Wells Fargo Advantage Discovery Fund – STDIX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Mid-Cap Growth 3-year Morningstar Rating™ (out of 695 funds)   5-year Morningstar Rating™ (out of 606 funds)   10-year Morningstar Rating™ (out of 358 funds)   Overall Morningstar Rating™ (out of 695 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 Growth Funds

1-year   51 out of 434 3-year   110 out of 382 5-year   59 out of 328 10-year   10 out of 187

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
Discovery Fund				27.97%		-5.64%		3.61%		4.88%		10.30%
Russell 2500 Growth Index				21.44%		-7.10%		1.81%		-1.06%		--
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		1.38%
Gross Expense Ratio		1.54%
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		38.33%
2008		-43.62%
2007		21.93%
2006		13.02%
2005		7.24%
2004		15.69%
2003		38.34%
2002		-12.12%
2001		4.17%
2000		3.97%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas J. Pence, CFA Managed the Discovery Fund and its predecessor since 2001 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.
		James M. Leach, CFA Managed the Discovery Fund and its predecessor since 2003 Mr. Leach joined Wells Capital Management as a portfolio manager in 2005. Prior to joining Wells Capital Management, he was with SCM since October 2000, first as a portfolio manager of institutional mid-cap equity accounts and beginning in October 2003, a co-portfolio manager for the Discovery Fund. From April 1999 to October 2000, Mr. Leach was responsible for assisting in the portfolio management and research effort for Conseco Capital Management's ("CCM") equity portfolios. From 1997 to 1999, he was an equity analyst at Bankers Trust in New York. Mr. Leach earned his bachelor's degree in Mechanical Engineering from the University of California, Santa Barbara and his M.B.A. degree in Finance from New York University's Stern School of Business.

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

PRINCIPAL STRATEGIES  |  We invest in equity securities of small- and medium-capitalization companies that we believe offer favorable opportunities for growth. We define small- and medium capitalization companies as those with market capitalizations at the time of purchase equal to or lower than the company with the largest market capitalization in the Russell Midcap Index, which was $19.1 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.

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 that we believe 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 such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. We typically use a discounted cash flow model to assess a firm's intrinsic value in order to set price objectives. In addition to meeting with management, we survey a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals and their upside potential to fair valuation, which we define as the value of the company (i.e. our price target for the stock) relative to where the stock is currently trading. 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 it no longer offers favorable growth prospects or 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. 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 active trading risk and 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 SBA Communications Corporation-Cl A   3.21% Equinix Incorporated   3.04% Concho Resources Incorporated   2.99% Borgwarner Incorporated   2.42% TRW Automotive Holdings Corporation   2.34% Atlas Air Worldwide Holdings Incorporated   2.25% Netlogic Microsystems Incorporated   2.16% Alexion Pharmaceuticals Incorporated   2.11% Pioneer Natural Resources Company   2.06% F5 Networks Incorporated   2.05% 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   27.93% Consumer Discretionary   25.25% Industrials   13.86% Health Care   8.99% Energy   6.03% Financials   5.72% Telecommunication Services   4.78% Cash   3.12% Materials   2.67% Consumer Staples   1.65% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   66 Median Market Capitalization   $2.47 Billion Turnover Rate – as of 7-31-10   120.50% R²   0.92 Beta   0.97

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