0000907244-13-000071.txt : 20130225 0000907244-13-000071.hdr.sgml : 20130225 20130225152759 ACCESSION NUMBER: 0000907244-13-000071 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130225 DATE AS OF CHANGE: 20130225 EFFECTIVENESS DATE: 20130225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO FUNDS TRUST CENTRAL INDEX KEY: 0001081400 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-74295 FILM NUMBER: 13638770 BUSINESS ADDRESS: STREET 1: 525 MARKET STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 BUSINESS PHONE: 800-222-8222 MAIL ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO FUNDS TRUST CENTRAL INDEX KEY: 0001081400 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09253 FILM NUMBER: 13638771 BUSINESS ADDRESS: STREET 1: 525 MARKET STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 BUSINESS PHONE: 800-222-8222 MAIL ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 0001081400 S000007339 Wells Fargo Advantage Common Stock Fund C000020143 Class A SCSAX C000020144 Class B SCSKX C000020145 Class C STSAX C000020146 Investor Class STCSX C000092783 Administrator Class SCSDX C000092784 Institutional Class SCNSX 0001081400 S000007344 Wells Fargo Advantage Opportunity Fund C000020159 Administrator Class WOFDX C000020160 Class A SOPVX C000020161 Investor Class SOPFX C000064968 Class C WFOPX C000092786 Institutional WOFNX C000103130 Class B SOPBX 0001081400 S000007345 Wells Fargo Advantage Discovery Fund C000020162 Administrator Class WFDDX C000020163 Investor Class STDIX C000035582 Institutional Class WFDSX C000053345 Class A WFDAX C000053346 Class C WDSCX 0001081400 S000007346 Wells Fargo Advantage Enterprise Fund C000020164 Institutional Class WFEIX C000020165 Class A SENAX C000020166 Administrator Class SEPKX C000020167 Investor Class SENTX C000064969 Class C WENCX C000103131 Class B WENBX 0001081400 S000007348 Wells Fargo Advantage C&B Mid Cap Value Fund C000020172 Class A CBMAX C000020173 Class B CBMBX C000020174 Class C CBMCX C000020175 Investor Class CBMDX C000020176 Administrator Class CBMIX C000020177 Institutional Class CBMSX 0001081400 S000007349 Wells Fargo Advantage Special Mid Cap Value Fund C000020178 Administrator Class WFMDX C000020179 Institutional Class WFMIX C000020180 Investor Class SMCDX C000053347 Class A WFPAX C000053348 Class C WFPCX 0001081400 S000029111 Wells Fargo Advantage Small/Mid Cap Core Fund C000089501 Class A ECOAX C000089502 Class C ECOCX C000089503 Administrator Class ECOIX C000092813 Institutional ECONX 485BPOS 1 wrapper.htm WELLS FARGO ADVANTAGE SMALL TO MID CAP STOCK FUNDS XBRL FILING

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 25, 2013

1933 Act No. 333-74295
1940 Act No. 811-09253

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 285 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 286 [X]

WELLS FARGO FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)

525 Market Street
San Francisco, California 94105
(Address of Principal Executive Offices)
(800) 222-8222
(Registrant's Telephone Number)

C. David Messman
Wells Fargo Funds Management, LLC
525 Market Street, 12th Floor
San Francisco, California 94105
(Name and Address of Agent for Service)

With a copy to:

Marco E. Adelfio, Esq.
Goodwin Procter LLP
901 New York Avenue, N.W.
Washington, D.C. 20001

It is proposed that this filing will become effective: (check appropriate box)

X

immediately upon filing pursuant to paragraph (b)

on February 1, 2013 pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(i)

on [date] pursuant to paragraph (a)(i)

75 days after filing pursuant to paragraph (a)(ii)

on [date] pursuant to paragraph (a)(ii) of Rule 485

If appropriate, check the following box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement on Form N-1A, pursuant to Rule 485(b) under the Securities Act of 1933, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized in the City of San Francisco, State of California on the 25th day of February, 2013.

WELLS FARGO FUNDS TRUST

By: /s/ C. David Messman
-----------------------------
C. David Messman
Secretary

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 285 to its Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the date indicated:

/s/ Peter G. Gordon
Peter G. Gordon*
Trustee

/s/ Isaiah Harris, Jr.
Isaiah Harris, Jr.*
Trustee

/s/ Judith M. Johnson
Judith M. Johnson*
Trustee

/s/ David F. Larcker
David F. Larcker*
Trustee

/s/ Olivia S. Mitchell
Olivia S. Mitchell*
Trustee

/s/ Timothy J. Penny
Timothy J. Penny*
Trustee

/s/ Donald C. Willeke
Donald C. Willeke*
Trustee

/s/ Michael S. Scofield
Michael S. Scofield*
Trustee

/s/ Leroy J. Keith, Jr.
Leroy J. Keith, Jr.*
Trustee

/s/ Karla M. Rabusch
Karla M. Rabusch*
President
(Principal Executive Officer)

/s/ Nancy Wiser
Nancy Wiser*
Treasurer
(Principal Financial Officer)

*By: /s/ C. David Messman
C. David Messman
As Attorney-in-Fact
February 25, 2013

 

Exhibit No.

Exhibits

Ex-101.INS

XBRL Instance Document

Ex-101.SCH

XBRL Taxonomy Extension Schema Document

Ex-101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

Ex-101.LAB

XBRL Taxonomy Extension Labels Linkbase Document

Ex-101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

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wells:GGGGMember 2013-02-01 2013-02-01 0001081400 wells:S000029111Member wells:C000092813Member rr:AfterTaxesOnDistributionsMember wells:GGGGMember 2013-02-01 2013-02-01 0001081400 wells:S000029111Member wells:C000092813Member rr:AfterTaxesOnDistributionsAndSalesMember wells:GGGGMember 2013-02-01 2013-02-01 0001081400 wells:S000029111Member wells:bench20120214GGGGMember wells:GGGGMember 2013-02-01 2013-02-01 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-09-30 WELLS FARGO FUNDS TRUST 0001081400 false 2013-02-01 2013-01-25 2013-02-01 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <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 capital appreciation.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 87% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalizations within the range of the Russell Midcap® Index. The market capitalization range of the Russell Midcap Index® was from approximately $1.3 billion to $20.8 billion, as of May 31, 2012, and is expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We look for significantly undervalued companies that we believe have the potential for above average capital growth with below average risk. Rigorous fundamental research drives our search for undervalued, high quality companies, defined as industry leaders with strong balance sheets and superior cash flows. We utilize quantitative screens to narrow the investment universe by assessing companies' financial statement strength and looking for high cash flows and low financial leverage. Through detailed qualitative research, we then identify stocks valued below their estimated intrinsic value with hidden opportunities for above-average appreciation. Typical investments include stocks of companies that have low price-to-earnings ratios, are generally out of favor in the marketplace, are selling significantly below their stated or replacement book value or are undergoing a reorganization or other corporate action that may create above-average price appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock's price nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risks increase, the company's fundamentals have deteriorated or we identify 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;">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>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>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 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>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>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> <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> Highest Quarter: 2nd Quarter 2003 Lowest Quarter: 4th Quarter 2008 0.2173 -0.2186 <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 C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0.0575 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0.007 0 0.006 0.0001 0.0131 -0.0005 0.0126 0.007 0.0075 0.006 0.0001 0.0206 -0.0005 0.0201 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 696 962 1247 2059 304 641 1104 2386 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 204 641 1104 2386 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 0.1153 0.1117 0.0749 0.1645 0.1851 0.0416 0.0397 0.035 0.0462 0.0379 0.0976 0.0832 0.0785 0.0966 0.1063 0.4066 0.2118 0.0792 0.1827 -0.0483 -0.3001 0.3192 0.2022 -0.0095 0.1831 <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 maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 25% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of mid-capitalization companies. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of mid-capitalization companies, which we define as securities of companies with market capitalizations ranging from $500 million to $10 billion. We manage a relatively focused portfolio of 30 to 50 companies that we believe enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have 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;">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>Focused Portfolio Risk.</b> Since the Fund tends to invest in a smaller number of stocks than do many other similar mutual funds, changes in the value of individual stocks held by the Fund may have a larger impact on the Fund's net asset value than if the Fund were more broadly invested.</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>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 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>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>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 0.2024 -0.235 <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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.007 0 0.0068 0.0001 0.0139 -0.0018 0.0121 0.007 0.0075 0.0068 0.0001 0.0214 -0.0018 0.0196 0.007 0.0075 0.0068 0.0001 0.0214 -0.0018 0.0196 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 691 973 1276 2133 699 953 1333 2178 299 653 1133 2458 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 199 653 1133 2178 199 653 1133 2458 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.3899 0.1092 0.0602 0.2548 -0.0893 -0.3375 0.2899 0.2124 -0.016 0.1946 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 2004-07-26 2004-07-26 2004-07-26 2004-07-26 2004-07-26 0.1262 0.1223 0.082 0.1357 0.1757 0.1851 0.0279 0.0262 0.0232 0.0289 0.0323 0.0379 0.0792 0.0687 0.0661 0.08 0.0776 0.1063 <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 capital appreciation.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 30% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in common stocks and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. We invest principally in common stocks of small-and medium-capitalization foreign and domestic companies, which we define as those with market capitalizations falling within the ranges of the Russell 2000® Index and the Russell Midcap® Index. The ranges of the Russell 2000® Index and the Russell Midcap® Index were approximately $101 million to $2.6 billion and $1.3 billion to $20.8 billion respectively, as of May 31, 2012, and are expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in common stocks of small-and medium-capitalization companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several different types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive factors, and other industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on company management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of the company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>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 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>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> 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 2009 Lowest Quarter: 4th Quarter 2008 0.2042 -0.2575 <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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.0072 0 0.0059 0.0001 0.0132 -0.0005 0.0127 0.0072 0.0075 0.0059 0.0001 0.0207 -0.0005 0.0202 0.0072 0.0075 0.0059 0.0001 0.0207 -0.0005 0.0202 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 697 965 1252 2070 705 944 1309 2114 305 644 1109 2396 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 205 644 1109 2114 205 644 1109 2396 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.385 0.0967 0.1192 0.1529 0.0995 -0.3494 0.4144 0.2498 -0.0248 0.1829 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 2000-11-30 2000-11-30 2000-11-30 2000-11-30 2000-11-30 0.1148 0.1009 0.0862 0.124 0.164 0.1788 0.0457 0.0406 0.0383 0.0468 0.0502 0.0434 0.1042 0.0899 0.088 0.1048 0.1023 0.1049 <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 capital appreciation.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 41% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's total assets in equity securities and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of companies of all market capitalizations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive situation and industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on a company's management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of a company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the equity securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its market price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>Larger Company Securities Risk.</b> Securities of companies with larger market capitalizations may underperform securities of companies with smaller and mid-sized market capitalizations in certain economic environments.</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 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>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>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> <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2279 -0.2916 <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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0.0067 0 0.0058 0.0001 0.0126 -0.0003 0.0123 0.0067 0.0075 0.0058 0.0001 0.0201 -0.0003 0.0198 0.0067 0.0075 0.0058 0.0001 0.0201 -0.0003 0.0198 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 693 949 1224 2008 701 928 1280 2051 301 628 1080 2335 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 201 628 1080 2335 201 628 1080 2051 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 2000-02-24 2000-02-24 2000-02-24 2011-08-26 2008-03-31 0.0763 0.0701 0.0576 0.0833 0.1233 0.1728 0.1642 0.0133 0.012 0.0112 0.0144 0.0177 0.0357 0.0204 0.0804 0.0705 0.0681 0.083 0.0794 0.1065 0.0768 0.3726 0.1739 0.0718 0.1183 0.0505 -0.4036 0.4724 0.213 -0.0685 0.142 <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 capital appreciation.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 102% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments. We invest in equity securities of companies of any size, although we invest principally in the equity securities of medium-capitalization companies. We define medium-capitalization companies as securities of companies with market capitalization within the range of the Russell Midcap® Index, which ranged from approximately $1.3 billion to $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in foreign securities through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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> <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> Highest Quarter: 1st Quarter 2012 Lowest Quarter: 4th Quarter 2008 0.1887 -0.2889 <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 C shares will vary.</p> <div style="display:none">~http://wells/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0.0069 0 0.006 0.0129 -0.0011 0.0118 0.0069 0.0075 0.006 0.0204 -0.0011 0.0193 0.0069 0.0075 0.006 0.0204 -0.0011 0.0193 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 688 950 1232 2033 696 929 1288 2077 296 629 1088 2360 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 196 629 1088 2360 196 629 1088 2077 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 2000-02-24 2000-02-24 2000-02-24 2011-08-26 2008-03-31 0.0886 0.0886 0.0576 0.0967 0.1366 0.1581 -0.0029 -0.0029 -0.0025 -0.0021 0.0016 0.0323 0.0837 0.0837 0.0743 0.0887 0.0826 0.1032 0.3739 0.1492 0.0883 0.12 0.1779 -0.4631 0.401 0.2874 -0.0652 0.1552 <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 capital appreciation.</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 43 and 45 of the Prospectus and "Additional Purchase and Redemption Information" on page 50 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 104% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of small- and medium-capitalization companies that we believe offer favorable opportunities for growth. We define small- and medium capitalization companies as those with market capitalizations at the time of purchase equal to or lower than the company with the largest market capitalization in the Russell Midcap® Index, which was approximately $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e. our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.1755 -0.2933 <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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.0575 0 0 0.01 <div style="display:none">~ http://wells/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.0071 0 0.0058 0.0001 0.013 -0.0007 0.0123 0.0071 0.0075 0.0058 0.0001 0.0205 -0.0007 0.0198 <div style="display:none">~ http://wells/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 693 957 1241 2047 301 636 1097 2374 <div style="display:none">~ http://wells/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 201 636 1097 2374 <div style="display:none">~ http://wells/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.3834 0.1569 0.0724 0.1302 0.2216 -0.4361 0.384 0.3489 0.0072 0.1588 <div style="display:none">~ http://wells/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 0.0924 0.0834 0.0718 0.1404 0.1613 0.0298 0.0268 0.0253 0.0343 0.0407 0.1062 0.0957 0.0906 0.1048 0.1055 <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 capital appreciation.