 0 101 0 200 0 200 Colorado State Educational & Cultural Facilities Authority RB, Core Knowledge Project 7.00 11/01/2029 0 197 0 197 0 500 0 500 Denver, City & County Airport RB, Series E, MBIA 5.50 11/15/2025 0 476 0 476 Denver, City & County RB, The Boston Lofts Project, Series A,
0 500 0 500 FHA, AMT 5.75 10/01/2027 0 473 0 473 0 500 0 500 Denver, City & County School District # 1 GO, FGIC 5.25 12/01/2017 0 482 0 482 0 420 0 420 Summit, Sports Facilities RB, Keystone Resorts Project 7.38 09/01/2010 0 467 0 467 --------------------------------------- 25,800 2,196 0 27,996 CONNECTICUT 40 0 0 40 Connecticut State HFA Housing Mortgage Finance Program Series B4 7.30 11/15/2003 40 0 0 40 0 115 0 115 Connecticut State Health & Educational Facilities Authority RB, New Britain General Hospital, Series B, AMBAC, GOI 6.00 07/01/2024 0 116 0 116 0 155 0 155 Connecticut State Health & Educational Facilities Authority RB,Trinity College Project, Series E, MBIA 5.88 07/01/2026 0 156 0 156 0 500 0 500 Waterbury, Housing Authority RB, Section 8 Project, Series A, GNMA 5.85 02/01/2037 0 486 0 486 --------------------------------------- 40 758 0 798 FLORIDA 85 0 0 85 Brevard County FL HFA SFMR Series B 7.00 3/1/2013 87 0 0 87 0 505 0 505 Boynton Beach, Multi-Family Housing RB, Clipper Cove Apartments 6.45 01/01/2027 0 517 0 517 0 500 0 500 Florida State Housing Finance Agency RB, Glen Oaks Apartment Project, FNMA, AMT 5.90 02/01/2030 0 484 0 484 0 100 0 100 Florida State University Housing Facility RB, MBIA 5.88 05/01/2014 0 102 0 102 --------------------------------------- 87 1,103 0 1,190 GEORGIA 3,500 1,000 0 4,500 Atlanta GA Water & Wastewater Revenue Series A FGIC Insured Houston County GA Development Authority MFHR Emerald 5.50 11/1/2022 3,442 974 0 4,416 1,500 0 0 1,500 Coast Housing Series A 7.00 8/1/2028 1,306 0 1,306 0 1,000 0 1,000 Atlanta, Airport Authority RB, Series A, FGIC 5.60 01/01/2030 0 972 0 972 0 500 0 500 Fulton, Housing Authority RB, Multi-Family Housing, Concorde Place Apartments Project, Series C, AMT, Prerefunded @ 100 (A) 6.90 07/01/2008 0 558 0 558 0 265 0 265 Georgia State Housing & Finance Authority RB, Homeownership Opportunity Program, Series C, FHA, GOA 6.50 12/01/2011 0 274 0 274 Georgia State Housing & Finance Authority RB, Single Family 5.85 12/01/2028 0 465 0 465 0 485 0 485 Mortgage, Subseries B2, AMT Smyra, Hospital Authority RB, 0 500 0 500 Ridgeview Institute Project 6.00 11/01/2028 0 404 0 404 --------------------------------------- 4,748 3,647 0 8,395 HAWAII 6,950 0 0 6,950 Hawaii State Department of Budget & Finance Special Purpose Revenue The Queens Health Systems Series A 5.75 7/1/2026 6,349 0 0 6,349 0 500 0 500 Hawaii State Housing Finance & Development RB, Series A, FNMA, AMT 5.75 07/01/2030 0 471 0 471 --------------------------------------- 6,349 471 0 6,820
IDAHO 900 0 0 900 Idaho Housing Agency SFMR Series C2 Prerefunded 1/1/05 @102 6.35 7/1/2015 919 0 0 919 1,000 0 0 1,000 Idaho State Building Authority Building Revenue Series A MBIA Insured 4.75 9/1/2025 855 0 0 855 470 0 0 470 Pocatello ID IDA Revenue Allocation Tax Increment Series B 7.25 12/1/2008 475 0 0 475 0 0 1,075 1,075 Ada & Canyon Counties, Joint School District # 2 GO 5.50 07/30/2015 0 0 1,084 1,084 0 0 500 500 Ada & Canyon Countries, Joint School District # 2 GO 5.50 07/30/2016 0 0 501 501 Ammon, Urban Renewal Agency, Series B, Pre-refunded @ 100, 0 0 120 120 LOC (A) 6.00 08/01/2006 0 0 124 124 0 0 500 500 Bannock County, School District # 25 GO, FGIC 5.25 08/01/2015 0 0 492 492 Bingham County, School District 0 0 560 560 # 055 GO, MBIA 5.65 08/01/2015 0 0 568 568 0 0 135 135 Blackfoot, Wastewater Treatment Plant Facilities Project COP, AMBAC 5.80 09/01/2018 0 0 139 139 0 0 115 115 Blackfoot, Wastewater Treatment Plant Facilities Project COP, AMBAC 5.85 09/01/2019 0 0 118 118 0 0 500 500 Boise, Urban Renewal RB, Ada County Courts, AMBAC 5.90 08/15/2029 0 0 503 503 0 0 500 500 Boise Airport COP, Package Facility Project, Series A, AMBAC 5.40 08/01/2011 0 0 504 504 0 0 365 365 Boise, Urban Renewal, Tax Increment Capital City Development Project, FSA 5.10 09/01/2014 0 0 357 357 0 0 385 385 Boise, Urban Renewal, Tax Increment Capital City Development Project, FSA 5.15 09/01/2015 0 0 376 376 0 0 1,000 1,000 Boise State University RB, FSA 5.00 04/01/2023 0 0 905 905 0 0 160 160 Boise State University RB, Student Union & Housing System Project, MBIA 5.25 04/01/2017 0 0 157 157 0 0 1,000 1,000 Boise, Independent School District GO 5.50 07/30/2016 0 0 996 996 0 0 500 500 Bonneville & Bingham, School District # 93 GO, Series A, FGIC 5.75 07/30/2007 0 0 524 524 0 0 500 500 Bonneville & Bingham, School District # 93 GO, Series A, FGIC 5.50 07/30/2010 0 0 516 516 0 0 590 590 Bonneville GO, FSA School District # 93 GO, FGIC 5.50 08/01/2016 0 0 593 593 0 0 400 400 Canyon, School District # 132 GO, FSA 5.40 07/30/2012 0 0 406 406 0 0 470 470 Canyon, School District # 132 GO, FSA 5.45 07/30/2014 0 0 474 474 0 0 900 900 Canyon, School District # 132 GO, FSA 5.45 07/30/2015 0 0 904 904 0 0 500 500 Cassia & Twin Falls, Joint School District # 151 GO, FGIC 5.38 08/01/2014 0 0 503 503 0 0 1,000 1,000 Cassia & Twin Falls, Joint School District # 151 GO, FGIC 5.38 08/01/2016 0 0 995 995 0 0 250 250 Elks, Health Facility Authority RB, Rehabilitation Hospital Project 5.00 07/15/2008 0 0 224 224 0 0 500 500 Elks, Health Facility Authority RB, Rehabilitation Hospital Project 5.13 07/15/2013 0 0 416 416
0 0 715 715 Elks, Health Facility Authority RB, Rehabilitation Hospital Project 5.45 07/15/2023 0 0 559 559 0 0 100 100 Elmore, School District # 193 GO, AMBAC 5.00 07/31/2010 0 0 100 100 0 0 125 125 Fremont & Madison, School District # 215 GO, FSA 5.60 08/01/2014 0 0 127 127 0 0 765 765 Fremont & Madison, School District # 215 GO, FSA 5.60 08/01/2015 0 0 773 773 0 0 130 130 Gooding & Lincoln, Joint School District # 231 GO, FSA, Pre-refunded @ 100 (A) 6.25 02/01/2004 0 0 137 137 0 0 100 100 Idaho State Building Authority RB, Series C, MBIA 5.60 09/01/2005 0 0 103 103 0 0 1,150 1,150 Idaho State Building Authority RB, Series A, MBIA 5.00 09/01/2021 0 0 1,036 1,036 0 0 250 250 Idaho State Health Facility Authority RB, Bannock Regional Medical Project 5.25 05/01/2014 0 0 217 217 0 0 500 500 Idaho State Health Facility Authority RB, Holy Cross Health Systems, MBIA 5.25 12/01/2014 0 0 492 492 0 0 500 500 Idaho State Health Facility Authority RB, Holy Cross Health Systems, MBIA 5.00 12/01/2018 0 0 455 455 0 0 40 40 Idaho State Health Facility Authority RB, Holy Cross Health Systems, MBIA 5.00 12/01/2028 0 0 35 35 0 0 150 150 Idaho State Health Facility Authority RB, IHC Hospital Project, ETM 6.65 02/15/2021 0 0 168 168 0 0 200 200 Idaho State Health Facility Authority RB, Magic Valley Regional Medical Center, AMBAC 5.63 12/01/2013 0 0 203 203 0 0 130 130 Idaho State Health Facility Authority RB, Mercy Medical Center Project, Pre-refunded @102 (A) 6.20 11/15/2002 0 0 137 137 0 0 100 100 Idaho State Health Facility Authority RB, St. Alphonsus Regional Medical Center Project, Pre-refunded @102 (A) 6.10 12/01/2007 0 0 105 105 0 0 960 960 Idaho State Housing & Finance Authority RB, Single Family Mortgage, Series H-2, FHA AMT 6.15 01/01/2028 0 0 956 956 0 0 365 365 Idaho State Housing & Finance Authority RB, Single Family Mortgage, Series E-2 FHA AMT 4.95 07/01/2011 0 0 347 347 0 0 485 485 Idaho State Housing & Finance Authority RB, Single Family Mortgage, Series I-2, FHA AMT 5.20 07/01/2020 0 0 451 451 0 0 500 500 Idaho State University RB, Student Facility Fee, MBIA 4.90 04/01/2017 0 0 457 457 0 0 865 865 Idaho State University RB, Student Facility Fee, Recreation Center Project, FSA 6.50 04/01/2015 0 0 942 942 0 0 500 500 Idaho State Water Resource Board RB, Student led Loan Program, Series A 6.20 05/01/2020 0 0 500 500 0 0 240 240 Jefferson, School District # 253 GO, MBIA 5.50 08/01/2015 0 0 242 242 0 0 290 290 Jerome, Lincoln & Gooding GO, School District # 2, FSA 5.00 07/31/2012 0 0 288 288 0 0 170 170 Kootenai, School District #273 GO, AMBAC 5.00 07/30/2017 0 0 159 159 0 0 250 250 Lewis-Clark State College, College Facilities RB, MBIA 5.20 04/01/2017 0 0 242 242 0 0 420 420 Madison GO, FSA 5.40 08/01/2015 0 0 421 421 0 0 250 250 Madison, Memorial Hospital Board COP, Asset Guaranty 5.00 12/01/2018 0 0 222 222 0 0 215 215 McCall, Water RB, Parity Lien, FSA 5.75 03/01/2007 0 0 224 224 0 0 500 500 McCall, Water RB, Parity Lien, FSA 5.85 03/01/2016 0 0 509 509
0 0 290 290 Meridian, Free Library District GO, FSA 5.00 08/01/2015 0 0 280 280 0 545 1,000 1,545 Nez Perce, Pollution Control RB, Potlatch Corporation Project 6.00 10/01/2024 0 510 935 1,445 0 0 375 375 Oneida, School District # 351 GO, MBIA 5.00 07/31/2015 0 0 360 360 0 0 365 365 Payette, School District # 372 GO, AMBAC 6.25 07/30/2010 0 0 404 404 0 0 100 100 Payette, School District # 372 GO, Asset Guaranty, Pre-refunded @ 100 (A) 6.75 07/31/2003 0 0 106 106 0 0 500 500 Southern Idaho Regional Solid Waste Project COP LOC 5.45 11/01/2013 0 0 502 502 0 0 400 400 Teton, School District # 401 GO, FSA 5.50 08/01/2010 0 0 412 412 0 0 145 145 Twin Falls & Cassia, Joint School District # 418 GO, MBIA 5.45 08/01/2015 0 0 146 146 0 0 400 400 Twin Falls, School District # 413 GO, Cl A, AMBAC 5.25 07/30/2013 0 0 401 401 0 0 420 420 Twin Falls, School District # 413 GO, Cl A, AMBAC 5.25 07/30/2014 0 0 420 420 0 0 195 195 Twin Falls, School District # 415 GO, Asset Guaranty 5.50 08/01/2015 0 0 195 195 0 0 200 200 University of Idaho, Student Fee RB, FSA 5.85 04/01/2011 0 0 208 208 0 0 500 500 University of Idaho, Student Fee RB, Kibbie & Enroll Project, Series D, FSA 6.00 04/01/2026 0 0 507 507 0 0 500 500 University of Idaho, Student Fee RB, University Commons Project, MBIA 5.65 04/01/2022 0 0 503 503 0 465 0 465 Idaho State Health Facilities Authority RB, Bannock Regional Medical Center Project 6.13 05/01/2025 0 424 0 424 -------------------------------------- 2,249 934 28,365 31,548 ILLINOIS 35,000 0 0 35,000 Illinois Development Finance Authority Retirement Housing Revenue Regency Park Series A 5.92 7/15/2023 7,615 0 0 7,615 1,000 0 0 1,000 Illinois Development Finance Authority Revenue Community Rehabilitation Providers Series A 5.70 7/1/2019 839 0 0 839 950 0 0 950 Illinois Development Financial Authority Revenue Community Rehabilitation Providers Series A 7.88 7/1/2020 850 0 0 850 1,735 0 0 1,735 Illinois Development Financial Authority Revenue Community Rehabilitation Providers Series A 7.88 7/1/2020 1,975 0 0 1,975 1,120 0 0 1,120 Illinois Development Finance Authority Revenue Community Rehabilitation Providers Series C 5.65 7/1/2019 934 0 0 934 4,940 0 0 4,940 Illinois Educational Facilities Authority Revenue Capital Appreciation Refunded 5.99 7/1/2014 2,066 0 0 2,066 1,120 0 0 1,120 Illinois HFFA Revenue Edgewater Medical Center Series A 9.25 7/1/2024 1,294 0 0 1,294 4,500 0 0 4,500 Illinois HFFA Revenue Healthcare System 6.25 11/15/2029 4,241 0 0 4,241 1,025 0 0 1,025 Lake County, IL, Community Unit School District #116 Educational Facilities Revenue Rund Lake 7.60 2/1/2013 1,234 0 0 1,234 7,350 0 0 7,350 Regional Transportation Authority IL Sales Tax Revenue Series D FGIC Insured 7.75 6/1/2019 9,144 0 0 9,144 0 1,000 0 1,000 Bryant, Pollution Control RB, Central Illinois Light Project 5.90 08/01/2023 0 941 0 941
