Small Company Value Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Small Company Value Fund – SCVAX

Share Price 05-21-13	$17.28
Daily Change	0.01
YTD Return	17.79%
Inception Date	06-01-1997
Net Fund Assets 04-30-2013	$89,437,325.96

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	13.74	13.35	8.80	11.00	9.10
POP	7.20	11.13	7.51	10.34	8.69

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 and Class B shares was 1-31-02. Class C shares incepted on 8-30-02. Performance shown prior to the inception of the Class A, Class B, and Class C shares reflects the performance of the Small Company Value Portfolio, a master portfolio in which the fund invests, adjusted to reflect Class A, Class B, and Class C sales charges and expenses, as applicable. The Small Company Value Portfolio has a substantially similar investment objective and substantially similar investment strategies as the fund. The Small Company Value Portfolio incepted on 6-1-97.

EXPENSES %

Net Expense Ratio effective since 10-01-12	1.45%
Gross Expense Ratio	1.50%

Important disclosure

The advisor has committed, through 09-30-13, 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 1.45%. 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

Sabra Healthcare Reit Incorporated	1.74%
Western Alliance Bancorp	1.68%
Sanmina Corporation	1.54%
Photronics Incorporated	1.53%
Employers Holdings Incorporated	1.48%
Redwood Trust Incorporated	1.35%
Home Bancshares Incorporated	1.33%
Post Holdings Incorporated	1.31%
Kulicke & Soffa Industries Incorporated	1.30%
Asbury Automotive Group	1.29%

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

Financials	36.74%
Consumer Discretionary	17.16%
Industrials	13.26%
Information Technology	12.49%
Energy	5.90%
Materials	4.42%
Health Care	3.88%
Utilities	2.17%
Cash	1.57%
Consumer Staples	1.31%

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

FUND STORY

PORTFOLIO MANAGERS

		Tasso H. Coin Jr, CFA Years of investment experience: 22

		Jason Ballsrud, CFA Years of investment experience: 18

		Douglas G. Pugh, CFA Years of investment experience: 23

The Fund

The Wells Fargo Advantage Small Company Value Fund seeks long-term capital appreciation by combining quantitative and fundamental analysis to indentify undervalued small-capitalization companies while keeping sector weights close to those of the benchmark.

Competitive Advantages

Proprietary valuation process: The team uses a screening process with 60 fundamental factors (such as price-to-book or price-to-cash-flow) in an attempt to identify undervalued stocks. The screens are tailored on a sector-by-sector basis, using specific metrics that the team believes are the best indicators of a potential value stock.
Proprietary network: The team spends much of its time meeting with company managements, suppliers, and competitors to determine if a company possesses identifiable value criteria. The team believes that such meetings help determine whether a company is an actual value or should be avoided.

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. 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.

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