Month-End Performance

Wells Fargo Advantage Funds^® – Share Class Investor
Quotes as of 10-31-09

Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value and yields 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.

Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Investing in all mutual funds entails risk. Information about the risks of investing in a Fund is available in the Fund's prospectus.

The Asia Pacific, High Income, International Equity, and Short-Term High Yield Bond Funds have a redemption fee of 2.00% deducted from the net proceeds of shares redeemed or exchanged within 30 days after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance.

The Intermediate Tax/AMT-Free Fund was named the Intermediate Tax-Free Fund prior to November 1, 2008. For more information, read the fund's prospectus.

Returns for periods of less than one year are not annualized.

INTERNATIONAL STOCK & SPECIALTY FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

Asia Pacific 31.00 38.18 -3.44 7.81 4.98 3.44 12-31-93

International Equity 21.20 21.97 -7.96 2.62 -0.55 1.75 09-24-97

Specialized Technology 42.01 28.44 2.04 4.98 -- -5.91 09-18-00

SMALL/MID CAP STOCK FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

C&B Mid Cap Value 17.90 11.09 -9.30 1.04 9.00 7.59 02-18-98

Common Stock 29.74 22.91 -1.23 5.49 5.31 12.38 12-29-89

Discovery 22.17 8.01 -4.50 2.44 6.94 9.88 12-31-87

Emerging Growth 17.72 9.14 -- -- -- -9.05 01-31-07

Enterprise 25.48 11.22 -6.26 1.25 -1.16 8.69 09-30-98

Mid Cap Disciplined 19.04 16.55 -6.32 1.75 9.31 10.10 12-31-98

Mid Cap Growth 37.65 26.35 -2.12 3.63 3.55 7.13 12-30-94

Opportunity 35.11 23.91 -4.41 1.92 3.19 12.02 12-31-85

Small Cap Disciplined Fund 12.50 4.00 -10.25 -1.16 -- 6.02 03-28-02

Small Cap Growth 36.29 34.84 -1.23 5.99 1.95 9.29 07-13-90

Small Cap Value 30.58 28.11 -2.79 5.36 12.80 12.24 12-31-97

Small/Mid Cap Value 41.44 34.05 -6.61 2.87 -- 4.97 03-28-02

LARGE CAP STOCK FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

C&B Large Cap Value 19.93 14.50 -7.94 -0.40 4.46 8.93 05-15-90

Capital Growth 21.76 9.15 -7.27 -0.72 2.16 4.97 11-03-97

Growth 31.50 21.95 0.76 5.28 0.70 9.14 12-31-93

Index 16.84 9.40 -7.50 -0.16 -1.36 7.86 01-31-87

Large Cap Growth 24.59 15.27 -2.67 1.55 -2.73 9.59 12-30-81

Large Company Core 27.34 17.05 -6.25 -0.80 -2.56 5.35 12-29-95

Large Company Growth 33.56 23.37 -4.39 -0.03 -2.89 9.20 12-31-82

Large Company Value 12.01 5.20 -7.35 0.87 1.97 6.81 07-01-93

U.S. Value 13.91 6.89 -9.19 -1.33 0.04 5.93 12-29-95

ASSET ALLOCATION FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

Target 2010 10.87 16.55 2.23 3.92 3.19 6.24 03-01-94

Target 2015 13.03 17.07 -- -- -- -1.25 06-29-07

Target 2020 15.18 17.69 -0.42 3.37 1.89 6.40 03-01-94

Target 2025 17.96 18.44 -- -- -- -5.93 06-29-07

Target 2030 20.37 19.20 -2.80 2.44 0.98 6.48 03-01-94

Target 2035 22.03 19.58 -- -- -- -9.29 06-29-07

Target 2040 23.35 19.97 -4.12 2.22 0.13 6.65 03-01-94

Target 2045 23.37 19.86 -- -- -- -9.89 06-29-07

Target 2050 23.56 20.16 -- -- -- -10.03 06-29-07

Target Today 8.70 15.07 3.95 4.28 4.21 5.41 03-01-94

INCOME FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

Government Securities 4.09 10.30 6.34 4.84 5.99 7.25 10-29-86

High Income 29.08 28.76 3.66 4.74 4.24 6.51 12-28-95

Income Plus 11.43 18.11 6.99 5.58 5.95 5.20 07-13-98

Short-Term Bond 8.77 10.06 4.40 3.77 3.78 5.71 08-31-87

Short-Term High Yield Bond 13.70 15.08 3.77 3.95 3.76 4.75 06-30-97

Total Return Bond 11.27 18.25 6.76 5.06 6.31 6.25 06-30-97

Ultra Short-Term Income 7.52 4.74 1.42 2.38 2.88 5.03 11-25-88

MUNICIPAL INCOME FUNDS – Share Class Investor



Average Annual Total Returns %

    YTD %     1 Yr     3 Yr     5 Yr     10 Yr     Life     Inception

Intermediate Tax/AMT-Free 13.53 11.75 3.56 3.65 -- 5.11 07-31-01

Municipal Bond 22.60 17.81 3.63 4.36 5.11 5.54 10-23-86

Short-Term Municipal Bond 9.38 8.76 4.07 3.69 4.08 4.28 12-31-91

Ultra Short-Term Municipal Income 5.30 5.87 4.14 3.45 3.08 3.49 11-30-95

Wisconsin Tax-Free 9.81 10.08 3.80 3.87 -- 5.10 04-06-01

MONEY MARKET FUNDS – Share Class Investor



7-Day Yields %
as of 11-20-09



Average Annual Total Returns %

    Current    Effective    Current
Pre-Waiver    YTD %    1 Yr    3 Yr    5 Yr    10 Yr    Life    Inception

Money Market 0.01 0.01 -0.52% 0.17 0.43 2.69 2.91 2.67 3.37 07-01-92

Municipal Money Market 0.01 0.01 -0.49% 0.14 0.28 1.89 2.03 2.08 3.25 10-23-86

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.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's returns would have been lower. These reductions may be discontinued.

Performance for certain Wells Fargo Advantage Funds (each a "Fund") reflects a predecessor fund's performance and may be adjusted to reflect the Fund's sales charges and/or expenses. Predecessor fund performance may include performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Fund. Predecessor fund information can be found in each Fund's prospectus.

This Web site is accompanied by current prospectuses for Wells Fargo Advantage Funds^®, an EdVest^SM program description (PDF), and a tomorrow's scholar^® program description (PDF).

For 529 plans, an investor's or a designated beneficiary's home state may offer state tax or other benefits that are only available for investments in that state's qualified tuition program. Please consider this before investing.

Not FDIC Insured • No Bank Guarantee • May Lose Value

©2009 Wells Fargo Funds Management, LLC. All rights reserved. EdVest and tomorrow's scholar are state-sponsored 529 college savings plans administered by the Wisconsin Office of the State Treasurer. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services, Wells Fargo Advantage Funds, and the EdVest and tomorrow's scholar plans. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds and shares in the 529 plans are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.