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

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Muni National Short 3-year Morningstar Rating™ (out of 142 funds)   5-year Morningstar Rating™ (out of 114 funds)   10-year Morningstar Rating™ (out of 91 funds)   Overall Morningstar Rating™ (out of 142 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 Short Municipal Debt Funds

1-year   80 out of 90 3-year   66 out of 81 5-year   33 out of 64 10-year   20 out of 49

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
Ultra Short-Term Municipal Income Fund				0.36%		0.97%		2.18%		2.32%		3.01%
Barclays 1-Year Municipal Bond Index				0.79%		1.18%		2.03%		2.32%		--
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		0.70%
Gross Expense Ratio		0.78%
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 0.70%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		0.70%
2011		1.47%
2010		1.16%
2009		5.53%
2008		2.75%
2007		3.99%
2006		3.34%
2005		2.12%
2004		0.74%
2003		2.21%

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.
		Wendy Casetta Years of investment experience: 20 View biography 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.

THE FUND  |  The Wells Fargo Advantage Ultra Short-Term Municipal Income Fund seeks tax-free income by principally investing in a diversified portfolio of municipal securities with an average maturity of one year or less.

• 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 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 04-30-2013 Illinois St Ils Adj Var, 2.00%, 2033-10-01   2.67% New Jersey Turnpike Auth. Rb, 0.47%, 2024-01-01   2.12% Georgia St Gas Adjustable Var, 0.62%, 2026-12-01   1.58% Municipal Energy Acquisition Corporation PFOTER Tennessee Gas Project Series 1578, 0.33%, 2016-12-01   1.49% Puerto Rico Highway + Transprt Prctrn Adjustable Var, 0.67%, 2041-07-01   1.49% Vr St James Parish La Rev, 0.38%, 2040-11-01   1.29% East Baton Rouge LA Sewerage Commission, 0.94%, 2046-02-01   1.23% California St Cas Adjustable Var, 0.63%, 2027-08-01   1.21% Texas Municipal Gas Acquisition And Various Series A, 0.69%, 2017-09-15   1.16% Texas Mun Gas Acquisition + Su Txsutl Adjustable Var, 0.37%, 2018-09-15   1.15% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   564 Turnover Rate – as of 3-31-13   72.98%

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