Wells Fargo Funds Management Completes Mergers and Subadvisor Changes for Certain Wells Fargo Advantage Funds

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Funds Management, LLC, the investment advisor to Wells Fargo Advantage Funds, announced today the successful merger of eight Wells Fargo Advantage Funds into other funds within the family. In addition, subadvisor changes for two Wells Fargo Advantage Funds are expected to occur early in the fourth quarter of 2011.

The Wells Fargo Advantage Funds Board of Trustees unanimously approved the fund merger and subadvisor change proposals in May; shareholders subsequently approved the changes to the funds at a meeting held on August 19, 2011.

“We continuously analyze our product lineup to ensure we are presenting clients with top-quality investment options that will help them achieve their financial goals,” said Karla Rabusch, president of Wells Fargo Advantage Funds. “The completion of the mergers demonstrates our commitment to providing a more streamlined, consolidated and competitive product line.”

A summary of the changes is included in the tables below:

Mergers

Previous fund	Existing fund	Portfolio management team of existing fund
Wells Fargo Advantage Classic Value Fund	Wells Fargo Advantage Equity Value Fund	D. Kevin McCreesh, CFA; Ronald M. Mushock, CFA (Systematic Financial Management)
Wells Fargo Advantage Core Equity Fund	Wells Fargo Advantage Opportunity Fund^SM	Ann M. Miletti; Thomas D. Wooden, CFA (Wells Capital Management)
Wells Fargo Advantage Disciplined Global Equity Fund	Wells Fargo Advantage Intrinsic World Equity Fund	Gary W. Lisenbee, Jeffrey Peck, David M. Graham (Metropolitan West Capital Management, LLC)
Wells Fargo Advantage Disciplined Value Fund	Wells Fargo Advantage Large Company Value Fund	William Schaff, CFA; Stephen Block, CFA (Phocas Financial)
Wells Fargo Advantage Growth Opportunities Fund	Wells Fargo Advantage Discovery Fund^SM	Thomas J. Pence, CFA; Michael T. Smith, CFA (Wells Capital Management)
Wells Fargo Advantage Mid Cap Growth Fund	Wells Fargo Advantage Enterprise Fund^SM	Thomas J. Pence, CFA; Michael T. Smith, CFA (Wells Capital Management)
Wells Fargo Advantage Small Cap Growth Fund	Wells Fargo Advantage Emerging Growth Fund^1	Thomas C. Ognar, CFA; Bruce C. Olson, CFA; Joseph M. Eberhardy, CFA (Wells Capital Management)
Wells Fargo Advantage VT Core Equity Fund	Wells Fargo Advantage VT Opportunity Fund^SM	Ann M. Miletti; Thomas D. Wooden, CFA(Wells Capital Management)

1. The Wells Fargo Advantage Emerging Growth Fund is closed to new investors (with certain exceptions outlined in the fund’s recent supplement to its Statement of Additional Information).

Subadvisor changes

Fund or portfolio	Current portfolio manager and subadvisor	Prospective portfolio managers and subadvisor
Wells Fargo Advantage Disciplined U.S. Core Fund	Amit Chandra, Ph.D., CFA (Wells Capital Management)	Greg Golden, CFA (Golden Capital Management)
Index Portfolio^2	Amit Chandra, Ph.D., CFA (Wells Capital Management)	Brad Ursillo, CFA; Weidong Li, CFA^3 (Golden Capital Management)

2. The Index Portfolio is a master portfolio in which a number of other Wells Fargo Advantage Funds invest. Because the Wells Fargo Advantage Index Fund invests all of its assets in the Index Portfolio, the Index Fund was required by the Investment Company Act of 1940 to solicit from its shareholders approval of the proposed subadvisor change for the portfolio.

3. Brad Ursillo and Weidong Li are currently employed by Wells Capital Management; they are expected to join GCM upon completion of the transaction early in the fourth quarter of 2011.

In addition to the subadvisor changes listed above, the subadvisor of the Large Company Value Portfolio (formerly Disciplined Value Portfolio) has been changed as follows:

Portfolio	Previous portfolio manager and subadvisor	Existing portfolio managers and subadvisor
Large Company Value Portfolio (formerly Disciplined Value Portfolio)^4	Amit Chandra, Ph.D., CFA (Wells Capital Management)	William Schaff, CFA; Stephen Block, CFA (Phocas Financial)

4. This change was not subject to shareholder approval. In conjunction with the subadvisor change, the Disciplined Value Portfolio was renamed the Large Company Value Portfolio.

Mutual fund investing involves risks, including the possible loss of principal, and may not be appropriate for all investors. Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Smaller- and mid-cap company stocks tend to be more volatile and less liquid than those of larger companies. Consult a fund's prospectus for additional information on these and other risks.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus, containing this and other information, visit wellsfargo.com/advantagefunds. Read the prospectus carefully before investing.

For the Variable Trust Funds, please refer to the prospectus provided by your participating insurance company for detailed information describing the separate accounts, including information regarding surrender charges, mortality and expense risk fees, and other charges that may be assessed by the participating insurance companies.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, 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 funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 205108 08-11

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE