Press Release

Wayne Knowles Joins Wells as Managing Director, Mutual Funds Sales

NORCROSS, Ga. (June 1, 2006) - Wayne Knowles, a veteran investment services executive, has joined Wells Real Estate Funds as managing director, mutual funds sales.

Knowles will lead sales efforts for the Wells S&P REIT Index Fund, the first mutual fund licensed with Standard & Poor's to mirror the holdings of the S&P REIT Composite Index. He will focus on growing sales and assets for Wells' mutual fund family.

Knowles brings almost two decades of industry experience to Wells. Prior to joining Wells, he was Southeast division sales director for Seligman Advisors, Inc., a New York-based investment manager. He also has worked in executive positions at Morgan Stanley Asset Management and Van Kampen Funds.

"Wayne is an accomplished veteran in the investment services industry, and we're thrilled to add him to the team," said Leo Wells, president of Wells Real Estate Funds. "His expertise in serving financial representatives and clients will prove valuable as our mutual fund program continues to grow."

In addition to the Wells S&P REIT Index Fund, Wells Real Estate Funds purchases and manages real estate nationwide on behalf of a variety of Wells-sponsored investment programs. More than 200,000 people have, through their financial representatives, invested in Wells-sponsored programs to help diversify their portfolios. Wells-sponsored programs own over $7 billion in assets (based on purchase price) totaling more than 32 million square feet of space. For more information, see www.wellsref.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092 (tel. 800-448-1010). SEC filings: www.wellsref.com/investmentproducts/mutualfund/secfilings.html.