Wells Fargo Advantage Specialized Technology Fund – WFTZX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Technology 3-year Morningstar Rating™ (out of 186 funds)   5-year Morningstar Rating™ (out of 177 funds)   10-year Morningstar Rating™   N/A Overall Morningstar Rating™ (out of 186 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 Global Science/Technology Funds

1-year   24 out of 72 3-year   7 out of 58 5-year   7 out of 54 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
Specialized Technology Fund				20.20%		-1.54%		5.29%		--		-5.04%
S&P North American Technology Index				15.84%		-4.26%		3.06%		--		--
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.

EXPENSES
Net Expense Ratio – effective since 03-01-10		1.85%
Gross Expense Ratio		1.97%
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		58.23%
2008		-45.00%
2007		28.47%
2006		5.88%
2005		8.11%
2004		17.90%
2003		72.21%
2002		-41.42%
2001		-38.46%

Investor Class shares incepted on April 11, 2005. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class. Performance shown prior to the inception of the Investor Class shares reflects the performance of the Class A shares, adjusted to reflect Class Z expenses.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  RCM Capital Management, LLC ("RCM")

PORTFOLIO MANAGERS

		Huachen Chen, CFA Managed the Specialized Technology Fund from 2000 - 2003 and since 2004 Mr. Chen joined RCM as a securities analyst in 1985 and became a principal with the firm in 1994. For the period from 2000 through April 2003, he co-managed the day-to-day management of the Specialized Technology Fund and was responsible for fundamental security analysis for the wireless, hardware and international technology areas. Since May 2003, Mr. Chen served as a member of the team of RCM investment professionals that provided research assistance to the Fund. Mr. Chen resumed his co-management responsibilities for the Fund in 2004. He earned his B.S. degree from Cornell University in Electrical Engineering and his M.S. degree in Materials Science and Engineering from Northwestern.
		Walter C. Price, Jr., CFA Managed the Specialized Technology Fund since 2000 Mr. Price joined RCM in 1974 as a senior securities analyst and became a principal with the firm in 1978. He is co-manager for the day-to-day management of the Specialized Technology Fund and is responsible for fundamental security analysis in the software/services and internet areas. Mr. Price earned his B.S. degree with Honors in Electrical Engineering from M.I.T. and his B.S. and M.S. degrees in Management from the Sloan School at M.I.T. He is a past president of the M.I.T. Club of Northern California and is currently a Director. He also heads the Educational Council for M.I.T. in the Bay Area. Mr. Price is a past Chairman of the AIMR Committee on Corporate Reporting for the computer and electronics industries.

OBJECTIVE  |  The Specialized Technology Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of global technology companies including common stocks and preferred stocks, warrants, convertible debt securities, ADRs (and similar investments), shares of other mutual funds, and shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets. We may also hedge the portfolio's foreign currency exposure by purchasing or selling foreign currency futures and foreign currency forward contracts.

We define technology companies as those with revenues primarily generated by technology products and services, such as computer, software, communications equipment and services, semi-conductor, health care, biotechnology, defense and aerospace, energy equipment and services, nanotechnology, electric manufacturing services and others. We concentrate the Fund's investments in the technology sector, and because we retain the flexibility to invest in a relatively small number of stocks, the Fund is also considered to be non-diversified. We evaluate the fundamental value and prospects for growth of individual companies and focus on technology companies that we expect will have higher than average rates of growth and strong potential for capital appreciation. We develop forecasts of economic growth, inflation, and interest rates that we use to identify regions and individual countries that are likely to offer the best investment opportunities. We may reduce or eliminate exposure to a stock when we identify a more attractive investment opportunity and/or when a company's fundamentals change.

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. Funds that concentrate their investments in a single industry may face increased risk of price fluctuation over more diversified funds due to adverse developments within that industry. 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, foreign investment risk, nondiversification risk, and smaller company securities 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   10.84% F5 Networks Incorporated   4.99% Salesforce.com   4.77% Microsoft Corporation   3.90% Google Incorporated-Cl A   3.86% Amazon.com Incorporated   3.38% Baidu.com Incorporated ADR   3.33% Netflix.com Incorporated   2.85% EMC Corporation   2.72% Cisco Systems Incorporated   2.65% 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   83.08% Cash   7.34% Consumer Discretionary   7.08% Industrials   1.32% Telecommunication Services   0.73% Materials   0.44% Consumer Staples   0.00% Energy   0.00% Financials   0.00% Health Care   0.00% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   60 Median Market Capitalization   $7.56 Billion Turnover Rate – as of 7-31-10   160.17% R²   0.97 Beta   0.97

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