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Diversified International Fund Summary Class/Ticker: Administrator Class: WFIEX Summary Prospectus March 1, 2011 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 wellsfargo.com/advantagefunds. 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, 2011, 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 0.85% Distribution (12b-1) Fees 0.00% Other Expenses 0.53% Total Annual Fund Operating Expenses 1.38% Fee Waivers 0.13% Total Annual Fund Operating Expenses After Fee Waiver1 1.25%
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 fee waiver in the Total Annual Fund Operating Expenses After Fee Waiver is only reflected
for the length of the waiver commitment in each of the following time periods. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
After:
1 Year $127 3 Years $424 5 Years $743 10 Years $1,646
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 5% of the average value of
its portfolio.
Principal Investment Strategies We invest principally in the equity securities of foreign issuers through the use of three different styles of international
equity management: an international growth style, subadvised by Artisan Partners Limited Partnership; an international value
style, sub-advised by LSV Asset Management; and an international blend style, sub-advised by Wells Capital Management Incorporated.
We invest primarily in developed countries, but may invest in emerging markets. Furthermore, we may use futures, options,
repurchase or reverse repurchase agreements or swap agreements, as well as other derivatives, to manage risk or to enhance
return. We reserve the right to hedge the portfolio's foreign currency exposure by purchasing or selling currency futures
and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency
hedging. Artisan Partners Limited Partnership (Artisan) LSV Asset Management (LSV) Wells Capital Management Incorporated (Wells Capital)
Principal Investment Risks An investment in the Fund is not a deposit of Wells Fargo Bank, N.A. or its affiliates and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental agency. 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. Emerging Markets Risk. Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions,
currency volatility, inflation and market failure. Foreign Currency Transactions Risk. 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. A Fund may enter into foreign currency futures contracts and foreign currency exchange contracts
to manage this 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. Growth Style Investment Risk. Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility
and loss. 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. 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. 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. Multi-Style Management Risk. The management of the Fund's portfolio using different investment styles can result in higher transaction costs and lower
tax efficiency than other funds which adhere to a single investment style. 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 an appropriate broad-based
index(es). 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 wellsfargo.com/advantagefunds.
Calendar Year Total Returns as of 12/31 each year
(formerly the International Equity Fund)
1.
Funds Management has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to
ensure that the Fund's Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes,
extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund, do not exceed the Total
Annual Fund Operating Expenses After Fee Waiver shown. After this time, the Total Annual Fund Operating Expenses After Fee
Waiver may be increased or the commitment to maintain the same may be terminated only with the approval of the Board of Trustees.
Artisan invests in equity securities of foreign issuers by using a bottom-up investment process to identify investments in
international growth companies, focusing on industries or themes that Artisan believes present accelerating growth prospects.
Artisan generally purchases securities it believes offer the most compelling potential earnings growth relative to their valuation.
Artisan may choose to sell a stock when a company exhibits deteriorating fundamentals, changing circumstances affect the original
reasons for its purchase, or to take advantage of a better opportunity.
LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time of purchase
and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes that these securities
have the potential to produce future returns if their future growth exceeds the market's low expectations. LSV uses a quantitative
investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures
of value (such as the dividend yield) and indicators of near-term recovery (such as recent price appreciation). A stock is
typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight has appreciated significantly
(relative to the benchmark).
Wells Capital uses bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investment
process. During each stage of the process, Wells Capital also considers the influence on the investment theses of top-down
factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and
demographic and political risks. The investment process seeks both growth and value opportunities. For growth investments, they
target companies that they believe have strong business franchises, experienced and proven management, and accelerating cash
flow growth rates. For value investments, Wells Capital target companies that they believe are undervalued in the marketplace
compared to their intrinsic value. Wells Capital may purchase securities across all market capitalizations. Wells Capital
may sell a stock if it achieves our investment objective for the position, if a stock's fundamentals or price change significantly,
if they change their view of a country or sector, or if the stock no longer fits within the risk characteristics of their
portfolio.
Administrator Class
Highest Quarter: 2nd Quarter 2009 +22.24% Lowest Quarter: 3rd Quarter 2002 --21.81%
Average Annual Total Returns for the periods ended 12/31/2010(Returns reflect applicable sales charges) |
||||
|
Inception Date of Share Class |
1 Year |
5 Year |
10 Year |
Administrator Class (before taxes) |
11/8/1999 |
9.73% |
1.33% |
0.77% |
Administrator Class (after taxes on distributions) |
11/8/1999 |
9.53% |
0.00% |
0.02% |
Administrator Class (after taxes on distributions and the sale of Fund Shares) |
11/8/1999 |
6.58% |
0.78% |
0.43% |
MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) |
7.75% |
2.46% |
3.50% |
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
Investment Adviser |
Sub-Adviser |
Portfolio Manager, Title/Managed Since |
Wells Fargo Funds Management, LLC |
Artisan Partners Limited Partnership |
Mark L. Yockey, CFA, Portfolio Manager / 2004 |
Wells Capital Management Incorporated |
Francis X. Claró, CFA, Portfolio Manager / 2009 |
|
LSV Asset Management |
Josef Lakonishok, Portfolio Manager / 2004 |
Transaction Policies
Administrator Class shares are offered for direct investment by institutions such as pension and profit sharing plans, employee benefit trusts, endowments, foundations and corporations. Administrator Class shares may also be offered through certain financial intermediaries that may charge their customers transaction or other fees.
Institutions Purchasing Fund Shares |
To Place Orders or Redeem Shares |
Minimum Initial Investment |
Mail: Wells Fargo Advantage Funds |
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.
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 |
Diversified International Fund Summary
(formerly the International Equity Fund)
Class/Ticker: Institutional Class: WFISX
Summary Prospectus
March 1, 2011
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 wellsfargo.com/advantagefunds. 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, 2011, 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 |
0.85% |
Distribution (12b-1) Fees |
0.00% |
Other Expenses |
0.26% |
Total Annual Fund Operating Expenses |
1.11% |
Fee Waivers |
0.12% |
Total Annual Fund Operating Expenses After Fee Waiver1 |
0.99% |
1. | Funds Management has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund, do not exceed the Total Annual Fund Operating Expenses After Fee Waiver shown. After this time, the Total Annual Fund Operating Expenses After Fee Waiver may be increased or the commitment to maintain the same 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 fee waiver in the Total Annual Fund Operating Expenses After Fee Waiver is only reflected for the length of the waiver commitment in each of the following time periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
After: |
|
1 Year |
$101 |
3 Years |
$341 |
5 Years |
$600 |
10 Years |
$1,341 |
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 5% of the average value of its portfolio.
Principal Investment Strategies
We invest principally in the equity securities of foreign issuers through the use of three different styles of international equity management: an international growth style, subadvised by Artisan Partners Limited Partnership; an international value style, sub-advised by LSV Asset Management; and an international blend style, sub-advised by Wells Capital Management Incorporated. We invest primarily in developed countries, but may invest in emerging markets. Furthermore, we may use futures, options, repurchase or reverse repurchase agreements or swap agreements, as well as other derivatives, to manage risk or to enhance return. We reserve the right to hedge the portfolio's foreign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency hedging.
Artisan Partners Limited Partnership (Artisan)
Artisan invests in equity securities of foreign issuers by using a bottom-up investment process to identify investments in
international growth companies, focusing on industries or themes that Artisan believes present accelerating growth prospects.
Artisan generally purchases securities it believes offer the most compelling potential earnings growth relative to their valuation.
Artisan may choose to sell a stock when a company exhibits deteriorating fundamentals, changing circumstances affect the original
reasons for its purchase, or to take advantage of a better opportunity.
LSV Asset Management (LSV)
LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time of purchase
and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes that these securities
have the potential to produce future returns if their future growth exceeds the market's low expectations. LSV uses a quantitative
investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures
of value (such as the dividend yield) and indicators of near-term recovery (such as recent price appreciation). A stock is
typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight has appreciated significantly
(relative to the benchmark).
Wells Capital Management Incorporated (Wells Capital)
Wells Capital uses bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investment
process. During each stage of the process, Wells Capital also considers the influence on the investment theses of top-down
factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and
demographic and political risks. The investment process seeks both growth and value opportunities. For growth investments, they
target companies that they believe have strong business franchises, experienced and proven management, and accelerating cash
flow growth rates. For value investments, Wells Capital target companies that they believe are undervalued in the marketplace
compared to their intrinsic value. Wells Capital may purchase securities across all market capitalizations. Wells Capital
may sell a stock if it achieves our investment objective for the position, if a stock's fundamentals or price change significantly,
if they change their view of a country or sector, or if the stock no longer fits within the risk characteristics of their
portfolio.
Principal Investment Risks
An investment in the Fund is not a deposit of Wells Fargo Bank, N.A. or its affiliates and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
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.
Emerging Markets Risk. Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.
Foreign Currency Transactions Risk. 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. A Fund may enter into foreign currency futures contracts and foreign currency exchange contracts to manage this 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.
Growth Style Investment Risk. Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.
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. 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.
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.
Multi-Style Management Risk. The management of the Fund's portfolio using different investment styles can result in higher transaction costs and lower tax efficiency than other funds which adhere to a single investment style.
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 an appropriate broad-based index(es). 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 wellsfargo.com/advantagefunds.
Calendar Year Total Returns as of 12/31 each year
Institutional Class
Highest Quarter: 2nd Quarter 2009 +22.43% Lowest Quarter: 3rd Quarter 2002 --21.81%
Average Annual Total Returns for the periods ended 12/31/2010 |
||||
|
Inception Date of Share Class |
1 Year |
5 Year |
10 Year |
Institutional Class (before taxes) |
8/31/2006 |
9.97% |
1.52% |
0.86% |
Institutional Class (after taxes on distributions) |
8/31/2006 |
9.74% |
0.46% |
0.29% |
Institutional Class (after taxes on distributions and the sale of Fund Shares) |
8/31/2006 |
6.79% |
1.24% |
0.70% |
MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) |
7.75% |
2.46% |
3.50% |
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
Investment Adviser |
Sub-Adviser |
Portfolio Manager, Title/Managed Since |
Wells Fargo Funds Management, LLC |
Artisan Partners Limited Partnership |
Mark L. Yockey, CFA, Portfolio Manager / 2004 |
Wells Capital Management Incorporated |
Francis X. Claró, CFA, Portfolio Manager / 2009 |
|
LSV Asset Management |
Josef Lakonishok, Portfolio Manager / 2004 |
Transaction Policies
Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, employee benefit trusts, endowments, foundations and corporations. Institutional Class shares may also be offered through certain financial intermediaries that may charge their customers transaction or other fees.
Institutions Purchasing Fund Shares |
To Place Orders or Redeem Shares |
Minimum Initial Investment |
Mail: Wells Fargo Advantage Funds |
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.
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 |
Diversified International Fund Summary
(formerly the International Equity Fund)
Class/Ticker: Investor Class: WIEVX
Summary Prospectus
March 1, 2011
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 wellsfargo.com/advantagefunds. 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, 2011, 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 |
0.85% |
Distribution (12b-1) Fees |
0.00% |
Other Expenses |
0.76% |
Total Annual Fund Operating Expenses |
1.61% |
Fee Waivers |
0.15% |
Total Annual Fund Operating Expenses After Fee Waiver1 |
1.46% |
1. | Funds Management has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund, do not exceed the Total Annual Fund Operating Expenses After Fee Waiver shown. After this time, the Total Annual Fund Operating Expenses After Fee Waiver may be increased or the commitment to maintain the same 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 fee waiver in the Total Annual Fund Operating Expenses After Fee Waiver is only reflected for the length of the waiver commitment in each of the following time periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
After: |
|
1 Year |
$149 |
3 Years |
$493 |
5 Years |
$862 |
10 Years |
$1,898 |
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 5% of the average value of its portfolio.
Principal Investment Strategies
We invest principally in the equity securities of foreign issuers through the use of three different styles of international equity management: an international growth style, subadvised by Artisan Partners Limited Partnership; an international value style, sub-advised by LSV Asset Management; and an international blend style, sub-advised by Wells Capital Management Incorporated. We invest primarily in developed countries, but may invest in emerging markets. Furthermore, we may use futures, options, repurchase or reverse repurchase agreements or swap agreements, as well as other derivatives, to manage risk or to enhance return. We reserve the right to hedge the portfolio's foreign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency hedging.
Artisan Partners Limited Partnership (Artisan)
Artisan invests in equity securities of foreign issuers by using a bottom-up investment process to identify investments in
international growth companies, focusing on industries or themes that Artisan believes present accelerating growth prospects.
Artisan generally purchases securities it believes offer the most compelling potential earnings growth relative to their valuation.
Artisan may choose to sell a stock when a company exhibits deteriorating fundamentals, changing circumstances affect the original
reasons for its purchase, or to take advantage of a better opportunity.
LSV Asset Management (LSV)
LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time of purchase
and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes that these securities
have the potential to produce future returns if their future growth exceeds the market's low expectations. LSV uses a quantitative
investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures
of value (such as the dividend yield) and indicators of near-term recovery (such as recent price appreciation). A stock is
typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight has appreciated significantly
(relative to the benchmark).
Wells Capital Management Incorporated (Wells Capital)
Wells Capital uses bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investment
process. During each stage of the process, Wells Capital also considers the influence on the investment theses of top-down
factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and
demographic and political risks. The investment process seeks both growth and value opportunities. For growth investments, they
target companies that they believe have strong business franchises, experienced and proven management, and accelerating cash
flow growth rates. For value investments, Wells Capital target companies that they believe are undervalued in the marketplace
compared to their intrinsic value. Wells Capital may purchase securities across all market capitalizations. Wells Capital
may sell a stock if it achieves our investment objective for the position, if a stock's fundamentals or price change significantly,
if they change their view of a country or sector, or if the stock no longer fits within the risk characteristics of their
portfolio.
Principal Investment Risks
An investment in the Fund is not a deposit of Wells Fargo Bank, N.A. or its affiliates and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
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.
Emerging Markets Risk. Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.
Foreign Currency Transactions Risk. 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. A Fund may enter into foreign currency futures contracts and foreign currency exchange contracts to manage this 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.
Growth Style Investment Risk. Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.
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. 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.
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.
Multi-Style Management Risk. The management of the Fund's portfolio using different investment styles can result in higher transaction costs and lower tax efficiency than other funds which adhere to a single investment style.
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 an appropriate broad-based index(es). 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 wellsfargo.com/advantagefunds.
Calendar Year Total Returns as of 12/31 each year
Investor Class
Highest Quarter: 2nd Quarter 2009 +22.09% Lowest Quarter: 3rd Quarter 2002 --22.11%
Average Annual Total Returns for the periods ended 12/31/2010 |
||||
|
Inception Date of Share Class |
1 Year |
5 Year |
10 Year |
Investor Class (before taxes) |
7/18/2008 |
9.43% |
1.11% |
0.13% |
Investor Class (after taxes on distributions) |
7/18/2008 |
9.26% |
0.11% |
-0.39% |
Investor Class (after taxes on distributions and the sale of Fund Shares) |
7/18/2008 |
6.35% |
0.90% |
0.09% |
MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) |
7.75% |
2.46% |
3.50% |
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
Investment Adviser |
Sub-Adviser |
Portfolio Manager, Title/Managed Since |
Wells Fargo Funds Management, LLC |
Artisan Partners Limited Partnership |
Mark L. Yockey, CFA, Portfolio Manager / 2004 |
Wells Capital Management Incorporated |
Francis X. Claró, CFA, Portfolio Manager / 2009 |
|
LSV Asset Management |
Josef Lakonishok, Portfolio Manager / 2004 |
Transaction Policies
Buying Fund Shares |
To Place Orders or Redeem Shares |
Minimum Initial Investment |
Mail: Wells Fargo Advantage Funds |
In general, you can buy or sell shares of the Fund by mail, internet, phone or wire on any business day. You also may buy and sell shares through a 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.
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 |
Diversified International Fund Summary
(formerly the International Equity Fund)
Class/Ticker: Class A - SILAX; Class B - SILBX; Class C - WFECX
Summary Prospectus
March 1, 2011
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 wellsfargo.com/advantagefunds. 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, 2011, 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 53 and 55 of the Prospectus and "Additional Purchase and Redemption Information" on page 51 of the Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment) |
|||
|
Class A |
Class B |
Class C |
Maximum sales charge (load) imposed on purchases (as a percentage of |
5.75% |
None |
None |
Maximum deferred sales charge (load) (as a percentage of offering price) |
None |
5.00% |
1.00% |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|||
|
Class A |
Class B |
Class C |
Management Fees |
0.85% |
0.85% |
0.85% |
Distribution (12b-1) Fees |
0.00% |
0.75% |
0.75% |
Other Expenses |
0.69% |
0.69% |
0.69% |
Total Annual Fund Operating Expenses |
1.54% |
2.29% |
2.29% |
Fee Waivers |
0.13% |
0.13% |
0.13% |
Total Annual Fund Operating Expenses After Fee Waiver1 |
1.41% |
2.16% |
2.16% |
1. | Funds Management has committed through February 29, 2012 to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund, do not exceed the Total Annual Fund Operating Expenses After Fee Waiver shown. After this time, the Total Annual Fund Operating Expenses After Fee Waiver may be increased or the commitment to maintain the same 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 fee waiver in the Total Annual Fund Operating Expenses After Fee Waiver is only reflected for the length of the waiver commitment in each of the following time periods. 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 B |
Class C |
|
|
Class B |
Class C |
1 Year |
$710 |
$719 |
$319 |
$219 |
$219 |
||
3 Years |
$1,021 |
$1,003 |
$703 |
$703 |
$703 |
||
5 Years |
$1,355 |
$1,413 |
$1,213 |
$1,213 |
$1,213 |
||
10 Years |
$2,294 |
$2,339 |
$2,616 |
$2,339 |
$2,616 |
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 5% of the average value of its portfolio.
Principal Investment Strategies
We invest principally in the equity securities of foreign issuers through the use of three different styles of international equity management: an international growth style, subadvised by Artisan Partners Limited Partnership; an international value style, sub-advised by LSV Asset Management; and an international blend style, sub-advised by Wells Capital Management Incorporated. We invest primarily in developed countries, but may invest in emerging markets. Furthermore, we may use futures, options, repurchase or reverse repurchase agreements or swap agreements, as well as other derivatives, to manage risk or to enhance return. We reserve the right to hedge the portfolio's foreign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency hedging.
Artisan Partners Limited Partnership (Artisan)
Artisan invests in equity securities of foreign issuers by using a bottom-up investment process to identify investments in
international growth companies, focusing on industries or themes that Artisan believes present accelerating growth prospects.
Artisan generally purchases securities it believes offer the most compelling potential earnings growth relative to their valuation.
Artisan may choose to sell a stock when a company exhibits deteriorating fundamentals, changing circumstances affect the original
reasons for its purchase, or to take advantage of a better opportunity.
LSV Asset Management (LSV)
LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time of purchase
and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes that these securities
have the potential to produce future returns if their future growth exceeds the market's low expectations. LSV uses a quantitative
investment model to make investment decisions for the Fund. The investment model ranks securities based on fundamental measures
of value (such as the dividend yield) and indicators of near-term recovery (such as recent price appreciation). A stock is
typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight has appreciated significantly
(relative to the benchmark).
Wells Capital Management Incorporated (Wells Capital)
Wells Capital uses bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investment
process. During each stage of the process, Wells Capital also considers the influence on the investment theses of top-down
factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and
demographic and political risks. The investment process seeks both growth and value opportunities. For growth investments, they
target companies that they believe have strong business franchises, experienced and proven management, and accelerating cash
flow growth rates. For value investments, Wells Capital target companies that they believe are undervalued in the marketplace
compared to their intrinsic value. Wells Capital may purchase securities across all market capitalizations. Wells Capital
may sell a stock if it achieves our investment objective for the position, if a stock's fundamentals or price change significantly,
if they change their view of a country or sector, or if the stock no longer fits within the risk characteristics of their
portfolio.
Principal Investment Risks
An investment in the Fund is not a deposit of Wells Fargo Bank, N.A. or its affiliates and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
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.
Emerging Markets Risk. Foreign investment risks are typically greater for securities in emerging markets, which can be more vulnerable to recessions, currency volatility, inflation and market failure.
Foreign Currency Transactions Risk. 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. A Fund may enter into foreign currency futures contracts and foreign currency exchange contracts to manage this 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.
Growth Style Investment Risk. Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss.
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. 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.
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.
Multi-Style Management Risk. The management of the Fund's portfolio using different investment styles can result in higher transaction costs and lower tax efficiency than other funds which adhere to a single investment style.
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 an appropriate broad-based index(es). 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 wellsfargo.com/advantagefunds.
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: 2nd Quarter 2009 +22.32% Lowest Quarter: 3rd Quarter 2002 --21.81%
Average Annual Total Returns for the periods ended 12/31/2010 |
||||
|
Inception Date of Share Class |
1 Year |
5 Year |
10 Year |
Class A (before taxes) |
9/24/1997 |
3.14% |
-0.09% |
-0.05% |
Class A (after taxes on distributions) |
9/24/1997 |
2.97% |
-1.07% |
-0.56% |
Class A (after taxes on distributions and the sale of Fund Shares) |
9/24/1997 |
2.25% |
-0.12% |
-0.07% |
Class B (before taxes) |
9/24/1997 |
3.71% |
-0.03% |
0.00% |
Class C (before taxes) |
4/1/1998 |
7.74% |
0.40% |
-0.19% |
MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) |
7.75% |
2.46% |
3.50% |
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.
Fund Management
Investment Adviser |
Sub-Adviser |
Portfolio Manager, Title/Managed Since |
Wells Fargo Funds Management, LLC |
Artisan Partners Limited Partnership |
Mark L. Yockey, CFA, Portfolio Manager / 2004 |
Wells Capital Management Incorporated |
Francis X. Claró, CFA, Portfolio Manager / 2009 |
|
LSV Asset Management |
Josef Lakonishok, Portfolio Manager / 2004 |
Transaction Policies
Buying Fund Shares |
To Place Orders or Redeem Shares |
Minimum Initial Investment |
Mail: Wells Fargo Advantage Funds |
In general, you can buy or sell shares of the Fund by mail, internet, phone or wire on any business day. You also may buy and sell shares through a 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.
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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