LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper California Tax-Exempt Money Market Funds

1-year   49 out of 73 3-year   39 out of 62 5-year   38 out of 59 10-year   29 out of 41

Past performance is no guarantee of future results.

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		0.35%		1.75%		1.86%		1.64%		2.07%
Lipper California Tax-Exempt Money Market Funds Average		0.45%		1.83%		1.94%		1.74%		--
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. 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

2008		1.55%
2007		2.98%
2006		2.77%
2005		1.75%
2004		0.58%
2003		0.39%
2002		0.81%
2001		1.90%
2000		3.05%
1999		2.42%

Class A shares incepted on November 8, 1999. Performance shown prior to the inception of Class A reflects the performance of the Service Class shares, adjusted to reflect Class A expenses.

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, that pay interest exempt from federal income tax, including federal AMT, and California individual income tax. We will only purchase First Tier securities.

We invest principally in municipal obligations that pay interest exempt from California individual income tax, federal income tax and federal AMT. The Fund attempts to invest exclusively in municipal obligations that pay interest exempt from California individual income tax and federal income tax however, it is possible that the Fund may invest up to 20% of its net assets in high-quality, short-term money market instruments that pay interest subject to California individual income tax, 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 California individual income tax, 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.

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 09-30-2009 Southern California Public Power Authority Transmission, 0.45%, 2019-07-01   4.26% California Statewide Communities Development Authority Western University Health Series A, 0.50%, 2039-06-01   2.87% Orange County CA Water Dist, 0.20%, 2042-08-01   1.87% Morgan Hill CA Rda Tax Allocation Ojo De Agua Redevelopment Project A, 0.32%, 2033-09-01   1.85% San Joaquin Transportation Authority, 0.30%, 2009-11-05   1.55% San Francisco California City And Various Refunding Housing Fillmore Center B-1, 0.34%, 2017-12-01   1.44% California Educational Facilities Authority California Institute of Technology Series B, 0.35%, 2036-10-01   1.43% Los Angeles California Dept Wtr & Pwr Wtrwks Rev Var-Subser B-1 (CA), 0.30%, 2035-07-01   1.41% California State Economic Recovery Series C-16, 0.70%, 2023-07-01   1.39% California St Dept Wtr Res Pwr Supply Rev Var-Subser G-6 (CA), 0.30%, 2017-05-01   1.37% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   285 Weighted Average Effective Maturity   12.00 Day(s)

ACCOUNT FEATURES Check Writing   Yes Dividends   Monthly

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

FEES & EXPENSES
Expense Ratio – effective since 07-01-09		0.65%
Redemption Fee		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum