Adjustable Rate Government Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Adjustable Rate Government Fund – ESAAX

Share Price 05-17-13	$9.18
Daily Change	-0.01
YTD Return	0.18%
30-Day SEC Yield as of 05-16-13	0.77%
View the 30-day unsubsidized SEC yields
Inception Date	10-01-1991
Net Fund Assets 04-30-2013	$1,522,418,161.00

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	1.23	1.97	2.06	2.55	4.08
POP	-0.83	1.30	1.65	2.34	3.98

Barclays 6-Month Treasury Bill Index

	1-year	3-year	5-year	10-year	Inception
	0.22	0.27	0.74	2.07	--

Important disclosure

For Class A shares, the maximum front-end sales charge is 2.00%. Performance including sales charge assumes the sales charge for the corresponding time period.
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. Returns for periods of less than one year are not annualized.
The Barclays 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-month U.S. Treasury Bills. The index follows Barclays' monthly rebalancing conventions. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since 01-01-13	0.75%
Gross Expense Ratio	0.82%

Important disclosure

The advisor has committed, through 12-31-13, 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 0.74%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Ultrashort Bond

3-Year out of 87 funds
5-Year out of 81 funds
10-Year out of 63 funds
Overall out of 87 funds

Important disclosure

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

HOLDINGS

TOP HOLDINGS % of net assets as of 04-30-2013

FNMA, 2.95%, 2033-10-01	1.51%
FNMA, 2.81%, 2035-11-01	1.36%
FNMA, 3.36%, 2043-06-25	1.32%
Fed Hm Ln Pc Pool 1q1216, 2.38%, 2034-07-01	1.23%
FHLMC, 3.03%, 2036-03-25	1.21%
Fed Hm Ln Pc Pool 847271, 2.48%, 2030-09-01	1.17%
FNMA, 2.33%, 2040-12-01	1.04%
Small Business Administration, 4.01%, 2037-09-25	1.00%
FNMA, 3.11%, 2042-04-25	0.99%
FNMA, 2.49%, 2036-02-01	0.99%

Portfolio holdings are subject to change and may have changed since the date specified.

FUND STORY

PORTFOLIO MANAGERS

		Michael Bray, CFA Years of investment experience: 25

		Christopher Y. Kauffman, CFA Years of investment experience: 16

The Fund

The Wells Fargo Advantage Adjustable Rate Government Fund seeks current income by investing primarily in mortgage- and asset-backed securities issued or guaranteed by the U.S. government or government-sponsored enterprises (GSE).

Competitive Advantages

Rigorous mortgage-backed securities research: Security analysis is conducted by a team of mortgage sector specialists with extensive experience in the research, trading, and portfolio management of both residential and commercial mortgage products.
Disciplined risk management: The team uses proprietary risk management tools designed to balance alpha generation with appropriate levels of risk-adjusted return and comprehensive risk management.
Open work environment: The team benefits from an open work environment in which investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and various taxable fixed-income teams who provide valuable perspectives and information in measuring several different sectors of the fixed-income markets.

Risks

Bond fund 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 fund values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. 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. Consult the fund's prospectus for additional information on these and other risks. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

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. Current month-end performance is available at the funds' website, wellsfargo.com/advantagefunds.

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Not FDIC Insured • No Bank Guarantee • May Lose Value