Emerging Markets Equity Income Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Emerging Markets Equity Income Fund – EQIAX

Share Price 05-24-13	$12.30
Daily Change	-0.09
YTD Return	7.04%
Inception Date	05-31-2012
Net Fund Assets 04-30-2013	$13,531,827.82

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	--	--	--	--	23.71
POP	--	--	--	--	16.59

MSCI Emerging Markets 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.
The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. 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 03-01-13	1.65%
Gross Expense Ratio	4.34%

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 1.65%. Without this cap, the fund's returns would have been lower.

HOLDINGS

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

Shin Corp Pcl Foreign Common Stock	2.70%
Industrial and Commercial Bank of China Limited	2.26%
Sk Telecom Limited ADR	2.22%
China Construction Bank	2.03%
Taiwan Semiconductor Manufacturing Company Limited	1.96%
Philippine Lng Dis Php5	1.74%
Semirara Mining Corp Common Stock Php1.	1.71%
Telefonica Brasil ADR	1.68%
China Mobile Limited	1.63%
KT Corporation	1.58%

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

Financials	26.42%
Telecommunication Services	18.46%
Information Technology	13.01%
Industrials	9.15%
Energy	8.27%
Consumer Discretionary	8.02%
Utilities	4.70%
Materials	4.38%
Cash	3.96%
Consumer Staples	1.92%

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

FUND STORY

PORTFOLIO MANAGERS

		Anthony L.T. Cragg Years of investment experience: 32
		Alison Shimada Years of investment experience: 28

The Fund

The Wells Fargo Advantage Emerging Markets Equity Income Fund seeks to generate total return by investing in emerging markets stocks with dividend yields greater than the average for the MSCI Emerging Markets Net Index.

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 regional risk and 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