MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Small Growth 3-year Morningstar Rating™ (out of 638 funds)   5-year Morningstar Rating™ (out of 563 funds)   10-year Morningstar Rating™ (out of 369 funds)   N/A Overall Morningstar Rating™ (out of 638 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 Growth Funds

1-year   468 out of 500 3-year   111 out of 442 5-year   219 out of 398 10-year   N/A

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
Emerging Growth Fund				5.73%		16.79%		8.95%		--		6.28%
Russell 2000 Growth Index				14.52%		14.75%		9.04%		--		--
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 10-01-12		1.43%
Gross Expense Ratio		1.48%
The advisor has committed, through 09-30-13, 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 1.43%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		7.67%
2011		4.95%
2010		31.78%
2009		32.36%
2008		-47.24%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas C. Ognar, CFA Years of investment experience: 19 View biography Mr. Ognar joined Wells Capital Management in 2005. Prior to joining Wells Capital Management, Mr. Ognar was with Strong Capital Management, Inc. ("SCM") since January 1998, where he was a senior equity research analyst from October 1998 to 2002. Prior to joining SCM, he was a research analyst at M&I Investment Management Corp., and he was a trader at Republic Securities, Inc. Mr. Ognar earned his B.A. degree in Finance from Miami University and his M.S. degree in Finance from the University of Wisconsin, Madison.
		Bruce C. Olson, CFA Years of investment experience: 27 View biography Mr. Olson joined Wells Capital Management in 2005. Prior to that he was with Strong Capital Management, Inc. ("SCM") since 1994, where he managed separate and institutional accounts since January 1998. In May 2002, he was also named as a co-portfolio manager of the Strong Large Cap Growth Fund and sole portfolio manager of the Fund on June 30, 2003. Prior to joining SCM, he was a managing partner at Olson Brothers, Inc. from 1989 to 1993. Prior to joining Olson Brothers Inc., he was with The Travelers Corporation, American National Bank and Trust Co. of Chicago, and Minton Investment Corporation. Mr. Olson earned a B.A. degree in Finance and History from Gustavus Adolphus College.
		Joseph M. Eberhardy, CFA Years of investment experience: 20 View biography Mr. Eberhardy joined Wells Capital Management in 2005 from Strong Capital Management ("SCM"), having joined SCM in 1994. Prior to his current role, Mr. Eberhardy was a senior research analyst with the Growth Equity team, and he maintains research responsibilities in the health care, capital goods, and aerospace-and-defense industries. Prior to joining the Growth Equity team in 2000, his previous roles at SCM included small- to mid-cap equity analyst, high-yield bond trader, and fixed-income accounting manager. Mr. Eberhardy earned a bachelor's degree in accounting from the University of Wisconsin, Milwaukee.

THE FUND  |  The Wells Fargo Advantage Emerging Growth Fund seeks long-term capital appreciation by principally investing in small-capitalization companies where growth is robust, sustainable, and not fully recognized by the market.

• Invests in companies where growth of revenue and earnings is robust, sustainable, and not fully recognized by the market.
• Conducts fundamental, all-cap research that provides unique insights into a company's true growth rate.
• Continuously manages risk by evaluating the rate and sustainability of a company's true growth rate relative to the market's expectations.
• Acts quickly on new information, both positive and negative, in an effort to exploit investor biases.

• Access to volatility-managed "pure growth": Focusing on companies where growth is robust, sustainable, and not fully recognized by the marketplace enables the team to exploit sizable gaps between market consensus and a company's true growth rate.
• Fundamental, all-cap research: Conducting rigorous, bottom-up research across the market-capitalization spectrum provides powerful insights and an informational advantage that supports the team's efforts to identify the most attractive investment opportunities.
• Continuous risk management and a strict sell discipline: These are critical elements ingrained in the team's investment process, given that fast-growing companies often command premium valuations and can be prone to higher volatility.

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 Endologix Incorporated   2.75% Akorn Incorporated   2.70% Financial Engines Incorporated   2.63% Shutterfly Incorporated   2.56% Genesee & Wyoming Incorporated   2.42% ON Assignment Incorporated   2.33% Ixia   2.20% DXP Enterprises Incorporated   1.87% Marketaxess Holdings Incorporated   1.87% SolarWinds Incorporated   1.86% 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 Information Technology   34.10% Health Care   20.84% Industrials   15.52% Consumer Discretionary   14.85% Financials   5.81% Energy   4.64% Consumer Staples   2.57% Cash   1.67% Materials   0.00% 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   98 Median Market Capitalization   $1.42 Billion Turnover Rate – as of 4-30-13   67.51% R²   0.92 Beta   0.92

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