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Wells Fargo Hires Phocas Financial to Manage Large Company Value Fund

SAN FRANCISCO, CA – March 24, 2008 – Shareholders of the Wells Fargo Advantage Dividend Income Fund have approved a change in the Fund's subadvisor. The Fund's assets will now be managed by Phocas Financial Corporation ("Phocas"), and the Fund will be renamed the Wells Fargo Advantage Large Company Value Fund.

The shareholder approval of the new subadvisor, Phocas, based in Alameda, CA, comes after the Wells Fargo Advantage Funds® Board of Trustees voted unanimously in November 2007 to change the Fund's name, investment objective, and strategy. Previously the Fund had invested in the large-cap value sector of the markets, but with a particular focus on dividend yield and dividend-paying stocks. In conjunction with those changes, the board also recommended Phocas to shareholders as a subadvisor for the new investment strategy.

In managing the Wells Fargo Advantage Large Company Value Fund, Phocas will invest in a diversified portfolio of 50 to 80 stocks with the goal of outperforming the Russell 1000® Value Index. The firm's portfolio construction will initially use quantitative analysis to narrow the universe of potential investments and then rely on proprietary financial models, such as discounted cash flow analysis, to aid in the final stock selection process.

William F. K. Schaff, CFA, and Stephen L. Block, CFA, who have 11 years of experience working together managing large cap, small cap, and REIT portfolios, will manage the Fund. From 1996 to 2003, Mr. Schaff and Mr. Block were employees of Bay Isle Corporation and Bay Isle Financial, LLC, a wholly owned subsidiary of Janus Capital Group Inc., where they directed a number of private and institutional discretionary investment accounts. In 2005, Mr. Schaff founded Phocas and was later joined by Mr. Block in 2006.

Mr. Schaff has more than 20 years of experience managing institutional equity portfolios and mutual funds for Phocas, Bay Isle Financial, LLC, Janus Capital Group, Berger LLC, and the Undiscovered Managers organization. He was president and chief investment officer of Bay Isle Financial, LLC, before it became a fully owned subsidiary of Janus Capital Management, and he was president of Bay Isle Financial, LLC, and portfolio manager at Janus Capital Management. He holds a particular expertise in securitized real estate investing in separate accounts as well as mutual funds. Mr. Schaff holds a master's degree in engineering from the University of California, Davis. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the Security Analysts of San Francisco. Formerly, Mr. Schaff served as trustee and chairperson of the investment committee of Alameda County Employee's Retirement.

Mr. Block joined Phocas in 2006. Previously, he had worked at Bay Isle Financial, LLC, from 1996 to 2003, and was the co-portfolio manager of that firm's separate account large-cap value portfolios along with Mr. Schaff. Mr. Block received his master's degree in business administration from the University of Michigan's Ross School of Business in accounting and finance. He received his bachelor's degree from the University of California, San Diego, in quantitative economic decision science. He has earned the right to use the Chartered Financial Analyst (CFA) designation and is a member of the Security Analysts of San Francisco.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund's prospectus for additional information on these and other risks.

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