MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Small Growth 3-year Morningstar Rating™ (out of 638 funds)   5-year Morningstar Rating™ (out of 563 funds)   10-year Morningstar Rating™ (out of 369 funds)   Overall Morningstar Rating™ (out of 638 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 Growth Funds

1-year   146 out of 500 3-year   82 out of 442 5-year   46 out of 398 10-year   N/A

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 Growth Fund		NAV		13.11%		16.92%		10.68%		10.86%		11.42%
		POP		6.61%		14.64%		9.38%		10.20%		11.20%
Russell 2000 Growth Index				14.52%		14.75%		9.04%		11.61%		--
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		1.45%
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		16.11%
2011		-3.50%
2010		34.68%
2009		46.47%
2008		-44.80%
2007		3.19%
2006		9.52%
2005		3.88%
2004		13.01%
2003		49.99%

The inception date of the Class A, Class B, and Class C shares was 1-30-04. Performance shown prior to the inception of the Class A, Class B, and Class C shares reflects the performance of the Administrator Class shares, adjusted to reflect Class A, Class B, and Class C shares sales charges and expenses, as applicable. Performance prior to 11-11-94 reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Small Company Growth Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Robert B. Mersky, CFA Years of investment experience: 44 View biography Mr. Mersky is founder, President, and a Portfolio Manager at Peregrine Capital Management, Inc. ("Peregrine"). In 1984, Mr. Mersky and five other Senior Portfolio Managers founded Peregrine. Mr. Mersky is responsible for Peregrine's Small Cap Equity style and oversees the Small Company Growth Portfolio. Mr. Mersky has actively managed small cap stocks since 1973. Prior to joining Peregrine, Mr. Mersky had been associated with Norwest Bank since 1968; and his responsibilities included Senior Research Analyst, Portfolio Manager, Director of Research, and Chief Investment Officer. Mr. Mersky earned his B.S. degree in Accounting from the University of Minnesota.
		Paul E. von Kuster, CFA Years of investment experience: 40 View biography Mr. von Kuster joined Peregrine Capital Management, Inc. ("Peregrine") in 1984 as a Senior Vice President and Portfolio Manager. He currently co-manages the Small Company Growth Portfolio. Mr. von Kuster earned his B.A. degree in Philosophy from Princeton University.
		Daniel J. Hagen, CFA Years of investment experience: 28 View biography Mr. Hagen joined Peregrine in 1996 as a securities analyst on the Small Cap Equity team, and joined the portfolio management team in 2001. Prior to joining Peregrine Capital Management, Inc. ("Peregrine"), Mr. Hagen was a managing director and analyst at Piper Jaffray, where he was employed since 1983. Mr. Hagen earned his B.S. degree in Finance from the University of Minnesota.
		James P. Ross, CFA Years of investment experience: 22 View biography Mr. Ross joined Peregrine Capital Management, Inc. ("Peregrine") in 1996 as a Senior Portfolio Advisor on the Small Cap Equity team, which is responsible for the Small Company Growth Portfolio. He shares responsibility for the client service communication, handles special projects, and works on compliance-related issues. Prior to joining Peregrine, Mr. Ross spent six years at Norwest Investment Management (now Wells Capital Management), where he held various positions, including Chief Investment Officer and Product Manager for the Norwest Advantage Funds, and investment analyst and oversight for the corporation's benefit plans. Mr. Ross began his career as a treasury analyst with Ecolab, Inc. Mr. Ross earned his B.B.A. and M.B.A. degrees from the University of Iowa.
		William A. Grierson Years of investment experience: 18 View biography Mr. Grierson joined Peregrine Capital Management, Inc. ("Peregrine"), in 2000 as a securities analyst on the Small Cap Equity team. In 2005, he became a member of the portfolio management team responsible for the Small Company Growth Portfolio. Prior to Peregrine, Mr. Grierson spent over six years with Kopp Investment Advisors where he worked as a Senior Research Analyst and Portfolio Manager. He began his career at Northern Trust as a reporting Analyst. Mr. Grierson earned his B.A. degree from Lawrence University.

THE FUND  |  The Wells Fargo Advantage Small Company Growth Fund seeks long-term capital appreciation by principally investing in small-capitalization growth companies in the discovery and rediscovery phases of development.

• Focuses on small, rapidly growing, and misunderstood companies that have the potential for dramatic price appreciation.
• Conducts rigorous fundamental research to target companies in discovery and rediscovery phases of development.
• Focuses on younger companies in the discovery phase that have long-term earnings growth of more than 20%, high profitability, and unique products or services.
• Looks for rediscovery-phase companies that have new management, near-term earnings growth of greater than 40%, recovering profitability, and takeover/restructuring potential.

• Diverse life cycle phase exposure: The team seeks to maintain a balanced mix of rapidly growing discovery and rediscovery holdings, providing investors with consistent, diversified small-cap growth exposure in a variety of market environments.
• Assessment of misunderstood small-cap growth companies: The team focuses on exploiting information gaps between a company's true fundamental value and its actual stock price in seeking to produce strong risk-adjusted returns. This approach optimizes the fund's risk/reward profile.

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 04-30-2013 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 Information Technology   23.50% Health Care   19.36% Industrials   18.68% Consumer Discretionary   14.44% Financials   10.17% Energy   4.90% Materials   4.76% Cash   4.19% Consumer Staples   0.00% Telecommunication Services   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   126 Median Market Capitalization   $1.45 Billion Turnover Rate – as of 3-31-13   153.63% 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