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Portfolio Management Team Changes for Certain Asset Allocation Funds

Effective February 1, 2010, Galen Blomster stepped down in his capacity as a portfolio manager for a number of Wells Fargo Advantage Asset Allocation Funds. Mr. Blomster will continue to lend his knowledge and experience to Wells Capital Management’s Quantitative Strategies team. In his new role, he will focus on research and analysis of the various quantitative models run by the team and used to help manage the Funds.

The following questions and answers provide details about this change.

Which Funds have been impacted by this change?
There are six funds that have been impacted by this change:

  • Wells Fargo Advantage Aggressive Allocation Fund
  • Wells Fargo Advantage Asset Allocation Fund
  • Wells Fargo Advantage Conservative Allocation Fund
  • Wells Fargo Advantage Growth Balanced Fund
  • Wells Fargo Advantage Moderate Balanced Fund
  • Wells Fargo Advantage VT Asset Allocation Fund

Who has assumed day-to-day responsibility for managing the Aggressive Allocation, Conservative Allocation, Growth Balanced and Moderate Balanced Funds?
Petros Bocray replaces Mr. Blomster and has joined Jeffrey Mellas and Douglas Beath as a co-portfolio manager for these Funds. Mr. Bocray has served as an analyst on Wells Capital Management’s Quantitative Strategies team since 2006. With Mr. Bocray’s past experience on the team, this change helps ensure a continuity of investment processes.

Who has assumed day-to-day responsibility for managing the Asset Allocation and VT Asset Allocation Funds?
These Funds will continue to be co-managed by Jeffrey Mellas and Gregory Genung. Mr. Blomster will not be replaced at this time.

Have these changes been incorporated into the Fund prospectuses?
Yes. These changes have been incorporated into the Fund prospectus dated February 1, 2010 for the five Asset Allocation Funds. For the VT Asset Allocation Fund, a prospectus supplement was filed on February 1, 2010.

What is the background of the portfolio managers of these Funds?

Douglas Beath
Before joining Wells Capital Management in 2006, Mr. Beath served as a senior vice president for SMH Research, where he represented several independent investment research firms. Prior to that, Mr. Beath was a senior vice president of research at H.C. Wainwright Economics, where he provided consultation services to investment management firms and plan sponsors on macroeconomic issues and asset allocation. He earned his B.A. in liberal arts from the University of Michigan and his M.B.A. from Fordham University.

Petros Bocray
Prior to joining Wells Capital Management’s Quantitative Strategies team, Mr. Bocray worked as a portfolio manager for the Wells Fargo Wealth Management Group, where he managed private client accounts with a focus on portfolio construction and asset allocation. Mr. Bocray holds a bachelor’s degree in economics from the College of Charleston in Charleston, South Carolina. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Institute and the CFA Society of Minnesota.

Gregory Genung
Mr. Genung is a portfolio manager with the Quantitative Asset Management team at Wells Capital Management. He is also responsible for portfolio management of index mutual funds, private accounts and collective trust funds. Before joining the firm in 2001, Mr. Genung was a securities trader at Wells Fargo Institutional Brokerage and its predecessor Norwest Investment Services, Inc., where he traded both equity and fixed-income products. His investment experience also includes tenure at Piper Capital Management where he was a senior advisory account administrator specializing in mortgage-backed derivatives. Mr. Genung earned a bachelor’s degree in finance and economics from the University of Minnesota, Duluth. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Institute and the CFA Society of Minnesota.

Jeffrey Mellas
Mr. Mellas, CAIA, has over 15 years of investment management experience. He joined Wells Capital Management in 2003 as managing director of Quantitative Asset Management Strategies and portfolio manager. Prior to joining Wells Capital Management, Mr. Mellas was with Alliance Capital Management as vice president and global portfolio strategist, where he served as the primary spokesperson for Alliance’s domestic and international equity and fixed-income strategies. Mr. Mellas earned his B.A. in economics from the University of Minnesota and his M.B.A. in finance and international business from New York University. He also completed the International Management Program at Haute Etudes Commerciales, Paris.

Will the changes to the portfolio management teams result in investment strategy changes for the Funds?
The teams will continue to employ the same investment philosophy and processes already in place for the Funds.