Wells Fargo Advantage Municipal Bond Fund – SXFIX

MORNINGSTAR RATINGS™ as of 05-31-2013 Category = Muni National Long 3-year Morningstar Rating™ (out of 221 funds)   5-year Morningstar Rating™ (out of 207 funds)   10-year Morningstar Rating™ (out of 171 funds)   Overall Morningstar Rating™ (out of 221 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 05-31-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 05-31-2013 Lipper General & Insured Municipal Debt Funds

1-year   40 out of 258 3-year   29 out of 226 5-year   8 out of 206 10-year   1 out of 163

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
Municipal Bond Fund				7.04%		7.46%		7.17%		6.34%		5.81%
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. 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. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 11-01-12		0.78%
Gross Expense Ratio		0.83%
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 0.78%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		10.25%
2011		10.08%
2010		3.60%
2009		24.40%
2008		-11.67%
2007		2.17%
2006		5.76%
2005		5.01%
2004		10.30%
2003		6.72%

View the 30-day unsubsidized SEC yields.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Lyle J. Fitterer, CFA, CPA Years of investment experience: 23 View biography Mr. Fitterer joined Wells Capital Management as a Portfolio Manager in 2005. Prior to joining Wells Capital Management he was with Strong Capital Management, Inc. ("SCM") since 1989 where he served as Director of Fixed Income since 2004. He served first as a mutual fund accountant and later as an analyst and trader in the fixed income department, specializing in mortgage and asset-backed securities. He has also traded equity and derivative securities for SCM's hedge funds and equity mutual funds and was a portfolio manager from January 1996 to November 1998 and returned to portfolio management in March 2000. He joined Strong Institutional Client Services as Managing Director in November 1998, where he was responsible for overseeing the institutional and intermediary sales organization. He received his B.S. degree in Accounting from the University of North Dakota.
		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.

THE FUND  |  The Wells Fargo Advantage Municipal Bond Fund seeks tax-free income by principally investing in a diversified portfolio of municipal securities.

• 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 high-yield securities risk, and municipal 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.

TOP HOLDINGS – % of net assets as of 05-31-2013 Puerto Rico Electric Revenue P-Float Series 4147, 0.57%, 2033-07-01   1.74% Municipal Energy Acquisition Corporation PFOTER Tennessee Gas Project Series 1578, 0.23%, 2016-12-01   1.71% New Jersey St Econ Dev Auth Re Njsdev Floating Var, 1.72%, 2028-03-01   1.53% Puerto Rico Sales Tax Financing Corporation Munsecs Tr Repts Sgc 4 Cl A, 0.37%, 2057-08-01   1.26% Illinois St Toll Highway Auth Ilstrn Adjustable Var, 0.45%, 2031-01-01   1.25% Puttable Floating Option Tax E Putgen Adjustable Var, 0.54%, 2029-05-01   1.21% M S R Energy Auth Calif Msrpwr Fixed Oid, 6.12%, 2029-11-01   1.15% New Jersey Higher Education Assistance Authority Student Loan ROCS-RR-II-R-11853, 0.32%, 2016-06-01   1.12% Northern California Gas Authority Number 1 Libor, 0.91%, 2027-07-01   1.02% Chicago Il Brd of Edu Chiedu Fixed, 5.00%, 2042-12-01   0.96% 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   739 Turnover Rate – as of 4-30-13   62.35%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

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