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Launch of New Emerging Growth Master Portfolio Within Multi-Style Wells Fargo Advantage Funds

On January 31, 2007, Wells Fargo Advantage Funds launched a new master portfolio, the Emerging Growth Portfolio, for use as a component within the multi-style Wells Fargo Advantage Funds listed below. The new portfolio provides greater diversification within the small-cap growth component of these multi-style funds.

Previously, the small-cap growth portion of these multi-style funds was solely invested in the Small Company Growth Portfolio, managed by Peregrine Capital Management. We reallocated approximately 10% of the small-cap growth style into the new Emerging Growth Portfolio. Additional reallocations to the Emerging Growth Portfolio may occur throughout the year. We will provide communication updates about any further changes to the multi-style funds as applicable.

The Emerging Growth Portfolio is subadvised by Wells Capital Management and supported by a nine-member team that includes portfolio managers Brandon M. Nelson, CFA, Thomas C. Ognar, CFA, and Bruce C. Olson, CFA. The portfolio's objective is to seek long-term capital appreciation by investing principally in stocks of small cap companies. In building the portfolio, the portfolio managers conduct bottom-up fundamental research to identify small cap companies with earnings and revenue growth that the team believes is robust and sustainable and whose stock may benefit from upward revisions from the Wall Street analyst community.

Wells Fargo Advantage Multi-Style Funds

  • Wells Fargo Advantage Diversified Small Cap Fund
  • Wells Fargo Advantage Growth Equity Fund
  • Wells Fargo Advantage Diversified Equity Fund
  • Wells Fargo Advantage Aggressive Allocation Fund
  • Wells Fargo Advantage Growth Balanced Fund
  • Wells Fargo Advantage Moderate Balanced Fund
  • Wells Fargo Advantage Conservative Allocation Fund

If you have any questions about this new master portfolio, please contact us at 1-800-222-8222.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses, and may generate higher short-term capital gains. 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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.