</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 87% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalizations within the range of the Russell Midcap® Index. The market capitalization range of the Russell Midcap Index® was from approximately $1.3 billion to $20.8 billion, as of May 31, 2012, and is expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We look for significantly undervalued companies that we believe have the potential for above average capital growth with below average risk. Rigorous fundamental research drives our search for undervalued, high quality companies, defined as industry leaders with strong balance sheets and superior cash flows. We utilize quantitative screens to narrow the investment universe by assessing companies' financial statement strength and looking for high cash flows and low financial leverage. Through detailed qualitative research, we then identify stocks valued below their estimated intrinsic value with hidden opportunities for above-average appreciation. Typical investments include stocks of companies that have low price-to-earnings ratios, are generally out of favor in the marketplace, are selling significantly below their stated or replacement book value or are undergoing a reorganization or other corporate action that may create above-average price appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock's price nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risks increase, the company's fundamentals have deteriorated or we identify 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;">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>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>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 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>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>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 0.2173 -0.2184 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</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_S000007349Member ~</div> 0.007 0 0.0044 0.0001 0.0115 0 0.0115 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 117 365 633 1398 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0.4066 0.2118 0.0803 0.1847 -0.047 -0.2995 0.3215 0.2033 -0.0081 0.1846 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.1846 0.1802 0.1199 0.1851 0.0553 0.0533 0.0469 0.0379 0.1053 0.0908 0.0854 0.1063 <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 maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.</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 25% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of mid-capitalization companies. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of mid-capitalization companies, which we define as securities of companies with market capitalizations ranging from $500 million to $10 billion. We manage a relatively focused portfolio of 30 to 50 companies that we believe enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have 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;">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>Focused Portfolio Risk.</b> Since the Fund tends to invest in a smaller number of stocks than do many other similar mutual funds, changes in the value of individual stocks held by the Fund may have a larger impact on the Fund's net asset value than if the Fund were more broadly invested.</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>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 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>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>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 0.2024 -0.2347 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</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_S000007348Member ~</div> 0.007 0 0.0052 0.0001 0.0123 -0.0007 0.0116 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 118 383 669 1482 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.3899 0.1108 0.0622 0.2582 -0.0878 -0.3361 0.2899 0.2128 -0.0152 0.1953 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 2004-07-26 2004-07-26 2004-07-26 0.1953 0.1911 0.1269 0.1851 0.041 0.0392 0.0346 0.0379 0.0869 0.0762 0.0731 0.1063 <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 capital appreciation.</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 30% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in common stocks and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. We invest principally in common stocks of small-and medium-capitalization foreign and domestic companies, which we define as those with market capitalizations falling within the ranges of the Russell 2000® Index and the Russell Midcap® Index. The ranges of the Russell 2000® Index and the Russell Midcap® Index were approximately $101 million to $2.6 billion and $1.3 billion to $20.8 billion respectively, as of May 31, 2012, and are expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in common stocks of small-and medium-capitalization companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several different types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive factors, and other industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on company management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of the company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>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 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>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> 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 2009 Lowest Quarter: 4th Quarter 2008 0.2042 -0.2575 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</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_S000007339Member ~</div> 0.0072 0 0.0043 0.0001 0.0116 -0.0005 0.0111 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 113 364 634 1405 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.385 0.0967 0.1192 0.1529 0.0995 -0.3494 0.4144 0.2498 -0.0228 0.1853 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.1853 0.1705 0.1327 0.1788 0.059 0.0539 0.0499 0.0434 0.1112 0.0968 0.0945 0.1049 <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 capital appreciation.