Specialized Technology Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Specialized Technology Fund – WFSTX

Share Price 06-18-13	$8.87
Daily Change	0.07
YTD Return	15.05%
Inception Date	09-18-2000
Net Fund Assets 05-31-2013	$231,698,285.74

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	-0.17	10.02	7.51	13.67	-1.02
POP	-5.88	7.88	6.25	13.00	-1.49

S&P North American Technology Index

	1-year	3-year	5-year	10-year	Inception
	4.02	10.69	8.57	10.29	--

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.
The S&P North American Technology Index (formerly the Goldman Sachs Technology Index) is a modified capitalization-weighted index of selected technology stocks. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since 08-01-12	1.61%
Gross Expense Ratio	1.61%

Important disclosure

The advisor has committed, through 07-31-13, 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 1.60%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 05-31-2013

Category = Technology

3-Year out of 199 funds
5-Year out of 175 funds
10-Year out of 148 funds
Overall out of 199 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 05-31-2013

Microsoft Corporation	9.20%
Google Incorporated	6.69%
Tesla Motors Incorporated Common Stock Usd.001	4.61%
Cisco Systems Incorporated	4.50%
Western Digital Corporation	3.63%
Sandisk Corporation	3.59%
Amazon.com Incorporated	3.37%
Visa Incorporated	3.03%
Salesforce.com Incorporated	2.88%
Micron Technology Incorporated	2.72%

TOP SECTORS % of net assets as of 05-31-2013

Information Technology	80.24%
Consumer Discretionary	11.56%
Cash	6.01%
Materials	1.26%
Industrials	0.93%
Consumer Staples	0.00%
Energy	0.00%
Financials	0.00%
Health Care	0.00%
Telecommunication Services	0.00%

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

FUND STORY

PORTFOLIO MANAGERS

		Huachen Chen, CFA Years of investment experience: 28

		Walter C. Price, Jr., CFA Years of investment experience: 40

The Fund

The Wells Fargo Advantage Specialized Technology Fund seeks long-term capital appreciation by investing in global technology companies that management expects will have higher-than-average rates of growth and strong potential for capital appreciation.

Competitive Advantages

Dual research approach: A unique, proprietary, dual-research platform—composed of a fundamental research team and complemented by an innovative "grassroots research" effort—seeks to allow the team to acquire and process information before its competitors. "Grassroots" is a global network of investigative journalists and industry contacts who are trained at uncovering information that is vital to the assessment of key drivers of stock performance.
Flexibility to deviate from index: The team believes there are major changes coming in technology adoption and is finding emerging leaders within the information technology sector that may not be significant benchmark constituents. Focusing on a broader array of opportunities allows the team to separate itself from its peers, who are often more value-oriented or are more closely aligned with the benchmark.

Risks

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Funds that concentrate their investments in limited sectors may be susceptible to financial, economic, or market events affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to convertible securities risk, foreign investment risk, nondiversification 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