Wells Fargo Advantage Colorado Tax-Free Fund – NWCOX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Muni Single State Long 3-year Morningstar Rating™ (out of 281 funds)   5-year Morningstar Rating™ (out of 270 funds)   10-year Morningstar Rating™ (out of 227 funds)   Overall Morningstar Rating™ (out of 281 funds)   The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 04-30-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper Colorado Municipal Debt Funds

1-year   5 out of 15 3-year   9 out of 15 5-year   9 out of 14 10-year   8 out of 13

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
Colorado Tax-Free Fund		NAV		6.20%		5.78%		5.12%		4.18%		5.19%
		POP		1.42%		4.17%		4.15%		3.70%		4.95%
Barclays Municipal Bond Index				5.25%		6.23%		6.10%		5.01%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Click here for current month-end performance. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 11-01-12		0.86%
Gross Expense Ratio		0.92%
The advisor has committed, through 10-31-13, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.85%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		8.13%
2011		9.13%
2010		1.02%
2009		13.22%
2008		-6.08%
2007		2.44%
2006		4.25%
2005		3.01%
2004		3.77%
2003		4.59%

View the 30-day unsubsidized SEC yields.

The inception date of Class A shares was 6-1-93, Class B shares incepted on 8-2-93. Class C shares incepted on 3-31-08. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Adrian Van Poppel Years of investment experience: 16 View biography Mr. Van Poppel is a senior portfolio manager for the Wells Capital Management Tax-Exempt Fixed Income team, where he manages tax-free mutual funds, as well as separate accounts in Minnesota, Arizona and California. He joined Wells Capital Management in 1997, and was responsible for trading cash positions of repurchase agreements and sweep for all mutual funds. He began his investment industry career in 1996. He earned a bachelor’s degree in business administration and economics as well as a master’s degree in financial analysis and investment management from Saint Mary’s College in Moraga, California. He is a member of the California Society of Municipal Analysts and the Municipal Bond Club of San Francisco.
		Terry J. Goode Years of investment experience: 18 View biography Mr. Goode is a senior portfolio manager for the Wells Capital Management (“WellsCap”) Tax-Exempt Fixed Income team. Previously, he served as the leader of the Wells Capital Management Tax-Exempt Research team, where he managed a group of professionals who provide credit research for the Tax-Exempt Fixed Income team. He also specialized in directly covering a number of municipal sectors. Prior to joining WellsCap in 2002, he performed similar research duties and provided bond ratings as a director at Standard & Poor’s Credit Market Services, focusing on health care, education and nonprofit sectors. He began his investment industry career in 1995 when he held a similar position with Wells Fargo Bank’s health care division, analyzing the credit quality for a variety of nonprofit and corporate health care organizations. He earned a bachelor’s degree in economics from the University of California, Los Angeles, and a master’s degree in business administration with an emphasis in finance and investment strategy from the Haas School of Business at the University of California, Berkeley. He is a member of the California Society of Municipal Analysts, the National Federation of Municipal Analysts, and the Healthcare Financial Management Association.

THE FUND  |  The Wells Fargo Advantage Colorado Tax-Free Fund seeks tax-free income by principally investing in a diversified portfolio of securities that are exempt from Colorado state income tax.

• Uses both bottom-up credit research and top-down macroeconomic analysis.
• Seeks to generate equivalent amounts of excess performance by actively managing the four key elements of total return: security selection, sector rotation, duration, and yield-curve positioning.
• Uses a relative-value approach based on extensive credit analysis that seeks opportunities from changing market trends and pricing inefficiencies to generate excess returns.

• Rigorous fundamental credit research: Research is conducted through a comprehensive team effort in which all members operate as credit analysts for each of the credits that they cover. This empowers the team to act opportunistically in the marketplace.
• Open work environment: The team benefits from an open work environment in which investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and taxable fixed-income teams who provide valuable perspective and information in measuring markets and anticipating shifts in the tax-free markets, which are often preceded by shifts in the taxable markets.
• Disciplined research and risk management: The team's disciplined credit analysis and proprietary risk management model allow portfolio managers to move down in credit without compromising the investment process.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to Colorado municipal securities risk, high-yield securities risk, and nondiversification 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.

TOP HOLDINGS – % of net assets as of 04-30-2013 Colorado Springs Colo Utils Csputl Adjustable Var, 0.36%, 2036-11-01   4.58% Denver City + Cnty CO Arpt Rev Denapt Adjustable Var, 0.36%, 2025-11-15   4.42% University of Colorado Enterprise Systems Series 2007-A, 0.57%, 2026-06-01   3.46% Colorado St Brd of Governors U Coshgr Fixed, 5.00%, 2033-03-01   3.21% Colorado Educational and Cultural Facility Student Housing Campus Village Apartment, 5.50%, 2033-06-01   2.64% Virgin Island Pub Fin Auth Re Vitgen Fixed, 5.00%, 2025-10-01   2.46% Auraria CO Hgr Edu Ctr Revenue Auahgr Fixed, 4.00%, 2023-05-01   2.25% Denver CO City & County Colorado Series A, 6.00%, 2021-09-01   2.15% University Colorado Hospital Authority Revenue Refunding Series A, 6.00%, 2029-11-15   2.07% City of Aurora Colorado Refunding Certificates of Participation, 5.00%, 2027-12-01   2.02% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   101 Turnover Rate – as of 3-31-13   35.86%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum