MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Large Growth 3-year Morningstar Rating™ (out of 1518 funds)   5-year Morningstar Rating™ (out of 1251 funds)   10-year Morningstar Rating™ (out of 663 funds)   Overall Morningstar Rating™ (out of 1518 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 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper Large-Cap Growth Funds

1-year   648 out of 832 3-year   608 out of 708 5-year   469 out of 589 10-year   10 out of 304 Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURN – as of 09-30-2009

		1-year		3-year		5-year		10-year		Since Inception
Capital Growth Fund		-7.96%		-5.49%		0.35%		3.10%		5.27%
Russell 1000 Growth Index		-1.85%		-2.50%		1.86%		-2.56%		--
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 12-01-08		1.35%
Gross Expense Ratio		1.39%
The adviser has committed, through 11-30-09, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2008		-45.64%
2007		18.08%
2006		4.36%
2005		9.44%
2004		17.51%
2003		25.41%
2002		-18.09%
2001		-8.97%
2000		3.35%
1999		52.14%

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		Thomas J. Pence, CFA Managed the Capital Growth Fund and its predecessor since 2004 Mr. Pence joined Wells Capital Management in 2005. Prior to joining Wells Capital Management, he was a portfolio manager at Strong Capital Management, Inc. ("SCM") since October 2000. Prior to joining SCM, Mr. Pence served as Senior Vice President and Chief Equity Investment Officer of Conseco Capital Management ("CCM"). While at CCM, he was responsible for managing all tax-exempt and taxable equity portfolios as well as various mutual funds within the Conseco Fund Group. Prior to joining CCM in 1991, Mr. Pence worked for the Forum Group, where he oversaw several transactions as part of the firm's development and acquisition team. Before joining the Forum Group, Mr. Pence was a financial consultant with Peterson & Company in Chicago. Mr. Pence earned a B.S. degree in Business from Indiana University and his M.B.A. degree in Finance with honors from the University of Notre Dame.
		Michael Harris, CFA Managed the Capital Growth Fund since 2006 Michael Harris is a portfolio manager for Wells Capital Management and also serves as a senior research analyst with primary responsibilities covering the financial and energy sectors. He joined Wells Capital Management following the acquisition of Strong Capital Management in 2005. Before joining Strong in 2000, Mr. Harris assisted in research and portfolio management for Conseco Capital Management equity portfolios. Prior to working for Conseco, Mr. Harris worked as an equity research assistant for the IU Foundation, assisting the portfolio managers of the $800 Million IU Foundation Endowment Fund while attending Indiana University. Mr. Harris holds a bachelor's degree in finance from Southeast Missouri State University and earned his MBA in finance from Indiana University. Mr. Harris has earned the right to use the Chartered Financial Analyst designation.

OBJECTIVE  |  The Capital Growth Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of large-capitalization companies that we believe offer the potential for capital growth. We define large-capitalization companies as those with market capitalizations of $3 billion or more. We may also invest in equity securities of foreign issuers through ADRs and similar investments.

We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics and how management teams allocate capital in order to drive future cash flow. We typically use a quantitative investment approach to assess a firm's intrinsic value to set price objectives. Holdings are continuously monitored for changes in fundamentals and their upside potential to fair valuation. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when we believe it no longer offers attractive growth prospects or when we wish to take advantage of a better investment opportunity.

RISKS  |  Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses, and may generate higher short-term capital gains. 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.

TOP HOLDINGS – % of net assets as of 09-30-2009 Apple Incorporated   4.12% Cisco Systems Incorporated   3.47% Hewlett-Packard Company   2.66% Microsoft Corporation   2.61% Google Incorporated-Cl A   2.61% Qualcomm Incorporated   2.54% American Express Company   2.31% CVS Caremark Corporation   2.23% Nucor Corporation   2.22% Bank of America Corporation   2.20% 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 09-30-2009 Information Technology   42.99% Consumer Discretionary   10.67% Health Care   9.79% Industrials   8.95% Energy   7.85% Financials   6.76% Consumer Staples   5.50% Materials   5.49% Telecommunication Services   2.00% Utilities   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   66 Median Market Capitalization   $17.82 Billion Turnover Rate – as of 9-30-09   162.89% R²   0.93 Beta   1.08

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