High Yield Municipal Bond Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

High Yield Municipal Bond Fund – WHYMX

Share Price 06-18-13	$9.81
Daily Change	-0.02
YTD Return	--
30-Day SEC Yield as of 06-17-13	3.47%
View the 30-day unsubsidized SEC yields
Inception Date	01-31-2013
Net Fund Assets 05-31-2013	$10,643,146.64

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	--	--	--	--	0.50
POP	--	--	--	--	-4.01

Barclays Municipal Bond Index

	1-year	3-year	5-year	10-year	Inception
	--	--	--	--	--

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 Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

EXPENSES %

Net Expense Ratio effective since 02-01-13	0.85%
Gross Expense Ratio	1.09%

Important disclosure

The advisor has committed, through 10-31-14, 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 0.85%. Without this cap, the fund's returns would have been lower.

HOLDINGS

TOP HOLDINGS % of net assets as of 05-31-2013

E 470 CO Public Highway Auth Ehytrn Zero Cpn, 0.00%, 2020-09-01	4.78%
Mammoth CA Unif Sch Dist Mamscd Zerocpnoid, 0.00%, 2026-08-01	4.77%
New Jersey St Transprtn Trust Njstrn Zerocpnoid, 0.00%, 2026-12-15	4.76%
Michigan St Fin Auth Revenue Misfin Fixed, 5.00%, 2040-01-01	4.70%
Kentucky Economic Dev Fin Auth Kysmed Zerocpnoid, 0.00%, 2020-10-01	4.60%
Alameda Corridor Transn Auth Alatrn Zerocpn Oid, 0.00%, 2020-10-01	4.07%
Jefferson Cnty AL Ltd Oblg Sch Jefgen Fixed, 5.25%, 2014-01-01	3.80%
Main Street Natural Gas Incorporated GA Maiutl Fixed, 5.50%, 2027-09-15	3.53%
SALT VERDE AZ FINANCIAL CORP S SLTPWR 12/28 FIXED 5.25, 5.25%, 2028-12-01	3.40%
New York City NY Indl Dev Agy Nycdev Defaulted, 7.62%, 2025-08-01	3.33%

Portfolio holdings are subject to change and may have changed since the date specified.

FUND STORY

PORTFOLIO MANAGERS

		Lyle Fitterer, CFA, CPA Years of investment experience: 23
		Terry J. Goode Years of investment experience: 18
		Dennis Derby Years of investment experience: 17

The Fund

The Wells Fargo Advantage High Yield Municipal Bond Fund seeks high current income exempt from federal income tax and capital appreciation by investing in a diversified portfolio of municipal securities, the majority (50% or more) of which will be rated BBB or lower.

Competitive Advantages

Rigorous fundamental credit research: Research is conducted through a comprehensive team effort in which all members operate as credit analysts for each of the credits they cover. This empowers the team to act opportunistically in the marketplace.
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 taxable fixed-income teams who provide valuable perspective and information in measuring markets and anticipating shifts in the tax-free markets, which are often preceded by shifts in the taxable markets.
Disciplined research and risk management: The team's disciplined credit analysis and proprietary risk management model allow portfolio managers to move down in credit without compromising the investment process.

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 municipal securities risk. Consult the fund's prospectus for additional information on these and other risks. A portion of the fund's income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

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