Wells Fargo Advantage Income Plus Fund – WIPNX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Intermediate-Term Bond 3-year Morningstar Rating™ (out of 991 funds)   5-year Morningstar Rating™ (out of 862 funds)   10-year Morningstar Rating™ (out of 520 funds)   Overall Morningstar Rating™ (out of 991 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 Intermediate Investment Grade Debt Funds

1-year   235 out of 556 3-year   N/A 5-year   N/A 10-year   N/A

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
Income Plus Fund				12.73%		8.28%		6.33%		6.65%		5.42%
Lipper Intermediate Investment Grade Debt Funds Average				12.96%		6.26%		4.57%		5.74%		--
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		0.94%
Gross Expense Ratio		1.11%
The adviser has committed to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, excluding acquired fund fees. The contractual waiver end date for class A, B, C and Institutional is 7-11-2013 and for Investor Class shares is 9-30-2010. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		11.82%
2008		2.29%
2007		6.24%
2006		5.32%
2005		1.41%
2004		6.55%
2003		8.41%
2002		7.33%
2001		7.76%
2000		2.77%

Investor Class shares incepted on July 18, 2008. Performance shown prior to the inception of the Investor Class reflects the performance of the Class A shares, and includes expenses that are not applicable to and are higher than those of the Investor Class.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Managed the Income Plus Fund since 2005 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.
		Janet S. Rilling, CFA, CPA Managed the Income Plus Fund since 2008 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.
		D. James Newton II, CFA, CPA Managed the Income Plus 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.
		Michael Bray, CFA Managed the Income Plus Fund since 2008 Mr. Bray entered the investment industry in 1988. He is a portfolio manager on the customized fixed income team at Wells Capital Management. Prior to joining Wells Capital in 2005, he was managing director at State Street Research and Management, focusing on mutual fund and institutional account management. He also gained experience while with Merrill Lynch & Company as vice president of mortgage securities research and sales. Before this, he was an analyst with Manufacturers Hanover Company, specializing in mortgage and derivative securities. Mr. Bray received a bachelor's degree in math and actuarial science from the University of Connecticut, Storrs. He received his master's degree in business administration–finance from The Pennsylvania State University.

OBJECTIVE  |  The Income Plus Fund seeks to maximize income while maintaining prospects for capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in 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 and may include debt securities of both domestic and foreign issuers. We invest in both investment-grade and below investment-grade debt securities. Below investment-grade debt securities (often called "high yield" securities or "junk bonds") offer the potential for higher returns, as they generally carry a higher yield to compensate for the higher risk associated with their investment. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least Caa by Moody's or CCC by Standard & Poor's, or are of equivalent quality. We expect to maintain an average credit quality for this portion of the Fund's portfolio equivalent to B or higher.

We start our investment process with a top-down, macroeconomic outlook to determine portfolio duration and yield curve positioning as well as industry, sector and credit quality allocations. 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. Within these parameters, we then apply rigorous credit research to select individual securities that we believe can add value from income and/or the potential for capital appreciation. Our credit research may include an assessment of an issuer's general financial condition, its competitive positioning and management strength, 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.

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. Active trading results in increased turnover and trading expenses and may generate higher short-term capital gains. 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 07-31-2010 U.S. Treasury Note, 1.75%, 2014-03-31   5.34% U.S. Treasury Note, 2.75%, 2013-10-31   3.50% Federal National Mortgage Association, 5.00%, 2040-09-01   3.21% Federal National Mortgage Association, 6.00%, 2040-09-01   2.83% Federal National Mortgage Association, 5.50%, 2040-09-01   2.78% U.S. Treasury N/b Fixed, 4.62%, 2040-02-15   2.25% U.S. Treasury Bond, 4.37%, 2039-11-15   2.11% U.S. Treasury Note, 1.12%, 2011-12-15   1.78% Federal National Mortgage Association, 4.50%, 2040-09-01   1.75% Government National Mortgage Association, 4.50%, 2040-08-01   1.66% 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   218 Turnover Rate – as of 7-31-10   142.04%

ACCOUNT FEATURES Check Writing   No 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