target date retirement funds · the real estate allocation invests in real estate investment trusts...

ProspectusJuly 1, 2020

Target Date Retirement Funds

Wells Fargo Fund Class R4

Wells Fargo Target Today Fund WOTRX

Wells Fargo Target 2010 Fund WFORX

Wells Fargo Target 2015 Fund WFSRX

Wells Fargo Target 2020 Fund WFLRX

Wells Fargo Target 2025 Fund WFGRX

Wells Fargo Target 2030 Fund WTHRX

Wells Fargo Target 2035 Fund WTTRX

Wells Fargo Target 2040 Fund WTFRX

Wells Fargo Target 2045 Fund WFFRX

Wells Fargo Target 2050 Fund WQFRX

Wells Fargo Target 2055 Fund WFVRX

Wells Fargo Target 2060 Fund WFSFX

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of theWells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specificallyrequest paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail eachtime a report is posted and provided with a website address to access the report.If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take anyaction. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contactingyour financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling atwellsfargo.com/advantagedelivery.You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact yourfinancial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with theFund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account withyour financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.As with all mutual funds, the U.S. Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the accuracy or adequacy of thisProspectus. 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 orguaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agency and may lose value.

Table of Contents

Fund SummariesTarget Today Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Target 2010 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Target 2015 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Target 2020 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Target 2025 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Target 2030 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Target 2035 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Target 2040 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Target 2045 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Target 2050 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Target 2055 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Target 2060 Fund Summary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Details About the FundsTarget Date Retirement Funds.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74Description of Principal Investment Risks .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76Portfolio Holdings Information .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Pricing Fund Shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Management of the FundsThe Manager .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80The Sub-Adviser and Portfolio Managers .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Multi-Manager Arrangement .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Account InformationShare Class Eligibility.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Share Class Features .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Compensation to Financial Professionals and Intermediaries .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Buying and Selling Fund Shares .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Exchanging Fund Shares .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Frequent Purchases and Redemptions of Fund Shares .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Account Policies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Distributions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Other InformationTaxes .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Financial Highlights .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Target Today Fund SummaryInvestment ObjectiveThe Fund seeks total return over time, consistent with its strategic target asset allocation.

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

Shareholder Fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) NoneMaximum 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)1

Management Fees 0.10%Distribution (12b-1) Fees 0.00%Other Expenses 0.48%Acquired Fund Fees and Expenses 0.12%Total Annual Fund Operating Expenses 0.70%Fee Waivers (0.41)%Total Annual Fund Operating Expenses After Fee Waiver2 0.29%

1. Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees andexpenses.

2. The Manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to capTotal Annual Fund Operating Expenses After Fee Waivers at 0.29% for Class R4. Brokerage commissions, stamp duty fees, interest, taxes,acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from moneymarket funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliatedmaster portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased orthe 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 investingin other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that feesand expenses remain the same as in the tables above. To the extent that the Manager is waiving fees orreimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through thedate noted above. Although your actual costs may be higher or lower, based on these assumptions, your costswould be:

After:

1 Year $303 Years $1835 Years $34910 Years $832

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” itsportfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxeswhen Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operatingexpenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolioturnover rate was 37% of the average value of its portfolio.

2 Target Date Retirement Funds

Principal Investment StrategiesThe Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in acombination of securities to gain exposure to the following asset classes: equity and fixed income (includingmoney market securities). The Fund’s investment strategy is to diversify the Fund’s investments among theseasset classes.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Thosesegments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emergingmarkets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- andsmall-capitalization companies, international developed markets, emerging markets and low volatility allocationseach seek to add value above their respective broad market index, by employing a systematic, rules basedmethodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics)commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factorsinclude, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation investsin real estate investment trusts (REITs) and is managed to replicate the performance of the Wells Fargo US REITIndex, a traditional market-capitalization weighted index designed to provide diversified exposure to real estate.The Wells Fargo US REIT Index rebalances quarterly.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, includingU.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment gradecorporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), otherU.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. Theinflation-protected Treasury and intermediate-term government allocations will be managed to replicate theperformance of the Bloomberg Barclays US Treasury Inflation-Linked 1-10 Year Bond Index and the BloombergBarclays US Government Intermediate Bond Index, respectively, each a traditional market-capitalization weightedindex designed to provide diversified exposure to their respective allocation. Each index rebalances monthly. Theinvestment grade corporate bond and below investment grade corporate bond allocations will be managed toreplicate the performance of indexes created with a proprietary index methodology. The methodology is designedto provide broadly diversified fixed income exposure and is constructed to enhance issuer diversification andliquidity versus other standard traditional passive bond indexes. Specifically, the indexes first reweight thereference index universe of securities to limit concentration in the largest issuers and remove lower liquiditysecurities. They then reweight across size groupings to better align the yield and duration characteristics of theindex with the original reference index, while at the same time maintaining the greater diversification andincreased liquidity achieved through the prior step. The indexes rebalance monthly. The investment gradecorporate bond allocation will be managed to replicate the performance of the Wells Fargo U.S. Investment GradeCorporate Bond Index. The below investment grade bond allocation will be managed to replicate the performanceof the Wells Fargo U.S. High Yield Bond Index. The U.S. aggregate bond ex-corporate allocation, which includesmortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg BarclaysUS Aggregate ex-Corporate Index, a traditional market-capitalization weighted index designed to providediversified exposure to the allocation. The index rebalances monthly. The emerging markets bond allocation will bemanaged to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviatesfrom a traditional market capitalization weighting to provide more robust diversification across its constituentcountries; the index rebalances monthly.

The “Today” designation in the Fund’s name is meant to indicate that the Fund is primarily designed for investorseither in retirement and/or currently gradually withdrawing funds from their investments. The Fund does notdecrease its equity holdings in an attempt to become increasingly conservative over time, but rather maintains astrategic target allocation to equity and fixed income securities (including money market instruments) in theweights of 30% and 70%, respectively.

Prior to July 1, 2020, the U.S. large-capitalization companies allocation was designed to track the Wells Fargo FactorEnhanced Large Cap Index, the U.S. small-capitalization companies allocation was designed to track the Wells FargoFactor Enhanced Small Cap Index, the international developed markets allocation was designed to track the Wells FargoFactor Enhanced International Index, and the emerging markets allocation was designed to track the Wells FargoFactor Enhanced Emerging Market Index. Effective July 1, 2020, these allocations will no longer seek to track indexesand their portfolios will be realigned with the methodology summarized above over a period of approximately threemonths.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocationconsistent with the Fund’s target year. Factors that the portfolio managers may consider include but are not

Target Date Retirement Funds 3

limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance invarious market conditions.

Portfolio Asset AllocationThe following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2020.

Portfolio Target Allocation1

Equity Securities 30%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 10.8%Wells Fargo Factor Enhanced International Equity Portfolio 6.9%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 5.0%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 2.7%Wells Fargo U.S. REIT Portfolio 2.5%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 2.1%Fixed Income Securities 70%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 34.5%Wells Fargo Investment Grade Corporate Bond Portfolio 17.9%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 11.7%Wells Fargo Emerging Markets Bond Portfolio 2.9%Wells Fargo High Yield Corporate Bond Portfolio 2.9%

1. Target allocations may total more or less than 100% due to rounding.

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 insuredor guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarilysubject to the risks (in alphabetical order) briefly summarized below.

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

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risksdescribed under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions.Emerging market securities are also typically less liquid than securities of developed countries and could bedifficult to sell, particularly during a market downturn.

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly knownas “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be morevolatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodicallyadjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected bychanges in the rate of inflation.

Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. 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 thosesecurities may increase.

Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund’s manager orsub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may causethe Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investmentobjectives.

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. Securitiesmarkets are 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 suchdevelopments.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value andbecome less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatilityin periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, makingthem more sensitive to changes in interest rates than instruments with fixed payment schedules. When interestrates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’sreturns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlyingreal estate assets and the income derived from such assets, changes in interest rates, issuer management,macroeconomic developments, government regulation and social and economic trends. The value of certain realestate securities may also be affected by local and regional market conditions.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fundwill provide income at, and through the years following, the target year in the Fund’s name in amounts adequateto meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminateinvestment volatility that could reduce the amount of funds available for an investor who begins to withdrawfunds or expects to retire close to or in the Fund’s target year.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in whichthe Fund invests.

