Wells Fargo Advantage Index Asset Allocation Fund – SFAAX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Aggressive Allocation 3-year Morningstar Rating™ (out of 341 funds)   5-year Morningstar Rating™ (out of 314 funds)   10-year Morningstar Rating™ (out of 132 funds)   Overall Morningstar Rating™ (out of 341 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 Moderate Funds

1-year   46 out of 466 3-year   3 out of 421 5-year   118 out of 380 10-year   70 out of 213

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
Index Asset Allocation Fund		NAV		12.15%		12.25%		5.43%		7.59%		8.41%
		POP		5.70%		10.06%		4.19%		6.95%		8.16%
Lipper Mixed-Asset Target Allocation Moderate Funds Average				9.11%		8.05%		4.77%		6.99%		--
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. Performance shown without sales charges would be lower if sales charges were reflected. 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. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 5.75%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 02-01-13		1.16%
Gross Expense Ratio		1.19%
The advisor has committed, through 01-31-14, 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 1.15%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		12.75%
2011		6.42%
2010		13.19%
2009		15.21%
2008		-29.12%
2007		7.31%
2006		12.03%
2005		4.80%
2004		9.25%
2003		22.15%

The inception date of Class A shares was 11-13-86. Class B shares incepted on 1-1-95. Class C shares incepted on 4-1-98. Performance shown prior to the inception of Class B shares reflects the performance of the Class A shares, adjusted to reflect Class B sales charges and expenses. Performance shown prior to the inception of Class C shares reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance prior to 1-2-92 reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Index Asset 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.
		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 Index Asset Allocation Fund seeks total return by using an indexed approach to principally invest in a portfolio of equity and fixed-income securities.

• Invests in an indexed stock portfolio meant to replicate the S&P 500 Index and in an indexed bond portfolio intended to replicate the Barclays Capital U.S. 20+ Year Treasury Index.
• Uses a proprietary quantitative model to adjust market exposure between stocks and bonds. The neutral allocation is 60% stocks and 40% 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.

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. 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 Bond, 4.37%, 2040-05-15   2.71% U.S. Treasury, 3.75%, 2041-08-15   2.66% U.S. Treasury Bond, 4.25%, 2040-11-15   2.63% U.S. Treasury Bond, 4.62%, 2040-02-15   2.57% U.S. Treasury N/b Fixed, 4.37%, 2041-05-15   2.43% U.S. Treasury Bond, 4.37%, 2039-11-15   2.34% U.S. Treasury N/b Fixed, 4.75%, 2041-02-15   2.25% U.S. Treasury N/b Fixed, 3.87%, 2040-08-15   2.19% U.S. Treasury Bond, 4.25%, 2039-05-15   1.89% U.S. Treasury N/b, 3.12%, 2041-11-15   1.77% 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   529 Turnover Rate – as of 3-31-13   6.52%

ACCOUNT FEATURES Check Writing   No Dividends   Quarterly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

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