Wells Fargo Advantage Municipal Income Funds Receive Five Lipper Fund Awards; Fund Family Receives Nine Awards in Total

SAN FRANCISCO - March 9, 2013

Wells Fargo Funds Management, LLC, the investment advisor to Wells Fargo Advantage Funds®, announced that it received nine 2012 Lipper Fund Awards for consistent returns, including five awards to the fund family’s municipal income funds.

“All of the awards validate our efforts to provide competitive investment options and results to our clients,” said Karla Rabusch, president of Wells Fargo Funds Management. “We are proud that our national municipal fixed-income funds have once again won multiple awards. This demonstrates the effectiveness of the investment process used by Lyle Fitterer and his portfolio management team. The team’s approach has generated consistent performance over the long term, which is an achievement that has been recognized by Lipper for the coveted 10-year time periods.”

For the second consecutive year¹, the Wells Fargo Advantage Short-Term Municipal Bond Fund, Investor Class, was named the Best Short Municipal Debt Fund for the 10-year period (out of 35 funds). The fund was a two-time 2012 winner as its Institutional Class was named the Best Short Municipal Debt Fund for the three-year period (out of 63 funds). Wells Capital Management (WellsCap) Inc. Portfolio Managers Lyle Fitterer, CFA, CPA, and Wendy Casetta oversee the fund. Mr. Fitterer has 21 years of investment industry experience and has managed the fund since 2000. Ms. Casetta has 18 years of investment industry experience and has managed the fund since 2007.

Another multi-year winner, the Wells Fargo Advantage Municipal Bond Fund, Investor Class, was named the Best General Municipal Debt Fund for the 10-year period (out of 158 funds)². WellsCap Portfolio Managers Lyle Fitterer and Robert Miller oversee the fund. Mr. Fitterer has managed the fund since 2000, and Mr. Miller, who has 21 years of investment industry experience, has managed the fund since 2008.

The Wells Fargo Advantage Intermediate Tax/AMT-Free Fund, Investor Class, was named the Best Intermediate Municipal Debt Fund (out of 81 funds) for the 10-year period. Mr. Fitterer has managed the fund since 2001, and Mr. Miller has managed the fund since 2008.

The Wells Fargo Managed Account CoreBuilder® Shares–Series M was named the Best General Municipal Debt Fund for the three-year period (out of 213 funds). Mr. Fitterer and Mr. Miller have managed the fund since 2008.

The Wells Fargo Advantage Growth Fund, Institutional Class, was named the Best Multi-Cap Growth Fund (out of 328 funds) for the five-year period. WellsCap Portfolio Managers Thomas Ognar, CFA; Bruce Olson, CFA; and Joseph Eberhardy, CFA, CPA, oversee the fund. Mr. Ognar has managed the fund since 2002 and has 17 years of investment industry experience. Mr. Olson has managed the fund since 2005 and has 25 years of investment industry experience; Mr. Eberhardy has managed the fund since 2008 and has 18 years of investment industry experience.

For the second consecutive year, the Wells Fargo Advantage Asia Pacific Fund, Investor Class, was named the Best Pacific Region Fund (out of 20 funds) for the 10-year period. ³ WellsCap Portfolio Manager Anthony Cragg oversees the fund. Mr. Cragg has managed the fund since 1993 and has 30 years of investment industry experience. The Wells Fargo Advantage Specialized Technology Fund, Class A, was named the Best Science & Technology Fund for the 10-year period (out of 94 funds). RCM Capital Management LLC Portfolio Managers Walter C. Price, Jr., CFA, and Huachen Chen, CFA, oversee the fund. Mr. Price has managed the fund since 2000 and has 38 years of investment industry experience. Mr. Chen has managed the fund since 2004 and has 26 years of investment industry experience.

The Wells Fargo Advantage Short Duration Government Bond Fund, Institutional Class, was named the Best Short U.S. Government Fund (out of 71 funds) for the five-year period. WellsCap Portfolio Managers Thomas O'Connor, CFA, and Troy Ludgood oversee the fund. Mr. O’Connor has managed the fund since 2003 and has 23 years of investment industry experience. Mr. Ludgood has managed the fund since 2007 and has 11 years of investment industry experience.

About the Lipper Fund Awards
The Lipper Fund Awards program honors funds that have excelled in delivering consistently strong risk-adjusted performance relative to peers. In addition, the Lipper Fund Awards program recognizes fund families with high average scores for all funds within a particular asset class or overall. The Lipper Fund Awards ceremonies take place in 14 countries in Asia, Europe, the Middle East, and the Americas. The Lipper Fund Awards recognize funds in 16 countries in Asia, Europe, the Middle East, and the Americas. Lipper designates award-winning funds in most individual classifications for three-, five-, and 10-year periods.

Lipper Leader scores are derived from highly sophisticated formulas that analyze funds against clearly defined criteria. Funds are compared with similar funds, and only those that truly stand out are awarded Lipper Leader status. Funds are ranked against their peers on each of five measures: Total Return, Consistent Return, Preservation, Tax Efficiency, and Expense. Source: Lipper

1. In addition to receiving Lipper Fund Awards this year, the Wells Fargo Advantage Short-Term Municipal Bond Fund, Investor Class, also received three awards in 2011. The fund was named the Best Short Municipal Debt Fund for the three-year period (out of 60 funds), five-year period (out of 55 funds), and 10-year period (out of 32 funds).

2. In 2011, the Wells Fargo Advantage Municipal Bond Fund, Administrator Class, received two awards. The fund was named the Best General Municipal Debt Fund for the three-year period (out of 213 funds) and five-year period (out of 195 funds).

3. In 2011, the Wells Fargo Advantage Asia Pacific Fund, Investor Class, was named the Best Pacific Region Fund (out of 19 funds) for the 10-year period.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond fund 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 fund values fall and investors may lose principal value. Some funds may be exposed to municipal securities risk. 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.

Please remember that shares of the Wells Fargo Managed Account CoreBuilder® Shares–Series M may be purchased only by or on behalf of separately managed account clients where Wells Fargo Funds Management has an agreement to serve as investment advisor or subadvisor to the account with the separately managed account sponsor (typically a registered investment advisor or broker/dealer) or directly with the client.

Performance for certain Wells Fargo Advantage Funds reflects a predecessor fund’s performance and may be adjusted to reflect the Wells Fargo Advantage Fund’s sales charges and/or expenses. Predecessor fund information can be found in each fund’s prospectus.

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

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 the prospectus carefully before investing. Past performance is no guarantee of future results.

About Wells Fargo Funds Management
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company (NYSE: WFC), 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 Wells Fargo Advantage Funds are a registered trademark of Wells Fargo Funds Management, LLC. For more information about Wells Fargo Advantage Funds, please visit wellsfargoadvantagefunds.com.

Wells Capital Management Inc. (WellsCap) is a registered investment advisor and a wholly owned subsidiary of Wells Fargo Bank, N.A. WellsCap provides investment management services for a variety of institutions.

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

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John Roehm
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john.o.roehm@wellsfargo.com

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