Wells Fargo Advantage Strategic Income Fund – WSIAX

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

				1-year		3-year		5-year		10-year		Since Inception
Strategic Income Fund		NAV		--		--		--		--		-0.61%
		POP		--		--		--		--		-5.07%
Barclays U.S. Universal Bond Index				--		--		--		--		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value, and yields 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 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 02-01-13		0.90%
Gross Expense Ratio		1.11%
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 0.90%. Without this cap, the fund's returns would have been lower.

View the 30-day unsubsidized SEC yields.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Michael J. Bray, CFA Years of investment experience: 25 View biography Mr. Bray entered the investment industry in 1988. He is a portfolio manager on the customized fixed income team at Wells Capital Management. Prior to joining Wells Capital in 2005, he was managing director at State Street Research and Management, focusing on mutual fund and institutional account management. He also gained experience while with Merrill Lynch & Company as vice president of mortgage securities research and sales. Before this, he was an analyst with Manufacturers Hanover Company, specializing in mortgage and derivative securities. Mr. Bray received a bachelor's degree in math and actuarial science from the University of Connecticut, Storrs. He received his master's degree in business administration–finance from The Pennsylvania State University.
		David Germany, Ph.D. Years of investment experience: 26 View biography David Germany, Ph.D., chief fixed-income officer, joined Wells Capital Management (WellsCap) from Evergreen Investments, where he was chief investment officer since 2008. Prior to this, Mr. Germany spent more than 21 years with Morgan Stanley Investment Management and predecessor organizations, most recently serving as global head and chief investment officer for the firm's fixed-income business. Prior to joining Morgan Stanley, Mr. Germany served as the senior staff economist for international finance at the President's Council of Economic Advisers, as an economist at the Board of Governors of the Federal Reserve System, and as an assistant professor of economics at Princeton University. He earned a bachelor's degree in economics from Princeton and a doctoral degree in economics from the Massachusetts Institute of Technology.
		Niklas Nordenfelt, CFA Years of investment experience: 22 View biography Mr. Nordenfelt has been with Wells Capital Management since 2003. He is currently a senior portfolio manager and co-manager of the Sutter High Yield Fixed Income team at Wells Capital Management. He began his investment career in 1991 and has managed portfolios ranging from quantitative-based and tactical asset allocation to credit-driven strategies. Prior to joining Sutter, he was a principal at Barclays Global Investors, where he focused on their international and emerging markets equity strategies after having managed their asset allocation products. Previously, he was a quantitative analyst at Fidelity Investments and a portfolio manager and group leader at Mellon Capital Management. He holds the Chartered Financial Analyst® (CFA®) designation. Mr. Nordenfelt received a B.S. in economics from the University of California at Berkeley.
		Anthony Norris Years of investment experience: 47 View biography Mr. Norris has been with Wells Capital Management or one of its predecessor firms since 1990. He is currently managing director, chief investment officer, and senior portfolio manager with London-based First International Advisors. His responsibilities include developing investment strategies using computer-based qualitative and technical analysis systems, integrating their output with fundamental research and strategy optimization systems, and monitoring the results within specific investment-risk guidelines. Previously, he spent several years in the banking industry, with particular emphasis on foreign exchange, serving in senior executive positions at Reserve Asset Managers, Gillett Brothers Fund Management, and Wallace Brothers Bank. Mr. Norris has been working in the investment management field since 1966. He is a member of the Society of Technical Analysts and an Associate of the International Federation of Technical Analysts.
		Margaret Patel Years of investment experience: 41 View biography Ms. Patel has been with Wells Capital Management or one of its predecessors since 2007. She is currently a managing director and senior portfolio manager with Wells Capital Management's Fundamental Equity group. Ms. Patel has more than 30 years experience managing various fixed income and equity funds. Previously, she served as a senior vice president and portfolio manager with Pioneer Investments, as well as a vice president with Third Avenue Funds and Northstar Investment Management While working at Pioneer Investments, she was nominated twice for Morningstar's "Fixed Income Manager of the Year." She was featured among the nation's top 20 mutual fund managers in Market Masters by Kirk Kazanjian, published by John Wiley Sons (February 2005), in World Beaters published by Citywire Group (UK: December 2004), and in The Mutual Fund Masters: A Revealing Look Into the Minds and Strategies of Wall Street's Best and Brightest by Bill Griffeth, published by Irwin Professional Publishing (December 1994). For her extensive knowledge and expertise in the investment world, Ms. Patel has been quoted regularly in publications such as The Wall Street Journal, Barron's, Money, and Bloomberg BusinessWeek. She is also a frequent guest on CNBC-TV, Bloomberg Business News, and FOX Business television as well as Bloomberg Radio. Ms. Patel has been working in the investment management field since 1972. She is a member of the New York Society of Security Analysts. Ms. Patel received a B.S. in economics from the University of Pittsburgh.
		Thomas M. Price, CFA Years of investment experience: 23 View biography Mr. Price joined Wells Capital Management in 2005 as a Portfolio Manager. Prior to joining Wells Capital Management, he was with Strong Capital Management ("SCM") since April 1996 as a fixed income research analyst and, since May 1998, as a portfolio manager. During this period, Mr. Price managed several fixed-income funds and separate accounts. Mr. Price began his investment career at Houlihan, Lokey, Howard & Zukin as a financial analyst and later joined Northwestern Mutual Life Insurance as a high-yield bond analyst. He received his B.B.A. degree in Finance from the University of Michigan and his M.B.A. degree in Finance from the Kellogg Graduate School of Management, Northwestern University.
		Scott M. Smith, CFA Years of investment experience: 25 View biography Mr. Smith is the managing director, senior portfolio manager, and co-head for the Premier Income Strategies team at Wells Capital Management (WellsCap). As senior portfolio manager for the team, he covers the corporate and mortgage-backed sectors. Previous assignments during his tenure at WellsCap include serving as a short-duration fixed-income specialist. Mr. Smith began his investment industry career in 1987 and joined Wells Fargo one year later. He earned a bachelor's degree in international relations and business from the University of San Diego. Additionally, he spent six months studying international business at Oxford St. Clare's University in Oxford, England. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of CFA Institute and the Security Analysts of San Francisco.

THE FUND  |  The Wells Fargo Advantage Strategic Income Fund seeks total return, consisting of a high level of current income and capital appreciation.

• Invests principally in income-producing securities, including U.S. and international corporate bonds, mortgage and asset-backed securities, U.S. government obligations, and foreign sovereign debt.
• Combines a top-down macro credit outlook with a bottom-up individual security selection process that focuses on measuring relative value on a risk-to-return basis.
• Manages a flexible duration target of typically between zero and six years.
• Uses tactical shifts in currency exposure for gains, hedging, and/or risk management.

• Global market expertise: The team is composed of asset class experts in U.S. high yield, U.S. core bonds, and international fixed income. This extensive coverage of the global fixed-income markets seeks to produce highly informed investment decisions that measure the best relative-value opportunities across a broad universe of international securities.
• Flexible investment strategy: The fund is designed to tactically shift across asset classes, credit tiers, currency exposures, and duration targets in an effort to best maximize the most suitable risk-adjusted returns for its strategy objective. This flexibility allows the fund managers to nimbly move across the global markets as market conditions warrant without being unduly constrained by a restricted set of eligible securities or asset classes.
• Disciplined risk management: The team uses proprietary risk management tools at the portfolio level in an effort to balance alpha generation with appropriate levels of risk-adjusted return, while benefiting from risk oversight consultation at the Wells Fargo firm level. This architecture empowers the portfolio managers to actively manage the fund within its own risk parameters.

RISKS  |   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. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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, and regional risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 05-31-2013 Russia Govt Bond Ofz Bonds, 6.20%, 2018-01-31   3.86% Poland Government Bond Bonds, 4.00%, 2023-10-25   2.35% Republic of South Africa Bonds, 7.75%, 2023-02-28   2.08% Nota Do Tesouro Nacional Notes, 10.00%, 2017-01-01   1.73% Turkey Government Bond, 9.00%, 2017-03-08   1.58% Fed Republic of Brazil Sr Unsecured, 8.50%, 2024-01-05   1.56% Mexican Bonos Desarr Fix Rt Fixed, 8.50%, 2038-11-18   1.39% Txu U.S. Hldgs CO Non Extended Term Loan, 0.00%, 2014-10-10   1.25% Mexican Bonos Desarr Fix RT, 7.25%, 2016-12-15   1.24% GENERAL MOTORS FINL CO SR UNSECURED 144A 05/16 2.75, 2.75%, 2016-05-15   1.21% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   137 Turnover Rate – as of 4-30-13   --

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