Wells Fargo Advantage Utility and Telecommunications Fund – EVUAX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Utilities 3-year Morningstar Rating™ (out of 73 funds)   5-year Morningstar Rating™ (out of 72 funds)   10-year Morningstar Rating™ (out of 53 funds)   Overall Morningstar Rating™ (out of 73 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 Utility Funds

1-year   41 out of 64 3-year   35 out of 59 5-year   30 out of 56 10-year   7 out of 39

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
Utility and Telecommunications Fund		NAV		17.94%		13.81%		5.64%		14.30%		8.87%
		POP		11.16%		11.59%		4.40%		13.63%		8.54%
S&P Utilities Index				16.37%		14.49%		5.02%		12.14%		--
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		1.15%
Gross Expense Ratio		1.21%
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 1.14%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		8.93%
2011		16.20%
2010		3.05%
2009		19.08%
2008		-30.80%
2007		18.86%
2006		28.75%
2005		20.29%
2004		29.21%
2003		26.85%

The inception date of Class A and Class B shares was 1-4-94 and Class C shares was 9-2-94. 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 Utility and Telecommunications Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Crow Point Partners

PORTFOLIO MANAGER

Timothy P. O'Brien, CFA Years of investment experience: 30 View biography Mr. O'Brien is a managing partner at Crow Point Partners LLC. Prior to founding Crow Point in 2006, he was a managing director and senior portfolio manager with the Value Equity team of Evergreen Investments' Equity Management group. Previously, he managed Gabelli Utilities Fund for Gabelli Asset Management Inc. Additionally, he served as a portfolio manager and analyst for Eaton Vance Management, as well as holding similar positions with Loomis Sayles Co. and PNC Bank Corp. Mr. O'Brien has been in the investment management industry since 1983, and has been awarded the Chartered Financial Analyst (CFA®) designation by the CFA Institute. He also served as the Program Chairperson for the former Public Utility Analysts of Boston. Mr. O'Brien received a B.B.A. from the University of Massachusetts and a M.B.A. in finance from the Wharton School at the University of Pennsylvania.

THE FUND  |  The Wells Fargo Advantage Utility and Telecommunications Fund seeks total return consisting of current income and capital appreciation by investing principally in securities of utility and telecommunication companies across all market capitalizations.

• Selects stocks based on the evaluation of factors such as dividend payouts and profits, market share, competitive or technological advantages, potential merger activity, and the projected volatility of the company. From a broader macro perspective, the team considers the interest-rate environment, energy prices, and public policy issues. Through the assessment of both macroeconomic and company-specific factors, the fund seeks both yield and total return generation.
• Chooses stocks based on a blended style of equity management. This allows the team to invest in companies that are undervalued, exhibiting either value characteristics—such as low price-to-earnings and low price-to-cash-flow multiples—or growth characteristics, including the potential for accelerated earnings growth.

• Focus on utility and telecommunication stocks: Holdings are typically less correlated to the broader stock market than many other, more diversified equity funds while providing a higher level of income potential. A focus on utility and telecommunication stocks seeks to provide higher and more stable income production and a lower correlation of returns relative to the broader market. This creates the potential to reduce volatility within the context of an investor's diversified investment portfolio.
• Flexible investment approach: The team can opportunistically allocate more weight to either telecommunication services or utilities and has the option to complement those investments with ones from other sectors. The team looks to recognize catalysts apt to unlock value and maximize upside potential while seeking to manage downside risk. This flexible approach allows for greater return potential without losing sight of volatility risk.

RISKS  |   Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Funds that concentrate their investments in limited sectors and therefore may be susceptible to financial, economic or market events impacting 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, high-yield securities risk, nondiversification risk, smaller-company securities risk, and subsidiary risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Itc Holdings Corporation   5.13% Sempra Energy   4.90% NextEra Energy Incorporated   4.86% Wisconsin Energy Corporation   4.84% Northeast Utilities   4.83% Visa Incorporated   4.79% CMS Energy Corporation   4.61% QR Energy LP Limited   3.46% Exelon Corporation   3.43% Kinder Morgan Incorporated   3.01% 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 Utilities   63.54% Energy   10.97% Information Technology   8.23% Telecommunication Services   5.41% Cash   3.90% Financials   3.02% Unassigned   2.67% Consumer Discretionary   2.20% Industrials   0.06% Consumer Staples   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   62 Median Market Capitalization   $3.70 Billion Turnover Rate – as of 4-30-13   20.40% R²   0.66 Beta   0.83

ACCOUNT FEATURES Check Writing   No Dividends   Quarterly

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