High Income Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

High Income Fund – SHBAX

Share Price 06-18-13	$7.68
Daily Change	0.00
YTD Return	1.87%
30-Day SEC Yield as of 06-17-13	4.24%
View the 30-day unsubsidized SEC yields
Inception Date	12-28-1995
Net Fund Assets 05-31-2013	$813,511,719.91

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	11.23	10.38	9.16	8.51	7.24
POP	6.22	8.70	8.16	8.01	6.96

Barclays U.S. Corporate High Yield Index

	1-year	3-year	5-year	10-year	Inception
	13.13	11.24	11.65	10.12	--

Important disclosure

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.
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. Returns for periods of less than one year are not annualized.
The Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar denominated, nonconvertible, non-investment grade debt index. The Index consists of domestic and corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.

The inception date of Class A shares was 2-29-00. Class B and Class C shares incepted on 7-18-08. Effective 6-20-08, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Performance shown for the Class A shares from 2-29-00, through 6-19-08, includes Advisor Class expenses and is adjusted to reflect Class A sales charges. Performance shown prior to 2-29-00, for the Class A shares reflects the performance of the Investor Class shares, adjusted to reflect Advisor Class expenses and Class A sales charges. Performance shown prior to the inception of the Class B and Class C shares reflects the performance of the Investor Class shares, adjusted to reflect Class B and Class C expenses.

EXPENSES %

Net Expense Ratio effective since 01-01-13	0.91%
Gross Expense Ratio	1.01%

Important disclosure

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 0.90%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 05-31-2013

Category = High Yield Bond

3-Year out of 524 funds
5-Year out of 462 funds
10-Year out of 320 funds
Overall out of 524 funds

Important disclosure

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

HOLDINGS

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.

FUND STORY

PORTFOLIO MANAGERS

		Thomas M. Price, CFA Years of investment experience: 23

		Kevin J. Maas, CFA Years of investment experience: 14

		Michael J. Schueller, CFA Years of investment experience: 13

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.

Competitive Advantages

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.

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. Current month-end performance is available at the funds' website, wellsfargo.com/advantagefunds.

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Not FDIC Insured • No Bank Guarantee • May Lose Value