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ADVISER | Wells Fargo Funds Management, LLC
SUB-ADVISER | Wells Capital Management Incorporated ("Wells Capital Management")
PORTFOLIO MANAGERS

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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.
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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.
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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.
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