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The Wells Fargo ESOP Fund seeks long-term capital growth through investment primarily in Wells Fargo & Company common stock. The Wells Fargo & Company common stock in the Wells Fargo ESOP Fund is held in a unitized fund, which means that the fund, in addition to the common stock, holds a small percentage of the assets in short-term cash equivalent investments to meet the daily liquidity needs of the Wells Fargo ESOP Fund for plan investment transfers and distributions, and the investors hold units of the Wells Fargo ESOP Fund instead of shares of Wells Fargo & Company common stock directly

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