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes ininterest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsoredentities may not be backed by the full faith and credit of the U.S. Government.


PerformanceThe following information provides some indication of the risks of investing in the Fund by showing changes in theFund’s performance from year to year. The Fund’s average annual total returns are compared to the performanceof one or more indices. Past performance is no guarantee of future results. Current month-end performance isavailable on the Fund’s website at wfam.com.

Calendar Year Total Returns for Class R4 as of 12/31 each year1

Highest Quarter: 1st Quarter 2019 +5.82%

Lowest Quarter: 4th Quarter 2018 -2.76%

Year-to-date totalreturn as of3/31/2020 is-6.89%

Average Annual Total Returns for the periods ended 12/31/2019

InceptionDate of

Share Class 1 Year 5 Year 10 Year

Class R41 11/30/2012 13.27% 3.48% 3.95%S&P Target Date Retirement Income Index (reflects nodeduction for fees, expenses, or taxes) 13.33% 4.67% 5.50%Wells Fargo Target Today Blended Index (reflects nodeduction for fees, expenses, or taxes)2 13.75% - -

1. Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has beenadjusted to reflect the higher expenses applicable to Class R4 shares.

2. Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset classportfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The indexweightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directlyin an index.


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

Wells Fargo FundsManagement, LLC

Wells Capital ManagementIncorporated

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund SharesClass R4 shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profitsharing and money purchase pension plans, defined benefit plans, target benefit plans and non-qualified deferredcompensation plans. Class R4 shares also are generally available only to retirement plans where plan level oromnibus accounts are held on the books of the Fund. Class R4 shares generally are not available to retail accounts.

Institutions Purchasing Fund Shares

Minimum Initial InvestmentClass R4: Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimuminvestment amounts)Minimum Additional InvestmentClass R4: None (intermediaries may require different minimum additional investment amounts)

Tax InformationBy investing in a Fund through a tax-deferred retirement account, you will not be subject to tax on dividends andcapital gains distributions from the Fund or the sale of Fund shares if those amounts remain in the tax-deferredaccount.

Distributions taken from retirement plan accounts generally are taxable as ordinary income. For special rulesconcerning tax-deferred retirement accounts, including applications, restrictions, tax advantages, and potentialsales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriatefor you and to obtain further information, consult your tax adviser.

Payments to IntermediariesIf you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary forthe sale of Fund shares and related services. These payments may create a conflict of interest by influencing theintermediary and your financial professional to recommend the Fund over another investment. Consult yourfinancial professional or visit your intermediary’s website for more information.


Target 2010 Fund SummaryInvestment ObjectiveThe Fund seeks total return over time, consistent with its strategic target asset allocation.









After:




Principal Investment StrategiesThe Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in acombination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces itspotential market risk exposures over time by generally re-allocating its assets among these asset classes,consistent with increasingly conservative strategic target allocations.


The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, includingU.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment gradecorporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), otherU.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. Theinflation-protected Treasury and intermediate-term government allocations, will be managed to replicate theperformance of the Bloomberg Barclays US Treasury Inflation-Linked 1-10 Year Bond Index and the BloombergBarclays US Government Intermediate Bond Index, respectively, each a traditional market-capitalization weightedindex designed to provide diversified exposure to their respective allocation. Each index rebalances monthly. Theinvestment grade corporate bond and below investment grade corporate bond allocations will be managed toreplicate the performance of indexes created with a proprietary index methodology. The methodology is designedto provide broadly diversified fixed income exposure and is constructed to enhance issuer diversification andliquidity versus other standard traditional passive bond indexes. Specifically, the indexes first reweight thereference index universe of securities to limit concentration in the largest issuers and remove lower liquiditysecurities. They then reweight across size groupings to better align the yield and duration characteristics of theindex with the original reference index, while at the same time maintaining the greater diversification andincreased liquidity achieved through the prior step. The indexes rebalance monthly. The investment gradecorporate bond allocation will be managed to replicate the performance of the Wells Fargo U.S. Investment GradeCorporate Bond Index. The below investment grade bond allocation will be managed to replicate the performanceof the Wells Fargo U.S. High Yield Bond Index. The U.S. aggregate bond ex-corporate allocation, which includesmortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg BarclaysUS Aggregate ex-Corporate Index, a traditional market-capitalization weighted index designed to providediversified exposure to the allocation. The index rebalances monthly. The emerging markets bond allocation will bemanaged to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviatesfrom a traditional market capitalization weighting to provide more robust diversification across its constituentcountries; the index rebalances monthly.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around itstarget date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equityholdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservativein its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developedbased on long-term capital market return expectations, actuarial assumptions about life expectancy andretirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target yearapproaches and for the first ten years afterward. The Fund’s target year of 2010 serves as a guide to the riskprofile of the Fund, and your decision to invest in a Wells Fargo Target Date Fund with a particular target year andrisk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year.During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble thatof the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target TodayFund.



At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocationconsistent with the Fund’s target year. Factors that the portfolio managers may consider include but are notlimited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance invarious market conditions.














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. Securitiesmarkets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economicdevelopments. Different sectors of the market and different security types may react differently to suchdevelopments.










Highest Quarter: 3rd Quarter 2010 +6.42%




InceptionDate of


Class R41 11/30/2012 13.58% 3.70% 4.38%S&P Target Date 2010 Index (reflects no deduction forfees, expenses, or taxes) 14.30% 5.16% 6.21%Wells Fargo Target 2010 Blended Index (reflects nodeduction for fees, expenses, or taxes)2 14.13% - -

1. Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has beenadjusted to reflect the higher expenses applicable to the Class R4 shares.












After:



Principal Investment StrategiesThe Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in acombination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its


potential market risk exposures over time by generally re-allocating its assets among these asset classes,consistent with increasingly conservative strategic target allocations.



The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around itstarget date of 2015. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equityholdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservativein its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developedbased on long-term capital market return expectations, actuarial assumptions about life expectancy andretirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target yearapproaches and for the first ten years afterward. The Fund’s target year of 2015 serves as a guide to the riskprofile of the Fund, and your decision to invest in a Wells Fargo Target Date Fund with a particular target year andrisk profile depends on your individual risk tolerance, among other factors.


Prior to July 1, 2020, the U.S. large-capitalization companies allocation was designed to track the Wells Fargo FactorEnhanced Large Cap Index, the U.S. small-capitalization companies allocation was designed to track the Wells FargoFactor Enhanced Small Cap Index, the international developed markets allocation was designed to track the Wells FargoFactor Enhanced International Index, and the emerging markets allocation was designed to track the Wells Fargo


Factor Enhanced Emerging Market Index. Effective July 1, 2020, these allocations will no longer seek to track indexesand their portfolios will be realigned with the methodology summarized above over a period of approximately threemonths.











Lowest Quarter: 3rd Quarter 2011 -3.91%



InceptionDate of



1. Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has beenadjusted to reflect the higher expenses applicable to the Class R4 shares.












After:







The Fund is primarily designed for investors expecting to retire and/or begin gradually withdrawing funds aroundits target date of 2020. As the Fund’s time horizon to its target date shortens, it generally replaces some of itsequity holdings with fixed income holdings in an attempt to reduce market risk and thereby become moreconservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which wasdeveloped based on long-term capital market return expectations, actuarial assumptions about life expectancyand retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s targetyear approaches and for the first ten years afterward. The Fund’s target year of 2020 serves as a guide to the riskprofile of the Fund, and your decision to invest in a Wells Fargo Target Date Fund with a particular target year andrisk profile depends on your individual risk tolerance, among other factors.







Equity Securities 40%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 16.2%Wells Fargo Factor Enhanced International Equity Portfolio 10.4%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 4.0%Wells Fargo U.S. REIT Portfolio 3.3%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 3.1%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 3.0%Fixed Income Securities 60%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 29.6%Wells Fargo Investment Grade Corporate Bond Portfolio 15.4%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 10.0%Wells Fargo Emerging Markets Bond Portfolio 2.5%Wells Fargo High Yield Corporate Bond Portfolio 2.5%










InceptionDate of















After:








Equity Securities 50%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 21.8%Wells Fargo Factor Enhanced International Equity Portfolio 14.0%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 5.5%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 4.2%Wells Fargo U.S. REIT Portfolio 2.5%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 2.0%Fixed Income Securities 50%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 26.6%Wells Fargo Investment Grade Corporate Bond Portfolio 13.9%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 5.0%Wells Fargo Emerging Markets Bond Portfolio 2.3%Wells Fargo High Yield Corporate Bond Portfolio 2.3%










InceptionDate of















After:








Equity Securities 60%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 27.9%Wells Fargo Factor Enhanced International Equity Portfolio 17.9%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 7.0%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 5.3%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portoflio 1.0%Wells Fargo U.S. REIT Portfolio 1.0%Fixed Income Securities 40%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 22.9%Wells Fargo Investment Grade Corporate Bond Portfolio 11.9%Wells Fargo Emerging Markets Bond Portfolio 1.9%Wells Fargo High Yield Corporate Bond Portfolio 1.9%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 1.3%










InceptionDate of











Management Fees 0.10%Distribution (12b-1) Fees 0.00%Other Expenses 0.27%Acquired Fund Fees and Expenses 0.15%Total Annual Fund Operating Expenses 0.52%Fee Waivers -0.23%Total Annual Fund Operating Expenses After Fee Waiver2 0.29%




After:





The equity Underlying Funds are each intended to provide exposure to a specific market segment. Thosesegments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed andemerging markets.The U.S. large- and small-capitalization companies, international developed markets andemerging markets allocations each seek to add value above their respective broad market index, by employing asystematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (orcharacteristics) 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 fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, includingU.S. Government obligations, corporate investment grade and below investment grade bonds (commonly knownas “high yield bonds” or “junk bonds”), other U.S. aggregate bond sectors (including mortgage- and asset-backedsecurities), and emerging market foreign issues. The investment grade corporate bond and below investmentgrade corporate bond allocations will be managed to replicate the performance of indexes created with aproprietary index methodology. The methodology is designed to provide broadly diversified fixed incomeexposure and is constructed to enhance issuer diversification and liquidity versus other standard traditionalpassive bond indexes. Specifically, the indexes first reweight the reference index universe of securities to limitconcentration in the largest issuers and remove lower liquidity securities. They then reweight across sizegroupings to better align the yield and duration characteristics of the index with the original reference index, whileat the same time maintaining the greater diversification and increased liquidity achieved through the prior step.The indexes rebalance monthly. The investment grade corporate bond allocation will be managed to replicate theperformance of the Wells Fargo U.S. Investment Grade Corporate Bond Index. The below investment grade bondallocation will be managed to replicate the performance of the Wells Fargo U.S. High Yield Bond Index. The U.S.aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managedto replicate the performance of the Bloomberg Barclays US Aggregate ex-Corporate Index, a traditionalmarket-capitalization weighted index designed to provide diversified exposure to the allocation. The indexrebalances monthly. The emerging markets bond allocation will be managed to replicate the performance of theJP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weightingto provide more robust diversification across its constituent countries; the index rebalances monthly.









Equity Securities 70%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 33.6%Wells Fargo Factor Enhanced International Equity Portfolio 21.6%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 8.4%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 6.4%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.0%Wells Fargo U.S. REIT Portfolio 0.0%Fixed Income Securities 30%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 17.8%Wells Fargo Investment Grade Corporate Bond Portfolio 9.2%Wells Fargo High Yield Corporate Bond Portfolio 1.5%Wells Fargo Emerging Markets Bond Portfolio 1.5%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 0.0%









InceptionDate of















After:







The Fund is primarily designed for investors expecting to retire and/or begin gradually withdrawing funds aroundits target date of 2040 . As the Fund’s time horizon to its target date shortens, it generally replaces some of itsequity holdings with fixed income holdings in an attempt to reduce market risk and thereby become moreconservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which wasdeveloped based on long-term capital market return expectations, actuarial assumptions about life expectancyand retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s targetyear approaches and for the first ten years afterward. The Fund’s target year of 2040 serves as a guide to the riskprofile of the Fund, and your decision to invest in a Wells Fargo Target Date Fund with a particular target year andrisk profile depends on your individual risk tolerance, among other factors.








Equity Securities 80%Wells Fargo Factor Enhanced U.S. Large Cap EquityPortfolio 38.4%Wells Fargo Factor Enhanced International Equity Portfolio 24.6%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 9.6%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 7.4%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.0%Wells Fargo U.S. REIT Portfolio 0.0%Fixed Income Securities 20%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 11.8%Wells Fargo Investment Grade Corporate Bond Portfolio 6.2%Wells Fargo Emerging Markets Bond Portfolio 1.0%Wells Fargo High Yield Corporate Bond Portfolio 1.0%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 0.0%









InceptionDate of















After:







Equity Securities 85%Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 40.8%Wells Fargo Factor Enhanced International Equity Portfolio 26.2%Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.2%Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 7.8%Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.0%Wells Fargo U.S. REIT Portfolio 0.0%Fixed Income Securities 15%Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio 8.9%Wells Fargo Investment Grade Corporate Bond Portfolio 4.6%Wells Fargo Emerging Markets Bond Portfolio 0.8%Wells Fargo High Yield Corporate Bond Portfolio 0.8%Wells Fargo Strategic Retirement Bond Portfolio (includes both TIPs &Intermediate Government Bond allocations) 0.0%









InceptionDate of















After:










InceptionDate of


Class R4 11/30/2012 22.09% 7.62% 9.29%S&P Target Date 2045 Index (reflects no deduction forfees, expenses, or taxes) 24.02% 8.32% 9.67%S&P Target Date 2050 Index (reflects no deduction forfees, expenses, or taxes) 24.35% 8.49% -Wells Fargo Target 2050 Blended Index (reflects nodeduction for fees, expenses, or taxes)1 22.57% - -












After:

1 Year $303 Years $2325 Years $45210 Years $1,084









InceptionDate of

Share Class 1 Year 5 YearSince

inception














After:

1 Year $303 Years $3195 Years $62910 Years $1,510




Calendar Year Total Returns for Class R4 as of 12/31 each year





InceptionDate of

Share Class 1 Year 5 YearSince

inception

Class R4 6/30/2015 22.20% - 7.94%S&P Target Date 2055 Index (reflects no deduction forfees, expenses, or taxes) 24.48% - 9.26%S&P Target Date 2060+ Index (reflects no deductionfor fees, expenses, or taxes) 24.73% - -Wells Fargo Target 2060 Blended Index (reflects nodeduction for fees, expenses, or taxes)1 22.57% - -



Details About the Funds

Target Date Retirement FundsInvestment ObjectiveEach Fund’s objective is to seek total return over time, consistent with its strategic target asset allocation.

Each Fund’s Board of Trustees can change these investment objectives without a shareholder vote.

