Wells Fargo Advantage Growth Fund – SGROX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Large Growth 3-year Morningstar Rating™ (out of 1511 funds)   5-year Morningstar Rating™ (out of 1283 funds)   10-year Morningstar Rating™ (out of 742 funds)   Overall Morningstar Rating™ (out of 1511 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 Growth Funds

1-year   13 out of 432 3-year   18 out of 364 5-year   16 out of 285 10-year   96 out of 195

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
Growth Fund				25.33%		-2.20%		5.43%		-2.60%		9.33%
Russell 3000 Growth Index				13.95%		-6.97%		0.44%		-4.89%		--
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 12-01-09		1.40%
Gross Expense Ratio		1.46%
The adviser has committed, through 11-30-10, 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

2009		47.33%
2008		-40.45%
2007		27.42%
2006		7.73%
2005		8.99%
2004		12.57%
2003		30.13%
2002		-25.28%
2001		-34.39%
2000		-9.23%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas C. Ognar, CFA Managed the Growth Fund and its predecessor since 2002 Mr. Ognar joined Wells Capital Management in 2005. Prior to joining Wells Capital Management, Mr. Ognar was with Strong Capital Management, Inc. ("SCM") since January 1998, where he was a senior equity research analyst from October 1998 to 2002. Prior to joining SCM, he was a research analyst at M&I Investment Management Corp., and he was a trader at Republic Securities, Inc. Mr. Ognar earned his B.A. degree in Finance from Miami University and his M.S. degree in Finance from the University of Wisconsin, Madison.
		Bruce C. Olson, CFA Managed the Growth Fund and its predecessor since 2005 Mr. Olson joined Wells Capital Management in 2005. Prior to that he was with Strong Capital Management, Inc. ("SCM") since 1994, where he managed separate and institutional accounts since January 1998. In May 2002, he was also named as a co-portfolio manager of the Strong Large Cap Growth Fund and sole portfolio manager of the Fund on June 30, 2003. Prior to joining SCM, he was a managing partner at Olson Brothers, Inc. from 1989 to 1993. Prior to joining Olson Brothers Inc., he was with The Travelers Corporation, American National Bank and Trust Co. of Chicago, and Minton Investment Corporation. Mr. Olson earned a B.A. degree in Finance and History from Gustavus Adolphus College.
		Joseph M. Eberhardy, CFA, CPA Managed the Growth Fund since 2008 Mr. Eberhardy joined Wells Capital Management in 2005 from Strong Capital Management ("SCM"), having joined SCM in 1994. Prior to his current role, Mr. Eberhardy was a senior research analyst with the Growth Equity team, and he maintains research responsibilities in the health care, capital goods, and aerospace-and-defense industries. Prior to joining the Growth Equity team in 2000, his previous roles at SCM included small- to mid-cap equity analyst, high-yield bond trader, and fixed-income accounting manager. Mr. Eberhardy earned a bachelor's degree in accounting from the University of Wisconsin, Milwaukee.

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

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of companies that we believe have prospects for robust and sustainable growth of revenues and earnings. We select equity securities of companies of any size. We may also invest in equity securities of foreign issuers through ADRs and similar investments.

We focus on companies that dominate their market, are establishing new markets or are undergoing dynamic change. We believe earnings and revenue growth are critical factors in determining stock price movements. Thus, our investment process is centered around finding companies with the prospects for robust and sustainable growth in earnings and revenue. To find that growth, we use bottom-up research, emphasizing companies whose management teams have a history of successfully executing their strategy and whose business model has sufficient profit potential. We use earnings surprise and revision patterns along with many other financial metrics to assess these criteria. We then combine that company-specific analysis with our assessment of secular and technical trends to form a buy/sell decision about a particular stock. We may invest in any sector, and at times we may emphasize one or more particular sectors. We sell a company's securities when we see deterioration in fundamentals that causes us to become suspicious of a company's prospective growth profile or the profitability potential of its business model. We may also sell or trim a position when we need to raise money to fund the purchase of a better idea, when valuation is extended beyond our bullish expectations. We may actively trade portfolio securities.

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. 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 Apple Incorporated   4.02% Alexion Pharmaceuticals Incorporated   3.33% Google Incorporated-Cl A   3.18% Mettler-Toledo International Incorporated   2.68% Cisco Systems Incorporated   2.42% Priceline.com Incorporated   2.35% Praxair Incorporated   2.22% Monolithic Power Systems Incorporated   1.96% Tractor Supply Companycomm   1.96% TD Ameritrade Holding Corporation   1.96% 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   36.62% Consumer Discretionary   18.85% Health Care   17.85% Energy   7.55% Industrials   5.47% Financials   4.97% Materials   3.30% Cash   2.84% Telecommunication Services   1.65% Consumer Staples   0.91% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   99 Median Market Capitalization   $7.07 Billion Turnover Rate – as of 7-31-10   72.11% R²   0.96 Beta   1.00

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