National Tax-Free Money Market Fund — A — Wells Fargo Advantage Funds Mobile

Fund Profile

National Tax-Free Money Market Fund – NWMXX

7-Day Current Yield 05-21-13	0.01%
7-Day Current Pre-Waiver Yield	-0.43%
7-Day Effective Yield	0.01%
YTD Return	0.00%
Inception Date	01-07-1988
Net Fund Assets 04-30-2013	$3,131,116,971.53

PERFORMANCE

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

	1-year	3-year	5-year	10-year	Inception
NAV	0.02	0.02	0.25	1.03	2.33

Lipper Tax-Exempt Money Market Funds Average

	1-year	3-year	5-year	10-year	Inception
	0.01	0.02	0.29	1.07	--

Important disclosure

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.
Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Returns for periods of less than one year are not annualized.
The adviser has committed to certain fee waivers and/or expense reimbursements. These reductions may be discontinued at any time. If fees had not been waived, the 7-Day current yield would have been -0.43%, and the total return would have been lower.
Source: Lipper, Inc. The Lipper Tax-Exempt Money Market Funds Average is an average of funds that invest in high quality municipal obligations with dollar weighted average maturities of less than 90 days. These funds intend to keep a constant net asset value. The total return of the Lipper Average does not include the effect of sales charges. You cannot invest directly in a Lipper Average.

HOLDINGS

TOP HOLDINGS % of net assets as of 04-30-2013

J P Morgan Chase Putters / Dri Jpm Adjustable Var, 0.19%, 2013-05-01	1.65%
DEUTSCHE BK SPEARS/LIFERS TRVA DUE 01/38 ADJUSTABLE VAR, 0.25%, 2013-05-02	1.51%
Iowa St Fin Auth Midwstrn Disa Iasgen 12/50 Fixed 0.18, 0.17%, 2013-05-31	1.15%
Mesa AZ Utility System PUTTER, 0.22%, 2013-05-02	0.93%
RBC Mun Prods Incorporated Tr Var Sts Rbcgen Adjustable Var, 0.22%, 2013-05-02	0.89%
Clipper Tax-Exempt Certified Trust Series 2007-02, 0.25%, 2013-05-02	0.81%
Appleton Wisconsin Recovery Zone Facility Adjustable Var, 0.23%, 2013-05-02	0.81%
Clipper Tax-Exempt Certified Trust Series 2007-26, 0.27%, 2013-05-02	0.77%
Port Arthur Tex Nav Dist Indl Portrn 06/41 Adjustable Var, 0.24%, 2013-05-01	0.77%
West Palm Beach FL Utilities Systems Series 2008C, 0.40%, 2013-05-01	0.77%

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

FUND STORY

PORTFOLIO MANAGERS

		David D. Sylvester Years of investment experience: 38

		James Randazzo Years of investment experience: 20

The Fund

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

Strategies

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).

Risks

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

Figures quoted represent past performance, which is no guarantee of future results. Investment returns 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 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