MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Large Blend 3-year Morningstar Rating™ (out of 1694 funds)   5-year Morningstar Rating™ (out of 1352 funds)   10-year Morningstar Rating™ (out of 681 funds)   Overall Morningstar Rating™ (out of 1694 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 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper S&P 500 Index Objective Funds

1-year   95 out of 170 3-year   103 out of 164 5-year   N/A 10-year   N/A Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURN – as of 09-30-2009

		1-year		3-year		5-year		10-year		Since Inception
Index Fund		-7.32%		-5.93%		0.52%		-0.57%		7.98%
S&P 500 Index		-6.91%		-5.43%		1.02%		-0.15%		--
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 02-01-09		0.45%
Gross Expense Ratio		0.81%
The adviser has committed, through 01-31-10, 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

2008		-37.52%
2007		5.00%
2006		15.25%
2005		4.48%
2004		10.38%
2003		28.03%
2002		-22.18%
2001		-12.11%
2000		-9.38%
1999		20.35%
Investor Class shares incepted on April 11, 2005. Performance shown prior to the inception of the Investor Class shares reflects the performance of the Administrator Class shares, adjusted to reflect Investor Class expenses. Performance prior to November 11, 1994, reflects the performance of an unregistered collective investment fund that was not subject to the same requirements and restrictions as the Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGER

Gregory T. Genung, CFA Managed the Index Fund and its predecessor since 2002 Mr. Genung manages certain of the Wells Fargo Advantage index mutual funds, private accounts and collective trust funds. Before joining the firm in 2001, he was a securities trader at Norwest Investment Services, Inc. since 1994. Earlier, he worked with Piper Capital Management, where he became senior advisory account administrator, specializing in mortgage-backed derivative products. Mr. Genung earned his bachelor's degrees in Finance and Economics from the University of Minnesota, Duluth.

OBJECTIVE  |  The Index Fund seeks to replicate the total rate of return of the S&P 500 Index, before fees and expenses.

PRINCIPAL STRATEGIES  |  We invest in all of the common stocks comprising the S&P 500 Index and attempt to achieve at least a 95% correlation between the performance of the S&P 500 Index and our investment results, before fees and expenses. This correlation is sought regardless of market conditions. We may invest in stock index futures and options on stock indexes as a substitute for a comparable position in the underlying securities.

A precise duplication of the performance of the S&P 500 Index would mean that the NAV of Fund shares, including dividends and capital gains would increase or decrease in exact proportion to changes in the S&P 500 Index. Such a 100% correlation is not feasible. Our ability to track the performance of the S&P 500 Index may be affected by, among other things, transaction costs and shareholder purchases and redemptions. We continuously monitor the performance and composition of the S&P 500 Index and adjust the Fund's portfolio as necessary to reflect any changes to the S&P 500 Index and to maintain a 95% or better performance correlation before fees and expenses.

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

TOP HOLDINGS – % of net assets as of 09-30-2009 Exxon Mobil Corporation   3.50% Microsoft Corporation   2.13% General Electric Company   1.85% JP Morgan Chase & Company   1.83% Procter & Gamble Company   1.79% Johnson & Johnson   1.78% Apple Incorporated   1.76% AT&T Incorporated   1.69% International Business Machines Corporation   1.66% Bank of America Corporation   1.55% 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 09-30-2009 Information Technology   18.66% Financials   15.23% Health Care   13.11% Energy   11.70% Consumer Staples   11.54% Industrials   10.20% Consumer Discretionary   9.16% Utilities   3.72% Materials   3.50% Telecommunication Services   3.17% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   509 Median Market Capitalization   $8.16 Billion Turnover Rate – as of 9-30-09   10.08% R²   1.00 Beta   1.00

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