4- and 5-Star Funds

The following is a list of all Wells Fargo Advantage Funds Investor Class Funds that currently have a four- or five-star Overall Morningstar Rating. For more complete information on any of the Funds listed below, click the fund name to view a fund summary, or download a prospectus for any of the Funds. The following Morningstar ratings are based on risk-adjusted returns and are as of 02-28-2015.

Investing in all mutual funds entails risk. Information about all risks of investing in a Fund is available in the Fund’s prospectus.

Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available here .

Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

The adviser has committed to fee waivers and/or expense reimbursements, through the Fund’s contract date, to maintain the Fund’s net expense ratio as shown. Without these reductions, the Fund’s returns would have been lower, and the ratings may have been lower.

A portion of the Intermediate Tax/AMT-Free, Municipal Bond, Short-Term Municipal Bond, and Wisconsin Tax-Free Funds’ 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.

Performance for certain Wells Fargo Advantage Funds (each a Fund) reflects a predecessor fund’s performance and may be adjusted to reflect the Fund’s sales charges and/or expenses. Predecessor fund performance may include performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Fund. Predecessor fund information can be found in each Fund’s prospectus.

Please note, Morningstar provides an extended performance rating for some mutual funds in its universe. Share classes that don’t have a 1, 3-, 5-, or 10-year performance history may receive a hypothetical Morningstar Rating based on the oldest surviving share class of the fund. Morningstar computes the funds’ new return stream by appending an adjusted return history of the oldest share class and the extended performance rating is determined by comparing the adjusted-historical returns to the current open-end mutual fund universe. 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 five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Across U.S.-domiciled Large Growth funds, the Growth Fund received 2 stars among 1539 funds, 5 stars among 1326 funds, and 5 stars among 909 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Large Blend funds, the Index Fund received 4 stars among 1336 funds, 4 stars among 1187 funds, and 3 stars among 815 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Large Blend funds, the Large Cap Core Fund received 5 stars among 1336 funds and 4 stars among 1187 funds, for the three- and five-year periods, respectively. Across U.S.-domiciled Mid-Cap Growth funds, the Discovery Fund received 3 stars among 654 funds, 4 stars among 585 funds, and 4 stars among 430 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Mid-Cap Value funds, the Special Mid Cap Value Fund received 5 stars among 412 funds, 4 stars among 343 funds, and 4 stars among 230 funds, for the three-, five- and ten-year periods, respectively. Across U.S.-domiciled Foreign Large Blend funds, the Diversified International Fund received 4 stars among 638 funds, 4 stars among 570 funds, and 2 stars among 307 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Technology funds, the Specialized Technology Fund received 4 stars among 194 funds, 4 stars among 185 funds, and 4 stars among 146 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Intermediate-Term Bond funds, the Income Plus Fund received 3 stars among 906 funds, 4 stars among 800 funds, and 4 stars among 587 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Muni National Interm funds, the Intermediate Tax/AMT-Free Fund received 4 stars among 269 funds, 4 stars among 233 funds, and 4 stars among 166 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Muni National Long funds, the Municipal Bond Fund received 4 stars among 199 funds, 4 stars among 183 funds, and 5 stars among 145 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Muni National Short funds, the Short-Term Municipal Bond Fund received 3 stars among 179 funds, 3 stars among 154 funds, and 4 stars among 109 funds, for the three-, five-, and ten-year periods, respectively. Across U.S.-domiciled Muni Single State Interm funds, the Wisconsin Tax-Free Fund received 4 stars among 201 funds, 3 stars among 189 funds, and 4 stars among 173 funds, for the three-, five-, and ten-year periods, respectively.

Morningstar Ratings are for the specified share class only; other classes may have different performance characteristics.

2015 Wells Fargo Funds Management, LLC. All rights reserved. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and 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.

• Not FDIC Insured No Bank Guarantee May Lose Value