Wells Fargo Advantage Ultra Short-Term Municipal Income Fund – SMUAX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Muni National Short 3-year Morningstar Rating™ (out of 118 funds)   5-year Morningstar Rating™ (out of 112 funds)   10-year Morningstar Rating™ (out of 62 funds)   Overall Morningstar Rating™ (out of 118 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 07-31-2010 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 07-31-2010 Lipper Short Municipal Debt Funds

1-year   53 out of 72 3-year   16 out of 60 5-year   9 out of 55 10-year   18 out of 27

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
Ultra Short-Term Municipal Income Fund				2.12%		3.72%		3.52%		2.95%		3.38%
Lipper Short Municipal Debt Funds Average				3.08%		2.77%		2.68%		3.03%		--
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 to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, excluding acquired fund fees. The contractual waiver end date for class Investor, A, C and Institutional is 10/31/2010 and for Administrator is 10/31/2011. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		5.53%
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%

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.

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. This Fund is exposed to active trading risk, 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 07-31-2010 Texas Municipal Gas Acquisition & Supply Corporation I Series D, 5.62%, 2017-12-15   1.87% ILLINOIS ST ILS 05/11 FIXED 3, 3.00%, 2011-05-20   1.70% Texas Municipal Gas Acquisition And Various Series A, 0.75%, 2017-09-15   1.35% Delaware Valley Regional Financial Authority Mode 1, 0.30%, 2016-08-01   1.08% PHILADELPHIA PA SCH DIST PHISCD 06/11 FIXED 2.5, 2.50%, 2011-06-30   1.06% Alaska Housing Finance Corporation Series A, 0.30%, 2041-12-01   1.06% Virginia Small Business Fing Vasdev Adjustable Var, 0.30%, 2042-07-01   1.05% Atlanta GA Series C-1, 2.28%, 2030-01-01   1.05% Louisiana St Gas + Fuels Tax R Lasgen Floating Var, 1.03%, 2043-05-01   1.04% Southeast Alabama Gas District Alabama Revenue Supply Project Series A, 0.30%, 2027-08-01   1.03% 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   838 Turnover Rate – as of 7-31-10   116.32%

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