MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Small Blend 3-year Morningstar Rating™ (out of 606 funds)   5-year Morningstar Rating™ (out of 536 funds)   10-year Morningstar Rating™ (out of 331 funds)   Overall Morningstar Rating™ (out of 606 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 Core Funds

1-year   38 out of 716 3-year   450 out of 638 5-year   381 out of 564 10-year   119 out of 340

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
Intrinsic Small Cap Value Fund				20.34%		12.17%		7.29%		12.09%		9.21%
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. 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 03-01-13		1.50%
Gross Expense Ratio		1.54%
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 1.49%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		22.02%
2011		-8.20%
2010		19.62%
2009		25.39%
2008		-34.32%
2007		-4.79%
2006		18.43%
2005		-0.64%
2004		27.04%
2003		62.53%

The inception date of Investor Class shares was 3-28-02. Metropolitan West Capital Management replaced Wells Capital Management as a sub-advisor for the Fund effective 6-1-10. Accordingly, performance figures shown prior to 6-1-10 do not reflect the principal investment strategies or performance of Metropolitan West Capital Management.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Metropolitan West Capital Management, LLC ("MWCM")

PORTFOLIO MANAGERS

		Samir Sikka Years of investment experience: 16 View biography Mr. Samir Sikka is a managing director and serves as lead portfolio manager for the Small Cap Intrinsic Value strategy with the investment team at Metropolitan West Capital Management (MWCM). Mr. Sikka joined MWCM in 2006. Previously, he served as senior vice president with Trust Company of the West; as associate director with UBS Investment Bank; and as senior associate with Ernst & Young, LLP. Mr. Sikka began his investment management career in 1997. He earned a bachelor's degree in business administration from California State University, Northridge, and a master's degree in business administration from Harvard Business School.
		Alex Alvarez, CFA Years of investment experience: 15 View biography Mr. Alex Alvarez, CFA, is a senior vice president and serves as a senior analyst with the investment team at Metropolitan West Capital Management (MWCM). Mr. Alvarez joined MWCM in 2008. Previously, he served as vice president with The Goldman Sachs Group, Inc.; as financial analyst with Motorola, Inc.; and as associate with Arthur Andersen. Mr. Alvarez began his investment management career in 2000. He earned a bachelor's degree in economics and public policy from Stanford University and a master's degree in business administration from Harvard Business School. Mr. Alvarez has earned the right to use the Chartered Financial Analyst® (CFA®) designation from CFA Institute.

THE FUND  |  The Wells Fargo Advantage Intrinsic Small Cap Value Fund seeks long-term capital appreciation by principally investing in small-capitalization companies and focusing on the long term to take advantage of price anomalies in high-quality stocks.

• Invests in high-quality businesses, defined as those with sound competitive positions, established operating histories, financial strength, and proven management teams.
• Identifies companies whose values are currently underappreciated by investors. Invests when those firms trade at significant discounts to their intrinsic values and catalysts are present.
• Uses a fundamental research process to identify catalysts that may unlock that intrinsic value over a period of two to four years.
• Concentrates holdings in approximately 60 to 70 high-conviction names. Manages company and portfolio risk by diversifying the fund across sector, industry, economic cyclicality, and interest-rate sensitivity.

• Transformational catalysts: The team identifies company-specific catalysts that it believes will help a company attain its full value over a two- to four-year investment horizon. Catalysts may include a meaningful change in a company's products or services, a significant restructuring, or a change in management.
• Attempt to limit downside risk: Two aspects of the team's strategy help to moderate risk – assigning a different analyst to evaluate underperforming stocks, which helps to keep the analysis unbiased; and investing only in high-quality companies with established operating histories, financial strength, and strong management teams.

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

TOP HOLDINGS – % of net assets as of 04-30-2013 Kar Auction Services Incorporated   3.72% Officemax Incorporated   2.57% Stancorp Financial Group Incorporated   2.55% Zions Bancorporation   2.55% The Jones Group Incorporated   2.42% Ascena Retail Group Incorporated   2.37% Idex Corporation   2.19% Verifone Holdings Incorporated   2.03% Jabil Circuit Incorporated   1.95% Steris Corporation   1.95% 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 Industrials   22.92% Consumer Discretionary   19.94% Financials   18.36% Information Technology   13.23% Energy   6.09% Health Care   5.97% Cash   5.29% Consumer Staples   3.40% Materials   2.55% Utilities   1.56% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   69 Median Market Capitalization   $2.18 Billion Turnover Rate – as of 3-31-13   49.64% R²   0.94 Beta   1.09

ACCOUNT FEATURES Retirement Accounts   Yes 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