Wells Fargo Advantage High Yield Bond Fund – EKHAX

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   343 out of 534 3-year   352 out of 444 5-year   157 out of 387 10-year   165 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 Yield Bond Fund		NAV		11.67%		9.42%		9.79%		8.07%		8.04%
		POP		6.53%		7.79%		8.80%		7.58%		7.98%
BofA Merrill Lynch U.S. High Yield Master II Constrained Index				13.06%		10.88%		11.44%		9.94%		--
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. Performance shown without sales charges would be lower if sales charges were reflected. 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. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. For Class A shares, the maximum front-end sales charge is 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

EXPENSES
Net Expense Ratio – effective since 01-01-13		1.03%
Gross Expense Ratio		1.03%
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 1.03%. Without this cap, the fund's returns would have been lower.

CALENDAR YEAR RETURNS

2012		14.11%
2011		4.08%
2010		13.26%
2009		52.42%
2008		-26.17%
2007		2.86%
2006		9.07%
2005		0.88%
2004		8.65%
2003		20.60%

View the 30-day unsubsidized SEC yields.

The inception date of Class A shares was 1-20-98, Class B shares was 9-11-35 and Class C shares was 1-21-98. Historical performance shown for Class A prior to its inception is based on the performance of Class B, the original class offered, and has not been adjusted to reflect the lower expenses applicable to Class A. If these returns had been adjusted, returns would be higher. Historical performance shown for Class C prior to its inception is based on the performance of Class B, the original class offered. Classes B and C have the same expenses. Historical performance shown for all classes of the fund prior to 7-12-10 is based on the performance of the fund’s predecessor, the Evergreen High Income Fund.

ADVISER  |  Wells Fargo Funds Management, LLC

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

PORTFOLIO MANAGER

Margaret D. Patel Years of investment experience: 41 View biography Ms. Patel has been with Wells Capital Management or one of its predecessors since 2007. She is currently a managing director and senior portfolio manager with Wells Capital Management's Fundamental Equity group. Ms. Patel has more than 30 years experience managing various fixed income and equity funds. Previously, she served as a senior vice president and portfolio manager with Pioneer Investments, as well as a vice president with Third Avenue Funds and Northstar Investment Management While working at Pioneer Investments, she was nominated twice for Morningstar's "Fixed Income Manager of the Year." She was featured among the nation's top 20 mutual fund managers in Market Masters by Kirk Kazanjian, published by John Wiley Sons (February 2005), in World Beaters published by Citywire Group (UK: December 2004), and in The Mutual Fund Masters: A Revealing Look Into the Minds and Strategies of Wall Street's Best and Brightest by Bill Griffeth, published by Irwin Professional Publishing (December 1994). For her extensive knowledge and expertise in the investment world, Ms. Patel has been quoted regularly in publications such as The Wall Street Journal, Barron's, Money, and Bloomberg BusinessWeek. She is also a frequent guest on CNBC-TV, Bloomberg Business News, and FOX Business television as well as Bloomberg Radio. Ms. Patel has been working in the investment management field since 1972. She is a member of the New York Society of Security Analysts. Ms. Patel received a B.S. in economics from the University of Pittsburgh.

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

• Seeks to outperform the broad high-yield fixed-income market (represented by the BofA Merrill Lynch U.S. High Yield Master II Index) over a full market cycle.
• Principally invests in below-investment-grade debt securities of corporate issuers, including traditional corporate bonds and convertible bonds.
• Seeks to identify the best relatively valued debt securities by evaluating the entire capital structure of a company.
• Uses a top-down macroeconomic approach to determine which sectors and industries to invest in and applies fundamental research to indentify the most attractive companies within those sectors and industries.
• Seeks to invest in debt securities issued by companies with sustainable competitive advantages and high barriers to entry, specifically preferring companies with strong management teams and financial flexibility.

• More than 30 years of investment management experience: The portfolio manager has extensive experience in the high-yield bond markets, managing through virtually all market conditions, and has built a legacy of competitive returns through diligent evaluation of each company's entire capital structure to determine the best relatively valued securities.
• Depth of resources: Management of the fund draws on a deep network of investment professionals across the company, including economic strategists, fixed-income and equity research analysts, and risk management consultants.
• Top-down approach fortified by rigorous credit analysis: Security selection is founded on a top-down evaluation of the best sectors and industries to invest in while being supported by an extensive team of credit analysts that focus on individual credit fundamentals. This combination of resources empowers the portfolio manager to execute her top-down strategy through a discerning selection of the best relatively valued debt securities within each company's entire capital structure.

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 (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Consult the fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 05-31-2013 Iron Mountain Incorporated, 5.75%, 2024-08-15   5.10% Nrg Energy Incorporated Company Guar 144a, 6.62%, 2023-03-15   5.05% Hertz Corporation, 6.25%, 2022-10-15   4.87% Tronox Finance LLC Company Guar 144a, 6.37%, 2020-08-15   4.56% Olin Corp Sr Unsecured, 5.50%, 2022-08-15   4.50% General Cable Corporation, 5.75%, 2022-10-01   4.33% Fresenius Med Care Ii, 5.87%, 2022-01-31   4.31% Seagate Hdd Cayman Company Guar, 7.00%, 2021-11-01   4.18% Davita Incorporated Company Guar, 5.75%, 2022-08-15   4.07% Bristow Group Incorporated Company Guar, 6.25%, 2022-10-15   4.02% 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   85 Turnover Rate – as of 4-30-13   102.92%

ACCOUNT FEATURES Check Writing   No Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

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