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http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 3 years or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is 2.07% 0.0329 -0.0206 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.003 0 0.0042 0.0072 -0.0012 0.006 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 61 218 389 883 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.0487 0.0381 0.03 0.0247 0.0344 0.0375 -0.0139 0.1056 0.0264 0.0324 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.0324 0.032 0.0295 0.0251 0.0369 0.0366 0.0363 0.0367 0.036 0.0359 0.0357 0.0315 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 AMT. Some of the securities may be below investment grade or 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, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 10 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.68% 0.0713 -0.0415 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0033 0 0.0043 0.0076 -0.0016 0.006 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 61 227 407 927 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0964 0.0665 0.048 0.0297 0.0463 0.0357 -0.0564 0.1541 0.0349 0.0934 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 2008-03-31 2008-03-31 2008-03-31 0.0934 0.093 0.073 0.088 0.05 0.0497 0.048 0.0548 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +8.51% 0.098 -0.0836 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0031 0 0.0043 0.0074 -0.0014 0.006 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 61 222 398 905 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0647 0.0672 0.103 0.0523 0.061 0.0248 -0.1149 0.2464 0.0391 0.1027 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.1027 0.1019 0.0822 0.107 0.0531 0.0519 0.051 0.0522 0.0613 0.0606 0.059 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 111% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 1 year or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2004 Year-to-date total return as of 9/30/2012 is 0.71% 0.0238 -0.0019 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0028 0 0.0041 0.0069 -0.0009 0.006 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 61 212 375 850 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0312 0.0235 0.0068 0.0248 0.035 0.0414 0.0268 0.0592 0.0128 0.0136 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.0136 0.0135 0.0135 0.0158 0.0306 0.0305 0.0304 0.0303 0.0274 0.0273 0.0277 0.0264 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and California individual income tax. Our investment holdings may include municipal securities issued by the state of California and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 2 and 7 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>California Municipal Securities Risk.</b> Events in California are likely to affect a Fund's investments in California municipal securities. California may experience economic, budgetary, and financial stress, resulting in weakened economic and revenue performance for the State and its agencies or municipalities and downgrades to the credit ratings of the State's general obligation debt. These events may adversely impact the liquidity and values of the California municipal securities in which the Fund invests.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +3.01% 0.0327 -0.0133 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Administrator Class shares are offered for direct investment by institutions such as pension and profit sharing plans, employee benefit trusts, endowments, foundations and corporations. Administrator Class shares may also be offered through certain financial intermediaries that may charge their customers transaction or other fees. In general, you can buy or sell shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0.0035 0 0.0043 0.0001 0.0079 -0.0018 0.0061 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 62 234 421 961 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0.062 0.0264 0.0282 0.0163 0.0357 0.0329 0 0.0873 0.0246 0.0472 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 1996-09-06 1996-09-06 1996-09-06 0.0472 0.0472 0.0413 0.0427 0.0419 0.038 0.038 0.0375 0.0451 0.045 0.0358 0.0355 0.0351 0.0381 0.0387 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and California individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and California individual income tax. Our investment holdings may include municipal securities issued by the state of California and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>California Municipal Securities Risk.</b> Events in California are likely to affect a Fund's investments in California municipal securities. California may experience economic, budgetary, and financial stress, resulting in weakened economic and revenue performance for the State and its agencies or municipalities and downgrades to the credit ratings of the State's general obligation debt. These events may adversely impact the liquidity and values of the California municipal securities in which the Fund invests.