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   682 out of 716 3-year   623 out of 638 5-year   534 out of 564 10-year   196 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
Small/Mid Cap Value Fund				9.27%		6.95%		4.47%		11.16%		6.96%
Russell 2500 Value Index				21.17%		14.16%		8.81%		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. 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		1.47%
Gross Expense Ratio		1.48%
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 1.46%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		10.90%
2011		-8.70%
2010		18.50%
2009		60.84%
2008		-43.92%
2007		-1.09%
2006		13.41%
2005		13.32%
2004		19.37%
2003		58.44%

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		I. Charles Rinaldi Years of investment experience: 42 View biography Mr. Rinaldi joined Wells Capital Management in 2005 as a portfolio manager. Prior to joining Wells Capital Management, he was a portfolio manager with Strong Capital Management, Inc. ("SCM") since 1997. Prior to joining SCM, he was with Mutual of America Capital Management Corporation where he was senior vice president and portfolio manager. He began his investment career at Merrill Lynch Capital Markets where he was a security analyst. He has also been employed by Glickenhaus & Company, Lehman Management Co., Arnold and S. Bleichroeder, and Gintel & Co., as a portfolio manager. Mr. Rinaldi earned a B.A. degree in Biology from St. Michael's College and his M.B.A. degree in Finance from Babson College.
		Erik C. Astheimer Years of investment experience: 15 View biography Mr. Astheimer serves as a senior research analyst and co-portfolio manager for the Value Equity team at Wells Capital Management. Prior to joining Wells Capital Management, Mr. Astheimer served as senior analyst at Strong Capital Management, which he joined in 2004. Prior to his service at Strong, Mr. Astheimer worked at Gabelli & Company as a research analyst. Before that, he was a financial analyst at Salomon Smith Barney in its investment banking department, which included assignments in the Asia-Pacific region. Mr. Astheimer earned a bachelor's degree in finance from Duquesne University.
		Michael Schneider, CFA Years of investment experience: 15 View biography Mr. Schneider serves as a senior research analyst and co-portfolio manager for the Value Equity team at Wells Capital Management. Prior to joining Wells Capital Management in 2005, Mr. Schneider worked as a research analyst at Gabelli & Company. Before that, he was an investment officer and equity analyst at Standard & Poor's and a junior analyst at R.L Renck & Company. Mr. Schneider received his bachelor's degree in finance from St. John's University and earned a master's degree in business administration from Columbia Business School. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Institute and the New York Society of Security Analysts.

THE FUND  |  The Wells Fargo Advantage Small/Mid Cap Value Fund seeks long-term capital appreciation by principally investing in small- and mid-capitalization companies and using a broad, flexible approach to value investing.

• Takes a broad, flexible approach to value investing based on the belief that value opportunities come in different forms within different markets.
• Uses a team approach to idea generation that consists of three sets of independent screens: intrinsic value, relative value, and contrarian value.
• Uses fundamental research that seeks to identify undervalued companies through the use of trend analysis and correlation analysis and through the identification of a positive catalyst.
• Acts as a long-term investor while a company is executing and while its valuation remains reasonable. The team's focus on being a long-term investor is intended to result in low turnover.

• A broad view of value: In contrast to other managers who might rely on one value characteristic, the team uses three types of screens—intrinsic value, relative value, and contrarian value—allowing the fund to participate in both growth and value markets.
• Correlation and trend analysis: The team uses a correlation analysis that seeks to quantify specific operating metrics that have historically driven a stock's price. This process helps the team focus its research on stocks with the greatest potential for future appreciation.

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. The use of derivatives may reduce returns and/or increase volatility. 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 InterOil Corporation   8.36% Randgold Resources Limited ADR   5.23% Chimera Investment Corporation   4.07% Trilogy Energy Corporation   2.08% Umh Properties Incorporated   2.04% Argo Group International Holdings Limited   1.86% Gentex Corporation   1.79% Official Payments Holdings Incorporated   1.73% Newpark Resources Incorporated   1.55% Micron Technology Incorporated   1.52% 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   20.83% Energy   20.35% Materials   15.16% Information Technology   12.99% Industrials   12.57% Health Care   7.27% Consumer Discretionary   6.96% Unassigned   2.00% Telecommunication Services   1.19% Consumer Staples   0.40% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   125 Median Market Capitalization   $0.80 Billion Turnover Rate – as of 4-30-13   26.71% R²   0.80 Beta   0.93

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