Wells Fargo Advantage Special Small Cap Value Fund – ESPAX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Small Value 3-year Morningstar Rating™ (out of 286 funds)   5-year Morningstar Rating™ (out of 249 funds)   10-year Morningstar Rating™ (out of 149 funds)   Overall Morningstar Rating™ (out of 286 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 Value Funds

1-year   283 out of 300 3-year   200 out of 238 5-year   163 out of 205 10-year   94 out of 121

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
Special Small Cap Value Fund		NAV		10.10%		10.83%		6.62%		10.75%		11.18%
		POP		3.78%		8.67%		5.36%		10.09%		10.85%
Russell 2000 Value Index				18.09%		12.12%		7.29%		11.29%		--
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 03-01-13		1.35%
Gross Expense Ratio		1.39%
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 1.34%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		13.45%
2011		-2.15%
2010		22.60%
2009		29.86%
2008		-31.75%
2007		-8.09%
2006		21.41%
2005		10.43%
2004		20.04%
2003		35.36%

The inception date of Class A shares was 5-7-93, Class B shares was 3-26-99 and Class C shares was 12-12-00. Historical performance shown for Class B prior to its 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. Historical performance shown for Class C prior to its inception is based on the performance of Class B. Classes B and C have the same expenses. Historical performance shown for all classes of the fund prior to 7-19-10 is based on the performance of the fund's predecessor, the Evergreen Special Values Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Years of investment experience: 23 View biography Mr. Tringas has been with Wells Capital Management or one of its predecessor firms since 1994. He is currently managing director and senior portfolio manager with the Small Cap Value team of Wells Capital Management's Equity Management group. Previously, Mr. Tringas served as a senior consultant in the personal financial group of Ernst & Young LLP. He has been awarded the Chartered Financial Analyst® (CFA®) designation by the CFA Institute, and is also a Certified Public Accountant (CPA). He is a member of the Boston Society of Financial Analysts and the AICPA. Mr. Tringas received both a B.S. and an M.S. in accounting from the University of Florida.
		Robert Rifkin, CFA Years of investment experience: 28 View biography Mr. Rifkin has been with Wells Capital Management or one of its predecessor firms since 1997. He began his investment industry career in 1985 as an analyst with Prudential-Bache Securities. He has also served as a municipal bond analyst with Standard & Poor's. Mr. Rifkin has been awarded the use of the Chartered Financial Analyst® (CFA®) designation by the CFA Institute, and is a member of the Boston Security Analysts Society. Mr. Rifkin earned a bachelor's degree in economics from the University of Pennsylvania and an M.B.A. from the Yale School of Management.

THE FUND  |  The Wells Fargo Advantage Special Small Cap Value Fund seeks long-term capital appreciation by principally investing in small-capitalization companies and using a disciplined, consistent process that focuses on valuation and stocks with high reward-to-risk ratios.

• Screens for high-quality companies that have established operating histories and balance sheet flexibility. Investing in higher-quality companies helps manage risk and seeks to insulate the fund from the volatility caused by cyclical earnings swings.
• Appraises companies for a discount to intrinsic value. Uses the team's proprietary cash-flow valuation process, a key component of its analysis, in an effort to capture the hidden value of a company's excess balance sheet capacity.
• Builds the portfolio in a manner intended to achieve full diversification across sectors and industries with low volatility relative to the benchmark.

• Proprietary cash-flow valuation: Recognizing that there is hidden value in a company's financial flexibility, the team's cash-flow analysis is designed to value a company's excess balance sheet capacity in order to determine the value that could be generated if the company carried more debt.
• Insight into complex financial statements: The team has a strong accounting focus, which it believes leads to better understanding of a company's financial condition. The team is seasoned in evaluating arcane accounting issues such as pension obligations and off-balance-sheet liabilities.

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. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 First Citizens BancShares?Cl A   4.14% Kadant Incorporated   3.30% Matthews International Corporation   2.19% UMB Financial Corporation   2.06% ATMI Incorporated   1.96% Franklin Electric Incorporated   1.95% Mueller Industries Incorporated   1.67% Treehouse Foods Incorporated   1.66% Simpson Manufacturing Company Incorporated   1.59% ACI Worldwide Incorporated   1.57% 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   21.75% Information Technology   17.93% Financials   16.05% Consumer Discretionary   14.21% Health Care   7.77% Energy   6.95% Materials   6.30% Consumer Staples   4.63% Cash   3.10% Utilities   1.31% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   110 Median Market Capitalization   $0.86 Billion Turnover Rate – as of 3-31-13   67.14% R²   0.97 Beta   0.98

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