May 3, 2000
The following information replaces the section "How to Exchange Shares" in the
prospectus.
EXCHANGE PRIVILEGE
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You may exchange shares of the Wells S&P REIT Index Fund for shares of the
Wells Money Market Account ("Money Market"). A sale load may be imposed (if
applicable) equal to the excess, if any, of the sales load rate applicable to
the shares being acquired over the sales load rate, if any, previously paid on
the shares being exchanged.
If you make an exchange involving Class B or Class C shares, the amount of
time you hold shares of the Wells Money Market account will not be added to the
holding period of your original shares into which you exchanged for the purpose
of calculating contingent deferred sales charges if you later redeem the
exchanged shares. However, if you exchange back into your original Class B or
Class C shares, the prior holding period of your Class B or Class C shares will
be added to your current holding period of Class B or Class C shares in
calculating the contingent deferred sales load.
You are limited to a maximum of 10 exchanges per calendar year, because
excessive short-term trading or market-timing activity can hurt Fund
performance. If you exceed that limit, the Fund or the Underwriter, in its sole
discretion, may reject any further exchange orders.
You may request an exchange by sending a written request to the Transfer
Agent. The request must be signed exactly as your name appears on the Trust's
account records. Exchanges also may be requested by telephone. If you are unable
to execute your exchange by telephone (for example during times of unusual
market activity), you should consider requesting your exchange by mail or by
visiting the Transfer Agent's offices at 312 Walnut Street, 21st Floor,
Cincinnati, Ohio 45202. An exchange will be effected at the next determined NAV
(or offering price if a sales load is applicable) after receipt of a request by
the Transfer Agent.
Exchanges may only be made for shares of Funds then offered for sale in
your state of residence and are subject to the applicable minimum initial
investment requirements. The exchange privilege may be modified or terminated by
the Board of Trustees upon 60 days' prior notice to shareholders. An exchange
results in a sale of Fund shares, which may cause you to recognize a capital
gain or loss. Before making an exchange, contact the Transfer Agent to obtain a
current prospectus for any of the Funds of The Wells Family of Funds and for
more information about exchanges among The Wells Family of Funds.
