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

Fund Profile

High Yield Bond Fund – EKHAX

Share Price 05-21-13	$3.37
Daily Change	0.00
YTD Return	4.86%
30-Day SEC Yield as of 05-20-13	3.39%
View the 30-day unsubsidized SEC yields
Inception Date	09-11-1935
Net Fund Assets 04-30-2013	$392,898,413.31

PERFORMANCE

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

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

	1-year	3-year	5-year	10-year	Inception
	13.06	10.88	11.44	9.94	--

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 BofA Merrill Lynch U.S. High Yield Master II Constrained Index¹ is a market value-weighted index of all domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. 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 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.

EXPENSES %

Net Expense Ratio effective since 01-01-13	1.03%
Gross Expense Ratio	1.03%

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 1.03%. 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

Hertz Corporation, 6.25%, 2022-10-15	5.43%
Nrg Energy Incorporated Company Guar 144a, 6.62%, 2023-03-15	5.03%
Iron Mountain Incorporated, 5.75%, 2024-08-15	5.02%
Tronox Finance LLC Company Guar 144a, 6.37%, 2020-08-15	4.73%
Olin Corp Sr Unsecured, 5.50%, 2022-08-15	4.28%
Fresenius Med Care Ii, 5.87%, 2022-01-31	4.26%
General Cable Corporation, 5.75%, 2022-10-01	4.20%
Seagate Hdd Cayman Company Guar, 7.00%, 2021-11-01	4.05%
Davita Incorporated Company Guar, 5.75%, 2022-08-15	3.94%
Bristow Group Incorporated Company Guar, 6.25%, 2022-10-15	3.91%

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

FUND STORY

PORTFOLIO MANAGER

Margaret D. Patel
Years of investment
experience: 41

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.

Competitive Advantages

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.

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