prospectus - wellsfargofunds.com to the prospectus and statement of additional information of wells...

ProspectusAugust 1, 2017 as amended November 1, 2017

Wells Fargo Fund Class

Wells Fargo Emerging Markets Bond Fund WBEMX

Wells Fargo Factor Enhanced Emerging Markets Fund WEEMX

Wells Fargo Factor Enhanced International Fund WINTX

Wells Fargo Factor Enhanced Large Cap Fund WLECX

Wells Fargo Factor Enhanced Small Cap Fund WFESX

Wells Fargo High Yield Corporate Bond Fund WYCBX

Wells Fargo International Government Bond Fund WIGBX

Wells Fargo U.S. Core Bond Fund WUSBX

As with all mutual funds, the U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed uponthe accuracy or adequacy of this Prospectus. Anyone who tells you otherwise is committing a crime.

Fund shares are NOT deposits or other obligations of, or guaranteed by, Wells Fargo Bank, N.A., its affiliates or any other depository institution.Fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agencyand may lose value.

SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION

OF WELLS FARGO FACTOR ENHANCED EMERGING MARKETS FUND

WELLS FARGO FACTOR ENHANCED INTERNATIONAL FUND WELLS FARGO FACTOR ENHANCED LARGE CAP FUND WELLS FARGO FACTOR ENHANCED SMALL CAP FUND

I. Wells Fargo Factor Enhanced Emerging Markets Fund and Wells Fargo Factor Enhanced International Fund (each a “Fund”) Monisha Jayakumar is added as a portfolio manager to Wells Fargo Factor Enhanced Emerging Markets Fund and Wells Fargo Factor Enhanced International Fund. Prospectus In the section entitled "Fund Summary – Fund Management" for the Fund, the Fund Management table is replaced with the following: Manager Sub-Adviser Portfolio Manager, Title / Managed Since Wells Fargo Funds Management, LLC

Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017 Harindra de Silva, Ph.D., CFA, Portfolio Manager / 2017 Monisha Jayakumar, Portfolio Manager / 2018 David Krider, CFA, Portfolio Manager / 2017

1. The sub-adviser and portfolio managers listed above are the sub-adviser and portfolio managers of the master portfolio in which the Fund invests substantially all of its assets. The Fund itself does not have a sub-adviser or portfolio managers. II. Wells Fargo Factor Enhanced Large Cap Fund and Wells Fargo Factor Enhanced Small Cap Fund (each a “Fund”) Monisha Jayakumar is added as a portfolio manager to Wells Fargo Factor Enhanced Large Cap Fund and Wells Fargo Factor Enhanced Small Cap Fund. Prospectus In the section entitled "Fund Summary – Fund Management" for the Fund, the Fund Management table is replaced with the following: Manager Sub-Adviser Portfolio Manager, Title / Managed Since Wells Fargo Funds Management, LLC

Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017 Ryan Brown, CFA, Portfolio Manager / 2017 Harindra de Silva, Ph.D., CFA, Portfolio Manager / 2017 Monisha Jayakumar, Portfolio Manager / 2018

1. The sub-adviser and portfolio managers listed above are the sub-adviser and portfolio managers of the master portfolio in which the Fund invests substantially all of its assets. The Fund itself does not have a sub-adviser or portfolio managers. In addition, the section entitled "The Sub-Advisers and Portfolio Managers" is supplemented with the following:

Monisha Jayakumar Ms. Jayakumar joined Analytic in 2009, where she currently serves as a portfolio manager on the Analytic Investors Factor Enhanced team. IV. Statement of Additional Information In the section entitled "Manager and Other Service Providers - Portfolio Managers”, the Management of Other Accounts and Beneficial Ownership tables are amended to add the following information:

Monisha Jayakumar 1 Registered Investment Companies Number of Accounts 0 Total Assets Managed $0 Number of Accounts Subject to Performance Fee 0 Assets of Accounts Subject to Performance Fee $0 Other Pooled Investment Vehicles Number of Accounts 4 Total Assets Managed $3.48B Number of Accounts Subject to Performance Fee 0 Assets of Accounts Subject to Performance Fee $0 Other Accounts Number of Accounts 0 Total Assets Managed $0 Number of Accounts Subject to Performance Fee 0 Assets of Accounts Subject to Performance Fee $0

Portfolio Manager Fund Beneficial

Ownership Monisha Jayakumar 1 Factor Enhanced Emerging Markets Fund

Factor Enhanced International Fund Factor Enhanced Large Cap Fund Factor Enhanced Small Cap Fund

$0 $0 $0 $0

1 Ms. Jayakumar became a portfolio manager of the Fund on January 31, 2018. The information presented in this table is as of December 31, 2017, at which time Ms. Jayakumar was not a portfolio manager of any Fund.

February 14, 2018

SUPPLEMENT TO THE PROSPECTUS AND STATEMENTS OF ADDITIONAL INFORMATION

OF WELLS FARGO EMERGING MARKETS BOND FUND

WELLS FARGO INTERNATIONAL GOVERNMENT BOND FUND (each a ”Fund”)

Effective today, First International Advisors, LLC has changed its name to Wells Fargo Asset Management (International), LLC. All references in each Fund’s Prospectus and Statement of Additional Information to First International Advisors, LLC are replaced with Wells Fargo Asset Management (International), LLC. In connection with this change, there will be no change to the portfolio management team or either Fund’s strategy. January 31, 2018

Table of Contents

Fund SummariesEmerging Markets Bond Fund Summary∙Factor Enhanced Emerging Markets Fund Summary∙Factor Enhanced International Fund Summary∙Factor Enhanced Large Cap Fund Summary∙Factor Enhanced Small Cap Fund Summary∙High Yield Corporate Bond Fund Summary∙International Government Bond Fund Summary∙U.S. Core Bond Fund Summary∙

Details About the FundsKey Fund Information∙Emerging Markets Bond Fund∙Factor Enhanced Emerging Markets Fund∙Factor Enhanced International Fund∙Factor Enhanced Large Cap Fund∙Factor Enhanced Small Cap Fund∙High Yield Corporate Bond Fund∙International Government Bond Fund∙U.S. Core Bond Fund∙Description of Principal Investment Risks∙Portfolio Holdings Information∙Pricing Fund Shares∙

Management of the FundsThe Manager∙The Sub-Adviser and Portfolio Managers∙Multi-Manager Arrangement∙Index Providers∙

Account InformationShare Class Eligibility∙Share Class Features∙Compensation to Financial Professionals and Intermediaries∙Buying and Selling Fund Shares∙Frequent Purchases and Redemptions of Fund Shares∙Distributions∙

Other InformationTaxes∙Financial Highlights∙

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49505152

545454545455

5657

Emerging Markets Bond Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the J.P. Morgan EMBI Global Diversified Index (the "Index"), before fees andexpenses.

Fees and ExpensesThese tables are intended to help you understand the various costs and expenses you will pay if you buy and hold sharesof the Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) None

Maximum deferred sales charge (load) (as a percentage of offering price) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees1 0.25%

Distribution (12b-1) Fees 0.00%

Other Expenses2,3 0.33%

Total Annual Fund Operating Expenses 0.58%

Fee Waivers (0.58)%

Total Annual Fund Operating Expenses After Fee Waiver4 0.00%

1. Includes the fees charged by the Manager for providing advisory services to the master portfolio in which the Fund invests substantially all of itsassets.

2. Includes other expenses allocated from the master portfolio in which the Fund invests.3. Expenses are based on estimated amounts for the current fiscal year.4. The Manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's

Total Annual Fund Operating Expenses After Fee Waiver at the amount shown above. Brokerage commissions, stamp duty fees, interest, taxes,acquired fund fees and expenses from unaffiliated funds in which the master portfolio invests, and extraordinary expenses are excluded from theexpense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. After this time, the capmay be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of ExpensesThe example below is intended to help you compare the costs of investing in the Fund with the costs of investing inother mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees andexpenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursingexpenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above.Although your actual costs may be higher or lower, based on these assumptions your costs would be:

After:

1 Year $0

3 Years $127

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Ahigher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares areheld in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,affect the Fund's performance. Since the Fund commenced operations on or around the date of this Prospectus, nohistory of the portfolio turnover rate is available.

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Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Emerging Markets Bond Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of fixed income securities of emerging market issuersdesigned to replicate the performance of the Index.

The Master Portfolio generally invests its assets in a broadly diversified collection of fixed income securities that, in theaggregate, approximates the Index in terms of key risk factors and other characteristics. The Index is designed to measurethe performance of publicly issued U.S. dollar-denominated government bonds issued by emerging market countries.The Master Portfolio may invest up to 20% of its assets in instruments that are not fixed income securities, but which theMaster Portfolio's portfolio managers believe are highly correlated to the Index (such as futures and other derivatives) forthe purpose of managing ongoing cash flows.

Rather than purchase every security in the Index, the Master Portfolio uses an optimization process which seeks tobalance the replication of index performance with the minimization of security transaction costs. Using a stratifiedsampling technique, securities are selected and purchased in order to construct a portfolio that exhibits characteristicsand performance of the Index, without incurring the transaction costs associated with purchasing every security in theIndex.

This Index may be comprised of government bonds of any quality. To be considered for inclusion in the Index, thesesecurities must have at least 2.5 years until maturity and at least 1 year until maturity to remain in the index.

A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to replicate the performance of the Index may be affected by,among other things, its sampling technique, transaction costs and shareholder purchases and redemptions. The MasterPortfolio's portfolio managers continually monitor the performance and composition of the Index and adjust the MasterPortfolio's holdings as necessary to reflect any changes to the Index.

Under normal circumstances, the Master Portfolio is expected to concentrate its investments in an industry toapproximately the same extent that the Index is concentrated in such industry. The components of the Index maychange over time and the Index may or may not be concentrated in an industry at any particular time.

Principal Investment RisksAn investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject tothe risks briefly summarized below.

Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repayprincipal when they become due, which could cause the value of an investment to decline and a Fund to lose money.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, can lead to losses, includingthose magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certainderivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, orthe other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks describedunder "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging marketsecurities are also typically less liquid than securities of developed countries and could be difficult to sell, particularlyduring a market downturn.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks relatedto adverse political, regulatory, market or economic developments. Foreign investments may involve exposure tochanges in foreign currency exchange rates and may be subject to higher withholding and other taxes.

Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of losscaused by unanticipated market movements. In addition, there may at times be an imperfect correlation between themovement in the prices of futures contracts and the value of their underlying instruments or indexes and there may attimes not be a liquid secondary market for certain futures contracts.

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High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as"junk bonds") have a much greater risk of default or of not returning principal and their values tend to be more volatilethan higher-rated securities with similar maturities.

Index Tracking Risk. A Fund may not achieve exact correlation between the performance of the Fund and the index ittracks due to factors such as transaction costs, shareholder purchases and redemptions and the timing of changes in thecomposition of the index. The Fund may invest in only a representative sample of the securities that comprise the indexand may hold securities not included in the index, subjecting the Fund to increased tracking risk. Maintaininginvestments in securities regardless of market conditions or the investment merits of the securities in seeking to replicatean index's composition or performance could cause the Fund's returns to be lower than if the Fund employed an activestrategy.

