497K 1 diversifiedcapitalbuilder.htm DIVERSIFIED CAPITAL BUILDER SUMMARY PROSPECTUS

Diversified Capital Builder Fund Summary

Class/Ticker: Class A - EKBAX; Class B - EKBBX; Class C - EKBCX

Summary Prospectus

February 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 February 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 total return, consisting of capital appreciation and current income.

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 28 and 30 of the Prospectus and "Additional Purchase and Redemption Information" on page 40 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
offering price)

5.75%

None

None

Maximum deferred sales charge (load) (as a percentage of offering price)

None1

5.00%

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 B

Class C

Management Fees

0.59%

0.59%

0.59%

Distribution (12b-1) Fees

0.00%

0.75%

0.75%

Other Expenses

0.61%

0.61%

0.61%

Total Annual Fund Operating Expenses

1.20%

1.95%

1.95%

Fee Waivers

0.00%

0.00%

0.00%

Total Annual Fund Operating Expenses After Fee Waiver1

1.20%

1.95%

1.95%
1. The Adviser has committed through January 31, 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 the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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 B

Class C

Class B

Class C

1 Year

$690

$698

$298

$198

$198

3 Years

$934

$912

$612

$612

$612

5 Years

$1,197

$1,252

$1,052

$1,052

$1,052

10 Years

$1,946

$1,989

$2,275

$1,989

$2,275

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 70% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, we invest:

  • Up to 90% of the Fund's total assets in equity securities;

    • Up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade; and

      • Up to 25% of the Fund's total assets in foreign equity and debt securities.

      The Fund's target allocation is as follows:

      • 70% to 90% in equity securities; and

        • 10% to 30% in debt securities.

        The Fund invests in equity and fixed income securities with an emphasis on equity securities. Under normal circumstances, we invest up to 90% of the Fund's total assets in equity securities. For the equity portfolio, we seek out companies that we believe have strong fundamental attributes and growth prospects with valuations that leave ample room for capital appreciation. We select equity securities of companies of any size. We invest up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade. For the debt portfolio, we invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by S&P, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or as deemed by us to be of comparable quality. We also invest up to 25% of the Fund's total assets in foreign equity and debt securities. The target allocation range of the Fund's investments are 70% to 90% in equity securities and 10% to 30% in debt securities. The proportion of the Fund's assets invested in debt and equity securities will change based on the portfolio manager's assessment of economic conditions and investment opportunities.

        We expect that the dollar-weighted average duration of its debt securities will normally be between two and six years, while the dollar-weighted average maturity is expected to be longer than the dollar-weighted average duration. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.

        We start our investment process by looking at macroeconomic factors, such as the pace of economic growth, employment conditions, corporate profits, inflation rates, monetary and fiscal policy, within the context of other even broader factors, including the influence of international economic and financial conditions. This top-down, macroeconomic outlook helps us to determine the sectors and industries in which we believe the portfolio should invest, and in what proportions. We then seek those industries within this macroeconomic environment which we find attractive - industries that are either growing at or above the rate of economic growth (growth industries) or out of favor industries with potentially improving outlooks (value industries.) Within those industries, we prefer companies with sustainable competitive advantages and high barriers to entry, and we specifically seek companies with strong management teams and financial flexibility. When we analyze potential securities for purchase, we look at the best value in the range of securities issued by the company within that company's capital structure, whether that may result in the selection of equity or debt securities. We also consider the Fund's absolute level of risk in determining the allocation between equity and debt securities.

        We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

        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.

        Debt Securities Risk. The issuer of a debt security may fail to pay interest or principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.

        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.

        High Yield Securities Risk. High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.

        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.

        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.

        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

        +15.47%

        Lowest Quarter: 4th Quarter 2008

        -27.46%

         

        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)

        1/20/1998

        18.43%

        16.83%

        4.43%

        Class A (after taxes on distributions)

        1/20/1998

        17.78%

        17.18%

        4.19%

        Class A (after taxes on distributions and the sale of Fund Shares)

        1/20/1998

        10.39%

        14.37%

        3.91%

        Class B (before taxes)

        9/11/1935

        19.66%

        17.22%

        4.57%

        Class C (before taxes)

        1/22/1998

        23.58%

        17.32%

        4.29%

        BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay (reflects no deduction for fees, expenses, or taxes)

        7.38%

        18.46%

        8.38%

        Russell 1000® Index (reflects no deduction for fees, expenses, or taxes)

        33.11%

        18.59%

        7.78%

        Diversified Capital Builder Blended Index (reflects no deduction for fees, expenses, or taxes)

        26.23%

        18.72%

        8.03%

        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

         

        Adviser

        Sub-Adviser

        Portfolio Manager, Title/Managed Since

        Wells Fargo Funds Management, LLC

        Wells Capital Management Incorporated

        Margaret Patel, Portfolio Manager/2007

        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
        Class B shares are generally closed to new investment. 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

        Diversified Capital Builder Fund Summary

        Class/Ticker: Administrator Class - EKBDX

        Summary Prospectus

        February 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 February 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 total return, consisting of capital appreciation and current income.

        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

        0.59%

        Distribution (12b-1) Fees

        0.00%

        Other Expenses

        0.45%

        Total Annual Fund Operating Expenses

        1.04%

        Fee Waivers

        0.09%

        Total Annual Fund Operating Expenses After Fee Waiver1

        0.95%
        1. The Adviser has committed through January 31, 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 the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

        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

        $97

        3 Years

        $322

        5 Years

        $565

        10 Years

        $1,263

        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 70% of the average value of its portfolio.

        Principal Investment Strategies

        Under normal circumstances, we invest:

        • Up to 90% of the Fund's total assets in equity securities;

          • Up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade; and

            • Up to 25% of the Fund's total assets in foreign equity and debt securities.

            The Fund's target allocation is as follows:

            • 70% to 90% in equity securities; and

              • 10% to 30% in debt securities.

              The Fund invests in equity and fixed income securities with an emphasis on equity securities. Under normal circumstances, we invest up to 90% of the Fund's total assets in equity securities. For the equity portfolio, we seek out companies that we believe have strong fundamental attributes and growth prospects with valuations that leave ample room for capital appreciation. We select equity securities of companies of any size. We invest up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade. For the debt portfolio, we invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by S&P, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or as deemed by us to be of comparable quality. We also invest up to 25% of the Fund's total assets in foreign equity and debt securities. The target allocation range of the Fund's investments are 70% to 90% in equity securities and 10% to 30% in debt securities. The proportion of the Fund's assets invested in debt and equity securities will change based on the portfolio manager's assessment of economic conditions and investment opportunities.

              We expect that the dollar-weighted average duration of its debt securities will normally be between two and six years, while the dollar-weighted average maturity is expected to be longer than the dollar-weighted average duration. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.

              We start our investment process by looking at macroeconomic factors, such as the pace of economic growth, employment conditions, corporate profits, inflation rates, monetary and fiscal policy, within the context of other even broader factors, including the influence of international economic and financial conditions. This top-down, macroeconomic outlook helps us to determine the sectors and industries in which we believe the portfolio should invest, and in what proportions. We then seek those industries within this macroeconomic environment which we find attractive - industries that are either growing at or above the rate of economic growth (growth industries) or out of favor industries with potentially improving outlooks (value industries.) Within those industries, we prefer companies with sustainable competitive advantages and high barriers to entry, and we specifically seek companies with strong management teams and financial flexibility. When we analyze potential securities for purchase, we look at the best value in the range of securities issued by the company within that company's capital structure, whether that may result in the selection of equity or debt securities. We also consider the Fund's absolute level of risk in determining the allocation between equity and debt securities.

              We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

              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.

              Debt Securities Risk. The issuer of a debt security may fail to pay interest or principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.

              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.

              High Yield Securities Risk. High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.

              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.

              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.

              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

              +15.59%

              Lowest Quarter: 4th Quarter 2008

              -27.41%

               

              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)

              7/30/2010

              25.87%

              18.41%

              5.21%

              Administrator Class (after taxes on distributions)

              7/30/2010

              25.03%

              18.66%

              4.86%

              Administrator Class (after taxes on distributions and the sale of Fund Shares)

              7/30/2010

              14.59%

              15.65%

              4.50%

              BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay (reflects no deduction for fees, expenses, or taxes)

              7.38%

              18.46%

              8.38%

              Russell 1000® Index (reflects no deduction for fees, expenses, or taxes)

              33.11%

              18.59%

              7.78%

              Diversified Capital Builder Blended Index (reflects no deduction for fees, expenses, or taxes)

              26.23%

              18.72%

              8.03%

              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

              Margaret Patel, Portfolio Manager/2007

              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

              Diversified Capital Builder Fund Summary

              Class/Ticker: Institutional Class - EKBYX

              Summary Prospectus

              February 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 February 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 total return, consisting of capital appreciation and current income.

              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

              0.59%

              Distribution (12b-1) Fees

              0.00%

              Other Expenses

              0.18%

              Total Annual Fund Operating Expenses

              0.77%

              Fee Waivers

              0.00%

              Total Annual Fund Operating Expenses After Fee Waiver1

              0.77%
              1. The Adviser has committed through January 31, 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 0.78% 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

              $79

              3 Years

              $246

              5 Years

              $428

              10 Years

              $954

              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 70% of the average value of its portfolio.

              Principal Investment Strategies

              Under normal circumstances, we invest:

              • Up to 90% of the Fund's total assets in equity securities;

                • Up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade; and

                  • Up to 25% of the Fund's total assets in foreign equity and debt securities.

                  The Fund's target allocation is as follows:

                  • 70% to 90% in equity securities; and

                    • 10% to 30% in debt securities.

                    The Fund invests in equity and fixed income securities with an emphasis on equity securities. Under normal circumstances, we invest up to 90% of the Fund's total assets in equity securities. For the equity portfolio, we seek out companies that we believe have strong fundamental attributes and growth prospects with valuations that leave ample room for capital appreciation. We select equity securities of companies of any size. We invest up to 30% of the Fund's total assets in corporate debt securities that are below investment-grade. For the debt portfolio, we invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. As part of our below investment-grade debt securities investment strategy, we will generally invest in securities that are rated BB through CCC by S&P, or an equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or as deemed by us to be of comparable quality. We also invest up to 25% of the Fund's total assets in foreign equity and debt securities. The target allocation range of the Fund's investments are 70% to 90% in equity securities and 10% to 30% in debt securities. The proportion of the Fund's assets invested in debt and equity securities will change based on the portfolio manager's assessment of economic conditions and investment opportunities.

                    We expect that the dollar-weighted average duration of its debt securities will normally be between two and six years, while the dollar-weighted average maturity is expected to be longer than the dollar-weighted average duration. "Dollar-Weighted Average Effective Maturity" is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund's portfolio. "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.

                    We start our investment process by looking at macroeconomic factors, such as the pace of economic growth, employment conditions, corporate profits, inflation rates, monetary and fiscal policy, within the context of other even broader factors, including the influence of international economic and financial conditions. This top-down, macroeconomic outlook helps us to determine the sectors and industries in which we believe the portfolio should invest, and in what proportions. We then seek those industries within this macroeconomic environment which we find attractive - industries that are either growing at or above the rate of economic growth (growth industries) or out of favor industries with potentially improving outlooks (value industries.) Within those industries, we prefer companies with sustainable competitive advantages and high barriers to entry, and we specifically seek companies with strong management teams and financial flexibility. When we analyze potential securities for purchase, we look at the best value in the range of securities issued by the company within that company's capital structure, whether that may result in the selection of equity or debt securities. We also consider the Fund's absolute level of risk in determining the allocation between equity and debt securities.

                    We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

                    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.

                    Debt Securities Risk. The issuer of a debt security may fail to pay interest or principal when due, and the value of a debt security may decline if an issuer defaults or if its credit quality deteriorates. Changes in market interest rates may reduce the value of debt securities or reduce the Fund's returns.

                    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.

                    High Yield Securities Risk. High yield securities, i.e. "junk bonds," are debt securities that are rated below investment-grade, are unrated and deemed by us to be below investment-grade, or are in default at the time of purchase. These securities are considered speculative by major credit rating agencies, have a much greater risk of default or of not returning principal and tend to be more volatile and less liquid than higher-rated securities of similar maturity.

                    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.

                    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.

                    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

                    +15.64%

                    Lowest Quarter: 4th Quarter 2008

                    -27.38%

                     

                    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)

                    1/26/1998

                    26.05%

                    18.63%

                    5.40%

                    Institutional Class (after taxes on distributions)

                    1/26/1998

                    25.13%

                    18.81%

                    5.01%

                    Institutional Class (after taxes on distributions and the sale of Fund Shares)

                    1/26/1998

                    14.69%

                    15.82%

                    4.64%

                    BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay (reflects no deduction for fees, expenses, or taxes)

                    7.38%

                    18.46%

                    8.38%

                    Russell 1000® Index (reflects no deduction for fees, expenses, or taxes)

                    33.11%

                    18.59%

                    7.78%

                    Diversified Capital Builder Blended Index (reflects no deduction for fees, expenses, or taxes)

                    26.23%

                    18.72%

                    8.03%

                    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

                    Margaret Patel, Portfolio Manager/2007

                    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