Enterprise Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Enterprise Fund – SENAX

Share Price 05-21-13	$45.21
Daily Change	0.12
YTD Return	20.27%
Inception Date	09-30-1998
Net Fund Assets 04-30-2013	$652,807,801.41

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	8.84	13.20	6.35	10.37	10.76
POP	2.58	10.99	5.09	9.72	10.31

Russell Midcap Growth Index

	1-year	3-year	5-year	10-year	Inception
	12.76	14.23	7.98	11.53	--

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^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index. You cannot invest directly in an index.

The inception date of the 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, through 6-20-08, includes Advisor Class expenses. Performance shown for Class C shares prior to its inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares.

EXPENSES %

Net Expense Ratio effective since 02-01-13	1.18%
Gross Expense Ratio	1.29%

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 1.18%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Mid-Cap Growth

3-Year out of 642 funds
5-Year out of 559 funds
10-Year out of 412 funds
Overall out of 642 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

SBA Communications Corporation-Cl A	3.02%
Discovery Holding Company	2.79%
Kansas City Southern	2.39%
Virgin Media Incorporated	2.12%
Alliance Data Systems Corporation	1.98%
Intercontinentalexchange Incorporated	1.93%
Airgas Incorporated	1.91%
Delphi Automotive PLC	1.88%
CBRE Group Incorporated	1.84%
Linkedin Corp - A	1.74%

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

Industrials	23.95%
Consumer Discretionary	22.79%
Information Technology	17.41%
Health Care	14.56%
Financials	7.54%
Energy	4.38%
Materials	3.32%
Telecommunication Services	3.01%
Consumer Staples	2.70%
Cash	0.34%

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

FUND STORY

PORTFOLIO MANAGERS

		Thomas J. Pence, CFA Years of investment experience: 21

		Michael T. Smith, CFA Years of investment experience: 16

		Chris Warner, CFA Years of investment experience: 11

The Fund

The Wells Fargo Advantage Enterprise Fund^SM seeks long-term capital appreciation by “surrounding the company” and principally investing in mid-capitalization growth companies that consist of core holdings, developing situations, and valuation opportunities.

Competitive Advantages

"Surround the company" research approach: The team's in-depth fundamental research yields an informational advantage, providing multiple perspectives on each individual investment opportunity. This results in a unique level of insight and a clear, 360-degree view of a company's business model and its prospects for strong, sustainable growth.
Three-pronged portfolio construction process: In building portfolios, the team seeks to diversify holdings among three distinct categories of growth opportunities in order to balance risk and return. Over the long term, this disciplined, three-pronged approach has consistently produced strong risk-adjusted returns and attractive up/down market capture characteristics.

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