Government Money Market Fund – Administrator Class

Average Annual Total Return – as of 06-30-2010

	1-year	3-year	5-year	10-year	Since Inception
Government Money Market Fund	0.01%	1.49%	2.68%	2.48%	4.14%
Lipper Institutional U.S. Government Money Market Funds Average	0.04%	1.54%	2.68%	2.49%	--
Month-End Performance – as of 7-31-10
	1-year	3-year	5-year	10-year	Since Inception
Government Money Market Fund	0.01%	1.34%	2.63%	2.43%	4.12%

Figures quoted represent past performance, which is no guarantee of future results. Investment returns and yields will fluctuate. The Fund's yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted.

Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund's current prospectus.

The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's seven-day current yield would have been -0.08%. These reductions may be discontinued.

Calendar Year Returns

 

Administrator Class shares incepted on July 31, 2003. Performance shown prior to the inception of the Administrator Class reflects the performance of the Service Class shares, and includes expenses that are not applicable to and are higher than those of the Administrator Class shares.

• View a list of complete holdings
• View historical daily yields

Ratings

S&P	AAAm
Moody's	Aaa

Portfolio Statistics – as of 07-31-2010

Number of Securities	213
Weighted Average Effective Maturity	34.00 Day(s)
Expense Ratio – effective since 07-01-10	0.35%

Portfolio Composition as of 07-31-2010

Percent total may not add to 100% due to rounding. Portfolio composition is subject to change and may have changed since the date specified.

ADVISER

  |  Wells Fargo Funds Management, LLC

SUB-ADVISER

  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

	David D. Sylvester Mr. Sylvester is an Executive Vice President with Wells Capital Management, sub-advisor to Wells Fargo Advantage Funds. For two decades, he has maintained a steadfast discipline of rigorous credit analysis and attentive capital preservation that has earned both him and our money market funds a distinguished reputation for risk controlled cash management. Mr. Sylvester began his career as a fixed income manager at the National Bank of Detroit in 1974. He joined Norwest Corporation as a fixed income portfolio manager and trader in 1979, later becoming manager of the fixed income institutional group. Norwest subsequently merged with Wells Capital Management. Since 1987, Mr. Sylvester has specialized in short-term investments and the management of money market funds.
	Laurie White Ms. White has been with Wells Fargo & Company and its predecessors in an investment management capacity since 1990. Ms. White joined Wells Capital Management in 1998 as a Managing Director and simultaneously was a Director for Reserve Asset Management at Norwest Investment Management (since 1997) until Wells Capital Management and Norwest Investment Management combined investment management services under the Wells Capital Management name in 1999. Ms. White currently co-manages certain of the Wells Fargo indexed mutual funds, private accounts, and collective trust funds. Ms. White earned her B.A. degree in Political Science from Carleton College and her M.B.A. degree from the University of Minnesota.

OBJECTIVE

  |  The Government Money Market Fund seeks current income, while preserving capital and liquidity.

PRINCIPAL STRATEGIES

  |  We actively manage a portfolio of short-term U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations. These investments may have fixed, floating, or variable rates of interest.

Our security selection is based on several factors, including yield and maturity, while taking into account the Fund's overall level of liquidity and average maturity.

The U.S. Government guarantee applies to certain of the underlying securities and NOT to shares of the Fund.