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Wells Fargo Funds Management Buys Out Portion of Debt in Two Wells Fargo Advantage Money Market Funds

Wells Fargo Funds Management, LLC, recently bought a portion of commercial paper from the Wells Fargo Advantage Prime Investment Money Market Fund and the Wells Fargo Advantage Heritage Money Market FundSM. A capital support agreement (CSA) with Wells Fargo Bank has been in place since February 2008 for the purpose of maintaining the Funds' triple-A ratings. The agreement was implemented in response to the occurrence of an enforcement event on Victoria Finance, LLC, a structured investment vehicle (SIV) that represented a holding in both Funds. The CSA was originally scheduled to expire on August 1, 2008, but has effectively terminated on the purchase of the securities by Wells Fargo Funds Management.

This voluntary action was taken to continue to support the AAAm and Aaa ratings of these Funds by Standard and Poor's and Moody's, respectively. This action was not necessary to maintain the one-dollar per share net asset value (NAV) of these Funds. All of the AAA-rated Wells Fargo Advantage Money Market Funds have, to date, continuously maintained their AAA fund ratings, uninterrupted, since such ratings were first assigned to the Funds. The Wells Fargo credit team continues to rigorously review the credit quality of its investments and seeks to promote the Funds' primary objectives of seeking current income while preserving capital and liquidity.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The U.S. Government guarantee applies to certain of the underlying securities and NOT to shares of the Government money market funds. A portion of the tax-free and municipal money market funds' income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).