-----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, KZVceiySpxqj80rEFjh2K2TJQvp4owsLHF4HjhwsFoOtceRZgdJgbLT2D24xNloJ EC2LGPToaJ2Aq7ZS6IP0uw== 0000929624-00-001623.txt : 20001207 0000929624-00-001623.hdr.sgml : 20001207 ACCESSION NUMBER: 0000929624-00-001623 CONFORMED SUBMISSION TYPE: N-14/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20001206 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: 784036 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 #1 As filed with the Securities and Exchange Commission on December 6, 2000 Registration No. 333-49224 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_] Pre-Effective Amendment No. 1 [X] Post-Effective Amendment No. ___ [_] (Check appropriate box or boxes) ________________________ Exact Name of Registrant as Specified in Charter: WELLS FARGO FUNDS TRUST Area Code and Telephone Number: (800) 552-9612 Address of Principal Executive Offices, including Zip Code: 525 Market Street San Francisco, California 94163 __________________________ Name and Address of Agent for Service: C. David Messman c/o Wells Fargo Bank, N.A. 633 Folsom Street, 7th Floor San Francisco, California 94107-3600 With copies to: Robert M. Kurucza, Esq. Marco E. Adelfio, Esq. Morrison & Foerster LLP 2000 Pennsylvania Ave., N.W., Suite 5500 Washington, D.C. 20006 __________________________ No filing fee is required under the Securities Act of 1933 because an indefinite number of shares of beneficial interest in the Registrant has previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended. The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall become shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. 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 1 to the Registration Statement of Wells Fargo Funds Trust (the "Trust") on Form N-14 hereby incorporates Part A and portions of Part C of the Registration Statement by reference to the Trust's Registration Statement on Form N-14, filed November 3, 2000. This Pre-Effective Amendment is being filed to add certain disclosure to the pro forma financial statements in Part B and to add an auditor's consent to Part C of the Registration Statement. 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 (Note 1) (Unaudited) ($000's)
Wells Fargo Growth Fund Wells Fargo Achievement Pro Forma Pro Forma Growth Fund Equity Fund Adjustments Combined ----------- ----------- ----------- ----------- ASSETS Investments: In securities, at market value (see cost below) $ 434,726 $ 323,384 $ 758,110 Cash 11 0 11 Collateral for securities loaned 71,402 0 71,402 Receivables: Dividends, interest, other receivables 168 132 300 Fund shares sold 957 67 1,024 Investment securities sold 584 3,454 4,038 Prepaid expenses and other assets 60 75 135 Total Assets 507,908 327,112 835,020 LIABILITIES Payables: Securities loaned 71,402 0 71,402 Investment securities purchased 912 3,346 4,258 Fund shares redeemed 1,594 193 1,787 Due to distributor 212 0 212 Due to advisor and affiliates 323 0 323 Other 432 315 747 Total Liabilities 74,875 3,854 78,729 TOTAL NET ASSETS $ 433,033 $ 323,258 $ 756,291 Net assets consist of: Paid-in capital $ 229,372 $ 188,448 (115) (2) $ 417,705 Undistributed net investment (loss) (1,723) (115) 115 (2) (1,723) Undistributed net realized gain income (loss) on investments 92,349 26,640 118,989 Net unrealized appreciation (depreciation) of investments 113,035 108,285 221,320 TOTAL NET ASSETS $ 433,033 $ 323,258 $ 756,291 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 311,038 $ 13,218 $ 324,256 Shares outstanding - Class A 13,632 669 (90) (3) 14,211 Net asset value per share - Class A $ 22.82 $ 19.76 $ 22.82 Maximum offering price per share - Class A $ 24.21 $ 20.69 $ 24.21 Net assets - Class B $ 69,434 $ 2,987 $ 72,421 Shares outstanding - Class B 4,349 154 33 (3) 4,536 Net asset value and offering price per share - Class B $ 15.96 $ 19.42 $ 15.96 Net assets - Institutional Class 52,561 307,053 $ 359,614 Shares outstanding - Institutional Class 1,961 15,456 (4000) (3) 13,417 Net asset value and offering price per share - Institutional Class $ 26.80 $ 19.87 $ 26.80 INVESTMENT AT COST $ 321,691 $ 215,099 $ 536,790
- -------------------------------------------------------------------------------- (1) The information presented for the Achievement Equity Fund is as of July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's low portfolio turnover rate and stable asset size, Management believes the information presented is representative of the Fund's balance sheet and portfolio holdings as of September 30, 2000. (2) To reclass to paid-in capital the accumulated net investment loss of the Achievement Equity Fund, because it cannot be carried over to the Wells Fargo Growth Fund. (3) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-5 WELLS FARGO FUNDS - GROWTH FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended September 30, 2000 (Note 1) (Unaudited) ($000's)
Wells Fargo Growth Fund Wells Fargo Achievement Pro Forma Pro Forma Growth Fund Equity Fund Adjustments Combined ----------- ----------- ----------- ----------- INVESTMENT INCOME Dividends $ 3,608 $ 2,379 $ 5,987 Interest 506 315 821 Securities lending income 114 0 114 Total Investment Income 4,228 2,694 6,922 EXPENSES Advisory fees 3,372 2,267 136 (2) 5,775 Administration fees 698 613 (156) (2) 1,155 Custody fees 92 58 * 4 (2) 154 Shareholder servicing fees 1,043 0 12 (2) 1,055 Portfolio accounting fees 83 0 40 (2) 123 Transfer agency fees 826 0 546 (2) 1,372 Distribution fees 537 62 ** (38) (2) 561 Legal and audit fees 70 50 (33) (2) 87 Registration fees 63 81 (39) (2) 105 Director's fees 5 19 (19) (2) 5 Shareholder reports 102 45 0 (2) 147 Other 45 18 0 (2) 63 Total Expenses 6,936 3,213 453 10,602 Less: Waived fees and reimbursed expenses fees (1,256) (393) (186) (2) (1,835) Net expenses 5,680 2,820 267 8,767 NET INVESTMENT INCOME (LOSS) (1,452) (126) (267) (1,845) REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments 93,818 33,790 127,608 Net change in unrealized appreciation or depreciation of invesments (28,752) 18,192 (10,560) Net Gain (Loss) on Investments 65,066 51,982 117,048 NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 63,614 $ 51,856 (267) $ 115,203
- -------------------------------------------------------------------------------- * Includes transfer agency fees ** Includes shareholder servicing fees (1) The information presented for the Achievement Equity Fund is for the year ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's stable portfolio and level fee/expense structure, Management believes the information presented is representative of the Fund's statement of operations for the twelve months ended September 30, 2000. (2) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-6 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 Fund WF Growth Fund WF Growth Achievement Pro Forma Achievement Pro Forma Fund Equity Fund Combined COMMON STOCK WF Growth Fund Equity Fund Combined AMUSEMENT & RECREATION SERVICES $ 93,500 $ 0 $ 93,500 Walt Disney Company $ 3,576 $ 0 $ 3,576 APPAREL & ACCESSORY STORES 58,200 0 58,200 Kohl's Corporation 3,357 0 3,357 BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS 82,500 150,000 232,500 Home Depot Incorporated 4,378 7,763 12,141 43,400 0 43,400 Lowe's Companies Incorporated 1,948 0 1,948 ----------------------------------------------- 6,326 7,763 14,089 BUSINESS SERVICES 82,258 100,000 182,258 America Online Incorporated 4,421 5,331 9,752 52,500 0 52,500 Commerce One Incorporated 4,121 0 4,121 66,500 0 66,500 Interpublic Group of Companies Incorporated 2,265 0 2,265 202,669 150,000 352,669 Microsoft Corporation 12,211 10,472 22,683 108,500 176,331 284,831 Oracle Corporation 8,544 13,258 21,802 58,304 80,000 138,304 Sun Microsystems Incorporated 6,807 8,435 15,242 15,000 0 15,000 TIBCO Software Incorporated 1,266 0 1,266 39,575 0 39,575 VERITAS Software Corporation 5,620 0 5,620 0 61,000 61,000 Yahoo 0 7,850 7,850 ----------------------------------------------- 45,255 45,346 90,601 CHEMICALS & ALLIED PRODUCTS 64,127 100,000 164,127 Abbott Laboratories 3,050 4,162 7,212 59,400 0 59,400 Clorox Company 2,350 0 2,350 103,000 0 103,000 Colgate-Palmolive Company 4,862 0 4,862 37,711 0 37,711 Eli Lilly & Company 3,059 0 3,059 13,000 0 13,000 Genentech Incorporated 2,414 0 2,414 59,076 0 59,076 Gillette Company 1,824 0 1,824 48,425 45,000 93,425 Johnson & Johnson 4,549 4,188 8,737 72,152 90,000 162,152 Merck & Company Incorporated 5,371 6,452 11,823 231,751 180,000 411,751 Pfizer Incorporated 10,414 7,763 18,177 24,500 75,000 99,500 Pharmacia Corporation 1,475 4,106 5,581 50,500 0 50,500 Praxair Incorporated 1,887 0 1,887 38,244 0 38,244 Procter & Gamble Company 2,562 0 2,562 52,725 100,000 152,725 Schering-Plough Corporation 2,452 4,319 6,771 0 45,000 45,000 Amgen 0 2,922 2,922 0 60,000 60,000 Guidant 0 3,383 3,383 ----------------------------------------------- 46,269 37,295 83,564 COMMUNICATIONS 88,500 0 88,500 360networks Incorporated 1,737 0 1,737 57,200 0 57,200 Clear Channel Communications Incorporated 3,232 0 3,232 42,500 0 42,500 Nextel Communications Incorporated 1,987 0 1,987 75,500 0 75,500 NEXTLINK Communications Incorporated 2,657 0 2,657 56,000 190,000 246,000 Qwest Communications International Incorporated+ 2,692 8,918 11,610 141,204 107,000 248,204 SBC Communications Incorporated 7,060 4,554 11,614 110,500 187,500 298,000 WorldCom Incorporated 3,356 7,324 10,680 0 150,000 150,000 AT&T 0 4,641 4,641 ----------------------------------------------- 22,721 25,437 48,158 DEPOSITORY INSTITUTIONS 77,751 120,000 197,751 Chase Manhattan Corporation 3,591 5,962 9,553 276,132 100,000 376,132 Citigroup Incorporated 14,928 7,056 21,984 28,750 0 28,750 Fifth Third Bancorp 1,549 0 1,549 25,000 0 25,000 Golden West Financial Corporation 1,341 0 1,341 24,650 0 24,650 State Street Corporation 3,205 0 3,205 0 100,000 100,000 Wells Fargo 0 4,131 4,131 ----------------------------------------------- 24,614 17,149 41,763 EATING & DRINKING PLACES 66,864 0 66,864 McDonald's Corporation 2,018 0 2,018 ELECTRIC, GAS & SANITARY SERVICES 182,600 0 182,600 AES Corporation 12,508 0 12,508 29,000 0 29,000 Southern Energy Incorporated 910 0 910 47,830 0 47,830 Williams Companies Incorporated 2,021 0 2,021 ----------------------------------------------- 15,439 0 15,439 ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT 40,900 0 40,900 Celestica Incorporated 2,832 0 2,832 390,726 300,000 690,726 General Electric Company 22,540 15,431 37,971 250,032 220,000 470,032 Intel Corporation 10,408 14,685 25,093 77,800 100,000 177,800 JDS Uniphase Corporation 7,367 11,813 19,180 24,000 0 24,000 Micron Technology Incorporated 1,104 0 1,104 34,300 0 34,300 Network Appliance Incorporated 4,369 0 4,369 219,372 112,000 331,372 Nortel Networks Corporation 13,066 8,330 21,396 15,500 0 15,500 PMC-Sierra Incorporated 3,336 0 3,336 32,100 0 32,100 Sanmina Corporation 3,005 0 3,005 64,488 0 64,488 Texas Instruments Incorporated 3,043 0 3,043 32,000 0 32,000 TyCom Limited 1,228 0 1,228 0 120,000 120,000 Analog Devices 0 8,025 8,025 ----------------------------------------------- 72,298 58,284 130,582 ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT & RELATED SERVICES 53,600 0 53,600 Halliburton Company 2,623 0 2,623 FOOD & KINDRED PRODUCTS 72,800 0 72,800 Anheuser-Busch Companies Incorporated 3,080 0 3,080 119,020 130,000 249,020 Coca-Cola Company 6,561 7,971 14,532 77,600 120,000 197,600 PepsiCo Incorporated 3,570 5,498 9,068 ----------------------------------------------- 13,211 13,469 26,680 GENERAL MERCHANDISE STORES 249,040 180,000 429,040 Target Corporation 6,382 5,220 11,602 173,104 150,000 323,104 Wal-Mart Stores Incorporated 8,331 8,241 16,572 0 150,000 150,000 Gap 0 5,372 5,372 ----------------------------------------------- 14,713 18,833 33,546 INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 351,960 200,000 551,960 Cisco Systems Incorporated 19,446 13,087 32,533 138,236 0 138,236 EMC Corporation 13,703 0 13,703 43,076 40,000 83,076 Hewlett-Packard Company 4,178 4,367 8,545 71,482 30,000 101,482 IBM Corporation 8,042 3,373 11,415 36,000 0 36,000 Palm Incorporated 1,906 0 1,906 0 140,000 140,000 Dell Computer 0 6,151 6,151 ----------------------------------------------- 47,275 26,978 74,253 INSURANCE AGENTS, BROKERS & SERVICE 18,800 0 18,800 Marsh & McLennan Companies Incorporated 2,496 0 2,496 INSURANCE CARRIERS 141,031 120,000 261,031 American International Group Incorporated 13,495 10,523 24,018 54,000 0 54,000 AXA Financial Incorporated 2,751 0 2,751 35,000 0 35,000 St. Paul Companies Incorporated 1,726 0 1,726 ----------------------------------------------- 17,972 10,523 28,495 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 44,069 0 44,069 Baxter International Incorporated 3,517 0 3,517 37,488 0 37,488 Danaher Corporation 1,865 0 1,865 19,402 0 19,402 Medtronic Incorporated 1,005 0 1,005 0 15,256 15,256 Agilent Technologies 0 622 622 ----------------------------------------------- 6,387 622 7,009 MISCELLANEOUS MANUFACTURING INDUSTRIES 118,900 133,000 251,900 Tyco International Limited 6,168 7,115 13,283 MISCELLANEOUS RETAIL 61,800 0 61,800 Bed Bath & Beyond Incorporated 1,507 0 1,507 36,000 0 36,000 Dollar Tree Stores Incorporated 1,460 0 1,460 ----------------------------------------------- 2,967 0 2,967 MOTION PICTURES 41,000 0 41,000 Time Warner Incorporated 3,208 0 3,208 NONDEPOSITORY CREDIT INSTITUTIONS 94,750 0 94,750 Federal National Mortgage Association 6,775 0 6,775 106,140 0 106,140 Household International Incorporated 6,010 0 6,010 ----------------------------------------------- 12,785 0 12,785 OIL & GAS EXTRACTION 83,000 0 83,000 Diamond Offshore Drilling Incorporated 3,403 0 3,403 29,000 0 29,000 Enron Corporation 2,541 0 2,541 35,669 0 35,669 Transocean Sedco Forex Incorporated 2,091 0 2,091 ----------------------------------------------- 8,035 0 8,035 PAPER & ALLIED PRODUCTS 44,600 0 44,600 International Paper Company 1,279 0 1,279 18,800 100,000 118,800 Kimberly-Clark Corporation 1,049 5,744 6,793 ----------------------------------------------- 2,328 5,744 8,072 PETROLEUM REFINING & RELATED INDUSTRIES 36,773 0 36,773 Chevron Corporation 3,135 0 3,135 34,100 0 34,100 Coastal Corporation 2,528 0 2,528 113,952 100,000 213,952 Exxon Mobil Corporation 10,156 8,000 18,156 70,216 0 70,216 Royal Dutch Petroleum Company NY Shares ADR 4,208 0 4,208 0 85,000 85,000 Texaco 0 4,202 4,202 ---------------------------------------------- 20,027 12,202 32,229 PRIMARY METAL INDUSTRIES 107,764 0 107,764 Alcoa Incorporated 2,728 0 2,728 PRINTING, PUBLISHING & ALLIED INDUSTRIES 35,196 0 35,196 Viacom Incorporated Class B 2,059 0 2,059 0 100,000 100,000 McGraw-Hill 0 5,944 5,944 ---------------------------------------------- 2,059 5,944 8,003 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 25,500 0 25,500 Franklin Resources Incorporated 1,133 0 1,133 22,000 0 22,000 Goldman Sachs Group Incorporated 2,507 0 2,507 45,600 0 45,600 Merrill Lynch & Company Incorporated 3,010 0 3,010 52,116 100,000 152,116 Morgan Stanley Dean Witter & Company 4,765 9,125 13,890 0 105,000 105,000 American Express 0 5,952 5,952 0 170,000 170,000 Capital One Financial 0 9,966 9,966 0 21,630 21,630 Fannie Mae 0 1,079 1,079 ---------------------------------------------- 11,415 26,122 37,537 STONE, CLAY, GLASS & CONCRETE PRODUCTS 27,500 0 27,500 Corning Incorporated 8,167 0 8,167 TRANSPORTATION EQUIPMENT 41,600 0 41,600 United Technologies Corporation 2,881 0 2,881 TOTAL COMMON STOCK 429,318 318,826 748,144 PRINCIPAL (000's) - ---------------------------------- SHORT-TERM INSTRUMENTS Goldman Sachs Repurchase Agreement - 102% 5,408 0 5,408 Collateralized by U.S. Government Securities 5,408 0 5,408 0 4,470 4,470 SEI Daily Income Trust Money Market Portfolio 0 4,470 4,470 0 88 88 SEI Daily Income Trust Prime Obligation Portfolio 0 88 88 ---------------------------------------------- 5,408 4,558 9,966 TOTAL INVESTMENTS, AT MARKET VALUE $ 434,726 $ 323,384 $ 758,110 TOTAL INVESTMENTS, AT COST $ 321,691 $ 215,099 $ 536,790
(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 (Note 1) (Unaudited) ($000's)
Wells Fargo 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 $ 213,168 $ 2,102,674 Cash 5 0 5 Receivables: Dividends, interest, other receivables 9,920 1,284 11,204 Fund shares sold 3,522 0 3,522 Investment securities sold 14 2,090 2,104 Prepaid expenses and other assets 27 16 43 Total Assets 1,902,994 216,558 2,119,552 LIABILITIES Payables: Investment securities purchased 0 1,360 1,360 Fund shares redeemed 2,059 150 2,209 Due to distributor 1,325 0 1,325 Due to advisor and affiliates 1,360 0 1,360 Other 634 255 889 Total Liabilities 5,378 1,765 7,143 TOTAL NET ASSETS $ 1,897,616 $ 214,793 $ 2,112,409 Net assets consist of: Paid-in capital 1,497,207 $ 151,585 $ 1,648,792 Undistributed net investment income (loss) 619 39 658 Undistributed net realized gain (loss) on investments 123,223 12,995 136,218 Net unrealized appreciation (depreciation) of investments 276,567 50,174 326,741 TOTAL NET ASSETS $ 1,897,616 $ 214,793 $ 2,112,409 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 1,266,357 $ 3,542 $ 1,269,899 Shares outstanding - Class A 51,975 242 (97) (2) 52,120 Net asset value per share - Class A $ 24.36 $ 14.63 $ 24.36 Maximum offering price per share - Class A $ 25.85 $ 15.32 $ 25.85 Net assets - Class B $ 577,526 $ 2,009 $ 579,535 Shares outstanding - Class B 39,088 138 (2) (2) 39,224 Net asset value and offering price per share - Class B $ 14.78 $ 14.60 $ 14.78 Net assets - Class C $ 32,911 $ 32,911 Shares outstanding - Class C 2,221 2,221 Net asset value and offering price per share - Class C $ 14.82 $ 14.82 Net assets - Institutional Class $ 20,822 $ 209,242 $ 230,064 Shares outstanding - Institutional Class 854 14,278 (5,693) (2) 9,439 Net asset value and offering price per share - Institutional Class $ 24.37 $ 14.66 $ 24.37 INVESTMENT AT COST $ 1,612,895 $ 162,994 $ 1,775,889 - ------------------------------------------------------------------------------------------------------------------------------------
(1) The information presented for the Achievement Balanced Fund is as of July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's low portfolio turnover rate and stable asset size, Management believes the information presented is representative of the Fund's balance sheet and portfolio holdings as of September 30, 2000. (2) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-8 WELLS FARGO FUNDS - ASSET ALLOCATION FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended September 30, 2000 (Note 1) (Unaudited) ($000's)
Wells Fargo Asset Allocation Fund Wells Fargo Asset Achievement Pro Forma Pro Forma Allocation Fund Balanced Fund Adjustments Combined ----------------- ------------- ----------- ------------------- INVESTMENT INCOME Dividends $ 13,563 $ 1,251 $ 14,814 Interest 47,883 4,630 52,513 Total Investment Income 61,446 5,881 67,327 EXPENSES Advisory fees 14,567 1,627 969 (2) 17,163 Administration fees 2,895 440 (117)(2) 3,218 Custody fees 0 55 * (55)(2) 0 Shareholder servicing fees 2,289 0 0 (2) 2,289 Portfolio accounting fees 191 0 0 (2) 191 Transfer agency fees 2,336 0 266 (2) 2,602 Distribution fees 4,307 30 ** (3)(2) 4,334 Legal and audit fees 123 54 (23)(2) 154 Registration fees 92 74 (64)(2) 102 Directors' fees 5 15 (15)(2) 5 Shareholder reports 235 38 (11)(2) 262 Other 268 16 0 (2) 284 Total Expenses 27,308 2,349 947 30,604 Less: Waived fees and reimbursed expenses fees (3,915) (341) (752)(2) (5,008) Net expenses 23,393 2,008 195 25,596 NET INVESTMENT INCOME (LOSS) 38,053 3,873 (195) 41,731 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments 127,664 18,887 146,551 Net change in unrealized appreciation or depreciation of investments 45,590 2,964 48,554 Net Gain (Loss) on Investments 173,254 21,851 195,105 NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 211,307 $ 25,724 (195) $236,836 - ---------------------------------------------------------------------------------------------------------------- ----------
* Includes transfer agency fees ** Includes shareholder servicing fees (1) The information presented for the Achievement Balanced Fund is for the year ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's stable portfolio and level fee/expense structure, Management believes the information presented is representative of the Fund's statement of operations for the twelve months ended September 30, 2000. (2) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-9
WELLS FARGO FUNDS - ASSET ALLOCATION FUND PRO FORMA PORTFOLIO OF INVESTMENTS As of September 30, 2000 (Unaudited) (Note 1) Shares Market Value ($000's) - ------------------------------------------------- ---------------------------------------------- WF Asset WF Asset Allocation Allocation Fund Fund WF Asset Allocation Achievement Pro Forma WF Asset Allocation Achievement Pro Forma Fund Balanced Fund Combined Security Name Fund Balanced Fund Combined COMMON STOCK AGRICULTURAL PRODUCTION-CROPS $ 31,267 $ 0 $ 31,267 Nabisco Group Holdings Corporation $ 891 $ 0 $ 891 AMUSEMENT & RECREATION SERVICES 11,728 0 11,728 Harrah's Entertainment Incorporated 323 0 323 199,215 49,000 248,215 Walt Disney Company 7,620 1,896 9,516 ---------------------------------------------- 7,943 1,896 9,839 APPAREL & ACCESSORY STORES 81,556 40,000 121,556 Gap Incorporated 1,641 1,433 3,074 31,256 0 31,256 Kohl's Corporation 1,803 0 1,803 41,224 0 41,224 Limited Incorporated 910 0 910 12,910 0 12,910 Nordstrom Incorporated 201 0 201 ---------------------------------------------- 4,555 1,433 5,988 APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS 5,262 0 5,262 Liz Claiborne Incorporated 202 0 202 10,931 0 10,931 V F Corporation 270 0 270 ---------------------------------------------- 472 0 472 AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS 12,846 0 12,846 Autozone Incorporated 291 0 291 AUTOMOTIVE REPAIR, SERVICES & PARKING 5,751 0 5,751 Ryder System Incorporated 106 0 106 BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS 5,729 0 5,729 Centex Corporation 184 0 184 4,656 0 4,656 Kaufman & Broad Home Corporation 125 0 125 3,970 0 3,970 Pulte Corporation 131 0 131 ---------------------------------------------- 440 0 440 BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS 221,804 70,500 292,304 Home Depot Incorporated 11,769 3,648 15,417 36,667 0 36,667 Lowe's Companies Incorporated 1,645 0 1,645 15,720 0 15,720 Sherwin-Williams Company 336 0 336 ---------------------------------------------- 13,750 3,648 17,398 BUSINESS SERVICES 11,461 0 11,461 Adobe Systems Incorporated 1,779 0 1,779 220,228 50,000 270,228 America Online Incorporated 11,837 2,666 14,503 5,630 0 5,630 Autodesk Incorporated 143 0 143 60,129 0 60,129 Automatic Data Processing Incorporated 4,021 0 4,021 23,432 0 23,432 BMC Software Incorporated 448 0 448 17,526 0 17,526 Cabletron Systems Incorporated 515 0 515 69,121 0 69,121 Cendant Corporation 752 0 752 13,934 0 13,934 Ceridian Corporation 391 0 391 17,756 0 17,756 Citrix Systems Incorporated 356 0 356 56,423 0 56,423 Computer Associates International Incorporated 1,421 0 1,421 16,093 0 16,093 Computer Sciences Corporation 1,195 0 1,195 34,549 0 34,549 Compuware Corporation 289 0 289 14,750 0 14,750 Convergys Corporation 573 0 573 6,983 0 6,983 Deluxe Corporation 142 0 142 12,446 0 12,446 Ecolab Incorporated 449 0 449 44,636 0 44,636 Electronic Data Systems Corporation 1,852 0 1,852 13,532 0 13,532 Equifax Incorporated 365 0 365 39,549 0 39,549 First Data Corporation 1,545 0 1,545 28,534 0 28,534 IMS Health Incorporated 592 0 592 28,894 0 28,894 Interpublic Group of Companies Incorporated 984 0 984 27,067 0 27,067 McKesson HBOC Incorporated 827 0 827 7,600 0 7,600 Mercury Interactive Corporation 1,191 0 1,191 503,931 69,800 573,731 Microsoft Corporation 30,362 4,873 35,235 9,095 0 9,095 NCR Corporation 344 0 344 31,649 0 31,649 Novell Incorporated 315 0 315 17,082 0 17,082 Omnicom Group Incorporated 1,246 0 1,246 269,763 83,200 352,963 Oracle Corporation 21,244 6,256 27,500 26,513 0 26,513 Parametric Technology Company 290 0 290 26,460 0 26,460 PeopleSoft Incorporated 739 0 739 11,300 0 11,300 Sapient Corporation 460 0 460 38,700 0 38,700 Siebel Systems Incorporated 4,308 0 4,308 152,109 36,000 188,109 Sun Microsystems Incorporated 17,759 3,796 21,555 29,870 0 29,870 Unisys Corporation 336 0 336 37,507 0 37,507 VERITAS Software Corporation 5,326 0 5,326 52,120 30,200 82,320 Yahoo! Incorporated 4,743 3,886 8,629 6,880 0 6,880 Young & Rubicam Incorporated 341 0 341 ---------------------------------------------- 119,480 21,477 140,957 CHEMICALS & ALLIED PRODUCTS 148,511 35,000 183,511 Abbott Laboratories 7,063 1,457 8,520 21,948 0 21,948 Air Products and Chemicals Incorporated 790 0 790 5,379 0 5,379 Alberto Culver Company 155 0 155 11,036 0 11,036 ALZA Corporation 955 0 955 125,083 0 125,083 American Home Products Corporation 7,075 0 7,075
98,479 23,000 121,479 Amgen Incorporated 6,877 1,494 8,371 22,771 0 22,771 Avon Products Incorporated 931 0 931 14,259 0 14,259 Biogen Incorporated 870 0 870 188,721 0 188,721 Bristol-Myers Squibb Company 10,781 0 10,781 22,476 0 22,476 Clorox Company 889 0 889 55,268 0 55,268 Colgate-Palmolive Company 2,609 0 2,609 64,868 0 64,868 Dow Chemical Company 1,618 0 1,618 100,366 0 100,366 E I du Pont de Nemours & Company 4,159 0 4,159 7,340 0 7,340 Eastman Chemical Company 271 0 271 108,288 0 108,288 Eli Lilly & Company 8,785 0 8,785 2,914 0 2,914 FMC Corporation 195 0 195 100,123 0 100,123 Gillette Company 3,091 0 3,091 5,252 0 5,252 Great Lakes Chemical Corporation 154 0 154 9,841 0 9,841 International Flavors & Fragrances 179 0 179 Incorporated 133,374 15,000 148,374 Johnson & Johnson 12,529 1,396 13,925 20,000 0 20,000 MedImmune Incorporated 1,545 0 1,545 220,414 58,000 278,414 Merck & Company Incorporated 16,407 4,158 20,565 603,506 39,000 642,506 Pfizer Incorporated 27,120 1,682 28,802 122,024 30,000 152,024 Pharmacia Corporation 7,344 1,643 8,987 16,659 0 16,659 PPG Industries Incorporated 661 0 661 15,132 0 15,132 Praxair Incorporated 565 0 565 125,358 0 125,358 Procter & Gamble Company 8,399 0 8,399 20,853 0 20,853 Rohm & Haas Company 606 0 606 140,389 50,000 190,389 Schering-Plough Corporation 6,528 2,159 8,687 8,145 0 8,145 Sigma Aldrich 269 0 269 12,928 0 12,928 Union Carbide Corporation 488 0 488 6,543 0 6,543 W R Grace & Company 45 0 45 9,753 0 9,753 Watson Pharmaceuticals Incorporated 633 0 633 ---------------------------------------------- 140,586 13,989 154,575 COMMUNICATIONS 64,740 0 64,740 ADC Telecommunications Incorporated 1,741 0 1,741 30,196 0 30,196 Alltel Corporation 1,576 0 1,576 359,748 82,500 442,248 AT&T Corporation 10,568 2,552 13,120 180,235 0 180,235 BellSouth Corporation 7,254 0 7,254 13,475 0 13,475 CenturyTel Incorporated 367 0 367 56,027 0 56,027 Clear Channel Communications Incorporated 3,165 0 3,165 86,081 0 86,081 Comcast Corporation Class A 3,524 0 3,524 84,572 0 84,572 Global Crossing Limited 2,622 0 2,622 72,710 0 72,710 Nextel Communications Incorporated 3,399 0 3,399 156,560 60,000 216,560 Qwest Communications International Incorporated 7,525 2,816 10,341 325,011 55,000 380,011 SBC Communications Incorporated 16,251 2,341 18,592 84,064 0 84,064 Sprint Corporation (FON Group) 2,464 0 2,464 87,783 0 87,783 Sprint Corporation (PCS Group) 3,078 0 3,078 260,847 0 260,847 Verizon Communications 12,635 0 12,635 274,550 93,000 367,550 WorldCom Incorporated 8,339 3,633 11,972 ---------------------------------------------- 84,508 11,342 95,850 DEPOSITORY INSTITUTIONS 37,687 0 37,687 AmSouth Bancorp 471 0 471 157,746 0 157,746 Bank of America Corporation 8,262 0 8,262 70,704 0 70,704 Bank of New York Company Incorporated 3,964 0 3,964 109,986 0 109,986 Bank One Corporation 4,248 0 4,248 37,561 0 37,561 BB&T Corporation 1,131 0 1,131 21,053 0 21,053 Charter One Financial Incorporated 513 0 513 124,908 48,000 172,908 Chase Manhattan Corporation 5,769 2,385 8,154 431,025 53,000 484,025 Citigroup Incorporated 23,302 3,740 27,042 15,007 0 15,007 Comerica Incorporated 877 0 877 44,531 0 44,531 Fifth Third Bancorp 2,399 0 2,399 94,013 0 94,013 First Union Corporation 3,026 0 3,026 92,990 0 92,990 Firstar Corporation 2,081 0 2,081 86,357 0 86,357 FleetBoston Financial Corporation 3,368 0 3,368 15,166 0 15,166 Golden West Financial Corporation 813 0 813 23,432 0 23,432 Huntington Bancshares Incorporated 344 0 344 15,386 0 15,386 J P Morgan & Company Incorporated 2,514 0 2,514 41,663 0 41,663 KeyCorp 1,055 0 1,055 47,076 0 47,076 Mellon Financial Corporation 2,183 0 2,183 58,119 0 58,119 National City Corporation 1,286 0 1,286 21,319 0 21,319 Northern Trust Corporation 1,895 0 1,895 13,178 0 13,178 Old Kent Financial Corporation 381 0 381 27,880 0 27,880 PNC Financial Services Group 1,812 0 1,812 21,135 0 21,135 Regions Financial Corporation 480 0 480 16,133 0 16,133 SouthTrust Corporation 507 0 507 15,448 0 15,448 State Street Corporation 2,008 0 2,008 16,899 0 16,899 Summit Bancorp 583 0 583 29,048 0 29,048 Suntrust Banks Incorporated 1,447 0 1,447 27,105 0 27,105 Synovus Financial Corporation 574 0 574 72,080 0 72,080 US Bancorp 1,640 0 1,640 12,999 0 12,999 Union Planters Corporation 430 0 430 19,371 0 19,371 Wachovia Corporation 1,098 0 1,098 52,459 0 52,459 Washington Mutual Incorporated 2,089 0 2,089 154,967 50,900 205,867 Wells Fargo & Company 7,119 2,103 9,222 ---------------------------------------------- 89,669 8,228 97,897 EATING & DRINKING PLACES 11,852 0 11,852 Darden Restaurants Incorporated 247 0 247 127,721 0 127,721 McDonald's Corporation 3,855 0 3,855 17,650 0 17,650 Starbucks Corporation 707 0 707 14,161 0 14,161 Tricon Global Restaurants Incorporated 434 0 434 10,919 0 10,919 Wendy's International Incorporated 219 0 219 ---------------------------------------------- 5,462 0 5,462
ELECTRIC, GAS & SANITARY SERVICES 43,836 0 43,836 AES Corporation 3,003 0 3,003 18,081 0 18,081 Allied Waste Industries Incorporated 166 0 166 13,158 0 13,158 Ameren Corporation 551 0 551 30,826 0 30,826 American Electric Power Company 1,206 0 1,206 Incorporated 15,282 0 15,282 Cinergy Corporation 505 0 505 10,534 0 10,534 CMS Energy Corporation 284 0 284 7,716 0 7,716 Columbia Energy Group 548 0 548 20,373 0 20,373 Consolidated Edison Incorporated 695 0 695 14,386 0 14,386 Constellation Energy Group 716 0 716 15,313 0 15,313 CP&L Energy Incorporated 638 0 638 22,789 0 22,789 Dominion Resource Incorporated 1,323 0 1,323 13,694 0 13,694 DTE Energy Company 524 0 524 35,217 0 35,217 Duke Energy Corporation 3,020 0 3,020 2,607 0 2,607 Eastern Enterprises 166 0 166 31,821 0 31,821 Edison International 615 0 615 22,169 0 22,169 El Paso Energy Corporation 1,366 0 1,366 22,034 0 22,034 Entergy Corporation 821 0 821 22,122 0 22,122 FirstEnergy Corporation 596 0 596 9,457 0 9,457 Florida Progress Corporation 501 0 501 17,122 0 17,122 FPL Group Incorporated 1,126 0 1,126 11,634 0 11,634 GPU Incorporated 377 0 377 12,800 0 12,800 KeySpan Corporation 514 0 514 16,577 0 16,577 Niagara Mohawk Holdings Incorporated 261 0 261 4,481 0 4,481 NICOR Incorporated 162 0 162 2,829 0 2,829 Oneok Incorporated 112 0 112 16,300 0 16,300 PECO Energy Company 987 0 987 3,431 0 3,431 People's Energy Corporation 115 0 115 36,935 0 36,935 PG&E Corporation 893 0 893 8,100 0 8,100 Pinnacle West Capital Corporation 412 0 412 13,857 0 13,857 PPL Corporation 579 0 579 20,714 0 20,714 Public Service Enterprise Group 926 0 926 Incorporated 28,386 0 28,386 Reliant Energy Incorporated 1,320 0 1,320 19,571 0 19,571 Sempra Energy 407 0 407 62,238 0 62,238 Southern Company 2,019 0 2,019 25,304 0 25,304 Texas Utilities Company 1,003 0 1,003 17,000 0 17,000 Unicom Corporation 955 0 955 59,536 0 59,536 Waste Management Incorporated 1,038 0 1,038 42,401 0 42,401 Williams Companies Incorporated 1,791 0 1,791 32,341 0 32,341 XCEL Energy Incorporated 889 0 889 ---------------------------------------------- 33,130 0 33,130 ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT 9,933 0 9,933 Adaptec Incorporated 199 0 199 29,348 0 29,348 Advanced Micro Devices Incorporated 693 0 693 38,200 0 38,200 Altera Corporation 1,824 0 1,824 18,550 0 18,550 American Power Conversion Corporation 356 0 356 33,897 43,800 77,697 Analog Devices Incorporated 2,799 2,929 5,728 7,701 0 7,701 Andrew Corporation 202 0 202 20,800 0 20,800 Broadcom Corporation 5,070 0 5,070 20,809 0 20,809 Conexant Systems Incorporated 871 0 871 8,894 0 8,894 Cooper Industries Incorporated 314 0 314 6,931 0 6,931 Eaton Corporation 427 0 427 40,961 0 40,961 Emerson Electric Company 2,744 0 2,744 948,198 160,000 1,108,198 General Electric Company 54,699 8,230 62,929 642,204 92,800 735,004 Intel Corporation 26,732 6,194 32,926 89,300 50,000 139,300 JDS Uniphase Corporation 8,456 5,906 14,362 29,867 0 29,867 Linear Technology Corporation 1,934 0 1,934 29,484 0 29,484 LSI Logic Corporation 862 0 862 316,375 0 316,375 Lucent Technologies Incorporated 9,669 0 9,669 27,150 0 27,150 Maxim Integrated Products 2,184 0 2,184 Incorporated 7,472 0 7,472 Maytag Corporation 232 0 232 53,228 0 53,228 Micron Technology Incorporated 2,448 0 2,448 18,762 0 18,762 Molex Incorporated 1,021 0 1,021 206,394 0 206,394 Motorola Incorporated 5,831 0 5,831 16,976 0 16,976 National Semiconductor Corporation 683 0 683 3,956 0 3,956 National Service Industries 77 0 77 29,171 0 29,171 Network Appliance Incorporated 3,716 0 3,716 284,132 50,000 334,132 Nortel Networks Corporation 16,924 3,719 20,643 12,550 0 12,550 Novellus Systems Incorporated 584 0 584 71,038 0 71,038 Qualcomm Incorporated 5,061 0 5,061 32,545 0 32,545 Raytheon Company Class B 925 0 925 14,250 0 14,250 Sanmina Corporation 1,334 0 1,334 15,308 0 15,308 Scientific-Atlanta Incorporated 974 0 974 39,219 0 39,219 Tellabs Incorporated 1,873 0 1,873 165,316 0 165,316 Texas Instruments Incorporated 7,801 0 7,801 5,525 0 5,525 Thomas & Betts Corporation 96 0 96 6,987 0 6,987 Whirlpool Corporation 272 0 272 30,784 0 30,784 Xilink Incorporated 2,636 0 2,636 ---------------------------------------------- 172,523 26,978 199,501
ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT & RELATED SERVICES 15,545 0 15,545 Dun & Bradstreet Corporation 535 0 535 7,367 0 7,367 Fluor Corporation 221 0 221 42,548 0 42,548 Halliburton Company 2,082 0 2,082 35,605 0 35,605 Paychex Incorporated 1,869 0 1,869 4,703 0 4,703 PerkinElmer Incorporated 491 0 491 11,026 0 11,026 Quintiles Transnational Corporation 176 0 176 ---------------------------------------------- 5,374 0 5,374 FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT 2,893 0 2,893 Ball Corporation 92 0 92 5,768 0 5,768 Crane Company 132 0 132 12,270 0 12,270 Crown Cork & Seal Company Incorporated 131 0 131 15,196 0 15,196 Fortune Brands Incorporated 403 0 403 28,960 0 28,960 Illinois Tool Works Incorporated 1,618 0 1,618 41,047 0 41,047 Lockheed Martin Corporation 1,353 0 1,353 42,979 0 42,979 Masco Corporation 800 0 800 5,588 0 5,588 Snap-On Incorporated 132 0 132 8,451 0 8,451 Stanley Works 195 0 195 ---------------------------------------------- 4,856 0 4,856 FOOD & KINDRED PRODUCTS 3,553 0 3,553 Adolph Coors Company 225 0 225 86,728 0 86,728 Anheuser-Busch Companies Incorporated 3,670 0 3,670 60,625 0 60,625 Archer Daniels Midland Company 523 0 523 26,358 0 26,358 Bestfoods Incorporated 1,918 0 1,918 6,601 0 6,601 Brown-Forman Corporation 361 0 361 40,472 0 40,472 Campbell Soup Company 1,047 0 1,047 237,341 45,000 282,341 Coca-Cola Company 13,083 2,759 15,842 40,345 0 40,345 Coca-Cola Enterprises Incorporated 643 0 643 51,114 0 51,114 ConAgra Foods Incorporated 1,025 0 1,025 27,967 0 27,967 General Mills Incorporated 993 0 993 33,741 0 33,741 H J Heinz Company 1,251 0 1,251 10,272 0 10,272 Hercules Incorporated 145 0 145 13,162 0 13,162 Hershey Foods Corporation 712 0 712 38,929 0 38,929 Kellogg Company 942 0 942 138,123 67,000 205,123 PepsiCo Incorporated 6,354 3,069 9,423 12,554 0 12,554 Quaker Oats Company 993 0 993 29,466 0 29,466 Ralston Purina Group 698 0 698 83,402 0 83,402 Sara Lee Corporation 1,694 0 1,694 41,815 0 41,815 Seagram Company Limited 2,402 0 2,402 54,757 0 54,757 Unilever NV ADR 2,642 0 2,642 10,948 0 10,948 Wm Wrigley Jr Company 820 0 820 ---------------------------------------------- 42,141 5,828 47,969 FOOD STORES 40,653 0 40,653 Albertson's Incorporated 854 0 854 80,016 0 80,016 Kroger Company 1,805 0 1,805 13,886 0 13,886 Winn-Dixie Stores Incorporated 200 0 200 ---------------------------------------------- 2,859 0 2,859 FURNITURE & FIXTURES 18,812 0 18,812 Leggett & Platt 297 0 297 GENERAL MERCHANDISE STORES 10,619 0 10,619 Consolidated Stores Corporation 143 0 143 9,027 0 9,027 Dillards Incorporated 96 0 96 31,540 0 31,540 Dollar General Corporation 528 0 528 20,506 0 20,506 Federated Department Stores 536 0 536 Incorporated 25,017 0 25,017 J C Penney Company Incorporated 296 0 296 46,095 0 46,095 KMart Corporation 277 0 277 31,926 0 31,926 May Department Stores Company 654 0 654 33,783 0 33,783 Sears Roebuck & Company 1,095 0 1,095 87,398 104,000 191,398 Target Corporation 2,240 3,016 5,256 28,717 0 28,717 TJX Companies Incorporated 646 0 646 427,343 76,000 503,343 Wal-Mart Stores Incorporated 20,566 4,175 24,741 ---------------------------------------------- 27,077 7,191 34,268 HEALTH SERVICES 53,421 0 53,421 HCA - The Healthcare Company 1,983 0 1,983 36,884 0 36,884 HEALTHSOUTH Corporation 300 0 300 9,802 0 9,802 Manor Care Incorporated 154 0 154 30,018 0 30,018 Tenet Healthcare Corporation 1,092 0 1,092 ---------------------------------------------- 3,529 0 3,529 HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION-CONTRACTORS 5,819 0 5,819 McDermott International Incorporated 64 0 64 HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES 19,645 0 19,645 Best Buy Company Incorporated 1,250 0 1,250 19,451 0 19,451 Circuit City Stores 447 0 447 17,933 0 17,933 RadioShack Corporation 1,159 0 1,159 ---------------------------------------------- 2,856 0 2,856 HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGING PLACES 35,333 0 35,333 Hilton Hotels Corporation 409 0 409 22,963 0 22,963 Marriott International Class A 837 0 837 ---------------------------------------------- 1,246 0 1,246
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 31,162 0 31,162 Apple Computer Incorporated 802 0 802 77,466 0 77,466 Applied Materials Incorporated 4,595 0 4,595 31,646 0 31,646 Baker Hughes Incorporated 1,175 0 1,175 8,146 0 8,146 Black & Decker Corporation 278 0 278 2,156 0 2,156 Briggs & Stratton Corporation 82 0 82 33,423 0 33,423 Caterpillar Incorporated 1,128 0 1,128 676,996 97,800 774,796 Cisco Systems Incorporated 37,404 6,400 43,804 162,784 0 162,784 Compaq Computer Corporation 4,490 0 4,490 14,686 0 14,686 Comverse Technology Incorporated 1,586 0 1,586 4,012 0 4,012 Cummins Engine Company Incorporated 120 0 120 22,440 0 22,440 Deere & Company 746 0 746 246,870 67,000 313,870 Dell Computer Corporation 7,607 2,944 10,551 19,431 0 19,431 Dover Corporation 912 0 912 208,012 0 208,012 EMC Corporation 20,619 0 20,619 30,835 0 30,835 Gateway Incorporated 1,442 0 1,442 95,711 12,000 107,711 Hewlett-Packard Company 9,284 1,310 10,594 168,739 13,200 181,939 IBM Corporation 18,983 1,484 20,467 15,537 0 15,537 Ingersoll-Rand Company 526 0 526 12,379 0 12,379 Lexmark International Incorporated 464 0 464 11,832 0 11,832 Pall Corporation 236 0 236 54,079 0 54,079 Palm Incorporated 2,863 0 2,863 24,703 0 24,703 Pitney Bowes Incorporated 974 0 974 21,770 0 21,770 Seagate Technology Incorporated 1,502 0 1,502 57,166 0 57,166 Solectron Corporation 2,637 0 2,637 5,885 0 5,885 Timken Company 81 0 81 ---------------------------------------------- 120,536 12,138 132,674 INSURANCE AGENTS, BROKERS & SERVICE 24,528 0 24,528 AON Corporation 963 0 963 16,000 0 16,000 Humana Incorporated 172 0 172 25,869 0 25,869 Marsh & McLennan Companies 3,434 0 3,434 Incorporated ---------------------------------------------- 4,569 0 4,569 INSURANCE CARRIERS 13,528 0 13,528 Aetna Incorporated 785 0 785 25,449 0 25,449 AFLAC Incorporated 1,630 0 1,630 71,420 0 71,420 Allstate Corporation 2,482 0 2,482 23,841 0 23,841 American General Corporation 1,860 0 1,860 221,675 60,000 281,675 American International Group 21,212 5,261 26,473 Incorporated 16,817 0 16,817 Chubb Corporation 1,331 0 1,331 15,437 0 15,437 CIGNA Corporation 1,612 0 1,612 15,458 0 15,458 Cincinnati Financial Corporation 549 0 549 31,252 0 31,252 Conseco Incorporated 238 0 238 20,572 0 20,572 Hartford Financial Services Group 1,500 0 1,500 9,886 0 9,886 Jefferson-Pilot Corporation 671 0 671 18,363 0 18,363 Lincoln National Corporation 884 0 884 9,412 0 9,412 Loews Corporation 785 0 785 9,430 0 9,430 MBIA Incorporated 671 0 671 10,149 0 10,149 MGIC Investment Corporation 620 0 620 6,967 0 6,967 Progressive Corporation 570 0 570 12,220 0 12,220 Safeco Corporation 333 0 333 20,286 0 20,286 St Paul Companies Incorporated 1,000 0 1,000 12,303 0 12,303 Torchmark Corporation 342 0 342 15,526 0 15,526 Unitedhealth Group Incorporated 1,533 0 1,533 23,065 0 23,065 UnumProvident Corporation 629 0 629 5,991 0 5,991 Wellpoint Health Networks 575 0 575 Incorporated ---------------------------------------------- 41,812 5,261 47,073 LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE 10,047 0 10,047 Louisiana-Pacific Corporation 92 0 92 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 43,308 4,576 47,884 Agilent Technologies Incorporated 2,119 186 2,305 12,415 0 12,415 Allergan Incorporated 1,048 0 1,048 5,117 0 5,117 Bausch & Lomb Incorporated 199 0 199 27,791 0 27,791 Baxter International Incorporated 2,218 0 2,218 24,186 0 24,186 Becton Dickinson & Company 639 0 639 17,048 0 17,048 Biomet Incorporated 597 0 597 39,134 0 39,134 Boston Scientific Corporation 643 0 643 4,890 0 4,890 C R Bard Incorporated 207 0 207 13,583 0 13,583 Danaher Corporation 676 0 676 29,731 0 29,731 Eastman Kodak Company 1,215 0 1,215 29,413 43,000 72,413 Guidant Corporation 2,079 2,424 4,503 8,266 0 8,266 Johnson Controls Incorporated 440 0 440 17,880 0 17,880 KLA-Tencor Corporation 736 0 736 6,419 0 6,419 Mallinckrodt Incorporated 293 0 293 114,721 0 114,721 Medtronic Incorporated 5,944 0 5,944 4,449 0 4,449 Millipore Corporation 215 0 215 10,743 0 10,743 Parker-Hannifin Corporation 363 0 363 19,965 0 19,965 PE Corporation - PE Biosystems Group 2,326 0 2,326 4,341 0 4,341 Polaroid Corporation 58 0 58 8,020 0 8,020 St Jude Medical Incorporated 409 0 409 4,644 0 4,644 Tektronix Incorporated 357 0 357 16,557 0 16,557 Teradyne Incorporated 579 0 579 16,584 0 16,584 Thermo Electron Corporation 431 0 431 63,930 0 63,930 Xerox Corporation 963 0 963 ---------------------------------------------- 24,754 2,610 27,364
METAL MINING - 0.11% 37,969 0 37,969 Barrick Gold Corporation 579 0 579 15,289 0 15,289 Freeport McMoran Incorporated Class B 135 0 135 24,998 0 24,998 Homestake Mining Company 130 0 130 17,390 0 17,390 Inco Limited 280 0 280 16,143 0 16,143 Newmont Mining Corporation 274 0 274 7,591 0 7,591 Phelps Dodge Corporation 317 0 317 31,461 0 31,461 Placer Dome Incorporated 297 0 297 ---------------------------------------------- 2,012 0 2,012 MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS 9,663 0 9,663 Vulcan Materials Company 388 0 388 MISCELLANEOUS MANUFACTURING INDUSTRIES 3,852 0 3,852 Armstrong Holdings Incorporated 46 0 46 16,559 0 16,559 Hasbro Incorporated 189 0 189 40,780 0 40,780 Mattel Incorporated 456 0 456 13,900 0 13,900 Tiffany & Company 536 0 536 161,814 47,000 208,814 Tyco International Limited 8,394 2,514 10,908 ---------------------------------------------- 9,621 2,514 12,135 MISCELLANEOUS RETAIL 26,960 0 26,960 Bed Bath & Beyond Incorporated 658 0 658 42,805 0 42,805 Costco Wholesale Corporation 1,496 0 1,496 37,409 0 37,409 CVS Corporation 1,733 0 1,733 3,786 0 3,786 Longs Drug Stores Incorporated 72 0 72 30,361 0 30,361 Office Depot Incorporated 237 0 237 45,734 0 45,734 Staples Incorporated 649 0 649 20,709 0 20,709 Toys R Us Incorporated 337 0 337 96,673 0 96,673 Walgreen Company 3,668 0 3,668 ---------------------------------------------- 8,850 0 8,850 MOTION PICTURES 126,106 0 126,106 Time Warner Incorporated 9,868 0 9,868 NONDEPOSITORY CREDIT INSTITUTIONS 127,963 69,000 196,963 American Express Company 7,774 3,911 11,685 69,815 0 69,815 Associates First Capital Corporation 2,653 0 2,653 18,820 73,000 91,820 Capital One Financial Corporation 1,319 4,280 5,599 25,250 0 25,250 CIT Group Incorporated 442 0 442 Countrywide Credit Industries 10,854 0 10,854 Incorporated 410 0 410 66,623 0 66,623 Federal Home Loan Mortgage Corporation 3,602 0 3,602 96,605 8,652 105,257 Federal National Mortgage Association 6,907 432 7,339 45,339 0 45,339 Household International Incorporated 2,567 0 2,567 81,624 0 81,624 MBNA Corporation 3,143 0 3,143 13,669 0 13,669 Providian Financial Corporation 1,736 0 1,736 15,045 0 15,045 USA Education Incorporated 725 0 725 ---------------------------------------------- 31,278 8,623 39,901 OIL & GAS EXTRACTION 23,280 0 23,280 Anadarko Petroleum Corporation 1,547 0 1,547 10,971 0 10,971 Apache Corporation 649 0 649 20,607 0 20,607 Burlington Resources Incorporated 759 0 759 12,100 0 12,100 Devon Energy Corporation 728 0 728 70,178 0 70,178 Enron Corporation 6,149 0 6,149 8,980 0 8,980 Kerr-McGee Corporation 595 0 595 35,327 0 35,327 Occidental Petroleum Corporation 771 0 771 8,990 0 8,990 Rowan Companies Incorporated 261 0 261 54,533 0 54,533 Schlumberger Limited 4,489 0 4,489 20,155 0 20,155 Transocean Sedco Forex Incorporated 1,182 0 1,182 29,847 0 29,847 USX-Marathon Group Incorporated 847 0 847 ---------------------------------------------- 17,977 0 17,977 PAPER & ALLIED PRODUCTS 10,740 0 10,740 Avery Dennison Corporation 498 0 498 5,061 0 5,061 Bemis Company Incorporated 163 0 163 5,445 0 5,445 Boise Cascade Corporation 145 0 145 19,776 0 19,776 Fort James Corporation 604 0 604 16,399 0 16,399 Georgia-Pacific Group 385 0 385 46,302 0 46,302 International Paper Company 1,328 0 1,328 52,129 0 52,129 Kimberly-Clark Corporation 2,909 0 2,909 9,828 0 9,828 Mead Corporation 230 0 230 Minnesota Mining and Manufacturing 37,957 0 37,957 Company 3,459 0 3,459 16,213 0 16,213 Pactiv Corporation 181 0 181 2,749 0 2,749 Potlatch Corporation 87 0 87 5,050 0 5,050 Temple-Inland Incorporated 191 0 191 9,608 0 9,608 Westvaco Corporation 256 0 256 21,928 0 21,928 Weyerhaeuser Company 885 0 885 10,611 0 10,611 Willamette Industries Incorporated 297 0 297 ---------------------------------------------- 11,618 0 11,618 PERSONAL SERVICES 9,403 0 9,403 H&R Block Incorporated 348 0 348
PETROLEUM REFINING & RELATED INDUSTRIES 8,661 0 8,661 Amerada Hess Corporation 580 0 580 6,740 0 6,740 Ashland Incorporated 227 0 227 62,538 0 62,538 Chevron Corporation 5,331 0 5,331 20,486 0 20,486 Coastal Corporation 1,519 0 1,519 59,849 0 59,849 Conoco Incorporated Class B 1,612 0 1,612 333,686 67,683 401,369 Exxon Mobil Corporation 29,740 5,415 35,155 24,336 0 24,336 Phillips Petroleum Company 1,527 0 1,527 Royal Dutch Petroleum Company 205,554 0 205,554 NY Shares ADR 12,320 0 12,320 8,462 0 8,462 Sunoco Incorporated 228 0 228 52,970 42,000 94,970 Texaco Incorporated 2,781 2,076 4,857 13,895 0 13,895 Tosco Corporation 433 0 433 23,269 0 23,269 Unocal Corporation 825 0 825 ---------------------------------------------- 57,123 7,491 64,614 PRIMARY METAL INDUSTRIES 20,934 0 20,934 Alcan Aluminum Limited 606 0 606 82,844 0 82,844 Alcoa Incorporated 2,097 0 2,097 8,029 0 8,029 Allegheny Technologies Incorporated 146 0 146 12,633 0 12,633 Bethlehem Steel Corporation 38 0 38 12,239 0 12,239 Engelhard Corporation 199 0 199 8,137 0 8,137 Nucor Corporation 245 0 245 8,452 0 8,452 USX-US Steel Group Incorporated 128 0 128 8,245 0 8,245 Worthington Industries Incorporated 77 0 77 ---------------------------------------------- 3,536 0 3,536 PRINTING, PUBLISHING & ALLIED INDUSTRIES 6,145 0 6,145 American Greetings Corporation 108 0 108 8,463 0 8,463 Dow Jones & Company Incorporated 512 0 512 25,592 0 25,592 Gannett Company Incorporated 1,356 0 1,356 6,849 0 6,849 Harcourt General Incorporated 404 0 404 7,412 0 7,412 Knight-Ridder Incorporated 377 0 377 18,686 40,000 58,686 McGraw-Hill Companies Incorporated 1,188 2,378 3,566 4,906 0 4,906 Meredith Corporation 145 0 145 16,318 0 16,318 New York Times Company 642 0 642 11,695 0 11,695 R R Donnelley & Sons Company 287 0 287 29,541 0 29,541 Tribune Company 1,289 0 1,289 145,651 0 145,651 Viacom Incorporated Class B 8,521 0 8,521 ---------------------------------------------- 14,829 2,378 17,207 RAILROAD TRANSPORTATION 40,333 0 40,333 Burlington Northern Santa Fe Corporation 870 0 870 20,905 0 20,905 CSX Corporation 456 0 456 36,745 0 36,745 Norfolk Southern Corporation 537 0 537 23,759 0 23,759 Union Pacific Corporation 924 0 924 ---------------------------------------------- 2,787 0 2,787 RUBBER & MISCELLANEOUS PLASTICS PRODUCTS 7,057 0 7,057 Cooper Tire & Rubber Company 71 0 71 15,015 0 15,015 Goodyear Tire & Rubber Company 270 0 270 25,576 0 25,576 Newell Rubbermaid Incorporated 583 0 583 26,234 0 26,234 Nike Incorporated Class B 1,051 0 1,051 5,445 0 5,445 Reebok International Limited 102 0 102 8,002 0 8,002 Sealed Air Corporation 362 0 362 5,491 0 5,491 Tupperware Corporation 99 0 99 ---------------------------------------------- 2,538 0 2,538 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 10,607 0 10,607 Bear Stearns Companies Incorporated 668 0 668 130,539 0 130,539 Charles Schwab Corporation 4,634 0 4,634 23,364 0 23,364 Franklin Resources Incorporated 1,038 0 1,038 11,600 0 11,600 Lehman Brothers Holding Incorporated 1,714 0 1,714 75,298 0 75,298 Merrill Lynch & Company Incorporated 4,970 0 4,970 107,931 50,000 157,931 Morgan Stanley Dean Witter & Company 9,869 4,563 14,432 13,978 0 13,978 Paine Webber Group Incorporated 952 0 952 21,334 0 21,334 Stilwell Financial Incorporated 928 0 928 11,595 0 11,595 T Rowe Price Associates 544 0 544 --------------------------------------------- 25,317 4,563 29,880 STONE, CLAY, GLASS & CONCRETE PRODUCTS 28,177 0 28,177 Corning Incorporated 8,369 0 8,369 14,071 0 14,071 Owens-Illinois Incorporated 130 0 130 ---------------------------------------------- 8,499 0 8,499 TEXTILE MILL PRODUCTS 3,152 0 3,152 Russell Corporation 50 0 50 1,747 0 1,747 Springs Industries Incorporated Class A 49 0 49 ---------------------------------------------- 99 0 99 TOBACCO PRODUCTS 216,798 0 216,798 Philip Morris Companies Incorporated 6,382 0 6,382 15,580 0 15,580 UST Incorporated 356 0 356 ---------------------------------------------- 6,738 0 6,738
TRANSPORTATION BY AIR 14,363 0 14,363 AMR Corporation 469 0 469 11,722 0 11,722 Delta Airlines Incorporated 520 0 520 27,760 0 27,760 Fedex Corporation 1,231 0 1,231 47,570 0 47,570 Southwest Airlines Company 1,154 0 1,154 6,435 0 6,435 US Airways Group Incorporated 196 0 196 ---------------------------------------------- 3,570 0 3,570 TRANSPORTATION EQUIPMENT 9,772 0 9,772 B F Goodrich Company 383 0 383 86,410 0 86,410 Boeing Company 5,444 0 5,444 8,476 0 8,476 Brunswick Corporation 155 0 155 14,623 0 14,623 Dana Corporation 314 0 314 53,959 0 53,959 Delphi Automotive Systems Corporation 816 0 816 179,745 0 179,745 Ford Motor Company 4,550 0 4,550 19,284 0 19,284 General Dynamics Corporation 1,211 0 1,211 51,255 0 51,255 General Motors Corporation 3,332 0 3,332 29,060 0 29,060 Harley-Davidson Incorporated 1,391 0 1,391 76,491 0 76,491 Honeywell International Incorporated 2,725 0 2,725 8,425 0 8,425 ITT Industries Incorporated 273 0 273 5,977 0 5,977 Navistar International Corporation 179 0 179 6,655 0 6,655 Northrop Grumman Corporation 605 0 605 7,374 0 7,374 PACCAR Incorporated 273 0 273 18,067 0 18,067 Rockwell International Corporation 547 0 547 13,849 0 13,849 Textron Incorporated 639 0 639 11,808 0 11,808 TRW Incorporated 480 0 480 45,082 0 45,082 United Technologies Corporation 3,122 0 3,122 ---------------------------------------------- 26,439 0 26,439 TRANSPORTATION SERVICES 12,369 0 12,369 Sabre Holdings Corporation 358 0 358 WATER TRANSPORTATION 57,960 0 57,960 Carnival Corporation 1,427 0 1,427 WHOLESALE TRADE-DURABLE GOODS 16,976 0 16,976 Genuine Parts Company 324 0 324 12,447 0 12,447 Visteon Corporation 188 0 188 8,969 0 8,969 W W Grainger Incorporated 236 0 236 ---------------------------------------------- 748 0 748 WHOLESALE TRADE-NONDURABLE GOODS 26,419 0 26,419 Cardinal Health Incorporated 2,330 0 2,330 47,602 0 47,602 Safeway Incorporated 2,222 0 2,222 12,618 0 12,618 Supervalu Incorporated 190 0 190 31,940 0 31,940 Sysco Corporation 1,479 0 1,479 ---------------------------------------------- 6,221 0 6,221 TOTAL COMMON STOCK 1,208,057 147,588 1,355,645
Interest Maturity Principal (000's) CORPORATE BONDS Rate Date - --------------------------------------------- BANKS 0 1,500 1,500 Banc One 7.25 08/01/2002 0 1,498 1,498 0 2,000 2,000 Bank of America, MTN 7.13 05/12/2005 0 1,970 1,970 0 2,000 2,000 Chase Manhatten 6.50 01/15/2009 0 1,857 1,857 0 2,000 2,000 First Union 7.50 07/15/2006 0 1,967 1,967 0 7,292 7,292 ENTERTAINMENT 0 2,255 2,255 Walt Disney 5.13 12/15/2003 0 2,117 2,117 FINANCE 0 1,500 1,500 Aetna Services 7.13 08/15/2006 0 1,431 1,431 0 1,000 1,000 Ford Motor Credit 6.25 11/08/2000 0 997 997 0 1,500 1,500 Safeco 6.88 07/15/2007 0 1,397 1,397 ---------------------------------------------- 0 3,825 3,825 FOOD, BEVERAGE & TOBACCO 0 2,000 2,000 Philip Morris 7.25 09/15/2001 0 1,975 1,975 0 1,000 1,000 Seagram 6.50 04/01/2003 0 977 977 ---------------------------------------------- 0 2,952 2,952 RETAIL 0 2,000 2,000 Albertson's 6.95 08/01/2009 0 1,902 1,902 TELEPHONE & TELECOMMUNICATIONS Lucent 0 2,000 2,000 Technologies 7.25 07/15/2006 0 2,010 2,010 TRANSPORTATION 0 2,000 2,000 U.S. Freightways 8.50 04/15/2010 0 2,002 2,002 TOTAL CORPORATE BONDS 0 22,100 22,100
MORTGAGE-BACKED SECURITIES American Southwest Financial Securities, Series 1996-FHA1, 0 591 591 Cl A2 7.00 11/25/2038 0 581 581 Donaldson Lufkin Jenrette Mortgage Acceptance, Series 0 1,200 1,200 1997-CF1, Cl A1B (A) 7.60 04/15/2007 0 1,206 1,206 General Motors Acceptance, Commercial 0 2,000 2,000 Mortgage Securities, 6.18 05/15/2033 0 1,828 1,828 Series 1999-C1, Cl A2 ---------------------------------------------- 0 3,615 3,615 U.S. GOVERNMENT AGENCY OBLIGATIONS 0 2,500 2,500 FHLB 7.25 05/15/2003 0 2,519 2,519 0 2,000 2,000 FHLB 6.25 08/13/2004 0 1,947 1,947 0 2,000 2,000 FHLMC 6.45 04/29/2009 0 1,865 1,865 0 1,000 1,000 FHLMC 7.63 09/09/2009 0 981 981 0 2,000 2,000 FNMA 6.50 08/15/2004 0 1,966 1,966 0 2,000 2,000 FNMA 7.13 02/15/2005 0 2,010 2,010 0 2,500 2,500 FNMA 6.00 05/15/2008 0 2,336 2,336 ---------------------------------------------- 0 13,624 13,624 U.S. TREASURY SECURITIES U.S. TREASURY BILLS 33,272 0 33,272 U.S. Treasury Bills 6.05 10/12/2000 33,219 0 33,219 26,096 0 26,096 U.S. Treasury Bills 5.94 11/2/2000 25,964 0 25,964 14,791 0 14,791 U.S. Treasury Bills 6.08 11/9/2000 14,698 0 14,698 20,120 0 20,120 U.S. Treasury Bills 5.97 12/7/2000 19,898 0 19,898 100 0 100 U.S. Treasury Bills 5.96 12/21/2000 99 0 99 ---------------------------------------------- 93,878 0 93,878 U.S. TREASURY NOTES 0 2,500 2,500 U.S. Treasury Notes 7.75 02/15/2001 0 2,518 2,518 0 2,500 2,500 U.S. Treasury Notes 7.88 08/15/2001 0 2,536 2,536 0 2,500 2,500 U.S. Treasury Notes 7.50 05/15/2002 0 2,547 2,547 0 3,000 3,000 U.S. Treasury Notes 5.50 03/31/2003 0 2,938 2,938 0 2,500 2,500 U.S. Treasury Notes 7.25 05/15/2004 0 2,581 2,581 0 2,500 2,500 U.S. Treasury Notes 7.88 11/15/2004 0 2,650 2,650 0 3,000 3,000 U.S. Treasury Notes 6.63 05/15/2007 0 3,072 3,072 0 3,000 3,000 U.S. Treasury Notes 5.50 02/15/2008 0 2,881 2,881 0 3,000 3,000 U.S. Treasury Notes 4.75 11/15/2008 0 2,732 2,732 ---------------------------------------------- 0 24,455 24,455 U.S. TREASURY BONDS 19,360 0 19,360 U.S. Treasury Bonds 7.88 2/15/2021 23,280 0 23,280 18,965 0 18,965 U.S. Treasury Bonds 8.13 5/15/2021 23,375 0 23,375 18,990 0 18,990 U.S. Treasury Bonds 8.13 8/15/2021 23,435 0 23,435 62,210 0 62,210 U.S. Treasury Bonds 8.00 11/15/2021 75,993 0 75,993 18,300 0 18,300 U.S. Treasury Bonds 7.25 8/15/2022 20,799 0 20,799 16,635 0 16,635 U.S. Treasury Bonds 7.63 11/15/2022 19,650 0 19,650 29,615 0 29,615 U.S. Treasury Bonds 7.13 2/15/2023 33,261 0 33,261 43,045 0 43,045 U.S. Treasury Bonds 6.25 8/15/2023 43,838 0 43,838 18,535 0 18,535 U.S. Treasury Bonds 7.50 11/15/2024 21,813 0 21,813 20,180 0 20,180 U.S. Treasury Bonds 7.63 2/15/2025 24,090 0 24,090 20,530 0 20,530 U.S. Treasury Bonds 6.88 8/15/2025 22,596 0 22,596 22,425 0 22,425 U.S. Treasury Bonds 6.00 2/15/2026 22,215 0 22,215 18,380 0 18,380 U.S. Treasury Bonds 6.75 8/15/2026 19,994 0 19,994 19,250 0 19,250 U.S. Treasury Bonds 6.50 11/15/2026 20,321 0 20,321 18,790 0 18,790 U.S. Treasury Bonds 6.63 2/15/2027 20,140 0 20,140 17,380 0 17,380 U.S. Treasury Bonds 6.38 8/15/2027 18,091 0 18,091 37,480 0 37,480 U.S. Treasury Bonds 6.13 11/15/2027 37,785 0 37,785 17,150 0 17,150 U.S. Treasury Bonds 5.50 8/15/2028 15,917 0 15,917 19,450 0 19,450 U.S. Treasury Bonds 5.25 11/15/2028 17,420 0 17,420 18,700 0 18,700 U.S. Treasury Bonds 5.25 2/15/2029 16,795 0 16,795 18,950 0 18,950 U.S. Treasury Bonds 6.13 8/15/2029 19,353 0 19,353 45,100 0 45,100 U.S. Treasury Bonds 6.25 5/15/2030 47,411 0 47,411 ---------------------------------------------- 587,572 0 587,572 TOTAL U.S. TREASURY SECURITIES 681,450 24,455 705,905 SHORT-TERM INVESTMENTS SEI Daily Income Trust 0 1,785,920 1,785,920 Money Market Portfolio 0 1,786 1,786 TOTAL INVESTMENTS, at MARKET VALUE $ 1,889,507 $ 213,168 $2,102,675 ============================================== TOTAL INVESTMENTS, at COST $ 1,612,895 $ 162,994 $1,775,889 ==============================================
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) (Note 1) ($000's)
Wells Fargo Achievement Achievement National TF Fund Wells Fargo Municipal Bond Idaho Municipal Pro Forma Pro Forma National TF Fund Fund Bond Fund Adjustments Combined ---------------- -------------- --------------- ----------- --------- ASSETS Investments: In securities, at market value (see cost below) $ 331,748 $ 68,866 $ 30,975 $ 431,589 Cash 1 0 0 1 Receivables: Interest 5,214 967 419 6,600 Fund shares sold 426 46 37 509 Prepaid expenses and other assets 23 0 45 68 Total Assets 337,412 69,879 31,476 438,767 LIABILITIES Payables: Investment securities purchased 2,000 0 123 2,123 Distributions to shareholders 1,251 302 0 1,553 Fund shares redeemed 238 4 17 259 Due to distributor 15 0 0 15 Due to advisor and affiliates 156 0 0 156 Other 329 0 0 329 Total Liabilities 3,989 306 140 4,435 TOTAL NET ASSETS $ 333,423 $ 69,573 $ 31,336 $ 434,332 Net assets consist of: Paid-in capital $ 354,182 $ 73,269 $ 31,970 (9)(2) $ 459,412 Undistributed net investment income (loss) (62) 0 (9) 9 (2) (62) Undistributed net realized gain (loss) on investments (22,713) (714) 47 (23,380) Net unrealized appreciation (depreciation) of investments 2,016 (2,982) (672) (1,638) TOTAL NET ASSETS $ 333,423 $ 69,573 $ 31,336 $ 434,332 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 64,859 $ 4,445 $ 8,136 $ 77,440 Shares outstanding - Class A 6,670 464 794 36 (3) 7,964 Net asset value per share - Class A $ 9.72 $ 9.58 $ 10.25 $ 9.72 Maximum offering price per share - Class A $ 10.18 $ 9.98 $ 10.68 $ 10.18 Net assets - Class B $ 18,366 $ 2,118 $ 1,657 $ 22,141 Shares outstanding - Class B 1,889 221 161 6 (3) 2,277 Net asset value and offering price per share - Class B $ 9.72 $ 9.58 $ 10.26 $ 9.72 Net assets - Class C $ 5,572 $ 5,572 Shares outstanding - Class C $ 573 573 Net asset value and offering price per share - Class C $ 9.73 $ 9.73 Net assets - Institutional Class $ 244,626 $ 63,010 $ 21,543 $ 329,179 Shares outstanding - Institutional Class 25,144 6,577 2,106 8 (3) 33,835 Net asset value and offering price per share - Institutional Class $ 9.73 $ 9.58 $ 10.23 $ 9.73 INVESTMENT AT COST $ 329,732 $ 71,848 $ 31,647 $ 433,227 - ------------------------------------------------------------------------------------------------------------------------------------
(1) The information presented for the Achievement Municipal Bond and Idaho Municipal Bond Funds is as of July 31, 2000, the Funds' latest semi-annual reporting date. Based on the Funds' low portfolio turnover rates and stable asset sizes, Management believes the information presented is representative of the Funds' balance sheets and portfolio holdings as of June 30, 2000. (2) To reclass to paid-in capital the accumulated net investment loss of the Achievement Idaho Municipal Bond Fund, because it cannot be carried over to the Wells Fargo National Tax-Free Fund. (3) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-11 WELLS FARGO FUNDS - NATIONAL TAX FREE FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended June 30, 2000 (Note 1) (Unaudited) ($000's)
Achievement Achievement Wells Fargo Wells Fargo Municipal Bond Idaho Municipal Pro Forma National TF Fund National TF Fund Fund Bond Fund Adjustments Pro Forma Combined ---------------- -------------- --------------- ------------ -------------------- INVESTMENT INCOME Interest $ 21,940 $ 4,261 $ 1,845 $ 28,046 Total Investment Income 21,940 4,261 1,845 28,046 EXPENSES Advisory fees 1,525 430 204 (458) (2) 1,701 Administration fees 468 144 81 (55) (2) 638 Custody fees 64 50 * 48 * (77) (2) 85 Shareholder servicing fees 148 0 0 77 (2) 225 Portfolio accounting fees 91 0 0 20 (2) 111 Transfer agency fees 361 0 0 73 (2) 434 Distribution fees 168 36 ** 43 ** (45) (2) 202 Legal and audit fees 31 14 7 (13) (2) 39 Registration fees 73 14 4 (3) (2) 88 Directors' fees 6 7 3 (10) (2) 6 Shareholder reports 51 11 7 (8) (2) 61 Other 62 6 3 0 (2) 71 Total Expenses 3,048 712 400 (499) 3,661 Less: Waived fees and reimbursed expenses fees (637) (141) (105) 156 (2) (727) Net expenses 2,411 571 295 (343) 2,934 NET INVESTMENT INCOME (LOSS) 19,529 3,690 1,550 343 25,112 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (19,915) (640) 128 (20,427) Net change in unrealized appreciation or depreciation of investments 1,543 (1,954) (783) (1,194) Net Gain (Loss) on Investments (18,372) (2,594) (655) (21,621) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,157 $ 1,096 $ 895 343 $ 3,491 - ---------------------------------------------------------------------------------------------------------------------------
* Includes transfer agency fees ** Includes shareholder servicing fees (1) The information presented for the Achievement Municipal Bond and Idaho Municipal Bond Funds is for the year ended July 31, 2000, the Funds' latest semi-annual reporting date. Based on the Funds' stable portfolios and level fee/expense structures, Management believes the information presented is representative of the Funds' statements of operations for the twelve months ended June 30, 2000. (2) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-12 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) - --------------------------------------------- ------------------------------- WF National WF National WF Achieve- AF TF Fund WF TF Fund National ment Idaho Pro National Achievement AF Idaho Pro Tax- Muni- Muni- Forma Tax-Free Municipal Municipal Forma Coupon Maturity Free cipal cipal com- Fund Fund Fund Combined Security Description Rate Date Fund Fund Fund bined MUNICIPAL BONDS ALABAMA Alabama State Public School & 0 College Authority Capital $ 3,680 $ 0 $ 0 $ 3,680 Improvement Revenue 4.25 11/1/2018 $3,001 $ 0 $ 0 $ 3,001 Alabama State Housing Finance Authority RB, Collateral Home Mortgage Project, Series B, 0 100 0 100 AMT,GNMA/FNMA/FHLMC 6.10 10/01/2020 0 100 0 100 ------------------------------------------------------ 3,001 100 0 3,101 ALASKA Alaska State Housing Finance RB, 0 370 0 370 General Meeting, Series A, MBIA, GOC 6.10 12/01/2037 0 372 0 372 Alaska State Housing Finance RB, 0 500 0 500 Housing Development, Series A, GOC 5.70 12/01/2029 0 479 0 479 Alaska State Housing Finance RB, 0 0 Veterans Mortgage Project, 1st 5.40 12/01/2023 0 258 0 258 0 275 0 275 Series, GNMA/FNMA/FHLMC Alaska State Student Loan RB, Series 0 400 0 400 A, AMBAC, GOC, AMT 5.75 07/01/2014 0 400 0 400 Valdez, Marine Terminal RB, BP 0 1,000 0 1,000 Pipelines Project, Series A 5.85 08/01/2025 0 984 0 984 Valdez, Marine Terminal RB, BP 0 1,000 0 1,000 Pipelines Project, Series B 5.50 10/01/2028 0 935 0 935 Valdez, Marine Terminal RB, Mobil 0 1,000 0 1,000 Alaska Pipeline Project 5.75 11/01/2028 0 974 0 974 ------------------------------------------------------ 0 4,402 0 4,402 ARIZONA Maricopa County AZ IDA Educational Revenue Arizona Charter Schools 1,250 0 0 1,250 Project Series A 6.75 7/1/2029 1,217 0 0 1,217 Maricopa County AZ Union School 3,000 0 0 3,000 District #48 GO School Improvements 9.00 7/1/2005 3,557 0 0 3,557 Maricopa, Elementary School District # 068 GO, School Improvement 0 500 0 500 Project, AMBAC 5.10 07/01/2011 0 502 0 502 Maricopa, Industrial Development Authority RB, Catholic Healthcare 0 400 0 400 West Project, Series A 5.00 07/01/2016 0 331 0 331 ------------------------------------------------------ 4,774 833 0 5,607 ARKANSAS 1,545 0 0 1,545 Matanuska-Susitna Boro AK 4.50 3/1/2017 1,314 0 0 1,314 Independence, Pollution Control RB, 0 500 0 500 Power & Light Project 6.25 01/01/2021 0 494 0 494 ------------------------------------------------------ 1,314 494 0 1,808 CALIFORNIA Los Angeles CA Community Redevelopment Agency Housing Revenue 1,525 0 0 1,525 Series A 8.20 12/1/2013 1,633 0 0 1,633 Monterey Hills Redevelopment Project Metropolitan Water District Southern California Waterworks Revenue Series 6,900 0 0 6,900 Project+/- 6.54 8/10/2018 7,211 0 0 7,211 Student Education Loan Marketing Corporation CA Student Loan Revenue Junior Subordinates Series IV-D1 1,000 0 0 1,000 Guaranteed by Student Loans 5.88 1/1/2018 891 0 0 891 0 500 0 500 California State Tri-City Hospital 5.63 02/15/2017 0 505 0 505 District RB, Series A, MBIA 0 160 0 160 Los Angeles, Wastewater System RB, 5.88 06/01/2024 162 0 162 Series A, MBIA 0 0 720 0 720 Northern California Power Agency RB, 7.50 07/01/2021 888 0 888 Public Power Project, AMBAC, 0 Pre-refunded @ 100 (A) 0 130 0 130 Sacramento, Municipal Utility 5.75 05/15/2022 0 131 0 131 District RB, Series E, MBIA-IBC 0 280 0 280 San Francisco, Airport Improvement 8.00 07/01/2013 0 336 0 336 RB, United Airlines, ETM 0 120 0 120 San Francisco, City & County RB, 7.13 10/01/2016 0 124 0 124 Series A, GNMA ------------------------------------------------------ 9,735 2,146 0 11,881 COLORADO 1,420 0 0 1,420 Adams County CO SFMR Series A2 8.70 6/1/2012 1,460 0 0 1,460 1,750 0 0 1,750 Arapahoe County CO Utilities Revenue 6.25 12/1/2020 1,714 0 0 1,714 Water & Wastewater Authority Revenue 1,950 0 0 1,950 Black Hawk CO Business Improvements 7.00 12/1/2011 2,007 0 0 2,007 District Special Assessment Series H981 1,000 0 0 1,000 Colorado HFA GO Series A 7.40 5/1/2011 1,043 0 0 1,043 1,120 0 0 1,120 Colorado HFA SFMR Series A2 7.15 11/1/2014 1,196 0 0 1,196 1,330 0 0 1,330 Colorado HFA SFMR Series B2 7.50 12/1/2016 1,398 0 0 1,398 1,470 0 0 1,470 Colorado HFA SFMR Series C 7.90 12/1/2024 1,561 0 0 1,561 1,210 0 0 1,210 Colorado HFA SFMR Series D1 8.00 12/1/2024 1,288 0 0 1,288 Remarketed 7/15/1994 805 0 0 805 Colorado HFA SFMR Series D2 8.13 6/1/2025 859 0 0 859 Remarketed 11/15/1994 1,000 0 0 1,000 Colorado HFFA Revenue Hospital 5.75 9/15/2022 819 0 0 819 Steamboat Springs Health 1,000 0 0 1,000 Colorado HFFA Revenue Steamboat 5.70 9/15/2023 810 0 0 810 Springs Health Project 5,200 0 0 5,200 Denver CO Urban Renewal Authority 9.13 9/1/2017 5,933 0 0 5,933 Tax Increment Revenue Remarketed 6/15/94 3,500 0 0 3,500 El Paso County CO GO School 7.10 12/1/2017 4,130 0 0 4,130 District #11 Colorado Springs 195 0 0 195 Logan County CO SFMR Series A 8.50 11/1/2011 203 0 0 203 960 0 0 960 Northern Metropolitan District CO 6.50 12/1/2016 941 0 0 941 Adams County 410 0 0 410 Vail CO SFMR Series 1992 A 8.13 6/1/2010 438 0 0 438 0 100 0 100 Colorado State Board of Agriculture 8.25 05/01/2003 0 101 0 101 RB, University of Southern Colorado Sports Project 0 200 0 200 Colorado State Educational & 7.00 11/01/2029 0 199 0 199 Cultural Facilities Authority RB, Core Knowledge Project 0 500 0 500 Denver, City & County Airport RB, 5.50 11/15/2025 0 487 0 487 Series E, MBIA Denver, City & County RB, The Boston 0 500 0 500 Lofts Project, Series A, FHA, AMT 5.75 10/01/2027 0 482 0 482 Denver, City & County School 0 500 0 500 District # 1 GO, FGIC 5.25 12/01/2017 0 486 0 486 Summit, Sports Facilities RB, 0 420 0 420 Keystone Resorts Project 7.38 08/01/2010 0 469 0 469 ------------------------------------------------------ 25,800 2,224 0 28,024 CONNECTICUT Connecticut State HFA Housing 40 0 0 40 Mortgage Finance Program Series B4 7.30 11/15/2003 40 0 0 40 Connecticut State Health & 0 115 0 115 Educational Facilities Authority RB, 6.00 07/01/2024 0 117 0 117 New Britain General Hospital, Series B, AMBAC, GOI Connecticut State Health & 0 155 0 155 Educational Facilities Authority RB, Trinity College Project, Series E, MBIA 5.88 07/01/2026 0 157 0 157 Waterbury, Housing Authority RB, 0 500 0 500 Section 8 Project, Series A, GNMA 5.85 02/01/2037 0 494 0 494 ------------------------------------------------------ 40 768 0 808 FLORIDA 85 0 0 85 Brevard County FL HFA SFMR Series B 7.00 3/1/2013 87 0 0 87 0 505 0 505 Boynton Beach, Multi-Family Housing 6.45 01/01/2027 0 521 0 521 RB, Clipper Cove Apartments 0 500 0 500 Florida State Housing Finance Agency 5.90 02/01/2030 0 492 0 492 RB, Glen Oaks Apartment Project, FNMA, AMT 0 100 0 100 Florida State University Housing 5.88 05/01/2014 0 103 0 103 Facility RB, MBIA ------------------------------------------------------ 87 1,116 0 1,203 GEORGIA Atlanta GA Water & Wastewater 3,500 1,000 0 4,500 Revenue Series A FGIC Insured 5.50 11/1/2022 3,442 990 0 4,432 Houston County GA Development 1,500 0 0 1,500 Authority MFHR Emerald Coast Housing 7.00 8/1/2028 1,306 0 1,306 Series A Atlanta, Airport Authority RB, 0 1,000 0 1,000 Series A, FGIC 5.60 01/01/2030 0 987 0 987 Fulton, Housing Authority RB, 0 500 0 500 Multi-Family Housing, Concorde Place 6.90 07/01/2008 0 564 0 564 Apartments Project, Series C, AMT, Prerefunded @ 100 (A) Georgia State Housing & Finance 0 265 0 265 Authority RB, Homeownership 6.50 12/01/2011 0 276 0 276 Opportunity Program, Series C, FHA, GOA Georgia State Housing & Finance 0 485 0 485 Authority RB, Single Family 5.85 12/01/2028 0 474 0 474 Mortgage, Subseries B2, AMT Smyra, Hospital Authority RB, 0 500 0 500 Ridgeview Institute Project 6.00 11/01/2028 0 406 0 406 ------------------------------------------------------ 4,748 3,697 0 8,445 HAWAII 6,950 0 0 6,950 Hawaii State Department of Budget & Finance Special Purpose Revenue The 5.75 7/1/2026 6,349 0 0 6,349 Queens Health Systems Series A 0 500 0 500 Hawaii State Housing Finance & Development RB, Series A, FNMA, AMT 5.75 07/01/2030 0 479 0 479 ------------------------------------------------------ 6,349 479 0 6,828 IDAHO 900 0 0 900 Idaho Housing Agency SFMR Series C2 6.35 7/1/2015 919 0 0 919 Prerefunded 1/1/05 @102 1,000 0 0 1,000 Idaho State Building Authority 4.75 9/1/2025 855 0 0 855 Building Revenue Series A MBIA Insured 470 0 0 470 Pocatello ID IDA Revenue Allocation 7.25 12/1/2008 475 0 0 475 Tax Increment Series B 0 0 1,075 1,075 Ada & Canyon Counties, Joint School 5.50 07/30/2015 0 0 1,094 1,094 District # 2 GO 0 0 500 500 Ada & Canyon Counties, Joint School 5.50 07/30/2016 0 0 505 505 District # 2 GO 0 0 120 120 Ammon, Urban Renewal Agency, Series 6.00 08/01/2006 0 0 125 125 B, Pre-refunded @ 100, LOC (A) 0 0 500 500 Bannock County, School District # 25 5.25 08/01/2015 0 0 498 498 GO, FGIC 0 0 560 560 Bingham County, School District # 5.65 08/01/2015 0 0 570 570 055 GO, MBIA 0 0 135 135 Blackfoot, Wastewater Treatment 5.80 09/01/2018 0 0 140 140 Plant Facilities Project COP, AMBAC 0 0 115 115 Blackfoot, Wastewater Treatment 5.85 09/01/2019 0 0 119 119 Plant Facilities Project COP, AMBAC 0 0 500 500 Boise, Urban Renewal RB, Ada County 5.90 08/15/2029 0 0 509 509 Courts, AMBAC 0 0 500 500 Boise Airport COP, Package Facility 5.40 08/01/2011 0 0 507 507 Project, Series A, AMBAC 0 0 365 365 Boise, Urban Renewal, Tax Increment 5.10 09/01/2014 0 0 361 361 Capital City Development Project, FSA 0 0 385 385 Boise, Urban Renewal, Tax Increment 5.15 09/01/2015 0 0 381 381 Capital City Development Project, FSA 0 0 1,000 1,000 Boise State University RB, FSA 5.00 04/01/2023 0 0 929 929 0 0 160 160 Boise State University RB, Student 5.25 04/01/2017 0 0 159 159 Union & Housing System Project, MBIA 0 0 1,000 1,000 Boise, Independent School District GO 5.50 07/30/2016 0 0 1,002 1,002 0 0 500 500 Bonneville & Bingham, School 5.75 07/30/2007 0 0 527 527 District # 93 GO, Series A, FGIC 0 0 500 500 Bonneville & Bingham, School 5.50 07/30/2010 0 0 519 519 District # 93 GO, Series A, FGIC 0 0 590 590 Bonneville GO, FSA 5.50 08/01/2016 0 0 596 596 0 0 400 400 Canyon, School District # 132 GO, FSA 5.40 07/30/2012 0 0 409 409 0 0 470 470 Canyon, School District # 132 GO, FSA 5.45 07/30/2014 0 0 477 477 0 0 900 900 Canyon, School District # 132 GO, FSA 5.45 07/30/2015 0 0 909 909 0 0 500 500 Cassia & Twin Falls, Joint School 5.38 08/01/2014 0 0 506 506 District # 151 GO, FGIC 0 0 1,000 1,000 Cassia & Twin Falls, Joint School 5.38 08/01/2016 0 0 1,002 1,002 District # 151 GO, FGIC 0 0 250 250 Elks, Health Facility Authority RB, 5.00 07/15/2008 0 0 225 225 Rehabilitation Hospital Project 0 0 500 500 Elks, Health Facility Authority RB, 5.13 07/15/2013 0 0 418 418 Rehabilitation Hospital Project 0 0 715 715 Elks, Health Facility Authority RB, 5.45 07/15/2023 0 0 560 560 Rehabilitation Hospital Project 0 0 100 100 Elmore, School District # 193 GO, 5.00 07/31/2010 0 0 101 101 AMBAC 0 0 125 125 Fremont & Madison, School District # 5.60 08/01/2014 0 0 127 127 215 GO, FSA 0 0 765 765 Fremont & Madison, School District # 5.60 08/01/2015 0 0 776 776 215 GO, FSA 0 0 130 130 Gooding & Lincoln, Joint School 6.25 02/01/2004 0 0 137 137 District # 231 GO, FSA, Pre-refunded @ 100 (A) 0 0 100 100 Idaho State Building Authority RB, 5.60 09/01/2005 0 0 103 103 Series C, MBIA 0 0 1,150 1,150 Idaho State Building Authority RB, 5.00 09/01/2021 0 0 1,055 1,055 Series A, MBIA 0 0 250 250 Idaho State Health Facility 5.25 05/01/2014 0 0 218 218 Authority RB, Bannock Regional Medical Project 0 0 500 500 Idaho State Health Facility 5.25 12/01/2014 0 0 497 497 Authority RB, Holy Cross Health Systems, MBIA 0 0 500 500 Idaho State Health Facility 5.00 12/01/2018 0 0 467 467 Authority RB, Holy Cross Health Systems, MBIA
0 0 40 40 Idaho State Health Facility 5.00 12/01/2028 0 0 35 35 Authority RB, Holy Cross Health Systems, MBIA 0 0 150 150 Idaho State Health Facility 6.65 02/15/2021 0 0 171 171 Authority RB, IHC Hospital Project, ETM 0 0 200 200 Idaho State Health Facility 5.63 12/01/2013 0 0 204 204 Authority RB, Magic Valley Regional Medical Center, AMBAC 0 0 130 130 Idaho State Health Facility 6.20 11/15/2002 0 0 137 137 Authority RB, Mercy Medical Center Project, Pre-refunded @102 (A) 0 0 100 100 Idaho State Health Facility 6.10 12/01/2007 0 0 105 105 Authority RB, St. Alphonsus Regional Medical Center Project, Pre-refunded @102 (A) 0 0 960 960 Idaho State Housing & Finance 6.15 01/01/2028 0 0 964 964 Authority RB, Single Family Mortgage, Series H-2, FHA AMT 0 0 365 365 Idaho State Housing & Finance 4.95 07/01/2011 0 0 352 352 Authority RB, Single Family Mortgage, Series E-2 0 0 485 485 Idaho State Housing & Finance 5.20 07/01/2020 0 0 444 444 Authority RB, Single Family Mortgage, Series I-2, FHA AMT 0 0 500 500 Idaho State University RB, Student 4.90 04/01/2017 0 0 464 464 Facility Fee, MBIA 0 0 865 865 Idaho State University RB, Student 6.50 04/01/2015 0 0 948 948 Facility Fee, Recreation Center Project, FSA 0 0 500 500 Idaho State Water Resource Board RB, 6.20 05/01/2020 0 0 503 503 Pooled Loan Program, Series A 0 0 240 240 Jefferson, School District # 253 5.50 08/01/2015 0 0 244 244 GO, MBIA 0 0 290 290 Jerome, Lincoln & Gooding GO, School 5.00 07/31/2012 0 0 290 290 District # 2, FSA 0 0 170 170 Kootenai, School District #273 GO, 5.00 07/30/2017 0 0 163 163 AMBAC 0 0 250 250 Lewis-Clark State College, College 5.20 04/01/2017 0 0 245 245 Facilities RB, MBIA 0 0 420 420 Madison GO, FSA 5.40 08/01/2015 0 0 423 423 0 0 250 250 Madison, Memorial Hospital Board 5.00 12/01/2018 0 0 227 227 COP, Asset Guaranty 0 0 215 215 McCall, Water RB, Parity Lien, FSA 5.75 03/01/2007 0 0 226 226 0 0 500 500 McCall, Water RB, Parity Lien, FSA 5.85 03/01/2016 0 0 512 512 0 0 290 290 Meridian, Free Library District GO, 5.00 08/01/2015 0 0 283 283 FSA 0 545 1,000 1,545 Nez Perce, Pollution Control RB, 6.00 10/01/2024 0 515 945 1,460 Potlatch Corporation Project 0 0 375 375 Oneida, School District # 351 GO, 5.00 07/31/2015 0 0 364 364 MBIA 0 0 365 365 Payette, School District # 372 GO, 6.25 07/30/2010 0 0 407 407 AMBAC 0 0 100 100 Payette, School District # 372 GO, 6.75 07/31/2003 0 0 106 106 Asset Guaranty, Pre-refunded @ 100 (A) 0 0 500 500 Southern Idaho Regional Solid Waste 5.45 11/01/2013 0 0 506 506 Project COP LOC 0 0 400 400 Teton, School District # 401 GO, FSA 5.50 08/01/2010 0 0 415 415 0 0 145 145 Twin Falls & Cassia, Joint School 5.45 08/01/2015 0 0 146 146 District # 418 GO, MBIA 0 0 400 400 Twin Falls, School District # 413 5.25 07/30/2013 0 0 403 403 GO, Cl A, AMBAC 0 0 420 420 Twin Falls, School District # 413 5.25 07/30/2014 0 0 422 422 GO, Cl A, AMBAC 0 0 195 195 Twin Falls, School District # 415 5.50 08/01/2015 0 0 195 195 GO, Asset Guaranty 0 0 200 200 University of Idaho, Student Fee RB, 5.85 04/01/2011 0 0 209 209 FSA 0 0 500 500 University of Idaho, Student Fee RB, 6.00 04/01/2026 0 0 511 511 Kibbie & Enroll Project, Series D, FSA 0 0 500 500 University of Idaho, Student Fee RB, 5.65 04/01/2022 0 0 507 507 University Commons Project, MBIA 0 465 0 465 Idaho State Health Facilities 6.13 05/01/2025 0 423 0 423 Authority RB, Bannock Regional Medical Center Project ------------------------------------------------------ 2,249 938 28,604 31,791 ILLINOIS Illinois Development Finance 35,000 0 0 35,000 Authority Retirement Housing Revenue 5.92 7/15/2023 7,615 0 0 7,615 Regency Park Series A Illinois Development Finance 1,000 0 0 1,000 Authority Revenue Community 5.70 7/1/2019 839 0 0 839 Rehabilitation Providers Series A Illinois Development Financial 950 0 0 950 Authority Revenue Community 7.88 7/1/2020 850 0 0 850 Rehabilitation Providers Series A Illinois Development Financial 1,735 0 0 1,735 Authority Revenue Community 7.88 7/1/2020 1,975 0 0 1,975 Rehabilitation Providers Series A Illinois Development Finance 1,120 0 0 1,120 Authority Revenue Community 5.65 7/1/2019 934 0 0 934 Rehabilitation Providers Series C Illinois Educational Facilities 4,940 0 0 4,940 Authority Revenue Capital 5.99 7/1/2014 2,066 0 0 2,066 Appreciation Refunded Illinois HFFA Revenue Edgewater 1,120 0 0 1,120 Medical Center Series A 9.25 7/1/2024 1,294 0 0 1,294 Illinois HFFA Revenue Healthcare 4,500 0 0 4,500 System 6.25 11/15/2029 4,241 0 0 4,241 Lake County, IL, Community Unit 1,025 0 0 1,025 School District #116 Educational 7.60 2/1/2013 1,234 0 0 1,234 Facilities Revenue Rund Lake Regional Transportation Authority IL 7,350 0 0 7,350 Sales Tax Revenue Series D FGIC 7.75 6/1/2019 9,144 0 0 9,144 Insured Bryant, Pollution Control RB, 0 1,000 0 1,000 Central Illinois Light Project 5.90 08/01/2023 0 950 0 950 Chicago, Board of Education GO, 0 500 0 500 School Reform Board, Series A, FGIC 5.50 12/01/2026 0 483 0 483 Chicago, Multi-Family Housing RB, 0 500 0 500 Bryne Mawr/Belle Project, GNMA, AMT 6.13 06/01/2039 0 507 0 507 Illinois State Health Facilities 0 520 0 520 Authority RB, Holy Cross Hospital 6.25 03/01/2004 0 522 0 522 Project, GOH Illinois State Housing Development 0 235 0 235 Authority RB, Multi-Family Housing, 7.00 07/01/2017 0 236 0 236 HUD Illinois State, Sales Tax RB, Series 0 1,255 0 1,255 P 6.50 06/15/2022 0 1,368 0 1,368 Jackson and Williamson GO, AMBAC 0 500 0 500 6.25 12/01/2015 0 531 0 531 Rockford, Mortgage Authority RB, 0 1,000 0 1,000 Faust Landmark Apartments, Series A, 6.75 01/01/2018 0 1,059 0 1,059 MBIA, AMT, HUD ----------------------------------------------------- 30,192 5,656 0 35,848 INDIANA Hammod, Multi-School Building RB, 0 720 0 720 First Mortgage Project, State Aid 6.13 07/15/2019 0 741 0 741 Witholding Indiana State Toll Financial 0 25 0 25 Authority RB 6.00 07/01/2013 0 25 0 25 Indianapolis, Local Public 0 290 0 290 Improvement RB, Series B 6.00 01/10/2020 0 306 0 306 Petersburg, Pollution Control RB, 0 105 0 105 Indianapolis Power & Light Project 6.63 12/01/2024 0 107 0 107 ----------------------------------------------------- 0 1,179 0 1,179
IOWA Iowa Finance Authority SFMR Mortgage 1,225 0 0 1,225 Backed Securities Program Series B 6.95 7/1/2024 1,275 0 0 1,275 Iowa Finance Authority SFMR Series B 7.45 7/1/2023 191 0 0 191 185 0 0 185 Iowa City, Sewer RB, MBIA 5.75 07/01/2021 0 1,006 0 1,006 0 1,000 0 1,000 Iowa State Finance Authority RB, 0 475 0 475 Series F, GNMA/FNMA 5.70 01/01/2027 464 0 464 Iowa State Hospital Facility RB, 0 200 0 200 Sisters of Mercy Health Project, 6.25 02/15/2022 204 0 204 Series N, FSA ----------------------------------------------------- 1,466 1,674 0 3,140 KANSAS 3,175 0 0 3,175 Kansas State DOT Highway Revenue 7.25 9/1/2008 3,649 0 0 3,649 Series A 3,755 0 0 3,755 Sedgwick & Shawnee Counties KS SFMR 6.70 6/1/2029 4,086 0 0 4,086 Mortgage Backed Securities Series A2 Collateralized by GNMA ----------------------------------------------------- 7,735 0 0 7,735 KENTUCKY 0 500 0 500 Kentucky State Economic Development 5.88 10/01/2022 0 338 0 338 Finance RB, Appalachian Hospital System 0 100 0 100 University of Louisville, 5.88 05/01/2011 0 103 0 103 Consolidated Educational Building, School Board Guaranty RB, Series H ----------------------------------------------------- 0 441 0 441 LOUISIANA Louisiana Public Facilities 235 0 0 235 Authority Revenue Student Loan LA 6.85 1/1/2009 244 0 0 244 Opportunity Loans Series A Louisiana Stadium & Exposition 2,000 0 0 2,000 District Hotel Occupancy Tax & 4.75 7/1/2021 1,717 0 0 1,717 Stadium Revenue Rapides Parish LA Housing & Mortgage 5,000 0 0 5,000 Finance Authority Capital 7.45 7/10/2014 1,882 0 0 1,882 Appreciation Revenue Series C St. Bernard Parish LA Housing 2,900 0 0 2,900 Mortgage Authority SFMR Series 1992 C 7.65 7/10/2014 1,026 0 0 1,026 Louisiana State, Stadium & 0 1,000 0 1,000 Exposition District RB, Series B, 5.00 07/01/2026 0 890 0 890 FGIC ----------------------------------------------------- 4,869 890 0 5,759 MAINE Maine State Housing Authority RB, 0 1,000 0 1,000 Series D2, AMT 5.90 11/15/2025 0 984 0 984 MASSACHUSETTS Massachusetts Bay Transportation 5,325 0 0 5,325 Authority General Transportation 6.20 3/1/2016 5,765 0 0 5,765 System Revenue Series B Massachusetts EDFA Revenue Series C 4,490 0 0 4,490 MBIA Insured 4.80 12/1/2010 4,233 0 0 4,233 Massachusetts State College Building 2,500 0 0 2,500 Authority Educational Facilities 7.50 5/1/2014 3,006 0 0 3,006 Revenue Series A Massachusetts State Development 2,235 0 0 2,235 Finance Agency Resource Recovery 5.30 12/1/2014 1,939 0 0 1,939 Revenue Ogden Haverhill Project Series B Massachusetts State Health & 2,500 0 0 2,500 Educational Facilities Authority 5.70 7/1/2015 2,107 0 0 2,107 Revenue Caritas Christi Obligations Group A Massachusetts State HFA Residential 1,000 0 0 1,000 Development FNMA Collateralized 6.90 11/15/2021 1,047 0 0 1,047 Massachusetts State HFA SFMR Series 750 0 0 750 26 5.60 6/1/2025 696 0 0 696 Massachusetts State Turnpike 10,000 0 0 10,000 Authority Metropolitan Highway 4.75 1/1/2034 8,266 0 0 8,266 System Revenue Series A New Bedford MA IDA Revenue Aerovox 380 0 0 380 Incorporated Project Series 1982 7.42 7/1/2002 382 0 0 382 Massachusetts State Health & 0 200 0 200 Education Authority RB, 5.88 07/01/2018 0 208 0 208 Melrose-Wakefield Hospital, Series B, GOH, ETM Massachusetts State Water Pollution 0 400 0 400 Authority RB, MWRA Project, 6.00 08/01/2023 0 410 0 410 Subseries A ----------------------------------------------------- 27,441 618 0 28,059 MICHIGAN 2,990 0 0 2,990 Michigan State HFFA Revenue Henry Ford Health System Series A 6.00 11/15/2019 2,916 0 0 2,916 2,760 0 0 2,760 Wayland MI USD GO FGIC Insured 8.00 5/1/2010 3,373 0 0 3,373 ----------------------------------------------------- 6,289 0 0 6,289 MINNESOTA Austin MN Housing & Redevelopment 500 0 0 500 Authority Governmental Housing Gross 7.25 1/1/2032 503 0 0 503 Revenue Courtyard Residence Project Series A Minneapolis St. Paul MN Housing 290 0 0 290 Finance Board SFMR Phase IX 7.30 8/1/2031 296 0 0 296 Minneapolis & St. Paul, Housing & 0 500 0 500 Redevelopment Authority RB, Group 6.90 10/15/2022 0 503 0 503 Health Plan Project ----------------------------------------------------- 799 503 0 1,302 MISSOURI 0 500 0 500 Boone, Public Water Supply RB, 5.50 05/01/2029 0 450 0 450 District # 07 0 200 0 200 Springfield, Public Building 5.90 11/01/2014 0 209 0 209 Leasehold RB, Parks Department Improvement Project, FSA Total Missouri 0 659 0 659 NEBRASKA Lincoln-Lancaster, Public Building 0 150 0 150 Commission RB, Tax Supported Lease 6.00 10/15/2026 0 153 0 153 Rental, GOC Total Nebraska
NEVADA 2,000 0 0 2,000 Clark County NV IDR Nevada Power 5.90 11/1/2032 1,717 0 0 1,717 Company Project Series A 0 180 0 180 Nevada State Housing Division RB, 6.50 10/01/2016 0 185 0 185 Single Family Program, Series C-1, FHA 0 280 0 280 Nevada State Housing Division RB, 6.25 10/01/2016 0 286 0 286 Multi-Unit Housing, Saratoga Palms, AMT, FNMA ----------------------------------------------------- 1,717 471 0 2,188 NEW HAMPSHIRE 0 1,170 0 1,170 New Hampshire State Higher 5.80 11/01/2027 0 1,052 0 1,052 Educational & Health Facilities Authority RB, Androscoggin Valley Hospital NEW JERSEY 1,570 0 0 1,570 New Jersey Health Care Facilities 6.50 7/1/2009 1,546 0 0 1,546 Financing Authority Revenue Englewood Hospital & Medical Center 1,250 0 0 1,250 New Jersey State Housing & Mortgage 7.00 5/1/2030 1,301 0 0 1,301 Finance Agency MFHR Presidential Plaza FHA Insured 0 140 0 140 New Jersey State Health Care 7.25 07/01/2027 0 124 0 124 Facility Financing Authority RB, Raritan Bay Center ----------------------------------------------------- 2,847 124 0 2,971 NEW MEXICO 3,040 0 0 3,040 Bernalillo County NM Gross Receipts 5.20 4/1/2021 2,876 0 0 2,876 Tax Revenue Bonds 1,475 0 0 1,475 Bernalillo County NM Gross Receipts 5.25 4/1/2027 1,390 0 0 1,390 Tax Revenue Bonds 3,500 0 0 3,500 Bernalillo County NM Gross Receipts 5.70 4/1/2027 3,508 0 0 3,508 Tax Revenue Bonds Series B 2,000 0 0 2,000 Farmington NM PCR Public Service 6.38 4/1/2022 1,891 0 0 1,891 Company San Juan Project Series D 690 0 0 690 Hobbs NM SFMR 8.75 7/1/2011 748 0 0 748 6,585 0 0 6,585 Santa Fe County NM Correctional 6.00 2/1/2027 6,836 0 0 6,836 Systems Revenue FSA Insured 0 375 0 375 Carlsbad, Multi-Family Housing RB, 7.38 08/01/2027 0 368 0 368 Colonial Hillcrest 0 430 0 430 Southeastern New Mexico Affordable 7.25 12/01/2027 0 399 0 399 Housing RB, Casa Hermosa Apartments ----------------------------------------------------- 17,249 767 0 18,016 NEW YORK 2,400 0 0 2,400 New York NY City Transitional 4.75 5/1/2023 2,053 0 0 2,053 Finance Authority Revenue 1,480 0 0 1,480 New York NY GO Series B1 Prerefunded 7.30 8/15/2010 1,635 0 0 1,635 8/15/04 @ 101 1,340 0 0 1,340 New York NY GO Series B1 Prerefunded 7.38 8/15/2013 1,484 0 0 1,484 8/15/04 @ 101 0 1,000 0 1,000 New York State Dormitory Authority 6.10 02/01/2037 0 1,006 0 1,006 RB, Menorah Campus, FHA 0 280 0 280 New York State Local Government 6.00 04/01/2024 0 286 0 286 Assistance RB, Series A, GOC 0 100 0 100 New York State Medical Care 6.50 08/15/2004 0 109 0 109 Facilities RB, Series E, MBIA, Pre-refunded @ 102 (A) 0 1,000 0 1,000 New York State Metropolitan 5.63 07/01/2027 0 971 0 971 Transportation Authority RB, Series C1 0 270 0 270 New York State Unrefunded Balance 6.00 08/01/2026 0 274 0 274 GO, Series E 0 485 0 485 Newark-Wayne, Community Hospital RB, 7.60 09/01/2015 0 493 0 493 Series A, GOH 0 500 0 500 United Nations Development RB, 5.60 07/01/2026 0 482 0 482 Series B, GOC ----------------------------------------------------- 5,172 3,621 0 8,793 NORTH CAROLINA 4,000 0 0 4,000 North Carolina Eastern Municipal 5.70 1/1/2017 3,705 0 0 3,705 Power Revenue Series B 0 375 0 375 North Carolina State Eastern 4.00 01/01/2018 0 313 0 313 Municipal Power Agency RB, Series A, ETM 0 1,000 0 1,000 North Carolina State Eastern 6.00 01/01/2022 0 1,059 0 1,059 Municipal Power Agency RB, Series A, Pre-refunded @ 100 (A) 0 500 0 500 North Carolina State Medical Care 4.75 10/01/2026 0 414 0 414 Commission RB, Firsthealth of the Carolinas 0 500 0 500 North Carolina State Municipal Power 6.00 01/01/2020 0 487 0 487 Agency RB, Series B ----------------------------------------------------- 3,705 2,273 0 5,978 NORTH DAKOTA 0 255 0 255 Fargo, Multi-Family Housing RB 7.13 02/01/2026 0 237 0 237 0 260 0 260 North Dakota State Housing Finance 5.95 07/01/2017 0 262 0 262 Agency RB, Home Mortgage, Series C, AMT 0 335 0 335 North Dakota State Housing Finance 6.10 07/01/2028 0 335 0 335 Agency RB, Home Mortgage, Series C, AMT ----------------------------------------------------- 0 834 0 834 OHIO 2,000 0 0 2,000 Pike County OH Hospital Facilities 7.00 7/1/2022 1,836 0 0 1,836 Revenue Pike Health Services Incorporated Project 0 500 0 500 Butler, Hospital Facilities RB, 5.00 11/15/2028 0 398 0 398 Middletown Hospital 0 1,000 0 1,000 Erie, Franciscan Service RB, 6.00 01/01/2013 0 986 0 986 Providence Hospital 0 250 0 250 Johnstown, Waterworks System RB 6.00 12/01/2017 0 242 0 242 0 600 0 600 Mason, Tax Increment Financing 5.30 12/01/2018 0 541 0 541 Authority, J. W. Harris Development Ltd. Project, LOC 0 76 0 76 Montgomery, Special Assessment GO, 6.00 12/01/2017 0 77 0 77 Montgomery Woods Project 0 500 0 500 Oak Hills, Local School District GO, 5.70 12/01/2025 0 495 0 495 Series A 0 400 0 400 Perrysburg, School District GO, 5.35 12/01/2025 0 378 0 378 Exempt Village School District ----------------------------------------------------- 1,836 3,117 0 4,953 OKLAHOMA 200 0 0 200 Pryor Creek OK, EDA Mortgage Revenue 7.13 7/1/2021 202 0 0 202 Series A 365 0 0 365 Tulsa County OK HFA Mortgage Revenue 7.55 5/1/2023 373 0 0 373 GNMA Collateralized Series B 405 0 0 405 Tulsa County OK HFA Mortgage Revenue 7.10 6/1/2022 414 0 0 414 GNMA Collateralized Series C 1,245 0 0 1,245 Tulsa OK IDA Revenue University of 6.00 10/1/2016 1,321 0 0 1,321 Tulsa Series A MBIA Insured ----------------------------------------------------- 2,310 0 0 2,310 OREGON 1,500 0 0 1,500 Klamath Falls OR Electric Revenue 5.88 1/1/2016 1,343 0 0 1,343 Lien-Klamath Cogen 8,500 0 0 8,500 Klamath Falls OR Electric Revenue 6.00 1/1/2025 7,475 0 0 7,475 Lien-Klamath Cogen Project 1,000 0 0 1,000 Oregon State Health Housing 5.25 10/1/2016 781 0 0 781 Educational & Cultural Facilities Authority 2,000 0 0 2,000 Washington County OR Housing 6.13 7/1/2029 1,811 0 0 1,811 Authority Revenue Affordable Housing Pool Series A 0 500 0 500 Lane, School District # 52, School 5.63 06/15/2020 0 501 0 501 Board Guaranty GO 0 500 0 500 Oregon State Economic Development 5.70 12/01/2025 0 442 0 442 RB, Pacific Corporation Project, Series 183, AMT ----------------------------------------------------- 11,410 943 0 12,353 PENNSYLVANIA 2,000 0 0 2,000 Carbon County PA Industrial 6.70 5/1/2012 2,002 0 0 2,002 Development Authority Revenue Panther Creek Partners Project 2,250 0 0 2,250 Chester County PA Health & Education 5.38 5/15/2027 1,885 0 0 1,885 Facilities Authority Revenue Jefferson Health System Series B 4,230 0 0 4,230 Cumberland County PA Municipal 6.80 11/15/2023 3,854 0 0 3,854 Authority Revenue Carlisle Hospital & Health 1,375 0 0 1,375 Montgomery County PA Higher 6.60 7/1/2010 1,351 0 0 1,351 Education & Health Authority Revenue Montgomery Hospital Medical Center Project Series B 500 0 0 500 Pennsylvania State Higher Education 7.05 10/1/2016 536 0 0 536 Assistance Agency Student Loan Revenue Series A AMBAC Insured 6,000 0 0 6,000 Pennsylvania State Higher Education 7.60 3/1/2022 6,120 0 0 6,120 Assistance Agency Student Loan Revenue Series A AMBAC Insured+/- 4,500 0 0 4,500 Philadelphia PA School District GO 4.50 4/1/2023 3,702 0 0 3,702 Series A MBIA Insured 0 500 0 500 Allegheny, Hospital Development 5.75 05/15/2017 0 413 0 413 Authority RB, St Francis Medical Center Project 0 500 0 500 Allentown, Hospital Authority RB, 6.75 11/15/2014 0 493 0 493 Sacred Heart Hospital of Allentown 0 500 0 500 Dauphin, General Authority Office 6.00 01/15/2025 0 446 0 446 RB, Office & Packaging Project, Series A 0 500 0 500 Delaware, Hospital Authority RB, 6.00 12/15/2020 0 431 0 431 Crozer-Chester Medical Center 0 100 0 100 Pennsylvania State GO 9.00 10/01/2000 0 101 0 101 0 750 0 750 Pennsylvania State Housing Finance 6.88 10/01/2024 0 778 0 778 Agency RB, Single Family Mortgage, Series 39B, AMT 0 1,250 0 1,250 Pennsylvania State Housing Finance 5.80 10/01/2029 0 1,214 0 1,214 Agency RB, Single Family Mortgage, Series 59A, GOA, AMT 0 500 0 500 Scranton-Lackawanna, Health & 6.25 07/01/2020 0 431 0 431 Welfare Authority RB, Moses Taylor Hospital Project 0 500 0 500 Warren, Hospital Authority RB, 6.90 04/01/2011 0 504 0 504 Warren General Hospital Project, Series A, GOH 0 500 0 500 Washington, Hospital Authority RB, 7.35 06/01/2003 0 499 0 499 Canonsburg General Hospital Project, Pre-refunded @ 102 (A) ----------------------------------------------------- 19,450 5,310 0 24,760 PUERTO RICO 0 0 735 735 Puerto Rico Commonwealth Highway & 6.25 07/01/2016 0 0 823 823 Transportation Authority Highway RB, Series Z, FSA 0 0 400 400 Puerto Rico Commonwealth Highway & 6.25 07/01/2013 0 0 446 446 Transportation Authority Highway RB, Series Z, MBIA 0 0 500 500 Puerto Rico Commonwealth Highway & 6.25 07/01/2014 0 0 558 558 Transportation Authority Highway RB, Series Y, FSA 0 0 250 250 Puerto Rico Commonwealth Highway & 5.50 07/01/2026 0 0 249 249 Transportation Authority Highway RB, Series Y, MBIA ----------------------------------------------------- 0 0 2,076 2,076 RHODE ISLAND 0 325 0 325 Rhode Island Depositors Economic 6.38 08/01/2022 0 357 0 357 Protection Corporation, Special Obligation RB, Series A, ETM 0 150 0 150 Rhode Island State, Convention 5.75 05/15/2020 0 151 0 151 Center Authority RB, Series A, AMBAC 0 1,000 0 1,000 Rhode Island State Housing & 5.95 04/01/2029 0 986 0 986 Mortgage Finance RB, Series 23, AMT ------------------------------ 0 1,494 0 1,494 SOUTH CAROLINA 8,800 0 0 8,800 Connector 2000 Association 5.73 1/1/2017 2,466 0 0 2,466 Incorporated SC Toll Road Revenue Southern Connector Project Series B 9,100 0 0 9,100 Connector 2000 Association 5.75 1/1/2018 2,349 0 0 2,349 Incorporated SC Toll Road Revenue Southern Connector Project Series B 9,400 0 0 9,400 Connector 2000 Association 5.75 1/1/2019 2,245 0 0 2,245 Incorporated SC Toll Road Revenue Southern Connector Project Series B 1,000 0 0 1,000 Loris SC Community Hospital District 5.63 1/1/2029 805 0 0 805 Hospital Revenue Series B South Carolina State Connector 2000 Association RB, Toll Road 0 500 0 500 Project, (B) 5.85 + 01/01/2031 0 49 0 49 0 1,000 0 1,000 University of South Carolina RB, MBIA 5.75 06/01/2026 0 1,003 0 1,003 ------------------------------- 7,865 1,052 0 8,917 SOUTH DAKOTA 3,500 0 0 3,500 South Dakota State HEFA Revenue 7.30 4/1/2016 3,545 0 0 3,545 Huron Regional Medical Center 0 500 0 500 South Dakota State Health & 7.25 04/01/2020 0 508 0 508 Education Facilities RB, Huron Regional Medical Center ------------------------------- 3,545 508 0 4,053 TENNESSEE 14,250 0 0 14,250 Metropolitan Governments of 5.72 6/1/2021 3,468 0 0 3,468 Nashville & Davidson County TN Health & Educational Facilities Revenue Volunteer Health Care 0 500 0 500 Nashville & Davidson Counties, 5.00 08/01/2012 0 474 0 474 Health & Education Facility RB, Open Arms Development Center ------------------------------- 3,468 474 0 3,942 TEXAS 320 0 0 320 Baytown TX Housing Finance 8.50 9/1/2011 354 0 0 354 Corporation SFMR Series 1992 A 1,535 0 0 1,535 Beaumont TX Housing Finance 9.20 3/1/2012 1,729 0 0 1,729 Corporation Revenue Brazos River Authority TX Utilities 2,900 0 0 2,900 Revenue Houston Industries 5.13 5/1/2019 2,665 0 0 2,665 Incorporated Project Series A 2,000 0 0 2,000 Columbia & Brazoria TX Independent 4.75 2/1/2025 1,697 0 0 1,697 School District GO PSFG Insured 1,145 0 0 1,145 Corpus ChristiTX HFA Housing Revenue 7.70 7/1/2011 1,210 0 0 1,210 Series A MBIA Insured 2,150 0 0 2,150 Cypress Fairbanks TX Independent 4.75 2/15/2022 1,843 0 0 1,843 School District PSFG Insured 2,395 0 0 2,395 Desoto TX Housing Finance 7.00 2/1/2025 2,633 0 0 2,633 Corporation MFHR Windsor Foundation Project Series A 180 0 0 180 El Paso TX Housing Finance 8.75 10/1/2011 197 0 0 197 Corporation SFMR Series A 2,000 0 0 2,000 Fort Bend TX Independent School 5.38 2/15/2024 1,891 0 0 1,891 District Public School Financed Insured 220 0 0 220 Galveston County TX Property Finance 8.50 9/1/2011 237 0 0 237 Authority Incorporated SFMR Series A 1,300 0 0 1,300 Grape Creek-Pulliam TX Independent 7.25 5/15/2021 1,374 0 0 1,374 School District Public Facilities Corporation GO 1,115 0 0 1,115 Harlandale TX Independent School 5.50 10/15/2012 1,069 0 0 1,069 District Public Facilities Corporation Lease Revenue Educational Facilities Revenue 3,690 0 0 3,690 Houston TX Housing Finance 8.00 6/1/2014 3,927 0 0 3,927 Corporation SFMR Series A-1 2,250 0 0 2,250 Houston TX Housing Finance 8.00 6/1/2014 2,418 0 0 2,418 Corporation SFMR Series B-1 1,000 0 0 1,000 La Porte TX GO Independent School 4.25 2/15/2018 820 0 0 820 District PSFG Insured 1,000 0 0 1,000 La Porte TX GO Independent School 4.25 2/15/2019 810 0 0 810 District PSFG Insured 3,075 0 0 3,075 Lufkin TX Health Facilities 6.88 2/15/2026 2,842 0 0 2,842 Development Corporation Health System Revenue Memorial Health System of East Texas 1,005 0 0 1,005 Port Arthur TX Housing Finance 8.70 3/1/2012 1,101 0 0 1,101 Corporation SFMR 4,180 0 0 4,180 San Antonio TX Higher Education 7.13 11/1/2015 4,398 0 0 4,398 Authority Incorporated Educational Facilities Revenue 2,200 0 0 2,200 Texas State Department of Housing & 8.10 9/1/2015 2,392 0 0 2,392 Community Affairs SFMR Series A 1,040 0 0 1,040 Texas State PFA Building Revenue 4.50 2/1/2017 886 0 0 886 State Preservation Board Series A AMBAC Insured 295 0 0 295 Travis County TX Housing Finance 7.00 12/1/2011 303 0 0 303 Corporation Residential Mortgage Revenue GNMA/FNMA Mortgage Backed Securities Series A 0 500 0 500 Beaumont, Multi-Family Housing RB, 6.45 06/15/2022 0 506 0 506 Park Shadows Project, FNMA 0 325 0 325 Carroll, Independent School District 6.75 08/15/2020 0 371 0 371 GO, PSFG 0 700 0 700 Denison, Hospital Authority 6.13 08/15/2017 0 586 0 586 RB,Texoma Medical Center Project 0 500 0 500 Harris County, Industrial 6.95 02/01/2022 0 516 0 516 Development RB, Gatx Terminals Project 0 200 0 200 Socorro, Independent School District 5.75 02/15/2021 0 210 0 210 GO 0 160 0 160 Texarkana, Health Facilities RB, 6.00 10/01/2017 0 168 0 168 Wadley Regional Medical Center, Series B, MBIA --------------------------------- 36,796 2,357 0 39,153 UTAH 1,450 410 0 1,860 Salt Lake County UT EDFA Revenue 5.75 10/1/2027 1,313 383 0 1,696 Westminster College Project 1,100 0 0 1,100 Utah State Board Regents Student 6.70 11/1/2015 1,140 0 0 1,140 Loan Revenue Amortized Series H 500 0 0 500 Utah State Board Regents Student 7.45 11/1/2008 515 0 0 515 Loan Revenue Series F 5 0 0 5 Utah State HFA SFMR Series D2 6.45 1/1/2011 5 0 0 5 11,500 0 0 11,500 Weber County UT Hospital Revenue IHC 5.00 8/15/2030 9,835 0 0 9,835 Health Service Incorporated AMBAC Insured 0 500 0 500 Provo City, Housing Authority RB, 5.80 07/20/2022 0 492 0 492 Lookout Pointe Apartments, GNMA 0 275 0 275 Salt Lake City, Metropolitan Water 4.10 08/01/2004 0 247 0 247 Division RB, FGIC 0 250 0 250 Utah State Building Ownership 5.50 05/15/2019 0 250 0 250 Authority Lease RB, Student Facilities Master Lease, Series C, FSA 0 75 0 75 Utah State Housing Finance Agency 6.80 01/01/2012 0 78 0 78 RB, Single Family Mortgage, FHA 0 1,000 0 1,000 Weber County, Municipal Building 5.75 12/15/2019 0 1,004 0 1,004 Authority RB, MBIA ------------------------------- 12,808 2,454 0 15,262 VERMONT 0 365 0 365 Vermont State Housing Finance Agency 6.00 05/01/2037 0 364 0 364 RB, Series 9, MBIA, AMT 0 900 0 900 Vermont State Student Assistance 6.70 12/15/2012 0 946 0 946 Financing RB, Series B, FSA, AMT ------------------------------- 0 1,310 0 1,310 VIRGINIA 3,000 0 0 3,000 Fairfax County VA Redevelopment & 7.60 10/1/2036 3,105 0 0 3,105 Housing Authority MFHR Burke Shire Commons 0 1,000 0 1,000 Chesapeake Bay Bridge and Tunnel 5.50 07/01/2025 0 995 0 995 Commission RB, General Resolution, MBIA ------------------------------- 3,105 995 0 4,100
WASHINGTON 1,748 0 0 1,748 Kitsap County WA Housing Authority 7.10 8/20/2016 1,947 0 0 1,947 Revenue MFHR Bonds Low Income Housing Collaterized by GNMA 6,205 0 0 6,205 Port Longview WA Revenue Series A 5.00 12/1/2014 5,567 0 0 5,567 1,100 0 0 1,100 Vancouver WA Housing Authority 5.65 3/1/2031 930 0 0 930 Revenue Springbrook Square 2,750 0 0 2,750 Washington Public Power Supply 6.00 7/1/2007 2,894 0 0 2,894 System Power Revenue Nuclear Project #2 Series A 4,000 0 0 4,000 Washington State Housing Finance 5.25 7/1/2002 3,990 0 0 3,990 Commission Nonprofit Housing Revenue Ocean Ridge Apartments Project Series A 1,145 0 0 1,145 Washington State Housing Finance 7.10 7/1/2022 1,169 0 0 1,169 Commission SFMR GNMA/FNMA Collateralized Series E 2,000 0 0 2,000 Washington State Public Power Supply 5.13 7/1/2018 1,830 0 0 1,830 System Power Revenue Nuclear Project #2 Series A 4,980 0 0 4,980 Washington State University 5.38 6/1/2029 4,626 0 0 4,626 Washington Education Lease Revenue 4225 Roosevelt Project Series A 3,000 0 0 3,000 Yakima County WA School District 6.75 12/1/2006 3,301 0 0 3,301 #007 GO MBIA Insured 0 500 0 500 Clark County, School District # 98 6.15 12/01/2015 0 528 0 528 GO, MBIA 0 110 0 110 King County GO, MBIA 6.13 01/01/2033 0 112 0 112 0 820 0 820 Pilchuck, State Development RB, 6.00 08/01/2023 0 781 0 781 Tramco Project, AMT 0 1,000 0 1,000 Seattle, Low Income Housing 7.40 11/20/2036 0 1,111 0 1,111 Assistance Authority RB, Kin On Project, GNMA 0 500 0 500 Seattle, Water Systems RB, Series B, 6.00 07/01/2029 0 509 0 509 FGIC 0 220 0 220 Snohomish County, Public Utility RB, 6.00 01/01/2018 0 223 0 223 District # 001, FGIC 0 110 0 110 Stevens County, Water Power RB, 6.00 12/01/2023 0 105 0 105 Kettle Project 0 250 0 250 Washington State GO, Series B & At-7 6.40 06/01/2017 0 276 0 276 Washington State Housing Finance RB, Seattle University 0 250 0 250 Washington State Housing Finance RB, 5.30 07/01/2031 0 226 0 226 Seattle University Auxiliary Services Project, LOC -------------------------------- 26,254 3,871 0 30,125 WASHINGTON D.C. Washington DC Convention Center 8,300 0 0 8,300 Authority Dedicated Tax Revenue 4.75 10/1/2028 6,851 0 0 6,851 WEST VIRGINIA West Virginia State Hospital Financing Authority RB, Fairmont 0 140 0 140 General Hospital, GOH 6.75 03/01/2014 0 138 0 138 WISCONSIN Wisconsin Center District Tax 1,750 0 0 1,750 Revenue JR Dedicated FSA Insured 5.25 12/15/2023 1,655 0 0 1,655 Wisconsin Center District Tax 4,950 0 0 4,950 Revenue JR Dedicated FSA Insured 5.25 12/15/2027 4,643 0 0 4,643 0 145 0 145 Wisconsin State GO, Series D, AMT 5.80 05/01/2020 0 145 0 145 Wisconsin State Health & Education Facilities RB, Franciscan Skemp 0 1,000 0 1,000 Medical Center 6.13 11/15/2015 0 1,034 0 1,034 Wisconsin State Housing & Economic 0 550 0 550 Development RB, Series A, GOA 6.00 09/01/2015 0 558 0 558 -------------------------------- 6,298 1,737 0 8,035 WYOMING Jackson, National Rural Utilities RB, Lower Valley Power & Light, 0 500 0 500 Series B, AMT 5.88 05/01/2026 0 488 0 488 0 600 0 600 Teton County, Hospital District RB 5.80 12/01/2017 0 593 0 593 Wyoming State Community Development 0 420 0 420 Authority RB, Series 4, AMT 5.85 06/01/2028 0 409 0 409 Wyoming State Community Development 0 1,000 0 1,000 Authority RB, Series A, FHA 6.00 06/01/2023 0 1,003 0 1,003 -------------------------------- 0 2,493 0 2,493 TOTAL MUNICIPAL BONDS 309,574 67,349 30,680 407,603 SHARES - ------------------------------------------- CLOSED-END MUTUAL FUNDS 60,485 0 0 60,485 Black Rock Strategic Municipal Trust 760 0 0 760 357,724 0 0 357,724 Dreyfus Municipal Income Fund 2,705 0 0 2,705 75,530 0 0 75,530 Dreyfus Strategic Municipal Bond Fund 609 0 0 609 261,246 0 0 261,246 Dreyfus Strategic Municipals Fund 2,090 0 0 2,090 8,585 0 0 8,585 Eaton Vance Municipal Income Trust 93 0 0 93 100,136 0 0 100,136 Municipal Advantage Fund Incorporated 1,114 0 0 1,114 24,112 0 0 24,112 Municipal Partners Fund 285 0 0 285 115,082 0 0 115,082 Nuveen Dividend Advantage Municipal Fund 1,410 0 0 1,410 189,766 0 0 189,766 Nuveen Insured Municipal Opportunity Fund 2,467 0 0 2,467 105,143 0 0 105,143 Nuveen Premium Income Municipal Fund 1,255 0 0 1,255 91,608 0 0 91,608 Seligman Select Municipal Fund 859 0 0 859 57,005 0 0 57,005 Van Kampen Advantage Municipal Income Trust 723 0 0 723 42,976 0 0 42,976 Van Kampen Advantage Municipal Income Trust II 492 0 0 492 80,979 0 0 80,979 Van Kampen Trust for Investment Grade 1,088 0 0 1,088 -------------------------------- 15,950 0 0 15,950 SHORT-TERM INVESTMENTS 6,223,900 0 0 6,223,900 Wells Fargo National Tax-Free Money Market Fund 6,224 0 0 6,224 SEI Tax-Exempt Trust Institutional 0 1,517 294,979 296,496 Tax-Free Portfolio 0 1,517 295 1,812 ------------------------------- 6,224 1,517 295 8,036 TOTAL INVESTMENTS, AT MARKET VALUE $331,748 $68,866 $ 30,975 $431,589 ==================================
TOTAL INVESTMENTS, AT COST $329,732 $71,848 $ 31,647 $433,227 + Yield-to-maturity
(1) It is not expected that any of the securities will have to be sold as a result of the merger. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-13 WELLS FARGO FUNDS - INCOME FUND PRO FORMA STATEMENT OF ASSETS AND LIABILITIES As of May 31, 2000 (Note 1) (Unaudited) ($000's)
Wells Fargo Achievement Income Fund Wells Fargo Intermediate Term Pro Forma Pro Forma Income Fund Bond Fund Adjustments Combined ----------------- ----------------------- ----------------- --------------- ASSETS Investments: In securities, at market value (see cost below) $ 389,347 $ 153,957 $ 543,304 Collateral for securities loaned 177,507 0 177,507 Receivables: Interest 6,712 2,517 9,229 Fund shares sold 1,692 210 1,902 Prepaid expenses and other assets 16 77 93 Total Assets 575,274 156,761 732,035 LIABILITIES Payables: Securities loaned 177,507 0 177,507 Investment securities purchased 0 778 778 Distributions to shareholders 1,884 0 1,884 Fund shares redeemed 233 63 296 Due to distributor 40 0 40 Due to advisor and affiliates 222 0 222 Other 164 241 405 Total Liabilities 180,050 1,082 181,132 TOTAL NET ASSETS $ 395,224 $ 155,679 $ 550,903 Net assets consist of: Paid-in capital $ 448,471 $ 163,924 $ 612,395 Undistributed net investment income (loss) 0 0 0 Undistributed net realized gain (loss) on investments (31,054) (3,153) (34,207) Net unrealized appreciation (depreciation) of investments (22,193) (5,092) (27,285) TOTAL NET ASSETS $ 395,224 $ 155,679 $ 550,903 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 16,894 $ 1,176 $ 18,070 Shares outstanding - Class A 1,908 117 15 (2) 2,040 Net asset value per share - Class A $ 8.86 $ 10.06 $ 8.86 Maximum offering price per share - Class A $ 9.28 $ 10.42 $ 9.28 Net assets - Class B $ 8,611 $ 8,611 Shares outstanding - Class B 974 974 Net asset value and offering price per share - Class B $ 8.84 $ 8.84 Net assets - Institutional Class $ 369,719 $ 154,503 $ 524,222 Shares outstanding - Institutional Class 41,786 15,391 2,071 (2) $ 59,248 Net asset value and offering price per share - Institutional Class $ 8.85 $ 10.04 $ 8.85 INVESTMENT AT COST $ 411,540 $ 159,049 $ 570,589
- -------------------------------------------------------------------------------- (1) The information presented for the Achievement Intermediate Term Bond Fund is as of July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's low portfolio turnover rate and stable asset size, Management believes the information presented is representative of the Fund's balance sheet and portfolio holdings as of May 31, 2000. (2) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-14 WELLS FARGO FUNDS - INCOME FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended May 31, 2000 (Note 1) (Unaudited) ($000's)
Wells Fargo Achievement Income Fund Wells Fargo Intermediate Term Pro Forma Pro Forma Income Fund Bond Fund Adjustments Combined ----------------- ----------------------- ----------------- --------------- INVESTMENT INCOME Interest $ 29,484 $ 10,758 $ 40,242 Securities lending income 154 0 154 Total Investment Income 29,638 10,758 40,396 EXPENSES Advisory fees 1,982 972 (147) (2) 2,807 Administration fees 520 324 (2) (2) 842 Custody fees 71 55 * (14) (2) 112 Shareholder servicing fees 37 0 27 (2) 64 Portfolio accounting fees 85 0 33 (2) 118 Transfer agency fees 489 0 198 (2) 687 Distribution fees 64 4 ** (3) (2) 65 Legal and audit fees 26 37 (31) (2) 32 Registration fees 49 59 (39) (2) 69 Directors' fees 5 14 (14) (2) 5 Shareholder reports 45 34 (16) (2) 63 Other 35 13 0 (2) 48 Total Expenses 3,408 1,512 (8) 4,912 Less: Waived fees and reimbursed expenses fees (306) (293) 27 (2) (572) Net expenses 3,102 1,219 19 4,340 NET INVESTMENT INCOME (LOSS) 26,536 9,539 (19) 36,056 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (18,974) (1,012) (19,986) Net change in unrealized appreciation or depreciation of investments (8,738) (1,661) (10,399) Net Gain (Loss) on Investments (27,712) (2,673) (30,385) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (1,176) $ 6,866 (19) $ 5,671
- -------------------------------------------------------------------------------- * Includes transfer agency fees ** Includes shareholder servicing fees (1) The information presented for the Achievement Intermediate Term Bond Fund is for the year ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's stable portfolio and level fee/expense structure, Management believes the information presented is representative of the Fund's statement of operations for the twelve months ended May 31, 2000. (2) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-15 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 WF Income Income Achievement Fund Achievement Fund WF Income Intermediate- Pro Forma Coupon Maturity WF Income Intermediate- Pro Forma Fund Term Bond Fund Combined Security Name Rate Date Fund Term Bond Fund Combined ASSET BACKED SECURITIES $ 5,000 $ 0 $ 5,000 Discover Card Master Trust I 6.64 9/16/2005 $ 5,002 $ 0 $ 5,002 925 0 925 First USA Consumer Trust Class A 6.50 9/15/2002 922 0 922 Green Tree Financial Corporation Series 7,000 0 7,000 1997-6 A7 7.14 1/15/2029 6,688 0 6,688 320 0 320 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/2024 320 0 320 1,355 0 1,355 Van Kampen CLO-I 6.57 10/8/2007 1,362 0 1,362 Champion Home Equity Loan Trust, Series 0 2,000 2,000 1997-2, Cl A3 6.770 03/25/2015 0 1,972 1,972 Olympic Automobile Receivables Trust, Series 0 2,000 2,000 1996-B, Cl A5 6.900 02/15/2004 0 1,998 1,998 WFS Financial Owner Trust, Series 0 2,000 2,000 1998-B, Cl A4 6.050 04/20/2003 0 1,977 1,977 ----------------------------------- 14,294 5,947 20,241 COLLATERALIZED MORTGAGE OBLIGATIONS 554 0 554 Saco I Incorporated Series 1997-2 7.00 8/25/1936 548 0 548 American Southwest Financial Securities, 0 1,182 1,182 Series 1996-FHA1, Cl A2 7.000 11/25/2038 0 1,162 1,162 Donaldson Lufkin Jenrette Mortgage 0 3,000 3,000 Acceptance, Series 1996-CF2, Cl A1B (A) 7.290 11/12/2021 0 2,991 2,991 Donaldson Lufkin Jenrette Mortgage 0 2,000 2,000 Acceptance, Series 1997-CF1, Cl A1B (A) 7.600 04/15/2007 0 2,009 2,009 General Motors Acceptance, Commercial Mortgage Securities, Series 0 3,000 3,000 1999-C1, Cl A2 6.175 05/15/2033 0 2,742 2,742 Lehman Brothers Commercial Conduit Mortgage 0 3,000 3,000 Trust, Series 1998-C1, Cl B 6.590 02/18/2030 0 2,795 2,795 ----------------------------------- 548 11,699 12,247 CORPORATE BONDS & NOTES APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS 541 0 541 Tommy Hilfiger 6.50 6/1/2003 408 0 408 AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS 774 0 774 Pep Boys 6.71 11/3/2004 494 0 494 0 1,000 1,000 TRW 6.450 06/15/2001 0 993 993 ----------------------------------- 494 993 1,487 AUTOMOTIVE REPAIR, SERVICES & PARKING 5,000 0 5,000 Hertz Corporation 7.63 8/15/2007 4,894 0 4,894 BUILDING PRODUCTS 0 2,000 2,000 CSR America 6.875 07/21/2005 0 1,933 1,933 BUSINESS SERVICES 5,000 0 5,000 First Data Corporation 6.38 12/15/2007 4,631 0 4,631 5,968 0 5,968 Oracle Corporation 6.72 2/15/2004 5,759 0 5,759 ---------------------------------- 10,390 0 10,390 CHEMICALS & ALLIED PRODUCTS 5,000 0 5,000 E. I. Du Pont de Nemours & Company 6.88 10/15/2009 4,737 0 4,737 1,000 0 1,000 IMC Global Incorporated 7.63 11/1/2005 969 0 969 6,800 0 6,800 Merck & Company Incorporated 6.40 3/1/2028 5,942 0 5,942 5,000 0 5,000 Procter & Gamble Company 6.60 12/15/2004 4,844 0 4,844 ---------------------------------- 16,492 0 16,492 COMMUNICATIONS 3,000 0 3,000 AT&T Capital Corporation 6.75 12/1/2000 2,992 0 2,992 4,500 0 4,500 LCI International Incorporated 7.25 6/15/2007 4,196 0 4,196 Qwest Communications International 2,000 0 2,000 Incorporated 7.50 11/1/2008 1,883 0 1,883 5,000 0 5,000 WorldCom Incorporated 8.00 5/15/2006 5,000 0 5,000 ---------------------------------- 14,071 0 14,071 DEPOSITORY INSTITUTIONS 3,500 0 3,500 Bank United Corporation 8.00 3/15/2009 3,041 0 3,041 4,500 0 4,500 BankBoston Corporation 6.88 7/15/2003 4,365 0 4,365 3,000 0 3,000 Bankers Trust New York Company 7.38 5/1/2008 2,835 0 2,835 194 0 194 Golden State Holdings 7.13 8/1/2005 169 0 169 5,000 0 5,000 Key Bank NA 6.50 4/15/2008 4,506 0 4,506 250 0 250 Midland Bank PLC 6.95 3/15/2011 225 0 225 5,000 0 5,000 NationsBank Corporation 7.80 9/15/2016 4,756 0 4,756 2,500 0 2,500 Society Corporation 8.13 6/15/2002 2,513 0 2,513 0 1,000 1,000 Bank of America 7.625 04/15/2005 0 1,002 1,002 0 2,000 2,000 Bank of America 7.125 05/01/2006 0 1,955 1,955 0 1,000 1,000 Citicorp 7.125 06/01/2003 0 992 992 0 1,000 1,000 First Tennessee Bank 5.750 12/01/2008 0 850 850 0 1,000 1,000 First Union 7.050 08/01/2005 0 971 971 0 1,000 1,000 KeyCorp 7.250 06/01/2005 0 980 980 ---------------------------------- 22,410 6,750 29,160 ELECTRIC, GAS & SANITARY SERVICES 147 0 147 Niagara Mohawk Power 7.38 7/1/2003 144 0 144 725 0 725 Texas Utilities Company 6.20 10/1/2002 703 0 703 774 0 774 Williams Companies Incorporated 6.13 2/15/2002 750 0 750 0 1,000 1,000 Consolidated Edison 6.375 04/01/2003 0 983 983 0 1,000 1,000 Consolidated Edison 6.150 07/01/2008 0 915 915 0 1,000 1,000 Monogahela Power, MTN 7.360 01/15/2010 0 979 979 0 1,000 1,000 Pacific Gas & Electric, MTN 6.680 03/19/2003 0 986 986 0 1,000 1,000 Philadelphia Electric 6.625 03/01/2003 0 979 979 0 1,000 1,000 Public Service Electric & Gas 6.500 05/01/2004 0 968 968 0 1,000 1,000 Rochester Gas & Electric, MTN 6.375 07/30/2003 0 967 967 0 1,000 1,000 Scana, MTN 6.250 07/08/2003 0 966 966 ----------------------------------- 1,597 7,743 9,340 ENERGY 3,300 0 3,300 Midamerican Energy Holdings 6.96 9/15/2003 3,160 0 3,160 FOOD & KINDRED PRODUCTS 4,000 0 4,000 Anheuser Busch Companies 9.00 12/1/2009 4,330 0 4,330 1,500 0 1,500 Flowers Industries Incorporated 7.15 4/15/2028 1,043 0 1,043 774 0 774 Whitman Corporation 7.29 9/15/2026 760 0 760 0 1,000 1,000 Diageo PLC 7.125 09/15/2004 0 990 990 0 1,000 1,000 Nabisco 6.700 06/15/2002 0 974 974 0 1,000 1,000 Sara Lee, MTN 7.400 03/22/2002 0 1,000 1,000 ----------------------------------- 6,133 2,964 9,097 FOREIGN DEPOSITORY INSTITUTIONS 3,000 0 3,000 Korea Development Bank 7.13 4/22/2004 2,858 0 2,858 GENERAL MERCHANDISE STORES 5,000 0 5,000 Saks Incorporated 7.50 12/1/2010 3,869 0 3,869 5,000 0 5,000 Target Corporation 7.50 2/15/2005 4,981 0 4,981 0 1,000 1,000 J.C. Penney, MTN 7.050 05/23/2005 0 894 894 0 1,000 1,000 Sears Roebuck Acceptance 6.950 05/15/2002 0 991 991 0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.580 11/20/2003 0 971 971 0 2,000 2,000 Target 7.500 07/15/2006 0 1,983 1,983 0 1,000 1,000 Wal-Mart Stores 6.500 06/01/2003 0 989 989 ----------------------------------- 8,850 5,828 14,678 INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT 6,861 0 6,861 Dell Computer Corporation 7.10 4/15/2028 5,969 0 5,969 4,000 0 4,000 IBM Corporation 8.38 11/1/2019 4,275 0 4,275 ----------------------------------- 10,244 0 10,244 INDUSTRIAL SERVICES 3,000 0 3,000 Gruma SA de CV 7.63 10/15/2007 2,520 0 2,520 INSURANCE CARRIERS 8,000 0 8,000 AMBAC Incorporated 9.38 8/1/2011 8,620 0 8,620 968 0 968 Reliastar Financial Corporation 7.13 3/1/2003 945 0 945 968 0 968 Terra Nova (U.K.) Holdings 7.20 8/15/2007 916 0 916 0 2,000 2,000 Aetna Services 6.750 08/15/2001 0 1,985 1,985 ----------------------------------- 10,481 1,985 12,466 MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS; PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS 387 0 387 Mallinckrodt Incorporated 6.30 3/15/2001 380 0 380 NONDEPOSITORY CREDIT INSTITUTIONS 4,500 0 4,500 Dresdner Funding Trust I 8.15 6/30/1931 3,769 0 3,769 6,000 0 6,000 General Electric Capital Corporation 8.70 2/15/2003 6,173 0 6,173 5,000 0 5,000 General Electric Capital Corporation 8.63 6/15/2008 5,281 0 5,281 0 1,000 1,000 Chase Manhattan 8.125 06/15/2002 0 1,014 1,014 0 1,000 1,000 Chase Manhattan 6.375 02/15/2008 0 927 927 0 1,000 1,000 Associates of North America, MTN 6.810 08/03/2001 0 996 996 0 1,000 1,000 Associates of North America, MTN 7.540 04/14/2004 0 999 999 0 1,000 1,000 Capital One Bank 7.080 10/30/2001 0 994 994 0 1,000 1,000 CitiFinancial 6.875 05/01/2002 0 995 995 0 1,000 1,000 Ford Motor Credit 8.000 06/15/2002 0 1,011 1,011 0 1,000 1,000 Ford Motor Credit 7.750 03/15/2005 0 1,004 1,004 0 1,000 1,000 General Motors Acceptance, MTN 7.250 05/15/2003 0 996 996 0 1,000 1,000 Household Finance 7.650 05/15/2007 0 985 985 0 1,000 1,000 J.P. Morgan 7.250 01/15/2002 0 999 999 0 1,000 1,000 Lehman Brothers Holdings 6.125 07/15/2003 0 957 957 ----------------------------------- 15,223 11,877 27,100 PETROLEUM PRODUCTS & SERVICES 0 1,000 1,000 Kerr-McGee 6.625 10/15/2007 0 931 931 PRIMARY METAL INDUSTRIES 194 0 194 CSC Holdings Incorporated 7.25 7/15/2008 174 0 174 4,000 0 4,000 CSC Holdings Incorporated 7.63 7/15/2018 3,370 0 3,370 ----------------------------------- 3,544 0 3,544 RAILROADS 0 1,000 1,000 CSX Transportation 7.540 03/15/2003 0 1,000 1,000 REAL ESTATE 4,500 0 4,500 Rouse Company 8.50 1/15/2003 4,506 0 4,506 RENTAL EQUIPMENT 0 2,000 2,000 Hertz 7.000 07/01/2004 0 1,960 1,960 0 1,040 1,040 Ryder System, MTN 7.340 11/01/2000 0 1,036 1,036 ----------------------------------- 0 2,996 2,996 SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES 1,161 0 1,161 Charles Schwab Corporation 6.88 9/2/2003 1,130 0 1,130 5,000 0 5,000 Goldman Sachs Group Incorporated 7.50 1/28/2005 4,894 0 4,894 5,000 0 5,000 Lehman Brothers Holdings Incorporated 8.50 8/1/2015 4,894 0 4,894 ----------------------------------- 10,918 0 10,918 TECHNOLOGY 1,819 0 1,819 Massachusetts Institute of Technology 7.25 11/2/1996 1,673 0 1,673 TELEPHONES & TELECOMMUNICATIONS 0 1,000 1,000 AT&T 6.750 04/01/2004 0 979 979 0 1,000 1,000 GTE California 5.500 01/15/2009 0 863 863 0 1,000 1,000 Qwest 5.625 11/15/2008 0 865 865 0 1,000 1,000 SBC Communications 7.000 07/15/2004 0 989 989 0 1,000 1,000 SBC Communications Capital 5.750 09/01/2004 0 946 946 0 1,000 1,000 Telstra Ltd. 6.500 07/31/2003 0 978 978 ----------------------------------- 0 5,620 5,620 TRANSPORTATION BY AIR 5,000 0 5,000 Delta Airlines Incorporated 8.30 12/15/2029 4,225 0 4,225 736 0 736 Federal Express Series 97-B 7.52 1/15/2018 704 0 704 1,200 0 1,200 Southwest Airlines Company 7.88 9/1/2007 1,195 0 1,195 ----------------------------------- 6,124 0 6,124 TRANSPORTATION EQUIPMENT 10,000 0 10,000 DaimlerChrysler 7.40 1/20/2005 9,825 0 9,825 2,000 0 2,000 Federal-Mogul Corporation 7.75 7/1/2006 1,440 0 1,440 ----------------------------------- 11,265 0 11,265 UTILITY-ELECTRIC 387 0 387 Calenergy Company Incorporated 7.23 9/15/2005 365 0 365 WATER TRANSPORTATION 1,161 0 1,161 Royal Caribbean Cruises 7.13 9/18/2002 1,112 0 1,112 WHOLESALE TRADE - NONDURABLE GOODS 4,500 0 4,500 Staples Incorporated 7.13 8/15/2007 4,151 0 4,151 TOTAL CORPORATE BONDS & NOTES 174,263 50,620 224,883 YANKEE BONDS 0 1,000 1,000 Dow Capital 7.125 01/15/2003 0 993 993 0 2,000 2,000 Walt Disney 6.750 03/30/2006 0 1,955 1,955 0 500 500 Worldcom 6.125 08/15/2001 0 494 494 ----------------------------------- 0 3,442 3,442 MUNICIPAL BONDS Hudson County NJ Import Authority Facilities 774 0 774 Leasing RV FSA insured 7.40 12/1/2025 719 0 719 Western Minnesota Power Agency RV Series A 778 0 778 AMBAC Insured 6.33 1/1/2002 766 0 766 ----------------------------------- 1,485 0 1,485 U.S. GOVERNMENT AGENCY SECURITIES FEDERAL FARM CREDIT BANK 0 2,000 2,000 Federal Farm Credit Bank, MTN 7.310 11/05/2007 0 2,025 2,025 FEDERAL HOME LOAN BANK 0 1,000 1,000 Federal Home Loan Bank 7.280 07/25/2001 0 1,004 1,004 0 1,000 1,000 Federal Home Loan Bank 7.390 08/22/2001 0 1,005 1,005 0 1,000 1,000 Federal Home Loan Bank 5.600 10/28/2003 0 959 959 0 1,000 1,000 Federal Home Loan Bank 7.380 08/05/2004 0 1,013 1,013 0 1,000 1,000 Federal Home Loan Bank 6.250 08/13/2004 0 974 974 0 1,000 1,000 Federal Home Loan Bank 6.375 08/15/2006 0 969 969 0 3,035 3,035 Federal Home Loan Bank 6.185 05/06/2008 0 2,870 2,870 0 2,000 2,000 Federal Home Loan Bank 5.450 01/12/2009 0 1,787 1,787 0 3,000 3,000 Federal Home Loan Bank 7.375 02/12/2010 0 3,049 3,049 ----------------------------------- 0 13,630 13,630 FEDERAL HOME LOAN MORTGAGE CORPORATION 4,957 0 4,957 FHLMC # C00920 7.00 2/1/1930 4,710 0 4,710 968 0 968 FHLMC Series T-20 Class A6 7.49 9/25/2029 942 0 942 0 2,000 2,000 FHLMC 5.750 07/15/2003 0 1,937 1,937 0 1,000 1,000 FHLMC 6.795 12/01/2003 0 995 995 0 1,000 1,000 FHLMC 5.900 02/14/2006 0 950 950 0 2,000 2,000 FHLMC 6.450 04/29/2009 0 1,865 1,865 0 2,000 2,000 FHLMC 7.020 06/23/2009 0 1,928 1,928 0 2,500 2,500 FHLMC 7.625 09/09/2009 0 2,453 2,453 ----------------------------------- 5,652 10,128 15,780 FEDERAL NATIONAL MORTGAGE ASSOCIATION 4,500 0 4,500 FNMA 7.13 2/15/2005 4,451 0 4,451 4,740 0 4,740 FNMA 6.25 5/15/2029 4,118 0 4,118 4,856 0 4,856 FNMA 7.50 9/1/2029 4,714 0 4,714 3,000 0 3,000 FNMA 7.13 1/15/1930 2,915 0 2,915 6,593 0 6,593 FNMA #253008 8.00 11/1/2029 6,537 0 6,537 1 0 1 FNMA #303414 6.50 7/1/2002 1 0 1 665 0 665 FNMA #408118 6.50 1/1/2028 615 0 615 861 0 861 FNMA #415414 6.50 2/1/2028 797 0 797 4,594 0 4,594 FNMA #492910+/- 7.50 1/1/2029 4,461 0 4,461 4,840 0 4,840 FNMA #520842 8.00 11/1/2029 4,799 0 4,799 0 1,000 1,000 FNMA 5.750 04/15/2003 0 971 971 0 2,000 2,000 FNMA 4.750 11/14/2003 0 1,874 1,874 0 1,000 1,000 FNMA 6.375 06/15/2009 0 949 949 0 1,000 1,000 FNMA, MTN 6.760 07/16/2007 0 965 965 0 977 977 FNMA 6.440 05/01/2008 0 942 942 ----------------------------------- 33,408 5,701 39,109 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 4,971 0 4,971 GNMA 7.50 1/15/2029 4,881 0 4,881 4,895 0 4,895 GNMA # 2824 7.00 10/20/2029 4,677 0 4,677 1,154 0 1,154 GNMA #473918 7.00 4/15/2028 1,107 0 1,107 4,573 0 4,573 GNMA # 491192 7.00 2/15/2029 4,388 0 4,388 3,361 0 3,361 GNMA #780626 7.00 8/15/2027 3,228 0 3,228 ----------------------------------- 18,281 0 18,281 TOTAL U.S. GOVERNMENT AGENCY SECURITIES 57,341 31,484 88,825 U.S. TREASURY SECURITIES U.S. TREASURY BONDS 6,500 0 6,500 U.S. Treasury Bonds 10.75 5/15/2003 7,183 0 7,183 4,000 0 4,000 U.S. Treasury Bonds 11.88 11/15/2003 4,623 0 4,623 13,500 0 13,500 U.S. Treasury Bonds 10.75 8/15/2005 15,885 0 15,885 5,000 0 5,000 U.S. Treasury Bonds 6.50 2/15/2010 5,072 0 5,072 7,000 0 7,000 U.S. Treasury Bonds 11.25 2/15/2015 10,121 0 10,121 1,000 0 1,000 U.S. Treasury Bonds 10.63 8/15/2015 1,397 0 1,397 14,500 0 14,500 U.S. Treasury Bonds 8.88 8/15/2017 18,129 0 18,129 9,000 0 9,000 U.S. Treasury Bonds 8.13 8/15/2019 10,662 0 10,662 5,000 0 5,000 U.S. Treasury Bonds 7.88 2/15/2021 5,836 0 5,836 6,500 0 6,500 U.S. Treasury Bonds 8.13 8/15/2021 7,786 0 7,786 10,000 0 10,000 U.S. Treasury Bonds 7.50 11/15/2024 11,411 0 11,411 2,000 0 2,000 U.S. Treasury Bonds 7.63 2/15/2025 2,314 0 2,314 2,000 0 2,000 U.S. Treasury Bonds 6.13 8/15/2029 1,992 0 1,992 0 2,000 2,000 U.S. Treasury Bonds 7.125 02/15/2023 0 2,249 2,249 0 2,000 2,000 U.S. Treasury Bonds 6.250 08/15/2023 0 2,041 2,041 ----------------------------------- 102,411 4,290 106,701 U.S. TREASURY NOTES 2,000 0 2,000 U.S. Treasury Notes 6.38 3/31/2001 1,994 0 1,994 2,000 1,000 3,000 U.S. Treasury Notes 7.88 8/15/2001 2,025 1014 3,039 17,500 0 17,500 U.S. Treasury Notes 7.50 5/15/2002 17,731 0 17,731 11,000 0 11,000 U.S. Treasury Notes 9.88 11/15/2015 14,617 0 14,617 0 2,500 2,500 U.S. Treasury Notes 6.375 09/30/2001 0 2,498 2,498 0 1,000 1,000 U.S. Treasury Notes 7.500 11/15/2001 0 1,013 1,013 0 6,000 6,000 U.S. Treasury Notes 6.125 12/31/2001 0 5,974 5,974 0 2,000 2,000 U.S. Treasury Notes 6.500 03/31/2002 0 2,002 2,002 0 4,000 4,000 U.S. Treasury Notes 6.250 08/31/2002 0 3,991 3,991 0 1,000 1,000 U.S. Treasury Notes 6.250 02/15/2003 0 998 998 0 3,000 3,000 U.S. Treasury Notes 5.500 05/31/2003 0 2,936 2,936 0 2,000 2,000 U.S. Treasury Notes 5.375 06/30/2003 0 1,951 1,951 0 1,000 1,000 U.S. Treasury Notes 5.750 08/15/2003 0 985 985 0 3,000 3,000 U.S. Treasury Notes 5.875 02/15/2004 0 2,964 2,964 0 1,000 1,000 U.S. Treasury Notes 7.500 02/15/2005 0 1,048 1,048 0 2,000 2,000 U.S. Treasury Notes 6.500 08/15/2005 0 2,024 2,024 0 1,000 1,000 U.S. Treasury Notes 5.875 11/15/2005 0 985 985 0 1,000 1,000 U.S. Treasury Notes 6.875 05/15/2006 0 1,032 1,032 0 2,000 2,000 U.S. Treasury Notes 7.000 07/15/2006 0 2,077 2,077 0 5,000 5,000 U.S. Treasury Notes 6.500 10/15/2006 0 5,072 5,072 0 3,000 3,000 U.S. Treasury Notes 6.250 02/15/2007 0 3,010 3,010 0 3,000 3,000 U.S. Treasury Notes 6.125 08/15/2007 0 2,990 2,990 ----------------------------------- 36,367 44,564 80,931 TOTAL U.S. TREASURY SECURITIES 138,778 48,854 187,632 Shares - ---------------------------------- SHORT-TERM INSTRUMENTS 2,638,229 0 2,638,229 Wells Fargo Cash Investment Fund 2,638 0 2,638 0 1,910,929 1,910,929 SEI Daily Income Trust Money Market Portfolio 0 1,911 1,911 ----------------------------------- 2,638 1,911 4,549 TOTAL INVESTMENTS, AT MARKET VALUE $389,347 $153,957 $543,304 =================================== TOTAL INVESTMENTS, AT COST $411,540 $159,049 $570,589 ===================================
(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 (Note 1) (Unaudited) ($000's)
Wells Fargo 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 (2) $ 28,170 $ 230,965 Cash 0 988 988 Receivables: Interest 0 437 437 Fund shares sold 96 311 407 Organization expenses, net of amortization 0 0 0 Prepaid expenses and other assets 0 65 65 Total Assets 202,891 29,971 232,862 LIABILITIES Payables: Investment securities purchased 0 1,014 1,014 Distributions to shareholders 0 135 135 Fund shares redeemed 80 9 89 Due to distributor 18 0 18 Due to advisor and affiliates 4 0 4 Other 70 101 171 Total Liabilities 172 1,259 1,431 TOTAL NET ASSETS $ 202,719 $ 28,712 $ 231,431 Net assets consist of: Paid-in capital $ 212,405 $ 31,683 $ 244,088 Undistributed net investment income (loss) 236 0 236 Undistributed net realized gain (loss) on investments (7,627) (2,545) (10,172) Net unrealized appreciation (depreciation) of investments (2,295) (426) (2,721) TOTAL NET ASSETS $ 202,719 $ 28,712 $ 231,431 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE Net assets - Class A $ 8,912 $ 182 $ 9,094 Shares outstanding - Class A 878 19 (1) (3) 896 Net asset value per share - Class A $ 10.15 $ 9.81 $ 10.15 Maximum offering price per share - Class A $ 10.30 $ 9.96 $ 10.30 Net assets - Class B $ 2,449 $ 2,449 Shares outstanding - Class B 241 241 Net asset value and offering price per share - Class B $ 10.14 $ 10.15 Net assets - Institutional Class $ 191,358 $ 28,530 $ 219,888 Shares outstanding - Institutional Class 18,850 2,905 (95) (3) 21,660 Net asset value and offering price per share - Institutional Class $ 10.15 $ 9.82 $ 10.15 INVESTMENT AT COST $ 205,090 $ 28,596 $ 233,686 - --------------------------------------------------------------------------------------------------------------------------------
(1) The information presented for the Achievement Short Term Bond Fund is as of July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's low portfolio turnover rate and stable asset size, Management believes the information presented is representative of the Fund's balance sheet and portfolio holdings as of May 31, 2000. (2) The Stable Income Fund invest all of its investable assets in an affiliated Core Portfolio. The Core Portfolio directly acquires portfolio securities and the Stable Income Fund acquires an indirect interest in those securities. (3) Share adjustments based on surviving Fund NAV. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-17 WELLS FARGO FUNDS - STABLE INCOME FUND PRO FORMA STATEMENT OF OPERATIONS For the Year Ended May 31, 2000 (Note 1) (Unaudited) ($000's)
Wells Fargo Stable Income Fund Wells Fargo Stable Achievement Short Pro Forma Pro Forma Income Fund Term Bond Fund Adjustments Combined ------------------ ----------------- ----------- ----------------- INVESTMENT INCOME Interest $ 12,265 $ 1,954 $ 14,219 Securities lending income 16 0 16 Net expenses allocated from Core Portfolios (941) 0 146 (2) (795) Total Investment Income 11,340 1,954 13,440 EXPENSES Advisory fees 0 189 (189) (2) 0 Administration fees 217 63 69 (2) 349 Custody fees 0 48 * (48) (2) 0 Shareholder servicing fees 16 0 14 (2) 30 Portfolio accounting fees 50 0 17 (2) 67 Transfer agency fees 244 0 38 (2) 282 Distribution fees 19 1 ** (1) (2) 19 Legal and audit fees 10 7 (5) (2) 12 Registration fees 27 18 (14) (2) 31 Directors' fees 4 3 (3) (2) 4 Shareholder reports 15 10 (8) (2) 17 Other 19 5 (2) (2) 22 Total Expenses 621 344 (132) 833 Less: Waived fees and reimbursed expenses fees (218) (108) 326 (2) 0 Net expenses 403 236 194 833 NET INVESTMENT INCOME (LOSS) 10,937 1,718 (48) 12,607 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (loss) on sale of investments (701) (123) (824) Net change in unrealized appreciation or depreciation of Investments (1,632) (133) (1,765) Net Gain (Loss) on Investments (2,333) (256) (2,589) NET INCREASE(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 8,604 $ 1,462 (48) $ 10,018 - ---------------------------------------------------------------------------------------------------------------------------
* Includes transfer agency fees ** Includes shareholder servicing fees (1) The information presented for the Achievement Short Term Bond Fund is for the year ended July 31, 2000, the Fund's latest semi-annual reporting date. Based on the Fund's stable portfolio and level fee/expense structure, Management believes the information presented is representative of the Fund's statement of operations for the twelve months ended May 31, 2000. (2) To adjust expenses to reflect the Combined Fund's estimated fees and expenses, based on contractual rates or elimination of duplicative services. [THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS. See Page B-20] B-18 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 Income Income Fund Achievement Fund WF Stable Achievement Pro WF Stable Income Short-Term Pro Forma Coupon Maturity Income Short-Term Forma Fund Bond Fund Combined Security Description Rate Date Fund Bond Fund Combined - ------------------------------------------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES $ 2,917 $ 0 $ 2,917 Aesop Funding II LLC Series 1997-1 A1 6.22 10/20/2001 $ 2,914 $ 0 2,914 212 0 212 AFC Home Equity Loan Trust Series 1995-2 A1 6.75 7/25/2026 211 0 211 2,975 0 2,975 Capital Auto Receivables Asset Trust Series 6.30 5/15/2004 2,930 0 2,930 1999-2 A4 5,000 0 5,000 Chase Credit Card Master Trust Series 1998-6 A 6.78 9/15/2004 5,016 0 5,016 5,000 0 5,000 Chevy Chase Master Credit Card Trust Series 6.92 10/16/2006 5,021 0 5,021 1998 Class A 2,500 0 2,500 Discover Master Card Trust I Series 1997-4 6.59 4/16/2003 2,500 0 2,500 1,256 0 1,256 EQCC Home Equity Loan Trust Series 1995-3A4 7.10 2/15/2012 1,248 0 1,248 3,637 0 3,637 EQCC Home Equity Loan Trust Series 1998-4 A1F 6.57 1/15/2029 3,666 0 3,666 204 0 204 First Merchants Grantor Trust Series 1996-2 A 6.85 11/15/2001 204 0 204 5,000 0 5,000 First USA Credit Card Master Trust Series 6.73 4/15/2003 5,001 0 5,001 1995-5 A 5,000 0 5,000 First USA Credit Card Master Trust Series 7.01 10/19/2006 4,984 0 4,984 1999-1 B 4,100 0 4,100 Fleet Credit Card Master Trust Series 1996-C 6.27 11/15/2003 4,100 0 4,100 Class A 3,505 0 3,505 Household Consumer Loan Trust Series 1997-1 6.87 3/15/2007 3,504 0 3,504 Class A3 4,691 0 4,691 Household Consumer Loan Trust Series 1997-2 6.53 11/15/2007 4,661 0 4,661 Class A3 18 0 18 Keystone Home Improvement Loan Trust Series 6.99 4/25/2014 18 0 18 1997-P2 Class IA3 750 0 750 Loop Funding Master Trust I Series 1997-AER 7.19 12/26/2007 746 0 746 Class B1 4,500 0 4,500 Loop Funding Master Trust Series 1997-A144 7.19 12/26/2007 4,478 0 4,478 Class B1 5,500 0 5,500 MBNA Master Credit Card Trust Series 1998-I 6.81 10/15/2003 5,513 0 5,513 Class A 4,000 0 4,000 Premier Auto Trust Series 1997-1 Class B 6.55 9/6/2003 3,976 0 3,976 3,800 0 3,800 Rental Car Finance Corporation Series 1997-1 6.45 8/25/2005 3,677 0 3,677 A2 1,926 0 1,926 Sequoia Mortgage Trust Series 2 Class A1 6.15 10/25/2024 1,927 0 1,927 ----------------------------- 66,297 0 66,297 COLLATERALIZED MORTGAGE OBLIGATIONS 726 0 726 Commercial Loan Funding Trust Series I Class A 6.92 8/15/2005 723 0 723 21 0 21 DLJ Mortgage Acceptance Corporation Series 6.41 2/8/2000 21 0 21 1998-STF1 Class A1 2,827 0 2,827 GMAC #1996 C1 A1 6.91 2/15/2006 2,819 0 2,819 362 0 362 Independent National Mortgage Corporation 8.84 12/25/2024 374 0 374 Series 1994 V Class M 1,039 0 1,039 Independent National Mortgage Corporation 8.72 1/25/2025 1,077 0 1,077 Series 1994 X Class A2 2,854 0 2,854 Independent National Mortgage Corporation 7.34 4/25/2025 2,864 0 2,864 Series 1995 E Class A1 3,500 0 3,500 Mall of America Capital Company LLC Series 6.30 3/12/2005 3,500 0 3,500 200-1 A 1,721 0 1,721 Merrill Lynch Mortgage Investors Incorporated 6.83 6/15/2018 1,719 0 1,719 2,943 0 2,943 Merrill Lynch Mortgage Investors Incorporated 6.75 9/15/2023 2,941 0 2,941 Series 1993-F A3 184 0 184 Merrill Lynch Mortgage Investors Incorporated 8.20 1/25/2005 183 0 183 Series 1994-I 2,086 0 2,086 MLCC Mortgage Investors Incorporated Series 6.93 7/15/2019 2,087 0 2,087 1994 A Class A3 3,910 0 3,910 Nationslink Funding 6.48 9/10/2007 3,909 0 3,909 109 0 109 Residential Funding Mortgage Security Series 6.94 8/25/2021 109 0 109 1991 21 BA 16 0 16 RTC Series 1991 M6 A3 8.56 6/25/2021 16 0 16 190 0 190 RTC Series 1991-6 E 11.61 5/25/2024 189 0 189 1,040 0 1,040 RTC Series 1992-18P A4 7.58 4/25/2028 1,040 0 1,040 4,278 0 4,278 RTC Series 1994-1 Class A5 7.28 9/25/2029 4,284 0 4,284 782 0 782 RTC Series 1995-1 A3 7.06 10/25/2028 783 0 783 2,479 0 2,479 SASCO 99-C3 A 7.01 10/21/2013 2,483 0 2,483 3,927 0 3,927 Vendee Mortgage Trust Series 1993-1 Class E 7.00 1/15/2016 3,917 0 3,917 ----------------------------- 35,038 0 35,038 CORPORATE BONDS & NOTES Apparel & Other Finished Products Made From Fabrics & Similar Materials 3,400 0 3,400 V.F. Corporation 9.50 5/1/2001 3,464 0 3,464 Business Services 3,250 0 3,250 First Data Corporation 6.82 9/18/2001 3,222 0 3,222 1,825 0 1,825 Sun Microsystems Incorporated 7.00 8/15/2002 1,798 0 1,798 ----------------------------- 5,020 0 5,020 Chemicals & Allied Products 3,100 0 3,100 Monsanto Company 5.38 12/1/2001 3,017 0 3,017 Communications 2,500 0 2,500 Bell Atlantic Financial 6.30 3/21/2002 2,498 0 2,498 2,000 0 2,000 Cox Communications Incorporated 7.00 8/15/2001 1,978 0 1,978 1,000 0 1,000 Sprint Corporation 8.13 7/15/2002 1,009 0 1,009 2,000 0 2,000 Viacom Incorporated 6.75 1/15/2003 1,945 0 1,945 2,000 0 2,000 WorldCom Incorporated 7.05 11/26/2001 1,998 0 1,998 ----------------------------- 9,428 0 9,428 Domestic Depository Institutions 4,000 0 4,000 BankAmerica Corporation 8.13 2/1/2002 4,025 0 4,025 4,037 0 4,037 Chase Manhattan Corporation 10.13 11/1/2000 4,087 0 4,087 2,490 0 2,490 Citicorp 9.50 2/1/2002 2,571 0 2,571 2,500 0 2,500 Corestates Capital Corporation 9.63 2/15/2001 2,541 0 2,541 2,735 0 2,735 Firstar Bank Milwaukee 6.25 12/1/2002 2,639 0 2,639 2,000 0 2,000 FleetBoston Financial Group 6.46 3/27/2003 1,995 0 1,995 4,000 0 4,000 Mellon Financial Company 9.75 6/15/2001 4,080 0 4,080 2,650 0 2,650 US Bank NA North Dakota 6.58 6/20/2001 2,645 0 2,645 0 1,000 1,000 Bank One, MTN 6.70 03/15/2002 0 989 989 0 1,000 1,000 KeyCorp, MTN 6.75 05/29/2001 0 995 995 ----------------------------- 24,583 1,984 26,567 Eating & Drinking Places 4,000 0 4,000 McDonald's Corporation 6.00 6/23/2002 3,880 0 3,880 Electric, Gas & Sanitary Services 2,000 0 2,000 El Paso Natural Gas 7.75 1/15/2002 1,995 0 1,995 0 375 375 Northern Illinois Gas 6.45 8/1/2001 0 373 373 0 1,000 1,000 Scottish Power PLC, MTN 7.25 09/09/2002 0 998 998 ----------------------------- 1,995 1,371 3,366 Food & Kindred Products 5,350 0 5,350 Whitman Corporation 7.50 8/15/2001 5,330 0 5,330 Food Stores 3,350 0 3,350 Kroger Company 7.13 10/1/2000 3,348 0 3,348 Holding & Other Investment Offices 5,000 0 5,000 Main Place Real Estate Investment 6.94 5/28/2002 4,990 0 4,990 Industrial & Commercial Machinery & Computer Equipment 2,400 0 2,400 Tyco International Limited 6.50 11/1/2001 2,373 0 2,373 Insurance 0 1,000 1,000 Aetna Services 6.75 08/15/2001 0 993 993 Measuring, Analyzing, and Controlling Instruments; Photographic, Medical & Optical Goods 1,600 0 1,600 Bausch & Lomb Incorporated 6.15 8/1/2001 1,564 0 1,564 Miscellaneous Retail 2,900 0 2,900 Rite Aid Corporation 6.70 12/15/2001 2,378 0 2,378 0 1,000 1,000 J.C. Penney, MTN 6.38 09/15/2000 0 996 996 0 1,000 1,000 Sears Roebuck Acceptance, MTN 6.40 09/25/2000 0 999 999 ----------------------------- 2,378 1,995 4,373 Nondepository Credit Institutions 3,850 0 3,850 Caterpillar Financial Services 6.69 8/1/2002 3,850 0 3,850 3,900 0 3,900 Ford Capital BV 9.38 5/15/2001 3,959 0 3,959 3,200 0 3,200 General Electric Capital Corporation 6.29 12/15/2001 3,152 0 3,152 1,500 0 1,500 Transamerica Financial 6.41 6/20/2000 1,500 0 1,500 1,000 0 1,000 Transamerica Financial 6.36 6/26/2000 1,000 0 1,000 2,700 0 2,700 USAA Capital Corporation 6.90 11/1/2002 2,656 0 2,656 0 1,000 1,000 Bear Stearns 6.75 05/01/2001 0 994 994 0 1,000 1,000 Beneficial, MTN 6.33 12/18/2000 0 998 998 0 1,000 1,000 International Lease Finance 5.45 01/04/2002 0 971 971 0 1,000 1,000 John Deere Capital, MTN 6.15 08/01/2000 0 1,000 1,000 ----------------------------- 16,117 3,963 20,080 Oil & Gas Extraction 2,000 0 2,000 Enron Corporation 9.13 4/1/2003 2,050 0 2,050 Paper & Paper Products 0 1,000 1,000 Mead Corporaton 6.60 03/01/2002 0 991 991 Security & Commodity Brokers, Dealers, Exchanges & Service 2,000 0 2,000 Charles Schwab Corporation 7.36 4/25/2002 1,985 0 1,985 2,750 0 2,750 Merrill Lynch & Company Incorporated 6.70 5/30/2001 2,750 0 2,750 2,375 0 2,375 Paine Webber Group Incorporated 6.36 6/26/2001 2,364 0 2,364 0 1,000 1,000 Goldman Sachs Group LP 6.20 12/15/2000 0 997 997 0 1,000 1,000 Merrill Lynch 6.50 04/01/2001 0 996 996 ----------------------------- 7,099 1,993 9,092 Stone, Clay, Glass & Concrete Products 3,475 0 3,475 Newell Company 6.18 7/11/2000 3,475 0 3,475 Telephones & Telecommunications 0 1,000 1,000 Lucent Technologies 6.90 07/15/2001 0 1,001 1,001 Transportation By Air 4,000 0 4,000 Southwest Airlines Company 9.40 7/1/2001 4,080 0 4,080 Transportation Services 4,000 0 4,000 Daimler Chrysler 6.67 9/25/2001 3,945 0 3,945 Wholesale Trade-Nondurable Goods 1,750 0 1,750 Safeway Incorporated 7.00 9/15/2002 1,717 0 1,717 TOTAL CORPORATE BONDS & NOTES 109,853 14,291 124,144 YANKEE BONDS 0 1,000 1,000 General Motors Acceptance 5.50 01/14/2002 0 976 976 0 1,000 1,000 Household Finance 8.00 05/09/2005 0 1,010 1,010 ----------------------------- 0 1,986 1,986 MUNICIPAL BONDS & NOTES 3,300 0 3,300 Connecticut State GO Bonds Taxable Series A 5.70 1/15/2001 3,272 0 3,272 2,215 0 2,215 Cow Creek Bank Umpqua Tribe of Indians AMBAC 6.20 7/1/2003 2,135 0 2,135 Insured 3,145 0 3,145 Denver CO City and County SD #1 Educational 6.34 12/15/2000 3,132 0 3,132 Facilities RV Taxable Pension School Facilities Lease AMBAC insured 2,000 0 2,000 Hudson County NJ GO Bonds FSA insured 6.09 9/1/2005 1,929 0 1,929 2,005 0 2,005 Michigan State Taxable-Clean Initiative GO 6.75 11/1/2002 1,989 0 1,989 Bonds Series B 5,000 0 5,000 New York NY GO Bonds 6.10 8/1/2001 4,904 0 4,904 4,000 0 4,000 New York State GO Bonds Series C 6.13 3/1/2002 3,918 0 3,918 2,200 0 2,200 North Carolina State Taxable-Public 6.70 3/1/2001 2,189 0 2,189 Improvement GO Bonds Series B 2,590 0 2,590 Seattle WA GO Bonds Series B 7.10 1/15/2004 2,571 0 2,571 1,870 0 1,870 Washington State GO Bonds State Housing Trust 6.60 1/1/2001 1,864 0 1,864 Fund Series T ----------------------------- 27,903 0 27,903 U.S. GOVERNMENT AGENCY OBLIGATIONS Federal Home Loan Bank 0 1,000 1,000 Federal Home Loan Bank 5.44 01/29/2002 0 979 979 0 2,000 2,000 Federal Home Loan Bank 6.08 07/08/2002 0 1,971 1,971 0 1,000 1,000 Federal Home Loan Bank 7.25 02/28/2003 0 1,001 1,001 0 1,000 1,000 Federal Home Loan Bank 7.25 05/13/2005 0 1,010 1,010 ----------------------------- 0 4,961 4,961 Federal Home Loan Mortgage Corporation 4,000 0 4,000 FHLMC #1192 I 7.50 1/15/2007 3,995 0 3,995 83 0 83 FHLMC #410220 7.20 10/1/2025 83 0 83 3,634 0 3,634 FHLMC #786614 6.08 8/1/2025 3,491 0 3,491 5,011 0 5,011 FHLMC #786702 5.78 6/1/2029 4,904 0 4,904 486 0 486 FHLMC #845151 7.03 6/1/2022 496 0 496 156 0 156 FHLMC #846367 7.52 4/1/2029 160 0 160 5,000 0 5,000 FHLMC #2091 NA 5.50 3/15/2004 4,937 0 4,937 5,000 0 5,000 FHLMC #2091 PC 6.00 6/15/2016 4,793 0 4,793 0 1,000 1,000 FHLMC 6.25 10/15/2002 0 987 987 ----------------------------- 22,859 987 23,846 Federal National Mortgage Association 153 0 153 FNMA #331866 7.54 12/1/2025 155 0 155 179 0 179 FNMA #318464 7.49 4/1/2025 182 0 182 188 0 188 FNMA #46698 6.89 12/1/2015 189 0 189 202 0 202 FNMA #220706 6.61 6/1/2023 204 0 204 504 0 504 FNMA #321051 6.97 8/1/2025 513 0 513 1,024 0 1,024 FNMA #155506 8.18 4/1/2022 1,046 0 1,046 1,611 0 1,611 FNMA #1994 M2 A 6.63 2/25/2001 1,601 0 1,601 1,892 0 1,892 FNMA #190815 6.21 7/1/2017 1,840 0 1,840 2,481 0 2,481 FNMA #519047 5.93 9/1/2029 2,488 0 2,488 14,502 0 14,502 FNMA #535236 6.00 9/1/2006 13,751 0 13,751 15,000 0 15,000 FNMA 5.38 3/15/2002 14,539 0 14,539 6,229 0 6,229 FNMA 1991 146 6,272 0 6,272 6,200 0 6,200 FNMA 1999-19 6,094 0 6,094 7,100 0 7,100 FNMA 1999-19 7,023 0 7,023 0 1,000 1,000 FNMA, MTN 5.41 02/04/2002 0 975 975 0 1,000 1,000 FNMA, MTN 6.50 09/05/2002 0 987 987 ----------------------------- 55,897 1,962 57,859 Government National Mortgage Association 4,353 0 4,353 GNMA #780533 7.00 7/15/2008 4,243 0 4,243 Small Business Administration 30 0 30 SBA #501973 10.63 12/25/2001 31 0 31 49 0 49 SBA #500276 10.88 5/25/2007 53 0 53 54 0 54 SBA #500025 8.88 12/25/2010 56 0 56 55 0 55 SBA #502974 9.63 1/25/2010 58 0 58 64 0 64 SBA #502083 8.88 11/25/2004 66 0 66 75 0 75 SBA #502966 10.23 5/25/2015 81 0 81 78 0 78 SBA #500569 10.88 6/25/2008 84 0 84 88 0 88 SBA #502241 8.88 4/25/2003 89 0 89 109 0 109 SBA #500299 10.88 6/25/2007 117 0 117 163 0 163 SBA #502583 10.23 9/25/2003 168 0 168 278 0 278 SBA #501224 7.75 6/25/2015 286 0 286 283 0 283 SBA #500957 9.25 7/25/2014 300 0 300 316 0 316 SBA #500664 8.88 3/25/2004 324 0 324 527 0 527 SBA #503405 9.38 5/25/2013 562 0 562 856 0 856 SBA #503664 9.47 1/25/2013 910 0 910 1,043 0 1,043 SBA #503658 10.13 9/25/2010 1,120 0 1,120 1,708 0 1,708 SBA #503611 8.88 12/25/2021 1,807 0 1,807 ----------------------------- 6,112 0 6,112 Tennessee Valley Authority 3,020 0 3,020 TVA 6.24 7/15/2045 2,978 0 2,978 TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 92,091 7,910 100,001 U.S. TREASURY OBLIGATIONS 0 1,000 1,000 U.S. Treasury Notes 6.38 09/30/2001 0 999 999 0 1,000 1,000 U.S. Treasury Notes 6.13 12/31/2001 0 996 996 0 1,000 1,000 U.S. Treasury Notes 6.25 01/31/2002 0 998 998 ----------------------------- 0 2,993 2,993 SHORT-TERM INVESTMENTS 5,509 0 5,509 Banc of America Securities LLC Pooled 5,509 0 5,509 0 919,181 919,181 SEI Daily Income Trust Money Market Portfolio 0 919 919 0 71,174 71,174 SEI Daily Income Trust Prime Obligation Portfolio 0 71 71 ----------------------------- 5,509 990 6,499 SUB-TOTALS $ 336,682 $ 28,170 $364,852 PORTION OF CORE PORTFOLIO NOT OWNED BY STABLE INCOME FUND (133,887) 0(133,887) TOTAL INVESTMENTS, AT MARKET VALUE $ 202,795 $ 28,170 $230,965 ============================= TOTAL INVESTMENTS, AT COST $ 205,090 $ 28,596 $233,686 =============================
(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. 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 to the use of the reports dated July 10, 2000 for the Wells Fargo Income and Stable Income Funds, August 7, 2000 for the Wells Fargo National Tax-Free Fund, and November 3, 2000 for the Wells Fargo Growth and Asset Allocation Funds, filed herewith. (14)(b) Consent of Independent Auditors of The Achievement Funds Trust - Deloitte & Touche LLP, is incorporated by reference to Exhibit 14(b) of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). (15) Not Applicable. (16) Powers of Attorney, are incorporated by reference to Exhibit 16 of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). (17) Form of Proxy Ballot, is incorporated by reference to Exhibit 17 of Item 16 of the Registrant's Registration Statement on Form N-14, filed November 3, 2000 (File nos. 333-49224; 811-09253). ITEM 17. UNDERTAKINGS. (1) Wells Fargo Funds agrees that, prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145 (c) of the Securities Act of 1933, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. (2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. (3) The undersigned Registrant agrees to file, by post-effective amendment, an opinion of counsel or a copy of an IRS ruling supporting the tax consequences of the Reorganization within a reasonably prompt time after receipt of such opinion or ruling, but in any event no later than one business day after consummation of the Reorganization. C-5 SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Pre-Effective Amendment No. 1 to the Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereto duly authorized, in the City of San Francisco and State of California on the 6th day of December, 2000. WELLS FARGO FUNDS TRUST By: /s/ Christopher Bellonzi ________________________ Christopher Bellonzi Assistant Secretary Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective Amendment No. 1 to the Registration Statement on Form N-14 has been signed by the following persons in the capacities and on the 6th day of December, 2000. SIGNATURES TITLE ________________________________ President and/or Principal Executive Michael J. Hogan* Officer ________________________________ Treasurer and/or Principal Financial Karla M. Rabusch* Officer A Majority of the Trustees* Robert C. Brown Trustee Donald H. Burkhardt Trustee Jack S. Euphrat Trustee Thomas S. Goho Trustee Peter G. Gordon Trustee W. Rodney Hughes Trustee Richard M. Leach Trustee J. Tucker Morse Trustee Timothy J. Penny Trustee Donald C. Willeke Trustee *By: /s/ Christopher Bellonzi __________________________ Christopher Bellonzi (Attorney-in-Fact) C-6 WELLS FARGO FUNDS TRUST N-14 Exhibit Index
Exhibit Number Description - -------------- ----------- 14(a) Independent Auditors' Consent - KPMG LLP.
EX-14.A 2 0002.txt CONSENT OF KPMG 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 "EXHIBIT C-PRINCIPAL SERVICE PROVIDERS" in Part A of the combined proxy/registration statement being filed on From N-14. /s/ KPMG LLP - ------------ KPMG LLP San Francisco, California December 6, 2000 -----END PRIVACY-ENHANCED MESSAGE-----