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					Quarterly Report, Q1 2011 | All information is as of 3-31-11 unless otherwise indicated.

Wells Fargo Advantage Large Cap Growth Fund

GENERAL FUND INFORMATION                                                                                               KEY DRIVERS OF PERFORMANCE

Ticker: STRFX                                                                                                            The fund outperformed its benchmark, the Russell 1000 Growth Index,
Portfolio managers: Joseph M. Eberhardy, CFA; Thomas C. Ognar, CFA; Bruce C. Olson, CFA                                  for the three-month and one-year periods that ended March 31, 2011,
Subadvisor: Wells Capital Management                                                                                     as a result of strong stock selection.
Category: Large-cap growth                                                                                               Outperformance was attributable to gains in the health care,
                                                                                                                         information technology (IT), and consumer staples sectors. In health
FUND STRATEGY                                                                                                            care, Alexion Pharmaceuticals, Inc., continued its advance, while
                                                                                                                         Intuitive Surgical, Inc., (see page 4) contributed additional gains. In
   Invest in companies where growth is robust, sustainable, and not fully recognized by the market.                      IT, semiconductor firm NetLogic Microsystems, Inc., (see page 4)
   Conduct fundamental all-cap research that provides unique insights into a company's true growth rate.                 advanced sharply.
   Continuously manage risk by evaluating the rate and sustainability of a company's true growth rate                    Relative performance during the quarter was held back, particularly
   relative to the market's expectations.                                                                                by positioning in the energy sector. An avoidance of large integrated-
   Act quickly on new information, both positive and negative, in an effort to exploit investor biases.                  oil firm ExxonMobil Corp. detracted from relative performance, due
                                                                                                                         to its large position in the index and significant share price gains.
                                                                                                                       MARKET AND PORTFOLIO OVERVIEW
                                             Year to                                                 Since inception
                                 3 month      date     1 year      3 year     5 year       10 year      (12-30-81)     The equity markets continued their advance during the quarter as most
                                                                                                                       economic and corporate earnings data supported a sustainable
Large Cap Growth Fund–Inv         6.21%      6.21%     19.12%      5.28%      4.34%         2.01%         10.26%
                                                                                                                       recovery. However, investors proceeded with caution at times due to
Russell 1000® Growth Index        6.03%      6.03%     18.26%      5.19%      4.34%        2.99%           –           factors such as geopolitical risks, stubbornly high unemployment, and
                                                                                                                       escalating food and energy prices. Our analysis confirmed our optimism
*Returns for periods of less than one year are not annualized.                                                         regarding the fundamental strength of the companies in the fund. In
                                                                                                                       particular, conversations with company management teams and our
Figures quoted represent past performance, which is no guarantee of future results. Investment return and
                                                                                                                       fundamental analysis indicated that many companies have continued to
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.
                                                                                                                       achieve fairly robust growth. We also observed strong end-demand
Current month-end performance is available at the fund’s website, Investor              from enterprises in industrials and IT, as well as consumer segments.
Class shares are sold without a front-end sales charge or contingent deferred sales charge.                            While demand trends have improved, companies have become more
                                                                                                                       keenly focused on effectively managing input costs, which has become
The advisor has committed, through 11-30-11, to waive fees and/or reimburse expenses to maintain the
                                                                                                                       a significant issue in light of escalating commodity prices. Corporate
contractual cap expense ratio at 1.19% for Investor Class shares, excluding acquired fund fees and certain other
expenses. Without these reductions, the fund's returns would have been lower. The fund's net expense ratio is
                                                                                                                       fundamentals, such as cash-flow generation, have also been favorable,
1.19%. The fund's gross expense ratio is 1.34%.                                                                        enabling businesses to increase capital deployment. We believe this
                                                                                                                       trend should help to spur further economic growth and merger and
                                                                                                                       acquisition (M&A) activity.
                                                                                                                       During the quarter, we continued to focus on identifying firms we
                                                                                                                       believe have robust, sustainable, and underappreciated growth. We
                                                                                                                       reduced our exposure in select areas such as pharmaceuticals and
                                                                                                                       modestly increased our IT weighting. Our reduction to select
                                                                                                                       pharmaceuticals holdings stemmed from our concern over their slowing
                                                                                                                       long-term growth. In IT, we took advantage of volatility to build select
                                                                                                                       positions, particularly in the software and IT services industries, where
                                                                                                                       we remain optimistic on organic growth. Looking ahead, we are
                                                                                                                       confident that our bottom-up process can continue to add value for our
    Video-enabled edition. For more information, see page 8.                                                                                       (See pages 8–9 for important information.)

 1 CM011 04-11                                                                                                                               Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Quarterly attribution analysis

CONTRIBUTORS                                                                   LARGE CAP GROWTH FUND VERSUS RUSSELL 1000® GROWTH INDEX

     Strength from the health care sector was led by holdings in
     pharmaceuticals, biotechnology, and equipment and supplies. The
     top sector contributor was biotechnology firm Alexion
     Pharmaceuticals. The firm has achieved new indications for its
     Soliris drug and has been expanding its presence into new markets.
     In the equipment and supplies industry, Intuitive Surgical and
     St.Jude Medical, Inc., were strong contributors to performance.
     Heart-device maker St. Jude Medical has been effectively growing
     its opportunity set across multiple product segments, leading to
     increased investor recognition.
     Significant gains from IT were driven by strong demand for innovative
     products and services provided by the companies we own. Leading
     contributors generally achieved market share gains, as well as strong
     revenue and free cash-flow growth. The top sector performer was
     semiconductor firm NetLogic, which benefited from management’s
     indication of revenue growth from new design wins and additional
                                                                                                      Consumer Consumer                                                                                Telecom
     opportunities later in 2011. We believe the firm’s growth profile is                            Discretionary Staples   Energy   Financials   Health Care   Industrials   Info Tech   Materials   Services   Utilities    Cash
     sustainable due to favorable demand for global data traffic. Other
     contributors, such as EMC Corp. and QUALCOMM Inc., have                   Sector weights (average weight during the quarter)
     benefited from growing demand for data storage and mobile devices.        Large Cap Growth
                                                                                                     20.39% 1.30%            8.15%    3.90% 14.00% 11.86% 33.94% 4.42%                                 1.37%      0.00%       0.66%
DETRACTORS                                                                     Russell 1000®
                                                                                                     14.38% 9.22% 11.46% 4.76%                     9.81% 13.35% 31.09% 5.04%                           0.81%      0.08%       0.00%
                                                                               Growth Index
     A slight underweight to the energy sector and an avoidance of large
     integrated-oil firm ExxonMobil detracted from performance. We             Over/underweight       6.01% -7.92% -3.31% -0.86% 4.19% -1.49% 2.85% -0.62% 0.56% -0.08% 0.66%
     believe that ExxonMobil lacks the robust and sustainable growth that
     we require to be included in our fund. ExxonMobil advanced sharply        Sector returns
     during the quarter and currently represents more than 5% of the           Fund sector return     3.07% 16.92% 11.18% 1.92% 13.09% 7.79%                                   5.51%       3.82% -6.70% 0.00%                 0.03%
     index. We have focused our efforts on those firms with demonstrated
     production growth, specifically in the case of our exploration and        Index sector return    2.64%      4.48% 16.57% 6.17%                6.77%         8.35%         3.93%       2.59% -0.67% 14.12% 0.00%
     production (E&P) holdings. We have generally focused on E&P firms         Relative return        0.43% 12.44% -5.39% -4.25% 6.32% -0.56% 1.58%                                        1.23% -6.03% -14.12% 0.03%
     with a bias toward oil rather than natural gas. Our rationale stems
     from the more favorable supply-demand dynamics for oil, which
                                                                               Sources: FactSet and Wells Fargo Funds Management, LLC
     should provide a more reliable pattern for long-term earnings growth.
                                                                               Past performance is no guarantee of future results.
     Modest weakness in the financials sector was rooted primarily in a        Sector weights are subject to change and may have changed since the date specified.
     decline in diversified financials firm CME Group Inc. The firm, which
     operates the world’s largest futures exchange, reported earnings
     below expectations due primarily to higher-than-expected expenses.
     We believe CME has growth opportunities through the company’s
     more diversified product set, particularly as the firm has expanded
     into global exchanges.
 When reviewing performance attribution on our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the
 portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to
 resemble an index. Our exposure to any given sector is a result of our security selection process.

