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Quarterly Report Q1 2014

Wells Fargo Advantage Intermediate Tax/AMT-Free Fund

Inception date

7-31-01

Net expense ratio—Inv

0.73%

Assets—all share classes

$1,948.46M

Fund facts

Portfolio characteristics: Portfolio characteristics and allocations are subject to change and may have changed since the date specified.

Benchmark descriptions:

The Barclays Municipal Bond 1–15 Year Blend Index is the 1- to 15-year component of the Barclays Municipal Bond Index, which is an unmanaged index composed of tax-exempt bonds with maturities between six and eight years and a minimum credit rating of Baa. You cannot invest directly in an index.

Share class

Ticker SIMBX WFTAX WFTFX WFITX WITIX

Gross expense ratio (%)

Net expense ratio (%)

Contractual expense cap (%)

expense waiver date

Inv A C Admin Inst

0.83 0.80 1.55 0.74 0.47

0.73 0.70 1.45 0.60 0.42

0.73 0.70 1.45 0.60 0.42

10-31-14 10-31-14 10-31-14 10-31-14 10-31-14

The advisor has committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund’s total annual fund operating expenses after fee waiver, excluding certain expenses, at the amount shown above. Please consult the prospectus for additional information on applicable sales charges and expenses for the available share classes.

Rankings and ratings

Morningstar total return rankings—Investor Class (as of 3-31-14)

The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) ratings, is out of 251 funds in the muni national intermediate category, based on risk-adjusted returns as of 3-31-14.

Share class availability

Contractual

Morningstar category:

Muni national intermediate

1 year 3 year 5 year 10 year

55 out of 294 funds 57 out of 251 funds 38 out of 210 funds 13 out of 153 funds

Overall Morningstar Rating™



The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and rating service. Each Lipper average represents a universe of funds that are similar in investment objective. You cannot invest directly in a Lipper average.

Definition of terms:

30-day SEC yield: The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield, and any income distributions from the fund may be higher or lower than the SEC yield.

Average maturity: The average maturity represents the weighted average time to maturity of all the debt securities held in the portfolio. A relatively short average maturity results in smaller price fluctuations in response to changes in market rates of interest. A short average maturity subjects the owner of a debt portfolio to the risk that maturing debt will be replaced with debt carrying a lower interest rate. Avg. maturity is an important consideration for investors who hold bond and money market funds.

Credit-quality ratings: Credit-quality ratings apply to underlying holdings of the fund and not the fund itself. Standard & Poor's and Fitch rate the creditworthiness of bonds from AAA (highest) to D (lowest). Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to CC (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG-1/VMIG-1 (highest) to SG (lowest). Credit quality and credit-quality ratings are subject to change.

Duration: The weighted average of the timing of cash-flow payments from fixed-income securities. Duration is used as a measurement of sensitivity to interest rates.

Yield curve: A graphical representation of fixed-income security yields (usually U.S. Treasuries) at their respective maturities, starting with the shortest time to maturity and sequentially plotting in a line chart to the longest maturity.

Risks: Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk and municipal securities risk. Consult the fund's prospectus for additional information on these and other risks. A portion of the fund's income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

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Wells Fargo Advantage Intermediate Tax/AMT-Free Fund

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