MORNINGSTAR RATINGS™ as of 05-31-2013 Category = High Yield Bond 3-year Morningstar Rating™ (out of 524 funds)   5-year Morningstar Rating™ (out of 462 funds)   10-year Morningstar Rating™ (out of 320 funds)   Overall Morningstar Rating™ (out of 524 funds)   The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 05-31-2013 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 05-31-2013 Lipper High Yield Funds

1-year   437 out of 534 3-year   221 out of 444 5-year   201 out of 387 10-year   126 out of 262

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 03-31-2013

				1-year		3-year		5-year		10-year		Since Inception
High Income Fund				11.18%		10.33%		9.15%		8.55%		7.38%
Barclays U.S. Corporate High Yield Index				13.13%		11.24%		11.65%		10.12%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Click here for current month-end performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 01-01-13		0.94%
Gross Expense Ratio		1.04%
The advisor has committed, through 12-31-13, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.93%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		14.03%
2011		4.80%
2010		13.39%
2009		33.14%
2008		-18.27%
2007		3.28%
2006		9.52%
2005		3.36%
2004		10.22%
2003		24.76%

View the 30-day unsubsidized SEC yields.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Years of investment experience: 23 View biography Mr. Price joined Wells Capital Management in 2005 as a Portfolio Manager. Prior to joining Wells Capital Management, he was with Strong Capital Management ("SCM") since April 1996 as a fixed income research analyst and, since May 1998, as a portfolio manager. During this period, Mr. Price managed several fixed-income funds and separate accounts. Mr. Price began his investment career at Houlihan, Lokey, Howard & Zukin as a financial analyst and later joined Northwestern Mutual Life Insurance as a high-yield bond analyst. He received his B.B.A. degree in Finance from the University of Michigan and his M.B.A. degree in Finance from the Kellogg Graduate School of Management, Northwestern University.
		Kevin J. Maas, CFA Years of investment experience: 14 View biography Kevin J. Maas, CFA, joined Wells Capital Management in 2005 as a senior research analyst specializing in high-yield securities. Prior to joining Wells Capital Management, Mr. Maas had been with Strong Capital Management ("SCM") since 1999. During his time at SCM, he served as a high-yield, taxable fixed-income analyst. Mr. Maas earned a B.S. in finance from the University of Minnesota.
		Michael J. Schueller, CFA Years of investment experience: 23 View biography Michael J. Schueller, CFA, joined Wells Capital Management in 2005 as a senior research analyst specializing in high-yield securities. Prior to joining Wells Capital Management, Mr. Schueller had been with Strong Capital Management ("SCM") since 2000. He began as a leveraged loan trader and became a fixed-income research analyst in 2002. Mr. Schueller earned a B.A. in economics from the University of Minnesota and a J.D. from the University of Wisconsin.

THE FUND  |  The Wells Fargo Advantage High Income Fund seeks current income by investing primarily in a diversified portfolio of non-investment-grade corporate debt securities.

• Seeks to outperform the Barclays Capital U.S. Corporate High Yield Bond Index by predominantly investing in corporate debt securities that are rated below investment grade by a Nationally Recognized Statistical Rating Organization.
• Typically keeps duration neutral to that of the benchmark while focusing on the fundamental analysis of individual credits.
• Combines a top-down macro credit outlook with a bottom-up individual security selection process that focuses on measuring relative value on a return-to-risk basis.

• Rigorous corporate debt analysis: Security selection is conducted by a team of corporate credit analysts that have extensive experience in the research, trading, and portfolio management of below-investment-grade debt.
• Disciplined risk management: The team uses proprietary risk management tools that are designed to balance alpha generation with appropriate levels of risk-adjusted return and comprehensive risk management.
• Open work environment: The team benefits from an open work environment in which investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and various taxable fixed-income teams who provide valuable perspectives for measuring several differing sectors of the fixed-income markets.

RISKS  |   Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment grade bond investments, such as credit risk (e.g. risk of issuer default), below investment grade bond risk (e.g. risk of greater volatility in value) and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the fund's prospectus for additional information on these and other risks. Consult the fund’s prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 05-31-2013 Arcelormittal SA, 6.75%, 2022-02-25   1.33% Nrg Energy Incorporated Company Guar 144a, 6.62%, 2023-03-15   1.31% Trw Automotive Incorporated, 4.50%, 2021-03-01   1.02% Levi Strauss + CO Sr Unsecured, 6.87%, 2022-05-01   0.96% Service Corporation Intl Sr Unsecured, 4.50%, 2020-11-15   0.94% Davita Incorporated Fixed, 6.62%, 2020-11-01   0.93% Limited Brands Incorporated Fixed, 6.62%, 2021-04-01   0.92% Sprint Nextel Corporation Sr Unsecured 6., 6.00%, 2022-11-15   0.91% Clear Channel Communicat Fixed, 9.00%, 2021-03-01   0.89% Sirius XM Radio Inc Company Guar 144A, 5.25%, 2022-08-15   0.89% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 04-30-2013 Number of Securities   207 Turnover Rate – as of 4-30-13   38.32%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

FEES
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum