MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Ultrashort Bond 3-year Morningstar Rating™ (out of 114 funds)   5-year Morningstar Rating™ (out of 101 funds)   10-year Morningstar Rating™ (out of 51 funds)   Overall Morningstar Rating™ (out of 114 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 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper Ultra-Short Obligations Funds

1-year   28 out of 64 3-year   43 out of 57 5-year   37 out of 54 10-year   23 out of 30

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURN – as of 09-30-2009

		1-year		3-year		5-year		10-year		Since Inception
Ultra Short-Term Income Fund		1.82%		1.37%		2.25%		2.82%		5.01%
Lipper Ultra Short Obligation Funds Average		1.75%		1.13%		1.89%		3.06%		--
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		0.75%
Gross Expense Ratio		1.01%
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. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2008		-6.78%
2007		3.17%
2006		4.75%
2005		3.49%
2004		1.96%
2003		2.26%
2002		0.83%
2001		4.26%
2000		6.77%
1999		5.27%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Managed the Ultra Short-Term Income Fund and its predecessor since 2002 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 Managed the Ultra Short-Term Income 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.
		D. James Newton II, CFA, CPA Managed the Ultra Short-Term Income Fund since 2008 Mr. Newton is the head of investment-grade credit research and a portfolio manager for the Wells Capital Management Fixed Income team. He joined Wells Capital Management in 2005 as a portfolio manager and senior research analyst. Prior to joining Wells Capital Management, he was a high-grade, fixed-income analyst with Strong Capital Management since October 2002. Mr. Newton was an investment-grade credit analyst and private placement analyst at Northwestern Mutual Life Insurance Company from July 1998 to October 2002. He earned a master's degree in business administration with a concentration in finance from the University of Michigan and a bachelor's degree in economics with a concentration in accounting from Albion College. He is a Certified Public Accountant and has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

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

PRINCIPAL STRATEGIES  |  We invest principally in income-producing debt securities. Our portfolio holdings may include U.S. Government obligations, corporate debt securities, bank loans and mortgage- and asset-backed debt securities. We may invest in investment-grade and below investment-grade debt securities (often called "high-yield" securities or "junk bonds"), as well as in debt securities of both domestic and 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 one year or less.

We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning, credit quality and sector 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 bottom-up process of fundamental securities analysis to select 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.

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 09-30-2009 JP Morgan Chase & Company Series 3, 0.53%, 2012-12-26   1.65% General Electric Capital Corporation, 0.59%, 2011-04-28   1.59% FNMA, 5.12%, 2042-08-25   1.37% American Express Credit Corporation Series Mtn, 1.64%, 2010-05-27   1.35% ING USA Global Funding Trust Series Mtn, 0.83%, 2009-10-09   1.35% National Semiconductor Corporation, 0.54%, 2010-06-15   1.30% Harrisburg Pa Authority Resource Recovery Facility Capital Appreciation Limited Obligation Series D, 0.00%, 2010-12-15   1.29% CDC Mortgage Capital Trust, 1.22%, 2034-03-25   1.29% William Street Funding Corporation Series 2006-3 Class A, 0.50%, 2012-06-23   1.29% Bear Stearns Companies Incorporated, 5.85%, 2010-07-19   1.20% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   264 Turnover Rate – as of 9-30-09   43.66% Average Credit Quality   A1

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