Wells Fargo Dynamic Target Date Funds

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1 DLay Quarterly report Q All information is as of unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp R. Acharya, CFA, FRM; Christian L. Chan, CFA; and Petros Bocray, CFA, FRM Fund manager: Wells Fargo Funds Management, LLC Fund subadvisor: Wells Capital Management Inc. Category: Target date Three levers of risk management The funds will incorporate three levers as they seek to manage investment risk: tactical asset allocation, volatility management, and tail risk management. These strategies are summarized in the diagrams below: 1. Tactical asset allocation Uses timely shifts toward assets with higher expected returns Has a proven record of success in target risk funds Driven by the market outlook of the Wells Fargo Asset Management Allocation Committee 2. Volatility management Reduces exposure to risky assets in high-volatility markets Adds risky assets in low-volatility markets to increase return potential Seeks to provide a smoother ride over time for participants 3. Tail risk management Developed to manage severe market downturns Triggered when the portfolio falls to a specific value Uses institutional hedging techniques Fund strategy Each Dynamic Target Date Fund: Seeks total return over time consistent with its strategic target allocation Invests primarily in various affiliated mutual funds, unaffiliated mutual funds, and exchange-traded funds (ETFs) (the underlying funds) to diversify each fund s investments among the following asset classes: equity, fixed income, and alternative-style and inflation-hedging investments Equity underlying funds are diversified across a wide range of market segments, including large company, small company, international developed, and emerging markets Fixed-income underlying funds are diversified across a wide range of market sectors, including U.S. government obligations, corporate investment-grade and below-investment-grade bonds, foreign issues, and mortgage- and asset-backed securities Alternative-style underlying funds may include, but are not limited to, those investing in or having exposure to inflation-protected bonds, commodities, real estate, foreign currency, natural resources, precious metals, and other nontraditional investments or employing managed futures, merger arbitrage, global multiasset, long/short, market neutral, or other tactical investment strategies May invest in underlying funds whose investments may benefit from inflationary conditions Has underlying funds that consist primarily of actively managed mutual funds but also include passive index and exchange-traded funds Dynamic Target Date Funds glide path 1 CM (See pages 6 8 for important information.)

2 Asset allocation analysis Portfolio allocation discussion The underlying fund allocations followed the glide path allocations throughout the quarter. Using futures, the Dynamic Risk Hedging (DRH) overlay alters the effective allocations in the portfolios based on market signals. Although markets had brief periods of volatility in August, the Chicago Board Options Exchange Volatility Index (VIX), a measure of the option implied volatility on the S&P 500 Index, hit a low of 9.36 on July 21. During the period, which saw sharp changes in volatility, DRH contributed modestly to performance. The Tactical Asset Allocation (TAA) overlay started the quarter at 75% of the maximum Treasury short. The overlay alters the effective duration of the bond portfolios, reducing exposure to longer-duration bonds. Across the quarter, the TAA overlay had a slight positive effect on performance. The U.S. Federal Reserve (Fed) has increased the upper bound of the federal funds target interest rate twice in the past 12 months. In light of the Fed s goal to reduce the debt held on its balance sheet and to normalize the federal funds target rate, the team continues to view this trade as prudent. As of quarter-end, the team maintained its short Treasury position. allocations across the glide path Percentage Today Effective cash Effective alt/infl Effective fixed Effective equity Neutral equity glide path Wells Fargo Dynamic Target Date Fund Allocations are subject to change and may have changed since the date specified. Allocations shown are as of the end of the period. 2

3 Performance analysis Portfolio contributors and detractors The S&P 500 Index, a common measure of large-cap stock performance in the U.S., gained 4.5% during the quarter that ended September 30, The equity market, while intermittently exhibiting higher levels of volatility, ended the period at historically low volatility levels, as measured by the VIX. The Fed continued to signal that it would increase short-term interest rates again before the end of the year and indicated that in October, it would begin selling the bonds that it acquired through its quantitative easing programs since the 2008 financial crisis. During the third quarter, information technology (IT) was the highest-returning sector with a 7.6% gain, followed by energy and telecommunication services (each at approximately 6.8%), materials (6.0%), and financials (5.2%). Consumer staples was the only large-cap equity sector to record a negative return (-1.3%) among large-cap stocks. Large-cap stocks (as measured by the S&P 500 Index) continued to outperform mid-cap stocks (as measured by the S&P MidCap 400 Index, which gained about 3%) while trailing small-cap stocks (as measured by the S&P SmallCap 600 Index, which added almost 6%). The best-performing sectors in the mid-cap stock universe were energy (9.3%) and industrials (6.2%), while the telecommunication services (-9.2%), health care (-1.7%), and consumer staples (-0.2%) sectors were negative. Among small-cap stocks, every sector recorded positive returns. The five highest sector returns were in energy (11.6%), consumer staples (7.7%), industrials (a little more than 8%), IT (6.7%), and materials (6.2%). Globally, central banks retained accommodative monetary policies compared with the U.S. The Bank of England indicated that it could increase rates in the months ahead, while the Bank of Japan and the European Central Bank signaled continued low rates to support economic growth. Internationally, the MSCI EAFE Index (Net), a gauge of equity performance in developed international equity markets, gained 3.4%. Emerging markets equities, as measured by the MSCI Emerging Markets Index, added almost 8%. Stock valuations in overseas markets have increased but still trail U.S. equities on average, as measured by price/earnings, price/book, and other fundamental price measures. During the third quarter, the yield curve for U.S. government bonds was flat and price appreciation was positive but low. Bond prices and yields move in opposite directions. The Bloomberg Barclays U.S. Aggregate Bond Index gained 0.9%. U.S. Treasury bonds, as measured by the Bloomberg Barclays U.S. Treasury Index, earned 0.4%. High-yield bonds included in the Bloomberg Barclays U.S. Corporate High Yield Bond Index added almost 2% during the quarter. Strategic asset allocation was a strong contributor, especially among the more conservative funds, thanks to overweights to equities and underweights to fixed income and cash. Also helping was advantageous style composition in U.S. equities. Overweights to alternatives detracted. The performance of underlying funds was hurt by the underperformance of the Wells Fargo Emerging Markets Equity Income Fund relative to the MSCI Emerging Markets Index. Strategic allocation is the effect of asset allocation deviations from the benchmark caused by the investment weights of the underlying funds. Tactical allocation is the contribution from derivatives and rebalancing. Underlying fund selection aggregates the weighted return variances from individual style benchmarks. Attribution analysis Today Wells Fargo Dynamic Target Date Fund return S&P Target Date benchmark return Variance Sources of Variance: Underlying fund selection effect Strategic allocation effect Tactical allocation effect Expenses Past performance is no guarantee of future results. 3

4 Underlying fund performance Average annual total returns (%) as of * Quarter-end return (%) Year-to-date return (%) Equity funds/portfolios Benchmark index Fund Benchmark Excess Fund Benchmark Excess Wells Fargo Emerging Markets Equity Income (R6) MSCI Emerging Markets Net (USD) 4.60% 7.89% -3.29% 18.47% 27.78% -9.31% Wells Fargo Diversified International (R6) MSCI EAFE Net (USD) 5.86% 5.40% 0.46% 21.43% 19.96% 1.47% Wells Fargo C&B Large Cap Value Portfolio Russell 1000 Value Total Return 2.03% 3.11% -1.08% 14.59% 7.92% 6.67% Wells Fargo Large Company Value Portfolio Russell 1000 Value Total Return 3.61% 3.11% 0.49% 9.01% 7.92% 1.09% Wells Fargo Small Company Value Portfolio Russell 2000 Value Total Return 4.68% 5.11% -0.43% 6.22% 5.68% 0.54% Wells Fargo Small Company Growth Portfolio Russell 2000 Growth Total Return 4.99% 6.22% -1.23% 14.86% 16.81% -1.95% Wells Fargo Endeavor Select (I) Russell 1000 Growth Total Return 5.89% 5.90% 0.00% 26.58% 20.72% 5.86% Schwab International Equity ETF MSCI EAFE Net (USD) 5.54% 5.40% 0.14% 20.17% 19.96% 0.21% Schwab US Broad Market ETF Russell 1000 Total Return 4.54% 4.48% 0.06% 13.96% 14.17% -0.21% Wells Fargo Enterprise (R6) Russell Midcap Growth Total Return 4.38% 5.28% -0.91% 22.31% 17.29% 5.03% Wells Fargo Special Mid Cap Value (R6) Russell Midcap Value Total Return 2.94% 2.14% 0.80% 6.91% 7.43% -0.52% Wells Fargo Premier Large Company Growth (R6) Russell 1000 Growth Total Return 6.36% 5.90% 0.46% 25.13% 20.72% 4.41% Wells Fargo Intrinsic Value (R6) Russell 1000 Value Total Return 3.70% 3.11% 0.59% 9.85% 7.92% 1.93% Fixed-income funds Wells Fargo Short-Term Bond (I) Bloomberg Barclays 1-3 Year US Government/Credit Index 0.41% 0.34% 0.07% 1.46% 1.06% 0.40% Wells Fargo Core Bond Portfolio Bloomberg Barclays U.S. Aggregate Bond Index 0.86% 0.85% 0.01% 3.29% 3.14% 0.14% Schwab U.S. Aggregate Bond ETF Bloomberg Barclays U.S. Aggregate Bond Index 0.81% 0.85% -0.04% 3.09% 3.14% -0.05% Wells Fargo Strategic Income (I) Bloomberg Barclays U.S. Universal Bond Index 1.48% 1.01% 0.47% 5.72% 3.67% 2.05% Wells Fargo International Bond (R6) Alternative funds/portfolios Bloomberg Barclays Global Aggregate ex USD Index 2.45% 2.48% -0.02% 10.70% 8.74% 1.96% Wells Fargo Real Return Portfolio Bloomberg Barclays U.S. TIPS Index 1.32% 0.86% 0.46% 2.18% 1.72% 0.46% ishares Global Infrastructure S&P Global Infrastructure Index 3.04% 3.11% -0.07% 17.37% 17.93% -0.56% Schwab U.S. REIT ETF Dow Jones U.S. Select REIT Index 0.40% -0.53% 0.93% 1.70% -1.03% 2.73% *Returns for periods of less than one year are not annualized. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the funds website, wellsfargofunds.com. Institutional and Class R6 shares are sold without a front-end sales charge or a contingent deferred sales charge. Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making an investment decisions. 4

5 Fund performance Average annual total returns (%) as of * 3 month Year to date 1 year 3 year 5 year Since inception Dynamic Target Today Fund-R ( ) S&P Target Date Retirement Income Index Dynamic Target 2015 Fund-R ( ) S&P Target Date 2015 Index Dynamic Target 2020 Fund-R ( ) S&P Target Date 2020 Index Dynamic Target 2025 Fund-R ( ) S&P Target Date 2025 Index Dynamic Target 2030 Fund-R ( ) S&P Target Date 2030 Index Dynamic Target 2035 Fund-R ( ) S&P Target Date 2035 Index Dynamic Target 2040 Fund-R ( ) S&P Target Date 2040 Index Dynamic Target 2045 Fund-R ( ) S&P Target Date 2045 Index Dynamic Target 2050 Fund-R ( ) S&P Target Date 2050 Index Dynamic Target 2055 Fund-R ( ) S&P Target Date Index Dynamic Target 2060 Fund-R ( ) S&P Target Date Index Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the funds website, wellsfargofunds.com. Class R6 shares are sold without a front-end sales charge or a contingent deferred sales charge. *Returns for periods of less than one year are not annualized. Please see page 6 for detailed gross and net expenses information and contractual cap facts and pages 7 8 for additional information. 5

6 Fund fee table Share class availability Dynamic Target Today Fund WDYAX WDYCX WDYRX WDYYX WDYZX Gross expense ratio (%) Net expense ratio (%) Dynamic Target 2040 Fund WTDAX WTDCX WTDDX WTDEX WTDFX Gross expense ratio (%) Dynamic Target 2015 Fund WDTAX WDTCX WDTRX WDTYX WDTZX Gross expense ratio (%) Net expense ratio (%) Dynamic Target 2045 Fund WTDGX WTDHX WTDIX WTDJX WTDKX Gross expense ratio (%) Dynamic Target 2020 Fund WDTDX WDTEX WDTFX WDTGX WDTHX Gross expense ratio (%) Net expense ratio (%) Dynamic Target 2050 Fund WTDLX WTDMX WTDNX WTDOX WTDPX Gross expense ratio (%) Dynamic Target 2025 Fund WDTIX WDTJX WDTKX WDTLX WDTMX Gross expense ratio (%) Net expense ratio (%) Dynamic Target 2055 Fund WTDQX WTDRX WTDSX WTDTX WTDUX Gross expense ratio (%) Dynamic Target 2030 Fund WDTNX WDTOX WDTPX WDTQX WDTSX Gross expense ratio (%) Net expense ratio (%) Dynamic Target 2060 Fund WTDVX WTDWX WTDYX WTDZX WTSZX Gross expense ratio (%) Dynamic Target 2035 Fund WDTTX WDCTX WDTUX WDTVX WDTWX Gross expense ratio (%) Net expense ratio (%) The advisor has contractually committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund s total annual fund operating expenses after fee waiver at 0.91% (WDYAX), 1.66 (WDYCX), 1.16 (WDYRX), 0.67 (WDYYX), 0.52 (WDYZX), 0.97 (WDTAX), 1.72 (WDTCX), 1.22 (WDTRX), 0.69 (WDTYX), 0.54 (WDTZX), 0.99 (WDTDX), 1.74 (WDTEX), 1.24 (WDTFX), 0.71 (WDTGX), 0.56 (WDTHX), 1.01 (WDTIX), 1.76 (WDTJX), 1.26 (WDTKX), 0.73 (WDTLX), 0.58 (WDTMX), 1.03 (WDTNX), 1.78 (WDTOX), 1.28 (WDTPX), 0.75 (WDTQX), 0.60 (WDTSX), 1.04 (WDTTX), 1.79 (WDCTX), 1.29 (WDTUX), 0.76 (WDTVX), 0.61 (WDTWX), 1.05 (WTDAX), 1.80 (WTDCX), 1.30 (WTDDX), 0.77 (WTDEX), 0.62 (WTDFX), 1.05 (WTDGX), 1.80 (WTDHX), 1.30 (WTDIX), 0.77 (WTDJX), 0.62 (WTDKX), 1.05 (WTDLX), 1.80 (WTDMX), 1.30 (WTDNX), 0.77 (WTDOX), 0.62 (WTDPX), 1.05 (WTDQX), 1.80 (WTDRX), 1.30 (WTDSX), 0.77 (WTDTX), 0.62 (WTDUX), 1.05 (WTDVX), 1.80 (WTDWX), 1.30 (WTDYX), 0.77 (WTDZX), and 0.62 (WTSZX). Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. Without these reductions, the fund s returns would have been lower. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The expense ratio paid by an investor is the net expense ratio or the total annual fund operating expense after fee waivers, as stated in the prospectus. 6

7 Index definitions: Please note that you cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index includes bonds from the Treasury, government-related, corporate, agency, mortgage-backed securities, and asset-backed securities sectors. The Bloomberg Barclays U.S. Universal Bond Index is an unmanaged market-valueweighted performance benchmark for the U.S. dollar denominated bond market, which includes investment-grade, high-yield, and emerging markets debt securities with maturities of one year or more. The Bloomberg Barclays U.S. 1 3 Year Government/Credit Bond Index is the one- to three-year component of the Bloomberg Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government).the Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The Bloomberg Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic corporate bonds rated Ba and below with a minimum outstanding amount of $150 M. The Bloomberg Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities Index is an index of inflation-indexed-linked U.S. Treasury securities. The Bloomberg Barclays Global Aggregate ex U.S. Dollar Bond Index tracks an international basket of government, corporate, agency, and mortgage-related bonds. The BofA Merrill Lynch Global Broad Market Ex. U.S. Index tracks the performance of investment-grade debt publicly issued in the major domestic and euro bond markets, including sovereign, quasi-government, corporate, securitized, and collateralized securities, and excludes all securities denominated in U.S. dollars. The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. The Dow Jones U.S. Select REIT Index intends to measure the performance of publicly traded REITs and REIT-like securities. The index is a subset of the Dow Jones U.S. Select Real Estate Securities Index (RESI), which represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the U.S. The indexes are designed to serve as proxies for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. The FTSE Developed ex U.S. Index is part of a range of indexes designed to help U.S. investors benchmark their international investments. The index comprises large-cap (85%) and mid-cap (15%) stocks providing coverage of developed markets (24 countries), excluding the U.S. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world s investable market capitalization. The Morgan Stanley Capital International (MSCI) EAFE (Europe, Australasia, Far East) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. With 319 constituents, the index covers approximately 85% of the free floatadjusted market capitalization in Japan. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index. The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. The S&P MidCap 400 Index measures the performance of the mid-size company segment of the U.S. market; this index is used by more than 95% of U.S. managers and pension plan sponsors. More than $25 billion is indexed to the S&P MidCap 400 Index. The S&P SmallCap 600 Index measures the performance of the small-cap segment of the U.S. equity market. It is a market-value weighted index. The S&P/Citi Value Index is a market-capitalization-weighted index consisting of stocks within the S&P 500 Index that exhibit strong value characteristics. The S&P/Citi Growth Index is a market-capitalization-weighted index consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics. The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. Diversification and asset allocation do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. 7

8 Risks: The target date represents the year in which investors may likely begin withdrawing assets. The funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed-income exposure. The principal value is not guaranteed at any time, including at the target date. The funds invest in alternative investments, such as short sales, which are speculative and entail a high degree of risk. The funds invest using alternative investment strategies such as equity hedged, event driven, global macro, and relative value, which are speculative and entail a high degree of risk. Alternative investments, such as commodities and merger arbitrage strategies, are speculative and entail a high degree of risk. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). These funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, new fund risk, regulatory risk, and smaller-company investment risk. Consult the funds prospectus for additional information on these and other risks. The views expressed in this document are as of and are those of the portfolio manager(s). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or any Wells Fargo Fund. Any specific securities discussed may or may not be current or future holdings of the fund. The securities discussed should not be considered recommendations to purchase or sell a particular security. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements. Carefully consider a fund s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargofunds.com. Read it carefully before investing. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind including a recommendation for any specific investment, strategy, or plan CM

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