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WF440480 00000 01 City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan Period Ending March 31, 2013 ---PAGE BREAK--- Equity Market Global equity markets continued to rally and the S&P 500 Index advanced in March for the fifth straight month, hitting its highest closing level ever on the last trading day of 1Q13. Upbeat reports on employment, housing, manufacturing, as well as a supportive Fed, have propelled U.S. equities. During 1Q13 Value continued to outperform growth. Mid and small-cap equities again outperformed large caps. Every sector in the S&P 500 produced positive returns, led mostly by defensive sectors. International equities were mixed, as parts of Europe and many emerging indexes struggled. The financial crisis in Cyprus weighed on indexes in troubled nations such as Greece, Italy, and Spain. U.S. REITs had solid returns, while commodity prices ended lower. Equity & Real Asset Total Returns** Period Ending March 31, 2013 Indexes Mar 3-Mo 6-Mo 1 Yr 3 Yr* 5 Yr* 10 Yr* S&P 500 3.75% 10.61% 10.19% 13.96% 12.67% 5.81% 8.53% Russell 1000 Growth 3.75% 9.54% 8.10% 10.09% 13.06% 7.30% 8.62% Russell 1000 Value 3.96% 12.31% 14.02% 18.77% 12.74% 4.85% 9.18% Russell Mid Cap 4.25% 12.96% 16.21% 17.30% 14.62% 8.37% 12.27% Russell 2000 4.62% 12.39% 14.48% 16.30% 13.45% 8.24% 11.52% MSCI EAFE (net) 0.82% 5.13% 12.04% 11.25% 5.00% -0.89% 9.69% MSCI EM (net) -1.72% -1.62% 3.87% 1.96% 3.27% 1.09% 17.05% Wilshire U.S. REIT 2.78% 7.43% 10.10% 14.02% 17.35% 6.32% 12.23% Dow UBS Commodity 0.67% -1.13% -7.39% -3.03% 1.42% -7.11% 3.67% Developed market stocks rally in first quarter. *Annualized returns. **You cannot invest directly in an index. Index returns do not include management fees, so your actual returns may differ from those listed in the charts. Sources: Bloomberg Finance LLP., FactSet (04/13) S&P 500 Sector Returns 1.9 2.2 2.4 2.5 3.4 3.8 4.9 4.9 5.4 6.4 10.2 10.7 4.8 4.6 9.5 11.4 14.6 12.2 13.0 15.8 Energy Industrials Materials Technology Telecom Financials Consumer Staples Consumer Discretionary Utilities Health Care 1Q13 March Current market status 1 WF440480 00001 02 ---PAGE BREAK--- Fixed Income Market U.S. Treasury prices were generally flat in March, but ended lower for 1Q13. The 10-yr Treasury yield finished 1Q13 at 1.85% (up nine basis points from 4Q), while the 30-yr yield rose to 3.10%. The Federal Reserve maintained its quantitative easing program and reiterated its outlook for low short-term rates through 2015. There continues to be debate within the Fed about the timing of winding down quantitative easing, with some indication it could begin in 2013. Investment-grade corporate bond prices have moved very little year to date. High-yield bonds led all fixed income categories for 1Q13. Foreign bonds lost value primarily due to the Cypress financial crisis and higher perceived risks in non-US markets. Fixed Income Total Returns** Period Ending March 31, 2013 Bond markets drifted in first quarter, with no clear direction. *Annualized returns. **You cannot invest directly in an index. Index returns do not include management fees, so your actual returns may differ from those listed in the charts. Sources: Bloomberg Finance LLP., FactSet (04/13) Credit Spreads to Treasuries Yield Spread 0.00 5.00 10.00 15.00 20.00 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Investment Grade Corporate Spread High Yield Spread Emerging Markets Debt Spread Indexes Mar 3-Mo 6-Mo 1 Yr 3 Yr* 5 Yr* 10 Yr* Citigroup 3-mo T-bill 0.01% 0.02% 0.04% 0.08% 0.09% 0.31% 1.66% BarCap 1-3 Yr Gov 0.02% 0.12% 0.19% 0.66% 1.29% 1.91% 2.78% BarCap Interm Gov 0.12% 0.14% 0.17% 2.26% 3.91% 3.70% 4.02% BarCap Interm Credit 0.18% 0.47% 1.42% 5.96% 6.41% 6.54% 5.41% BarCap Interm Gov/Credit 0.14% 0.26% 0.61% 3.53% 4.75% 4.61% 4.49% BarCap 20 Yr Treasury -0.25% -2.89% -3.80% 7.62% 13.63% 8.32% 7.42% BarCap Long Gov/Credit -0.30% -1.98% -1.54% 8.94% 12.31% 9.55% 7.52% BarCap Mortgage-Backed 0.12% -0.05% -0.25% 1.97% 4.17% 5.15% 4.98% BarCap Aggregate Bond 0.08% -0.12% 0.09% 3.77% 5.52% 5.47% 5.02% Merrill High Yield 1.03% 2.87% 6.11% 13.05% 10.90% 11.19% 9.81% JPMorgan GBI Global ex US -0.45% -4.18% -6.81% -2.81% 3.63% 2.63% 5.74% Current market status 2 WF440480 00002 02 ---PAGE BREAK--- U.S. The unemployment rate unexpectedly fell 0.1% in the month of March, to 7.6%, due to a decrease in the labor participation rate to a 34-year low of 63.3 percent of the working-age population. Existing-home sales increased 0.8% in February, while new-home sales dropped 4.6% (following a hefty gain in January). At just 4.3 months supply, housing inventories are at their lowest level since May 2005. Durable goods orders increased 5.7% in February as defense spending gained. Orders for motor vehicles and parts also increased. Inflation has remained modest at just under Non-U.S. The European Central Bank has maintained its decision to leave interest rates unchanged as bank officials expect the economy to recover gradually later this year. Japanese GDP returned to growth in 4Q12, rising 0.2% from a -3.7% in 3Q12, as stimulative monetary policy was enacted. Improving global demand may help to sustain China’s economic rebound. Lower unemployment rate, but inconsistent job growth hits confidence. Source: Bloomberg Finance LLP., FactSet, Wells Fargo Securities. (04/13) Total New Non Farm Jobs (Thousands) Housing Starts Poised for Growth Unemployment Rate Drops, Job Gains Slip 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 -75 25 125 225 325 425 525 Unemployment Rate Bl b Fi LLP F tS t W ll F S iti (04/13) g Millions of Units The global economy 3 WF440480 00003 02 ---PAGE BREAK--- The economy U.S. GDP grew at an annualized rate of just 0.4% in 4Q12. We expect U.S. GDP to grow 2-2.5% in 2013. The Index of Leading Economic Indicators increased 0.5% in both January and February, pointing to continued economic growth in the coming months. The Institute for Supply Management (ISM) Manufacturing survey declined to 51.3 in March and the Non-Manufacturing survey also dropped, to 54.4. Consumer confidence declined 8.3 points to 59.7 in March from 68.0 in February. Consumers felt more pessimistic as they dealt with higher gasoline prices and uncertainty about how sequestration will impact the economy. The markets The S&P 500 reached about 14x forward-looking earnings, approaching historical fair values. Stocks still remain attractive relative to bonds however. Fixed income investors are likely to continue looking at spread sectors over Treasury issues, reaching for higher yields. Higher taxes, sequestration, and cold weather curb business activity. Sources: Bloomberg Finance LLP, FactSet (04/13) Steady Economic Growth Expected in 2013 Business Activity Slowed in March GDP Growth ISM Surveys Expansion Contraction Actual Estimated 1.30 4.10 2.00 1.30 3.10 0.40 2.10 1.75 2.35 2.60 -0.2 0.8 1.8 2.8 3.8 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 48 50 52 54 56 58 60 ISM Manufacturing ISM Non-Manufacturing Expansion/Contraction The outlook 4 WF440480 00004 02 ---PAGE BREAK--- The above fund array design is for illustration purposes only and is not intended to depict actual risk and return characteristics of different asset class categories or specific funds. Fund array overview ¬ Wells Fargo Advantage DJ Target 2050 Adm ¬ Wells Fargo Advantage DJ Target 2040 Adm ¬ Wells Fargo Advantage DJ Target 2030 Adm ¬ Wells Fargo Advantage DJ Target 2020 Adm ¬ Wells Fargo Advantage DJ Target 2010 Adm ¬ Wells Fargo Advantage DJ Target Tod Adm Specialty Funds Global Real Estate ¬ Prudential Global Real Estate Z Global/ International Diversified Emerging Markets ¬ T. Rowe Price Emerging Markets Stock International Growth Active ¬ Janus Overseas T International Blend Active ¬ American Funds EuroPacific Gr R4 International Value Active ¬ Dodge & Cox International Stock Small Cap Blend Active ¬ Wells Fargo Advantage Small Cap Opp Adm ¬ Columbia Small Cap Index Z Value Active ¬ American Century Small Cap Value Inv Mid Cap Blend Passive ¬ Wells Fargo S&P MidCap Index Fund N35 Large Cap Growth Active ¬ JPMorgan Large Cap Growth R6 ¬ Janus Twenty T Blend Passive ¬ Wells Fargo Advantage Index Adm Value Active ¬ MFS Value A Balanced Moderate ¬ Oakmark Equity & Income I Bond High Yield ¬ JPMorgan High Yield R6 World ¬ Templeton Global Bond Adv Intermediate U.S. Domestic ¬ Wells Fargo Advantage Core Bond Ad ¬ PIMCO Total Return Admin Principal Preservation Stable ¬ Wells Fargo Stable Return N 5 WF440480 00005 06 ---PAGE BREAK--- Participation by fund Beginning Balance as of 01/01/2013 Ending Balance as of 03/31/2013 Participants Participants Beginning Percent− with Balance Percent− Ending Percent− with Balance Percent− Fund Name Market Value to−Total in Fund to−Total Market Value to−Total in Fund to−Total Wells Fargo Stable Return N 2,245,115 7.4% 48 28.7% 2,765,409 8.5% 46 27.5% PIMCO Total Return Admin 828,489 2.7% 21 12.6% 824,855 2.5% 23 13.8% Wells Fargo Advantage Core Bond Ad 895,899 2.9% 28 16.8% 808,529 2.5% 27 16.2% Templeton Global Bond Adv 204,006 0.7% 4 2.4% 327,479 1.0% 8 4.8% JPMorgan High Yield R6 16,774 0.1% 1 0.6% 35,987 0.1% 5 3.0% Oakmark Equity & Income I 1,873,947 6.2% 44 26.3% 1,941,084 6.0% 44 26.3% MFS Value A 734,137 2.4% 31 18.6% 845,470 2.6% 32 19.2% Wells Fargo Advantage Index Adm 1,148,775 3.8% 33 19.8% 1,315,751 4.0% 35 21.0% Janus Twenty T 1,651,970 5.4% 51 30.5% 1,744,860 5.4% 51 30.5% JPMorgan Large Cap Growth R6 2,847,540 9.3% 63 37.7% 2,996,001 9.2% 63 37.7% Wells Fargo S&P MidCap Index Fund N35 1,083,083 3.6% 47 28.1% 1,296,508 4.0% 49 29.3% American Century Small Cap Value Inv 1,790,172 5.9% 61 36.5% 2,068,226 6.3% 62 37.1% Columbia Small Cap Index Z 32,951 0.1% 3 1.8% 62,231 0.2% 5 3.0% Wells Fargo Advantage Small Cap Opp Adm 2,239,369 7.3% 61 36.5% 2,478,353 7.6% 59 35.3% Dodge & Cox International Stock 2,338 0.0% 1 0.6% 24,191 0.1% 4 2.4% American Funds EuroPacific Gr R4 422,521 1.4% 30 18.0% 411,159 1.3% 29 17.4% Janus Overseas T 1,416,402 4.6% 58 34.7% 1,383,641 4.2% 57 34.1% T. Rowe Price Emerging Markets Stock 708,636 2.3% 33 19.8% 734,115 2.3% 34 20.4% Prudential Global Real Estate Z 288,469 0.9% 12 7.2% 452,084 1.4% 17 10.2% Wells Fargo Advantage DJ Target Tod Adm 251,979 0.8% 27 16.2% 24,249 0.1% 30 18.0% Wells Fargo Advantage DJ Target 2010 Adm 330,056 1.1% 2 1.2% 333,016 1.0% 2 1.2% Wells Fargo Advantage DJ Target 2020 Adm 186,763 0.6% 6 3.6% 489,777 1.5% 7 4.2% Wells Fargo Advantage DJ Target 2030 Adm 280,970 0.9% 4 2.4% 392,681 1.2% 6 3.6% Wells Fargo Advantage DJ Target 2040 Adm 2,407,320 7.9% 56 33.5% 2,457,883 7.5% 56 33.5% Wells Fargo Advantage DJ Target 2050 Adm 382,866 1.3% 18 10.8% 377,568 1.2% 19 11.4% 6 WF440480 00006 04 ---PAGE BREAK--- Participation by fund Beginning Balance as of 01/01/2013 Ending Balance as of 03/31/2013 Participants Participants Beginning Percent− with Balance Percent− Ending Percent− with Balance Percent− Fund Name Market Value to−Total in Fund to−Total Market Value to−Total in Fund to−Total The AdviceTrack program 5,280,993 17.3% 27 16.2% 5,059,411 15.5% 28 16.8% Loan Fund 936,828 3.1% 58 34.7% 919,423 2.8% 58 34.7% Totals $30,488,368 100.0% $32,569,940 100.0% Average number of funds per participant, based on quarter−end market value 7.4 Number of fund choices available 26 Number of participants with a balance during the quarter 167 7 WF440480 00007 04 ---PAGE BREAK--- Cash flow Cash Flow Analysis 01/01/2013 −03/31/2013 Beginning Loan Investment Other* Ending Fund Name Market Value Contributions Transfers Distributions Activity Gain/Loss Activity Market Value Wells Fargo Stable Return N 2,245,115 21,646 494,094 (8,357) 3,150 12,144 (2,383) 2,765,409 PIMCO Total Return Admin 828,489 12,552 (20,127) 0 (953) 4,911 (17) 824,855 Wells Fargo Advantage Core Bond Ad 895,899 8,797 (94,410) 0 (1,269) (480) 808,529 Templeton Global Bond Adv 204,006 6,425 115,179 0 (1,068) 2,952 (15) 327,479 JPMorgan High Yield R6 16,774 4,200 13,578 0 620 826 (11) 35,987 Oakmark Equity & Income I 1,873,947 19,267 35,182 (99,942) (2,242) 114,897 (25) 1,941,084 MFS Value A 734,137 10,818 9,425 (169) 890 90,369 0 845,470 Wells Fargo Advantage Index Adm 1,148,775 14,784 27,243 0 1,036 123,913 0 1,315,751 Janus Twenty T 1,651,970 22,997 (18,410) 0 4,026 84,291 (15) 1,744,860 JPMorgan Large Cap Growth R6 2,847,540 50,926 (30,528) (58,729) 7,175 181,035 (1,419) 2,996,001 Wells Fargo S&P MidCap Index Fund N35 1,083,083 21,734 38,310 (410) 4,237 149,558 1,296,508 American Century Small Cap Value Inv 1,790,172 28,088 50,278 0 (1,733) 201,445 (25) 2,068,226 Columbia Small Cap Index Z 32,951 4,304 21,506 0 (1,620) 5,106 (15) 62,231 Wells Fargo Advantage Small Cap Opp Adm 2,239,369 24,110 (35,472) (267) (1,420) 252,048 (15) 2,478,353 Dodge & Cox International Stock 2,338 1,667 19,422 0 613 151 0 24,191 American Funds EuroPacific Gr R4 422,521 11,619 (34,447) 0 (838) 12,314 411,159 Janus Overseas T 1,416,402 24,469 (32,423) (211) 1,245 (25,827) (13) 1,383,641 T. Rowe Price Emerging Markets Stock 708,636 15,099 23,684 0 3,805 (17,106) 734,115 Prudential Global Real Estate Z 288,469 17,479 121,339 0 3,860 20,936 0 452,084 Wells Fargo Advantage DJ Target Tod Adm 251,979 3,639 (232,008) 0 184 456 24,249 Wells Fargo Advantage DJ Target 2010 Adm 330,056 0 0 0 0 2,960 0 333,016 Wells Fargo Advantage DJ Target 2020 Adm 186,763 6,434 285,486 0 511 10,583 0 489,777 Wells Fargo Advantage DJ Target 2030 Adm 280,970 13,084 111,614 0 (28,113) 15,202 (75) 392,681 Wells Fargo Advantage DJ Target 2040 Adm 2,407,320 66,076 (125,473) (42,666) (16,964) 169,816 (228) 2,457,883 Wells Fargo Advantage DJ Target 2050 Adm 382,866 37,638 (71,373) 0 551 27,886 0 377,568 The AdviceTrack program 5,280,993 92,796 (671,668) 0 33,702 323,589 0 5,059,411 Loan Fund 936,828 0 0 (15,187) (2,218) 0 0 919,423 Totals $30,488,368 540,646 0 (225,938) 7,167 1,763,977 (4,280) $32,569,940 *Other Activity could include mergers/acquisitions, partial deconversions, fees, QDROs, crediting of the forfeiture account, or other necessary adjustments made in the Plan during the reporting period. The cash flow analysis should be used for informational purposes only and should not be used in lieu of the trust account statements. 8 WF440480 00008 05 ---PAGE BREAK--- Policy compliance summary report City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan Returns as of March 31, 2013 Identification Performance Compliance Results Prior Performance Results 1 3 5 Perfor− Style Manager 4Qtr/ 3Qtr/ 2Qtr/ 1Qtr/ Fund Category / Fund / Benchmark Ticker QTD YTD Year Year Year mance Change Change 2012 2012 2012 2012 Principal Preservation DSRF1 0.45 0.45 1.97 2.42 2.98 B − − B B B B Wells Fargo Stable Return N 0.06 0.06 0.35 0.67 1.02 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 0.48 0.48 2.15 2.60 3.01 Hueler Analytics Stable Value Universe Fixed Income PTRAX 0.54 0.54 7.65 6.65 7.50 A − − A A B B PIMCO Total Return Admin −0.12 −0.12 3.77 5.52 5.47 Barclays US Agg Bond 0.32 0.32 5.67 6.19 5.97 Morningstar Intermediate−Term Bond Funds Avg Fixed Income −0.05 −0.05 5.34 6.46 6.73 B − − B B B B Wells Fargo Advantage Core Bond Ad −0.12 −0.12 3.77 5.52 5.47 Barclays US Agg Bond 0.32 0.32 5.67 6.19 5.97 Morningstar Intermediate−Term Bond Funds Avg Fixed Income TGBAX 1.41 1.41 9.88 6.94 9.12 A − − A A B B Templeton Global Bond Adv −2.80 −2.80 −0.64 4.33 3.20 JPM GBI Global Traded −1.09 −1.09 4.44 5.25 4.42 Morningstar World Bond Funds Avg Fixed Income JHYUX 2.90 2.90 12.17 10.04 10.69 B − − B B − − JPMorgan High Yield R6 2.87 2.87 13.05 10.90 11.19 ML High Yield Bond Index 2.79 2.79 11.80 9.94 9.36 Morningstar High Yield Bond Funds Avg Balanced OAKBX 6.18 6.18 7.30 6.82 4.89 D − − C C C B Oakmark Equity & Income I 6.24 6.24 9.95 10.10 6.13 60% S&P 500/40% BarCap Aggregate Index 5.67 5.67 9.22 8.39 4.79 Morningstar Moderate Allocation Funds Avg Large Cap MEIAX 12.06 12.06 15.75 11.46 5.23 B − − B B B B MFS Value A 12.31 12.31 18.77 12.74 4.85 Russell 1000 Value 11.23 11.23 14.92 10.97 4.49 Morningstar Large Value Funds Avg Large Cap Blend −Passive WFIOX 10.56 10.56 13.73 12.45 5.61 B − Dec−12 B B B B Wells Fargo Advantage Index Adm 10.51 10.51 13.56 12.27 5.41 S&P 500 −40 bps (Exp. Ratio + 15 bps) Large Cap JAVLX 5.06 5.06 7.03 6.72 2.22 D − − C C C B Janus Twenty T 9.54 9.54 10.09 13.06 7.30 Russell 1000 Growth 8.79 8.79 8.43 10.82 5.42 Morningstar Large Growth Funds Avg 9 WF440480 00009 07 ---PAGE BREAK--- Policy compliance summary report City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan Returns as of March 31, 2013 Identification Performance Compliance Results Prior Performance Results 1 3 5 Perfor− Style Manager 4Qtr/ 3Qtr/ 2Qtr/ 1Qtr/ Fund Category / Fund / Benchmark Ticker QTD YTD Year Year Year mance Change Change 2012 2012 2012 2012 Large Cap 6.39 6.39 2.34 13.71 7.32 B − − B B A A JPMorgan Large Cap Growth R6 9.54 9.54 10.09 13.06 7.30 Russell 1000 Growth 8.79 8.79 8.43 10.82 5.42 Morningstar Large Growth Funds Avg Mid Cap DMS1 13.35 13.35 17.41 14.75 9.49 B − − B B B B Wells Fargo S&P MidCap Index Fund N35 13.28 13.28 17.15 14.44 9.17 S&P MidCap 400 −68 bps (Exp. Ratio + 25 bps) Small Cap ASVIX 11.13 11.13 16.58 11.03 10.21 B − May−12 B B B B American Century Small Cap Value Inv 11.63 11.63 18.09 12.12 7.29 Russell 2000 Value 12.29 12.29 16.34 11.93 8.30 Morningstar Small Value Funds Avg Small Cap 11.82 11.82 16.09 14.99 9.14 B − − B B A B Columbia Small Cap Index Z 11.69 11.69 15.67 14.71 8.72 S&P SmallCap 600 −47 bps (Exp. Ratio + 25 bps) Small Cap NVSOX 11.29 11.29 14.45 11.22 7.34 C − − C C B C Wells Fargo Advantage Small Cap Opp Adm 12.39 12.39 16.30 13.45 8.24 Russell 2000 12.43 12.43 15.68 13.29 7.67 Morningstar Small Blend Funds Avg Global/International DODFX 3.64 3.64 11.28 4.94 1.09 B − − A B B A Dodge & Cox International Stock 5.13 5.13 11.25 5.00 −0.89 MSCI EAFE 3.28 3.28 8.90 3.79 −1.71 Morningstar Foreign Large Value Funds Avg Global/International REREX 2.84 2.84 9.20 4.77 0.81 B − Jun−12 B A B B American Funds EuroPacific Gr R4 5.13 5.13 11.25 5.00 −0.89 MSCI EAFE 3.66 3.66 9.60 4.65 −1.01 Morningstar Foreign Large Blend Funds Avg Global/International JAOSX −1.87 −1.87 −8.01 −6.58 −4.10 D − − D D D B Janus Overseas T 5.13 5.13 11.25 5.00 −0.89 MSCI EAFE 3.71 3.71 8.24 6.18 0.50 Morningstar Foreign Large Growth Funds Avg Global/International −2.29 −2.29 4.07 3.12 −1.23 C − − C C C C T. Rowe Price Emerging Markets Stock −1.62 −1.62 1.96 3.27 1.09 MSCI EM −0.27 −0.27 3.65 3.05 0.16 Morningstar Diversified Emerging Mkts Funds Avg 10 WF440480 00010 07 ---PAGE BREAK--- Policy compliance summary report City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan Returns as of March 31, 2013 Identification Performance Compliance Results Prior Performance Results 1 3 5 Perfor− Style Manager 4Qtr/ 3Qtr/ 2Qtr/ 1Qtr/ Fund Category / Fund / Benchmark Ticker QTD YTD Year Year Year mance Change Change 2012 2012 2012 2012 Specialty Funds PURZX 5.76 5.76 19.50 13.92 4.52 B − − B B B B Prudential Global Real Estate Z 6.86 6.86 17.79 16.76 4.31 Dow Jones Global Select REIT Index 4.89 4.89 21.25 12.23 2.33 Morningstar Global Real Estate Funds Avg Target Date WFLOX 0.18 0.18 3.03 5.21 4.33 B − − B B B B Wells Fargo Advantage DJ Target Tod Adm 0.16 0.16 2.82 5.03 4.22 DJ Target Today Admin Index Compliance Composite* Target Date 0.90 0.90 3.93 5.70 3.91 B − − B B B B Wells Fargo Advantage DJ Target 2010 Adm 0.88 0.88 3.67 5.51 3.72 DJ Target 2010 Admin Index Compliance Composite* Target Date 3.04 3.04 6.25 7.03 4.10 B − − B B B B Wells Fargo Advantage DJ Target 2020 Adm 3.05 3.05 5.95 6.77 3.75 DJ Target 2020 Admin Index Compliance Composite* Target Date WFLIX 5.41 5.41 8.81 8.40 4.49 B − − B B A B Wells Fargo Advantage DJ Target 2030 Adm 5.53 5.53 8.45 8.06 4.03 DJ Target 2030 Admin Index Compliance Composite* Target Date 7.23 7.23 10.72 9.24 4.79 B − − B B B A Wells Fargo Advantage DJ Target 2040 Adm 7.36 7.36 10.29 8.84 4.23 DJ Target 2040 Admin Index Compliance Composite* Target Date 7.56 7.56 11.10 9.44 4.98 B − − B B B B Wells Fargo Advantage DJ Target 2050 Adm 7.79 7.79 10.76 9.03 4.36 DJ Target 2050 Admin Index Compliance Composite* * The DJ Target Index Compliance Composite returns represent the returns of the corresponding Dow Jones Target Date Index with adjustments to accommodate the expense ratio of the fund along with the established tracking error tolerance for the fund which ranges from 0.18% for the Today Fund to 0.33% for the 2055 Fund based on each fund’s underlying asset allocation, for the purpose of Investment Policy Compliance monitoring. 11 WF440480 00011 07 ---PAGE BREAK--- Description of Quantitative Compliance Ratings • Evaluates the returns of each fund against its assigned Peer Group (where applicable) and Market Index, equally weighted • For purposes of determining the Peer Group rating, fund percentile ranks are determined within the peer group reflected in this report • Time periods evaluated are the 1, 3 & 5 year periods using a weighting of 20%, 40% and 40%, respectively • The overall rating will be based on a letter grading system: A, B, C, & D Peer group rating A 1st quartile B 2nd quartile C 3rd quartile D 4th quartile Index rating A ≥125% of Index return B 100% - 124% of Index return C 75% - 99% of Index return D ≤74% of Index return Returns for periods greater than 1-year are annualized. Performance may reflect the adjusted historical returns published by Morningstar, which are calculated using the appended adjusted return history of the oldest surviving share class of the fund. Policy compliance disclosures 12 WF440480 00012 07 ---PAGE BREAK--- Performance summary as of March 31, 2013 City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan 3Yr. 3Yr. 3− % % 1 % 3 % 5 % 10 % Std. Sharpe Mstar Expense Category/Fund Asset Category Ticker Month Rank YTD Rank Year Rank Years Rank Years Rank Years Rank Dev. Ratio Rating Ratio Principal Preservation Wells Fargo Stable Return N 0.45 − 0.45 − 1.97 − 2.42 − 2.98 − 3.82 − − − − 0.24 DSRF1 Principal Preservation − − − − − − − 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 0.06 0.06 0.35 0.67 1.02 2.17 − − − − − − − − − − Hueler Analytics Stable Value Universe 0.48 0.48 2.15 2.60 3.01 3.81 − − − Fixed Income PIMCO Total Return Admin 0.54 23 0.54 23 7.65 17 6.65 32 7.50 15 6.39 10 3.22 1.99 5 0.71 PTRAX Intermediate−Term Bond − − − − − − 2.20 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 2.42 − − − − − − − − 2.25 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 2.71 − 0.92 Wells Fargo Advantage Core Bond Ad −0.05 75 −0.05 75 5.34 51 6.46 37 6.73 28 5.55 28 2.32 2.67 4 0.70 Intermediate−Term Bond − − − − − − 2.20 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 2.42 − − − − − − − − 2.25 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 2.71 − 0.92 Templeton Global Bond Adv 1.41 6 1.41 6 9.88 5 6.94 21 9.12 1 10.50 1 9.56 0.74 5 0.65 TGBAX World Bond − − − − − − 0.80 JPM GBI Global Traded −2.80 −2.80 −0.64 4.33 3.20 5.58 5.36 − − − − − − − − 1.02 Morningstar World Bond Funds Avg −1.09 −1.09 4.44 5.25 4.42 5.71 6.12 − 1.13 JPMorgan High Yield R6 2.90 37 2.90 37 12.17 43 10.04 50 10.69 16 9.68 12 7.15 1.36 4 0.76 JHYUX High Yield Bond − − − − − − − ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 − − − − − − − − − 1.40 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 7.11 − 1.16 Balanced Oakmark Equity & Income I 6.18 41 6.18 41 7.30 82 6.82 85 4.89 51 9.16 4 10.89 0.65 4 0.78 OAKBX Moderate Allocation − − − − − − − 60% S&P 500/40% BarCap Aggregate Index 6.24 6.24 9.95 10.10 6.13 7.42 − − − − − − − − − 0.82 Morningstar Moderate Allocation Funds Avg 5.67 5.67 9.22 8.39 4.79 7.19 10.50 − 1.35 Large Cap MFS Value A 12.06 24 12.06 24 15.75 34 11.46 42 5.23 36 9.47 19 15.28 0.78 4 0.96 MEIAX Large Value − − − − − − 0.84 Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 15.62 − − − − − − − − 0.76 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 15.64 − 1.20 Large Cap Blend −Passive Wells Fargo Advantage Index Adm 10.56 − 10.56 − 13.73 − 12.45 − 5.61 − 8.24 − 15.00 0.85 − 0.25 WFIOX S&P 500 Objective − − − − − − 0.86 S&P 500 10.61 10.61 13.96 12.67 5.81 8.53 15.01 − − Large Cap Janus Twenty T 5.06 98 5.06 98 7.03 64 6.72 96 2.22 92 10.59 10 18.41 0.44 3 0.81 JAVLX Large Growth − − − − − − 0.87 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 15.45 − − − − − − − − 0.69 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 16.83 − 1.28 JPMorgan Large Cap Growth R6 6.39 92 6.39 92 2.34 93 13.71 9 7.32 17 8.85 31 15.88 0.88 4 0.65 Large Growth − − − − − − 0.87 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 15.45 − − − − − − − − 0.69 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 16.83 − 1.28 Mid Cap Wells Fargo S&P MidCap Index Fund N35 13.35 − 13.35 − 17.41 − 14.75 − 9.49 − 12.11 − 17.95 0.85 − 0.43 DMS1 Mid−Cap Blend − − − − − − 0.87 S&P MidCap 400 13.45 13.45 17.83 15.12 9.85 12.45 17.95 − − 13 WF440480 00013 10 ---PAGE BREAK--- Performance summary as of March 31, 2013 City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan 3Yr. 3Yr. 3− % % 1 % 3 % 5 % 10 % Std. Sharpe Mstar Expense Category/Fund Asset Category Ticker Month Rank YTD Rank Year Rank Years Rank Years Rank Years Rank Dev. Ratio Rating Ratio Small Cap American Century Small Cap Value Inv 11.13 72 11.13 72 16.58 49 11.03 69 10.21 16 12.34 34 18.52 0.65 4 1.45 ASVIX Small Value − − − − − − 0.67 Russell 2000 Value 11.63 11.63 18.09 12.12 7.29 11.29 19.76 − − − − − − − − 0.68 Morningstar Small Value Funds Avg 12.29 12.29 16.34 11.93 8.30 11.92 19.52 − 1.44 Columbia Small Cap Index Z 11.82 69 11.82 69 16.09 44 14.99 20 9.14 22 12.23 20 18.86 0.83 4 0.22 Small Blend − − − − − − 0.84 S&P SmallCap 600 11.81 11.81 16.14 15.18 9.19 12.36 18.83 − − Wells Fargo Advantage Small Cap Opp Adm 11.29 67 11.29 67 14.45 23 11.22 81 7.34 63 13.05 8 16.46 0.72 4 1.22 NVSOX Small Growth − − − − − − 0.72 Russell 2000 12.39 12.39 16.30 13.45 8.24 11.52 20.10 − − − − − − − − 0.73 Morningstar Small Blend Funds Avg 12.43 12.43 15.68 13.29 7.67 11.15 19.99 − 1.34 Global/International Dodge & Cox International Stock 3.64 52 3.64 52 11.28 25 4.94 46 1.09 13 13.43 3 20.49 0.33 4 0.64 DODFX Foreign Large Blend − − − − − − 0.34 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 19.35 − − − − − − − − 0.29 Morningstar Foreign Large Value Funds Avg 3.28 3.28 8.90 3.79 −1.71 9.18 19.44 − 1.38 American Funds EuroPacific Gr R4 2.84 72 2.84 72 9.20 50 4.77 50 0.81 16 11.45 12 18.34 0.34 5 0.85 REREX Foreign Large Blend − − − − − − 0.34 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 19.35 − − − − − − − − 0.33 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 19.22 − 1.38 Janus Overseas T −1.87 98 −1.87 98 −8.01 98 −6.58 97 −4.10 100 12.86 15 25.60 −0.15 2 0.76 JAOSX Foreign Large Growth − − − − − − 0.34 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 19.35 − − − − − − − − 0.42 Morningstar Foreign Large Growth Funds Avg 3.71 3.71 8.24 6.18 0.50 10.36 18.92 − 1.42 T. Rowe Price Emerging Markets Stock −2.29 70 −2.29 70 4.07 42 3.12 55 −1.23 77 16.33 47 20.86 0.24 2 1.27 Diversified Emerging Mkts − − − − − − 0.25 MSCI EM −1.62 −1.62 1.96 3.27 1.09 17.05 21.12 − − − − − − − − 0.25 Morningstar Diversified Emerging Mkts Funds Avg −0.27 −0.27 3.65 3.05 0.16 16.14 20.77 − 1.64 Specialty Funds Prudential Global Real Estate Z 5.76 13 5.76 13 19.50 61 13.92 15 4.52 10 13.36 1 17.60 0.82 5 0.97 PURZX Global Real Estate − − − − − − − Dow Jones Global Select REIT Index 6.86 6.86 17.79 16.76 4.31 − − − − − − − − − − 0.74 Morningstar Global Real Estate Funds Avg 4.89 4.89 21.25 12.23 2.33 11.31 18.24 − 1.46 Target Date Wells Fargo Advantage DJ Target Tod Adm 0.18 96 0.18 96 3.03 96 5.21 84 4.33 62 5.48 30 3.51 1.44 3 0.80 WFLOX Retirement Income − − − − − − − WF Advtg Dow Jones Target Today Comp Idx 0.40 0.40 3.80 6.01 5.20 6.29 − − − − − − − − − − Dow Jones Target Today 0.40 0.40 3.80 6.01 5.20 5.97 − − − − − − − − − 1.11 Morningstar Retirement Income Funds Avg 2.92 2.92 6.83 6.86 4.48 5.29 6.66 − 0.99 Wells Fargo Advantage DJ Target 2010 Adm 0.90 93 0.90 93 3.93 95 5.70 87 3.91 59 6.09 46 4.39 1.26 3 0.83 Target Date 2000−2010 − − − − − − − WF Advtg Dow Jones Target 2010 Comp Idx 1.13 1.13 4.69 6.53 4.74 6.97 − − − − − − − − − − Dow Jones Target 2010 1.13 1.13 4.69 6.53 4.74 7.44 − − − − − − − − − 0.94 Morningstar Target Date 2000−2010 Funds Avg 3.11 3.11 6.97 7.06 4.18 6.07 7.69 − 0.96 Wells Fargo Advantage DJ Target 2020 Adm 3.04 80 3.04 80 6.25 94 7.03 82 4.10 59 6.96 45 7.43 0.94 4 0.85 Target Date 2016−2020 − − − − − − − WF Advtg Dow Jones Target 2020 Comp Idx 3.32 3.32 7.04 7.86 4.84 7.80 − − − − − − − − − − Dow Jones Target 2020 3.32 3.32 7.04 7.86 4.84 9.04 − − − − − − − − − 0.86 Morningstar Target Date 2016−2020 Funds Avg 4.14 4.14 8.36 8.09 4.18 6.88 9.90 − 1.07 14 WF440480 00014 10 ---PAGE BREAK--- Performance summary as of March 31, 2013 City & County of Broomfield New Hire Peace Officers Money Purchase Pension Plan 3Yr. 3Yr. 3− % % 1 % 3 % 5 % 10 % Std. Sharpe Mstar Expense Category/Fund Asset Category Ticker Month Rank YTD Rank Year Rank Years Rank Years Rank Years Rank Dev. Ratio Rating Ratio Target Date Wells Fargo Advantage DJ Target 2030 Adm 5.41 59 5.41 59 8.81 67 8.40 63 4.49 27 7.70 27 11.64 0.74 4 0.86 WFLIX Target Date 2026−2030 − − − − − − − WF Advtg Dow Jones Target 2030 Comp Idx 5.82 5.82 9.60 9.21 5.18 8.61 − − − − − − − − − − Dow Jones Target 2030 5.82 5.82 9.60 9.21 5.18 10.38 − − − − − − − − − 0.75 Morningstar Target Date 2026−2030 Funds Avg 5.51 5.51 9.64 8.71 3.94 7.49 12.66 − 1.10 Wells Fargo Advantage DJ Target 2040 Adm 7.23 27 7.23 27 10.72 45 9.24 41 4.79 17 8.46 8 14.54 0.67 4 0.87 Target Date 2036−2040 − − − − − − − WF Advtg Dow Jones Target 2040 Comp Idx 7.66 7.66 11.48 10.03 5.42 9.19 − − − − − − − − − − Dow Jones Target 2040 7.66 7.66 11.48 10.03 5.42 10.81 − − − − − − − − − 0.70 Morningstar Target Date 2036−2040 Funds Avg 6.43 6.43 10.34 9.06 3.84 7.83 14.33 − 1.13 Wells Fargo Advantage DJ Target 2050 Adm 7.56 26 7.56 26 11.10 46 9.44 39 4.98 18 − − 14.98 0.67 3 0.87 Target Date 2046−2050 − − − − − − − Dow Jones Target 2050 8.09 8.09 11.96 10.23 5.56 10.88 − − − − − − − − − 0.70 Morningstar Target Date 2046−2050 Funds Avg 6.73 6.73 10.69 9.16 3.98 7.91 14.74 − 1.13 Important Information Wells Fargo Funds with names containing the designation of or are Wells Fargo Collective Investment Funds available to qualified investors only. Expense Ratios reported for the Wells Fargo Collective Investment Funds represent the investment management fee for each fund and exclude audit and other administrative expenses. Please see each collective fund’s Disclosure document for additional information. Fund ranking percentages represent each fund’s percentile rank relative to its assigned asset class category within the peer group specified. Certain funds (i.e. money market mutual funds, Wells Fargo Collective Investment Funds and asset allocation funds) will not display percentile rankings. Returns for periods greater than 1−year are annualized. Performance shown for certain share classes of funds may reflect the adjusted historical returns published by Morningstar, which are calculated using the appended adjusted return history of the oldest surviving share class of the fund. Predecessor fund information can be found in the Fund’s prospectus, statement of additional information, or annual report. This fund has been placed in a category for the purposes of this summary that does not directly match the category assigned by Morningstar. Note that the percentile ranking displayed for this fund in the Rank" column represents this fund’s relative ranking within the asset class category as assigned by Morningstar. 15 WF440480 00015 10 ---PAGE BREAK--- ðððð 25.8% 2.1% 16.2% 56.0% Wells Fargo Stable Return N General Information Manager/Tenure: Tourville, Karl (1988) Caswell, John (1985) Sub−Advisor: Galliard Capital Management Ticker Symbol: DSRF1 Inception Date: 1985−10−01 Expense Ratio: 0.24% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Stable Return N 0.45 0.45 1.97 2.42 2.98 3.82 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 0.06 0.06 0.35 0.67 1.02 2.17 Hueler Analytics Stable Value Universe 0.48 0.48 2.15 2.60 3.01 3.81 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Stable Return N 4.75 4.34 4.45 4.79 4.99 4.70 3.40 3.07 2.45 2.06 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 1.49 1.08 2.33 4.36 6.02 4.18 0.48 1.23 0.81 0.25 Hueler Analytics Stable Value Universe 4.72 4.29 4.42 4.75 4.95 4.57 3.11 3.12 2.69 2.26 Characteristics Total Fund Assets ($MM) 39,816 Avg Credit Quality N/A Avg Maturity N/A Duration 2.00 Years Number of Holdings 19 Maturity Allocation Fund 50.0% 40.0% 41.5% 30.0% 19.1% 9.4% 30.0% 20.0% 10.0% 0.0% 0 −1 Years 1 −3 Years 3 −5 Years 5+ Years Portfolio Composition 25.8% Cash Equivalents 2.1% Guaranteed Investment Contracts 16.2% Insurance Separate Accounts 56.0% Security Backed Contracts Data Source: Wells Fargo Funds Management as of 03/31/2013. 16 WF440480 00016 08−9 ---PAGE BREAK--- PIMCO Total Return Admin General Information Manager/Tenure: Gross, William H. (1987) Ticker Symbol: PTRAX Inception Date: 1994−09−08 Expense Ratio: 0.71% Top Ten Holdings Irs Usd 3mls/1.50000s 03/18/15−16 Cme 12.6% Fin Fut Euro$ Cme 06/15/15 12.4% Fin Fut Euro$ Cme 12/14/15 8.7% Fannie Mae Single Family TBA 3.5% 2042− 3.9% Fannie Mae Single Family TBA 4% 2042−01 3.3% US Treasury Note 1.625% 2.6% Fin Fut Euro$ Cme 03/14/16 2.5% Cdx Bp Ig19 5y Cme 2.5% Fin Fut Euro$ Cme 09/14/15 2.4% Fin Fut Us 10yr Cbt 03/19/13 2.1% Total: 52.8% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 70.1% Non US Bonds 75.5% Cash −51.5% Preferreds 0.2% Convertibles 0.0% Other 5.7% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years PIMCO Total Return Admin 0.54 0.54 7.65 6.65 7.50 6.39 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PIMCO Total Return Admin 5.30 4.88 2.63 3.74 8.81 4.55 13.55 8.56 3.91 10.08 Barclays US Agg Bond 4.10 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 Morningstar Intermediate−Term Bond Funds Avg 5.10 3.91 1.80 4.15 4.70 −4.70 13.97 7.72 5.86 7.01 Characteristics Total Fund Assets ($MM) 289,086 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 6.09 Years Index N/A Duration Fund 4.77 Years Index N/A Number of Holdings 19,938 Sector Allocation Fund 60.0% 50.0% 40.0% 28.7% 3.1% 10.4% 26.2% 31.7% 0.0% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 17 WF440480 00017 08−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long PIMCO Total Return Admin Risk-Return Table April 2008 - March 2013: Summary Statistics PIMCO Total Return Admin Morningstar Intermediate-Term Bond Standard Dev 4.07 4.20 Barclays U.S. Aggregate 3.53 Cash-Adj. Alpha vs. Market 2.67 0.32 0.00 Information Ratio vs. Market 0.7311 0.0377 0.0000 Cash-Adj. Beta vs. Market 0.8628 0.9609 1.0000 Sharpe Ratio 1.7667 1.2508 1.4620 Cash-Adj. R-Squared vs. Market 55.87 64.22 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% PIMCO Total Return Admin Morningstar Intermediate-Term Bond Barclays U.S. Aggregate S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Intermediate-Term Bond Return 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years PIMCO Total Return Admin BarCap US Aggregate Bond Index Source: Zephyr Associates, Inc. PIMCO Total Return Admin 18 WF440480 00018 08−6 ---PAGE BREAK--- Wells Fargo Advantage Core Bond Ad General Information Manager/Tenure: Oconnor, Thomas (2003) Ludgood, Troy (2007) Sub−Advisor: Wells Capital Management Ticker Symbol: Inception Date: 1997−06−30 Expense Ratio: 0.70% Top Ten Holdings 3.0% WI Treasury N/b 1.7% WI Treasury N/b 1.6% U.S. Treasury N/b 1.5% WI Treasury Sec 1.4% U.S. Treasury N/b 1.3% U.S. Treasury N/b 1.2% U.S. Treasury N/b 1.2% U.S. Treasury N/b Fixed 1.2% 1.2% Total: 15.1% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 75.9% Non US Bonds 16.1% Cash 7.1% Preferreds 0.0% Convertibles 0.0% Other 1.0% Credit Quality Range Fund Index AAA 72.0% 0.0% 4.1% 0.0% AA 11.6% 0.0% A 11.8% 0.0% BBB 0.2% 0.0% BB 0.0% 0.0% B 0.0% 0.0% Below B 0.4% 0.0% Not rated Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage Core Bond Ad −0.05 −0.05 5.34 6.46 6.73 5.55 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage Core Bond Ad 4.64 4.28 2.13 4.09 6.38 2.86 11.18 7.18 8.30 6.29 Barclays US Agg Bond 4.10 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 Morningstar Intermediate−Term Bond Funds Avg 5.10 3.91 1.80 4.15 4.70 −4.70 13.97 7.72 5.86 7.01 Characteristics Total Fund Assets ($MM) 3,163 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 6.40 Years Index N/A Duration Fund 5.10 Years Index N/A Number of Holdings 587 Sector Allocation Fund 60.0% 50.0% 40.0% 16.6% 1.0% 22.0% 53.2% 7.2% 0.0% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 19 WF440480 00019 08−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long Wells Fargo ADVTG Core Bond Fund Adm Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo ADVTG Core Bond Fund Adm Morningstar Intermediate-Term Bond Standard Dev 3.67 4.20 Barclays U.S. Aggregate 3.53 Cash-Adj. Alpha vs. Market 1.24 0.32 0.00 Information Ratio vs. Market 1.1166 0.0377 0.0000 Cash-Adj. Beta vs. Market 0.9925 0.9609 1.0000 Sharpe Ratio 1.7521 1.2508 1.4620 Cash-Adj. R-Squared vs. Market 90.75 64.22 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Wells Fargo ADVTG Core Bond Fund Adm Morningstar Intermediate-Term Bond Barclays U.S. Aggregate S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Intermediate-Term Bond Return 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years Wells Fargo ADVTG Core Bond Fund A BarCap US Aggregate Bond Index Source: Zephyr Associates, Inc. Wells Fargo Advantage Core Bond Ad 20 WF440480 00020 08−6 ---PAGE BREAK--- Templeton Global Bond Adv General Information Manager/Tenure: Desai, Sonal (2011) Hasenstab, Michael (2001) Ticker Symbol: TGBAX Inception Date: 1996−12−31 Expense Ratio: 0.65% Top Ten Holdings Ireland(Rep Of) 5% 3.0% Kommuninvest I Sverige Ab 1.9% Hungary Rep 6.375% 1.6% Poland Government 1.4% Ireland Rep Of 1.3% Korea Monetary Stab Bond 1.3% Ireland(Rep Of) 5.9% 1.3% Bk Of Korea 3.47% 1.2% Ireland(Rep Of) 5.4% 1.2% Poland(Rep Of) 5.75% 1.2% Total: 15.2% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 0.6% Non US Bonds 46.1% Cash 50.7% Preferreds 0.0% Convertibles 0.0% Other 2.6% Credit Quality Range Fund Index AAA 14.5% 0.0% 17.8% 0.0% AA 24.4% 0.0% A 26.6% 0.0% BBB 9.2% 0.0% BB 6.3% 0.0% B 0.0% 0.0% Below B 1.3% 0.0% Not rated Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Templeton Global Bond Adv 1.41 1.41 9.88 6.94 9.12 10.50 JPM GBI Global Traded −2.80 −2.80 −0.64 4.33 3.20 5.58 Morningstar World Bond Funds Avg −1.09 −1.09 4.44 5.25 4.42 5.71 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Templeton Global Bond Adv 21.64 14.93 −2.84 13.72 11.26 6.47 19.21 13.00 −2.21 16.15 JPM GBI Global Traded 14.51 10.10 −6.53 5.94 10.81 12.00 1.90 6.42 7.22 1.29 Morningstar World Bond Funds Avg 13.79 8.98 −3.33 5.42 7.28 −1.57 13.12 6.35 3.39 8.09 Characteristics Total Fund Assets ($MM) 70,192 Avg Credit Quality Fund BBB Index N/A Avg Maturity Fund 2.51 Years Index N/A Duration Fund 1.56 Years Index N/A Number of Holdings 261 Sector Allocation Fund 60.0% 50.0% 40.0% 48.9% 0.1% 0.2% 0.0% 50.7% 0.0% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Country Allocation Fund 30.0% 25.0% 20.0% 19.3% 14.6% 12.9% 8.9% 8.9% 7.3% 6.4% 4.0% 3.3% 3.3% 15.0% 10.0% 5.0% 0.0% RUS IRL POL KOR BRA HUN UKR IDN MEX LTU Data Source: Morningstar Data as of 03/31/2013. 