0 500 0 500 Chicago, Board of Education GO, School Reform Board, Series A, FGIC 5.50 12/01/2026 0 475 0 475 0 500 0 500 Chicago, Multi-Family Housing RB, Bryne Mawr/Belle Project, GNMA, AMT 6.13 06/01/2039 0 503 0 503 0 520 0 520 Illinois State Health Facilities Authority RB, Holy Cross Hospital Project, GOH 6.25 03/01/2004 0 521 0 521 0 235 0 235 Illinois State Housing Development Authority RB, Multi- Family Housing, HUD 7.00 07/01/2017 0 236 0 236 0 1,255 0 1,255 Illinois State, Sales Tax RB, Series P 6.50 06/15/2022 0 1,355 0 1,355 0 500 0 500 Jackson and Williamson GO, AMBAC 6.25 12/01/2015 0 527 0 527 0 1,000 0 1,000 Rockford, Mortgage Authority RB, Faust Landmark Apartments, Series A, MBIA, AMT, HUD 6.75 01/01/2018 0 1,050 0 1,050 -------------------------------------- 30,192 5,608 0 35,800 INDIANA 0 720 0 720 Hammod, Multi-School Building RB, First Mortgage Project, State Aid Witholding 6.13 07/15/2019 0 733 0 733 0 25 0 25 Indiana State Toll Financial Authority RB 6.00 07/01/2013 0 25 0 25 0 290 0 290 Indianapolis, Local Public Improvement RB, Series B 6.00 01/10/2020 0 303 0 303 0 105 0 105 Petersburg, Pollution Control RB, Indianapolis Power & Light Project 6.63 12/01/2024 0 110 0 110 -------------------------------------- 0 1,171 0 1,171 IOWA 1,225 0 0 1,225 Iowa Finance Authority SFMR Mortgage Backed Securities Program Series B 6.95 7/1/2024 1,275 0 0 1,275 185 0 0 185 Iowa Finance Authority SFMR Series B 7.45 7/1/2023 191 0 0 191 0 1,000 0 1,000 Iowa City, Sewer RB, MBIA 5.75 7/1/2021 0 1,000 0 1,000 0 485 0 485 Iowa State Finance Authority RB, Series F, GNMA/FNMA 5.70 1/1/2027 0 466 0 466 0 200 0 200 Iowa State Hospital Facility RB, Sisters of Mercy Health Project, Series N, FSA 6.25 2/15/2022 0 204 0 204 -------------------------------------- 1,466 1,670 0 3,136 KANSAS 3,175 0 0 3,175 Kansas State DOT Highway Revenue Series A 7.25 9/1/2008 3,649 0 0 3,649 3,175 0 0 3,175 Sedgwick & Shawnee Counties KS SFMR Mortgage Backed Securities Series A2 Collateralized by GNMA 6.70 6/1/2029 4,086 0 0 4,086 -------------------------------------- 7,735 0 0 7,735 KENTUCKY 0 500 0 500 Kentucky State Economic Development Finance RB, Appalachian 5.88 10/01/2022 0 338 0 338 Hospital System 0 100 0 100 University of Louisville, Consolidated Educational Building, School Board Guaranty RB, Series H 5.88 05/01/2011 0 103 0 103 -------------------------------------- 0 441 0 441 LOUISIANA 235 0 0 235 Louisiana Public Facilities Authority Revenue Student Loan LA Opportunity Loans Series A 6.85 1/1/2009 244 0 0 244
2,000 0 0 2,000 Louisiana Stadium & Exposition District Hotel Occupancy Tax & Stadium Revenue 4.75 7/1/2021 1,717 0 0 1,717 5,000 0 0 5,000 Rapides Parish LA Housing & Mortgage Finance Authority Capital Appreciation Revenue Series C 7.45 7/10/2014 1,882 0 0 1,882 2,900 0 0 2,900 St. Bernard Parish LA Housing Mortgage Authority SFMR Series 1992 C 7.65 7/10/2014 1,026 0 0 1,026 0 1,000 0 1,000 Louisiana State, Stadium & Exposition District RB, Series B, FGIC 5.00 07/01/2026 0 873 0 873 -------------------------------------- 4,869 873 0 5,742 MAINE 0 1,000 0 1,000 Maine State Housing Authority RB, Series D2, AMT 5.90 11/15/2025 0 967 0 967 MASSACHUSETTS 5,325 0 0 5,325 Massachusetts Bay Transportation Authority General Transportation System Revenue Series B 6.20 3/1/2016 5,765 0 0 5,765 4,490 0 0 4,490 Massachusetts EDFA Revenue Series C MBIA Insured 4.80 12/1/2010 4,233 0 0 4,233 2,500 0 0 2,500 Massachusetts State College Building Authority Educational Facilities Revenue Series A 7.50 5/1/2014 3,006 0 0 3,006 2,235 0 0 2,235 Massachusetts State Development Finance Agency Resource Recovery Revenue Ogden Haverhill Project Series B 5.30 12/1/2014 1,939 0 0 1,939 2,500 0 0 2,500 Massachusetts State Health & Educational Facilities Authority Revenue Caritas Christi Obligations Group A 5.70 7/1/2015 2,107 0 0 2,107 1,000 0 0 1,000 Massachusetts State HFA Residential Development FNMA Collateralized 6.90 11/15/2021 1,047 0 0 1,047 750 0 0 750 Massachusetts State HFA SFMR Series 26 5.60 6/1/2023 696 0 0 696 10,000 0 0 10,000 Massachusetts State Turnpike Authority Metropolitan Highway System Revenue Series A 4.75 1/1/2034 8,266 0 0 8,266 380 0 0 380 New Bedford MA IDA Revenue Aerovox Incorporated Project Series 1982 7.42 7/1/2002 382 0 0 382 0 200 0 200 Massachusetts State Health & Education Authority RB, Melrose-Wakefield Hospital, Series B, GOH, ETM 5.88 07/01/2018 0 207 0 207 0 400 0 400 Massachusetts State Water Pollution Authority RB, MWRA Project, Subseries A 6.00 08/01/2023 0 406 0 406 -------------------------------------- 27,441 613 0 28,054 MICHIGAN 2,990 0 0 2,990 Michigan State HFFA Revenue Henry Ford Health System Series A 6.00 11/15/2019 2,916 0 0 2,916 2,760 0 0 2,760 Wayland MI USD GO FGIC Insured 8.00 5/1/2010 3,373 0 0 3,373 -------------------------------------- 6,289 0 0 6,289 MINNESOTA 500 0 0 500 Austin MN Housing & Redevelopment Authority Governmental Housing Gross Revenue Courtyard Residence Project Series A 7.25 1/1/2032 503 0 0 503 290 0 0 290 Minneapolis St. Paul MN Housing Finance Board SFMR Phase IX 7.30 8/1/2031 296 0 0 296
Minneapolis St. Paul Housing & Redevelopment Authority RB, 0 500 0 500 Group Health Plan Project 6.90 10/15/2022 0 502 0 502 -------------------------------------- 799 502 0 1,301 MISSOURI 0 500 0 500 Boone, Public Water Supply RB, District # 07 5.50 05/01/2029 0 442 0 442 0 650 0 650 Health & Educational Facilities Authority MBIA SSM Health Care Projects Series B RB 0 671 0 671 0 200 0 200 Springfield, Public Building Leasehold RB, Parks Department Improvement Project, FSA 5.90 11/01/2014 0 208 0 208 --------------------------------------- Total Missouri 0 1,321 0 1,321 NEBRASKA 0 150 0 150 Lincoln-Lancaster, Public Building Commission RB, Tax Supported Lease Rental, GOC 6.00 10/15/2026 0 152 0 152 Total Nebraska NEVADA 2,000 0 0 2,000 Clark County NV IDR Nevada Power Company Project Series A 5.90 11/1/2032 1,717 0 0 1,717 0 180 0 180 Nevada State Housing Division RB, Single Family Program, Series C-1, FHA 6.50 10/01/2016 0 185 0 185 0 280 0 280 Nevada State Housing Division RB, Multi-Unit Housing, Saratoga Palms, AMT, FNMA 6.25 10/01/2016 0 284 0 284 --------------------------------------- 1,717 469 0 2,186 NEW HAMPSHIRE 0 1,170 0 1,170 New Hampshire State Higher Educational & Health Facilities Authority RB, Androscoggin Valley Hospital 5.80 11/01/2027 0 1,333 0 1,333 NEW JERSEY 1,570 0 0 1,570 New Jersey Health Care Facilities Financing Authority Revenue Englewood Hospital & Medical Center 6.50 7/1/2009 1,546 0 0 1,546 1,250 0 0 1,250 New Jersey State Housing & Mortgage Finance Agency MFHR Presidential Plaza FHA Insured 7.00 5/1/2030 1,301 0 0 1,301 0 140 0 140 New Jersey State Health Care Facility Financing Authority RB, Raritan Bay Center 7.25 07/01/2027 0 124 0 124 --------------------------------------- 2,847 124 0 2,971 NEW MEXICO 3,040 0 0 3,040 Bernalillo County NM Gross Receipts Tax Revenue Bonds 5.20 4/1/2021 2,876 0 0 2,876 1,475 0 0 1,475 Bernalillo County NM Gross Receipts Tax Revenue Bonds 5.25 4/1/2027 1,390 0 0 1,390 3,500 0 0 3,500 Bernalillo County NM Gross Receipts Tax Revenue Bonds Series B 5.70 4/1/2027 3,508 0 0 3,508 2,000 0 0 2,000 Farmington NM PCR Public Service Company San Juan Project Series D 6.38 4/1/2022 1,891 0 0 1,891 690 0 0 690 Hobbs NM SFMR 8.75 7/1/2011 748 0 0 748 6,585 0 0 6,585 Santa Fe County NM Correctional Systems Revenue FSA Insured 6.00 2/1/2027 6,836 0 0 6,836 0 375 0 375 Carlsbad, Multi-Family Housing RB, Colonial Hillcrest 7.38 08/01/2027 0 366 0 366 0 430 0 430 Southeastern New Mexico Affordable Housing RB, Casa Hermosa Apartments 7.25 12/01/2027 0 396 0 396 --------------------------------------- 17,249 762 0 18,011
NEW YORK 2,400 0 0 2,400 New York NY City Transitional Finance Authority Revenue 4.75 5/1/2023 2,053 0 0 2,053 1,480 0 0 1,480 New York NY GO Series B1 Prerefunded 8/15/04 @ 101 7.30 8/15/2010 1,635 0 0 1,635 1,340 0 0 1,340 New York NY GO Series B1 Prerefunded 8/15/04 @ 101 7.38 8/15/2013 1,484 0 0 1,484 0 1,000 0 1,000 New York State Dormitory Authority RB, Menorah Campus, FHA 6.10 02/01/2037 0 996 0 996 0 280 0 280 New York State Local Government Assistance RB, Series A, GOC 6.00 04/01/2024 0 283 0 283 0 100 0 100 New York State Medical Care Facilities RB, Series E, MBIA, Pre-refunded @ 102 (A) 6.50 08/15/2004 0 109 0 109 0 1,000 0 1,000 New York State Metropolitan Transportation Authority RB, Series C1 5.63 07/01/2027 0 953 0 953 0 270 0 270 New York State Unrefunded Balance GO, Series E 6.00 08/01/2026 0 271 0 271 0 485 0 485 Newark-Wayne, Community Hospital RB, Series A, GOH 7.60 09/01/2015 0 493 0 493 0 500 0 500 United Nations Development RB, Series B, GOC 5.60 07/01/2026 0 477 0 477 --------------------------------------- 5,172 3,582 0 8,754 NORTH CAROLINA 4,000 0 0 4,000 North Carolina Eastern Municipal Power Revenue Series B 5.70 1/1/2017 3,705 0 0 3,705 0 375 0 375 North Carolina State Eastern Municipal Power Agency RB, Series A, ETM 4.00 01/01/2018 0 309 0 309 0 1,000 0 1,000 North Carolina State Eastern Municipal Power Agency RB, Series A, Pre-refunded @ 100 (A) 6.00 01/01/2022 0 1,045 0 1,045 0 500 0 500 North Carolina State Medical Care Commission RB, Firsthealth of the Carolinas 4.75 10/01/2026 0 405 0 405 0 500 0 500 North Carolina State Municipal Power Agency RB, Series B 6.00 01/01/2020 0 477 0 477 -------------------------------------- 3,705 2,236 0 5,941 NORTH DAKOTA 0 255 0 255 Fargo, Multi-Family Housing RB 7.13 02/01/2026 0 235 0 235 0 260 0 260 North Dakota State Housing Finance Agency RB, Home Mortgage, Series C, AMT 5.95 07/01/2017 0 265 0 265 0 335 0 335 North Dakota State Housing Finance Agency RB, Home Mortgage, Series C, AMT 6.10 07/01/2028 0 330 0 330 --------------------------------------- 0 830 0 830 OHIO 2,000 0 0 2,000 Pike County OH Hospital Facilities Revenue Pike Health Services Incorporated Project 7.00 7/1/2022 1,836 0 0 1,836 0 500 0 500 Butler, Hospital Facilities RB, Middletown Hospital 5.00 11/15/2028 0 393 0 393 0 1,000 0 1,000 Erie, Franciscan Service RB, Providence Hospital 6.00 01/01/2013 0 980 0 980 0 250 0 250 Johnstown, Waterworks System RB 6.00 12/01/2017 0 240 0 240 0 600 0 600 Mason, Tax Increment Financing Authority, J. W. Harris Development Ltd. Project, LOC 5.30 12/01/2018 0 537 0 537 0 76 0 76 Montgomery, Special Assessment GO, Montgomery Woods Project 6.00 12/01/2017 0 76 0 76
0 500 0 500 Oak Hills, Local School District GO, Series A 5.70 12/01/2025 0 489 0 489 0 400 0 400 Perrysburg, School District GO, Exempt Village School District 5.35 12/01/2025 0 370 0 370 --------------------------------------- 1,836 3,085 0 4,921 OKLAHOMA 200 0 0 200 Pryor Creek OK, EDA Mortgage Revenue Series A 7.13 7/1/2021 202 0 0 202 365 0 0 365 Tulsa County OK HFA Mortgage Revenue GNMA Collateralized Series B 7.55 5/1/2023 373 0 0 373 405 0 0 405 Tulsa County OK HFA Mortgage Revenue GNMA Collateralized Series C 7.10 6/1/2022 414 0 0 414 1,245 0 0 1,245 Tulsa OK IDA Revenue University of Tulsa Series A MBIA Insured 6.00 10/1/2016 1,321 0 0 1,321 -------------------------------------- 2,310 0 0 2,310 OREGON 1,500 0 0 1,500 Klamath Falls OR Electric Revenue Lien-Klamath Cogen Project 5.88 1/1/2016 1,343 0 0 1,343 8,500 0 0 8,500 Klamath Falls OR Electric Revenue Lien-Klamath Cogen Project 6.00 1/1/2025 7,475 0 0 7,475 1,000 0 0 1,000 Oregon State Health Housing Educational & Cultural Facilities Authority 5.25 10/1/2016 781 0 0 781 2,000 0 0 2,000 Washington County OR Housing Authority Revenue Affordable Housing Pool Series A 6.13 7/1/2029 1,811 0 0 1,811 0 500 0 500 Lane, School District # 52, School Board Guaranty GO 5.63 06/15/2020 0 496 0 496 0 500 0 500 Oregon State Economic Development RB, Pacific Corporation Project, Series 183, AMT 5.70 12/01/2025 0 443 0 443 -------------------------------------- 11,410 939 0 12,349 PENNSYLVANIA 2,000 0 0 2,000 Carbon County PA Industrial Development Authority Revenue Panther Creek Partners Project 6.70 5/1/2012 2,002 0 0 2,002 2,250 0 0 2,250 Chester County PA Health & Education Facilities Authority Revenue Jefferson Health System Series B 5.38 5/15/2027 1,885 0 0 1,885 4,230 0 0 4,230 Cumberland County PA Municipal Authority Revenue Carlisle Hospital & Health 6.80 11/15/2023 3,854 0 0 3,854 1,375 0 0 1,375 Montgomery County PA Higher Education & Health Authority Revenue Montgomery Hospital Medical Center Project Series B 6.60 7/1/2010 1,351 0 0 1,351 500 0 0 500 Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Series A AMBAC Insured 7.05 10/1/2016 536 0 0 536 6,000 0 0 6,000 Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Series A AMBAC Insured + 7.60 3/1/2022 6,120 0 0 6,120 - 4,500 0 0 4,500 Philadelphia PA School District GO Series A MBIA Insured 4.50 4/1/2023 3,702 0 0 3,702 0 500 0 500 Allegheny, Hospital Development Authority RB, St Francis Medical Center Project 5.75 05/15/2017 0 412 0 412 0 500 0 500 Allentown, Hospital Authority RB, Sacred Heart Hospital of 0 500 0 500 Allentown 6.75 11/15/2014 0 491 0 491 Dauphin, General Authority Office RB, Office & Packaging Project, Series A 6.00 01/15/2025 0 442 0 442
0 500 0 500 Delaware, Hospital Authority RB, Crozer-Chester Medical Center 6.00 12/15/2020 0 428 0 428 0 100 0 100 Pennsylvania State GO 9.00 10/01/2000 0 101 0 101 0 750 0 750 Pennsylvania State Housing Finance Agency RB, Single Family Mortgage, Series 39B, AMT 6.88 10/01/2024 0 774 0 774 0 1,250 0 1,250 Pennsylvania State Housing Finance Agency RB, Single Family Mortgage, Series 59A, GOA, AMT 5.80 10/01/2029 0 1,195 0 1,195 0 500 0 500 Scranton-Lackawanna, Health & Welfare Authority RB, Moses Taylor Hospital Project 6.25 07/01/2020 0 429 0 429 0 500 0 500 Warren, Hospital Authority RB, Warren General Hospital Project, Series A, GOH 6.90 04/01/2011 0 502 0 502 0 500 0 500 Washington, Hospital Authority RB, Canonsburg General Hospital Project, Pre-refunded @ 102 (A) 7.35 06/01/2003 0 486 0 486 --------------------------------------- 19,450 5,260 0 24,710 PUERTO RICO 0 0 735 735 Puerto Rico Commonwealth Highway & Transportation Authority Highway RB, Series Z, FSA 6.25 07/01/2016 0 0 812 812 0 0 400 400 Puerto Rico Commonwealth Highway & Transportation Authority Highway RB, Series Z, MBIA 6.25 07/01/2013 0 0 441 441 0 0 500 500 Puerto Rico Commonwealth Highway & Transportation Authority Highway RB, Series Y, FSA 6.25 07/01/2014 0 0 551 551 0 0 250 250 Puerto Rico Commonwealth Highway & Transportation Authority Highway RB Series Y, MBIA 5.50 07/01/2026 0 0 244 244 --------------------------------------- 0 0 2,048 2,048 RHODE ISLAND 0 325 0 325 Rhode Island Depositors Economic Protection Corporation, Special Obligation RB, Series A, ETM 6.38 08/01/2022 0 352 0 352 0 150 0 150 Rhode Island State, Convention Center Authority RB, Series A, AMBAC 5.75 05/15/2020 0 149 0 149 0 1,000 0 1,000 Rhode Island State Housing & Mortgage Finance RB, Series 23, AMT 5.95 04/01/2029 0 970 0 970 ---------------------------------------- 0 1,471 0 1,471 SOUTH CAROLINA 8,800 0 0 8,800 Connector 2000 Association Incorporated SC Toll Road Revenue Southern Connector Project Series B 5.73 1/1/2017 2,466 0 0 2,466 9,100 0 0 9,100 Connector 2000 Association Incorporated SC Toll Road Revenue Southern Connector Project Series B 5.75 1/1/2018 2,349 0 0 2,349 9,400 0 0 9,400 Connector 2000 Association Incorporated SC Toll Road Revenue Southern Connector Project Series B 5.75 1/1/2019 2,245 0 0 2,245 1,000 0 0 1,000 Loris SC Community Hospital District Hospital Revenue Series B 5.63 1/1/2029 805 0 0 805 0 500 0 500 South Carolina State Connector 2000 Association RB, Toll Road Project, (B) 5.85 + 01/01/2031 0 48 0 48 0 1,000 0 1,000 University of South Carolina RB, MBIA 5.75 06/01/2026 0 995 0 995 -------------------------------------- 7,865 1,043 0 8,908
SOUTH DAKOTA 3,500 0 0 3,500 South Dakota State HEFA Revenue Huron Regional Medical Center 7.30 4/1/2016 3,545 0 0 3,545 0 500 0 500 South Dakota State Health & Education Facilities RB, Huron Regional Medical Center 7.25 04/01/2020 0 506 0 506 -------------------------------------- 3,545 506 0 4,051 TENNESSEE 14,250 0 0 14,250 Metropolitan Governments of Nashville & Davidson County TN Health & Educational Facilities Revenue Volunteer Health Care 5.72 6/1/2021 3,468 0 0 3,468 0 500 0 500 Nashville & Davidson Counties, Health & Education Facility RB, Open Arms Development Center 5.00 08/01/2012 0 467 0 467 -------------------------------------- 3,468 467 0 3,935 TEXAS 320 0 0 320 Baytown TX Housing Finance Corporation SFMR Series 1992 A 8.50 9/1/2011 354 0 0 354 1,535 0 0 1,535 Beaumont TX Housing Finance Corporation Revenue 9.20 3/1/2012 1,729 0 0 1,729 2,900 0 0 2,900 Brazos River Authority TX Utilities Revenue Houston Industries Incorporated Project Series A 5.13 5/1/2019 2,665 0 0 2,665 2,000 0 0 2,000 Columbia & Brazoria TX Independent School District GO PSFG Insured 4.75 2/1/2025 1,697 0 0 1,697 1,145 0 0 1,145 Corpus ChristiTX HFA Housing Revenue Series A MBIA Insured 7.70 7/1/2011 1,210 0 0 1,210 2,150 0 0 2,150 Cypress Fairbanks TX Independent School District PSFG Insured 4.75 2/15/2022 1,843 0 0 1,843 2,395 0 0 2,395 Desoto TX Housing Finance Corporation MFHR Windsor Foundation Project Series A 7.00 2/1/2025 2,633 0 0 2,633 180 0 0 180 El Paso TX Housing Finance Corporation SFMR Series A 8.75 10/1/2011 197 0 0 197 2,000 0 0 2,000 Fort Bend TX Independent School District Public School Financed Insured 5.38 2/15/2024 1,891 0 0 1,891 220 0 0 220 Galveston County TX Property Finance Authority Incorporated SFMR Series A 8.50 9/1/2011 237 0 0 237 1,300 0 0 1,300 Grape Creek-Pulliam TX Independent School District Public Facilities Corporation GO 7.25 5/15/2021 1,374 0 0 1,374 1,115 0 0 1,115 Harlandale TX Independent School District Public Facilities Corporation Lease Revenue Educational Facilities Revenue 5.50 10/15/2012 1,069 0 0 1,069 3,690 0 0 3,690 Houston TX Housing Finance Corporation SFMR Series A-1 8.00 6/1/2014 3,927 0 0 3,927 2,250 0 0 2,250 Houston TX Housing Finance Corporation SFMR Series B-1 8.00 6/1/2014 2,418 0 0 2,418 1,000 0 0 1,000 La Porte TX GO Independent School District PSFG Insured 4.25 2/15/2018 820 0 0 820 1,000 0 0 1,000 La Porte TX GO Independent School District PSFG Insured 4.25 2/15/2019 810 0 0 810 3,075 0 0 3,075 Lufkin TX Health Facilities Development Corporation Health System Revenue Memorial Health System of East Texas 6.88 2/15/2026 2,842 0 0 2,842 1,005 0 0 1,005 Port Arthur TX Housing Finance Corporation SFMR 8.70 3/1/2012 1,101 0 0 1,101 4,180 0 0 4,180 San Antonio TX Higher Education Authority Incorporated Educational Facilities Revenue 7.13 11/1/2015 4,398 0 0 4,394 2,200 0 0 2,200 Texas State Department of Housing & Community Affairs SFMR Series A 8.10 9/1/2015 2,392 0 0 2,392 1,040 0 0 1,040 Texas State PFA Building Revenue State Preservation Board Series A AMBAC Insured 4.50 2/1/2017 886 0 0 886
295 0 0 295 Travis County TX Housing Finance Corporation Residential Mortgage Revenue GNMA/FNMA Mortgage Backed Securities Series A 7.00 12/1/2011 303 0 0 303 0 500 0 500 Beaumont, Multi-Family Housing RB, Park Shadows Project, FNMA 6.45 06/15/2022 0 499 0 499 0 325 0 325 Carroll, Independent School District GO, PSFG 6.75 08/15/2020 0 367 0 367 0 700 0 700 Denison, Hospital Authority RB, Texoma Medical Center Project 6.13 08/15/2017 0 584 0 584 0 500 0 500 Harris County, Industrial Development RB, Gatx Terminals Project 6.95 02/01/2022 0 516 0 516 0 200 0 200 Socorro, Independent School District GO 5.75 02/15/2021 0 210 0 210 0 160 0 160 Texarkana, Health Facilities RB, Wadley Regional Medical Center, Series B, MBIA 6.00 10/01/2017 0 166 0 166 --------------------------------------- 36,796 2,342 0 39,138 UTAH 1,450 410 0 1,860 Salt Lake County UT EDFA Revenue Westminster College Project 5.75 10/1/2027 1,313 385 0 1,698 1,100 0 0 1,100 Utah State Board Regents Student Loan Revenue Amortized Series H 6.70 11/1/2015 1,140 0 0 1,140 500 0 0 500 Utah State Board Regents Student Loan Revenue Series F 7.45 11/1/2008 515 0 0 515 5 0 0 5 Utah State HFA SFMR Series D2 6.45 1/1/2011 5 0 0 5 11,500 0 0 11,500 Weber County UT Hospital Revenue IHC Health Service Incorporated AMBAC Insured 5.00 8/15/2030 9,835 0 0 9,835 0 500 0 500 Provo City, Housing Authority RB, Lookout Pointe Apartments, GNMA 5.80 07/20/2022 0 485 0 485 0 275 0 275 Salt Lake City, Metropolitan Water Division RB, FGIC 4.10 08/01/2004 0 244 0 244 0 250 0 250 Utah State Building Ownership Authority Lease RB, Student Facilities Master Lease, Series C, FSA 5.50 05/15/2019 0 247 0 247 0 95 0 95 Utah State Housing Finance Agency RB, Single Family Mortgage, FHA 6.80 01/01/2012 0 98 0 98 0 1,000 0 1,000 Weber County, Municipal Building Authority RB, MBIA 5.75 12/15/2019 0 992 0 992 --------------------------------------- 12,808 2,451 0 15,259 VERMONT 0 365 0 365 Vermont State Housing Finance Agency RB, Series 9, MBIA, AMT 6.00 05/01/2037 0 357 0 357 0 900 0 900 Vermont State Student Assistance Financing RB, Series B, FSA, AMT 6.70 12/15/2012 0 944 0 944 --------------------------------------- 0 1,301 0 1,301 VIRGINIA 3,000 0 0 3,000 Fairfax County VA Redevelopment & Housing Authority MFHR Burke Shire Commons 7.60 10/1/2036 3,105 0 0 3,105 0 1,000 0 1,000 Chesapeake Bay Bridge and Tunnel Commission RB, General Resolution, MBIA 5.50 07/01/2025 0 979 0 979 --------------------------------------- 3,105 979 0 4,084 WASHINGTON 1,748 0 0 1,748 Kitsap County WA Housing Authority Revenue MFHR Bonds Low IncomeHousing Collaterized by GNMA 7.10 8/20/2016 1,947 0 0 1,947
6,205 0 0 6,205 Port Longview WA Revenue Series A 5.00 12/1/2014 5,567 0 0 5,567 1,100 0 0 1,100 Vancouver WA Housing Authority Revenue Springbrook Square 5.65 3/1/2031 930 0 0 930 2,750 0 0 2,750 Washington Public Power Supply System Power Revenue Nuclear Project #2 Series A 6.00 7/1/2007 2,894 0 0 2,894 4,000 0 0 4,000 Washington State Housing Finance Commission Nonprofit Housing Revenue Ocean Ridge Apartments Project Series A 5.25 7/1/2002 3,990 0 0 3,990 1,145 0 0 1,145 Washington State Housing Finance Commission SFMR GNMA/FNMA Collateralized Series E 7.10 7/1/2022 1,169 0 0 1,169 2,000 0 0 2,000 Washington State Public Power Supply System Power Revenue Nuclear Project #2 Series A 5.13 7/1/2018 1,830 0 0 1,830 4,980 0 0 4,980 Washington State University Washington Education Lease Revenue 4225 Roosevelt Project Series A 5.38 6/1/2029 4,626 0 0 4,626 3,000 0 0 3,000 Yakima County WA School District #007 GO MBIA Insured 6.75 12/1/2006 3,301 0 0 3,301 0 500 0 500 Clark County, School District # 98 GO, MBIA 6.15 12/01/2015 0 524 0 524 0 110 0 110 King County GO, MBIA 6.13 01/01/2033 0 111 0 111 0 820 0 820 Pilchuck, State Development RB, Tramco Project, AMT 6.00 08/01/2023 0 773 0 773 0 1,000 0 1,000 Seattle, Low Income Housing Assistance Authority RB, Kin On 7.40 11/20/2036 0 1,105 0 1,105 Project, GNMA 0 500 0 500 Seattle, Water Systems RB, Series B, FGIC 6.00 07/01/2029 0 504 0 504 0 220 0 220 Snohomish County, Public Utility RB, District # 001, FGIC 6.00 01/01/2018 0 222 0 222 0 110 0 110 Stevens County, Water Power RB, Kettle Project 6.00 12/01/2023 0 106 0 106 0 250 0 250 Washington State GO, Series W & At-7 6.40 06/01/2017 0 273 0 273 0 250 0 250 Washington State Housing Finance RB, Seattle University Auxiliary Services Project, LOC 5.30 07/01/2031 0 220 0 220 --------------------------------------- 26,254 3,838 0 30,092 WASHINGTON D.C. 8,300 0 0 8,300 Washington DC Convention Center Authority Dedicated Tax Revenue 4.75 10/1/2028 6,851 0 0 6,851 WEST VIRGINIA 0 140 0 140 West Virginia State Hospital Financing Authority RB, Fairmont General Hospital, GOH 6.75 03/01/2014 0 137 0 137 WISCONSIN 1,750 0 0 1,750 Wisconsin Center District Tax Revenue JR Dedicated FSA Insured 5.25 12/15/2023 1,655 0 0 1,655 4,950 0 0 4,950 Wisconsin Center District Tax Revenue JR Dedicated FSA Insured 5.25 12/15/2027 4,643 0 0 4,643 0 145 0 145 Wisconsin State GO, Series D, AMT 5.80 05/01/2020 0 143 0 143 0 1,000 0 1,000 Wisconsin State Health & Education Facilities RB, Franciscan Skemp Medical Center 6.13 11/15/2015 0 1,025 0 1,025 0 550 0 550 Wisconsin State Housing & & Economic Development RB, Series A, GOA 6.00 09/01/2015 0 555 0 555 --------------------------------------- 6,298 1,723 0 8,021 WYOMING 0 500 0 500 Jackson, National Rural Utilities RB, Lower Valley Power & Light, Series B, AMT 5.88 05/01/2026 0 482 0 482 0 600 0 600 Teton County, Hospital District RB 5.80 12/01/2017 0 586 0 586
0 420 0 420 Wyoming State Community Development Authority RB, Series 4, AMT 5.85 06/01/2028 0 402 0 402 0 1,000 0 1,000 Wyoming State Community Development Authority RB, Series A, FHA 6.00 06/01/2023 0 999 0 999 --------------------------------------- 0 2,469 0 2,469 TOTAL MUNICIPAL BONDS 309,574 67,664 30,413 407,651 SHARES - ----------------------------------------- CLOSED-END MUTUAL FUNDS 60,485 0 0 60,485 Black Rock Strategic Municipal Trust 760 0 0 760 357,724 0 0 357,724 Dreyfus Municipal Income Fund 2,705 0 0 2,705 75,530 0 0 75,530 Dreyfus Strategic Municipal Bond Fund 609 0 0 609 261,246 0 0 261,246 Dreyfus Strategic Municipals Fund 2,090 0 0 2,090 8,585 0 0 8,585 Eaton Vance Municipal Income Trust 93 0 0 93 100,136 0 0 100,136 Municipal Advantage Fund Incorporated 1,114 0 0 1,114 24,112 0 0 24,112 Municipal Partners Fund 285 0 0 285 115,082 0 0 115,082 Nuveen Dividend Advantage Municipal Fund 1,410 0 0 1,410 189,766 0 0 189,766 Nuveen Insured Municipal Opportunity Fund 2,467 0 0 2,467 105,143 0 0 105,143 Nuveen Premium Income Municipal Fund 1,255 0 0 1,255 91,608 0 0 91,608 Seligman Select Municipal Fund 859 0 0 859 57,005 0 0 57,005 Van Kampen Advantage Municipal Income Trust 723 0 0 723 42,976 0 0 42,976 Van Kampen Advantage Municipal Income Trust II 492 0 0 492 80,979 0 0 80,979 Van Kampen Trust for Investment Grade 1,088 0 0 1,088 --------------------------------------- 15,950 0 0 15,950 SHORT-TERM INVESTMENTS Wells Fargo National Tax-Free 6,223,900 0 0 6,223,900 Money Market Fund 6,224 0 0 6,224 SEI Tax-Exempt Trust Institutional 0 372 0 372 Tax-Free Portfolio 0 372 0 372 --------------------------------------- 6,224 372 0 6,596 TOTAL INVESTMENTS, AT MARKET VALUE $331,748 $68,036 $30,413 $430,197 ======================================= TOTAL INVESTMENTS, AT COST $329,732 $71,818 $31,370 $432,920 =======================================
(1) It is not expected that any of the securities will have to be sold as a result of the merger. B-13 WELLS FARGO FUNDS - INCOME FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of May 31, 2000 (Unaudited) ($000's)
Wells Fargo Achievement Intermediate Pro Forma WF Income Fund Income Fund Term Bond Fund Adjustments Pro Forma Combined ------------- ------------------------- ------------ ------------------ ASSETS Investments: In securities, at market value (see cost below) $ 389,347 $ 153,788 $ 543,135 Collateral for securities loaned 177,507 - 177,507 Receivables: Interest 6,712 2,466 9,178 Fund shares sold 1,693 - 1,693 Prepaid expenses and other assets 15 77 92 Total Assets 575,274 156,331 731,605 LIABILITIES Payables: Securities loaned 177,507 - 177,507 Investment securities purchased - - - Distributions to shareholders 1,884 795 2,679 Fund shares redeemed 233 - 233 Due to distributor 40 - 40 Due to advisor and affiliates 222 - 222 Other 164 240 404 Total Liabilities 180,050 1,035 181,085 TOTAL NET ASSETS $ 395,224 $ 155,296 $ 550,520 Net assets consist of: Paid-in capital $ 448,471 $ 165,851 $ 614,322 Undistributed net investment income (loss) - - - Undistributed net realized gain (loss) on investments (31,054) (3,062) (34,116) Net unrealized appreciation (depreciation) of investments (22,193) (7,493) (29,686) TOTAL NET ASSETS $ 395,224 $ 155,296 $ 550,520 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 16,895 $ 1,164 $ 18,059 Shares outstanding - Class A 1,908 117 14 (1) 2,039 Net asset value per share - Class A $8.86 $ 9.91 $ 8.86 Maximum offering price per share - Class A $9.28 $ 10.27 $ 9.28 Net assets - Class B $ 8,611 $ - $ 8,611 Shares outstanding - Class B 974 - 974 Net asset value and offering price per share - Class B $ 8.84 $ 8.84 Net assets - Institutional Class $ 369,718 $ 154,132 $ 523,850 Shares outstanding - Institutional Class 41,786 15,584 1,836 (1) 59,206 Net asset value and offering price per share - Institutional Class $8.85 $ 9.89 $ 8.85 INVESTMENTS AT COST $ 411,540 $ 161,281 $ 572,821 - ---------------------------------------------------------------------------------------------------------------------------
(1) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-14 WELLS FARGO FUNDS - INCOME FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended May 31, 2000 (Unaudited) ($000's)
Wells Fargo Achievement Intermediate Pro Forma WF Income Fund Income Fund Term Bond Fund Adjustments Pro Forma Combined ----------- ------------------------ ----------- ------------------ INVESTMENT INCOME Interest $ 29,484 $ 10,815 $ 40,299 Securities lending income 154 0 154 Total Investment Income 29,638 10,815 40,453 EXPENSES Advisory fees 1,982 982 (149) (1) 2,815 Administration fees 520 327 (3) (1) 844 Custody fees 71 17 25 (1) 113 Shareholder servicing fees 37 0 27 (1) 64 Portfolio accounting fees 85 9 24 (1) 118 Transfer agency fees 489 41 159 (1) 689 Distribution fees 64 3 * (2) (1) 65 Legal and audit fees 26 36 (31) (1) 31 Registration fees 49 59 (39) (1) 69 Directors' fees 5 14 (14) (1) 5 Shareholder reports 45 30 (12) (1) 63 Organization Costs - 7 0 7 Other 35 - 14 (1) 49 Total Expenses 3,408 1,525 (1) 4,932 Less: Waived fees and reimbursed expenses fees (306) (294) 20 (1) (580) Net expenses 3,102 1,231 19 4,352 NET INVESTMENT INCOME (LOSS) 26,536 9,584 (19) 36,101 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (18,974) (1,054) (20,028) Net change in unrealized appreciation or depreciation of investments (8,738) (6,199) (14,937) Net Gain (Loss) on Investments (27,712) (7,253) (34,965) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (1,176) $ 2,331 (19) $ 1,136 - ---------------------------------------------------------------------------------------------------------------------------
* Includes shareholder servicing fees (1) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-15 WELLS FARGO FUNDS - INCOME FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of May 31, 2000 (Unaudited) (Note 1)
Principal ($000's) Market Value ($000's) - --------------------------------------- -------------------------------------- WF Income WF Income Achievement Fund Achievement Fund WF Income Intermediate-Term Pro Forma WF Income Intermediate-Term Pro Forma Fund Bond Fund Combined Security Name Coupon Rate Maturity Date Fund Bond Fund Combined ASSET BACKED SECURITIES $ 5,000 $ 0 $ 5,000 Discover Card Master Trust I 6.64 09/16/05 $ 5,002 - $ 5,002 925 0 925 First USA Consumer Trust Class A 6.50 09/15/02 922 - 922 7,000 0 7,000 Green Tree Financial Corporation Series 1997-6 A7 7.14 01/15/29 6,688 - 6,688 320 0 320 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/24 320 - 320 1,355 0 1,355 Van Kampen CLO-I 6.57 10/08/07 1,362 - 1,362 0 2,000 2,000 Champion Home Equity Loan Trust, Series 1997-2, Cl A3 6.770 03/25/2015 0 1,957 1,957 0 2,000 2,000 Olympic Automobile Receivables Trust, Series 1996-B, Cl A5 6.900 02/15/2004 0 1,996 1,996 0 2,000 2,000 WFS Financial Owner Trust, Series 1998-B, Cl A4 6.050 04/20/2003 0 1,968 1,968 -------------------------------------- 14,294 5,921 20,215 COLLATERALIZED MORTGAGE OBLIGATIONS 554 0 554 Saco I Incorporated Series 1997-2 7.00 08/25/36 548 - 548 0 1,429 1,429 American Southwest Financial Securities, Series 1996-FHA1, Cl A2 7.000 11/25/2038 0 1,395 1,395 0 3,000 3,000 Donaldson Lufkin Jenrette Mortgage Acceptance, Series 1996-CF2, Cl A1B (A) 7.290 07/12/06 0 2,958 2,958 0 2,000 2,000 Donaldson Lufkin Jenrette Mortgage Acceptance, Series 1997-CF1, Cl A1B (A) 7.600 04/15/2007 0 1,968 1,968 0 3,000 3,000 General Motors Acceptance, Commercial Mortgage Securities, Series 1999-C1, Cl A2 6.175 05/15/2033 0 2,674 2,674 0 3,000 3,000 Lehman Brothers Commercial Conduit Mortgage Trust, Series 1998-C1, Cl B 6.590 02/18/2030 0 2,736 2,736 -------------------------------------- 548 11,731 12,279 CORPORATE BONDS & NOTES APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS 541 0 541 Tommy Hilfiger 6.50 06/01/03 408 - 408 AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS 774 0 774 Pep Boys 6.71 