MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Muni National Interm 3-year Morningstar Rating™ (out of 234 funds)   5-year Morningstar Rating™ (out of 209 funds)   10-year Morningstar Rating™   N/A Overall Morningstar Rating™ (out of 234 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 Intermediate Municipal Debt Funds

1-year   42 out of 157 3-year   74 out of 144 5-year   23 out of 126 10-year   N/A

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
Intermediate Tax/AMT-Free Fund		10.60%		4.37%		4.21%		--		5.40%
Lipper Intermediate Municipal Debt Funds Average		11.43%		4.26%		3.62%		--		--
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		0.96%
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		-5.77%
2007		3.48%
2006		4.63%
2005		3.00%
2004		4.93%
2003		6.89%
2002		9.90%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Lyle J. Fitterer, CFA, CPA Managed the Intermediate Tax/AMT-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.
		Robert J. Miller Managed the Intermediate Tax/AMT-Free Fund since 2008 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.
		Mathew M. Kiselak Managed the Intermediate Tax/AMT-Free Fund since 2009 Mr. Kiselak joined Wells Capital Management in 2009 as a director and head of the Tax-Exempt Money Market team. He joined Evergreen Investment Management Company in 2000 and currently serves as director and senior portfolio manager of three national tax-exempt municipal bond funds and seven tax-exempt money market funds. Mr. Kiselak has served at Evergreen or one of its predecessor firms since 2000. Previously, he was a senior portfolio manager at Nations Funds. Mr. Kiselak has been in the investment management field since 1987. He earned a bachelor's degree in economics from Pace University.

OBJECTIVE  |  The Intermediate Tax/AMT-Free Fund seeks current income exempt from federal income tax.

PRINCIPAL STRATEGIES  |  We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, including 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. Under normal circumstances, we do not invest in securities that pay interest subject to federal income tax or federal AMT. We may use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return. Under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 10 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. 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 Puerto Rico Sales Tax Financing Corporation First Sub Series A, 5.00%, 2039-08-01   1.60% Los Angeles California Harbor Department Revenue Refunding Series C, 5.25%, 2023-08-01   1.36% California State Department of Water Resources Remk, 5.00%, 2022-05-01   1.19% Texas Municipal Gas Acquisition And Various Series A, 0.90%, 2017-09-15   1.12% Gateway Public Facility Corporation Stonegate Villas Apartments Project, 4.55%, 2034-07-01   1.12% Los Angeles California Wastewtr System Refunding, 5.00%, 2022-06-01   1.09% Elizabethton, TN, Hospital & Healthcare Revenue, Health and Educational Facilities Board, Series B, 7.00%, 2020-07-01   1.07% Burlington Ks Kc Power & Light Series A, 5.25%, 2023-12-01   1.02% Will County Community Unit School District No 201 Crete-monee/il, 0.00%, 2018-11-01   0.97% Arlington TX Special Obligation Dallas Cowboys, 5.00%, 2034-08-15   0.93% 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   378 Turnover Rate – as of 9-30-09   88.18% Average Credit Quality   AA-

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