Portfolio Manager Change for the Wells Fargo Advantage Traditional Small Cap Growth Fund

Portfolio manager Edward Rick has left Wells Capital Management's Traditional Small Cap Growth Equity Team to pursue other interests. Jeff Drummond and Linda Freeman, who have managed the portfolio for 19 years, will continue to serve as senior managers on the team with ongoing support from portfolio managers Jeff Harrison and Paul Carder. The team has reallocated Mr. Rick's research responsibilities and there are no plans to hire a replacement at this time.

Continued management and oversight of the Fund by the tenured portfolio management team provides continuity of research support and the investment process. In addition, with the depth of analyst resources available, no significant disruption to the day-to-day management of the Fund is anticipated.

The following questions and answers provide details about this change.

Can you tell me more about the Traditional Small Cap Growth Equity Team?
The team's experience and tenure together is a notable strength. Senior portfolio managers Linda Freeman and Jeff Drummond have worked continuously together for more than 19 years. Portfolio managers Jeff Harrison and Paul Carder have served on the team for 13 years and six years, respectively.

Following are biographies for Mr. Carder, Mr. Drummond, Ms. Freeman, and Mr. Harrison:

Paul Carder, CFA
Mr. Carder has been with Wells Capital Management (WellsCap) or one of its predecessors since 2004. He is currently a director and portfolio manager with the Traditional Small Cap Growth Equity team of WellsCap's Equity Management group, where his responsibilities include analysis and portfolio management of industrial, materials, capital goods, energy, and transportation stocks. Mr. Carder began his career at WellsCap as an analyst for the Small Cap Growth team. Previously, he served as an associate equity research analyst for Wachovia Securities. Mr. Carder has been in the investment management field since 2000. He has been awarded the use of the Chartered Financial Analyst^® (CFA^®) designation by the CFA Institute, and he is a member of CFA Virginia. Mr. Carder received a B.S. from Virginia Tech and a M.B.A. in finance from Texas A&M University.

Jeffrey S. Drummond, CFA
Mr. Drummond has been with WellsCap or one of its predecessor firms since 1988. He is currently a managing director and senior portfolio manager with the Traditional Small Cap Growth Equity team of Wells Capital's Equity Management group, where he primarily focuses on the technology sector. Previously, Mr. Drummond served in the investment strategy department at Wheat First Butcher Singer. He has been working in the investment management field since 1988. Mr. Drummond has been awarded the use of the Chartered Financial Analyst designation by the CFA Institute, and he is a member of CFA Virginia and the CFA Institute. Mr. Drummond received a B.S. in finance from the University of Richmond.

Linda Z. Freeman, CFA
Ms. Freeman has been with WellsCap or one of its predecessor firms since 1991. She is currently a managing director and senior portfolio manager with the Traditional Small Cap Growth Equity team of WellsCap's Equity Management group, where she primarily focuses on the health care and consumer sectors of the market. Previously, she served as vice president and portfolio manager of Federated Investment Counseling and Federated Research Corporation in Pittsburgh. Prior to that, Ms. Freeman was an analyst both at Virginia National Bank and at Investment Corporation of Virginia. Ms. Freeman has been working in the investment management field since 1979. She has been awarded the use of the Chartered Financial Analyst designation by the CFA Institute. She is a member of CFA Virginia, the CFA Institute, and a former officer of the Pittsburgh Society of Financial Analysts. Ms. Freeman received a B.A. from Randolph Macon Woman's College and an M.B.A from the University of Pittsburgh.

Jeffrey Harrison, CFA
Mr. Harrison has been with WellsCap or one of its predecessor firms since 1997. He is currently a director and portfolio manager with WellsCap's Traditional Small Cap Growth team. His research responsibilities include the telecommunication, information technology, media, and finance sectors. Previously, he served as an analyst at Fidelity Investments. Mr. Harrison has been working in the investment management field since 1994. He has been awarded the use of the Chartered Financial Analyst designation by the CFA Institute, and is a member of the CFA Institute. Mr. Harrison received a B.A. in economics from Hampden-Sydney College and an M.B.A from The College of William and Mary.

How have Mr. Rick's research responsibilities been divided among the team?
Mr. Rick previously covered the health care sector. Following his departure, Ms. Freeman has assumed full responsibility for covering health care services and health care technology; Mr. Harrison has assumed full responsibility for covering medical devices, biotechnology and specialty pharmaceuticals. Both Ms. Freeman and Mr. Harrison have met with all company management teams and are thoroughly involved in research coverage.

Will the departure of Mr. Rick result in any strategy changes for the Wells Fargo Advantage Traditional Small Cap Growth Fund?
No. We do not anticipate any changes to the team's investment philosophy and process. The team is built on a foundation of open and collaborative research, and we expect that principal to continue to drive the team's process going forward. The team's experience and tenure together remains a notable strength.

What are the assets under management for the Wells Fargo Advantage Traditional Small Cap Growth Fund?
The fund has $214.5 million in assets under management as of August 31, 2010.

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.