Wells Fargo Advantage Diversified International Fund – WIEVX

MORNINGSTAR RATINGS™ as of 07-31-2010 Category = Foreign Large Blend 3-year Morningstar Rating™ (out of 651 funds)   5-year Morningstar Rating™ (out of 473 funds)   10-year Morningstar Rating™ (out of 261 funds)   Overall Morningstar Rating™ (out of 651 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 07-31-2010 Click here for more information.

LIPPER INC. TOTAL RETURN RANKINGS – as of 07-31-2010 Lipper International Large-Cap Core Funds

1-year   165 out of 391 3-year   N/A 5-year   N/A 10-year   N/A

Past performance is no guarantee of future results.

AVERAGE ANNUAL TOTAL RETURNS – as of 06-30-2010

				1-year		3-year		5-year		10-year		Since Inception
Diversified International Fund				7.29%		-15.18%		-0.88%		-3.29%		1.02%
MSCI EAFE Index				5.92%		-13.38%		0.88%		0.16%		--
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. Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

EXPENSES
Net Expense Ratio – effective since 02-01-10		1.46%
Gross Expense Ratio		1.87%
The adviser has committed, through 01-31-11, 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

2009		27.70%
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%

Prior to 3/1/2010, the Fund was named Wells Fargo Advantage International Equity Fund. Investor Class shares incepted on July 18, 2008. Evergreen Investment Management Company, LLC replaced New Star Institutional Managers Limited as a sub-adviser for the Fund effective March 2, 2009.Accordingly, performance figures do not reflect the principal investment strategies or performance of Evergreen Investment Management, LLC on the portion of Fund assets for which it acts as sub-adviser and for the period prior to which it acted as sub-adviser for the Fund. Performance shown prior to the inception of the Investor Class shares reflects the performance of the Class A shares, and includes expenses that are not applicable to the Investor Class shares but does not include Class A sales charges.

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 Diversified International 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 Diversified International 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 Diversified International 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, CFA Managed the Diversified International 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 Diversified International Fund since 2009 Mr. Claró has been with Wells Capital Management or one of its predecessor firms since 1994. He is currently a managing director, senior portfolio manager, and head of Wells Capital's International Developed Markets team. Previously, he served as a senior consultant for Price Waterhouse's International Consulting practice in the United States and United Kingdom before joining the Inter-American Investment Corporation as an investment officer responsible for making private equity and debt investments. Mr. Claró has been working in the investment management field since 1986. He has been awarded the Chartered Financial Analyst® (CFA®) designation by the CFA Institute. He is a member of the Boston Security Analysts Society. Mr. Claró received a B.S. in business from ESADE in Barcelona, Spain, an M.S. in economics from the London School of Economics, and an M.B.A. from Harvard Business School.

OBJECTIVE  |  The Diversified International 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 blend style, sub-advised by Evergreen Investment Management Company, LLC; and an international value style, subadvised by LSV Asset Management. We consider equity securities of foreign issuers (or foreign securities) to be equity securities: (1) issued by companies with their principal place of business or principal office, or both, as determined in our reasonable discretion, in a country other than the U.S.; or (2) issued by companies for which the principal securities trading market is a country other than the U.S. 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 active trading risk, regional risk, and smaller company securities risk. Consult the Fund's prospectus for additional information on these and other risks.

TOP HOLDINGS – % of net assets as of 07-31-2010 Nestle SA   1.87% ASML Holding NV   1.81% Daimler AG   1.35% Muenchener Rueckver AG   1.32% HSBC Holdings PLC   1.25% BNP Paribas Eur2   1.20% Bayer AG   1.07% Credit Suisse Group   1.02% ING Groep Nv Cva Eur0.24   0.98% Tesco Ord Gbp0.05   0.96% 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 07-31-2010 Great Britain   17.10% Japan   13.54% Germany   10.92% France   9.60% Switzerland   9.45% Netherlands   6.71% China   3.74% Australia   3.44% United States   3.35% Canada   3.11% Portfolio sectors are subject to change and may have changed since the date specified.

PORTFOLIO STATISTICS – as of 07-31-2010 Number of Securities   355 Median Market Capitalization   $10.54 Billion Turnover Rate – as of 7-31-10   75.01% 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		None
IRA Maintenance Fee  More information		$10 per account/$30 maximum