Small/Mid Cap Value Fund Summary
Class/Ticker: Class A - WFVAX; Class C - WFCVX
Summary Prospectus
March 1, 2014
|
Link to Prospectus
|
Link to SAI
|
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Fund's prospectus and other information about the Fund online at wellsfargoadvantagefunds.com/reports. You
can also get information at no cost by calling 1-800-222-8222, or by sending an email request to wfaf@wellsfargo.com. The
current prospectus ("Prospectus") and statement of additional information ("SAI") dated March 1, 2014 are incorporated by
reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses
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
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 37 and 39 of the Prospectus and "Additional Purchase and Redemption
Information" on page 48 of the Statement of Additional Information.
|
Shareholder Fees (fees paid directly from your investment)
|
|
|
|
|
Class A
|
Class C
|
|
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
|
5.75%
|
None
|
|
Maximum deferred sales charge (load) (as a percentage of offering price)
|
None
1
|
1.00%
|
|
1.
|
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.
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
|
Class A
|
Class C
|
|
Management Fees
|
0.75%
|
0.75%
|
|
Distribution (12b-1) Fees
|
0.00%
|
0.75%
|
|
Other Expenses
|
0.66%
|
0.66%
|
|
Acquired Fund Fees and Expenses
|
0.01%
|
0.01%
|
|
Total Annual Fund Operating Expenses
|
1.42%
|
2.17%
|
|
Fee Waivers
|
0.06%
|
0.06%
|
|
Total Annual Fund Operating Expenses After Fee Waiver
1
|
1.36%
|
2.11%
|
|
1.
|
The Adviser has committed through February 28, 2015 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 1.35% for Class A and 2.10% 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.
|
Example of Expenses
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:
|
|
Assuming Redemption at End of Period
|
|
|
Assuming No Redemption
|
|
After:
|
Class A
|
Class C
|
|
|
|
Class C
|
|
|
1 Year
|
$706
|
$314
|
|
|
|
$214
|
|
|
3 Years
|
$993
|
$673
|
|
|
|
$673
|
|
|
5 Years
|
$1,301
|
$1,159
|
|
|
|
$1,159
|
|
|
10 Years
|
$2,174
|
$2,499
|
|
|
|
$2,499
|
|
Portfolio Turnover
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 29% of the average value of
its portfolio.
Principal Investment Strategies
Under normal circumstances, we invest:
-
at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and
-
up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.
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
TM
Index at the time of purchase. The market capitalization range of the Russell 2500
TM
Index was $14.5 million to $11.4 billion as of January 31, 2014, 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.
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.
Principal Investment Risks
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.
Counter-Party Risk.
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.
Derivatives Risk.
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.
Foreign Investment Risk.
Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political,
regulatory, tax, currency, economic or other macroeconomic developments.
Issuer Risk.
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.
Leverage Risk.
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.
Liquidity Risk.
A security may not be able to be sold at the time desired or without adversely affecting the price.
Management Risk.
Investment decisions made by a Fund's adviser in seeking to achieve the Fund's investment objective may not produce the returns
expected by the adviser, may cause the securities held by the Fund and, in turn, the Fund's shares, to lose value or may cause
the Fund to underperform other funds with similar investment objectives.
Market Risk.
The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities
markets generally or particular industries.
Options Risk.
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.
Regulatory Risk.
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.
Smaller Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company
stocks.
Value Style Investment Risk.
Value stocks may lose value and may be subject to prolonged depressed valuations.
Performance
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 wellsfargoadvantagefunds.com.
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)
|
Highest Quarter: 3rd Quarter 2009
|
+25.43%
|
|
Lowest Quarter: 4th Quarter 2008
|
-30.55%
|
|
Average Annual Total Returns for the periods ended 12/31/2013 (Returns reflect applicable sales charges)
|
|
|
Inception Date of Share Class
|
1 Year
|
5 Year
|
10 Year
|
|
Class A (before taxes)
|
7/31/2007
|
6.95%
|
15.67%
|
5.85%
|
|
Class A (after taxes on distributions)
|
7/31/2007
|
5.42%
|
15.23%
|
5.28%
|
|
Class A (after taxes on distributions and the sale of Fund Shares)
|
7/31/2007
|
5.14%
|
12.66%
|
4.72%
|
|
Class C (before taxes)
|
7/31/2007
|
11.55%
|
16.20%
|
5.79%
|
|
Russell 2500™ Value Index (reflects no deduction for fees, expenses, or taxes)
|
|
33.32%
|
19.61%
|
9.29%
|
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.
Fund Management
|
Adviser
|
Sub-Adviser
|
Portfolio Manager, Title/Managed Since
|
|
Wells Fargo Funds Management, LLC
|
Wells Capital Management Incorporated
|
I. Charles Rinaldi
, Portfolio Manager / 1997
Erik C. Astheimer
, Portfolio Manager / 2008
Michael Schneider, CFA
, Portfolio Manager / 2008
|
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchange
is open for regular trading. You also may buy and sell shares through a financial professional.
|
Minimum Investments
|
To Buy or Sell Shares
|
|
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
|
Mail:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Internet:
wellsfargoadvantagefunds.com
Phone or Wire:
1-800-222-8222
Contact your financial professional.
|
Tax Information
Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment
is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment
plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Consult your salesperson or visit your financial intermediary's Web site for more information.
|
Link to Prospectus
|
Link to SAI
|
Small/Mid Cap Value Fund Summary
Class/Ticker: Administrator Class - WWMDX
Summary Prospectus
March 1, 2014
|
Link to Prospectus
|
Link to SAI
|
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Fund's prospectus and other information about the Fund online at wellsfargoadvantagefunds.com/reports. You
can also get information at no cost by calling 1-800-222-8222, or by sending an email request to wfaf@wellsfargo.com. The
current prospectus ("Prospectus") and statement of additional information ("SAI") dated March 1, 2014 are incorporated by
reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses
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.
|
Shareholder Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
|
None
|
|
Maximum deferred sales charge (load) (as a percentage of offering price)
|
None
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
Management Fees
|
0.75%
|
|
Distribution (12b-1) Fees
|
0.00%
|
|
Other Expenses
|
0.50%
|
|
Acquired Fund Fees and Expenses
|
0.01%
|
|
Total Annual Fund Operating Expenses
|
1.26%
|
|
Fee Waivers
|
0.10%
|
|
Total Annual Fund Operating Expenses After Fee Waiver
1
|
1.16%
|
|
1.
|
The Adviser has committed through February 28, 2015 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.
|
Example of Expenses
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:
|
|
|
|
After:
|
|
|
1 Year
|
$118
|
|
3 Years
|
$390
|
|
5 Years
|
$682
|
|
10 Years
|
$1,514
|
Portfolio Turnover
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 29% of the average value of
its portfolio.
Principal Investment Strategies
Under normal circumstances, we invest:
-
at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and
-
up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.
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
TM
Index at the time of purchase. The market capitalization range of the Russell 2500
TM
Index was $14.5 million to $11.4 billion as of January 31, 2014, 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.
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.
Principal Investment Risks
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.
Counter-Party Risk.
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.
Derivatives Risk.
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.
Foreign Investment Risk.
Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political,
regulatory, tax, currency, economic or other macroeconomic developments.
Issuer Risk.
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.
Leverage Risk.
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.
Liquidity Risk.
A security may not be able to be sold at the time desired or without adversely affecting the price.
Management Risk.
Investment decisions made by a Fund's adviser in seeking to achieve the Fund's investment objective may not produce the returns
expected by the adviser, may cause the securities held by the Fund and, in turn, the Fund's shares, to lose value or may cause
the Fund to underperform other funds with similar investment objectives.
Market Risk.
The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities
markets generally or particular industries.
Options Risk.
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.
Regulatory Risk.
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.
Smaller Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company
stocks.
Value Style Investment Risk.
Value stocks may lose value and may be subject to prolonged depressed valuations.
Performance
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 wellsfargoadvantagefunds.com.
Calendar Year Total Returns as of 12/31 each year
Administrator Class
|
Highest Quarter: 3rd Quarter 2009
|
+25.53%
|
|
Lowest Quarter: 4th Quarter 2008
|
-30.45%
|
|
Average Annual Total Returns for the periods ended 12/31/2013
|
|
|
Inception Date of Share Class
|
1 Year
|
5 Year
|
10 Year
|
|
Administrator Class (before taxes)
|
4/8/2005
|
13.68%
|
17.34%
|
6.74%
|
|
Administrator Class (after taxes on distributions)
|
4/8/2005
|
12.09%
|
16.86%
|
6.16%
|
|
Administrator Class (after taxes on distributions and the sale of Fund Shares)
|
4/8/2005
|
9.01%
|
14.08%
|
5.47%
|
|
Russell 2500™ Value Index (reflects no deduction for fees, expenses, or taxes)
|
|
33.32%
|
19.61%
|
9.29%
|
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.
Fund Management
|
Adviser
|
Sub-Adviser
|
Portfolio Manager, Title/Managed Since
|
|
Wells Fargo Funds Management, LLC
|
Wells Capital Management Incorporated
|
I. Charles Rinaldi
, Portfolio Manager / 1997
Erik C. Astheimer
, Portfolio Manager / 2008
Michael Schneider, CFA
, Portfolio Manager / 2008
|
Purchase and Sale of Fund Shares
Administrator Class shares are generally available through financial intermediaries for the accounts of their customers and
directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust
companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans;
institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college
savings plans; family offices; and fund of funds including those managed by Funds Management. In general, you can buy or sell
shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchange is open for regular trading. You
also may buy and sell shares through a financial professional.
|
Minimum Investments
|
To Buy or Sell Shares
|
|
Minimum Initial Investment
Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors)
Minimum Additional Investment
Administrator Class: None
|
Mail:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Internet
: wellsfargoadvantagefunds.com
Phone or Wire:
1-800-222-8222
Contact your investment representative.
|
Tax Information
Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment
is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment
plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Consult your salesperson or visit your financial intermediary's Web site for more information.
|
Link to Prospectus
|
Link to SAI
|
Small/Mid Cap Value Fund Summary
Class/Ticker: Institutional Class - WWMSX
Summary Prospectus
March 1, 2014
|
Link to Prospectus
|
Link to SAI
|
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Fund's prospectus and other information about the Fund online at wellsfargoadvantagefunds.com/reports. You
can also get information at no cost by calling 1-800-222-8222, or by sending an email request to wfaf@wellsfargo.com. The
current prospectus ("Prospectus") and statement of additional information ("SAI") dated March 1, 2014 are incorporated by
reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses
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.
|
Shareholder Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
|
None
|
|
Maximum deferred sales charge (load) (as a percentage of offering price)
|
None
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
Management Fees
|
0.75%
|
|
Distribution (12b-1) Fees
|
0.00%
|
|
Other Expenses
|
0.23%
|
|
Acquired Fund Fees and Expenses
|
0.01%
|
|
Total Annual Fund Operating Expenses
|
0.99%
|
|
Fee Waivers
|
0.03%
|
|
Total Annual Fund Operating Expenses After Fee Waiver
1
|
0.96%
|
|
1.
|
The Adviser has committed through February 28, 2015 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.
|
Example of Expenses
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:
|
|
|
|
After:
|
|
|
1 Year
|
$98
|
|
3 Years
|
$312
|
|
5 Years
|
$544
|
|
10 Years
|
$1,210
|
Portfolio Turnover
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 29% of the average value of
its portfolio.
Principal Investment Strategies
Under normal circumstances, we invest:
-
at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and
-
up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.
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
TM
Index at the time of purchase. The market capitalization range of the Russell 2500
TM
Index was $14.5 million to $11.4 billion as of January 31, 2014, 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.
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.
Principal Investment Risks
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.
Counter-Party Risk.
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.
Derivatives Risk.
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.
Foreign Investment Risk.
Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political,
regulatory, tax, currency, economic or other macroeconomic developments.
Issuer Risk.
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.
Leverage Risk.
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.
Liquidity Risk.
A security may not be able to be sold at the time desired or without adversely affecting the price.
Management Risk.
Investment decisions made by a Fund's adviser in seeking to achieve the Fund's investment objective may not produce the returns
expected by the adviser, may cause the securities held by the Fund and, in turn, the Fund's shares, to lose value or may cause
the Fund to underperform other funds with similar investment objectives.
Market Risk.
The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities
markets generally or particular industries.
Options Risk.
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.
Regulatory Risk.
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.
Smaller Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company
stocks.
Value Style Investment Risk.
Value stocks may lose value and may be subject to prolonged depressed valuations.
Performance
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 wellsfargoadvantagefunds.com.
Calendar Year Total Returns as of 12/31 each year
Institutional Class
|
Highest Quarter: 3rd Quarter 2009
|
+25.52%
|
|
Lowest Quarter: 4th Quarter 2008
|
-30.46%
|
|
Average Annual Total Returns for the periods ended 12/31/2013
|
|
|
Inception Date of Share Class
|
1 Year
|
5 Year
|
10 Year
|
|
Institutional Class (before taxes)
|
8/31/2006
|
13.87%
|
17.57%
|
6.89%
|
|
Institutional Class (after taxes on distributions)
|
8/31/2006
|
12.21%
|
17.05%
|
6.28%
|
|
Institutional Class (after taxes on distributions and the sale of Fund Shares)
|
8/31/2006
|
9.11%
|
14.27%
|
5.59%
|
|
Russell 2500™ Value Index (reflects no deduction for fees, expenses, or taxes)
|
|
33.32%
|
19.61%
|
9.29%
|
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.
Fund Management
|
Adviser
|
Sub-Adviser
|
Portfolio Manager, Title/Managed Since
|
|
Wells Fargo Funds Management, LLC
|
Wells Capital Management Incorporated
|
I. Charles Rinaldi
, Portfolio Manager / 1997
Erik C. Astheimer
, Portfolio Manager / 2008
Michael Schneider, CFA
, Portfolio Manager / 2008
|
Purchase and Sale of Fund Shares
Institutional Class shares are generally available through financial intermediaries for the accounts of their customers and
directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust
companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans;
institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college
savings plans; family offices; and fund of funds including those managed by Funds Management. In general, you can buy or sell
shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchange is open for regular trading. You
also may buy and sell shares through a financial professional.
|
Minimum Investments
|
To Buy or Sell Shares
|
|
Minimum Initial Investment
Institutional Class: $5 million (this amount may be reduced or eliminated for certain eligible investors)
Minimum Additional Investment
Institutional Class: None
|
Mail:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Internet:
wellsfargoadvantagefunds.com
Phone or Wire:
1.800.222.8222
Contact your investment representative.
|
Tax Information
Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment
is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment
plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Consult your salesperson or visit your financial intermediary's Web site for more information.
|
Link to Prospectus
|
Link to SAI
|
Small/Mid Cap Value Fund Summary
Class/Ticker: Investor Class - SMMVX
Summary Prospectus
March 1, 2014
|
Link to Prospectus
|
Link to SAI
|
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Fund's prospectus and other information about the Fund online at wellsfargoadvantagefunds.com/reports. You
can also get information at no cost by calling 1-800-222-8222, or by sending an email request to wfaf@wellsfargo.com. The
current prospectus ("Prospectus") and statement of additional information ("SAI") dated March 1, 2014 are incorporated by
reference into this summary prospectus. The Fund's SAI may be obtained, free of charge, in the same manner as the Prospectus.
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses
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.
|
Shareholder Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
|
None
|
|
Maximum deferred sales charge (load) (as a percentage of offering price)
|
None
|
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
Management Fees
|
0.75%
|
|
Distribution (12b-1) Fees
|
0.00%
|
|
Other Expenses
|
0.72%
|
|
Acquired Fund Fees and Expenses
|
0.01%
|
|
Total Annual Fund Operating Expenses
|
1.48%
|
|
Fee Waivers
|
0.06%
|
|
Total Annual Fund Operating Expenses After Fee Waiver
1
|
1.42%
|
|
1.
|
The Adviser has committed through February 28, 2015 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 1.41% 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.
|
Example of Expenses
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:
|
|
|
|
After:
|
|
|
1 Year
|
$145
|
|
3 Years
|
$462
|
|
5 Years
|
$802
|
|
10 Years
|
$1,763
|
Portfolio Turnover
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 29% of the average value of
its portfolio.
