Wells Fargo Advantage Municipal Money Market Fund – WMVXX

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

		1-year		3-year		5-year		10-year		Since Inception
Municipal Money Market Fund		0.02%		1.34%		1.98%		1.85%		2.98%
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.  Click here for current month-end performance. 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 lower and rankings and ratings may have been lower. These reductions may be discontinued.

The inception date of the Investor Class shares was July 9, 2010. Historical performance shown for the Investor Class prior to its inception is based on the performance of the Service Class, the original class offered, and have not been adjusted to reflect the higher expenses applicable to the Investor Class. If these returns had been adjusted, returns would be lower. Historical performance shown for Service Class prior to July 9, 2010 is based on the performance of the fund's predecessor, Evergreen Municipal Money Market Fund.

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.
		James Randazzo Mr. Randazzo has been with Wells Capital Management or one of its predecessor firms since 2000. He is currently a portfolio manager and head of the municipal money market team at Wells Capital Management. He has previously served as a financial analyst at KPMG, LLP, as a financial adviser for Prudential Securities, and as a trader for HSBC. He began his investment industry career in 1993 at Greenwich Partners, Inc. Mr. Randazzo earned a bachelor's degree in finance from Iona College and an M.B.A. with an emphasis in finance from the University of Connecticut.

OBJECTIVE  |  The Municipal Money Market Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.

PRINCIPAL STRATEGIES  |  We actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of states, territories and possessions of the U.S. or their political subdivisions and financing authorities. These investments may have fixed, floating, or variable rates of interest. We will only purchase First Tier securities. We may invest 25% or more of the Fund's total assets in industrial development bonds and in participation interests in these securities.

We invest principally in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily federal AMT. The Fund attempts to invest exclusively in these securities however, it is possible that the Fund may invest up to 20% of its net assets in high-quality, short-term money market instruments that pay interest subject to federal income tax.

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

The Fund may temporarily deviate from its principal investment strategies by investing its assets in high-quality, short-term money market instruments that pay interest subject to federal income tax. Circumstances in which the Fund may invest in these securities include, but are not limited to, periods of low or no availability of eligible municipal obligations or in order to manage liquidity. If the Fund invests in securities, it may distribute taxable income.

RISKS  |  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 Fund seeks 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.

A portion of the Fund's income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

TOP HOLDINGS – % of net assets as of 07-31-2010 Louisville + Jefferson Cnty Ky Louutl Fixed, 1.25%, 2011-05-26   1.91% Alaska St Hsg Fin Corp, 0.40%, 2036-12-01   1.71% Puttable Fltg Opt Tax Ex Rcpt Reg Cl C Ppt 1001, 0.31%, 2011-11-30   1.29% Rbc Mun Prods Incorporated Tr Var Sts Rbcgen Adjustable Var, 0.32%, 2026-09-01   1.04% Wood Cnty Ohio Hosp Facs Rev Woomed 03/39 Adjustable Var, 0.30%, 2039-03-01   0.90% Federal Home Ln Mtg Corp Fedmfh 06/36 Adjustable Var, 0.33%, 2036-06-15   0.87% J P Morgan Chase Putters / Dri Jpmtrn 06/33 Adjustable Var, 0.27%, 2033-06-15   0.77% Michigan St Hsg Dev Auth Renta Mishsg 04/41 Adjustable Var, 0.37%, 2041-04-01   0.75% SunAmerica Trust, 0.35%, 2041-07-01   0.75% Clipper Tax-exempt Ctf Tr Cligen Adjustable Var, 0.33%, 2017-05-01   0.74% 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   779 Weighted Average Effective Maturity   17.00 Day(s)

ACCOUNT FEATURES Check Writing   Yes Dividends   Monthly

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

FEES & EXPENSES
Net Expense Ratio – effective since 07-12-10		0.64%
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum