MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Large Value 3-year Morningstar Rating™ (out of 1037 funds)   5-year Morningstar Rating™ (out of 926 funds)   10-year Morningstar Rating™ (out of 587 funds)   Overall Morningstar Rating™ (out of 1037 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 Large-Cap Value Funds

1-year   417 out of 478 3-year   344 out of 414 5-year   221 out of 363 10-year   135 out of 232

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
Large Company Value Fund				13.59%		8.90%		3.67%		8.03%		7.76%
Russell 1000 Value Index				18.77%		12.74%		4.85%		9.18%		--
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 12-01-12		1.16%
Gross Expense Ratio		1.33%
The advisor has committed, through 11-30-13, 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 1.16%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		14.25%
2011		-2.16%
2010		11.26%
2009		21.22%
2008		-33.83%
2007		2.79%
2006		17.75%
2005		8.88%
2004		14.04%
2003		24.50%

The inception date of the Investor Class shares was 7-1-93. Performance shown prior to 3-21-08 does not reflect the fund's current investment objective and strategies.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Phocas Financial Corporation

PORTFOLIO MANAGERS

		William Schaff, CFA Years of investment experience: 25 View biography Mr. Schaff founded Phocas in June 2005 and is co-portfolio manager of the Phocas Real Estate Fund and Phocas Small Cap Value Fund. He has 20 years of investment experience and has managed institutional equity portfolios and mutual funds for Bay Isle Financial, LLC, Janus Capital Group, Berger LLC, and the Undiscovered Managers organization. Mr. Schaff holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Formerly, he served as Trustee and Chairperson of the Investment committee of Alameda County Employee's Retirement. Mr. Schaff holds a Masters degree in Engineering from the University of California, Davis.
		Stephen Block, CFA Years of investment experience: 17 View biography Mr. Block has 12 years of investment experience. Mr. Block was co-Portfolio Manager of Separate Account Large Cap Value Portfolios at Bay Isle Financial, LLC, and was a Senior Analyst at Janus. Mr. Block holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Mr. Block received his MBA from the University of Michigan's Ross School of Business in accounting and finance. He received his B.A. degree from University of California, San Diego in Quantitative Economic Decision Science.

THE FUND  |  The Wells Fargo Advantage Large Company Value Fund seeks to outperform the Russell 1000^® Value Index by identifying companies with low relative valuation by using proprietary industry-specific valuation models.

• Follows a repeatable, consistent investment process with little style drift.
• Screens for companies with the lowest relative valuation, using metrics developed specifically for each industry group. Eliminates stocks from consideration due to above-average risk in valuation, the balance sheet, or liquidity.
• Uses a combination of fundamental research and valuation and financial statement analysis in an attempt to further identify and define promising opportunities.
• Seeks to manage risk through appropriate investment selection, adherence to sector guidelines, and maintaining a strict sell discipline.

• Proprietary models: The team has developed proprietary industry-specific valuation models believed to be stronger predictors of future performance than typical valuation metrics. The team's extensive experience as an institutional real estate investment trust (REIT) manager led to the creation of a proprietary REIT valuation, and its banking model is of similar thoughtfulness and rigor.
• Emphasis on reducing risk: Risk management is embedded within all aspects of the investment process, from investment selection through portfolio construction, benchmark awareness, and sale review. The team invests in 50 to 80 stocks and seeks to prevent any single position from disproportionately affecting the overall portfolio.

RISKS  |   Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 Chevron Corporation   4.78% Citigroup Incorporated   2.72% Pfizer Incorporated   2.68% Johnson & Johnson   2.38% CVS Caremark Corporation   2.37% American Tower Corporation Reit   2.16% Hartford Financial Services   2.12% American International Group Incorporated   2.11% Bank of America Corporation   2.04% Southwest Airlines Company   2.03% 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   29.45% Energy   13.84% Industrials   11.60% Health Care   9.76% Information Technology   8.46% Consumer Discretionary   8.34% Utilities   5.59% Consumer Staples   5.43% Materials   3.42% Telecommunication Services   2.96% 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   $24.95 Billion Turnover Rate – as of 3-31-13   63.37% R²   0.99 Beta   1.04

ACCOUNT FEATURES Check Writing   No Dividends   Quarterly

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