MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Mid-Cap Value 3-year Morningstar Rating™ (out of 364 funds)   5-year Morningstar Rating™ (out of 315 funds)   10-year Morningstar Rating™ (out of 179 funds)   Overall Morningstar Rating™ (out of 364 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 Value Funds

1-year   27 out of 207 3-year   30 out of 173 5-year   40 out of 156 10-year   16 out of 80

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
Special Mid Cap Value Fund				23.08%		14.36%		9.38%		12.56%		12.06%
Russell Midcap Value Index				21.49%		14.96%		8.53%		12.57%		--
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		1.32%
Gross Expense Ratio		1.37%
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 1.31%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		18.24%
2011		-0.96%
2010		20.12%
2009		31.87%
2008		-30.07%
2007		-4.89%
2006		18.27%
2005		7.92%
2004		21.18%
2003		40.66%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Years of investment experience: 23 View biography Mr. Tringas has been with Wells Capital Management or one of its predecessor firms since 1994. He is currently managing director and senior portfolio manager with the Small Cap Value team of Wells Capital Management's Equity Management group. Previously, Mr. Tringas served as a senior consultant in the personal financial group of Ernst & Young LLP. He has been awarded the Chartered Financial Analyst® (CFA®) designation by the CFA Institute, and is also a Certified Public Accountant (CPA). He is a member of the Boston Society of Financial Analysts and the AICPA. Mr. Tringas received both a B.S. and an M.S. in accounting from the University of Florida.
		Bryant VanCronkhite, CFA, CPA Years of investment experience: 9 View biography Bryant VanCronkhite is portfolio manager for the Special Mid Cap Value portfolio at Wells Capital Management. He also serves as senior analyst for the Special Small Cap Value portfolio. Prior to this, Bryant was a senior research analyst on the team, which he joined in 2004 before the acquisition of Strong Capital Management. Earlier, Bryant was a mutual fund accountant for Strong. He earned a bachelor's degree and a master's degree in professional accountancy from the University of Wisconsin, Whitewater, and is a certified public accountant. He is a member of CFA Institute and has earned the right to use the CFA designation.

THE FUND  |  The Wells Fargo Advantage Special Mid Cap Value Fund seeks long-term capital appreciation by principally investing in mid-capitalization companies and using a disciplined, consistent process that focuses on valuation and stocks with high reward-to-risk ratios.

• Screens for high-quality companies that have established operating histories and balance sheet flexibility. Investing in higher-quality companies helps manage risk and seeks to insulate the fund from the volatility caused by cyclical earnings swings.
• Appraises companies for a discount to intrinsic value. Uses the team's proprietary cash-flow valuation process, a key component of its analysis, in an effort to capture the hidden value of a company's excess balance sheet capacity.
• Builds the portfolio in a manner intended to achieve full diversification across sectors and industries with low volatility relative to the benchmark.

• Proprietary cash-flow valuation: Recognizing that there is hidden value in a company's financial flexibility, the team's cash-flow analysis is designed to value a company's excess balance sheet capacity in order to determine the value that could be generated if the company carried more debt.
• Insight into complex financial statements: The team has a strong accounting focus, which it believes leads to better understanding of a company's financial condition. The team is seasoned in evaluating arcane accounting issues such as pension obligations and off-balance-sheet liabilities.

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. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Raytheon Company   3.11% Ameren Corporation   2.74% Consolidated Edison Incorporated   2.73% Cigna Corporation   2.71% Hasbro Incorporated   2.59% Lear Corporation   2.49% Arch Capital Group Limited   2.46% Northern Trust Corporation   2.43% Molson Coors Brewing Company   2.25% The Allstate Corporation   2.25% 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   19.83% Information Technology   16.72% Financials   14.61% Health Care   12.88% Consumer Discretionary   8.82% Energy   7.16% Cash   6.82% Utilities   5.50% Consumer Staples   5.10% Materials   2.56% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   60 Median Market Capitalization   $6.00 Billion Turnover Rate – as of 4-30-13   109.90% R²   0.98 Beta   1.07

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