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Reallocation of Assets to the Emerging Growth Master Portfolio Within Multistyle Funds

On January 31, 2007, Wells Fargo Advantage Funds® launched a new master portfolio, the Emerging Growth Portfolio, for use as a component within the multistyle Wells Fargo Advantage Funds listed below. The initial allocation to the Emerging Growth Portfolio was approximately 10% of the small-cap growth "style" allocation within these multistyle funds.

Wells Fargo Advantage Multi-Style Funds

  • Wells Fargo Advantage Diversified Small Cap Fund
  • Wells Fargo Advantage Growth Equity Fund
  • Wells Fargo Advantage Diversified Equity Fund
  • Wells Fargo Advantage Aggressive Allocation Fund
  • Wells Fargo Advantage Growth Balanced Fund
  • Wells Fargo Advantage Moderate Balanced Fund
  • Wells Fargo Advantage Conservative Allocation Fund

On August 10, 2007, Wells Fargo Advantage Funds reallocated additional assets from the Small Company Growth Portfolio, which is subadvised by Peregrine Capital Management, to the Emerging Growth Portfolio. The new allocation to the Emerging Growth Portfolio is approximately 20% of the small-cap growth "style" allocation within these multistyle funds, with the Peregrine strategy, the Small Company Growth Portfolio, comprising the remaining 80%.

The Emerging Growth Portfolio is subadvised by Wells Capital Management and supported by a nine-member team that includes portfolio managers Brandon M. Nelson, CFA; Thomas C. Ognar, CFA; and Bruce C. Olson, CFA. The portfolio's objective is to seek long-term capital appreciation by investing principally in stocks of small cap companies. In building the portfolio, the portfolio managers conduct bottom-up fundamental research to identify small cap companies with earnings and revenue growth that the team believes is robust and sustainable and whose stock may benefit from upward revisions from the Wall Street analyst community.

Additional reallocations to the Emerging Growth Portfolio may occur throughout the year. We will provide communication updates about any further changes to the multistyle Funds as applicable.

If you have any questions, please contact us at 1-800-222-8222.

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.