Principal Investment StrategiesEach Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest ina combination of securities to gain exposure to equity and fixed income asset classes. Each Fund except the TargetToday Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assetsamong these asset classes, consistent with increasingly conservative strategic target allocations. The TargetToday Fund does not decrease its equity holdings in an attempt to become increasingly conservative over time,but rather maintains a strategic target allocation to equity and fixed income securities (including money marketinstruments) in the weights of 30% and 70%, respectively.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Thosesegments include U.S. large-company, and small capitalization companies, international (non-U.S.) developed andemerging markets, and real estate. A portion of the equity exposure in the Target Today Fund, the Target 2010Fund, the Target 2015 Fund, the Target 2020 Fund, the Target 2025 Fund and the Target 2030 Fund, is dedicatedto low volatility equities. The U.S. large- and small-capitalization companies, international developed markets,emerging markets and low volatility allocations each seek to add value above their respective broad market index,by employing a systematic, rules based methodology designed to build a portfolio of stocks that providesexposure to factors (or characteristics) 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 lowvolatility. The real estate allocation, which is currently only held in the Target Today Fund, the Target 2010 Fund,the Target 2015 Fund, the Target 2020 Fund, the Target 2025 Fund and the Target 2030 Fund, invests in realestate investment trusts (REITs) and is managed to replicate the performance of the Wells Fargo US REIT Index, atraditional market-capitalization weighted index designed to provide diversified exposure to real estate. The WellsFargo US REIT Index rebalances quarterly.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, includingU.S. Government obligations (including inflation-protected treasury bonds, or TIPS), corporate investment gradeand below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. aggregatebond sectors (including mortgage- and asset-backed securities), and emerging market foreign issues. Theinflation-protected treasury bond allocation and intermediate-term government allocations, which are currentlyonly held in the Target Today Fund, the Target 2010 Fund, the Target 2015 Fund, the Target 2020 Fund, theTarget 2025 Fund and the Target 2030 Fund, will be managed to replicate the performance of the BloombergBarclays US Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg Barclays US GovernmentIntermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed toprovide diversified exposure to their respective market segments. Each index rebalances monthly. The investmentgrade corporate bond and below investment grade corporate bond allocations are managed to replicate theperformance of indexes created with a proprietary index methodology. The methodology is designed to providebroadly diversified fixed income exposure and is constructed to enhance issuer diversification and liquiditycompared with traditional passive bond indexes. Specifically, the indexes first reweight the reference indexuniverse of securities to limit concentration in the largest issuers and remove lower liquidity securities. They thenreweight across size groupings to better align the yield and duration characteristics of the index with the originalreference index, while at the same time maintaining the greater diversification and increased liquidity achievedthrough the prior step. The indexes rebalance monthly. The investment grade corporate bond allocation will bemanaged to replicate the performance of the Wells Fargo U.S. Investment Grade Corporate Bond Index. The highyield bond allocation will be managed to replicate the performance of the Wells Fargo U.S. High Yield Bond Index.A Bloomberg Barclays US Aggregate Bond ex-Corporate allocation, which includes mortgage and asset backedsecurities, will be managed to replicate the performance of the Bloomberg Barclays US Aggregate ex-CorporateIndex, a traditional market-capitalization weighted index designed to provide diversified exposure to the US bondmarket. The index rebalances monthly. The emerging market bond allocation will be managed to replicate theperformance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market


capitalization weighting to provide more robust diversification across its constituent countries; the indexrebalances monthly.

Each Fund is primarily designed for investors expecting to retire and/or begin gradually withdrawing funds aroundthe “target year” designated in the Fund’s name. With the exception of the Target Today Fund, as a Fund’s timehorizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings inan attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocationoccurs according to a predetermined “glide path,” which was developed based on long-term capital market returnexpectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risktolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward.The Fund’s target year serves as a guide to the risk profile of the Fund, and your decision to invest in a Wells FargoTarget Date Fund with a particular target year and risk profile depends on your individual risk tolerance, amongother factors. The principal value of an investor’s investment in a Fund is not guaranteed, and an investor mayexperience losses, at any time, including near, at or after the target year designated in the Fund’s name. In addition,there is no guarantee that an investor’s investment in a Fund will provide income at, and through the yearsfollowing, the target year in amounts adequate to meet the investor’s goals.

The principal value of an investor’s investment in a Fund is not guaranteed at any time, including in the target yeardesignated in the Fund’s name. In addition, each Fund is primarily subject to the risks mentioned below to theextent that each Fund is exposed to these risks depending on its asset allocation and target year:

Á Credit RiskÁ Emerging Markets RiskÁ Foreign Investment RiskÁ High Yield Securities RiskÁ Indexed-Inflation Debt Securities Risk (Target Today

Fund - Target 2030 Fund)Á Interest Rate RiskÁ Management Risk

Á Market RiskÁ Mortgage- and Asset-Backed Securities RiskÁ Real Estate Securities Risk (Target Today Fund -

Target 2030 Fund)Á Smaller Company Securities RiskÁ Target Date Fund RiskÁ Underlying Funds RiskÁ U.S. Government Obligations 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 InvestmentRisks” section.


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 particularFund as a whole are called “principal risks.” The principal risks for each Fund and indirectly, the principal risk factorsfor the master portfolio(s) in which the Fund invests, have been previously identified and are described below.Additional information about 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 orrepay principal when they become due. In these instances, the value of an investment could decline and the Fundcould lose money. Credit risk increases as an issuer’s credit quality declines.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risksdescribed under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. Forexample, emerging market countries are typically more dependent on exports and are, therefore, more vulnerableto recessions in other countries. Emerging markets tend to have less developed legal and financial systems and asmaller market capitalization than markets in developed countries. Some emerging markets are subject to greaterpolitical instability. Additionally, emerging markets may have more volatile currencies and be more sensitive thandeveloped markets to a variety of economic factors, including inflation. Emerging market securities are alsotypically less liquid than securities of developed countries and could be difficult to sell, particularly during a marketdownturn.

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly knownas “junk bonds”) have a much greater risk of default (or in the case of bonds currently in default, of not returningprincipal) and their values tend to be more volatile than higher-rated securities with similar maturities.Additionally, these securities tend to be less liquid and more difficult to value than higher-rated securities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodicallyadjusted according to the rate of inflation and, as a result, a Fund’s yield and return will be affected by changes inthe rate of inflation. If the reference inflation index rate falls, the principal value of an inflation-indexed debtsecurity will decline, which will cause the value of the Fund’s shares and the amount of interest payable on suchsecurity to be reduced.

Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. The longer the terms of thedebt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that theFund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reducethe dividends it pays to shareholders, but the value of those securities may increase. Some debt securities give theissuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeems orprepays 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 declininginterest rates. Changes in market conditions and government policies may lead to periods of heightened volatilityin the debt securities market, reduced liquidity for certain Fund investments and an increase in Fund redemptions.Certain countries have recently experienced negative interest rates on certain fixed-income instruments. Very lowor negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall belowzero, may have unpredictable effects on markets, may result in heightened market volatility and may detract fromFund performance to the extent the Fund is exposed to such interest rates. Interest rate changes and their impacton the Fund and its share price can be sudden and unpredictable.

Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund’s manager orsub-adviser in seeking to achieve the Fund’s investment objective may not produce the returns expected, maycause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investmentobjectives.


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. Securitiesmarkets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economicdevelopments. Different sectors of the market and different security types may react differently to suchdevelopments. Political, geopolitical, natural and other events, including war, terrorism, trade disputes,government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and otherpublic health crises and related events have led, and in the future may lead, to economic uncertainty, decreasedeconomic activity, increased market volatility and other disruptive effects on U.S. and global economies andmarkets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. Inaddition, economies and financial markets throughout the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one country or region will adversely impact markets or issuersin other countries or regions.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities are subject to risk ofdefault on the underlying mortgages or assets, particularly during periods of economic downturn. Defaults on theunderlying mortgages or assets may cause such securities to decline in value and become less liquid. Risinginterest rates tend to extend the duration of these securities, making them more sensitive to changes in interestrates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, thesesecurities may exhibit additional volatility. When interest rates decline or are low, borrowers may pay off theirmortgage or other debts sooner than expected, which can reduce the returns of a Fund. Funds that may enter intomortgage dollar roll transactions are subject to the risk that the market value of the securities that are required tobe repurchased in the future may decline below the agreed upon repurchase price. They also involve the risk thatthe party to whom the securities are sold may become insolvent, limiting a Fund’s ability to repurchase securitiesat the agreed upon price.

Real Estate Securities Risk. Investments in real estate securities are subject to factors affecting the real estateindustry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broaderrange of industries. 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 estate values, changes in operations costs and property taxes, levels of occupancy, adequacy ofrent to cover operating costs, possible environmental liabilities, regulatory limitations on rent, fluctuations inrental income, increased competition and other risks related to local and regional market conditions. The value ofreal-estate related investments also may be affected by changes in interest rates, macroeconomic developments,and social and economic trends. For instance, during periods of declining interest rates, certain REITs may holdmortgages that the mortgagors elect to prepay, which prepayment may reduce the yield on securities issued bythose REITs. Some REITs have relatively small market capitalizations, which can tend to increase the volatility ofthe market price of their securities. REITs are subject to the risk of fluctuations in income from underlying realestate assets, their inability to manage effectively the cash flows generated by those assets, prepayments anddefaults by borrowers, and their failure to qualify for the special tax treatment granted to REITs under the InternalRevenue Code of 1986, as amended, or to maintain their exemption from investment company status under the1940 Act.

Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be morevolatile and less liquid than those of larger companies. Smaller companies may have no or relatively shortoperating histories, limited financial resources or may have recently become public companies. Some of thesecompanies have aggressive capital structures, including high debt levels, or are involved in rapidly growing orchanging industries and/or new technologies.

