Wells Fargo Advantage Asset Allocation Fund – EAAFX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = World Allocation 3-year Morningstar Rating™ (out of 289 funds)   5-year Morningstar Rating™ (out of 202 funds)   10-year Morningstar Rating™ (out of 97 funds)   Overall Morningstar Rating™ (out of 289 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 Global Flexible Portfolio Funds

1-year   123 out of 399 3-year   74 out of 219 5-year   19 out of 139 10-year   23 out of 61

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
Asset Allocation Fund		NAV		7.71%		6.80%		4.66%		8.21%		8.06%
		POP		1.53%		4.70%		3.43%		7.57%		7.68%
Lipper Global Flexible Portfolio Funds Average				6.80%		6.21%		3.20%		8.21%		--
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		1.41%
Gross Expense Ratio		1.41%
The advisor has committed, through 02-01-14, 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 0.87%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		10.35%
2011		1.18%
2010		7.19%
2009		24.10%
2008		-22.31%
2007		7.09%
2006		11.32%
2005		7.85%
2004		12.05%
2003		24.91%

The inception date of Class A shares was 7-29-96 and Class B and Class C shares was 10-3-02. Historical performance shown for Classes B and C prior to their inception is based on the performance of Class A, the original class offered, and has been adjusted to reflect the higher expenses applicable to Classes B and C. Historical performance shown for all classes of the fund prior to 7-19-10 is based on the performance of the fund's predecessor, the Evergreen Asset Allocation Fund. Historical performance for Class A prior to 10-3-02 is based on the performance of Class III of the fund's predecessor fund, GMO Global Balanced Allocation Fund. Expenses of the GMO fund were lower than the expenses the Asset Allocation Fund incurs, in part because the GMO fund did not pay 12b-1 fees. If the GMO Fund had incurred expenses at the same rate as the Asset Allocation Fund does, the performance shown would have been lower.

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 Asset Allocation Fund seeks long-term total return through tactical allocations to equity, bond, and alternative investments.

• Applies two levels of active management, with portfolio allocation decisions across stocks, bonds, and sub-asset classes determined by the GMO Asset Allocation group, led by Jeremy Grantham and 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.
• Recognizes that markets are inefficient and the mean reversion process can take years to play out.
• Holds both stocks and bonds at all times, with typical weights ranging from 45% to 85% of the fund's total assets for stocks and 15% to 55% for bonds.

• Identifying asset class mispricings: GMO has studied the patterns of outliers in all financial asset class return series. Central to the team's process is determining fair value for the major asset classes, from which the team infers a real return that should be realized as each asset class moves back to its estimated fair value.
• Hybrid quantitative management: The team translates asset class return forecasts into portfolio weights using traditional mean-variance optimization as a starting point. The goal is to successfully marry the discipline of quantitative models with qualitative insights by drawing upon decades of money management experience.

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. 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 assets in Asset Allocation Trust, an open-end management investment company having the same investment objective and strategy as the Fund. Any portfolio data shown for the Fund represents that of the Asset Allocation Trust.

*The Fund invests substantially all of its assets directly in Asset Allocation Trust, an investment company advised by Grantham, Mayo, Van Otterloo & Co. LLC (GMO). Mr. Inker and Mr. Wilderman, senior members of GMO's Asset Allocation Division, is responsible for coordinating the portfolio management of Asset Allocation Trust.

TOP HOLDINGS – % of net assets as of 04-30-2013 GMO U.S. Flexible Equities Fund Class VI   22.56% GMO Alpha Only Fund Class IV   13.77% GMO Strategic Fixed Income Fund Class VI   13.47% GMO Intl Core Equity Vi Mutual Fund   11.98% GMO Emerging Markets Fund Class VI   9.33% GMO International Intrin Iv Mutual Fund   9.17% GMO Currency Hedged International Equity Fund, Class Iii   4.74% GMO Special Situations Fund Class VI   3.49% GMO Emerging Country Debt Fund Class IV   2.82% GMO Risk Premium Fund VI   2.60% 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   14 Turnover Rate – as of 4-30-13   25.88%

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