Special Small Cap Value Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Special Small Cap Value Fund – ESPAX

Share Price 05-24-13	$27.30
Daily Change	0.01
YTD Return	12.76%
Inception Date	05-07-1993
Net Fund Assets 04-30-2013	$754,582,956.23

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	10.10	10.83	6.62	10.75	11.18
POP	3.78	8.67	5.36	10.09	10.85

Russell 2000 Value Index

	1-year	3-year	5-year	10-year	Inception
	18.09	12.12	7.29	11.29	--

Important disclosure

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.
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. Returns for periods of less than one year are not annualized.
Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

The inception date of Class A shares was 5-7-93, Class B shares was 3-26-99 and Class C shares was 12-12-00. Historical performance shown for Class B prior to its inception is based on the performance of Class A, the original class offered, and has been adjusted to reflect the higher expenses applicable to Classes B. Historical performance shown for Class C prior to its inception is based on the performance of Class B. Classes B and C have the same expenses. 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 Special Values Fund.

EXPENSES %

Net Expense Ratio effective since 03-01-13	1.35%
Gross Expense Ratio	1.39%

Important disclosure

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 1.34%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Small Value

3-Year out of 286 funds
5-Year out of 249 funds
10-Year out of 149 funds
Overall out of 286 funds

Important disclosure

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

HOLDINGS

TOP HOLDINGS % of net assets as of 04-30-2013

First Citizens BancShares?Cl A	4.14%
Kadant Incorporated	3.30%
Matthews International Corporation	2.19%
UMB Financial Corporation	2.06%
ATMI Incorporated	1.96%
Franklin Electric Incorporated	1.95%
Mueller Industries Incorporated	1.67%
Treehouse Foods Incorporated	1.66%
Simpson Manufacturing Company Incorporated	1.59%
ACI Worldwide Incorporated	1.57%

TOP SECTORS % of net assets as of 04-30-2013

Industrials	21.75%
Information Technology	17.93%
Financials	16.05%
Consumer Discretionary	14.21%
Health Care	7.77%
Energy	6.95%
Materials	6.30%
Consumer Staples	4.63%
Cash	3.10%
Utilities	1.31%

Portfolio holdings and sectors are subject to change and may have changed since the date specified.

FUND STORY

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Years of investment experience: 23

		Robert Rifkin, CFA Years of investment experience: 28

The Fund

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

Competitive Advantages

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.

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. Current month-end performance is available at the funds' website, wellsfargo.com/advantagefunds.

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Not FDIC Insured • No Bank Guarantee • May Lose Value