MORNINGSTAR RATINGS™ as of 05-31-2013 Category = Mid-Cap Blend 3-year Morningstar Rating™ (out of 345 funds)   5-year Morningstar Rating™ (out of 314 funds)   10-year Morningstar Rating™ (out of 196 funds)   Overall Morningstar Rating™ (out of 345 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 Multi-Cap Core Funds

1-year   455 out of 791 3-year   499 out of 682 5-year   281 out of 600 10-year   95 out of 350

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
Opportunity Fund				11.27%		9.93%		6.36%		10.26%		12.24%
Russell Midcap Index												--
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		1.29%
Gross Expense Ratio		1.32%
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 1.28%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		14.10%
2011		-6.91%
2010		21.24%
2009		47.16%
2008		-40.38%
2007		4.98%
2006		11.75%
2005		7.22%
2004		17.62%
2003		37.46%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Ann M. Miletti Years of investment experience: 17 View biography Ms. Miletti is a managing director and lead portfolio manager for the Core Equity team at Wells Capital Management, with principal responsibility for the day-to-day management and decision-making for the team. Ms. Miletti joined Wells Capital Management in 2005 as a portfolio manager. Prior to that, she was with Strong Capital Management since 1991. Ms. Miletti earned a bachelor's degree from the University of Wisconsin-Milwaukee.
		Thomas D. Wooden, CFA Years of investment experience: 14 View biography Mr. Wooden has been an analyst on the Core Equity team since joining Wells Capital Management in 2008. Before joining Wells Capital Management, Mr. Wooden was an associate portfolio manager for Artisan Partners Limited Partnership, where he began his investment industry career in 1999. Earlier, he was an F-15C squadron assistant operations officer, weapons officer, and instructor pilot for the United States Air Force (USAF). Mr. Wooden earned a bachelor's degree in business management from the USAF Academy in Colorado Springs, Colorado. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

THE FUND  |  The Wells Fargo Advantage Opportunity Fund^SM seeks long-term capital appreciation by principally investing in equity securities of medium-capitalization companies that management believes are underpriced yet have attractive growth prospects.

• Identifies growing companies with superior business models that are trading at what the team believes to be significant discounts to their actual values.
• Uses fundamental research to find sound companies with attractive, long-term growth prospects. Focuses on stocks that may be temporarily out of favor and trading at 50% to 65% of their true PMVs, according to the team's assessments.
• Conducts extensive financial analysis in order to apply industry-specific models and metrics to measure a firm's true PMV.

• Private market valuation (PMV) approach: By constantly measuring a company's "private market value," the team is better able to assess a company's worth and act decisively when "market emotion" drives the price of a solid business down to discount levels. Additionally, the PMV investment process helps to discern differences between mispriced stocks and those with cheap valuations, improving the team's likelihood to generate alpha.
• Opportunistic core approach: The PMV investment approach is designed to be growth- and value-neutral, with the flexibility to opportunistically invest in the best ideas at either end of the growth and value spectrum.

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 Ace Limited   2.07% Praxair Incorporated   1.81% Agilent Technologies Incorporated   1.70% ON Semiconductor Corporation   1.61% Republic Services Incorporated   1.52% Netapp Incorportated   1.52% Kohl's Corporation   1.50% PNC Financial Services Group   1.48% Denbury Resources Incorporated   1.47% Macy's Incorporated   1.38% 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 Consumer Discretionary   20.84% Information Technology   16.20% Financials   15.31% Health Care   10.89% Industrials   10.67% Energy   9.72% Materials   6.67% Cash   5.23% Consumer Staples   4.47% Telecommunication Services   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   84 Median Market Capitalization   $10.40 Billion Turnover Rate – as of 4-30-13   36.81% R²   0.96 Beta   1.11

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