MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Large Blend 3-year Morningstar Rating™ (out of 1451 funds)   5-year Morningstar Rating™ (out of 1305 funds)   10-year Morningstar Rating™ (out of 807 funds)   Overall Morningstar Rating™ (out of 1451 funds)   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. Click here for more information.

Morningstar® Style Box™ – as of 04-30-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper Multi-Cap Core Funds

1-year   580 out of 774 3-year   358 out of 669 5-year   399 out of 583 10-year   253 out of 344

Past performance is no guarantee of future results.

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

				1-year		3-year		5-year		10-year		Since Inception
Diversified Equity Fund		NAV		10.85%		10.47%		4.24%		7.68%		8.97%
		POP		4.47%		8.32%		3.01%		7.05%		8.70%
S&P 500 Index				13.96%		12.67%		5.81%		8.53%		--
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. Click here for current month-end performance. 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. 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.

EXPENSES
Net Expense Ratio – effective since 10-01-12		1.25%
Gross Expense Ratio		1.41%
The advisor has committed, through 09-30-13, 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 1.25%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		15.65%
2011		-2.78%
2010		14.50%
2009		28.21%
2008		-39.33%
2007		5.60%
2006		13.95%
2005		6.25%
2004		10.49%
2003		29.07%

The inception date of Class A shares was 5-2-96. Class B shares incepted on 5-6-96. Class C shares incepted on 10-1-98. Performance shown prior to the inception of Class A and Class B shares reflects the performance of the Administrator Class shares, adjusted to reflect Class A and Class B sales charges and expenses, as applicable. Performance shown prior to the inception of Class C shares reflects the performance of the Administrator Class shares, adjusted to reflect Class C sales charges and expenses. Performance prior to 11-11-94 reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Diversified Equity Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

PORTFOLIO MANAGERS

		Thomas C. Biwer, CFA Years of investment experience: 30 View biography Mr. Biwer joined Wells Fargo Funds Management in 2005 as a portfolio manager and a member of the Asset Allocation Team. He participates in determining the asset allocations of the Funds' investments in various master portfolios or styles. Prior to joining Funds Management, Mr. Biwer served as an investment manager and portfolio strategist for the Strong Advisor service since 1999. Mr. Biwer has more than 25 years of investment industry experience. He earned his B.S. and M.B.A. degrees from the University of Illinois.
		Andrew Owen, CFA Years of investment experience: 25 View biography Mr. Owen has served as a Portfolio Manager for Wells Fargo Funds Management since 2005 and has been a member of the asset allocation team and head of investments for Wells Fargo Funds Management since 1996. He has more than 21 years of finance and investment related experience. Mr. Owen earned his M.B.A. from the University of Michigan.
		Erik Sens, CFA Years of investment experience: 24 View biography Mr. Sens has more than 24 years of investment experience and, as manager of domestic equity investments, is responsible for manager selection and oversight of domestic equity subadvisors. He also oversees investment communications for domestic equity mutual fund products. Prior to joining Wells Fargo in 2007, Mr. Sens was a portfolio manager at McGahan Greene McHugh Capital Management, LLC, where he managed enhanced-index strategies for institutional clients. Prior to that, he served as an associate portfolio manager for Fan Asset Management, LLC, another institutional investment firm, where he was responsible for the active management of various domestic equity strategies. Mr. Sens earned a bachelor's degree in finance and a bachelor's degree in philosophy from the University of San Francisco. Mr. Sens has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

THE FUND  |  The Wells Fargo Advantage Diversified Equity Fund seeks long-term capital appreciation by using a multi-manager approach to invest principally in a diversified portfolio of equity securities.

• Invests in indexed and actively managed portfolios that collectively provide well-diversified exposure to a broad range of equity subasset classes, including large-company growth, large-company value, small company, and international.
• Has the flexibility to modify its portfolio allocations according to market conditions. The neutral allocation is 25% each in the large-company value, large-company core, and large-company growth categories; 10% in the small-company category; and 15% in the international category.

• Multi-manager expertise: The fund seeks the best available managers and will invest in portfolios managed by both affiliated and unaffiliated subadvisors. Factors considered when selecting a portfolio include how well it complements other portfolios in the fund, the management team's experience, and the strength and consistency of its track record.
• Strategic allocation: The portfolio invests across a variety of equity styles. Daily cash flows are used to keep actual weights in line with target weights. Diversification across equity styles helps reduce the impact of underperformance in any one equity asset class.

RISKS  |   Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 and smaller-company securities risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Apple Incorporated   1.72% Google Incorporated   1.64% Chevron Corporation   1.33% Johnson & Johnson   1.00% eBay Incorporated   0.90% Exxon Mobil Corporation   0.84% Pfizer Incorporated   0.79% Procter & Gamble Company   0.72% Amazon.com Incorporated   0.72% Union Pacific Corporation   0.71% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

TOP SECTORS – % of net assets as of 04-30-2013 Information Technology   17.10% Financials   15.69% Consumer Discretionary   14.60% Health Care   12.19% Industrials   11.06% Consumer Staples   8.79% Energy   7.99% Materials   4.17% Cash   2.58% Telecommunication Services   2.35% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   1948 Median Market Capitalization   $6.99 Billion Turnover Rate – as of 3-31-13   42.59% R²   0.99 Beta   1.05

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum