Emerging Markets Equity Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Emerging Markets Equity Fund – EMGAX

Share Price 05-17-13	$21.86
Daily Change	0.05
YTD Return	1.20%
Inception Date	09-06-1994
Net Fund Assets 04-30-2013	$3,871,181,951.67

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	0.78	4.18	2.72	18.42	7.83
POP	-5.02	2.15	1.51	17.72	7.49

MSCI Emerging Markets Index (Net)

	1-year	3-year	5-year	10-year	Inception
	1.96	3.27	1.09	17.05	--

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.
The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

EXPENSES %

Net Expense Ratio effective since 03-01-13	1.69%
Gross Expense Ratio	1.69%

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 1.70%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Diversified Emerging Mkts

3-Year out of 357 funds
5-Year out of 257 funds
10-Year out of 146 funds
Overall out of 357 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

Taiwan Semiconductor Manufacturing Company Limited	4.58%
Samsung Electronics Company Limited	4.48%
Banco Bradesco SA	2.72%
China Mobile Limited	2.60%
SINA Corporation	2.24%
Companhia de Bebidas das Americas, ADR	2.08%
Lojas Americanas SA	1.94%
Grupo Televisa SA	1.91%
Fomento Economico Mexicano SA De Cv	1.84%
ICICI Bank Limited	1.76%

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

Financials	19.81%
Consumer Staples	17.09%
Information Technology	14.14%
Cash	11.19%
Telecommunication Services	9.81%
Consumer Discretionary	9.50%
Energy	8.92%
Materials	4.73%
Industrials	4.65%
Health Care	0.11%

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

FUND STORY

PORTFOLIO MANAGERS

		Yi (Jerry) Zhang, PhD, CFA Years of investment experience: 14

		Derrick Irwin, CFA Years of investment experience: 20

The Fund

The Wells Fargo Advantage Emerging Markets Equity Fund seeks long-term capital appreciation through equity securities of companies tied economically to emerging markets countries.

Competitive Advantages

Investment in high-quality companies: The team's emphasis on quality seeks to protect investors' capital in down markets, and, in general, has led to higher absolute and risk-adjusted returns. High-quality companies are frequently market leaders that act from a position of strength, making them less sensitive to changes in macroeconomic conditions. High-quality companies are frequently more successful at creating shareholder value from the profitable deployment of investment capital.
Evaluation of risk: A risk management overlay is critical to a high-quality focus. By investing in companies where quality and value intersect, the process is designed to identify more attractive risk-adjusted returns versus the fund's peers.

Risks

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 regional risk and smaller-company securities risk. 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