Wells Fargo Advantage Index Fund – WFIRX

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

				1-year		3-year		5-year		10-year		Since Inception
Index Fund				13.94%		-10.21%		-1.25%		-2.05%		8.76%
S&P 500 Index				14.43%		-9.81%		-0.79%		-1.59%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value 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 07-19-10		0.45%
Gross Expense Ratio		0.75%
The adviser has committed, through 07-18-13, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, including acquired fund fees. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

The inception date of the Investor Class shares was July 16, 2010. Historical performance shown for the Investor Class prior to its inception is based on the performance of the Administrator Class, the original class offered, and has been adjusted to reflect the higher expenses applicable to the Investor Class. Historical performance shown for all classes of the Fund prior to July 16, 2010 is based on the performance of the fund's predecessor, Evergreen Equity Index Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGER

William E. Zieff Mr. Zieff has been with Wells Capital Management or one of its predecessor firms since 2000. He is currently a chief investment officer and managing director with Wells Capital Management's Global Structured Products group. His responsibilities include leading and directing the investment and business activities of the group. Previously, he served as managing director and co-chief investment officer of the Global Asset Allocation Group at Putnam Investments, Inc. He also served as director of asset allocation for Grantham, Mayo, Van Otterloo, as a principal for Northfield Information Services, and was an analyst for Alliance Consulting Group and at Interactive Data Corporation. Mr. Zieff has been working in the investment management field since 1979. Mr. Zieff received a B.A. in economics and mathematics from Brown University and an M.B.A. from Harvard Business School.

OBJECTIVE  |  The Index Fund seeks to replicate the total rate of return of the S&P 500 Index, before fees and expenses.

PRINCIPAL STRATEGIES  |  The Fund is a gateway fund that invests substantially all of its assets in the Index Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies. We invest in substantially all of the common stocks comprising the S&P 500 Index and attempt to achieve at least a 95% correlation between the performance of the S&P 500 Index and the Fund’s investment results, before fees and expenses. This correlation is sought regardless of market conditions.

A precise duplication of the performance of the S&P 500 Index would mean that the NAV of Fund shares, including dividends and capital gains, would increase or decrease in exact proportion to changes in the S&P 500 Index. Such a 100% correlation is not feasible. Our ability to track the performance of the S&P 500 Index may be affected by, among other things, transaction costs and shareholder purchases and redemptions. We continuously monitor the performance and composition of the S&P 500 Index and adjust the Fund’s portfolio as necessary to reflect any changes to the S&P 500 Index and to maintain a 95% or better performance correlation before fees and expenses. Furthermore, we may use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return.

The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments to either maintain liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the Fund may not achieve its objective.

RISKS  |  Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 07-31-2010 Exxon Mobil Corporation   2.97% Apple Incorporated   2.28% Microsoft Corporation   1.91% Procter & Gamble Company   1.71% General Electric Company   1.67% International Business Machines Corporation   1.60% JP Morgan Chase & Company   1.56% Johnson & Johnson   1.56% AT&T Incorporated   1.49% Chevron Corporation   1.49% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

TOP SECTORS – % of net assets as of 07-31-2010 Information Technology   18.54% Financials   16.24% Consumer Staples   11.26% Health Care   11.22% Energy   10.73% Industrials   10.50% Consumer Discretionary   10.06% Utilities   3.64% Materials   3.50% Telecommunication Services   2.99% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   505 Median Market Capitalization   $9.44 Billion Turnover Rate – as of 7-31-10   6.72% R²   1.00 Beta   1.00

ACCOUNT FEATURES Check Writing   No Dividends   Annually

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