</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 41% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's total assets in equity securities and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of companies of all market capitalizations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive situation and industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on a company's management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of a company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the equity securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its market price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>Larger Company Securities Risk.</b> Securities of companies with larger market capitalizations may underperform securities of companies with smaller and mid-sized market capitalizations in certain economic environments.</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 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>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>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 2009 Lowest Quarter: 4th Quarter 2008 0.2288 -0.2911 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</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_S000007344Member ~</div> 0.0067 0 0.0042 0.0001 0.011 -0.0009 0.0101 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 103 341 597 1332 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0.3777 0.1786 0.074 0.1212 0.0529 -0.4021 0.4762 0.2163 -0.0665 0.1448 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 2002-08-30 2002-08-30 2002-08-30 0.1448 0.1385 0.1023 0.1728 0.1642 0.0278 0.0266 0.0238 0.0357 0.0204 0.0897 0.0798 0.0766 0.1065 0.0768 <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 capital appreciation.</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 102% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments. We invest in equity securities of companies of any size, although we invest principally in the equity securities of medium-capitalization companies. We define medium-capitalization companies as securities of companies with market capitalization within the range of the Russell Midcap® Index, which ranged from approximately $1.3 billion to $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in foreign securities through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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: 1st Quarter 2012 Lowest Quarter: 4th Quarter 2008 0.1891 -0.2886 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</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_S000007346Member ~</div> 0.0069 0 0.0044 0.0113 -0.0003 0.011 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 112 356 619 1372 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0.3789 0.1538 0.0911 0.1229 0.1809 -0.462 0.4053 0.2895 -0.064 0.1556 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 2002-08-30 2002-08-30 2002-08-30 0.1556 0.1556 0.1012 0.1581 0.0107 0.0107 0.0091 0.0323 0.0927 0.0927 0.0827 0.1032 <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 capital appreciation.</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 104% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of small- and medium-capitalization companies that we believe offer favorable opportunities for growth. We define small- and medium capitalization companies as those with market capitalizations at the time of purchase equal to or lower than the company with the largest market capitalization in the Russell Midcap® Index, which was approximately $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e. our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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 2008 Lowest Quarter: 4th Quarter 2008 0.1758 -0.293 <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/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</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_S000007345Member ~</div> 0.0071 0 0.0042 0.0001 0.0114 0 0.0114 <div style="display:none">~ http://wells/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 116 362 628 1386 <div style="display:none">~ http://wells/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.3834 0.1569 0.0754 0.1327 0.2222 -0.4348 0.3866 0.3506 0.0088 0.1595 <div style="display:none">~ http://wells/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.1595 0.15 0.1159 0.1613 0.0436 0.0407 0.0374 0.0407 0.1142 0.1037 0.098 0.1055 <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 capital appreciation.</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 87% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalizations within the range of the Russell Midcap® Index. The market capitalization range of the Russell Midcap Index® was from approximately $1.3 billion to $20.8 billion, as of May 31, 2012, and is expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We look for significantly undervalued companies that we believe have the potential for above average capital growth with below average risk. Rigorous fundamental research drives our search for undervalued, high quality companies, defined as industry leaders with strong balance sheets and superior cash flows. We utilize quantitative screens to narrow the investment universe by assessing companies' financial statement strength and looking for high cash flows and low financial leverage. Through detailed qualitative research, we then identify stocks valued below their estimated intrinsic value with hidden opportunities for above-average appreciation. Typical investments include stocks of companies that have low price-to-earnings ratios, are generally out of favor in the marketplace, are selling significantly below their stated or replacement book value or are undergoing a reorganization or other corporate action that may create above-average price appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock's price nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risks increase, the company's fundamentals have deteriorated or we identify 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;">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>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>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 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>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>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 Institutional Class</b></p> Highest Quarter: 2nd Quarter 2003 Lowest Quarter: 4th Quarter 2008 0.2173 -0.218 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0.007 0 0.0017 0.0001 0.0088 0 0.0088 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 90 281 488 1084 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 0.4066 0.2118 0.0822 0.1878 -0.0445 -0.2978 0.3243 0.2068 -0.0056 0.1891 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007349Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.1891 0.1848 0.1229 0.1851 0.0582 0.0559 0.0494 0.0379 0.1076 0.0927 0.0873 0.1063 <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 maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.</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 25% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of mid-capitalization companies. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of mid-capitalization companies, which we define as securities of companies with market capitalizations ranging from $500 million to $10 billion. We manage a relatively focused portfolio of 30 to 50 companies that we believe enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have 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;">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>Focused Portfolio Risk.</b> Since the Fund tends to invest in a smaller number of stocks than do many other similar mutual funds, changes in the value of individual stocks held by the Fund may have a larger impact on the Fund's net asset value than if the Fund were more broadly invested.</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>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 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>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>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 Institutional Class</b></p> Highest Quarter: 2nd Quarter 2003 Lowest Quarter: 4th Quarter 2008 0.2024 -0.2344 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.007 0 0.0025 0.0001 0.0096 -0.0005 0.0091 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 93 301 526 1173 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 0.3899 0.1119 0.0652 0.2612 -0.0857 -0.3346 0.2934 0.2162 -0.0131 0.1982 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007348Member ~</div> 2004-07-26 2004-07-26 2004-07-26 0.1982 0.1929 0.1288 0.1851 0.0436 0.0411 0.0365 0.0379 0.0892 0.0779 0.0748 0.1063 <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 capital appreciation.</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 30% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in common stocks and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. We invest principally in common stocks of small-and medium-capitalization foreign and domestic companies, which we define as those with market capitalizations falling within the ranges of the Russell 2000® Index and the Russell Midcap® Index. The ranges of the Russell 2000® Index and the Russell Midcap® Index were approximately $101 million to $2.6 billion and $1.3 billion to $20.8 billion respectively, as of May 31, 2012, and are expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in common stocks of small-and medium-capitalization companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several different types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive factors, and other industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on company management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of the company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>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 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>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> 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 Institutional Class</b></p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2042 -0.2575 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.0072 0 0.0016 0.0001 0.0089 0 0.0089 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 91 284 493 1096 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 0.385 0.0967 0.1192 0.1529 0.0995 -0.3494 0.4144 0.2517 -0.0208 0.1873 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007339Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.1873 0.1725 0.1339 0.1788 0.0601 0.055 0.0509 0.0434 0.1118 0.0974 0.095 0.1049 <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 capital appreciation.</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 41% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's total assets in equity securities and up to 25% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We invest principally in equity securities of companies of all market capitalizations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a company's "private market price," which is the price an investor would be willing to pay for the entire company. We determine a company's private market price based upon several types of analysis. We carry out a fundamental analysis of a company's cash flows, asset valuations, competitive situation and industry specific factors. We also gauge the company's management strength, financial health, and growth potential in determining a company's private market price. We place an emphasis on a company's management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of a company. We then compare the private market price as determined by these factors to the company's public market capitalization, and invest in the equity securities of those companies where we believe there is a significant gap between the two. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We may sell an investment when its market price no longer compares favorably with the company's private market price. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes.</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;">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>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>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>Larger Company Securities Risk.</b> Securities of companies with larger market capitalizations may underperform securities of companies with smaller and mid-sized market capitalizations in certain economic environments.</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 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>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>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 Institutional Class</b></p> Highest Quarter: 2nd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2288 -0.2911 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0.0067 0 0.0015 0.0001 0.0083 -0.0007 0.0076 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 78 258 454 1019 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 0.3777 0.1786 0.074 0.1212 0.0529 -0.4021 0.4762 0.2172 -0.0645 0.1476 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007344Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.1476 0.1413 0.1041 0.1728 0.1642 0.029 0.0277 0.0247 0.0357 0.0204 0.0903 0.0804 0.0771 0.1065 0.0768 <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 capital appreciation.</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 102% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments. We invest in equity securities of companies of any size, although we invest principally in the equity securities of medium-capitalization companies. We define medium-capitalization companies as securities of companies with market capitalization within the range of the Russell Midcap® Index, which ranged from approximately $1.3 billion to $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in foreign securities through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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 Institutional Class</b></p> Highest Quarter: 1st Quarter 2012 Lowest Quarter: 4th Quarter 2008 0.19 -0.2883 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0.0069 0 0.0017 0.0086 -0.0001 0.0085 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 87 273 476 1060 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 0.3755 0.1568 0.0941 0.1257 0.1839 -0.4606 0.4085 0.2929 -0.0618 0.1591 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007346Member ~</div> 2003-06-30 2003-06-30 2003-06-30 0.1591 0.1591 0.1034 0.1581 0.0133 0.0133 0.0114 0.0323 0.095 0.095 0.0848 0.1032 <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 capital appreciation.</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 104% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies and up to 25% of the Fund's total assets in equity securities of foreign issuers through ADRs and similar investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest in equity securities of small- and medium-capitalization companies that we believe offer favorable opportunities for growth. We define small- and medium capitalization companies as those with market capitalizations at the time of purchase equal to or lower than the company with the largest market capitalization in the Russell Midcap® Index, which was approximately $20.8 billion as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> We seek to identify companies that have the prospect for improving sales and earnings growth rates, enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). We pay particular attention to balance sheet metrics such as changes in working capital, property, plant and equipment growth, inventory levels, accounts receivable, and acquisitions. We also look at how management teams allocate capital in order to drive future cash flow. Price objectives are determined based on industry specific valuation methodologies including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company's vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of the company (i.e. our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times we may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better 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;">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>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>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>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 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>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>Sector Emphasis Risk.</b> Investing a substantial portion of the Fund's assets in related industries or sectors may have greater risks because companies in these sectors may share common characteristics and may react similarly to market developments.</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> 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 Institutional Class</b></p> Highest Quarter: 2nd Quarter 2008 Lowest Quarter: 4th Quarter 2008 0.1761 -0.2925 <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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0 0 <div style="display:none">~ http://wells/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.0071 0 0.0015 0.0001 0.0087 0 0.0087 <div style="display:none">~ http://wells/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 89 278 482 1073 <div style="display:none">~ http://wells/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 0.3834 0.1569 0.0754 0.1337 0.2252 -0.4335 0.3888 0.3545 0.0111 0.1628 <div style="display:none">~ http://wells/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wells_S000007345Member ~</div> 2006-08-31 2006-08-31 2006-08-31 0.1628 0.1535 0.1179 0.1613 0.0461 0.0432 0.0395 0.0407 0.1159 0.1055 0.0995 0.1055 <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 capital appreciation.</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 87% of the average value of its portfolio.</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;">Under normal circumstances, we invest at least 80% of the Fund's net assets in equity securities of medium-capitalization companies. We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalizations within the range of the Russell Midcap® Index. The market capitalization range of the Russell Midcap Index® was from approximately $1.3 billion to $20.8 billion, as of May 31, 2012, and is expected to change frequently.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We look for significantly undervalued companies that we believe have the potential for above average capital growth with below average risk. Rigorous fundamental research drives our search for undervalued, high quality companies, defined as industry leaders with strong balance sheets and superior cash flows. We utilize quantitative screens to narrow the investment universe by assessing companies' financial statement strength and looking for high cash flows and low financial leverage. Through detailed qualitative research, we then identify stocks valued below their estimated intrinsic value with hidden opportunities for above-average appreciation. Typical investments include stocks of companies that have low price-to-earnings ratios, are generally out of favor in the marketplace, are selling significantly below their stated or replacement book value or are undergoing a reorganization or other corporate action that may create above-average price appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock's price nears its intrinsic value appreciation target, the macro environment becomes unfavorable, short-term downside risks increase, the company's fundamentals have deteriorated or we identify 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;">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>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>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 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>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=