Wells Fargo Advantage C&B Mid Cap Value Fund – CBMDX

MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Mid-Cap Value 3-year Morningstar Rating™ (out of 364 funds)   5-year Morningstar Rating™ (out of 315 funds)   10-year Morningstar Rating™ (out of 179 funds)   Overall Morningstar Rating™ (out of 364 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 Mid-Cap Value Funds

1-year   101 out of 207 3-year   51 out of 173 5-year   24 out of 156 10-year   55 out of 80

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
C&B Mid Cap Value Fund				18.87%		14.28%		9.38%		10.41%		9.84%
Russell Midcap Value Index				21.49%		14.96%		8.53%		12.57%		--
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. 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. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 02-01-13		1.26%
Gross Expense Ratio		1.45%
The advisor has committed, through 01-31-14, 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 1.25%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		19.37%
2011		-1.66%
2010		21.28%
2009		28.78%
2008		-33.68%
2007		-8.90%
2006		25.69%
2005		6.17%
2004		10.98%
2003		38.99%

Investor Class shares incepted on February 18, 1998. Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Cooke and Bieler, L.P. ("Cooke & Bieler")

PORTFOLIO MANAGERS

		Edward W. O'Connor, CFA Years of investment experience: 13 View biography Mr. O'Connor spent three years at Cambiar Investors ("Cambiar") in Denver, Colorado where he served as an equity analyst and portfolio manager and participated in Cambiar's 2001 management buyout. He joined Cooke & Bieler in 2002 where he is currently a Portfolio Manager and Research Analyst. Mr. O'Connor earned his B.A. degree in Economics and Philosophy at Colgate University and his M.B.A. degree from the University of Chicago.
		Mehul Trivedi, CFA Years of investment experience: 17 View biography Mr. Trivedi was a fixed income analyst at BlackRock Financial Management and then a product manager at PNC Asset Management. He joined Cooke & Bieler in 1998 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. Trivedi earned his B.A. in International Relations at the University of Pennsylvania, a B.S. degree in Economics at the Wharton School of Business and his M.B.A. degree from the Wharton School of Business.
		Michael M. Meyer, CFA Years of investment experience: 23 View biography Mr. Meyer began his career at Sterling Capital Management as an equity analyst and head equity trader. He joined Cooke & Bieler in 1993 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. Meyer earned his B.A. degree in Economics at Davidson College and his M.B.A. degree from the Wharton School of Business.
		R. James O'Neil, CFA Years of investment experience: 26 View biography Mr. O'Neil served as an Investment Officer in the Capital Markets Department at Mellon Bank beginning in 1984. He joined Cooke & Bieler in 1988 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. O'Neil earned his B.A. degree in Economics at Colby College and his M.B.A. degree from the Harvard School of Business.
		Daren C. Heitman, CFA Years of investment experience: 22 View biography Mr. Heitman joined Cooke & Bieler in 2005 and currently serves as a portfolio manager. Previously, he was a senior analyst at Schneider Capital Management from 2000 to 2005. Mr. Heitman was also an analyst and a portfolio manager at Skyline Asset Management from 1995 to 2000. He earned his B.S. in Finance at Iowa State University and his M.B.A. from the University of Chicago. Mr. Heitman has earned the right to use the Chartered Financial Analyst (CFA) designation.
		Steve Lyons, CFA Years of investment experience: 8 View biography Mr. Lyons joined Cooke & Bieler as an intern in the summer of 2005 and joined the firm permanently in August 2006. He earned his undergraduate degree in finance from Arizona State University. Mr. Lyons worked in the investment services industry specializing in private equity and business valuation before receiving his M.B.A degree with honors from the University of Chicago.
		William Weber, CFA Years of investment experience: 3 View biography Mr. Weber rejoined Cooke & Bieler in August 2010 as a principal, research analyst, and portfolio manager. Prior to business school, Mr. Weber served as an associate analyst with Cooke & Bieler. Mr. Weber earned a bachelor's degree in finance and a bachelor's degree in English at Villanova University and a master's degree in business administration from the University of Chicago.

THE FUND  |  The Wells Fargo Advantage C&BMid Cap Value Fund seeks long-term capital appreciation by using a proprietary cash-flow model to identify 40 to 50 high-quality mid-cap companies.

• Focuses on high-quality companies with strong cash-flow generation, competitive advantages, and conservative balance sheets.
• Maintains a strong valuation discipline, seeking to buy stocks at a significant discount to the team's estimate of intrinsic value.
• Uses a high-quality, low-risk approach designed to minimize business risk and provide strong downside protection.
• Takes a long-term, low-turnover approach to investing, especially as short-term sellers depress the prices of high-quality businesses that the team believes are fundamentally healthy.

• Cash-flow model: The team believes that its proprietary cash-flow model enables it to better estimate a company's future cash flows and provides a unique insight into a company's valuation. The model's assumptions are updated regularly as part of portfolio monitoring and maintenance.
• Focus on high-quality companies: The team attempts to identify companies with sustainable competitive advantages, high barriers to entry, or differentiating traits such as strong brands, low costs, patents, or advanced technology. The team believes that these companies have a better opportunity to sustain earnings and increase shareholder value over the long term.

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. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Gildan Activewear Incorporated   3.17% Western Union Company   3.08% RenaissanceRe Holdings Limited   3.06% Ball Corporation   2.90% Quest Diagnostics Incorporated   2.84% Hasbro Incorporated   2.83% Lam Research Corporation   2.81% TCF Financial Corporation   2.76% Best Buy Incorporated   2.74% NVR Incorporated   2.72% 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 Financials   20.13% Industrials   17.36% Consumer Discretionary   15.94% Information Technology   13.75% Materials   12.48% Health Care   9.43% Consumer Staples   3.35% Cash   3.23% Utilities   2.57% Energy   1.76% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   45 Median Market Capitalization   $4.66 Billion Turnover Rate – as of 3-31-13   35.74% R²   0.96 Beta   1.02

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum