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New Small Cap Fund Holding for the Wells Fargo Advantage WealthBuilder PortfoliosSM

As part of our ongoing review to ensure the underlying funds within the Wells Fargo Advantage WealthBuilder Portfolios best suit clientsí needs, we recently added the Royce Pennsylvania Mutual Fund® to holdings of all six Portfolios in the series. This Fund has replaced the Oppenheimer Main Street Small Cap Fund. The total small cap equity exposure in the Portfolios has not changed.

About the New Fund
The Royce Pennsylvania Mutual Fund seeks long-term growth by investing primarily in small- and micro-cap companies with market capitalizations of up to $2.5 billion and uses a disciplined value approach. The Fund gets its name, in part, from the state in which Royce & Associates, LLC is based, but there is no geographic limitation on the stocks in which the Fund can invest. Charles M. Royce manages the Fund and is assisted by Jay S. Kaplan and Lauren A. Romeo. Mr. Royce, who is the founder of Royce & Associates, has 37 years of portfolio management experience, and also serves as President and Co-Chief Investment Officer of the firm. Mr. Kaplan joined Royce in 2000, and has over 20 years of industry experience. Ms. Romeo has been with the firm for 5 years and has 16 years of industry experience overall.

About Wells Fargo Advantage WealthBuilder Portfolios
With this addition, Wells Fargo Advantage WealthBuilder Portfolios now use the collective expertise of fund managers from these fund families:

  • Columbia Funds
  • DFA Funds (Dimensional Fund Advisors)
  • Dodge & Cox
  • Eaton Vance
  • ING Funds
  • MFS
  • Oppenheimer Funds
  • Royce
  • T. Rowe Price
  • Thornburg
  • Wells Fargo Advantage Funds

Wells Fargo Advantage WealthBuilder Portfolios were first introduced in 1997 and are part of the firmís long history of pioneering asset allocation strategies. The WealthBuilder Portfolios in the series use a fund-of-funds approach composed of both proprietary and nonproprietary mutual funds, and offer investors a range of portfolios to match their risk profiles. The portfolio managers apply the disciplines of Tactical Asset Allocation and Tactical Equity Allocation to help manage risk and to capitalize on rotating market cycles.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond 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 values fall and investors may lose principal value. 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). The WealthBuilder Portfolios are exposed to one or more of the following risks: alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset backed securities risk, and small company investment risk. Consult the Fundís prospectus for additional information on these and other risks.

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