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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term total return, consisting of capital appreciation and current income.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder Fees (fees paid directly from your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example of Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio. In addition, the portfolio turnover rate for Asset Allocation Trust, in which the Fund invests all of its assets, was 31% for the most recent fiscal year.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's target allocation is as follows:</p>
<ul><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 15% of the Fund's assets in fixed income securities; and</p>
</li><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 25% of the Fund's assets in equity securities.</p>
</li></ul>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is a diversified investment, providing exposure to stock, bond and alternative investment strategy funds, with an emphasis on stock funds. The Fund invests all of its investable assets in Asset Allocation Trust ("AAT"), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"). AAT, in turn, invests its assets in GMO-managed mutual funds ("underlying funds") and may be exposed to foreign and U.S. equity investments (which may include emerging country equities, both growth and value style equities and equities of any market capitalization), U.S. and foreign fixed income securities (including asset-backed securities and other fixed income securities of any credit quality and having any maturity or duration), and, from time to time, other alternative asset classes. The underlying funds may gain their investment exposures directly or through investment in derivatives and/or other mutual funds. AAT is currently wholly owned by the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO uses multi-year forecasts of returns and risk among asset classes (e.g., foreign equity, U.S. equity, emerging country equity, emerging country debt, U.S. fixed income, and foreign fixed income) to select the underlying funds in which AAT invests and to decide how much to invest in each. An important component of those forecasts is the expectation that valuation reversion ultimately drives market returns. GMO shifts AAT's investments in the underlying funds in response to changes in GMO's investment outlook and market valuations and to accommodate cash flows, and intends to expose at least 15% of AAT's assets to fixed income investments and at least 25% of AAT's assets to equity investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO regularly reviews the investments of AAT and may sell a holding of AAT when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or GMO has identified a more attractive investment opportunity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Because the Fund invests all of its investable assets in AAT, which, in turn, invests all of its assets in a number of underlying funds, the following principal risks include risks that result from the Fund's indirect investments in the underlying funds. Some of the underlying funds in which the Fund indirectly invests are non-diversified investment companies under the 1940 Act. A decline in the market value of a particular security held by a non-diversified underlying fund may affect its performance more than if the fund was diversified. In addition, some of the underlying funds in which the Fund indirectly invests have a policy that permits those funds to concentrate their investments in particular sectors,industries or countries. An underlying fund that concentrates its investments in a limited number of sectors, industries or countries will be more vulnerable to adverse financial, economic, political or other developments affecting those sectors, industries or countries than a fund that invests its assets more broadly, and the value of the underlying fund's shares may be more volatile.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Focused Portfolio Risk.</b> Funds whose investments are focused in particular countries, regions, sectors, companies or industries with high correlations to one another, or who invests in a limited number of issuers may be subject to greater overall risk than funds whose investments are more diversified.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Growth Style Investment Risk.</b> Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Large Shareholder Risk</b>. If a large shareholder in an underlying fund sells shares of the underlying fund, the underlying fund's performance may be adversely affected.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Disruption and Geopolitical Risk</b>. Geopolitical and other events may disrupt securities markets and adversely affect global economies and markets. Those events as well as other changes in foreign and domestic economic and political conditions could adversely affect the value of the Fund's investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Natural Resources Risk</b>. To the extent an underlying fund concentrates its assets in the natural resources sector, the value of its portfolio is subject to factors affecting the natural resources industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Options Risk.</b> There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option's expiration.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Smaller Company Securities Risk.</b> Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Underlying Funds Risk.</b> The risks associated with the Fund include the risks related to each underlying fund in which the Fund invests.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Value Style Investment Risk.</b> Value stocks may lose value and may be subject to prolonged depressed valuations.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Administrator Class</b></p>
Highest Quarter: 2nd Quarter 2003
Lowest Quarter: 4th Quarter 2008
0.13
-0.1179
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns for the periods ended 12/31/2012
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p>
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<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term total return, consisting of capital appreciation and current income.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder Fees (fees paid directly from your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example of Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio. In addition, the portfolio turnover rate for Asset Allocation Trust, in which the Fund invests all of its assets, was 31% for the most recent fiscal year.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's target allocation is as follows:</p>
<ul><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 15% of the Fund's assets in fixed income securities; and</p>
</li><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 25% of the Fund's assets in equity securities.</p>
</li></ul>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is a diversified investment, providing exposure to stock, bond and alternative investment strategy funds, with an emphasis on stock funds. The Fund invests all of its investable assets in Asset Allocation Trust ("AAT"), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"). AAT, in turn, invests its assets in GMO-managed mutual funds ("underlying funds") and may be exposed to foreign and U.S. equity investments (which may include emerging country equities, both growth and value style equities and equities of any market capitalization), U.S. and foreign fixed income securities (including asset-backed securities and other fixed income securities of any credit quality and having any maturity or duration), and, from time to time, other alternative asset classes. The underlying funds may gain their investment exposures directly or through investment in derivatives and/or other mutual funds. AAT is currently wholly owned by the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO uses multi-year forecasts of returns and risk among asset classes (e.g., foreign equity, U.S. equity, emerging country equity, emerging country debt, U.S. fixed income, and foreign fixed income) to select the underlying funds in which AAT invests and to decide how much to invest in each. An important component of those forecasts is the expectation that valuation reversion ultimately drives market returns. GMO shifts AAT's investments in the underlying funds in response to changes in GMO's investment outlook and market valuations and to accommodate cash flows, and intends to expose at least 15% of AAT's assets to fixed income investments and at least 25% of AAT's assets to equity investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO regularly reviews the investments of AAT and may sell a holding of AAT when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or GMO has identified a more attractive investment opportunity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Because the Fund invests all of its investable assets in AAT, which, in turn, invests all of its assets in a number of underlying funds, the following principal risks include risks that result from the Fund's indirect investments in the underlying funds. Some of the underlying funds in which the Fund indirectly invests are non-diversified investment companies under the 1940 Act. A decline in the market value of a particular security held by a non-diversified underlying fund may affect its performance more than if the fund was diversified. In addition, some of the underlying funds in which the Fund indirectly invests have a policy that permits those funds to concentrate their investments in particular sectors,industries or countries. An underlying fund that concentrates its investments in a limited number of sectors, industries or countries will be more vulnerable to adverse financial, economic, political or other developments affecting those sectors, industries or countries than a fund that invests its assets more broadly, and the value of the underlying fund's shares may be more volatile.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Focused Portfolio Risk.</b> Funds whose investments are focused in particular countries, regions, sectors, companies or industries with high correlations to one another, or who invests in a limited number of issuers may be subject to greater overall risk than funds whose investments are more diversified.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Growth Style Investment Risk.</b> Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Large Shareholder Risk</b>. If a large shareholder in an underlying fund sells shares of the underlying fund, the underlying fund's performance may be adversely affected.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Disruption and Geopolitical Risk</b>. Geopolitical and other events may disrupt securities markets and adversely affect global economies and markets. Those events as well as other changes in foreign and domestic economic and political conditions could adversely affect the value of the Fund's investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Natural Resources Risk</b>. To the extent an underlying fund concentrates its assets in the natural resources sector, the value of its portfolio is subject to factors affecting the natural resources industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Options Risk.</b> There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option's expiration.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Smaller Company Securities Risk.</b> Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Underlying Funds Risk.</b> The risks associated with the Fund include the risks related to each underlying fund in which the Fund invests.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Value Style Investment Risk.</b> Value stocks may lose value and may be subject to prolonged depressed valuations.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns as of 12/31 each year Class R</b></p>
Highest Quarter: 2nd Quarter 2003
Lowest Quarter: 4th Quarter 2008
0.1275
-0.1189
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns for the periods ended 12/31/2012
</b></p>
<div style="display:none">~http://wells/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0
0
<div style="display:none">~ http://wells/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.0022
0.0025
0.0062
0.0057
0.0166
0
0.0166
<div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
169
523
902
1965
<div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.2465
0.1193
0.0763
0.111
0.0683
-0.2252
0.2377
0.0691
0.0094
0.1015
<div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
2003-10-10
0.1015
0.1207
0.1613
0.0265
0.0182
-0.0116
0.0735
0.0678
0.0811
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term total return, consisting of capital appreciation and current income.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain <i>Wells Fargo Advantage Funds</i>
®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 19 and 21 of the Prospectus and "Additional Purchase and Redemption Information" on page 28 of the Statement of Additional Information.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example of Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio. In addition, the portfolio turnover rate for Asset Allocation Trust, in which the Fund invests all of its assets, was 31% for the most recent fiscal year.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's target allocation is as follows:</p>
<ul><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 15% of the Fund's assets in fixed income securities; and</p>
</li><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 25% of the Fund's assets in equity securities.</p>
</li></ul>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is a diversified investment, providing exposure to stock, bond and alternative investment strategy funds, with an emphasis on stock funds. The Fund invests all of its investable assets in Asset Allocation Trust ("AAT"), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"). AAT, in turn, invests its assets in GMO-managed mutual funds ("underlying funds") and may be exposed to foreign and U.S. equity investments (which may include emerging country equities, both growth and value style equities and equities of any market capitalization), U.S. and foreign fixed income securities (including asset-backed securities and other fixed income securities of any credit quality and having any maturity or duration), and, from time to time, other alternative asset classes. The underlying funds may gain their investment exposures directly or through investment in derivatives and/or other mutual funds. AAT is currently wholly owned by the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO uses multi-year forecasts of returns and risk among asset classes (e.g., foreign equity, U.S. equity, emerging country equity, emerging country debt, U.S. fixed income, and foreign fixed income) to select the underlying funds in which AAT invests and to decide how much to invest in each. An important component of those forecasts is the expectation that valuation reversion ultimately drives market returns. GMO shifts AAT's investments in the underlying funds in response to changes in GMO's investment outlook and market valuations and to accommodate cash flows, and intends to expose at least 15% of AAT's assets to fixed income investments and at least 25% of AAT's assets to equity investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO regularly reviews the investments of AAT and may sell a holding of AAT when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or GMO has identified a more attractive investment opportunity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Because the Fund invests all of its investable assets in AAT, which, in turn, invests all of its assets in a number of underlying funds, the following principal risks include risks that result from the Fund's indirect investments in the underlying funds. Some of the underlying funds in which the Fund indirectly invests are non-diversified investment companies under the 1940 Act. A decline in the market value of a particular security held by a non-diversified underlying fund may affect its performance more than if the fund was diversified. In addition, some of the underlying funds in which the Fund indirectly invests have a policy that permits those funds to concentrate their investments in particular sectors,industries or countries. An underlying fund that concentrates its investments in a limited number of sectors, industries or countries will be more vulnerable to adverse financial, economic, political or other developments affecting those sectors, industries or countries than a fund that invests its assets more broadly, and the value of the underlying fund's shares may be more volatile.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Focused Portfolio Risk.</b> Funds whose investments are focused in particular countries, regions, sectors, companies or industries with high correlations to one another, or who invests in a limited number of issuers may be subject to greater overall risk than funds whose investments are more diversified.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Growth Style Investment Risk.</b> Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Large Shareholder Risk</b>. If a large shareholder in an underlying fund sells shares of the underlying fund, the underlying fund's performance may be adversely affected.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Disruption and Geopolitical Risk</b>. Geopolitical and other events may disrupt securities markets and adversely affect global economies and markets. Those events as well as other changes in foreign and domestic economic and political conditions could adversely affect the value of the Fund's investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Natural Resources Risk</b>. To the extent an underlying fund concentrates its assets in the natural resources sector, the value of its portfolio is subject to factors affecting the natural resources industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Options Risk.</b> There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option's expiration.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Smaller Company Securities Risk.</b> Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Underlying Funds Risk.</b> The risks associated with the Fund include the risks related to each underlying fund in which the Fund invests.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Value Style Investment Risk.</b> Value stocks may lose value and may be subject to prolonged depressed valuations.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Calendar Year Total Returns for Class A as of 12/31 each year (Returns do not reflect sales charges and would be lower if they did)</b></p>
Highest Quarter: 2nd Quarter 2003
Lowest Quarter: 4th Quarter 2008
0.1282
-0.118
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>
Average Annual Total Returns for the periods ended 12/31/2012 (Returns reflect applicable sales charges)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.</p>
