FORM 1099-DIV: Municipal interest income

Tax-free funds Tax-free funds are mutual funds with income dividends that are earned from bonds issued by a municipality and are generally exempt from federal income tax. A portion of the federally exempt interest dividends from some state-specific tax-free Wells Fargo Funds may be exempt from state income tax, especially if you live in the state of issue. To determine the amount of income exempt from state income tax, examine the table to find the fund you held during the 2020 tax year and its percentage value for your state of residence. Refer to your 2020 Form 1099-DIV, box 11, for your tax- exempt dividends. Multiply this amount by your fund’s percentage value. This will give you the amount of income that is exempt from state income tax. Income from territorial obligations (Guam, Puerto Rico, and the U.S. Virgin Islands) is generally exempt from both federal and state personal income taxes. Some states (such as California, Connecticut, Iowa, Massachusetts, Minnesota, Mississippi, and Virginia) impose restrictions on the ability to pass through to you the exempt nature of your fund’s interest income. Other states (including Indiana, Utah, and Wisconsin) provide a limited tax exemption. Additional information for Utah residents is available on our website at wfam.com. Please consult your tax advisor regarding these state restrictions and limited exemptions.

TABLE 1: Percentage of income derived from national tax-free funds High Yield Intermediate Municipal Cash National Tax- Strategic Ultra Short- Municipal Tax/AMT- Municipal Management Municipal Free Money Short-Term Municipal Term Municipal Bond Fund Free Fund Bond Fund Money Market Sustainability Market Fund** Municipal Bond Bond Fund Income Fund State/territory (%) (%) (%) Fund* (%) Fund (%) (%) Fund (%) (%) (%) Alabama 1.09 0.90 2.00 0.00 0.86 0.70 1.99 1.65 3.64 Alaska 0.00 0.18 0.23 0.00 0.00 0.85 1.29 0.85 0.36 Arizona 5.51 2.30 2.17 5.19 6.76 3.27 3.09 2.60 2.10 Arkansas 0.00 0.08 0.03 0.00 0.00 0.00 0.31 0.27 0.35 California 3.82 7.37 4.89 10.27 9.97 10.17 2.84 1.42 6.37 Colorado 11.45 0.77 4.39 0.41 5.88 1.22 1.41 1.35 0.48 Connecticut 0.72 1.77 1.07 1.08 0.00 2.41 2.11 3.05 1.22 Delaware 1.55 0.18 0.47 0.00 0.54 0.05 0.03 0.16 0.00 District of Columbia 0.65 1.52 0.77 0.03 1.23 1.06 0.97 0.46 0.53 Florida 4.77 4.12 6.43 3.46 1.35 7.70 2.51 2.36 2.31 Georgia 1.05 2.03 2.11 0.68 0.00 1.53 4.50 3.96 4.78 Hawaii 0.00 0.03 0.40 0.00 0.00 0.00 0.41 0.18 0.25 Idaho 0.35 0.00 0.18 0.15 1.60 0.13 0.00 0.00 0.20 Illinois 15.59 17.74 15.18 9.83 13.00 9.59 10.84 23.28 9.39 Indiana 0.00 1.14 1.22 5.57 4.33 1.56 1.01 0.32 1.09 Iowa 0.25 0.25 0.13 2.94 0.00 3.63 0.74 1.42 0.25 Kansas 3.40 0.38 1.00 0.40 0.57 0.48 0.24 1.27 1.02 Kentucky 1.21 2.04 1.57 1.86 0.00 0.44 3.32 2.04 1.47 Louisiana 0.01 1.63 0.59 3.76 0.73 1.46 0.88 1.11 1.26 Maine 0.00 0.30 0.07 0.00 0.00 0.00 0.03 0.02 0.12 Maryland 1.53 1.64 1.18 0.26 0.00 1.35 2.22 3.10 3.84 Massachusetts 0.00 1.73 2.40 0.00 1.78 0.35 2.47 3.62 0.72 Michigan 7.24 3.20 5.23 4.14 5.25 1.67 1.68 2.99 0.86 Minnesota 1.71 0.01 0.56 6.20 0.16 1.52 0.84 0.79 0.87 Mississippi 1.66 0.83 0.23 0.94 0.00 0.09 0.40 0.25 0.74 Missouri 1.43 0.40 0.62 2.35 0.10 1.55 1.30 1.41 0.56 Montana 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.14 Nebraska 0.00 0.34 0.34 0.33 0.00 1.64 0.10 0.64 0.32 Nevada 0.38 1.20 1.63 1.17 4.34 0.82 0.35 0.07 1.03 New Hampshire 0.11 0.13 0.11 0.10 0.00 0.04 0.05 0.60 0.27 New Jersey 3.41 3.92 3.85 1.27 1.92 3.76 10.03 5.03 6.16 New Mexico 0.00 0.82 0.11 0.00 0.00 0.00 0.11 0.34 0.04 New York 2.11 9.11 7.51 6.99 9.32 10.48 6.24 5.94 11.18 North Carolina 0.00 0.13 1.19 1.90 1.31 1.18 0.33 0.23 2.24 North Dakota 0.00 0.00 0.30 0.28 0.00 0.02 0.00 0.38 0.45 Ohio 1.29 1.68 2.63 2.78 3.62 4.89 2.39 1.60 1.84 Oklahoma 0.17 2.35 1.09 0.00 0.00 0.00 1.03 0.63 0.22 Oregon 0.56 0.62 0.24 0.99 2.91 0.82 0.04 0.33 1.01 Pennsylvania 6.51 10.38 5.09 0.97 5.19 4.70 6.30 5.06 5.01 Rhode Island 0.00 0.00 0.04 0.00 0.00 0.57 0.35 0.09 0.22 South Carolina 3.56 0.70 0.90 0.74 1.44 1.27 0.33 0.73 1.58 South Dakota 0.00 0.00 0.38 0.00 0.00 0.00 0.00 0.23 0.02

