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)   N/A 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   325 out of 332 3-year   269 out of 290 5-year   224 out of 265 10-year   N/A

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
WealthBuilder Conservative Allocation Portfolio		NAV		3.78%		4.92%		3.67%		--		4.05%
		POP		2.22%		4.40%		3.36%		--		3.87%
Lipper Mixed-Asset Target Allocation Conservative Funds Average				7.33%		6.92%		4.98%		--		--
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 WealthBuilder shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 10-01-12		2.03%
Gross Expense Ratio		2.07%
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 1.50%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		6.55%
2011		0.62%
2010		8.22%
2009		16.67%
2008		-13.79%
2007		6.03%
2006		5.96%
2005		2.10%

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.
		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 WealthBuilder Conservative Allocation Portfolio^SM seeks income and capital appreciation by investing in select actively managed funds.

• Invests in actively managed funds that collectively provide exposure to stocks, bonds, and alternative investments such as real estate and commodities.
• Allocates up to 25% of assets to stock funds, up to 85% of assets to bond funds, and up to 10% of assets to alternative investment funds. Neutral mix is 19% stock funds, 76% bond funds, and 5% alternatives.
• Uses two proprietary quantitative models to capture tactical opportunities among asset classes and equity subasset classes.

• Proprietary asset allocation: The team uses quantitative asset allocation models that reveal attractive opportunities among subasset classes based on relative valuations and price momentum. The Tactical Asset Allocation Model allocates between stocks and bonds; the Tactical Equity Allocation Model allocates across stock styles, market caps, and geographical regions.
• Multimanager expertise: The fund invests in both affiliated and unaffiliated mutual funds, seeking the best managers available. Factors used when selecting a fund include how well it complements the other funds in the portfolio, 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 Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Wells Fargo Advantage Short Duration Government Bond Fund   28.22% Wells Fargo Advantage Total Return Bond Portfolio   18.84% Wells Fargo Advantage Government Securities Fund   18.81% Oppenheimer International Bond Fund   4.74% Pimco High Yield Fund   4.74% MFS Value Fund   3.34% Pimco Commodity Real Return Strategy Fund   2.71% ING Global Real Estate Fund   1.83% Thornburg International Value Fund   1.73% Eaton Vance Large Cap Value Fund   1.67% 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   23 Turnover Rate – as of 3-31-13   122.95%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

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