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. Weiss is Executive Vice President and Portfolio Manager at Wells and has been in the investment business for more than 25 years. He has been the manager or co-manager of the Wells Fargo Advantage Common Stock Fund (previously known as the Strong Common Stock Fund) since 1991. Assisting Weiss in the management of his Masters’ Select portfolios is Ann Miletti who he has worked closely with for several years. Miletti also co-manages 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.

Weiss manages approximately 10% of the Masters' Select Equity fund and 20% of the Masters' Select Smaller Companies fund. 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. 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 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 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.