Wells Fargo Advantage Large Company Value Fund – SDVIX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Large Value 3-year Morningstar Rating™ (out of 1116 funds)   5-year Morningstar Rating™ (out of 944 funds)   10-year Morningstar Rating™ (out of 486 funds)   Overall Morningstar Rating™ (out of 1116 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 Large-Cap Value Funds

1-year   155 out of 531 3-year   81 out of 479 5-year   131 out of 416 10-year   102 out of 197

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
Large Company Value Fund				14.05%		-9.83%		-1.18%		1.81%		6.54%
Russell 1000 Value Index				16.92%		-12.32%		-1.64%		2.38%		--
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 12-01-09		1.35%
Gross Expense Ratio		1.63%
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		21.22%
2008		-33.83%
2007		2.79%
2006		17.75%
2005		8.88%
2004		14.04%
2003		24.50%
2002		-19.77%
2001		-11.20%
2000		27.32%

Investor Class shares incepted on July 1, 1993. Performance shown prior to March 21, 2008, does not reflect the Fund’s current investment objective and strategies.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Phocas Financial Corporation

PORTFOLIO MANAGERS

		William Schaff, CFA Managed the Large Company Value Fund since 2008 Mr. Schaff founded Phocas in June 2005 and is co-portfolio manager of the Phocas Real Estate Fund and Phocas Small Cap Value Fund. He has 20 years of investment experience and has managed institutional equity portfolios and mutual funds for Bay Isle Financial, LLC, Janus Capital Group, Berger LLC, and the Undiscovered Managers organization. Mr. Schaff holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Formerly, he served as Trustee and Chairperson of the Investment committee of Alameda County Employee's Retirement. Mr. Schaff holds a Masters degree in Engineering from the University of California, Davis.
		Stephen Block, CFA Managed the Large Company Value Fund since 2008 Mr. Block has 12 years of investment experience. Mr. Block was co-Portfolio Manager of Separate Account Large Cap Value Portfolios at Bay Isle Financial, LLC, and was a Senior Analyst at Janus. Mr. Block holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Mr. Block received his MBA from the University of Michigan's Ross School of Business in accounting and finance. He received his B.A. degree from University of California, San Diego in Quantitative Economic Decision Science.

OBJECTIVE  |  The Large Company Value Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations of $3 billion or more. We may also invest in equity securities of foreign issuers through ADRs and similar investments.

Our investment process is highly aware of our sector allocations against our benchmark because we seek out performance through stock selection rather than overweighting or underweighting certain sectors. We begin our process by ranking approximately 5,000 stocks by market capitalization. Stocks that pass this screen for us will be in the top 20% of market capitalization. We then use our own predetermined criteria (e.g., debt as a portion of firms' total value; net profits as a portion of firms' total revenue; and price-to-earnings ratios) to refine the resulting investment candidates. From there, we perform quantitative financial statement analyses focusing on the strengths and trends in income statements, cash flow statements and balance sheets. Next, using proprietary modeling that determines the valuation of each stock relative to its peers in its respective business sector, we filter the remaining stocks. Our last filter consists of our qualitative assessments for each stock combining inputs that include our assessments of management teams, competitive strengths, business trends, and catalysts in companies' respective businesses. The resulting final portfolio consists of a diverse group of stocks, each of which is believed to have compelling valuations relative to its respective business sector peers and attractive metrics in terms of its appreciation potential.

In general, a stock may be sold if its valuation rises significantly within its respective industry peer group, if its position appreciates above 4% of the portfolio's total market value, if a company's management strategy deviates negatively from our expectations, or if a company's financial statements start to degrade materially.

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 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 General Electric Company   3.87% JP Morgan Chase & Company   2.97% Comerica Incorporated   2.87% Bank of America Corporation   2.67% Chevron Corporation   2.31% Metlife Incorporated   2.30% Berkshire Hathaway Incorporated-Cl B   2.26% Norfolk Southern Corporation   2.21% Eaton Corporation   2.20% Simon Property Group Inc   2.06% 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 Financials   27.75% Industrials   11.18% Energy   11.09% Health Care   11.01% Consumer Discretionary   8.77% Consumer Staples   8.06% Information Technology   7.58% Utilities   5.86% Telecommunication Services   4.51% Materials   3.58% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   71 Median Market Capitalization   $19.33 Billion Turnover Rate – as of 7-31-10   42.44% R²   0.99 Beta   0.95

ACCOUNT FEATURES Check Writing   No Dividends   Quarterly

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