Industry Concentration Risk. A Fund that concentrates its investments in an industry or group of industries is morevulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group ofindustries than a fund that invests its assets more broadly.

Interest Rate Risk. When interest rates (which are currently near historic lows) rise, the value of debt securities tends tofall. When interest rates decline, interest that a Fund is able to earn on its investments in debt securities may also decline,but the value of those securities may increase.

Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to generalmarket conditions or other factors, including those directly involving the issuers of such securities. Security markets arevolatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments.Different sectors of the market and different security types may react differently to such developments.

New Fund Risk. The Fund is a new fund, with a limited or no operating history and a small asset base. There can be noassurance that the Fund will grow to or maintain a viable size. Due to the Fund's small asset base, certain of the Fund'sexpenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extentthat the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and taxconsequences of such liquidation may not be favorable to some shareholders.

Passive Management Risk. A Fund that is managed with a passive investment strategy attempts to track theperformance of an unmanaged index of securities, regardless of the current or projected performance of such index or ofthe actual securities included in the index. As a result, the Fund's performance could be lower than actively managedfunds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a marketdecline or a decline in the value of one or more issuers.

Regulatory Risk. Pursuant to section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act andcertain rules promulgated thereunder (collectively known as the "Volcker Rule"), if the Manager and/or its affiliates own25% or more of the outstanding shares of the Fund more than three years after the Fund's inception date (or such longerperiod as may be permitted by the Federal Reserve), the Fund will be subject to restrictions on trading that will adverselyimpact the Fund's ability to execute its investment strategy. Should this occur, the Fund may decide to liquidate, or theManager and/or its affiliates may be required to reduce their ownership interests in the Fund, either of which may resultin gains or losses, increased transaction costs and adverse tax consequences.

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PerformanceBecause the Fund does not have annual returns for at least one calendar year, there is no performance to report.

Fund ManagementManager Sub-Adviser Portfolio Manager, Title/Managed Since

Wells Fargo Funds Management,LLC

First International Advisors, LLC1 Michael Lee, Portfolio Manager / 2017Tony Norris, Portfolio Manager / 2017Alex Perrin, Portfolio Manager / 2017

1. The sub-adviser and portfolio managers listed above are the sub-adviser and portfolio managers of the master portfolio in which the Fund investssubstantially all of its assets. The Fund itself does not have a sub-adviser or portfolio managers.

Purchase and Sale of Fund SharesEligible Investors Investment Minimums Purchase and Redemption Procedures

Shares of the Fund are availableexclusively through certainmanaged advisory programsoffered by an intermediary withwhom we have a special or distinctagreement to offer these Fundshares (an "Eligible Intermediary").

The Fund does not impose any minimuminvestment requirements. However, theEligible Intermediaries through which theFund is offered typically impose minimuminvestment requirements.

Shares of the Fund may be purchased orredeemed only at the direction of an EligibleIntermediary. Purchase and redemptionorders are based on instructions receivedfrom the Eligible Intermediary and areprocessed at the NAV next calculated after theFund receives the order.

Tax InformationAny distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when yourinvestment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such atax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about yourspecific tax situation.

Wells Fargo Funds5

Factor Enhanced Emerging Markets Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (the "Index"),before fees and expenses.










Fee Waivers (0.69)%






After:

1 Year $0

3 Years $151


Wells Fargo Funds 6

Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Emerging MarketsPortfolio (the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of equity securities of emerging market issuers of anymarket capitalization designed to replicate the performance of the Index.

The Master Portfolio generally invests its assets in equity securities, that are included in the Index or correlated with Indexconstituents for the purpose of market access. This rules-based proprietary index is designed to deliver exposure tocommon stocks of emerging market issuers (which are defined as constituents of the Wells Fargo Emerging MarketsEquity Index), and is constructed to provide exposure to factors (or characteristics) that are commonly tied to a stock'spotential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value,quality, momentum, size, and low volatility. The Master Portfolio may invest up to 20% of its assets in index futures for thepurpose of managing ongoing cash flows or participation notes for the purpose of market access.

The Master Portfolio will generally attempt to fully replicate the Index. However it may, at the portfolio managers'discretion, rely on statistical sampling techniques to select securities in order to construct a portfolio that exhibitscharacteristics and performance of the Index, without incurring the transaction costs associated with purchasing everysecurity in the Index.

A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingdividends and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, transaction costs, shareholder purchases and redemptions, sampling techniques (if used), and investmentsin index futures that track broad-based market indexes. The Master Portfolio's portfolio managers continually monitorthe performance and composition of the Index and adjust the Master Portfolio's holdings as necessary to reflect anychanges to the Index.




Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks describedunder "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging marketsecurities are also typically less liquid than securities of developed countries and could be difficult to sell, particularlyduring a market downturn.




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Participation Notes Risk. The performance results of participation notes, which are a type of derivative, will not replicateexactly the performance of the securities of the foreign companies or foreign securities markets that they seek toreplicate due to various factors, including transaction and other expenses. The transaction price of participation notesmay not equal the underlying value of the securities of the foreign companies or foreign securities markets whoseperformance they seek to replicate.



Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatileand less liquid than those of larger companies.

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Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017Harindra de Silva, Ph.D., CFA, PortfolioManager / 2017David Krider, CFA, Portfolio Manager / 2017







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Factor Enhanced International Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (the "Index"), beforefees and expenses.










Fee Waivers (0.44)%






After:

1 Year $0

3 Years $97


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Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced InternationalPortfolio (the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of common stocks designed to replicate theperformance of the Index.

The Master Portfolio generally invests its assets in the common stocks, that are included in the Index. This rules-basedproprietary index is designed to deliver exposure to equity securities of foreign issuers in developed markets (which aredefined as constituents of the Wells Fargo Developed Markets Ex USA Equity Index), and is constructed to provideexposure to factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returnsrelative to the market. Those factors include, but are not limited to value, quality, momentum, size, and low volatility. TheMaster Portfolio may invest up to 20% of its assets in instruments not included in the Index, but which its portfoliomanagers believe are either a) highly correlated to the Index (such as index futures) for the purpose of managingongoing cash flows or b) correlated with index constituents for the purpose of market access, such as depository receiptsand similar investments.









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Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017Harindra de Silva, Ph.D., CFA, PortfolioManager / 2017David Krider, CFA, Portfolio Manager / 2017







Wells Fargo Funds13

Factor Enhanced Large Cap Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index (the "Index"), before feesand expenses.










Fee Waivers (0.33)%






After:

1 Year $0

3 Years $73



Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Large Cap Portfolio(the "Master Portfolio), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of equity securities of large capitalization companiesdesigned to replicate the performance of the Index.

The Master Portfolio generally invests its assets in equity securities that are included in the Index. This rules-basedproprietary index is designed to deliver exposure to equity securities of large capitalization U.S. issuers (which are definedas constituents of the Wells Fargo Large Cap USA Equity Index), and is constructed to provide exposure to factors (orcharacteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market.Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The Master Portfolio mayinvest up to 20% of its assets in instruments not included in the Index, but which its portfolio managers believe are highlycorrelated to the Index (such as index futures) for the purpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingdividends and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, transaction costs, shareholder purchases and redemptions, sampling techniques (if used), and investmentsin index futures that may not perfectly track the Index. The Master Portfolio's portfolio managers continually monitor theperformance and composition of the Index and adjust the Master Portfolio's holdings as necessary to reflect any changesto the Index.







Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to generalmarket conditions or other factors, including those directly involving the issuers of such securities. Security markets are

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volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments.Different sectors of the market and different security types may react differently to such developments.








Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017Ryan Brown, CFA, Portfolio Manager / 2017Harindra de Silva, Ph.D., CFA, PortfolioManager / 2017







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Factor Enhanced Small Cap Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index (the "Index"), before feesand expenses.










Fee Waivers (0.38)%






After:

1 Year $0

3 Years $84



Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Small Cap Portfolio(the "Master Portfolio"), a master portfolio that invests, under normal circumstances, at least 80% of its net assets in adiversified portfolio of equity securities of small capitalization companies designed to replicate the performance of theIndex.

The Master Portfolio generally invests its assets in equity securities, including publicly traded real estate investment trusts("REITs"), that are included in the Index. This rules-based proprietary index is designed to deliver exposure to equitysecurities of small capitalization U.S. issuers (which are defined as constituents of the Wells Fargo Small Cap USA EquityIndex), and is constructed to provide exposure to factors (or characteristics) that are commonly tied to a stock's potentialfor enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality,momentum, size, and low volatility. The Master Portfolio may invest up to 20% of its assets in instruments not included inthe Index, but which its portfolio managers believe are highly correlated to the Index (such as index futures) for thepurpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, transaction costs, shareholder purchases and redemptions, sampling techniques (if used), and investmentsin index futures that may not perfectly track the Index. The Master Portfolio's portfolio managers continually monitor theperformance and composition of the Index and adjust the Master Portfolio's holdings as necessary to reflect any changesto the Index.







Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to generalmarket conditions or other factors, including those directly involving the issuers of such securities. Security markets are

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volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments.Different sectors of the market and different security types may react differently to such developments.



Real Estate Securities Risk. Investments in real estate securities are subject to factors affecting the real estate industryand may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range ofindustries. Factors affecting real estate values include the supply of real property in particular markets, overbuilding,changes in zoning laws, casualty or condemnation losses, delays in completion of construction, changes in real estatevalues, changes in operations costs and property taxes, levels of occupancy, adequacy of rent to cover operating costs,possible environmental liabilities, regulatory limitations on rent, fluctuations in rental income, increased competition andother risks related to local and regional market conditions. The value of real-estate related investments also may beaffected by changes in interest rates, macroeconomic developments, and social and economic trends. For instance,during periods of declining interest rates, certain REITs may hold mortgages that the mortgagors elect to prepay, whichprepayment may reduce the yield on securities issued by those REITs. Some REITs have relatively small marketcapitalizations, which can tend to increase the volatility of the market price of their securities. REITs are subject to the riskof fluctuations in income from underlying real estate assets, their inability to manage effectively the cash flows generatedby those assets, prepayments and defaults by borrowers, and their failure to qualify for the special tax treatment grantedto REITs under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from investmentcompany status under the 1940 Act.


Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatileand less liquid than those of larger companies.





Analytic Investors, LLC1 Dennis Bein, CFA, Portfolio Manager / 2017Ryan Brown, CFA, Portfolio Manager / 2017Harindra de Silva, Ph.D., CFA, PortfolioManager / 2017







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High Yield Corporate Bond Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index (the "Index"), before fees andexpenses.










Fee Waivers (0.49)%






After:

1 Year $0

3 Years $108



Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo High Yield Corporate Bond Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of U.S. dollar denominated below investment gradefixed income securities issued by U.S. or foreign issuers designed to replicate the performance of the Index.

The Master Portfolio generally invests its assets in a broadly diversified collection of fixed income securities that, in theaggregate, approximates the Index, in terms of key risk factors and other characteristics. This rules-based proprietaryIndex is designed to measure the performance of publicly issued U.S. dollar denominated below investment gradecorporate debt securities (often called "high yield" securities or "junk bonds"). The Index is constructed to provideincreased diversification and liquidity versus traditional high yield bond indexes. The Index includes publicly issued U.S.dollar denominated, non-investment grade, fixed rate, taxable corporate bonds that have a remaining maturity of at leastone year, regardless of optionality, and are rated high yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's,S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond,that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classifysecurities by credit quality. The Master Portfolio may invest up to 20% of its assets in instruments that are not fixedincome securities, but which its portfolio managers believe are highly correlated to the Index (such as futures and otherderivatives) for the purpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, its sampling technique, transaction costs and shareholder purchases and redemptions. The MasterPortfolio's portfolio managers continually monitor the performance and composition of the Index and adjust the MasterPortfolio's holdings as necessary to reflect any changes to the Index.







High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as"junk bonds") have a much greater risk of default or of not returning principal and their values tend to be more volatilethan higher-rated securities with similar maturities.

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Wells Capital Management Incorporated1 Thomas M. Price, CFA, Portfolio Manager /2017Janet S. Rilling, CFA, CPA, Portfolio Manager/ 2017Michael J. Schueller, CFA, Portfolio Manager/ 2017







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International Government Bond Fund SummaryInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo International Government Bond Index (the "Index"), beforefees and expenses.










Fee Waivers (0.48)%






After:

1 Year $0

3 Years $105



Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo International Government Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a portfolio of non-U.S. government fixed income securities designed toreplicate the performance of the Index.

The Master Portfolio generally invests its assets in a collection of fixed income securities that, in the aggregate,approximates the Index in terms of key risk factors and other characteristics. This rules-based proprietary Index measuresthe performance of non-U.S. developed market government bonds that have a remaining maturity of at least one year,regardless of optionality. The Index is constructed to provide increased diversification and liquidity versus traditionaldeveloped market sovereign bond indexes. Specifically, the Index selects and weights securities by evaluating securitiesin the reference index on a country, currency and individual basis. The evaluation is intended to create a subset of thereference index by screening securities based on current and consensus expected trends in market conditions, valuationsand currency trends to arrive at projections for yield curves (and hence bond returns) and currency returns. The screeningprocess combined with return, volatility, correlation and constraint analysis determines the final Index constituency.Securities in the Index may be issued by issuers located in developed markets in the Americas, Europe, the Middle Eastand Africa, or the Asia-Pacific region. The Index rebalances and reconstitutes quarterly. As of its most recent rebalancing,there were approximately 120 constituents included in the Index. As of the same date, the securities in the Index had aneffective duration of 6.30 years and a weighted average maturity of 8.85 years.

The Master Portfolio may invest up to 20% of its assets in instruments that are not fixed income securities, but which theMaster Portfolio's portfolio managers believe are highly correlated to the Index (such as futures and other derivatives) forthe purpose of managing ongoing cash flows. Furthermore, in order to produce exposures that align with the Index, theMaster Portfolio's portfolio managers may purchase foreign currency on a spot or forward basis to gain or hedgecurrency exposure and control risk.

Rather than purchase every security included in the Index, the Master Portfolio uses an optimization process which seeksto balance the replication of index performance with the minimization of security transaction costs. Using a stratifiedsampling technique, securities are selected and purchased in order to construct a portfolio that exhibits characteristicsand performance of the Index, without incurring the transaction costs associated with purchasing every security in theIndex.

A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio units, including incomeand capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exact replication is notfeasible. The Master Portfolio's ability to track the performance of the Index may be affected by, among other things, itssampling technique, transaction costs and shareholder purchases and redemptions. The Master Portfolio's portfoliomanagers continually monitor the performance and composition of the Index, and adjust the Master Portfolio's holdingsas necessary to reflect any changes to the Index.


The Master Portfolio is considered to be non-diversified.




Wells Fargo Funds27

Foreign Currency Contracts Risk. A Fund that enters into forwards or other foreign currency contracts, which are a typeof derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of future exchangerate changes.







Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act is more vulnerable to market oreconomic events impacting issuers of individual portfolio securities than a "diversified" fund. Default by the issuer of anindividual security in such a Fund's portfolio may have a greater negative effect on the Fund's return or net asset valuethan it would on the return or net asset value of a "diversified" fund.







First International Advisors, LLC1 Michael Lee, Portfolio Manager / 2017Tony Norris, Portfolio Manager / 2017Alex Perrin, Portfolio Manager / 2017







Wells Fargo Funds29

U.S. Core Bond Fund SummaryInvestment ObjectiveThe Fund of Funds seeks to replicate the total return of the Wells Fargo U.S. Core Bond Index (the "Index"), before fees andexpenses.






Management Fees 0.00%


Other Expenses1 0.15%

Acquired Fund Fees and Expenses1 0.18%


Fee Waivers (0.33)%


1. Expenses are based on estimated amounts for the current fiscal year.2. The Manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's

Total Annual Fund Operating Expenses After Fee Waiver at the amount shown above. Brokerage commissions, stamp duty fees, interest, taxes,acquired fund fees and expenses from unaffiliated funds in which the master portfolios invest, and extraordinary expenses are excluded from theexpense cap. All other acquired fund fees and expenses from the affiliated master portfolios, as well as the Fund's own acquired fund fees andexpenses, are included in the expense cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated onlywith the approval of the Board of Trustees.


After:

1 Year $0

3 Years $73



Principal Investment StrategiesThe Fund is a fund of funds that invests substantially all of its assets in two underlying portfolios, the Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio and the Wells Fargo Investment Grade Corporate BondPortfolio (each, an "Underlying Portfolio"). The Fund's allocation to the two Underlying Portfolios will mirror thepercentage weighting of the non-corporate and corporate sectors of the Index and in combination, the Fund will attemptto track the performance, liquidity and diversification characteristics of the Index. The Fund will determine its percentageallocation to each Underlying Portfolio by the percentage allocation to non-corporate credit holdings within the Index.The Fund attempts to match that percentage via its holding in the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and invests the remainder in the Wells Fargo Investment Grade Corporate Bond Portfolio.

The Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio invests in a broadly diversified collection offixed income securities that, in the aggregate, approximates the Bloomberg Barclays US Aggregate ex-Corporate Index interms of key risk factors and other characteristics. This custom index includes investment-grade U.S. Treasury bonds,government-related bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities andasset-backed securities that are publicly offered for sale in the United States.

The Wells Fargo Investment Grade Corporate Bond Portfolio generally invests its assets in a broadly diversified collectionof fixed income securities that, in the aggregate, approximates the Wells Fargo U.S. Investment Grade Corporate BondIndex. This rules-based proprietary index is designed to measure the performance of publicly issued U.S. dollardenominated investment grade, fixed rate corporate bonds that have a remaining maturity of at least one year,regardless of optionality. This proprietary index is constructed to provide increased diversification and liquidity versustraditional passive corporate credit indexes.

Investment grade is defined as a security being rated Baa3/BBB- or higher by at least two of the following ratingsagencies: Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC. If only two of the threeagencies rate the security, both must be investment grade. If only one of the three agencies rates a security, the ratingmust be investment grade.

A precise duplication of the Index would mean that the net asset value ("NAV") of Fund shares, including income andcapital gains, would increase or decrease in exact proportion to changes in the Index. Such an exact replication is notfeasible. Our ability to track the performance of the index may be affected by, among other things, our samplingtechnique, transaction costs and shareholder purchases and redemptions. We continually monitor the performance andcomposition of the indexes and adjust the Fund's portfolio as necessary to reflect any changes to the Index.

Under normal circumstances, each Underlying Portfolio is expected to concentrate its investments in an industry toapproximately the same extent that the index it tracks is concentrated in such industry. The components of an index maychange over time and the index may or may not be concentrated in an industry at any particular time.






Wells Fargo Funds31


Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and becomeless liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods ofrising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive tochanges in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, theprepayment of mortgages or assets underlying such securities can reduce a Fund's returns.








Wells Capital Management Incorporated Mark Clegg, CFA1, Portfolio Manager / 2017Christopher Y. Kauffman, CFA2, PortfolioManager / 2017Janet S. Rilling, CFA, CPA3, Portfolio Manager/ 2017Michael J. Schueller, CFA1, Portfolio Manager/ 2017Michal Stanczyk2, Portfolio Manager / 2017Noah M. Wise, CFA1, Portfolio Manager /2017

1. Portfolio manager of the Fund and of the Investment Grade Corporate Bond Portfolio.2. Portfolio manager of the Fund and of the Bloomberg Barclays US Aggregate Bond ex-Corporate Portfolio.3. Portfolio manager of the Fund and of the Bloomberg Barclays US Aggregate Bond ex-Corporate Portfolio and the Investment Grade Corporate Bond

Portfolio.






Wells Fargo Funds33

Key Fund InformationThis Prospectus contains information about one or more Funds within the Wells Fargo Funds family and is designed toprovide you with important information to help you with your investment decisions. Please read it carefully and keep itfor future reference.

In this Prospectus, "we" generally refers to Wells Fargo Funds Management, LLC, the relevant sub-adviser(s), if applicable,or the portfolio manager(s). "We" may also refer to a Fund's other service providers. "You" refers to the shareholder orpotential investor.

Investment Objective and Principal Investment StrategiesThe investment objective of each Fund in this Prospectus is non-fundamental; that is, it can be changed by a vote of theBoard of Trustees ("Board") alone. The objective and strategies description for each Fund tells you:■ what the Fund is trying to achieve; ■ how we intend to invest your money; and ■ what makes the Fund different from the other Funds offered in this Prospectus.

This section also provides a description of each Fund's principal investment strategies, policies and practices. Unlessotherwise indicated, these investment policies and practices apply on an ongoing basis.

The investment policy of each Fund to invest substantially all of its assets in the master portfolio(s) specified in suchFund's principal investment strategy may be changed by the Board of Trustees without shareholder approval, butshareholders would be given at least 60 days notice.

Principal Investment RisksThis section lists the principal investment risks for each Fund and indirectly, the principal investment risks for the masterportfolios in which each Fund invests. A complete description of these and other risks is found in the "Description ofPrincipal Investment Risks" section. It is possible to lose money by investing in a Fund.

Further Information Regarding Expenses of the Funds and Compensation to the InvestmentManager from AffiliatesThe Funds do not pay management fees to Funds Management under the Funds' investment management agreement,and Funds Management has contractually committed for the period indicated in each Fund's Annual Fund OperatingExpenses table to absorb and pay or reimburse most ordinary operating expenses of the Funds, including each Fund'sshare of the fees and expenses of the master portfolio(s) in which it invests. While Funds Management is thus notcompensated directly for its services, Funds Management will, pursuant to an intercompany agreement, receivecompensation in the form of revenue credits from an affiliate equal to the underlying master portfolio fees and expensesabsorbed by Funds Management through its expense cap agreement, calculated on a monthly basis.


Emerging Markets Bond FundInvestment ObjectiveThe Fund seeks to replicate the total return of the J.P. Morgan EMBI Global Diversified Index (the "Index"), before fees andexpenses.

The Fund's Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Emerging Markets Bond Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of fixed income securities of emerging market issuersdesigned to replicate the performance of the Index.

The Master Portfolio generally invests its assets in a broadly diversified collection of fixed income securities that, in theaggregate, approximates the Index in terms of key risk factors and other characteristics. The Index is designed to measurethe performance of publicly issued U.S. dollar-denominated government bonds issued by emerging market countries.The Master Portfolio may invest up to 20% of its assets in instruments that are not fixed income securities, but which theMaster Portfolio's portfolio managers believe are highly correlated to the Index (such as futures and other derivatives) forthe purpose of managing ongoing cash flows.


This Index may be comprised of government bonds of any quality. To be considered for inclusion in the Index, thesesecurities must have at least 2.5 years until maturity and at least 1 year until maturity to remain in the index.

A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to replicate the performance of the Index may be affected by,among other things, its sampling technique, transaction costs and shareholder purchases and redemptions. The MasterPortfolio's portfolio managers continually monitor the performance and composition of the Index and adjust the MasterPortfolio's holdings as necessary to reflect any changes to the Index.


The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations,shares of other mutual funds and repurchase agreements, or make other short-term investments for purposes ofmaintaining liquidity. During these periods, the Fund may not achieve its objective.

Principal Investment RisksThe Fund is primarily subject to the risks mentioned below.

■ Credit Risk■ Derivatives Risk■ Emerging Markets Risk■ Foreign Investment Risk■ Futures Contracts Risk■ High Yield Securities Risk■ Index Tracking Risk

■ Industry Concentration Risk■ Interest Rate Risk■ Market Risk■ New Fund Risk■ Passive Management Risk■ Regulatory Risk

These and other risks could cause you to lose money in your investment in the Fund and could adversely affect theFund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks"section.

Wells Fargo Funds35

Factor Enhanced Emerging Markets FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (the "Index"),before fees and expenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Emerging MarketsPortfolio (the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of equity securities of emerging market issuers of anymarket capitalization designed to replicate the performance of the Index.

The Master Portfolio generally invests its assets in equity securities, that are included in the Index or correlated with Indexconstituents for the purpose of market access. This rules-based proprietary index is designed to deliver exposure tocommon stocks of emerging market issuers (which are defined as constituents of the Wells Fargo Emerging MarketsEquity Index), and is constructed to provide exposure to factors (or characteristics) that are commonly tied to a stock'spotential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value,quality, momentum, size, and low volatility. The Master Portfolio may invest up to 20% of its assets in index futures for thepurpose of managing ongoing cash flows or participation notes for the purpose of market access.






■ Derivatives Risk■ Emerging Markets Risk■ Foreign Investment Risk■ Futures Contracts Risk■ Index Tracking Risk■ Industry Concentration Risk

■ Market Risk■ New Fund Risk■ Participation Notes■ Passive Management Risk■ Regulatory Risk■ Smaller Company Securities Risk

These and other risks could cause you to lose money in your investment in the Fund and could adversely affect theFund's net asset value and total return. These risks are described in the "Description of Principal Investment Risks" section.


Factor Enhanced International FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (the "Index"), beforefees and expenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced InternationalPortfolio (the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of common stocks designed to replicate theperformance of the Index.

The Master Portfolio generally invests its assets in the common stocks, that are included in the Index. This rules-basedproprietary index is designed to deliver exposure to equity securities of foreign issuers in developed markets (which aredefined as constituents of the Wells Fargo Developed Markets Ex USA Equity Index), and is constructed to provideexposure to factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returnsrelative to the market. Those factors include, but are not limited to value, quality, momentum, size, and low volatility. TheMaster Portfolio may invest up to 20% of its assets in instruments not included in the Index, but which its portfoliomanagers believe are either a) highly correlated to the Index (such as index futures) for the purpose of managingongoing cash flows or b) correlated with index constituents for the purpose of market access, such as depository receiptsand similar investments.






■ Derivatives Risk■ Foreign Investment Risk■ Futures Contracts Risk■ Index Tracking Risk■ Industry Concentration Risk

■ Market Risk■ New Fund Risk■ Passive Management Risk■ Regulatory Risk


Wells Fargo Funds37

Factor Enhanced Large Cap FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index (the "Index"), before feesand expenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Large Cap Portfolio(the "Master Portfolio), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of equity securities of large capitalization companiesdesigned to replicate the performance of the Index.

The Master Portfolio generally invests its assets in equity securities that are included in the Index. This rules-basedproprietary index is designed to deliver exposure to equity securities of large capitalization U.S. issuers (which are definedas constituents of the Wells Fargo Large Cap USA Equity Index), and is constructed to provide exposure to factors (orcharacteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market.Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The Master Portfolio mayinvest up to 20% of its assets in instruments not included in the Index, but which its portfolio managers believe are highlycorrelated to the Index (such as index futures) for the purpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingdividends and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, transaction costs, shareholder purchases and redemptions, sampling techniques (if used), and investmentsin index futures that may not perfectly track the Index. The Master Portfolio's portfolio managers continually monitor theperformance and composition of the Index and adjust the Master Portfolio's holdings as necessary to reflect any changesto the Index.




■ Derivatives Risk■ Futures Contracts Risk■ Index Tracking Risk■ Industry Concentration Risk

■ Market Risk■ New Fund Risk■ Passive Management Risk■ Regulatory Risk



Factor Enhanced Small Cap FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index (the "Index"), before feesand expenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo Factor Enhanced Small Cap Portfolio(the "Master Portfolio"), a master portfolio that invests, under normal circumstances, at least 80% of its net assets in adiversified portfolio of equity securities of small capitalization companies designed to replicate the performance of theIndex.

The Master Portfolio generally invests its assets in equity securities, including publicly traded real estate investment trusts("REITs"), that are included in the Index. This rules-based proprietary index is designed to deliver exposure to equitysecurities of small capitalization U.S. issuers (which are defined as constituents of the Wells Fargo Small Cap USA EquityIndex), and is constructed to provide exposure to factors (or characteristics) that are commonly tied to a stock's potentialfor enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality,momentum, size, and low volatility. The Master Portfolio may invest up to 20% of its assets in instruments not included inthe Index, but which its portfolio managers believe are highly correlated to the Index (such as index futures) for thepurpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, transaction costs, shareholder purchases and redemptions, sampling techniques (if used), and investmentsin index futures that may not perfectly track the Index. The Master Portfolio's portfolio managers continually monitor theperformance and composition of the Index and adjust the Master Portfolio's holdings as necessary to reflect any changesto the Index.




■ Derivatives Risk■ Futures Contracts Risk■ Index Tracking Risk■ Industry Concentration Risk■ Market Risk

■ New Fund Risk■ Passive Management Risk■ Real Estate Securities Risk■ Regulatory Risk■ Smaller Company Securities Risk


Wells Fargo Funds39

High Yield Corporate Bond FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index (the "Index"), before fees andexpenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo High Yield Corporate Bond Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a diversified portfolio of U.S. dollar denominated below investment gradefixed income securities issued by U.S. or foreign issuers designed to replicate the performance of the Index.

The Master Portfolio generally invests its assets in a broadly diversified collection of fixed income securities that, in theaggregate, approximates the Index, in terms of key risk factors and other characteristics. This rules-based proprietaryIndex is designed to measure the performance of publicly issued U.S. dollar denominated below investment gradecorporate debt securities (often called "high yield" securities or "junk bonds"). The Index is constructed to provideincreased diversification and liquidity versus traditional high yield bond indexes. The Index includes publicly issued U.S.dollar denominated, non-investment grade, fixed rate, taxable corporate bonds that have a remaining maturity of at leastone year, regardless of optionality, and are rated high yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's,S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond,that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classifysecurities by credit quality. The Master Portfolio may invest up to 20% of its assets in instruments that are not fixedincome securities, but which its portfolio managers believe are highly correlated to the Index (such as futures and otherderivatives) for the purpose of managing ongoing cash flows.


A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio shares, includingincome and capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exactreplication is not feasible. The Master Portfolio's ability to track the performance of the Index may be affected by, amongother things, its sampling technique, transaction costs and shareholder purchases and redemptions. The MasterPortfolio's portfolio managers continually monitor the performance and composition of the Index and adjust the MasterPortfolio's holdings as necessary to reflect any changes to the Index.




■ Credit Risk■ Derivatives Risk■ Foreign Investment Risk■ Futures Contracts Risk■ High Yield Securities Risk■ Index Tracking Risk

■ Industry Concentration Risk■ Interest Rate Risk■ Market Risk■ New Fund Risk■ Passive Management Risk■ Regulatory Risk



International Government Bond FundInvestment ObjectiveThe Fund seeks to replicate the total return of the Wells Fargo International Government Bond Index (the "Index"), beforefees and expenses.


Principal Investment StrategiesThe Fund is a feeder fund that invests substantially all of its assets in the Wells Fargo International Government Portfolio(the "Master Portfolio"), a master portfolio with an identical investment objective that invests, under normalcircumstances, at least 80% of its net assets in a portfolio of non-U.S. government fixed income securities designed toreplicate the performance of the Index.

The Master Portfolio generally invests its assets in a collection of fixed income securities that, in the aggregate,approximates the Index in terms of key risk factors and other characteristics. This rules-based proprietary Index measuresthe performance of non-U.S. developed market government bonds that have a remaining maturity of at least one year,regardless of optionality. The Index is constructed to provide increased diversification and liquidity versus traditionaldeveloped market sovereign bond indexes. Specifically, the Index selects and weights securities by evaluating securitiesin the reference index on a country, currency and individual basis. The evaluation is intended to create a subset of thereference index by screening securities based on current and consensus expected trends in market conditions, valuationsand currency trends to arrive at projections for yield curves (and hence bond returns) and currency returns. The screeningprocess combined with return, volatility, correlation and constraint analysis determines the final Index constituency.Securities in the Index may be issued by issuers located in developed markets in the Americas, Europe, the Middle Eastand Africa, or the Asia-Pacific region. The Index rebalances and reconstitutes quarterly. As of its most recent rebalancing,there were approximately 120 constituents included in the Index. As of the same date, the securities in the Index had aneffective duration of 6.30 years and a weighted average maturity of 8.85 years.

The Master Portfolio may invest up to 20% of its assets in instruments that are not fixed income securities, but which theMaster Portfolio's portfolio managers believe are highly correlated to the Index (such as futures and other derivatives) forthe purpose of managing ongoing cash flows. Furthermore, in order to produce exposures that align with the Index, theMaster Portfolio's portfolio managers may purchase foreign currency on a spot or forward basis to gain or hedgecurrency exposure and control risk.

Rather than purchase every security included in the Index, the Master Portfolio uses an optimization process which seeksto balance the replication of index performance with the minimization of security transaction costs. Using a stratifiedsampling technique, securities are selected and purchased in order to construct a portfolio that exhibits characteristicsand performance of the Index, without incurring the transaction costs associated with purchasing every security in theIndex.

A precise duplication of the Index would mean that the net asset value ("NAV") of Master Portfolio units, including incomeand capital gains, would increase or decrease in exact proportion to changes in the Index. Such an exact replication is notfeasible. The Master Portfolio's ability to track the performance of the Index may be affected by, among other things, itssampling technique, transaction costs and shareholder purchases and redemptions. The Master Portfolio's portfoliomanagers continually monitor the performance and composition of the Index, and adjust the Master Portfolio's holdingsas necessary to reflect any changes to the Index.


The Master Portfolio is considered to be non-diversified.



Wells Fargo Funds41

■ Credit Risk■ Derivatives Risk■ Foerign Currecny Contracts Risk■ Foreign Investment Risk■ Index Tracking Risk■ Industry Concentration Risk

■ Interest Rate Risk■ Market Risk■ New Fund Risk■ Non-Diversification Risk■ Passive Management Risk■ Regulatory Risk



U.S. Core Bond FundInvestment ObjectiveThe Fund of Funds seeks to replicate the total return of the Wells Fargo U.S. Core Bond Index (the "Index"), before fees andexpenses.


Principal Investment StrategiesThe Fund is a fund of funds that invests substantially all of its assets in two underlying portfolios, the Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio and the Wells Fargo Investment Grade Corporate BondPortfolio (each, an "Underlying Portfolio"). The Fund's allocation to the two Underlying Portfolios will mirror thepercentage weighting of the non-corporate and corporate sectors of the Index and in combination, the Fund will attemptto track the performance, liquidity and diversification characteristics of the Index. The Fund will determine its percentageallocation to each Underlying Portfolio by the percentage allocation to non-corporate credit holdings within the Index.The Fund attempts to match that percentage via its holding in the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and invests the remainder in the Wells Fargo Investment Grade Corporate Bond Portfolio.

The Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio invests in a broadly diversified collection offixed income securities that, in the aggregate, approximates the Bloomberg Barclays US Aggregate ex-Corporate Index interms of key risk factors and other characteristics. This custom index includes investment-grade U.S. Treasury bonds,government-related bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities andasset-backed securities that are publicly offered for sale in the United States.

The Wells Fargo Investment Grade Corporate Bond Portfolio generally invests its assets in a broadly diversified collectionof fixed income securities that, in the aggregate, approximates the Wells Fargo U.S. Investment Grade Corporate BondIndex. This rules-based proprietary index is designed to measure the performance of publicly issued U.S. dollardenominated investment grade, fixed rate corporate bonds that have a remaining maturity of at least one year,regardless of optionality. This proprietary index is constructed to provide increased diversification and liquidity versustraditional passive corporate credit indexes.

Investment grade is defined as a security being rated Baa3/BBB- or higher by at least two of the following ratingsagencies: Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC. If only two of the threeagencies rate the security, both must be investment grade. If only one of the three agencies rates a security, the ratingmust be investment grade.

A precise duplication of the Index would mean that the net asset value ("NAV") of Fund shares, including income andcapital gains, would increase or decrease in exact proportion to changes in the Index. Such an exact replication is notfeasible. Our ability to track the performance of the index may be affected by, among other things, our samplingtechnique, transaction costs and shareholder purchases and redemptions. We continually monitor the performance andcomposition of the indexes and adjust the Fund's portfolio as necessary to reflect any changes to the Index.

Under normal circumstances, each Underlying Portfolio is expected to concentrate its investments in an industry toapproximately the same extent that the index it tracks is concentrated in such industry. The components of an index maychange over time and the index may or may not be concentrated in an industry at any particular time.



■ Credit Risk■ Index Tracking Risk■ Industry Concentration Risk■ Interest Rate Risk■ Market Risk

■ Mortgage- and Asset-Backed Securities Risk■ New Fund Risk■ Passive Management Risk■ Regulatory Risk

Wells Fargo Funds43

Description of Principal Investment RisksUnderstanding the risks involved in mutual fund investing will help you make an informed decision that takes intoaccount your risk tolerance and preferences. The risks that are most likely to have a material effect on a particular Fund asa whole are called "principal risks." The principal risks for each Fund and indirectly, the principal risk factors for the masterportfolio(s) in which the Fund invests, have been previously identified and are described below. Additional informationabout the principal risks is included in the Statement of Additional Information.

Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repayprincipal when they become due. In these instances, the value of an investment could decline and the Fund could losemoney. Credit risk increases as an issuer's credit quality declines.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from, andpossibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can leadto losses because of adverse movements in the price or value of the derivatives' underlying assets, indexes or rates andthe derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightenedwhen derivatives are used to enhance a Fund's return or as a substitute for a position or security, rather than solely tohedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affectedby the portfolio manager's ability to assess and predict market or economic developments and their impact on thederivatives' underlying assets, indexes or rates and the derivatives themselves. Certain derivative instruments maybecome illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate todo so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlyingassets, indexes or rates and increase the volatility of the Fund's net asset value. Certain derivatives (e.g., over-the-counterswaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill itscontractual obligations, which may cause a Fund to lose money, suffer delays or incur costs arising from holding or sellingan underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availabilityof derivatives, or may otherwise adversely affect the use, value or performance of derivatives.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks describedunder "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. For example, emergingmarket countries are typically more dependent on exports and are therefore more vulnerable to recessions in othercountries. Emerging markets tend to have less developed legal and financial systems and a smaller market capitalizationthan markets in developed countries. Some emerging markets are subject to greater political instability. Additionally,emerging markets may have more volatile currencies and be more sensitive than developed markets to a variety ofeconomic factors, including inflation. Emerging market securities are also typically less liquid than securities of developedcountries and could be difficult to sell, particularly during a market downturn.

Foreign Currency Contracts Risk. A Fund that enters into forwards or other foreign currency contracts, which are a typeof derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of future exchangerate changes. The Fund's gains from positions in foreign currency contracts may accelerate and/or lead torecharacterization of the Fund's income or gains and its distributions to shareholders. The Fund's losses from suchpositions may also lead to recharacterization of the Fund's income and its distributions to shareholders and may cause areturn of capital to Fund shareholders.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks relatedto adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantlyhigher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing theearnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currencyexchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subjectto additional risks such as potentially higher withholding and other taxes, and may also be subject to greater tradesettlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also becharacterized by less stringent investor protection and disclosure standards.


High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as"junk bonds") have a much greater risk of default (or in the case of bonds currently in default, of not returning principal)

Wells Fargo Funds45

and their values tend to be more volatile than higher-rated securities with similar maturities. Additionally, these securitiestend to be less liquid and more difficult to value than higher-rated securities.


Interest Rate Risk. When interest rates (which are currently near historic lows) rise, the value of debt securities tends tofall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest ratesdecline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause theFund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Some debt securitiesgive the issuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeemsor prepays a debt security during a time of declining interest rates, the Fund might have to reinvest the proceeds in asecurity offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interestrates. Changes in market conditions and government policies may lead to periods of heightened volatility in the debtsecurities market, reduced liquidity for certain Fund investments and an increase in Fund redemptions. Interest ratechanges and their impact on the Fund and its share price can be sudden and unpredictable.


Interest Rate Risk. When interest rates (which are currently near historic lows) rise, the value of debt securities tends tofall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest ratesdecline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause theFund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Some debt securitiesgive the issuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeemsor prepays a debt security during a time of declining interest rates, the Fund might have to reinvest the proceeds in asecurity offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interestrates. Changes in market conditions and government policies may lead to periods of heightened volatility in the debtsecurities market, reduced liquidity for certain Fund investments and an increase in Fund redemptions. Interest ratechanges and their impact on the Fund and its share price can be sudden and unpredictable.


Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities are subject to risk of default onthe underlying mortgages or assets, particularly during periods of economic downturn. Defaults on the underlyingmortgages or assets may cause such securities to decline in value and become less liquid. Rising interest rates tend toextend the duration of these securities, making them more sensitive to changes in interest rates than instruments withfixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility.When interest rates decline or are low, borrowers may pay off their mortgage or other debts sooner than expected,which can reduce the returns of a Fund. Funds that may enter into mortgage dollar roll transactions are subject to the riskthat the market value of the securities that are required to be repurchased in the future may decline below the agreedupon repurchase price. They also involve the risk that the party to whom the securities are sold may become insolvent,limiting a Fund's ability to repurchase securities at the agreed upon price.


Non-Diversification Risk. A Fund that is considered "non-diversified" under the 1940 Act may invest a greaterpercentage of its assets in the securities of a single issuer than a fund that is considered "diversified" (a "diversified"investment company, with respect to 75% of its total assets, is not generally permitted to invest more than 5% of such


assets in the securities of a single issuer or own more than 10% of an issuer's outstanding voting securities). A non-diversified fund is therefore more vulnerable to market or economic events impacting issuers of individual portfoliosecurities than a "diversified" fund. Default by the issuer of an individual security in such a Fund's portfolio may have agreater negative effect on the Fund's returns or net asset value than a similar default in a diversified portfolio. A non-diversified fund's performance may be disproportionately impacted by the performance of relatively few securities.

Participation Notes Risk. The performance results of participation notes, which are a type of derivative, will not replicateexactly the performance of the securities of the foreign companies or foreign securities markets that they seek toreplicate due to various factors, including transaction and other expenses. The transaction price of participation notesmay not equal the underlying value of the securities of the foreign companies or foreign securities markets whoseperformance they seek to replicate. Moreover, a Fund has no rights under a participation note against the issuer of theunderlying security.

Passive Management Risk. A Fund that is managed with a passive investment strategy attempts to track theperformance of an unmanaged index of securities, regardless of the current or projected performance of such index or ofthe actual securities included in the index. This differs from an actively managed fund, which typically seeks tooutperform a benchmark index. As a result, the Fund's performance could be lower than actively managed funds thatmay shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or adecline in the value of one or more issuers.

Real Estate Securities Risk. Investments in real estate securities are subject to factors affecting the real estate industryand may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range ofindustries. Factors affecting real estate values include the supply of real property in particular markets, overbuilding,changes in zoning laws, casualty or condemnation losses, delays in completion of construction, changes in real estatevalues, changes in operations costs and property taxes, levels of occupancy, adequacy of rent to cover operating costs,possible environmental liabilities, regulatory limitations on rent, fluctuations in rental income, increased competition andother risks related to local and regional market conditions. The value of real-estate related investments also may beaffected by changes in interest rates, macroeconomic developments, and social and economic trends. For instance,during periods of declining interest rates, certain REITs may hold mortgages that the mortgagors elect to prepay, whichprepayment may reduce the yield on securities issued by those REITs. Some REITs have relatively small marketcapitalizations, which can tend to increase the volatility of the market price of their securities. REITs are subject to the riskof fluctuations in income from underlying real estate assets, their inability to manage effectively the cash flows generatedby those assets, prepayments and defaults by borrowers, and their failure to qualify for the special tax treatment grantedto REITs under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from investmentcompany status under the 1940 Act.


Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatileand less liquid than those of larger companies. Smaller companies may have no or relatively short operating histories,limited financial resources or may be newly public companies. Some of these companies have aggressive capitalstructures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies.

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interestrates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not bebacked by the full faith and credit of the U.S. Government. If a government-sponsored entity is unable to meet itsobligations or its creditworthiness declines, the performance of a Fund that holds securities issued or guaranteed by theentity will be adversely impacted.

Portfolio Holdings InformationA description of the Wells Fargo Funds' policies and procedures with respect to disclosure of the Wells Fargo Funds'portfolio holdings is available in the Funds' Statement of Additional Information. In addition, Funds Management will,from time to time, include portfolio holdings information in periodic commentaries for certain Funds. The substance ofthe information contained in such commentaries will also be posted to the Funds' website at wellsfargofunds.com.

Wells Fargo Funds47

Pricing Fund SharesA Fund's NAV is the value of a single share. The NAV is calculated as of the close of regular trading on the New York StockExchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day that the NYSE is open, although a Fund may deviatefrom this calculation time under unusual or unexpected circumstances. The NAV is calculated separately for each class ofshares of a multiple-class Fund. The most recent NAV for each class of a Fund is available at wellsfargofunds.com. Tocalculate the NAV of a Fund's shares, the Fund's assets are valued and totaled, liabilities are subtracted, and the balance,called net assets, is divided by the number of shares outstanding. The price at which a purchase or redemption request isprocessed is based on the next NAV calculated after the request is received in good order. Generally, NAV is notcalculated, and purchase and redemption requests are not processed, on days that the NYSE is closed for trading;however under unusual or unexpected circumstances a Fund may elect to remain open even on days that the NYSE isclosed or closes early. To the extent that a Fund's assets are traded in various markets on days when the Fund is closed,the value of the Fund's assets may be affected on days when you are unable to buy or sell Fund shares. Conversely,trading in some of a Fund's assets may not occur on days when the Fund is open.

Because a Fund invests substantially all of its investable assets in one or more master portfolios, the value of the Fund'sshares is based on the NAV of the shares of such master portfolios. The following describes the pricing policies of themaster portfolios, as well as the policies that a Fund will use with respect to any portion of the Fund's assets investeddirectly in securities. References in this section to a Fund should also be considered references to the master portfolios. AFund's investments are generally valued at current market prices. Equity securities, options and futures are generallyvalued at the official closing price or, if none, the last reported sales price on the primary exchange or market on whichthey are listed (closing price). Equity securities that are not traded primarily on an exchange are generally valued at thequoted bid price obtained from a broker-dealer.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or if a reliable price isnot available, the quoted bid price from an independent broker-dealer.

We are required to depart from these general valuation methods and use fair value pricing methods to determine thevalues of certain investments if we believe that the closing price or the quoted bid price of a security, including a securitythat trades primarily on a foreign exchange, does not accurately reflect its current market value at the time as of which aFund calculates its NAV. The closing price or the quoted bid price of a security may not reflect its current market value if,among other things, a significant event occurs after the closing price or quoted bid price but before the time as of whicha Fund calculates its NAV that materially affects the value of the security. We use various criteria, including a systemicevaluation of U.S. market moves after the close of foreign markets, in deciding whether a foreign security's market price isstill reliable and, if not, what fair market value to assign to the security. In addition, we use fair value pricing to determinethe value of investments in securities and other assets, including illiquid securities, for which current market quotationsor evaluated prices from a pricing service or broker-dealer are not readily available.

The fair value of a Fund's securities and other assets is determined in good faith pursuant to policies and proceduresadopted by the Fund's Board of Trustees. In light of the judgment involved in making fair value decisions, there can be noassurance that a fair value assigned to a particular security is accurate or that it reflects the price that the Fund couldobtain for such security if it were to sell the security at the time as of which fair value pricing is determined. Such fair valuepricing may result in NAVs that are higher or lower than NAVs based on the closing price or quoted bid price. See theStatement of Additional Information for additional details regarding the determination of NAVs.


The ManagerWells Fargo Funds Management, LLC ("Funds Management"), headquartered at 525 Market Street, San Francisco, CA94105, provides advisory and Fund level administrative services to the Funds pursuant to an investment managementagreement (the "Management Agreement"). Funds Management is a wholly owned subsidiary of Wells Fargo &Company, a publicly traded diversified financial services company that provides banking, insurance, investment,mortgage and consumer financial services. Funds Management is a registered investment adviser that provides advisoryservices for registered mutual funds, closed-end funds and other funds and accounts.

Funds Management is responsible for implementing the investment objectives and strategies of the Funds. FundsManagement's investment professionals review and analyze the Funds' performance, including relative to peer funds,and monitor the Funds' compliance with its investment objectives and strategies. Funds Management is responsible forreporting to the Board on investment performance and other matters affecting the Funds. When appropriate, FundsManagement recommends to the Board enhancements to Fund features, including changes to Fund investmentobjectives, strategies and policies. Funds Management also communicates with shareholders and intermediaries aboutFund performance and features.

Funds Management is also responsible for providing Fund-level administrative services, which include, among others,providing such services in connection with the Funds' operations; developing and implementing procedures formonitoring compliance with regulatory requirements and compliance with the Funds' investment objectives, policiesand restrictions; and providing any other Fund-level administrative services reasonably necessary for the operation ofthe Funds other than those services that are provided by the Funds' transfer and dividend disbursing agent, custodianand fund accountant.

To assist Funds Management in implementing the investment objectives and strategies of the Funds, FundsManagement may contract with one or more sub-advisers to provide day-to-day portfolio management services to theFunds. Funds Management employs a team of investment professionals who identify and recommend the initial hiring ofany sub-adviser and oversee and monitor the activities of any sub-adviser on an ongoing basis. Funds Managementretains overall responsibility for the investment activities of the Funds.

A discussion regarding the basis for the Board's approval of the Management Agreement and any applicable sub-advisory agreements for each Fund will be available in the Fund's Semi-Annual report for the period ended August 31,2018.

As compensation for its services under the Management Agreement, Funds Management is entitled to receive a monthlyfee at the annual rates indicated below based on each Fund's average daily net assets:

Fund

Annual Advisory Rate paidby Master Trust Portfolio inwhich each Fund invests (as

a percentage of net assets)

Emerging Markets Bond Fund First $5B 0.25%

Next $5B 0.23%

Over $10B 0.21%

Factor Enhanced Emerging Markets Fund First $5B 0.15%

Next $5B 0.13%

Over $10B 0.11%

Factor Enhanced International Fund First $5B 0.15%

Next $5B 0.13%

Over $10B 0.11%

Factor Enhanced Large Cap Fund First $5B 0.10%

Next $5B 0.08%

Over $10B 0.06%

Factor Enhanced Small Cap Fund First $5B 0.15%

Next $5B 0.13%

Over $10B 0.11%

Wells Fargo Funds49

Fund

Annual Advisory Rate paidby Master Trust Portfolio inwhich each Fund invests (as

a percentage of net assets)

High Yield Corporate Bond Fund First $5B 0.25%

Next $5B 0.23%

Over $10B 0.21%

International Government Bond Fund First $5B 0.25%

Next $5B 0.23%

Over $10B 0.21%

U.S. Core Bond Fund1 All Assets 0.00%

1. Funds Management receives a monthly fee at the annual rates for the Wells Fargo Bloomberg US Aggregate ex-Corporate Portfolio and Wells FargoInvestment Grade Corporate Bond Portfolio described in the Master Portfolio's Advisory Agreement.

The Sub-Adviser and Portfolio ManagersThe following sub-advisers and portfolio managers provide day-to-day portfolio management services to the masterportfolios in which the Funds invest substantially all of their assets. In addition, as set forth below, the U.S. Core BondFund has a sub-adviser and portfolio managers at the Fund level who provide day-to-day portfolio management servicesto the Fund.These services include making purchases and sales of securities and other investment assets for the Funds,selecting broker-dealers, negotiating brokerage commission rates and maintaining portfolio transaction records. Eachsub-adviser of a master portfolio is compensated for its services by Funds Management from the fees FundsManagement receives for its services as investment adviser to the master portfolios. The sub-adviser of the U.S. CoreBond Fund does not receive a fee for its services. The Statement of Additional Information provides additionalinformation about the portfolio managers' compensation, other accounts managed by the portfolio managers and theportfolio managers' ownership of securities in the Funds.

Analytic Investors, LLC ("Analytic") is a registered investment adviser located at 555 West Fifth Street, 50th Floor, LosAngeles, CA 90013. Analytic is a wholly-owned subsidiary of Wells Capital Management Incorporated and an indirectwholly-owned subsidiary of Wells Fargo & Company.

Dennis Bein, CFAFactor Enhanced Emerging Markets PortfolioFactor Enhanced International PortfolioFactor Enhanced Large Cap PortfolioFactor Enhanced Small Cap Portfolio

Mr. Bein joined Analytic in 1996, where he currently serves as a ChiefInvestment Officer and Portfolio Manager.

Ryan Brown, CFAFactor Enhanced Large Cap PortfolioFactor Enhanced Small Cap Portfolio

Mr. Brown joined Analytic in 2007, where he currently serves as aPortfolio Manager.

Harindra de Silva, Ph.D., CFAFactor Enhanced Emerging Markets PortfolioFactor Enhanced International PortfolioFactor Enhanced Large Cap PortfolioFactor Enhanced Small Cap Portfolio

Mr. de Silva joined Analytic in 1996, where he currently serves asPresident and Portfolio Manager.

David Krider, CFAFactor Enhanced Emerging Markets PortfolioFactor Enhanced International Portfolio

Mr. Krider joined Analytic in 2005, where he currently serves as PortfolioManager.

First International Advisors, LLC ("First International Advisors") is a registered investment adviser located at OnePlantation Place, 30 Fenchurch Street, London, EC3M 3BD. First International Advisors provides investment advisoryservices to banking or thrift institutions, investment companies, pension and profit sharing plans, corporations, and stateor municipal government entities.

Michael LeeEmerging Markets Bond PortfolioInternational Government BondPortfolio

Mr. Lee joined First International Advisors in 1992, where he currently serves as a Directorof Trading and Senior Portfolio Manager.


Tony NorrisEmerging Markets Bond PortfolioInternational Government BondPortfolio

Mr. Norris joined First International Advisors in 1990, where he currently serves asManaging Director, co-Chair of the investment committee, and Senior Portfolio Managerwith the First International Advisors global fixed income team at Wells Fargo AssetManagement.

Alex PerrinEmerging Markets Bond PortfolioInternational Government BondPortfolio

Mr. Perrin joined First International Advisors in 1992, where he serves as Co-chair of theinvestment committee and Senior Portfolio Manager with the First International Advisorsglobal fixed income team at Wells Fargo Asset Management.

Wells Capital Management Incorporated ("Wells Capital Management") is a registered investment adviser located at525 Market Street, San Francisco, CA 94105. Wells Capital Management, an affiliate of Funds Management and indirectwholly owned subsidiary of Wells Fargo & Company, is a multi-boutique asset management firm committed to deliveringsuperior investment services to institutional clients, including mutual funds.

Mark Clegg, CFAInvestment Grade Corporate Bond PortfolioU.S. Core Bond Fund

Mr. Clegg joined Wells Capital Management or one of its predecessor firms in 2006,where he currently serves as a Portfolio Manager and trader.

Christopher Y. Kauffman, CFABloomberg Barclays US Aggregate ex-Corporate PortfolioU.S. Core Bond Fund

Mr. Kauffman joined Wells Capital Management or one of its affiliate firms in 2003,where he currently serves as a Senior Portfolio Manager.

Thomas M. Price, CFAHigh Yield Corporate Bond Portfolio

Mr. Price joined Wells Capital or one of its predecessor firms in 1996, where hecurrently serves as a Managing Director and Senior Portfolio Manager specializing intaxable high yield securities.

Janet S. Rilling, CFA, CPABloomberg Barclays US Aggregate ex-Corporate PortfolioHigh Yield Corporate Bond PortfolioInvestment Grade Corporate Bond PortfolioU.S. Core Bond Fund

Ms. Rilling joined Wells Capital Management or one of its predecessor firms in 1995,where she currently serves as co-lead of Wells Capital Management's CustomizedFixed Income team and a Senior Portfolio Manager and specializes in investment-grade corporate debt securities.

Michael J. Schueller, CFAHigh Yield Corporate Bond PortfolioInvestment Grade Corporate Bond PortfolioU.S. Core Bond Fund

Mr. Schueller joined Wells Capital Management or one of its predecessor firms in2000, where he currently serves as a Portfolio Manager and Senior Research Analystspecializing in high-yield securities.

Michal StanczykBloomberg Barclays US Aggregate ex-Corporate PortfolioU.S. Core Bond Fund

Mr. Stanczyk joined Wells Capital Management or one of its predecessor firms in2007, where he currently serves as a Portfolio Manager and Research Analyst.

Noah WiseInvestment Grade Corporate Bond PortfolioU.S. Core Bond Fund

Mr. Wise joined Wells Capital Management or one of its predecessor firms in 2008,where he currently serves as a Portfolio Manager in the Fixed Income team. He wasa Research Analyst prior to becoming a Portfolio Manager in 2013.

Multi-Manager ArrangementThe Funds and Funds Management have obtained an exemptive order from the SEC that permits Funds Management,subject to Board approval, to select certain sub-advisers and enter into or amend sub-advisory agreements with them,without obtaining shareholder approval. The SEC order extends to sub-advisers that are not otherwise affiliated withFunds Management or the Funds, as well as sub-advisers that are wholly-owned subsidiaries of Funds Management or ofa company that wholly owns Funds Management ("Multi-Manager Sub-Advisers").

Pursuant to the order, Funds Management, with Board approval, may hire or replace Multi-Manager Sub-Advisers foreach Fund that is eligible to rely on the order. Funds Management, subject to Board oversight, has the responsibility tooversee Multi-Manager Sub-Advisers and to recommend their hiring, termination and replacement. If a new sub-adviseris hired for a Fund pursuant to the order, the Fund is required to notify shareholders within 90 days. The Funds are notrequired to disclose the individual fees that Funds Management pays to a Multi-Manager Sub-Adviser.

Wells Fargo Funds51

Index ProvidersThe Wells Fargo Securities Strategic Indexing Group, a division of Wells Fargo Securities, LLC, an affiliate of FundsManagement, Wells Capital Management, First International Advisors and Analytic, and an indirect wholly-ownedsubsidiary of Wells Fargo & Company, serves as index provider for the Wells Fargo Factor Enhanced Large Cap Index,Wells Fargo Factor Enhanced Small Cap Index, Wells Fargo Factor Enhanced International Index, Wells Fargo FactorEnhanced Emerging Markets Index, Wells Fargo International Government Bond Index, Wells Fargo U.S. Core Bond Index,Wells Fargo U.S. Investment Grade Corporate Bond Index, and Wells Fargo U.S. High Yield Bond Index.

Barclays Risk Analytics and Index Solutions Limited, an unaffiliated third-party service provider, serves as index providerfor the Bloomberg Barclays U.S. Aggregate ex-Corporate Credit Index.

J.P. Morgan Securities, LLC, an unaffiliated third-party service provider, serves as index provider for the J.P. Morgan EMBIGlobal Diversified Index.

For additional information about the underlying indexes and index providers, see the "Index Providers" in the SAI.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS® is a trademark and service mark ofBarclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index ServicesLimited ("BISL") (collectively, "Bloomberg"), or Bloomberg's licensors own all proprietary rights in the "Bloomberg BarclaysUS Aggregate ex-Corporate IndexSM."

Neither Barclays Bank PLC, Barclays Capital Inc., nor any affiliate (collectively "Barclays") nor Bloomberg is the issuer orproducer of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and neither Bloomberg norBarclays has any responsibilities, obligations or duties to investors in the Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio. The Bloomberg Barclays US Aggregate ex-Corporate Index is licensed for use by Wells FargoFunds Management, LLC as the investment adviser of the Wells Fargo Bloomberg Barclays US Aggregate ex-CorporatePortfolio. The only relationship of Bloomberg and Barclays with Wells Fargo Funds Management, LLC in respect of theBloomberg Barclays US Aggregate ex-Corporate Index is the licensing of the Bloomberg Barclays US Aggregate ex-Corporate Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard toWells Fargo Funds Management, LLC or the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio or theshareholders of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio.

Additionally, Wells Fargo Funds Management, LLC may for itself execute transaction(s) with Barclays in or relating to theBloomberg Barclays US Aggregate ex-Corporate Index in connection with the Wells Fargo Bloomberg Barclays USAggregate ex-Corporate Portfolio. Investors acquire the Wells Fargo Bloomberg Barclays US Aggregate ex-CorporatePortfolio from Wells Fargo Funds Distributor, LLC and investors neither acquire any interest in the Bloomberg Barclays USAggregate ex-Corporate Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays uponmaking an investment in the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio. The Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio is not sponsored, endorsed, sold or promoted by Bloomberg orBarclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied, regarding theadvisability of investing in the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio or the advisability ofinvesting in securities generally or the ability of the Bloomberg Barclays US Aggregate ex-Corporate Index to trackcorresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability ofthe Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio with respect to any person or entity. NeitherBloomberg nor Barclays is responsible for or has participated in the determination of the timing of, prices at, or quantitiesof the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio to be issued. Neither Bloomberg nor Barclayshas any obligation to take the needs of Wells Fargo Funds Management, LLC or the shareholders of the Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio or any other third party into consideration in determining,composing or calculating the Bloomberg Barclays US Aggregate ex-Corporate Index . Neither Bloomberg nor Barclays hasany obligation or liability in connection with administration, marketing or trading of the Wells Fargo Bloomberg BarclaysUS Aggregate ex-Corporate Portfolio.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not forthe benefit of the shareholders of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, investors orother third parties. In addition, the licensing agreement between Wells Fargo Funds Management, LLC and Bloomberg issolely for the benefit of Wells Fargo Funds Management, LLC and Bloomberg and not for the benefit of the shareholdersof the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, investors or other third parties.


NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR OTHER THIRD PARTIESFOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATEINDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS USAGGREGATE EX-CORPORATE INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS ORIMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THEUSE OF THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN. NEITHERBLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMSALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THEBLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERGRESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATIONOR PUBLICATION OF THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX, AND NEITHER BLOOMBERGNOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTEDPUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX. NEITHERBLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL,INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH,RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX OR ANY DATAINCLUDED THEREIN OR WITH RESPECT TO THE WELLS FARGO BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATEPORTFOLIO.None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in anymanner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division ofBarclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167, registered office 1 Churchill Place London E145HP.Wells Fargo & Company, Wells Fargo Securities, LLC and their subsidiaries and affiliates (collectively, "Wells Fargo") makeno representation or warranty, express or implied, to the investors in the Wells Fargo Factor Enhanced Emerging MarketsFund, the Wells Fargo Factor Enhanced International Fund, the Wells Fargo Factor Enhanced Large Cap Fund, the WellsFargo Factor Enhanced Small Cap Fund, the Wells Fargo High Yield Corporate Bond Fund, the Wells Fargo InternationalGovernment Bond Fund, the Wells Fargo U.S. Core Bond Fund or the Wells Fargo Investment Grade Corporate BondPortfolio (the "Products") or any member of the public regarding the advisability of investing in securities generally or inthese Products particularly or the ability of any data supplied by Wells Fargo or any of the Wells Fargo Factor EnhancedLarge Cap Index, Wells Fargo Factor Enhanced Small Cap Index, Wells Fargo Factor Enhanced International Index, WellsFargo Factor Enhanced Emerging Markets Index, Wells Fargo International Government Bond Index, Wells Fargo U.S. CoreBond Index, Wells Fargo U.S. Investment Grade Corporate Bond Index or Wells Fargo U.S. High Yield Bond Index (each an"Index") to track financial instruments comprising an Index or any trading market. Wells Fargo licenses to Wells FargoFunds Management, LLC certain trademarks and trade names of Wells Fargo and the data supplied by Wells Fargo that isdetermined, composed and calculated by Wells Fargo or a third party index calculator, without regard to these Productsor their common shares. Wells Fargo has no obligation to take the needs of Wells Fargo Funds Management, LLC or theProducts into consideration when determining, composing or calculating the data.

WELLS FARGO DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX DATA OR OTHERINFORMATION OR DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. WELLS FARGO MAKES NO WARRANTY,EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY WELLS FARGO FUNDS MANAGEMENT, LLC OR THE PRODUCTS,OR ANY OTHER PERSON OR ENTITY FROM THE USE OF AN INDEX OR THE PRODUCTS OR OF OTHER DATA SUPPLIED BYWELLS FARGO OR ANY DATA INCLUDED THEREIN. WELLS FARGO MAKES NO EXPRESS OR IMPLIED WARRANTIES, ANDEXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITHRESPECT TO AN INDEX OR OTHER DATA SUPPLIED BY WELLS FARGO OR ANY DATA INCLUDED THEREIN. WITHOUTLIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL WELLS FARGO HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCHDAMAGES.

Wells Fargo Funds53

Share Class EligibilityShares of the Fund are available exclusively through certain managed advisory programs offered by an intermediary withwhom we have a special or distinct agreement to offer these Fund shares (an "Eligible Intermediary"). EligibleIntermediaries may charge fees in connection with participation in such programs. Please consult your EligibleIntermediary for information regarding fees.

The information in this Prospectus is not intended for distribution to, or use by, any person or entity in any non-U.S.jurisdiction or country where such distribution or use would be contrary to any law or regulation, or which would subjectFund shares to any registration requirement within such jurisdiction or country.

Share Class FeaturesThe table below summarizes the key features of the share class offered through this Prospectus.