<div style="display:none">~http://wells/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.0575
0
0
0.05
0
0.01
<div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.0022
0
0.0062
0.0057
0.0141
0
0.0141
0.0022
0.0075
0.0062
0.0057
0.0216
0
0.0216
0.0022
0.0075
0.0062
0.0057
0.0216
0
0.0216
<div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
710
996
1302
2169
719
976
1359
2213
319
676
1159
2493
<div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
219
676
1159
2213
219
676
1159
2493
<div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.2491
0.1205
0.0785
0.1132
0.0709
-0.2231
0.241
0.0719
0.0118
0.1035
<div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
1996-07-29
1996-07-29
1996-07-29
2002-10-03
2002-10-03
0.0398
0.0306
0.0259
0.0453
0.0863
0.1207
0.1613
0.0169
0.0044
0.0079
0.0181
0.0215
0.0182
-0.0116
0.0694
0.0572
0.0546
0.0705
0.0682
0.0678
0.0811
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Investment Objective
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term total return, consisting of capital appreciation and current income.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Fees and Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Shareholder Fees (fees paid directly from your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Example of Expenses
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same as in the tables above. The example also assumes that the Total Annual Fund Operating Expenses After Fee Waiver shown above will only be in place for the length of the current waiver commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Portfolio Turnover
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio. In addition, the portfolio turnover rate for Asset Allocation Trust, in which the Fund invests all of its assets, was 31% for the most recent fiscal year.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Strategies
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's target allocation is as follows:</p>
<ul><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 15% of the Fund's assets in fixed income securities; and</p>
</li><li>
<p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 25% of the Fund's assets in equity securities.</p>
</li></ul>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is a diversified investment, providing exposure to stock, bond and alternative investment strategy funds, with an emphasis on stock funds. The Fund invests all of its investable assets in Asset Allocation Trust ("AAT"), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"). AAT, in turn, invests its assets in GMO-managed mutual funds ("underlying funds") and may be exposed to foreign and U.S. equity investments (which may include emerging country equities, both growth and value style equities and equities of any market capitalization), U.S. and foreign fixed income securities (including asset-backed securities and other fixed income securities of any credit quality and having any maturity or duration), and, from time to time, other alternative asset classes. The underlying funds may gain their investment exposures directly or through investment in derivatives and/or other mutual funds. AAT is currently wholly owned by the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO uses multi-year forecasts of returns and risk among asset classes (e.g., foreign equity, U.S. equity, emerging country equity, emerging country debt, U.S. fixed income, and foreign fixed income) to select the underlying funds in which AAT invests and to decide how much to invest in each. An important component of those forecasts is the expectation that valuation reversion ultimately drives market returns. GMO shifts AAT's investments in the underlying funds in response to changes in GMO's investment outlook and market valuations and to accommodate cash flows, and intends to expose at least 15% of AAT's assets to fixed income investments and at least 25% of AAT's assets to equity investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">GMO regularly reviews the investments of AAT and may sell a holding of AAT when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or GMO has identified a more attractive investment opportunity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Principal Investment Risks
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Because the Fund invests all of its investable assets in AAT, which, in turn, invests all of its assets in a number of underlying funds, the following principal risks include risks that result from the Fund's indirect investments in the underlying funds. Some of the underlying funds in which the Fund indirectly invests are non-diversified investment companies under the 1940 Act. A decline in the market value of a particular security held by a non-diversified underlying fund may affect its performance more than if the fund was diversified. In addition, some of the underlying funds in which the Fund indirectly invests have a policy that permits those funds to concentrate their investments in particular sectors,industries or countries. An underlying fund that concentrates its investments in a limited number of sectors, industries or countries will be more vulnerable to adverse financial, economic, political or other developments affecting those sectors, industries or countries than a fund that invests its assets more broadly, and the value of the underlying fund's shares may be more volatile.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Debt Securities Risk.</b> The issuer of a debt security may fail to pay interest or principal when due, and changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Emerging Markets Risk.</b> Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Focused Portfolio Risk.</b> Funds whose investments are focused in particular countries, regions, sectors, companies or industries with high correlations to one another, or who invests in a limited number of issuers may be subject to greater overall risk than funds whose investments are more diversified.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Growth Style Investment Risk.</b> Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>High Yield Securities Risk.</b> High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Issuer Risk.