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Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Trailing 12-month attribution analysis

KEY DRIVERS OF PERFORMANCE                                                     LARGE CAP GROWTH FUND VERSUS RUSSELL 1000® GROWTH INDEX

     The fund delivered strong absolute returns and outperformed its
     benchmark during the past year. Our continued focus on securities
     with robust, sustainable, and underappreciated growth
     characteristics contributed to outperformance in an improving market
     environment. The double-digit market advance was aided by
     favorable monetary policy as well as improving economic and
     corporate earnings data. However, investor concerns over the
     sustainability of the economic recovery and other geopolitical issues
     led to periods when stocks were influenced more by risk tolerance
     than by corporate fundamentals. Our strategy responded favorably
     to these varying market environments by delivering consistent
     outperformance throughout the past year.
     We have diligently focused on delivering outperformance through
     stock selection, rather than any particular economic biases.
     Identifying companies with unique and sustainable growth drivers
     contributed to outperformance, particularly within the IT, and health
     care sectors.
     Holdings in the IT sector lifted results during the past year, with                              Consumer Consumer                                                                                Telecom
                                                                                                     Discretionary Staples   Energy   Financials   Health Care   Industrials   Info Tech   Materials   Services   Utilities    Cash
     particular strength coming from software holdings.
     and VMware, Inc., were both up more than 50% during this time             Sector weights (average weight during the past 12 months)
     period. benefited from the continued growth of the         Large Cap Growth
     software-as-a-service market through the company’s dynamic                                      18.38% 2.89%            6.83%    4.17% 14.89% 11.28% 35.37% 4.02%                                 1.15%      0.00%       1.02%
     customer relationship management models. VMware’s growth was
     fueled by the rapid adoption of server virtualization and could benefit   Russell 1000®
                                                                                                     13.69% 11.14% 9.12%              4.83% 11.43% 12.55% 31.49% 4.72%                                 0.80%      0.24%       0.00%
     from a potentially larger opportunity in desktop virtualization. These    Growth Index
     IT firms benefited from using technology as a productivity-               Over/underweight       4.69% -8.25% -2.29% -0.66% 3.46% -1.27% 3.88% -0.70% 0.35% -0.24% 1.02%
     enhancement tool. Our position in IT services firm Cognizant
     Technology Solutions Corp. was another standout contributor that          Sector returns
     benefited from continued growth in technology outsourcing. Our
     outperformance in health care was driven by a position in                 Fund sector return    22.27% 15.48% 30.81% 4.58% 14.53% 28.40% 22.98% 14.38% -0.02% 0.00%                                                      0.14%
     biotechnology firm Alexion Pharmaceuticals. The firm has achieved         Index sector return   22.73% 14.69% 32.67% 10.22% 7.28% 26.87% 13.33% 24.23% 17.91% 17.83% 0.00%
     attractive growth in the application of its key drug and has been
                                                                               Relative return       -0.46% 0.79% -1.86% -5.64% 7.25%                            1.53%         9.65% -9.85% -17.93% -17.83% 0.14%
     expanding its presence into new markets.
     Our positioning in the energy, materials, and financials sectors
                                                                               Sources: FactSet and Wells Fargo Funds Management, LLC
     limited further outperformance. In energy, our avoidance of large         Past performance is no guarantee of future results.
     integrated-oil firms such as ExxonMobil and a position in                 Sector weights are subject to change and may have changed since the date specified.
     Southwestern Energy Co. detracted from performance. In materials,
     an underweight to commodity-influenced metals and mining stocks
     created another headwind for performance.

 When reviewing performance attribution on our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the
 portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to
 resemble an index. Our exposure to any given sector is a result of our security selection process.

