WELLS FARGO ADVANTAGE GLOBAL LONGSHORT FUND CLASS C (WGLCX) Exchange: NMFQS

DELISTED - In pursuing its investment objective, the Fund seeks to achieve positive returns in a range of market environments by investing, under normal circumstances, primarily in long and short positions in equities and equity-related securities of any market capitalization. This includes securities located in no fewer than three countries and may include the U.S. The Fund may also invest in emerging market issuers.In addition, the Fund may take both long and short positions in shares of other investment companies. The Fund also may take both long and short positions in currency and other derivatives such as futures, options, swaps, and forwards, for both hedging and speculative purposes. The Fund may borrow money to purchase additional securities or to maintain cash to offset short positions.Certain of these securities and the use of these investment techniques create leverage. As a result, the sum of the Fund's investment exposures at times may significantly exceed the amount of the Fund's net assets. These exposures may vary over time.The Fund uses bottom-up stock selection, based on in-depth fundamental research, as the cornerstone of its investment process. During each stage of the process, the Fund considers the influence on the investment theses of top-down factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and demographic and political risks. After performing analyses of a company's financial factors, competitive issues and its people, the Fund will seek to purchase the company's securities when market expectations are below normalized levels, and to short-sell the company's securities when market expectations are above normalized levels.For long positions, the Fund will generally analyze factors such as valuation, performance, balance sheet structure, cash flow trends, and earnings power to focus on stocks that are potentially mispriced, and will focus on three to five year earnings and cash flow power, inefficient capital structures, hidden assets and companies with low implied expectations.For short positions, the Fund will seek to identify deteriorating fundamentals in global industries (e.g., inventory and receivables/sales trends anomalies in the Consumer Discretionary and Technology sectors) or potentially negative transformational events such as destructive mergers and acquisitions or increased competition. The Fund will categorize its short theses as structural (six to 18 months) or opportunistic (one to six months) depending on the timing of the impending negative catalyst. The Fund will then analyze and model company fundamentals, with a particular focus on balance sheet and cash flow metrics and companies with high implied expectations. The Fund will highlight short risks relating to potential squeezes, corporate activity and operating leverage.The Fund conducts ongoing reviews, research, and analysis of its portfolio holdings. The Fund may sell a stock if it achieves its investment objective for the position, if a stock's fundamentals or price change significantly, if the Fund changes its view of a country or sector, or if the stock no longer fits within the risk characteristics of the Fund's portfolio.