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
The inception date of the Administrator Class shares was 7-9-10. Historical performance shown for the Administrator Class shares prior to its inception is based on the performance of the Institutional Class, the original class offered, and have not been adjusted to reflect the higher expenses applicable to the Administrator Class shares. If these returns had been adjusted, returns would be lower. Historical performance shown for the Institutional Class shares prior to 7-12-10 is based on the performance of the fund’s predecessor, the Evergreen Institutional Municipal Money Market Fund.
ADVISER | Wells Fargo Funds Management, LLC
SUB-ADVISER | Wells Capital Management Incorporated ("Wells Capital Management")
Jeff Weaver is head of the Money Market Funds and Short-Duration Fixed-Income teams at Wells Capital Management. Jeff joined the firm in 1994 as a portfolio manager working with institutional short-term fixed-income portfolios and mutual funds. He assumed the role of intermediate fixed-income portfolio manager in 1999, becoming head of the Short-Duration Fixed-Income team in 2002. In 2014, Jeff assumed his current role as head of both the Short-Duration Fixed-Income and Money Market Funds teams. He began his investment industry career in 1991 at Bankers Trust Company in New York as a short-term fixed-income trader and portfolio manager. He earned a bachelor’s degree in economics from the University of Colorado, Boulder. Jeff has earned the right to use the Chartered Financial Analyst®(CFA®) designation and is a member of CFA Institute and the Security Analysts of San Francisco.
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 Municipal Cash Management Money Market Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.
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 primarily investing in municipal obligations that pay interest exempt from 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 01-31-2016
Citigroup Global Mar Repo, 0.26%, 2016-02-01
Credit Agricole Repo, 0.30%, 2016-02-01
Clipper Tax-Exempt Certified Trust Series 2007-26, 0.00%,
Michigan Hda Rb, 0.00%,
Ohio St Air Quality Dev Auth Ohsdev Adjustable Var, 0.00%,
Fhlmc Mh Series M020 Class A, 0.04%, 2016-02-04
Texas Municipal Gas Acquisition & Supply Corporation Series 2848, 0.00%,
Deutsche Bk Spears/Lifers Trva Deu, 0.00%,
California Municipal Finance Authority Pacific Institute Series A, 0.01%, 2016-02-04
Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.
The advisor has committed, through 05-31-16, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waiver, excluding certain expenses, at 0.30%. After this time, the cap may be increased or terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower.