Diversified Income Builder Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Diversified Income Builder Fund – EKSAX

Share Price 05-23-13	$6.44
Daily Change	-0.03
YTD Return	7.25%
Inception Date	04-14-1987
Net Fund Assets 04-30-2013	$399,765,215.26

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	13.31	10.76	7.12	5.54	6.47
POP	6.71	8.59	5.88	4.93	6.22

Diversified Income Builder Blended Index

	1-year	3-year	5-year	10-year	Inception
	13.46	11.52	10.07	9.71	--

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: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is weighted 75% in the BofA Merrill Lynch High Yield Master Index and 25% in the Russell 1000 Index. You cannot invest directly in an index.

The inception date of Class A shares was 4-14-87 and Class B and Class C shares was February 1, 1993. Historical performance shown for Classes B and C prior to their inception is based on the performance of Class A, the original class offered, and has been adjusted to reflect the higher expenses applicable to Classes B and C. Historical performance shown for all classes of the fund prior to 7-12-10 is based on the performance of the fund's predecessor, the Evergreen Diversified Income Builder Fund.

EXPENSES %

Net Expense Ratio effective since 02-01-13	1.08%
Gross Expense Ratio	1.14%

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 1.08%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Conservative Allocation

3-Year out of 593 funds
5-Year out of 502 funds
10-Year out of 208 funds
Overall out of 593 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

NRG Energy Incorporated, 7.87%, 2021-05-15	4.95%
Iron Mountain Incorporated, 5.75%, 2024-08-15	4.34%
Krafton Polymers LLC, 6.75%, 2019-03-01	3.93%
Tronox Finance LLC Company Guar 144a, 6.37%, 2020-08-15	3.79%
Hornbeck Offshore Services Company, 5.87%, 2020-04-01	3.15%
Hertz Corporation, 6.25%, 2022-10-15	2.93%
Dycom Investments Incorporated, 7.12%, 2021-01-15	2.93%
Health Care Reit Incorporated	2.72%
Heckmann Corporation, 9.87%, 2018-04-15	2.70%
General Cable Corporation, 5.75%, 2022-10-01	2.62%

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

FUND STORY

PORTFOLIO MANAGER

Margaret D. Patel
Years of investment
experience: 41

The Fund

The Wells Fargo Advantage Diversified Income Builder Fund seeks long-term total return by principally investing in an actively managed portfolio of fixed-income and equity securities, with an emphasis on fixed income.

Competitive Advantages

Asset class flexibility: Within its guidelines of keeping approximately 70%-90% of the fund in fixed income and 10%-30% in equities, the team has flexibility in the types of investments it can own. Within the fixed-income universe, the team focuses on high-yield bonds and could buy a company's regular debt or its convertible debt, depending on which offers better value. Within the equity universe, the team can invest across market capitalizations and purchase common or preferred stock. The team believes this flexibility offers the opportunity to add value.

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. 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 and high-yield 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.

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Not FDIC Insured • No Bank Guarantee • May Lose Value