MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Mid-Cap Blend 3-year Morningstar Rating™ (out of 378 funds)   5-year Morningstar Rating™ (out of 298 funds)   10-year Morningstar Rating™ (out of 145 funds)   Overall Morningstar Rating™ (out of 378 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 Mid-Cap Value Funds

1-year   137 out of 249 3-year   72 out of 205 5-year   78 out of 161 10-year   4 out of 58 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
Mid Cap Disciplined Fund		-3.50%		-4.37%		2.58%		9.93%		10.57%
Russell Midcap Value Index		-7.12%		-5.65%		3.53%		7.43%		--
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		1.31%
Gross Expense Ratio		1.52%
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		-30.07%
2007		-4.89%
2006		18.27%
2005		7.92%
2004		21.18%
2003		40.66%
2002		-11.78%
2001		12.41%
2000		22.80%
1999		35.20%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Managed the Mid 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 Mid 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 Mid Cap Disciplined Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of medium-capitalization companies which we define as securities of companies with market capitalizations within the range of the Russell Midcap Index. The market capitalization 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. We may also invest in equity securities of foreign issuers through ADRs and similar investments.

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 Waste Management Incorporated   4.14% Exterran Holdings Incorporated   3.69% Walgreen Company   3.19% Waters Corporation   2.84% Molex Incorporated-Cl A   2.76% Electronic Arts Incorporated   2.50% AllianceBernstein Holding LP   2.47% Conagra Foods Incorporated   2.44% IAC/InterActive Corporation   2.28% Hospira Incorporated   2.21% 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   21.47% Information Technology   16.43% Industrials   13.59% Consumer Discretionary   9.91% Health Care   9.01% Energy   8.20% Consumer Staples   7.83% Materials   7.76% Utilities   5.79% 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   96 Median Market Capitalization   $2.70 Billion Turnover Rate – as of 9-30-09   106.97% R²   0.91 Beta   0.75

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