N-Q 1 variabletrust_nqfiling.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-09255 Wells Fargo Variable Trust (Exact name of registrant as specified in charter) 525 Market Street, 12th Floor, San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market Street, 12th Floor, San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: December 31, 2004 Date of reporting period: September 30, 2004 ITEM 1. SCHEDULE OF INVESTMENTS =============================== WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 56.17% AMUSEMENT & RECREATION SERVICES - 0.10% 1,863 HARRAH'S ENTERTAINMENT INCORPORATED<< $ 98,702 5,736 INTERNATIONAL GAME TECHNOLOGY 206,209 304,911 ----------------- APPAREL & ACCESSORY STORES - 0.27% 15,042 GAP INCORPORATED 281,285 5,687 KOHL'S CORPORATION+ 274,057 7,865 LIMITED BRANDS 175,311 2,337 NORDSTROM INCORPORATED 89,367 820,020 ----------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.08% 2,075 JONES APPAREL GROUP INCORPORATED 74,285 1,792 LIZ CLAIBORNE INCORPORATED 67,594 1,835 VF CORPORATION 90,741 232,620 ----------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.06% 4,437 AUTONATION INCORPORATED+<< 75,784 1,383 AUTOZONE INCORPORATED+<< 106,837 182,621 ----------------- AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.02% 1,071 RYDER SYSTEM INCORPORATED 50,380 ----------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.10% 2,056 CENTEX CORPORATION 103,746 770 KB HOME 65,057 2,112 PULTE HOMES INCORPORATED 129,613 298,416 ----------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.73% 36,542 HOME DEPOT INCORPORATED 1,432,446 12,976 LOWE'S COMPANIES INCORPORATED 705,246 2,369 SHERWIN-WILLIAMS COMPANY 104,141 2,241,833 ----------------- BUSINESS SERVICES - 4.09% 3,991 ADOBE SYSTEMS INCORPORATED 197,435 2,130 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+<< 118,577 1,889 AUTODESK INCORPORATED 91,862 9,723 AUTOMATIC DATA PROCESSING INCORPORATED 401,754 3,713 BMC SOFTWARE INCORPORATED+ 58,702 17,571 CENDANT CORPORATION 379,534 2,815 CITRIX SYSTEMS INCORPORATED+ 49,319 9,742 COMPUTER ASSOCIATES INTERNATIONAL INCORPORATED<< 256,215 3,141 COMPUTER SCIENCES CORPORATION+ 147,941 6,427 COMPUWARE CORPORATION+ 33,099 2,372 CONVERGYS CORPORATION+ 31,856 832 DELUXE CORPORATION 34,129 11,002 eBAY INCORPORATED+ 1,011,524 5,054 ELECTRONIC ARTS INCORPORATED+<< 232,433
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 8,527 ELECTRONIC DATA SYSTEMS CORPORATION $ 165,339 2,267 EQUIFAX INCORPORATED 59,758 14,272 FIRST DATA CORPORATION 620,832 3,250 FISERV INCORPORATED+ 113,295 3,892 IMS HEALTH INCORPORATED 93,097 7,026 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 74,405 3,188 INTUIT INCORPORATED+ 144,735 1,550 MERCURY INTERACTIVE CORPORATION+<< 54,064 180,971 MICROSOFT CORPORATION 5,003,848 1,974 MONSTER WORLDWIDE INCORPORATED+ 48,639 1,567 NCR CORPORATION+ 77,708 6,436 NOVELL INCORPORATED+ 40,611 3,116 OMNICOM GROUP INCORPORATED 227,655 86,065 ORACLE CORPORATION+ 970,813 4,479 PARAMETRIC TECHNOLOGY CORPORATION+ 23,649 6,106 PEOPLESOFT INCORPORATED+ 121,204 2,867 ROBERT HALF INTERNATIONAL INCORPORATED 73,883 8,413 SIEBEL SYSTEMS INCORPORATED+ 63,434 55,361 SUN MICROSYSTEMS INCORPORATED+ 223,658 4,800 SUNGARD DATA SYSTEMS INCORPORATED+ 114,096 5,245 SYMANTEC CORPORATION+<< 287,846 5,573 UNISYS CORPORATION+ 57,513 7,204 VERITAS SOFTWARE CORPORATION+ 128,231 22,646 YAHOO! INCORPORATED+<< 767,926 12,600,619 ----------------- CHEMICALS & ALLIED PRODUCTS - 6.04% 25,984 ABBOTT LABORATORIES 1,100,682 3,783 AIR PRODUCTS & CHEMICALS INCORPORATED 205,720 1,509 ALBERTO-CULVER COMPANY CLASS B 65,611 21,072 AMGEN INCORPORATED+ 1,194,361 1,838 AVERY DENNISON CORPORATION 120,904 7,870 AVON PRODUCTS INCORPORATED 343,762 32,376 BRISTOL-MYERS SQUIBB COMPANY 766,340 3,124 CHIRON CORPORATION+<< 138,081 3,546 CLOROX COMPANY 189,002 8,839 COLGATE PALMOLIVE COMPANY 399,346 15,636 DOW CHEMICAL COMPANY 706,434 16,609 DU PONT (E.I.) DE NEMOURS & COMPANY 710,865 1,295 EASTMAN CHEMICAL COMPANY 61,577 4,285 ECOLAB INCORPORATED 134,720 18,817 ELI LILLY & COMPANY 1,129,961 6,163 FOREST LABORATORIES INCORPORATED+ 277,212 3,794 GENZYME CORPORATION+<< 206,432 7,166 GILEAD SCIENCES INCORPORATED+<< 267,865 16,675 GILLETTE COMPANY 696,014 845 GREAT LAKES CHEMICAL CORPORATION 21,632 2,597 HOSPIRA INCORPORATED+ 79,468 1,568 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 59,898 4,020 KING PHARMACEUTICALS INCORPORATED+ 47,999 4,148 MEDIMMUNE INCORPORATED+ 98,308 36,929 MERCK & COMPANY INCORPORATED 1,218,657 4,444 MONSANTO COMPANY 161,850 4,472 MYLAN LABORATORIES INCORPORATED 80,496 125,679 PFIZER INCORPORATED 3,845,777 2,858 PPG INDUSTRIES INCORPORATED 175,138 5,408 PRAXAIR INCORPORATED 231,138 42,314 PROCTER & GAMBLE COMPANY 2,290,034 3,734 ROHM & HAAS COMPANY 160,450 24,507 SCHERING-PLOUGH CORPORATION 467,103
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 1,150 SIGMA-ALDRICH CORPORATION $ 66,700 1,821 WATSON PHARMACEUTICALS INCORPORATED+ 53,647 22,200 WYETH 830,280 18,603,464 ----------------- COMMUNICATIONS - 2.58% 5,130 ALLTEL CORPORATION<< 281,688 13,227 AT&T CORPORATION 189,411 45,432 AT&T WIRELESS SERVICES INCORPORATED+ 671,485 7,534 AVAYA INCORPORATED+ 105,024 30,471 BELLSOUTH CORPORATION 826,374 2,247 CENTURYTEL INCORPORATED 76,937 9,820 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 306,089 37,198 COMCAST CORPORATION CLASS A+ 1,050,472 18,534 NEXTEL COMMUNICATIONS INCORPORATED CLASS A+<< 441,851 30,211 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+ 100,603 55,154 SBC COMMUNICATIONS INCORPORATED 1,431,246 24,177 SPRINT CORPORATION-FON GROUP 486,683 5,368 UNIVISION COMMUNICATIONS INCORPORATED CLASS A+<< 169,682 46,080 VERIZON COMMUNICATIONS INCORPORATED 1,814,630 7,952,175 ----------------- DEPOSITORY INSTITUTIONS - 5.96% 5,887 AMSOUTH BANCORPORATION<< 143,643 67,704 BANK OF AMERICA CORPORATION 2,933,614 12,949 BANK OF NEW YORK COMPANY INCORPORATED 377,722 9,228 BB&T CORPORATION 366,259 86,223 CITIGROUP INCORPORATED 3,804,159 2,852 COMERICA INCORPORATED 169,266 9,486 FIFTH THIRD BANCORP 466,901 2,055 FIRST HORIZON NATIONAL CORPORATION 89,105 2,542 GOLDEN WEST FINANCIAL CORPORATION 282,035 3,823 HUNTINGTON BANCSHARES INCORPORATED 95,231 59,288 JP MORGAN CHASE & COMPANY 2,355,512 6,771 KEYCORP 213,964 1,948 M&T BANK CORPORATION 186,424 3,709 MARSHALL & ILSLEY CORPORATION<< 149,473 7,057 MELLON FINANCIAL CORPORATION 195,408 11,031 NATIONAL CITY CORPORATION 426,017 2,873 NORTH FORK BANCORPORATION INCORPORATED<< 127,705 3,658 NORTHERN TRUST CORPORATION 149,246 4,699 PNC FINANCIAL SERVICES GROUP 254,216 7,691 REGIONS FINANCIAL CORPORATION 254,265 5,540 SOUTHTRUST CORPORATION 230,796 5,713 SOVEREIGN BANCORP INCORPORATED 124,658 5,596 STATE STREET CORPORATION 239,005 4,706 SUNTRUST BANKS INCORPORATED 331,350 5,149 SYNOVUS FINANCIAL CORPORATION 134,646 31,279 US BANCORP 903,963 21,794 WACHOVIA CORPORATION 1,023,228 14,523 WASHINGTON MUTUAL INCORPORATED 567,559 28,107 WELLS FARGO & COMPANY++ 1,676,020 1,489 ZIONS BANCORPORATION 90,889 18,362,279 ----------------- EATING & DRINKING PLACES - 0.29% 2,626 DARDEN RESTAURANTS INCORPORATED 61,238 20,909 MCDONALD'S CORPORATION 586,079
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE EATING & DRINKING PLACES (continued) 1,890 WENDY'S INTERNATIONAL INCORPORATED $ 63,504 4,836 YUM! BRANDS INCORPORATED 196,632 907,453 ----------------- EDUCATIONAL SERVICES - 0.08% 3,210 APOLLO GROUP INCORPORATED CLASS A+ 235,518 ----------------- ELECTRIC, GAS & SANITARY SERVICES - 1.85% 10,759 AES CORPORATION+ 107,482 2,115 ALLEGHENY ENERGY INCORPORATED+<< 33,755 5,296 ALLIED WASTE INDUSTRIES INCORPORATED+<< 46,870 3,233 AMEREN CORPORATION 149,203 6,585 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 210,457 7,387 CALPINE CORPORATION+<< 21,422 5,118 CENTERPOINT ENERGY INCORPORATED<< 53,023 3,005 CINERGY CORPORATION<< 118,998 5,518 CITIZENS COMMUNICATIONS COMPANY<< 73,886 2,684 CMS ENERGY CORPORATION+<< 25,552 4,018 CONSOLIDATED EDISON INCORPORATED 168,917 2,920 CONSTELLATION ENERGY GROUP INCORPORATED 116,333 5,496 DOMINION RESOURCES INCORPORATED 358,614 2,891 DTE ENERGY COMPANY 121,971 15,609 DUKE ENERGY CORPORATION<< 357,290 6,317 DYNEGY INCORPORATED CLASS A+<< 31,522 5,422 EDISON INTERNATIONAL 143,737 10,669 EL PASO CORPORATION 98,048 3,776 ENTERGY CORPORATION 228,863 10,987 EXELON CORPORATION 403,113 5,489 FIRSTENERGY CORPORATION 225,488 3,083 FPL GROUP INCORPORATED 210,631 2,666 KEYSPAN CORPORATION 104,507 2,056 KINDER MORGAN INCORPORATED<< 129,158 733 NICOR INCORPORATED 26,901 4,385 NISOURCE INCORPORATED 92,129 626 PEOPLES ENERGY CORPORATION 26,092 6,672 PG&E CORPORATION+<< 202,829 1,519 PINNACLE WEST CAPITAL CORPORATION 63,039 3,144 PPL CORPORATION 148,334 4,107 PROGRESS ENERGY INCORPORATED<< 173,890 3,948 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 168,185 3,858 SEMPRA ENERGY 139,621 12,286 SOUTHERN COMPANY 368,334 3,308 TECO ENERGY INCORPORATED<< 44,757 4,940 TXU CORPORATION 236,725 9,651 WASTE MANAGEMENT INCORPORATED 263,858 8,694 WILLIAMS COMPANIES INCORPORATED<< 105,197 6,654 XCEL ENERGY INCORPORATED 115,247 5,713,978 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.31% 13,463 ADC TELECOMMUNICATIONS INCORPORATED+<< 24,368 5,907 ADVANCED MICRO DEVICES INCORPORATED+ 76,791 6,187 ALTERA CORPORATION+ 121,080 3,335 AMERICAN POWER CONVERSION CORPORATION 57,996 6,297 ANALOG DEVICES INCORPORATED 244,198 2,676 ANDREW CORPORATION+<< 32,754 5,212 APPLIED MICRO CIRCUITS CORPORATION+ 16,314 5,361 BROADCOM CORPORATION CLASS A+<< 146,302 9,473 CIENA CORPORATION+ 18,756
