LIPPER INC. TOTAL RETURN RANKINGS – as of 04-30-2013 Lipper California Tax-Exempt Money Market Funds

1-year   23 out of 68 3-year   37 out of 65 5-year   40 out of 63 10-year   31 out of 47

Past performance is no guarantee of future results.

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

		1-year		3-year		5-year		10-year		Since Inception
California Municipal Money Market Fund		0.01%		0.01%		0.22%		0.99%		1.72%
Lipper California Tax-Exempt Money Market Funds Average		0.02%		0.03%		0.26%		1.05%		--
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.  Click here for current month-end performance. 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 lower and rankings and ratings may have been lower. These reductions may be discontinued.

CALENDAR YEAR RETURNS

2012		0.02%
2011		0.02%
2010		0.01%
2009		0.03%
2008		1.55%
2007		2.98%
2006		2.77%
2005		1.75%
2004		0.58%
2003		0.39%

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISER  |  Wells Capital Management Incorporated ("Wells Capital Management")

PORTFOLIO MANAGERS

		David D. Sylvester Years of investment experience: 38 View biography 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 Randazzo Years of investment experience: 20 View biography 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 California Municipal Money Market Fund seeks current income exempt from regular federal income tax and California individual income tax, while preserving capital and liquidity.

• Focuses primarily on preserving capital and maintaining a high level of liquidity by actively managing a diversified 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 that are exempt from California state tax.
• Invests in a range of eligible money market instruments that may have fixed, floating, or variable rates of interest, such as variable-rate demand notes. The fund may also invest any amount in potentially higher-yielding securities that pay interest subject to federal AMT.
• Manages the fund in a tax-sensitive manner by investing in municipal obligations that pay interest exempt from regular California individual income tax and regular federal income tax, but not necessarily the federal alternative minimum tax (AMT); non-AMT-sensitive investors may potentially achieve higher, nontaxable income.

• 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.

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.

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

TOP HOLDINGS – % of net assets as of 04-30-2013 California St Cas Fixed, 2.50%, 2013-06-20   1.82% California Alternative Energy Source Financing Authority GE Capital Corporation Series A, 0.25%, 2013-05-01   1.81% San Francisco California City And Various Refunding Housing Fillmore Center B-1, 0.30%, 2013-05-01   1.78% California Statewide Cmntys Casdev Adjustable Var, 0.22%, 2013-05-02   1.78% Golden State Tobacco Securitization, 6.75%, 2039-06-01   1.57% Bay Area CA Toll Authority, 0.20%, 2013-05-02   1.51% California Statwide Commnity Develepment Authority Mulifamily Housing Series 2680, 0.29%, 2013-05-02   1.42% California State Series A-Subseries A-1-1 RMKT, 0.19%, 2013-05-01   1.40% ANAHEIM CA PUBLIC FING AUTH ANAGEN 10/14 ADJUSTABLE VAR, 0.31%, 2013-05-02   1.36% Puttable Fltg Opt Tax Exemptrc Putgen 11/36 Adjustable Var, 0.22%, 2013-05-02   1.35% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 03-31-2013 Number of Securities   273 Weighted Average Maturity   16 Days

ACCOUNT FEATURES Check Writing   Yes Dividends   Monthly

ACCOUNT MINIMUMS Regular Account   $1,000 Traditional/Roth IRA Account   $250 UGMA/UTMA Account   $50 Subsequent Investments   $100

FEES & EXPENSES
Net Expense Ratio – effective since 06-01-12		0.63%
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum