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Wells Fargo Advantage National Tax-Free Money Market Fund Rated Aaa by Moody's

SAN FRANCISCO March 27, 2006 Wells Fargo Fund Management, LLC announced today that the Wells Fargo Advantage National Tax-Free Money Market Fund (the Fund) has received a rating of Aaa, the highest credit quality rating by Moody's Investor Services. In addition, the Fund has been added to the National Association of Insurance Commissioners' (NAIC) List of Approved Mutual Funds.

"The Aaa rating helps validate our conservative and highly disciplined approach to investing," said David Sylvester, portfolio manager for the Fund. "The Fund's diversified portfolio of municipal obligations provides a high-quality alternative to individual short-term liquidity instruments."

Wells Fargo Funds Management, LLC has over $68 billion in money market fund assets under management as of 12-31-05. In addition to this Fund, the following Wells Fargo Advantage Funds® also carry an Aaa rating from Moody's and are on the NAIC's List of Approved Mutual Funds:

  • Wells Fargo Advantage Heritage Money Market FundSM
  • Wells Fargo Advantage Prime Investment Money Market Fund
  • Wells Fargo Advantage Government Money Market Fund
  • Wells Fargo Advantage Treasury Plus Money Market Fund
  • Wells Fargo Advantage 100% Treasury Money Market Fund

Interested investors can contact the Wells Fargo Advantage Money Funds Sales Desk at 1-888-253-6584.

The Aaa rating indicated is from Moody's Investors Services ("Moody's"). The Fund is not sponsored, endorsed, sold, or promoted by Moody's, and Moody's makes no representation regarding the advisability of investing in the Fund.

The National Association of Insurance Commissioners (NAIC) is the organization of insurance regulators from the 50 states, the District of Columbia, and the four U.S. territories. The NAIC provides a forum for the development of uniform policy when uniformity is appropriate. A fund is NAIC approved when it is on the List of Approved Mutual Funds pursuant to Part 4, Section 6 (d) of the Securities Valuation Office (SVO) Purposes and Procedures Manual of the NAIC.

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 120 mutual funds across a wide range of asset classes representing more than $109 billion in assets under management, as of 12-31-05. To help investors plan for the future, Wells Fargo Funds Management offers 529 Plans, IRAs, and, through its Wells Fargo AdvisorSM program, portfolio management services.

The U.S. Government guarantee applies to certain of the underlying securities and NOT to shares of the Government Money Market, Treasury Plus Money Market, and the 100% Treasury Money Market Funds.

A portion of the Wells Fargo Advantage National Tax-Free Money Market Fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.