Wells Fargo is planning to reorganize 15 of its Wells Fargo Advantage Funds. Additionally, the firm will eliminate Class B shares of the Wells Fargo Advantage Funds. Company officials said the move is intended to eliminate product overlap. The proposed reorganizations are subject to shareholder approval. A shareholder meeting is expected to be held by the third quarter of next year.

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Wells Fargo Funds Management, LLC, announced today that the Wells Fargo Advantage Funds Board of Trustees (the Board) has approved initiatives to simplify its mutual fund offerings through the reorganization of 15 Wells Fargo Advantage Funds. Additionally, the fund firm will close Class B shares of the Wells Fargo Advantage Funds.

"As with similar past initiatives, the decision to refine our product lineup is made with the client in mind," said Karla Rabusch, president of Wells Fargo Advantage Funds. "We are uniting Funds with similar investment objectives and subadvisors while also eliminating product overlap, which will make our fund family easier for clients to navigate."

The Board has approved the fund reorganizations of the following Wells Fargo Advantage Funds:

Target Fund Acquiring Fund Balanced Fund Asset
Allocation Fund Corporate Bond Fund Income Plus Fund
High Yield Bond Fund High Income Fund
Intermediate Government Income Fund
Government Securities Fund
Life Stage-Conservative Portfolio Moderate Balanced Fund
Life Stage-Moderate Portfolio Growth Balanced Fund
Life Stage-Aggressive Portfolio Aggressive Allocation Fund
National Limited Tax-Free Fund
Short-Term Municipal Bond Fund
National Tax-Free Fund
Municipal Bond Fund Overseas Fund
International Equity Fund
Value Fund C&B Large Cap Value Fund

The above proposed reorganizations are subject to shareholder approval. Additional information, including a detailed description of each reorganization and the Board's reasons for approving it will be provided in the Proxy Statement/Prospectus that is expected to be mailed to record date shareholders of each target fund by the second quarter of 2008. A shareholder meeting is expected to be held by the third quarter of 2008, at which time shareholders of the target funds will vote on their respective reorganizations.

The Board also approved a set of Fund consolidations that do not require shareholder approval under applicable SEC rules. These funds have the same investment advisor and subadvisor, investment objectives and strategies, and similar net operating expenses. These approved Fund consolidations are expected by the third quarter of 2008 and involve these Wells Fargo Advantage Funds:

Target Fund Acquiring Fund
Endeavor Large Cap Fund
Capital Growth Fund
Equity Index Fund Index Fund
Large Company Core Fund
Growth and Income Fund
Ultra-Short Duration Bond Fund
Ultra Short-Term Income Fund

In addition, the Board approved the closing of Class B shares to new investors and additional investments from existing shareholders by the end of the first quarter of 2008.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. Some funds, including nondiversified funds and funds investing in foreign investments, high-yield bonds, small and mid cap stocks, and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a Fund's prospectus for additional information on these and other risks.

Carefully consider a fund's investment objectives, risks, charges, and expenses before investing. For a current prospectus, containing this and other information, call 1-800-222-8222 or visit http://www.wellsfargo.com/advantagefunds. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, offers investment solutions for individual and institutional investors. Through its Wells Fargo Advantage Funds, the firm offers 125 funds across a wide range of asset classes representing more than $150 billion in assets under management, as of 11-30-07. Wells Fargo Funds Management, LLC provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 

Edited by: Erin Kello


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