Wells Fargo & Company is a financial services and bank holding company headquartered in San Francisco, California.

The class action lawsuit was filed on November 4, 2005 against Wells Fargo & Company (NYSE: WFC), and certain of its affiliates, on behalf of all persons who purchased from Wells Fargo Investments, LLC or H.D. Vest Investment Services, LLC (“H.D. Vest”) one or more of the Wells Fargo proprietary funds (“Wells Fargo Funds”) or non-proprietary funds participating in the Revenue Sharing Program (the “Wells Fargo Preferred Funds” and “H.D. Vest Preferred Funds,”), seeking to pursue remedies under the Securities Act of 1993, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and state law.

Specifically, the Complaint alleges that during the Class Period, Defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, Defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push Wells Fargo Investments and H.D. Vest sales personnel to steer clients into purchasing certain Wells Fargo Funds and Wells Fargo and H.D. Vest Preferred Funds (collectively, "Shelf Space Funds") that provided financial incentives and rewards to Wells Fargo and H.D. Vest and their personnel based on sales. The Complaint alleges that Defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. Wells Fargo Investments and H.D. Vest's failure to disclose the incentives constituted violations of federal securities laws.

The action also includes a subclass of persons who held any shares of Wells Fargo Mutual Funds. The Complaint additionally alleges that the investment advisor subsidiary of Wells Fargo, Wells Fargo Funds Management, created further undisclosed material conflicts of interest by entering into revenue sharing agreements with brokers at Wells Fargo Investments and H.D. Vest to push investors into Wells Fargo Funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.

The action includes a second subclass of persons who purchased a Wells Fargo Financial Plan that held Wells Fargo Funds. The Wells Fargo Financial Plans include, but are not limited to Full Service Brokerage Accounts, Wells Asset Management accounts, WellsChoice account, and WellsSelect account.

On February 28, 2006, the Court entered the Order granting in part and denying in part the motion to appoint lead Plaintiff and lead Counsel. On March 14, 2006, the Court entered the Order approving the selection of class Counsel. On April 1,1 2006, the Plaintiff filed a Consolidated Amended Class Action Complaint, and the Defendants responded by filing motions to dismiss the Consolidated Amended Class Action Complaint. On June 20, 2006, the Court entered the Order approving change of lead Counsel. On August 14, 2006, the Court entered the Order granting in part and denying in part the Defendants’ motions to dismiss. On August 31, 2006, the Plaintiff filed a Second Amended Consolidated Class Action Complaint, and the Defendants responded by filing a motion to dismiss the Second Amended Consolidated Class Action Complaint. On October 24, 2006, the Court entered the Order granting in part and denying in part the motion do dismiss. On March 21, 2007, the Plaintiff filed a Third Amended Consolidated Class Action Complaint, and the Defendants responded by filing a motion to dismiss the Third Amended Consolidated Class Action Complaint. On April 12, 2007, the Defendants filed a Motion for Judgment on the Pleadings. On April 17, 2007, the Court entered the Order denying the motion to dismiss the Third Amended Consolidated Class Action Complaint. On April 19, 2007, the Plaintiff filed a motion to certify the class. On May 17, 2007, Judge William Aslup granted the Defendants’ Motion for Judgment on the Pleadings. According to the Order, Defendants' motion for judgment on the pleadings as to Counts I, II, and III, construed as a motion for summary judgment, is granted. The remaining claims are Counts IV, V, and VI.

According to a press release dated November 13, 2006, a class action lawsuit against stock broker H.D. Vest Investment Services, subsidiary of Wells Fargo & Co. (WFC), will not go forward unless some of its mutual fund customers come forward by the end of this week, a federal judge has ruled. The suit alleges that H.D. Vest brokers pushed customers into pre-selected mutual funds because H.D. Vest was receiving millions of dollars in secret kickback payments. Late last month, San Francisco Federal Judge William H. Alsup rejected a motion to dismiss the suit, but ruled that new Plaintiffs were needed to represent H.D. Vest customers. The judge ordered the law firm of Gutride Safier LLP to file claims by other H.D. Vest investors no later than November 17. The recommended funds included those from Dreyfus, Fidelity, Franklin Templeton, Hartford, MFS, Oppenheimer, Putnam, Wells Fargo, and others.

On June 1, 2007, the Court entered the Order granting in part and denying in part the motion to certify the class. On June 14, 2007, a settlement agreement in principle was reached on certain terms. According to the Court Minutes, a further Settlement Conference will be held on June 28, 2007, at 9:30 a.m.

On July 5, 2007, a Stipulation of Settlement was filed. According to the Stipulation, the settlement is in the amount of $1,150,000.

On August 13, 2007, the Court issued the Order Preliminarily Approving Settlement.

On February 5, 2008, the Court entered the Order granting the final approval of the settlement and awarding attorney’s fees in the amount of $287,500.00 and expenses in the amount of $54,078.90. The Plan of Allocation was also approved that day.

NOTE: On April 4, 2008, a class action Complaint, titled Kreek v. Wells Fargo & Company et al, was filed in the U.S. District Court of Appeals for the Northern District of California, case number 08-CV-01830. According to the Complaint, the action is brought by Plaintiffs against Wells Fargo on behalf of the Wells Fargo Funds from November 4, 2000 through April 11, 2006. This case is premised upon the allegations in Siemers v. Wells Fargo et al, Case No. 05-4518 WHA (N.D. Cal.) and hereby incorporates by reference the pleadings in the Siemers action.

The Wells Fargo proprietary funds and their respective trading symbols are as follows:
Wells Fargo Advantage Agg Allocation Adm (NASDAQ: NWBEX)
Wells Fargo Advantage Asia Pacific (NASDAQ: SASPX)
Wells Fargo Advantage Asset Alloc Adm (NASDAQ: WFAIX)
Wells Fargo Advantage Asset Allocation (NASDAQ: SFAAX) (NASDAQ: SASBX)
(NASDAQ: WFALX)
Wells Fargo Advantage Balanced Inv (NASDAQ: STAAX)
Wells Fargo Advantage C&B Lrg Cap Val (NASDAQ: CBEAX) (NASDAQ: CBLLX)
(NASDAQ: CBEBX) (NASDAQ: CBECX) (NASDAQ: CBEQX) (NASDAQ: CBLSX)
Wells Fargo Advantage C&B Mid Cap Val (NASDAQ: CBMAX) (NASDAQ: CBMIX)
(NASDAQ: CBMBX) (NASDAQ: CBMCX) (NASDAQ: CBMDX) (NASDAQ: CBMSX)
Wells Fargo Advantage C&B Tax Mgd Val (NASDAQ: CBTTX) (NASDAQ: CBTIX)
(NASDAQ: CBTBX) (NASDAQ: CBTCX) (NASDAQ: CBTAX)
Wells Fargo Advantage CA Ltd-Term T/F (NASDAQ: SFCIX) (NASDAQ: SCTIX)
(NASDAQ: SFCCX)
Wells Fargo Advantage CA Tax-Free (NASDAQ: SCTAX) (NASDAQ: SGCAX)
(NASDAQ: SGCBX) (NASDAQ: SCTCX)
Wells Fargo Advantage Capital Growth (NASDAQ: WFCDX) (NASDAQ: WWCIX)
(NASDAQ: SLGIX)
Wells Fargo Advantage CO Tax-Free (NASDAQ: NWCOX) (NASDAQ: NCOTX)
(NASDAQ: NWCBX)
Wells Fargo Advantage Common Stock (NASDAQ: SCSAX) (NASDAQ: SCSKX)
(NASDAQ: STSAX) (NASDAQ: STCSX)
Wells Fargo Advantage Cons Allocation Ad (NASDAQ: NVCBX)
Wells Fargo Advantage Corporate Bond (NASDAQ: SCBDX) (NASDAQ: SCBNX)
(NASDAQ: STCBX)
Wells Fargo Advantage Discovery (NASDAQ: WFDDX) (NASDAQ: STDIX)
Wells Fargo Advantage Divers Bond Adm (NASDAQ: NVMFX)
Wells Fargo Advantage Diversified Eq (NASDAQ: NVDAX) (NASDAQ: NVDEX)
(NASDAQ: NVDBX) (NASDAQ: WFDEX)
Wells Fargo Advantage Diversified Sm Adm (NASDAQ: NVDSX)
Wells Fargo Advantage Dividend Income (NASDAQ: WWIDX) (NASDAQ: SDVIX)
