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Quarterly Report Q1 2014

Wells Fargo Advantage Intermediate Tax/AMT-Free Fund

Video and audio resources: This Quarterly Report features video links to learn more about key aspects of the Wells Fargo Advantage Intermediate Tax/AMT-Free Fund, featuring Lyle Fitterer, CFA, CPA, portfolio manager, Municipal Fixed-Income team.

  • 1.

    People: Learn more about the Municipal Fixed-Income team’s wealth of tax-free and taxable investment knowledge.

  • 2.

    Philosophy: Learn more about the key aspects of the fund’s investment philosophy, including the team’s belief that fixed-income markets are imperfectly efficient.

  • 3.

    Process: Learn more about how the fund’s top-down and bottom-up investment process seeks to maximize after-tax returns while preserving capital and meeting liquidity needs.

  • 4.

    Key differentiators: Learn more about what makes this fund different from its competitors, including the need for team members to wear three hats and think like a portfolio manager, an analyst, and a trader. Users with a printed version of this report can view any or all of the modules listed above by opening a web browser and entering the following text into the browser's address bar: wellsfargoadvantagefunds.com/video_fitterer

The views expressed in this document are as of 3-31-14 and are those of the portfolio manager(s). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or any Wells Fargo Advantage Fund. Any specific securities discussed may or may not be current or future holdings of the fund. The securities discussed should not be considered recommendations to purchase or sell a particular security. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) Across U.S.-domiciled municipal national intermediate-term bond funds, the Intermediate Tax/AMT- Free Fund received 4 stars among 251 funds, 4 stars among 210 funds, and 4 stars among 153 funds for the 3-, 5-, and 10-year periods, respectively. Morningstar Ratings and Rankings are for Investor Class shares only; other classes may have different performance characteristics. Morningstar Rankings represent a fund’s total return rank relative to all funds that have the same category. The percentile ranking is based on the fund’s total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar Rankings do not include the effect of sales charge. Past performance is no guarantee of future results.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 223905 04-14

CM204 04-14

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Wells Fargo Advantage Intermediate Tax/AMT-Free Fund

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