As of June 30, 2021 Fact sheet wfam.com Absolute Return Fund

Asset class: Multi-Asset

Class CUSIP Ticker Competitive advantages Class A 94987W109 WARAX ■ Identification of asset-class mispricings: Central to GMO's investment process is determining Class C 94987W208 WARCX fair values for the major asset classes from which the team infers a real return that should be Administrator 94987W307 WARDX realized as each asset class reverts to its estimated fair value. Institutional 94987W737 WABIX ■ Blended investment process: GMO has successfully blended the discipline of quantitative models with qualitative insights – rare but important overrides derived from decades of THE FUND experience managing money. The Wells Fargo Absolute Return Fund is a ■ Go-anywhere fund: GMO introduced the strategy in 2003 to take full advantage of the team's nontraditional fund that seeks positive total best investment ideas, establishing a long-term performance track record. returns—with an emphasis on capital preservation—through tactical allocations to equity, Portfolio composition (%) bond, and alternative investments. Alternative strategies (44) Equity (29) FUND STRATEGY Equity Long/Short (17) ■ Applies two levels of active management, with Fixed income (11) portfolio allocation decisions across stocks, bonds, and alternative strategies determined by the GMO Asset Allocation team, which is led by Ben Inker, and implemented by GMO’s seasoned and institutionally oriented portfolio management Portfolio composition is subject to change and may have changed since the date specified. Percent total may not add to 100% due teams to rounding. Equities in the Equity Long/Short Asset Class are hedged with a basket of short index futures positions. ■ Seeks to identify and exploit mispricings among all Growth of $10,000 and annual returns (Class A shares 6-30-11 through 6-30-21) investable asset classes based on a belief that asset Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower. classes can become grossly overvalued or $15,000 undervalued and revert to fair value $13,817 ■ Takes a cautious approach to portfolio reallocations, waiting for asset-class valuations to 10,000 move to extremes before making large portfolio bets ■ Removes traditional portfolio constraints to 5,000 concentrate holdings in the most attractively valued asset classes 0 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 FUND MANAGERS Fund (%) 8.56 9.65 0.44 -4.91 2.65 12.12 -5.80 10.73 -3.25 Name Years of investment experience ANNUALIZED Gross Net 1 Ben Inker, CFA 29 Year to expense expense John Thorndike1 17 TOTAL RETURNS (%) 3 Month date 1 year 3 year 5 year 10 year ratio ratio 2 CFA® and Chartered Financial Analyst® are Class A Shares 0.36 5.11 12.69 2.62 3.93 3.29 1.50 1.50 trademarks owned by CFA Institute. Including Sales Charge – – 6.22 0.62 2.71 2.68 – – Class C Shares2 0.18 4.70 12.19 1.96 3.22 2.54 2.25 2.25 Including Sales Charge – – 11.19 1.96 3.22 2.54 – – Lipper Alternative Global 4.06 5.98 17.74 6.26 5.78 4.10 Macro Funds3 MSCI ACWI Index (Net)4 7.39 12.30 39.27 14.57 14.61 9.90 Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that 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. Performance shown without sales charges would be lower if sales charges were reflected. 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, wfam.com. For Class A, the maximum front-end sales charge is 5.75%. For Class C, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. The manager has contractually committed, through 8-31-21, 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 0.71% for Class A and 1.46% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of the GMO Benchmark-Free Allocation Fund), 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. 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. As of June 30, 2021 Fact sheet wfam.com Absolute Return Fund

Asset class: Multi-Asset

Risks: Absolute return funds are not intended to Performance and Fund (Class outperform stocks and bonds in strong markets, and ‡ volatility measures A shares) there is no guarantee of positive returns or that the fund’s objectives will be achieved. Stock values Sharpe ratio 0.13 fluctuate in response to the activities of individual Standard deviation 10.11 companies and general market and economic conditions. Bond values fluctuate in response to the Fund information financial condition of individual issuers, general Advisor: Wells Fargo Funds Management, LLC market and economic conditions, and changes in 1 interest rates. Changes in market conditions and Sub-Advisor: GMO, LLC government policies may lead to periods of Fund Inception Date: 7-23-03 heightened volatility in the bond market and reduced Class A Class C liquidity for certain bonds held by the fund. In general, CUSIP/Ticker 94987W109/WARAX 94987W208/WARCX when interest rates rise, bond values fall and investors may lose principal value. Interest rate Class inception date 3-1-12 3-1-12 changes and their impact on the fund and its share Distribution frequency Annually Annually price can be sudden and unpredictable. Borrowing Fiscal year-end April 30 April 30 money to purchase securities or cover short positions Net expense ratio 1.50% 2.25% magnifies losses and incurs expenses. Short selling is Minimum initial/subsequent purchase $1,000/$100 $1,000/$100 generally considered speculative, has the potential for Net asset value $11.10 $10.92 unlimited loss, and may involve leverage. Alternative investments, such as commodities and merger YTD high-low NAV $11.44/$10.56 $11.26/$10.43 arbitrage strategies, are speculative and entail a high Class/fund assets ($M) $355.71/$1,696.33 $118.00/$1,696.33 degree of risk. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. The fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to asset-backed securities risk, nondiversified funds risk, geographic risk, and smaller-company securities risk. Consult the fund’s prospectus for additional information on these and other risks.

Definition of terms: 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 of return measures the average deviations of a return series from its mean and is often used as a measure of risk. ‡ Calculated based on a three-year period. 1. The fund invests substantially all of its investable assets directly in the Benchmark-Free Allocation Fund, for which GMO serves as investment advisor. Mr. Inkerand Mr. Thorndike have been responsible for coordinating the portfolio management of the Benchmark-Free Allocation Fund since 2003 and 2019, respectively. 2. Performance for the fund or the class shown reflects a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable. 3. The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and rating service. Each Lipper average represents a universe of funds that are similar in investment objective. You cannot invest directly in a Lipper average. 4. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. 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. 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. 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). PAR-0721-00496-FAFS115 07-21 INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE © 2021 Wells Fargo & Company. All rights reserved.