Wells Fargo Advantage C&B Mid Cap Value Fund – CBMDX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Mid-Cap Value 3-year Morningstar Rating™ (out of 344 funds)   5-year Morningstar Rating™ (out of 263 funds)   10-year Morningstar Rating™ (out of 87 funds)   Overall Morningstar Rating™ (out of 344 funds)   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. Click here for more information.

Morningstar® Style Box™ – as of 07-31-2010 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 07-31-2010 Lipper Mid-Cap Value Funds

1-year   137 out of 179 3-year   140 out of 160 5-year   79 out of 129 10-year   20 out of 54

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 06-30-2010

				1-year		3-year		5-year		10-year		Since Inception
C&B Mid Cap Value Fund				21.07%		-11.52%		-0.35%		7.61%		7.74%
Russell Midcap Value Index				28.91%		-9.44%		0.71%		7.55%		--
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. Current performance may be lower or higher than the performance data quoted. Click here for current month-end performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 03-01-10		1.25%
Gross Expense Ratio		1.57%
The adviser has committed, through 02-28-11, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, excluding acquired fund fees. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		28.78%
2008		-33.68%
2007		-8.90%
2006		25.69%
2005		6.17%
2004		10.98%
2003		38.99%
2002		-9.50%
2001		25.16%
2000		41.03%

Investor Class shares incepted on February 18, 1998. Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Cooke and Bieler, L.P. ("Cooke & Bieler")

PORTFOLIO MANAGERS

		Edward W. O'Connor, CFA Managed the C&B Mid Cap Value Fund and its predecessor since 2002 Mr. O'Connor spent three years at Cambiar Investors ("Cambiar") in Denver, Colorado where he served as an equity analyst and portfolio manager and participated in Cambiar's 2001 management buyout. He joined Cooke & Bieler in 2002 where he is currently a Portfolio Manager and Research Analyst. Mr. O'Connor earned his B.A. degree in Economics and Philosophy at Colgate University and his M.B.A. degree from the University of Chicago.
		Mehul Trivedi, CFA Managed the C&B Mid Cap Value Fund and its predecessor since its inception in 1998 Mr. Trivedi was a fixed income analyst at BlackRock Financial Management and then a product manager at PNC Asset Management. He joined Cooke & Bieler in 1998 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. Trivedi earned his B.A. in International Relations at the University of Pennsylvania, a B.S. degree in Economics at the Wharton School of Business and his M.B.A. degree from the Wharton School of Business.
		Kermit S. Eck, CFA Managed the C&B Mid Cap Value Fund and its predecessor since its inception in 1998 Mr. Eck joined Cooke & Bieler in 1980 and left in 1984 to become Director of Product Marketing for Eczel Corp. From 1987 to 1992, he served as Executive Vice President of Keystone Natural Water. He rejoined Cooke & Bieler in 1992 and currently is a Partner, Portfolio Manager and Research Analyst. Mr. Eck earned his B.S. degree in Computer Science from Montana State University and his M.B.A. degree from Stanford University.
		Michael M. Meyer, CFA Managed the C&B Mid Cap Value Fund and its predecessor since its inception in 1998 Mr. Meyer began his career at Sterling Capital Management as an equity analyst and head equity trader. He joined Cooke & Bieler in 1993 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. Meyer earned his B.A. degree in Economics at Davidson College and his M.B.A. degree from the Wharton School of Business.
		R. James O'Neil, CFA Managed the C&B Mid Cap Value Fund and its predecessor since its inception in 1998 Mr. O'Neil served as an Investment Officer in the Capital Markets Department at Mellon Bank beginning in 1984. He joined Cooke & Bieler in 1988 where he is currently a Partner, Portfolio Manager and Research Analyst. Mr. O'Neil earned his B.A. degree in Economics at Colby College and his M.B.A. degree from the Harvard School of Business.
		Daren C. Heitman, CFA Managed the C&B Mid Cap Value Fund since 2005 Mr. Heitman joined Cooke & Bieler in 2005 and currently serves as a portfolio manager. Previously, he was a senior analyst at Schneider Capital Management from 2000 to 2005. Mr. Heitman was also an analyst and a portfolio manager at Skyline Asset Management from 1995 to 2000. He earned his B.S. in Finance at Iowa State University and his M.B.A. from the University of Chicago. Mr. Heitman has earned the right to use the Chartered Financial Analyst (CFA) designation.
		Steve Lyons, CFA Managed the C&B Mid Cap Value Fund since 2009 Mr. Lyons joined Cooke & Bieler as an intern in the summer of 2005 and joined the firm permanently in August 2006. He earned his undergraduate degree in finance from Arizona State University. Mr. Lyons worked in the investment services industry specializing in private equity and business valuation before receiving his M.B.A degree with honors from the University of Chicago.

OBJECTIVE  |  The C&B Mid Cap Value Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of mid-capitalization companies, which we define as securities of companies with market capitalizations ranging from $500 million to $10 billion. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market.

We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

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. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 07-31-2010 Willis Group Holdings   3.06% Verigy Limited   2.91% White Mountains Insurance Group Limited   2.87% International Speedway Corporation Cl A   2.80% Steelcase Incorporated   2.79% Quest Diagnostics Incorporated   2.79% Fortune Brands Incorporated   2.79% Republic Services Incorporated   2.78% Lam Research Corporation   2.77% Bemis Company Incorporated   2.66% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

TOP SECTORS – % of net assets as of 07-31-2010 Financials   25.30% Industrials   19.51% Information Technology   15.44% Consumer Discretionary   12.24% Materials   9.17% Health Care   8.08% Consumer Staples   6.57% Cash   1.96% Utilities   1.74% Energy   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   44 Median Market Capitalization   $3.14 Billion Turnover Rate – as of 7-31-10   35.40% R²   0.90 Beta   0.90

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum