California Tax-Free Money Market Fund – Service Class

Average Annual Total Return – as of 09-30-2009

	1-year	3-year	5-year	10-year	Since Inception
California Tax-Free Money Market Fund	0.47%	1.93%	2.05%	1.84%	2.17%
Lipper California Tax-Exempt Money Market Funds Average	0.45%	1.83%	1.94%	1.74%	--
Month-End Performance – as of 10-31-09
	1-year	3-year	5-year	10-year	Since Inception
California Tax-Free Money Market Fund	0.22%	1.84%	2.03%	1.81%	2.16%

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 -0.45%. These reductions may be discontinued.

Calendar Year Returns

 

Service Class shares incepted on November 8, 1999. Performance shown prior to the inception of the Service Class reflects the performance of the Class A shares, and includes expenses that are not applicable to and are higher than those of the Service Class shares.

• View a list of complete holdings
• View historical daily yields

Ratings

S&P	--
Moody's	--
NAIC Approval	No

Portfolio Statistics – as of 09-30-2009

Number of Securities	285
Weighted Average Effective Maturity	12.00 Day(s)
Expense Ratio – effective since 07-01-09	0.45%

Portfolio Composition as of 09-30-2009

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 MANAGER

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.

OBJECTIVE

  |  The California Tax-Free Money Market Fund seeks current income exempt from federal income tax and California individual 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 the state of California, its cities, municipalities, political subdivisions and other public authorities. These investments may have fixed, floating, or variable rates of interest. We may invest a portion of the Fund's total assets in the securities of territories and possessions of the U.S. or their political subdivisions and financing authorities, which provide income exempt from federal income tax and California individual income tax. We will only purchase First Tier securities.

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.

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.