Wells Fargo Advantage Small Cap Opportunities Fund – NVSOX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Small Growth 3-year Morningstar Rating™ (out of 638 funds)   5-year Morningstar Rating™ (out of 563 funds)   10-year Morningstar Rating™ (out of 369 funds)   Overall Morningstar Rating™ (out of 638 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 Small-Cap Core Funds

1-year   411 out of 716 3-year   438 out of 638 5-year   343 out of 564 10-year   23 out of 340

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
Small Cap Opportunities Fund				14.45%		11.22%		7.34%		13.05%		12.95%
Russell 2000 Index				16.30%		13.45%		8.24%		11.52%		--
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. 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. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 03-01-13		1.22%
Gross Expense Ratio		1.24%
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 1.20%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		12.54%
2011		-4.40%
2010		20.83%
2009		33.82%
2008		-32.23%
2007		11.07%
2006		21.79%
2005		6.36%
2004		25.83%
2003		36.89%

Administrator Class shares incepted on 8-1-93. Prior to 4-8-05, the Administrator Class was named the Institutional Class.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Schroder Investment Management North America Inc. ("Schroder")

PORTFOLIO MANAGER

Jenny B. Jones Years of investment experience: 32 View biography Ms. Jones joined Schroder Investment Management North America Inc. in 2002 from Morgan Stanley Investment Management, where she was an Executive Director responsible for the management of several Small Cap and Small-Mid Special Value funds. Prior to Morgan Stanley, Ms. Jones worked for Oppenheimer Capital, Mutual of America, Drexel Burnham Lambert, and Shearson/American Express. She earned her bachelor's degree from Yale University and an M.B.A. degree in Finance from New York University.

THE FUND  |  The Wells Fargo Advantage Small Cap Opportunities Fund seeks long-term capital appreciation by using a bottom-up fundamental research-driven process to select small-capitalization companies.

• Focuses on small-cap stocks that management believes are poised to generate above-average earnings growth with attractive valuations relative to a company's historical position and its competition.
• Invests when a strong conviction and a thorough understanding of a firm's risks and opportunities are achieved; holdings are identified by analyzing business models, interviewing management, and assessing financials to determine appropriate valuations.
• Uses a fundamental research-driven process to select companies whose growth is underestimated, that have valuable levels of recurring revenues and cash flows, or that are emerging from a period of dramatic change.

• Diversified sources of alpha: Diversification of alpha among companies with stable revenue and growth characteristics; firms that are poised for a turnaround; and mispriced growth stocks can maximize value for a given level of risk. The team believes that low correlations of excess returns exist between these three types of holdings, with each one likely to perform well during different environments.
• Multiple valuation approaches: Greater confidence in price targets is achieved through multiple disciplined valuation approaches. A stock must look attractive according to two valuation methodologies before being included in the fund, enhancing confidence in the assessed stock's true value and potentially bolstering the portfolio's total return.
• Management expertise and tenure: The fund's lead portfolio manager has more than three decades of experience managing small-cap equities.

RISKS  |   Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Northwestern Corporation   1.81% PAREXEL International Corporation   1.47% Finish Line-Cl A   1.42% Brinker International Incorporated   1.38% PTC Incorporated   1.38% Alterra Capital Holdings Limited   1.33% Applied Industrial Tech Incorporated   1.28% Brown & Brown Incorporated   1.27% IDACORP, Incorporated   1.23% Enersys Incorporated   1.23% 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 Industrials   19.05% Financials   16.85% Consumer Discretionary   14.38% Information Technology   12.37% Health Care   10.98% Cash   7.70% Materials   6.11% Utilities   5.07% Energy   4.15% Consumer Staples   3.34% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   153 Median Market Capitalization   $1.83 Billion Turnover Rate – as of 3-31-13   81.28% R²   0.98 Beta   0.81

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS All Accounts   $1,000,000 Subsequent Investments   No Minimum

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