 3                                                                                                                                                               Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Portfolio analysis


 Firm name              Descriptor        % of fund   Firm profile                       Strategic fit and analysis

  Intuitive Surgical,       Contributor   1.08%       Intuitive Surgical manufactures    When we bought Intuitive Surgical in October 2005, our thesis was based largely on
  Inc.                                                and sells da Vinci Surgical        the expanding use of its core robotic surgery platform. We observed that the
  (ISRG)                                              Systems, which controls            platform, which was originally reserved for prostatectomies, was increasingly being
                                                      intuitive surgical endoscopic      used for other medical procedures, particularly hysterectomies. As a result, we
                                                      instruments that are used in       believed the company’s growth profile was more diversified and sustainable than it
                                                      urologic, gynecologic,             had been.
                                                      cardiothoracic, general, and       During the quarter, the company reported consensus-beating revenues and earnings
                                                      head and neck surgeries. The       per share and issued upbeat, forward-looking guidance. Results were strong in both
                                                      company also manufactures          its surgical systems and instruments. Growth in procedure volumes reaccelerated
                                                      various EndoWrist instruments,     after flagging in the fourth quarter of 2010, providing a key upside surprise and a
                                                      such as forceps, scissors, and     catalyst for the stock’s outperformance. This apparently reassured investors that
                                                      scalpels, and sells a variety of   longer-term volume growth was indeed sustainable.
                                                      accessory products. It is
                                                      headquartered in Sunnyvale,        With our thesis intact and the valuation attractive, we have added slightly to our
                                                      California, with more than         position in the stock. Although the company has gradually matured from a rapid
                                                      1,600 employees and a $12.5        grower to more of a steady grower, its prospects for robust, sustainable growth
                                                      billion market capitalization.     remain quite favorable.

  NetLogic                  Contributor   1.37%       NetLogic Microsystems is a         We bought NetLogic Microsystems in June 2010 because we believed the company
  Microsystems, Inc.                                  fabless semiconductor              was poised to benefit from growth in the global data traffic market, which we consider
  (NETL)                                              company that develops and          a sustainable trend. There is increasingly strong demand for advanced networking
                                                      markets processors and             equipment supplied by Cisco and others to address bandwidth needs and manage
                                                      integrated circuit products that   network traffic. NetLogic provides the semiconductors that are used in such
                                                      are used in switches, routers,     equipment.
                                                      wireless base stations, radio      Although there were no real surprises in the company results reported last quarter,
                                                      network controllers, network       the stock was a performance contributor, largely due to the enthusiasm displayed by
                                                      security and storage               management. Specifically, the company alluded to its new product design wins and
                                                      appliances, service gateways,      significant potential revenue opportunities in the second half of 2011. This helped to
                                                      connected media devices,           alleviate investor concerns regarding when the firm might start to see the fruits of its
                                                      application acceleration           ramped-up investment spending in 2010.
                                                      equipment, and network
                                                      access equipment. With a           We increased our position slightly during the quarter in anticipation of accelerated
                                                      market capitalization of $2.7      revenue growth in 2011 as NetLogic begins to reap the benefits of last year’s
                                                      billion, the company is            investment spending. In particular, we think investors do not appreciate the
                                                      headquartered in Mountain          company’s untapped opportunities with its existing large customers.
                                                      View, California, and has more
                                                      than 600 employees.

                                                                                                                                                        (Continued on next page.)

 4                                                                                                                             Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Portfolio analysis


 Firm name                  Descriptor       % of fund   Firm profile                        Strategic fit and analysis

  Urban Outfitters,         Detractor/Sale   0.00%       Urban Outfitters operates           Our decision to purchase Urban Outfitters in April 2010 was based on a multi-
  Inc.                                                   lifestyle specialty retail stores   pronged thesis: 1. its potential to significantly grow its store base by as much as two-
  (URBN)                                                 offering women’s and men’s          or perhaps three-fold; 2. its increased penetration in e-commerce, an area where the
                                                         apparel, accessories, gifts, and    company was early in recognizing the opportunities; and 3. its accelerated
                                                         other products under the Urban      international expansion, providing a more globally diversified revenue stream.
                                                         Outfitters, Anthropologie, Free     The stock detracted from performance during the quarter after the company reported
                                                         People, and Terrain brands.         23% growth in inventories but only 14% growth in sales. This disparity led us to
                                                         The company has more than           become concerned about the company’s inventory management and the risk of more
                                                         300 stores in the U.S., Canada,     aggressive price discounting to clear out inventory, thereby pressuring profit margins.
                                                         and Europe and also sells its       Recent changes to the company’s merchandising strategy also appeared to weigh
                                                         products through its e-             on the stock.
                                                         commerce websites and
                                                         catalogs. Urban Outfitters is       These concerns prompted us to exit our position in the stock. We would consider
                                                         based in Philadelphia and has       repurchasing it at some point but would first like to see better overall execution from
                                                         a market capitalization of $5.0     the company and are taking a “wait-and-see” approach regarding its efforts to add a
                                                         billion.                            new store brand., Inc.          Detractor        2.39% operates as an  was added to the fund in January 2008. Our thesis for the company
  (AMZN)                                                 online retailer in North America    was based on its dominant market position in online retail and its potential for
                                                         and internationally. The            significant growth, both geographically and across product areas, and further market
                                                         company serves consumers            share gains. We saw that the company wielded sustainable competitive advantages
                                                         through its retail websites,        over rivals eBay Inc. and Wal-Mart Stores, Inc., in terms of fulfillment distribution and
                                                and,           merchandising.
                                                         and focuses on offering broad       The stock detracted from our performance during the quarter. Although the company
                                                         product selection, competitive      reported robust growth in units and revenues and has continued to expand its market
                                                         pricing, and convenience. It        share lead, it has been investing fairly aggressively and recently announced a new
                                                         also provides programs that         video-streaming business, both of which led investors to worry about potential profit-
                                                         enable sellers to offer their       margin pressure. Concerns around state sales taxes and the stock’s valuation level
                                                         products on its websites and        following recent gains may also have hindered performance.
                                                         personally branded websites.
                                                is headquartered         Despite the near-term headwinds Amazon has faced, we still have a great deal of
                                                         in Seattle and has more than        confidence in our thesis that the company is poised to deliver strong longer-term
                                                         33,000 employees. Its market        growth. As a result, we are maintaining our position in the stock.
                                                         capitalization is around $77.0

 5                                                                                                                                 Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Market analysis

MARKET SUMMARY                                                                                 OUTLOOK

The first quarter of 2011 began on a high note that gave way to a somewhat more                Looking ahead, our outlook for the economy remains one of cautious optimism. Recent
subdued sentiment as new risks surfaced in the latter half of the quarter. In January          economic data has been somewhat mixed, but the general consensus among most
investors were buoyed by greatly reduced fears of a double-dip recession and the stock         economists at this point is that the global recovery is on firm footing—as evidenced by its
market’s strong showing in the fourth quarter of 2010. In mid- to late February through        ability to withstand the unforeseen challenges in Japan and the Middle East—and will
March geopolitical turmoil in the Middle East and North Africa sent oil prices surging,        continue through 2011, albeit perhaps at a slower pace than many had forecasted as little
dragging down consumer confidence and reigniting market volatility. The Japanese               as three months ago.
earthquake further roiled the markets as investors worried about possible global supply        Among other factors, the strength of the recovery will likely depend on the rate of job
disruptions and the potential impact on economic growth. Meanwhile, weakness in the            growth. Throughout the recession and ensuing cycle, we have noted a sharp contrast in
U.S. jobs and housing markets, Europe’s ongoing sovereign debt crisis, and uncertainty         spending patterns between employed consumers and their unemployed counterparts.
regarding Chinese growth remained sources of concern.                                          Predictably, those with a job have generally been better able and more willing to spend on
Despite these headwinds, most economic indicators continued to point toward a self-            discretionary items than those without one. It therefore stands to reason that a meaningful
sustaining global recovery. Expectations of higher inflation and interest rates have been      uptick in hiring would provide a tailwind for consumer spending, which is one of the keys
mounting, yet core inflation, which excludes volatile food and energy prices, has been         to economic growth. In the same vein, we will be closely monitoring trends in energy and
fairly benign, allowing the Federal Reserve to state that it plans to keep short-term rates    food prices to gauge their effects on consumer confidence. It is unclear at this stage
near zero for an “extended period.” The credit market has yet to fully heal, but loan          whether the recent spike in those categories will prove to be transitory or longer lasting.
creation has begun to move in the right direction. In the labor market, although the           Another important question is the degree to which the Fed’s $600 billion Treasury asset
unemployment rate remained elevated, conditions have improved as companies slowly              purchase program—so-called “QE2”—can help generate economic momentum. The
grew more confident in the economic recovery. Not only have layoffs and claims for             program was designed to foster growth by stimulating greater end-demand but will have
jobless benefits tapered off, but hiring of new employees has picked up a bit as well.         run its course by June 2011. It remains to be seen if any increase in demand will be
The evidence gleaned from our research and conversations with company managers was             sustainable—and for how long. From a business perspective, however, healthy end-
equally encouraging. End-market demand remained strong in emerging markets and has             demand typically is only one driver of more vigorous growth. An even bigger issue for
accelerated domestically in recent months in sectors such as industrials, IT, and even         many U.S. companies—in sectors ranging from health care to industrials—may lie in their
consumer discretionary, supporting top-line growth. In addition, many companies have           ability to leverage efficiencies to effectively manage input costs. Of course, overseas
exhibited sound balance sheets with significant amounts of cash, which some have begun         issues may also play a role in the trajectory of economic growth, including the extent of
to deploy at a less-measured pace to position themselves for long-term growth—a sign           fallout from the catastrophe in Japan and whether China can rein in inflation without
that the long-awaited transition from government stimulus to private-sector spending may       stunting its own growth.
be underway. For example, both capital expenditures and M&A activity have rebounded            Clearly, the market landscape is not without lingering risks that could periodically rattle
somewhat from the extraordinarily low levels reached in 2008 and 2009.                         investors in 2011. However, barring any major downside surprises with regard to the
Against this backdrop, many of the major equity market indexes managed to deliver              economy, we think the risks are for the most part manageable. This assessment appears
impressive gains for the quarter. While there were bouts of fear and turbulence along the      to be reflected in the fixed-income market, where tight credit spreads suggest that risk
way, we were pleased to see the market demonstrate resilience in the face of the macro         aversion is on the low side. In the equity market, broadly speaking, we do not view
events cited above, suggesting that it has become less fragile than in previous quarters. In   valuation risk as excessive relative to the underlying companies’ earnings power and are
other words, had last quarter’s unexpected shocks to the economy occurred a year earlier,      finding attractive opportunities in a number of different sectors to add value through
the damage to the recovery—and to investors’ psyches—may have been far more severe.            individual stock selection. As always, we are intently focused on finding companies that
It is also worth noting that short-term volatility can spawn opportunities. In fact, we have   meet our criteria of robust, sustainable, and underappreciated growth.
taken advantage of some of the recent investor angst to build out existing positions and
selectively add to the portfolio on a stock-by-stock basis.

 6                                                                                                                                      Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund
Fund information

TOP HOLDINGS                                                                                  PERFORMANCE

Stock                                                          % of net assets                                                              1 year        3 year       5 year       10 year
Apple Incorporated                                             6.07%                          Large Cap Growth Fund–Inv                     19.12%        5.28%        4.34%         2.01%
Google Incorporated-Cl A                                       3.89%                          Russell 1000® Growth Index                    18.26%        5.19%        4.34%         2.99%
Praxair Incorporated                                           2.91%
                                                                                              Lipper Large-Cap Growth Funds                 16.06%        3.17%        2.91%         2.47%
Cognizant Technology Solutions Corporation-Cl A                2.76%
                                                                                              Morningstar Large Growth Average              16.77%        3.57%        3.08%         2.91%
Qualcomm Incorporated                                          2.40% Incorporated                                        2.39%
Emerson Electric Company                                       2.38%                          RANKINGS AND RATINGS
St. Jude Medical Incorporated                                  2.19%
Alexion Pharmaceuticals Incorporated                           2.16%                          Morningstar total return rankings–Investor Class (as of 3-31-11)
Schlumberger Limited                                           2.07%                          Morningstar category:            Large Growth
                                                                                              1 year                           449 out of 1,701 funds
                                                                                              3 year                           355 out of 1,505 funds
PORTFOLIO CHARACTERISTICS                                                                     5 year                           327 out of 1,312 funds
                                                               Russell 1000® Growth           10 year                          551 out of 818 funds
                                      Fund                     Index                          Overall Morningstar Rating™
Weighted average market cap           $55.05B                  $91.29B                        The Overall Morningstar Rating, a weighted average of the three-, five-, and 10-year (if
                                                                                              applicable) ratings, is out of 1,505 funds in the Large Growth category, based on risk-adjusted
Weighted median market cap            $24.75B                  $39.96B
                                                                                              return as of 3-31-11.
EPS growth (3- to 5-year forecast)    15.84%                   12.18%
P/E ratio (trailing 12-month)         23.67x                   17.70x                         PERFORMANCE AND VOLATILITY MEASURES 2
Turnover¹                             56.68%                   –
P/B ratio                             4.04x                    3.77x                          Alpha                              0.28%
P/S ratio                             2.14x                    1.61x                          Beta                               0.94
Number of equity holdings             72                       624                            Sharpe ratio                       0.23
Source: FactSet                                                                               Standard deviation                 20.53%
                                                                                              R-squared                          0.99
FUND FACTS                                                                                    Information ratio                  0.04
                                                                                              Upside capture                     94.10%
Inception date                        12-30-81                                                Downside capture                   94.55%
Net expense ratio–Inv                 1.19%                                                   Tracking error                     2.80%
Assets–all share classes              $339.83M
                                                                                              Past performance is no guarantee of future results.
Portfolio holdings and characteristics are subject to change and may have changed since the   2. Calculated for Investor Class shares based on a three-year period. Relative measures are
date specified. The holdings listed should not be considered recommendations to purchase or   compared with the fund’s benchmark.
sell a particular security.
1. Calculated based on a one-year period.