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fundwill provide income at, and through the years following, the target year in the Fund’s name in amounts adequateto meet the investor’s financial goals. This risk is greater for an investor who begins to withdraw a portion or all ofhis or her investment in the Fund significantly before or after the Fund’s target year. In addition, the Fund issubject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of fundsavailable for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in whichthe Fund invests. To the extent that an Underlying Fund actively trades its securities, the Fund will experience theconsequences of a higher-than-average portfolio turnover rate, such as increased trading expenses and highershort-term capital gains. Investments in the Fund result in your incurring higher expenses than if you were toinvest directly in the Underlying Funds in which the Fund invests.


U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes ininterest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsoredentities may not be backed by the full faith and credit of the U.S. Government. If a government-sponsored entityis unable to meet its obligations or its creditworthiness declines, the performance of a Fund that holds securitiesissued or guaranteed by the entity will be adversely impacted.


Portfolio Holdings InformationA description of the Wells Fargo Funds’ policies and procedures with respect to disclosure of the Wells FargoFunds’ portfolio holdings is available in the Fund Statement of Additional Information.

Pricing Fund SharesA Funds’ NAV is the value of a single share. The NAV is calculated as of the close of regular trading on the NewYork Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day that the NYSE is open,although a Fund’s may deviate from this calculation time under unusual or unexpected circumstances. The NAV iscalculated separately for each class of shares of a multiple-class Fund. The most recent NAV for each class of aFund is available at wfam.com. To calculate the NAV of a Funds’ shares, the Funds’ assets are valued and totaled,liabilities are subtracted, and the balance, called net assets, is divided by the number of shares outstanding. Theprice at which a purchase or redemption request is processed is based on the next NAV calculated after therequest is received in good order. Generally, NAV is not calculated, and purchase and redemption requests are notprocessed, on days that the NYSE is closed for trading; however, under unusual or unexpected circumstances,a Fund’s may elect to remain open even on days that the NYSE is closed or closes early. To the extent that a Funds’assets are traded in various markets on days when the Fund’s is closed, the value of the Funds’ assets may beaffected on days when you are unable to buy or sell Fund’s shares. Conversely, trading in some of a Funds’ assetsmay not occur on days when the Fund’s is open.

With respect to any portion of a Funds’ assets that may be invested in other mutual funds, the value of the Funds’shares is based on the NAV of the shares of the other mutual funds in which the Fund’s invests. The valuationmethods used by mutual funds in pricing their shares, including the circumstances under which they will use fairvalue pricing and the effects of using fair value pricing, are included in the prospectuses of such funds. To theextent a Fund’s invests a portion of its assets in non-registered investment vehicles, the Funds’ interests in thenon-registered vehicles are fair valued at NAV.

With respect to a Funds’ assets invested directly in securities, the Funds’ investments are generally valued atcurrent market prices. Equity securities, options and futures are generally valued at the official closing price or, ifnone, the last reported sales price on the primary exchange or market on which they are listed (closing price).Equity securities that are not traded primarily on an exchange are generally valued at the quoted bid priceobtained from a broker-dealer.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliableprice is not 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 determinethe values of certain investments if we believe that the closing price or the quoted bid price of a security, includinga security that trades primarily on a foreign exchange, does not accurately reflect its current market value as of thetime a Fund’s calculates its NAV. The closing price or the quoted bid price of a security may not reflect its currentmarket value if, among other things, a significant event occurs after the closing price or quoted bid price are madeavailable, but before the time as of which a Fund’s calculates its NAV, that materially affects the value of thesecurity. We use various criteria, including a systemic evaluation of U.S. market moves after the close of foreignmarkets, in deciding whether a foreign security’s market price is still reliable and, if not, what fair market value toassign to the security. In addition, we use fair value pricing to determine the value of investments in securities andother assets, including illiquid securities, for which current market quotations or evaluated prices from a pricingservice or broker-dealer are not readily available.

The fair value of a Funds’ securities and other assets is determined in good faith pursuant to policies andprocedures adopted by the Funds’ Board of Trustees. In light of the judgment involved in making fair valuedecisions, there can be no assurance that a fair value assigned to a particular security is accurate or that it reflectsthe price that the Fund’s could obtain for such security if it were to sell the security at the time as of which fairvalue pricing is determined. Such fair value pricing may result in NAVs that are higher or lower than NAVs based onthe closing price or quoted bid price. See the Statement of Additional Information for additional details regardingthe determination of NAVs.


Management of the Funds

The ManagerWells Fargo Funds Management, LLC (“Funds Management”), headquartered at 525 Market Street, San Francisco,CA 94105, provides advisory and Fund level administrative services to the Funds pursuant to an (the“Management Agreement”). Funds Management is a wholly owned subsidiary of Wells Fargo & Company, apublicly traded diversified financial services company that provides banking, insurance, investment, mortgage andconsumer financial services. Funds Management is a registered investment adviser that provides advisory servicesfor registered mutual funds, closed-end funds and other funds and accounts. Funds Management is a part of WellsFargo Asset Management, the trade name used by the asset management businesses of Wells Fargo & Company.

Funds Management is responsible for implementing the investment objectives and strategies of the Funds. FundsManagement’s investment professionals review and analyze the Fund performance, including relative to peerfunds, and monitor the Fund compliance with their investment objectives and strategies. Funds Management isresponsible for reporting to the Board on investment performance and other matters affecting the Funds. Whenappropriate, Funds Management recommends to the Board enhancements to Fund features, including changes toFund investment objectives, strategies and policies. Funds Management also communicates with shareholdersand intermediaries about Fund performance and features.

Funds Management is also responsible for providing Fund-level administrative services to the Funds, whichinclude, among others, providing such services in connection with the Fund operations; developing andimplementing procedures for monitoring compliance with regulatory requirements and compliance with the Fundinvestment objectives, policies and restrictions; and providing any other Fund-level administrative servicesreasonably necessary for the operation of the Funds, other than those services that are provided bythe Fund transfer and dividend disbursing agent, custodian and 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 servicesto the Funds. Funds Management employs a team of investment professionals who identify and recommend theinitial hiring of any sub-adviser and oversee and monitor the activities of any sub-adviser on an ongoing basis.Funds Management retains 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 applicablesub-advisory agreements for each Fund’s is available in the Funds’ Semi-Annual report for the periodended August 31st.

For each Funds’ most recent fiscal year end, the Management Fee paid to Funds Management pursuant to theManagement Agreement, net of any applicable waivers and reimbursements, was as follows:

Management Fees Paid

As a % of average daily net assets

Target Today Fund 0.00%

Target 2010 Fund 0.00%












The Sub-Adviser and Portfolio ManagersThe following sub-adviser and Portfolio Managers provide day-to-day portfolio management services tothe Funds. These services include making purchases and sales of securities and other investment assets forthe Funds, selecting broker-dealers, negotiating brokerage commission rates and maintaining portfoliotransaction records. The sub-adviser is compensated for its services by Funds Management from the fees FundsManagement receives for its services as investment Manager to the Funds. The Statement of AdditionalInformation provides additional information about the Portfolio Managers’ compensation, other accountsmanaged by the Portfolio Managers and the Portfolio Managers’ ownership of securities in the Funds.

Wells Capital Management Incorporated (“Wells Capital Management”) is a registered investment adviser locatedat 525 Market Street, San Francisco, CA 94105. Wells Capital Management, an affiliate of Funds Management andindirect wholly owned subsidiary of Wells Fargo & Company, is a multi-boutique asset management firmcommitted to delivering superior investment services to institutional clients, including mutual funds. Wells CapitalManagement is a part of Wells Fargo Asset Management, the trade name used by the asset managementbusinesses of Wells Fargo & Company.

Kandarp R. Acharya, CFA, FRM Mr. Acharya joined Wells Capital Management in 2013, where he currently serves as aSenior Portfolio Manager. Prior to joining Wells Capital Management, Mr. Acharya ledthe Advanced Analytics and Quantitative Research Group at Wells Fargo WealthManagement, where he also led the development and implementation of quantitativetactical allocation models as a member of the firm’s Asset Allocation Committee.

