-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kylnoiq0y9eMNBux9Kbx2iVFc8NAMiM3bn52hqtIDsmaRkkzYppcKyJEkAieKIkk JpFIie+lfFQQcuhCoHUoqA== 0001193125-10-017135.txt : 20100129 0001193125-10-017135.hdr.sgml : 20100129 20100129164839 ACCESSION NUMBER: 0001193125-10-017135 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100129 DATE AS OF CHANGE: 20100129 EFFECTIVENESS DATE: 20100129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO FUNDS TRUST CENTRAL INDEX KEY: 0001081400 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 333-74295 FILM NUMBER: 10560603 BUSINESS ADDRESS: STREET 1: 525 MARKET STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 BUSINESS PHONE: 800-222-8222 MAIL ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 0001081400 S000007271 C&B Large Cap Value Fund C000019957 Class A CBEAX C000019958 Class B CBEBX C000019959 Class C CBECX C000019960 Investor Class CBEQX C000019961 Class Admin CBLLX C000019962 Class I CBLSX 497K 1 d497k.txt FORM 497K [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] SUMMARY PROSPECTUS | February 1, 2010 - ------------------------------------------------------------------------------- C&B LARGE CAP VALUE FUND CLASS/Ticker: Class A/CBEAX - Class B/CBEBX - Class C/CBECX Link to Prospectus Link to Statement of Additional Information ------------------ ------------------------------------------- Link to Annual Report --------------------- BEFORE YOU INVEST, YOU MAY WANT TO REVIEW EACH FUND'S PROSPECTUS, WHICH CONTAINS MORE INFORMATION ABOUT EACH FUND AND ITS RISKS. YOU CAN FIND EACH FUND'S PROSPECTUS AND OTHER INFORMATION ABOUT EACH FUND ONLINE AT WWW.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 FEBRUARY 1, 2010 , ALONG WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND EACH FUND'S AUDITED FINANCIAL STATEMENTS INCLUDED IN EACH FUND'S MOST RECENT ANNUAL REPORT DATED SEPTEMBER 30, 2009, ARE INCORPORATED BY REFERENCE INTO THIS SUMMARY PROSPECTUS. THE FUND'S SAI AND ANNUAL REPORT MAY BE OBTAINED, FREE OF CHARGE, IN THE SAME MANNER AS THE PROSPECTUS. INVESTMENT OBJECTIVE The C&B Large Cap Value Fund seeks maximum long-term total return, (current income and capital appreciation), consistent with minimizing risk to principal. 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. These tables do not reflect the charges that may be imposed in connection with an account through which you hold Fund shares. 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 (Reg. TM). 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 81 and 84 of the Prospectus and "Additional Purchase and Redemption Information" on page 46 of the SAI.
SHAREHOLDER FEES (fees paid directly from your investments) CLASS A CLASS B CLASS C Maximum sales charge (load) imposed 5.75% None None on purchases (AS A PERCENTAGE OF THE OFFERING PRICE) Maximum deferred sales charge (load) None 5.00% 1.00% (AS A PERCENTAGE OF THE OFFERING PRICE)
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 0.70% 0.70% 0.70% Distribution (12b-1) Fees 0.00% 0.75% 0.75% Other Expenses 0.69% 0.70% 0.69% TOTAL ANNUAL FUND OPERATING 1.39% 2.15% 2.14% EXPENSES/1/ Fee Waivers 0.24% 0.25% 0.24% TOTAL ANNUAL FUND OPERATING EXPENSES 1.15% 1.90% 1.90% AFTER FEE WAIVER/2/
1 Expenses have been adjusted from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses. 2 The adviser has contractually committed through January 31, 2011, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's net operating expenses, including the underlying master portfolio's fees and expenses, and excluding brokerage commissions, interest, taxes and extraordinary expenses, do not exceed the net operating expense ratios shown. The committed net operating expense ratios may be increased or terminated only with approval of the Board of Trustees. EXAMPLE OF EXPENSES This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated below and then either redeem all of your shares at the end of these periods or continue to hold them; your investment has a 5% return each year; and the Fund's operating expenses remain the same. 1
1 YEAR 3 YEARS 5 YEARS 10 YEARS CLASS A (if you sell your shares at $685 $967 $1,270 $2,128 the end of the period) CLASS B (if you sell your shares at $693 $949 $1,331 $2,177 the end of the period) CLASS C (if you sell your shares at $293 $647 $1,127 $2,454 the end of the period) CLASS A (if you do not sell your $685 $967 $1,270 $2,128 shares at the end of the period) CLASS B (if you do not sell your $193 $649 $1,131 $2,177 shares at the end of the period) CLASS C (if you do not sell your $193 $647 $1,127 $2,454 shares at the end of the period)
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 28% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies. We may invest in additional master portfolios, in other WELLS FARGO ADVANTAGE FUNDS, or directly in a portfolio of securities. We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations of $3 billion or more. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. 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 select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity. PRINCIPAL INVESTMENT RISKS 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. 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 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. 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 government agency. 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. VALUE STYLE INVESTMENT RISK. Value stocks may lose value quickly and may be subject to prolonged depressed valuations. 2 - -------------------------------------------------------------------------------- PERFORMANCE The following information shows you how the Fund has performed and illustrates the variability of the Fund's returns over time. 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 WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. [GRAPHIC APPEARS HERE]
CALENDAR YEAR TOTAL RETURNS FOR CLASS A (Incepted on July 26, 2004) AS OF 12/31 EACH YEAR (Returns do not reflect sales charges and would be lower if they did) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 19.49% 6.59% -10.89% 33.46% 12.51% 0.31% 21.56% -2.04% -36.05% 27.59%
BEST AND WORST QUARTER Best Quarter: Q2 2003 20.94% Worst Quarter: Q4 2008 -23.75%
AVERAGE ANNUAL TOTAL RETURNS as of 12/31/09 (Returns reflect applicable sales charges) 1 YEAR 5 YEARS 10 YEARS CLASS A (incepted on July 26, 2004) 20.25% -1.68% 4.58% Returns Before Taxes CLASS A (incepted on July 26, 2004) 19.78% -2.53% 3.21% Returns After Taxes on Distributions CLASS A (incepted on July 26, 2004) 13.16% -1.73% 3.37% Returns After Taxes on Distributions and Sale of Fund Shares CLASS B (incepted on July 26, 2004) 21.80% -1.66% 4.67% Returns Before Taxes CLASS C (incepted on July 26, 2004) 25.71% -1.23% 4.46% Returns Before Taxes RUSSELL 1000 (Reg. TM) VALUE INDEX 19.69% -0.25% 2.47% (reflects no deduction for fees, expenses or taxes)
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown only for the Class A shares. After-tax returns for the Class B and Class C shares will vary. 3 FUND MANAGEMENT
INVESTMENT ADVISER Wells Fargo Funds Management, LLC
SUB-ADVISER PORTFOLIO MANAGER, TITLE/MANAGED SINCE Cooke & Bieler, L.P. KERMIT S. ECK, CFA, Portfolio Manager / 1992 DAREN C. HEITMAN, CFA, Portfolio Manager / 2005 STEVE LYONS, CFA, Portfolio Manager / 2009 MICHEAL M. MEYER, CFA, Portfolio Manager / 1993 EDWARD W. O'CONNOR, CFA, Portfolio Manager / 2002 R. JAMES O'NEIL, CFA, Portfolio Manager / 1990 MEHUL TRIVEDI, CFA, Portfolio Manager / 1998
References to the investment activities of a gateway fund are intended to refer to the investment activities of the master portfolio(s) in which it invests. SUMMARY OF OTHER IMPORTANT INFORMATION REGARDING PURCHASE AND SALE OF FUND SHARES TRANSACTION POLICIES
TO PLACE ORDERS OR REDEEM BUYING FUND SHARES SELLING FUND SHARES SHARES - ------------------------------- ---------------------------------------------- ----------------------------------- MINIMUM INITIAL INVESTMENT See HOW TO SELL SHARES beginning on page 94 MAIL: WELLS FARGO ADVANTAGE FUNDS Class A and Class C: $1,000 of the Prospectus P.O. Box 8266 Class B shares are generally Boston, MA 02266-8266 closed to new investment. INTERNET: www.wellsfargo.com/ advantagefunds MINIMUM ADDITIONAL PHONE OR WIRE: 1-800-222-8222 INVESTMENT IN PERSON: Investor Center All Classes: $100 100 Heritage Reserve See HOW TO BUY SHARES Menomonee Falls,WI 53051. beginning on page 92 of the Prospectus CONTACT YOUR FINANCIAL PROFESSIONAL.
*Class A shares of the Index Fund are closed to new investors. In general, you can buy or sell shares of the Fund by mail, internet, phone, wire or in person 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 the 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. 0201863/P1863 4 [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] SUMMARY PROSPECTUS | February 1, 2010 - ------------------------------------------------------------------------------- C&B LARGE CAP VALUE FUND CLASS/Ticker: Administrator/CBLLX Link to Prospectus Link to Statement of Additional Information ------------------ ------------------------------------------- Link to Annual Report --------------------- BEFORE YOU INVEST, YOU MAY WANT TO REVIEW EACH FUND'S PROSPECTUS, WHICH CONTAINS MORE INFORMATION ABOUT EACH FUND AND ITS RISKS. YOU CAN FIND EACH FUND'S PROSPECTUS AND OTHER INFORMATION ABOUT EACH FUND ONLINE AT WWW.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 FEBRUARY 1, 2010 , ALONG WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND EACH FUND'S AUDITED FINANCIAL STATEMENTS INCLUDED IN EACH FUND'S MOST RECENT ANNUAL REPORT DATED SEPTEMBER 30, 2009, ARE INCORPORATED BY REFERENCE INTO THIS SUMMARY PROSPECTUS. THE FUND'S SAI AND ANNUAL REPORT MAY BE OBTAINED, FREE OF CHARGE, IN THE SAME MANNER AS THE PROSPECTUS. INVESTMENT OBJECTIVE The C&B Large Cap Value Fund seeks maximum long-term total return, (current income and capital appreciation), consistent with minimizing risk to principal. 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. These tables do not reflect the charges that may be imposed in connection with an account through which you hold Fund shares.
SHAREHOLDER FEES (fees paid directly from your investments) Maximum sales charge (load) imposed None on purchases (AS A PERCENTAGE OF THE OFFERING PRICE) Maximum deferred sales charge (load) None (AS A PERCENTAGE OF THE OFFERING PRICE)
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.70% Distribution (12b-1) Fees 0.00% Other Expenses 0.51% TOTAL ANNUAL FUND OPERATING 1.21% EXPENSES/1/ Fee Waivers 0.26% TOTAL ANNUAL FUND OPERATING EXPENSES 0.95% AFTER FEE WAIVER/2/
1 Expenses have been adjusted from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses. 2 The adviser has contractually committed through January 31, 2011, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's net operating expenses, including the underlying master portfolio's fees and expenses, and excluding brokerage commissions, interest, taxes and extraordinary expenses, do not exceed the net operating expense ratio shown. The committed net operating expense ratio may be increased or terminated only with approval of the Board of Trustees. EXAMPLE OF EXPENSES This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated below and then either redeem all of your shares at the end of these periods or continue to hold them; your investment has a 5% return each year; and the Fund's operating expenses remain the same. 1
1 Year $ 97 3 Years $ 358 5 Years $ 640 10 Years $1,443
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 28% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies. We may invest in additional master portfolios, in other WELLS FARGO ADVANTAGE FUNDS, or directly in a portfolio of securities. We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations of $3 billion or more. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. 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 select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity. PRINCIPAL INVESTMENT RISKS 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. 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 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. 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 government agency. 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. VALUE STYLE INVESTMENT RISK. Value stocks may lose value quickly and may be subject to prolonged depressed valuations. 2 - -------------------------------------------------------------------------------- PERFORMANCE The following information shows you how the Fund has performed and illustrates the variability of the Fund's returns over time. 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 WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. [GRAPHIC APPEARS HERE]
CALENDAR YEAR TOTAL RETURNS AS OF 12/31 EACH YEAR ADMINISTRATOR CLASS (Incepted on July 26, 2004) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 19.49% 6.59% -10.89% 33.46% 12.56% 0.52% 21.91% -1.86% -35.93% 28.05%
BEST AND WORST QUARTER Best Quarter: Q2 2003 20.94% Worst Quarter: Q4 2008 -23.70%
AVERAGE ANNUAL TOTAL RETURNS as of 12/31/09 1 YEAR 5 YEARS 10 YEARS ADMINISTRATOR CLASS (Incepted on July 26, 2004) Returns Before Taxes 28.05% -0.27% 5.34% Returns After Taxes on Distributions 27.47% -1.22% 3.91% Returns After Taxes on 18.23% -0.60% 4.01% Distributions and Sale of Fund Shares RUSSELL 1000 (Reg. TM) VALUE INDEX 19.69% -0.25% 2.47% (reflects no deduction for expenses or taxes)
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 3 FUND MANAGEMENT
INVESTMENT ADVISER Wells Fargo Funds Management, LLC
SUB-ADVISER PORTFOLIO MANAGER, TITLE/MANAGED SINCE Cooke & Bieler, L.P. KERMIT S. ECK, CFA, Portfolio Manager / 1992 DAREN C. HEITMAN, CFA, Portfolio Manager / 2005 STEVE LYONS, CFA, Portfolio Manager / 2009 MICHEAL M. MEYER, CFA, Portfolio Manager / 1993 EDWARD W. O'CONNOR, CFA, Portfolio Manager / 2002 R. JAMES O'NEIL, CFA, Portfolio Manager / 1990 MEHUL TRIVEDI, CFA, Portfolio Manager / 1998
References to the investment activities of a gateway fund are intended to refer to the investment activities of the master portfolio(s) in which it invests. SUMMARY OF OTHER IMPORTANT INFORMATION REGARDING PURCHASE AND SALE OF FUND SHARES TRANSACTION POLICIES Administrator Class shares are offered primarily 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 TO PLACE ORDERS OR REDEEM FUND SHARES INSTITUTIONS SELLING FUND SHARES SHARES - ------------------------------- --------------------------------------------- -------------- OPENING AN ACCOUNT REDEMPTION INFORMATION MAIL: WELLS FARGO ADVANTAGE FUNDS Institutions which currently Administrator Class shares must be redeemed P.O. Box 8266 have another account with according to the terms of your customer Boston, MA 02266-8266 WELLS FARGO ADVANTAGE FUNDS account with your financial intermediary. INTERNET:www.wellsfargo.com/ may open an account by See HOW TO SELL SHARES beginning on page 92 advantagefunds phone or internet. If the of the Prospectus PHONE OR WIRE: 1-800-222-8222 or institution does not have an 1-800-368-7550 account, contact your IN PERSON: Investor Center investment representative. 100 Heritage Reserve FOR MORE INFORMATION Menomonee Falls,Wisconsin 53051. See HOW TO BUY SHARES beginning on page 90 of the CONTACT YOUR INVESTMENT Prospectus 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. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the 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. 0201867/P1867 4 [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] SUMMARY PROSPECTUS | February 1, 2010 - ------------------------------------------------------------------------------- C&B LARGE CAP VALUE FUND CLASS/Ticker: Institutional/CBLSX Link to Prospectus Link to Statement of Additional Information ------------------ ------------------------------------------- Link to Annual Report --------------------- BEFORE YOU INVEST, YOU MAY WANT TO REVIEW EACH FUND'S PROSPECTUS, WHICH CONTAINS MORE INFORMATION ABOUT EACH FUND AND ITS RISKS. YOU CAN FIND EACH FUND'S PROSPECTUS AND OTHER INFORMATION ABOUT EACH FUND ONLINE AT WWW.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 FEBRUARY 1, 2010 , ALONG WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND EACH FUND'S AUDITED FINANCIAL STATEMENTS INCLUDED IN EACH FUND'S MOST RECENT ANNUAL REPORT DATED SEPTEMBER 30, 2009, ARE INCORPORATED BY REFERENCE INTO THIS SUMMARY PROSPECTUS. THE FUND'S SAI AND ANNUAL REPORT MAY BE OBTAINED, FREE OF CHARGE, IN THE SAME MANNER AS THE PROSPECTUS. INVESTMENT OBJECTIVE The C&B Large Cap Value Fund seeks maximum long-term total return, (current income and capital appreciation), consistent with minimizing risk to principal. 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. These tables do not reflect the charges that may be imposed in connection with an account through which you hold Fund shares.
SHAREHOLDER FEES (fees paid directly from your investments) Maximum sales charge (load) imposed None on purchases (AS A PERCENTAGE OF THE OFFERING PRICE) Maximum deferred sales charge (load) None (AS A PERCENTAGE OF THE OFFERING PRICE)
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.70% Distribution (12b-1) Fees 0.00% Other Expenses 0.24% TOTAL ANNUAL FUND OPERATING EXPENSES 0.94% Fee Waivers 0.24% TOTAL ANNUAL FUND OPERATING EXPENSES 0.70% AFTER FEE WAIVER/1/
1 The adviser has contractually committed through January 31, 2011, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's net operating expenses, including the underlying master portfolio's fees and expenses, and excluding brokerage commissions, interest, taxes and extraordinary expenses, do not exceed the net operating expense ratio shown. The committed net operating expense ratio may be increased or terminated only with approval of the Board of Trustees. EXAMPLE OF EXPENSES This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated below and then either redeem all of your shares at the end of these periods or continue to hold them; your investment has a 5% return each year; and the Fund's operating expenses remain the same.
1 Year $ 72 3 Years $276 5 Years $497
1
10 Years $1,133
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 28% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies. We may invest in additional master portfolios, in other WELLS FARGO ADVANTAGE FUNDS, or directly in a portfolio of securities. We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations of $3 billion or more. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. 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 select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity. PRINCIPAL INVESTMENT RISKS 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. 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 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. 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 government agency. 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. VALUE STYLE INVESTMENT RISK. Value stocks may lose value quickly and may be subject to prolonged depressed valuations. 2 - -------------------------------------------------------------------------------- PERFORMANCE The following information shows you how the Fund has performed and illustrates the variability of the Fund's returns over time. 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 WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. [GRAPHIC APPEARS HERE]
CALENDAR YEAR TOTAL RETURNS AS OF 12/31 EACH YEAR INSTITUTIONAL CLASS (Incepted on July 26, 2004) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 19.49% 6.59% -10.89% 33.46% 12.76% 0.93% 22.09% -1.60% -35.63% 28.03%
BEST AND WORST QUARTER Best Quarter: Q2 2003 20.94% Worst Quarter: Q4 2008 -23.59%
AVERAGE ANNUAL TOTAL RETURNS as of 12/31/09 1 YEAR 5 YEARS 10 YEARS INSTITUTIONAL CLASS (Incepted on July 26, 2004) Returns Before Taxes 28.03% -0.02% 5.49% Returns After Taxes on Distribution s 27.36% -1.05% 4.01% Returns After Taxes on 18.22% -0.44% 4.11% Distributions and Sale of Fund Shares RUSSELL 1000 (Reg. TM) VALUE INDEX 19.69% -0.25% 2.47% (reflects no deduction for expenses or taxes)
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 3 FUND MANAGEMENT
INVESTMENT ADVISER Wells Fargo Funds Management, LLC
SUB-ADVISER PORTFOLIO MANAGER, TITLE/MANAGED SINCE Cooke & Bieler, L.P. KERMIT S. ECK, CFA, Portfolio Manager / 1992 DAREN C. HEITMAN, CFA, Portfolio Manager / 2005 STEVE LYONS, CFA, Portfolio Manager / 2009 MICHEAL M. MEYER, CFA, Portfolio Manager / 1993 EDWARD W. O'CONNOR, CFA, Portfolio Manager / 2002 R. JAMES O'NEIL, CFA, Portfolio Manager / 1990 MEHUL TRIVEDI, CFA, Portfolio Manager / 1998
References to the investment activities of a gateway fund are intended to refer to the investment activities of the master portfolio(s) in which it invests. SUMMARY OF OTHER IMPORTANT INFORMATION REGARDING PURCHASE AND SALE OF FUND SHARES 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 TO PLACE ORDERS OR REDEEM FUND SHARES INSTITUTIONS SELLING FUND SHARES SHARES - ------------------------------- --------------------------------------------- --------------------------------- OPENING AN ACCOUNT REDEMPTION INFORMATION MAIL: WELLS FARGO ADVANTAGE FUNDS Institutions which currently Institutional Class shares must be redeemed P.O. Box 8266 have another account with according to the terms of your customer Boston, MA 02266-8266 WELLS FARGO ADVANTAGE FUNDS account with your financial intermediary. INTERNET:www.wellsfargo.com/ may open an account by See HOW TO SELL SHARES beginning on page 61 advantagefunds phone or internet. If the of the Prospectus PHONE OR WIRE: 1-800-222-8222 or institution does not have an 1-800-368-7550 account, contact your IN PERSON: Investor Center investment representative. 100 Heritage Reserve FOR MORE INFORMATION Menomonee Falls,Wisconsin 53051. See HOW TO BUY SHARES beginning on page 59 of the CONTACT YOUR INVESTMENT Prospectus 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. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the 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. 0201868/P1868 4 [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] SUMMARY PROSPECTUS | February 1, 2010 - ------------------------------------------------------------------------------- C&B LARGE CAP VALUE FUND CLASS/Ticker: Investor/CBEQX Link to Prospectus Link to Statement of Additional Information ------------------ ------------------------------------------- Link to Annual Report --------------------- BEFORE YOU INVEST, YOU MAY WANT TO REVIEW EACH FUND'S PROSPECTUS, WHICH CONTAINS MORE INFORMATION ABOUT EACH FUND AND ITS RISKS. YOU CAN FIND EACH FUND'S PROSPECTUS AND OTHER INFORMATION ABOUT EACH FUND ONLINE AT WWW.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 FEBRUARY 1, 2010 , ALONG WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND EACH FUND'S AUDITED FINANCIAL STATEMENTS INCLUDED IN EACH FUND'S MOST RECENT ANNUAL REPORT DATED SEPTEMBER 30, 2009, ARE INCORPORATED BY REFERENCE INTO THIS SUMMARY PROSPECTUS. THE FUND'S SAI AND ANNUAL REPORT MAY BE OBTAINED, FREE OF CHARGE, IN THE SAME MANNER AS THE PROSPECTUS. INVESTMENT OBJECTIVE The C&B Large Cap Value Fund seeks maximum long-term total return, (current income and capital appreciation), consistent with minimizing risk to principal. 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. These tables do not reflect the charges that may be imposed in connection with an account through which you hold Fund shares.
SHAREHOLDER FEES (fees paid directly from your investments) Maximum sales charge (load) imposed None on purchases (AS A PERCENTAGE OF THE OFFERING PRICE) Maximum deferred sales charge (load) None (AS A PERCENTAGE OF THE OFFERING PRICE)
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.70% Distribution (12b-1) Fees 0.00% Other Expenses 0.79% TOTAL ANNUAL FUND OPERATING EXPENSES 1.49% Fee Waivers 0.29% TOTAL ANNUAL FUND OPERATING EXPENSES 1.20% AFTER FEE WAIVER/1/
1 The adviser has contractually committed through January 31, 2011, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's net operating expenses, including the underlying master portfolio's fees and expenses, and excluding brokerage commissions, interest, taxes and extraordinary expenses, do not exceed the net operating expense ratio shown. The committed net operating expense ratio may be increased or terminated only with approval of the Board of Trustees. EXAMPLE OF EXPENSES This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated below and then either redeem all of your shares at the end of these periods or continue to hold them; your investment has a 5% return each year; and the Fund's operating expenses remain the same.
1 Year $122 3 Years $443
1
5 Years $786 10 Years $1,755
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 28% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies. We may invest in additional master portfolios, in other WELLS FARGO ADVANTAGE FUNDS, or directly in a portfolio of securities. We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations of $3 billion or more. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequate diversification while allowing the composition and performance of the portfolio to behave differently than the market. 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 select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment of the quality of a company's management. In selecting a company, we consider criteria such as return on equity, balance sheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptable investments by undertaking intensive research including interviews with a company's top management, customers and suppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets in down markets, while our insistence on strength in leadership, financial condition and cash flow position will produce competitive results in all but the most speculative markets. We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity. PRINCIPAL INVESTMENT RISKS 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. 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 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. 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 government agency. 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. VALUE STYLE INVESTMENT RISK. Value stocks may lose value quickly and may be subject to prolonged depressed valuations. 2 - -------------------------------------------------------------------------------- PERFORMANCE The following information shows you how the Fund has performed and illustrates the variability of the Fund's returns over time. 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 WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. [GRAPHIC APPEARS HERE]
CALENDAR YEAR TOTAL RETURNS AS OF 12/31 EACH YEAR INVESTOR CLASS (Incepted on May 15, 1990) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 19.49% 6.59% -10.89% 33.46% 12.50% 0.30% 21.56% -2.11% -36.01% 27.46%
BEST AND WORST QUARTER Best Quarter: Q2 2003 20.94% Worst Quarter: Q4 2008 -23.67%
AVERAGE ANNUAL TOTAL RETURNS as of 12/31/09 1 YEAR 5 YEARS 10 YEARS INVESTOR CLASS (Incepted on May 15, 1990) Returns Before Taxes 27.46% -0.54% 5.19% Returns After Taxes on Distributions 26.97% -1.41% 3.80% Returns After Taxes on 17.85% -0.78% 3.91% Distributions and Sale of Fund Shares RUSSELL 1000 (Reg. TM) VALUE INDEX 19.69% -0.25% 2.47% (reflects no deduction for expenses or taxes)
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. 3 FUND MANAGEMENT
INVESTMENT ADVISER Wells Fargo Funds Management, LLC
SUB-ADVISER PORTFOLIO MANAGER, TITLE/MANAGED SINCE Cooke & Bieler, L.P. KERMIT S. ECK, CFA, Portfolio Manager / 1992 DAREN C. HEITMAN, CFA, Portfolio Manager / 2005 STEVE LYONS, CFA, Portfolio Manager / 2009 MICHEAL M. MEYER, CFA, Portfolio Manager / 1993 EDWARD W. O'CONNOR, CFA, Portfolio Manager / 2002 R. JAMES O'NEIL, CFA, Portfolio Manager / 1990 MEHUL TRIVEDI, CFA, Portfolio Manager / 1998
References to the investment activities of a gateway fund are intended to refer to the investment activities of the master portfolio(s) in which it invests. SUMMARY OF OTHER IMPORTANT INFORMATION REGARDING PURCHASE AND SALE OF FUND SHARES TRANSACTION POLICIES
TO PLACE ORDERS OR REDEEM BUYING FUND SHARES SELLING FUND SHARES SHARES - ------------------------------- ---------------------------------------------- ----------------------------------- MINIMUM INITIAL INVESTMENT See HOW TO SELL SHARES beginning on page 42 MAIL: WELLS FARGO ADVANTAGE FUNDS Investor Class: $2,500 of the Prospectus P.O. Box 8266 MINIMUM ADDITIONAL Boston, MA 02266-8266 INVESTMENT INTERNET: www.wellsfargo.com/ $100 advantagefunds See HOW TO BUY SHARES PHONE OR WIRE: 1-800-222-8222 beginning on page 40 of the IN PERSON: Investor Center Prospectus 100 Heritage Reserve Menomonee Falls,WI 53051. CONTACT YOUR FINANCIAL PROFESSIONAL.
In general, you can buy or sell shares of the Fund by mail, internet, phone, wire or in person 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 the 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. 0201866/P1866 4 -----END PRIVACY-ENHANCED MESSAGE-----