Target 2040 Fund

Net Asset Value (NAV) as of 09-07-2010 – Share Class Investor



NAV	$14.05



$ Change	$-0.15



% Change	-1.06%

Cumulative & Annualized Total Returns¹ – Share Class Investor



			Annualized Total Returns
Performance Type	Last 3 Months	Year To Date		1-Year	3-Year	5-Year	10-Year	Since Inception



NAV as of 07-31-2010	-4.92%	1.64%		14.48%	-4.53%	1.91%	0.28%	6.91%



NAV as of 06-30-2010	-9.49%	-4.87%		15.72%	-7.36%	1.25%	-0.60%	6.51%




Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Returns for periods of less than one year are not annualized. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge. The “Dow Jones Target Date Indexes” are a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC ("CME"). ”Dow Jones” and “Dow Jones Target Date Indexes” are service marks of Dow Jones Trademark Holdings, LLC., and have been licensed for use for certain purposes by CME and sublicensed for use by Global Index Advisors, Inc, and Wells Fargo Funds Management, LLC. The Dow Jones Target Date Indexes are based in part on the Barclays Capital Bond Indexes, which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME or Barclays Capital or any of their respective affiliates, and neither Dow Jones, CME nor Barclays Capital nor any of their respective affiliates makes any representation regarding the advisability of investing in such product(s) and/or about the quality, accuracy, and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital Bond Indexes. IN NO EVENT SHALL DOW JONES, CME, BARCLAYS CAPITAL, OR ANY OF THEIR LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Expenses – Share Class Investor



Net Expense Ratio effective since 07-01-2010	0.93%



Gross Expense Ratio	1.22%



The adviser has committed, through 6-30-11, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, including acquired fund fees. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

Commissions & Breakpoints (Excludes no-load share classes.) Click here to view

Morningstar Rating ² – Share Class Investor

Lipper Total Return Rankings – Share Class Investor

Based on risk-adjusted returns as of 07-31-2010



Category	Target Date 2036-2040



Overall (out of 128 funds)



3-Year (out of 128 funds)



5-Year (out of 57 funds)



10-Year (out of 7 funds)		N/A



The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

as of 07-31-2010



Category	Mixed-Asset Target 2040 Funds



1 - Year	35 out of 171



3 - Year	11 out of 110



Lipper rankings do not include the effects of sales charges. Past performance is no guarantee of future results.

Benchmark Returns^3,4,5 as of 07-31-2010



			Average Annual Total Returns
Performance Type	Last 3 Months	Year To Date	1-Year	3-Year	5-Year	10-Year



Dow Jones Target 2040 Index	-4.94%	2.11%	15.76%	-4.04%	3.12%	3.81%



Target 2040 Composite	-4.94%	2.11%	15.76%	-4.04%	2.54%	1.36%



Lipper Mixed-Asset Target 2040 Funds Average	-4.72%	0.45%	13.32%	-6.15%	0.43%	-0.27%

Calendar Year Returns¹ – Share Class Investor

Does not include sales charges, and assumes reinvestment of dividends and capital gains.

1 Investor Class shares incepted on January 31, 2007. Performance shown prior to the inception of the Investor Class shares reflects the performance of the Administrator Class shares, adjusted to reflect Investor Class expenses (except during those periods in which expenses of the Investor Class would have been lower than those of the Administrator Class no such adjustment is reflected).

2 Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns; however, in some cases, the investment's independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

3 The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of indexes designed as benchmarks for multi-asset class portfolios with market risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. The Index returns reflect hypothetical back-tested performance. You cannot invest directly in an index.

4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target 2040 Composite Benchmark is calculated using the actual holdings of the Wells Fargo Advantage Dow Jones Target 2040 Fund as reported in each Semi-Annual and Annual Report. The U.S. equity allocations are represented by the Russell 3000 Index (measures the performance of the 3,000 largest U.S. companies), the international equity allocations are represented by the MSCI EAFE Index (an unmanaged group of securities generally representative of the stock markets of Europe, Australasia, and the Far East), the fixed income allocations are represented by the Lehman Brothers 3-5 Year U.S. Treasury Index (contains public obligations of the U.S. Treasury with a remaining maturity of three to five years) and the cash allocations are represented by the 91-day T-Bill. After July 1, 2006, the Composite Benchmark consists solely of the Dow Jones Target 2040 Index. You cannot invest directly in an index.

5 The Lipper Mixed-Asset Target 2040 Funds Average is an average of funds that seek to maximize assets for retirement or other purposes with an expected time horizon not to exceed the year 2040. The total return of the Lipper Average does not include the effect of sales charges. You cannot invest directly in a Lipper Average.