"Fitch Assigns Rating to Wells Fargo Advantage National Tax-Free Money Market Fund" says a press release. It explains, "Fitch Ratings has assigned the following rating to a tax exempt money market fund managed by Wells Fargo Funds Management, LLC. (WFFM) --Wells Fargo Advantage National Tax Free Money Market Fund 'AAAmmf'. The assigned 'AAAmmf' rating reflects the fund's extremely strong capacity to achieve its investment objective of preserving capital and providing shareholder liquidity through limiting credit, market and liquidity risks. The main drivers of the 'AAAmmf' rating are the credit quality, diversification, and liquidity of the portfolio assets and the capabilities and resources of WFFM as investment advisor. As of Aug. 18, 2011, the fund had approximately $4.5 billion in total assets under management. The Wells Fargo Advantage National Tax Free Money Market Fund seeks current income exempt from federal income tax, while preserving capital and liquidity. The fund pursues its investment objectives by investing in 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 and financing authorities. These investments may have fixed, floating, or variable rates of interest, and typically include variable rate demand notes (VRDNs) putable to a third party financial institution in seven days or less, or other municipal bonds/notes. At least 80% of the Fund's net assets are invested in municipal obligations that pay interest exempt from federal income tax and federal alternative minimum tax (AMT). Consistent with Fitch's 'AAAmmf' rating criteria, the fund maintains a high credit quality by investing exclusively in securities rated at least 'A/F1' or equivalent."
