MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Small Blend 3-year Morningstar Rating™ (out of 553 funds)   5-year Morningstar Rating™ (out of 452 funds)   10-year Morningstar Rating™ (out of 236 funds)   N/A Overall Morningstar Rating™ (out of 553 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 Small-Cap Core Funds

1-year   605 out of 754 3-year   470 out of 629 5-year   399 out of 511 10-year   N/A 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
Small Cap Disciplined Fund		-13.39%		-7.44%		-0.30%		--		6.81%
Russell 2000 Value Index		-12.61%		-6.65%		1.78%		--		--
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 03-01-09		1.49%
Gross Expense Ratio		1.65%
The adviser has committed, through 02-28-10, 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		-34.32%
2007		-4.79%
2006		18.43%
2005		-0.64%
2004		27.04%
2003		62.53%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Managed the Small Cap Disciplined Fund since 2009 Mr. Tringas joined Wells Capital Management in 2009 as a portfolio manager. He is also a managing director and senior portfolio manager with the Small Cap Value Team of Evergreen Investment Management Company. Mr. Tringas has been with Evergreen Investment Management Company or one of its predecessor firms since 1994. Prior to that time, he served as a Senior Consultant in the Personal Financial Group of Ernst & Young from 1990 to 1994. Mr. Tringas received both a BS (1988) and a MS (1990) in accounting from the University of Florida. He has been awarded the use of the Chartered Financial Analyst (CFA) designation by the CFA Institute. He is also a Certified Public Accountant; he received his CPA license from the State of Florida in 1991.
		Bryant VanCronkhite, CFA, CPA Managed the Small Cap Disciplined Fund since 2009 Mr. VanCronkhite, a senior research analyst for the Disciplined Value Equity Team at Wells Capital Management, has been promoted to take on the newly established role of co-portfolio manager for the team. Prior to becoming co-portfolio manager, Mr. VanCronkhite was a senior research analyst on the team, which he joined in 2004. Earlier, Mr. VanCronkhite was a mutual fund accountant for Strong Capital Management. He earned a bachelor's degree and a master's degree in professional accountancy from the University of Wisconsin–Whitewater and is a certified public accountant. He is a member of the CFA Institute and has earned the right to use the CFA designation.

OBJECTIVE  |  The Small Cap Disciplined Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in small-capitalization companies that we believe are undervalued relative to the market based on discounted cash flows, earnings and asset value. We define small-capitalization companies as companies whose market capitalizations are substantially similar to those of companies in the Russell 2500™ Index.

We seek to take advantage of opportunities in the market created by investors who primarily focus on the short-term prospects of companies. To identify these opportunities, we follow a bottom-up investment process that focuses on three key elements – right company, right price, and right time. First, the right companies are defined as those that have solid assets with manageable debt levels in good industries. Secondly, we seek to buy these companies at the right price. To determine the right price, we carefully evaluate the potential upside reward as well as the potential downside risk in order to arrive at a reward/risk profile for every company considered. Lastly, we seek to buy these companies at the right time, which is typically when the prevailing market sentiment is low. We believe buying securities of a company when the prevailing sentiment is low allows us to limit the potential downside risk and allows us to participate in the potential upside price appreciation if the business fundamentals of the company improve. We consider selling a security when it appreciates to our target price without changes to the fundamentals of the underlying company, when the fundamentals deteriorate, when the security is forced out of the portfolio by a better idea, or when sentiment improves significantly.

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. 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 Molex Incorporated-Cl A   3.67% Exterran Holdings Incorporated   3.59% ATMI Incorporated   3.45% CRA International Incorporated   3.06% Intermec Incorporated   3.05% Clean Harbors Incorporated   2.93% Waters Corporation   2.77% Electronic Arts Incorporated   2.59% Republic Services Incorporated   2.52% CapitalSource Incorporated   2.42% 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 Financials   23.01% Information Technology   21.73% Industrials   17.73% Consumer Discretionary   11.30% Health Care   9.07% Energy   5.14% Consumer Staples   4.25% Utilities   4.22% Materials   3.54% Telecommunication Services   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   93 Median Market Capitalization   $1.14 Billion Turnover Rate – as of 9-30-09   82.68% R²   0.93 Beta   0.88

ACCOUNT FEATURES Retirement Accounts   Yes 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