Richard T. Weiss
Wells Capital Management, Inc.
100 Heritage Reserve
Menomonee Falls, WI 53051

Dick Weiss is the portfolio manager for the segment of the Fund's assets managed by Wells Capital Management, Inc. (“Wells Capital”). Mr. Weiss has been in the investment business since 1975 and is currently Senior Portfolio Advisor for Wells Capital. Previously, he had been the manager or co-manager of the Wells Fargo Advantage Common Stock Fund (previously known as the Strong Common Stock Fund) from March 1991 until March 2008. Prior to this, Dick was a partner/portfolio manager at Stein Roe & Farnham in Chicago where he began his career, starting as a research analyst, in 1975. Assisting Weiss in the management of his Masters’ Select portfolios is Ann Miletti. Miletti is manager of the Wells Fargo Advantage Common Stock Fund. Weiss has managed a portion of Masters’ Select Equity Fund assets since the inception of the Fund in 1996 and a portion of Masters’ Select Smaller Companies Fund since its inception in 2003.

Approximately 10% of the Fund's assets are managed by Weiss. He invests in stocks of small and mid-sized companies that are undervalued either because they are not broadly recognized, are in transition, or are out of favor based on short-term factors. Weiss also has the flexibility to invest in the stocks of larger companies if in his opinion they offer the potential for better returns. In seeking attractively valued companies, Weiss focuses on companies with above-average growth potential that also exhibit some or all of the following:

• Low institutional investor ownership and low analyst coverage
• High-quality management
• Sustainable competitive advantage

Weiss evaluates the degree of under-valuation relative to his estimate of each company's private market value. This private market value approach is based on an assessment of what a private buyer would be willing to pay for the future cash flow stream of the target company. Based on his experience, Weiss believes that, except for technology and other high-growth stocks, most stocks trade at between 50% and 80% of private market value. When trading at the low end of this range, companies take steps to prevent takeover, or they are taken over. The private market value estimate is applied flexibly, based on the outlook for the industry and the company's fundamentals.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.