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

Fund Profile

Small Cap Value Fund – SMVAX

Share Price 05-20-13	$35.25
Daily Change	0.16
YTD Return	11.16%
Inception Date	12-31-1997
Net Fund Assets 04-30-2013	$3,641,754,021.01

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	16.96	9.31	6.45	13.32	12.62
POP	10.23	7.17	5.19	12.65	12.18

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.

EXPENSES %

Net Expense Ratio effective since 03-01-13	1.32%
Gross Expense Ratio	1.36%

Important disclosure

The advisor has committed, through 02-28-14, 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 1.30%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = Small Blend

3-Year out of 606 funds
5-Year out of 536 funds
10-Year out of 331 funds
Overall out of 606 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

InterOil Corporation	11.01%
Randgold Resources Limited ADR	6.85%
Chimera Investment Corporation	4.17%
United Continental Holdings Incorporated	3.01%
Argo Group International Holdings Limited	2.35%
Range Resources Corporation	2.29%
Delta Air Lines Incorporated	2.20%
Newpark Resources Incorporated	2.09%
Trilogy Energy Corporation	1.95%
Cray Incorporated	1.76%

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

Energy	24.51%
Financials	19.16%
Materials	15.45%
Industrials	12.11%
Information Technology	9.80%
Cash	6.73%
Health Care	5.34%
Consumer Discretionary	4.97%
Telecommunication Services	1.21%
Consumer Staples	0.71%

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

FUND STORY

PORTFOLIO MANAGERS

		I. Charles Rinaldi Years of investment experience: 42

		Erik C. Astheimer Years of investment experience: 15

		Michael Schneider, CFA Years of investment experience: 15

The Fund

The Wells Fargo Advantage Small Cap Value Fund seeks long-term capital appreciation by principally investing in small-capitalization stocks and using a broad, flexible approach to value investing.

Competitive Advantages

A broad view of value: In contrast to other managers who might rely on one value characteristic, the team uses three types of screens—intrinsic value, relative value, and contrarian value—allowing the fund to participate in both growth and value markets.
Correlation and trend analysis: The team uses a correlation analysis that seeks to quantify specific operating metrics that have historically driven a stock's price. This process helps the team focus its research on stocks with the greatest potential for future appreciation.

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. 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 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