International Value Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

International Value Fund – WFFAX

Share Price 05-17-13	$13.91
Daily Change	0.06
YTD Return	9.36%
Inception Date	10-31-2003
Net Fund Assets 04-30-2013	$390,991,492.21

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	10.20	4.03	-1.70	--	5.53
POP	3.86	2.00	-2.86	--	4.87

MSCI EAFE Value Index

	1-year	3-year	5-year	10-year	Inception
	11.02	3.45	-1.70	--	--

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 Europe, Australasia, and Far East Value (MSCI EAFE Value) Index is an unmanaged market capitalization index designed to measure the performance of value securities within developed equity markets, excluding the United States & Canada. 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 10-01-12	1.50%
Gross Expense Ratio	1.52%

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 1.50%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Foreign Large Value

3-Year out of 316 funds
5-Year out of 263 funds
10-Year out of -- funds	N/A
Overall out of 316 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

Sanofi-Aventis SA	2.25%
Royal Dutch Shell PLC	2.14%
AstraZeneca PLC	1.69%
Vodafone Group	1.39%
KDDI Corporation	1.34%
Roche Holding AG	1.23%
Allianz SE	1.22%
China Petroleum & Chemical Corporation	1.19%
Credit Suisse Group	1.19%
BP PLC	1.17%

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

Financials	25.74%
Energy	11.00%
Consumer Discretionary	10.38%
Industrials	10.24%
Health Care	10.10%
Materials	7.48%
Telecommunication Services	7.43%
Consumer Staples	7.40%
Utilities	3.73%
Cash	3.27%

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

FUND STORY

PORTFOLIO MANAGERS

		Josef Lakonishok Years of investment experience: 32

		Menno Vermeulen, CFA Years of investment experience: 20

		Puneet Mansharamani, CFA Years of investment experience: 14

The Fund

The Wells Fargo Advantage International Value Fund seeks long-term capital appreciation through a quantitative investment model focused on equity securities of non-U.S. companies.

Competitive Advantages

Behavioral finance research: LSV is a pioneer and leader in this field and has designed an investment process to exploit investors' cognitive biases, which can lead to "herding" and "group think" behaviors and a tendency to rely on anecdotes and stereotypes as a filter for investment decisions. The team's research has demonstrated that value strategies potentially produce superior returns because investors extrapolate past performance too far into the future.
Deep, experienced investment team: Markets evolve, which can lead to new, exploitable behavioral tendencies, as investors react to new data in different ways. LSV's large and deep academic investment team keeps it on the cutting edge of research, validating the relevancy of its quantitative model and the continual search for undiscovered and exploitable investment variables.

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 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