Omega Growth Fund

QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Quarterly review GENERAL FUND INFORMATION ● The Wells Fargo Omega Growth Fund returned 11.32% in the quarter, which Ticker: EKONX underperformed the Russell 3000 Growth Index’s quarterly return of 11.38%. ● Select positions within the communication services and health care sectors Portfolio managers: Michael T. Smith, contributed to performance. CFA®; and Christopher J. Warner, CFA® ● Stock selection within financials and select information technology (IT) holdings Subadvisor: Wells Capital detracted from results. Management Inc. Category: Large growth Market review

Growing optimism toward vaccine deployment and historic levels of government FUND STRATEGY support provided a boost to consumers and businesses. Housing demand was sparked ● Identifies companies on the "right side by low mortgage rates, the work-from-home trend, and tight levels of inventory. Within of change" using a non-formulaic labor markets, employment surged past expectations and unemployment levels fell approach to idea generation dramatically. These trends toward price inflation, along with strained global supply ● Develops bottom-up fundamental chains, sparked concerns of “demand shock.” "Edge" through all-cap "Surround the Signs soon emerged that the recovery may not unfold in a linear fashion; investors Company" research viewed the rise in inflation as more driven by pandemic-related distortions than an ● Assesses each holding for Attractive overheating economy. Many commodity prices declined sharply, retail sales were softer Risk and Return to avoid excessive than expected, elevated oil prices triggered consumer fears, and the rise of the 10-year valuations Treasury yield stalled. Additionally, the Federal Reserve indicated that policy ● Maintains valuation targets as part of a accommodation may be removed sooner than expected. strong sell discipline and risk Although a general optimistic sentiment still prevailed, the quarter ended with a pause management process in the “reflation” trade. There was a renewed appreciation that the economy may ● Constructs portfolios to balance risk struggle and it became unwise to extrapolate the distortions from the past year into the across Core Holdings, Developing future. Deflationary forces of a declining working age population, aging demographics, Situations, and Valuation high income inequality, and astronomical levels of debt were still very much in place. Opportunities Average annual total returns (%) as of 6/30/2021* Year Since fund 3 to 1 3 5 10 inception month date year year year year (4/29/68) Omega Growth Fund-Inst 11.32 9.64 40.79 24.94 24.68 16.62 10.98 Russell 3000® Growth Index 11.38 12.71 42.99 24.47 23.31 17.54 *Returns for periods less than one year are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes a shareholder may pay on an investment in 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 fund’s website, wfam.com. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge. The fund’s gross expense ratio is 0.95%. The fund’s net expense ratio is 0.85%. The manager has contractually committed, through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap the fund’s total annual fund operating expenses after fee waivers at 0.85% for the Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. CM012 07-21 (See pages 6-7 for important information.) QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Portfolio positioning Omega Growth Fund versus Russell 3000® Growth Index Value added from Value added from Total value added (%) Quarterly attribution and analysis sector weight (%) stock selection (%) ● Select securities within communication 1.0 services and IT contributed positively to performance. Within communication services, Roku, Inc., provides devices, apps, and operating systems to enable 0.0 the streaming of television content. During the year, the company exceeded revenue estimates and revised guidance upward, in part due to a strategic -1.0 acquisition and expansion of advertising Cash & Energy staples Utilities Materials Financials

capabilities. A contributor within IT, Consumer Consumer Industrials technology Real estate Health care Unassigned equivalents Information

MongoDB, Inc., provides a scalable discretionary document database leveraged by Comm. services enterprises to develop and house applications. During the quarter, the company heartily beat consensus estimates resulting from strong growth in client relationships and increased use Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Unassigned Utilities Cash & equivalents of its cloud-based solutions. Sector weights (average % weight during the quarter) ● Holdings within financials and select IT holdings detracted from performance. Omega Growth 12.51 17.03 0.00 0.00 2.78 17.03 7.30 40.85 1.71 0.12 0.00 0.00 0.65 Within financials, MarketAxess Holdings Fund Inc. provides a digital trading platform for Russell 3000® 11.61 16.25 4.26 0.12 2.09 14.57 5.46 42.71 0.95 1.88 0.00 0.11 0.00 fixed-income securities. As volatility and Growth Index credit spreads narrowed, MarketAxess saw lower trade volumes, negatively Over/underweight 0.90 0.78 -4.26 -0.12 0.69 2.46 1.84 -1.86 0.76 -1.76 0.00 -0.11 0.65 affecting revenue. We remain optimistic of MarketAxess’ ability to expand Sector returns (%) volumes within fixed-income trading. In Fund sector return 14.93 8.69 0.00 0.00 0.00 11.46 11.75 12.68 10.97 -0.67 0.00 0.00 0.00 IT services, Fiserv, Inc., is a financial technology provider benefiting from the Index sector 16.08 7.40 4.20 20.07 11.19 9.72 6.90 13.67 3.29 14.67 4.50 3.94 0.00 growth in digital payments and increase return in e-commerce penetration. During the quarter, persistent delays in opening of Relative return -1.15 1.29 -4.20-20.07-11.19 1.74 4.85 -0.99 7.68-15.34 -4.50 -3.94 0.00 foreign markets from COVID-19 Sources: FactSet and Wells Fargo Asset Management restrictions and the divestiture of Fiserv’s Past performance is no guarantee of future results. Sector weights are subject to change and may have changed since the date specified. largest shareholder weighed on share prices. While confident that Fiserv will maintain a leadership position in the digital payments industry, we are monitoring fundamentals closely in the near term to ensure the risk/reward remains favorable.

When reviewing the performance attribution of our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to resemble an index. Our exposure to any given sector is a result of our security selection process. 2 QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Portfolio positioning OmegaGrowth Fund versus Russell 3000® Growth Index Value added from Value added from Total value added (%) Trailing 12-month attribution sector weight (%) stock selection (%) analysis 2.0 ● Stock selection within health careand IT contributed to returns. Align Technology, 1.0 Inc., proved additive as the secular trend toward clear aligners and the company’s 0.0 telehealth initiatives drove salesresults that were significantly above -1.0 expectations. International distribution, contactless appointments, and continued -2.0 product innovation should provide Cash & Energy staples Utilities Materials Financials Consumer Consumer

catalysts of growth for Align. WithinIT, Industrials technology Real estate Health care equivalents Unassigned Information EPAM Systems, Inc., employs a network discretionary of skilled software engineers to facilitate Comm. services theglobal economy’s digital transformation. During the quarter, the company announced strong growth, citing demand for services in excess ofits

growing network of developers. Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Unassigned Utilities Cash & equivalents Additionally, the company is expanding Sector weights (average % weight during the past 12 months) its consulting services. ● Select holdings within the IT and real Omega Growth 11.70 17.63 0.00 0.00 2.50 17.54 7.07 39.95 1.98 0.96 0.00 0.00 0.68 Fund estate sectors detracted from performance. Within IT, Black Knight, Inc., Russell 3000® 10.97 16.29 4.46 0.09 2.07 15.00 5.30 42.90 0.93 1.87 0.00 0.12 0.00 provides integrated software, data,and Growth Index analytics for the mortgage industry.The company reported strong earnings; Over/underweight 0.73 1.34 -4.46 -0.09 0.43 2.54 1.77 -2.95 1.05 -0.91 0.00 -0.12 0.68 however, its share price often comes under pressure when interest ratesrise. Sector returns (%) Our research indicates that the recurring Fund sector return 54.51 38.09 0.00 0.00 17.09 38.77 35.77 46.42 37.23 -6.96 0.00 0.00 0.00 revenue component typically outweighs these fluctuations. SBA Communications Index sector 57.92 46.59 26.00 82.22 30.51 30.01 43.07 46.67 33.79 25.30 167.06 22.33 0.00 Inc. owns and operates wireless return communications towers internationally, - with more than half located withinthe Relative return -3.41 -8.50-26.00 -82.22-13.42 8.76 -7.30 -0.25 3.44 -32.26 167.06 -22.33 0.00 United States. The global pandemic Sources: FactSet and Wells Fargo Asset Management delayed network upgrades at someof Past performance is no guarantee offuture results. Sector weights are subject to change and may have changed since the date specified. SBA’s international wireless carrier customers, weighing on expected revenue growth. Additionally, two key clients merged during the year, reducing thecombined need for towers. Our research indicated that the company would take longer to recover fromthese setbacks, triggering our sell discipline.

When reviewing the performance attribution of our portfolio, it is vital to remember that we construct our portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to obtain a sector distribution to resemble an index. Our exposure to any given sector is a result of our security selection process. 3 QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Portfolio positioning Top contributors and detractors to fund performance Contributors Detractors Outlook ● EPAM Systems, Inc. ● Fiserv, Inc. ● The reflation trade of the past year has been a powerful narrative. Investors ● Shopify, Inc. ● MarketAxess Holdings Inc. clung to perceptions that trillions in ● MongoDB, Inc. ● Euronet Worldwide, Inc. government stimulus would impel lofty yet sustained levels of spending, boosting ● Roku, Inc. ● Inari Medical, Inc. gross domestic product growth. These ● Equifax Inc. ● WEX Inc. narratives influenced market leadership this year by propelling value and The holdings identified do not represent all of the securities purchased or sold during the time period shown and should not be construed as a recommendation to purchase or sell a particular security. Information on calculation methodology and a list interest-rate-sensitive companies, while showing the overall contribution of each holding in the account for the time period shown are available upon request. companies with superior sales growth and profitability shifted out of favor. Share class availability ● Weak labor force growth, diminishing Gross expense Net expense Contractual expense productivity, and historic levels of debt Share class Ticker ratio (%) ratio (%) ratio waiver date are all drags on future growth. We believe the current reflation trades, meme stock A EKOAX 1.28 1.28 11/30/2021 rallies, and unprecedented government C EKOCX 2.03 2.03 11/30/2021 stimuli are temporary and will have a fleeting impact on the economy. The Admin EOMYX 1.20 1.10 11/30/2021 structural forces that existed before Inst EKONX 0.95 0.85 11/30/2021 COVID-19—the diminishing labor force, high levels of debt, and stubbornly low R EKORX 1.53 1.53 11/30/2021 inflation rates—will return investors’ attention to sustainable fundamentals The manager has contractually committed to waive fees and/or reimburse expenses to the from leading growth companies. extent necessary to cap the fund’s total annual fund operating expenses after fee waivers ● It has been our experience that at 1.30% (A), 2.05% (C), 1.10% (Admin), 0.85% (Inst), and 1.55% (R). Brokerage fundamentals, not narratives, are truly commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), what compound growth and drive stock and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain prices in the long run. During the quarter, the cap may be terminated only with the approval of the Board of Trustees. Without this we did not make material changes to our cap, the fund’s returns would have been lower. The expense ratio paid by an investor is the portfolios, which are well positioned to net expense ratio (the total annual fund operating expenses after fee waivers) as stated in take advantage of the massive shift to the prospectus. themes such as telemedicine, digital payments, and e-commerce. While we anticipate that narratives may continue to influence investor sentiment throughout the year, we remain confident that “right side of change” companies will deliver superior results “While we anticipate that narratives may continue to that will last long into the future. influence investor sentiment throughout the year, we remain confident that ‘right side of change’ companies will deliver superior results that will last long into the future.”

4 QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Top holdings Performance Stock % of net assets 1 year 3 year 5 year 10 year Microsoft Corporation 9.86 Omega Growth Fund-Inst 40.79 24.94 24.68 16.62 Amazon.com, Inc. 8.10 Lipper Multi-Cap Growth Funds Average 43.32 23.32 22.16 15.72 Alphabet Inc. Class A 5.08 Russell 3000® Growth Index 42.99 24.47 23.31 17.54 Visa Inc. Class A 3.44 Morningstar Large Growth Average 41.70 22.56 21.98 15.99 PayPal Holdings Inc 3.32 Past performance is no guarantee of future results.

UnitedHealth Group Incorporated 2.85 Rankings and ratings Chipotle Mexican Grill, Inc. 2.37 Morningstar total return rankings—Institutional Class (as of 6/30/2021) ServiceNow, Inc. 2.21 Morningstar Category Large growth 1 year 597 out of 1,239 Align Technology, Inc. 2.17 3 year 285 out of 1,138 MercadoLibre, Inc. 2.11 5 year 178 out of 1,024 10 year 287 out of 761 ★★★★ Portfolio characteristics Overall Morningstar Rating ™ The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) Russell 3000® ratings, is out of 1,138 funds in the Large growth category, based on risk-adjusted returns Fund Growth Index as of 6/30/2021. Weighted average market cap $522.35B $740.12B Performance and volatility measures2 Weighted median market cap $77.66B $219.04B Fund EPS Growth (3- to 5-year forecast) 13.62% 20.42% Alpha 0.39 P/E ratio (trailing 12-month) 54.60x 44.37x Beta 1.00 Turnover1 23.25% Sharpe ratio 1.16 P/B ratio 10.92x 12.94x Standard deviation 20.39% P/S ratio 7.03x 5.62x R-squared 0.95 Number of equity holdings 54 1674 Information ratio 0.10 Source: FactSet. 1. Calculated based on a one-year period. Upside capture 102.66%

