U.S. Equity Funds

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U.S. Equity Funds Statement of Additional Information August 1, 2021 U.S. Equity Funds Fund A C R R6 Administrator Institutional Wells Fargo Disciplined Small Cap Fund WDSAX - - WSCJX NVSOX WSCOX Wells Fargo Fundamental Small Cap Growth Fund EGWAX EGWCX - EGWRX EGWDX EGRYX Wells Fargo Small Cap Fund WFSMX WSCDX - WFSJX WFSDX WFSSX Wells Fargo Special Small Cap Value Fund ESPAX ESPCX ESPHX ESPRX ESPIX ESPNX (The Fund is closed to most new investors) Wells Fargo Funds Trust (the “Trust”) is an open-end, management investment company. This Statement of Additional Information (“SAI”) contains additional information about the above referenced series of the Trust in the Wells Fargo family of funds - (each, a “Fund” and collectively, the “Funds”). This SAI is not a prospectus and should be read in conjunction with the Funds’ Prospectuses (each a “Prospectus” and collectively the “Prospectuses”) dated August 1, 2021. The audited financial statements for the Funds, which include the portfolios of investments and report of the independent registered public accounting firm for the fiscal year ended March 31, 2021, are hereby incorporated by reference to the Funds’ Annual Reports dated as of March 31, 2021. The Prospectuses, Annual Reports and Semi-Annual Reports may be obtained free of charge by visiting wfam.com, calling 1-800-222-8222 or writing to Wells Fargo Funds, P.O. Box 219967, Kansas City, MO 64121-9967. SMCS/FASAI05 SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION OF WELLS FARGO ALTERNATIVE FUNDS WELLS FARGO COREBUILDER SHARES WELLS FARGO FIXED INCOME FUNDS WELLS FARGO INTERNATIONAL AND GLOBAL EQUITY FUNDS WELLS FARGO MONEY MARKET FUNDS WELLS FARGO MULTI-ASSET FUNDS WELLS FARGO MUNICIPAL FIXED INCOME FUNDS WELLS FARGO SPECIALTY FUNDS WELLS FARGO TARGET DATE RETIREMENT FUNDS WELLS FARGO U.S. EQUITY FUNDS WELLS FARGO VARIABLE TRUST FUNDS (Each a “Fund”, together the “Funds”) Wells Fargo Asset Management today announced that the Funds’ names will be changing from “Wells Fargo” to “Allspring” on December 6, 2021. This date for the name change replaces the previously announced date of October 11, 2021. September 30, 2021 091MMR/P1201SP SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION OF WELLS FARGO ALTERNATIVE FUNDS WELLS FARGO COREBUILDER SHARES WELLS FARGO FIXED INCOME FUNDS WELLS FARGO INTERNATIONAL AND GLOBAL EQUITY FUNDS WELLS FARGO MONEY MARKET FUNDS WELLS FARGO MULTI-ASSET FUNDS WELLS FARGO MUNICIPAL FIXED INCOME FUNDS WELLS FARGO SPECIALTY FUNDS WELLS FARGO TARGET DATE RETIREMENT FUNDS WELLS FARGO U.S. EQUITY FUNDS WELLS FARGO VARIABLE TRUST FUNDS (Each a “Fund”, together the “Funds”) At a meeting held July 15, 2021, the Board of Trustees of the Wells Fargo Funds approved a change in the Funds’ names to remove “Wells Fargo” from each Fund’s name and replace with “Allspring”. The change is expected to go into effect on Oct. 11, 2021. Wells Fargo Asset Management (WFAM) today announced that it will be changing its company name to Allspring Global Investments upon the closing of the previously announced sale transaction of WFAM by Wells Fargo & Company to GTCR LLC and Reverence Capital Partners, L.P. The new corporate name is expected to go into effect on the closing date of the transaction, which is anticipated to occur in the second half of 2021, subject to customary closing conditions. Following the closing of the transaction, Wells Fargo Funds Management, LLC, the Fund’s Investment Manager, Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, each Sub-advisors to certain Funds, and Wells Fargo Funds Distributor, LLC, the Funds’ principal underwriter, will each migrate to Allspring. July 26, 2021 SFR071/P401SP TABLE OF CONTENTS Historical Fund Information .................................................................................................. 2 Fund Investment Policies and Risks ......................................................................................... 3 Fundamental Investment Policies ............................................................................................ 3 Non-Fundamental Investment Policies ...................................................................................... 3 Additional Approved Investment Strategies and Certain Associated Risks ................................................. 4 Permitted Investment Activities and Certain Associated Risks ............................................................. 19 Other Risks .................................................................................................................... 54 Trustees and Officers ......................................................................................................... 