 7                                                                                                                                       Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund

SHARE CLASS AVAILABILITY                                                                          Benchmark descriptions:
                                                                                                  The Lipper Averages are compiled by Lipper, Inc., an independent mutual fund research and rating
                                                                                 Contractual      service. Each Lipper Average represents a universe of funds that are similar in investment objective.
  Share                 Gross expense       Net expense       Contractual      expense waiver     You cannot invest directly in a Lipper Average.
  class      Ticker         ratio               ratio         expense cap           date
                                                                                                  The Morningstar Category Average is the average return for the peer group based on the returns
     Inv     STRFX           1.34%             1.19%              1.19%            11-30-11       of each individual fund within the group. The total return of the Morningstar Category Average does
      A      STAFX           1.27%             1.12%              1.12%            11-30-11       not include the effect of sales charges. You cannot invest directly in a Morningstar Category Average.
                                                                                                  The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with
      C      STOFX           2.02%             1.87%              1.87%            11-30-11
                                                                                                  higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.
  Admin      STDFX           1.11%             0.95%              0.95%            11-30-11       Attribution analysis:
     Inst    STNFX           0.84%             0.75%              0.75%            11-30-11       Performance attribution and sector returns are calculated using the Brinson-Fachler attribution
                                                                                                  model. As such, performance attribution calculations may differ from the fund’s actual investment
The advisor has committed to waive fees and/or reimburse expenses to maintain the fund's          results.
contractual expense cap, excluding acquired fund fees and certain other expenses, until the
waiver date shown above. Please consult the prospectus for additional information on              Definition of terms:
applicable sales charges and expenses for the available share classes.                            Alpha measures the difference between a fund’s actual returns and its expected performance, given
                                                                                                  its level of risk (as measured by beta).
    Video and audio resources                                                                     Beta measures fund volatility relative to general market movements. It is a standardized measure of
                                                                                                  systematic risk in comparison to a specified index. The benchmark beta is 1.00 by definition.
This Quarterly Report features video links to learn more about key aspects of the
Wells Fargo Advantage Large Cap Growth Fund, featuring Thomas Ognar, portfolio                    Downside capture measures a fund’s replication of its benchmark during periods of negative
                                                                                                  returns. During periods of negative benchmark returns, a downside capture ratio less than 100%
manager, Wells Capital Management Heritage Growth team.                                           reflects product performance greater than the benchmark, and a downside capture ratio greater than
1. People: Learn more about the Heritage Growth team, which dates back to 1994                    100% reflects performance less than the benchmark.
   and has an investment philosophy that dates back to the inception of the fund.                 Information ratio measures the consistency of excess return (return in excess of a benchmark). This
                                                                                                  value is determined by taking the annualized excess return over a benchmark (style benchmark by
2. Philosophy: Learn more about the team’s investment philosophy, including the need              default) and dividing it by the standard deviation of excess return.
   for “pure growth” to be robust, sustainable, and not fully recognized by the market.
                                                                                                  R-squared is a measurement of how similar a fund’s historical performance has been to that of the
3. Process: Learn more about the team’s investment process, including how it targets              benchmark. The measure ranges from 0.0, which means that the fund’s performance bears no
   companies through quantitative and qualitative analysis and the use of proprietary             relationship to the performance of the index, to 1.0, which means that the fund’s performance was
   fundamental research.                                                                          perfectly synchronized with the performance of the benchmark.
                                                                                                  Sharpe ratio measures the potential reward offered by a mutual fund relative to its risk level. The
4. Key differentiators: Learn more about what makes this fund different from its                  ratio uses a fund’s standard deviation and its excess return to determine reward per unit of risk. The
   competitors, including the long-standing team and process, the pursuit of only “pure           higher the Sharpe ratio, the better the fund’s historical risk-adjusted performance.
   growth,” proprietary research across market caps, and the focus on risk management             Standard deviation represents the degree to which an investment’s performance has varied from its
   and sell discipline.                                                                           average performance over a particular time period.
                                                                                                  Tracking error measures the extent to which a manager’s performance mimics that of a
 Users with a printed version of this report can view any or all of the modules listed above by   benchmark. The value is the standard deviation of the difference between a fund’s performance
 opening a web browser and entering the following text into the browser's address bar:            and a benchmark’s performance.                                                         Upside capture measures a fund’s replication of its benchmark during periods of positive
                                                                                                  returns. During periods of positive benchmark returns, an upside capture ratio greater than
                                                                                                  100% reflects product performance greater than the benchmark, and an upside capture ratio
                                                                                                  less than 100% reflects performance less than the benchmark.

 8                                                                                                                                               Wells Fargo Advantage Large Cap Growth Fund
Quarterly Report, Q1 2011

Wells Fargo Advantage Large Cap Growth Fund

                                                                                                      For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based
  Risks: Stock fund values fluctuate in response to the activities of individual companies            on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly
  and general market and economic conditions. The use of derivatives may reduce returns               performance (including the effects of sales charges, loads, and redemption fees, unless otherwise
  and/or increase volatility. Certain investment strategies tend to increase the total risk of an     indicated), placing more emphasis on downward variations and rewarding consistent performance.
  investment (relative to the broader market). This fund is exposed to foreign investment             The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next
  risk. Consult the fund's prospectus for additional information on these and other risks.            35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star.
                                                                                                      (Each share class is counted as a fraction of one fund within this scale and is rated separately, which
                                                                                                      may cause slight variations in the distribution percentages.) Across U.S.-domiciled Large Growth
The views expressed in this document are as of 3-31-11, and are those of the portfolio manager(s).    funds, the Large Cap Growth Fund received four stars among 1,505 funds, four stars among 1,312
The views are subject to change at any time in response to changing circumstances in the market       funds, and three stars among 818 funds for the three-, five-, and 10-year periods, respectively.
and are not intended to predict or guarantee the future performance of any individual security,       Morningstar Ratings are for Investor Class shares only; other classes may have different performance
market sector or the markets generally, or any Wells Fargo Advantage Fund. Any specific securities    characteristics. Past performance is no guarantee of future results.
discussed may or may not be current or future holdings of the fund. The securities discussed should
not be considered recommendations to purchase or sell a particular security.
                                                                                                      Carefully consider a fund’s investment objectives, risks, charges, and expenses before
                                     ®                                                                investing. For a current prospectus, containing this and other information, visit
Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating™ Read it carefully before investing.
and rankings, are not customarily calculated based on adjusted historical returns; however, in some
cases, the investment’s independent rating and ranking metric is compared against the retail mutual   Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company,
fund universe break points to determine its hypothetical rating and ranking. The evaluation of this   provides investment advisory and administrative services for Wells Fargo Advantage Funds . Other
investment does not affect the retail mutual fund data published by Morningstar.                      affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds
                                                                                                      are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells
                                                                                                      Fargo & Company. 201842 04-11

                                                                                                                                                                                              CM011 04-11

 9                                                                                                                                                  Wells Fargo Advantage Large Cap Growth Fund