Wells Fargo Advantage Small Company Value Fund – SCVAX

MORNINGSTAR RATINGS™ as of 05-31-2013 Category = Small Value 3-year Morningstar Rating™ (out of 287 funds)   5-year Morningstar Rating™ (out of 253 funds)   10-year Morningstar Rating™ (out of 150 funds)   Overall Morningstar Rating™ (out of 287 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 Small-Cap Value Funds

1-year   200 out of 309 3-year   87 out of 240 5-year   56 out of 209 10-year   92 out of 122

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 Company Value Fund		NAV		13.74%		13.35%		8.80%		11.00%		9.10%
		POP		7.20%		11.13%		7.51%		10.34%		8.69%
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 10-01-12		1.45%
Gross Expense Ratio		1.50%
The advisor has committed, through 09-30-13, 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 1.45%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		17.83%
2011		-4.30%
2010		26.62%
2009		44.43%
2008		-39.60%
2007		-13.99%
2006		12.96%
2005		9.45%
2004		23.27%
2003		43.28%

The inception date of Class A and Class B shares was 1-31-02. Class C shares incepted on 8-30-02. Performance shown prior to the inception of the Class A, Class B, and Class C shares reflects the performance of the Small Company Value Portfolio, a master portfolio in which the fund invests, adjusted to reflect Class A, Class B, and Class C sales charges and expenses, as applicable. The Small Company Value Portfolio has a substantially similar investment objective and substantially similar investment strategies as the fund. The Small Company Value Portfolio incepted on 6-1-97.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Peregrine Capital Management, Inc. ("Peregrine")

PORTFOLIO MANAGERS

		Tasso H. Coin Jr, CFA Years of investment experience: 22 View biography Mr. Coin joined Peregrine Capital Management, Inc. in 1995 as a Senior Vice President. His responsibilities include co-managing the Small Company Value Portfolio. Prior to 1995, Mr. Coin was a research officer at Lord Asset Management. Mr. Coin earned his B.A. degree in Economics from Loyola University of Chicago.
		Jason Ballsrud, CFA Years of investment experience: 18 View biography Mr. Ballsrud is a research analyst for the Small Cap Value style and shares responsibility for industry research, stock selection and client communications with his team. Mr. Ballsrud joined Peregrine Capital Management, Inc. ("Peregrine") in 1997. Prior to joining Peregrine, he worked for American Express Asset Management's Equity Group. Mr. Ballsrud earned his B.S. and M.B.A. degrees in Finance from the Carlson School of Management at the University of Minnesota.
		Douglas G. Pugh, CFA Years of investment experience: 23 View biography Mr. Pugh joined Peregrine Capital Management, Inc. ("Peregrine") in 1997 as a Senior Vice President. Mr. Pugh currently co-manages the Small Company Value Portfolio. Prior to 1997, Mr. Pugh was a Senior Equity Analyst and Portfolio Manager for Advantus Capital Management, an investment advisor firm. Mr. Pugh earned his B.S.B.A. degree from Drake University and his M.B.A. degree from the University of Minnesota.

THE FUND  |  The Wells Fargo Advantage Small Company Value Fund seeks long-term capital appreciation by combining quantitative and fundamental analysis to indentify undervalued small-capitalization companies while keeping sector weights close to those of the benchmark.

• Uses a proprietary process to screen a 1,900-stock universe down to approximately 175 candidate companies.
• Conducts extensive, independent, fundamental research on the narrowed list of 175 companies.
• Selects portfolio holdings with one or more value investment criteria: resolvable short-term problem, catalyst for change, unrecognized assets, fundamental undervaluation, and takeover potential.
• Maintains four strict sell disciplines: deteriorating fundamentals, better value opportunity, investment reaching fair valuation, and profit taking.

• Proprietary valuation process: The team uses a screening process with 60 fundamental factors (such as price-to-book or price-to-cash-flow) in an attempt to identify undervalued stocks. The screens are tailored on a sector-by-sector basis, using specific metrics that the team believes are the best indicators of a potential value stock.
• Proprietary network: The team spends much of its time meeting with company managements, suppliers, and competitors to determine if a company possesses identifiable value criteria. The team believes that such meetings help determine whether a company is an actual value or should be avoided.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 05-31-2013 Western Alliance Bancorp   1.58% Employers Holdings Incorporated   1.52% Photronics Incorporated   1.39% American Axle & Mfg   1.38% Home Bancshares Incorporated   1.32% Kulicke & Soffa Industries Incorporated   1.31% Zumiez Incorporated   1.30% CNO Financial Group Incorporated   1.28% Sanmina Corporation   1.25% Asbury Automotive Group   1.25% 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 Financials   36.18% Consumer Discretionary   17.35% Industrials   13.86% Information Technology   12.66% Energy   5.86% Materials   4.23% Health Care   3.58% Cash   2.10% Utilities   1.90% Consumer Staples   1.18% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   103 Median Market Capitalization   $1.11 Billion Turnover Rate – as of 4-30-13   56.43% R²   0.97 Beta   1.04

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