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style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 399% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government mortgage- and asset-backed securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. We will purchase only securities that are rated, at the time of purchase, within the two highest rating categories assigned by a Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. As part of our investment strategy, we may invest in stripped securities or enter into mortgage dollar rolls and reverse repurchase agreements. While we may purchase securities of any maturity or duration, under normal circumstances, we expect the portfolio's overall dollar-weighted average effective duration to be less than that of a 3-year U.S. Treasury note. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential, relative to other debt securities of similar credit quality and interest rate sensitivity. As part of our investment strategy, we invest in mortgage-backed securities guaranteed by U.S. Government agencies that we believe will sufficiently outperform U.S. Treasuries. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +1.83% 0.0354 -0.0131 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.02 0 0 0.03 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0032 0 0.0049 0.0001 0.0082 -0.0003 0.0079 0.0032 0.0075 0.0049 0.0001 0.0157 -0.0003 0.0154 0.0032 0.0075 0.0049 0.0001 0.0157 -0.0003 0.0154 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 279 451 640 1188 457 590 762 1305 257 490 849 1862 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 157 490 762 1305 157 490 849 1862 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0599 0.0192 0.0116 0.0128 0.0386 0.058 0.0394 0.0693 0.034 0.0215 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 1996-03-11 1996-03-11 1996-03-11 2002-05-31 2002-05-31 -0.0092 -0.0162 -0.006 -0.0161 0.0038 0.0156 0.038 0.0258 0.0253 0.0381 0.0365 0.038 0.0331 0.0207 0.0208 0.033 0.0284 0.0338 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in below investment-grade corporate debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.08% 0.0475 -0.0569 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0.03 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0.0044 0 0.005 0.0001 0.0095 -0.0013 0.0082 0.0044 0.0075 0.005 0.0001 0.017 -0.0013 0.0157 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 381 581 797 1420 260 523 911 1998 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 160 523 911 1998 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> -0.0026 0.093 0.044 0.0284 0.0597 0.0324 -0.0582 0.1534 0.0712 0.0335 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 2000-02-29 2000-02-29 2000-02-29 2008-03-31 0.0025 -0.0145 0.0022 0.0157 0.0422 0.0428 0.0379 0.0189 0.021 0.0364 0.068 0.0692 0.0409 0.0217 0.0233 0.0371 0.0642 0.0724 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in corporate debt securities that are below investment-grade;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in equities and convertible debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in debt securities that are in default at the time of purchase.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's, or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. Additionally, we may invest in stripped securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk</b>. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market value of convertible securities tends to decline as interest rates increase and may be affected by changes in the price of the underlying security. In the event of a liquidation of the issuing company, holders of convertible securities would generally be paid only after holders of any senior debt obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Loan Risk.</b> In addition to the same general risks as debt securities, loans in which a Fund invests may be exposed to highly leveraged borrowers, restrictions on transfer and illiquidity, difficulty in fair valuation, limitations on the exercise of remedies, the inability or unwillingness of assignor(s) on whom a Fund relies to demand and receive loan payments, the absence of credit ratings, and potential co-lender liability.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +11.00% 0.1069 -0.1185 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0.0049 0 0.0051 0.0001 0.0101 -0.001 0.0091 0.0049 0.0075 0.0051 0.0001 0.0176 -0.001 0.0166 0.0049 0.0075 0.0051 0.0001 0.0176 -0.001 0.0166 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 539 748 973 1622 669 844 1145 1774 269 544 945 2065 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 169 544 945 1774 169 544 945 2065 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> -0.0682 0.2434 0.1011 0.0329 0.0952 0.0327 -0.1823 0.3311 0.1346 0.0497 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 2000-02-29 2000-02-29 2000-02-29 2008-07-18 2008-07-18 0.0025 -0.0205 0.0014 -0.0082 0.0305 0.0498 0.0504 0.024 0.0269 0.0485 0.0518 0.0754 0.0632 0.0354 0.0367 0.063 0.0604 0.0885 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 256% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in debt securities that are below investment-grade; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in debt securities of foreign issuers, including bonds denominated in foreign currencies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 (often called "high yield" securities or "junk bonds"). As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least CCC by Standard &amp; Poor's or Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We expect to maintain an average credit quality for this portion of the Fund's portfolio equivalent to B or higher. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +5.13% 0.0553 -0.0196 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0039 0 0.005 0.0003 0.0092 -0.0002 0.009 0.0039 0.0075 0.005 0.0003 0.0167 -0.0002 0.0165 0.0039 0.0075 0.005 0.0003 0.0167 -0.0002 0.0165 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 538 728 935 1529 668 825 1105 1681 268 525 905 1975 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 168 525 905 1681 168 525 905 1975 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0733 0.0841 0.0655 0.0141 0.0532 0.0624 0.0229 0.1187 0.0798 0.0777 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 1998-07-13 1998-07-13 1998-07-13 1998-07-13 1998-07-13 0.0292 0.0177 0.0192 0.0204 0.0591 0.074 0.0621 0.0462 0.0437 0.0607 0.0637 0.0639 0.0599 0.0411 0.0399 0.0592 0.0567 0.0601 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 327% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates and also include mortgage-backed securities. As part of our mortgage-backed securities investment strategy, we may enter into dollar rolls or invest in stripped securities. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, 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 duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. We may sell a security due to changes in our 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.75% 0.0558 -0.0281 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.0037 0 0.0049 0.0004 0.009 0 0.009 0.0037 0.0075 0.0049 0.0004 0.0165 0 0.0165 0.0037 0.0075 0.0049 0.0004 0.0165 0 0.0165 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 538 724 926 1508 668 820 1097 1661 268 520 897 1955 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 168 520 897 1661 168 520 897 1955 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.1024 0.0266 0.032 0.022 0.035 0.0698 0.0767 0.0358 0.0548 0.0692 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 1999-08-31 1999-08-31 1999-08-31 2008-07-18 2002-12-26 0.0211 0.0092 0.0138 0.0112 0.0512 0.0608 0.0769 0.0514 0.0361 0.0348 0.05 0.0531 0.0586 0.0642 0.0473 0.0304 0.0302 0.0473 0.0436 0.0489 0.0559 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be one year or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.58% 0.0384 -0.0474 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.02 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0033 0 0.005 0.0002 0.0085 -0.0013 0.0072 0.0033 0.0075 0.005 0.0002 0.016 -0.0013 0.0147 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 272 453 649 1216 250 492 859 1889 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 150 492 859 1889 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0045 0.0209 0.016 0.0346 0.0491 0.0321 -0.0685 0.0867 0.0373 0.0051 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 1999-08-31 1999-08-31 1999-08-31 2008-07-18 -0.015 -0.0196 -0.0098 -0.0124 0.0159 0.0051 0.0037 0.0132 0.0022 0.0048 0.0096 0.0399 0.0247 0.0232 0.019 0.0066 0.0088 0.0145 0.0363 0.0246 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">At least 80% of the Fund's net assets in mortgage-backed and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities, that have interest rates that reset at periodic intervals; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Up to 20% of the Fund's total assets in obligations that pay fixed interest rates.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in mortgage-backed securities (including collateralized mortgage obligations (CMOs)) and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities. Under normal circumstances, we expect to maintain an average credit quality rating for the portfolio equivalent to the highest rating available from a Nationally Recognized Statistical Ratings Organization (NRSRO). In the event that a NRSRO assigns U.S. sovereign debt a rating below its highest rating, we expect to maintain an average credit quality rating that is equivalent to the average rating assigned to U.S. sovereign debt. We may also use futures for duration and yield curve management. As part of our mortgage-backed securities investment strategy, we may enter into dollar roll transactions. Under normal circumstances, the dollar-weighted average reset period of the adjustable rate securities held by the Fund will not exceed one year.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning, issuer selection 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 the effect of changing principal prepayments, interest rate and yield spread volatility, and the impact of changes in the level and shape of the yield curve on a security's value. We may sell a security based on how we expect these factors to affect a security's value relative to its indicated sales price 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.83% 0.0301 -0.028 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.02 0 0 0.015 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0033 0 0.0048 0.0001 0.0082 -0.0007 0.0075 0.0033 0.0075 0.0048 0.0001 0.0157 -0.0007 0.015 0.0033 0.0075 0.0048 0.0001 0.0157 -0.0007 0.015 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 275 450 639 1187 303 489 849 1388 253 489 849 1861 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 153 489 849 1388 153 489 849 1861 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0421 0.0181 0.0176 0.0203 0.0445 0.0448 -0.0121 0.066 0.0276 0.0179 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 -0.0029 -0.0091 -0.0019 -0.0047 0.0003 0.0028 0.0244 0.0129 0.014 0.0224 0.0209 0.0208 0.0264 0.014 0.0151 0.0255 0.021 0.023 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in debt securities that are below-investment grade.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as convertible bonds. These securities may have fixed, floating or variable rates. We may invest in below investment-grade debt securities of any credit quality. The average credit quality of the Fund's portfolio is expected to be equivalent to B or higher based on the credit ratings assigned to underlying securities by Moody's, Standard &amp; Poor's, from other Nationally Recognized Statistical Ratings Organizations, or our credit quality assessment of the underlying securities. We do not manage the Fund's portfolio to a specific maturity or duration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Securities in the Fund's portfolio may be issued by domestic or foreign issuers (including foreign governments), and may include securities of emerging markets issuers.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process by looking at macroeconomic factors, such as the pace of economic growth, employment conditions, corporate profits, inflation rates, monetary and fiscal policy, within the context of other even broader factors, including the influence of international economic and financial conditions. This top-down, macroeconomic outlook helps us to determine the sectors and industries in which we believe the portfolio should invest, and in what proportions. We then seek those industries within this macroeconomic environment which we find attractive - industries that are either growing at or above the rate of economic growth (growth industries) or out of favor industries with potentially improving outlooks (value industries.) Within those industries, we prefer companies with sustainable competitive advantages and high barriers to entry, and we specifically seek companies with strong management teams and financial flexibility.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +10.33% 0.2052 -0.1704 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0.005 0 0.0052 0.0001 0.0103 0 0.0103 0.005 0.0075 0.0052 0.0001 0.0178 0 0.0178 0.005 0.0075 0.0052 0.0001 0.0178 0 0.0178 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 550 763 993 1653 681 860 1164 1804 281 560 964 2095 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 181 560 964 1804 181 560 964 2095 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0.0509 0.206 0.0865 0.0088 0.0907 0.0286 -0.2617 0.5242 0.1326 0.0408 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 1998-01-20 1998-01-20 1998-01-20 1935-09-11 1998-01-21 -0.0069 -0.0296 -0.0047 -0.0156 0.0231 0.0437 0.0542 0.0248 0.0281 0.0533 0.0563 0.0754 0.0705 0.0411 0.0423 0.0699 0.0675 0.0874 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i> ®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. Additionally, we may invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 1st Quarter 2002 Year-to-date total return as of 9/30/2012 is +2.52% 0.0368 -0.0198 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.02 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.0034 0 0.0051 0.0001 0.0086 -0.0005 0.0081 0.0034 0.0075 0.0051 0.0001 0.0161 -0.0005 0.0156 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 281 464 662 1235 259 503 871 1907 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 159 503 871 1907 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.004 0.0357 0.0198 0.0195 0.0441 0.0455 -0.004 0.0937 0.0433 0.0182 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 1999-08-31 1999-08-31 1999-08-31 2008-03-31 -0.0123 -0.0189 -0.008 -0.0005 0.0159 0.0325 0.0204 0.0206 0.0308 0.0399 0.0285 0.0151 0.0162 0.0246 0.0363 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 399% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government mortgage- and asset-backed securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. We will purchase only securities that are rated, at the time of purchase, within the two highest rating categories assigned by a Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. As part of our investment strategy, we may invest in stripped securities or enter into mortgage dollar rolls and reverse repurchase agreements. While we may purchase securities of any maturity or duration, under normal circumstances, we expect the portfolio's overall dollar-weighted average effective duration to be less than that of a 3-year U.S. Treasury note. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential, relative to other debt securities of similar credit quality and interest rate sensitivity. As part of our investment strategy, we invest in mortgage-backed securities guaranteed by U.S. Government agencies that we believe will sufficiently outperform U.S. Treasuries. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.00% 0.035 -0.0114 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0032 0 0.0043 0.0001 0.0076 -0.0015 0.0061 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 62 212 392 913 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0628 0.0229 0.0145 0.0153 0.0422 0.0595 0.0431 0.0708 0.0375 0.0238 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 1992-12-18 1992-12-18 1992-12-18 0.0238 0.0157 0.0154 0.0156 0.0468 0.0337 0.0324 0.038 0.0391 0.0256 0.0254 0.0338 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in below investment-grade corporate debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.20% 0.0475 -0.0569 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0.0044 0 0.0044 0.0001 0.0089 -0.0023 0.0066 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 67 261 471 1075 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> -0.0026 0.093 0.044 0.0284 0.0597 0.0324 -0.0582 0.1534 0.0702 0.0364 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.0364 0.0182 0.0243 0.0422 0.0428 0.0446 0.0253 0.0267 0.068 0.0692 0.0443 0.0249 0.0262 0.0642 0.0724 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in corporate debt securities that are below investment-grade;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in equities and convertible debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in debt securities that are in default at the time of purchase.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's, or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. Additionally, we may invest in stripped securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk</b>. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market value of convertible securities tends to decline as interest rates increase and may be affected by changes in the price of the underlying security. In the event of a liquidation of the issuing company, holders of convertible securities would generally be paid only after holders of any senior debt obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Loan Risk.</b> In addition to the same general risks as debt securities, loans in which a Fund invests may be exposed to highly leveraged borrowers, restrictions on transfer and illiquidity, difficulty in fair valuation, limitations on the exercise of remedies, the inability or unwillingness of assignor(s) on whom a Fund relies to demand and receive loan payments, the absence of credit ratings, and potential co-lender liability.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +11.32% 0.1064 -0.1186 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0.0049 0 0.0045 0.0001 0.0095 -0.0014 0.0081 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 83 289 512 1154 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> -0.0615 0.2487 0.1065 0.0366 0.095 0.0341 -0.1809 0.3321 0.1348 0.0509 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.0509 0.0265 0.0329 0.0498 0.0612 0.0334 0.0354 0.0754 0.0707 0.0411 0.0422 0.0885 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 256% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in debt securities that are below investment-grade; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in debt securities of foreign issuers, including bonds denominated in foreign currencies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 (often called "high yield" securities or "junk bonds"). As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least CCC by Standard &amp; Poor's or Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We expect to maintain an average credit quality for this portion of the Fund's portfolio equivalent to B or higher. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +5.25% 0.0557 -0.0199 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0039 0 0.0044 0.0003 0.0086 -0.0011 0.0075 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 77 263 466 1051 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0718 0.0826 0.064 0.0127 0.0517 0.0609 0.023 0.1203 0.0807 0.079 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.079 0.0662 0.0516 0.074 0.0723 0.0556 0.0521 0.0639 0.0643 0.0451 0.0435 0.0601 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 327% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates and also include mortgage-backed securities. As part of our mortgage-backed securities investment strategy, we may enter into dollar rolls or invest in stripped securities. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, 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 duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. We may sell a security due to changes in our 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.82% 0.0568 -0.0271 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.0037 0 0.0043 0.0004 0.0084 -0.0016 0.0068 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 69 252 450 1022 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.1067 0.0307 0.0353 0.0255 0.0374 0.0719 0.0788 0.0379 0.0567 0.0715 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.0715 0.0582 0.0465 0.0608 0.0769 0.0633 0.0471 0.0446 0.0586 0.0642 0.055 0.0366 0.036 0.0489 0.0559 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be one year or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.82% 0.0389 -0.0461 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0033 0 0.0044 0.0002 0.0079 -0.0022 0.0057 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0097 0.0261 0.0211 0.033 0.0511 0.034 -0.0663 0.0872 0.039 0.0054 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.0054 0.0002 0.0035 0.0159 0.0051 0.0037 0.0186 0.007 0.009 0.0399 0.0247 0.0232 0.0233 0.0096 0.0117 0.0363 0.0246 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">At least 80% of the Fund's net assets in mortgage-backed and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities, that have interest rates that reset at periodic intervals; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Up to 20% of the Fund's total assets in obligations that pay fixed interest rates.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in mortgage-backed securities (including collateralized mortgage obligations (CMOs)) and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities. Under normal circumstances, we expect to maintain an average credit quality rating for the portfolio equivalent to the highest rating available from a Nationally Recognized Statistical Ratings Organization (NRSRO). In the event that a NRSRO assigns U.S. sovereign debt a rating below its highest rating, we expect to maintain an average credit quality rating that is equivalent to the average rating assigned to U.S. sovereign debt. We may also use futures for duration and yield curve management. As part of our mortgage-backed securities investment strategy, we may enter into dollar roll transactions. Under normal circumstances, the dollar-weighted average reset period of the adjustable rate securities held by the Fund will not exceed one year.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning, issuer selection 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 the effect of changing principal prepayments, interest rate and yield spread volatility, and the impact of changes in the level and shape of the yield curve on a security's value. We may sell a security based on how we expect these factors to affect a security's value relative to its indicated sales price 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.94% 0.0305 -0.0276 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0033 0 0.0042 0.0001 0.0076 -0.0015 0.0061 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 62 228 408 928 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0435 0.0198 0.0196 0.0223 0.0463 0.0464 -0.0106 0.0675 0.0289 0.0193 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 2010-07-30 2010-07-30 0.0193 0.0125 0.0125 0.0028 0.03 0.0176 0.0183 0.0208 0.0301 0.0168 0.0178 0.023 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in debt securities that are below-investment grade.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as convertible bonds. These securities may have fixed, floating or variable rates. We may invest in below investment-grade debt securities of any credit quality. The average credit quality of the Fund's portfolio is expected to be equivalent to B or higher based on the credit ratings assigned to underlying securities by Moody's, Standard &amp; Poor's, from other Nationally Recognized Statistical Ratings Organizations, or our credit quality assessment of the underlying securities. We do not manage the Fund's portfolio to a specific maturity or duration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Securities in the Fund's portfolio may be issued by domestic or foreign issuers (including foreign governments), and may include securities of emerging markets issuers.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process by looking at macroeconomic factors, such as the pace of economic growth, employment conditions, corporate profits, inflation rates, monetary and fiscal policy, within the context of other even broader factors, including the influence of international economic and financial conditions. This top-down, macroeconomic outlook helps us to determine the sectors and industries in which we believe the portfolio should invest, and in what proportions. We then seek those industries within this macroeconomic environment which we find attractive - industries that are either growing at or above the rate of economic growth (growth industries) or out of favor industries with potentially improving outlooks (value industries.) Within those industries, we prefer companies with sustainable competitive advantages and high barriers to entry, and we specifically seek companies with strong management teams and financial flexibility.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +10.52% 0.2059 -0.1699 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0.005 0 0.0046 0.0001 0.0097 -0.0016 0.0081 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 83 293 521 1175 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 0.0535 0.2094 0.0897 0.0118 0.0938 0.0312 -0.2597 0.5279 0.1353 0.043 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029107Member ~</div> 1998-04-14 1998-04-14 1998-04-14 0.043 0.0185 0.0278 0.0437 0.0667 0.0361 0.0382 0.0754 0.0781 0.0476 0.0483 0.0874 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 399% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government mortgage- and asset-backed securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. We will purchase only securities that are rated, at the time of purchase, within the two highest rating categories assigned by a Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. As part of our investment strategy, we may invest in stripped securities or enter into mortgage dollar rolls and reverse repurchase agreements. While we may purchase securities of any maturity or duration, under normal circumstances, we expect the portfolio's overall dollar-weighted average effective duration to be less than that of a 3-year U.S. Treasury note. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential, relative to other debt securities of similar credit quality and interest rate sensitivity. As part of our investment strategy, we invest in mortgage-backed securities guaranteed by U.S. Government agencies that we believe will sufficiently outperform U.S. Treasuries. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.14% 0.0354 -0.0114 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0032 0 0.0016 0.0001 0.0049 -0.0006 0.0043 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 44 145 262 604 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0628 0.0229 0.0145 0.0165 0.0441 0.0625 0.0439 0.0728 0.0394 0.0246 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.0246 0.016 0.016 0.0156 0.0485 0.0347 0.0334 0.038 0.0402 0.0263 0.0261 0.0338 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in below investment-grade corporate debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class </b> </p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.20% 0.0475 -0.0569 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0.0044 0 0.0017 0.0001 0.0062 -0.0011 0.0051 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 52 187 335 764 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> -0.0026 0.093 0.044 0.0284 0.0597 0.0324 -0.0582 0.1534 0.0702 0.0364 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 2012-11-30 2012-11-30 2012-11-30 0.0364 0.0182 0.0243 0.0428 0.0422 0.0446 0.0253 0.0267 0.0692 0.068 0.0443 0.0249 0.0262 0.0724 0.0642 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in corporate debt securities that are below investment-grade;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in equities and convertible debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in debt securities that are in default at the time of purchase.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's, or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. Additionally, we may invest in stripped securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk</b>. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market value of convertible securities tends to decline as interest rates increase and may be affected by changes in the price of the underlying security. In the event of a liquidation of the issuing company, holders of convertible securities would generally be paid only after holders of any senior debt obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Loan Risk.</b> In addition to the same general risks as debt securities, loans in which a Fund invests may be exposed to highly leveraged borrowers, restrictions on transfer and illiquidity, difficulty in fair valuation, limitations on the exercise of remedies, the inability or unwillingness of assignor(s) on whom a Fund relies to demand and receive loan payments, the absence of credit ratings, and potential co-lender liability.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +11.42% 0.1072 -0.1179 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0.0049 0 0.0018 0.0001 0.0068 -0.0017 0.0051 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 52 200 362 830 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> -0.0587 0.2524 0.1099 0.0397 0.0982 0.0372 -0.1785 0.3361 0.1386 0.054 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 2001-07-31 2001-07-31 2001-07-31 0.054 0.0285 0.0349 0.0498 0.0644 0.0363 0.0379 0.0754 0.0739 0.0441 0.0449 0.0885 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 256% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in debt securities that are below investment-grade; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in debt securities of foreign issuers, including bonds denominated in foreign currencies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 (often called "high yield" securities or "junk bonds"). As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least CCC by Standard &amp; Poor's or Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We expect to maintain an average credit quality for this portion of the Fund's portfolio equivalent to B or higher. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +5.36% 0.0561 -0.0196 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0039 0 0.0017 0.0003 0.0059 0 0.0059 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 60 189 329 738 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0733 0.0841 0.0655 0.0141 0.0532 0.0624 0.0244 0.1219 0.0831 0.0814 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 2008-07-18 2008-07-18 2008-07-18 0.0814 0.068 0.0532 0.074 0.0742 0.0573 0.0536 0.0639 0.0659 0.0466 0.0449 0.0601 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 327% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates and also include mortgage-backed securities. As part of our mortgage-backed securities investment strategy, we may enter into dollar rolls or invest in stripped securities. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, 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 duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. We may sell a security due to changes in our 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total</b> <b>Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +3.04% 0.0575 -0.0266 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.0037 0 0.0016 0.0004 0.0057 -0.0005 0.0052 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 53 178 313 709 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.1096 0.0331 0.0374 0.0269 0.0407 0.0743 0.0802 0.0402 0.0588 0.0733 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 1999-08-31 1999-08-31 1999-08-31 0.0733 0.0594 0.0476 0.0608 0.0769 0.0652 0.0483 0.0458 0.0586 0.0642 0.0571 0.0382 0.0376 0.0489 0.0559 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be one year or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.97% 0.0393 -0.0466 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0033 0 0.0017 0.0002 0.0052 -0.0015 0.0037 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 38 152 276 638 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0122 0.0286 0.0234 0.0397 0.0538 0.0365 -0.0652 0.0905 0.041 0.0074 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 1999-08-31 1999-08-31 1999-08-31 0.0074 0.0015 0.0048 0.0159 0.0051 0.0037 0.0208 0.0084 0.0104 0.0399 0.0247 0.0232 0.0261 0.0118 0.0137 0.0363 0.0246 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">At least 80% of the Fund's net assets in mortgage-backed and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities, that have interest rates that reset at periodic intervals; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Up to 20% of the Fund's total assets in obligations that pay fixed interest rates.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in mortgage-backed securities (including collateralized mortgage obligations (CMOs)) and asset-backed securities issued or guaranteed by U.S. Government agencies or government-sponsored entities. Under normal circumstances, we expect to maintain an average credit quality rating for the portfolio equivalent to the highest rating available from a Nationally Recognized Statistical Ratings Organization (NRSRO). In the event that a NRSRO assigns U.S. sovereign debt a rating below its highest rating, we expect to maintain an average credit quality rating that is equivalent to the average rating assigned to U.S. sovereign debt. We may also use futures for duration and yield curve management. As part of our mortgage-backed securities investment strategy, we may enter into dollar roll transactions. Under normal circumstances, the dollar-weighted average reset period of the adjustable rate securities held by the Fund will not exceed one year.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning, issuer selection 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 the effect of changing principal prepayments, interest rate and yield spread volatility, and the impact of changes in the level and shape of the yield curve on a security's value. We may sell a security based on how we expect these factors to affect a security's value relative to its indicated sales price 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 of each year Institutional Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +2.02% 0.0308 -0.0274 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0033 0 0.0015 0.0001 0.0049 -0.0002 0.0047 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 48 155 272 614 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 0.0446 0.0209 0.0207 0.0234 0.0474 0.0475 -0.0095 0.0687 0.0301 0.0205 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029096Member ~</div> 1991-10-01 1991-10-01 1991-10-01 0.0205 0.0133 0.0133 0.0028 0.0311 0.0187 0.0192 0.0208 0.0312 0.0179 0.0187 0.023 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. Additionally, we may invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 1st Quarter 2002 Year-to-date total return as of 9/30/2012 is +2.76% 0.0376 -0.0192 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.0034 0 0.0018 0.0001 0.0053 -0.0004 0.0049 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 50 166 292 661 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.0105 0.0422 0.026 0.0237 0.048 0.0492 -0.002 0.0985 0.0466 0.0203 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 1999-08-31 1999-08-31 1999-08-31 0.0203 0.0123 0.0132 0.0159 0.042 0.0286 0.028 0.0399 0.036 0.0209 0.0216 0.0363 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to provide current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 399% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Under normal circumstances we invest at least 80% of the Fund's net assets in U.S. Government obligations and up to 20% of the Fund's net assets in non-government mortgage- and asset-backed securities. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. We will purchase only securities that are rated, at the time of purchase, within the two highest rating categories assigned by a Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. As part of our investment strategy, we may invest in stripped securities or enter into mortgage dollar rolls and reverse repurchase agreements. While we may purchase securities of any maturity or duration, under normal circumstances, we expect the portfolio's overall dollar-weighted average effective duration to be less than that of a 3-year U.S. Treasury note. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential, relative to other debt securities of similar credit quality and interest rate sensitivity. As part of our investment strategy, we invest in mortgage-backed securities guaranteed by U.S. Government agencies that we believe will sufficiently outperform U.S. Treasuries. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Class R6</b> </p> Year-to-date total return as of 9/30/2012 is 2.14% Highest Quarter: 1st Quarter 2009 0.0354 Lowest Quarter: 2nd Quarter 2004 -0.0114 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <div style="display:none">~http://wells/role/ShareholderFeesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0032 0 0.0011 0.0001 0.0044 -0.0006 0.0038 <div style="display:none">~ http://wells/role/ExpenseExampleEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 39 129 234 543 <div style="display:none">~ http://wells/role/BarChartDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 0.0628 0.0229 0.0145 0.0165 0.0441 0.0625 0.0439 0.0728 0.0394 0.0246 <div style="display:none">~ http://wells/role/PerformanceTableDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007419Member ~</div> 2012-11-30 0.0246 0.0156 0.0485 0.038 0.0402 0.0338 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in below investment-grade corporate debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Investor Class</b> </p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.05% 0.0473 -0.0568 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 0.0044 0 0.0053 0.0001 0.0098 -0.0013 0.0085 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 87 299 529 1190 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> -0.0013 0.0952 0.0446 0.0295 0.0597 0.0324 -0.0582 0.1528 0.0695 0.0344 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007428Member ~</div> 1997-06-30 1997-06-30 1997-06-30 0.0344 0.017 0.023 0.0422 0.0428 0.044 0.0249 0.0263 0.068 0.0692 0.0445 0.025 0.0263 0.0642 0.0724 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of a high level of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in corporate debt securities that are below investment-grade;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in equities and convertible debt securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in debt securities that are in default at the time of purchase.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by Standard &amp; Poor's, or Ba through Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use swap agreements to reduce cash positions and to cost-effectively increase credit exposure, and futures to manage duration exposure. Additionally, we may invest in stripped securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We start our investment process with a top-down, macroeconomic outlook to determine industry 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk</b>. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market value of convertible securities tends to decline as interest rates increase and may be affected by changes in the price of the underlying security. In the event of a liquidation of the issuing company, holders of convertible securities would generally be paid only after holders of any senior debt obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Loan Risk.</b> In addition to the same general risks as debt securities, loans in which a Fund invests may be exposed to highly leveraged borrowers, restrictions on transfer and illiquidity, difficulty in fair valuation, limitations on the exercise of remedies, the inability or unwillingness of assignor(s) on whom a Fund relies to demand and receive loan payments, the absence of credit ratings, and potential co-lender liability.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Swaps Risk</b>. Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Investor Class</b> </p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +11.10% 0.1082 -0.1195 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 0.0049 0 0.0054 0.0001 0.0104 -0.001 0.0094 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 96 321 564 1262 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> -0.0665 0.2476 0.1022 0.0336 0.0952 0.0328 -0.1827 0.3314 0.1339 0.048 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007416Member ~</div> 1995-12-28 1995-12-28 1995-12-28 0.048 0.0241 0.031 0.0498 0.0596 0.0331 0.0348 0.0754 0.0686 0.0405 0.0414 0.0885 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 256% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in debt securities that are below investment-grade; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in debt securities of foreign issuers, including bonds denominated in foreign currencies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 (often called "high yield" securities or "junk bonds"). As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated at least CCC by Standard &amp; Poor's or Caa by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We expect to maintain an average credit quality for this portion of the Fund's portfolio equivalent to B or higher. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Investor Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +5.11% 0.0552 -0.0196 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0039 0 0.0053 0.0003 0.0095 -0.0004 0.0091 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 93 299 522 1163 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 0.0733 0.0841 0.0655 0.0141 0.0532 0.0624 0.0229 0.1182 0.0794 0.0777 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007418Member ~</div> 2008-07-18 2008-07-18 2008-07-18 0.0777 0.0656 0.0508 0.074 0.0717 0.0557 0.052 0.0639 0.0647 0.0458 0.0441 0.0601 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 327% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in non-government investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in U.S. Government obligations, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates and also include mortgage-backed securities. As part of our mortgage-backed securities investment strategy, we may enter into dollar rolls or invest in stripped securities. We may also use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a top-down, macroeconomic outlook to determine the portfolio's duration, yield curve positioning and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, 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 duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. We may sell a security due to changes in our 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Investor Class</b> </p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.72% 0.0563 -0.0278 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.0037 0 0.0052 0.0004 0.0093 0 0.0093 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 95 296 515 1143 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 0.1046 0.028 0.033 0.0216 0.0354 0.0692 0.076 0.0355 0.0543 0.0688 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007415Member ~</div> 1986-10-29 1986-10-29 1986-10-29 0.0688 0.0565 0.0448 0.0608 0.0769 0.0607 0.0454 0.0429 0.0586 0.0642 0.0524 0.0353 0.0346 0.0489 0.0559 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in income-producing debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. We may also invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be one year or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.67% 0.037 -0.0464 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0033 0 0.0053 0.0002 0.0088 -0.0013 0.0075 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 77 268 475 1072 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 0.0083 0.0226 0.0196 0.0349 0.0475 0.0317 -0.0678 0.0861 0.0357 0.0048 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007431Member ~</div> 1988-11-25 1988-11-25 1988-11-25 0.0048 0.0002 0.0031 0.0159 0.0051 0.0037 0.0168 0.006 0.008 0.0399 0.0247 0.0232 0.0217 0.009 0.0109 0.0363 0.0246 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in debt securities;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 25% of the Fund's total assets in U.S. dollar-denominated debt securities of foreign issuers; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade debt securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 &amp; Poor's or Ba by Moody's, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of comparable quality. We may also use futures for duration and yield curve management. Additionally, we may invest in stripped securities. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be three years or less. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by the major rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Stripped Securities Risk.</b> Stripped securities are the separate income or principal components of debt securities. These securities are particularly sensitive to changes in interest rates, and therefore subject to greater fluctuations in price than typical interest bearing debt securities. For example, stripped mortgage-backed securities have greater interest rate risk than mortgage-backed securities with like maturities, and stripped treasury securities have greater interest rate risk than traditional government securities with identical credit ratings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk.</b> U.S. Government obligations may be adversely impacted by changes in interest rates, and may not be backed by the full faith and credit of the U.S. Government.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Calendar Year Total Returns as of 12/31 each year Investor Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 1st Quarter 2002 Year-to-date total return as of 9/30/2012 is +2.50% 0.0355 -0.0192 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Returns for the periods ended 12/31/2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.0034 0 0.0054 0.0001 0.0089 -0.0007 0.0082 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 84 277 486 1090 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 0.0062 0.0377 0.0215 0.0198 0.0436 0.0449 -0.0057 0.0945 0.0429 0.0168 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007427Member ~</div> 1987-08-31 1987-08-31 1987-08-31 0.0168 0.0101 0.0109 0.0159 0.0381 0.0261 0.0255 0.0399 0.0319 0.0183 0.019 0.0363 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 69 and 72 of the Prospectus and "Additional Purchase and Redemption Information" on page 59 of the Statement of Additional Information. 50000 50000 50000 50000 50000 50000 50000 50000 50000 0.09 3.27 0.22 0.37 2.56 3.99 0.44 0.28 0.61 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2014-12-31 2013-12-31 2013-12-31 2013-12-31 <pre> Highest Quarter: 1st Quarter 2009 +3.01% Lowest Quarter: 4th Quarter 2008 -2.80% Year-to-date total return as of 9/30/2012 is +1.83% </pre> <pre> Highest Quarter: 3rd Quarter 2002 +5.58% Lowest Quarter: 2nd Quarter 2004 -2.81% Year-to-date total return as of 9/30/2012 is +2.75% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +10.69% Lowest Quarter: 4th Quarter 2008 -11.85% Year-to-date total return as of 9/30/2012 is +11.00% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +20.52% Lowest Quarter: 4th Quarter 2008 -17.04% Year-to-date total return as of 9/30/2012 is +10.33% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +5.53% Lowest Quarter: 2nd Quarter 2004 -1.96% Year-to-date total return as of 9/30/2012 is +5.13% </pre> <pre> Highest Quarter: 1st Quarter 2009 +3.54% Lowest Quarter: 2nd Quarter 2004 -1.31% Year-to-date total return as of 9/30/2012 is +1.83% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.68% Lowest Quarter: 1st Quarter 2002 -1.98% Year-to-date total return as of 9/30/2012 is +2.52% </pre> <pre> Highest Quarter: 1st Quarter 2009 +4.75% Lowest Quarter: 4th Quarter 2008 -5.69% Year-to-date total return as of 9/30/2012 is +5.08% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.84% Lowest Quarter: 4th Quarter 2008 -4.74% Year-to-date total return as of 9/30/2012 is +1.58% </pre> 0.0183 2012-09-30 0.0275 2012-09-30 0.1100 2012-09-30 0.1033 2012-09-30 0.0513 2012-09-30 0.0183 2012-09-30 0.0252 2012-09-30 0.0508 2012-09-30 0.0158 2012-09-30 0.09 3.27 0.22 0.37 2.56 3.99 0.28 0.61 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2014-12-31 2013-12-31 2013-12-31 <pre> Highest Quarter: 1st Quarter 2009 +3.05% Lowest Quarter: 4th Quarter 2008 -2.76% Year-to-date total return as of 9/30/2012 is +1.94% </pre> <pre> Highest Quarter: 3rd Quarter 2002 +5.68% Lowest Quarter: 2nd Quarter 2004 -2.71% Year-to-date total return as of 9/30/2012 is +2.82% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +10.64% Lowest Quarter: 4th Quarter 2008 -11.86% Year-to-date total return as of 9/30/2012 is +11.32% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +20.59% Lowest Quarter: 4th Quarter 2008 -16.99% Year-to-date total return as of 9/30/2012 is +10.52% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +5.57% Lowest Quarter: 2nd Quarter 2004 -1.99% Year-to-date total return as of 9/30/2012 is +5.25% </pre> <pre> Highest Quarter: 1st Quarter 2009 +3.50% Lowest Quarter: 2nd Quarter 2004 -1.14% Year-to-date total return as of 9/30/2012 is +2.00% </pre> <pre> Highest Quarter: 1st Quarter 2009 +4.75% Lowest Quarter: 4th Quarter 2008 -5.69% Year-to-date total return as of 9/30/2012 is +5.20% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.89% Lowest Quarter: 4th Quarter 2008 -4.61% Year-to-date total return as of 9/30/2012 is +1.82% </pre> 0.0194 2012-09-30 0.0282 2012-09-30 0.1132 2012-09-30 0.1052 2012-09-30 0.0525 2012-09-30 0.0200 2012-09-30 0.0520 2012-09-30 0.0182 2012-09-30 0.09 3.27 0.22 2.56 3.99 0.44 0.28 0.61 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2014-12-31 2013-12-31 2013-12-31 2013-12-31 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. <pre> Highest Quarter: 1st Quarter 2009 +3.08% Lowest Quarter: 4th Quarter 2008 -2.74% Year-to-date total return as of 9/30/2012 is +2.02% </pre> <pre> Highest Quarter: 3rd Quarter 2002 +5.75% Lowest Quarter: 2nd Quarter 2004 -2.66% Year-to-date total return as of 9/30/2012 is +3.04% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +10.72% Lowest Quarter: 4th Quarter 2008 -11.79% Year-to-date total return as of 9/30/2012 is +11.42% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +5.61% Lowest Quarter: 2nd Quarter 2004 -1.96% Year-to-date total return as of 9/30/2012 is +5.36% </pre> <pre> Highest Quarter: 1st Quarter 2009 +3.54% Lowest Quarter: 2nd Quarter 2004 -1.14% Year-to-date total return as of 9/30/2012 is +2.14% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.76% Lowest Quarter: 1st Quarter 2002 -1.92% Year-to-date total return as of 9/30/2012 is +2.76% </pre> <pre> Highest Quarter: 1st Quarter 2009 +4.75% Lowest Quarter: 4th Quarter 2008 -5.69% Year-to-date total return as of 9/30/2012 is +5.20% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.93% Lowest Quarter: 4th Quarter 2008 -4.66% Year-to-date total return as of 9/30/2012 is +1.97% </pre> 0.0202 2012-09-30 0.0304 2012-09-30 0.1142 2012-09-30 0.0536 2012-09-30 0.0214 2012-09-30 0.0276 2012-09-30 0.0520 2012-09-30 0.0197 2012-09-30 3.27 0.22 2.56 0.44 0.28 0.61 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2013-12-31 <pre> Highest Quarter: 3rd Quarter 2002 +5.63% Lowest Quarter: 2nd Quarter 2004 -2.78% Year-to-date total return as of 9/30/2012 is +2.72% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +10.82% Lowest Quarter: 4th Quarter 2008 -11.95% Year-to-date total return as of 9/30/2012 is +11.10% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +5.52% Lowest Quarter: 2nd Quarter 2004 -1.96% Year-to-date total return as of 9/30/2012 is +5.11% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.55% Lowest Quarter: 1st Quarter 2002 -1.92% Year-to-date total return as of 9/30/2012 is +2.50% </pre> <pre> Highest Quarter: 1st Quarter 2009 +4.73% Lowest Quarter: 4th Quarter 2008 -5.68% Year-to-date total return as of 9/30/2012 is +5.05% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +3.70% Lowest Quarter: 4th Quarter 2008 -4.64% Year-to-date total return as of 9/30/2012 is +1.67% </pre> 0.0272 2012-09-30 0.1110 2012-09-30 0.0511