Wells Fargo Advantage Short-Term Bond Fund – SSTBX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Short-Term Bond 3-year Morningstar Rating™ (out of 385 funds)   5-year Morningstar Rating™ (out of 325 funds)   10-year Morningstar Rating™ (out of 180 funds)   Overall Morningstar Rating™ (out of 385 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 Short Investment Grade Debt Funds

1-year   67 out of 248 3-year   68 out of 222 5-year   45 out of 172 10-year   61 out of 94

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
Short-Term Bond Fund				8.03%		4.62%		4.30%		3.77%		5.70%
Lipper Short Investment Grade Debt Funds Average				6.86%		3.37%		3.40%		3.91%		--
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		0.85%
Gross Expense Ratio		1.02%
The adviser has committed, through 09-30-10, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, excluding acquired fund fees. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		9.45%
2008		-0.57%
2007		4.49%
2006		4.36%
2005		1.98%
2004		2.15%
2003		3.77%
2002		0.62%
2001		4.50%
2000		7.22%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Jay N. Mueller, CFA Managed the Short-Term Bond 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.
		Janet S. Rilling, CFA, CPA Managed the Short-Term Bond Fund since 2005 Ms. Rilling joined Wells Capital Management in 2005 as a Portfolio Manager. Prior to joining Wells Capital Management, she was a portfolio manager with Strong Capital Management, Inc. ("SCM") since 2000 and a research analyst at SCM since 1995. Prior to joining SCM, she was an auditor with Coopers & Lybrand for three years, specializing in the manufacturing and financial services industries. She received her B.A. degree in Accounting and Finance and her M.S. degree in Finance from the University of Wisconsin.

OBJECTIVE  |  The Short-Term Bond Fund seeks current income consistent with capital preservation.

PRINCIPAL STRATEGIES  |  We invest principally in debt securities. We may invest in a variety of debt securities, including corporate, mortgage- and asset-backed securities, bank loans and U.S. Government obligations. These securities may have fixed, floating or variable rates. We invest in both investment-grade and below investment-grade debt securities (often called "high yield securities" or "junk bonds") and may also invest in U.S. dollar-denominated debt securities of foreign issuers. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least BB by Standard & Poor's or Ba by Moody's, or are of equivalent quality. Under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less.

We employ a top-down macroeconomic outlook to determine the portfolio's duration, yield curve positioning and industry allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, corporate profits, 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 bottomup process of fundamental securities analysis to determine the specific securities for investment. Elements of this evaluation may include credit research, duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. Our credit analysis may consider an issuer's general financial condition, its competitive position and its management strategies, as well as industry characteristics and other factors. We may sell a security due to changes in credit characteristics or 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.

The ratings indicated are from Standard & Poor's, Moody's Investors Service, and/or Fitch Ratings Ltd. Credit Quality Ratings: Credit quality ratings apply to underlying holdings of the Fund and not the Fund itself. Standard and Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody's rates the creditworthiness of bonds, ranging from Aaa (highest) to CC (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest).

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk and high-yield securities risk. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 07-31-2010 U.S. Treasury N/b Fixed, 0.75%, 2012-05-31   4.43% WI TREASURY NB 07/13 FIXED 1, 1.00%, 2013-07-15   3.17% FHLMC, 3.62%, 2013-10-18   1.71% FHLMC, 1.25%, 2011-08-15   1.59% FNMA, 1.00%, 2011-11-23   1.59% Federal Home Loan Bank Fixed, 0.75%, 2011-11-21   1.58% Ba Cr Card Tr 2008 A5 Ntcl A, 1.54%, 2013-12-16   1.16% CHAIT 2009 A2 A2 VAR, 1.89%, 2014-04-15   0.97% CCCIT 2009 A1 A1 FRN, 2.09%, 2014-03-17   0.89% JP Morgan Chase & Company Series 3, 0.78%, 2012-12-26   0.84% 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   313 Turnover Rate – as of 7-31-10   41.92%

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