21 WF440480 00021 08−16 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long Templeton Global Bond Adv Risk-Return Table April 2008 - March 2013: Summary Statistics Templeton Global Bond Adv Morningstar World Bond Standard Dev 9.63 6.99 J.P. Morgan Global Govt. Bond Index 7.25 Cash-Adj. Alpha vs. Market 7.43 1.88 0.00 Information Ratio vs. Market 0.6322 0.2770 0.0000 Cash-Adj. Beta vs. Market 0.5533 0.7798 1.0000 Sharpe Ratio 0.9143 0.5904 0.3986 Cash-Adj. R-Squared vs. Market 17.36 64.82 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% 8% 10% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Templeton Global Bond Adv Morningstar World Bond J.P. Morgan Global Govt. Bond Index S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar World Bond Return -4 -2 0 2 4 6 8 10 12 3 months 1 year 3 years 5 years 10 years Templeton Global Bond Adv J.P. Morgan Global Govt. Bond Index Source: Zephyr Associates, Inc. Templeton Global Bond Adv 22 WF440480 00022 08−16 ---PAGE BREAK--- JPMorgan High Yield R6 General Information Manager/Tenure: Shanahan, James P. (1998) Morgan, William J. (1998) Gibson, James (2007) Ticker Symbol: JHYUX Inception Date: 2005−02−22 Expense Ratio: 0.76% Top Ten Holdings Engy Future Inter Hldg Co Ll 10% 1.1% Intelsat Bermuda 11.5% 0.9% Gmac 8% 0.8% Liberty Mut Grp 144A FRN 0.8% Sprint Nextel 7% 0.8% Caesars Entertainment Operating Co., Inc. 0.7% Rite Aid 9.5% 0.7% Amer Intl Grp FRN 0.6% Banc Amer Large Ln 2010−Hltn CMO 0.5% Cemex Espana S A Luxembourg 144A 9.87 0.5% Total: 7.3% Asset Composition US Stocks 0.8% Non US Stocks 0.0% US Bonds 68.1% Non US Bonds 19.9% Cash 5.2% Preferreds 1.7% Convertibles 0.2% Other 4.2% Credit Quality Range Fund Index AAA 0.0% 0.0% 0.0% 0.0% AA 0.0% 0.0% A 4.7% 0.0% BBB 23.8% 0.0% BB 50.3% 0.0% B 15.5% 0.0% Below B 5.8% 0.0% Not rated Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years JPMorgan High Yield R6 2.90 2.90 12.17 10.04 10.69 9.68 ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 JPMorgan High Yield R6 25.61 11.05 2.98 12.89 2.34 −22.47 48.61 14.82 2.58 14.92 ML High Yield Bond Index 27.22 10.76 2.83 11.64 2.17 −26.21 56.28 15.24 4.50 15.44 Morningstar High Yield Bond Funds Avg 24.36 9.99 2.59 10.14 1.47 −26.41 46.70 14.24 2.83 14.67 Characteristics Total Fund Assets ($MM) 11,202 Avg Credit Quality Fund B Index N/A Avg Maturity Fund 6.72 Years Index N/A Duration Fund 4.86 Years Index N/A Number of Holdings 1,021 Sector Allocation Fund 120.0% 100.0% 80.0% 0.0% 0.0% 92.2% 2.0% 5.8% 0.0% 60.0% 40.0% 20.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 23 WF440480 00023 08−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long JPMorgan High Yield R6 Risk-Return Table April 2008 - March 2013: Summary Statistics JPMorgan High Yield R6 Morningstar High Yield Bond Standard Dev 11.35 12.37 BofA Merrill US High Yield Cash Pay 13.78 Cash-Adj. Alpha vs. Market 1.42 -1.14 0.00 Information Ratio vs. Market -0.1422 -1.0386 0.0000 Cash-Adj. Beta vs. Market 0.8073 0.8893 1.0000 Sharpe Ratio 0.9150 0.6846 0.7898 Cash-Adj. R-Squared vs. Market 95.96 98.02 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% 8% 10% 12% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% JPMorgan High Yield R6 Morningstar High Yield Bond BofA Merrill US High Yield Cash Pay S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar High Yield Bond Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years JPMorgan High Yield R6 Merrill High Yield Master Source: Zephyr Associates, Inc. JPMorgan High Yield R6 24 WF440480 00024 08−6 ---PAGE BREAK--- Oakmark Equity & Income I General Information Manager/Tenure: McGregor, Clyde S. (1995) Ticker Symbol: OAKBX Inception Date: 1995−11−01 Expense Ratio: 0.78% Top Ten Holdings US Treasury Note 1.25% 3.4% US Treasury Note 1.375% 3.3% Nestle SA ADR 3.3% UnitedHealth Group Inc 3.2% Cenovus Energy, Inc. 3.1% General Dynamics 3.1% Devon Energy Corp 3.0% Diageo PLC ADR 3.0% Dover Corporation 2.9% Flowserve Corporation 2.9% Total: 31.1% Asset Composition US Stocks 61.6% Non US Stocks 12.4% US Bonds 11.9% Non US Bonds 0.4% Cash 11.8% Preferreds 0.0% Convertibles 0.0% Other 1.9% Market Cap Range Giant 24.8% Large 30.4% Mid 41.9% Small 2.4% Micro 0.5% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Oakmark Equity & Income I 6.18 6.18 7.30 6.82 4.89 9.16 60% S&P 500/40% BarCap Aggregate Index 6.24 6.24 9.95 10.10 6.13 7.42 Morningstar Moderate Allocation Funds Avg 5.67 5.67 9.22 8.39 4.79 7.19 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Oakmark Equity & Income I 23.21 10.36 8.60 10.82 11.97 −16.18 19.84 9.50 0.64 9.05 60% S&P 500/40% BarCap Aggregate Index 18.48 8.30 4.01 11.11 6.22 −22.06 18.40 12.13 4.69 11.31 Morningstar Moderate Allocation Funds Avg 20.35 8.86 5.13 11.29 5.99 −28.00 24.13 11.83 −0.11 11.72 Characteristics P/E Ratio Fund 15.78x Index N/A P/B Ratio Fund 2.09x Index N/A Turnover Ratio 29% Avg Market Cap Fund ($MM) 18,114 Index ($MM) N/A Number of Holdings Stocks 54 Bonds 36 Total Fund Assets ($MM) 18,952 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund N/A Index N/A Duration Fund N/A Index N/A Sector Allocation Fund 30.0% 25.0% 20.0% 0.8% 12.9% 6.9% 0.0% 14.3% 16.1% 0.0% 0.0% 19.2% 26.2% 3.5% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 25 WF440480 00025 08−3 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Oakmark Equity & Income I Risk-Return Table April 2008 - March 2013: Summary Statistics Oakmark Equity & Income I Morningstar Moderate Allocation Standard Dev 11.90 13.40 60% S&P 500 - 40% BarCap Aggregate 11.59 Cash-Adj. Alpha vs. Market -0.87 -2.16 0.00 Information Ratio vs. Market -0.2853 -0.5893 0.0000 Cash-Adj. Beta vs. Market 0.9562 1.1405 1.0000 Sharpe Ratio 0.3848 0.3154 0.5026 Cash-Adj. R-Squared vs. Market 86.82 97.40 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Oakmark Equity & Income I Morningstar Moderate Allocation 60% S&P 500 - 40% BarCap Aggregate S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Moderate Allocation Return 0 2 4 6 8 10 12 14 3 months 1 year 3 years 5 years 10 years Oakmark Equity & Income I 60% S&P 500 - 40% BarCap Aggregate Source: Zephyr Associates, Inc. Oakmark Equity & Income I 26 WF440480 00026 08−3 ---PAGE BREAK--- MFS Value A General Information Manager/Tenure: Chitkara, Nevin P. (2006) Gorham, Steven R. (2002) Ticker Symbol: MEIAX Inception Date: 1996−01−02 Expense Ratio: 0.96% Top Ten Holdings Philip Morris International, Inc. 3.7% JPMorgan Chase & Co 3.6% Pfizer Inc 3.4% Johnson & Johnson 3.3% Lockheed Martin Corporation 3.0% Accenture PLC 2.2% Goldman Sachs Group Inc 2.2% Wells Fargo & Co 2.0% United Technologies Corp 2.0% International Business Machines Corp 2.0% Total: 27.4% Asset Composition US Stocks 88.2% Non US Stocks 10.4% US Bonds 0.0% Non US Bonds 0.0% Cash 1.1% Preferreds 0.2% Convertibles 0.0% Other 0.1% Market Cap Range Giant 51.0% Large 40.8% Mid 8.1% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years MFS Value A 12.06 12.06 15.75 11.46 5.23 9.47 Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 MFS Value A 24.70 15.08 6.22 20.67 7.61 −32.85 20.48 11.41 −0.21 16.13 Russell 1000 Value 30.03 16.49 7.05 22.25 −0.17 −36.85 19.69 15.51 0.39 17.51 Morningstar Large Value Funds Avg 28.44 12.97 5.95 18.15 1.42 −37.09 24.13 13.66 −0.75 14.57 Characteristics P/E Ratio Fund 15.47x Index 14.71x P/B Ratio Fund 2.12x Index 1.57x Turnover Ratio 14% Avg Market Cap Fund ($MM) 56,389 Index ($MM) 40,450 Number of Holdings 95 Total Fund Assets ($MM) 24,744 Sector Allocation Fund Index 30.0% 25.0% 20.0% 2.3% 3.3% 9.0% 7.1% 22.3% 23.2% 0.0% 4.1% 16.2% 7.9% 14.0% 11.5% 0.4% 6.4% 5.0% 4.1% 6.7% 15.8% 17.6% 9.7% 6.5% 6.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 27 WF440480 00027 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth MFS Value A Risk-Return Table April 2008 - March 2013: Summary Statistics MFS Value A Morningstar Large Value Standard Dev 18.68 19.45 Russell 1000 Value 20.23 Cash-Adj. Alpha vs. Market 0.62 -0.42 0.00 Information Ratio vs. Market 0.1158 -0.2699 0.0000 Cash-Adj. Beta vs. Market 0.9133 0.9568 1.0000 Sharpe Ratio 0.2636 0.2045 0.2246 Cash-Adj. R-Squared vs. Market 97.79 99.04 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% MFS Value A Morningstar Large Value Russell 1000 Value S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Value Return 0 5 10 15 20 3 months 1 year 3 years 5 years 10 years MFS Value A Russell 1000 Value Source: Zephyr Associates, Inc. MFS Value A 28 WF440480 00028 08−1 ---PAGE BREAK--- Wells Fargo Advantage Index Adm General Information Manager/Tenure: Li, Weidong (2011) Campbell, John (2012) Neal, David (2012) Sub−Advisor: Golden Capital Management Ticker Symbol: WFIOX Inception Date: 1985−02−14 Expense Ratio: 0.25% Top Ten Holdings Apple Incorporated 2.9% Exxon Mobil Corporation 2.8% General Electric Company 1.7% Chevron Corporation 1.6% Johnson & Johnson 1.6% IBM Corporation 1.6% Microsoft Corporation 1.5% Google Incorporated 1.5% Procter & Gamble Company 1.5% Pfizer Incorporated 1.5% Total: 18.2% Asset Composition US Stocks 95.7% Non US Stocks 2.9% US Bonds 0.0% Non US Bonds 0.0% Cash 1.5% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 50.7% Large 36.5% Mid 12.7% Small 0.1% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage Index Adm 10.56 10.56 13.73 12.45 5.61 8.24 S&P 500 10.61 10.61 13.96 12.67 5.81 8.53 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage Index Adm 28.02 10.51 4.64 15.47 5.22 −37.22 26.25 14.82 1.90 15.75 S&P 500 28.68 10.88 4.91 15.79 5.49 −37.00 26.46 15.06 2.11 16.00 Characteristics P/E Ratio Fund 16.36x Index 16.60x P/B Ratio Fund 2.34x Index 2.29x Turnover Ratio 4% Avg Market Cap Fund ($MM) 106,230 Index ($MM) 58,067 Number of Holdings 504 Total Fund Assets ($MM) 2,350 Sector Allocation Fund Index 30.0% 25.0% 20.0% 3.1% 3.1% 11.3% 11.4% 14.6% 14.7% 2.1% 2.1% 10.6% 10.7% 12.1% 12.4% 3.4% 3.4% 4.3% 4.3% 11.1% 10.9% 11.0% 10.8% 16.5% 16.3% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 29 WF440480 00029 08−2 ---PAGE BREAK--- Excess Return vs. Market Benchmark/Time 12-Month Moving Windows, Computed April 2008 - March 2013 Excess Return vs. S&P 500 -0.8% -0.6% -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% Time Mar 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Dec 2011 Jun 2012 Mar 2013 Wells Fargo ADVTG Index Admin Market Benchmark: S&P 500 Source: Zephyr Associates, Inc. Wells Fargo Advantage Index Adm 30 WF440480 00030 08−2 ---PAGE BREAK--- Janus Twenty T General Information Manager/Tenure: Sachs, Ron (2008) Ticker Symbol: JAVLX Inception Date: 1985−04−30 Expense Ratio: 0.81% Top Ten Holdings Apple, Inc. 12.4% eBay Inc 7.8% Celgene Corporation 7.1% News Corporation, Ltd. A 6.3% Express Scripts 5.7% Fanuc Corp 5.0% Limited Brands, Inc. 4.5% Crown Castle International Corp 4.4% EMC Corporation 3.7% United Parcel Service Inc (UPS) Class B 3.4% Total: 60.3% Asset Composition US Stocks 79.0% Non US Stocks 19.1% US Bonds 0.0% Non US Bonds 0.0% Cash 2.0% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 53.3% Large 38.0% Mid 8.7% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Janus Twenty T 5.06 5.06 7.03 6.72 2.22 10.59 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Janus Twenty T 25.31 23.89 9.42 12.30 35.94 −41.97 43.27 6.97 −8.19 22.31 Russell 1000 Growth 29.75 6.30 5.26 9.07 11.81 −38.44 37.21 16.71 2.64 15.26 Morningstar Large Growth Funds Avg 28.66 7.81 6.71 7.05 13.35 −40.67 35.68 15.53 −2.46 15.34 Characteristics P/E Ratio Fund 19.42x Index 18.51x P/B Ratio Fund 3.14x Index 4.10x Turnover Ratio 12% Avg Market Cap Fund ($MM) 51,927 Index ($MM) 45,326 Number of Holdings 33 Total Fund Assets ($MM) 8,360 Sector Allocation Fund Index 30.0% 25.0% 20.0% 1.4% 3.4% 29.9% 15.5% 5.7% 4.3% 0.0% 2.2% 1.2% 13.3% 15.5% 12.1% 0.0% 0.1% 4.5% 4.4% 1.9% 4.4% 13.2% 14.7% 26.8% 25.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 31 WF440480 00031 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Janus Twenty T Risk-Return Table April 2008 - March 2013: Summary Statistics Janus Twenty T Morningstar Large Growth Standard Dev 22.61 19.71 Russell 1000 Growth 19.03 Cash-Adj. Alpha vs. Market -5.12 -2.31 0.00 Information Ratio vs. Market -0.6975 -1.3486 0.0000 Cash-Adj. Beta vs. Market 1.1322 1.0323 1.0000 Sharpe Ratio 0.0847 0.2372 0.3675 Cash-Adj. R-Squared vs. Market 90.91 99.34 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 5% 10% 15% 20% 25% Janus Twenty T Morningstar Large Growth Russell 1000 Growth S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Growth Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years Janus Twenty T Russell 1000 Growth Source: Zephyr Associates, Inc. Janus Twenty T 32 WF440480 00032 08−1 ---PAGE BREAK--- JPMorgan Large Cap Growth R6 General Information Manager/Tenure: Devulapally, Giri (2004) Jones, Christopher M. (2006) Ticker Symbol: Inception Date: 2010−11−30 Expense Ratio: 0.65% Top Ten Holdings Apple Inc 5.9% MasterCard Incorporated Class A 3.8% Google, Inc. Class A 3.5% Amazon.com Inc 3.3% Biogen Idec Inc 3.2% Home Depot, Inc. 3.0% Visa, Inc. 2.6% Sherwin−Williams Company 2.5% Starbucks Corporation 2.2% Union Pacific Corp 2.2% Total: 32.1% Asset Composition US Stocks 87.8% Non US Stocks 8.5% US Bonds 0.0% Non US Bonds 0.0% Cash 3.7% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 40.4% Large 45.6% Mid 14.0% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years JPMorgan Large Cap Growth R6 6.39 6.39 2.34 13.71 7.32 8.85 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 JPMorgan Large Cap Growth R6 27.28 7.02 4.90 6.21 23.70 −39.56 34.81 22.68 3.18 12.37 Russell 1000 Growth 29.75 6.30 5.26 9.07 11.81 −38.44 37.21 16.71 2.64 15.26 Morningstar Large Growth Funds Avg 28.66 7.81 6.71 7.05 13.35 −40.67 35.68 15.53 −2.46 15.34 Characteristics P/E Ratio Fund 22.02x Index 18.51x P/B Ratio Fund 4.97x Index 4.10x Turnover Ratio 28% Avg Market Cap Fund ($MM) 41,455 Index ($MM) 45,326 Number of Holdings 72 Total Fund Assets ($MM) 10,989 Sector Allocation Fund Index 30.0% 25.0% 20.0% 6.9% 3.4% 20.1% 15.5% 8.3% 4.3% 2.1% 2.2% 8.1% 13.3% 13.3% 12.1% 0.0% 0.1% 2.8% 4.4% 3.8% 4.4% 7.7% 14.7% 27.0% 25.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 33 WF440480 00033 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth JPMorgan Large Cap Growth R6 Risk-Return Table April 2008 - March 2013: Summary Statistics JPMorgan Large Cap Growth R6 Morningstar Large Growth Standard Dev 19.45 19.71 Russell 1000 Growth 19.03 Cash-Adj. Alpha vs. Market 0.13 -2.31 0.00 Information Ratio vs. Market 0.0037 -1.3486 0.0000 Cash-Adj. Beta vs. Market 0.9939 1.0323 1.0000 Sharpe Ratio 0.3604 0.2372 0.3675 Cash-Adj. R-Squared vs. Market 94.59 99.34 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 5% 10% 15% 20% JPMorgan Large Cap Growth R6 Morningstar Large Growth Russell 1000 Growth S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Growth Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years JPMorgan Large Cap Growth R6 Russell 1000 Growth Source: Zephyr Associates, Inc. JPMorgan Large Cap Growth R6 34 WF440480 00034 08−1 ---PAGE BREAK--- Wells Fargo S&P MidCap Index Fund N35 General Information Manager/Tenure: Team Managed Sub−Advisor: BlackRock Institutional Trust Company, N.A. Ticker Symbol: DMS1 Inception Date: 1981−02−27 Expense Ratio: 0.43% Top Ten Holdings Regeneron Pharmaceutical 1.0% Kansas City Southern 0.9% Vertex Pharmaceuticals Incorporated 0.9% Equinix Incorporated 0.8% Ametek Incorporated 0.8% Corp Common Stock Usd.01 0.8% Church & Dwight Company Incorporated 0.6% Macerich Company/the 0.6% Realty Income Corporation 0.6% Henry Schein Incorporated 0.6% Total: 7.5% Asset Composition US Stocks 99.9% Non US Stocks 0.0% US Bonds 0.0% Non US Bonds 0.0% Cash 0.1% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 0.0% Large 1.1% Mid 73.2% Small 25.3% Micro 0.4% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo S&P MidCap Index Fund N35 13.35 13.35 17.41 14.75 9.49 12.11 S&P MidCap 400 13.45 13.45 17.83 15.12 9.85 12.45 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo S&P MidCap Index Fund N35 35.13 16.30 12.22 10.06 7.67 −36.38 36.79 26.24 −2.06 17.50 S&P MidCap 400 35.62 16.48 12.56 10.32 7.98 −36.23 37.38 26.64 −1.73 17.88 Characteristics P/E Ratio Fund 19.79x Index 19.74x P/B Ratio Fund 2.22x Index 2.23x Turnover Ratio N/A Avg Market Cap Fund ($MM) 4,700 Index ($MM) 4,117 Number of Holdings 403 Total Fund Assets ($MM) 665 Sector Allocation Fund Index 30.0% 25.0% 20.0% 6.0% 5.4% 14.8% 13.9% 11.7% 12.1% 9.3% 10.1% 4.3% 4.3% 9.0% 9.2% 4.6% 4.4% 2.0% 1.1% 5.9% 6.3% 20.3% 20.1% 12.2% 13.2% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 35 WF440480 00035 08−2 ---PAGE BREAK--- Excess Return vs. Market Benchmark/Time 12-Month Moving Windows, Computed April 2008 - March 2013 Excess Return vs. S&P MidCap 400 -0.8% -0.6% -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% Time Mar 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Dec 2011 Jun 2012 Mar 2013 Wells Fargo S&P MidCap Index Fund N35 Market Benchmark: S&P MidCap 400 Source: Zephyr Associates, Inc. Wells Fargo S&P MidCap Index Fund N35 36 WF440480 00036 08−2 ---PAGE BREAK--- American Century Small Cap Value Inv General Information Manager/Tenure: John, Jeff (2012) Giele, Benjamin Z. (1998) Ticker Symbol: ASVIX Inception Date: 1998−07−31 Expense Ratio: 1.45% Top Ten Holdings Aspen Insurance Holdings Ltd. 5.625% Per 1.5% BankUnited, Inc. 1.4% Young Innovations, Inc. 1.3% HCC Insurance Holdings Inc. 1.2% Western Refining Inc 1.1% Websense, Inc. 1.1% iShares Russell 2000 Index 1.0% DST Systems, Inc. 1.0% American Science & Engineering, Inc. 0.9% Vera Bradley, Inc. 0.8% Total: 11.2% Asset Composition US Stocks 96.0% Non US Stocks 0.6% US Bonds 0.0% Non US Bonds 0.0% Cash 2.4% Preferreds 1.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 0.0% Large 0.0% Mid 17.4% Small 51.8% Micro 30.8% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years American Century Small Cap Value Inv 11.13 11.13 16.58 11.03 10.21 12.34 Russell 2000 Value 11.63 11.63 18.09 12.12 7.29 11.29 Morningstar Small Value Funds Avg 12.29 12.29 16.34 11.93 8.30 11.92 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 American Century Small Cap Value Inv 36.11 21.81 8.40 15.52 −2.72 −27.63 38.75 24.15 −6.73 16.70 Russell 2000 Value 46.03 22.25 4.71 23.48 −9.78 −28.92 20.58 24.50 −5.50 18.05 Morningstar Small Value Funds Avg 42.38 21.14 6.40 16.27 −6.08 −32.24 31.32 26.17 −4.45 16.00 Characteristics P/E Ratio Fund 15.37x Index 15.14x P/B Ratio Fund 1.48x Index 1.32x Turnover Ratio 120% Avg Market Cap Fund ($MM) 1,185 Index ($MM) 990 Number of Holdings 311 Total Fund Assets ($MM) 2,021 Sector Allocation Fund Index 30.0% 25.0% 20.0% 5.5% 5.5% 15.6% 12.2% 23.4% 24.0% 9.3% 12.9% 2.9% 2.9% 5.5% 3.9% 4.3% 6.3% 0.2% 0.8% 5.9% 5.2% 18.8% 14.6% 8.5% 11.