MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Muni National Short 3-year Morningstar Rating™ (out of 123 funds)   5-year Morningstar Rating™ (out of 117 funds)   10-year Morningstar Rating™ (out of 64 funds)   Overall Morningstar Rating™ (out of 123 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 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper Short Municipal Debt Funds

1-year   19 out of 64 3-year   4 out of 56 5-year   3 out of 51 10-year   18 out of 26

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURN – as of 09-30-2009

		1-year		3-year		5-year		10-year		Since Inception
Ultra Short-Term Municipal Income Fund		5.53%		4.20%		3.47%		3.08%		3.50%
Lipper Short Municipal Debt Funds Average		3.58%		2.59%		2.42%		3.18%		--
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. 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 11-01-09		0.72%
Gross Expense Ratio		0.91%
The adviser has committed, through 10-31-10, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2008		2.75%
2007		3.99%
2006		3.34%
2005		2.12%
2004		0.74%
2003		2.21%
2002		2.76%
2001		3.14%
2000		3.93%
1999		3.00%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Lyle J. Fitterer, CFA, CPA Managed the Ultra Short-Term Municipal Income Fund and its predecessor since 2000 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.
		Wendy Casetta Managed the Ultra Short-Term Municipal Income Fund since 2005 Ms. Casetta joined Wells Capital Management January 2005 with the acquisition of Strong Capital Management, Inc. ("SCM") where she was a senior research analyst and portfolio manager for the Municipal Credit Research Team. Prior to that, from August of 1994 to May of 1998, she was a fixed income trader and investment associate at Barnett Capital Advisors. She began her career as an investment industry professional as a registered representative at Nicholas Company in 1993. Ms. Casetta earned her B.A. degree in finance from University of Wisconsin–Oshkosh and her M.B.A degree in business administration from the University of North Florida.
		Julio C. Bonilla, CFA Managed the Ultra Short-Term Municipal Income Fund since 2007 Julio Bonilla joined the Wells Capital Management Municipal Fixed Income team in 2005 where he specializes in national tax-exempt fixed income securities. Prior to this, he served on the money market management team, becoming a portfolio manager in 2002. Julio began his career with Wells Fargo, the firm's parent company, in 1997 as a brokerage sales assistant. He holds a bachelor's degree in political science from the University of San Diego. He earned his master's degree in business administration-finance from Pepperdine University in 1997. Julio has earned the right to use the CFA designation and is a member of the CFA Institute and the CFA Society of San Francisco.

OBJECTIVE  |  The Ultra Short-Term Municipal Income Fund seeks current income exempt from federal income tax consistent with capital preservation.

PRINCIPAL STRATEGIES  |  We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund's net assets in securities that pay interest subject to federal AMT. Under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be 1 year or less.

We start our investment process with a top-down, macroeconomic outlook to determine portfolio duration and yield curve positioning as well as industry, sector and credit quality allocations. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. In combination with our top-down macroeconomic approach, we conduct intensive research on individual issuers to uncover solid investment opportunities, especially looking for bonds whose quality may be improving. Our security selection is based on several factors including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, specific demographic trends and value relative to other securities. We may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. We may actively trade portfolio securities.

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.

TOP HOLDINGS – % of net assets as of 09-30-2009 Cook IL Capital Improvement Series E, 3.38%, 2033-11-01   1.70% Kent MI Hospital Finance Authority Spectrum Health Series B2, 1.40%, 2047-01-15   1.53% Puerto Rico Sales Tax Financing Corporation First Sub Series A, 5.00%, 2039-08-01   1.52% Delaware Valley Regional Financial Authority Mode 1, 0.45%, 2016-08-01   1.17% Alaska Housing Finance Corporation Series A, 0.50%, 2041-12-01   1.16% Atlanta GA Series C-1, 2.00%, 2030-01-01   1.14% California St Dept Wtr Res Pwr Supply Rev Var-Subser G-5 (CA), 0.45%, 2016-05-01   0.98% Texas Municipal Gas Acquisition And Various Series A, 0.87%, 2017-09-15   0.97% North Texas Tollway Authority Series E-1, 5.00%, 2038-01-01   0.94% Pennsylvania St Higher Education Refunding Adjusted Series B, 2.00%, 2017-01-01   0.92% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   691 Turnover Rate – as of 9-30-09   137.65% Average Credit Quality   AA-

ACCOUNT FEATURES Check Writing   Yes 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