Petros N. Bocray, CFA, FRM Mr. Bocray joined Wells Capital Management in 2006, where he currently serves as aPortfolio Manager. Prior to joining the Multi-Asset Solutions team, he held a similarrole with the Quantitative Strategies group at Wells Capital Management where heco-managed several of the team’s portfolios.

Christian L. Chan, CFA Mr. Chan joined Wells Capital Management in 2013, where he currently serves as aPortfolio Manager. Prior to joining Wells Capital Management, Mr. Chan was a PortfolioManager at Wells Fargo Funds Management, LLC where he managed several of thefirm’s asset allocation mutual funds, and also served as the firm’s Head of Investments.

Multi-Manager ArrangementThe Funds and Funds Management have obtained an exemptive order from the SEC that permits FundsManagement, subject to Board approval, to select certain sub-advisers and enter into or amend sub-advisoryagreements with them, without obtaining shareholder approval. The SEC order extends to sub-advisers that arenot otherwise affiliated with Funds Management or the Funds, as well as sub-advisers that are wholly-ownedsubsidiaries of Funds Management or of a company that wholly owns Funds Management. In addition, the SECstaff, pursuant to no-action relief, has extended multi-manager relief to any affiliated sub-adviser, such asaffiliated sub-advisers that are not wholly-owned subsidiaries of Funds Management or of a company that whollyowns Funds Management, provided certain conditions are satisfied (all such sub-advisers covered by the order orrelief, “Multi-Manager Sub-Advisers”).

As such, Funds Management, with Board approval, may hire or replace Multi-Manager Sub-Advisers for each Fundthat is eligible to rely on the order or relief. Funds Management, subject to Board oversight, has the responsibilityto oversee Multi-Manager Sub-Advisers and to recommend their hiring, termination and replacement. If a newsub-adviser is hired for a Fund pursuant to the order or relief, the Fund is required to notify shareholders within 90days. The Funds are not required to disclose the individual fees that Funds Management pays to a Multi-ManagerSub-Adviser.


Account Information

Share Class EligibilityClass R4 shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profitsharing and money purchase pension plans, defined benefit plans, target benefit plans and non-qualified deferredcompensation plans. Class R4 shares also are generally available only to retirement plans where plan level oromnibus accounts are held on the books of the Fund. Class R4 shares generally are not available to retail accounts.

The information in this prospectus is not intended for distribution to, or use by, any person or entity in anynon-U.S. jurisdiction or country where such distribution or use would be contrary to law or regulation, or whichwould subject Fund 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.

Class R4

Initial Sales Charge NoneContingent Deferred Sales Charge (CDSC) NoneOngoing Distribution (12b-1) Fees NoneShareholder Servicing Fee 0.10%

Compensation to Financial Professionals andIntermediariesShareholder Servicing PlanEach Fund has adopted a shareholder servicing plan (“Servicing Plan”). The Servicing Plan authorizes the Fund toenter into agreements with the Fund’s distributor, manager, or any of their affiliates to provide or engage otherentities to provide certain shareholder services, including establishing and maintaining shareholder accounts,processing and verifying purchaseredemption and exchange transactions, and providing such other shareholderliaison or related services as may reasonably be requested. Under the Servicing Plan, fees are paid up to thefollowing amounts:

Fund Class R4

Target Today Fund 0.10%Target 2010 Fund 0.10%Target 2015 Fund 0.10%Target 2020 Fund 0.10%Target 2025 Fund 0.10%Target 2030 Fund 0.10%Target 2035 Fund 0.10%Target 2040 Fund 0.10%Target 2045 Fund 0.10%Target 2050 Fund 0.10%Target 2055 Fund 0.10%Target 2060 Fund 0.10%

Additional Payments to Financial Professionals and IntermediariesIn addition to dealer reallowances and payments made by certain classes of each Fund for distribution andshareholder servicing, the Fund’s manager, the distributor or their affiliates make additional payments(“Additional Payments”) to certain financial professionals and intermediaries for selling shares and providingshareholder services, which include broker-dealers and 401(k) service providers and record keepers. These


Additional Payments, which may be significant, are paid by the Fund’s manager, the distributor or their affiliates,out of their revenues, which generally come directly or indirectly from Fund fees.

In return for these Additional Payments, each Fund’s manager and distributor expect the Fund to receive certainmarketing or servicing considerations that are not generally available to mutual funds whose sponsors do notmake such payments. Such considerations are expected to include, without limitation, placement of the Fund on alist of mutual funds offered as investment options to the intermediary’s clients (sometimes referred to as “ShelfSpace”); access to the intermediary’s financial professionals; and/or the ability to assist in training and educatingthe intermediary’s financial professionals.

The Additional Payments may create potential conflicts of interest between an investor and a financialprofessional or intermediary who is recommending or making available a particular mutual fund over other mutualfunds. Before investing, you should consult with your financial professional and review carefully any disclosure bythe intermediary as to what compensation the intermediary receives from mutual fund sponsors, as well as howyour financial professional is compensated.

The Additional Payments are typically paid in fixed dollar amounts, based on the number of customer accountsmaintained by an intermediary, or based on a percentage of sales and/or assets under management, or acombination of the above. The Additional Payments are either up-front or ongoing or both and differ amongintermediaries. In a given year, Additional Payments to an intermediary that is compensated based on itscustomers’ assets typically range between 0.02% and 0.25% of assets invested in a Fund by the intermediary’scustomers. Additional Payments to an intermediary that is compensated based on a percentage of sales typicallyrange between 0.10% and 0.25% of the gross sales of a Fund attributable to the financial intermediary.

More information on the FINRA member firms that have received the Additional Payments described in thissection is available in the Statement of Additional Information, which is on file with the SEC and is also available onthe Wells Fargo Funds website at wfam.com.

Buying and Selling Fund SharesEligible retirement plans may make Class R4 shares available to plan participants by contacting certainintermediaries that have dealer agreements with the distributor. These entities may impose transaction charges.Plan participants may purchase shares through their retirement plan’s administrator or record-keeper byfollowing the process outlined in the terms of their plan.

Redemption requests received by a retirement plan’s administrator or record-keeper from the plan’s participantswill be processed according to the terms of the plan’s account with its intermediary. Plan participants shouldfollow the process for selling fund shares outlined in the terms of their plan.

Requests in “Good Order”. All purchase and redemption requests must be received in “good order.” This meansthat a request generally must include:

Á The Fund name(s), share class(es) and account number(s);Á The amount (in dollars or shares) and type (purchase or redemption) of the request;Á For purchase requests, payment of the full amount of the purchase request; andÁ Any supporting legal documentation that may be required.

Purchase and redemption requests in good order will be processed at the next NAV calculated after the Fund’stransfer agent or an authorized intermediary1 receives your request. If your request is not received in good order,additional documentation may be required to process your transaction. We reserve the right to waive any of theabove requirements.1. The Fund’s shares may be purchased through an intermediary that has entered into a dealer agreement with the Fund’s distributor. The

Fund has approved the acceptance of a purchase or redemption request effective as of the time of its receipt by such an authorizedintermediary or its designee, as long as the request is received by one of those entities prior to the Fund’s closing time. These intermediariesmay charge transaction fees. We reserve the right to adjust the closing time in certain circumstances.

Timing of Redemption Proceeds. We normally will send out redemption proceeds within one business day afterwe accept your request to redeem. We reserve the right to delay payment for up to seven days. Payment ofredemption proceeds may be delayed for longer than seven days under extraordinary circumstances or aspermitted by the SEC in order to protect remaining shareholders. Such extraordinary circumstances are discussedfurther in the Statement of Additional Information.


Exchanging Fund SharesExchanges between two funds involve two transactions: (1) the redemption of shares of one fund; and (2) thepurchase of shares of another. In general, the same rules and procedures described under “Buying and Selling FundShares” apply to exchanges. There are, however, additional policies and considerations you should keep in mindwhile making or considering an exchange:

Á In general, exchanges may be made between like share classes of any fund in the Wells Fargo Funds complex of-fered to the general public for investment (i.e., a fund not closed to new accounts), with the following excep-tions: (1) Class A shares of non-money market funds may also be exchanged for Service Class shares of any retailor government money market fund; (2) Service Class shares may be exchanged for Class A shares of any non-money market fund; and (3) no exchanges are allowed into institutional money market funds.Á If you make an exchange between Class A shares of a money market fund or Class A2 or Class A shares of a non-

money market fund, you will buy the shares at the public offering price of the new fund, unless you are otherwiseeligible to buy shares at NAV.Á Same-fund exchanges between share classes are permitted subject to the following conditions: (1) the share-

holder must meet the eligibility guidelines of the class being purchased in the exchange; (2) exchanges out ofClass A and Class C shares would not be allowed if shares are subject to a CDSC; and (3) for non-money marketfunds, in order to exchange into Class A shares, the shareholder must be able to qualify to purchase Class Ashares at NAV based on current Prospectus guidelines.Á An exchange request will be processed on the same business day, provided that both funds are open at the time

the request is received. If one or both funds are closed, the exchange will be processed on the following businessday.Á You should carefully read the Prospectus for the Fund into which you wish to exchange.Á Every exchange involves redeeming fund shares, which may produce a capital gain or loss for tax purposes.Á If you are making an initial investment into a fund through an exchange, you must exchange at least the mini-

mum initial investment amount for the new fund, unless your balance has fallen below that amount due to in-vestment performance.Á If you are making an additional investment into a fund that you already own through an exchange, you must ex-

change at least the minimum subsequent investment amount for the fund you are exchanging into.Á Class C share exchanges will not trigger a CDSC. The new shares received in the exchange will continue to age

according to the original shares’ CDSC schedule and will be charged the CDSC applicable to the original sharesupon redemption.

Generally, we will notify you at least 60 days in advance of any changes in the above exchange policies.

Frequent Purchases and Redemptions of Fund SharesWells Fargo Funds reserves the right to reject any purchase or exchange order for any reason. If a shareholderredeems $20,000 or more (including redemptions that are part of an exchange transaction) from a Covered Fund,that shareholder is “blocked” from purchasing shares of that Covered Fund (including purchases that are part of anexchange transaction) for 30 calendar days after the redemption.

Excessive trading by Fund shareholders can negatively impact a Fund and its long-term shareholders in severalways, including disrupting Fund investment strategies, increasing transaction costs, decreasing tax efficiency, anddiluting the value of shares held by long-term shareholders. Excessive trading in Fund shares can negativelyimpact a Fund’s long-term performance by requiring it to maintain more assets in cash or to liquidate portfolioholdings at a disadvantageous time. Certain Funds may be more susceptible than others to these negative effects.For example, Funds that have a greater percentage of their investments in non-U.S. securities may be moresusceptible than other Funds to arbitrage opportunities resulting from pricing variations due to time zonedifferences across international financial markets. Similarly, Funds that have a greater percentage of theirinvestments in small company securities may be more susceptible than other Funds to arbitrage opportunitiesdue to the less liquid nature of small company securities. Both types of Funds also may incur higher transactioncosts in liquidating portfolio holdings to meet excessive redemption levels. Fair value pricing may reduce thesearbitrage opportunities, thereby reducing some of the negative effects of excessive trading.

Wells Fargo Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund, UltraShort-Term Income Fund and Ultra Short-Term Municipal Income Fund (“Ultra-Short Funds”) and the moneymarket funds, (the “Covered Funds”). The Covered Funds are not designed to serve as vehicles for frequenttrading. The Covered Funds actively discourage and take steps to prevent the portfolio disruption and negative


effects on long-term shareholders that can result from excessive trading activity by Covered Fund shareholders.The Board has approved the Covered Funds’ policies and procedures, which provide, among other things, thatFunds Management may deem trading activity to be excessive if it determines that such trading activity wouldlikely be disruptive to a Covered Fund by increasing expenses or lowering returns. In this regard, the CoveredFunds take steps to avoid accommodating frequent purchases and redemptions of shares by Covered Fundshareholders. Funds Management monitors available shareholder trading information across all Covered Funds ona daily basis. If a shareholder redeems $20,000 or more (including redemptions that are part of an exchangetransaction) from a Covered Fund, that shareholder is “blocked” from purchasing shares of that Covered Fund(including purchases that are part of an exchange transaction) for 30 calendar days after the redemption. Thispolicy does not apply to:

Á Money market funds;Á Ultra-Short Funds;Á Dividend reinvestments;Á 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;Á 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 ap-proved by Funds Management;Á Transactions initiated by a “fund of funds” or Section 529 Plan into an underlying fund investment;Á Permitted exchanges between share classes of the same Fund;Á Certain transactions involving participants in employer-sponsored retirement plans, including: participant with-

drawals due to mandatory distributions, rollovers and hardships, withdrawals of shares acquired by participantsthrough payroll deductions, and shares acquired or sold by a participant in connection with plan loans; andÁ Purchases below $20,000 (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 andredemptions than the Covered Funds. As a result, the money market funds and Ultra-Short Funds do notanticipate that frequent purchases and redemptions, under normal circumstances, will have significant adverseconsequences to the money market funds or Ultra-Short Funds or their shareholders. Although the moneymarket funds and Ultra-Short Funds do not prohibit frequent trading, Funds Management will seek to prevent aninvestor from utilizing the money market funds and Ultra-Short Funds to facilitate frequent purchases andredemptions of shares in the Covered Funds in contravention of the policies and procedures adopted by theCovered 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 orits affiliate that are used at all times exclusively for addressing operational matters related to shareholderaccounts, such as testing of account functions, and are maintained at low balances that do not exceed specifieddollar 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 exceptionis required to provide Funds Management with specific information regarding its program and ongoinginformation about its program upon request.

A financial intermediary through whom you may purchase shares of the Fund may independently attempt toidentify excessive trading and take steps to deter such activity. As a result, a financial intermediary may on its ownlimit or permit trading activity of its customers who invest in Fund shares using standards different from thestandards used by Funds Management and discussed in this Prospectus. Funds Management may permit afinancial intermediary to enforce its own internal policies and procedures concerning frequent trading rather thanthe policies set forth above in instances where Funds Management reasonably believes that the intermediary’spolicies and procedures effectively discourage disruptive trading activity. If you purchase Fund shares through afinancial intermediary, you should contact the intermediary for more information about whether and howrestrictions or limitations on trading activity will be applied to your account.


Account PoliciesAdvance Notice of Large Transactions. We strongly urge you to make all purchases and redemptions of Fundshares as early in the day as possible and to notify us or your intermediary at least one day in advance oftransactions in Fund shares in excess of $1 million. This will help us to manage the Funds most effectively. Whenyou give this advance notice, please provide your name and account number.

Householding. To help keep Fund expenses low, a single copy of a Prospectus or shareholder report may be sent toshareholders of the same household. If your household currently receives a single copy of a Prospectus orshareholder report and you would prefer to receive multiple copies, please call Investor Services at1-800-222-8222 or contact your intermediary.

Transaction Authorizations. We may accept telephone, electronic, and clearing agency transaction instructionsfrom anyone who represents that he or she is a shareholder and provides reasonable confirmation of his or heridentity. Neither we nor Wells Fargo Funds will be liable for any losses incurred if we follow such instructions wereasonably believe to be genuine. For transactions through our website, we may assign personal identificationnumbers (PINs) and you will need to create a login ID and password for account access. To safeguard your account,please keep these credentials confidential. Contact us immediately if you believe there is a discrepancy on yourconfirmation statement or if you believe someone has obtained unauthorized access to your online accesscredentials.

Identity Verification. We are required by law to obtain from you certain personal information that will be used toverify your identity. If you do not provide the information, we will not be able to open your account. In the rareevent that we are unable to verify your identity as required by law, we reserve the right to redeem your account atthe current NAV of the Fund’s shares. You will be responsible for any losses, taxes, expenses, fees, or other resultsof such a redemption.

Right to Freeze Accounts, Suspend Account Services or Reject or Terminate an Investment. We reserve theright, to the extent permitted by law and/or regulations, to freeze any account or suspend account services whenwe have received reasonable notice (written or otherwise) of a dispute between registered or beneficial accountowners or when we believe a fraudulent transaction may occur or has occurred. Additionally, we reserve the rightto reject any purchase or exchange request and to terminate a shareholder’s investment, including closing theshareholder’s account.