Principal Investment Strategies
Under normal circumstances, we invest:
-
at least 80% of the Fund's net assets in equity securities of small- and medium-capitalization companies; and
-
up to 30% of the Fund's total assets in equity securities of foreign issuers, including ADRs and similar investments.
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
TM
Index at the time of purchase. The market capitalization range of the Russell 2500
TM
Index was $14.5 million to $11.4 billion as of January 31, 2014, 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.
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.
Principal Investment Risks
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.
Counter-Party Risk.
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.
Derivatives Risk.
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.
Foreign Investment Risk.
Foreign investments face the potential of heightened illiquidity, greater price volatility and adverse effects of political,
regulatory, tax, currency, economic or other macroeconomic developments.
Issuer Risk.
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.
Leverage Risk.
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.
Liquidity Risk.
A security may not be able to be sold at the time desired or without adversely affecting the price.
Management Risk.
Investment decisions made by a Fund's adviser in seeking to achieve the Fund's investment objective may not produce the returns
expected by the adviser, may cause the securities held by the Fund and, in turn, the Fund's shares, to lose value or may cause
the Fund to underperform other funds with similar investment objectives.
Market Risk.
The market price of securities owned by the Fund may rapidly or unpredictably decline due to factors affecting securities
markets generally or particular industries.
Options Risk.
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.
Regulatory Risk.
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.
Smaller Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company
stocks.
Value Style Investment Risk.
Value stocks may lose value and may be subject to prolonged depressed valuations.
Performance
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 wellsfargoadvantagefunds.com.
Calendar Year Total Returns as of 12/31 each year
Investor Class
|
Highest Quarter: 3rd Quarter 2009
|
+25.35%
|
|
Lowest Quarter: 4th Quarter 2008
|
-30.53%
|
|
Average Annual Total Returns for the periods ended 12/31/2013
|
|
|
Inception Date of Share Class
|
1 Year
|
5 Year
|
10 Year
|
|
Investor Class (before taxes)
|
3/28/2002
|
13.41%
|
16.96%
|
6.42%
|
|
Investor Class (after taxes on distributions)
|
3/28/2002
|
11.80%
|
16.54%
|
5.86%
|
|
Investor Class (after taxes on distributions and the sale of Fund Shares)
|
3/28/2002
|
8.87%
|
13.75%
|
5.20%
|
|
Russell 2500™ Value Index (reflects no deduction for fees, expenses, or taxes)
|
|
33.32%
|
19.61%
|
9.29%
|
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.
Fund Management
|
Adviser
|
Sub-Adviser
|
Portfolio Manager, Title/Managed Since
|
|
Wells Fargo Funds Management, LLC
|
Wells Capital Management Incorporated
|
I. Charles Rinaldi
, Portfolio Manager / 1997
Erik C. Astheimer
, Portfolio Manager / 2008
Michael Schneider, CFA
, Portfolio Manager / 2008
|
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund by mail, internet, phone or wire on any day the New York Stock Exchange
is open for regular trading. You also may buy and sell shares through a financial professional.
|
Minimum Investments
|
To Buy or Sell Shares
|
|
Minimum Initial Investment
Regular Accounts: $2,500
IRAs, IRA Rollovers, Roth IRAs: $1,000
UGMA/UTMA Accounts: $1,000
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
|
Mail:
Wells Fargo Advantage Funds
P.O. Box 8266
Boston, MA 02266-8266
Internet:
wellsfargoadvantagefunds.com
Phone or Wire:
1-800-222-8222
Contact your financial professional.
|
Tax Information
Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment
is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment
plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related
companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Consult your salesperson or visit your financial intermediary's Web site for more information.
|
Link to Prospectus
|
Link to SAI
|
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