11/03/04 494 - 494 0 1,000 1,000 TRW 6.450 06/15/2001 0 985 985 -------------------------------------- 494 985 1,479 AUTOMOTIVE REPAIR, SERVICES & PARKING 5,000 0 5,000 Hertz Corporation 7.63 08/15/07 4,894 - 4,894 BUILDING PRODUCTS 0 2,000 2,000 CSR America 6.875 07/21/2005 0 1,895 1,895 BUSINESS SERVICES 5,000 0 5,000 First Data Corporation 6.38 12/15/07 4,631 - 4,631 5,968 0 5,968 Oracle Corporation 6.72 02/15/04 5,759 - 5,759 -------------------------------------- 10,390 - 10,390 CHEMICALS & ALLIED PRODUCTS 5,000 0 5,000 E. I. Du Pont de Nemours & Company 6.88 10/15/09 4,737 - 4,737 1,000 0 1,000 IMC Global Incorporated 7.63 11/01/05 969 - 969 6,800 0 6,800 Merck & Company Incorporated 6.40 03/01/28 5,942 - 5,942 5,000 0 5,000 Procter & Gamble Company 6.60 12/15/04 4,844 - 4,844 -------------------------------------- 16,492 - 16,492 COMMUNICATIONS 3,000 0 3,000 AT&T Capital Corporation 6.75 12/01/00 2,992 - 2,992 4,500 0 4,500 LCI International Incorporated 7.25 06/15/07 4,196 - 4,196 2,000 0 2,000 Qwest Communications International Incorporated 7.50 11/01/08 1,883 - 1,883 0 1,000 1,000 Qwest Communications International Incorporated 5.63 11/15/08 - 840 840 5,000 0 5,000 WorldCom Incorporated 8.00 05/15/06 5,000 - 5,000 -------------------------------------- 14,071 840 14,911 DEPOSITORY INSTITUTIONS 3,500 0 3,500 Bank United Corporation 8.00 03/15/09 3,041 - 3,041 4,500 0 4,500 BankBoston Corporation 6.88 07/15/03 4,365 - 4,365 3,000 0 3,000 Bankers Trust New York Company 7.38 05/01/08 2,835 - 2,835 194 0 194 Golden State Holdings 7.13 08/01/05 169 - 169 5,000 0 5,000 Key Bank NA 6.50 04/15/08 4,506 - 4,506 250 0 250 Midland Bank PLC 6.95 03/15/11 225 - 225 5,000 0 5,000 NationsBank Corporation 7.80 09/15/16 4,756 - 4,756 2,500 0 2,500 Society Corporation 8.13 06/15/02 2,513 - 2,513 0 1,000 1,000 Bank of America 7.625 04/15/2005 0 983 983 0 2,000 2,000 Bank of America 7.125 05/01/2006 0 1,920 1,920 0 1,000 1,000 Citicorp 7.125 06/01/2003 0 979 979 0 1,000 1,000 First Tennessee Bank 5.750 12/01/2008 0 836 836 0 1,000 1,000 First Union 7.050 08/01/2005 0 963 963 0 1,000 1,000 KeyCorp 7.250 06/01/2005 0 961 961 -------------------------------------- 22,410 6,642 29,052 ELECTRIC, GAS & SANITARY SERVICES 147 0 147 Niagara Mohawk Power 7.38 07/01/03 144 - 144 725 0 725 Texas Utilities Company 6.20 10/01/02 703 - 703 774 0 774 Williams Companies Incorporated 6.13 02/15/02 750 - 750 0 1,000 1,000 Consolidated Edison 6.375 04/01/2003 0 964 964 0 1,000 1,000 Consolidated Edison 6.150 07/01/2008 0 884 884 0 1,000 1,000 Monongahela Power, MTN 7.360 01/15/2010 0 961 961 0 1,000 1,000 Pacific Gas & Electric, MTN 6.680 03/19/2003 0 965 965 0 1,000 1,000 Philadelphia Electric 6.625 03/01/2003 0 969 969 0 1,000 1,000 Public Service Electric & Gas 6.500 05/01/2004 0 956 956 0 1,000 1,000 Rochester Gas & Electric, MTN 6.375 07/30/2003 0 954 954 0 1,000 1,000 Scana, MTN 6.250 07/08/2003 0 953 953 -------------------------------------- 1,597 7,606 9,203 ENERGY 3,300 0 3,300 Midamerican Energy Holdings 6.96 09/15/03 3,160 - 3,160 FOOD & KINDRED PRODUCTS 4,000 0 4,000 Anheuser Busch Companies 9.00 12/01/09 4,330 - 4,330 1,500 0 1,500 Flowers Industries Incorporated 7.15 04/15/28 1,043 - 1,043 774 0 774 Whitman Corporation 7.29 09/15/26 760 - 760 0 1,000 1,000 Diageo PLC 7.125 09/15/2004 0 973 973 0 1,000 1,000 Nabisco 6.700 06/15/2002 0 956 956 0 1,000 1,000 Sara Lee, MTN 7.400 03/22/2002 0 996 996 -------------------------------------- 6,133 2,925 9,058 FOREIGN DEPOSITORY INSTITUTIONS 3,000 0 3,000 Korea Development Bank 7.13 04/22/04 2,858 - 2,858 GENERAL MERCHANDISE STORES 5,000 0 5,000 Saks Incorporated 7.50 12/01/10 3,869 - 3,869 5,000 0 5,000 Target Corporation 7.50 02/15/05 4,981 - 4,981 0 1,000 1,000 J.C. Penney, MTN 7.050 05/23/2005 0 855 855 0 1,000 1,000 Sears Roebuck Acceptance 6.950 05/15/2002 0 981 981 0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.580 11/20/2003 0 958 958 0 2,000 2,000 Target 7.500 07/15/2006 0 1,943 1,943 0 1,000 1,000 Wal-Mart Stores 6.500 06/01/2003 0 980 980 -------------------------------------- 8,850 5,717 14,567 INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 6,861 0 6,861 Dell Computer Corporation 7.10 04/15/28 5,969 - 5,969 0 1,000 1,000 Texas Instruments Incorporated 6.88 07/15/00 - 1,000 4,000 0 4,000 IBM Corporation 8.38 11/01/19 4,275 - 4,275 -------------------------------------- 10,244 1,000 10,244 INDUSTRIAL SERVICES 3,000 0 3,000 Gruma SA de CV 7.63 10/15/07 2,520 - 2,520 INSURANCE CARRIERS 8,000 0 8,000 AMBAC Incorporated 9.38 08/01/11 8,620 - 8,620 968 0 968 Reliastar Financial Corporation 7.13 03/01/03 945 - 945 968 0 968 Terra Nova (U.K.) Holdings 7.20 08/15/07 916 - 916 0 2,000 2,000 Aetna Services 6.750 08/15/2001 0 1,973 1,973 -------------------------------------- 10,481 1,973 12,454 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 387 0 387 Mallinckrodt Incorporated 6.30 03/15/01 380 - 380 NONDEPOSITORY CREDIT INSTITUTIONS 4,500 0 4,500 Dresdner Funding Trust I 8.15 06/30/31 3,769 - 3,769 6,000 0 6,000 General Electric Capital Corporation 8.70 02/15/03 6,173 - 6,173 5,000 0 5,000 General Electric Capital Corporation 8.63 06/15/08 5,281 - 5,281 0 1,000 1,000 Chase Manhattan 8.125 06/15/2002 0 1,008 1,008 0 1,000 1,000 Chase Manhattan 6.375 02/15/2008 0 904 904 0 1,000 1,000 Associates of North America, MTN 6.810 08/03/2001 0 994 994 0 1,000 1,000 Associates of North America, MTN 7.540 04/14/2004 0 988 988 0 1,000 1,000 Capital One Bank 7.080 10/30/2001 0 988 988 0 1,000 1,000 CitiFinancial 6.875 05/01/2002 0 986 986 0 1,000 1,000 Ford Motor Credit 8.000 06/15/2002 0 1,006 1,006 0 1,000 1,000 Ford Motor Credit 7.750 03/15/2005 0 988 988 0 1,000 1,000 General Motors Acceptance, MTN 7.250 05/15/2003 0 988 988 0 1,000 1,000 Household Finance 7.650 05/15/2007 0 963 963 0 1,000 1,000 J.P. Morgan 7.250 01/15/2002 0 993 993 0 1,000 1,000 Lehman Brothers Holdings 6.125 07/15/2003 0 938 938 -------------------------------------- 15,223 11,744 26,967 PETROLEUM PRODUCTS & SERVICES 0 1,000 1,000 Kerr-McGee 6.625 10/15/2007 0 903 903 PRIMARY METAL INDUSTRIES 194 0 194 CSC Holdings Incorporated 7.25 07/15/08 174 - 174 4,000 0 4,000 CSC Holdings Incorporated 7.63 07/15/18 3,370 - 3,370 -------------------------------------- 3,544 - 3,544 RAILROADS 0 1,000 1,000 CSX Transportation 7.540 03/15/2003 0 989 989 REAL ESTATE 4,500 0 4,500 Rouse Company 8.50 01/15/03 4,506 - 4,506 RENTAL EQUIPMENT 0 2,000 2,000 Hertz 7.000 07/01/2004 0 1,933 1,933 0 1,040 1,040 Ryder System, MTN 7.340 11/01/2000 0 1,035 1,035 -------------------------------------- 0 2,968 2,968 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 1,161 0 1,161 Charles Schwab Corporation 6.88 09/02/03 1,130 - 1,130 5,000 0 5,000 Goldman Sachs Group Incorporated 7.50 01/28/05 4,894 - 4,894 5,000 0 5,000 Lehman Brothers Holdings Incorporated 8.50 08/01/15 4,894 - 4,894 -------------------------------------- 10,918 - 10,918 TECHNOLOGY 1,819 0 1,819 Massachusetts Institute of Technology 7.25 11/02/96 1,673 - 1,673 TELEPHONES & TELECOMMUNICATIONS - 0 1,000 1,000 AT&T 6.750 04/01/2004 0 968 968 0 1,000 1,000 GTE California 5.500 01/15/2009 0 844 844 0 1,000 1,000 SBC Communications 7.000 07/15/2004 0 975 975 0 1,000 1,000 SBC Communications Capital 5.750 09/01/2004 0 925 925 0 1,000 1,000 Telstra Ltd. 6.500 07/31/2003 0 969 969 -------------------------------------- 0 4,681 4,681 TRANSPORTATION BY AIR 5,000 0 5,000 Delta Airlines Incorporated 8.30 12/15/29 4,225 - 4,225 736 0 736 Federal Express Series 97-B 7.52 01/15/18 704 - 704 1,200 0 1,200 Southwest Airlines Company 7.88 09/01/07 1,195 - 1,195 -------------------------------------- 6,124 - 6,124 TRANSPORTATION EQUIPMENT 10,000 0 10,000 DaimlerChrysler 7.40 01/20/05 9,825 - 9,825 2,000 0 2,000 Federal-Mogul Corporation 7.75 07/01/06 1,440 - 1,440 -------------------------------------- 11,265 - 11,265 UTILITY-ELECTRIC 387 0 387 Calenergy Company Incorporated 7.23 09/15/05 365 - 365 WATER TRANSPORTATION 1,161 0 1,161 Royal Caribbean Cruises 7.13 09/18/02 1,112 - 1,112 WHOLESALE TRADE - NONDURABLE GOODS 4,500 0 4,500 Staples Incorporated 7.13 08/15/07 4,151 - 4,151 TOTAL CORPORATE BONDS & NOTES 174,263 50,868 225,131 YANKEE BONDS - 0 1,000 1,000 Dow Capital 7.125 01/15/2003 0 981 981 0 2,000 2,000 Walt Disney 6.750 03/30/2006 0 1,930 1,930 0 500 500 Worldcom 6.125 08/15/2001 0 493 493 -------------------------------------- 0 3,404 3,404 MUNICIPAL BONDS 774 0 774 Hudson County NJ Import Authority Facilities Leasing RV FSA insured 7.40 12/01/25 719 - 719 778 0 778 Western Minnesota Power Agency RV Series A AMBAC Insured 6.33 01/01/02 766 - 766 -------------------------------------- 1,485 - 1,485 U.S. GOVERNMENT AGENCY SECURITIES FEDERAL FARM CREDIT BANK 0 2,000 2,000 Federal Farm Credit Bank, MTN 7.310 11/05/2007 0 1,975 1,975 FEDERAL HOME LOAN BANK 0 1,000 1,000 Federal Home Loan Bank 7.190 04/27/01 0 1,001 1,001 0 1,000 1,000 Federal Home Loan Bank 7.280 07/25/2001 0 1,001 1,001 0 1,000 1,000 Federal Home Loan Bank 7.390 08/22/2001 0 1,002 1,002 0 1,000 1,000 Federal Home Loan Bank 5.600 10/28/2003 0 945 945 0 1,000 1,000 Federal Home Loan Bank 7.380 08/05/2004 0 999 999 0 1,000 1,000 Federal Home Loan Bank 6.250 08/13/2004 0 959 959 0 1,000 1,000 Federal Home Loan Bank 6.375 08/15/2006 0 946 946 0 3,035 3,035 Federal Home Loan Bank 6.185 05/06/2008 0 2,793 2,793 0 2,000 2,000 Federal Home Loan Bank 5.450 01/12/2009 0 1,738 1,738 0 3,000 3,000 Federal Home Loan Bank 7.375 02/12/2010 0 2,975 2,975 -------------------------------------- 0 14,359 14,359 FEDERAL HOME LOAN MORTGAGE CORPORATION 4,957 0 4,957 FHLMC # C00920 7.00 02/01/30 4,710 - 4,710 968 0 968 FHLMC Series T-20 Class A6 7.49 09/25/29 942 - 942 0 2,000 2,000 FHLMC 5.750 07/15/2003 0 1,909 1,909 0 1,000 1,000 FHLMC 6.795 12/01/2003 0 981 981 0 1,000 1,000 FHLMC 5.900 02/14/2006 0 930 930 0 2,000 2,000 FHLMC 6.450 04/29/2009 0 1,827 1,827 0 2,000 2,000 FHLMC 7.020 06/23/2009 0 1,890 1,890 0 2,500 2,500 FHLMC 7.625 09/09/2009 0 2,415 2,415 -------------------------------------- 5,652 9,952 15,604 FEDERAL NATIONAL MORTGAGE ASSOCIATION 4,500 0 4,500 FNMA 7.13 02/15/05 4,451 - 4,451 4,740 0 4,740 FNMA 6.25 05/15/29 4,118 - 4,118 4,856 0 4,856 FNMA 7.50 09/01/29 4,714 - 4,714 3,000 0 3,000 FNMA 7.13 01/15/30 2,915 - 2,915 6,593 0 6,593 FNMA #253008 8.00 11/01/29 6,537 - 6,537 1 0 1 FNMA #303414 6.50 07/01/02 1 - 1 665 0 665 FNMA #408118 6.50 01/01/28 615 - 615 861 0 861 FNMA #415414 6.50 02/01/28 797 - 797 4,594 0 4,594 FNMA #492910+ 7.50 01/01/29 4,461 - 4,461 4,840 0 4,840 FNMA #520842 8.00 11/01/29 4,799 - 4,799 0 1,000 1,000 FNMA 5.750 04/15/2003 0 958 958 0 2,000 2,000 FNMA 4.750 11/14/2003 0 1,841 1,841 0 1,000 1,000 FNMA 6.375 06/15/2009 0 925 925 0 1,000 1,000 FNMA, MTN 6.760 07/16/2007 0 947 947 0 979 979 FNMA 6.440 05/01/2008 0 925 925 -------------------------------------- 33,408 5,596 39,004 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 4,971 0 4,971 GNMA 7.50 01/15/29 4,881 - 4,881 4,895 0 4,895 GNMA # 2824 7.00 10/20/29 4,677 - 4,677 1,154 0 1,154 GNMA #473918 7.00 04/15/28 1,107 - 1,107 4,573 0 4,573 GNMA # 491192 7.00 02/15/29 4,388 - 4,388 3,361 0 3,361 GNMA #780626 7.00 08/15/27 3,228 - 3,228 -------------------------------------- 18,281 - 18,281 TOTAL U.S. GOVERNMENT AGENCY SECURITIES 57,341 31,882 89,223 U.S. TREASURY SECURITIES U.S. TREASURY BONDS 6,500 0 6,500 U.S. Treasury Bonds 10.75 05/15/03 7,183 - 7,183 4,000 0 4,000 U.S. Treasury Bonds 11.88 11/15/03 4,623 - 4,623 13,500 0 13,500 U.S. Treasury Bonds 10.75 08/15/05 15,885 - 15,885 5,000 0 5,000 U.S. Treasury Bonds 6.50 02/15/10 5,072 - 5,072 7,000 0 7,000 U.S. Treasury Bonds 11.25 02/15/15 10,121 - 10,121 1,000 0 1,000 U.S. Treasury Bonds 10.63 08/15/15 1,397 - 1,397 14,500 0 14,500 U.S. Treasury Bonds 8.88 08/15/17 18,129 - 18,129 9,000 0 9,000 U.S. Treasury Bonds 8.13 08/15/19 10,662 - 10,662 5,000 0 5,000 U.S. Treasury Bonds 7.88 02/15/21 5,836 - 5,836 6,500 0 6,500 U.S. Treasury Bonds 8.13 08/15/21 7,786 - 7,786 10,000 0 10,000 U.S. Treasury Bonds 7.50 11/15/24 11,411 - 11,411 2,000 0 2,000 U.S. Treasury Bonds 7.63 02/15/25 2,314 - 2,314 2,000 0 2,000 U.S. Treasury Bonds 6.13 08/15/29 1,992 - 1,992 0 2,000 2,000 U.S. Treasury Bonds 7.125 02/15/2023 0 2,177 2,177 0 2,000 2,000 U.S. Treasury Bonds 6.250 08/15/2023 0 1,974 1,974 -------------------------------------- 102,411 4,151 106,562 U.S. TREASURY NOTES 2,000 0 2,000 U.S. Treasury Notes 6.38 03/31/01 1,994 - 1,994 2,000 1,000 3,000 U.S. Treasury Notes 7.88 08/15/01 2,025 1,012 3,037 17,500 0 17,500 U.S. Treasury Notes 7.50 05/15/02 17,731 - 17,731 11,000 0 11,000 U.S. Treasury Notes 9.88 11/15/15 14,617 - 14,617 0 3,500 3,500 U.S. Treasury Notes 6.375 09/30/2001 0 3,481 3,481 0 1,000 1,000 U.S. Treasury Notes 7.500 11/15/2001 0 1,010 1,010 0 6,000 6,000 U.S. Treasury Notes 6.125 12/31/2001 0 5,941 5,941 0 2,000 2,000 U.S. Treasury Notes 6.500 03/31/2002 0 1,990 1,990 0 4,000 4,000 U.S. Treasury Notes 6.250 08/31/2002 0 3,959 3,959 0 1,000 1,000 U.S. Treasury Notes 6.250 02/15/2003 0 988 988 0 3,000 3,000 U.S. Treasury Notes 5.500 05/31/2003 0 2,904 2,904 0 2,000 2,000 U.S. Treasury Notes 5.375 06/30/2003 0 1,929 1,929 0 1,000 1,000 U.S. Treasury Notes 5.750 08/15/2003 0 973 973 0 3,000 3,000 U.S. Treasury Notes 5.875 02/15/2004 0 2,924 2,924 0 1,000 1,000 U.S. Treasury Notes 7.500 02/15/2005 0 1,034 1,034 0 2,000 2,000 U.S. Treasury Notes 6.500 08/15/2005 0 1,990 1,990 0 1,000 1,000 U.S. Treasury Notes 5.875 11/15/2005 0 967 967 0 1,000 1,000 U.S. Treasury Notes 6.875 05/15/2006 0 1,014 1,014 0 2,000 2,000 U.S. Treasury Notes 7.000 07/15/2006 0 2,040 2,040 0 5,000 5,000 U.S. Treasury Notes 6.500 10/15/2006 0 4,978 4,978 0 3,000 3,000 U.S. Treasury Notes 6.250 02/15/2007 0 2,956 2,956 0 3,000 3,000 U.S. Treasury Notes 6.125 08/15/2007 0 2,932 2,932 -------------------------------------- 36,367 45,022 81,389 TOTAL U.S. TREASURY SECURITIES 138,778 49,173 187,951 Shares - --------------------------------------- SHORT-TERM INSTRUMENTS 2,638,229 0 2,638,229 Wells Fargo Cash Investment Fund 2,638 - 2,638 0 809,119 809,119 SEI Daily Income Trust Prime Obligations Fund - 453 453 0 1,910,929 356,322 SEI Daily Income Trust Money Market Portfolio 0 356 356 -------------------------------------- 2,638 809 3,447 TOTAL INVESTMENTS, AT MARKET VALUE $389,347 153,788 $543,135 ======================================
(1) It is not expected that any of the securities will have to be sold as a result of the merger. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-16 WELLS FARGO FUNDS - STABLE INCOME FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of May 31, 2000 (Unaudited) ($000's)
WF Stable Income Fund Wells Fargo Stable Achievement Short Pro Forma Pro Forma Income Fund Term Bond Fund Adjustments Combined ------------------ ----------------- ----------- ----------- ASSETS Investments: In securities, at market value (see cost below) $202,795 (1) $28,592 $231,387 Cash 0 - Receivables: Interest 0 470 470 Fund shares sold 96 96 Organization expenses, net of amortization 0 0 Prepaid expenses and other assets 0 50 50 Total Assets 202,891 29,112 232,003 LIABILITIES Payables: Investment securities purchased 0 - Distributions to shareholders 0 136 136 Fund shares redeemed 80 80 Due to distributor 18 18 Due to advisor and affiliates 4 4 Other 70 82 152 Total Liabilities 172 218 390 TOTAL NET ASSETS $202,719 $28,894 $231,613 Net assets consist of: Paid-in capital $212,405 $31,988 $244,393 Undistributed net investment income (loss) 236 236 Undistributed net realized gain (loss) on investments (7,627) (2,493) (10,120) Net unrealized appreciation (depreciation) of investments (2,295) (601) (2,896) TOTAL NET ASSETS $202,719 $28,894 $231,613 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 8,912 $ 174 $ 9,086 Shares outstanding - Class A 878 18 (1) (2) 895 Net asset value per share - Class A $ 10.15 $ 9.77 $ 10.15 Maximum offering price per share - Class A $ 10.30 $ 9.92 $ 10.30 Net assets - Class B $ 2,449 $ 2,449 Shares outstanding - Class B 241 241 Net asset value and offering price per share - Class B $ 10.14 $ 10.14 Net assets - Institutional Class $191,358 $28,720 $220,078 Shares outstanding - Institutional Class 18,850 2,937 (108) (2) 21,679 Net asset value and offering price per share - Institutional Class $ 10.15 $ 9.78 $ 10.15 INVESTMENTS AT COST $205,090 $29,193 $234,283 - ----------------------------------------------------------------------------------------------------------------------------------
(1) The Stable Income Fund invest all of its investable assets in an affiliated Core Portfolio. The Core Portfolio directly acquires portfolio securities and the Stable Income Fund acquires an indirect interest in those securities. (2) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See page B-20] B-17 WELLS FARGO FUNDS - STABLE INCOME FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of May 31, 2000 (Unaudited) ($000's)
WF Stable Income Fund Wells Fargo Stable Achievement Short Pro Forma Pro Forma Income Fund Term Bond Fund Adjustments Combined ----------------- ----------------- ----------- ----------- INVESTMENT INCOME Interest $ 12,265 $ 2,017 $ 14,282 Securities lending income 16 0 16 Net expenses allocated from Core Portfolios (941) 0 (152) (1) (1,093) Total Investment Income 11,340 2,017 13,205 EXPENSES Advisory fees 0 195 (195) (1) 0 Administration fees 217 65 69 (1) 351 Custody fees 0 7 (7) (1) 0 Shareholder servicing fees 16 0 14 (1) 30 Portfolio accounting fees 50 2 16 (1) 68 Organization fees 8 8 Transfer agency fees 244 41 (2) (1) 283 Distribution fees 19 1 * (1) (1) 19 Legal and audit fees 10 7 (5) (1) 12 Registration fees 27 18 (14) (1) 31 Directors' fees 4 4 (4) (1) 4 Shareholder reports 15 6 (4) (1) 17 Other 19 - 3 (1) 22 Total Expenses 621 354 (130) 845 Less: Waived fees and reimbursed expenses fees (218) (109) (48) (1) (375) Net expenses 403 245 (178) 470 NET INVESTMENT INCOME (LOSS) 10,937 1,772 26 12,735 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (701) (125) (826) Net change in unrealized appreciation or depreciation of investments (1,632) (403) (2,035) Net Gain (Loss) on Investments (2,333) (528) (2,861) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 8,604 $ 1,244 26 $ 9,874 - ---------------------------------------------------------------------------------------------------------------------------------
* Includes shareholder servicing fees (1) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or eliminating of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-18 WELLS FARGO FUNDS - STABLE INCOME FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of May 31, 2000 (Unaudited) (Note 1)
Principal ($000's) Market Value ($000's) - ------------------------------------ ------------------------------------ WF Stable WF Stable WF Stable Achievement Income Fund WF Stable Achievement Income Fund Income Short-Term Pro Forma Coupon Maturity Income Short-Term Pro Forma Fund Bond Fund Combined Security Description Rate Date Fund Bond Fund Combined - ----------------------------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES 2,917 0 2,917 Aesop Funding II LLC Series 1997-1 A1 6.22 10/20/01 $ 2,914 $ 0 2,914 212 0 212 AFC Home Equity Loan Trust Series 1995-2 A1 6.75 07/25/26 211 0 211 2,975 0 2,975 Capital Auto Receivables Asset Trust Series 1999-2 A4 6.30 05/15/04 2,930 0 2,930 5,000 0 5,000 Chase Credit Card Master Trust Series 1998-6 A 6.78 09/15/04 5,016 0 5,016 5,000 0 5,000 Chevy Chase Master Credit Card Trust Series 1998 Class A 6.92 10/16/06 5,021 0 5,021 2,500 0 2,500 Discover Master Card Trust I Series 1997-4 6.59 04/16/03 2,500 0 2,500 1,256 0 1,256 EQCC Home Equity Loan Trust Series 1995-3A4 7.10 02/15/12 1,248 0 1,248 3,637 0 3,637 EQCC Home Equity Loan Trust Series 1998-4 A1F 6.57 01/15/29 3,666 0 3,666 204 0 204 First Merchants Grantor Trust Series 1996-2 A 6.85 11/15/01 204 0 204 5,000 0 5,000 First USA Credit Card Master Trust Series 1995-5 A 6.73 04/15/03 5,001 0 5,001 5,000 0 5,000 First USA Credit Card Master Trust Series 1999-1 B 7.01 10/19/06 4,984 0 4,984 4,100 0 4,100 Fleet Credit Card Master Trust Series 1996-C Class A 6.27 11/15/03 4,100 0 4,100 3,505 0 3,505 Household Consumer Loan Trust Series 1997-1 Class A3 6.87 03/15/07 3,504 0 3,504 4,691 0 4,691 Household Consumer Loan Trust Series 1997-2 Class A3 6.53 11/15/07 4,661 0 4,661 18 0 18 Keystone Home Improvement Loan Trust Series 1997-P2 Class IA3 6.99 04/25/14 18 0 18 750 0 750 Loop Funding Master Trust I Series 1997-AER Class B1 7.19 12/26/07 746 0 746 4,500 0 4,500 Loop Funding Master Trust Series 1997-A144 Class B1 7.19 12/26/07 4,478 0 4,478 5,500 0 5,500 MBNA Master Credit Card Trust Series 1998-I Class A 6.81 10/15/03 5,513 0 5,513 4,000 0 4,000 Premier Auto Trust Series 1997-1 Class B 6.55 09/06/03 3,976 0 3,976 3,800 0 3,800 Rental Car Finance 6.45 08/25/05 3,677 0 3,677 1,926 0 1,926 Corporation Series 1997-1 A2 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/24 1,927 0 1,927 ----------------------------------- 66,297 0 66,297 COLLATERALIZED MORTGAGE OBLIGATIONS 726 0 726 Commercial Loan Funding Trust Series I Class A 6.92 08/15/05 723 0 723 21 0 21 DLJ Mortgage Acceptance Corporation Series 1998-STF1 Class A1 6.41 02/08/00 21 0 21 2,827 0 2,827 GMAC #1996 C1 A1 6.91 02/15/06 2,819 0 2,819 362 0 362 Independent National Mortgage Corporation Series 1994 V Class M 8.84 12/25/24 374 0 374 1,039 0 1,039 Independent National Mortgage Corporation Series 1994 X Class A2 8.72 01/25/25 1,077 0 1,077 2,854 0 2,854 Independent National Mortgage Corporation Series 1995 E Class A1 7.34 04/25/25 2,864 0 2,864 3,500 0 3,500 Mall of America Capital Company LLC Series 200-1 A 6.30 03/12/05 3,500 0 3,500 1,721 0 1,721 Merrill Lynch Mortgage Investors Incorporated 6.83 06/15/18 1,719 0 1,719 2,943 0 2,943 Merrill Lynch Mortgage