Fund facts Downside capture 100.99% Inception date 4/29/1968 Tracking error 4.76% Past performance is no guarantee of future results. Net expense ratio—Inst 0.85% 2. Calculated for the Institutional Class based on a three-year period. Relative measures are compared with the fund’s benchmark. Assets—all share classes $1.16B

Portfolio holdings and characteristics are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security. 5 QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Benchmark descriptions: Attribution analysis:

The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and Performance attribution and sector returns are calculated using the Brinson- rating service. Each Lipper average represents a universe of funds that are similar in investment Fachler attribution model. As such, performance attribution calculations may differ from the objective. You cannot invest directly in a Lipper average. fund’s actual investment results. Common sources of attribution dispersion from official returns include: the use of end of day holdings and prices, the exclusion of fees, and the use of The Morningstar Category average is the average return for the peer group based on the returns myriad pricing sources to accommodate different benchmark providers. of each individual fund within the group. The total return of the Morningstar Category average does not include the effect of sales charges. You cannot invest directly in a Morningstar Category average. Definition of terms: The Russell 3000® Growth Index measures the performance of those Russell 3000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in Alpha measures the difference between a fund’s actual returns and its expected performance an index. given its level of risk (as measured by beta). Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by Performance information: definition. Please keep in mind that high double-digit returns were primarily achieved during favorable Downside capture measures a fund’s replication of its benchmark during periods of market conditions. You should not expect that such favorable returns can be consistently negative returns. During periods of negative benchmark returns, a downside capture ratio less achieved. A fund's performance, especially for short time periods, should not be the sole factor than 100% reflects product performance greater than the benchmark and a downside capture in making your investment decision. ratio greater than 100% reflects performance less than the benchmark. Information ratio measures the consistency of excess return (return in excess of a benchmark). This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. R-squared is a measurement of how similar a fund’s historical performance has been to that of the benchmark. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. Sharpe ratio measures the potential reward offered by a mutual fund relative to its risk level. The ratio uses a fund’s standard deviation and its excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk-adjusted performance. Standard deviation represents the degree to which an investment’s performance has varied from its average performance over a particular time period. Tracking error measures the extent to which a manager’s performance mimics that of a benchmark. The value is the standard deviation of the difference between a fund’s performance and a benchmark’s performance. Upside capture measures a fund’s replication of its benchmark during periods of positive returns. During periods of positive benchmark returns, an upside capture ratio greater than 100% reflects product performance greater than the benchmark and an upside capture ratio less than 100% reflects performance less than the benchmark.

6 QUARTERLY MUTUAL FUND COMMENTARY Q2 2021 | All information is as of 6/30/2021 unless otherwise indicated.

Wells Fargo Omega Growth Fund

Risks: Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk and smaller-company securities risk. Consult the fund’s prospectus for additional information on these and other risks.

The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Across U.S.-domiciled large growth funds, the Omega Growth Fund received 4 stars among 1,138 funds, 4 stars among 1,024 funds, and 3 stars among 761 funds for the 3-, 5-, and 10-year periods, respectively. The Morningstar Rating is for the Institutional Class only; other classes may have different performance characteristics. The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results. © 2021 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The inception date of the Institutional Class was July 30, 2010. Historical performance shown for the Institutional Class prior to its inception reflects the performance of the Administrator Class and includes the higher expenses applicable to the Administrator Class. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the fund prior to July 19, 2010, is based on the performance of the fund’s predecessor, the Evergreen Omega Fund. The views expressed and any forward-looking statements are as of June 30, 2021, and are those of the fund manager and/or Wells Fargo Asset Management. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management disclaims any obligation to publicly update or revise any views expressed or any 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 wfam.com. Read it carefully before investing. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA). CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.