MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Target Date 2016-2020 3-year Morningstar Rating™ (out of 181 funds)   5-year Morningstar Rating™ (out of 141 funds)   10-year Morningstar Rating™ (out of 21 funds)   Overall Morningstar Rating™ (out of 181 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 2020 Funds

1-year   161 out of 177 3-year   134 out of 162 5-year   66 out of 125 10-year   9 out of 18

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
Target 2020 Fund				6.25%		7.03%		4.10%		6.96%		6.72%
Dow Jones Target 2020 Index				7.03%		7.86%		4.84%		9.04%		--
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. "Dow Jones®" and "Dow Jones Target Date IndexesSM" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), have been licensed to CME Group Index Services LLC ("CME Indexes") and have been sublicensed for use for certain purposes by Global Index Advisors, Inc, and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date FundsSM based on the Dow Jones Target Date IndexesSM, are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product(s).

EXPENSES
Net Expense Ratio – effective since 07-01-12		0.85%
Gross Expense Ratio		0.89%
The advisor has committed, through 06-30-13, 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		8.51%
2011		1.34%
2010		11.45%
2009		19.20%
2008		-22.06%
2007		7.32%
2006		10.94%
2005		4.67%
2004		8.61%
2003		20.01%

The inception date of the Administrator Class shares was 11-8-99. Performance shown prior to the inception of the Administrator Class reflects the performance of the Class A shares and includes expenses that are not applicable to and are higher than those of the Administrator Class shares, but does not include Class A sales charges. If it did include Class A sales charges, returns would be lower.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Global Index Advisors, Inc. ("GIA")

PORTFOLIO MANAGERS

		Rodney H. Alldredge Years of investment experience: 24 View biography Mr. Alldredge co-founded GIA in 1994 and currently serves as Co-Portfolio Manager and Senior Analyst of GIA, which provides advisory services with respect to the SSgA/Dow Jones Target Date Funds, a series of collective investment funds. GIA has provided these advisory services since 1995. Mr. Alldredge has served as a consulting analyst and asset allocation strategist for both defined benefit and defined contribution retirement plans since 1989. Mr. Alldredge earned his B.S. degree in Computer Information Systems from Birmingham Southern College.
		James P. Lauder Years of investment experience: 11 View biography Mr. Lauder joined GIA in 2002 and currently serves as Co-Portfolio Manager and Chief Executive Officer of GIA which provides advisory services with respect to the SSgA/Dow Jones Target Date Funds, a series of collective investment funds. Prior to joining GIA, Mr. Lauder served as President and Founder of the Lauder Consulting Group, a bank strategy firm, from 2001 to 2002 and was a Manager of Corporate Strategy at SunTrust Banks from 2000 to 2001. Mr. Lauder earned his B.S. degree in Finance from the University of South Alabama and his M.B.A. degree from the Goizueta Business School at Emory University.
		Paul T. Torregrosa, Ph.D. Years of investment experience: 18 View biography Mr. Torregrosa joined GIA in 2007 and currently serves as co-portfolio manager and director of research. Prior to joining GIA, Mr. Torregrosa held senior research and consulting positions, including director of research at United Investment Managers Inc., mutual fund strategist at LPL Financial Services, director of investment consulting at INVESCO Retirement, Inc., and director of quantitative research at Morningstar Inc. In addition, he was assistant professor of finance at Marquette University College of Business. Mr. Torregrosa has been working in the investment management field since 1995. Mr. Torregrosa earned a B.S. in economics from Virginia Tech, an M.A. in economics from Washington University and a Ph.D. in finance from Virginia Tech.

THE FUND  |  The Wells Fargo Advantage Dow Jones Target 2020 Fund^SM invests in a portfolio of equity, fixed income, and short term securities, and is reallocated over time to becomemore conservative as the fund approaches its target year.

• Seeks to approximate, before fees and expenses, the total return of the Dow Jones Target 2020 Index.
• Seeks to gradually reduce market risk from inception to 10 years beyond the target date by trimming equity exposure and increasing fixed-income exposure. At the target date, it is expected to have approximately 28% of the risk of the global equity market. The target date represents the year in which investors may likely begin withdrawing assets. The principal value is not guaranteed at any time, including at the target date.
• Implements its asset allocation strategy by investing in three major asset class portfolios (equity, fixed-income, and short-term investment); updates its risk target and asset allocations monthly.

• Equal weighting: The fund is designed to provide broad diversification by investing in a passively managed global portfolio. The team believes that equally weighting the fixed-income and equity subasset classes (such as U.S. corporate bonds or small-cap value stocks) allows investors to participate in a variety of markets.
• Risk management: The fund adjusts its exposure to stocks, bonds, and cash to target specific levels of risk. The goal is to provide what the team believes is an appropriate level of risk at each stage of an investor's life. Consequently, the fund also seeks to maintain a relatively conservative risk profile.

RISKS  |   The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

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 foreign investment risk, mortgage- and asset-backed securities risk, smaller company investment risk and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the Fund seeks to approximate, before fees and expenses, will not meet an investor's goals). Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 U.S. Treasury N/b, 0.25%, 2014-09-30   0.56% Apple Incorporated   0.50% Federal National Mortgage Association, 3.50%, 2043-05-01   0.45% WI Treasury Sec, 0.37%, 2015-03-15   0.28% U.S. Treasury N/b, 0.37%, 2015-04-15   0.28% Google Incorporated   0.27% IBM Corporation   0.26% Exxon Mobil Corporation   0.23% Federal Home Loan Mortgage Company, 3.50%, 2043-05-01   0.23% U.S. Treasury N/b, 0.62%, 2017-09-30   0.22% 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   9688 Turnover Rate – as of 3-31-13   34.35%

ACCOUNT FEATURES Check Writing   No Dividends   Quarterly

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