Government Money Market Fund – Service Class

Average Annual Total Return – as of 03-31-2013

	1-year	3-year	5-year	10-year	Since Inception
Government Money Market Fund	0.01%	0.01%	0.24%	1.53%	3.65%
Lipper U.S. Government Money Market Funds Average	0.01%	0.01%	0.23%	1.38%	--
Month-End Performance – as of 4-30-13
	1-year	3-year	5-year	10-year	Since Inception
Government Money Market Fund	0.01%	0.01%	0.20%	1.53%	3.64%

Figures quoted represent past performance, which is no guarantee of future results. Investment returns and yields will fluctuate. The Fund's yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted.

Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund's current prospectus.

The adviser has committed to certain fee waivers and/or expense reimbursements. Without these reductions, the Fund's seven-day current yield would have been -0.40%. These reductions may be discontinued.

Calendar Year Returns

 

• View a list of complete holdings
• View historical daily yields
• Daily market-based NAVs

Ratings

S&P	AAAm
Moody's	Aaa-mf

Portfolio Statistics – as of 03-31-2013

Number of Securities	240
Weighted Average Maturity	38 Days
Net Expense Ratio – effective since 06-01-12	0.50%

Portfolio Composition as of 04-30-2013

Percent total may not add to 100% due to rounding. Portfolio composition is subject to change and may have changed since the date specified.

ADVISER

  |  Wells Fargo Funds Management, LLC

SUB-ADVISER

  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

	David D. Sylvester Mr. Sylvester is an Executive Vice President with Wells Capital Management, sub-advisor to Wells Fargo Advantage Funds. For two decades, he has maintained a steadfast discipline of rigorous credit analysis and attentive capital preservation that has earned both him and our money market funds a distinguished reputation for risk controlled cash management. Mr. Sylvester began his career as a fixed income manager at the National Bank of Detroit in 1974. He joined Norwest Corporation as a fixed income portfolio manager and trader in 1979, later becoming manager of the fixed income institutional group. Norwest subsequently merged with Wells Capital Management. Since 1987, Mr. Sylvester has specialized in short-term investments and the management of money market funds.
	Laurie White Ms. White has been with Wells Fargo & Company and its predecessors in an investment management capacity since 1990. Ms. White joined Wells Capital Management in 1998 as a Managing Director and simultaneously was a Director for Reserve Asset Management at Norwest Investment Management (since 1997) until Wells Capital Management and Norwest Investment Management combined investment management services under the Wells Capital Management name in 1999. Ms. White currently co-manages certain of the Wells Fargo indexed mutual funds, private accounts, and collective trust funds. Ms. White earned her B.A. degree in Political Science from Carleton College and her M.B.A. degree from the University of Minnesota.

THE FUND

The Government Money Market Fund seeks current income, while preserving capital and liquidity.

FUND STRATEGY

• Focuses primarily on preserving capital and maintaining a high level of liquidity by actively managing a portfolio that consists exclusively of high-quality, short-term money market instruments issued by the U.S. Treasury.
• Purchases only debt issued by the U.S. Treasury or U.S. government agencies across a range of eligible money market investments that may include, but are not limited to, government agency repurchase agreements, government agency debt, U.S. Treasury repurchase agreements, U.S. Treasury debt, and other securities collateralized by U.S. government obligations.
• Uses a conservative investment approach that emphasizes fundamental credit research, portfolio analytics and portfolio risk management.

COMPETITIVE ADVANTAGES

• Portfolio management team: A tenured and broad-based portfolio management team of 12 portfolio managers and traders, supported by 14 dedicated credit analysts, applies a well-defined investment process that has evolved over a period of more than 20 years—since the team's founding and the inception of the funds.
• Integrated, forward-looking credit analysis process: The team obtains an understanding of the risks associated with every issue considered for investment by thoroughly examining each issue's financial stability, its legal and structural situation, and the general credit and economic environment at any point in time. The credit analysis process is a repeatable, collaborative effort in which each issue is assigned a credit score by a primary analyst and is subsequently reviewed by a secondary analyst and credit committee before being approved for investment.
• Disciplined risk management: The team uses proprietary risk models, which include both quantitative and qualitative factors, to identify investment opportunities and manage key risks.
• Portfolio construction and ongoing monitoring: The team's highest priority is the preservation of capital and liquidity. To meet these objectives, the team relies on its credit analysis process and risk management and continuously performs stress tests on each portfolio to evaluate how the funds may react to market disruptions.

The U.S. Government guarantee applies to certain of the underlying securities and NOT to shares of the Fund.