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 4 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 3,256 COMVERSE TECHNOLOGY INCORPORATED+ $ 61,310 1,576 COOPER INDUSTRIES LIMITED CLASS A 92,984 6,993 EMERSON ELECTRIC COMPANY 432,797 175,737 GENERAL ELECTRIC COMPANY 5,901,248 106,775 INTEL CORPORATION 2,141,906 27,882 INTERNATIONAL BUSINESS MACHINES CORPORATION 2,390,603 3,344 JABIL CIRCUIT INCORPORATED+<< 76,912 23,970 JDS UNIPHASE CORPORATION+ 80,779 3,268 KLA-TENCOR CORPORATION+<< 135,557 5,118 LINEAR TECHNOLOGY CORPORATION 185,476 6,406 LSI LOGIC CORPORATION+<< 27,610 71,729 LUCENT TECHNOLOGIES INCORPORATED+<< 227,381 5,405 MAXIM INTEGRATED PRODUCTS INCORPORATED 228,577 1,313 MAYTAG CORPORATION<< 24,120 10,177 MICRON TECHNOLOGY INCORPORATED+<< 122,429 3,156 MOLEX INCORPORATED 94,112 39,323 MOTOROLA INCORPORATED 709,387 5,960 NATIONAL SEMICONDUCTOR CORPORATION<< 92,320 5,953 NETWORK APPLIANCE INCORPORATED+<< 136,919 2,376 NOVELLUS SYSTEMS INCORPORATED+<< 63,178 2,772 NVIDIA CORPORATION+<< 40,249 2,945 PMC-SIERRA INCORPORATED+ 25,945 1,395 POWER-ONE INCORPORATED+ 9,040 1,537 QLOGIC CORPORATION+ 45,511 27,093 QUALCOMM INCORPORATED 1,057,711 2,946 ROCKWELL COLLINS INCORPORATED 109,414 8,674 SANMINA-SCI CORPORATION+ 61,152 2,549 SCIENTIFIC-ATLANTA INCORPORATED 66,070 16,006 SOLECTRON CORPORATION+ 79,230 6,927 TELLABS INCORPORATED+ 63,659 28,813 TEXAS INSTRUMENTS INCORPORATED 613,141 1,104 WHIRLPOOL CORPORATION 66,339 5,777 XILINX INCORPORATED 155,979 16,357,604 ----------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.19% 1,388 FLUOR CORPORATION<< 61,794 2,463 MOODY'S CORPORATION 180,414 6,293 PAYCHEX INCORPORATED 189,734 1,695 QUEST DIAGNOSTICS INCORPORATED 149,533 581,475 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.33% 1,870 BALL CORPORATION 69,994 982 CRANE COMPANY 28,399 2,397 FORTUNE BRANDS INCORPORATED 177,594 5,031 ILLINOIS TOOL WORKS INCORPORATED 468,738 7,211 MASCO CORPORATION 248,996 962 SNAP-ON INCORPORATED 26,513 1,020,234 ----------------- FINANCIAL SERVICES - 0.02% 3,984 JANUS CAPITAL GROUP INCORPORATED<< 54,222 ----------------- FOOD & KINDRED PRODUCTS - 2.00% 622 ADOLPH COORS COMPANY CLASS B 42,246 13,332 ANHEUSER-BUSCH COMPANIES INCORPORATED 665,934 10,834 ARCHER-DANIELS-MIDLAND COMPANY 183,961
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 5 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 6,832 CAMPBELL SOUP COMPANY $ 179,613 40,384 COCA COLA COMPANY 1,617,379 7,806 COCA COLA ENTERPRISES INCORPORATED 147,533 8,795 CONAGRA FOODS INCORPORATED 226,120 6,328 GENERAL MILLS INCORPORATED 284,127 1,860 HERCULES INCORPORATED+ 26,505 4,098 HERSHEY FOODS CORPORATION 191,418 5,816 HJ HEINZ COMPANY 209,492 6,881 KELLOGG COMPANY 293,544 2,281 MCCORMICK & COMPANY INCORPORATED 78,330 4,233 PEPSI BOTTLING GROUP INCORPORATED 114,926 28,196 PEPSICO INCORPORATED 1,371,735 13,203 SARA LEE CORPORATION 301,821 3,740 WM WRIGLEY JR COMPANY 236,779 6,171,463 ----------------- FOOD STORES - 0.21% 6,121 ALBERTSON'S INCORPORATED<< 146,475 12,302 KROGER COMPANY+ 190,927 6,615 STARBUCKS CORPORATION+ 300,718 2,364 WINN-DIXIE STORES INCORPORATED<< 7,305 645,425 ----------------- FORESTRY - 0.09% 3,985 WEYERHAEUSER COMPANY 264,923 ----------------- FURNITURE & FIXTURES - 0.06% 3,190 LEGGETT & PLATT INCORPORATED 89,639 4,575 NEWELL RUBBERMAID INCORPORATED 91,683 181,322 ----------------- GENERAL MERCHANDISE STORES - 0.53% 1,917 BIG LOTS INCORPORATED+<< 23,445 5,466 DOLLAR GENERAL CORPORATION 110,140 2,800 FAMILY DOLLAR STORES INCORPORATED 75,880 2,992 FEDERATED DEPARTMENT STORES INCORPORATED 135,927 4,796 JC PENNEY COMPANY INCORPORATED 169,203 4,850 MAY DEPARTMENT STORES COMPANY 124,305 3,528 SEARS ROEBUCK & COMPANY<< 140,591 15,035 TARGET CORPORATION 680,334 8,135 TJX COMPANIES INCORPORATED 179,295 1,639,120 ----------------- HEALTH SERVICES - 0.36% 5,632 BIOGEN IDEC INCORPORATED+<< 344,509 7,756 CAREMARK RX INCORPORATED+ 248,735 8,033 HCA INCORPORATED 306,459 4,051 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A<< 82,762 1,455 MANOR CARE INCORPORATED 43,592 7,758 TENET HEALTHCARE CORPORATION+<< 83,709 1,109,766 ----------------- HOLDING & OTHER INVESTMENT OFFICES - 0.25% 1,575 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 54,778 6,706 EQUITY OFFICE PROPERTIES TRUST 182,739
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 6 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOLDING & OTHER INVESTMENT OFFICES (continued) 4,671 EQUITY RESIDENTIAL $ 144,801 3,051 PLUM CREEK TIMBER COMPANY 106,877 3,026 PROLOGIS 106,636 3,464 SIMON PROPERTY GROUP INCORPORATED<< 185,774 781,605 ----------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.20% 5,002 BED BATH & BEYOND INCORPORATED+ 185,624 5,409 BEST BUY COMPANY INCORPORATED 293,384 3,308 CIRCUIT CITY STORES INCORPORATED 50,745 2,657 RADIO SHACK CORPORATION 76,097 605,850 ----------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.16% 6,407 HILTON HOTELS CORPORATION<< 120,708 3,809 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 197,915 3,464 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 160,799 479,422 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.59% 13,027 3M COMPANY 1,041,769 3,560 AMERICAN STANDARD COMPANIES INCORPORATED+ 138,520 6,456 APPLE COMPUTER INCORPORATED+ 250,170 28,266 APPLIED MATERIALS INCORPORATED+ 466,106 5,555 BAKER HUGHES INCORPORATED<< 242,865 1,334 BLACK & DECKER CORPORATION 103,305 5,704 CATERPILLAR INCORPORATED 458,887 112,542 CISCO SYSTEMS INCORPORATED+ 2,037,010 737 CUMMINS INCORPORATED<< 54,457 4,130 DEERE & COMPANY 266,591 41,555 DELL INCORPORATED+ 1,479,358 3,384 DOVER CORPORATION 131,536 40,024 EMC CORPORATION+ 461,877 6,203 GATEWAY INCORPORATED+ 30,705 2,884 INGERSOLL-RAND COMPANY CLASS A 196,025 2,155 LEXMARK INTERNATIONAL INCORPORATED+ 181,042 2,082 PALL CORPORATION 50,967 1,988 PARKER HANNIFIN CORPORATION 117,014 3,847 PITNEY BOWES INCORPORATED 169,653 1,363 STANLEY WORKS 57,968 3,983 SYMBOL TECHNOLOGIES INCORPORATED 50,345 7,986,170 ----------------- INSURANCE AGENTS, BROKERS & SERVICE - 0.52% 4,727 ACE LIMITED 189,364 5,257 AON CORPORATION<< 151,086 2,652 HUMANA INCORPORATED+<< 52,987 2,271 JEFFERSON-PILOT CORPORATION 112,778 8,665 MARSH & MCLENNAN COMPANIES INCORPORATED 396,510 4,529 MEDCO HEALTH SOLUTIONS INCORPORATED+ 139,946 12,485 METLIFE INCORPORATED 482,545 4,933 UNUMPROVIDENT CORPORATION<< 77,399 1,602,615 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 7 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INSURANCE CARRIERS - 2.77% 2,556 AETNA INCORPORATED<< $ 255,421 8,441 AFLAC INCORPORATED 330,972 11,534 ALLSTATE CORPORATION 553,517 1,805 AMBAC FINANCIAL GROUP INCORPORATED 144,310 43,365 AMERICAN INTERNATIONAL GROUP INCORPORATED 2,948,386 2,323 ANTHEM INCORPORATED+<< 202,682 3,179 CHUBB CORPORATION<< 223,420 2,289 CIGNA CORPORATION<< 159,383 2,801 CINCINNATI FINANCIAL CORPORATION 115,457 4,880 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 302,218 2,929 LINCOLN NATIONAL CORPORATION 137,663 3,087 LOEWS CORPORATION 180,589 2,384 MBIA INCORPORATED<< 138,773 1,639 MGIC INVESTMENT CORPORATION 109,075 5,216 PRINCIPAL FINANCIAL GROUP INCORPORATED 187,620 3,612 PROGRESSIVE CORPORATION 306,117 8,638 PRUDENTIAL FINANCIAL INCORPORATED 406,332 2,095 SAFECO CORPORATION 95,637 11,131 ST PAUL COMPANIES INCORPORATED 367,991 1,825 TORCHMARK CORPORATION 97,053 11,063 UNITEDHEALTH GROUP INCORPORATED 815,786 2,614 WELLPOINT HEALTH NETWORKS INCORPORATED+ 274,705 2,303 XL CAPITAL LIMITED CLASS A<< 170,399 8,523,506 ----------------- LEATHER & LEATHER PRODUCTS - 0.04% 3,132 COACH INCORPORATED+ 132,859 ----------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.07% 4,297 GEORGIA-PACIFIC CORPORATION 154,477 1,818 LOUISIANA-PACIFIC CORPORATION 47,177 201,654 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.81% 8,082 AGILENT TECHNOLOGIES INCORPORATED+ 174,329 2,192 ALLERGAN INCORPORATED<< 159,030 3,359 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 63,384 885 BAUSCH & LOMB INCORPORATED 58,808 10,232 BAXTER INTERNATIONAL INCORPORATED 329,061 4,170 BECTON DICKINSON & COMPANY 215,589 4,227 BIOMET INCORPORATED<< 198,162 14,017 BOSTON SCIENTIFIC CORPORATION+ 556,895 1,744 C.R. BARD INCORPORATED 98,763 5,131 DANAHER CORPORATION 263,118 4,770 EASTMAN KODAK COMPANY<< 153,689 1,912 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED+<< 111,527 5,236 GUIDANT CORPORATION 345,786 20,130 MEDTRONIC INCORPORATED 1,044,747 825 MILLIPORE CORPORATION+ 39,476 2,132 PERKINELMER INCORPORATED 36,713 7,508 RAYTHEON COMPANY 285,154 3,068 ROCKWELL AUTOMATION INCORPORATED 118,732 2,946 ST. JUDE MEDICAL INCORPORATED+ 221,746 6,678 STRYKER CORPORATION<< 321,078 1,401 TEKTRONIX INCORPORATED 46,583 3,231 TERADYNE INCORPORATED+<< 43,295 2,717 THERMO ELECTRON CORPORATION+ 73,413 1,967 WATERS CORPORATION+ 86,745 13,966 XEROX CORPORATION+<< 196,641
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 8 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 4,078 ZIMMER HOLDINGS INCORPORATED+ $ 322,325 5,564,789 ----------------- METAL MINING - 0.19% 2,946 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 119,313 7,379 NEWMONT MINING CORPORATION 335,966 1,564 PHELPS DODGE CORPORATION<< 143,935 599,214 ----------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.03% 1,701 VULCAN MATERIALS COMPANY<< 86,666 ----------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.72% 2,521 EATON CORPORATION 159,856 2,943 HASBRO INCORPORATED 55,328 50,265 HEWLETT-PACKARD COMPANY 942,469 1,535 ITT INDUSTRIES INCORPORATED 122,785 49,402 JOHNSON & JOHNSON 2,782,815 6,892 MATTEL INCORPORATED 124,952 2,432 TIFFANY & COMPANY 74,760 33,435 TYCO INTERNATIONAL LIMITED 1,025,117 5,288,082 ----------------- MISCELLANEOUS RETAIL - 1.77% 7,675 COSTCO WHOLESALE CORPORATION 318,973 6,647 CVS CORPORATION 280,038 1,390 DILLARDS INCORPORATED CLASS A 27,439 1,291 EXPRESS SCRIPTS INCORPORATED+ 84,354 5,214 OFFICE DEPOT INCORPORATED+ 78,367 8,281 STAPLES INCORPORATED<< 246,939 3,561 TOYS R US INCORPORATED+<< 63,172 70,614 WAL-MART STORES INCORPORATED 3,756,665 17,052 WALGREEN COMPANY 610,973 5,466,920 ----------------- MOTION PICTURES - 0.65% 76,106 TIME WARNER INCORPORATED+ 1,228,351 34,197 WALT DISNEY COMPANY 771,142 1,999,493 ----------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.46% 18,714 UNITED PARCEL SERVICE INCORPORATED CLASS B 1,420,767 ----------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 1.45% 21,102 AMERICAN EXPRESS COMPANY 1,085,909 4,019 CAPITAL ONE FINANCIAL CORPORATION 297,004 9,372 COUNTRYWIDE FINANCIAL CORPORATION<< 369,163 16,110 FANNIE MAE 1,021,374 11,434 FREDDIE MAC 745,954 21,266 MBNA CORPORATION 535,903 4,871 PROVIDIAN FINANCIAL CORPORATION+ 75,695 7,256 SLM CORPORATION<< 323,618 4,454,620 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 9 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION - 1.11% 4,164 ANADARKO PETROLEUM CORPORATION $ 276,323 5,426 APACHE CORPORATION 271,897 2,688 BJ SERVICES COMPANY 140,878 6,570 BURLINGTON RESOURCES INCORPORATED 268,056 4,023 DEVON ENERGY CORPORATION 285,673 1,961 EOG RESOURCES INCORPORATED 129,132 7,349 HALLIBURTON COMPANY<< 247,588 2,513 KERR-MCGEE CORPORATION 143,869 2,476 NABORS INDUSTRIES LIMITED+ 117,238 2,228 NOBLE CORPORATION+ 100,149 6,519 OCCIDENTAL PETROLEUM CORPORATION 364,608 1,777 ROWAN COMPANIES INCORPORATED+<< 46,913 9,828 SCHLUMBERGER LIMITED 661,523 5,340 TRANSOCEAN INCORPORATED+<< 191,065 4,406 UNOCAL CORPORATION 189,458 3,434,370 ----------------- PAPER & ALLIED PRODUCTS - 0.38% 1,779 BEMIS COMPANY INCORPORATED 47,286 1,465 BOISE CASCADE CORPORATION 48,755 8,093 INTERNATIONAL PAPER COMPANY 327,038 8,230 KIMBERLY-CLARK CORPORATION 531,576 3,359 MEADWESTVACO CORPORATION 107,152 2,501 PACTIV CORPORATION+ 58,148 927 TEMPLE-INLAND INCORPORATED 62,248 1,182,203 ----------------- PERSONAL SERVICES - 0.08% 2,849 CINTAS CORPORATION 119,772 2,744 H & R BLOCK INCORPORATED<< 135,608 255,380 ----------------- PETROLEUM REFINING & RELATED INDUSTRIES - 2.85% 1,517 AMERADA HESS CORPORATION<< 135,013 1,182 ASHLAND INCORPORATED 66,286 35,455 CHEVRONTEXACO CORPORATION 1,901,806 11,463 CONOCOPHILLIPS 949,709 108,281 EXXON MOBIL CORPORATION 5,233,221 5,760 MARATHON OIL CORPORATION 237,773 1,253 SUNOCO INCORPORATED 92,697 2,127 VALERO ENERGY CORPORATION 170,607 8,787,112 ----------------- PRIMARY METAL INDUSTRIES - 0.26% 14,478 ALCOA INCORPORATED 486,316 1,585 ALLEGHENY TECHNOLOGIES INCORPORATED 28,926 2,070 ENGELHARD CORPORATION 58,684 1,319 NUCOR CORPORATION 120,517 1,887 UNITED STATES STEEL CORPORATION<< 70,989 1,453 WORTHINGTON INDUSTRIES INCORPORATED 31,022 796,454 ----------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.71% 1,362 DOW JONES & COMPANY INCORPORATED 55,311 4,429 GANNETT COMPANY INCORPORATED 370,973
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 10 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued) 1,288 KNIGHT-RIDDER INCORPORATED<< $ 84,300 3,162 MCGRAW-HILL COMPANIES INCORPORATED 251,980 836 MEREDITH CORPORATION 42,954 2,443 NEW YORK TIMES COMPANY CLASS A 95,521 3,646 RR DONNELLEY & SONS COMPANY 114,193 5,297 TRIBUNE COMPANY 217,971 28,876 VIACOM INCORPORATED CLASS B<< 969,078 2,202,281 ----------------- RAILROAD TRANSPORTATION - 0.26% 6,198 BURLINGTON NORTHERN SANTA FE CORPORATION<< 237,445 3,575 CSX CORPORATION 118,690 6,552 NORFOLK SOUTHERN CORPORATION 194,857 4,314 UNION PACIFIC CORPORATION 252,800 803,792 ----------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.16% 1,245 COOPER TIRE & RUBBER COMPANY 25,112 2,918 GOODYEAR TIRE & RUBBER COMPANY+<< 31,339 4,383 NIKE INCORPORATED CLASS B 345,380 984 REEBOK INTERNATIONAL LIMITED 36,133 1,397 SEALED AIR CORPORATION+<< 64,751 502,715 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.18% 1,715 BEAR STEARNS COMPANIES INCORPORATED 164,932 22,744 CHARLES SCHWAB CORPORATION 209,017 6,212 E*TRADE FINANCIAL CORPORATION+ 70,941 1,804 FEDERATED INVESTORS INCORPORATED CLASS B 51,306 4,150 FRANKLIN RESOURCES INCORPORATED 231,404 8,088 GOLDMAN SACHS GROUP INCORPORATED 754,125 4,516 LEHMAN BROTHERS HOLDINGS INCORPORATED 360,015 15,636 MERRILL LYNCH & COMPANY INCORPORATED 777,422 18,282 MORGAN STANLEY 901,303 2,118 T ROWE PRICE GROUP INCORPORATED 107,891 3,628,356 ----------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.08% 23,196 CORNING INCORPORATED+ 257,012 ----------------- TOBACCO PRODUCTS - 0.61% 34,151 ALTRIA GROUP INCORPORATED 1,606,463 2,463 REYNOLDS AMERICAN INCORPORATED<< 167,583 2,750 UST INCORPORATED<< 110,715 1,884,761 ----------------- TRANSPORTATION BY AIR - 0.20% 2,090 DELTA AIR LINES INCORPORATED+<< 6,876 5,000 FEDEX CORPORATION 428,450 13,152 SOUTHWEST AIRLINES COMPANY 179,130 614,456 ----------------- TRANSPORTATION EQUIPMENT - 1.68% 13,972 BOEING COMPANY 721,235
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 11 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TRANSPORTATION EQUIPMENT (continued) 1,590 BRUNSWICK CORPORATION $ 72,758 2,485 DANA CORPORATION 43,960 9,340 DELPHI CORPORATION 86,769 30,456 FORD MOTOR COMPANY<< 427,907 3,327 GENERAL DYNAMICS CORPORATION 339,687 9,400 GENERAL MOTORS CORPORATION<< 399,312 2,912 GENUINE PARTS COMPANY<< 111,762 1,976 GOODRICH CORPORATION 61,967 4,911 HARLEY-DAVIDSON INCORPORATED<< 291,910 14,307 HONEYWELL INTERNATIONAL INCORPORATED 513,049 3,166 JOHNSON CONTROLS INCORPORATED 179,860 7,404 LOCKHEED MARTIN CORPORATION 412,995 1,162 NAVISTAR INTERNATIONAL CORPORATION+ 43,215 5,967 NORTHROP GRUMMAN CORPORATION 318,220 2,888 PACCAR INCORPORATED 199,618 2,306 TEXTRON INCORPORATED 148,207 8,515 UNITED TECHNOLOGIES CORPORATION 795,131 5,167,562 ----------------- TRANSPORTATION SERVICES - 0.02% 2,284 SABRE HOLDINGS CORPORATION 56,026 ----------------- WATER TRANSPORTATION - 0.16% 10,537 CARNIVAL CORPORATION 498,295 ----------------- WHOLESALE TRADE NON-DURABLE GOODS - 0.37% 1,871 AMERISOURCE-BERGEN CORPORATION 100,491 2,021 BROWN-FORMAN CORPORATION CLASS B 92,562 7,163 CARDINAL HEALTH INCORPORATED 313,524 4,886 MCKESSON CORPORATION 125,326 7,438 SAFEWAY INCORPORATED+ 143,628 2,263 SUPERVALU INCORPORATED 62,346 10,642 SYSCO CORPORATION 318,409 1,156,286 ----------------- WHOLESALE TRADE-DURABLE GOODS - 0.03% 2,156 VISTEON CORPORATION 17,227 1,514 W.W. GRAINGER INCORPORATED<< 87,282 104,509 ----------------- TOTAL COMMON STOCK (COST $190,407,527) 173,057,643 -----------------
PRINCIPAL INTEREST RATE MATURITY DATE US TREASURY SECURITIES - 37.35% US TREASURY BONDS - 37.35% $ 5,031,000 US TREASURY BOND<< 7.50% 11/15/2024 6,711,077 4,985,000 US TREASURY BOND<< 7.63 02/15/2025 6,736,759 5,913,000 US TREASURY BOND<< 6.88 08/15/2025 7,422,897 7,352,000 US TREASURY BOND<< 6.00 02/15/2026 8,382,140 4,532,000 US TREASURY BOND<< 6.75 08/15/2026 5,628,885 5,754,000 US TREASURY BOND<< 6.50 11/15/2026 6,957,846 5,062,000 US TREASURY BOND<< 6.63 02/15/2027 6,208,067 4,759,000 US TREASURY BOND<< 6.38 08/15/2027 5,683,474 11,761,000 US TREASURY BOND<< 6.13 11/15/2027 13,653,792 6,301,000 US TREASURY BOND<< 5.50 08/15/2028 6,773,329 5,880,000 US TREASURY BOND<< 5.25 11/15/2028 6,115,659
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 12 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST ASSET ALLOCATION FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE US TREASURY BONDS (continued) $ 6,097,000 US TREASURY BOND<< 5.25% 02/15/2029 $ 6,347,312 5,989,000 US TREASURY BOND<< 6.13 08/15/2029 6,979,760 9,541,000 US TREASURY BOND<< 6.25 05/15/2030 11,323,974 9,451,000 US TREASURY BOND<< 5.38 02/15/2031 10,124,384 115,049,355 ----------------- TOTAL US TREASURY SECURITIES (COST $107,403,274) 115,049,355 ----------------- COLLATERAL FOR SECURITIES LENDING - 43.57% COLLATERAL FOR SECURITY LENDING 134,243,939 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $134,243,939) 134,243,939 -----------------
PRINCIPAL INTEREST RATE MATURITY DATE SHORT-TERM INVESTMENTS - 5.95% MUTUAL FUND - 3.76% 11,586,527 WELLS FARGO MONEY MARKET TRUST~++ 11,586,527 ----------------- US TREASURY BILLS - 2.19% 140,000 US TREASURY BILL^# 1.03 10/07/2004 139,968 6,330,000 US TREASURY BILL^# 1.29 11/12/2004 6,318,191 170,000 US TREASURY BILL^# 1.68 02/10/2005 168,842 110,000 US TREASURY BILL^# 1.80 02/10/2005 109,251 6,736,252 ----------------- TOTAL SHORT-TERM INVESTMENTS (COST $18,325,203) 18,322,779 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $450,379,943)* 143.04%@ $ 440,673,716 ------- -----------------
+ NON-INCOME EARNING SECURITIES. ++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $12,836,660. ~ THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. # SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 13 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY INCOME FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 98.48% BUSINESS SERVICES - 1.58% 65,100 MICROSOFT CORPORATION $ 1,800,015 ----------------- CHEMICALS & ALLIED PRODUCTS - 11.07% 26,650 ABBOTT LABORATORIES 1,128,894 24,360 AIR PRODUCTS & CHEMICALS INCORPORATED 1,324,697 48,290 DU PONT (E.I.) DE NEMOURS & COMPANY 2,066,812 2,525 HOSPIRA INCORPORATED+ 77,265 29,860 MERCK & COMPANY INCORPORATED 985,380 60,355 PFIZER INCORPORATED 1,846,863 47,440 PROCTER & GAMBLE COMPANY 2,567,453 59,869 ROHM & HAAS COMPANY 2,572,571 12,569,935 ----------------- COMMUNICATIONS - 3.41% 2,179 AT&T CORPORATION 31,203 29,850 SBC COMMUNICATIONS INCORPORATED 774,607 77,949 VERIZON COMMUNICATIONS INCORPORATED 3,069,632 3,875,442 ----------------- DEPOSITORY INSTITUTIONS - 13.39% 54,520 BANK OF AMERICA CORPORATION 2,362,352 68,815 CITIGROUP INCORPORATED 3,036,118 103,470 JP MORGAN CHASE & COMPANY 4,110,863 137,150 US BANCORP 3,963,635 37,050 WACHOVIA CORPORATION 1,739,497 15,212,465 ----------------- EATING & DRINKING PLACES - 2.79% 113,100 MCDONALD'S CORPORATION 3,170,193 ----------------- ELECTRIC, GAS & SANITARY SERVICES - 3.55% 3,420 DOMINION RESOURCES INCORPORATED 223,155 13,522 FIRSTENERGY CORPORATION 555,484 16,800 FPL GROUP INCORPORATED 1,147,776 49,330 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED<< 2,101,458 4,027,873 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 12.18% 60,970 EMERSON ELECTRIC COMPANY 3,773,433 129,680 GENERAL ELECTRIC COMPANY 4,354,655 28,790 INTEL CORPORATION 577,527 37,190 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,188,671 57,500 MOTOROLA INCORPORATED 1,037,300 65,450 NOKIA OYJ ADR 897,974 13,829,560 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 3.60% 55,120 FORTUNE BRANDS INCORPORATED 4,083,841 ----------------- FOOD & KINDRED PRODUCTS - 6.01% 77,340 PEPSICO INCORPORATED 3,762,591
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY INCOME FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 134,250 SARA LEE CORPORATION $ 3,068,955 6,831,546 ----------------- GENERAL MERCHANDISE STORES - 4.51% 73,637 MAY DEPARTMENT STORES COMPANY 1,887,316 71,440 TARGET CORPORATION 3,232,660 5,119,976 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.47% 35,014 3M COMPANY 2,800,070 ----------------- INSURANCE AGENTS, BROKERS & SERVICE - 1.19% 34,930 METLIFE INCORPORATED 1,350,044 ----------------- INSURANCE CARRIERS - 5.55% 8,430 AEGON NV<< 91,044 29,650 ALLSTATE CORPORATION 1,422,904 38,888 AMERICAN INTERNATIONAL GROUP INCORPORATED 2,643,995 64,950 ST PAUL COMPANIES INCORPORATED 2,147,247 6,305,190 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.90% 17,600 BAXTER INTERNATIONAL INCORPORATED 566,016 30,705 BECTON DICKINSON & COMPANY 1,587,448 2,153,464 ----------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 4.64% 184,200 HEWLETT-PACKARD COMPANY 3,453,750 32,320 JOHNSON & JOHNSON 1,820,586 5,274,336 ----------------- MOTION PICTURES - 1.30% 65,450 WALT DISNEY COMPANY 1,475,897 ----------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 2.69% 59,470 AMERICAN EXPRESS COMPANY 3,060,326 ----------------- PAPER & ALLIED PRODUCTS - 1.04% 18,350 KIMBERLY-CLARK CORPORATION 1,185,227 ----------------- PETROLEUM REFINING & RELATED INDUSTRIES - 10.95% 29,909 BP PLC ADR 1,720,665 59,750 CHEVRONTEXACO CORPORATION 3,204,990 19,900 CONOCOPHILLIPS 1,648,715 100,214 EXXON MOBIL CORPORATION 4,843,342 19,760 ROYAL DUTCH PETROLEUM COMPANY 1,019,616 12,437,328 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.01% 23,350 MORGAN STANLEY 1,151,155 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY INCOME FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TOBACCO PRODUCTS - 1.44% 34,770 ALTRIA GROUP INCORPORATED $ 1,635,581 ----------------- TRANSPORTATION EQUIPMENT - 2.21% 70,133 HONEYWELL INTERNATIONAL INCORPORATED 2,514,969 ----------------- TOTAL COMMON STOCK (COST $102,337,943) 111,864,433 ----------------- COLLATERAL FOR SECURITIES LENDING - 0.97% COLLATERAL FOR SECURITY LENDING 1,098,824 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,098,824) 1,098,824 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $103,436,767)* 99.45% @ $ 112,963,257 ------- -----------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY VALUE FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 98.43% BUSINESS SERVICES - 1.60% 17,095 MICROSOFT CORPORATION $ 472,677 ----------------- CHEMICALS & ALLIED PRODUCTS - 11.11% 7,000 ABBOTT LABORATORIES 296,520 6,370 AIR PRODUCTS & CHEMICALS INCORPORATED 346,401 12,670 DU PONT (E.I.) DE NEMOURS & COMPANY 542,276 720 HOSPIRA INCORPORATED+ 22,032 7,735 MERCK & COMPANY INCORPORATED 255,255 15,640 PFIZER INCORPORATED 478,584 12,350 PROCTER & GAMBLE COMPANY 668,382 15,700 ROHM & HAAS COMPANY 674,629 3,284,079 ----------------- COMMUNICATIONS - 3.42% 550 AT&T CORPORATION 7,876 7,775 SBC COMMUNICATIONS INCORPORATED 201,761 20,310 VERIZON COMMUNICATIONS INCORPORATED 799,808 1,009,445 ----------------- DEPOSITORY INSTITUTIONS - 13.44% 14,390 BANK OF AMERICA CORPORATION 623,519 17,970 CITIGROUP INCORPORATED 792,836 26,895 JP MORGAN CHASE & COMPANY 1,068,538 35,650 US BANCORP 1,030,285 9,710 WACHOVIA CORPORATION 455,885 3,971,063 ----------------- EATING & DRINKING PLACES - 2.79% 29,450 MCDONALD'S CORPORATION 825,483 ----------------- ELECTRIC, GAS & SANITARY SERVICES - 3.46% 450 DOMINION RESOURCES INCORPORATED 29,362 3,400 FIRSTENERGY CORPORATION 139,672 4,350 FPL GROUP INCORPORATED 297,192 13,050 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED<< 555,930 1,022,156 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 12.16% 15,850 EMERSON ELECTRIC COMPANY 980,956 33,745 GENERAL ELECTRIC COMPANY 1,133,157 7,365 INTEL CORPORATION 147,742 9,655 INTERNATIONAL BUSINESS MACHINES CORPORATION 827,820 14,950 MOTOROLA INCORPORATED 269,698 17,060 NOKIA OYJ ADR 234,063 3,593,436 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 3.60% 14,345 FORTUNE BRANDS INCORPORATED 1,062,821 ----------------- FOOD & KINDRED PRODUCTS - 5.99% 19,950 PEPSICO INCORPORATED 970,567
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY VALUE FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 34,950 SARA LEE CORPORATION $ 798,957 1,769,524 ----------------- GENERAL MERCHANDISE STORES - 4.49% 19,160 MAY DEPARTMENT STORES COMPANY 491,071 18,478 TARGET CORPORATION 836,129 1,327,200 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.45% 9,050 3M COMPANY 723,729 ----------------- INSURANCE AGENTS, BROKERS & SERVICE - 1.20% 9,150 METLIFE INCORPORATED 353,648 ----------------- INSURANCE CARRIERS - 5.55% 2,224 AEGON NV<< 24,019 7,700 ALLSTATE CORPORATION 369,523 10,168 AMERICAN INTERNATIONAL GROUP INCORPORATED 691,322 16,760 ST PAUL COMPANIES INCORPORATED 554,086 1,638,950 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.89% 4,600 BAXTER INTERNATIONAL INCORPORATED 147,936 7,963 BECTON DICKINSON & COMPANY 411,687 559,623 ----------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 4.60% 47,450 HEWLETT-PACKARD COMPANY 889,688 8,340 JOHNSON & JOHNSON 469,792 1,359,480 ----------------- MOTION PICTURES - 1.30% 17,050 WALT DISNEY COMPANY 384,478 ----------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 2.69% 15,450 AMERICAN EXPRESS COMPANY 795,057 ----------------- PAPER & ALLIED PRODUCTS - 1.11% 5,100 KIMBERLY-CLARK CORPORATION 329,409 ----------------- PETROLEUM REFINING & RELATED INDUSTRIES - 10.93% 7,765 BP PLC ADR 446,720 15,380 CHEVRONTEXACO CORPORATION 824,983 5,150 CONOCOPHILLIPS 426,678 26,204 EXXON MOBIL CORPORATION 1,266,439 5,160 ROYAL DUTCH PETROLEUM COMPANY 266,256 3,231,076 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.00% 5,970 MORGAN STANLEY 294,321 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST EQUITY VALUE FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TOBACCO PRODUCTS - 1.42% 8,950 ALTRIA GROUP INCORPORATED $ 421,008 ----------------- TRANSPORTATION EQUIPMENT - 2.23% 18,350 HONEYWELL INTERNATIONAL INCORPORATED 658,031 ----------------- TOTAL COMMON STOCK (COST $26,896,583) 29,086,694 -----------------
PRINCIPAL INTEREST RATE MATURITY DATE REPURCHASE AGREEMENTS - 1.35% $ 400,000 GOLDMAN SACHS AND COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $400,018) 1.68% 10/01/2004 400,000 TOTAL REPURCHASE AGREEMENTS (COST $400,000) 400,000 ----------------- COLLATERAL FOR SECURITIES LENDING - 0.67% COLLATERAL FOR SECURITY LENDING 198,479 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $198,479) 198,479 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $27,495,062)* 100.45%@ $ 29,685,173 ------- -----------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 98.83% BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 2.98% 10,140 HOME DEPOT INCORPORATED $ 397,488 13,090 LOWE'S COMPANIES INCORPORATED 711,441 1,108,929 ----------------- BUSINESS SERVICES - 14.12% 12,650 ADOBE SYSTEMS INCORPORATED 625,796 16,130 EBAY INCORPORATED+ 1,482,992 13,990 ELECTRONIC ARTS INCORPORATED+<< 643,400 45,676 MICROSOFT CORPORATION 1,262,942 12,980 SYMANTEC CORPORATION+<< 712,342 15,530 YAHOO! INCORPORATED+<< 526,622 5,254,094 ----------------- CHEMICALS & ALLIED PRODUCTS - 13.00% 11,900 AMGEN INCORPORATED+ 674,492 6,650 AVON PRODUCTS INCORPORATED 290,472 5,400 ELI LILLY & COMPANY 324,270 12,130 GENENTECH INCORPORATED+ 635,855 21,120 GILEAD SCIENCES INCORPORATED+ 789,466 26,657 PFIZER INCORPORATED 815,704 18,660 PROCTER & GAMBLE COMPANY 1,009,879 11,540 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 299,463 4,839,601 ----------------- DEPOSITORY INSTITUTIONS - 0.00% 1 CITIGROUP INCORPORATED 44 ----------------- EDUCATIONAL SERVICES - 1.23% 6,250 APOLLO GROUP INCORPORATED CLASS A+ 458,562 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 10.90% 25,490 GENERAL ELECTRIC COMPANY 855,954 33,600 INTEL CORPORATION 674,016 13,000 LINEAR TECHNOLOGY CORPORATION 471,120 10,680 MAXIM INTEGRATED PRODUCTS INCORPORATED 451,657 9,430 MOLEX INCORPORATED 281,203 33,920 QUALCOMM INCORPORATED 1,324,237 4,058,187 ----------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 1.83% 5,000 MOODY'S CORPORATION 366,250 10,460 PAYCHEX INCORPORATED 315,369 681,619 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 2.12% 8,450 ILLINOIS TOOL WORKS INCORPORATED 787,286 ----------------- FOOD & KINDRED PRODUCTS - 2.71% 11,730 PEPSICO INCORPORATED 570,664
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 6,890 WM WRIGLEY JR COMPANY $ 436,206 1,006,870 ----------------- FOOD STORES - 2.25% 18,410 STARBUCKS CORPORATION+ 836,919 ----------------- GENERAL MERCHANDISE STORES - 1.37% 11,240 TARGET CORPORATION 508,610 ----------------- HEALTH SERVICES - 2.27% 2,970 BIOGEN IDEC INCORPORATED+<< 181,675 20,740 CAREMARK RX INCORPORATED+ 665,132 846,807 ----------------- HOLDING & OTHER INVESTMENT OFFICES - 0.94% 4,380 ALCON INCORPORATED 351,276 ----------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.44% 9,870 BEST BUY COMPANY INCORPORATED 535,349 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 9.61% 9,240 3M COMPANY 738,923 15,040 APPLE COMPUTER INCORPORATED+ 582,800 36,057 CISCO SYSTEMS INCORPORATED+ 652,632 29,066 DELL INCORPORATED+ 1,034,749 28,470 EMC CORPORATION+ 328,544 6,960 VARIAN MEDICAL SYSTEMS INCORPORATED+<< 240,607 3,578,255 ----------------- INSURANCE CARRIERS - 4.32% 11,566 AMERICAN INTERNATIONAL GROUP INCORPORATED 786,372 6,190 UNITEDHEALTH GROUP INCORPORATED 456,451 3,480 WELLPOINT HEALTH NETWORKS INCORPORATED+ 365,713 1,608,536 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 11.92% 15,820 BOSTON SCIENTIFIC CORPORATION+ 628,529 16,280 DANAHER CORPORATION 834,839 7,260 GUIDANT CORPORATION 479,450 11,180 MEDTRONIC INCORPORATED 580,242 9,210 ST. JUDE MEDICAL INCORPORATED+ 693,237 9,150 STRYKER CORPORATION<< 439,932 9,860 ZIMMER HOLDINGS INCORPORATED+ 779,334 4,435,563 ----------------- METAL MINING - 0.88% 7,170 NEWMONT MINING CORPORATION 326,450 ----------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.95% 6,290 JOHNSON & JOHNSON 354,316 ----------------- MISCELLANEOUS RETAIL - 3.88% 15,010 WAL-MART STORES INCORPORATED 798,532
