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Wells Fargo Advantage Funds® Wins Six Lipper Awards

Target Date Funds Receive Four Awards

SAN FRANCISCO, CA – April 3, 2009 – Wells Fargo Advantage Funds has been named as a recipient of six Fund Awards by Lipper, Inc., for Consistent Returns within each winner’s respective category. This is the fourth consecutive year that Wells Fargo Advantage Funds has been named a recipient of an annual Lipper Fund Award.

"This recognition serves as further validation of our unique approach to constructing target date fund portfolios," said Karla Rabusch, president of Wells Fargo Advantage Funds. "Our sophisticated approach to risk management is designed to put our clients' interests first, prioritizing the protection of their assets as they approach retirement age."

The Wells Fargo Advantage Dow Jones Target Date FundsSM lineup won four Lipper Fund Awards, including these:

  • The Wells Fargo Advantage Dow Jones Target 2010 FundSM, Administrator Class, was named the Best Mixed-Asset Target 2010 Fund over the five-year period. This Fund's Institutional Class was also recognized as the Best Mixed-Asset Target 2010 Fund over the three-year period.
  • The Wells Fargo Advantage Dow Jones Target 2020 FundSM, Institutional Class, was named the Best Mixed-Asset Target 2020 Funds category over the three-year period.
  • The Wells Fargo Advantage Dow Jones Target 2030 FundSM, Institutional Class, was named the Best Mixed-Asset Target 2030 Fund over the three-year period.

Wells Fargo was one of the first to offer a target date product as a mutual fund with the introduction of the Stagecoach LifePath Funds in 1994. The Wells Fargo Advantage Dow Jones Target Date Funds lineup was re-introduced in 2006 and provides investors with a suite of funds designed to offer both diversification and a sophisticated risk allocation strategy based on the Dow Jones Target Date Indexes. Global Index Advisors (GIA) portfolio managers Rodney Alldredge, George Daniels, and James Lauder have subadvised the Funds since 2006 and apply an average of 23 years of investment experience to their management.

The Wells Fargo Advantage Short-Term High Yield Bond Fund, Investor Class, was named the Best High Current Yield Fund for the three-year period. Wells Capital Management portfolio managers Thomas Price, CFA, Kevin Maas, CFA, and Michael Schueller, CFA, oversee the Fund. Price has over 19 years of investment experience and has managed the Fund since 1998. Maas and Schueller have over nine years of experience and have managed the Fund since 2007.

The Wells Fargo Advantage Capital Growth Fund, Investor Class, was named the Best Large Cap Growth Fund over the ten-year period. Wells Capital Management co-portfolio managers Thomas Pence, CFA, and Michael Harris, CFA, oversee the Fund. Pence has managed the Fund since 2004 and has more than 17 years of experience in large-cap growth investing. Harris has over 11 years of experience and has managed the Fund since 2006.

For each of the three-, five-, and ten-year periods, Lipper presents annual awards to funds in each Lipper category for the consistent achievement of strong, risk-adjusted returns.

About the Lipper Awards
The Lipper Fund Awards are awarded to funds in 21 countries in Asia, Europe, Middle East and North Africa, and the Americas. Lipper designates award-winning funds in most individual classifications for the three-, five-, and ten-year periods. In addition, the Lipper Fund Awards program spotlights fund families with high average scores for all funds within a particular asset class or overall.

Past performance is no guarantee of future results.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond fund 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 fund values fall and investors may lose principal value. Some funds, including nondiversified funds and funds investing in foreign investments, high-yield bonds, small and mid cap stocks, and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a Fund's prospectus for additional information on these and other risks.

Performance for certain Wells Fargo Advantage Funds (each a "Fund") reflects a predecessor fundís performance and may be adjusted to reflect the Fund's sales charges and/or expenses. Predecessor fund information can be found in each Fund's prospectus.

The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's returns would have been lower and rankings and ratings may have been lower. These reductions may be discontinued.

"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc., and have been licensed for use for certain purposes by Global Index Advisors, Inc, and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones or Barclays Capital, and neither Dow Jones nor Barclays Capital makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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