Our Municipal Income Team is no one-hit wonder. In addition to the Wells Fargo Advantage Ultra Short-Term Municipal Income Fund, the team manages the Wells Fargo Advantage Intermediate Tax/AMT-Free Fund and the Wells Fargo Advantage Municipal Bond Fund – two funds that have shown impressive results over time. Investors willing to move out into longer-maturity investments like these two funds may be rewarded with the potential for higher yields.

Intermediate Tax/AMT-Free – SIMBX

Current Yield as of 3-31-2010				Morningstar Rating – Muni National Interm as of 3-31-2010
30 Day SEC1		Taxable Equivalent2		Overall		3 Yr		5 Yr		10 Yr
2.64		4.06								–
The Overall Star Rating, a weighted average of the three-, five-, and ten-year (if applicable) ratings, is out of 210 funds in the Muni National Interm category based on risk-adjusted return as of 3-31-2010.

	Average Annual Total Returns % as of 3-31-2010
	1 Yr		5 Yr		Life (7-31-01)
Investor Class (SIMBX)	11.60		4.18		5.19
Lipper Intermediate Municipal Debt Funds Average	8.34		3.97		–

Municipal Bond Fund – SXFIX

Current Yield as of 3-31-2010				Morningstar Rating – Muni National Interm as of 3-31-2010
30 Day SEC1		Taxable Equivalent2		Overall		3 Yr		5 Yr		10 Yr
3.61		5.56
The Overall Star Rating, a weighted average of the three-, five-, and ten-year (if applicable) ratings, is out of 251 funds in the Muni National Interm category based on risk-adjusted return as of 3-31-2010.

	Average Annual Total Returns % as of 3-31-2010
	1 Yr		5 Yr		10 Yr		Life (10-23-86)
Investor Class (SXFIX)	19.24		4.81		5.48		5.60
Lipper General Municipal Debt Funds Average	12.86		3.18		4.45		–

Featured White Paper:
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Keeping Municipal Default Risk In Perspective (PDF)
"Muncipal bonds have had significantly lower default rates than their corporate counterparts."

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Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current month-end performance is available by clicking here.

Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge. The adviser has committed, through 10-31-10, to waive fees and/or reimburse expenses to maintain the following Funds' net expense ratios at the following levels. The Intermediate Tax/AMT-Free Fund's net expense ratio is 0.75, and its gross expense ratio is 0.96. The Municipal Bond Fund's net expense ratio is 0.80, and its gross expense ratio is 0.94. Without these reductions, the Funds' returns would have been lower and rankings and ratings may have been lower.

A portion of the Fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT). Any capital gains distributions may be taxable.

A word about risks: Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses and may generate higher short-term capital gains. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to high-yield securities risk. Consult the Fund's prospectus for additional information on these and other risks. A portion of the Fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT). Any capital gains distributions may be taxable.

¹ The 30-Day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on an estimated yield to maturity (assuming all portfolio securities are held to maturity) and is intended to reflect a fund’s hypothetical annualized income, as a percentage of its assets. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than implied by the SEC yield.

² The Fund's taxable equivalent yield is based on a federal income tax rate of 35%.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Across U.S.-domiciled Muni National Interm funds, Intermediate Tax/AMT-Free received 3 stars among 210 funds, 4 stars among 189 funds, and N/A stars among N/A funds for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Muni National Long funds, Municipal Bond received 5 stars among 251 funds, 5 stars among 228 funds, and 4 stars among 200 funds for the three-, five-, and ten-year periods, respectively. Morningstar Rating is for the Investor share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results.

Performance for certain Wells Fargo Advantage Funds (each a "Fund") reflects a predecessor fund's performance and may be adjusted to reflect the Fund's sales charges and/or expenses. Predecessor fund information can be found in each Fund's prospectus.