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MISCELLANEOUS RETAIL (continued) 18,060 WALGREEN COMPANY $ 647,090 1,445,622 ----------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 2.07% 14,960 AMERICAN EXPRESS COMPANY 769,842 ----------------- OIL & GAS EXTRACTION - 1.74% 12,908 APACHE CORPORATION 646,820 ----------------- PETROLEUM REFINING & RELATED INDUSTRIES - 1.51% 17,610 SUNCOR ENERGY INCORPORATED 563,696 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.88% 7,430 GOLDMAN SACHS GROUP INCORPORATED 692,773 7,430 T ROWE PRICE GROUP INCORPORATED 378,484 1,071,257 ----------------- TRANSPORTATION BY AIR - 1.91% 8,280 FEDEX CORPORATION 709,513 ----------------- TOTAL COMMON STOCK (COST $32,077,903) 36,784,023 ----------------- COLLATERAL FOR SECURITIES LENDING - 8.47% COLLATERAL FOR SECURITY LENDING 3,154,503 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,154,503) 3,154,503 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $35,232,406)* 107.30%@ $ 39,938,526 ------- -----------------
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. + NON-INCOME EARNING SECURITIES. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST INTERNATIONAL EQUITY FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 99.02% BELGIUM - 1.41% 17,600 FORTIS (DEPOSITORY INSTITUTIONS) $ 418,824 ----------------- DENMARK - 1.80% 11,700 DANSKE BANK AS (DEPOSITORY INSTITUTIONS) 307,556 4,100 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 224,447 532,003 ----------------- FINLAND - 1.03% 10,500 TIETOENATOR OYJ (BUSINESS SERVICES) 304,117 ----------------- FRANCE - 13.44% 23,700 ALCATEL SA (COMMUNICATIONS)+ 276,988 13,600 AXA (INSURANCE CARRIERS) 275,159 4,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 310,004 8,600 BOUYGUES SA (ENGINEERING CONSTRUCTION) 322,574 3,800 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 332,497 4,000 RENAULT SA (TRANSPORTATION EQUIPMENT) 327,144 10,500 SANOFI-SYNTHELABO SA (CHEMICALS & ALLIED PRODUCTS) 761,597 6,000 SODEXHO ALLIANCE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 158,728 6,000 TOTAL SA ADR (OIL & GAS EXTRACTION) 613,020 1,981 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 227,957 14,500 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 371,527 3,977,195 ----------------- GERMANY - 3.58% 6,100 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS)+ 250,773 3,200 CELESIO AG (CHEMICALS & ALLIED PRODUCTS) 218,196 1,782 CONTINENTAL AG (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 96,874 2,600 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 199,113 1,900 SAP AG (BUSINESS SERVICES) 295,212 1,060,168 ----------------- GREECE - 1.00% 18,000 COSMOTE MOBILE COMMUNICATIONS SA (COMMUNICATIONS) 296,889 ----------------- HONG KONG - 3.46% 40,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 342,393 99,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 300,883 25,560 SUNG HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 240,914 31,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 138,740 1,022,930 ----------------- HUNGARY - 0.85% 5,700 OTP BANK GDR (DEPOSITORY INSTITUTIONS) 252,225 ----------------- INDIA - 0.26% 4,800 DOCTOR REDDY'S LABORATORIES LIMITED ADR (HEALTH SERVICES) 77,376 ----------------- ISRAEL - 0.66% 7,500 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (CHEMICALS & ALLIED PRODUCTS) 194,625 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST INTERNATIONAL EQUITY FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ITALY - 5.06% 16,600 ENI SPA (OIL & GAS EXTRACTION) $ 371,936 19,790 MEDIASET SPA (COMMUNICATIONS) 224,654 19,000 SANPAOLO IMI SPA (DEPOSITORY INSTITUTIONS) 214,507 57,000 TELECOMM ITALIA MOBILE SPA (COMMUNICATIONS) 307,247 75,000 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 378,190 1,496,534 ----------------- JAPAN - 20.85% 2,700 AEON COMPANY LIMITED W I (GENERAL MERCHANDISE STORES)+%% 43,018 24,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 274,373 60 EACCESS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 55,528 66,000 EBARA CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 283,845 42,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 412,321 1,600 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 336,506 21,000 MITSUBISHI CORPORATION (BUSINESS SERVICES) 226,929 97,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES) 611,668 96,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 228,209 60 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 238,987 90 NIPPON UNIPAC HOLDING (PAPER & ALLIED PRODUCTS) 394,411 40,352 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 439,345 210 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 356,304 13,000 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 287,211 29,000 SEINO TRANSPORTATION COMPANY LIMITED (TRANSPORTATION BY AIR) 259,175 10,000 SHIMACHU COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 241,346 33,000 SHOWA SHELL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 292,828 32,000 SUZUKI MOTOR CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 523,486 17,000 THK COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 285,814 25,000 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 378,805 6,170,109 ----------------- SOUTH KOREA - 0.83% 12,700 SK TELECOM COMPANY LIMITED ADR (COMMUNICATIONS) 247,015 ----------------- NETHERLANDS - 6.01% 17,600 ING GROEP NV (FINANCIAL SERVICES) 444,181 50,000 KONINKLIJKE AHOLD NV (FOOD STORES) 319,195 11,500 ROYAL DUTCH PETROLEUM COMPANY (PETROLEUM REFINING & RELATED INDUSTRIES) 592,318 2,400 UNILEVER NV CVA (FOOD & KINDRED PRODUCTS) 138,071 17,000 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 286,096 1,779,861 ----------------- NORWAY - 1.26% 26,000 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 372,725 ----------------- SINGAPORE - 3.06% 30,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 285,104 114,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 320,955 37,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 301,081 907,140 ----------------- SPAIN - 2.28% 11,000 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 200,422 20,000 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 275,228
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST INTERNATIONAL EQUITY FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE SPAIN (continued) 15,000 INDRA SISTEMAS SA (MISCELLANEOUS REPAIR SERVICES) $ 199,715 675,365 ----------------- SWEDEN - 5.08% 8,400 AUTOLIV INCORPORATED (TRANSPORTATION EQUIPMENT) 335,760 38,000 NORDEA AB (DEPOSITORY INSTITUTIONS) 310,568 13,600 SECURITAS AB (BUSINESS SERVICES) 181,204 80,000 SKANDIA FORSAKRINGS AB (INSURANCE CARRIERS) 316,475 116,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS)+ 360,100 1,504,107 ----------------- SWITZERLAND - 7.32% 50,000 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 305,117 1,200 NESTLE SA (FOOD & KINDRED PRODUCTS) 274,846 12,600 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 587,267 4,400 ROCHE HOLDING AG (HEALTH SERVICES) 454,553 4,300 UBS AG (FINANCIAL SERVICES) 302,691 1,689 ZURICH FINANCIAL SERVICES AG (DEPOSITORY INSTITUTIONS) 240,764 2,165,238 ----------------- THAILAND - 1.14% 140,000 ADVANCED INFORMATION SERVICE PUBLIC COMPANY LIMITED (FOREIGN REGISTERED) (COMMUNICATIONS) 337,960 ----------------- UNITED KINGDOM - 18.64% 26,500 AVIVA PLC (INSURANCE CARRIERS) 262,545 46,300 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 444,048 14,300 BERKELEY GROUP PLC (PRIVATE HOUSEHOLDS) 328,117 35,000 BHP BILLITON PLC (COAL MINING) 368,291 73,200 BP PLC (OIL & GAS EXTRACTION) 698,726 33,000 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 286,186 37,300 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 286,861 14,861 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 202,496 19,600 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 422,417 34,400 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 545,923 195,000 LEGAL & GENERAL GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 350,218 38,000 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 296,714 18,570 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 51,077 81,000 RENTOKIL INITIAL PLC (BUSINESS SERVICES) 220,594 50,000 SCOTTISH & NEWCASTLE PLC (BUSINESS SERVICES) 341,554 56,000 SHELL TRANSPORT & TRADING COMPANY PLC (OIL & GAS EXTRACTION) 410,915 5,516,682 ----------------- TOTAL COMMON STOCK (COST $28,746,171) 29,309,088 ----------------- SHORT-TERM INVESTMENTS - 1.67% 494,241 WELLS FARGO MONEY MARKET TRUST~++ 494,241 TOTAL SHORT-TERM INVESTMENTS (COST $494,241) 494,241 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $29,240,412)* 100.69% @ $ 29,803,329 ------- -----------------
+ NON-INCOME EARNING SECURITIES. %% SECURITIES ISSUED ON A WHEN-ISSUED (TBA) BASIS, TOTAL COST $59,055. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- ~ THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. ++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $494,241. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 4 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST LARGE COMPANY GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 97.78% APPAREL & ACCESSORY STORES - 3.10% 64,500 KOHL'S CORPORATION+ $ 3,108,255 ----------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 9.12% 40,800 FASTENAL COMPANY<< 2,350,080 85,500 HOME DEPOT INCORPORATED 3,351,600 63,100 LOWE'S COMPANIES INCORPORATED 3,429,485 9,131,165 ----------------- BUSINESS SERVICES - 23.24% 23,300 AUTOMATIC DATA PROCESSING INCORPORATED 962,756 92,800 EBAY INCORPORATED+ 8,532,032 116,600 FIRST DATA CORPORATION 5,072,100 81,000 FISERV INCORPORATED+ 2,823,660 212,200 MICROSOFT CORPORATION 5,867,330 23,257,878 ----------------- CHEMICALS & ALLIED PRODUCTS - 9.47% 49,300 AMGEN INCORPORATED+ 2,794,324 52,200 GENENTECH INCORPORATED+<< 2,736,324 18,600 GENZYME CORPORATION+ 1,012,026 96,050 PFIZER INCORPORATED 2,939,130 9,481,804 ----------------- DEPOSITORY INSTITUTIONS - 0.88% 20,700 STATE STREET CORPORATION 884,097 ----------------- EDUCATIONAL SERVICES - 1.59% 21,700 APOLLO GROUP INCORPORATED CLASS A+ 1,592,129 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 9.03% 204,200 INTEL CORPORATION 4,096,252 64,500 LINEAR TECHNOLOGY CORPORATION 2,337,480 189,600 NOKIA OYJ ADR 2,601,312 9,035,044 ----------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 3.42% 113,450 PAYCHEX INCORPORATED 3,420,517 ----------------- GENERAL MERCHANDISE STORES - 2.26% 50,100 TARGET CORPORATION 2,267,025 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 9.53% 219,300 CISCO SYSTEMS INCORPORATED+ 3,969,330 110,500 DELL INCORPORATED+ 3,933,800 141,500 EMC CORPORATION+ 1,632,910 9,536,040 ----------------- INSURANCE CARRIERS - 4.79% 70,475 AMERICAN INTERNATIONAL GROUP INCORPORATED 4,791,595 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 6.15% 118,575 MEDTRONIC INCORPORATED 6,154,043 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST LARGE COMPANY GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MISCELLANEOUS RETAIL - 2.40% 45,100 WAL-MART STORES INCORPORATED $ 2,399,320 ----------------- PERSONAL SERVICES - 2.82% 67,100 CINTAS CORPORATION 2,820,884 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 9.98% 316,950 CHARLES SCHWAB CORPORATION 2,912,771 27,100 FRANKLIN RESOURCES INCORPORATED 1,511,096 59,675 GOLDMAN SACHS GROUP INCORPORATED 5,564,097 9,987,964 ----------------- TOTAL COMMON STOCK (COST $109,183,669) 97,867,760 ----------------- COLLATERAL FOR SECURITIES LENDING - 0.45% COLLATERAL FOR SECURITY LENDING 446,388 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $446,388) 446,388 ----------------- SHORT-TERM INVESTMENTS - 2.21% 2,211,837 WELLS FARGO MONEY MARKET TRUST~++ 2,211,837 TOTAL SHORT-TERM INVESTMENTS (COST $2,211,837) 2,211,837 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $111,841,894)* 100.44% @ $ 100,525,985 ------- -----------------
