MORNINGSTAR RATINGS™ as of 10-31-2009 Category = Foreign Large Blend 3-year Morningstar Rating™ (out of 600 funds)   5-year Morningstar Rating™ (out of 466 funds)   10-year Morningstar Rating™ (out of 246 funds)   Overall Morningstar Rating™ (out of 600 funds)   The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings, based on risk-adjusted returns. Click here for more information.

Morningstar® Style Box™ – as of 10-31-2009 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 10-31-2009 Lipper International Large-Cap Core Funds

1-year   245 out of 388 3-year   N/A 5-year   N/A 10-year   N/A

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
International Equity Fund		-0.82%		-5.92%		3.85%		0.35%		2.05%
MSCI EAFE Index		3.23%		-3.60%		6.07%		2.55%		--
Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Click here for current month-end performance. The Fund has a redemption fee of 2.00% deducted from the net proceeds of shares redeemed or exchanged within 30 days after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 02-01-09		1.46%
Gross Expense Ratio		1.78%
The adviser has committed, through 01-31-10, to waive fees and/or reimburse expenses to maintain the Fund's net expense ratio as shown. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

CALENDAR YEAR RETURNS

2008		-45.11%
2007		10.70%
2006		24.45%
2005		11.83%
2004		10.82%
2003		27.26%
2002		-24.40%
2001		-19.56%
2000		-14.47%
1999		48.99%
Investor Class shares incepted on July 18, 2008. Performance shown prior to the inception of the Investor Class shares reflect the performance of the Class A shares, and includes sales charges and expenses that are not applicable to and are higher than those of the Investor Class shares.

ADVISER  |  Wells Fargo Funds Management, LLC

SUB-ADVISERS  |  Artisan Partners Limited Partnership ("Artisan"), LSV Asset Management ("LSV"), Evergreen Investment Management Company ("Evergreen Investments")

PORTFOLIO MANAGERS

		Menno Vermeulen, CFA Managed the International Equity Fund and its predecessor since 2004 Mr. Vermeulen has served as a Portfolio Manager and Senior Quantitative Analyst for LSV since 1995 and as a Partner for LSV since 1998. Mr. Vermeulen has more than 14 years of investment experience. Mr. Vermeulen earned his M.S. degree in Econometrics at Erasmus University at Rotterdam.
		Mark L. Yockey, CFA Managed the International Equity Fund and its predecessor since 2004 Mr. Yockey is a managing director of Artisan and portfolio manager for Artisan's diversified international growth equity portfolios. He has over 22 years of investment experience. Before joining Artisan in 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and Vice President of Waddell & Reed from January 1990 to December 1995. Prior to that he was an analyst specializing in the worldwide healthcare industry and international special situations at Waddell & Reed. Prior to joining Waddell & Reed, he was a health care analyst for the State of Michigan Retirement Fund. Mr. Yockey earned his B.A. degrees and M.B.A. degrees in Finance at Michigan State University.
		Josef Lakonishok Managed the International Equity Fund and its predecessor since 2004 Dr. Lakonishok has served as CEO, Partner, and Portfolio Manager for LSV since its founding in 1994. Dr. Lakonishok has more than 26 years of investment and research experience. Dr. Lakonishok earned his B.A. degree in Economics and Statistics and his M.B.A. degree from Tel Aviv University and earned his M.S. and Ph.D. degrees in Business Administration from Cornell University.
		Puneet Mansharamani Managed the International Equity Fund since 2006 Mr. Mansharamani has served as a partner and portfolio manager at LSV, the Fund's subadvisor, since 2006. Previously, he was a quantitative analyst at the firm since 2000. He earned his B.S. in Engineering from Delhi University, Delhi College of Engineering, and his M.S. in Engineering from Case Western Reserve University, Case School of Engineering.
		Francis Claró, CFA Managed the International Equity Fund since 2009 Francis Claró, CFA, is a managing director, senior portfolio manager, and head of Evergreen Investments' International Developed Markets equity team where he manages international developed market equity strategies. He has been with Evergreen Investments or its predecessor firms since 1994, and was a co-portfolio manager of the Evergreen Latin America Fund and the Evergreen Emerging Markets Growth Fund from 1997 to 1999, and has been a co-portfolio manager of the Evergreen Global Opportunities Fund since 1999, and the portfolio manager of the Evergreen International Equity Fund since 2007. Mr. Claró received a B.S. in business from ESADE Business School in Barcelona, Spain, an M.S. in economics from the London School of Economics, and an M.B.A. from the Harvard Business School. Mr. Claró has been awarded the Chartered Financial Analyst designation by the CFA Institute and is a member of the Boston Security Analysts Society.

OBJECTIVE  |  The International Equity Fund seeks long-term capital appreciation.

PRINCIPAL STRATEGIES  |  We invest principally in the equity securities of foreign issuers through the use of three different styles of international equity management: an international growth style, subadvised by Artisan Partners Limited Partnership; an international value style, subadvised by LSV Asset Management; and an international blend style, sub-advised by Evergreen Investment Management Company. We invest primarily in developed countries, but may invest in emerging markets.

RISKS  |  Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to smaller company securities risk. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 09-30-2009 DaimlerChrysler AG   1.71% Muenchener Rueckver AG   1.57% ASML Holding Nv   1.49% Bayer AG   1.30% HSBC Holdings PLC   1.23% Credit Suisse Group   1.16% BNP Paribas SA   1.15% Linde AG   1.11% Banco Santander SA   1.10% ING Groep NV   1.07% Portfolio holdings are subject to change and may have changed since the date specified. Click here for more complete holdings.

TOP COUNTRIES – % of net assets as of 09-30-2009 United Kingdom   16.26% Japan   14.05% Germany   13.07% France   10.98% Switzerland   8.82% Netherlands   5.78% Spain   3.91% Usa   3.33% Hong Kong   2.97% Australia   2.40% Portfolio countries are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 09-30-2009 Number of Securities   411 Median Market Capitalization   $13.65 Billion Turnover Rate – as of 9-30-09   123.37% R²   0.98 Beta   1.02

ACCOUNT FEATURES Check Writing   No Dividends   Annually

ACCOUNT MINIMUMS Regular Account   $2,500 Traditional/Roth IRA Account   $1,000 UGMA/UTMA Account   $1,000 Subsequent Investments   $100

FEES
Redemption Fee		2.00% against shares redeemed or exchanged within 30 days after purchase
IRA Maintenance Fee  More information		$10 per account/$30 maximum