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 37 WF440480 00037 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth American Century Small Cap Value Inv Risk-Return Table April 2008 - March 2013: Summary Statistics American Century Small Cap Value Inv Morningstar Small Value Standard Dev 22.88 23.60 Russell 2000 Value 24.79 Cash-Adj. Alpha vs. Market 3.12 1.01 0.00 Information Ratio vs. Market 0.7416 0.2559 0.0000 Cash-Adj. Beta vs. Market 0.9137 0.9452 1.0000 Sharpe Ratio 0.4329 0.3305 0.2817 Cash-Adj. R-Squared vs. Market 97.92 98.50 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% 8% 10% 12% Standard Deviation 0% 5% 10% 15% 20% 25% American Century Small Cap Value Inv Morningstar Small Value Russell 2000 Value S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Small Value Return 0 5 10 15 20 25 3 months 1 year 3 years 5 years 10 years American Century Small Cap Value Inv Russell 2000 Value Source: Zephyr Associates, Inc. American Century Small Cap Value Inv 38 WF440480 00038 08−1 ---PAGE BREAK--- Columbia Small Cap Index Z General Information Manager/Tenure: Alley, III, Alfred F. (2009) Shteyn, Vadim (2011) Ticker Symbol: Inception Date: 1996−10−15 Expense Ratio: 0.22% Top Ten Holdings Russell 2000 Mini Mar13 2.4% Kilroy Realty Corporation 0.7% Tanger Factory Outlet Centers 0.6% CommVault Systems, Inc. 0.6% Brunswick Corporation 0.6% Cymer, Inc. 0.6% Eagle Materials, Inc. 0.5% 3D Systems Corporation 0.5% Cubist Pharmaceuticals, Inc. 0.5% Proassurance Corporation 0.5% Total: 7.3% Asset Composition US Stocks 93.5% Non US Stocks 2.4% US Bonds 0.0% Non US Bonds 0.0% Cash 3.5% Preferreds 0.0% Convertibles 0.0% Other 0.6% Market Cap Range Giant 0.0% Large 0.0% Mid 5.6% Small 69.3% Micro 25.1% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Columbia Small Cap Index Z 11.82 11.82 16.09 14.99 9.14 12.23 S&P SmallCap 600 11.81 11.81 16.14 15.18 9.19 12.36 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Columbia Small Cap Index Z 38.35 22.33 7.46 14.90 −0.39 −30.84 25.52 26.06 0.79 16.19 S&P SmallCap 600 38.79 22.65 7.68 15.12 −0.30 −31.07 25.57 26.31 1.02 16.33 Characteristics P/E Ratio Fund 19.19x Index 19.75x P/B Ratio Fund 1.91x Index 1.99x Turnover Ratio 20% Avg Market Cap Fund ($MM) 1,212 Index ($MM) 1,270 Number of Holdings 602 Total Fund Assets ($MM) 2,082 Sector Allocation Fund Index 30.0% 25.0% 20.0% 7.1% 7.0% 15.2% 15.7% 11.9% 12.4% 8.2% 7.7% 4.3% 4.4% 9.3% 9.1% 4.0% 4.0% 0.5% 0.4% 3.2% 3.4% 19.3% 19.1% 17.1% 16.9% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 39 WF440480 00039 08−2 ---PAGE BREAK--- Excess Return vs. Market Benchmark/Time 12-Month Moving Windows, Computed April 2008 - March 2013 Excess Return vs. S&P SmallCap 600 -0.8% -0.6% -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% Time Mar 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Dec 2011 Jun 2012 Mar 2013 Columbia Small Cap Index Z Market Benchmark: S&P SmallCap 600 Source: Zephyr Associates, Inc. Columbia Small Cap Index Z 40 WF440480 00040 08−2 ---PAGE BREAK--- Wells Fargo Advantage Small Cap Opp Adm General Information Manager/Tenure: Jones, Jenny (2003) Sub−Advisor: Schroder Investment Management North Ameri Ticker Symbol: NVSOX Inception Date: 1993−08−01 Expense Ratio: 1.22% Top Ten Holdings Northwestern Corporation 1.7% PAREXEL International Corporation 1.5% Applied Industrial Tech Incorporated 1.5% PTC Incorporated 1.5% Finish Line−Cl A 1.4% Brown & Brown Incorporated 1.4% Brinker International Incorporated 1.3% Alterra Capital Holdings Limited 1.3% Waste Connections Incorporated 1.2% Enpro Industries Incorporated 1.2% Total: 14.0% Asset Composition US Stocks 89.9% Non US Stocks 1.7% US Bonds 0.0% Non US Bonds 0.0% Cash 8.4% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 0.0% Large 0.8% Mid 25.3% Small 56.7% Micro 17.2% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage Small Cap Opp Adm 11.29 11.29 14.45 11.22 7.34 13.05 Russell 2000 12.39 12.39 16.30 13.45 8.24 11.52 Morningstar Small Blend Funds Avg 12.43 12.43 15.68 13.29 7.67 11.15 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage Small Cap Opp Adm 36.89 25.83 6.36 21.79 11.07 −32.23 33.82 20.83 −4.40 12.54 Russell 2000 47.25 18.33 4.55 18.37 −1.57 −33.79 27.17 26.85 −4.18 16.35 Morningstar Small Blend Funds Avg 43.41 18.94 6.75 15.03 −1.10 −36.56 31.80 25.61 −4.07 15.46 Characteristics P/E Ratio Fund 20.43x Index 17.35x P/B Ratio Fund 2.19x Index 1.86x Turnover Ratio 81% Avg Market Cap Fund ($MM) 2,250 Index ($MM) 1,142 Number of Holdings 153 Total Fund Assets ($MM) 654 Sector Allocation Fund Index 30.0% 25.0% 20.0% 5.8% 5.7% 17.6% 14.0% 11.2% 14.1% 5.5% 8.7% 3.8% 3.9% 12.0% 10.8% 4.6% 3.5% 0.0% 1.0% 3.8% 5.0% 22.6% 17.3% 13.2% 16.0% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 41 WF440480 00041 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Wells Fargo ADVTG Small Cap Opportunities Adm Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo ADVTG Small Cap Opportunities Adm Morningstar Small Blend Standard Dev 20.65 23.97 Russell 2000 24.42 Cash-Adj. Alpha vs. Market 0.09 -0.47 0.00 Information Ratio vs. Market -0.1622 -0.2960 0.0000 Cash-Adj. Beta vs. Market 0.8323 0.9780 1.0000 Sharpe Ratio 0.3407 0.3039 0.3247 Cash-Adj. R-Squared vs. Market 96.83 99.23 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Standard Deviation 0% 5% 10% 15% 20% 25% Wells Fargo ADVTG Small Cap Opportunities Adm Morningstar Small Blend Russell 2000 S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Small Blend Return 0 5 10 15 20 25 3 months 1 year 3 years 5 years 10 years Wells Fargo ADVTG Small Cap Opportu Russell 2000 Source: Zephyr Associates, Inc. Wells Fargo Advantage Small Cap Opp Adm 42 WF440480 00042 08−1 ---PAGE BREAK--- Dodge & Cox International Stock General Information Manager/Tenure: Team Managed Ticker Symbol: DODFX Inception Date: 2001−05−01 Expense Ratio: 0.64% Top Ten Holdings Naspers Ltd 4.0% Sanofi 3.7% Roche Holding AG 3.6% Lafarge SA 3.4% Koninklijke Philips Electronics NV 3.0% HSBC Holdings PLC 2.7% Bayer AG 2.7% Credit Suisse Group 2.6% Novartis AG ADR 2.5% Barclays PLC 2.5% Total: 30.7% Asset Composition US Stocks 5.5% Non US Stocks 93.0% US Bonds 0.0% Non US Bonds 0.0% Cash 0.3% Preferreds 0.0% Convertibles 0.0% Other 1.2% Market Cap Range Giant 52.4% Large 38.7% Mid 8.3% Small 0.6% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Dodge & Cox International Stock 3.64 3.64 11.28 4.94 1.09 13.43 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 Morningstar Foreign Large Value Funds Avg 3.28 3.28 8.90 3.79 −1.71 9.18 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Dodge & Cox International Stock 49.42 32.46 16.75 28.01 11.71 −46.69 47.46 13.69 −15.97 21.03 MSCI EAFE 38.59 20.25 13.54 26.34 11.17 −43.38 31.78 7.75 −12.14 17.32 Morningstar Foreign Large Value Funds Avg 39.07 21.99 13.19 25.98 9.01 −42.41 30.33 7.48 −12.77 16.21 Characteristics P/E Ratio Fund 8.11x Index 13.02x P/B Ratio Fund 1.09x Index 1.47x Turnover Ratio 10% Avg Market Cap Fund ($MM) 33,567 Index ($MM) 32,870 Number of Holdings 101 Total Fund Assets ($MM) 42,512 Sector Allocation Fund 30.0% 25.0% 20.0% 8.5% 7.6% 23.1% 1.4% 2.5% 15.8% 0.0% 13.6% 5.5% 8.2% 13.9% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 18.1% 13.2% 11.9% 11.1% 7.4% 7.0% 5.6% 5.1% 3.2% 2.7% 15.0% 10.0% 5.0% 0.0% MEX GBR JPN DEU USA CHE FRA ZAF NLD TUR Data Source: Morningstar Data as of 03/31/2013. 43 WF440480 00043 08−10 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Citigroup PMI Value - World x U.S. S&P/Citigroup PMI Growth - World Citigroup EMI Value - World x U.S. S&P/Citigroup EMI Growth - World Small -1 0 1 Large Value -1 0 1 Growth Dodge & Cox International Stock Risk-Return Table April 2008 - March 2013: Summary Statistics Dodge & Cox International Stock Morningstar Foreign Large Value Standard Dev 26.71 23.35 MSCI EAFE (Net) 23.21 Cash-Adj. Alpha vs. Market 2.69 -0.63 0.00 Information Ratio vs. Market 0.3650 -0.2692 0.0000 Cash-Adj. Beta vs. Market 1.1345 1.0006 1.0000 Sharpe Ratio 0.0294 -0.0796 -0.0515 Cash-Adj. R-Squared vs. Market 97.25 98.89 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 5% 10% 15% 20% 25% Dodge & Cox International Stock Morningstar Foreign Large Value MSCI EAFE (Net) S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Foreign Large Value Return -5 0 5 10 15 3 months 1 year 3 years 5 years 10 years Dodge & Cox International Stock MSCI EAFE (Net) Source: Zephyr Associates, Inc. Dodge & Cox International Stock 44 WF440480 00044 08−10 ---PAGE BREAK--- American Funds EuroPacific Gr R4 General Information Manager/Tenure: Team Managed Ticker Symbol: REREX Inception Date: 2002−06−07 Expense Ratio: 0.85% Top Ten Holdings Novo Nordisk A/S 3.7% Samsung Electronics Co Ltd 2.8% Novartis AG 2.0% SOFTBANK Corp 2.0% Bayer AG 1.8% Nestle SA 1.6% Taiwan Semiconductor Manufacturing 1.4% Anheuser−Busch Inbev SA 1.4% Prudential PLC 1.3% British American Tobacco PLC 1.3% Total: 19.3% Asset Composition US Stocks 0.1% Non US Stocks 90.3% US Bonds 1.0% Non US Bonds 0.0% Cash 6.4% Preferreds 0.0% Convertibles 0.0% Other 2.2% Market Cap Range Giant 61.9% Large 32.6% Mid 5.5% Small 0.1% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years American Funds EuroPacific Gr R4 2.84 2.84 9.20 4.77 0.81 11.45 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 American Funds EuroPacific Gr R4 32.88 19.63 21.05 21.83 18.87 −40.56 39.13 9.39 −13.61 19.22 MSCI EAFE 38.59 20.25 13.54 26.34 11.17 −43.38 31.78 7.75 −12.14 17.32 Morningstar Foreign Large Blend Funds Avg 33.58 17.39 14.72 24.77 12.71 −43.99 31.24 10.24 −13.97 18.29 Characteristics P/E Ratio Fund 15.06x Index 13.02x P/B Ratio Fund 1.66x Index 1.47x Turnover Ratio 24% Avg Market Cap Fund ($MM) 34,926 Index ($MM) 32,870 Number of Holdings 427 Total Fund Assets ($MM) 107,021 Sector Allocation Fund 30.0% 25.0% 20.0% 5.9% 14.0% 17.6% 1.5% 11.1% 13.6% 1.6% 7.6% 4.9% 10.9% 11.3% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 11.0% 10.5% 9.3% 7.7% 6.4% 6.4% 5.9% 5.5% 4.9% 4.2% 15.0% 10.0% 5.0% 0.0% DNK GBR DEU CHN KOR JPN CHE FRA IND HKG Data Source: Morningstar Data as of 03/31/2013. 45 WF440480 00045 08−10 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Citigroup PMI Value - World x U.S. S&P/Citigroup PMI Growth - World Citigroup EMI Value - World x U.S. S&P/Citigroup EMI Growth - World Small -1 0 1 Large Value -1 0 1 Growth American Funds EuroPacific Gr R4 Risk-Return Table April 2008 - March 2013: Summary Statistics American Funds EuroPacific Gr R4 Morningstar Foreign Large Blend Standard Dev 22.14 23.40 MSCI EAFE (Net) 23.21 Cash-Adj. Alpha vs. Market 1.55 -0.30 0.00 Information Ratio vs. Market 0.3634 -0.1107 0.0000 Cash-Adj. Beta vs. Market 0.9351 0.9991 1.0000 Sharpe Ratio 0.0226 -0.0661 -0.0515 Cash-Adj. R-Squared vs. Market 96.04 98.17 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% 25% American Funds EuroPacific Gr R4 Morningstar Foreign Large Blend MSCI EAFE (Net) S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Foreign Large Blend Return -5 0 5 10 15 3 months 1 year 3 years 5 years 10 years American Funds EuroPacific Gr R4 MSCI EAFE (Net) Source: Zephyr Associates, Inc. American Funds EuroPacific Gr R4 46 WF440480 00046 08−10 ---PAGE BREAK--- Janus Overseas T General Information Manager/Tenure: Lynn, Brent A. (2001) Ticker Symbol: JAOSX Inception Date: 1994−05−02 Expense Ratio: 0.76% Top Ten Holdings Li & Fung Ltd. 9.7% Reliance Industries Ltd. 6.9% Petroleo Brasileiro SA Petrobras ADR 6.1% Banco Bilbao Vizcaya Argentaria SA 5.8% Delta Air Lines Inc 5.1% United Continental Holdings Inc 4.9% Nintendo Company, Ltd. 4.4% Evergrande Real Estate Group Ltd. 4.2% DLF Ltd. 2.9% Shangri−La Asia Ltd. 2.8% Total: 52.7% Asset Composition US Stocks 15.0% Non US Stocks 85.0% US Bonds 0.0% Non US Bonds 0.0% Cash 0.0% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 26.2% Large 44.0% Mid 28.1% Small 1.5% Micro 0.2% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Janus Overseas T −1.87 −1.87 −8.01 −6.58 −4.10 12.86 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 Morningstar Foreign Large Growth Funds Avg 3.71 3.71 8.24 6.18 0.50 10.36 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Janus Overseas T 36.79 18.58 32.39 47.21 27.76 −52.75 78.12 19.28 −32.78 12.42 MSCI EAFE 38.59 20.25 13.54 26.34 11.17 −43.38 31.78 7.75 −12.14 17.32 Morningstar Foreign Large Growth Funds Avg 33.83 16.23 15.23 23.95 16.26 −46.56 38.02 14.78 −12.30 17.70 Characteristics P/E Ratio Fund 12.70x Index 13.02x P/B Ratio Fund 1.26x Index 1.47x Turnover Ratio 26% Avg Market Cap Fund ($MM) 12,248 Index ($MM) 32,870 Number of Holdings 51 Total Fund Assets ($MM) 6,000 Sector Allocation Fund 30.0% 25.0% 20.0% 3.0% 9.0% 19.1% 8.2% 2.0% 2.7% 0.5% 0.0% 20.8% 23.9% 10.8% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 16.8% 15.0% 12.5% 10.9% 9.0% 5.8% 5.8% 5.7% 4.0% 3.3% 15.0% 10.0% 5.0% 0.0% DEU IND HKG CHN ESP USA BRA JPN FRA GBR Data Source: Morningstar Data as of 03/31/2013. 47 WF440480 00047 08−10 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Citigroup PMI Value - World x U.S. S&P/Citigroup PMI Growth - World Citigroup EMI Value - World x U.S. S&P/Citigroup EMI Growth - World Small -1 0 1 Large Value -1 0 1 Growth Janus Overseas T Risk-Return Table April 2008 - March 2013: Summary Statistics Janus Overseas T Morningstar Foreign Large Growth Standard Dev 30.83 23.53 MSCI EAFE (Net) 23.21 Cash-Adj. Alpha vs. Market -1.53 1.00 0.00 Information Ratio vs. Market -0.2224 0.1889 0.0000 Cash-Adj. Beta vs. Market 1.1883 0.9939 1.0000 Sharpe Ratio -0.1430 -0.0131 -0.0515 Cash-Adj. R-Squared vs. Market 80.08 96.05 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% Standard Deviation 0% 5% 10% 15% 20% 25% 30% Janus Overseas T Morningstar Foreign Large Growth MSCI EAFE (Net) S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Foreign Large Growth Return -10 -5 0 5 10 15 3 months 1 year 3 years 5 years 10 years Janus Overseas T MSCI EAFE (Net) Source: Zephyr Associates, Inc. Janus Overseas T 48 WF440480 00048 08−10 ---PAGE BREAK--- T. Rowe Price Emerging Markets Stock General Information Manager/Tenure: Pangaro, Gonzalo (2008) Sub−Advisor: T. Rowe Price International Limited Ticker Symbol: Inception Date: 1995−03−31 Expense Ratio: 1.27% Top Ten Holdings Samsung Electronics Co Ltd 5.3% Taiwan Semiconductor Manufacturing 2.3% Wal −Mart de Mexico, S.A.B. de C.V. Class 2.2% LG Household & Health Care Ltd. 2.2% Lojas Renner S.A. 2.1% CNOOC, Ltd. 2.1% Itau Unibanco Holding S.A. 2.0% Sberbank Of Russia 2.0% Shoprite Holdings Ltd 1.8% OJSC Magnit GDR 1.7% Total: 23.7% Asset Composition US Stocks 0.0% Non US Stocks 96.8% US Bonds 0.0% Non US Bonds 0.0% Cash 3.3% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 44.0% Large 43.2% Mid 12.7% Small 0.1% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years T. Rowe Price Emerging Markets Stock −2.29 −2.29 4.07 3.12 −1.23 16.33 MSCI EM −1.62 −1.62 1.96 3.27 1.09 17.05 Morningstar Diversified Emerging Mkts Funds Avg −0.27 −0.27 3.65 3.05 0.16 16.14 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 T. Rowe Price Emerging Markets Stock 52.30 26.98 38.77 32.01 42.92 −60.54 85.07 18.75 −18.84 20.03 MSCI EM 55.82 25.55 34.00 32.14 39.42 −53.33 78.51 18.88 −18.42 18.22 Morningstar Diversified Emerging Mkts Funds Avg 55.19 23.54 31.54 32.06 36.68 −54.44 73.81 19.26 −19.86 18.15 Characteristics P/E Ratio Fund 15.30x Index 11.89x P/B Ratio Fund 2.18x Index 1.59x Turnover Ratio 24% Avg Market Cap Fund ($MM) 20,067 Index ($MM) 19,164 Number of Holdings 108 Total Fund Assets ($MM) 7,084 Sector Allocation Fund 30.0% 25.0% 20.0% 9.3% 15.6% 23.8% 2.6% 17.1% 0.3% 0.7% 3.1% 6.9% 6.1% 14.6% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 20.1% 12.7% 12.2% 7.8% 6.2% 5.8% 5.1% 4.9% 3.9% 3.3% 15.0% 10.0% 5.0% 0.0% THA CHN KOR TWN ZAF BRA IND RUS MEX GBR Data Source: Morningstar Data as of 03/31/2013. 49 WF440480 00049 08−10 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Citigroup PMI Value - World x U.S. S&P/Citigroup PMI Growth - World Citigroup EMI Value - World x U.S. S&P/Citigroup EMI Growth - World Small -1 0 1 Large Value -1 0 1 Growth T. Rowe Price Emerging Markets Stock Risk-Return Table April 2008 - March 2013: Summary Statistics T. Rowe Price Emerging Markets Stock Morningstar Diversified Emerging Mkts Standard Dev 30.92 27.83 MSCI EM (EMERGING MARKETS) (Net) 28.19 Cash-Adj. Alpha vs. Market -1.85 -1.17 0.00 Information Ratio vs. Market -0.4423 -0.3867 0.0000 Cash-Adj. Beta vs. Market 1.0842 0.9813 1.0000 Sharpe Ratio -0.0497 -0.0149 0.0277 Cash-Adj. R-Squared vs. Market 97.72 98.80 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% 25% 30% T. Rowe Price Emerging Markets Stock Morningstar Diversified Emerging Mkts MSCI EM (EMERGING MARKETS) (Net) S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Diversified Emerging Mkts Return -5 0 5 10 15 20 3 months 1 year 3 years 5 years 10 years T. Rowe Price Emerging Markets Stock MSCI EM (EMERGING MARKETS) (Net Source: Zephyr Associates, Inc. T. Rowe Price Emerging Markets Stock 50 WF440480 00050 08−10 ---PAGE BREAK--- Prudential Global Real Estate Z General Information Manager/Tenure: Romano, Rick J. (2007) Lee, Gek L. (2007) Halle, Marc (2007) Sub−Advisor: Prudential Investment Management, Inc. Ticker Symbol: PURZX Inception Date: 1998−05−05 Expense Ratio: 0.97% Top Ten Holdings Simon Property Group Inc 4.6% Mitsubishi Estate 3.5% Mitsui Fudosan Co., Ltd. 2.6% Prologis Inc 2.5% Public Storage 2.5% Westfield Group 2.3% Ventas Inc 2.2% Health Care REIT, Inc. 2.2% Sun Hung Kai Properties, Ltd. 2.1% Cheung Kong Holdings, Ltd. 2.0% Total: 26.4% Asset Composition US Stocks 43.7% Non US Stocks 52.5% US Bonds 0.0% Non US Bonds 0.0% Cash 3.6% Preferreds 0.1% Convertibles 0.0% Other 0.3% Market Cap Range Giant 16.4% Large 41.3% Mid 31.6% Small 9.9% Micro 0.8% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Prudential Global Real Estate Z 5.76 5.76 19.50 13.92 4.52 13.36 Dow Jones Global Select REIT Index 6.86 6.86 17.79 16.76 4.31 − Morningstar Global Real Estate Funds Avg 4.89 4.89 21.25 12.23 2.33 11.31 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Prudential Global Real Estate Z 46.44 40.19 16.15 36.27 −6.92 −44.22 38.66 20.28 −5.47 27.32 Dow Jones Global Select REIT Index − − 11.98 39.09 −12.32 −44.67 32.23 23.83 2.80 22.92 Morningstar Global Real Estate Funds Avg 41.26 35.79 13.40 39.00 −7.68 −46.63 37.01 17.22 −10.10 31.78 Characteristics P/E Ratio Fund 19.87x Index N/A P/B Ratio Fund 1.47x Index N/A Turnover Ratio 20% Avg Market Cap Fund ($MM) 8,793 Index ($MM) N/A Number of Holdings 150 Total Fund Assets ($MM) 1,937 Sector Allocation Fund 120.0% 100.0% 80.0% 0.0% 2.1% 0.4% 97.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.0% 60.0% 40.0% 20.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 51 WF440480 00051 08−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Prudential Global Real Estate Z Risk-Return Table April 2008 - March 2013: Summary Statistics Prudential Global Real Estate Z Morningstar Global Real Estate Standard Dev 26.95 25.86 Dow Jones Global Select REIT 28.09 Cash-Adj. Alpha vs. Market 0.29 -1.90 0.00 Information Ratio vs. Market 0.0333 -0.2694 0.0000 Cash-Adj. Beta vs. Market 0.9340 0.8811 1.0000 Sharpe Ratio 0.1563 0.0689 0.1423 Cash-Adj. R-Squared vs. Market 94.81 91.57 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% 25% 30% Prudential Global Real Estate Z Morningstar Global Real Estate Dow Jones Global Select REIT S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Global Real Estate Return 0 5 10 15 20 25 30 3 months 1 year 3 years 5 years Prudential Global Real Estate Z Dow Jones Global Select REIT Source: Zephyr Associates, Inc. Prudential Global Real Estate Z 52 WF440480 00052 08−1 ---PAGE BREAK--- ððð 79.7% 5.0% 15.4% Wells Fargo Advantage DJ Target Tod Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: WFLOX Inception Date: 1994−03−01 Expense Ratio: 0.80% Top Ten Holdings U.S. Treasury N/b 0.9% FNMA 0.7% WI Treasury Sec 0.4% U.S. Treasury N/b 0.4% FNMA 0.4% U.S. Treasury N/b 0.4% U.S. Treasury N/b Fixed 0.3% U.S. Treasury N/B 0.3% FNMA 0.3% U.S. Treasury N/b 0.3% Total: 4.4% Asset Composition US Stocks 9.4% Non US Stocks 4.6% US Bonds 51.8% Non US Bonds 19.2% Cash 5.7% Preferreds 0.0% Convertibles 0.0% Other 9.2% Market Cap Range Giant 29.2% Large 21.4% Mid 33.8% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target Tod Adm 0.18 0.18 3.03 5.21 4.33 5.48 WF Advtg Dow Jones Target Today Comp Idx 0.40 0.40 3.80 6.01 5.20 6.29 Dow Jones Target Today 0.40 0.40 3.80 6.01 5.20 5.97 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target Tod Adm 11.89 5.33 2.65 5.35 5.91 −3.38 9.34 7.65 4.42 4.74 WF Advtg Dow Jones Target Today Comp Idx 12.54 6.37 3.50 6.18 6.48 −3.06 10.83 8.53 5.26 5.44 Dow Jones Target Today 12.48 6.20 2.64 6.52 6.48 −3.06 10.83 8.53 5.26 5.44 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 41% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 938 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 79.7% Bonds 5.0% Cash 15.4% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. Prior to July 1, 2006, the Wells Fargo Advantage Dow Jones Target Date Composite Indices are comprised of weighted allocations to the Russell 3000 Index, MSCI EAFE Index, Barclays Capital 3−5 Year US Treasury Index, and the 91−day Treasury Bill Index according to the allocations across each of the major asset class categories represented by these Indices, as reported in each Fund’s annual and semi−annual reports. For periods after July 1, 2006, the returns of the composite indices represent the returns of each Fund’s corresponding published Dow Jones Target Date Index. 