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Wells Fargo Advantage Inflation-Protected Bond Fund Yield Update

Due to the recent effect of negative inflation, portfolio holdings have not generated enough net investment income to support a daily dividend declaration at this time. Effective February 5, 2010, the Wells Fargo Advantage Inflation-Protected Bond Fund's daily distribution yield changed to zero percent. Based on current market conditions, we expect that the 7-day yield and 30-day yield will also adjust to zero percent over their respective time frames. The 7-day current unsubsidized yield (which does not reflect the effect of any fee or expense waivers made by the Fund's advisor) is also expected to adjust to a negative percent over its time frame.

How are distributions calculated?
Distributions for the Inflation-Protected Bond Fund are calculated by using a distribution rate, which is determined in part by the yield to maturity of the inflation-indexed securities within the portfolio plus an applied estimated inflation factor, less Fund expenses.

When will the Fund resume daily dividend declarations?
The Fund's portfolio manager anticipates that the Fund will resume daily dividend declarations and monthly distributions of any net investment income when economic and market conditions are more favorable to the inflation-indexed securities held by the Fund.

Share Class Ticker CUSIP
Class A IPBAX 94975J730
Class B IPBBX 94975J722
Class C IPBCX 94975J714
Administrator IPBIX 94975J698

Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. The principal value of and interest payments on inflation-protected debt securities tend to fall with the rate of inflation. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund's prospectus for additional information on these and other risks.

Carefully consider a fund's investment objectives, risks, charges and expenses before investing. For a current prospectus, containing this and other information, visit for Evergreen mutual funds and for Wells Fargo Advantage Funds. Read the prospectus carefully before investing.