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

				1-year		3-year		5-year		10-year		Since Inception
Absolute Return Fund		NAV		6.72%		5.71%		5.43%		--		9.84%
		POP		0.60%		3.64%		4.19%		--		9.17%
MSCI World Index (Net)				11.85%		8.46%		2.23%		--		--
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		1.69%
Gross Expense Ratio		1.69%
The advisor has committed, through 02-28-14, 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 0.80%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		8.56%
2011		2.75%
2010		3.78%
2009		19.37%
2008		-12.18%
2007		10.09%
2006		11.72%
2005		15.19%
2004		16.89%

The inception date of Class A shares was 3-1-12. Historical performance shown for Class A prior to their inception is based on the performance of the Class III shares of the Benchmark-Free Allocation Fund (GBMFX), the GMO fund in which the fund invests substantially all of its investable assets. Returns for the Class III shares have been adjusted downward to reflect the higher expenses applicable to Class A at their inception. The Benchmark-Free Allocation Fund incepted on 7-23-03.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  GMO LLC*

PORTFOLIO MANAGERS

		Ben Inker, CFA* Years of investment experience: 21 View biography Mr. Inker is co-head of GMO's Asset Allocation team, which determines the allocations in the Wells Fargo Advantage Asset Allocation Fund and the Wells Fargo Advantage Absolute Return Fund. In his years at GMO, Mr. Inker has served as an analyst for quantitative equities and asset allocation, as a portfolio manager of several equity and asset allocation portfolios, as co-head of international quantitative equities, and as chief investment officer of quantitative developed equities. He earned a bachelor's degree in economics from Yale University and has earned the right to use the Chartered Financial Analyst® (CFA®) designation.
		Sam Wilderman, CFA* Years of investment experience: 17 View biography Mr. Wilderman is co-head of GMO's Asset Allocation team, which determines the allocations in the Wells Fargo Advantage Asset Allocation Fund and the Wells Fargo Advantage Absolute Return Fund. Prior to his current role, Mr. Wilderman was co-head of the GMO Quantitative Equity team and lead manager for U.S. quantitative portfolios. Prior to 2005, he was responsible for research and portfolio management for the GMO Emerging Markets Strategies. He joined GMO in 1996 following the completion of his B.A. in Economics from Yale University. Mr. Wilderman has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

THE FUND  |  The Wells Fargo Advantage Absolute Return Fund is a nontraditional fund that seeks positive total returns—with an emphasis on capital preservation—through tactical allocations to equity, bond, and alternative investments.

• Applies two levels of active management, with portfolio allocation decisions across stocks, bonds, and alternative strategies determined by the GMO Asset Allocation team, led by Ben Inker, and implemented by GMO's seasoned and institutionally oriented portfolio management teams.
• Seeks to identify and exploit mispricings among all investable asset classes based on a belief that asset classes can become grossly overvalued or undervalued and revert to fair value.
• Takes a cautious approach to portfolio reallocations, waiting for asset class valuations to move to extremes before making large portfolio bets.
• Removes traditional portfolio constraints to concentrate holdings in the most attractively valued asset classes.

• Identification of asset class mispricings: Central to GMO's investment process is determining fair values for the major asset classes, from which the team infers a real return that should be realized as each asset class reverts to its estimated fair value.
• "Hybrid quantery": GMO has successfully blended the discipline of quantitative models with qualitative insights. GMO founder Jeremy Grantham refers to this blended process as "hybrid quantery" and describes it as "steady quantitative discipline combined with rare but important overrides."
• An original absolute return fund: GMO introduced the strategy in 2003 to take full advantage of the team's best investment ideas, establishing a long term performance track record in the absolute return category.

RISKS  |   Absolute return funds are not intended to outperform stocks and bonds in strong markets and there is no guarantee of positive returns or that the Fund's objectives will be achieved. 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. Alternative investments such as, commodities, real estate, and short strategies are speculative and entail a high degree of risk. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. 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 high-yield securities risk, mortgage- and asset-backed securities risk, and smaller company securities risk. Consult the fund's prospectus for additional information on these and other risks.

*The Fund invests substantially all of its investable assets directly in Benchmark-Free Allocation Fund, for which GMO serves as investment adviser. Mr. Inker and Mr. Wilderman, employees of GMO, have been responsible for coordinating the portfolio management of Benchmark-Free Allocation Fund since 2003 and 2012, respectively.

TOP HOLDINGS – % of net assets as of 04-30-2013 GMO Implementation Fund   52.83% GMO Alpha Only Fund Class IV   24.07% GMO Alternative Asset Opportunity Fund   12.54% GMO Debt Opportunities Fund Class VI   5.48% GMO Flexible Equities Fund Class VI   2.58% GMO Emerging Country Debt Fund Class IV   2.49% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO COMPOSITION – as of 04-30-2013 Percent total may not add to 100% due to rounding. Portfolio composition is subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   7 Turnover Rate – as of 3-31-13   0.10%

ACCOUNT FEATURES Check Writing   No Dividends   Annually

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