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +8.25% 0.0832 -0.0465 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0.0034 0 0.0042 0.0076 -0.0021 0.0055 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 56 222 402 923 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0.0773 0.047 0.051 0.0493 0.0507 0.0223 -0.0784 0.158 0.0217 0.1138 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 1997-12-15 1997-12-15 1997-12-15 0.1138 0.1134 0.0905 0.107 0.1228 0.0442 0.0439 0.0441 0.0522 0.0504 0.0496 0.0487 0.0488 0.0538 0.0532 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Colorado individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Colorado individual income tax; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Colorado individual income tax. Our investment holdings may include municipal securities issued by the state of Colorado and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Colorado Municipal Securities Risk</b>. Colorado's economy is based on information, professional and technical services, communications, transportation, tourism, national resources and mining, and manufacturing. Certain obligations of Colorado state and local public entities are subject to particular economic risks, such as the vulnerabilities of resort economies which depend on seasonal tourism, the possibility of downturns in sales tax and other revenues, and fluctuations in the real estate market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +7.04% 0.0685 -0.0426 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0.0035 0 0.005 0.0001 0.0086 -0.0025 0.0061 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 62 249 452 1038 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0.1029 0.0485 0.0403 0.0327 0.0451 0.027 -0.0584 0.135 0.0127 0.094 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 1993-08-23 1993-08-23 1993-08-23 0.094 0.094 0.0771 0.107 0.107 0.0399 0.0398 0.0405 0.0522 0.0529 0.0467 0.0467 0.0467 0.0538 0.0552 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Minnesota individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Minnesota individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Minnesota individual income tax. Our investment holdings may include municipal securities issued by the state of Minnesota and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. While the Fund is required, under normal circumstances, to invest at least 80% of the Fund's net assets in municipal securities that pay interest exempt from Minnesota individual income tax, we currently intend to manage the portfolio so that at least 95% of the income generated by the Fund is exempt from Minnesota individual income tax. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Minnesota Municipal Securities Risk.</b> Minnesota's economy relies significantly on agriculture and the manufacturing of computers, electronics and food products. Adverse conditions affecting any of these areas could have a disproportionate impact on Minnesota municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +5.61% 0.0589 -0.0356 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0.0035 0 0.0048 0.0083 -0.0023 0.006 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 61 242 438 1004 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0.0887 0.0536 0.0407 0.0312 0.044 0.0317 -0.0333 0.1272 0.0213 0.0992 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 1993-08-02 1993-08-02 1993-08-02 0.0992 0.0969 0.0818 0.107 0.0947 0.0477 0.0469 0.0468 0.0522 0.0549 0.0496 0.0489 0.0487 0.0538 0.0535 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from regular federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 74% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from regular federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may also invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">any amount in securities that pay interest subject to federal AMT.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from regular federal income tax, but not necessarily federal AMT. 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 any amount of the Fund's total assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +3.60% 0.0249 -0.0094 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0.0034 0 0.0043 0.0077 -0.0009 0.0068 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 69 237 419 946 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0.0528 0.0345 0.0271 0.0342 0.0397 0.0358 -0.0014 0.0719 0.0254 0.0526 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 1997-10-06 1997-10-06 1997-10-06 0.0526 0.052 0.0455 0.107 0.0367 0.0365 0.0363 0.0522 0.0372 0.0337 0.0334 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 3 years or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +2.32% 0.0334 -0.0201 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.003 0 0.0015 0.0045 -0.0005 0.004 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 41 139 247 562 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.0508 0.0402 0.0321 0.0267 0.0365 0.0396 -0.012 0.1078 0.0285 0.0334 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 2008-03-31 2008-03-31 2008-03-31 0.0334 0.033 0.0309 0.0251 0.0388 0.0385 0.038 0.0367 0.038 0.0379 0.0375 0.0315 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 AMT. Some of the securities may be below investment grade or 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, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 10 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.82% 0.0707 -0.041 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0033 0 0.0016 0.0049 -0.0007 0.0042 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 43 150 267 609 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0984 0.0684 0.0493 0.03 0.0463 0.0357 -0.0542 0.155 0.0367 0.0964 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 2008-03-31 2008-03-31 2008-03-31 0.0964 0.0959 0.0756 0.088 0.0516 0.0513 0.0495 0.0548 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +8.73% 0.0986 -0.0822 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0031 0 0.0016 0.0047 0 0.0047 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 48 151 263 591 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0647 0.0672 0.103 0.0501 0.0576 0.0217 -0.1142 0.2471 0.0403 0.1041 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 2008-03-31 2008-03-31 2008-03-31 0.1041 0.1032 0.0835 0.107 0.0533 0.052 0.0512 0.0522 0.0608 0.0601 0.0585 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 111% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 1 year or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2004 Year-to-date total return as of 9/30/2012 is +1.09% 0.0243 -0.0014 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0028 0 0.0014 0.0042 -0.0005 0.0037 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 38 130 230 525 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0332 0.0255 0.0088 0.0269 0.037 0.0435 0.0289 0.0613 0.0151 0.0159 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 2000-07-31 2000-07-31 2000-07-31 0.0159 0.0158 0.0158 0.0158 0.0328 0.0327 0.0324 0.0303 0.0295 0.0294 0.0296 0.0264 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and North Carolina individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and North Carolina individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and North Carolina individual income tax. Our investment holdings may include municipal securities issued by the state of North Carolina and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>North Carolina Municipal Securities Risk.</b> Events in North Carolina are likely to affect a Fund's investments in North Carolina municipal securities. Although North Carolina has a relatively diverse economy, its economy relies significantly on agriculture, finance, technology, research and the manufacturing of textiles, paper and electrical equipment. Adverse conditions affecting any of these areas could have a disproportionate impact on North Carolina municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +6.90% 0.0661 -0.045 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0.0035 0 0.0022 0.0057 -0.0003 0.0054 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 55 180 315 711 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0.0909 0.0424 0.0329 0.0265 0.0443 0.0115 -0.06 0.1284 0.0219 0.0988 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 1994-02-28 1994-02-28 1994-02-28 0.0988 0.0985 0.0783 0.107 0.1013 0.0381 0.0379 0.0383 0.0522 0.0558 0.0426 0.0414 0.0414 0.0538 0.0549 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Pennsylvania individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Pennsylvania individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Pennsylvania individual income tax. Our investment holdings may include municipal securities issued by the Commonwealth of Pennsylvania and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Pennsylvania Municipal Securities Risk.</b> Events in Pennsylvania are likely to affect a Fund's investments in Pennsylvania municipal securities. Although Pennsylvania has a relatively diverse economy, its economy relies significantly on the service sector, including trade, medical, health services, education and financial institutions, and agricultural industries. Adverse conditions affecting any of these areas could have a disproportionate impact on Pennsylvania municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Institutional Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +7.39% 0.0924 -0.0483 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0.0035 0 0.002 0.0055 -0.0006 0.0049 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 50 170 301 684 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0.0856 0.0459 0.038 0.0305 0.0441 0.015 -0.0865 0.1831 0.0289 0.1085 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 1997-11-24 1997-11-24 1997-11-24 0.1085 0.1083 0.0858 0.107 0.1047 0.046 0.0458 0.0455 0.0522 0.0543 0.0473 0.0419 0.0417 0.0538 0.0543 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 3 years or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +2.05% 0.0332 -0.0198 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.003 0 0.0051 0.0081 -0.0018 0.0063 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 64 241 432 985 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.0508 0.0402 0.0321 0.0267 0.0365 0.0396 -0.0139 0.1043 0.026 0.0321 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 1991-12-31 1991-12-31 1991-12-31 0.0321 0.0317 0.0292 0.0251 0.0369 0.0367 0.0362 0.0367 0.0371 0.0369 0.0366 0.0315 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 AMT. Some of the securities may be below investment grade or 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, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 10 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.58% 0.0709 -0.0428 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0033 0 0.0052 0.0085 -0.0012 0.0073 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 75 259 460 1038 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.099 0.0689 0.0493 0.03 0.0463 0.0348 -0.0577 0.1525 0.0334 0.0921 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 2001-07-31 2001-07-31 2001-07-31 0.0921 0.0917 0.0717 0.088 0.0487 0.0484 0.0467 0.0548 0.0535 0.0524 0.0509 0.0512 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +8.48% 0.0975 -0.0841 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0031 0 0.0052 0.0083 -0.0005 0.0078 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 80 260 456 1021 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0647 0.0672 0.103 0.0501 0.0576 0.0217 -0.1167 0.244 0.036 0.1008 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 1986-10-23 1986-10-23 1986-10-23 0.1008 0.1 0.0803 0.107 0.0507 0.0495 0.0487 0.0522 0.0595 0.0588 0.0572 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 111% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 1 year or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 1st Quarter 2004 Year-to-date total return as of 9/30/2012 is +0.63% 0.0213 -0.0012 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0028 0 0.005 0.0078 -0.0008 0.007 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 72 241 425 959 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0276 0.0221 0.0074 0.0212 0.0334 0.0399 0.0275 0.0553 0.0116 0.0147 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 1995-11-30 1995-11-30 1995-11-30 0.0147 0.0146 0.0138 0.0158 0.0297 0.0295 0.0292 0.0303 0.026 0.0259 0.0261 0.0264 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Wisconsin individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Wisconsin individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, 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. The Fund may invest in debt obligations issued by Puerto Rico. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Puerto Rico Municipal Securities Risk.</b> Puerto Rico's economy and financial operations parallel the economic cycles of the United States, including its unemployment rate. Certain risks specific to Puerto Rico concern state taxes, e-commerce spending, and underfunded pension liabilities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Wisconsin Municipal Securities Risk</b>. Wisconsin's economy relies significantly on its dairy products, motor vehicles, paper products, meat products and small engines industries, and adverse conditions affecting these industries could have a disproportionate effect on Wisconsin municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Investor Class</b></p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +4.28% 0.0469 -0.0232 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0.0035 0 0.006 0.0095 -0.0022 0.0073 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 75 281 504 1146 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0.0999 0.0563 0.0432 0.0337 0.0456 0.0328 -0.018 0.1064 0.026 0.0784 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 2001-04-06 2001-04-06 2001-04-06 0.0784 0.0778 0.0636 0.107 0.0953 0.0442 0.0432 0.0421 0.0522 0.0567 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 3 years or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class C as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did) </b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +1.50% 0.0315 -0.0225 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class C shares. After-tax returns for the Class A shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.02 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.003 0 0.0048 0.0078 -0.0018 0.006 0.003 0.0075 0.0048 0.0153 -0.0018 0.0135 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 260 427 607 1130 237 466 817 1808 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 137 466 817 1808 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 0.0382 0.0264 0.0203 0.0168 0.0273 0.0304 -0.0219 0.0966 0.0187 0.0247 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007411Member ~</div> 2008-07-18 2003-01-31 2003-01-31 2003-01-31 0.0117 0.0147 0.0144 0.0154 0.0251 0.033 0.029 0.0288 0.0283 0.0367 0.0351 0.0274 0.0273 0.0271 0.0315 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 15% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 AMT. Some of the securities may be below investment grade or 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, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 10 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +5.60% 0.07 -0.0427 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.03 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0033 0 0.0049 0.0082 -0.0012 0.007 0.0033 0.0075 0.0049 0.0157 -0.0012 0.0145 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 369 542 730 1272 248 484 844 1857 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 148 484 844 1857 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 0.0953 0.0655 0.047 0.0294 0.0463 0.0357 -0.0572 0.1519 0.0338 0.0934 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007396Member ~</div> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 0.0606 0.0602 0.051 0.0752 0.088 0.0428 0.0425 0.0416 0.0414 0.0548 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +8.50% 0.0976 -0.084 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0031 0 0.0049 0.008 -0.0005 0.0075 0.0031 0.0075 0.0049 0.0155 -0.0005 0.015 0.0031 0.0075 0.0049 0.0155 -0.0005 0.015 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 523 689 870 1391 653 785 1040 1544 253 485 840 1841 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 153 485 840 1544 153 485 840 1841 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 0.0646 0.0671 0.1027 0.0494 0.0571 0.0223 -0.1174 0.2446 0.0364 0.1011 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007397Member ~</div> 2005-04-08 2005-04-08 2005-04-08 2005-04-08 2005-04-08 0.0513 0.0506 0.0476 0.0429 0.0829 0.107 0.0413 0.0401 0.0405 0.0398 0.043 0.0522 0.0545 0.0538 0.0527 0.0541 0.0517 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 111% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's total assets in securities that pay interest subject to federal AMT; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in short-term municipal securities of states, territories and possessions of the United States that pay interest exempt from federal income tax, but not necessarily federal AMT. 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 assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be 1 year or less.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2004 Year-to-date total return as of 9/30/2012 is +0.86% 0.0236 -0.0012 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.02 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0028 0 0.0047 0.0075 -0.0008 0.0067 0.0028 0.0075 0.0047 0.015 -0.0008 0.0142 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 267 427 601 1104 245 466 811 1784 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 145 466 811 1784 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 0.0234 0.0179 0.0034 0.022 0.0313 0.0398 0.0255 0.058 0.012 0.0129 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007412Member ~</div> 2000-10-02 2000-10-02 2000-10-02 2008-03-31 -0.0074 -0.0075 -0.0005 -0.0026 0.0158 0.0254 0.0252 0.0255 0.0221 0.0303 0.0225 0.0224 0.0229 0.0186 0.0264 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Wisconsin individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Wisconsin individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, 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. The Fund may invest in debt obligations issued by Puerto Rico. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Puerto Rico Municipal Securities Risk.</b> Puerto Rico's economy and financial operations parallel the economic cycles of the United States, including its unemployment rate. Certain risks specific to Puerto Rico concern state taxes, e-commerce spending, and underfunded pension liabilities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Wisconsin Municipal Securities Risk</b>. Wisconsin's economy relies significantly on its dairy products, motor vehicles, paper products, meat products and small engines industries, and adverse conditions affecting these industries could have a disproportionate effect on Wisconsin municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class C as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did) </b></p> Highest Quarter: 3rd Quarter 2002 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +3.72% 0.0431 -0.025 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class C shares. After-tax returns for the Class A shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0.045 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0.0035 0 0.0057 0.0092 -0.0022 0.007 0.0035 0.0075 0.0057 0.0167 -0.0022 0.0145 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 518 709 916 1511 248 505 887 1958 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 148 505 887 1958 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 0.0842 0.0437 0.0318 0.0251 0.0379 0.0252 -0.0253 0.0982 0.0184 0.0706 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007394Member ~</div> 2008-03-31 2002-12-26 2002-12-26 2002-12-26 0.0297 0.0606 0.0601 0.0494 0.107 0.0953 0.035 0.0365 0.0355 0.0345 0.0522 0.0567 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and California individual income tax. Our investment holdings may include municipal securities issued by the state of California and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 2 and 7 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>California Municipal Securities Risk.</b> Events in California are likely to affect a Fund's investments in California municipal securities. California may experience economic, budgetary, and financial stress, resulting in weakened economic and revenue performance for the State and its agencies or municipalities and downgrades to the credit ratings of the State's general obligation debt. These events may adversely impact the liquidity and values of the California municipal securities in which the Fund invests.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 2nd Quarter 2004 Year-to-date total return as of 9/30/2012 is +2.93% 0.0317 -0.0137 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0.02 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0.0035 0 0.0049 0.0001 0.0085 -0.0004 0.0081 0.0035 0.0075 0.0049 0.0001 0.016 -0.0004 0.0156 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 281 462 658 1224 259 501 867 1897 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 159 501 867 1897 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 0.0607 0.0234 0.0251 0.0137 0.0322 0.0304 -0.0019 0.0838 0.0224 0.0449 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007389Member ~</div> 1992-11-18 1992-11-18 1992-11-18 2002-08-30 0.0138 0.0138 0.0186 0.0271 0.0427 0.0419 0.0293 0.0293 0.0296 0.0278 0.0451 0.045 0.0301 0.0298 0.0298 0.0253 0.0381 0.0387 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and California individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and California individual income tax. Our investment holdings may include municipal securities issued by the state of California and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>California Municipal Securities Risk.</b> Events in California are likely to affect a Fund's investments in California municipal securities. California may experience economic, budgetary, and financial stress, resulting in weakened economic and revenue performance for the State and its agencies or municipalities and downgrades to the credit ratings of the State's general obligation debt. These events may adversely impact the liquidity and values of the California municipal securities in which the Fund invests.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +8.10% 0.0826 -0.0471 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0.0034 0 0.0048 0.0082 -0.0007 0.0075 0.0034 0.0075 0.0048 0.0157 -0.0007 0.015 0.0034 0.0075 0.0048 0.0157 -0.0007 0.015 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 523 693 878 1412 653 789 1049 1565 253 489 849 1861 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 153 489 849 1565 153 489 849 1861 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 0.0754 0.0453 0.0485 0.0458 0.049 0.0197 -0.081 0.1543 0.0203 0.1117 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007390Member ~</div> 1988-10-06 1988-10-06 1988-10-06 1997-12-15 1993-07-01 0.0615 0.0612 0.055 0.0541 0.0942 0.107 0.1228 0.0322 0.0319 0.0334 0.0309 0.0341 0.0522 0.0504 0.0424 0.0415 0.0421 0.0416 0.0392 0.0538 0.0532 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Colorado individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Colorado individual income tax; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Colorado individual income tax. Our investment holdings may include municipal securities issued by the state of Colorado and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Colorado Municipal Securities Risk</b>. Colorado's economy is based on information, professional and technical services, communications, transportation, tourism, national resources and mining, and manufacturing. Certain obligations of Colorado state and local public entities are subject to particular economic risks, such as the vulnerabilities of resort economies which depend on seasonal tourism, the possibility of downturns in sales tax and other revenues, and fluctuations in the real estate market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +6.84% 0.0678 -0.0432 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0.0035 0 0.0056 0.0001 0.0092 -0.0006 0.0086 0.0035 0.0075 0.0056 0.0001 0.0167 -0.0006 0.0161 0.0035 0.0075 0.0056 0.0001 0.0167 -0.0006 0.0161 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 534 724 931 1525 664 821 1102 1678 264 521 902 1971 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 164 521 902 1678 164 521 902 1971 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 0.1024 0.0459 0.0377 0.0301 0.0425 0.0244 -0.0608 0.1322 0.0102 0.0913 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007391Member ~</div> 1995-07-31 1995-07-31 1995-07-31 1993-08-02 2008-03-31 0.0422 0.0422 0.0418 0.0332 0.0743 0.107 0.107 0.0278 0.0277 0.0296 0.026 0.0293 0.0522 0.0529 0.0395 0.0395 0.04 0.0388 0.0348 0.0538 0.0552 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Minnesota individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Minnesota individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Minnesota individual income tax. Our investment holdings may include municipal securities issued by the state of Minnesota and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. While the Fund is required, under normal circumstances, to invest at least 80% of the Fund's net assets in municipal securities that pay interest exempt from Minnesota individual income tax, we currently intend to manage the portfolio so that at least 95% of the income generated by the Fund is exempt from Minnesota individual income tax. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Minnesota Municipal Securities Risk.</b> Minnesota's economy relies significantly on agriculture and the manufacturing of computers, electronics and food products. Adverse conditions affecting any of these areas could have a disproportionate impact on Minnesota municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +5.32% 0.0582 -0.0371 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0.0035 0 0.0054 0.0089 -0.0004 0.0085 0.0035 0.0075 0.0054 0.0164 -0.0004 0.016 0.0035 0.0075 0.0054 0.0164 -0.0004 0.016 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 533 717 917 1493 663 813 1088 1646 263 513 888 1940 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 163 513 888 1646 163 513 888 1940 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 0.0892 0.0501 0.0381 0.0287 0.0424 0.0282 -0.0347 0.1232 0.0188 0.0975 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007392Member ~</div> 1988-01-12 1988-01-12 1988-01-12 1993-08-06 2005-04-08 0.0481 0.0459 0.0469 0.0393 0.0793 0.107 0.0947 0.0355 0.0348 0.0359 0.0338 0.0374 0.0522 0.0549 0.0425 0.0418 0.0421 0.0418 0.0394 0.0538 0.0535 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from regular federal income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 74% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from regular federal income tax, but not necessarily federal alternative minimum tax (AMT);</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 35% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may also invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">any amount in securities that pay interest subject to federal AMT.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities of states, territories and possessions of the United States that pay interest exempt from regular federal income tax, but not necessarily federal AMT. 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 any amount of the Fund's total assets in securities that pay interest subject to federal AMT. We may use futures for duration and yield curve management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 1st Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +3.60% 0.0242 -0.01 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0.0034 0 0.0049 0.0083 -0.0001 0.0082 0.0034 0.0075 0.0049 0.0158 -0.0001 0.0157 0.0034 0.0075 0.0049 0.0158 -0.0001 0.0157 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 530 702 889 1428 660 798 1059 1582 260 498 859 1877 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 160 498 859 1582 160 498 859 1877 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 0.0502 0.0316 0.024 0.0323 0.0357 0.0332 -0.0039 0.0692 0.0232 0.051 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029115Member ~</div> 1994-12-01 1994-12-01 1994-12-01 1985-03-21 1997-08-18 0.0034 0.0029 0.0124 -0.0068 0.0331 0.107 0.0249 0.0248 0.0258 0.023 0.0266 0.0522 0.0297 0.0266 0.0269 0.0294 0.027 0.0538 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and North Carolina individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and North Carolina individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and North Carolina individual income tax. Our investment holdings may include municipal securities issued by the state of North Carolina and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>North Carolina Municipal Securities Risk.</b> Events in North Carolina are likely to affect a Fund's investments in North Carolina municipal securities. Although North Carolina has a relatively diverse economy, its economy relies significantly on agriculture, finance, technology, research and the manufacturing of textiles, paper and electrical equipment. Adverse conditions affecting any of these areas could have a disproportionate impact on North Carolina municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2010 Year-to-date total return as of 9/30/2012 is +6.55% 0.0655 -0.0457 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0.045 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0.0035 0 0.0055 0.009 -0.0005 0.0085 0.0035 0.0075 0.0055 0.0165 -0.0005 0.016 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 533 719 921 1504 263 515 892 1950 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 163 515 892 1950 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 0.0882 0.0396 0.0298 0.0235 0.0414 0.009 -0.0623 0.1256 0.0191 0.0954 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029094Member ~</div> 1993-01-11 1993-01-11 1993-01-11 2002-03-27 0.0461 0.0459 0.0423 0.0773 0.107 0.1013 0.0258 0.0256 0.0272 0.0276 0.0522 0.0558 0.035 0.0337 0.0342 0.0322 0.0538 0.0549 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax and Pennsylvania individual income tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds®</i>. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 85 and 88 of the Prospectus and "Additional Purchase and Redemption Information" on page 71 of the Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (Fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example of Expenses </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, we invest:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in municipal securities that pay interest exempt from federal income tax, including federal alternative minimum tax (AMT), and Pennsylvania individual income tax;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 20% of the Fund's net assets in securities that pay interest subject to federal income tax, including federal AMT;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in below investment-grade municipal securities; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 10% of the Fund's total assets in inverse floaters.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in municipal securities that pay interest exempt from federal income tax, including federal AMT, and Pennsylvania individual income tax. Our investment holdings may include municipal securities issued by the Commonwealth of Pennsylvania and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. The Fund is considered to be non-diversified. 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 income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund's dollar-weighted average effective maturity to be between 3 and 20 years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We may invest up to 10% of the Fund's total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund's investment in inverse floaters to an amount equal to 10% of the Fund's total assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Risks </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities have a much greater risk of default or of not returning principal and tend to be more volatile than higher-rated securities of similar maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Inverse Floater Risk.</b> The interest payment received on inverse floating rate securities generally will decrease when specified short-term interest rates increase. Inverse floaters are derivative debt instruments that involve leverage, which may magnify the Fund's gains or losses, and exhibit greater price and income volatility than bonds with similar maturities. Inverse floaters are also subject to the risks associated with derivatives and municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk.</b> Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features. The Fund may invest 25% or more of its total assets in municipal securities that are related in such a way that political, economic or business developments affecting one obligation would affect the others. Tax authorities are paying increased attention as to whether interest on municipal obligations is tax exempt, and we cannot assure you that a tax authority will not successfully challenge the exemption of a bond held by the Fund. The ongoing issues facing the national economy are negatively impacting the economic performance of many issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Non-Diversification Risk.</b> A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Pennsylvania Municipal Securities Risk.</b> Events in Pennsylvania are likely to affect a Fund's investments in Pennsylvania municipal securities. Although Pennsylvania has a relatively diverse economy, its economy relies significantly on the service sector, including trade, medical, health services, education and financial institutions, and agricultural industries. Adverse conditions affecting any of these areas could have a disproportionate impact on Pennsylvania municipal securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 Year-to-date total return as of 9/30/2012 is +7.19% 0.0917 -0.0489 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Average Annual Total Returns for the periods ended 12/31/2011 (Returns reflect applicable sales charges) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0.045 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0.0035 0 0.0053 0.0088 -0.0014 0.0074 0.0035 0.0075 0.0053 0.0163 -0.0014 0.0149 0.0035 0.0075 0.0053 0.0163 -0.0014 0.0149 <div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 522 705 903 1473 652 801 1073 1626 252 501 873 1921 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 152 501 873 1626 152 501 873 1921 <div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 0.0829 0.043 0.0358 0.0265 0.0412 0.0125 -0.0888 0.1802 0.0264 0.1057 <div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029095Member ~</div> 1990-12-27 1990-12-27 1990-12-27 1993-02-01 1993-02-01 0.0562 0.0561 0.0503 0.0468 0.0867 0.107 0.1047 0.0339 0.0337 0.0346 0.0319 0.0354 0.0522 0.0543 0.0397 0.0387 0.0389 0.0396 0.0372 0.0538 0.0543 0.56 0.41 0.41 0.38 0.36 0.63 0.72 0.74 1.11 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 1st Quarter 2009 +3.27% Lowest Quarter: 2nd Quarter 2004 -1.33% Year-to-date total return as of 9/30/2012 is +3.01% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +8.32% Lowest Quarter: 4th Quarter 2010 -4.65% Year-to-date total return as of 9/30/2012 is +8.25% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +6.85% Lowest Quarter: 4th Quarter 2010 -4.26% Year-to-date total return as of 9/30/2012 is +7.04% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +7.13% Lowest Quarter: 4th Quarter 2008 -4.15% Year-to-date total return as of 9/30/2012 is +5.68% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +5.89% Lowest Quarter: 4th Quarter 2010 -3.56% Year-to-date total return as of 9/30/2012 is +5.61% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +9.80% Lowest Quarter: 4th Quarter 2008 -8.36% Year-to-date total return as of 9/30/2012 is +8.51% </pre> <pre> Highest Quarter: 1st Quarter 2009 +3.29% Lowest Quarter: 4th Quarter 2008 -2.06% Year-to-date total return as of 9/30/2012 is 2.07% </pre> <pre> Highest Quarter: 1st Quarter 2009 +2.49% Lowest Quarter: 4th Quarter 2008 -0.94% Year-to-date total return as of 9/30/2012 is +3.60% </pre> <pre> Highest Quarter: 1st Quarter 2009 +2.38% Lowest Quarter: 4th Quarter 2004 -0.19% Year-to-date total return as of 9/30/2012 is 0.71% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 0.0301 2012-09-30 0.0825 2012-09-30 0.0704 2012-09-30 0.0568 2012-09-30 0.0561 2012-09-30 0.0851 2012-09-30 0.0207 2012-09-30 0.0360 2012-09-30 0.0071 2012-09-30 0.38 0.63 0.48 0.21 0.72 1.11 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more susceptible to financial, economic or market events impacting an issuer of portfolio securities than a "diversified" fund. Default by the issuer of a single security in the portfolio may have a greater negative effect than a similar default in a diversified portfolio. <pre> Highest Quarter: 3rd Quarter 2009 +7.07% Lowest Quarter: 4th Quarter 2008 -4.10% Year-to-date total return as of 9/30/2012 is +5.82% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +9.86% Lowest Quarter: 4th Quarter 2008 -8.22% Year-to-date total return as of 9/30/2012 is +8.73% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +6.61% Lowest Quarter: 4th Quarter 2010 -4.50% Year-to-date total return as of 9/30/2012 is +6.90% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +9.24% Lowest Quarter: 4th Quarter 2008 -4.83% Year-to-date total return as of 9/30/2012 is +7.39% </pre> <pre> Highest Quarter: 1st Quarter 2009 +3.34% Lowest Quarter: 4th Quarter 2008 -2.01% Year-to-date total return as of 9/30/2012 is +2.32% </pre> <pre> Highest Quarter: 1st Quarter 2009 +2.43% Lowest Quarter: 4th Quarter 2004 -0.14% Year-to-date total return as of 9/30/2012 is +1.09% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 0.0582 2012-09-30 0.0873 2012-09-30 0.0690 2012-09-30 0.0739 2012-09-30 0.0232 2012-09-30 0.0109 2012-09-30 0.38 0.63 0.72 1.11 0.14 2013-10-31 2013-10-31 2013-10-31 2013-10-31 2013-10-31 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Management Risk. There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 3rd Quarter 2009 +7.09% Lowest Quarter: 4th Quarter 2008 -4.28% Year-to-date total return as of 9/30/2012 is +5.58% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +9.75% Lowest Quarter: 4th Quarter 2008 -8.41% Year-to-date total return as of 9/30/2012 is +8.48% </pre>