National Tax-Free Money Market Fund – Administrator Class

Average Annual Total Return – as of 12-31-2009

	1-year	3-year	5-year	10-year	Since Inception
National Tax-Free Money Market Fund	0.26%	1.88%	2.19%	1.99%	2.90%
Lipper Institutional Tax-Exempt Money Market Funds Average	0.28%	1.85%	2.15%	1.98%	--
Month-End Performance – as of 2-28-10
	1-year	3-year	5-year	10-year	Since Inception
National Tax-Free Money Market Fund	0.18%	1.70%	2.14%	1.94%	2.88%

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 -0.14%. 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

Ratings

S&P	--
Moody's	Aaa
NAIC Approval	Yes

Portfolio Statistics – as of 01-31-2010

Number of Securities	724
Weighted Average Effective Maturity	14.00 Day(s)
Expense Ratio – effective since 07-01-09	0.30%

Portfolio Composition as of 02-28-2010

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.
	Mathew M. Kiselak Mathew Kiselak is a senior portfolio manager for the Tax-Exempt Money Market team at Wells Capital Management. He is responsible for several municipal money market funds as well as overseeing the Municipal Money Market group. Additionally, his responsibilities include the investment management of three national funds, three state-specific funds, and one high-income municipal bond fund. He joined Wells Capital Management from Evergreen Investments, where he served in a similar role for the firm or one of its predecessors since 2000. Earlier, he served as a senior portfolio manager (Nations Funds) with Bank of America. Matt began his career in the investment industry in 1987 as an assistant vice president with Reich & Tang. He earned a bachelor's degree in economics from Pace University.

OBJECTIVE

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

PRINCIPAL STRATEGIES

  |  We 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. These investments may have fixed, floating, or variable rates of interest. We will only purchase First Tier securities.

We invest principally in municipal obligations that pay interest exempt from federal income tax and federal AMT. While we reserve the right to invest up to 20% of the Fund's net assets in municipal obligations that pay interest subject to federal income tax or federal AMT, we currently intend, under normal market conditions, to avoid investing in municipal obligations that pay interest subject to federal income tax or federal AMT.

Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and average maturity.

The Fund may temporarily deviate from its principal investment strategies by investing its assets in high-quality, short-term money market instruments that pay interest subject to federal income tax or federal AMT. Circumstances in which the Fund may invest in these securities include, but are not limited to, periods of low or no availability of eligible municipal obligations or in order to manage liquidity. If the Fund invests in taxable securities, it may distribute taxable income.

A portion of the Fund's income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT). Any capital gains distributions may be taxable.