(Continued on other side.) TABLE 1: Percentage of income derived from national tax-free funds (continued) Municipal Ultra Short- High Yield Cash National Tax- Short-Term Term Municipal Intermediate Management Municipal Free Money Municipal Strategic Municipal Bond Fund Tax/AMT-Free Municipal Bond Money Market Sustainability Market Bond Fund Municipal Bond Income Fund State/territory (%) Fund (%) Fund (%) Fund* (%) Fund (%) Fund** (%) (%) Fund (%) (%) Tennessee 1.27 1.00 0.91 1.34 0.07 1.25 2.32 0.73 1.49 Texas 4.71 7.99 9.96 8.24 6.08 7.08 11.71 10.36 14.95 Utah 1.00 0.31 0.97 1.61 0.78 0.79 0.42 0.29 0.02 Vermont 0.00 0.00 0.10 0.00 0.00 0.16 0.02 0.36 0.10 Virginia 2.06 0.48 0.49 0.53 2.65 0.33 3.36 1.28 1.85 Washington 0.48 4.25 3.10 2.43 4.54 0.96 3.70 1.10 1.46 West Virginia 1.92 0.64 0.15 0.95 0.00 0.00 0.42 0.56 0.91 Wisconsin 5.08 1.07 3.56 7.38 0.50 5.36 2.97 3.44 2.42 Wyoming 0.00 0.00 0.08 0.48 0.00 1.10 0.00 0.00 0.04 American Samoa 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Guam 0.13 0.34 0.09 0.00 1.22 0.00 0.00 0.05 0.25 Puerto Rico 0.26 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 Virgin Islands 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Federal tax-free 100.00 100.00 100.00 94.12 100.00 92.77 100.00 97.88 100.00 AMT 7.76 0.00 10.95 37.99 0.00 0.00 13.70 12.39 9.55

TABLE 2: Percentage of income derived from state-specific tax-free funds In-state tax-free Other states’ Wells Fargo Fund percentage (%) percentages (%) Total (%) Federal tax-free (%) AMT (%) California Limited Term Tax-Free Fund 92.62 7.38 100.00 100.00 11.34 California Tax-Free Fund 97.47 2.53 100.00 100.00 5.02 Minnesota Tax-Free Fund 97.17 2.83 100.00 100.00 2.33 Pennsylvania Tax-Free Fund 97.98 2.02 100.00 100.00 3.16 Wisconsin Tax-Free Fund 89.11 10.89 100.00 100.00 1.98

Exempt-interest dividends paid to residents of California, Connecticut, Minnesota, and New York are required to be reported to the respective state tax authorities. *For floating NAV money market funds: You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. **For retail money market funds: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Some funds, including nondiversified funds and funds investing in high-yield bonds and/or more volatile segments of the economy, entail additional risk and may not be appropriate for all investors. Consult a fund’s prospectus for additional information on these and other risks. A portion of the fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Any tax or legal information in this document is merely a summary of our understanding and interpretations of some of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither Wells Fargo Funds Management, LLC; Wells Fargo Funds Distributor, LLC; nor any of their representatives may give legal or tax advice. Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, call 1-800-222-8222 or visit wfam.com. Read it carefully before investing. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA). PAR-0121-00722