Wells Fargo Advantage Special Mid Cap Value Fund – SMCDX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Mid-Cap Blend 3-year Morningstar Rating™ (out of 363 funds)   5-year Morningstar Rating™ (out of 304 funds)   10-year Morningstar Rating™ (out of 161 funds)   Overall Morningstar Rating™ (out of 363 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 Value Funds

1-year   52 out of 340 3-year   26 out of 279 5-year   20 out of 214 10-year   4 out of 93

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
Special Mid Cap Value Fund				20.86%		-6.85%		1.26%		7.30%		10.08%
Russell Midcap Value Index				28.91%		-9.44%		0.71%		7.55%		--
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		1.31%
Gross Expense Ratio		1.49%
The adviser has committed to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown, excluding acquired fund fees. The contractual waiver end date for class A, C and Institutional is 7-18-2013 and for Administrator and Investor Class shares is 02-28-2011. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2009		31.87%
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%

Prior to July 16, 2010, the Fund was named Wells Fargo Advantage Mid Cap Disciplined Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		James M. Tringas, CFA, CPA Mr. Tringas has been with Wells Capital Management or one of its predecessor firms since 1994. He is currently managing director and senior portfolio manager with the Small Cap Value team of Wells Capital Management's Equity Management group. Previously, Mr. Tringas served as a senior consultant in the personal financial group of Ernst & Young LLP. He has been awarded the Chartered Financial Analyst® (CFA®) designation by the CFA Institute, and is also a Certified Public Accountant (CPA). He is a member of the Boston Society of Financial Analysts and the AICPA. Mr. Tringas received both a B.S. and an M.S. in accounting from the University of Florida.
		Bryant VanCronkhite, CFA, CPA Bryant VanCronkhite is portfolio manager for the Special Mid Cap Value portfolio at Wells Capital Management. He also serves as senior analyst for the Special Small Cap Value portfolio. Prior to this, Bryant was a senior research analyst on the team, which he joined in 2004 before the acquisition of Strong Capital Management. Earlier, Bryant was a mutual fund accountant for Strong. 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 CFA Institute and has earned the right to use the CFA designation.

OBJECTIVE  |  The Special Mid Cap Value Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies. 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 $263 million to $15.6 billion, as of December 31, 2009, and is expected to change frequently. We may use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return.

We look for significantly undervalued companies that we believe have the potential for above average capital growth with below average risk. Rigorous fundamental research drives our search for undervalued, high quality companies, defined as industry leaders with strong balance sheets and superior cash flows. We utilize quantitative screens to narrow the investment universe by assessing companies' financial statement strength and looking for high cash flows and low financial leverage. Through detailed qualitative research, we then identify stocks valued below their estimated intrinsic value with hidden opportunities for above-average appreciation. Typical investments include stocks of companies that have low price-to-earnings ratios, are generally out of favor in the marketplace, are selling significantly below their stated or replacement book value or are undergoing a reorganization or other corporate action that may create above-average price appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock's price nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risks increase, the company's fundamentals have deteriorated or we identify a more attractive investment opportunity.

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. 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 Molex Incorporated-Cl A   2.49% Fedex Corporation   2.46% IAC/InterActive Corporation   2.42% The Kroger Company   2.24% Global Payments Incorporated   2.22% Tyco International Limited   2.09% Brown & Brown Incorporated   2.05% FMC Corporation   2.01% CapitalSource Incorporated   1.97% Walgreen Company   1.94% 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   21.26% Information Technology   15.88% Industrials   13.75% Consumer Discretionary   10.21% Materials   8.11% Health Care   7.94% Energy   7.50% Consumer Staples   7.02% Cash   4.52% Utilities   3.82% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   87 Median Market Capitalization   $2.92 Billion Turnover Rate – as of 7-31-10   111.44% R²   0.92 Beta   0.78

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