MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Mid-Cap Growth 3-year Morningstar Rating™ (out of 642 funds)   5-year Morningstar Rating™ (out of 559 funds)   10-year Morningstar Rating™ (out of 412 funds)   Overall Morningstar Rating™ (out of 642 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 Growth Funds

1-year   101 out of 373 3-year   17 out of 336 5-year   29 out of 298 10-year   10 out of 209

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
Discovery Fund				11.18%		17.66%		10.64%		12.76%		11.52%
Russell 2500 Growth Index				13.69%		14.95%		9.02%		12.19%		--
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		1.36%
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		15.77%
2011		0.64%
2010		34.82%
2009		38.33%
2008		-43.62%
2007		21.93%
2006		13.02%
2005		7.24%
2004		15.69%
2003		38.34%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas J. Pence, CFA Years of investment experience: 21 View biography Mr. Pence joined Wells Capital Management in 2005. Prior to joining Wells Capital Management, he was a portfolio manager at Strong Capital Management, Inc. ("SCM") since October 2000. Prior to joining SCM, Mr. Pence served as Senior Vice President and Chief Equity Investment Officer of Conseco Capital Management ("CCM"). While at CCM, he was responsible for managing all tax-exempt and taxable equity portfolios as well as various mutual funds within the Conseco Fund Group. Prior to joining CCM in 1991, Mr. Pence worked for the Forum Group, where he oversaw several transactions as part of the firm's development and acquisition team. Before joining the Forum Group, Mr. Pence was a financial consultant with Peterson & Company in Chicago. Mr. Pence earned a B.S. degree in Business from Indiana University and his M.B.A. degree in Finance with honors from the University of Notre Dame.
		Michael T. Smith, CFA Years of investment experience: 16 View biography Mr. Smith has served as a portfolio manager for the Fundamental Growth Equity Team at Wells Capital Management ("Wells Cap") since 2006. He also serves as a research analyst with primary responsibilities covering the health care sector. He came to Wells Cap from Strong Capital Management, having joined Strong in 2000. Prior to that, he was responsible for assisting in the research and portfolio management effort for Conseco Capital Management equity portfolios. Prior to joining Conseco, Mr. Smith attended DePauw University, where he graduated with a bachelor's degree in economics. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.
		Chris Warner, CFA Years of investment experience: 11 View biography Prior to joining Wells Capital Management in 2007, Mr. Warner worked as an equity research associate at Citigroup in San Francisco following the enterprise software, systems management, and data storage industries. He began his investment industry career in 2002 and previously worked as an equity analyst at Morningstar and PPM America, Inc. Mr. Warner's related professional experience includes technology-consulting positions at Evolve Software and PricewaterhouseCoopers, LLP. He holds a bachelor's degree in business administration from the University of Illinois, Champaign, and a master's degree in business administration–finance and corporate strategy from the Ross School of Business at the University of Michigan, Ann Arbor. Mr. Warner has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

THE FUND  |  The Wells Fargo Advantage Discovery Fund^SM seeks long-term capital appreciation by “surrounding the company” and principally investing in small- and mid-capitalization growth companies that consist of core holdings, developing situations, and valuation opportunities.

• Conducts a rigorous research process designed to "surround the company" and develop unique fundamental insights.
• Performs a thorough analysis of a company's current balance sheet to gain insight into its potential to execute its business model and achieve future growth objectives.
• Surrounds companies by analyzing competitors, suppliers, and customers up and down the market-capitalization spectrum.
• Maintains valuation targets as part of a strong sell discipline and risk management process.
• Constructs portfolios with a unique process that includes core holdings, developing situations, and valuation opportunities.

• "Surround the company" research approach: The team's in-depth fundamental research yields an informational advantage, providing multiple perspectives on each individual investment opportunity. This results in a unique level of insight and a clear, 360-degree view of a company's business model and its prospects for strong, sustainable growth.
• Three-pronged portfolio construction process: In building portfolios, the team seeks to diversify holdings among three distinct categories of growth opportunities in order to balance risk and return. Over the long term, this disciplined, three-pronged approach has consistently produced strong risk-adjusted returns and attractive up/down market capture characteristics.

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 SBA Communications Corporation-Cl A   3.08% Alliance Data Systems Corporation   2.25% Kansas City Southern   2.11% Aspen Technology Incorporated   2.00% Catamaran Corporation   1.81% Copa Holdings SA-Cl A   1.77% Constellation Brands Inc.   1.70% PVH Corporation   1.69% Hertz Global Holdings Incorporated   1.67% TransDigm Group Incorporated   1.66% 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   25.02% Information Technology   23.17% Health Care   15.71% Consumer Discretionary   15.21% Financials   5.19% Cash   3.49% Energy   3.31% Consumer Staples   3.12% Telecommunication Services   3.08% Materials   2.70% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   87 Median Market Capitalization   $3.24 Billion Turnover Rate – as of 4-30-13   85.62% R²   0.95 Beta   0.94

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