Front-End Sales Charge None

Contingent Deferred Sales Charge (CDSC) None

Ongoing Distribution (12b-1) Fees None

Compensation to Financial Professionals and IntermediariesNo compensation is paid to intermediaries from Fund assets on sales of Fund shares or for related services. Fund sharesdo not carry sales commissions or pay Rule 12b-1 fees, or make payments to intermediaries to assist in, or in connectionwith, the sale of Fund shares. Neither the manager, the distributor nor their affiliates make any type of administrative orservice payments to intermediaries in connection with investments in the Fund.

Buying and Selling Fund SharesThe Funds do not impose any minimum investment requirements. However, the Eligible Intermediaries through whichthe Funds are offered typically impose minimum investment requirements.

Shares of a Fund may be purchased or redeemed only at the direction of an Eligible Intermediary. Purchase andredemption orders are based on instructions received from the Eligible Intermediary and are processed at the NAV nextcalculated after the Fund receives the order.

Frequent Purchases and Redemptions of Fund SharesWells Fargo Funds reserves the right to reject any purchase or exchange order for any reason. Purchases or exchangesthat a Fund determines could harm the Fund may be rejected.

Excessive trading by Fund shareholders can negatively impact a Fund and its long-term shareholders in several ways,including disrupting Fund investment strategies, increasing transaction costs, decreasing tax efficiency, and diluting thevalue of shares held by long-term shareholders. Excessive trading in Fund shares can negatively impact a Fund's long-term performance by requiring it to maintain more assets in cash or to liquidate portfolio holdings at a disadvantageoustime. Certain Funds may be more susceptible than others to these negative effects. For example, Funds that have agreater percentage of their investments in non-U.S. securities may be more susceptible than other Funds to arbitrageopportunities resulting from pricing variations due to time zone differences across international financial markets.Similarly, Funds that have a greater percentage of their investments in small company securities may be more susceptiblethan other Funds to arbitrage opportunities due to the less liquid nature of small company securities. Both types of Fundsalso may incur higher transaction costs in liquidating portfolio holdings to meet excessive redemption levels. Fair valuepricing may reduce these arbitrage opportunities, thereby reducing some of the negative effects of excessive trading.

Wells Fargo Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund, Ultra Short-Term Income Fund and Ultra Short-Term Municipal Income Fund ("Ultra-Short Funds") and the money marketfunds, (the "Covered Funds"). The Covered Funds are not designed to serve as vehicles for frequent trading. The


Covered Funds actively discourage and take steps to prevent the portfolio disruption and negative effects on long-termshareholders that can result from excessive trading activity by Covered Fund shareholders. The Board has approved theCovered Funds' policies and procedures, which provide, among other things, that Funds Management may deem tradingactivity to be excessive if it determines that such trading activity would likely be disruptive to a Covered Fund byincreasing expenses or lowering returns. In this regard, the Covered Funds take steps to avoid accommodating frequentpurchases and redemptions of shares by Covered Fund shareholders. Funds Management monitors available shareholdertrading information across all Covered Funds on a daily basis. If a shareholder redeems $5,000 or more (includingredemptions that are part of an exchange transaction) from a Covered Fund, that shareholder is "blocked" frompurchasing shares of that Covered Fund (including purchases that are part of an exchange transaction) for 30 calendardays after the redemption. This policy does not apply to:■ Money market funds;■ Ultra-Short Funds;■ Dividend reinvestments;■ Systematic investments or exchanges where the financial intermediary maintaining the shareholder account identifies

the transaction as a systematic redemption or purchase at the time of the transaction;■ Rebalancing transactions within certain asset allocation or “wrap” programs where the financial intermediary

maintaining a shareholder account is able to identify the transaction as part of an asset allocation program approvedby Funds Management;

■ Transactions initiated by a “fund of funds” or Section 529 Plan into an underlying fund investment;■ Permitted exchanges between share classes of the same Fund;■ Certain transactions involving participants in employer-sponsored retirement plans, including: participant withdrawals

due to mandatory distributions, rollovers and hardships, withdrawals of shares acquired by participants through payrolldeductions, and shares acquired or sold by a participant in connection with plan loans; and

■ Purchases below $5,000 (including purchases that are part of an exchange transaction).

The money market funds and the Ultra-Short Funds. Because the money market funds and Ultra-Short Funds areoften used for short-term investments, they are designed to accommodate more frequent purchases and redemptionsthan the Covered Funds. As a result, the money market funds and Ultra-Short Funds do not anticipate that frequentpurchases and redemptions, under normal circumstances, will have significant adverse consequences to the moneymarket funds or Ultra-Short Funds or their shareholders. Although the money market funds and Ultra-Short Funds do notprohibit frequent trading, Funds Management will seek to prevent an investor from utilizing the money market fundsand Ultra-Short Funds to facilitate frequent purchases and redemptions of shares in the Covered Funds in contraventionof the policies and procedures adopted by the Covered Funds.

All Wells Fargo Funds. In addition, Funds Management reserves the right to accept purchases, redemptions andexchanges made in excess of applicable trading restrictions in designated accounts held by Funds Management or itsaffiliate that are used at all times exclusively for addressing operational matters related to shareholder accounts, such astesting of account functions, and are maintained at low balances that do not exceed specified dollar amount limitations.

In the event that an asset allocation or "wrap" program is unable to implement the policy outlined above, FundsManagement may grant a program-level exception to this policy. A financial intermediary relying on the exception isrequired to provide Funds Management with specific information regarding its program and ongoing information aboutits program upon request.

A financial intermediary through whom you may purchase shares of the Fund may independently attempt to identifyexcessive trading and take steps to deter such activity. As a result, a financial intermediary may on its own limit or permittrading activity of its customers who invest in Fund shares using standards different from the standards used by FundsManagement and discussed in this Prospectus. Funds Management may permit a financial intermediary to enforce itsown internal policies and procedures concerning frequent trading rather than the policies set forth above in instanceswhere Funds Management reasonably believes that the intermediary's policies and procedures effectively discouragedisruptive trading activity. If you purchase Fund shares through a financial intermediary, you should contact theintermediary for more information about whether and how restrictions or limitations on trading activity will be applied toyour account.

DistributionsThe Factor Enhanced Emerging Markets Fund, the Factor Enhanced International Fund, the Factor Enhanced Large CapFund and the Factor Enhanced Small Cap Fund generally make distributions of any net investment income annually,while the Emerging Markets Bond Fund and International Government Bond Fund generally make such distributions

Wells Fargo Funds55

semi-annually and the High Yield Corporate Bond Fund and the U.S. Core Bond Fund generally make such distributionsmonthly. Each Fund generally makes distributions of any realized net capital gains at least annually. Please note,distributions have the effect of reducing the NAV per share by the amount distributed. Please contact your EligibleIntermediary for distribution options. You are eligible to earn distributions beginning on the business day after the Fundreceives your purchase request from your Eligible Intermediary.

TaxesThe following discussion regarding federal income taxes is based on laws that were in effect as of the date of thisProspectus and summarizes only some of the important federal income tax considerations affecting a Fund and you as ashareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account, such as a 401(k) Plan or IRA. This discussion is not intended as a substitute for careful tax planning.You should consult your tax adviser about your specific tax situation. Please see the Statement of Additional Informationfor additional federal income tax information.

The Fund elected to be treated and intends to qualify each year as a regulated investment company ("RIC"). A RIC is notsubject to tax at the corporate level on income and gains from investments that are distributed in a timely manner toshareholders. However, the Fund's failure to qualify as a RIC would result in corporate level taxation, and consequently, areduction in income available for distribution to you as a shareholder.

We will pass on to a Fund's shareholders substantially all of the Fund's net investment income and realized net capitalgains, if any. Distributions from a Fund's ordinary income and net short-term capital gain, if any, generally will be taxableto you as ordinary income. Distributions from a Fund's net long-term capital gain, if any, generally will be taxable to youas long-term capital gain. If you are an individual and meet certain holding period requirements with respect to yourFund shares, you may be eligible for reduced tax rates on qualified dividend income, if any, distributed by the Fund.

Corporate shareholders may be able to deduct a portion of their distributions when determining their taxable income.

Individual taxpayers are subject to a maximum tax rate of 39.6% on ordinary income and a maximum tax rate on long-term capital gains and qualified dividends of 20%. For U.S. individuals with income exceeding $200,000 ($250,000 ifmarried and filing jointly), a 3.8% Medicare contribution tax will apply on "net investment income," including interest,dividends, and capital gains. Corporations are subject to tax on all income and gain at a maximum tax rate of 35%.

Distributions from a Fund normally will be taxable to you when paid, whether you take distributions in cash orautomatically reinvest them in additional Fund shares. Following the end of each year, we will notify you of the federalincome tax status of your distributions for the year.

If you buy shares of a Fund shortly before it makes a taxable distribution, your distribution will, in effect, be a taxablereturn of part of your investment. Similarly, if you buy shares of a Fund when it holds appreciated securities, you willreceive a taxable return of part of your investment if and when the Fund sells the appreciated securities and distributesthe gain. The Fund has built up, or has the potential to build up, high levels of unrealized appreciation.

Your redemptions (including redemptions in-kind) and exchanges of Fund shares ordinarily will result in a taxable capitalgain or loss, depending on the amount you receive for your shares (or are deemed to receive in the case of exchanges)and the amount you paid (or are deemed to have paid) for them. Such capital gain or loss generally will be long-termcapital gain or loss if you have held your redeemed or exchanged Fund shares for more than one year at the time ofredemption or exchange. In certain circumstances, losses realized on the redemption or exchange of Fund shares may bedisallowed.

When you receive a distribution from a Fund or redeem shares, you may be subject to backup withholding.


Financial HighlightsSince the Funds commenced operations on or around the date of this Prospectus, financial highlights are not availablefor the Funds.

Wells Fargo Funds57

Notes


FOR MORE INFORMATION

More information on a Fund is available free upon request,including the following documents:

Statement of Additional Information ("SAI")Supplements the disclosures made by this Prospectus.The SAI, which has been filed with the SEC, isincorporated by reference into this Prospectus andtherefore is legally part of this Prospectus.

Annual/Semi-Annual ReportsProvide financial and other important information,including a discussion of the market conditionsand investment strategies that significantly affectedFund performance over the reporting period.

To obtain copies of the above documents or for moreinformation about Wells Fargo Funds, contact us:

By telephone:Individual Investors: 1-800-222-8222Retail Investment Professionals: 1-888-877-9275Institutional Investment Professionals: 1-866-765-0778

By e-mail: [email protected]

By mail:Wells Fargo FundsP.O. Box 8266Boston, MA 02266-8266

Online:wellsfargofunds.com

From the SEC:Visit the SEC's Public Reference Room in Washington,DC (phone 1-202-551-8090 for operationalinformation for the SEC's Public Reference Room) orthe SEC's website at sec.gov.

To obtain information for a fee, write or email:SEC's Public Reference Section100 "F" Street, NEWashington, DC [email protected]

The Wells Fargo Funds are distributed byWells Fargo Funds Distributor, LLC, a member of FINRA,and an affiliate of Wells Fargo & Company.

© 2017 Wells Fargo Funds Management, LLC. All rights reserved117II/P1300

ICA Reg. No. 811-09253

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