Absolute Return Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Absolute Return Fund – WARAX

Share Price 05-23-13	$11.04
Daily Change	-0.08
YTD Return	7.08%
Inception Date	07-23-2003
Net Fund Assets 04-30-2013	$3,791,394,607.67

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	6.72	5.71	5.43	--	9.84
POP	0.60	3.64	4.19	--	9.17

MSCI World Index (Net)

	1-year	3-year	5-year	10-year	Inception
	11.85	8.46	2.23	--	--

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.
The Morgan Stanley Capital International World Index MSCI World Index (the "MSCI World Index") is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. You cannot invest directly in an index.
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

EXPENSES %

Net Expense Ratio effective since 02-01-13	1.69%
Gross Expense Ratio	1.69%

Important disclosure

The advisor has committed, through 02-28-14, 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 0.80%. Without this cap, the fund's returns would have been lower.

HOLDINGS

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

GMO Implementation Fund	52.83%
GMO Alpha Only Fund Class IV	24.07%
GMO Alternative Asset Opportunity Fund	12.54%
GMO Debt Opportunities Fund Class VI	5.48%
GMO Flexible Equities Fund Class VI	2.58%
GMO Emerging Country Debt Fund Class IV	2.49%

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

FUND STORY

PORTFOLIO MANAGERS

		Ben Inker, CFA* Years of investment experience: 21

		Sam Wilderman, CFA* Years of investment experience: 17

The Fund

The Wells Fargo Advantage Absolute Return Fund is a nontraditional fund that seeks positive total returns—with an emphasis on capital preservation—through tactical allocations to equity, bond, and alternative investments.

Competitive Advantages

Identification of asset class mispricings: Central to GMO's investment process is determining fair values for the major asset classes, from which the team infers a real return that should be realized as each asset class reverts to its estimated fair value.
"Hybrid quantery": GMO has successfully blended the discipline of quantitative models with qualitative insights. GMO founder Jeremy Grantham refers to this blended process as "hybrid quantery" and describes it as "steady quantitative discipline combined with rare but important overrides."
An original absolute return fund: GMO introduced the strategy in 2003 to take full advantage of the team's best investment ideas, establishing a long term performance track record in the absolute return category.

Risks

Absolute return funds are not intended to outperform stocks and bonds in strong markets and there is no guarantee of positive returns or that the Fund's objectives will be achieved. 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.

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.

Back

Not FDIC Insured • No Bank Guarantee • May Lose Value