Wells Fargo Advantage Emerging Markets Equity Fund – EMGAX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Diversified Emerging Mkts 3-year Morningstar Rating™ (out of 357 funds)   5-year Morningstar Rating™ (out of 257 funds)   10-year Morningstar Rating™ (out of 146 funds)   Overall Morningstar Rating™ (out of 357 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 Emerging Markets Funds

1-year   307 out of 543 3-year   103 out of 345 5-year   37 out of 247 10-year   18 out of 136

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
Emerging Markets Equity Fund		NAV		0.78%		4.18%		2.72%		18.42%		7.83%
		POP		-5.02%		2.15%		1.51%		17.72%		7.49%
MSCI Emerging Markets Index (Net)				1.96%		3.27%		1.09%		17.05%		--
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		1.69%
Gross Expense Ratio		1.69%
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 1.70%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		12.49%
2011		-14.16%
2010		22.21%
2009		72.85%
2008		-47.61%
2007		33.47%
2006		46.21%
2005		32.56%
2004		17.81%
2003		57.68%

The inception date of Class A, Class B and Class C shares was 9-6-94. 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 Emerging Markets Growth Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Yi (Jerry) Zhang, PhD, CFA Years of investment experience: 14 View biography Mr. Zhang has been with Wells Capital Management or one of its predecessor firms since 2004. He is a director, portfolio manager, and head of the International Emerging Markets Equity team. Previously, he served as a vice president at Oppenheimer Asset Management. He has been awarded the Chartered Financial Analyst® (CFA®) designation by the CFA Institute and is a member of the Boston Security Analysts Society. Mr. Zhang has been working in the investment management field since 1999. He received a B.A. in finance from Nankai University (China) and a Ph.D. in economics from Vanderbilt University.
		Derrick Irwin, CFA Years of investment experience: 20 View biography Mr. Irwin joined Wells Capital Management from Evergreen Investments, where he served as an analyst since 2005. Earlier, he served as an analyst with Advest, Inc., and as a portfolio manager with Goldman Sachs & Co. He began his investment industry career in 1993 as an analyst with Merrill Lynch & Co. Mr. Irwin earned a bachelor's degree in economics from Colgate University and a master's degree in business administration with an emphasis in finance from the University of Pennsylvania. He has earned the right to use the Chartered Financial Analyst®(CFA®) designation and is a member of the Boston Security Analysts Society.

THE FUND  |  The Wells Fargo Advantage Emerging Markets Equity Fund seeks long-term capital appreciation through equity securities of companies tied economically to emerging markets countries.

• Maintains a core equity style that emphasizes bottom-up stock selection based on rigorous, in-depth, fundamental company research that is buttressed by an intrinsic valuation discipline that seeks to buy quality at compelling prices.
• Keeps a disciplined focus on high-quality companies that should be positioned to offer both potential downside protection and the ability to sustain high profitability. The team seeks to buy companies that have clear competitive advantages; solid, understandable financials; management teams with track records of being shareholder-friendly; and transparent and predictable growth prospects.
• Conducts intrinsic valuation analysis that is focused primarily on cash-flow-based analysis, with supplementary balance sheet scrutiny.

• Investment in high-quality companies: The team's emphasis on quality seeks to protect investors' capital in down markets, and, in general, has led to higher absolute and risk-adjusted returns. High-quality companies are frequently market leaders that act from a position of strength, making them less sensitive to changes in macroeconomic conditions. High-quality companies are frequently more successful at creating shareholder value from the profitable deployment of investment capital.
• Evaluation of risk: A risk management overlay is critical to a high-quality focus. By investing in companies where quality and value intersect, the process is designed to identify more attractive risk-adjusted returns versus the fund's peers.

RISKS  |   Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 regional 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 Taiwan Semiconductor Manufacturing Company Limited   4.58% Samsung Electronics Company Limited   4.48% Banco Bradesco SA   2.72% China Mobile Limited   2.60% SINA Corporation   2.24% Companhia de Bebidas das Americas, ADR   2.08% Lojas Americanas SA   1.94% Grupo Televisa SA   1.91% Fomento Economico Mexicano SA De Cv   1.84% ICICI Bank Limited   1.76% Portfolio holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts. Click here for more complete holdings.

TOP COUNTRIES – % of net assets as of 04-30-2013 Brazil   15.69% China   13.88% United States   10.31% Korea, Republic Of   9.94% Mexico   8.87% Taiwan   7.91% India   7.14% South Africa   5.29% Hong Kong   4.90% Thailand   3.86% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   134 Median Market Capitalization   $12.56 Billion Turnover Rate – as of 3-31-13   15.26% R²   0.96 Beta   0.84

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