Investors Incorporated Series 1993-F A3 6.75 09/15/23 2,941 0 2,941 184 0 184 Merrill Lynch Mortgage Investors Incorporated Series 1994-I 8.20 01/25/05 183 0 183 2,086 0 2,086 MLCC Mortgage Investors Incorporated Series 1994 A Class A3 6.93 07/15/19 2,087 0 2,087 3,910 0 3,910 Nationslink Funding 6.48 09/10/07 3,909 0 3,909 109 0 109 Residential Funding Mortgage Security Series 1991 21 BA 6.94 08/25/21 109 0 109 16 0 16 RTC Series 1991 M6 A3 8.56 06/25/21 16 0 16 190 0 190 RTC Series 1991-6 E 11.61 05/25/24 189 0 189 1,040 0 1,040 RTC Series 1992-18P A4 7.58 04/25/28 1,040 0 1,040 4,278 0 4,278 RTC Series 1994-1 Class A5 7.28 09/25/29 4,284 0 4,284 782 0 782 RTC Series 1995-1 A3 7.06 10/25/28 783 0 783 2,479 0 2,479 SASCO 99-C3 A 7.01 10/21/13 2,483 0 2,483 3,927 0 3,927 Vendee Mortgage Trust Series 1993-1 Class E 7.00 01/15/16 3,917 0 3,917 ----------------------------------- 35,038 0 35,038 CORPORATE BONDS & NOTES Apparel & Other Finished Products Made From Fabrics & Similar 3,400 0 3,400 V.F. Corporation Materials 9.50 05/01/01 3,464 0 3,464 Business Services 3,250 0 3,250 First Data Corporation 6.82 09/18/01 3,222 0 3,222 1,825 0 1,825 Sun Microsystems Incorporated 7.00 08/15/02 1,798 0 1,798 ----------------------------------- 5,020 0 5,020 Chemicals & Allied Products 3,100 0 3,100 Monsanto Company 5.38 12/01/01 3,017 0 3,017 Communications 2,500 0 2,500 Bell Atlantic Financial 6.30 03/21/02 2,498 0 2,498 2,000 0 2,000 Cox Communications Incorporated 7.00 08/15/01 1,978 0 1,978 1,000 0 1,000 Sprint Corporation 8.13 07/15/02 1,009 0 1,009 2,000 0 2,000 Viacom Incorporated 6.75 01/15/03 1,945 0 1,945 2,000 0 2,000 WorldCom Incorporated 7.05 11/26/01 1,998 0 1,998 ----------------------------------- 9,428 0 9,428 Domestic Depository Institutions 4,000 0 4,000 BankAmerica Corporation 8.13 02/01/02 4,025 0 4,025 4,037 0 4,037 Chase Manhattan Corporation 10.13 11/01/00 4,087 0 4,087 2,490 0 2,490 Citicorp 9.50 02/01/02 2,571 0 2,571 2,500 0 2,500 Corestates Capital Corporation 9.63 02/15/01 2,541 0 2,541 2,735 0 2,735 Firstar Bank Milwaukee 6.25 12/01/02 2,639 0 2,639 2,000 0 2,000 FleetBoston Financial Group 6.46 03/27/03 1,995 0 1,995 4,000 0 4,000 Mellon Financial Company 9.75 06/15/01 4,080 0 4,080 2,650 0 2,650 US Bank NA North Dakota 6.58 06/20/01 2,645 0 2,645 0 1,000 1,000 First Chicago MTN 6.70 03/15/02 0 984 984 0 1,000 1,000 KeyCorp, MTN 6.75 05/29/01 0 990 990 ----------------------------------- 24,583 1,974 26,557 Eating & Drinking Places 4,000 0 4,000 McDonald's Corporation 6.00 06/23/02 3,880 0 3,880 Electric, Gas & Sanitary Services 2,000 0 2,000 El Paso Natural Gas 7.75 01/15/02 1,995 0 1,995 0 375 375 Northern Illinois Gas 6.45 08/01/01 0 371 371 0 1,000 1,000 Pacificorp MTN 7.25 09/09/02 0 991 991 ----------------------------------- 1,995 1,362 3,357 Food & Kindred Products 5,350 0 5,350 Whitman Corporation 7.50 08/15/01 5,330 0 5,330 Food Stores 3,350 0 3,350 Kroger Company 7.13 10/01/00 3,348 0 3,348 0 1,000 1,000 Albertson's Inc. 6.38 06/01/00 0 1,000 1,000 ----------------------------------- 3,348 1,000 4,348 Holding & Other Investment Offices Main Place Real Estate 5,000 0 5,000 Investment 6.94 05/28/02 4,990 0 4,990 Industrial & Commercial Machinery & Computer Equipment 2,400 0 2,400 Tyco International Limited 6.50 11/01/01 2,373 0 2,373 Insurance 0 1,000 1,000 Aetna Services 6.75 08/15/01 0 986 986 Measuring, Analyzing, and Controlling Instruments; Photographic, Medical & Optical Goods 1,600 0 1,600 Bausch & Lomb Incorporated 6.15 08/01/01 1,564 0 1,564 Miscellaneous Retail 2,900 0 2,900 Rite Aid Corporation 6.70 12/15/01 2,378 0 2,378 0 1,000 1,000 J.C. Penny, MTN 6.35 09/15/00 0 994 994 0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.40 09/25/00 0 997 997 ----------------------------------- 2,378 1,991 4,369 Nondepository Credit Institutions 3,850 0 3,850 Caterpillar Financial Services 6.69 08/01/02 3,850 0 3,850 3,900 0 3,900 Ford Capital BV 9.38 05/15/01 3,959 0 3,959 3,200 0 3,200 General Electric Capital Corporation 6.29 12/15/01 3,152 0 3,152 1,000 0 1,000 GMAC 5.50 01/14/02 - 968 968 1,500 0 1,500 Transamerica Financial 6.41 06/20/00 1,500 0 1,500 1,000 0 1,000 Transamerica Financial 6.36 06/26/00 1,000 0 1,000 2,700 0 2,700 USAA Capital Corporation 6.90 11/01/02 2,656 0 2,656 0 1,000 1,000 Bear Stearns Companies Incorporated 6.75 05/01/01 0 993 993 0 1,000 1,000 Beneficial, MTN 6.33 12/18/00 0 995 995 0 1,000 1,000 International Lease Finance Corporation 5.45 01/04/02 0 966 966 0 1,000 1,000 John Deere Capital, MTN 6.15 08/01/00 0 998 998 ----------------------------------- 16,117 4,920 21,037 Oil & Gas Extraction 2,000 0 2,000 Enron Corporation 9.13 04/01/03 2,050 0 2,050 Paper & Paper Products 0 1,000 1,000 Mead Corporaton 6.60 03/01/02 0 986 986 Security & Commodity Brokers, Dealers, Exchanges & Service 2,000 0 2,000 Charles Schwab Corporation 7.36 04/25/02 1,985 0 1,985 2,750 0 2,750 Merrill Lynch & Company Incorporated 6.70 05/30/01 2,750 0 2,750 2,375 0 2,375 Paine Webber Group Incorporated 6.36 06/26/01 2,364 0 2,364 0 1,000 1,000 Goldman Sachs Group LP 6.20 12/15/00 0 994 994 0 1,000 1,000 Merrill Lynch 6.50 04/01/01 0 993 993 ----------------------------------- 7,099 1,987 9,086 Stone, Clay, Glass & Concrete Products 3,475 0 3,475 Newell Company 6.18 07/11/00 3,475 0 3,475 Telephones & Telecommunications 0 1,000 1,000 Lucent Technologies 6.90 07/15/01 0 999 999 Transportation By Air 4,000 0 4,000 Southwest Airlines Company 9.40 07/01/01 4,080 0 4,080 Transportation Services 4,000 0 4,000 Daimler Chrysler 6.67 09/25/01 3,945 0 3,945 Wholesale Trade-Nondurable Goods 1,750 0 1,750 Safeway Incorporated 7.00 09/15/02 1,717 0 1,717 TOTAL CORPORATE BONDS & NOTES 109,853 16,205 126,058 MUNICIPAL BONDS & NOTES 3,300 0 3,300 Connecticut State GO Bonds Taxable Series A 5.70 01/15/01 3,272 0 3,272 2,215 0 2,215 Cow Creek Bank Umpqua Tribe of Indians AMBAC Insured 6.20 07/01/03 2,135 0 2,135 Denver CO City and County SD #1 Educational Facilities RV Taxable Pension School Facilities 3,145 0 3,145 Lease AMBAC insured 6.34 12/15/00 3,132 0 3,132 2,000 0 2,000 Hudson County NJ GO Bonds FSA insured 6.09 09/01/05 1,929 0 1,929 2,005 0 2,005 Michigan State Taxable-Clean Initiative GO Bonds Series B 6.75 11/01/02 1,989 0 1,989 5,000 0 5,000 New York NY GO Bonds 6.10 08/01/01 4,904 0 4,904 4,000 0 4,000 New York State GO Bonds Series C 6.13 03/01/02 3,918 0 3,918 2,200 0 2,200 North Carolina State Taxable- Public Improvement GO Bonds Series B 6.70 03/01/01 2,189 0 2,189 2,590 0 2,590 Seattle WA GO Bonds Series B 7.10 01/15/04 2,571 0 2,571 1,870 0 1,870 Washington State GO Bonds State Housing Trust Fund Series T 6.60 01/01/01 1,864 0 1,864 ----------------------------------- 27,903 0 27,903 U.S. GOVERNMENT AGENCY OBLIGATIONS Federal Home Loan Bank 0 1,000 1,000 Federal Home Loan Bank 5.44 01/29/02 0 972 972 0 1,000 1,000 Federal Home Loan Bank 5.23 11/16/01 0 973 973 0 2,000 2,000 Federal Home Loan Bank 6.08 07/08/02 0 1,955 1,955 0 1,000 1,000 Federal Home Loan Bank 7.25 02/28/03 0 993 993 ----------------------------------- 0 4,893 4,893 Federal Home Loan Mortgage Corporation 4,000 0 4,000 FHLMC #1192 I 7.50 01/15/07 3,995 0 3,995 83 0 83 FHLMC #410220 7.20 10/01/25 83 0 83 3,634 0 3,634 FHLMC #786614 6.08 08/01/25 3,491 0 3,491 5,011 0 5,011 FHLMC #786702 5.78 06/01/29 4,904 0 4,904 486 0 486 FHLMC #845151 7.03 06/01/22 496 0 496 156 0 156 FHLMC #846367 7.52 04/01/29 160 0 160 0 1,000 1,000 FHLMC 5.50 01/07/02 - 974 974 5,000 0 5,000 FHLMC #2091 NA 5.50 03/15/04 4,937 0 4,937 5,000 0 5,000 FHLMC #2091 PC 6.00 06/15/16 4,793 0 4,793 0 1,000 1,000 FHLMC 6.25 10/15/02 0 977 977 ----------------------------------- 22,859 1951 24,810 Federal National Mortgage Association 153 0 153 FNMA #331866 7.54 12/01/25 155 0 155 179 0 179 FNMA #318464 7.49 04/01/25 182 0 182 188 0 188 FNMA #46698 6.89 12/01/15 189 0 189 202 0 202 FNMA #220706 6.61 06/01/23 204 0 204 504 0 504 FNMA #321051 6.97 08/01/25 513 0 513 1,024 0 1,024 FNMA #155506 8.18 04/01/22 1,046 0 1,046 1,611 0 1,611 FNMA #1994 M2 A 6.63 02/25/01 1,601 0 1,601 1,892 0 1,892 FNMA #190815 6.21 07/01/17 1,840 0 1,840 2,481 0 2,481 FNMA #519047 5.93 09/01/29 2,488 0 2,488 14,502 0 14,502 FNMA #535236 6.00 09/01/06 13,751 0 13,751 15,000 0 15,000 FNMA 5.38 03/15/02 14,539 0 14,539 6,229 0 6,229 FNMA 1991 146 6,272 0 6,272 6,200 0 6,200 FNMA 1999-19 6,094 0 6,094 7,100 0 7,100 FNMA 1999-19 7,023 0 7,023 0 1,000 1,000 FNMA, MTN 5.41 02/04/02 0 972 972 0 1,000 1,000 FNMA, MTN 6.50 09/05/02 0 983 983 ----------------------------------- 55,897 1,955 57,852 Government National Mortgage Association 4,353 0 4,353 GNMA #780533 7.00 07/15/08 4,243 0 4,243 Small Business Administration 30 0 30 SBA #501973 10.63 12/25/01 31 0 31 49 0 49 SBA #500276 10.88 05/25/07 53 0 53 54 0 54 SBA #500025 8.88 12/25/10 56 0 56 55 0 55 SBA #502974 9.63 01/25/10 58 0 58 64 0 64 SBA #502083 8.88 11/25/04 66 0 66 75 0 75 SBA #502966 10.23 05/25/15 81 0 81 78 0 78 SBA #500569 10.88 06/25/08 84 0 84 88 0 88 SBA #502241 8.88 04/25/03 89 0 89 109 0 109 SBA #500299 10.88 06/25/07 117 0 117 163 0 163 SBA #502583 10.23 09/25/03 168 0 168 278 0 278 SBA #501224 7.75 06/25/15 286 0 286 283 0 283 SBA #500957 9.25 07/25/14 300 0 300 316 0 316 SBA #500664 8.88 03/25/04 324 0 324 527 0 527 SBA #503405 9.38 05/25/13 562 0 562 856 0 856 SBA #503664 9.47 01/25/13 910 0 910 1,043 0 1,043 SBA #503658 10.13 09/25/10 1,120 0 1,120 1,708 0 1,708 SBA #503611 8.88 12/25/21 1,807 0 1,807 ----------------------------------- 6,112 0 6,112 Tennessee Valley Authority 3,020 0 3,020 TVA 6.24 07/15/45 2,978 0 2,978 TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 92,091 8,799 100,890 U.S. TREASURY OBLIGATIONS 0 1,000 1,000 U.S. Treasury Notes 6.13 12/31/01 0 990 990 0 1,000 1,000 U.S. Treasury Notes 6.25 01/31/02 0 992 992 0 1,982 1,982 SHORT-TERM INVESTMENTS 5,509 0 5,509 Banc of America Securities LLC Pooled 5,509 0 5,509 0 833 833 SEI Daily Income Trust Money Market Portfolio 0 832 832 0 774 774 SEI Daily Income Trust Prime Obligation Portfolio 0 774 774 ----------------------------------- 5,509 1,606 7,115 SUB-TOTALS $ 336,691 $28,592 $ 365,283 PORTION OF CORE PORTFOLIO NOT OWNED BY STABLE INCOME FUND (133,896) (133,896) TOTAL INVESTMENTS, AT MARKET VALUE $ 202,795 $28,592 $ 231,387 =================================== TOTAL INVESTMENTS, AT COST $ 205,090 $29,193 $ 234,283 ===================================
