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Wells Fargo Advantage Funds win eight Lipper fund awards

SAN FRANCISCO—Wells Fargo Funds Management, LLC, the investment advisor to Wells Fargo Advantage Funds®, announced today that several of its funds have been named recipients of Lipper Fund Awards. This year Lipper Inc. presented Wells Fargo Advantage Funds with eight awards, all for consistent returns within each winner's respective category as of December 31, 2010.

“We are pleased to have been recognized by Lipper for the strong performance of our funds,” said Karla Rabusch, president of Wells Fargo Funds Management. “The awards, including five in the municipal debt categories, are a testament to our commitment to investment excellence. This recognition exemplifies the continued strength of our product line following the successful completion of the Wells Fargo Advantage Funds and Evergreen Funds integration last year.”

The Wells Fargo Advantage Short-Term Municipal Bond Fund, Investor Class, received three awards. The fund was named the Best Short Municipal Debt Fund over the three-year period (out of 60 funds), the five-year period (out of 55 funds), and the 10-year period (out of 32 funds). Wells Capital Management Portfolio Managers Lyle Fitterer, CFA, CPA, and Wendy Casetta oversee the fund. Mr. Fitterer has 21 years of investment industry experience and has managed the fund since 2000. Ms. Casetta has more than 18 years of investment industry experience and has managed the fund since 2007.

The Wells Fargo Advantage Municipal Bond Fund, Administrator Class, received two awards. The fund was named the Best General Municipal Debt Fund for the three-year period (out of 213 funds) and the five-year period (out of 195 funds). Wells Capital Management Portfolio Managers Lyle Fitterer and Robert Miller oversee the fund. Mr. Fitterer has managed the fund since 2000, and Mr. Miller, who has 21 years of investment industry experience, has managed the fund since 2008.

The Wells Fargo Advantage Asia Pacific Fund, Investor Class, was named the Best Pacific Region Fund out of 19 funds for the 10-year period. Wells Capital Management Portfolio Manager Anthony Cragg oversees the fund. Mr. Cragg has managed the fund since 1993 and has 30 years of investment industry experience.

The Wells Fargo Advantage Core Equity Fund, Administrator Class, was named the Best Large-Cap Core Fund out of 446 funds for the 10-year period. Wells Capital Management Portfolio Manager Ann Miletti oversees the fund. Ms. Miletti has managed the fund since 2010 and has 15 years of investment industry experience.

The Wells Fargo Advantage International Bond Fund, Institutional Class, was named the Best International Income Fund out of 33 funds for the 10-year period. Portfolio Managers Anthony Norris, Peter Wilson, Alex Perrin, and Michael Lee of First International Advisors, LLC, oversee the fund. All four managers have managed the fund since 1993 and have an average of 31 years of investment industry experience.

“The five Lipper Awards given to the Wells Fargo Advantage Municipal Bond Fund and the Wells Fargo Advantage Short-Term Municipal Bond Fund in particular are a validation of the portfolio management team’s highly successful approach,” said Rabusch. “It is certainly worth noting that both funds also received a Five-Star Overall Morningstar RatingTM as well as a Five-Star Rating for the three-, five-, and 10-year time periods, and the Wells Fargo Advantage Municipal Bond Fund was also the top-performing fund in the Morningstar Municipal National Long category for the 10-year period. We are pleased to earn this validation of our ongoing efforts to deliver outstanding performance for shareholders.”

The Overall Star Rating, a weighted average of the three-, five-, and 10-year (if applicable) ratings, is out of 154 funds in the Muni Short category based on risk-adjusted return as of 12-31-10, for the Short-Term Municipal Bond Fund and is out of 250 funds in the Muni National Long category based on risk -adjusted return as of 12-31-10, for the Municipal Bond Fund.

About the Lipper Fund Awards
The Lipper Fund Awards recognize funds in 23 countries in Asia, Europe, the Middle East and North Africa, and the Americas. Lipper designates award-winning funds in most individual classifications for three-, five-, and 10-year periods. In addition, the Lipper Fund Awards program spotlights fund families with high average scores for the three-year time period.

Lipper Leader scores are derived from highly sophisticated formulas that analyze funds against clearly defined criteria. Funds are compared with similar funds, and only those that truly stand out are awarded Lipper Leader status. Funds are ranked against their peers on each of the five measures: Total Return, Consistent Return, Preservation, Tax Efficiency, and Expense. Source: Lipper

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.

For municipal income funds: A portion of the fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT). Any capital gains distributions may be taxable.

Administrator Class, Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fundís monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) Across U.S.-domiciled Muni National Long funds, the Municipal Bond Fund Administrator Class received three stars among 250 funds, four stars among 232 funds, and five stars among 204 funds for the three-, five-, and ten-year periods, respectively. The Short-Term Municipal Bond Fund Investor Class shares received 5 stars among 154 funds, 5 stars among 142 funds and 5 stars among 87 funds for the three-, five- and ten-year periods, respectively. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating is for the Investor share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results.

About Wells Fargo Funds Management
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company (NYSE: WFC), provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The Wells Fargo Advantage Funds are a registered trademark of Wells Fargo Funds Management, LLC. For more information on Wells Fargo Advantage Funds, please visit wellsfargo.com/advantagefunds.

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