DistributionsThe Funds, other than the Target Today Fund, Target 2010 Fund and Target 2015 Fund, generally makedistributions of any investment income and any realized net capital gains at least annually. The Target Today Fund,Target 2010 Fund and Target 2015 Fund generally make distributions of investment income, if any, quarterly andany realized net capital gains at least annually. Please contact your institution for distribution options. Remember,distributions have the effect of reducing the NAV per share by the amount distributed.


Other Information

TaxesBy investing in the Fund through a tax-deferred retirement account, you will not be subject to tax on dividendsand capital gains distributions from the Fund or the sale of Fund shares if those amounts remain in thetax-deferred account. Distributions taken from retirement plan accounts generally are taxable as ordinary income.For special rules concerning tax-deferred retirement accounts, including applications, restrictions, tax advantages,and potential sales charge waivers, contact your investment professional. To determine if a retirement plan maybe appropriate for you and to obtain further information, consult your tax advisor. Please see the Statement ofAdditional Information for additional federal income tax information.


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The Wells Fargo Securities Strategic Indexing Group, a division of Wells Fargo Securities, LLC, an affiliate of FundsManagement, Wells Capital Management, WFAM (International) and Analytic, and an indirect wholly-ownedsubsidiary of Wells Fargo & Company, serves as index provider for the Wells Fargo Factor Enhanced Large CapIndex, 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 FargoU.S. Core Bond Index, Wells Fargo U.S. Investment Grade Corporate Bond Index, and Wells Fargo U.S. High YieldBond Index.

Barclays Risk Analytics and Index Solutions Limited, an unaffiliated third-party service provider, serves as indexprovider for 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. MorganEMBI Global Diversified Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS® is a trademark and servicemark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg IndexServices Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the“Bloomberg Barclays US Aggregate ex-Corporate IndexSM.”

Neither Barclays Bank PLC, Barclays Capital Inc., nor any affiliate (collectively “Barclays”) nor Bloomberg is theissuer or producer of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and neitherBloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Wells Fargo BloombergBarclays US Aggregate ex-Corporate Portfolio. The Bloomberg Barclays US Aggregate ex-Corporate Index islicensed for use by Wells Fargo Funds Management, LLC as the investment adviser of the Wells Fargo BloombergBarclays US Aggregate ex-Corporate Portfolio. The only relationship of Bloomberg and Barclays with Wells FargoFunds Management, LLC in respect of the Bloomberg Barclays US Aggregate ex-Corporate Index is the licensingof the Bloomberg Barclays US Aggregate ex-Corporate Index, which is determined, composed and calculated byBISL, or any successor thereto, without regard to Wells Fargo Funds Management, LLC or the Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio or the shareholders of the Wells Fargo BloombergBarclays US Aggregate ex-Corporate Portfolio.

Additionally, Wells Fargo Funds Management, LLC may for itself execute transaction(s) with Barclays in or relatingto the Bloomberg Barclays US Aggregate ex-Corporate Index in connection with the Wells Fargo BloombergBarclays US Aggregate ex-Corporate Portfolio. Investors acquire the Wells Fargo Bloomberg Barclays USAggregate ex-Corporate Portfolio from Wells Fargo Funds Distributor, LLC and investors neither acquire anyinterest in the Bloomberg Barclays US Aggregate ex-Corporate Index nor enter into any relationship of any kindwhatsoever with Bloomberg or Barclays upon making an investment in the Wells Fargo Bloomberg Barclays USAggregate ex-Corporate Portfolio. The Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio isnot sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes anyrepresentation or warranty, express or implied, regarding the advisability of investing in the Wells FargoBloomberg Barclays US Aggregate ex-Corporate Portfolio or the advisability of investing in securities generally orthe ability of the Bloomberg Barclays US Aggregate ex-Corporate Index to track corresponding or relative marketperformance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Wells FargoBloomberg 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, orquantities of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio to be issued. NeitherBloomberg nor Barclays has any obligation to take the needs of Wells Fargo Funds Management, LLC or theshareholders of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio or any other third partyinto consideration in determining, composing or calculating the Bloomberg Barclays US Aggregate ex-CorporateIndex . Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketingor trading of the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays andnot for the benefit of the shareholders of the Wells Fargo Bloomberg Barclays US Aggregate ex-CorporatePortfolio, investors or other third parties. In addition, the licensing agreement between Wells Fargo FundsManagement, LLC and Bloomberg is solely for the benefit of Wells Fargo Funds Management, LLC and Bloombergand not for the benefit of the shareholders of the Wells Fargo Bloomberg Barclays US Aggregate ex-CorporatePortfolio, investors or other third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR OTHERTHIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS US


AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THEDELIVERY OF THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX. NEITHER BLOOMBERGNOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THEISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERGBARCLAYS US AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN. NEITHERBLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBYEXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSEOR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE INDEX OR ANYDATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OFCALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERGBARCLAYS US AGGREGATE EX-CORPORATE INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BELIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATIONWITH 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 THEPOSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS US AGGREGATEEX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE WELLS FARGOBLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO.

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 bankingdivision of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167, registered office 1Churchill Place London E14 5HP.

Wells Fargo & Company, Wells Fargo Securities, LLC and their subsidiaries and affiliates (collectively, “WellsFargo”) make no representation or warranty, express or implied, to the investors in the Wells Fargo FactorEnhanced Emerging Markets Fund, the Wells Fargo Factor Enhanced International Fund, the Wells Fargo FactorEnhanced Large Cap Fund, the Wells Fargo Factor Enhanced Small Cap Fund, the Wells Fargo High Yield CorporateBond Fund, the Wells Fargo International Government Bond Fund, the Wells Fargo U.S. Core Bond Fund or theWells Fargo Investment Grade Corporate Bond Portfolio (the “Products”) or any member of the public regardingthe advisability of investing in securities generally or in these Products particularly or the ability of any datasupplied by Wells Fargo or any of the Wells Fargo Factor Enhanced Large Cap Index, Wells Fargo Factor EnhancedSmall Cap Index, Wells Fargo Factor Enhanced International Index, Wells Fargo Factor Enhanced EmergingMarkets Index, Wells Fargo International Government Bond Index, Wells Fargo U.S. Core Bond Index, Wells FargoU.S. Investment Grade Corporate Bond Index or Wells Fargo U.S. High Yield Bond Index (each an “Index”) to trackfinancial instruments comprising an Index or any trading market. Wells Fargo licenses to Wells Fargo FundsManagement, 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 theseProducts or their common shares. Wells Fargo has no obligation to take the needs of Wells Fargo FundsManagement, LLC or the Products into consideration when determining, composing or calculating the data.

WELLS FARGO DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX DATAOR OTHER INFORMATION OR DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. WELLS FARGOMAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY WELLS FARGO FUNDSMANAGEMENT, LLC OR THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF AN INDEXOR THE PRODUCTS OR OF OTHER DATA SUPPLIED BY WELLS FARGO OR ANY DATA INCLUDED THEREIN.WELLS FARGO MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALLWARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TOAN 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 ANYSPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IFNOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

THE INDEX CALCULATION AGENT IS NOT AFFILIATED WITH WELLS FARGO FUNDS MANAGEMENT, LLC ORWELLS FARGO AND DOES NOT APPROVE, ENDORSE, REVIEW OR RECOMMEND WELLS FARGO, WELLSFARGO FUNDS MANAGEMENT, LLC OR THE PRODUCTS.

The Products are based on the Indexes and the values of such Indexes are derived from sources deemed reliable,but the Index Calculation Agent and its suppliers do not guarantee the correctness or completeness of theIndexes, their values or other information furnished in connection with the Indexes.


THE INDEX CALCULATION AGENT MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BEOBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE INDEXES, TRADING BASED ON THE INDEXES,OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE TRADING OF THE PRODUCTS, OR FOR ANYOTHER USE. WELLS FARGO AND THE INDEX CALCULATION AGENT MAKE NO WARRANTIES, EXPRESS ORIMPLIED, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR APARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN.


FOR MORE INFORMATIONMore 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: 1-800-260-5969

By mail:Wells Fargo FundsP.O. Box 219967Kansas City, MO 64121-9967

Online:wfam.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.

INVESTMENT PRODUCTS: NOT FDIC INSURED � NO BANK GUARANTEE � MAY LOSE VALUE

© 2020 Wells Fargo & Company. All rights reserved.070TD4R/P607R4

ICA Reg. No. 811-09253

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