Wells Fargo Advantage Small/Mid Cap Value Fund – SMMVX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Small Blend 3-year Morningstar Rating™ (out of 561 funds)   5-year Morningstar Rating™ (out of 472 funds)   10-year Morningstar Rating™ (out of 249 funds)   N/A Overall Morningstar Rating™ (out of 561 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 Small-Cap Core Funds

1-year   23 out of 766 3-year   307 out of 667 5-year   215 out of 549 10-year   N/A

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
Small/Mid Cap Value Fund				29.47%		-7.57%		1.78%		--		5.55%
Russell 2500 Value Index				26.46%		-9.26%		-0.09%		--		--
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. Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision.

EXPENSES
Net Expense Ratio – effective since 03-01-10		1.49%
Gross Expense Ratio		1.68%
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		60.84%
2008		-43.92%
2007		-1.09%
2006		13.41%
2005		13.32%
2004		19.37%
2003		58.44%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		I. Charles Rinaldi Managed the Small/Mid Cap Value Fund and its predecessor since 2002 Mr. Rinaldi joined Wells Capital Management in 2005 as a portfolio manager. Prior to joining Wells Capital Management, he was a portfolio manager with Strong Capital Management, Inc. ("SCM") since 1997. Prior to joining SCM, he was with Mutual of America Capital Management Corporation where he was senior vice president and portfolio manager. He began his investment career at Merrill Lynch Capital Markets where he was a security analyst. He has also been employed by Glickenhaus & Company, Lehman Management Co., Arnold and S. Bleichroeder, and Gintel & Co., as a portfolio manager. Mr. Rinaldi earned a B.A. degree in Biology from St. Michael's College and his M.B.A. degree in Finance from Babson College.
		Erik C. Astheimer Managed the Small/Mid Cap Value Fund since 2008 Mr. Astheimer serves as a senior research analyst and co-portfolio manager for the Value Equity team at Wells Capital Management. Prior to joining Wells Capital Management, Mr. Astheimer served as senior analyst at Strong Capital Management, which he joined in 2004. Prior to his service at Strong, Mr. Astheimer worked at Gabelli & Company as a research analyst. Before that, he was a financial analyst at Salomon Smith Barney in its investment banking department, which included assignments in the Asia-Pacific region. Mr. Astheimer earned a bachelor's degree in finance from Duquesne University.
		Michael Schneider, CFA Managed the Small/Mid Cap Value Fund since 2008 Mr. Schneider serves as a senior research analyst and co-portfolio manager for the Value Equity team at Wells Capital Management. Prior to joining Wells Capital Management in 2005, Mr. Schneider worked as a research analyst at Gabelli & Company. Before that, he was an investment officer and equity analyst at Standard & Poor's and a junior analyst at R.L Renck & Company. Mr. Schneider received his bachelor's degree in finance from St. John's University and earned a master's degree in business administration from Columbia Business School. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Institute and the New York Society of Security Analysts.

OBJECTIVE  |  The Small/Mid Cap Value Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of small-and medium capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index. The market capitalization range of the Russell™ 2500 Index was $167 million to $6.8 billion, as of May 30, 2008, and is expected to change frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock.

We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small- and medium-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small and medium capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.

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. 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 07-31-2010 Interoil Corporation   5.58% Randgold Resources Limited ADR   4.85% Chimera Investment Corporation   3.98% Power One Incorporated   2.16% McMoran Exploration Company   1.92% GEO Group Incorporated   1.77% Tier Technologies Incorporated-Cl B   1.76% Newpark Resources Incorporated   1.60% Hill International Incorporated   1.56% Newmont Mining Corporation   1.51% 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   21.82% Energy   21.65% Information Technology   15.61% Materials   14.42% Industrials   11.41% Consumer Discretionary   6.62% Health Care   6.62% Cash   0.80% Consumer Staples   0.65% Telecommunication Services   0.39% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   149 Median Market Capitalization   $0.72 Billion Turnover Rate – as of 7-31-10   40.77% R²   0.79 Beta   0.98

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