National Tax-Free Money Market Fund – Administrator Class

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

	1-year	3-year	5-year	10-year	Since Inception
National Tax-Free Money Market Fund	0.02%	0.03%	0.34%	1.23%	2.53%
Lipper Institutional Tax-Exempt Money Market Funds Average	0.02%	0.04%	0.35%	1.22%	--
Month-End Performance – as of 4-30-13
	1-year	3-year	5-year	10-year	Since Inception
National Tax-Free Money Market Fund	0.02%	0.03%	0.31%	1.22%	2.52%

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 -0.16%. These reductions may be discontinued.

Calendar Year Returns

 

Administrator Class shares incepted on April 11, 2005. Performance shown prior to the inception of the Administrator Class reflects the performance of the Service Class shares, and includes expenses that are not applicable to and are higher than those of the Administrator Class shares.

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

Ratings

Fitch

AAAmmf

Portfolio Statistics – as of 03-31-2013

Number of Securities	601
Weighted Average Maturity	19 Days
Net Expense Ratio – effective since 06-01-12	0.30%

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.
	James C. Randazzo Mr. Randazzo has been with Wells Capital Management or one of its predecessor firms since 2000. He is currently a portfolio manager and head of the municipal money market team at Wells Capital Management. He has previously served as a financial analyst at KPMG, LLP, as a financial adviser for Prudential Securities, and as a trader for HSBC. He began his investment industry career in 1993 at Greenwich Partners, Inc. Mr. Randazzo earned a bachelor's degree in finance from Iona College and an M.B.A. with an emphasis in finance from the University of Connecticut.

THE FUND

The National Tax-Free Money Market Fund seeks current income exempt from federal income tax while preserving capital and liquidity.

FUND STRATEGY

• Focuses primarily on preserving capital and maintaining a high level of liquidity by emphasizing fundamental credit research and risk management to actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of states, territories, and possessions of the U.S. or their political subdivisions or financing authorities.
• Purchases only First Tier securities across a range of eligible money market instruments that may have fixed, floating, or variable rates of interest, such as variable-rate demand notes.
• Manages the fund in a tax-sensitive manner likely to generate an attractive tax-equivalent yield compared with taxable money market funds by investing primarily in municipal obligations that pay interest exempt from federal income tax and the federal alternative minimum tax (AMT).

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.