Wells Fargo Advantage Precious Metals Fund – EKWAX

MORNINGSTAR RATINGS™ as of 05-31-2013 Category = Equity Precious Metals 3-year Morningstar Rating™ (out of 75 funds)   5-year Morningstar Rating™ (out of 65 funds)   10-year Morningstar Rating™ (out of 49 funds)   Overall Morningstar Rating™ (out of 75 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 05-31-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 05-31-2013 Lipper Precious Metals Equity Funds

1-year   23 out of 73 3-year   13 out of 66 5-year   11 out of 53 10-year   2 out of 38

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
Precious Metals Fund		NAV		-21.14%		-3.39%		-1.29%		15.20%		9.82%
		POP		-25.68%		-5.28%		-2.45%		14.52%		9.64%
FTSE Gold Mines Index				-24.19%		-6.35%		-3.90%		8.66%		--
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 08-01-12		1.10%
Gross Expense Ratio		1.15%
The advisor has committed, through 07-31-13, 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 1.09%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		-7.74%
2011		-16.06%
2010		37.84%
2009		46.70%
2008		-21.92%
2007		23.68%
2006		36.38%
2005		35.59%
2004		-5.81%
2003		66.77%

The inception date of Class A shares was 1-20-98, Class B shares was 1-30-78, and Class C shares was 1-29-98. Historical performance shown for Class A prior to its inception is based on the performance of Class B, the original class offered, and has not been adjusted to reflect the lower expenses applicable to Class A. If these returns had been adjusted, returns would be higher. Historical performance shown for Class C prior to its inception is based on the performance of Class B, the original class offered. 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 Precious Metals Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Michael Bradshaw, CFA Years of investment experience: 18 View biography Mr. Bradshaw has been with Wells Capital Management or one of its predecessors since 2006. He is currently a director and senior equity analyst with the International Developed Markets team, where he primarily focuses on metals and international equities. He began his professional career as a geologist before entering the investment industry in 1995 as a research associate covering gold mining for CIBC Wood Gundy Securities Inc. He then served as a vice president and senior analyst with Pioneer Investment Management, where his duties included research and analysis of the materials sector and managing Pioneer Gold Fund. He has been awarded the use of the Chartered Financial Analyst (CFA®) designation by the CFA Institute. He is a member of the Boston Security Analysts Society and the Toronto Society of Financial Analysts. Mr. Bradshaw received a B.S. in geology from The University of Western Ontario and an M.B.A. in finance from The University of Toronto.
		Oleg Makhorine Years of investment experience: 18 View biography Mr. Makhorine is an associate portfolio manager with the Global Special Value Equity team at Wells Capital Management ("WellsCap"). He serves as a co-portfolio manager on the Global Special Small Cap and International Special Small Cap portfolios. He joined WellsCap from Evergreen Investments, where he served in a similar role since 2005. Previously, he served as partner and portfolio manager with Sphynx Funds and as an international equities analyst with Mackenzie Investment Management. Mr. Makhorine began his investment industry career in 1995 as a financial analyst and emerging markets analyst with L.E. Holdings, an asset management company based in Central Europe. He earned a bachelor’s degree in finance from the International Business Academy and a master’s degree in finance from Florida International University. He is a member of the Miami Society of Financial Analysts.

THE FUND  |  The Wells Fargo Advantage Precious Metals Fund seeks long-term capital appreciation by principally investing in companies related to precious metals across all market capitalizations.

• Invests in companies involved in the exploration, development, mining, processing, or dealing of gold, precious metals, and minerals, which tend to have a relatively high correlation to underlying commodity prices and relatively low correlation to the prices of other stocks and bonds.
• Takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection, while diversifying across market capitalizations, production profiles, and geographies.
• Focuses on a longer-term investment horizon, looking for companies that have lower-than-average cost structures, are well managed, and are likely to improve their relative value over time.

• Diversity among gold-related stocks: The team primarily invests in gold-related stocks, diversifying across exploration, development, and production companies. This approach allows for greater upside opportunities and allocates risk more broadly across business segments, setting it apart from many of the funds within its peer group.
• Holdings often have notable upside potential as gold prices rise: Precious metals-related stocks have often provided greater return potential relative to direct investments in their underlying commodities during periods when precious metals prices are strongly rising.
• Fundamental analysis seeks to minimize downside risk: The team focuses on stocks with their own attractive fundamentals that may provide a buffer to the downside relative to benchmark during periods of falling commodity prices.

RISKS  |   Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Funds that concentrate their investments in limited sectors may be susceptible to financial, economic, or market events affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to convertible securities risk, foreign investment risk, nondiversification 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 05-31-2013 Randgold Resources Limited ADR   9.82% Goldcorp Incorporated   6.81% Newcrest Mining Limited   6.47% Wells Fargo Special Investments (Cayman)   6.16% Yamana Gold Incorporated   5.72% Eldorado Gold Corporation   5.35% Kinross Gold Corporation -Canadian Exchange   5.06% Agnico-Eagle Mines Limited   4.81% Barrick Gold Corporation   4.19% Goldcorp Incorporated   3.38% 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 05-31-2013 Materials   89.79% Unassigned   7.24% Cash   2.97% Consumer Discretionary   0.00% Consumer Staples   0.00% Energy   0.00% Financials   0.00% Health Care   0.00% Industrials   0.00% Information Technology   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   72 Median Market Capitalization   $1.89 Billion Turnover Rate – as of 4-30-13   5.41% R²   0.96 Beta   0.96

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