53 WF440480 00053 08−13 ---PAGE BREAK--- ððð 73.1% 4.0% 22.9% Wells Fargo Advantage DJ Target 2010 Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: Inception Date: 1994−03−01 Expense Ratio: 0.83% Top Ten Holdings U.S. Treasury N/b 0.8% FNMA 0.6% WI Treasury Sec 0.4% U.S. Treasury N/b 0.4% FNMA 0.4% U.S. Treasury N/b 0.3% U.S. Treasury N/b Fixed 0.3% U.S. Treasury N/B 0.3% FNMA 0.3% Apple Incorporated 0.3% Total: 4.0% Asset Composition US Stocks 14.1% Non US Stocks 6.9% US Bonds 47.5% Non US Bonds 17.1% Cash 5.3% Preferreds 0.0% Convertibles 0.0% Other 9.1% Market Cap Range Giant 29.2% Large 21.4% Mid 33.8% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target 2010 Adm 0.90 0.90 3.93 5.70 3.91 6.09 WF Advtg Dow Jones Target 2010 Comp Idx 1.13 1.13 4.69 6.53 4.74 6.97 Dow Jones Target 2010 1.13 1.13 4.69 6.53 4.74 7.44 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target 2010 Adm 15.99 6.90 3.32 7.23 6.94 −11.02 12.59 8.80 3.70 5.62 WF Advtg Dow Jones Target 2010 Comp Idx 16.79 7.91 4.31 8.19 7.73 −10.81 14.11 9.71 4.49 6.40 Dow Jones Target 2010 21.43 10.75 3.75 7.90 7.73 −10.81 14.11 9.71 4.49 6.40 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 40% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 833 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 73.1% Bonds 4.0% Cash 22.9% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. Prior to July 1, 2006, the Wells Fargo Advantage Dow Jones Target Date Composite Indices are comprised of weighted allocations to the Russell 3000 Index, MSCI EAFE Index, Barclays Capital 3−5 Year US Treasury Index, and the 91−day Treasury Bill Index according to the allocations across each of the major asset class categories represented by these Indices, as reported in each Fund’s annual and semi−annual reports. For periods after July 1, 2006, the returns of the composite indices represent the returns of each Fund’s corresponding published Dow Jones Target Date Index. 54 WF440480 00054 08−13 ---PAGE BREAK--- ððð 51.6% 4.0% 44.5% Wells Fargo Advantage DJ Target 2020 Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: Inception Date: 1994−03−01 Expense Ratio: 0.85% Top Ten Holdings U.S. Treasury N/b 0.6% Apple Incorporated 0.5% FNMA 0.4% WI Treasury Sec 0.3% U.S. Treasury N/b 0.3% IBM Corporation 0.3% Google Incorporated 0.3% FNMA 0.3% Exxon Mobil Corporation 0.3% U.S. Treasury N/b 0.2% Total: 3.4% Asset Composition US Stocks 27.6% Non US Stocks 14.7% US Bonds 33.9% Non US Bonds 12.5% Cash 4.9% Preferreds 0.1% Convertibles 0.0% Other 6.4% Market Cap Range Giant 29.2% Large 21.4% Mid 33.8% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target 2020 Adm 3.04 3.04 6.25 7.03 4.10 6.96 WF Advtg Dow Jones Target 2020 Comp Idx 3.32 3.32 7.04 7.86 4.84 7.80 Dow Jones Target 2020 3.32 3.32 7.04 7.86 4.84 9.04 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target 2020 Adm 20.01 8.61 4.67 10.94 7.32 −22.06 19.20 11.45 1.34 8.51 WF Advtg Dow Jones Target 2020 Comp Idx 21.22 9.65 5.61 11.87 8.11 −22.31 20.95 12.42 2.02 9.23 Dow Jones Target 2020 29.43 13.67 7.42 11.85 8.11 −22.31 20.95 12.42 2.02 9.23 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 34% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 2,625 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 51.6% Bonds 4.0% Cash 44.5% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. Prior to July 1, 2006, the Wells Fargo Advantage Dow Jones Target Date Composite Indices are comprised of weighted allocations to the Russell 3000 Index, MSCI EAFE Index, Barclays Capital 3−5 Year US Treasury Index, and the 91−day Treasury Bill Index according to the allocations across each of the major asset class categories represented by these Indices, as reported in each Fund’s annual and semi−annual reports. For periods after July 1, 2006, the returns of the composite indices represent the returns of each Fund’s corresponding published Dow Jones Target Date Index. 55 WF440480 00055 08−13 ---PAGE BREAK--- ððð 27.4% 3.9% 68.7% Wells Fargo Advantage DJ Target 2030 Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: WFLIX Inception Date: 1994−03−01 Expense Ratio: 0.86% Top Ten Holdings Apple Incorporated 0.8% IBM Corporation 0.4% Google Incorporated 0.4% Exxon Mobil Corporation 0.4% U.S. Treasury N/b 0.3% Samsung Electronics Company Limited 0.3% Oracle Corporation 0.2% General Electric Company 0.2% FNMA 0.2% Qualcomm Incorporated 0.2% Total: 3.6% Asset Composition US Stocks 43.0% Non US Stocks 22.7% US Bonds 18.3% Non US Bonds 6.5% Cash 4.3% Preferreds 0.1% Convertibles 0.0% Other 5.2% Market Cap Range Giant 29.2% Large 21.4% Mid 33.9% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target 2030 Adm 5.41 5.41 8.81 8.40 4.49 7.70 WF Advtg Dow Jones Target 2030 Comp Idx 5.82 5.82 9.60 9.21 5.18 8.61 Dow Jones Target 2030 5.82 5.82 9.60 9.21 5.18 10.38 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target 2030 Adm 23.75 10.27 5.50 13.10 7.61 −31.54 27.70 14.60 −1.72 11.87 WF Advtg Dow Jones Target 2030 Comp Idx 24.82 11.38 6.73 14.68 8.43 −32.02 29.50 15.67 −1.20 12.56 Dow Jones Target 2030 35.69 15.90 10.30 15.26 8.43 −32.02 29.50 15.67 −1.20 12.56 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 28% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 2,379 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 27.4% Bonds 3.9% Cash 68.7% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. Prior to July 1, 2006, the Wells Fargo Advantage Dow Jones Target Date Composite Indices are comprised of weighted allocations to the Russell 3000 Index, MSCI EAFE Index, Barclays Capital 3−5 Year US Treasury Index, and the 91−day Treasury Bill Index according to the allocations across each of the major asset class categories represented by these Indices, as reported in each Fund’s annual and semi−annual reports. For periods after July 1, 2006, the returns of the composite indices represent the returns of each Fund’s corresponding published Dow Jones Target Date Index. 56 WF440480 00056 08−13 ---PAGE BREAK--- ððð 9.9% 3.9% 86.2% Wells Fargo Advantage DJ Target 2040 Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: Inception Date: 1994−03−01 Expense Ratio: 0.87% Top Ten Holdings Apple Incorporated 1.0% IBM Corporation 0.6% Google Incorporated 0.5% Exxon Mobil Corporation 0.5% Samsung Electronics Company Limited 0.4% Oracle Corporation 0.3% General Electric Company 0.3% Qualcomm Incorporated 0.3% Chevron Corporation 0.3% Toyota Motor Corporation 0.3% Total: 4.4% Asset Composition US Stocks 54.3% Non US Stocks 28.7% US Bonds 6.9% Non US Bonds 2.4% Cash 3.9% Preferreds 0.1% Convertibles 0.0% Other 3.9% Market Cap Range Giant 29.2% Large 21.4% Mid 33.9% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target 2040 Adm 7.23 7.23 10.72 9.24 4.79 8.46 WF Advtg Dow Jones Target 2040 Comp Idx 7.66 7.66 11.48 10.03 5.42 9.19 Dow Jones Target 2040 7.66 7.66 11.48 10.03 5.42 10.81 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target 2040 Adm 27.49 11.44 6.41 14.89 7.74 −36.23 32.68 16.60 −4.03 14.25 WF Advtg Dow Jones Target 2040 Comp Idx 27.96 12.48 7.25 16.05 8.47 −36.80 34.64 17.67 −3.59 14.88 Dow Jones Target 2040 37.39 16.62 11.36 16.64 8.48 −36.80 34.64 17.67 −3.59 14.88 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 24% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 1,633 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 9.9% Bonds 3.9% Cash 86.2% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. Prior to July 1, 2006, the Wells Fargo Advantage Dow Jones Target Date Composite Indices are comprised of weighted allocations to the Russell 3000 Index, MSCI EAFE Index, Barclays Capital 3−5 Year US Treasury Index, and the 91−day Treasury Bill Index according to the allocations across each of the major asset class categories represented by these Indices, as reported in each Fund’s annual and semi−annual reports. For periods after July 1, 2006, the returns of the composite indices represent the returns of each Fund’s corresponding published Dow Jones Target Date Index. 57 WF440480 00057 08−13 ---PAGE BREAK--- ððð 5.7% 3.9% 90.4% Wells Fargo Advantage DJ Target 2050 Adm General Information Manager/Tenure: Alldredge, Rodney (2006) Lauder, James (2006) Torregrosa, Ph.D., Paul (2010) Sub−Advisor: Global Index Advisors, Inc. Ticker Symbol: Inception Date: 2007−06−29 Expense Ratio: 0.87% Top Ten Holdings Apple Incorporated 1.1% IBM Corporation 0.6% Google Incorporated 0.6% Exxon Mobil Corporation 0.5% Samsung Electronics Company Limited 0.4% Oracle Corporation 0.3% General Electric Company 0.3% Qualcomm Incorporated 0.3% Chevron Corporation 0.3% Toyota Motor Corporation 0.3% Total: 4.6% Asset Composition US Stocks 56.9% Non US Stocks 30.1% US Bonds 4.1% Non US Bonds 1.4% Cash 3.8% Preferreds 0.1% Convertibles 0.0% Other 3.6% Market Cap Range Giant 29.2% Large 21.4% Mid 33.9% Small 15.3% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage DJ Target 2050 Adm 7.56 7.56 11.10 9.44 4.98 − Dow Jones Target 2050 8.09 8.09 11.96 10.23 5.56 10.88 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage DJ Target 2050 Adm − − − − − −35.92 32.85 16.93 −4.47 14.76 Dow Jones Target 2050 37.39 16.62 11.36 16.64 8.46 −37.03 35.09 17.95 −4.00 15.35 Characteristics P/E Ratio Fund 16.54x Index N/A P/B Ratio Fund 1.98x Index N/A Turnover Ratio 23% Avg Market Cap Fund ($MM) 45,050 Index ($MM) N/A Number of Holdings 9,688 Total Fund Assets ($MM) 982 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.92 Years Index N/A Duration Fund 5.94 Years Index N/A Portfolio Allocation 5.7% Bonds 3.9% Cash 90.4% Equity Portfolio Allocation Stock Bond Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 58 WF440480 00058 08−13 ---PAGE BREAK--- Source: Barclays Capital Barclays Capital US Aggregate Barclays Capital US Gov't/Credit Barclays Capital Intermediate US Gov't/Credit Barclays Capital US Government Intermediate Asset Allocation % Weight % Weight % Weight % Weight Treasury 36.52 53.33 57.11 88.05 Government Related 10.26 14.98 14.71 11.95 Corporate 21.71 31.69 28.18 MBS 29.34 CMBS 1.80 ABS 0.35 Other 0.02 Total 100.00 100.00 100.00 100.00 Quality AA1/AA2 AA2/AA3 AA1/AA2 AAA/AA1 Maturity 7.20 7.88 4.26 3.87 Duration 5.26 5.85 3.90 3.61 Index characteristics as of March 31, 2013 59 WF440480 00059 09 ---PAGE BREAK--- Source: Standard & Poor’s and Russell Investments QTD QTD QTD QTD Economic Sector % Return % Return % Return % Return Consumer Discretionary 11.62 12.17 12.42 12.26 8.31 12.46 16.87 12.15 Consumer Staples 10.96 14.58 10.05 14.68 7.40 16.79 12.92 13.40 Energy 10.92 10.17 10.24 10.50 15.81 9.78 4.22 13.54 Financials 15.93 11.41 16.65 11.90 27.55 12.10 4.86 10.68 Health Care 12.53 15.75 12.28 15.76 11.76 14.60 12.85 16.92 Industrials 10.11 10.67 10.94 12.02 9.08 12.50 12.94 11.66 Information Technology 18.02 4.68 17.37 5.06 6.67 16.89 28.95 2.47 Materials 3.43 4.79 3.74 4.77 3.59 2.96 3.89 6.65 Telecommunication Services 2.97 9.45 2.79 8.77 3.25 7.50 2.30 10.77 Utilities 3.51 13.02 3.52 13.62 6.59 13.60 0.21 14.57 Unassigned Total 100.00 100.00 100.00 100.00 Market Capitalization Median 14,110.56 6,456.57 5,791.97 7,083.54 Weighted Average 106,231.01 94,526.71 95,268.52 93,724.46 Price/Earnings Weighted Average 27.74 30.16 28.00 32.52 Price/Book Weighted Average 5.35 5.32 2.46 8.42 Hist 3Yr EPS Growth Weighted Average 17.80 18.33 15.04 21.75 S&P 500 Russell 1000 Russell 1000 Value Russell 1000 Growth Index characteristics as of March 31, 2013 60 WF440480 00060 09 ---PAGE BREAK--- Source: Russell Investments QTD QTD QTD Economic Sector % Return % Return % Return Consumer Discretionary 16.45 13.48 9.34 13.11 24.84 13.64 Consumer Staples 6.34 17.39 4.92 19.29 8.01 16.00 Energy 7.69 17.56 9.36 16.04 5.72 20.61 Financials 20.26 13.42 30.40 13.70 8.27 12.21 Health Care 9.71 12.07 7.21 17.12 12.65 8.89 Industrials 13.26 14.58 11.32 15.53 15.56 13.76 Information Technology 13.04 11.13 10.20 16.15 16.39 7.70 Materials 5.97 4.72 5.81 5.43 6.15 3.94 Telecommunication Services 1.47 0.15 1.28 3.16 1.68 -2.42 Utilities 5.82 14.35 10.14 14.34 0.72 14.57 Unassigned Total 100.00 100.00 100.00 Market Capitalization Median 4,944.10 4,621.98 5,363.76 Weighted Average 9,994.71 9,660.81 10,389.22 Price/Earnings Weighted Average 38.84 32.35 46.28 Price/Book Weighted Average 6.30 2.58 10.70 Hist 3Yr EPS Growth Weighted Average 24.05 22.83 25.43 Russell Midcap Russell Midcap Value Russell Midcap Growth Index characteristics as of March 31, 2013 61 WF440480 00061 09 ---PAGE BREAK--- Source: Russell Investments QTD QTD QTD Economic Sector % Return % Return % Return Consumer Discretionary 13.79 12.28 12.16 13.65 15.52 11.22 Consumer Staples 3.56 11.59 2.60 11.44 4.59 11.68 Energy 6.14 11.87 6.59 12.30 5.66 11.33 Financials 23.31 13.19 37.83 12.86 7.91 14.85 Health Care 12.21 14.36 4.37 10.78 20.53 15.19 Industrials 15.33 14.01 12.60 12.94 18.22 14.81 Information Technology 16.42 10.73 11.72 7.87 21.40 12.46 Materials 5.31 9.38 5.51 6.94 5.09 12.48 Telecommunication Services 0.64 1.19 0.49 -3.34 0.79 4.45 Utilities 3.31 10.35 6.14 10.72 0.30 2.81 Unassigned Total 100.00 100.00 100.00 Market Capitalization Median 561.07 504.08 671.09 Weighted Average 1,524.13 1,323.51 1,736.82 Price/Earnings Weighted Average 52.61 41.73 63.82 Price/Book Weighted Average 20.42 26.87 13.53 Hist 3Yr EPS Growth Weighted Average 20.79 17.31 24.46 Russell 2000 Russell 2000 Value Russell 2000 Growth Index characteristics as of March 31, 2013 62 WF440480 00062 09 ---PAGE BREAK--- Source: Morgan Stanley Capital International MSCI EAFE Economic Sector % QTD Return in US Dollar Market Weight % QTD Return in US Dollar Consumer Discretionary 10.93 7.43 Australia 9.21% 9.06 Consumer Staples 12.32 10.99 Belgium 1.21% 8.87 Energy 7.16 -1.61 Denmark 1.15% 3.98 Financials 24.88 5.45 France 9.24% 0.55 Health Care 10.30 12.45 Germany 8.40% 0.18 Industrials 12.59 5.78 Hong Kong 3.14% 3.49 Information Technology 4.35 5.34 Italy 1.95% -9.77 Materials 8.86 -4.80 Japan 21.28% 11.63 Telecommunication Services 4.95 6.09 Netherlands 2.42% 2.40 Utilities 3.66 -1.39 Singapore 1.84% 3.01 Unassigned Spain 2.75% -5.58 Total 100.00 Sweden 3.28% 9.43 Switzerland 9.17% 11.24 Market Capitalization United Kingdom 21.88% 2.48 Median 7,720.14 Other 3.08% Weighted Average 55,658.74 Total 100.00% Price/Earnings Weighted Average 20.11 Price/Book Weighted Average 2.94 Hist 3Yr EPS Growth Weighted Average 23.90 Country Allocations Index characteristics as of March 31, 2013 63 WF440480 00063 09 ---PAGE BREAK--- Source: Morgan Stanley Capital International MSCI Emerging Markets Economic Sector % QTD Return in US Dollar Market Weight % QTD Return in US Dollar Consumer Discretionary 7.79 -2.57 China 18.07% -4.54 Consumer Staples 9.07 1.75 India 6.58% -2.55 Energy 12.03 -5.94 Indonesia 3.03% 13.39 Financials 27.67 1.60 Korea 14.87% -3.41 Health Care 1.34 2.40 Malaysia 3.50% -0.89 Industrials 6.43 -1.47 Taiwan 10.80% -0.21 Information Technology 14.04 0.30 Thailand 2.77% 10.06 Materials 10.68 -10.29 Brazil 12.66% -0.80 Telecommunication Services 7.39 -5.06 Chile 1.98% 4.38 Utilities 3.57 1.93 Colombia 1.20% -6.56 Unassigned Mexico 5.55% 6.08 Total 100.00 Poland 1.46% -11.52 Russia 5.88% -3.18 Market Capitalization South Africa 7.07% -8.98 Median 4,602.26 Turkey 2.16% 8.16 Weighted Average 35,926.24 Other 2.42% Price/Earnings Total 100.00% Weighted Average 19.77 Price/Book Weighted Average 3.02 Hist 3Yr EPS Growth Weighted Average 25.46 Country Allocations Index characteristics as of March 31, 2013 64 WF440480 00064 09 ---PAGE BREAK--- Source: Morgan Stanley Capital International MSCI AC World exUS Economic Sector % QTD Return in US Dollar Market Weight % QTD Return in US Dollar Consumer Discretionary 9.73 5.58 Australia 6.39% 9.06 Consumer Staples 10.89 8.90 Brazil 2.93% -0.80 Energy 9.65 -2.26 Canada 7.53% 0.88 Financials 26.33 4.16 China 4.18% -4.54 Health Care 7.65 12.21 France 6.41% 0.55 Industrials 10.74 5.05 Germany 5.82% 0.18 Information Technology 6.35 2.88 Hong Kong 2.18% 3.49 Materials 9.82 -7.34 India 1.52% -2.55 Telecommunication Services 5.39 2.47 Italy 1.35% -9.77 Utilities 3.45 -0.54 Japan 14.75% 11.63 Unassigned Korea 3.44% -3.41 Total 100.00 Mexico 1.28% 6.08 Netherlands 1.68% 2.40 Market Capitalization Russia 1.36% -3.18 Median 6,369.33 Singapore Free 1.27% 3.01 Weighted Average 49,383.16 South Africa 1.63% -8.98 Spain 1.91% -5.58 Price/Earnings Sweden 2.28% 9.43 Weighted Average 20.31 Switzerland 6.36% 11.24 Taiwan 2.50% -0.21 Price/Book United Kingdom 15.17% 2.48 Weighted Average 2.91 Other 8.06% Total 100.00% Hist 3Yr EPS Growth Weighted Average 23.92 Country Allocations Index characteristics as of March 31, 2013 65 WF440480 00065 09 ---PAGE BREAK--- • Alpha measures a portfolio's return in excess of the market return adjusted for risk. It is a measure of the manager's contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk which was taken for that level of market exposure. • Average Credit Quality is the average of all credit quality positions for a fund’s bond holdings. U.S. Government bonds carry the highest credit rating, while bonds issued by speculative or bankrupt companies usually carry the lowest credit ratings. Anything at or below BB is considered a high-yield or "junk" bond. • Average Effective Maturity is a weighted average of all the effective maturities of the bonds in a portfolio. Effective maturity takes into consideration mortgage prepayments, puts, calls, adjustable coupons, and other features of individual bonds and is thus a more accurate measure of interest-rate sensitivity. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. • Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio's beta measures the expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in the return on the market will result on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. • Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital). A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. • Geometric Mean of the Market Capitalization defines the overall "size" of a stock fund's portfolio for all of the stocks owned. Calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. For example, if a fund currently held equal stakes in three stocks, with market capitalizations of $2 billion, $10 billion, and $25 billion, the geometric mean would equal: billion1/3) * ($10 billion1/3) * ($25 billion1/3) = $7.94 billion. This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. • Information Ratio measures the manager's market risk-adjusted excess return per unit of residual risk relative to a benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information ratios will add value relative to the benchmark more reliably and consistently. • Market Capitalization Breakdown uses the 5000 largest domestic stocks in the Morningstar equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro. • P/B Ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. This figure may not always represent the real value of a company because it excludes such intangible assets as patents and trademarks. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated. • P/E Ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. • Returns can be displayed in a variety of ways. The most common are termed as “cumulative” or “annualized” returns. returns for a fund or benchmark are compounded to derive a cumulative return (i.e. quarter-to-date, year-to-date, etc.). Typically returns greater than 1-year are annualized in order to provide the ability to display the average annual return over a specified period of time (i.e. last 3 years). • R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio's returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no relationship exists between the portfolio's return and the market. • Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return (usually the 3 month Treasury bill) from the portfolio return and dividing the resulting "excess return" by the portfolio's risk level (standard deviation). The result is a measure of return gained per unit of risk taken. • Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within plus or minus one standard deviation from the sample mean. Definitions 66 WF440480 00066 11 ---PAGE BREAK--- Russell 3000 Index measures the performance of the stocks of the 3,000 largest public traded U.S. companies, based on market capitalization, and measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. Russell 1000 Index includes the 1,000 largest companies in the Russell 3000 Index, and represents 92% of the U.S. equities market. Russell 1000 Growth Index measures the performance of the stocks of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index measures the performance of the stocks of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. Russell MidCap Index measures the 800 smallest companies in the Russell 1000 Index, approximately 31% of the total market capitalization of the Russell 1000 Index. Russell MidCap Growth Index measures the performance of those Russell MidCap Index companies with higher price-to-book ratios and higher forecasted growth values. Russell MidCap Value Index measures the performance of those Russell MidCap Index companies with lower price-to-book ratios and lower forecasted growth values. Russell 2500 Index represents the 2,500 small to mid-cap companies in the Russell 3000 Index. Russell 2000 Index represents the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the Russell 3000 total market capitalization. Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. S&P 500 Index is a market capitalization-weighted index of 500 leading companies in the leading industries of the U.S. economy, with approximately 75% coverage of U.S. equities. S&P MidCap 400 Index is a market capitalization-weighted index that measures the performance of the mid-size company segment of the U.S. market, which represents approximately 7% of the U.S. equity markets. S&P SmallCap 600 Index is a market capitalization-weighted index that measures the performance of the small-size company segment of the U.S. market, covering approximately 3% of the domestic equity markets. Citigroup 3-Month Treasury Bill Index represents return equivalents of yield averages of the last 3-Month Treasury Bill issues. Dow Jones Wilshire 5000 represents all U.S. securities that have readily available prices. Dow Jones Wilshire 4500 is a subset of the DJ Wilshire 5000 but excludes components of the S&P 500. Dow Jones Wilshire Real Estate Investment Trust (REIT) is a subset of the DJ Real Estate Security Index as only the REIT components of the Dow Jones RESI index are included. Dow Jones Wilshire Real Estate Security Index (RESI) is designed to provide measures of U.S. real estate securities that serve as proxies for direct real estate investing. Barclays Capital U.S. Aggregate Bond Index is a composite of the Lehman Brothers Government/Credit Index , Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Barclays Capital U.S. Government/Credit Bond Index consists of investment- grade corporate bonds and U.S. Treasury/agency issues with maturities greater than one year. Barclays Capital Intermediate Government Bond Index is composed of U.S. government securities with maturities in the 1- to 10- year range, including securities issued by the U.S. Treasury and U.S. government agencies. Barclays Capital Short Treasury Index 9-12 Months is an index of U.S. Treasury notes with maturities ranging from nine to twelve months. Merrill 1-3 yr Treasury Index consists of short-term U.S. government securities with maturities between 1 and 2.99 years. Merrill High Yield Master Index is a market capitalization-weighted index of domestic and Yankee high yield bonds. The index tracks the performance of high yield securities traded in the U.S. bond market. MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of 21 developed markets indices, excluding the US & Canada. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure 25 emerging market country indices. MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure 23 developed market country indices. Nasdaq Composite Index is a market capitalization-weighted index that measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market, including over 3,000 companies. NYSE ArcaEx Tech 100 Index is a price-weighted, broad-based index of 100 exchange listed and OTC stocks designed to mirror the technology sector. The index represents the entire technology and science sector. * You cannot invest directly in an Index. Market index descriptions 67 WF440480 00067 11 ---PAGE BREAK--- This analysis was prepared utilizing secondary data obtained from sources believed to be reliable, including Morningstar, Inc., Encorr, Inc., Lipper, Inc., Hueler Analytics, Zephyr Associates, Inc., and individual investment managers. Wells Fargo makes no representation or warranty regarding the accuracy of this data. This is not an offer to sell shares of any of the above-referenced funds. That can only be done through the applicable Prospectus. Past performance is no indication of future results; obtain and review fund prospectuses before making investment decisions. © 1996-2013. Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and /or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Copyright © 2013 Reuters. All rights reserved. Any copying, republication or redistribution of Information, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Effective June 26, 2006, the Funds are sub-advised by Global Index Advisors, Inc. ("GIA") and will be managed to track the performance of the Dow Jones Target Date Indexes before fees and expenses. Prior to this date, the funds were known as the Wells Fargo Advantage Outlook Funds and were managed in a primarily passive approach which differed from the Dow Jones Target Date Indexes. Each Fund’s name has been changed to correspond to the name of the Dow Jones Target Date Index that it will seek to replicate. The economic update views expressed are those of Wells Fargo Institutional Asset Advisors and are based upon information believed to be reliable. Wells Fargo makes no representation or warranty to the accuracy of the information. 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 in general. Reproduction or distribution of this report without the express written consent of Wells Fargo is prohibited. Disclosures 68 WF440480 00068 91 ---PAGE BREAK--- AdviceTrack Period Ending March 31, 2013 69 WF440480 00069 A1 ---PAGE BREAK--- The above fund array design is for illustration purposes only and is not intended to depict actual risk and return characteristics of different asset class categories or specific funds. Fund array overview Specialty Funds Real Estate ¬ T. Rowe Price Real Estate Global/ International International Growth Active ¬ Wells Fargo/Janus Overseas F International Blend Active ¬ Wells Fargo/Thornburg Intl CIT F ¬ Harbor International Instl Small Cap Blend Active ¬ Wells Fargo/Multi−Manager Sm Cap CIT F Mid Cap Large Cap Growth Active ¬ Wells Fargo/TRP Inst Lg−Cap Gr Mgd F ¬ Wells Fargo Advantage Large Cap Gr I Blend Active ¬ Wells Fargo Enhanced Stock Market Fund N Value Active ¬ Wells Fargo/MFS Value CIT F ¬ T. Rowe Price Equity Income Balanced Bond High Yield ¬ PIMCO High Yield Instl ¬ JPMorgan High Yield Select World ¬ Wells Fargo Advantage Intl Bond Instl Intermediate U.S. Domestic ¬ Wells Fargo Core Bond CIT N ¬ PIMCO Total Return Instl Inflation Protected ¬ PIMCO Real Return Instl Principal Preservation Stable ¬ Wells Fargo Stable Return N 70 WF440480 00070 A6 ---PAGE BREAK--- Performance summary as of March 31, 2013 3Yr. 3Yr. 3− % % 1 % 3 % 5 % 10 % Std. Sharpe Mstar Expense Category/Fund Asset Category Ticker Month Rank YTD Rank Year Rank Years Rank Years Rank Years Rank Dev. Ratio Rating Ratio Principal Preservation Wells Fargo Stable Return N 0.45 − 0.45 − 1.97 − 2.42 − 2.98 − 3.82 − − − − 0.24 DSRF1 Principal Preservation − − − − − − − 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 0.06 0.06 0.35 0.67 1.02 2.17 − − − − − − − − − − Hueler Analytics Stable Value Universe 0.48 0.48 2.15 2.60 3.01 3.81 − − − Fixed Income PIMCO Real Return Instl 0.12 24 0.12 24 7.61 2 9.12 2 6.77 1 6.91 3 4.51 1.94 5 0.45 PRRIX Inflation−Protected Bond − − − − − − 1.91 Barclays US Treasury US TIPS −0.36 −0.36 5.68 8.57 5.89 6.32 4.32 − − − − − − − − 1.73 Morningstar Inflation−Protected Bond Funds Avg −0.32 −0.32 4.78 7.27 4.91 5.74 4.08 − 0.82 PIMCO Total Return Instl 0.60 20 0.60 20 7.92 15 6.92 26 7.77 12 6.66 6 3.22 2.07 5 0.46 Intermediate−Term Bond − − − − − − 2.20 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 2.42 − − − − − − − − 2.25 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 2.71 − 0.92 Wells Fargo Core Bond CIT N −0.03 − −0.03 − 5.59 − 6.93 − 6.97 − 5.94 − 2.41 2.75 − 0.23 CORBDN Long−Term Bond − − − − − − 2.20 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 2.42 − − − − − − − − 2.25 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 2.71 − 0.92 Wells Fargo Advantage Intl Bond Instl −2.65 80 −2.65 80 2.94 62 4.73 55 4.63 46 6.73 18 7.85 0.62 4 0.70 ESICX World Bond − − − − − − 0.80 JPM GBI Global Traded −2.80 −2.80 −0.64 4.33 3.20 5.58 5.36 − − − − − − − − 1.02 Morningstar World Bond Funds Avg −1.09 −1.09 4.44 5.25 4.42 5.71 6.12 − 1.13 JPMorgan High Yield Select 2.89 38 2.89 38 12.20 42 9.99 52 10.58 18 9.66 12 7.09 1.37 4 0.86 OHYFX High Yield Bond − − − − − − − ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 − − − − − − − − − 1.40 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 7.11 − 1.16 PIMCO High Yield Instl 2.23 74 2.23 74 11.42 59 9.82 58 9.25 55 8.72 45 7.08 1.35 3 0.55 PHIYX High Yield Bond − − − − − − − ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 − − − − − − − − − 1.40 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 7.11 − 1.16 Large Cap T. Rowe Price Equity Income 11.19 49 11.19 49 17.20 17 11.84 34 5.53 29 9.04 29 15.40 0.80 3 0.68 Large Value − − − − − − 0.84 Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 15.62 − − − − − − − − 0.76 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 15.64 − 1.20 Wells Fargo/MFS Value CIT F 12.24 − 12.24 − 16.14 − − − − − − − − − − 0.38 MFSVALF Large Value − − − − − − 0.84 Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 15.62 − − − − − − − − 0.76 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 15.64 − 1.20 Wells Fargo Enhanced Stock Market Fund N 11.26 − 11.26 − 14.96 − 12.91 − 6.17 − 9.04 − 15.20 0.87 − 0.13 Large Blend − − − − − − 0.86 S&P 500 10.61 10.61 13.96 12.67 5.81 8.53 15.01 − − − − − − − − 0.73 Morningstar Large Blend Funds Avg 10.40 10.40 12.98 10.84 4.80 8.12 15.84 − 1.18 Wells Fargo Advantage Large Cap Gr I 7.10 84 7.10 84 2.50 93 12.02 28 6.61 28 8.35 42 16.67 0.76 4 0.66 Large Growth − − − − − − 0.87 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 15.45 − − − − − − − − 0.69 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 16.83 − 1.28 Wells Fargo/TRP Inst Lg−Cap Gr Mgd F 8.45 − 8.45 − 6.55 − − − − − − − − − − 0.38 Large Growth − − − − − − 0.87 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 15.45 − − − − − − − − 0.69 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 16.83 − 1.28 71 WF440480 00071 A0 ---PAGE BREAK--- Performance summary as of March 31, 2013 3Yr. 3Yr. 3− % % 1 % 3 % 5 % 10 % Std. Sharpe Mstar Expense Category/Fund Asset Category Ticker Month Rank YTD Rank Year Rank Years Rank Years Rank Years Rank Dev. Ratio Rating Ratio Small Cap Wells Fargo/Multi−Manager Sm Cap CIT F 13.60 − 13.60 − 17.48 − − − − − − − − − − 0.65 Small Growth − − − − − − 0.72 Russell 2000 12.39 12.39 16.30 13.45 8.24 11.52 20.10 − − − − − − − − 0.73 Morningstar Small Blend Funds Avg 12.43 12.43 15.68 13.29 7.67 11.15 19.99 − 1.34 Global/International Harbor International Instl 2.09 87 2.09 87 7.85 74 6.86 11 0.94 15 13.31 4 20.59 0.42 4 0.77 HAINX Foreign Large Blend − − − − − − 0.34 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 19.35 − − − − − − − − 0.33 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 19.22 − 1.38 Wells Fargo/Thornburg Intl CIT F 2.19 − 2.19 − 6.80 − − − − − − − − − − 0.52 TBGINTF Foreign Large Blend − − − − − − 0.34 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 19.35 − − − − − − − − 0.33 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 19.22 − 1.38 Wells Fargo/Janus Overseas F −1.49 − −1.49 − − − − − − − − − − − − − Global/International − − − − − − 0.32 MSCI ACWI Ex USA 3.17 3.17 8.36 4.41 −0.39 10.93 19.05 − − − − − − − − 0.42 Morningstar Foreign Large Growth Funds Avg 3.71 3.71 8.24 6.18 0.50 10.36 18.92 − 1.42 Specialty Funds T. Rowe Price Real Estate 5.90 78 5.90 78 10.13 92 16.05 48 6.22 45 12.32 33 17.48 0.94 3 0.78 TRREX Real Estate − − − − − − 0.99 DJ US Select REIT 7.04 7.04 13.19 16.94 6.07 12.10 17.27 − − − − − − − − 1.00 Morningstar Real Estate Funds Avg 6.79 6.79 13.62 16.28 5.96 11.23 16.72 − 1.37 Important Information Wells Fargo Funds with names containing the designation of or are Wells Fargo Collective Investment Funds available to qualified investors only. Expense Ratios reported for the Wells Fargo Collective Investment Funds represent the investment management fee for each fund and exclude audit and other administrative expenses. Please see each collective fund’s Disclosure document for additional information. Fund ranking percentages represent each fund’s percentile rank relative to its assigned asset class category within the peer group specified. Certain funds (i.e. money market mutual funds, Wells Fargo Collective Investment Funds and asset allocation funds) will not display percentile rankings. Returns for periods greater than 1−year are annualized. Performance shown for certain share classes of funds may reflect the adjusted historical returns published by Morningstar, which are calculated using the appended adjusted return history of the oldest surviving share class of the fund. Predecessor fund information can be found in the Fund’s prospectus, statement of additional information, or annual report. Performance shown is for the actual mutual funds. The AdviceTrack product uses a unitized version of these funds. Performance will differ due to fees. 72 WF440480 00072 A0 ---PAGE BREAK--- ðððð 25.8% 2.1% 16.2% 56.0% Wells Fargo Stable Return N General Information Manager/Tenure: Tourville, Karl (1988) Caswell, John (1985) Sub−Advisor: Galliard Capital Management Ticker Symbol: DSRF1 Inception Date: 1985−10−01 Expense Ratio: 0.24% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Stable Return N 0.45 0.45 1.97 2.42 2.98 3.82 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 0.06 0.06 0.35 0.67 1.02 2.17 Hueler Analytics Stable Value Universe 0.48 0.48 2.15 2.60 3.01 3.81 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Stable Return N 4.75 4.34 4.45 4.79 4.99 4.70 3.40 3.07 2.45 2.06 50% ML 1−3 Yr Treasury Idx/50% T−bill Idx 1.49 1.08 2.33 4.36 6.02 4.18 0.48 1.23 0.81 0.25 Hueler Analytics Stable Value Universe 4.72 4.29 4.42 4.75 4.95 4.57 3.11 3.12 2.69 2.26 Characteristics Total Fund Assets ($MM) 39,816 Avg Credit Quality N/A Avg Maturity N/A Duration 2.00 Years Number of Holdings 19 Maturity Allocation Fund 50.0% 40.0% 41.5% 30.0% 19.1% 9.4% 30.0% 20.0% 10.0% 0.0% 0 −1 Years 1 −3 Years 3 −5 Years 5+ Years Portfolio Composition 25.8% Cash Equivalents 2.1% Guaranteed Investment Contracts 16.2% Insurance Separate Accounts 56.0% Security Backed Contracts Data Source: Wells Fargo Funds Management as of 03/31/2013. 73 WF440480 00073 A8−9 ---PAGE BREAK--- PIMCO Real Return Instl General Information Manager/Tenure: Worah, Mihir P. (2007) Ticker Symbol: PRRIX Inception Date: 1997−01−29 Expense Ratio: 0.45% Top Ten Holdings Fin Fut Euro$ Cme 03/14/16 10.6% US Treasury Note 9.9% US Treasury Bond 3.625% 7.4% US Treasury Bond 3.875% 6.6% US Treasury Bond 2.375% 6.2% US Treasury Note 1.25% 6.1% US Treasury Note 0.125% 6.0% US Treasury Note 4.6% US Treasury Bond 2% 4.3% US Treasury Note 2.625% 4.1% Total: 65.8% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 97.9% Non US Bonds 24.3% Cash −25.6% Preferreds 0.1% Convertibles 0.0% Other 3.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years PIMCO Real Return Instl 0.12 0.12 7.61 9.12 6.77 6.91 Barclays US Treasury US TIPS −0.36 −0.36 5.68 8.57 5.89 6.32 Morningstar Inflation−Protected Bond Funds Avg −0.32 −0.32 4.78 7.27 4.91 5.74 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PIMCO Real Return Instl 8.50 9.19 2.64 0.28 11.59 −6.42 18.96 7.81 11.57 9.25 Barclays US Treasury US TIPS 8.40 8.46 2.84 0.41 11.64 −2.35 11.41 6.31 13.56 6.98 Morningstar Inflation−Protected Bond Funds Avg 7.15 7.48 2.09 0.09 9.86 −4.08 10.88 5.94 10.93 6.45 Characteristics Total Fund Assets ($MM) 24,585 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 9.45 Years Index N/A Duration Fund 6.25 Years Index N/A Number of Holdings 795 Sector Allocation Fund 90.0% 75.0% 60.0% 73.5% 0.1% 3.2% 3.3% 8.6% 11.3% 45.0% 30.0% 15.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 74 WF440480 00074 A8−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long PIMCO Real Return Instl Risk-Return Table April 2008 - March 2013: Summary Statistics PIMCO Real Return Instl Morningstar Inflation Protected Bond Standard Dev 8.23 7.01 Barclays U.S. Treasury: U.S. TIPS 7.16 Cash-Adj. Alpha vs. Market 0.43 -0.95 0.00 Information Ratio vs. Market 0.3174 -1.0396 0.0000 Cash-Adj. Beta vs. Market 1.0856 0.9666 1.0000 Sharpe Ratio 0.7854 0.6262 0.7789 Cash-Adj. R-Squared vs. Market 89.22 97.48 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% PIMCO Real Return Instl Morningstar Inflation Protected Bond Barclays U.S. Treasury: U.S. TIPS S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Inflation Protected Bond Return -2 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years PIMCO Real Return Instl BarCap U.S. Treasury: U.S. TIPS Source: Zephyr Associates, Inc. PIMCO Real Return Instl 75 WF440480 00075 A8−6 ---PAGE BREAK--- PIMCO Total Return Instl General Information Manager/Tenure: Gross, William H. (1987) Ticker Symbol: Inception Date: 1987−05−11 Expense Ratio: 0.46% Top Ten Holdings Irs Usd 3mls/1.50000s 03/18/15−16 Cme 12.6% Fin Fut Euro$ Cme 06/15/15 12.4% Fin Fut Euro$ Cme 12/14/15 8.7% Fannie Mae Single Family TBA 3.5% 2042− 3.9% Fannie Mae Single Family TBA 4% 2042−01 3.3% US Treasury Note 1.625% 2.6% Fin Fut Euro$ Cme 03/14/16 2.5% Cdx Bp Ig19 5y Cme 2.5% Fin Fut Euro$ Cme 09/14/15 2.4% Fin Fut Us 10yr Cbt 03/19/13 2.1% Total: 52.8% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 70.1% Non US Bonds 75.5% Cash −51.5% Preferreds 0.2% Convertibles 0.0% Other 5.7% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years PIMCO Total Return Instl 0.60 0.60 7.92 6.92 7.77 6.66 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PIMCO Total Return Instl 5.56 5.14 2.89 3.99 9.07 4.82 13.83 8.83 4.16 10.36 Barclays US Agg Bond 4.10 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 Morningstar Intermediate−Term Bond Funds Avg 5.10 3.91 1.80 4.15 4.70 −4.70 13.97 7.72 5.86 7.01 Characteristics Total Fund Assets ($MM) 289,086 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 6.09 Years Index N/A Duration Fund 4.77 Years Index N/A Number of Holdings 19,938 Sector Allocation Fund 60.0% 50.0% 40.0% 28.7% 3.1% 10.4% 26.2% 31.7% 0.0% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 76 WF440480 00076 A8−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long PIMCO Total Return Instl Risk-Return Table April 2008 - March 2013: Summary Statistics PIMCO Total Return Instl Morningstar Intermediate-Term Bond Standard Dev 4.07 4.20 Barclays U.S. Aggregate 3.53 Cash-Adj. Alpha vs. Market 2.92 0.32 0.00 Information Ratio vs. Market 0.8279 0.0377 0.0000 Cash-Adj. Beta vs. Market 0.8628 0.9609 1.0000 Sharpe Ratio 1.8327 1.2508 1.4620 Cash-Adj. R-Squared vs. Market 55.86 64.22 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% PIMCO Total Return Instl Morningstar Intermediate-Term Bond Barclays U.S. Aggregate S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Intermediate-Term Bond Return 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years PIMCO Total Return Instl BarCap US Aggregate Bond Index Source: Zephyr Associates, Inc. PIMCO Total Return Instl 77 WF440480 00077 A8−6 ---PAGE BREAK--- Wells Fargo Core Bond CIT N General Information Manager/Tenure: Team Managed Sub−Advisor: Wells Capital Management Ticker Symbol: CORBDN Inception Date: 1981−01−30 Expense Ratio: 0.23% Top Ten Holdings U.S. Treasury N/b 8.1% 3.3% WI Treasury Sec 2.6% WI Treasury Sec 2.1% WI Treasury N/b 1.8% Fed Hm Ln Pc Pool U90694 1.5% FNMA 1.3% U.S. Treasury N/b 1.3% 1.2% U.S. Treasury N/b 1.1% Total: 24.1% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 80.5% Non US Bonds 14.3% Cash 4.7% Preferreds 0.0% Convertibles 0.0% Other 0.5% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Core Bond CIT N −0.03 −0.03 5.59 6.93 6.97 5.94 Barclays US Agg Bond −0.12 −0.12 3.77 5.52 5.47 5.02 Morningstar Intermediate−Term Bond Funds Avg 0.32 0.32 5.67 6.19 5.97 4.96 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Core Bond CIT N 4.90 4.28 2.74 4.86 6.94 2.20 12.16 7.88 8.88 6.62 Barclays US Agg Bond 4.10 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 Morningstar Intermediate−Term Bond Funds Avg 5.10 3.91 1.80 4.15 4.70 −4.70 13.97 7.72 5.86 7.01 Characteristics Total Fund Assets ($MM) 551 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 6.40 Years Index N/A Duration Fund 5.10 Years Index N/A Number of Holdings 534 Sector Allocation Fund 60.0% 50.0% 40.0% 25.4% 0.7% 21.2% 47.9% 4.7% 0.0% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 78 WF440480 00078 A8−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long Wells Fargo Core Bond Fund N Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo Core Bond Fund N Morningstar Intermediate-Term Bond Standard Dev 4.12 4.20 Barclays U.S. Aggregate 3.53 Cash-Adj. Alpha vs. Market 0.92 0.32 0.00 Information Ratio vs. Market 1.0389 0.0377 0.0000 Cash-Adj. Beta vs. Market 1.1030 0.9609 1.0000 Sharpe Ratio 1.6177 1.2508 1.4620 Cash-Adj. R-Squared vs. Market 88.76 64.22 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Wells Fargo Core Bond Fund N Morningstar Intermediate-Term Bond Barclays U.S. Aggregate S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Intermediate-Term Bond Return 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years Wells Fargo Core Bond Fund N BarCap US Aggregate Bond Index Source: Zephyr Associates, Inc. Wells Fargo Core Bond CIT N 79 WF440480 00079 A8−6 ---PAGE BREAK--- Wells Fargo Advantage Intl Bond Instl General Information Manager/Tenure: Team Managed Sub−Advisor: First International Advisors Ticker Symbol: ESICX Inception Date: 1993−12−15 Expense Ratio: 0.70% Top Ten Holdings Australian Government Fixed 4.8% Sweden(kingdom Of) Bds Sek 1051 4.8% Italy(rep) Bds Eur1000 4.4% Canadian Government Fixed 3.9% Bonos Y Oblig Del Estado Bonds 3.4% Mexican Bonos Desarr Fix Rt Fixed 3.2% Thailand Government Bond Unsecured 3.2% Malaysian Government SR Unsecured 3.1% Poland Government Bond Fixed 3.0% New Zealand Government SR Unsecured 3.0% Total: 36.8% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 2.6% Non US Bonds 64.6% Cash 23.8% Preferreds 0.0% Convertibles 0.0% Other 9.0% Credit Quality Range Fund Index AAA 25.6% 0.0% 16.8% 0.0% AA 18.3% 0.0% A 32.2% 0.0% BBB 4.9% 0.0% BB 2.2% 0.0% B 0.0% 0.0% Below B 0.0% 0.0% Not rated Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage Intl Bond Instl −2.65 −2.65 2.94 4.73 4.63 6.73 JPM GBI Global Traded −2.80 −2.80 −0.64 4.33 3.20 5.58 Morningstar World Bond Funds Avg −1.09 −1.09 4.44 5.25 4.42 5.71 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage Intl Bond Instl 21.20 14.00 −7.58 4.14 9.43 8.61 10.01 7.55 4.31 5.84 JPM GBI Global Traded 14.51 10.10 −6.53 5.94 10.81 12.00 1.90 6.42 7.22 1.29 Morningstar World Bond Funds Avg 13.79 8.98 −3.33 5.42 7.28 −1.57 13.12 6.35 3.39 8.09 Characteristics Total Fund Assets ($MM) 1,679 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 7.56 Years Index N/A Duration Fund 5.73 Years Index N/A Number of Holdings 124 Sector Allocation Fund 60.0% 50.0% 40.0% 44.2% 0.0% 13.1% 0.9% 3.3% 38.6% 30.0% 20.0% 10.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Country Allocation Fund 30.0% 25.0% 20.0% 9.7% 8.0% 7.1% 6.3% 5.1% 5.0% 4.6% 4.4% 4.2% 4.1% 15.0% 10.0% 5.0% 0.0% USA ITA BRA MEX ESP AUS SWE GBR NLD MYS Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 80 WF440480 00080 A8−16 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long Wells Fargo Advantage Intl Bond Instl Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo Advantage Intl Bond Instl Morningstar World Bond Standard Dev 9.79 6.99 J.P. Morgan Global Govt. Bond Index 7.25 Cash-Adj. Alpha vs. Market 0.85 1.88 0.00 Information Ratio vs. Market 0.3370 0.2770 0.0000 Cash-Adj. Beta vs. Market 1.2407 0.7798 1.0000 Sharpe Ratio 0.4418 0.5904 0.3986 Cash-Adj. R-Squared vs. Market 84.36 64.82 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Wells Fargo Advantage Intl Bond Instl Morningstar World Bond J.P. Morgan Global Govt. Bond Index S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar World Bond Return -4 -2 0 2 4 6 8 10 3 months 1 year 3 years 5 years 10 years Wells Fargo Advantage Intl Bond Instl J.P. Morgan Global Govt. Bond Index Source: Zephyr Associates, Inc. Wells Fargo Advantage Intl Bond Instl 81 WF440480 00081 A8−16 ---PAGE BREAK--- JPMorgan High Yield Select General Information Manager/Tenure: Shanahan, James P. (1998) Morgan, William J. (1998) Gibson, James (2007) Ticker Symbol: OHYFX Inception Date: 1998−11−13 Expense Ratio: 0.86% Top Ten Holdings Engy Future Inter Hldg Co Ll 10% 1.1% Intelsat Bermuda 11.5% 0.9% Gmac 8% 0.8% Liberty Mut Grp 144A FRN 0.8% Sprint Nextel 7% 0.8% Caesars Entertainment Operating Co., Inc. 0.7% Rite Aid 9.5% 0.7% Amer Intl Grp FRN 0.6% Banc Amer Large Ln 2010−Hltn CMO 0.5% Cemex Espana S A Luxembourg 144A 9.87 0.5% Total: 7.3% Asset Composition US Stocks 0.8% Non US Stocks 0.0% US Bonds 68.1% Non US Bonds 19.9% Cash 5.2% Preferreds 1.7% Convertibles 0.2% Other 4.2% Credit Quality Range Fund Index AAA 0.0% 0.0% 0.0% 0.0% AA 0.0% 0.0% A 4.7% 0.0% BBB 23.8% 0.0% BB 50.3% 0.0% B 15.5% 0.0% Below B 5.8% 0.0% Not rated Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years JPMorgan High Yield Select 2.89 2.89 12.20 9.99 10.58 9.66 ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 JPMorgan High Yield Select 26.08 11.30 3.03 12.80 2.18 −22.54 48.45 14.67 2.65 14.81 ML High Yield Bond Index 27.22 10.76 2.83 11.64 2.17 −26.21 56.28 15.24 4.50 15.44 Morningstar High Yield Bond Funds Avg 24.36 9.99 2.59 10.14 1.47 −26.41 46.70 14.24 2.83 14.67 Characteristics Total Fund Assets ($MM) 11,202 Avg Credit Quality Fund B Index N/A Avg Maturity Fund 6.72 Years Index N/A Duration Fund 4.86 Years Index N/A Number of Holdings 1,021 Sector Allocation Fund 120.0% 100.0% 80.0% 0.0% 0.0% 92.2% 2.0% 5.8% 0.0% 60.0% 40.0% 20.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 82 WF440480 00082 A8−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long JPMorgan High Yield Select Risk-Return Table April 2008 - March 2013: Summary Statistics JPMorgan High Yield Select Morningstar High Yield Bond Standard Dev 11.31 12.37 BofA Merrill US High Yield Cash Pay 13.78 Cash-Adj. Alpha vs. Market 1.33 -1.14 0.00 Information Ratio vs. Market -0.1748 -1.0386 0.0000 Cash-Adj. Beta vs. Market 0.8053 0.8893 1.0000 Sharpe Ratio 0.9081 0.6846 0.7898 Cash-Adj. R-Squared vs. Market 96.11 98.02 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% 8% 10% 12% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% JPMorgan High Yield Select Morningstar High Yield Bond BofA Merrill US High Yield Cash Pay S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar High Yield Bond Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years JPMorgan High Yield Select Merrill High Yield Master Source: Zephyr Associates, Inc. JPMorgan High Yield Select 83 WF440480 00083 A8−6 ---PAGE BREAK--- PIMCO High Yield Instl General Information Manager/Tenure: Jessop, Andrew (2010) Ticker Symbol: PHIYX Inception Date: 1992−12−15 Expense Ratio: 0.55% Top Ten Holdings Cdx Bp Hy15 5y Cme 0.7% Cdx Bp Hy16 5y Cme 0.7% Cdx Bp Hy19 5y Cme 0.6% Sprint Cap 6.9% 0.6% Rbs Global 8.5% 0.6% Brazil(Fed Rep Of) 10% 0.6% Echostar Dbs 7.125% 0.6% Warner Chilcott 7.75% 0.5% Ineos Grp 7.875% 0.5% Ally Finl 5.5% 0.5% Total: 5.8% Asset Composition US Stocks 0.0% Non US Stocks 0.0% US Bonds 69.4% Non US Bonds 22.1% Cash 4.6% Preferreds 0.7% Convertibles 0.0% Other 3.2% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years PIMCO High Yield Instl 2.23 2.23 11.42 9.82 9.25 8.72 ML High Yield Bond Index 2.87 2.87 13.05 10.90 11.19 9.81 Morningstar High Yield Bond Funds Avg 2.79 2.79 11.80 9.94 9.36 8.56 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PIMCO High Yield Instl 23.70 9.45 4.63 9.44 3.73 −23.69 44.05 14.24 4.00 14.55 ML High Yield Bond Index 27.22 10.76 2.83 11.64 2.17 −26.21 56.28 15.24 4.50 15.44 Morningstar High Yield Bond Funds Avg 24.36 9.99 2.59 10.14 1.47 −26.41 46.70 14.24 2.83 14.67 Characteristics Total Fund Assets ($MM) 19,460 Avg Credit Quality Fund N/A Index N/A Avg Maturity Fund 4.63 Years Index N/A Duration Fund 3.40 Years Index N/A Number of Holdings 1,147 Sector Allocation Fund 90.0% 75.0% 60.0% 0.5% 0.0% 79.9% 0.9% 16.9% 1.7% 45.0% 30.0% 15.0% 0.0% Government Municipal Corporate Securitized Cash Equiv. Derivative Data Source: Morningstar Data as of 03/31/2013. 84 WF440480 00084 A8−6 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Merrill Treasuries 1-10yr Merrill Treasuries 10+yr Merrill Corporates 1-10yr Merrill Corporates 10+yr Corp -1 0 1 Treasury Int -1 0 1 Long PIMCO High Yield Instl Risk-Return Table April 2008 - March 2013: Summary Statistics PIMCO High Yield Instl Morningstar High Yield Bond Standard Dev 12.51 12.37 BofA Merrill US High Yield Cash Pay 13.78 Cash-Adj. Alpha vs. Market -0.71 -1.14 0.00 Information Ratio vs. Market -0.6561 -1.0386 0.0000 Cash-Adj. Beta vs. Market 0.8899 0.8893 1.0000 Sharpe Ratio 0.7146 0.6846 0.7898 Cash-Adj. R-Squared vs. Market 95.93 98.02 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 2% 4% 6% 8% 10% 12% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% PIMCO High Yield Instl Morningstar High Yield Bond BofA Merrill US High Yield Cash Pay S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar High Yield Bond Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years PIMCO High Yield Instl Merrill High Yield Master Source: Zephyr Associates, Inc. PIMCO High Yield Instl 85 WF440480 00085 A8−6 ---PAGE BREAK--- T. Rowe Price Equity Income General Information Manager/Tenure: Rogers, Brian C. (1985) Ticker Symbol: Inception Date: 1985−10−31 Expense Ratio: 0.68% Top Ten Holdings General Electric Co 2.7% JPMorgan Chase & Co 2.6% Chevron Corp 2.4% Exxon Mobil Corporation 2.1% Wells Fargo & Co 1.9% AT&T Inc 1.8% Royal Dutch Shell PLC ADR Class A 1.6% U.S. Bancorp 1.6% American Express Co 1.5% International Paper Co. 1.4% Total: 19.5% Asset Composition US Stocks 88.8% Non US Stocks 5.1% US Bonds 0.6% Non US Bonds 0.1% Cash 4.8% Preferreds 0.6% Convertibles 0.0% Other 0.0% Market Cap Range Giant 37.3% Large 38.2% Mid 24.1% Small 0.4% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years T. Rowe Price Equity Income 11.19 11.19 17.20 11.84 5.53 9.04 Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 T. Rowe Price Equity Income 25.78 15.05 4.26 19.14 3.30 −35.75 25.62 15.15 −0.72 17.25 Russell 1000 Value 30.03 16.49 7.05 22.25 −0.17 −36.85 19.69 15.51 0.39 17.51 Morningstar Large Value Funds Avg 28.44 12.97 5.95 18.15 1.42 −37.09 24.13 13.66 −0.75 14.57 Characteristics P/E Ratio Fund 14.11x Index 14.71x P/B Ratio Fund 1.65x Index 1.57x Turnover Ratio 16% Avg Market Cap Fund ($MM) 34,117 Index ($MM) 40,450 Number of Holdings 126 Total Fund Assets ($MM) 25,898 Sector Allocation Fund Index 30.0% 25.0% 20.0% 5.5% 3.3% 11.7% 7.1% 20.5% 23.2% 0.0% 4.1% 6.0% 7.9% 7.2% 11.5% 5.9% 6.4% 5.1% 4.1% 14.0% 15.8% 14.5% 9.7% 9.7% 6.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 86 WF440480 00086 A8−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth T. Rowe Price Equity Income Risk-Return Table April 2008 - March 2013: Summary Statistics T. Rowe Price Equity Income Morningstar Large Value Standard Dev 20.25 19.45 Russell 1000 Value 20.23 Cash-Adj. Alpha vs. Market 0.68 -0.42 0.00 Information Ratio vs. Market 0.2992 -0.2699 0.0000 Cash-Adj. Beta vs. Market 0.9947 0.9568 1.0000 Sharpe Ratio 0.2578 0.2045 0.2246 Cash-Adj. R-Squared vs. Market 98.76 99.04 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% T. Rowe Price Equity Income Morningstar Large Value Russell 1000 Value S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Value Return 0 5 10 15 20 3 months 1 year 3 years 5 years 10 years T. Rowe Price Equity Income Russell 1000 Value Source: Zephyr Associates, Inc. T. Rowe Price Equity Income 87 WF440480 00087 A8−1 ---PAGE BREAK--- Wells Fargo/MFS Value CIT F General Information Manager/Tenure: Gorham, Steven (2012) Chitkara, Nevin (2012) Ticker Symbol: MFSVALF Inception Date: 2012−01−26 Expense Ratio: 0.38% Top Ten Holdings JPMorgan Chase & Company 4.9% Philip Morris International Incorporated 3.7% Johnson & Johnson 3.6% Pfizer Incorporated 3.5% Lockheed Martin Corporation 3.0% Accenture PLC 2.2% Goldman Sachs Group Incorporated 2.1% IBM Corporation 2.0% United Technologies Corporation 2.0% Exxon Mobil Corporation 1.9% Total: 28.9% Asset Composition US Stocks 87.9% Non US Stocks 11.2% US Bonds 0.0% Non US Bonds 0.0% Cash 0.7% Preferreds 0.2% Convertibles 0.0% Other 0.1% Market Cap Range Giant 50.6% Large 42.6% Mid 6.8% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo/MFS Value CIT F 12.24 12.24 16.14 − − − Russell 1000 Value 12.31 12.31 18.77 12.74 4.85 9.18 Morningstar Large Value Funds Avg 11.23 11.23 14.92 10.97 4.49 8.36 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo/MFS Value CIT F − − − − − − − − − − Russell 1000 Value 30.03 16.49 7.05 22.25 −0.17 −36.85 19.69 15.51 0.39 17.51 Morningstar Large Value Funds Avg 28.44 12.97 5.95 18.15 1.42 −37.09 24.13 13.66 −0.75 14.57 Characteristics P/E Ratio Fund 15.73x Index 14.71x P/B Ratio Fund 2.29x Index 1.57x Turnover Ratio N/A Avg Market Cap Fund ($MM) 92,050 Index ($MM) 40,450 Number of Holdings 94 Total Fund Assets ($MM) 570 Sector Allocation Fund Index 30.0% 25.0% 20.0% 2.3% 3.3% 9.0% 7.1% 22.7% 23.2% 0.0% 4.1% 15.7% 7.9% 13.5% 11.5% 0.8% 6.4% 4.8% 4.1% 7.1% 15.8% 17.8% 9.7% 6.4% 6.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 88 WF440480 00088 A8−1 ---PAGE BREAK--- Wells Fargo Enhanced Stock Market Fund N General Information Manager/Tenure: Chandra, Amit (2011) Sub−Advisor: Wells Capital Management Ticker Symbol: Inception Date: 1987−01−02 Expense Ratio: 0.13% Top Ten Holdings Exxon Mobil Corporation 3.1% Apple Incorporated 3.0% General Electric Company 1.8% Chevron Corporation 1.8% Johnson & Johnson 1.7% SPDR Trust 1.6% Pfizer Incorporated 1.6% Microsoft Corporation 1.6% AT&T Incorporated 1.6% IBM Corporation 1.5% Total: 19.3% Asset Composition US Stocks 98.1% Non US Stocks 1.5% US Bonds 0.0% Non US Bonds 0.0% Cash 0.0% Preferreds 0.0% Convertibles 0.0% Other 0.4% Market Cap Range Giant 52.1% Large 33.5% Mid 13.9% Small 0.4% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Enhanced Stock Market Fund N 11.26 11.26 14.96 12.91 6.17 9.04 S&P 500 10.61 10.61 13.96 12.67 5.81 8.53 Morningstar Large Blend Funds Avg 10.40 10.40 12.98 10.84 4.80 8.12 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Enhanced Stock Market Fund N 28.34 11.84 6.01 16.97 5.88 −36.34 26.44 14.21 2.79 16.20 S&P 500 28.68 10.88 4.91 15.79 5.49 −37.00 26.46 15.06 2.11 16.00 Morningstar Large Blend Funds Avg 27.05 10.02 5.88 14.17 6.16 −37.79 28.17 14.01 −1.27 14.96 Characteristics P/E Ratio Fund 15.15x Index 16.60x P/B Ratio Fund 2.17x Index 2.29x Turnover Ratio N/A Avg Market Cap Fund ($MM) 108,390 Index ($MM) 58,067 Number of Holdings 315 Total Fund Assets ($MM) 718 Sector Allocation Fund Index 30.0% 25.0% 20.0% 2.5% 3.1% 10.4% 11.4% 13.9% 14.7% 2.6% 2.1% 11.3% 10.7% 12.2% 12.4% 3.6% 3.4% 4.6% 4.3% 10.9% 10.9% 10.7% 10.8% 17.4% 16.3% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 89 WF440480 00089 A8−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Wells Fargo Enhanced Stock Market Fund N Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo Enhanced Stock Market Fund N Morningstar Large Blend Standard Dev 19.00 19.20 S&P 500 18.92 Cash-Adj. Alpha vs. Market 0.33 -1.08 0.00 Information Ratio vs. Market 0.5255 -0.7143 0.0000 Cash-Adj. Beta vs. Market 1.0037 1.0116 1.0000 Sharpe Ratio 0.3087 0.2288 0.2909 Cash-Adj. R-Squared vs. Market 99.87 99.36 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Wells Fargo Enhanced Stock Market Fund N Morningstar Large Blend S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Blend Return 0 2 4 6 8 10 12 14 16 18 3 months 1 year 3 years 5 years 10 years Wells Fargo Enhanced Stock Market Fu S&P 500 Source: Zephyr Associates, Inc. Wells Fargo Enhanced Stock Market Fund N 90 WF440480 00090 A8−1 ---PAGE BREAK--- Wells Fargo Advantage Large Cap Gr I General Information Manager/Tenure: Olson, Bruce (2002) Ognar, Thomas (2005) Eberhardy, Joseph (2008) Sub−Advisor: Wells Capital Management Ticker Symbol: Inception Date: 1981−12−30 Expense Ratio: 0.66% Top Ten Holdings Apple Incorporated 4.6% Google Incorporated 4.0% eBay Incorporated 3.1% Cognizant Technology Solutions Corporatio 2.8% Qualcomm Incorporated 2.7% Dollar Tree Incorporated 2.6% Alexion Pharmaceuticals Incorporated 2.6% Whole Foods Market Incorporated 2.5% Union Pacific Corporation 2.4% MasterCard Incorporated 2.3% Total: 29.7% Asset Composition US Stocks 94.6% Non US Stocks 3.7% US Bonds 0.0% Non US Bonds 0.0% Cash 1.7% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 32.6% Large 46.6% Mid 20.8% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo Advantage Large Cap Gr I 7.10 7.10 2.50 12.02 6.61 8.35 Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo Advantage Large Cap Gr I 26.83 8.64 7.87 3.87 18.12 −38.82 36.47 17.00 3.33 13.00 Russell 1000 Growth 29.75 6.30 5.26 9.07 11.81 −38.44 37.21 16.71 2.64 15.26 Morningstar Large Growth Funds Avg 28.66 7.81 6.71 7.05 13.35 −40.67 35.68 15.53 −2.46 15.34 Characteristics P/E Ratio Fund 22.04x Index 18.51x P/B Ratio Fund 4.43x Index 4.10x Turnover Ratio 52% Avg Market Cap Fund ($MM) 68,330 Index ($MM) 45,326 Number of Holdings 75 Total Fund Assets ($MM) 1,289 Sector Allocation Fund Index 30.0% 25.0% 20.0% 2.8% 3.4% 22.9% 15.5% 6.6% 4.3% 0.0% 2.2% 12.0% 13.3% 10.5% 12.1% 0.0% 0.1% 0.0% 4.4% 5.7% 4.4% 11.9% 14.7% 27.7% 25.8% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 91 WF440480 00091 A8−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth Wells Fargo Advantage Large Cap Gr I Risk-Return Table April 2008 - March 2013: Summary Statistics Wells Fargo Advantage Large Cap Gr I Morningstar Large Growth Standard Dev 18.95 19.71 Russell 1000 Growth 19.03 Cash-Adj. Alpha vs. Market -0.51 -2.31 0.00 Information Ratio vs. Market -0.2087 -1.3486 0.0000 Cash-Adj. Beta vs. Market 0.9808 1.0323 1.0000 Sharpe Ratio 0.3325 0.2372 0.3675 Cash-Adj. R-Squared vs. Market 96.99 99.34 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% 8% Standard Deviation 0% 5% 10% 15% 20% Wells Fargo Advantage Large Cap Gr I Morningstar Large Growth Russell 1000 Growth S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Large Growth Return 0 2 4 6 8 10 12 14 16 3 months 1 year 3 years 5 years 10 years Wells Fargo Advantage Large Cap Gr I Russell 1000 Growth Source: Zephyr Associates, Inc. Wells Fargo Advantage Large Cap Gr I 92 WF440480 00092 A8−1 ---PAGE BREAK--- Wells Fargo/TRP Inst Lg−Cap Gr Mgd F General Information Manager/Tenure: Sharps, Robert (2012) Ticker Symbol: Inception Date: 2012−01−26 Expense Ratio: 0.38% Top Ten Holdings Google Incorporated 5.3% Amazon.com Incorporated 4.2% Gilead Sciences Incorporated 3.8% Danaher Corporation 3.1% Crown Castle International Corporation 2.8% MasterCard Incorporated 2.5% Priceline.com Incorporated 2.5% Boeing Company 2.3% Juniper Networks Incorporated 2.2% Mckesson Corporation 2.1% Total: 30.7% Asset Composition US Stocks 96.7% Non US Stocks 3.0% US Bonds 0.0% Non US Bonds 0.0% Cash 0.3% Preferreds 0.0% Convertibles 0.0% Other 0.0% Market Cap Range Giant 32.6% Large 46.1% Mid 21.3% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo/TRP Inst Lg−Cap Gr Mgd F 8.45 8.45 6.55 − − − Russell 1000 Growth 9.54 9.54 10.09 13.06 7.30 8.62 Morningstar Large Growth Funds Avg 8.79 8.79 8.43 10.82 5.42 8.23 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo/TRP Inst Lg−Cap Gr Mgd F − − − − − − − − − − Russell 1000 Growth 29.75 6.30 5.26 9.07 11.81 −38.44 37.21 16.71 2.64 15.26 Morningstar Large Growth Funds Avg 28.66 7.81 6.71 7.05 13.35 −40.67 35.68 15.53 −2.46 15.34 Characteristics P/E Ratio Fund 23.96x Index 18.51x P/B Ratio Fund 3.60x Index 4.10x Turnover Ratio N/A Avg Market Cap Fund ($MM) 60,240 Index ($MM) 45,326 Number of Holdings 74 Total Fund Assets ($MM) 461 Sector Allocation Fund Index 60.0% 50.0% 40.0% 1.9% 3.4% 21.8% 15.5% 5.8% 4.3% 0.0% 2.2% 1.4% 13.3% 13.0% 12.1% 0.0% 0.1% 3.0% 4.4% 5.0% 4.4% 15.5% 14.7% 32.6% 25.8% 30.0% 20.0% 10.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 93 WF440480 00093 A8−1 ---PAGE BREAK--- Wells Fargo/Multi−Manager Sm Cap CIT F General Information Manager/Tenure: Team Managed Ticker Symbol: Inception Date: 2012−01−26 Expense Ratio: 0.65% Top Ten Holdings Waste Connections Incorporated 1.5% Proassurance Corporation 1.5% Silgan Holdings Incorporated 1.4% Patterson−UTI Energy Incorporated 1.3% Penn National Gaming Incorporated 1.2% Anixter International Incorporated 1.2% Cimarex Energy Company 1.1% Mid−America Apartment 1.0% Jarden Corporation 1.0% Crown Holdings Incorporated 0.9% Total: 12.2% Asset Composition US Stocks 98.3% Non US Stocks 0.7% US Bonds 0.0% Non US Bonds 0.0% Cash 0.8% Preferreds 0.0% Convertibles 0.0% Other 0.2% Market Cap Range Giant 0.0% Large 0.0% Mid 38.2% Small 51.9% Micro 9.9% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo/Multi−Manager Sm Cap CIT F 13.60 13.60 17.48 − − − Russell 2000 12.39 12.39 16.30 13.45 8.24 11.52 Morningstar Small Blend Funds Avg 12.43 12.43 15.68 13.29 7.67 11.15 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo/Multi−Manager Sm Cap CIT F − − − − − − − − − − Russell 2000 47.25 18.33 4.55 18.37 −1.57 −33.79 27.17 26.85 −4.18 16.35 Morningstar Small Blend Funds Avg 43.41 18.94 6.75 15.03 −1.10 −36.56 31.80 25.61 −4.07 15.46 Characteristics P/E Ratio Fund 17.62x Index 17.35x P/B Ratio Fund 1.82x Index 1.86x Turnover Ratio N/A Avg Market Cap Fund ($MM) 2,010 Index ($MM) 1,142 Number of Holdings 380 Total Fund Assets ($MM) 318 Sector Allocation Fund Index 30.0% 25.0% 20.0% 3.3% 5.7% 21.2% 14.0% 14.7% 14.1% 8.4% 8.7% 1.8% 3.9% 7.3% 10.8% 3.4% 3.5% 0.5% 1.0% 6.5% 5.0% 19.0% 17.3% 14.1% 16.0% 15.0% 10.0% 5.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 94 WF440480 00094 A8−1 ---PAGE BREAK--- Harbor International Instl General Information Manager/Tenure: Team Managed Sub−Advisor: Northern Cross, LLC Ticker Symbol: HAINX Inception Date: 1987−12−29 Expense Ratio: 0.77% Top Ten Holdings Novo Nordisk A/S 3.3% Atlas Copco AB 2.7% British American Tobacco PLC 2.7% Roche Holding AG 2.4% Anheuser−Busch Inbev SA 2.4% Diageo PLC 2.4% Sap AG 2.3% AXA SA 2.3% Fanuc Corp 2.3% Allianz SE 2.3% Total: 25.0% Asset Composition US Stocks 1.8% Non US Stocks 94.7% US Bonds 0.0% Non US Bonds 0.0% Cash 2.2% Preferreds 0.5% Convertibles 0.0% Other 0.8% Market Cap Range Giant 71.1% Large 27.3% Mid 1.6% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Harbor International Instl 2.09 2.09 7.85 6.86 0.94 13.31 MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Harbor International Instl 40.95 17.97 20.84 32.69 21.82 −42.66 38.57 11.98 −11.13 20.87 MSCI EAFE 38.59 20.25 13.54 26.34 11.17 −43.38 31.78 7.75 −12.14 17.32 Morningstar Foreign Large Blend Funds Avg 33.58 17.39 14.72 24.77 12.71 −43.99 31.24 10.24 −13.97 18.29 Characteristics P/E Ratio Fund 9.69x Index 13.02x P/B Ratio Fund 1.70x Index 1.47x Turnover Ratio 11% Avg Market Cap Fund ($MM) 48,566 Index ($MM) 32,870 Number of Holdings 81 Total Fund Assets ($MM) 41,573 Sector Allocation Fund 30.0% 25.0% 20.0% 12.7% 9.4% 13.2% 4.0% 19.7% 9.4% 0.0% 1.7% 4.7% 21.0% 4.1% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 17.8% 15.6% 15.1% 9.9% 8.5% 7.3% 3.4% 3.0% 2.8% 2.4% 15.0% 10.0% 5.0% 0.0% BRA GBR CHE DEU DNK FRA JPN SWE CHN BEL Data Source: Morningstar Data as of 03/31/2013. 95 WF440480 00095 A8−10 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Citigroup PMI Value - World x U.S. S&P/Citigroup PMI Growth - World Citigroup EMI Value - World x U.S. S&P/Citigroup EMI Growth - World Small -1 0 1 Large Value -1 0 1 Growth Harbor International Instl Risk-Return Table April 2008 - March 2013: Summary Statistics Harbor International Instl Morningstar Foreign Large Blend Standard Dev 25.45 23.40 MSCI EAFE (Net) 23.21 Cash-Adj. Alpha vs. Market 2.28 -0.30 0.00 Information Ratio vs. Market 0.3372 -0.1107 0.0000 Cash-Adj. Beta vs. Market 1.0739 0.9991 1.0000 Sharpe Ratio 0.0249 -0.0661 -0.0515 Cash-Adj. R-Squared vs. Market 95.92 98.17 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% Standard Deviation 0% 5% 10% 15% 20% 25% Harbor International Instl Morningstar Foreign Large Blend MSCI EAFE (Net) S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Foreign Large Blend Return -5 0 5 10 15 3 months 1 year 3 years 5 years 10 years Harbor International Instl MSCI EAFE (Net) Source: Zephyr Associates, Inc. Harbor International Instl 96 WF440480 00096 A8−10 ---PAGE BREAK--- Wells Fargo/Thornburg Intl CIT F General Information Manager/Tenure: Fries, William (2012) Trevisani, Wendy (2012) Wang, Lew (2012) Ticker Symbol: TBGINTF Inception Date: 2012−01−26 Expense Ratio: 0.52% Top Ten Holdings Mitsubishi Ufj Fin Group Npv 2.6% Toyota Motor Corporation 2.5% Reckitt Benckiser Group PLC 2.5% LVMH Eur0.30 2.3% Novo Nordisk As Dkk2 Ser B 2.2% Schlumberger Limited 2.1% Adidas AG NPV 2.1% Novartis Limited AG 2.0% Roche Holding AG 2.0% HSBC Holdings PLC Usd 0.50 (Hong Kong 2.0% Total: 22.3% Asset Composition US Stocks 6.8% Non US Stocks 85.0% US Bonds 0.0% Non US Bonds 0.0% Cash 5.5% Preferreds 0.0% Convertibles 0.0% Other 2.7% Market Cap Range Giant 66.0% Large 30.9% Mid 3.1% Small 0.0% Micro 0.0% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years Wells Fargo/Thornburg Intl CIT F 2.19 2.19 6.80 − − − MSCI EAFE 5.13 5.13 11.25 5.00 −0.89 9.69 Morningstar Foreign Large Blend Funds Avg 3.66 3.66 9.60 4.65 −1.01 9.22 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Wells Fargo/Thornburg Intl CIT F − − − − − − − − − − MSCI EAFE 38.59 20.25 13.54 26.34 11.17 −43.38 31.78 7.75 −12.14 17.32 Morningstar Foreign Large Blend Funds Avg 33.58 17.39 14.72 24.77 12.71 −43.99 31.24 10.24 −13.97 18.29 Characteristics P/E Ratio Fund 15.35x Index 13.02x P/B Ratio Fund 2.02x Index 1.47x Turnover Ratio N/A Avg Market Cap Fund ($MM) 58,410 Index ($MM) 32,870 Number of Holdings 73 Total Fund Assets ($MM) 675 Sector Allocation Fund 30.0% 25.0% 20.0% 3.3% 24.5% 21.4% 0.0% 10.0% 10.8% 0.0% 3.0% 6.3% 11.5% 9.3% 15.0% 10.0% 5.0% 0.0% Basc Financial Cons Dfnse Utility Energy Tech Cons Cycl RealEstate Health Comm Serv Country Allocation Fund 30.0% 25.0% 20.0% 23.7% 14.4% 9.9% 8.2% 8.1% 7.4% 7.4% 4.6% 3.6% 2.9% 15.0% 10.0% 5.0% 0.0% HKG GBR JPN CHN CHE DEU FRA USA BRA CAN Data Source: Morningstar Data as of 03/31/2013 and Wells Fargo Funds Management as of 03/31/2013. 97 WF440480 00097 A8−10 ---PAGE BREAK--- T. Rowe Price Real Estate General Information Manager/Tenure: Lee, David M. (1997) Ticker Symbol: TRREX Inception Date: 1997−10−31 Expense Ratio: 0.78% Top Ten Holdings Simon Property Group Inc 10.6% Public Storage 5.0% AvalonBay Communities Inc 4.9% Equity Residential 4.7% Prologis Inc 4.4% Macerich Company 3.9% Federal Realty Investment Trust 3.7% Vornado Realty Trust 3.6% Boston Properties Inc 3.4% General Growth Properties Inc 3.2% Total: 47.3% Asset Composition US Stocks 94.9% Non US Stocks 0.0% US Bonds 0.0% Non US Bonds 0.0% Cash 3.9% Preferreds 0.0% Convertibles 1.2% Other 0.0% Market Cap Range Giant 0.0% Large 41.8% Mid 47.8% Small 10.0% Micro 0.3% Performance (03/31/13) QTD YTD 1 Year 3 Years 5 Years 10 Years T. Rowe Price Real Estate 5.90 5.90 10.13 16.05 6.22 12.32 DJ US Select REIT 7.04 7.04 13.19 16.94 6.07 12.10 Morningstar Real Estate Funds Avg 6.79 6.79 13.62 16.28 5.96 11.23 Calendar Year Performance 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 T. Rowe Price Real Estate 34.84 36.82 14.54 36.75 −18.80 −39.08 31.65 29.89 7.32 17.03 DJ US Select REIT 36.18 33.16 13.82 35.97 −17.56 −39.20 28.46 28.07 9.37 17.12 Morningstar Real Estate Funds Avg 36.80 32.02 11.51 33.58 −14.66 −39.55 31.26 27.08 7.51 17.60 Characteristics P/E Ratio Fund 44.15x Index 44.68x P/B Ratio Fund 2.44x Index 2.42x Turnover Ratio 6% Avg Market Cap Fund ($MM) 8,909 Index ($MM) 9,875 Number of Holdings 40 Total Fund Assets ($MM) 3,758 Sector Allocation Fund Index 120.0% 100.0% 80.0% 1.7% 0.0% 3.3% 0.0% 0.0% 0.0% 95.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 60.0% 40.0% 20.0% 0.0% Basc Cons Cycl Financial RealEstate Cons Dfnse Health Utility Comm Serv Energy Tech Data Source: Morningstar Data as of 03/31/2013. 98 WF440480 00098 A8−1 ---PAGE BREAK--- Manager Style 36-Month Moving Windows, Computed April 2008 - March 2013 Russell 1000 Value Russell 1000 Growth Russell 2000 Value Russell 2000 Growth Small -1 0 1 Large Value -1 0 1 Growth T. Rowe Price Real Estate Risk-Return Table April 2008 - March 2013: Summary Statistics T. Rowe Price Real Estate Morningstar Real Estate Standard Dev 33.88 31.26 Dow Jones U.S. Select REIT 33.73 Cash-Adj. Alpha vs. Market 0.08 -0.42 0.00 Information Ratio vs. Market 0.0428 -0.1575 0.0000 Cash-Adj. Beta vs. Market 0.9996 0.9258 1.0000 Sharpe Ratio 0.1744 0.1692 0.1709 Cash-Adj. R-Squared vs. Market 99.00 99.71 100.00 Manager Risk/Return Single Computation April 2008 - March 2013 Return 0% 1% 2% 3% 4% 5% 6% 7% Standard Deviation 0% 5% 10% 15% 20% 25% 30% 35% T. Rowe Price Real Estate Morningstar Real Estate Dow Jones U.S. Select REIT S&P 500 Citigroup 3-month T-bill Capital Market Line Manager vs Universe: Return through March 2013 (not annualized if less than 1 year) Morningstar Real Estate Return 0 5 10 15 20 3 months 1 year 3 years 5 years 10 years T. Rowe Price Real Estate Dow Jones U.S. Select REIT Source: Zephyr Associates, Inc. T. Rowe Price Real Estate 99 WF440480 00099 A8−1 ---PAGE BREAK--- The AdviceTrack program places participants in one of 99 different asset allocation strategies, based on each individual’s investment profile.1 In order to provide an example of the types of returns a participant might earn in one of these asset allocation strategies, seven sample portfolios based on projected retirement dates are presented below. The sample asset allocations used below for performance reporting were built with the assumption that the participant is on track to replace 80% of pre-retirement income and will retire at age 65 in one of the years shown. For comparison, we have also provided the Morningstar fund averages for stand-alone target date funds, although these would not be customized to an individual participant’s profile or situation. AdviceTrack sample asset allocation strategy returns for the period ended March 31, 2013 3-month 1-year 3-year 5-year Avg exp ratio AdviceTrack 2040-equivalent 2040 fund average 6.09 6.43 10.54 10.34 8.78 9.06 4.29 3.84 0.37 1.13 AdviceTrack 2035-equivalent 2035 fund average 5.86 6.38 10.35 10.33 9.13 8.95 4.57 3.91 0.37 1.07 AdviceTrack 2030-equivalent 2030 fund average 5.23 5.51 9.96 9.64 8.42 8.71 4.35 3.94 0.38 1.10 AdviceTrack 2025-equivalent 2025 fund average 4.79 5.13 9.24 9.31 8.39 8.44 4.54 4.05 0.34 1.04 AdviceTrack 2020-equivalent 2020 fund average 3.97 4.14 8.67 8.36 8.09 8.09 4.38 4.18 0.34 1.07 AdviceTrack 2015-equivalent 2015 fund average 3.41 3.58 8.04 7.86 8.08 7.43 4.50 3.99 0.25 1.02 AdviceTrack 2010-equivalent 2010 fund average 3.17 3.11 8.02 6.97 7.69 7.06 5.22 4.17 0.27 0.96 2 AdviceTrack® sample asset allocation strategy performance 100 WF440480 00100 A2 ---PAGE BREAK--- 1 The AdviceTrack program is a managed retirement solution that provides participants with a personalized investment strategy. These strategies are based on age, gender, years to retirement, current salary, current savings rate, and account balance, unless the participant provides Wells Fargo with specific additional information such as other retirement plan assets and other outside assets available for retirement use, which may materially alter the personalized strategy. Morningstar Associates regularly monitors and rebalances the investment strategies as the participant approaches retirement. 2 The asset allocation strategies shown are “base” asset allocation strategies used in the AdviceTrack program. Participant asset allocations are based on asset allocation strategies that are variations of the “base” strategies shown. The actual asset allocation used for a participant is based on information about the participant’s personal situation, including age, gender, assumed years to retirement, current salary, current savings rate, account balance and, if provided by the participant, other available assets. Asset allocation is made among the investment funds available in the program, which include third-party mutual funds, proprietary mutual funds, and Wells Fargo common trust funds. 3 Performance information for asset allocation strategies is estimated based on the performance of the underlying AdviceTrack investment funds. Return information for individual AdviceTrack investment funds is available via the web or by calling the Retirement Service Center toll-free customer service line at 1-[PHONE REDACTED]. Other important information about the AdviceTrack investment funds can be found in each fund’s prospectus. To obtain a prospectus for a particular fund, please contact the fund company or go to your plan’s website. Past performance does not guarantee future results. Performance information shown is net of mutual fund expenses and program fees. The fee to participants using the AdviceTrack program is currently 0.50% of the value of each participant’s account plus expenses of 0.13%. This fee reflects a waiver of 0.30% per year of the management fee. Wells Fargo may terminate any fee waivers at any time upon 45 days advance written notice and increase the fee up to a maximum of 0.80%; expenses are capped at 0.25%. Fee debits are reflected in the daily net asset value of the shares of each fund. In addition, Wells Fargo credits participants’ accounts for compensation paid to it or its affiliates for services performed for the funds included in the AdviceTrack program, including shareholder servicing fees, and in the case of Wells Fargo Advantage Funds®, investment advisory fees as disclosed in the prospectus for the fund. These fee credits are also reflected in the daily net asset value of the shares of each fund. Other mutual fund expenses and fees may apply. 4 The fund average is calculated by Morningstar Associates, LLC and represents the average return for all mutual funds with an asset allocation strategy that corresponds to the target date. Wells Fargo has retained Morningstar Associates, LLC as an independent financial expert to create the AdviceTrack investment strategies. Morningstar Associates is a registered investment adviser and a wholly owned subsidiary of Morningstar, Inc., neither of which is an affiliate of Wells Fargo. Morningstar Associates is not acting in the capacity of investment adviser to AdviceTrack participants for purposes of the Investment Advisors Act of 1940, as amended; however, Morningstar Associates is acting as a fiduciary as defined in section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), to the extent that it provides investment advice. More information about Morningstar Associates is provided in its Form ADV, Part 2, which may be obtained by calling the Retirement Service Center at 1-800-SAVE-123 visiting or by sending a written request to Morningstar Associates, LLC, Attention: Compliance, 22 West Washington Street, Chicago, IL 60602. This information is for marketing and promotional purposes only. It does not constitute fiduciary advice or a recommendation with respect to an independent plan fiduciary’s decision to utilize the AdviceTrack program. Recordkeeping, trustee, and/or custody services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A. INVESTMENTS IN STOCKS, BONDS AND MUTUAL FUNDS: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE © 2013 Wells Fargo Bank, N.A. All rights reserved. ECG-717129 STANDARD AdviceTrack® sample asset allocation strategy performance 101 WF440480 00101 A2 ---PAGE BREAK--- The AdviceTrack program is a managed retirement solution that provides participants with a personalized investment strategy. These strategies are based on age, gender, years to retirement, current salary, current savings rate, and account balance, unless the participant provides Wells Fargo with specific additional information such as other retirement plan assets and other outside assets available for retirement use, which may materially alter the personalized strategy. Morningstar Associates regularly monitors and rebalances the investment strategies as the participant approaches retirement. Performance information for asset allocation strategies is estimated based on the performance of the underlying AdviceTrack investment funds. Return information for individual AdviceTrack investment funds is available via the web or by calling the Retirement Service Center toll-free customer service line at 1-[PHONE REDACTED]. Other important information about the AdviceTrack investment funds can be found in each fund’s prospectus. To obtain a prospectus for a particular fund, please contact the fund company or go to your plan’s website. Past performance does not guarantee future results. Wells Fargo has retained Morningstar Associates, LLC as an independent financial expert to create the AdviceTrack investment strategies. Morningstar Associates is a registered investment adviser and a wholly owned subsidiary of Morningstar, Inc., neither of which is an affiliate of Wells Fargo. Morningstar Associates is not acting in the capacity of investment adviser to AdviceTrack participants for purposes of the Investment Advisors Act of 1940, as amended; however, Morningstar Associates is acting as a fiduciary as defined in section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), to the extent that it provides investment advice. More information about Morningstar Associates is provided in its Form ADV, Part 2, which may be obtained by calling the Retirement Service Center at 1-800-SAVE-123 visiting or by sending a written request to Morningstar Associates, LLC, Attention: Compliance, 22 West Washington Street, Chicago, IL 60602. This analysis was prepared utilizing secondary data obtained from sources believed to be reliable, including Morningstar, Inc., Encorr, Inc., Lipper, Inc., Hueler Analytics, Zephyr Associates, Inc., and individual investment managers. Wells Fargo makes no representation or warranty regarding the accuracy of this data. This is not an offer to sell shares of any of the above-referenced funds. That can only be done through the applicable Prospectus. Past performance is no indication of future results; obtain and review fund prospectuses before making investment decisions. © 1996-2013. Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and /or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. This information is for marketing and promotional purposes only. It does not constitute fiduciary advice or a recommendation with respect to an independent plan fiduciary’s decision to utilize the AdviceTrack program. INVESTMENTS IN STOCKS, BONDS AND MUTUAL FUNDS: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE © 2013 Wells Fargo Bank, N.A. All rights reserved. AdviceTrack disclosures 102 WF440480 00102 AD

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