Short-Term High Yield Bond Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

Short-Term High Yield Bond Fund – SSTHX

Share Price 05-22-13	$8.33
Daily Change	0.00
YTD Return	1.81%
30-Day SEC Yield as of 05-21-13	1.94%
View the 30-day unsubsidized SEC yields
Inception Date	06-30-1997
Net Fund Assets 04-30-2013	$1,396,592,390.25

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	5.00	5.19	5.25	4.89	4.82
POP	1.85	4.13	4.61	4.58	4.62

BofA Merrill Lynch High Yield U.S. Corp Cash Pay BB 1-5 Year Index

	1-year	3-year	5-year	10-year	Inception
	10.00	8.73	9.58	7.89	--

Important disclosure

For Class A shares, the maximum front-end sales charge is 3.00%. 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 BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Years Index¹ is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. You cannot invest directly in an index. ¹Copyright 2011. BofA Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved.

The inception date of Class A shares was 2-29-00. Effective 6-20-08, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Class C shares incepted on 3-31-08. 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 C shares reflects the performance of the Investor Class shares, adjusted to reflect Class C expenses.

EXPENSES %

Net Expense Ratio effective since 01-01-13	0.82%
Gross Expense Ratio	0.95%

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 0.81%. Without this cap, the fund's returns would have been lower.

MORNINGSTAR RATINGS as of 04-30-2013

Category = High Yield Bond

3-Year out of 522 funds
5-Year out of 460 funds
10-Year out of 320 funds
Overall out of 522 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 04-30-2013

Constellation Brands Incorporated, 7.25%, 2016-09-01	1.02%
United Rentals North Am Secured 5.75, 5.75%, 2018-07-15	0.94%
Sally Holdings/sally Cap Company Guar, 6.87%, 2019-11-15	0.93%
Dish Dbs Corporation Company Guar, 4.62%, 2017-07-15	0.88%
Cott Beverages Incorporated Fixed, 8.37%, 2017-11-15	0.87%
Health Management PLC, 6.12%, 2016-04-15	0.87%
CDW LLC NEW TERM LOAN, 0.00%, 2020-04-30	0.84%
Hlolly Corp Fixed, 9.87%, 2017-06-15	0.82%
Sinclair Television Grou Fixed Ser 144a, 9.25%, 2017-11-01	0.81%
Owens Brockway Fixed, 7.37%, 2016-05-15	0.80%

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 Short-Term High Yield Bond Fund seeks current income by investing primarily in a diversified portfolio of non-investment-grade corporate debt securities with an average maturity of three years or less.

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 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 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.

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