+ NON-INCOME EARNING SECURITIES. ++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $2,211,837. ~ THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST MONEY MARKET FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE AGENCY NOTES - DISCOUNT - 2.95% $ 1,900,000 FHLMC<<^ 1.72% 12/28/2004 $ 1,892,012 TOTAL AGENCY NOTES - DISCOUNT (COST $1,892,012) 1,892,012 ----------------- CERTIFICATES OF DEPOSIT - 1.56% 1,000,000 NORDEA BANK FINLAND 1.34 10/08/2004 999,992 TOTAL CERTIFICATES OF DEPOSIT (COST $999,992) 999,992 ----------------- COMMERCIAL PAPER - 58.78% 1,000,000 ALPINE SECURITIZATION CORPORATION^ 1.50 10/04/2004 999,875 1,900,000 ANZ NATIONAL (INTERNATIONAL) LIMITED^ 1.57 10/07/2004 1,899,503 1,500,000 AQUINAS FUNDING LLC^ 1.46 11/10/2004 1,497,567 1,900,000 ATOMIUM FUNDING CORPORATION^ 1.81 12/01/2004 1,894,173 1,900,000 CEDAR SPRINGS CAPITAL COMPANY^ 1.76 12/02/2004 1,894,241 1,900,000 CHARTA LLC^ 1.51 10/13/2004 1,899,044 1,900,000 CROWN POINT CAPITAL COMPANY^ 1.66 11/04/2004 1,897,021 1,900,000 DORADA FINANCE INCORPORATED^ 1.54 10/12/2004 1,899,106 1,900,000 GALAXY FUNDING INCORPORATED^ 1.55 10/06/2004 1,899,591 1,000,000 GREENWICH CAPITAL HOLDINGS INCORPORATED^ 1.50 10/04/2004 999,875 1,900,000 IRISH LIFE & PERMANENT PLC^ 1.53 10/14/2004 1,898,950 1,000,000 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED^ 1.77 11/16/2004 997,738 1,900,000 LEXINGTON PARKER CAPITAL CORPORATION^ 2.09 03/02/2005 1,883,274 1,000,000 LIQUID FUNDING LIMITED+++/- 1.83 09/22/2005 1,000,000 1,000,000 NETWORK RAIL COMMERCIAL PAPER FINANCE PLC^ 1.50 10/06/2004 999,792 1,900,000 PERRY GLOBAL FUNDING LLC^ 1.56 10/05/2004 1,899,671 1,900,000 PREFERRED RECEIVABLES FUNDING^ 1.73 11/29/2004 1,894,613 1,900,000 REGENCY MARKETS NUMBER 1 LLC^ 1.80 12/07/2004 1,893,635 1,900,000 SANTANDER CENTRAL HISPANO FINANCE (DELAWARE) INCORPORATED^ 2.09 03/24/2005 1,880,807 1,800,000 SCALDIS CAPITAL LLC^ 2.12 03/24/2005 1,781,556 1,000,000 STADSHYPOTEK DELAWARE^ 1.51 10/07/2004 999,748 1,900,000 TANGO FINANCE CORPORATION^ 1.59 10/20/2004 1,898,405 1,900,000 THAMES ASSET GLOBAL SECURITIZATION^ 1.75 12/03/2004 1,894,181 TOTAL COMMERCIAL PAPER (COST $37,702,366) 37,702,366 ----------------- EXTENDABLE BONDS - 4.68% 2,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.84 10/07/2005 2,000,048 1,000,000 NORTHERN ROCK PLC+++/- 1.89 07/08/2005 1,000,000 TOTAL EXTENDABLE BONDS (COST $3,000,048) 3,000,048 ----------------- MEDIUM TERM NOTES - 3.75% 400,000 BANK OF AMERICA SECURITIES+/-# 1.96 09/09/2034 400,000 1,000,000 M&I MARSHALL & ILSLEY BANK 5.25 12/15/2004 1,007,616 1,000,000 NATEXIS BANQUES POPULAIRES NEW YORK+/- 1.69 09/09/2005 999,669 TOTAL MEDIUM TERM NOTES (COST $2,407,285) 2,407,285 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST MONEY MARKET FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE PROMISSORY NOTE - 1.56% $ 1,000,000 CITIGROUP GLOBAL MARKETS INCORPORATED+/- 1.88% 06/06/2005 $ 1,000,000 TOTAL PROMISSORY NOTE (COST $1,000,000) 1,000,000 ----------------- REPURCHASE AGREEMENTS - 18.97% 2,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,039,671) 1.81 10/04/2004 2,000,000 2,000,000 GOLDMAN SACHS & COMPANY - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,010,466) 1.91 10/01/2004 2,000,000 1,000,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,005,260) 1.92 10/01/2004 1,000,000 6,163,000 JP MORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $6,195,081) 1.90 10/01/2004 6,163,000 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,005,260) 1.92 10/01/2004 1,000,000 TOTAL REPURCHASE AGREEMENTS (COST $12,163,000) 12,163,000 ----------------- TIME DEPOSITS - 7.79% 1,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 1.77 10/06/2004 1,000,000 1,000,000 DANSKE BANK AS CAYMAN 1.79 10/07/2004 1,000,000 1,000,000 DEUTSCHE BANK CAYMAN 1.78 10/05/2004 1,000,000 1,000,000 DEXIA BANK GRAND CAYMAN 1.76 10/01/2004 1,000,000 1,000,000 FORTIS BANK GRAND CAYMAN 1.78 10/05/2004 1,000,000 TOTAL TIME DEPOSITS (COST $5,000,000) 5,000,000 ----------------- COLLATERAL FOR SECURITIES LENDING - 3.00% COLLATERAL FOR SECURITY LENDING 1,927,256 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,927,256) 1,927,256 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $66,091,959)* 103.04%@ $ 66,091,959 ------ -----------------
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ^ ZERO COUPON/ STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE SECURITIES. # THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE EFFECTIVE MATURITY. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST SMALL CAP GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCK - 97.92% AGRICULTURAL SERVICES - 1.16% 88,242 VCA ANTECH INCORPORATED+<< $ 1,820,433 ----------------- AMUSEMENT & RECREATION SERVICES - 1.90% 44,665 GAYLORD ENTERTAINMENT COMPANY+<< 1,384,615 61,800 WMS INDUSTRIES INCORPORATED+<< 1,587,642 2,972,257 ----------------- APPAREL & ACCESSORY STORES - 0.65% 32,800 FINISH LINE INCORPORATED CLASS A 1,014,176 ----------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.65% 49 LEVITT CORPORATION FL CLASS A 1,150 11,000 RYLAND GROUP INCORPORATED 1,019,260 1,020,410 ----------------- BUSINESS SERVICES - 25.85% 97,200 ALLIANCE DATA SYSTEMS CORPORATION+ 3,942,432 18,400 ANTEON INTERNATIONAL CORPORATION+<< 674,360 181,694 AQUANTIVE INCORPORATED+<< 1,753,347 54,000 ASK JEEVES INCORPORATED+<< 1,766,340 287,173 AUTOBYTEL INCORPORATED+ 2,575,942 312,201 CHORDIANT SOFTWARE INCORPORATED+ 908,505 159,799 CNET NETWORKS INCORPORATED+<< 1,462,161 169,276 GEVITY HR INCORPORATED 2,603,465 273,500 HYPERCOM CORPORATION+ 2,018,430 30,700 INFOSPACE INCORPORATED+<< 1,454,873 132,400 INTERSECTIONS INCORPORATED+ 1,939,660 436,000 IVILLAGE INCORPORATED+<< 2,616,000 17,700 JUPITERMEDIA CORPORATION+<< 315,060 85,200 LABOR READY INCORPORATED+<< 1,194,504 58,400 MANHATTAN ASSOCIATES INCORPORATED+ 1,426,128 1 NETIQ CORPORATION+ 11 116,600 OPEN SOLUTIONS INCORPORATED+ 2,911,502 224,370 QUEST SOFTWARE INCORPORATED+ 2,494,994 96,800 SAPIENT CORPORATION+ 738,584 222,641 SUPPORTSOFT INCORPORATED+<< 2,168,523 295,632 TIBCO SOFTWARE INCORPORATED+ 2,515,828 69,491 TNS INCORPORATED+<< 1,348,125 91,037 TRANSACTION SYSTEMS ARCHITECTS INCORPORATED CLASS A+ 1,691,923 40,520,697 ----------------- CHEMICALS & ALLIED PRODUCTS - 9.57% 150,865 ANDRX CORPORATION+ 3,373,341 176,200 CUBIST PHARMACEUTICALS INCORPORATED+ 1,740,856 30,300 EYETECH PHARMACEUTICALS INCORPORATED+<< 1,029,897
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST SMALL CAP GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 32,664 FIRST HORIZON PHARMACEUTICAL CORPORATION+ $ 653,607 70,674 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,111,702 86,997 MEDICINES COMPANY+ 2,100,108 60,200 NEKTAR THERAPEUTICS+<< 871,696 41,300 NEUROCRINE BIOSCIENCES INCORPORATED+ 1,947,708 44,800 TANOX INCORPORATED+ 755,776 40,700 USANA HEALTH SCIENCES INCORPORATED+<< 1,416,360 15,001,051 ----------------- COMMUNICATIONS - 4.13% 111,230 NII HOLDINGS INCORPORATED CLASS B+<< 4,583,788 474,000 UBIQUITEL INCORPORATED+<< 1,896,000 6,479,788 ----------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.69% 37,885 DYCOM INDUSTRIES INCORPORATED+<< 1,075,555 ----------------- DEPOSITORY INSTITUTIONS - 2.42% 32,800 COMMERCIAL CAPITAL BANCORPORATION INCORPORATED<< 744,232 20,200 FIRST REPUBLIC BANK 929,200 98,069 OCWEN FINANCIAL CORPORATION+<< 897,331 39,267 TEXAS REGIONAL BANCSHARES INCORPORATED CLASS A 1,220,811 3,791,574 ----------------- EDUCATIONAL SERVICES - 2.27% 95,600 LAUREATE EDUCATION INCORPORATED+ 3,558,232 ----------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 2.88% 32,100 COMTECH TELECOMMUNICATIONS CORPORATION+ 869,910 52,254 INTEGRATED CIRCUIT SYSTEMS INCORPORATED+ 1,123,461 109,035 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+ 1,039,104 31,600 RAYOVAC CORPORATION+ 832,660 77,700 UNIVERSAL DISPLAY CORPORATION+<< 654,234 4,519,369 ----------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 6.36% 18,000 CDI CORPORATION 369,000 36,000 CORPORATE EXECUTIVE BOARD COMPANY 2,204,640 203,698 NAVIGANT CONSULTING INCORPORATED+<< 4,473,208 55,369 RESOURCES CONNECTION INCORPORATED+<< 2,091,841 32,600 RIGEL PHARMACEUTICALS INCORPORATED+ 824,780 9,963,469 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.51% 27,800 CRANE COMPANY 803,976 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST SMALL CAP GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HEALTH SERVICES - 4.45% 54,600 COVANCE INCORPORATED+ $ 2,182,362 60,800 EDUCATE INCORPORATED+<< 716,832 89,200 KINDRED HEALTHCARE INCORPORATED+<< 2,176,480 42,100 MATRIA HEALTHCARE INCORPORATED+<< 1,191,851 61,813 RADIATION THERAPY SERVICES INCORPORATED+ 700,959 6,968,484 ----------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 1.72% 55,100 STATION CASINOS INCORPORATED 2,702,104 ----------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.11% 30,900 ACTUANT CORPORATION CLASS A+<< 