</b> The value of a security may decline because of adverse events or circumstances that directly relate to conditions at the issuer or any entity providing it credit or liquidity support.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Large Shareholder Risk</b>. If a large shareholder in an underlying fund sells shares of the underlying fund, the underlying fund's performance may be adversely affected.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Disruption and Geopolitical Risk</b>. Geopolitical and other events may disrupt securities markets and adversely affect global economies and markets. Those events as well as other changes in foreign and domestic economic and political conditions could adversely affect the value of the Fund's investments.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Market Risk.</b> The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities markets generally or particular industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Mortgage- and Asset-Backed Securities Risk.</b> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates. When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest such prepaid funds at lower prevailing interest rates, resulting in reduced returns.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Natural Resources Risk</b>. To the extent an underlying fund concentrates its assets in the natural resources sector, the value of its portfolio is subject to factors affecting the natural resources industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Options Risk.</b> There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option's expiration.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Regulatory Risk.</b> Changes in government regulations may adversely affect the value of a security. An insufficiently regulated industry or market might also permit inappropriate practices that adversely affect an investment.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Smaller Company Securities Risk.</b> Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Underlying Funds Risk.</b> The risks associated with the Fund include the risks related to each underlying fund in which the Fund invests.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Value Style Investment Risk.</b> Value stocks may lose value and may be subject to prolonged depressed valuations.</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>
Performance
</b></p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Fund's average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund's Web site at <u>wellsfargoadvantagefunds.com</u>.</p>
Highest Quarter: 2nd Quarter 2003
0.13
Lowest Quarter: 4th Quarter 2008
-0.1179
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">
<b>Average Annual Total Returns for the periods ended 12/31/2012
</b>
</p>
<p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.</p>
<div style="display:none">~http://wells/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0
0
<div style="display:none">~ http://wells/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.0022
0
0.0019
0.0057
0.0098
0
0.0098
<div style="display:none">~ http://wells/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
100
312
542
1201
<div style="display:none">~ http://wells/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
0.2543
0.1237
0.0811
0.1173
0.0729
-0.2212
0.244
0.0745
0.0141
0.1064
<div style="display:none">~ http://wells/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000029123Member ~</div>
2012-11-30
2012-11-30
2012-11-30
0.1064
0.0946
0.0691
0.1207
0.1613
0.0315
0.018
0.0199
0.0182
-0.0116
0.0787
0.0656
0.0624
0.0678
0.0811
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 19 and 21 of the Prospectus and "Additional Purchase and Redemption Information" on page 28 of the Statement of Additional Information.
50000
0.01
0.01
0.01
0.01
An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency
An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency
An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency
An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency
Past performance before and after taxes is no guarantee of future results.
Past performance before and after taxes is no guarantee of future results.
Past performance before and after taxes is no guarantee of future results.
Past performance before and after taxes is no guarantee of future results.
<pre>
Highest Quarter: 2nd Quarter 2003 +13.00%
Lowest Quarter: 4th Quarter 2008 -11.79%
</pre>
<pre>
Highest Quarter: 2nd Quarter 2003 +12.75%
Lowest Quarter: 4th Quarter 2008 -11.89%
</pre>
<pre>
Highest Quarter: 2nd Quarter 2003 +12.82%
Lowest Quarter: 4th Quarter 2008 -11.80%
</pre>
<pre>
Highest Quarter: 2nd Quarter 2003 +13.00%
Lowest Quarter: 4th Quarter 2008 -11.79%
</pre>
wellsfargoadvantagefunds.com
wellsfargoadvantagefunds.com
wellsfargoadvantagefunds.com
wellsfargoadvantagefunds.com
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary.
2014-02-01
2014-02-01
2014-02-01
2014-02-01
An investment in the Fund may lose money
An investment in the Fund may lose money
An investment in the Fund may lose money
An investment in the Fund may lose money
The Adviser has committed through February 1, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.44% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of Asset Allocation Trust), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class would be higher. The Administrator Class annual returns are substantially similar to what the Institutional Class annual returns would be because the Administrator Class and Institutional Class shares are invested in the same portfolio and their returns differ only to the extent that they do not have the same expenses.
The Adviser has committed through February 1, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.87% for Class A, 1.62% for Class B, and 1.62% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of Asset Allocation Trust), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
The Adviser has committed through February 1, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.12% for Class R. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of Asset Allocation Trust), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
The Adviser has committed through February 1, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.64% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of Asset Allocation Trust), and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses.