Dow Jones Target 2040 Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Dow Jones Target 2040 Fund – STFRX

Share Price 05-17-13	$18.11
Daily Change	0.13
YTD Return	12.00%
Inception Date	03-01-1994
Net Fund Assets 04-30-2013	$1,686,370,713.89

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	10.46	9.05	4.58	8.18	7.40
POP	4.11	6.92	3.34	7.54	7.07

Dow Jones Target 2040 Index

	1-year	3-year	5-year	10-year	Inception
	11.48	10.03	5.42	10.81	--

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.

"Dow Jones^®" and "Dow Jones Target Date Indexes^SM" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), have been licensed to CME Group Index Services LLC ("CME Indexes") and have been sublicensed for use for certain purposes by Global Index Advisors, Inc, and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds^SM based on the Dow Jones Target Date Indexes^SM, are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product(s).
The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multi-asset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. The Index returns reflect hypothetical back-tested performance. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since 07-01-12	1.03%
Gross Expense Ratio	1.08%

Important disclosure

The advisor has committed, through 06-30-13, 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 1.03%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Target Date 2036-2040

3-Year out of 177 funds
5-Year out of 134 funds
10-Year out of 16 funds
Overall out of 177 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

Apple Incorporated	1.00%
Google Incorporated	0.53%
IBM Corporation	0.51%
Exxon Mobil Corporation	0.47%
Samsung Electronics Company Limited	0.35%
Toyota Motor Corporation	0.31%
Oracle Corporation	0.29%
Microsoft Corporation	0.29%
Johnson & Johnson	0.28%
Chevron Corporation	0.28%

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

FUND STORY

PORTFOLIO MANAGERS

		Rodney H. Alldredge Years of investment experience: 24

		James P. Lauder Years of investment experience: 11

		Paul T. Torregrosa, Ph.D. Years of investment experience: 18

The Fund

The Wells Fargo Advantage Dow Jones Target 2040 Fund^SM invests in a portfolio of equity, fixed income, and short term securities, and is reallocated over time to becomemore conservative as the fund approaches its target year.

Competitive Advantages

Equal weighting: The fund is designed to provide broad diversification by investing in a passively managed global portfolio. The team believes that equally weighting the fixed-income and equity subasset classes (such as U.S. corporate bonds or small-cap value stocks) allows investors to participate in a variety of markets.
Risk management: The fund adjusts its exposure to stocks, bonds, and cash to target specific levels of risk. The objective is to provide what the team believes is an appropriate level of risk at each stage of an investor's life.

Risks

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, smaller company investment risk and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the Fund seeks to approximate, before fees and expenses, will not meet an investor's goals). 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