Opportunity Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Opportunity Fund – SOPVX

Share Price 06-18-13	$44.83
Daily Change	0.34
YTD Return	15.39%
Inception Date	12-31-1985
Net Fund Assets 05-31-2013	$1,829,217,363.86

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	11.38	10.02	6.43	10.28	12.03
POP	4.97	7.87	5.18	9.62	11.78

Russell Midcap Index

	1-year	3-year	5-year	10-year	Inception
	--	--	--	--	--

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 Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

The inception date of Class A shares was 2-24-00. Class C shares incepted on 3-31-08. Effective 6-20-08, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Performance shown for the Class A shares from 2-24-00, to 6-20-08, includes Advisor Class expenses and is adjusted to reflect Class A sales charges. Performance shown prior to the inception of Class A reflects the performance of the Investor Class shares, adjusted to reflect Advisor Class expenses and Class A sales charges. Performance shown prior to the inception of Class C reflects the performance of Class A shares, adjusted to reflect Class C sales charges and expenses.

EXPENSES %

Net Expense Ratio effective since 02-01-13	1.23%
Gross Expense Ratio	1.26%

Important disclosure

The advisor has committed, through 01-31-14, 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 1.22%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 05-31-2013

Category = Mid-Cap Blend

3-Year out of 345 funds
5-Year out of 314 funds
10-Year out of 196 funds
Overall out of 345 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

Ace Limited	2.07%
Praxair Incorporated	1.81%
Agilent Technologies Incorporated	1.70%
ON Semiconductor Corporation	1.61%
Republic Services Incorporated	1.52%
Netapp Incorportated	1.52%
Kohl's Corporation	1.50%
PNC Financial Services Group	1.48%
Denbury Resources Incorporated	1.47%
Macy's Incorporated	1.38%

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

Consumer Discretionary	20.84%
Information Technology	16.20%
Financials	15.31%
Health Care	10.89%
Industrials	10.67%
Energy	9.72%
Materials	6.67%
Cash	5.23%
Consumer Staples	4.47%
Telecommunication Services	0.00%

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

FUND STORY

PORTFOLIO MANAGERS

		Ann M. Miletti Years of investment experience: 17

		Thomas D. Wooden, CFA Years of investment experience: 14

The Fund

The Wells Fargo Advantage Opportunity Fund^SM seeks long-term capital appreciation by principally investing in equity securities of medium-capitalization companies that management believes are underpriced yet have attractive growth prospects.

Competitive Advantages

Private market valuation (PMV) approach: By constantly measuring a company's "private market value," the team is better able to assess a company's worth and act decisively when "market emotion" drives the price of a solid business down to discount levels. Additionally, the PMV investment process helps to discern differences between mispriced stocks and those with cheap valuations, improving the team's likelihood to generate alpha.
Opportunistic core approach: The PMV investment approach is designed to be growth- and value-neutral, with the flexibility to opportunistically invest in the best ideas at either end of the growth and value spectrum.

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