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 North Carolina Municipal Debt Funds

1-year   15 out of 27 3-year   13 out of 26 5-year   19 out of 25 10-year   16 out of 18

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
North Carolina Tax-Free Fund		NAV		5.28%		5.80%		5.00%		3.77%		4.69%
		POP		0.56%		4.20%		4.03%		3.29%		4.45%
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		0.85%
Gross Expense Ratio		0.90%
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		7.16%
2011		9.54%
2010		1.91%
2009		12.56%
2008		-6.23%
2007		0.90%
2006		4.14%
2005		2.35%
2004		2.98%
2003		3.96%

View the 30-day unsubsidized SEC yields.

The inception date of Class A was 1-11-93 and Class C shares was 3-27-02. Historical performance shown for Class C prior to its inception is based on the performance of Class A, the original class offered, and has been adjusted to reflect the higher expenses applicable to Class C. Historical performance shown for all classes of the fund prior to 7-12-10 is based on the performance of the fund's predecessor, the Evergreen North Carolina Municipal Bond Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Robert J. Miller Years of investment experience: 23 View biography Mr. Miller joined Wells Capital Management in May 2008 where he manages both sub-advised mutual funds and separate accounts. Prior to joining Wells Capital Management, Mr. Miller worked for American Century Investments for 10 years where he had direct responsibility for the firm's flagship Tax-Free Bond Fund as well as the firm's Long-Term Bond Fund. He also managed California, Florida and Arizona municipal funds and served as a member of the analytical team while at American Century. Mr. Miller earned a bachelor's degree in business administration with an emphasis in finance from San Jose State University and a master's degree in business administration from the Leonard N. Stern School of Business at New York University.
		Bruce R. Johns Years of investment experience: 15 View biography Bruce Johns is a senior research analyst and portfolio manager for the Tax-Exempt Fixed-Income team at Wells Capital Management ("WellsCap"). He joined WellsCap from Strong Capital Management where he was a senior research analyst. Prior to taking on the role of research analyst, he worked in fixed-income settlements at Strong where his area of responsibility included all fixed-income operations. Bruce began his investment industry career in 1998 as a mutual fund and brokerage agent with Strong Financial Services. He earned a bachelor's degree in business and finance from the University of Wisconsin, Parkside.

THE FUND  |  The Wells Fargo Advantage North Carolina Tax-Free Fund seeks tax-free income by principally investing in a diversified portfolio of securities that are exempt from North Carolina 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 North Carolina 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 North Carolina St HSG Fin AGYH NCSHSG Fixed, 4.25%, 2028-01-01   4.11% Wake Cnty N C Indl Facs + Poll Wakpol Fixed, 5.37%, 2017-02-01   3.86% Raleigh N C Comb Enterprise Sy Ralgen Fixed, 5.00%, 2036-03-01   3.63% Puerto Rico Electric Power Authority Ref-libor Series Uu, 0.71%, 2029-07-01   3.36% Charlotte N C Ctfs Partn Chactf Fixed, 5.00%, 2023-06-01   3.28% Virgin Islands Pub Fin Auth Re Vitgen Fixed, 6.75%, 2019-10-01   3.15% North Carolina St Ports Auth Ncstrn Fixed, 5.00%, 2025-02-01   3.11% North Carolina Med Care Commn Ncsmed Adjustable Var, 0.21%, 2034-11-01   3.07% North Carolina St Cap Impt Ltd Ncsgen Fixed, 5.00%, 2026-05-01   2.69% Columbus Cnty N C Indl Facs + Colpol Fixed, 5.85%, 2020-12-01   2.66% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   62 Turnover Rate – as of 4-30-13   13.30%

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