On December 10 and December 11, 2012, Wells Fargo Advantage Funds paid year-end capital gains distributions for 2012. Included in the tables below are the distribution ranges for all Wells Fargo Advantage Funds paying capital gains.

Wells Fargo Advantage Funds recognizes the potential impact of capital gains distributions on shareholders’ taxes, and our fund accountants and portfolio management teams work closely together to seek to minimize this potential impact while focusing on pre-tax returns. Our portfolio management teams continue to follow consistent investment processes with a focus on long-term performance and risk management. Please refer to the subsequent Q&A for additional information about capital gains.

Please note:

• Portfolio trading or shareholder redemptions and purchases up until the record date of the distributions may affect actual distribution amounts on a per-share basis.
• Funds that are not listed are not expected to pay year-end capital gains distributions for 2012.
• Form 1099-DIV, which is expected to be mailed to shareholders in late January through early February 2013 (if applicable), will provide actual capital gains information for 2012 tax-reporting purposes.¹
• Shareholders should consult their tax advisors about the impact of capital gains distributions on their particular financial situations.

1. The IRS has extended the mailing deadline for IRS Forms 1099-Div and 1099-B to February 15. As a result, you may receive these forms later than prior years.

Record Date: December 6, 2012 Ex-dividend date/reinvestment date: December 7, 2012 Payable date: December 10, 2012
Wells Fargo Advantage Fund	Share classes	Short-term distribution	Long-term distribution	Total capital gains per share
Capital Growth Fund	A, Administrator, C, Institutional, Investor, R4, R6	–	0.30479	0.30479
Common Stock Fund	A, Administrator, B, C, Institutional, Investor	0.26764	1.15806	1.42570
Core Bond Fund	A, Administrator, B, C, Institutional, Investor, R,R4, R6	0.40271	0.15819	0.56090
Disciplined U.S. Core Fund	A, Administrator, C, Institutional	–	1.62599	1.62599
Discovery Fund†	A, Administrator, C, Institutional, Investor	–	1.45424	1.45424
Emerging Markets Equity Income Fund	A, Administrator, C, Institutional	0.22998	–	0.22998
Emerging Markets Local Bond Fund	A, Administrator, C, Institutional	0.19543	–	0.19543
Government Securities Fund	A, Administrator, B, C, Institutional, Investor	0.13049	0.13461	0.26510
High Income Fund	A, Administrator, B, C, Institutional, Investor	–	0.04140	0.04140
Income Plus Fund	A, Administrator, B, C, Investor	0.06110	0.09746	0.15856
Inflation-Protected Bond Fund	A, Administrator, B, C	–	0.35495	0.35495
Intermediate Tax/AMT-Free Fund	A, Administrator, C, Institutional, Investor	–	0.04402	0.04402
International Bond Fund	A, Administrator, B, C, Institutional, R6	–	0.08294	0.08294
Intrinsic Value Fund	A, Administrator, B, C, Institutional, R4, R6	0.00460	0.63360	0.63820
Managed Account CoreBuilder® Shares - Series G	–	0.22440	0.10303	0.32743
Managed Account CoreBuilder® Shares - Series M	–	0.13340	0.10468	0.23808
Minnesota Tax-Free Fund	A, Administrator, B, C	0.01102	0.01533	0.02635
Municipal Bond Fund	A, Administrator, B, C, Institutional, Investor	–	0.15704	0.15704
Omega Growth Fund	A, Administrator, B, C, Institutional, R	–	1.41321	1.41321
Opportunity Fund†	A, Administrator, B, C, Institutional, Investor	–	1.51712	1.51712
Precious Metals Fund	A, Administrator, B, C, Institutional	–	2.22940	2.22940
Short-Term High Yield Bond Fund	A, Administrator, C, Institutional, Investor	–	0.00118	0.00118
Short-Term Municipal Bond Fund	A, Administrator, C, Institutional, Investor	0.00432	0.03141	0.03573
Small Cap Opportunities Fund	Administrator	–	2.52799	2.52799
Small Cap Value Fund	A, Administrator, B, C, Institutional, Investor	0.02800	1.18122	1.20922
Specialized Technology Fund	A, Administrator, B, C, Investor	–	0.22045	0.22045
Strategic Municipal Bond Fund	A, Administrator, B, C, Institutional	0.03937	0.03863	0.07800
Traditional Small Cap Growth Fund	A, Administrator, B, C, Institutional	–	0.18858	0.18858
Wisconsin Tax-Free Fund	A, C, Investor	0.00351	0.00957	0.01308

Record date: December 7, 2012 Ex-dividend date/reinvestment date: December 10, 2012 Payable date: December 11, 2012
Wells Fargo Advantage Fund	Share classes	Short-term distribution	Long-term distribution	Total capital gains per share
Diversified Equity Fund	A, Administrator, B, C	0.11227	1.44805	1.56032
Emerging Growth Fund	A, Administrator, C, Institutional, Investor	–	0.67894	0.67894
Equity Value Fund	A, Administrator, B, C, Institutional, R	–	0.32270	0.32270
Index Fund	A, Administrator, B, C, Investor	0.07590	0.86238	0.93828
Target 2010 Fund†	A, Administrator, B, C, Institutional, Investor, R4	–	0.13291	0.13291
Target 2015 Fund†	A, Administrator, Institutional, Investor, R4	0.01420	0.08197	0.09617
Target 2020 Fund†	A, Administrator, B, C, Institutional, Investor, R4	0.02906	0.17957	0.20863
Target 2025 Fund†	A, Administrator, Institutional, Investor, R4	0.02234	0.17944	0.20178
Target 2030 Fund†	A, Administrator, B, C, Institutional, Investor, R4	0.00755	0.26775	0.27530
Target 2035 Fund†	A, Administrator, Institutional, Investor, R4	0.01676	0.14319	0.15995
Target 2040 Fund†	A, Administrator, B, C, Institutional, Investor, R4	0.01169	0.33184	0.34353
Target 2045 Fund†	A, Administrator, Institutional, Investor, R4	0.01568	0.11022	0.12590
Target 2050 Fund†	A, Administrator, C, Institutional, Investor, R4	0.02232	0.18078	0.20310
Target Today Fund†	A, Administrator, B, C, Institutional, Investor, R4	0.01571	0.06724	0.08295
WealthBuilder Conservative Allocation Portfolio†	WealthBuilder	0.10256	0.08272	0.18528
WealthBuilder Moderate Balanced Portfolio†	WealthBuilder	0.04185	0.07397	0.11582

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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. Some funds, including nondiversified funds and funds investing in foreign investments, high-yield bonds, small- and mid-cap stocks, and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a fund's prospectus for additional information on these and other risks.

For municipal income funds: 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.

For government funds: The U.S. government guarantee applies to certain underlying securities and not to shares of the fund.

“Dow Jones^®” and “Dow Jones Target Date Indexes^SM” are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”); have been licensed to CME Group Index Services LLC (“CME Indexes”); and have been sublicensed for use for certain purposes by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds^SM, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME Indexes, or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such product(s).

CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Wells Fargo Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.