Ultra Short-Term Municipal Income Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Ultra Short-Term Municipal Income Fund – SMAVX

Share Price 06-18-13	$4.82
Daily Change	0.00
YTD Return	0.12%
30-Day SEC Yield as of 06-17-13	0.04%
View the 30-day unsubsidized SEC yields
Inception Date	11-30-1995
Net Fund Assets 05-31-2013	$6,472,954,438.39

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	0.60	1.07	2.22	2.28	2.76
POP	-1.42	0.39	1.80	2.07	2.64

Barclays 1-Year Municipal Bond Index

	1-year	3-year	5-year	10-year	Inception
	0.79	1.18	2.03	2.32	--

Important disclosure

For Class A shares, the maximum front-end sales charge is 2.00%. Performance including sales charge assumes the sales charge for the corresponding time period.
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. Returns for periods of less than one year are not annualized.
The Barclays 1-Year Municipal Bond Index is the one-year component of the Municipal Bond index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

The inception date of Class A shares was 10-2-00. Class C shares incepted on 3-31-08. Effective 6-20-08, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Performance shown for the Class A shares from 10-2-00, through 6-19-08, includes Advisor Class expenses and is adjusted to reflect Class A sales charges. Performance shown prior to 10-2-00, for the Class A shares, reflects the performance of the Investor Class shares, adjusted to reflect Advisor Class expenses and Class A sales charges. Performance shown prior to the inception of Class C reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses.

EXPENSES %

Net Expense Ratio effective since 11-01-12	0.67%
Gross Expense Ratio	0.75%

Important disclosure

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 0.67%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 05-31-2013

Category = Muni National Short

3-Year out of 145 funds
5-Year out of 117 funds
10-Year out of 92 funds
Overall out of 145 funds

Important disclosure

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

HOLDINGS

TOP HOLDINGS % of net assets as of 05-31-2013

Illinois St Ils Adj Var, 2.00%, 2033-10-01	2.83%
New Jersey Turnpike Auth. Rb, 0.34%, 2024-01-01	2.24%
Georgia St Gas Adjustable Var, 0.52%, 2026-12-01	1.68%
East Baton Rouge LA Sewerage Commission, 0.93%, 2046-02-01	1.30%
California St Cas Adjustable Var, 0.53%, 2027-08-01	1.28%
Texas Municipal Gas Acquisition And Various Series A, 0.59%, 2017-09-15	1.23%
Texas Mun Gas Acquisition + Su Txsutl Adjustable Var, 0.27%, 2018-09-15	1.22%
Oyster Bay NY Oys Fixed 3, 3.00%, 2013-08-09	1.19%
California St Cas 05/33 Floating Var, 0.80%, 2033-05-01	1.16%
CHICAGO IL BRD OF EDU CHIEDU 03/35 FLOATING VAR, 0.93%, 2035-03-01	1.14%

Portfolio holdings are subject to change and may have changed since the date specified.

FUND STORY

PORTFOLIO MANAGERS

		Lyle J. Fitterer, CFA, CPA Years of investment experience: 23

		Wendy Casetta Years of investment experience: 20

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.

Competitive Advantages

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.

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. Current month-end performance is available at the funds' website, wellsfargo.com/advantagefunds.

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Not FDIC Insured • No Bank Guarantee • May Lose Value