MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Conservative Allocation 3-year Morningstar Rating™ (out of 593 funds)   5-year Morningstar Rating™ (out of 502 funds)   10-year Morningstar Rating™ (out of 208 funds)   Overall Morningstar Rating™ (out of 593 funds)   The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 04-30-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper Mixed-Asset Target Allocation Conservative Funds

1-year   214 out of 332 3-year   136 out of 290 5-year   110 out of 265 10-year   67 out of 96

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
Conservative Allocation Fund				6.97%		7.25%		5.22%		5.29%		6.76%
Lipper Mixed-Asset Target Allocation Conservative Funds Average				7.33%		6.92%		4.98%		5.91%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Click here for current month-end performance. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 10-01-12		0.85%
Gross Expense Ratio		1.27%
The advisor has committed, through 09-30-13, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.85%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		8.65%
2011		3.13%
2010		10.38%
2009		16.16%
2008		-14.97%
2007		5.95%
2006		6.58%
2005		3.08%
2004		4.24%
2003		9.31%

The inception date of the Administrator Class shares was 11-11-94. Performance prior to 11-11-94, reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Conservative Allocation Fund

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		Jeffrey P. Mellas, CAIA Years of investment experience: 20 View biography Mr. Mellas joined Wells Capital Management in 2003 as Managing Director of Quantitative Asset Management and Portfolio Manager, with over 16 years of investment management experience. Prior to joining Wells Capital Management, Mr. Mellas was with Alliance Capital Management ("Alliance") since 1995, as Vice President and Global Portfolio Strategist responsible for managing over $300 million in international pension assets. He was also the primary spokesperson for Alliance's domestic and international equity and fixed income strategies. Prior to joining Alliance, he was an associate group manager at Prudential Insurance. Mr. Mellas earned his B.A. degree in Economics from the University of Minnesota and his M.B.A. degree in Finance and International Business from New York University. He also completed the International Management Program at Haute Etudes Commerciales, Paris, France, and Universite de Valery, Montpellier, France. He has earned the right to use the CAIA designation and is a member of the Chartered Alternative Investment Analyst Association.
		Thomas C. Biwer, CFA Years of investment experience: 30 View biography Mr. Biwer joined Wells Fargo Funds Management in 2005 as a portfolio manager and a member of the Asset Allocation Team. He participates in determining the asset allocations of the Funds' investments in various master portfolios or styles. Prior to joining Funds Management, Mr. Biwer served as an investment manager and portfolio strategist for the Strong Advisor service since 1999. Mr. Biwer has more than 25 years of investment industry experience. He earned his B.S. and M.B.A. degrees from the University of Illinois.
		Andrew Owen, CFA Years of investment experience: 25 View biography Mr. Owen has served as a Portfolio Manager for Wells Fargo Funds Management since 2005 and has been a member of the asset allocation team and head of investments for Wells Fargo Funds Management since 1996. He has more than 21 years of finance and investment related experience. Mr. Owen earned his M.B.A. from the University of Michigan.
		Erik Sens, CFA Years of investment experience: 24 View biography Mr. Sens has more than 24 years of investment experience and, as manager of domestic equity investments, is responsible for manager selection and oversight of domestic equity subadvisors. He also oversees investment communications for domestic equity mutual fund products. Prior to joining Wells Fargo in 2007, Mr. Sens was a portfolio manager at McGahan Greene McHugh Capital Management, LLC, where he managed enhanced-index strategies for institutional clients. Prior to that, he served as an associate portfolio manager for Fan Asset Management, LLC, another institutional investment firm, where he was responsible for the active management of various domestic equity strategies. Mr. Sens earned a bachelor's degree in finance and a bachelor's degree in philosophy from the University of San Francisco. Mr. Sens has earned the right to use the Chartered Financial Analyst® (CFA®) designation.
		Doug Beath Years of investment experience: 33 View biography Mr. Beath joined Wells Capital Management in July 2006 as a portfolio manager with the Quantitative Asset Management team. From 2005 to 2006, Mr. Beath was a senior vice president for SMH Research, where he represented several independent investment firms. Prior to that, from 2000 to 2005, Mr. Beath was with H.C. Wainwright Economics, where he was a senior vice president of research and served as a consultant to investment management firms and plan sponsors on macroeconomic issues and asset allocation. His investment management experience includes positions at Connecticut-based Wright Investors' Service and Chemical Bank, where he worked with institutional clients. Mr. Beath earned his B.A. from the University of Michigan and his M.B.A. from Fordham University in New York City.
		Petros Bocray, CFA, FRM Years of investment experience: 13 View biography Petros Bocray is a portfolio manager on the Quantitative Strategies team of Wells Capital Management. He joined the team in 2006 and serves as a co-manager on several portfolios, including researching and maintaining the proprietary quantitative models employed by the team. Before joining Wells Capital Management, Mr. Bocray was a portfolio manager at Wells Fargo Wealth Management Group, where he managed private client accounts focusing on portfolio construction and asset allocation. He earned a bachelor's degree in economics from the College of Charleston, Charleston, SC. Mr. Bocray has earned the right to use the CFA and FRM designations and is a member of the CFA Institute, the CFA Society of Minnesota, and the Global Association of Risk Professionals.

THE FUND  |  The Wells Fargo Advantage Conservative Allocation Fund seeks total return by using a multi-manager approach to principally invest in a portfolio of equity and fixed-income securities, with an emphasis on fixed income.

• Invests in indexed and actively managed portfolios that collectively provide exposure to a broad range of stock and bond subasset classes, including inflation-indexed bonds, small-company stocks, and international stocks.
• Uses a proprietary quantitative model to adjust market exposure between stocks and bonds. The neutral allocation is 20% in stocks and 80% in bonds.

• Proprietary asset allocation: The team employs a quantitative asset allocation model—the Tactical Asset Allocation (TAA) Model—that reveals attractive opportunities between stocks and bonds based on relative valuations and price momentum.
• Multi-manager expertise: The fund seeks the best available managers and will invest in portfolios managed by both affiliated and unaffiliated subadvisors. Factors considered when selecting a portfolio include how well it complements other portfolios in the fund, the management team's experience, and the strength and consistency of its track record.

RISKS  |   Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to mortgage- and asset-backed securities risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 FHLMC, 7.50%, 2043-09-25   1.30% FNMA, 5.25%, 2020-05-25   0.97% FNMA, 6.25%, 2042-05-25   0.96% FNMA, 3.50%, 2032-09-01   0.92% Structured Asset Securities Corporation Series 2007-rm1 Class A1, 0.48%, 2047-05-25   0.83% U.S. Treasury Bond, 4.25%, 2040-11-15   0.83% Hfchc 2005-2 A1, 0.46%, 2035-01-20   0.74% FHLMC, 7.00%, 2043-03-25   0.71% FNMA, 6.00%, 2044-02-25   0.63% U.S. Treasury N/b 02/43, 3.12%, 2043-02-15   0.62% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   2880 Turnover Rate – as of 3-31-13   93.19%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS All Accounts   $1,000,000 Subsequent Investments   No Minimum

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum