Wells Fargo Advantage Government Securities Fund – STVSX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Intermediate Government 3-year Morningstar Rating™ (out of 325 funds)   5-year Morningstar Rating™ (out of 306 funds)   10-year Morningstar Rating™ (out of 227 funds)   Overall Morningstar Rating™ (out of 325 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 07-31-2010 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 07-31-2010 Lipper General U.S. Government Funds

1-year   57 out of 139 3-year   43 out of 130 5-year   28 out of 114 10-year   15 out of 78

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 06-30-2010

				1-year		3-year		5-year		10-year		Since Inception
Government Securities Fund				7.87%		7.49%		5.27%		6.13%		7.24%
Lipper General U.S. Government Funds Average				8.31%		7.03%		4.53%		5.36%		--
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. Click here for current month-end performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 10-01-09		0.96%
Gross Expense Ratio		0.97%
The adviser has committed to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, including acquired fund fees. The contractual waiver end date for Institutional Class shares is 7-11-2013 and for Investor Class shares is 9-30-2010. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		3.55%
2008		7.60%
2007		6.92%
2006		3.54%
2005		2.16%
2004		3.30%
2003		2.80%
2002		10.46%
2001		8.75%
2000		11.32%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Jay N. Mueller, CFA Managed the Government Securities Fund and its predecessor since 2004 Mr. Mueller joined Wells Capital Management in 2005 as a Portfolio Manager. Prior to joining Wells Capital Management, he was a portfolio manager with Strong Capital Management ("SCM") since 1991. He also served as Director of Fixed Income for SCM from July 2002 to July 2004. Prior to joining SCM, he was a securities analyst and portfolio manager at R. Meeder & Associates. He began his investment career at Harris Trust & Savings Bank as an investment analyst. Mr. Mueller earned a B.A. degree in Economics from the University of Chicago.
		Michael J. Bray, CFA Managed the Government Securities Fund since 2005 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.

OBJECTIVE  |  The Government Securities Fund seeks current income.

PRINCIPAL STRATEGIES  |  We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates and also include mortgage-backed securities.

We employ a top-down macroeconomic outlook to determine the portfolio's duration, yield curve positioning and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, inflation, monetary and fiscal policy, as well as the influence of international economic and financial conditions. In combination with our top-down macroeconomic approach, we employ a bottom-up process of fundamental securities analysis to select the specific securities for investments. Elements of this evaluation may include duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. We may sell a security due to changes in our outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or risk/reward profile.

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. Active trading results in increased turnover and trading expenses and may generate higher short-term capital gains. 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 of the underlying securities and NOT to shares of the Fund.

TOP HOLDINGS – % of net assets as of 07-31-2010 Federal National Mortgage Association, 5.00%, 2040-09-01   6.29% U.S. Treasury Note, 2.75%, 2013-10-31   3.59% Federal National Mortgage Association, 5.50%, 2040-09-01   3.10% U.S. Treasury Note, 0.87%, 2011-04-30   2.81% Federal National Mortgage Association, 6.00%, 2040-09-01   2.62% Government National Mortgage Association, 4.50%, 2040-08-01   2.56% Federal National Mortgage Association, 5.50%, 2025-09-01   1.99% U.S. Treasury Note, 3.75%, 2018-11-15   1.85% Federal National Mortgage Association, 4.50%, 2040-09-01   1.84% U.S. Treasury N/b Fixed, 4.62%, 2040-02-15   1.81% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   570 Turnover Rate – as of 7-31-10   162.12%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

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