Wells Fargo Advantage Emerging Markets Local Bond Fund – WLBAX

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
Emerging Markets Local Bond Fund		NAV		--		--		--		--		11.87%
		POP		--		--		--		--		6.85%
JPMorgan Government Bond Index – Emerging Markets Diversified				--		--		--		--		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. 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. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 03-01-13		1.23%
Gross Expense Ratio		2.27%
The advisor has committed, through 02-28-14, 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 1.23%. Without this cap, the fund's returns would have been lower.

View the 30-day unsubsidized SEC yields.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  First International Advisors

PORTFOLIO MANAGERS

		Anthony Norris Years of investment experience: 47 View biography Mr. Norris has been with Wells Capital Management or one of its predecessor firms since 1990. He is currently managing director, chief investment officer, and senior portfolio manager with London-based First International Advisors. His responsibilities include developing investment strategies using computer-based qualitative and technical analysis systems, integrating their output with fundamental research and strategy optimization systems, and monitoring the results within specific investment-risk guidelines. Previously, he spent several years in the banking industry, with particular emphasis on foreign exchange, serving in senior executive positions at Reserve Asset Managers, Gillett Brothers Fund Management, and Wallace Brothers Bank. Mr. Norris has been working in the investment management field since 1966. He is a member of the Society of Technical Analysts and an Associate of the International Federation of Technical Analysts.
		Peter Wilson Years of investment experience: 35 View biography Mr. Wilson has been with Wells Capital Management or one of its predecessor firms since 1989. He is currently managing director, chief operating officer, and senior portfolio manager with London-based First International Advisors and is one of five senior members of the Investment Strategy Committee. Previously, he served as treasurer and portfolio manager for Axe-Houghton. He was also a vice president at Bankers Trust in London and New York and a portfolio manager at Merchant Bankers Kleinwort Benson Ltd. Mr. Wilson has been working in the investment field since joining international stockbrokers James Capel Co. in 1978. Mr. Wilson was educated in Canada, Hong Kong, and England.
		Michael Lee Years of investment experience: 31 View biography Mr. Lee has been with Wells Capital Management or one of its predecessor firms since 1992. He is currently director of trading and senior portfolio manager for First International Advisors. He is one of five senior members of the investment team that forms the Investment Strategy Committee. His responsibilities include the day-to-day management and implementation of portfolio strategies. Previously, he worked at Northern Trust Company handling client liaison, short-term deposit and foreign exchange trading, and the management of multi-currency cash accounts. He also served in investment positions at JPMorgan Investment Management, where he concentrated on the administration of global bonds and foreign exchange, and at National Westminster Bank. Mr. Lee has been working in the investment management field since 1982. He is an IMC member of the U.K. Society of Investment Professionals.
		Alex Perrin Years of investment experience: 21 View biography Mr. Perrin has been with Wells Capital Management or one of its predecessor firms since 1992. He is currently the director of research and senior portfolio manager with London-based First International Advisors, where he is one of five senior members of the international fixed-income team that forms the Investment Strategy Committee. His responsibilities include the day-to-day analysis and review of the firm's portfolio strategies. Mr. Perrin has been working in the investment management field since 1992. He is a member of the Society of Technical Analysts and is also an associate member of the U.K. Society of Investment Professionals. He received a B.Sc. in mathematics and computer science from the University of Hull in the United Kingdom.
		Christopher Wightman Years of investment experience: 16 View biography Mr. Wightman is a senior portfolio manager with the First International Advisors team at Wells Capital Management. He is one of five senior members of the investment team that forms the Senior Strategy Team. His responsibilities include macro-portfolio allocation, portfolio positioning, and risk management. He joined First International Advisors in 2011 from JPMorgan Chase, where he served as a senior investment manager specializing in global fixed income strategies. Earlier, Mr. Wightman served as a senior fixed income trader at Fidelity International. He began his investment industry career in 1997 as a Graduate Analyst at Morgan Stanley. Mr. Wightman earned a B.A. (Hons) in Business Studies at Staffordshire University (UK).

THE FUND  |  The Wells Fargo Advantage Emerging Markets Local Bond Fund seeks total return by principally investing in foreign debt securities from Emerging Markets denominated in various currencies.

• Seeks to generate alpha through a diversified range of sources, including country, currency, sector, and security selection, as well as through duration and yield-curve management.
• Uses proprietary qualitative and quantitative models to highlight areas of relative value around the world, combining a macro, top-down forecasting method with a rigorous, bottom-up credit research process for security selection.
• Actively manages currency as a separate asset class in an effort to mitigate portfolio risk and incremental returns.

RISKS  |   Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk and regional risk. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 04-30-2013 Russia Govt Bond Ofz Bonds, 7.00%, 2023-01-25   9.49% Nota Do Tesouro Nacional Notes, 10.00%, 2017-01-01   8.80% Indonesia Government Sr Unsecured, 7.37%, 2016-09-15   4.85% Hungary Government Bond, 6.75%, 2017-11-24   4.77% Republic of South Africa Unsecured, 2.60%, 2028-03-31   4.61% Fed Republic of Brazil Sr Unsecured, 8.50%, 2024-01-05   4.60% Turkey Government Bond, 9.00%, 2017-03-08   4.55% Inter American Devel Bk Sr Unsecured, 8.00%, 2016-01-26   4.00% Poland Government Bond Bonds, 4.00%, 2023-10-25   3.99% Thailand Government Bond Unsecured, 3.25%, 2017-06-16   3.84% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   41 Turnover Rate – as of 4-30-13   --

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum