0000907244-13-000107.txt : 20130320 0000907244-13-000107.hdr.sgml : 20130320 20130320111547 ACCESSION NUMBER: 0000907244-13-000107 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130320 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130320 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: 13703874 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: 13703875 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 S000007342 Wells Fargo Advantage Small Cap Opportunities Fund C000020152 Administrator Class NVSOX 0001081400 S000007365 Wells Fargo Advantage Intrinsic Small Cap Value Fund C000020229 Administrator Class WFSDX C000020230 Institutional Class WFSSX C000020231 Investor Class SCOVX C000064973 Class A WFSMX C000064974 Class C WSCDX 0001081400 S000007366 Wells Fargo Advantage Small Cap Value Fund C000020232 Class A SMVAX C000020233 Class B SMVBX C000020234 Class C SMVCX C000020235 Investor Class SSMVX C000053349 Institutional Class WFSVX C000092787 Administrator Class SMVDX 0001081400 S000007368 Wells Fargo Advantage Small/Mid Cap Value Fund C000020240 Administrator Class WWMDX C000020241 Investor Class SMMVX C000035583 Institutional Class WWMSX C000053350 Class A WFVAX C000053351 Class C WFCVX 0001081400 S000029105 Wells Fargo Advantage Traditional Small Cap Growth Fund C000089480 Class A EGWAX C000089481 Institutional Class EGRYX C000092806 Administrator EGWDX C000092807 C EGWCX 0001081400 S000029108 Wells Fargo Advantage Special Small Cap Value Fund C000089488 Class A ESPAX C000089489 Class B ESPBX C000089490 Class C ESPCX C000089491 Administrator Class ESPIX C000092810 Institutional ESPNX 485BPOS 1 wellsfargofundstrustxbrl.htm XBRL SMALL TO MID CAP STOCK FUNDS PEA 294

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 20, 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. 294 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 295 [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 [date] 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 20th day of March, 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. 294 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
March 20, 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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2013-03-01 2013-02-26 2013-03-01 <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.</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 32% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-and medium capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small- and medium-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small and medium capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2553 -0.3045 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.0075 0 0.005 0.0001 0.0126 -0.001 0.0116 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 118 390 682 1514 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.5844 0.1937 0.1362 0.1391 -0.0067 -0.4374 0.6138 0.1891 -0.0841 0.1131 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 2005-04-08 2005-04-08 0.1131 0.111 0.0735 0.1921 0.0194 0.0179 0.0159 0.0454 <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 16% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 billion, as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers including ADRs and similar investments. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small-capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 0.2248 -0.2483 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.0074 0 0.0044 0.0002 0.012 -0.0008 0.0112 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 114 373 652 1447 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.4845 0.1989 0.1483 0.128 0.1033 -0.3817 0.5236 0.1965 -0.0743 0.134 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.134 0.1236 0.0949 0.1805 0.0342 0.031 0.0284 0.0355 0.1165 0.1063 0.1017 0.095 <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 33% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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 utilize a long-term focus that is intended to take advantage of investment opportunities presented by what we believe are short-term price anomalies in high-quality stocks. We seek to identify companies with established operating histories, financial strength and management expertise, among other factors. We seek stocks that are trading at a discount to what we believe are their estimated intrinsic values. Fundamental research is performed to identify securities for the portfolio with one or more catalysts present that will unlock the intrinsic value of the securities. These catalysts may include productive use of strong free cash flow, productivity gains, positive change in management or control, innovative or competitively superior products, increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the value potential is realized, if warning signs emerge of beginning fundamental deterioration or if the value is no longer compelling relative to the alternatives. We may invest in any sector, and at times we may emphasize one or more particular sectors.</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>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>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 0.3464 -0.2687 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.008 0 0.0051 0.0001 0.0132 -0.0011 0.0121 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 123 407 713 1581 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.6253 0.2704 -0.0034 0.1889 -0.0453 -0.3415 0.2583 0.1998 -0.0794 0.2237 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.2237 0.2237 0.1454 0.1805 0.0229 0.0229 0.0196 0.0355 0.1009 0.0913 0.0845 0.095 <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 78% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 billion, as of May 31, 2012, and is expected to change frequently. The securities in which we invest include common stocks, securities convertible into common stocks and, subject to special limitations, rights or warrants to subscribe for or purchase common stocks. We also may invest to a limited degree in non-convertible debt securities and preferred stocks. Furthermore, we may use futures or options to manage cash. We actively manage a diversified portfolio of securities of companies that we believe can generate above-average earnings growth and reasonable valuations relative to the company's historical position and competitive peer group. We use a bottom-up fundamental research driven process in our stock selection. In selecting securities for the Fund, we focus on three categories of issuers: (i) companies that have a strong potential for growth that we believe has not been entirely reflected in the stock price; (ii) companies that have a moderate potential for growth, but have recurring revenues, earnings or cash flows and a greater potential for relative stock price stability during periods of market turbulence; and (iii) companies that have experienced a disruption in growth but that have implemented changes that we believe position them for strong potential future growth. We may reduce or eliminate exposure to a stock when we identify a more attractive investment opportunity, or when a company's fundamentals change (product failure, change in management, margin compression and/or change to the competitive landscape). We will also consider selling a stock if the stock's price target has been met.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures Risk.</b> Because the futures utilized by a Fund are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts, the primary credit risk on futures contracts is the creditworthiness of the exchange itself. Futures are also subject to market risk, interest rate risk (in the case of futures contracts relating to income producing securities) and index tracking risk (in the case of stock index futures).</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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 0.1983 -0.2406 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007342Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007342Member ~</div> 0.0079 0 0.0043 0.0002 0.0124 -0.0002 0.0122 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007342Member ~</div> 124 391 679 1498 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007342Member ~</div> 0.3689 0.2583 0.0636 0.2179 0.1107 -0.3223 0.3382 0.2083 -0.044 0.1254 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007342Member ~</div> 1993-08-01 1993-08-01 1993-08-01 0.1254 0.1121 0.0973 0.1635 0.0335 0.0284 0.0278 0.0356 0.1132 0.098 0.0948 0.0972 <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 69% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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; which we define 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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.238 -0.2602 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.0079 0 0.0043 0.0001 0.0123 -0.0013 0.011 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 112 377 663 1477 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.3565 0.2042 0.1078 0.217 -0.0786 -0.3159 0.3019 0.2296 -0.0191 0.1371 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 1996-07-23 1996-07-23 1996-07-23 0.1371 0.1371 0.0891 0.1805 0.0408 0.0401 0.0348 0.0355 0.095 0.0853 0.0824 0.095 <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 57% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations, at the time of purchase, within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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;">The core of our research process is the rigorous analysis of each portfolio candidate to identify superior opportunities in each of three categories: First, we develop a strong multi-year investment thesis for each company. Next, we identify catalysts that will drive long-term sustainable earnings growth in excess of current market expectations. Lastly, we look for attractive valuations that do not fully reflect the company's long term growth potential. Once each of these three categories is satisfied (thesis, catalysts, and valuation), a company is added to the portfolio. We sell stocks if our thesis or valuation is fully reflected in the stock price, if we recognize deterioration in thesis or a change in catalysts, or if an alternate stock with superior attributes has been identified.</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>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>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 0.2255 -0.2655 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.008 0 0.0052 0.0132 -0.0012 0.012 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 122 406 712 1580 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.3883 0.1375 0.0633 0.1051 0.1077 -0.4179 0.4101 0.273 -0.0494 0.1378 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.1378 0.1358 0.0921 0.1459 0.0248 0.0241 0.021 0.0349 0.088 0.0814 0.077 0.098 <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 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 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 32% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-and medium capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small- and medium-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small and medium capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2543 -0.3055 <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 C shares will vary.</p> <div style="display:none">~http://wfasmllmidcp-20130301/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.0575 0 0 0.01 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.0075 0 0.0066 0.0001 0.0142 -0.0001 0.0141 0.0075 0.0075 0.0066 0.0001 0.0217 -0.0001 0.0216 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 710 998 1306 2178 319 678 1164 2502 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 219 678 1164 2502 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.5844 0.1937 0.1332 0.1341 -0.01 -0.439 0.6103 0.1861 -0.0864 0.1101 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 0.0462 0.0453 0.03 0.0927 0.1921 0.0049 0.0038 0.0037 0.0095 0.0454 0.0944 0.09 0.083 0.0944 0.102 <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 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 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 16% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 billion, as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers including ADRs and similar investments. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small-capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 0.2244 -0.2491 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.0074 0 0.006 0.0002 0.0136 -0.0004 0.0132 0.0074 0.0075 0.006 0.0002 0.0211 -0.0004 0.0207 0.0074 0.0075 0.006 0.0002 0.0211 -0.0004 0.0207 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 702 977 1273 2113 710 957 1330 2157 310 657 1130 2438 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 210 657 1130 2157 210 657 1130 2438 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.4849 0.1989 0.1482 0.1292 0.1026 -0.3837 0.5178 0.1936 -0.0758 0.1314 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 2000-11-30 2000-11-30 2000-11-30 2000-11-30 2000-11-30 0.0664 0.0573 0.0506 0.0731 0.1131 0.1805 0.0193 0.0167 0.0158 0.0201 0.0238 0.0355 0.1085 0.0988 0.0945 0.1092 0.1067 0.095 <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 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 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 33% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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 utilize a long-term focus that is intended to take advantage of investment opportunities presented by what we believe are short-term price anomalies in high-quality stocks. We seek to identify companies with established operating histories, financial strength and management expertise, among other factors. We seek stocks that are trading at a discount to what we believe are their estimated intrinsic values. Fundamental research is performed to identify securities for the portfolio with one or more catalysts present that will unlock the intrinsic value of the securities. These catalysts may include productive use of strong free cash flow, productivity gains, positive change in management or control, innovative or competitively superior products, increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the value potential is realized, if warning signs emerge of beginning fundamental deterioration or if the value is no longer compelling relative to the alternatives. We may invest in any sector, and at times we may emphasize one or more particular sectors.</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>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>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 0.3464 -0.269 <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 C shares will vary.</p> <div style="display:none">~http://wfasmllmidcp-20130301/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.0575 0 0 0.01 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.008 0 0.0067 0.0001 0.0148 -0.0002 0.0146 0.008 0.0075 0.0067 0.0001 0.0223 -0.0002 0.0221 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 715 1014 1335 2240 324 695 1193 2563 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 224 695 1193 2563 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.6253 0.2704 -0.0064 0.1843 -0.0479 -0.3433 0.2551 0.1963 -0.0814 0.2211 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 2008-03-31 2008-03-31 2008-03-31 2008-03-31 0.151 0.151 0.0981 0.202 0.1805 0.0084 0.0084 0.0072 0.0129 0.0355 0.092 0.0824 0.0764 0.0915 0.095 <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 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 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 69% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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; which we define 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 Class A (Returns do not reflect sales charges and would be lower if they did)</b></p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2378 -0.2608 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.0575 0 0 0.05 0 0.01 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.0079 0 0.0059 0.0001 0.0139 -0.0004 0.0135 0.0079 0.0075 0.0059 0.0001 0.0214 -0.0004 0.021 0.0079 0.0075 0.0059 0.0001 0.0214 -0.0004 0.021 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 705 986 1288 2144 713 966 1346 2189 313 666 1146 2469 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 213 666 1146 2189 213 666 1146 2469 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.3536 0.2004 0.1043 0.2141 -0.0809 -0.3175 0.2986 0.226 -0.0215 0.1345 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 1993-05-07 1993-05-07 1993-05-07 1999-03-26 2000-12-12 0.0693 0.0693 0.0451 0.0754 0.1159 0.1805 0.0259 0.0254 0.022 0.0268 0.0305 0.0355 0.0857 0.0764 0.0741 0.0864 0.0841 0.095 <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 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 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 57% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations, at the time of purchase, within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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;">The core of our research process is the rigorous analysis of each portfolio candidate to identify superior opportunities in each of three categories: First, we develop a strong multi-year investment thesis for each company. Next, we identify catalysts that will drive long-term sustainable earnings growth in excess of current market expectations. Lastly, we look for attractive valuations that do not fully reflect the company's long term growth potential. Once each of these three categories is satisfied (thesis, catalysts, and valuation), a company is added to the portfolio. We sell stocks if our thesis or valuation is fully reflected in the stock price, if we recognize deterioration in thesis or a change in catalysts, or if an alternate stock with superior attributes has been identified.</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>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>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 0.2245 -0.2657 <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 C shares will vary.</p> <div style="display:none">~http://wfasmllmidcp-20130301/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.0575 0 0 0.01 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.008 0 0.0068 0.0148 -0.0015 0.0133 0.008 0.0075 0.0068 0.0223 -0.0015 0.0208 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 703 1002 1323 2230 311 683 1181 2553 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 211 683 1181 2553 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.3875 0.1368 0.0619 0.1051 0.1064 -0.4179 0.4094 0.2722 -0.0505 0.1361 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 1995-06-05 1995-06-05 1995-06-05 2010-07-30 0.0707 0.0687 0.0484 0.1168 0.1459 0.0119 0.0114 0.01 0.0163 0.0349 0.0807 0.0741 0.0704 0.079 0.098 <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 32% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-and medium capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small- and medium-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small and medium capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2552 -0.3046 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.0075 0 0.0023 0.0001 0.0099 -0.0003 0.0096 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 98 312 544 1210 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.5844 0.1937 0.1362 0.1397 -0.0051 -0.4365 0.6172 0.192 -0.0829 0.1158 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 2006-08-31 2006-08-31 2006-08-31 0.1158 0.1129 0.0753 0.1921 0.0214 0.0195 0.0175 0.0454 0.1048 <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 16% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 billion, as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers including ADRs and similar investments. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small-capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 0.2253 -0.248 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.0074 0 0.0017 0.0002 0.0093 -0.0001 0.0092 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 94 295 514 1142 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.487 0.2009 0.1503 0.1299 0.1052 -0.3806 0.5261 0.1984 -0.0721 0.1363 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 2007-07-31 2007-07-31 2007-07-31 0.1363 0.1253 0.0963 0.1805 0.0361 0.0327 0.0299 0.0355 0.1184 0.1082 0.1034 0.095 <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 33% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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 utilize a long-term focus that is intended to take advantage of investment opportunities presented by what we believe are short-term price anomalies in high-quality stocks. We seek to identify companies with established operating histories, financial strength and management expertise, among other factors. We seek stocks that are trading at a discount to what we believe are their estimated intrinsic values. Fundamental research is performed to identify securities for the portfolio with one or more catalysts present that will unlock the intrinsic value of the securities. These catalysts may include productive use of strong free cash flow, productivity gains, positive change in management or control, innovative or competitively superior products, increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the value potential is realized, if warning signs emerge of beginning fundamental deterioration or if the value is no longer compelling relative to the alternatives. We may invest in any sector, and at times we may emphasize one or more particular sectors.</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>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>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 0.3464 -0.2676 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.008 0 0.0024 0.0001 0.0105 -0.0004 0.0101 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 103 330 575 1279 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.6253 0.2704 -0.0028 0.1919 -0.0437 -0.3397 0.2604 0.202 -0.0776 0.2267 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 2005-04-08 2005-04-08 2005-04-08 0.2267 0.2267 0.1474 0.1805 0.0251 0.025 0.0214 0.0355 0.1026 0.0928 0.086 0.095 <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 69% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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; which we define 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: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.238 -0.2602 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.0079 0 0.0016 0.0001 0.0096 -0.0001 0.0095 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 97 305 530 1177 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 0.3565 0.2042 0.1078 0.217 -0.0786 -0.3159 0.3019 0.2296 -0.0173 0.1392 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029108Member ~</div> 2010-07-30 2010-07-30 2010-07-30 0.1392 0.1384 0.0905 0.1805 0.0416 0.0407 0.0354 0.0355 0.0954 0.0856 0.0827 0.095 <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 57% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations, at the time of purchase, within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was $101 million to $2.608 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;">The core of our research process is the rigorous analysis of each portfolio candidate to identify superior opportunities in each of three categories: First, we develop a strong multi-year investment thesis for each company. Next, we identify catalysts that will drive long-term sustainable earnings growth in excess of current market expectations. Lastly, we look for attractive valuations that do not fully reflect the company's long term growth potential. Once each of these three categories is satisfied (thesis, catalysts, and valuation), a company is added to the portfolio. We sell stocks if our thesis or valuation is fully reflected in the stock price, if we recognize deterioration in thesis or a change in catalysts, or if an alternate stock with superior attributes has been identified.</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>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>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 0.2262 -0.2651 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.008 0 0.0025 0.0105 -0.0007 0.0098 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 100 327 573 1276 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 0.3913 0.14 0.0657 0.1075 0.1101 -0.4166 0.4132 0.2762 -0.0476 0.1399 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000029105Member ~</div> 1997-11-19 1997-11-19 1997-11-19 0.1399 0.1379 0.0934 0.1459 0.027 0.0263 0.0229 0.0349 0.0903 0.0837 0.0791 0.098 <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 32% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-and medium capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small- and medium-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small and medium capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 Investor Class</b> </p> Highest Quarter: 3rd Quarter 2009 Lowest Quarter: 4th Quarter 2008 0.2535 -0.3053 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.0075 0 0.0072 0.0001 0.0148 -0.0001 0.0147 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 150 467 807 1768 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 0.5844 0.1937 0.1332 0.1341 -0.0109 -0.4392 0.6084 0.185 -0.087 0.109 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007368Member ~</div> 2002-03-28 2002-03-28 2002-03-28 0.109 0.1083 0.0709 0.1921 0.0159 0.0151 0.0133 0.0454 0.1004 0.0962 0.0885 0.102 <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 16% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets in equity securities of small-capitalization companies; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 billion, as of May 31, 2012, and is expected to change frequently. We may also invest in equity securities of foreign issuers including ADRs and similar investments. As a hedging strategy, the Fund may write put and call options, meaning that the Fund sells an option to another party giving that party the right to either sell a stock to (put) or buy a stock from (call) the Fund at a predetermined price in the future. Whether or not this hedging strategy is successful depends on a variety of factors, particularly our ability to predict movements of the price of the hedged stock. Furthermore, we may use options to enhance return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We employ a multi-faceted investment process that consists of quantitative idea generation and rigorous fundamental research. This process involves identifying companies that we believe exhibit attractive valuation characteristics and warrant further research. We then conduct fundamental research to find securities in small-capitalization companies with a positive dynamic for change that could move the price of such securities higher. The positive dynamic may include a change in management team, a new product or service, corporate restructuring, an improved business plan, a change in the regulatory environment, or the right time for the industry in its market cycle. We typically sell a security when its fundamentals deteriorate, its relative valuation versus the peer group and market becomes expensive, or for risk management considerations. We believe the combination of buying the securities of undervalued small-capitalization companies with positive dynamics for change limits our downside risk while allowing us to potentially participate in significant upside appreciation in the price of such securities.</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>Counter-Party Risk.</b> A Fund may incur a loss if the other party to an investment contract, such as a derivative or a repurchase or reverse repurchase agreement, fails to fulfill its contractual obligation to the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk.</b> The use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Currency Transactions Risk</b>. Foreign securities are often denominated in foreign currencies. As a result, the value of a Fund's shares is affected by changes in exchange rates. Use of hedging techniques cannot protect against exchange rate risk perfectly. If the Fund's adviser is incorrect in its judgment of future exchange rate relationships, the Fund could be in a less advantageous position than if such a hedge had not been established.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign Investment Risk.</b> Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political, regulatory, tax, currency, economic or other macroeconomic developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>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>Leverage Risk.</b> Leverage created by borrowing or certain investments, such as derivatives and reverse repurchase agreements, can diminish the Fund's performance and increase the volatility of the Fund's net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk.</b> A security may not be able to be sold at the time desired or without adversely affecting the price.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk.</b> There is no guarantee of the Fund's performance or that the Fund will meet its objective. The market value of your investment may decline and you may suffer investment loss.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market 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>Options Risk.</b> An investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of premiums, while a Fund that writes options could be in a worse position than it would have been had it not written the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position.</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 Investor Class</b> </p> Highest Quarter: 2nd Quarter 2003 Lowest Quarter: 4th Quarter 2008 0.2253 -0.2488 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.0074 0 0.0066 0.0002 0.0142 -0.0007 0.0135 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 137 442 770 1696 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 0.487 0.2009 0.1503 0.1299 0.1032 -0.3831 0.519 0.194 -0.0764 0.1312 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007366Member ~</div> 1997-12-31 1997-12-31 1997-12-31 0.1312 0.122 0.0931 0.1805 0.0317 0.0292 0.0265 0.0355 0.1159 0.1062 0.1014 0.095 <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 33% 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:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500™ Index at the time of purchase. The market capitalization range of the Russell 2500™ Index was $101 million to $6.345 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 utilize a long-term focus that is intended to take advantage of investment opportunities presented by what we believe are short-term price anomalies in high-quality stocks. We seek to identify companies with established operating histories, financial strength and management expertise, among other factors. We seek stocks that are trading at a discount to what we believe are their estimated intrinsic values. Fundamental research is performed to identify securities for the portfolio with one or more catalysts present that will unlock the intrinsic value of the securities. These catalysts may include productive use of strong free cash flow, productivity gains, positive change in management or control, innovative or competitively superior products, increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the value potential is realized, if warning signs emerge of beginning fundamental deterioration or if the value is no longer compelling relative to the alternatives. We may invest in any sector, and at times we may emphasize one or more particular sectors.</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>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>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 Investor Class</b> </p> Highest Quarter: 2nd Quarter 2003 Lowest Quarter: 4th Quarter 2008 0.3464 -0.2685 <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://wfasmllmidcp-20130301/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0 0 <div style="display:none">~ http://wfasmllmidcp-20130301/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.008 0 0.0073 0.0001 0.0154 -0.0004 0.015 <div style="display:none">~ http://wfasmllmidcp-20130301/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 153 483 836 1831 <div style="display:none">~ http://wfasmllmidcp-20130301/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 0.6253 0.2704 -0.0064 0.1843 -0.0479 -0.3432 0.2539 0.1962 -0.082 0.2202 <div style="display:none">~ http://wfasmllmidcp-20130301/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact wfasmllmidcp-20130301_S000007365Member ~</div> 2002-03-28 2002-03-28 2002-03-28 0.2202 0.2202 0.1431 0.1805 0.0199 0.0199 0.017 0.0355 0.0982 0.0887 0.0821 0.095 0.33 0.78 0.16 0.32 0.69 0.57 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 2nd Quarter 2003 +34.64% Lowest Quarter: 4th Quarter 2008 -26.87% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +19.83% Lowest Quarter: 4th Quarter 2008 -24.06% </pre> <pre> Highest Quarter: 2nd Quarter 2003 +22.48% Lowest Quarter: 4th Quarter 2008 -24.83% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +25.53% Lowest Quarter: 4th Quarter 2008 -30.45% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +23.80% Lowest Quarter: 4th Quarter 2008 -26.02% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +22.55% Lowest Quarter: 4th Quarter 2008 -26.55% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. 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 calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2014-02-28 2014-02-28 2014-02-28 2014-02-28 2014-02-28 2014-02-28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 of the Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Wells Fargo Advantage Funds®. More information about these and other discounts is available from your financial professional and in "A Choice of Share Classes" and "Reductions and Waivers of Sales Charges" on pages 41 and 43 of the Prospectus and "Additional Purchase and Redemption Information" on page 48 of the Statement of Additional Information. 50000 50000 50000 50000 50000 0.33 0.16 0.32 0.69 0.57 2014-02-28 2014-02-28 2014-02-28 2014-02-28 2014-02-28 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency 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 Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 2nd Quarter 2003 +34.64% Lowest Quarter: 4th Quarter 2008 -26.90% </pre> <pre> Highest Quarter: 2nd Quarter 2003 +22.44% Lowest Quarter: 4th Quarter 2008 -24.91% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +25.43% Lowest Quarter: 4th Quarter 2008 -30.55% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +23.78% Lowest Quarter: 4th Quarter 2008 -26.08% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +22.45% Lowest Quarter: 4th Quarter 2008 -26.57% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. After-tax returns are shown only for the Class A shares. After-tax returns for the Class C shares will vary. 0.33 0.16 0.32 0.69 0.57 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency 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 Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Management Risk. 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. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 2nd Quarter 2003 +34.64% Lowest Quarter: 4th Quarter 2008 -26.76% </pre> <pre> Highest Quarter: 2nd Quarter 2003 +22.53% Lowest Quarter: 4th Quarter 2008 -24.80% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +25.52% Lowest Quarter: 4th Quarter 2008 -30.46% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +23.80% Lowest Quarter: 4th Quarter 2008 -26.02% </pre> <pre> Highest Quarter: 2nd Quarter 2009 +22.62% Lowest Quarter: 4th Quarter 2008 -26.51% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2014-02-28 2014-02-28 2014-02-28 2014-02-28 2014-02-28 0.33 0.16 0.32 An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency Management Risk. 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. Management Risk. 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. Management Risk. 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. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. Past performance before and after taxes is no guarantee of future results. <pre> Highest Quarter: 2nd Quarter 2003 +34.64% Lowest Quarter: 4th Quarter 2008 -26.85% </pre> <pre> Highest Quarter: 2nd Quarter 2003 +22.53% Lowest Quarter: 4th Quarter 2008 -24.88% </pre> <pre> Highest Quarter: 3rd Quarter 2009 +25.35% Lowest Quarter: 4th Quarter 2008 -30.53% </pre> wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com wellsfargoadvantagefunds.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 2014-02-28 2014-02-28 2014-02-28 2005-04-08 0.1034 0.0988 0.0912 0.102 0.0999 0.0923 0.102 The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.46% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.49% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.33% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.20% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.10% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.15% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.09% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.30% for Class A, 2.05% for Class B and 2.05% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.34% for Class A, 2.09% for Class B and 2.09% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.40% for Class A and 2.15% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.45% for Class A and 2.20% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.95% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 1.00% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Adviser has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. EX-101.PRE 4 wfasmllmidcp-20130301_pre.xml EX-101.LAB 5 wfasmllmidcp-20130301_lab.xml Expense Example, No Redemption: Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Bar Chart [Table] Performance [Table] Expense Example, No Redemption Narrative [Text Block] Market Index Performance [Table] Expense Example, No Redemption [Table] Risk/Return Detail [Table] Performance Measure [Axis] Before Taxes (after taxes on distributions) (after taxes on distributions and the sale of Fund Shares) Amendment Description Amendment Flag Document Creation Date Document Effective Date Document [Axis] Prospectus Document Period End Date Document Type Entities [Table] Entity [Text Block] Series Trading Symbol Registrant Name Central Index Key Series [Axis] Risk/Return [Heading] Objective Section: Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Strategy Section: Strategy [Heading] Strategy Narrative [Text Block] 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Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees Distribution (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Other Expenses Other Expenses Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Fee Waivers Fee Waivers Total Annual Fund Operating Expenses After Fee Waiver Total Annual Fund Operating Expenses After Fee Waiver Expenses Represent Both Master and Feeder [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses 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Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block]