Small/Mid Cap Core Fund

Fund Profile

Share Price 05-24-13	--
Daily Change	--
YTD Return	--
Inception Date	N/A
Net Fund Assets 04-30-2013	--

PERFORMANCE

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

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

Russell 2500 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 2500™ Index measures performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since --
Gross Expense Ratio

Important disclosure

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

MORNINGSTAR RATINGS as of 04-30-2013

Category =

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

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

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

FUND STORY

PORTFOLIO MANAGER

John R. Campbell, CFA
Years of investment
experience: 19

The Fund

The Wells Fargo Advantage Small/Mid Cap Core Fund seeks long-term capital appreciation by using a combination of quantitative methods and fundamental analysis to select a core portfolio of small- to medium-capitalization companies.

Competitive Advantages

Forecasting ability of a proprietary mix of factors: Quantitative research is designed to take advantage of a diversified mix of factors used to forecast price movements in all predominant market cycles independent of style leadership (for example, growth, value, large cap, or small cap). The team believes that this process should lead to consistent results that avoid long periods of underperformance.
Categorization of companies by business-cycle phase: Companies in similar business life-cycle phases, sharing certain financial characteristics, tend to behave similarly. Grouping companies by business life-cycle phases allows the team to customize factors and weights within its investment models, emphasizing more predictive components.

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). 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.

Back

Not FDIC Insured • No Bank Guarantee • May Lose Value