MORNINGSTAR RATINGS™ as of 04-30-2013 Category = Large Blend 3-year Morningstar Rating™ (out of 1451 funds)   5-year Morningstar Rating™ (out of 1305 funds)   10-year Morningstar Rating™ (out of 807 funds)   N/A Overall Morningstar Rating™ (out of 1451 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 Core Funds

1-year   184 out of 926 3-year   268 out of 841 5-year   122 out of 752 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
Intrinsic Value Fund		NAV		15.73%		12.57%		6.51%		--		6.51%
		POP		9.08%		10.37%		5.26%		--		5.57%
Russell 1000 Value Index				18.77%		12.74%		4.85%		--		--
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. 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 5.75%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 12-01-12		1.17%
Gross Expense Ratio		1.27%
The advisor has committed, through 11-30-14, 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 1.16%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		18.92%
2011		-1.92%
2010		17.75%
2009		30.37%
2008		-36.58%
2007		10.09%

The inception date of Class A, Class B and Class C shares was 8-1-06. Historical performance shown for all classes of the fund prior to 7-19-10 is based on the performance of the fund's predecessor, the Evergreen Intrinsic Value Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Metropolitan West Capital Management, LLC ("MWCM")

PORTFOLIO MANAGER

Jeffrey Peck Years of investment experience: 18 View biography Mr. Jeffrey Peck is a managing director and serves as lead portfolio manager for the Large Cap Intrinsic Value strategy with the investment team at Metropolitan West Capital Management (MWCM). He also serves as co-lead portfolio manager for the Global Intrinsic Equity and International Intrinsic Equity strategies. Mr. Peck joined MWCM in 2004. Previously, he served as equity research analyst with both Janney Montgomery Scott and Bear Stearns & Co., Inc. Mr. Peck began his investment management career in 1995. He earned a bachelor's degree in mechanical engineering from State University of New York, Buffalo, and a master's degree in business administration from New York University. In 2004, Mr. Peck received the honor of being named a "Best on the Street Analyst" by The Wall Street Journal.

THE FUND  |  The Wells Fargo Advantage Intrinsic Value Fund seeks long-term capital appreciation by employing a global perspective to identify 40 to 50 high-quality large-cap companies priced below an estimate of their intrinsic value.

• Invests in high-quality businesses, defined as those with sound competitive positions, established operating histories, financial strength, and proven management teams.
• Identifies companies whose values are currently underappreciated by investors; invests when those firms trade at a significant discount to their intrinsic value and catalysts are present.
• Uses a global, all-cap research process to identify catalysts that may unlock intrinsic value over a period of three to five years.
• Concentrates holdings in approximately 40 to 50 high-conviction names; manages company and portfolio risk by diversifying the fund across sector, industry, economic cyclicality, and interest-rate sensitivity.

• Transformational catalysts: The team identifies company-specific catalysts that it believes will help a company attain its full value over a three- to five-year investment horizon. Catalysts may include a meaningful change in a company's products or services, a significant restructuring, or a change in management.
• Attempt to limit downside risk: Two aspects of the team's strategy help to moderate risk – assigning a different analyst to evaluate underperforming stocks, which helps to keep the analysis unbiased; and investing only in high-quality companies with established operating histories, financial strength, and strong management teams.

RISKS  |   Stock 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 Time Warner Incorporated   3.49% Cigna Corporation   3.29% Boeing Company   3.26% NextEra Energy Incorporated   3.19% Zions Bancorporation   3.08% PepsiCo Incorporated   2.98% Walt Disney Company   2.80% Occidental Petroleum Corporation   2.71% Abbott Laboratories   2.70% Unilever NV   2.70% 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   19.35% Information Technology   16.78% Consumer Discretionary   13.72% Industrials   11.70% Consumer Staples   10.92% Health Care   8.79% Energy   8.11% Utilities   5.26% Cash   3.70% Materials   1.67% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   45 Median Market Capitalization   $39.04 Billion Turnover Rate – as of 4-30-13   32.68% R²   0.97 Beta   0.99

ACCOUNT FEATURES Check Writing   No Dividends   Annually

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