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Wells Fargo Advantage Funds® Launches New Strategic Small Cap Value Fund

SAN FRANCISCO, CA – October 31, 2006 – Wells Fargo Funds Management, LLC, today launched the new Wells Fargo Advantage Strategic Small Cap Value Fund. The Fund employs a multi-manager structure, combining the distinct investment philosophies of three seasoned small-cap value teams into one portfolio.

The Fund will be subadvised by teams led by Dale Benson, Ph.D., CFA, Mark Cooper, CFA, Craig Pieringer, CFA, Robert Costomiris, CFA, and Charles Rinaldi of Wells Capital Management Incorporated. Each team will manage a portion of the portfolio and apply their experience and individual investment styles to the Fund.

Andrew Owen, CFA, Christian Chan, CFA, and Thomas Biwer, CFA, from Wells Fargo Funds Management's Investment Review Group will oversee the three investment teams.

"The fund's multi-manager approach offers clients the benefits of complementary investment styles, adding manager diversification to stock diversification," said Owen, Executive Vice President of Wells Fargo's Funds Management Group. "We believe the diversification among multiple small-cap value investment styles will offer investors the benefits of reduced volatility and risk relative to the Fund's peers."

Benson, Cooper, Pieringer and their team will apply a "contrarian value" approach based on a disciplined adherence to bottom-up fundamental analysis and will pay particular attention to the cash flow-generating capabilities of a company.

The Costomiris team will employ a stock selection process focused on companies that they believe present attractive opportunities but have not been widely recognized by the broader investing community. The approach aims to take advantage of the market's attention to short-term prospects by instead focusing on indicators of a company's long-term success, such as balance sheets and underlying assets.

The Rinaldi team will invest in companies whose stock prices may benefit from a positive dynamic of change, such as a new management team, a new product or service, a corporate restructuring, an improved business plan, or a change in the political, economic, or social environment.

The Fund offers A, C, and Administrator Class shares. Class A and Class C shares are available to the retail public through financial advisors, while Administrator Class shares are available to financial institutions, endowments, and pension and retirement plans.

Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions. Funds that invest in smaller companies involve additional risks because these companies often have limited financial resources and their stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund's prospectus for additional information on these and other risks.

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