(1) It is not expected that any of the securities will have to be sold as a result of the merger. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-19 Wells Fargo Funds Notes to Pro Forma Financial Statements (Unaudited) 1) Basis of Combination The accompanying unaudited Pro Forma Combining Portfolio of Investments, Statements of Assets and Liabilities and the Statement of Operations reflect the accounts of The Achievement Funds Trust ("Achievement") and certain funds within the Wells Fargo Funds Trust ("Wells Fargo") as of, and for the periods specified in the statements. These pro forma statements have been derived from the annual and semi-annual reports of Achievement and Wells Fargo. Wells Fargo Bank, N.A. has agreed to pay all expenses of the reorganization so Achievement or Wells shareholders will not bear these costs. It is not expected that any of the securities in the Funds will have to be sold as a result of the merger. The pro forma statements give effect to the proposed transfer of assets and liabilities for the following fund mergers: Achievement Fund Wells Fund - ---------------- ---------- Equity Fund Growth Fund (1) Balanced Fund Asset Allocation Fund (1) Municipal Bond Fund National Tax-Free Fund (1) Idaho Municipal Bond Fund National Tax-Free Fund (1) Intermediate Term Bond Fund Income Fund (1) Short Term Bond Fund Stable Income Fund (1) (1) For each merger transaction, the respective Wells Fargo Fund will be the accounting and the legal survivor. Under generally accepted accounting principles, the historical cost of the investment securities will be carried forward to the surviving entity. The pro forma statements have been prepared utilizing proposed fee data and historical data of the Achievement and Wells Fargo Funds. The Pro Forma Portfolio of Investments, Statement of Assets and Liabilities and Statement of Operations should be read in conjunction with the historical financial statements of Achievement and Wells Fargo. Pro forma adjusted annual investment advisory fee rates used were .75% for WF Growth Fund, .80% for WF Asset Allocation Fund, .40% for WF National Tax-Free Fund and .50% for the WF Income and Stable Income Funds. Pro forma adjusted administration fees were computed based on the annual rate of .15% of average daily net assets of the Funds. Pro forma adjusted transfer agency fees were calculated on a per shareholder account basis. Pro forma adjusted custody fees were computed based on an annual rate of .02% of average daily net assets. Pro forma adjusted shareholder servicing fees were computed based on an annual rate of .25% for Class A and Class B average daily net assets. Pro forma distribution fees were computed based on an annual rate of .75% of Class B and Class C average daily net assets. The pro forma adjustments to portfolio accounting and directors' fees reflect contracts of the Funds. The pro forma adjustments to legal and audit, registration, and shareholder report costs reflect the estimated differences resulting from having a single entity with a greater level of net assets and number of shareholders, savings due to economies of scale and decreases in certain expenses duplicated between the funds. 2) Portfolio Valuation Investments in securities in the pro forma financial statements are valued in accordance with the descriptions in their respective prospectuses. 3) Investment Objectives and Policies The pro forma financial statements do not reflect the effects, if any, of the proposed differing investment objectives and policies of certain of the Funds. B-20 PART C OTHER INFORMATION Item 15. INDEMNIFICATION. Incorporated by reference to Item 15 of the Trust's Registration Statement on Form N-14, filed November 3, 2000 (File Nos. 333-49224; 811-09253). C-1 Item 16. EXHIBITS. All references to the "Registration Statement" in the following list of Exhibits refer to the Registrant's Registration Statement on Form N-1A (File Nos. 333-74295; 811-09253). Exhibit Number Description (1) Amended and Restated Declaration of Trust dated August 19, 1999, is incorporated by reference to Post-Effective Amendment No. 8 to the Registration Statement, filed on December 17, 1999. (2) Not applicable (3) Not Applicable. (4) Form of Agreement and Plan of Reorganization, is incorporated by reference to Exhibit 4 of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). (5) Not Applicable. C-2 Exhibit Number Description (6)(a) Investment Advisory Agreement between the Registrant and Wells Fargo Bank, N.A., dated November 8, 1999, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(b) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Barclays Global Fund Advisors, dated November 8, 1999, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(c) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Dresdner RCM Global Investors LLC, dated July 25, 2000, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(d) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Galliard Capital Management, Inc., dated November 8, 1999, is incorporated by reference to Post- Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(e) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Peregrine Capital Management, Inc., dated November 8, 1999, is incorporated by reference to Post- Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(f) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Schroder Investment Management North America, Inc., dated November 8, 1999, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(g) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Smith Asset Management Group, L.P., dated November 8, 1999 as amended July 25, 2000, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (6)(h) Sub-Advisory Agreement between the Registrant, Wells Fargo Bank, N.A. and Wells Capital Management Incorporated, dated November 8, 1999, is incorporated by reference to Post- Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. C-3 Exhibit Number Description (7) Distribution Agreement with Stephens Inc. and form of Selling Agreement, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (8) Not Applicable. (9)(a) Custody Agreement between Registrant and Wells Fargo Bank Minnesota, N.A. dated November 8, 1999, as amended July 25, 2000, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (9)(b) Custody Agreement between Registrant and Barclays Global Investors, dated November 8, 1999 as amended July 25, 2000, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (10) Distribution Plan adopted under Rule 12b-1 of the 1940 Act, dated November 8, 1999, is incorporated by reference to Post- Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. (11) Opinion and Consent of Counsel, is incorporated by reference to Exhibit 11 of Item 16 of the Trust's Registration Statement on Form N-14, filed November 3, 2000 (files Nos. 333-49224; 811-09253). (12) See Item 17(3) of this Part C. (13)(a) Fee and Expense Agreement between Registrant and Wells Fargo Bank, N.A. dated July 25, 2000, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. 13(b) Administration Agreement between Registrant and Wells Fargo Bank, N.A., dated November 8, 1999, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. 13(c) Transfer Agency and Service Agreement between Registrant and Boston Financial Data Services, Inc., dated November 8, 1999, is incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement, filed on October 30, 2000. C-4 Exhibit Number Description (14)(a) Consent of Independent Auditors of Wells Fargo Funds Trust - KPMG LLP, filed herewith. (14)(b) Consent of Independent Auditors of The Achievement Funds Trust - Deloitte & Touche LLP, filed herewith. (15) Not Applicable. (16) Powers of Attorney, are incorporated by reference to Exhibit 16 of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). (17) Form of Proxy Ballot, is incorporated by reference to Exhibit 17 of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). ITEM 17. UNDERTAKINGS. (1) Wells Fargo Funds agrees that, prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145 (c) of the Securities Act of 1933, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. (2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. (3) The undersigned Registrant agrees to file, by post-effective amendment, an opinion of counsel or a copy of an IRS ruling supporting the tax consequences of the Reorganization within a reasonably prompt time after receipt of such opinion or ruling, but in any event no later than one business day after consummation of the Reorganization. C-5 SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Pre-Effective Amendment No. 3 to the Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereto duly authorized, in the City of San Francisco and State of California on the 29th day of December, 2000. WELLS FARGO FUNDS TRUST By: /s/ Dorothy A. Peters ________________________ Dorothy A. Peters Assistant Secretary Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective Amendment No. 3 to the Registration Statement on Form N-14 has been signed by the following persons in the capacities and on the 29th day of December, 2000. SIGNATURES TITLE ________________________________ President and/or Principal Executive Michael J. Hogan* Officer ________________________________ Treasurer and/or Principal Financial Karla M. Rabusch* Officer A Majority of the Trustees* Robert C. Brown Trustee Donald H. Burkhardt Trustee Jack S. Euphrat Trustee Thomas S. Goho Trustee Peter G. Gordon Trustee W. Rodney Hughes Trustee Richard M. Leach Trustee J. Tucker Morse Trustee Timothy J. Penny Trustee Donald C. Willeke Trustee *By: /s/ Dorothy A. Peters __________________________ Dorothy A. Peters (Attorney-in-Fact) C-6 WELLS FARGO FUNDS TRUST N-14 Exhibit Index Exhibit Number Description - -------------- ----------- 14(a) Independent Auditors' Consent - KPMG LLP. 14(b) Independent Auditors' Consent - Deloitte & Touche LLP. C-7 EX-14.(A) 2 0002.txt CONSENT OF KPMG LLP Exhibit 14(a) ------------- Independent Auditors Consent The Board of Trustees Wells Fargo Funds Trust: We consent to the use of our reports dated July 10, 2000 for the Wells Fargo Income and Wells Fargo Stable Income Funds, August 7, 2000 for the Wells Fargo National Tax-Free Fund and November 3, 2000 for the Wells Fargo Growth and Wells Fargo Asset Allocation Funds, incorporated by reference, and the reference to our firm under the heading "SERVICE PROVIDERS" in Part A of the combined proxy/registration statement being filed on Form N-14. /s/ KPMG LLP - ---------------------- KPMG LLP San Francisco, California December 28, 2000 C-8 EX-14.(B) 3 0003.txt CONSENT OF DELOITTE & TOUCHE LLP Exhibit 14(b) ------------- Independent Auditors' Consent We consent to the use in the Combined Proxy/Registration Statement on Form N-14 of the Achievement Funds/Wells Fargo Funds relating to the financial statements of: Achievement Equity Fund, Achievement Balanced Fund, Achievement Municipal Bond Fund, Achievement Idaho Municipal Bond Fund, Achievement Intermediate Term Bond Fund and Achievement Short Term Bond Fund on Form N-14, of our report dated March 15, 2000, appearing in the Combined Proxy/Registration Statement, and to the reference to us under the heading "SERVICE PROVIDERS" in Part A of such Combined Proxy/Registration Statement. /s/ Deloitte & Touche LLP - -------------------------- Deloitte & Touche LLP New York, New York December 28, 2000 C-9 -----END PRIVACY-ENHANCED MESSAGE-----