56 Manger and Other Service Providers ........................................................................................ 65 Manager and Class-Level Administrator ..................................................................................... 65 Sub-Adviser ................................................................................................................... 68 Portfolio Managers ........................................................................................................... 69 Distributor and Shareholder Servicing Agent ................................................................................ 74 Custodian and Fund Accountant .............................................................................................. 75 Securities Lending Agent ..................................................................................................... 76 Transfer and Distribution Disbursing Agent ................................................................................. 76 Independent Registered Public Accounting Firm ............................................................................ 77 Code of Ethics ................................................................................................................. 77 Proxy Voting Policies and Procedures ........................................................................................ 77 Policies and Procedures for Disclosure of Fund Portfolio Holdings ......................................................... 85 Brokerage ..................................................................................................................... 90 Determination of Net Asset Value ........................................................................................... 92 Additional Purchase and Redemption Information ......................................................................... 93 U.S. Federal Income Taxes .................................................................................................... 98 Control Persons and Principal Fund Holders ................................................................................ 112 HISTORICAL FUND INFORMATION The Trust was organized as a Delaware statutory trust on March 10, 1999. On March 25, 1999, the Board of Trustees of Norwest Advantage Funds (“Norwest”), the Board of Directors of Stagecoach Funds, Inc. (“Stagecoach”) and the Board of Trustees of the Trust (the “Board”), approved an Agreement and Plan of Reorganization providing for, among other things, the transfer of the assets and stated liabilities of various predecessor Norwest and Stagecoach portfolios to certain Funds of the Trust (the “Reorganization”). Prior to November 5, 1999, the effective date of the Reorganization, the Trust had only nominal assets. On December 16, 2002, the Boards of Trustees of The Montgomery Funds and The Montgomery Funds II (collectively, “Montgomery”) approved an Agreement and Plan of Reorganization providing for, among other things, the transfer of the assets and stated liabilities of various predecessor Montgomery portfolios into various Funds of the Trust. The effective date of the reorganization was June 9, 2003. On February 3, 2004, the Board, and on February 18, 2004, the Board of Trustees of The Advisors’ Inner Circle Fund (“AIC Trust”), approved an Agreement and Plan of Reorganization providing for, among other things, the transfer of the assets and stated liabilities of various predecessor AIC Trust portfolios into various Funds of the Trust. The effective date of the reorganization was July 26, 2004. In August and September 2004, the Boards of Directors of the Strong family of funds (“Strong”) and the Board approved an Agreement and Plan of Reorganization providing for, among other things, the transfer of the assets and stated liabilities of various predecessor Strong mutual funds into various Funds of the Trust. The effective date of the reorganization was April 8, 2005. On December 30, 2009, the Board of Trustees of Evergreen Funds (“Evergreen”), and on January 11, 2010, the Board, approved an Agreement and Plan of Reorganization providing for, among other things, the transfer of the assets and stated liabilities of various predecessor Evergreen portfolios and Wells Fargo Advantage Funds portfolios to certain Funds of the Trust. The effective date of the reorganization was July 12, 2010 for certain Evergreen Funds, and July 19, 2010 for the remainder of the Evergreen Funds. On December 15, 2015, the Wells Fargo Advantage Funds changed its name to the Wells Fargo Funds. The Disciplined Small Cap Fund commenced operations on November 8, 1999, as successor to the Norwest Small Cap Opportunities Fund. The predecessor fund
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