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   42 out of 96 3-year   26 out of 65 5-year   25 out of 56 10-year   22 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
Ultra Short-Term Income Fund				1.11%		1.50%		1.62%		2.19%		4.60%
Barclays Short-Term U.S. Government/Credit Bond Index				0.35%		0.44%		1.02%		--		--
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 and assumes the reinvestment of dividends and capital gains. 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 01-01-13		0.75%
Gross Expense Ratio		0.88%
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 0.73%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		1.76%
2011		0.48%
2010		3.57%
2009		8.61%
2008		-6.78%
2007		3.17%
2006		4.75%
2005		3.49%
2004		1.96%
2003		2.26%

View the 30-day unsubsidized SEC yields.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Years of investment experience: 23 View biography Mr. Price joined Wells Capital Management in 2005 as a Portfolio Manager. Prior to joining Wells Capital Management, he was with Strong Capital Management ("SCM") since April 1996 as a fixed income research analyst and, since May 1998, as a portfolio manager. During this period, Mr. Price managed several fixed-income funds and separate accounts. Mr. Price began his investment career at Houlihan, Lokey, Howard & Zukin as a financial analyst and later joined Northwestern Mutual Life Insurance as a high-yield bond analyst. He received his B.B.A. degree in Finance from the University of Michigan and his M.B.A. degree in Finance from the Kellogg Graduate School of Management, Northwestern University.
		Jay N. Mueller, CFA Years of investment experience: 30 View biography 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.
		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.
		Noah Wise, CFA Years of investment experience: 12 View biography Noah Wise is a portfolio manager and a research analyst for the Wells Capital Management (WellsCap) Fixed-Income team. Prior to joining WellsCap in 2008, Mr. Wise interned as a research analyst for Victory Capital. Earlier, he worked as a lead market maker for Interactive Brokers. He began his investment industry career as an intern for Capital Financial Services in 2001. Mr. Wise earned a bachelor's degree in finance and a master's degree in business administration with an emphasis in securities analysis from the University of Wisconsin, Madison. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

THE FUND  |  The Wells Fargo Advantage Ultra Short-Term Income Fund seeks current income by investing primarily in a diversified portfolio of fixed-income securities with an average maturity of less than one year.

• Strives to outperform the Barclays Capital Short-Term U.S. Government/Credit Bond Index by investing in corporate bonds and structured products while maintaining a duration target of approximately six months.
• Seeks to typically hold large exposures in spread sectors, including allocations to short-term corporate debt, residential and commercial mortgage-backed debt, and asset-backed securities.
• Uses a relative-value approach based on extensive credit analysis that seeks opportunities from changing market trends and pricing inefficiencies to generate excess returns.

• Rigorous fundamental credit research: Research is conducted through a comprehensive team effort in which all members operate as credit analysts for each of the credits that they cover. This empowers the team to act opportunistically in the marketplace.
• Empowered sector experts: The fund is managed by an interdisciplinary team that combines the expertise of dedicated specialists from various sectors, such as credit, securitized, and government. Each sector leader is empowered to trade the portfolio within the bands of tactical discretion.
• 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.

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, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Bank Nederlandse Gemeenten, 5.00%, 2014-05-16   1.07% Sparebanken 1 Boligkredi Fixed 144a, 1.25%, 2014-10-25   1.03% Nordea Eiendomskreditt A Fixed, 1.87%, 2015-04-07   0.93% Stadshypotek Ab Fixed, 1.45%, 2013-09-30   0.92% Bank N S Halifax Fixed, 1.45%, 2014-07-26   0.88% Phoenix Az Indl Dev Auth Sol W Phodev Adjustable Var, 0.58%, 2035-12-01   0.73% Cnh Equipment Trust Cnh 2013 A A2, 0.44%, 2016-07-15   0.71% Tcm Sub LLC Fixed, 3.55%, 2015-01-15   0.69% Colorado Interstate Gas Sr Unsecured, 5.95%, 2015-03-15   0.67% MERCEDES BENZ AUTO LEASE TRUST MBALT 2013 A A2, 0.49%, 2015-06-15   0.67% 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   362 Turnover Rate – as of 4-30-13   64.63%

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