Wells Fargo Advantage Emerg Mkt Focus (NASDAQ: MFFAX) (NASDAQ: MNEFX)
(NASDAQ: MFFBX) (NASDAQ: MFFCX)
Wells Fargo Advantage Endeavor Lrg Cap (NASDAQ: STALX) (NASDAQ: WELBX)
(NASDAQ: WELCX)
Wells Fargo Advantage Endeavor Select (NASDAQ: STAEX) (NASDAQ: WECDX)
(NASDAQ: WECBX) (NASDAQ: WECCX) (NASDAQ: WFCIX)
Wells Fargo Advantage Enterprise (NASDAQ: SEPKX) (NASDAQ: SENAX)
(NASDAQ: WFEIX) (NASDAQ: SENTX)
Wells Fargo Advantage Equity Income (NASDAQ: NVAEX) (NASDAQ: NVIEX)
(NASDAQ: NVBEX) (NASDAQ: WFEEX)
Wells Fargo Advantage Equity Index (NASDAQ: SFCSX) (NASDAQ: SQIBX)
Wells Fargo Advantage Equity Value (NASDAQ: WLVAX) (NASDAQ: WLVIX)
(NASDAQ: WLVBX) (NASDAQ: WLVCX)
Wells Fargo Advantage Government Sec (NASDAQ: SGVDX) (NASDAQ: WGSCX)
(NASDAQ: SGVIX) (NASDAQ: STVSX) (NASDAQ: WGSDX)
Wells Fargo Advantage Growth (NASDAQ: SGRKX) (NASDAQ: SGRAX)
(NASDAQ: WGFCX) (NASDAQ: SGRNX) (NASDAQ: SGROX)
Wells Fargo Advantage Growth and Inc (NASDAQ: SGIKX) (NASDAQ: SGNAX)
(NASDAQ: SGNIX) (NASDAQ: SGRIX)
Wells Fargo Advantage Growth Balanced (NASDAQ: WFGBX) (NASDAQ: NVGBX)
(NASDAQ: NVGRX) (NASDAQ: WFGWX)
Wells Fargo Advantage Growth Equity (NASDAQ: NVEAX) (NASDAQ: NVGEX)
(NASDAQ: NVEBX) (NASDAQ: WFGGX) (NASDAQ: WGEIX)
Wells Fargo Advantage High Income (NASDAQ: SHBAX) (NASDAQ: SHYYX)
(NASDAQ: STHYX)
Wells Fargo Advantage High Yield Bond (NASDAQ: HYBAX) (NASDAQ: HYBBX)
(NASDAQ: HYBCX)
Wells Fargo Advantage Income Plus (NASDAQ: STYAX) (NASDAQ: STYBX)
(NASDAQ: WFIPX)
Wells Fargo Advantage Index (NASDAQ: NVINX) (NASDAQ: WFVEX)
Wells Fargo Advantage Infl Prot Bond (NASDAQ: IPBAX) (NASDAQ: IPBIX)
(NASDAQ: IPBBX) (NASDAQ: IPBCX)
Wells Fargo Advantage Inst Emerg Mkt (NASDAQ: MIEMX)
Wells Fargo Advantage Interm Govt Inc (NASDAQ: NVGAX) (NASDAQ: NVGIX)
(NASDAQ: NVBGX) (NASDAQ: WFGCX)
Wells Fargo Advantage Interm T/F Bd Inv (NASDAQ: SIMBX)
Wells Fargo Advantage International Eq (NASDAQ: SILAX) (NASDAQ: SILBX)
(NASDAQ: WFECX) (NASDAQ: WFIEX)
Wells Fargo Advantage Intl Core (NASDAQ: WFIAX) (NASDAQ: WFIDX)
(NASDAQ: WFIBX) (NASDAQ: WFICX)
Wells Fargo Advantage Intl Value (NASDAQ: WFFAX) (NASDAQ: WFVDX)
(NASDAQ: WFVBX) (NASDAQ: WFVCX)
Wells Fargo Advantage Large Cap Appr (NASDAQ: WFAPX) (NASDAQ: WFAKX)
(NASDAQ: WFABX) (NASDAQ: WFACX)
Wells Fargo Advantage Large Co Growth (NASDAQ: STRFX) (NASDAQ: NVLAX)
(NASDAQ: NVLCX) (NASDAQ: NVLOX) (NASDAQ: WFLCX) (NASDAQ: WLCSX)
(NASDAQ: WFLZX)
Wells Fargo Advantage LifeStage (NASDAQ: SAGGX) (NASDAQ: SCONX)
(NASDAQ: SMDPX)
Wells Fargo Advantage Lrg Co Core (NASDAQ: SLGAX) (NASDAQ: SLCKX)
(NASDAQ: WLCBX) (NASDAQ: WLCCX) (NASDAQ: WLCZX)
Wells Fargo Advantage Mid Cap Discpl (NASDAQ: SMCDX) (NASDAQ: WFMDX)
(NASDAQ: WFMIX)
Wells Fargo Advantage Mid Cap Growth (NASDAQ: WFMCX) (NASDAQ: WFMBX)
(NASDAQ: WFMHX) (NASDAQ: WFMZX)
Wells Fargo Advantage MN Tax-Free (NASDAQ: NMTFX) (NASDAQ: NWMIX)
(NASDAQ: NWMBX) (NASDAQ: WMTCX) (NASDAQ: WMTZX)
Wells Fargo Advantage Mod Balanced (NASDAQ: WFMAX) (NASDAQ: NVMBX)
(NASDAQ: WMOBX) (NASDAQ: WFBCX)
Wells Fargo Advantage Municipal Bond (NASDAQ: WMFAX) (NASDAQ: WMFDX)

(NASDAQ: WMFBX) (NASDAQ: WMFCX) (NASDAQ: SXFIX)
Wells Fargo Advantage Natl Ltd-Tm T/F (NASDAQ: WNLAX) (NASDAQ: NVLIX)
(NASDAQ: WNLBX) (NASDAQ: WNLCX)
Wells Fargo Advantage Natl Tax-Free (NASDAQ: NWTFX) (NASDAQ: NTFTX)
(NASDAQ: NWTBX) (NASDAQ: WFNTX)
Wells Fargo Advantage NE Tax-Free Bd Adm (NASDAQ: GPTFX)
Wells Fargo Advantage Opportunity (NASDAQ: WOFDX) (NASDAQ: SOPVX)
(NASDAQ: SOPFX)
Wells Fargo Advantage Outlook 2010 (NASDAQ: STNRX) (NASDAQ: WFLGX)
(NASDAQ: SPTBX) (NASDAQ: WFOCX) (NASDAQ: WFOAX)
Wells Fargo Advantage Outlook 2020 (NASDAQ: STTRX) (NASDAQ: WFLPX)
(NASDAQ: STPBX) (NASDAQ: WFLAX) (NASDAQ: WFOBX)
Wells Fargo Advantage Outlook 2030 (NASDAQ: STHRX) (NASDAQ: WFLIX)
(NASDAQ: SGPBX) (NASDAQ: WFDMX) (NASDAQ: WFOOX)
Wells Fargo Advantage Outlook 2040 (NASDAQ: STFRX) (NASDAQ: WFLWX)
(NASDAQ: SLPBX) (NASDAQ: WFOFX) (NASDAQ: WFOSX)
Wells Fargo Advantage Outlook Today (NASDAQ: STWRX) (NASDAQ: WFLOX)
(NASDAQ: WFOKX) (NASDAQ: WFODX) (NASDAQ: WOTDX)
Wells Fargo Advantage Overseas (NASDAQ: WFIIX) (NASDAQ: SOVRX)
Wells Fargo Advantage S/T Hi-Yld Bd (NASDAQ: SSTHX) (NASDAQ: STHBX)
Wells Fargo Advantage S/T Muni Bd (NASDAQ: WSSCX) (NASDAQ: STSMX)
Wells Fargo Advantage Sh Dur Govt Bd (NASDAQ: MSDAX) (NASDAQ: MNSGX)
(NASDAQ: MSDBX) (NASDAQ: MSDCX) (NASDAQ: WSGIX)
Wells Fargo Advantage Short-Term Bd (NASDAQ: SSTVX) (NASDAQ: SSHIX)
(NASDAQ: SSTBX)
Wells Fargo Advantage Sm Cap Discpl (NASDAQ: WFSDX) (NASDAQ: WFSSX)
(NASDAQ: SCOVX)
Wells Fargo Advantage Sm Cap Gr (NASDAQ: WFSIX) (NASDAQ: WFSZX)
Wells Fargo Advantage Sm/Mid Cap Val (NASDAQ: WWMDX) (NASDAQ: SMMVX)
Wells Fargo Advantage Small Cap Gr (NASDAQ: MNSCX) (NASDAQ: WMNIX)
(NASDAQ: WMNBX) (NASDAQ: WMNCX)
Wells Fargo Advantage Small Cap Opp (NASDAQ: NVSOX)
Wells Fargo Advantage Small Cap Value (NASDAQ: SMVAX) (NASDAQ: SMVBX)
(NASDAQ: SMVCX) (NASDAQ: SSMVX)
Wells Fargo Advantage Small Co Growth (NASDAQ: WFSAX) (NASDAQ: NVSCX)
(NASDAQ: WFSBX) (NASDAQ: WSMCX)
Wells Fargo Advantage Small Co Value (NASDAQ: SCVAX) (NASDAQ: SCVIX)
(NASDAQ: SCVBX) (NASDAQ: SCVFX)
Wells Fargo Advantage Spec Fin Serv (NASDAQ: SIFEX) (NASDAQ: SIFBX)
(NASDAQ: SIFCX)
Wells Fargo Advantage Spec Health Sci (NASDAQ: WFHAX) (NASDAQ: WFHBX)
(NASDAQ: WFHCX)
Wells Fargo Advantage Specialized Tech (NASDAQ: WFSTX) (NASDAQ: WFTBX)
(NASDAQ: WFTCX) (NASDAQ: WFTZX)
Wells Fargo Advantage Stable Income (NASDAQ: NVSAX) (NASDAQ: NVSIX)
(NASDAQ: NVSBX) (NASDAQ: WSICX)
Wells Fargo Advantage Strategic Income (NASDAQ: SASAX) (NASDAQ: SASIX)
(NASDAQ: SASCX)
Wells Fargo Advantage Total Ret Bond (NASDAQ: MBFAX) (NASDAQ: MNTRX)
(NASDAQ: MBFBX) (NASDAQ: MBFCX) (NASDAQ: MBFIX) (NASDAQ: WTRZX)
Wells Fargo Advantage U.S. Value (NASDAQ: WFUAX) (NASDAQ: SEQKX)
(NASDAQ: WFUBX) (NASDAQ: WFUCX) (NASDAQ: SEQIX)
Wells Fargo Advantage U/S Duration Bd (NASDAQ: STSDX) (NASDAQ: SSDKX)
(NASDAQ: SSHCX) (NASDAQ: STGBX)
Wells Fargo Advantage Ult S/T Mun In (NASDAQ: SMUAX) (NASDAQ: SMAVX)
(NASDAQ: SMAIX)
Wells Fargo Advantage Ultra S/T Inc (NASDAQ: WUSDX) (NASDAQ: SADAX)
(NASDAQ: SADIX) (NASDAQ: STADX)
Wells Fargo Advantage WB Cons Allocation (NASDAQ: WBCAX)
Wells Fargo Advantage WB Equity (NASDAQ: WBGIX)
Wells Fargo Advantage WB Grow Allocation (NASDAQ: WBGGX)
Wells Fargo Advantage WB Growth Balanced (NASDAQ: WBGBX)
Wells Fargo Advantage WB Mod Balanced (NASDAQ: WBBBX)
Wells Fargo Advantage WB Tactical Equity (NASDAQ: WBGAX)
Wells Fargo Advantage WI Tax-Free (NASDAQ: WWTCX) (NASDAQ: SWFRX)

The Wells Fargo Preferred Funds include mutual funds in the following mutual fund families: Franklin Templeton Investments, Putnam Investments, MFS Investment Management, Fidelity Investments, Evergreen Investments, Alliance Bernstein Investment Research and Management, Van Kampen Investments, AIM Distributors, Inc., Oppenheimer Funds, Inc., Eaton Vance Managed Investments, ING Funds Distributors, LLC, Allianz Global Investors Distributors , LLC, Federated, The Hartford Mutual Funds, Dreyfus Service Corporation, Delaware Investments, Pioneer Investment Management, Inc., Scudder Investments, and Wells Fargo Mutual Funds.

The H.D. Vest Preferred Funds include mutual funds in the following mutual fund families: Oppenheimer Funds, Putnam Investments, Scudder Investments, MFS Investment Management, Van Kampen Investments, Lincoln Financial Distributors, AIM Investments, Phoenix Investment Partners, John Hancock Funds, Wells Fargo Funds, American Funds, and Franklin Templeton Investments.