Wells Fargo Advantage Minnesota Money Market Fund – WMNXX

LIPPER INC. TOTAL RETURN RANKINGS – as of 07-31-2010 Lipper Other States Tax-Exempt Money Market Funds

1-year   10 out of 37 3-year   33 out of 37 5-year   31 out of 36 10-year   N/A

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 06-30-2010

		1-year		3-year		5-year		10-year		Since Inception
Minnesota Money Market Fund		0.07%		1.03%		1.63%		--		1.43%
Lipper Other States Tax-Exempt Money Market Funds Average		0.06%		1.17%		1.80%		--		--
Figures quoted represent past performance, which is no guarantee of future results. Investment returns and yields will fluctuate. The Fund's yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted.  Click here for current month-end performance. Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund's current prospectus. The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's seven-day current yield would have been lower and rankings and ratings may have been lower. These reductions may be discontinued.

CALENDAR YEAR RETURNS

2009		0.10%
2008		1.54%
2007		2.92%
2006		2.68%
2005		1.64%
2004		0.47%
2003		0.33%
2002		0.84%
2001		2.23%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		David D. Sylvester Mr. Sylvester is an Executive Vice President with Wells Capital Management, sub-advisor to Wells Fargo Advantage Funds. For two decades, he has maintained a steadfast discipline of rigorous credit analysis and attentive capital preservation that has earned both him and our money market funds a distinguished reputation for risk controlled cash management. Mr. Sylvester began his career as a fixed income manager at the National Bank of Detroit in 1974. He joined Norwest Corporation as a fixed income portfolio manager and trader in 1979, later becoming manager of the fixed income institutional group. Norwest subsequently merged with Wells Capital Management. Since 1987, Mr. Sylvester has specialized in short-term investments and the management of money market funds.
		James Randazzo Mr. Randazzo has been with Wells Capital Management or one of its predecessor firms since 2000. He is currently a portfolio manager and head of the municipal money market team at Wells Capital Management. He has previously served as a financial analyst at KPMG, LLP, as a financial adviser for Prudential Securities, and as a trader for HSBC. He began his investment industry career in 1993 at Greenwich Partners, Inc. Mr. Randazzo earned a bachelor's degree in finance from Iona College and an M.B.A. with an emphasis in finance from the University of Connecticut.

OBJECTIVE  |  The Minnesota Money Market Fund seeks current income exempt from regular federal income tax and Minnesota individual income tax, while preserving capital and liquidity.

PRINCIPAL STRATEGIES  |  We actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of the state of Minnesota, its cities, municipalities, political subdivisions and other public authorities. We invest principally in municipal obligations that pay interest exempt from Minnesota individual income tax and federal income tax, but not necessarily federal AMT. These investments may have fixed, floating, or variable rates of interest. We may invest a portion of the Fund's total assets in the securities of territories and possessions of the U.S. or their political subdivisions and financing authorities, that pay interest exempt from federal income tax and Minnesota individual income tax. We will only purchase First Tier securities. We may invest 25% or more of the Fund's total assets in industrial development bonds and in participation interests in these securities.

Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and average maturity.

The Fund may temporarily deviate from its principal investment strategies by investing its assets in high-quality, short-term money market instruments that pay interest subject to Minnesota individual income tax or federal income tax. Circumstances in which the Fund may invest in these securities include, but are not limited to, periods of low or no availability of eligible municipal obligations or in order to manage liquidity. If the Fund invests in taxable securities, it may distribute taxable income.

RISKS  |  An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

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

TOP HOLDINGS – % of net assets as of 07-31-2010 East Grand Forks Minn Solid Easpol Adjustable Var, 0.29%, 2021-12-01   4.99% Duluth MN Seaway Port Authority St Lawrence Cement Incorporated Project, 0.25%, 2020-03-01   4.99% Stevens Cnty Minn Solid Waste Stvpol 08/32 Adjustable Var, 0.41%, 2032-08-01   3.79% Swift Cnty Minn Solid Waste Swipol 04/33 Adjustable Var, 0.37%, 2033-04-01   3.10% St Paul Minn Port Auth Rev, 2.75%, 2025-05-01   2.98% St Cloud Minnesota Health Care Revenue Various Refunding Cenracare Health A, 0.24%, 2042-05-01   2.75% Minnesota St Higher Ed Fac, 0.27%, 2032-10-01   2.50% Plymouth MN At The Lakes Apartments Project, 0.34%, 2034-08-01   2.41% Minnesota State Higher Education Facilities Authority, 0.28%, 2030-10-01   2.27% Minneapolis & St Paul Housing & Redevelopment Authority Allina Health System Series B-1, 0.34%, 2035-11-15   2.23% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   117 Weighted Average Effective Maturity   5.00 Day(s)

ACCOUNT FEATURES Check Writing   Yes Dividends   Monthly

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

FEES & EXPENSES
Net Expense Ratio – effective since 07-01-10		0.70%
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum