MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Ultrashort Bond 3-year Morningstar Rating™ (out of 87 funds)   5-year Morningstar Rating™ (out of 81 funds)   10-year Morningstar Rating™ (out of 63 funds)   Overall Morningstar Rating™ (out of 87 funds)   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, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 04-30-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper Ultra-Short Obligations Funds

1-year   35 out of 96 3-year   7 out of 65 5-year   13 out of 56 10-year   11 out of 44

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
Adjustable Rate Government Fund		NAV		1.23%		1.97%		2.06%		2.55%		4.08%
		POP		-0.83%		1.30%		1.65%		2.34%		3.98%
Barclays 6-Month Treasury Bill Index				0.22%		0.27%		0.74%		2.07%		--
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. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Click here for current month-end performance. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 2.00%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 01-01-13		0.75%
Gross Expense Ratio		0.82%
The advisor has committed, through 12-31-13, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.74%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		1.81%
2011		1.79%
2010		2.76%
2009		6.60%
2008		-1.21%
2007		4.48%
2006		4.45%
2005		2.03%
2004		1.76%
2003		1.81%

View the 30-day unsubsidized SEC yields.

The inception date of Class A, Class B and Class C shares was 6-30-00. Historical performance shown for Classes A, B and C prior to their inception is based on the performance of Institutional Class, the original class offered, and has been adjusted to reflect the higher expenses applicable to Classes A, B and C. Historical performance shown for all classes of the fund prior to 7-12-10 is based on the performance of the fund's predecessor, the Evergreen Adjustable Rate Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		Michael Bray, CFA Years of investment experience: 25 View biography Mr. Bray entered the investment industry in 1988. He is a portfolio manager on the customized fixed income team at Wells Capital Management. Prior to joining Wells Capital in 2005, he was managing director at State Street Research and Management, focusing on mutual fund and institutional account management. He also gained experience while with Merrill Lynch & Company as vice president of mortgage securities research and sales. Before this, he was an analyst with Manufacturers Hanover Company, specializing in mortgage and derivative securities. Mr. Bray received a bachelor's degree in math and actuarial science from the University of Connecticut, Storrs. He received his master's degree in business administration–finance from The Pennsylvania State University.
		Christopher Y. Kauffman, CFA Years of investment experience: 16 View biography Mr. Kauffman has been with Wells Capital Management or one of its affiliate firms since 2003. He is currently a senior portfolio manager with Wells Capital Management's affiliate firm Tattersall Advisory Group (TAG). Previously, he served as investment officer for NISA Investment Advisors, where he was responsible for mortgage-backed securities analysis, risk assessment, and trading. He has been awarded the use of the Chartered Financial Analyst® (CFA®) designation by the CFA Institute. Mr. Kauffman has been working in the investment management field since 1997.

THE FUND  |  The Wells Fargo Advantage Adjustable Rate Government Fund seeks current income by investing primarily in mortgage- and asset-backed securities issued or guaranteed by the U.S. government or government-sponsored enterprises (GSE).

• Seeks to outperform the six-month Treasury bill by investing in high-quality, adjustable-rate mortgage issues while typically maintaining a target duration of approximately 0.5 years.
• Typically holds most of its exposure in mortgage-backed securities (including collateralized mortgage obligations (CMOs)) issued or guaranteed by U.S. government agencies or government-sponsored entities.
• Targets maintaining an average credit quality rating that is equivalent to the highest rating available from a Nationally Recognized Statistical Rating Organization.

• Rigorous mortgage-backed securities research: Security analysis is conducted by a team of mortgage sector specialists with extensive experience in the research, trading, and portfolio management of both residential and commercial mortgage products.
• Disciplined risk management: The team uses proprietary risk management tools designed to balance alpha generation with appropriate levels of risk-adjusted return and comprehensive risk management.
• Open work environment: The team benefits from an open work environment in which investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and various taxable fixed-income teams who provide valuable perspectives and information in measuring several different sectors of the fixed-income markets.

RISKS  |   Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage- and asset-backed securities risk. Consult the fund's prospectus for additional information on these and other risks. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

TOP HOLDINGS – % of net assets as of 04-30-2013 FNMA, 2.95%, 2033-10-01   1.51% FNMA, 2.81%, 2035-11-01   1.36% FNMA, 3.36%, 2043-06-25   1.32% Fed Hm Ln Pc Pool 1q1216, 2.38%, 2034-07-01   1.23% FHLMC, 3.03%, 2036-03-25   1.21% Fed Hm Ln Pc Pool 847271, 2.48%, 2030-09-01   1.17% FNMA, 2.33%, 2040-12-01   1.04% Small Business Administration, 4.01%, 2037-09-25   1.00% FNMA, 3.11%, 2042-04-25   0.99% FNMA, 2.49%, 2036-02-01   0.99% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   947 Turnover Rate – as of 4-30-13   11.02%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum