MORNINGSTAR RATINGS™ as of 10-31-2009 Category = High Yield Bond 3-year Morningstar Rating™ (out of 471 funds)   5-year Morningstar Rating™ (out of 401 funds)   10-year Morningstar Rating™ (out of 260 funds)   Overall Morningstar Rating™ (out of 471 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 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper High Current Yield Funds

1-year   396 out of 460 3-year   151 out of 387 5-year   130 out of 332 10-year   145 out of 209

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURN – as of 09-30-2009

		1-year		3-year		5-year		10-year		Since Inception
High Income Fund		11.96%		3.49%		4.78%		4.13%		6.44%
Lipper High Current Yield Funds Average		13.11%		2.58%		4.15%		4.54%		--
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. Click here for current month-end performance. The Fund has a redemption fee of 2.00% deducted from the net proceeds of shares redeemed or exchanged within 30 days after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 10-01-09		0.95%
Gross Expense Ratio		1.12%
The adviser has committed, through 09-30-10, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2008		-18.27%
2007		3.28%
2006		9.52%
2005		3.36%
2004		10.22%
2003		24.76%
2002		-6.65%
2001		-0.71%
2000		-7.08%
1999		7.81%

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Managed the High Income Fund and its predecessor since 1998 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 Managed the High Income Fund since 2007 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 Managed the High Income Fund since 2007 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.

OBJECTIVE  |  The High Income Fund seeks total return, consisting of a high level of current income and capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in below investment-grade debt securities (often called "high-yield" securities or "junk bonds") of corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, floating or variable rates. 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 are of equivalent quality.

We start our investment process with a top-down, macroeconomic outlook to determine industry and credit quality allocations. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, corporate profits, inflation, monetary and fiscal policy, as well as the influence of international economic and financial conditions. Within these parameters, we then apply rigorous credit research to select individual securities that we believe can add value from income and/or the potential for capital appreciation. Our credit research may include an assessment of an issuer's general financial condition, its competitive positioning and management strength, as well as industry characteristics and other factors. We may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or risk/reward profile.

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. 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.

TOP HOLDINGS – % of net assets as of 09-30-2009 Intelsat Bermuda Limited, 11.25%, 2016-06-15   1.39% Chesapeake Energy Corporation, 6.37%, 2015-06-15   1.33% Crown Cork & Seal, 8.00%, 2023-04-15   1.16% Ford Motor Credit Company LLC, 7.80%, 2012-06-01   1.11% Federated Retail Holdings Incorporated, 5.90%, 2016-12-01   1.08% L-3 Communications, 6.37%, 2015-10-15   1.06% Nalco Co 05/17 Fixed 8.25, 8.25%, 2017-05-15   1.06% Qwest Corp 05/16 Fixed 8.375, 8.37%, 2016-05-01   1.00% Discover Financial Svc 07/19 Fixed 10.25, 10.25%, 2019-07-15   0.97% Constellation Brands Incorporated, 7.25%, 2016-09-01   0.95% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   221 Turnover Rate – as of 9-30-09   57.67% Average Credit Quality   B1

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		2.00% against shares redeemed or exchanged within 30 days after purchase
IRA Maintenance Fee  More information		$10 per account/$30 maximum