Wells Fargo Advantage Wisconsin Tax-Free Fund – SWFRX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Muni Single State Interm 3-year Morningstar Rating™ (out of 239 funds)   5-year Morningstar Rating™ (out of 232 funds)   10-year Morningstar Rating™ (out of 188 funds)   N/A Overall Morningstar Rating™ (out of 239 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 Other States Municipal Debt Funds

1-year   146 out of 154 3-year   40 out of 144 5-year   21 out of 135 10-year   N/A

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
Wisconsin Tax-Free Fund				6.46%		4.64%		3.89%		--		5.09%
Other States Municipal Debt Funds Average				9.17%		3.73%		3.26%		--		--
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		0.75%
Gross Expense Ratio		1.05%
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

2009		10.64%
2008		-1.80%
2007		3.28%
2006		4.56%
2005		3.37%
2004		4.32%
2003		5.63%
2002		9.99%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Lyle J. Fitterer, CFA, CPA Managed the Wisconsin Tax-Free Fund and its predecessor since 2001 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.
		Thomas Stoeckmann Managed the Wisconsin Tax-Free Fund since 2005 Mr. Stoeckmann joined Wells Capital Management with the acquisition of Strong Capital Management, Inc. ("SCM") in January 2005 as a senior research analyst on the Municipal Fixed Income Team, specializing in transportation, education and project finance. He joined SCM in March 1993 and began as a municipal research analyst in February 1996. Mr. Stoeckmann earned his B.A. degree in financial management from Bob Jones University and his M.B.A. in business administration-finance degree from Marquette University.

OBJECTIVE  |  The Wisconsin Tax-Free Fund seeks current income exempt from federal income tax and Wisconsin individual income tax.

PRINCIPAL STRATEGIES  |  We invest principally in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax, and Wisconsin individual income tax. Our investment holdings may include municipal securities issued by the state of Wisconsin and its subdivisions, authorities, instrumentalities and corporations as well as municipal securities issued by the territories and possessions of the United States or any other state that would be exempt from Wisconsin taxes. As part of our investment strategy we may purchase appropriation bonds including municipal leases. 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 greater than 5 years and less than 20 years.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to active trading risk, Wisconsin and Puerto Rico municipal securities risk, and 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 07-31-2010 Puerto Rico Infrastructure Financing Authority, 0.93%, 2040-10-01   9.40% Madison Wis Cmnty Dev Auth Rev Maddev Fixed, 5.00%, 2039-10-01   4.19% Puerto Rico Housing Finance Authority Federal Modernization, 5.12%, 2027-12-01   3.36% PUERTO RICO ELEC PWR AUTH PWR PRCPWR 07/26 ADJUSTABLE VAR, 0.38%, 2026-07-01   2.52% Virgin Islands Public Finance Authority Note A, 5.25%, 2019-10-01   2.24% Puerto Rico Comwlth Aqueduct + Prcutl 07/47 Adjustable Var, 0.28%, 2047-07-01   1.89% Wisconsin Housing And Economic Development Various Amt Series E, 0.33%, 2030-05-01   1.77% Puerto Rico Sales Tax Financing Corporation First Sub Series A, 6.37%, 2039-08-01   1.74% WI Housing & Economic Development Authority, 4.90%, 2035-11-01   1.73% Puerto Rico Housing Finance Authority Vivienda Modernization, 4.75%, 2011-10-01   1.65% 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   183 Turnover Rate – as of 7-31-10   43.00%

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