MORNINGSTAR RATINGS™ as of 05-31-2013 Category = Muni National Short 3-year Morningstar Rating™ (out of 145 funds)   5-year Morningstar Rating™ (out of 117 funds)   10-year Morningstar Rating™ (out of 92 funds)   Overall Morningstar Rating™ (out of 145 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 05-31-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 05-31-2013 Lipper Short-Intermediate Municipal Debt Funds

1-year   7 out of 47 3-year   7 out of 42 5-year   13 out of 34 10-year   8 out of 26

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
Strategic Municipal Bond Fund		NAV		3.33%		4.02%		3.70%		3.44%		5.42%
		POP		-1.32%		2.43%		2.75%		2.96%		5.25%
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 11-01-12		0.82%
Gross Expense Ratio		0.83%
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 0.82%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		4.33%
2011		5.10%
2010		2.32%
2009		6.92%
2008		-0.39%
2007		3.32%
2006		3.57%
2005		3.23%
2004		2.40%
2003		3.16%

View the 30-day unsubsidized SEC yields.

The inception date of Class A shares was 12-1-94, Class B shares was 3-21-85 and Class C shares was 8-18-97. Historical performance shown for Class A prior to its inception is based on the performance of Class B, the original class offered, and has not been adjusted to reflect the lower expenses applicable to Class A. If these returns had been adjusted, returns would be higher. Historical performance shown for Class C prior to its inception is based on the performance of Class B, the original class offered. Classes B and C have the same expenses. Historical performance shown for all classes of the fund prior to 7-12-10 is based on the performance of the fund's predecessor, the Evergreen Strategic Municipal Bond Fund.

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 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.
		Robert J. Miller Years of investment experience: 23 View biography 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.

THE FUND  |  The Wells Fargo Advantage Strategic Municipal Bond Fund seeks tax-free income by principally investing in a diversified portfolio of municipal securities.

• 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 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). Any capital gains distributions may be taxable.

TOP HOLDINGS – % of net assets as of 05-31-2013 Puttable Floating Option Tax E Putgen Adjustable Var, 0.54%, 2027-09-01   1.92% New York Metropolitan Transportation Authority ROCS-RR-II-R-11711, 0.27%, 2027-11-15   1.79% Houston TX Utility Sys Revenue Houutl Floating Var, 0.72%, 2034-05-15   1.64% Puttable Floating Option Tax E Putgen Adjustable Var, 0.52%, 2021-12-15   1.54% Vr St James Parish La Rev, 0.33%, 2040-11-01   1.54% Chicago IL Brd of Edu Chiedu Adjustable Var, 0.95%, 2034-12-01   1.33% Illinois St Ils Adj Var, 2.00%, 2033-10-01   1.32% CHICAGO IL BRD OF EDU CHIEDU 03/36 FLOATING VAR, 0.95%, 2036-03-01   1.24% Tobacco Settlement Fing Corp N Tobgen Adjustable Var, 0.57%, 2029-06-01   1.15% California St Cas Adjustable Var, 0.53%, 2027-08-01   1.13% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   423 Turnover Rate – as of 4-30-13   59.00%

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