1,273,389 41,500 ENGINEERED SUPPORT SYSTEMS INCORPORATED 1,894,060 84,300 GARDNER DENVER INCORPORATED+<< 2,324,151 27,800 IDEX CORPORATION 944,088 6,435,688 ----------------- INSURANCE CARRIERS - 1.37% 41,534 CENTENE CORPORATION+<< 1,768,518 28,100 PRIMUS GUARANTY LIMITED+ 379,350 2,147,868 ----------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.55% 38,400 ADVANCED MEDICAL OPTICS INCORPORATED+<< 1,519,488 19,500 ADVANCED NEUROMODULATION SYSTEMS INCORPORATED+<< 591,825 18,100 CYBERONICS INCORPORATED+<< 370,326 85,328 DJ ORTHOPEDICS INCORPORATED+ 1,506,039 56,300 KYPHON INCORPORATED+<< 1,395,114 193,000 PERKINELMER INCORPORATED 3,323,460 8,706,252 ----------------- MISCELLANEOUS RETAIL - 2.92% 267,321 MARVEL ENTERPRISES INCORPORATED+<< 3,892,194 18,495 OVERSTOCK.COM INCORPORATED+<< 679,321 4,571,515 ----------------- MOTION PICTURES - 0.66% 117,900 LIONS GATE ENTERTAINMENT CORPORATION+<< 1,025,730 ----------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 4.62% 18,700 LANDSTAR SYSTEM INCORPORATED+<< 1,097,316 28,200 OVERNITE CORPORATION 886,326 229,600 SIRVA INCORPORATED+ 5,257,840 7,241,482 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST SMALL CAP GROWTH FUND --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE NON-DEPOSITORY CREDIT INSTITUTIONS - 0.85% 31,400 WESTCORP $ 1,335,128 ----------------- OIL & GAS EXTRACTION - 1.79% 120,700 MAGNUM HUNTER RESOURCES INCORPORATED+ 1,392,878 48,000 PATINA OIL & GAS CORPORATION 1,419,360 2,812,238 ----------------- PERSONAL SERVICES - 0.91% 70,800 JACKSON HEWITT TAX SERVICE INCORPORATED 1,432,284 ----------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.46% 28,898 HARTE HANKS INCORPORATED 722,739 ----------------- RAILROAD TRANSPORTATION - 1.21% 75,100 GENESEE & WYOMING INCORPORATED+ 1,901,532 ----------------- REAL ESTATE - 2.21% 149,600 CB RICHARD ELLIS GROUP INCORPORATED+ 3,455,760 ----------------- TRANSPORTATION EQUIPMENT - 0.64% 17,700 OSHKOSH TRUCK CORPORATION 1,009,962 ----------------- WHOLESALE TRADE NON-DURABLE GOODS - 1.04% 38,800 PRIORITY HEALTHCARE CORPORATION CLASS B+ 781,820 27,100 TRACTOR SUPPLY COMPANY+ 852,024 1,633,844 ----------------- WHOLESALE TRADE-DURABLE GOODS - 4.37% 48,100 BEACON ROOFING SUPPLY INCORPORATED+ 788,840 119,688 HUGHES SUPPLY INCORPORATED 3,599,018 143,047 PSS WORLD MEDICAL INCORPORATED+ 1,436,192 48,144 WEST MARINE INCORPORATED+<< 1,029,319 6,853,369 ----------------- TOTAL COMMON STOCK (COST $145,960,605) 153,496,966 ----------------- COLLATERAL FOR SECURITIES LENDING - 24.54% COLLATERAL FOR SECURITY LENDING 38,464,762 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $38,464,762) 38,464,762 ----------------- SHORT-TERM INVESTMENTS - 1.48% 2,323,830 WELLS FARGO MONEY MARKET TRUST~++ 2,323,830 TOTAL SHORT-TERM INVESTMENTS (COST $2,323,830) 2,323,830 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 4 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST SMALL CAP GROWTH FUND -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES (COST $186,749,197)* 123.94%@ $ 194,285,558 ------- -----------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $2,323,830. ~ THIS WELLS FARGO FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 5 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ASSET-BACKED SECURITIES - 7.21% $ 266,000 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST SERIES 2004-3 CLASS A 4.35% 12/15/2011 $ 272,837 465,000 CAPITAL AUTO RECEIVABLES ASSET TRUST SERIES 2004-1 CLASS A3 2.00 11/15/2007 460,151 650,000 CHASE MANHATTAN AUTO OWNER TRUST SERIES 2004-A CLASS A3 2.08 05/15/2008 644,259 735,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2000-A3 CLASS A3 6.88 11/16/2009 811,343 310,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2003-A10 CLASS A10 4.75 12/10/2015 313,123 35,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2003-A6 CLASS A6<< 2.90 05/17/2010 34,288 860,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2004-A1 CLASS A1 2.55 01/20/2009 850,625 100,000 CITIBANK CREDIT CARD ISSUANCT TRUST SERIES 2003-A3 CLASS A3 3.10 03/10/2010 98,901 302,000 DAIMLER CHRYSLER AUTO TRUST SERIES 2004-B CLASS A3 3.18 09/08/2008 303,740 360,000 MBNA CREDIT CARD MASTER NOTE TRUST SERIES 2001-A1 CLASS A1 5.75 10/15/2008 376,971 1,145,000 NATIONAL CITY CREDIT CARD MASTER TRUST SERIES 2000-1 CLASS A+/- 1.91 08/15/2007 1,146,470 TOTAL ASSET-BACKED SECURITIES (COST $5,341,594) 5,312,708 ----------------- COLLATERALIZED MORTGAGE OBLIGATIONS - 0.90% 260,000 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGES SERIES 2000-C2 CLASS A2 7.20 10/15/2032 298,376 335,000 NOMURA ASSET SECURITIES CORPORATION SERIES 1998-D6 CLASS A1B 6.59 03/15/2030 367,044 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $676,068) 665,420 ----------------- CORPORATE BONDS & NOTES - 20.32% BUSINESS SERVICES - 0.84% 180,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 4.75 09/15/2014 178,917 410,000 HOUSEHOLD FINANCE CORPORATION 5.88 02/01/2009 441,971 620,888 ----------------- CHEMICALS & ALLIED PRODUCTS - 0.26% 100,000 LUBRIZOL CORPORATION 5.50 10/01/2014 99,316 85,000 WYETH 6.95 03/15/2011 94,519 193,835 ----------------- COMMUNICATIONS - 3.38% 45,000 AT&T WIRELESS SERVICES INCORPORATED 8.75 03/01/2031 59,087 175,000 BRITISH SKY BROADCASTING PLC 8.20 07/15/2009 203,930 235,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 284,583 100,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 108,509 184,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 237,834 189,000 FRANCE TELECOM 7.95 03/01/2006 201,899 267,000 FRANCE TELECOM 8.50 03/01/2011 319,620 85,000 LIBERTY MEDIA CORPORATION 7.88 07/15/2009 94,880 110,000 SPRINT CAPITAL CORPORATION 7.63 01/30/2011 127,087 200,000 TELECOM ITALIA CAPITAL++ 5.25 11/15/2013 203,773 170,000 TIME WARNER INCORPORATED<< 6.88 05/01/2012 189,665 120,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 138,362 150,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 179,643
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COMMUNICATIONS (continued) $ 130,000 VERIZON NEW YORK INCORPORATED SERIES A 6.88% 04/01/2012 $ 144,564 2,493,436 ----------------- DEPOSITORY INSTITUTIONS - 2.28% 210,000 BANK OF AMERICA CORPORATION 5.88 02/15/2009 227,356 140,000 BANK OF AMERICA CORPORATION<< 5.25 12/01/2015 142,256 124,000 CITIGROUP INCORPORATED++ 5.00 09/15/2014 124,154 145,000 PNC FUNDING CORPORATION 5.25 11/15/2015 147,188 85,000 RBS CAPITAL TRUST+/- 4.71 12/29/2049 82,214 75,000 ROYAL BANK OF SCOTLAND GROUP 5.00 11/12/2013 76,392 290,000 WACHOVIA CORPORATION 3.63 02/17/2009 287,736 140,000 WACHOVIA CORPORATION<< 5.25 08/01/2014 143,114 270,000 WASHINGTON MUTUAL INCORPORATED<< 4.00 01/15/2009 270,315 170,000 ZIONS BANCORPORATION 6.00 09/15/2015 180,666 1,681,391 ----------------- ELECTRIC, GAS & SANITARY SERVICES - 1.70% 80,000 AMERICAN ELECTRIC POWER SERIES C 5.38 03/15/2010 84,141 50,000 CENTERPOINT ENERGY SERIES B<< 6.85 06/01/2015 54,046 180,000 DUKE ENERGY CORPORATION 6.25 01/15/2012 195,984 125,000 FIRST ENERGY CORPORATION SERIES B 6.45 11/15/2011 136,359 136,000 PACIFIC GAS AND ELECTRIC 6.05 03/01/2034 138,421 125,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 147,783 120,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 146,214 320,000 SOUTHERN CALIFORNIA EDISON<< 8.00 02/15/2007 354,205 1,257,153 ----------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.23% 130,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 171,906 ----------------- FINANCIAL SERVICES - 1.17% 165,000 CITIGROUP INCORPORATED<< 6.50 01/18/2011 185,115 265,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN<< 3.25 06/15/2009 258,730 382,000 HOUSEHOLD FINANCE CORPORATION 6.40 06/17/2008 416,809 860,654 ----------------- FOOD STORES - 0.39% 60,000 ALBERTSON'S INCORPORATED 8.00 05/01/2031 72,447 65,000 KROGER COMPANY 7.50 04/01/2031 75,453 120,000 YUM! BRANDS INCORPORATED 7.70 07/01/2012 142,601 290,501 ----------------- FORESTRY - 0.20% 130,000 WEYERHAEUSER COMPANY 7.38 03/15/2032 149,174 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE GENERAL MERCHANDISE STORES - 0.28% $ 185,000 TARGET CORPORATION 6.35% 01/15/2011 $ 206,169 ----------------- MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.61% 150,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 154,266 265,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 293,069 447,335 ----------------- MOTION PICTURES - 0.20% 120,000 TIME WARNER ENTERTAINMENT COMPANIES LP 8.38 07/15/2033 146,892 ----------------- NON-DEPOSITORY CREDIT INSTITUTIONS - 2.61% 85,000 AMERICAN EXPRESS 4.75 06/17/2009 88,217 160,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 175,241 140,000 FORD MOTOR CREDIT COMPANY+/- 3.54 10/25/2004 140,101 290,000 FORD MOTOR CREDIT COMPANY 7.38 10/28/2009 317,647 80,000 FORD MOTOR CREDIT COMPANY<< 7.00 10/01/2013 84,583 335,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 3.50 05/01/2008 335,328 400,000 GENERAL MOTORS ACCEPTANCE CORPORATION 6.88 09/15/2011 419,609 135,000 MBNA AMERICA BANK NA Y SERIES BKNT 4.63 08/03/2009 137,929 222,000 SLM CORPORATION SERIES MTNA<< 5.00 10/01/2013 223,113 1,921,768 ----------------- OIL & GAS EXTRACTION - 1.30% 125,000 CONOCOPHILLIPS 5.90 10/15/2032 128,121 90,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 101,544 180,000 ENCANA CORPORATION 4.75 10/15/2013 178,059 145,000 ENTERPRISE PRODUCTS OPERATIONS++ 5.60 10/15/2014 146,103 120,000 KERR-MCGEE CORPORATION<< 6.95 07/01/2024 127,881 115,000 KERR-MCGEE CORPORATION 7.88 09/15/2031 135,973 125,000 VALERO ENERGY CORPORATION 6.88 04/15/2012 140,746 958,427 ----------------- PETROLEUM REFINING & RELATED INDUSTRIES - 0.19% 120,000 ALBERTA ENERGY COMPANY LIMITED 7.38 11/01/2031 142,106 ----------------- PIPELINES, EXCEPT NATURAL GAS - 0.22% 70,000 CENTERPOINT ENERGY RESOURCE CORPORATION SERIES B 7.88 04/01/2013 82,514 80,000 ENTERPRISE PRODUCTS OPERATIONS SERIES B 6.88 03/01/2033 82,278 164,792 ----------------- RAILROAD TRANSPORTATION - 0.64% 230,000 CANADIAN NATIONAL RAILWAY COMPANY 7.38 10/15/2031 278,374 170,000 NORFOLK SOUTHERN CORPORATION 7.05 05/01/2037 192,170 470,544 -----------------
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE REAL ESTATE - 1.18% $ 220,000 EOP OPERATING LP<< 4.75% 03/15/2014 $ 212,332 335,000 HEALTHCARE REALTY TRUST 5.13 04/01/2014 324,244 110,000 HRPT PROPERTIES TRUST 6.25 08/15/2016 113,869 40,000 ISTAR FINANCIAL INCORPORATED SERIES B 4.88 01/15/2009 40,081 85,000 ISTAR FINANCIAL INCORPORATED SERIES B 5.70 03/01/2014 85,185 95,000 SIMON PROPERTY GROUP LP 4.90 01/30/2014 92,590 868,301 ----------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.49% 80,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 78,491 322,000 JP MORGAN CHASE & COMPANY<< 6.75 02/01/2011 362,268 290,000 JP MORGAN CHASE & COMPANY 5.13 09/15/2014 291,555 135,000 MERRILL LYNCH & COMPANY SERIES MTN 4.13 09/10/2009 135,368 225,000 MORGAN STANLEY 5.30 03/01/2013 230,610 1,098,292 ----------------- TELECOMMUNICATIONS - 0.34% 235,000 SPRINT CAPITAL CORPORATION 6.00 01/15/2007 248,751 ----------------- TRANSPORTATION EQUIPMENT - 0.69% 470,000 DAIMLER CHRYSLER NA HOLDING CORPORATION<< 6.50 11/15/2013 509,955 ----------------- WHOLESALE TRADE NON-DURABLE GOODS - 0.12% 90,000 SAFEWAY INCORPORATED 4.95 08/16/2010 91,377 ----------------- TOTAL CORPORATE BONDS & NOTES (COST $14,780,174) 14,993,647 ----------------- FOREIGN GOVERNMENT BONDS - 0.98% 405,000 MEXICO GOVERNMENT INTERNATIONAL BOND SERIES MTN 6.38 01/16/2013 426,465 215,000 TXU AUSTRALIA HOLDINGS++ 6.15 11/15/2013 233,904 65,000 UNITED MEXICAN STATES 6.75 09/27/2034 62,432 TOTAL FOREIGN GOVERNMENT BONDS (COST $704,745) 722,801 ----------------- US GOVERNMENT AGENCY SECURITIES - 56.11% FEDERAL HOME LOAN MORTGAGE CORPORATION - 28.14% 2,826,000 FHLMC<< 6.63 09/15/2009 3,187,768 861,000 FHLMC 5.00 07/15/2014 886,163 123,007 FHLMC #15662 5.00 07/01/2019 125,092 117,000 FHLMC #16590 5.00 09/01/2019 118,983 1,348,159 FHLMC #90846 5.50 08/01/2024 1,381,156 72,415 FHLMC #B15604 5.00 07/01/2019 73,642 157,805 FHLMC #B15605<< 5.00 07/01/2019 160,480 169,519 FHLMC #B15705<< 5.00 07/01/2019 172,393 90,250 FHLMC #B15706 5.00 07/01/2019 91,780 59,498 FHLMC #B15762 5.00 07/01/2019 60,506 59,000 FHLMC #B16372 5.00 09/01/2019 60,000
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 4 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 64,000 FHLMC #B16397 5.00% 09/01/2019 $ 65,085 89,000 FHLMC #B16398 5.00 09/01/2019 90,509 96,000 FHLMC #B16399 5.00 09/01/2019 97,627 60,000 FHLMC #B16425 5.00 09/01/2019 61,017 117,000 FHLMC #B16509 5.00 09/01/2019 118,983 116,000 FHLMC #B16543 5.00 09/01/2019 117,966 845,486 FHLMC #C01598<< 5.00 08/01/2033 839,869 514,304 FHLMC #C90732 5.50 11/01/2023 527,383 380,990 FHLMC #C90804 5.00 03/01/2024 382,754 439,564 FHLMC #C90823 5.00 04/01/2024 441,598 511,819 FHLMC #C90843 5.50 07/01/2024 524,346 508,868 FHLMC #G01647<< 4.00 01/01/2034 466,600 865,189 FHLMC #M80895<< 5.00 01/01/2011 884,423 33,467 FHLMC #M80910 5.00 02/01/2011 34,207 11,630 FHLMC #M80913 5.00 04/01/2011 11,887 33,029 FHLMC #M80914 5.00 03/01/2011 33,760 315,942 FHLMC #M80925<< 5.00 06/01/2011 322,933 1,181,935 FHLMC #M80927<< 5.00 07/01/2011 1,208,090 1,199,304 FHLMC #M80928<< 5.00 08/01/2011 1,225,843 219,393 FHLMC SERIES 2581 CLASS HV 4.50 02/15/2017 221,585 434,854 FHLMC SERIES 2591 CLASS QM 4.50 06/15/2017 438,575 1,149,000 FHLMC SERIES 2731 CLASS PK<< 3.50 05/15/2026 1,144,655 724,384 FHLMC SERIES 2736 CLASS DB<< 3.30 11/15/2026 714,574 129,000 FHLMC SERIES 2791 CLASS VD 5.00 02/15/2021 126,170 153,000 FHLMC SERIES 2791 CLASS VJ 5.00 02/15/2021 149,636 140,000 FHLMC SERIES 2791 CLASS VL 5.00 02/15/2021 137,229 737,599 FHLMC SERIES 2801 CLASS EH 4.50 11/15/2016 742,908 331,000 FHLMC SERIES 2807 CLASS ND 5.50 04/15/2029 338,506 232,000 FHLMC SERIES 2810 CLASS MC 5.50 03/15/2030 238,380 314,000 FHLMC SERIES 2820 CLASS PE 5.50 03/15/2030 323,434 293,000 FHLMC SERIES 2825 CLASS PM 5.50 03/15/2030 300,222 567,000 FHLMC SERIES 2828 CLASS EW 5.50 02/15/2033 576,958 274,000 FHLMC SERIES 2832 CLASS PD 5.50 09/15/2029 282,433 238,000 FHLMC SERIES 2835 CLASS ND 5.50 11/15/2027 245,943 141,000 FHLMC SERIES 2835 CLASS NE 5.50 06/15/2029 145,132 173,000 FHLMC SERIES 2849 CLASS PD 5.50 03/15/2030 178,365 483,000 FHLMC SERIES 2858 CLASS JM 5.50 03/15/2030 497,415 174,000 FHLMC SERIES 2859 CLASS PD 5.50 04/15/2030 179,193 20,754,156 ----------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.32% 3,912,000 FNMA<< 6.63 10/15/2007 4,294,414 842,316 FNMA #254688<< 5.50 03/01/2023 863,228 743,196 FNMA #254963<< 5.50 10/01/2023 761,647 107,505 FNMA #255030<< 5.50 12/01/2023 110,174
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 5 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 179,298 FNMA #255389<< 5.00% 08/01/2011 $ 183,098 76,901 FNMA #255440 5.00 09/01/2011 78,531 964,290 FNMA #555867<< 5.50 11/01/2023 988,230 1,268,947 FNMA #725248<< 5.00 03/01/2034 1,258,840 848,561 FNMA #756196 5.50 12/01/2033 861,657 263,876 FNMA #756761<< 5.50 03/01/2024 270,427 355,230 FNMA SERIES 2002-82 CLASS XJ 4.50 09/25/2012 358,797 802,811 FNMA SERIES 2003-13 CLASS GA<< 4.50 06/25/2032 809,876 177,189 FNMA SERIES 2003-24 CLASS PA 4.50 11/25/2009 178,901 472,733 FNMA SERIES 2003-32 CLASS KA<< 5.00 07/25/2013 479,853 220,568 FNMA SERIES 2003-41 CLASS YN 4.00 05/25/2017 222,213 398,703 FNMA SERIES 2003-79 CLASS KA<< 3.75 05/25/2011 400,091 667,000 FNMA SERIES 2003-92 CLASS KQ 3.50 06/25/2023 664,885 285,000 FNMA TBA%% 5.50 11/01/2033 287,850 430,000 FNMA TBA%% 5.00 10/01/2034 425,431 2,887,200 FNMA TBA%% 6.00 12/01/2034 2,964,794 16,462,937 ----------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 5.65% 473,047 GNMA #3545<< 6.00 04/20/2034 490,314 1,361,000 GNMA #3584<< 6.00 07/20/2034 1,410,677 235,000 GNMA SERIES 2004-26 CLASS GC 5.00 06/16/2031 233,508 288,000 GNMA SERIES 2004-3 CLASS JC 5.00 11/20/2030 287,990 729,000 GNMA SERIES 2004-41 CLASS PC<< 5.50 10/20/2033 735,081 207,000 GNMA SERIES 2004-42 CLASS LE 5.50 07/20/2033 209,965 370,000 GNMA SERIES 2004-44 CLASS PD 5.50 04/20/2033 375,156 415,000 GNMA SERIES 2004-54 CLASS LE 5.50 08/20/2033 419,695 4,162,386 ----------------- TOTAL US GOVERNMENT AGENCY SECURITIES (COST $41,100,262) 41,379,479 ----------------- US TREASURY SECURITIES - 13.73% US TREASURY BONDS - 6.63% 927,000 US TREASURY BOND<< 7.13 02/15/2023 1,181,853 1,153,000 US TREASURY BOND<< 6.25 08/15/2023 1,346,397 1,885,000 US TREASURY BOND<< 6.13 11/15/2027 2,188,368 159,000 US TREASURY BOND<< 5.38 02/15/2031 170,329 4,886,947 ----------------- US TREASURY NOTES - 7.10% 2,244,000 US TREASURY NOTE<< 2.50 05/31/2006 2,244,965 2,477,000 US TREASURY NOTE<< 2.38 08/31/2006 2,467,808 119,000 US TREASURY NOTE<< 3.50 08/15/2009 119,720 61,000 US TREASURY NOTE<< 3.38 09/15/2009 61,012
@ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 6 WELLS FARGO VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- VARIABLE TRUST TOTAL RETURN BOND FUND --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE US TREASURY NOTES (continued) $ 337,000 US TREASURY NOTE<< 4.25% 08/15/2014 $ 340,528 5,234,033 ----------------- TOTAL US TREASURY SECURITIES (COST $9,961,589) 10,120,980 ----------------- REPURCHASE AGREEMENTS - 9.74% 7,183,000 BEAR STEARNS COMPANY INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $7,183,378) 1.92 10/01/2004 7,183,000 TOTAL REPURCHASE AGREEMENTS (COST $7,183,000) 7,183,000 ----------------- COLLATERAL FOR SECURITIES LENDING - 47.04% COLLATERAL FOR SECURITY LENDING 34,696,176 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $34,696,176) 34,696,176 ----------------- TOTAL INVESTMENTS IN SECURITIES (COST $114,443,608)* 156.03%@ $ 115,074,211 ------- ----------------- PRINCIPAL SCHEDULE OF SECURITIES SOLD SHORT - SEPTEMBER 30, 2004 - (0.49%) (355,000) FNMA TBA%% (359,659) TOTAL SECURITIES SOLD SHORT (TOTAL PROCEEDS $(361,629)) (359,659) -----------------
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4 (2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE SECURITIES. %% SECURITIES ISSUED ON A WHEN-ISSUED (TBA) BASIS, TOTAL COST $3,679,297. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. @ PERCENTAGES CALCULATED BASED ON TOTAL NET ASSETS AND THEREFORE MAY NOT TOTAL 100%. THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 7 ITEM 2. CONTROLS AND PROCEDURES ================================ (a) The President and Treasurer have concluded that the Wells Fargo Variable Trust (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. (b) There were no significant changes in the Trust's internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a) above. CERTIFICATION I, Karla M. Rabusch, certify that: 1. I have reviewed this report on Form N-Q of the Wells Fargo Variable Trust Asset Allocation Fund, Wells Fargo Variable Trust Equity Income Fund, Wells Fargo Variable Trust Equity Value Fund, Wells Fargo Variable Trust Growth Fund, Wells Fargo Variable Trust International Equity Fund, Wells Fargo Variable Trust Large Company Growth Fund, Wells Fargo Variable Trust Money Market Fund, Wells Fargo Variable Trust Small Cap Growth Fund, and the Wells Fargo Variable Trust Total Return Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2004 /s/ Karla M. Rabusch Karla M. Rabusch President Wells Fargo Variable Trust CERTIFICATION I, Stacie D. DeAngelo, certify that: 1. I have reviewed this report on Form N-Q of the Wells Fargo Variable Trust Asset Allocation Fund, Wells Fargo Variable Trust Equity Income Fund, Wells Fargo Variable Trust Equity Value Fund, Wells Fargo Variable Trust Growth Fund, Wells Fargo Variable Trust International Equity Fund, Wells Fargo Variable Trust Large Company Growth Fund, Wells Fargo Variable Trust Money Market Fund, Wells Fargo Variable Trust Small Cap Growth Fund, and the Wells Fargo Variable Trust Total Return Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 22, 2004 /s/ Stacie D. DeAngelo Stacie D. DeAngelo Treasurer Wells Fargo Variable Trust SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Wells Fargo Variable Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President By: /s/ Stacie D. DeAngelo Stacie D. DeAngelo Treasurer Date: November 22, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Wells Fargo Variable Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President By: /s/ Stacie D. DeAngelo Stacie D. DeAngelo Treasurer Date: November 22, 2004