Wells Fargo Advantage High Yield Municipal Bond Fund – WHYMX

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
High Yield Municipal Bond Fund		NAV		--		--		--		--		0.50%
		POP		--		--		--		--		-4.01%
Barclays Municipal Bond Index				--		--		--		--		--
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. Performance shown without sales charges would be lower if sales charges were reflected. 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. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 02-01-13		0.85%
Gross Expense Ratio		1.09%
The advisor has committed, through 10-31-14, 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 0.85%. Without this cap, the fund's returns would have been lower.

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 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.
		Terry J. Goode Years of investment experience: 18 View biography Mr. Goode is a senior portfolio manager for the Wells Capital Management (“WellsCap”) Tax-Exempt Fixed Income team. Previously, he served as the leader of the Wells Capital Management Tax-Exempt Research team, where he managed a group of professionals who provide credit research for the Tax-Exempt Fixed Income team. He also specialized in directly covering a number of municipal sectors. Prior to joining WellsCap in 2002, he performed similar research duties and provided bond ratings as a director at Standard & Poor’s Credit Market Services, focusing on health care, education and nonprofit sectors. He began his investment industry career in 1995 when he held a similar position with Wells Fargo Bank’s health care division, analyzing the credit quality for a variety of nonprofit and corporate health care organizations. He earned a bachelor’s degree in economics from the University of California, Los Angeles, and a master’s degree in business administration with an emphasis in finance and investment strategy from the Haas School of Business at the University of California, Berkeley. He is a member of the California Society of Municipal Analysts, the National Federation of Municipal Analysts, and the Healthcare Financial Management Association.
		Dennis Derby Years of investment experience: 17 View biography Mr. Derby is a senior research analyst for the Wells Capital Management (WellsCap) Tax-Exempt Fixed-Income team and portfolio manager for the Wells Fargo Advantage High Yield Municipal Bond Fund. He joined WellsCap from Evergreen Investments, where he served as a senior municipal analyst and co-managed the High Income Municipal Bond Fund. He joined Evergreen in 1995. Mr. Derby has extensive experience in a number of municipal sectors. His research has included a variety of higher-yield municipal bonds. He earned a bachelor’s degree from Emory University and is a member of the National Federation of Municipal Analysts and the Southern Municipal Analysts Society.

THE FUND  |  The Wells Fargo Advantage High Yield Municipal Bond Fund seeks high current income exempt from federal income tax and capital appreciation by investing in a diversified portfolio of municipal securities, the majority (50% or more) of which will be rated BBB or lower.

• Uses both bottom-up credit research and top-down macroeconomic analysis.
• Seeks to generate excess performance by actively managing the four key elements of total return: security selection, credit and sector allocation, 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 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 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 values fall and investors may lose principal value. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. 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 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).

TOP HOLDINGS – % of net assets as of 04-30-2013 Mammoth CA Unif Sch Dist Mamscd Zerocpnoid, 0.00%, 2026-08-01   5.10% Tobacco Settlement Fing Corporation R Tobgen Fixed Oid, 6.00%, 2023-06-01   5.07% New Jersey St Transprtn Trust Njstrn Zerocpnoid, 0.00%, 2026-12-15   5.00% Michigan St Fin Auth Revenue Misfin Fixed, 5.00%, 2040-01-01   4.98% E 470 CO Public Highway Auth Ehytrn Zero Cpn, 0.00%, 2020-09-01   4.96% Puerto Rico Housing Finance Authority Federal Modernization, 5.12%, 2027-12-01   4.92% Kentucky Economic Dev Fin Auth Kysmed Zerocpnoid, 0.00%, 2020-10-01   4.78% Alameda Corridor Transn Auth Alatrn Zerocpn Oid, 0.00%, 2020-10-01   4.21% Jefferson Cnty AL Ltd Oblg Sch Jefgen Fixed, 5.25%, 2014-01-01   3.92% Main Street Natural Gas Incorporated GA Maiutl Fixed, 5.50%, 2027-09-15   3.66% 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   39 Turnover Rate – as of 3-31-13   --

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum