Wells Fargo Advantage Small Cap Growth Fund – WFSZX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Small Growth 3-year Morningstar Rating™ (out of 663 funds)   5-year Morningstar Rating™ (out of 548 funds)   10-year Morningstar Rating™ (out of 317 funds)   Overall Morningstar Rating™ (out of 663 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 Small-Cap Growth Funds

1-year   230 out of 531 3-year   51 out of 462 5-year   10 out of 390 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
Small Cap Growth Fund				22.20%		-4.50%		6.14%		0.57%		9.42%
Russell 2000 Growth Index				17.96%		-7.54%		1.14%		-1.72%		--
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		1.49%
Gross Expense Ratio		1.63%
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		50.54%
2008		-39.90%
2007		13.22%
2006		22.05%
2005		5.95%
2004		13.44%
2003		47.63%
2002		-29.63%
2001		-12.80%
2000		-25.26%

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 April 11, 2005, for 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  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		Jerome "Cam" Philpott, CFA Managed the Small Cap Growth Fund and its predecessor since 1993 Mr. Philpott joined Wells Capital Management in 2003 as a portfolio manager. Prior to joining Wells Capital Management, Mr. Philpott was a portfolio manager with Montgomery Asset Management ("Montgomery"), which he joined in 1991 as an analyst for the Small Cap Equity team. Prior to joining Montgomery, Mr. Philpott served as a securities analyst with Boettcher & Company and a general securities analyst at Berger Associates, Inc., an investment management firm. Mr. Philpott earned his M.B.A. degree from the Darden School at the University of Virginia and his B.A. degree in Economics from Washington and Lee University.
		Stuart Roberts Managed the Small Cap Growth Fund and its predecessor since 1990 Mr. Roberts joined Wells Capital Management in 2003 as a portfolio manager. Prior to joining Wells Capital Management, Mr. Roberts was a senior portfolio manager with Montgomery for the Small Cap Growth Fund since its inception in 1990. Prior to joining Montgomery, Mr. Roberts was vice president and portfolio manager at Founders Asset Management, where he was responsible for three separate growth-oriented small-cap mutual funds. He earned his M.B.A. degree from the University of Colorado and a B.A. degree in Economics from Bowdoin College.

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

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of small-capitalization companies that we believe have above-average growth potential. We define small-capitalization companies as those with market capitalizations at the time of purchase of less than $2 billion.

We focus our investment strategy on identifying and investing in rapidly growing small capitalization companies that are in an early or transitional stage of their development, before their potential is discovered by the market. We build the Fund's portfolio by selecting companies that we consider to have successful business plans. We seek high growth, favorably valued securities and have a bias for growth companies with reasonable valuation. We maintain a disciplined approach to monitoring the valuation characteristics of the portfolio. We use a variety of criteria specific to a portfolio security to determine when we may potentially sell such security to avoid reacting to pressure caused by volatility in the broad small cap market. Such criteria may include a security reaching our target price (potentially as a result of an expansion of the price-earnings multiple or a change in our earnings estimate), the availability of a more favorable investment opportunity, or a drop in the price of a security below cost (after adjustment for major market declines).

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. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 07-31-2010 GSI Commerce Incorporated   3.01% Scientific Games Corporation   2.33% Sykes Enterprises Incorporated   2.19% Gartner Incorporated   2.13% Cbeyond Incorporated   2.12% Bridgepoint Education Incorporated   2.05% PMC-Sierra Incorporated   2.04% Microsemi Corporation   1.89% Synchronoss Technologies Incorporated   1.75% Polaris Industries Inc.   1.72% 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   26.82% Consumer Discretionary   21.52% Industrials   20.58% Health Care   17.67% Financials   4.23% Energy   3.70% Telecommunication Services   3.49% Materials   1.37% Cash   0.62% Consumer Staples   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   103 Median Market Capitalization   $0.88 Billion Turnover Rate – as of 7-31-10   71.13% R²   0.93 Beta   1.06

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