Index Asset Allocation Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Index Asset Allocation Fund – SFAAX

Share Price 05-24-13	$24.60
Daily Change	0.00
YTD Return	13.02%
Inception Date	11-13-1986
Net Fund Assets 04-30-2013	$712,692,045.75

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	12.15	12.25	5.43	7.59	8.41
POP	5.70	10.06	4.19	6.95	8.16

Lipper Mixed-Asset Target Allocation Moderate Funds

	1-year	3-year	5-year	10-year	Inception
	9.11	8.05	4.77	6.99	--

Important disclosure

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.
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.
Source: Lipper, Inc. The Lipper Mixed-Asset Target Allocation Moderate Funds Average is an average of funds that, by portfolio practice, maintain a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. The total return of the Lipper Average does not include the effect of sales charges. You cannot invest directly in a Lipper Average.

The inception date of Class A shares was 11-13-86. Class B shares incepted on 1-1-95. Class C shares incepted on 4-1-98. Performance shown prior to the inception of Class B shares reflects the performance of the Class A shares, adjusted to reflect Class B sales charges and expenses. Performance shown prior to the inception of Class C shares reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses. Performance prior to 1-2-92 reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Index Asset Allocation Fund.

EXPENSES %

Net Expense Ratio effective since 02-01-13	1.16%
Gross Expense Ratio	1.19%

Important disclosure

The advisor has committed, through 01-31-14, 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 1.15%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Aggressive Allocation

3-Year out of 341 funds
5-Year out of 314 funds
10-Year out of 132 funds
Overall out of 341 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

U.S. Treasury Bond, 4.37%, 2040-05-15	2.71%
U.S. Treasury, 3.75%, 2041-08-15	2.66%
U.S. Treasury Bond, 4.25%, 2040-11-15	2.63%
U.S. Treasury Bond, 4.62%, 2040-02-15	2.57%
U.S. Treasury N/b Fixed, 4.37%, 2041-05-15	2.43%
U.S. Treasury Bond, 4.37%, 2039-11-15	2.34%
U.S. Treasury N/b Fixed, 4.75%, 2041-02-15	2.25%
U.S. Treasury N/b Fixed, 3.87%, 2040-08-15	2.19%
U.S. Treasury Bond, 4.25%, 2039-05-15	1.89%
U.S. Treasury N/b, 3.12%, 2041-11-15	1.77%

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

FUND STORY

PORTFOLIO MANAGERS

		Jeffrey P. Mellas, CAIA Years of investment experience: 20

		Petros Bocray, CFA, FRM Years of investment experience: 13

The Fund

The Wells Fargo Advantage Index Asset Allocation Fund seeks total return by using an indexed approach to principally invest in a portfolio of equity and fixed-income securities.

Competitive Advantages

Proprietary asset allocation: The team employs a quantitative asset allocation model—the Tactical Asset Allocation (TAA) Model—that reveals attractive opportunities between stocks and bonds based on relative valuations and price momentum.

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 use of derivatives may reduce returns and/or increase volatility. Consult the fund's prospectus for additional information on these and other risks.

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. 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