Wells Fargo Advantage Opportunity Fund – SOPFX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Mid-Cap Blend 3-year Morningstar Rating™ (out of 363 funds)   5-year Morningstar Rating™ (out of 304 funds)   10-year Morningstar Rating™ (out of 161 funds)   Overall Morningstar Rating™ (out of 363 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 Multi-Cap Core Funds

1-year   132 out of 858 3-year   112 out of 735 5-year   170 out of 598 10-year   86 out of 252

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
Opportunity Fund				18.98%		-7.17%		1.01%		2.08%		11.88%
Russell Midcap Index				25.13%		-8.19%		1.22%		4.24%		--
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		1.35%
Gross Expense Ratio		1.48%
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		47.16%
2008		-40.38%
2007		4.98%
2006		11.75%
2005		7.22%
2004		17.62%
2003		37.46%
2002		-26.95%
2001		-4.80%
2000		8.57%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGER

Ann M. Miletti Managed the Opportunity Fund and its predecessor since 2001 Ms. Miletti is a managing director and lead portfolio manager for the Core Equity team at Wells Capital Management, with principal responsibility for the day-to-day management and decision-making for the team. Ms. Miletti joined Wells Capital Management in 2005 as a portfolio manager. Prior to that, she was with Strong Capital Management since 1991. Ms. Miletti earned a bachelor's degree from the University of Wisconsin-Milwaukee.

OBJECTIVE  |  The Opportunity Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of medium-capitalization companies, which we define as those within the range of market capitalizations of companies in the Russell Midcap^® Index. The range of the Russell Midcap^® Index was $1.4 billion to $19.1 billion as of May 30, 2008, and is expected to change frequently. Furthermore, we may use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return. We reserve the right to hedge the portfolio's foreign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency hedging.

We invest in equity securities of medium-capitalization companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market value," which is the price an investor would be willing to pay for the entire company. We determine a company's private market value based upon several types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive situation and industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market value. We place an emphasis on a company's management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of a company. We then compare the private market value as determined by these factors to the company's public market capitalization, and invest in the equity securities of those companies where we believe there is a significant gap between the two. We may sell an investment when its market price no longer compares favorably with the company's private market value. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.

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 Praxair Incorporated   1.68% Comcast Corporation-Cl A   1.60% Weatherford International Limited   1.57% Crown Holdings Incorporated   1.52% Global Payments Incorporated   1.49% Fidelity National Information Services Incorporated   1.43% Microsemi Corporation   1.43% Equinix Incorporated   1.43% Church & Dwight Company Incorporated   1.42% Mastercard Incorporated-Cl A   1.40% 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 Information Technology   22.42% Consumer Discretionary   20.59% Financials   13.52% Industrials   13.29% Health Care   9.06% Energy   8.06% Materials   5.66% Consumer Staples   4.02% Cash   2.10% Telecommunication Services   1.28% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   83 Median Market Capitalization   $8.38 Billion Turnover Rate – as of 7-31-10   45.83% R²   0.98 Beta   0.94

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