Short Duration Government Bond Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Short Duration Government Bond Fund – MSDAX

Share Price 05-21-13	$10.23
Daily Change	0.01
YTD Return	0.03%
30-Day SEC Yield as of 05-20-13	0.50%
View the 30-day unsubsidized SEC yields
Inception Date	12-18-1992
Net Fund Assets 04-30-2013	$1,524,860,949.95

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	1.27	2.04	3.17	3.12	4.64
POP	-0.75	1.36	2.76	2.91	4.54

Barclays 1-3 Year Government Bond Index

	1-year	3-year	5-year	10-year	Inception
	0.66	1.29	1.91	2.78	--

Important disclosure

For Class A shares, the maximum front-end sales charge is 3.00%. 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 U.S. 1-3 Year Government Bond Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since 01-01-13	0.79%
Gross Expense Ratio	0.82%

Important disclosure

The advisor has committed, through 12-31-14, 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 0.78%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Short Government

3-Year out of 141 funds
5-Year out of 123 funds
10-Year out of 110 funds
Overall out of 141 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 Note, 1.75%, 2014-03-31	9.24%
U.S. Treasury N/b, 0.25%, 2015-03-31	6.35%
WI Treasury N/b, 0.37%, 2016-03-15	5.61%
FNMA, 5.50%, 2041-12-01	5.48%
FNMA, 5.00%, 2040-02-01	4.05%
U.S. Treasury N/b Fixed, 0.50%, 2013-11-15	4.02%
U.S. Treasury N/b, 0.25%, 2014-02-28	3.95%
FNMA, 5.50%, 2040-08-01	3.37%
FNMA, 6.00%, 2037-08-01	2.16%
FNR 2010 60 HJ Fixed, 5.50%, 2040-05-25	1.87%

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

FUND STORY

PORTFOLIO MANAGERS

		Thomas O'Connor, CFA Years of investment experience: 25

		Troy Ludgood Years of investment experience: 13

The Fund

The Wells Fargo Advantage Short Duration Government Bond Fund seeks total return by primarily investing in debt issued by U.S. government agencies and government-sponsored enterprises (GSEs) while maintaining an average duration less than that of the 3-year Treasury.

Competitive Advantages

Empowered tactical trading: The team combines a proprietary risk management system with extensive bottom-up security selection to add incremental levels of alpha with each trade. This process empowers the team to tactically trade for value among a universe of highly liquid, high-quality securities.
Bottom-up credit selection process: The team's credit selection process of tactically trading in the most liquid markets, coupled with a rigorous risk management system, enables it to add modest levels of alpha in all market cycles.
Risk management: Risk controls are the foundation of every step of the team's process. Risk management is integrated into valuations, analytics, and trading, with the resulting portfolio composed of securities that are vetted through bottom-up credit research but modeled in a manner that seeks to minimize excessive risk relative to the benchmark.

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 fund values fall and investors may lose principal value. 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