As of June 30, 2021 Fact sheet wfam.com Asset Allocation Fund Asset class: Multi-Asset Class CUSIP Ticker Competitive advantages Institutional 94987W745 EAAIX ■ Rigorous asset allocation process: Proprietary quantitative models are employed and blended Administrator 94985D418 EAIFX with perspectives on the economy and markets from a council of experienced investment Class A 94985D442 EAAFX professionals representing a full range of asset classes. Class C 94985D426 EACFX ■ Multi-manager expertise: The best available managers are selected based on their experience, the strength and consistency of its track record, and how well it complements the other THE FUND portfolios in the fund. The Wells Fargo Asset Allocation Fund is a fund of funds that seeks an appropriate balance of risk and Neutral allocation (%) Effective allocation (%) expected return in a multi-asset, multi-manager Stocks (65) U.S. stocks 49 Bonds 29 structure. Bonds (35) Int'l stocks 20 FUND STRATEGY Effective cash 3 ■ Managed to a 65% equity/35% fixed income neutral allocation ■ Invests in affiliated mutual funds that collectively provide diversified exposure across and within a range of asset classes and subasset classes The effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash represents the net offset to such futures positions. Effective allocations are subject to change and may have changed since the date specified. Percent ■ Determines strategic weights of portfolio allocations total may not add to 100% due to rounding. based on portfolio management team's research that produces capital market assumptions used in Growth of $10,000 and annual returns (Institutional shares 6-30-11 through 6-30-21) combination with risk assessments and correlations Assumes reinvestment of dividends and capital gains. ■ Employs a Tactical Asset Allocation (TAA) Overlay $20,000 strategy that combines quantitative models and $18,964 qualitative judgments and uses futures contracts and 15,000 other instruments to implement portfolio tilts toward assets with higher expected returns or lower 10,000 expected risk 5,000 TOP HOLDINGS (%) Wells Fargo Managed Fixed Income 22.42 0 Portfolio ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 Wells Fargo Disciplined U.S. Core Fund - 14.01 Fund (%) 10.64 11.81 0.77 -4.55 5.08 15.22 -9.34 20.23 13.99 Class R6 ANNUALIZED Gross Net Wells Fargo Large Company Value 11.69 Year to expense expense Portfolio TOTAL RETURNS (%) 3 Month date 1 year 3 year 5 year 10 year ratio ratio Wells Fargo Diversified Large Cap Growth 11.37 Administrator Shares1 4.95 9.31 28.72 12.02 9.94 6.51 1.22 0.95 Portfolio Institutional Shares1 4.98 9.42 27.96 11.92 9.97 6.61 0.97 0.80 Wells Fargo Disciplined International 8.67 Asset Allocation Blended Developed Markets Portfolio 5.44 7.89 25.58 12.51 11.20 8.08 Index2 Wells Fargo Core Bond Portfolio 6.28 iShares Core MSCI EAFE ETF 3.92 Lipper Mixed-Asset Target 3 5.59 10.07 29.49 11.85 11.24 8.91 Wells Fargo Real Return Portfolio 3.50 Allocation Growth Funds Wells Fargo C&B Large Cap Value Portfolio 3.46 Figures quoted represent past performance, which is no guarantee of future results, and do not Wells Fargo Factor Enhanced International 3.22 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 Portfolio less than their original cost. Current performance may be lower or higher than the performance data Portfolio holdings are subject to change and quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is may have changed since the date specified. available at the funds’ website, wfam.com. Administrator and Institutional Class shares are sold without a The holdings listed should not be considered front-end sales charge or contingent deferred sales charge. recommendations to purchase or sell a The manager has contractually committed, through 8-31-21, to waive fees and/or reimburse expenses to particular security. the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 0.95% for See the wfam.com website for individual securities of Admininstrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, the Wells Fargo Disciplined U.S. Core Fund. taxes, acquired fund fees and expenses (if any) from funds in which the underlying master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. FUND MANAGERS All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the Name Years of investment experience commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The Christian L. Chan, CFA 24 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. Kandarp R. Acharya, CFA, FRM 26 Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not Petros N. Bocray, CFA, FRM 20 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 your investment decision. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. As of June 30, 2021 Fact sheet wfam.com Asset Allocation Fund Asset class: Multi-Asset MORNINGSTAR OWNERSHIP ZONE Fund characteristics Fund INVESTMENT STYLE P/E (trailing 12 month) 26.41x Value Blend Growth MARKET CAPITALIZATION P/B 3.03x Large Median market cap. ($B) 4.54 5 year earnings growth (historic) 12.54% Portfolio turnover 133.91% Medium Number of holdings 28 Fund information Small Advisor: Wells Fargo Funds Management, LLC Sub-Advisor: Wells Capital Management Incorporated Fund Inception Date: 7-29-96 Placement within the Morningstar Equity Style Box is Administrator class Institutional class based on two variables: relative median market CUSIP/Ticker 94985D418/EAIFX 94987W745/EAAIX capitalization and relative price valuations Class inception date 10-3-02 11-30-12 (price/book and price/earnings) of the fund’s Distribution frequency Annually Annually portfolio holdings. These numbers are drawn from the Fiscal year-end May 31 May 31 fund’s portfolio holdings figures most recently Net expense ratio 0.95% 0.80% entered into Morningstar’s database and the Net asset value $17.38 $17.07 corresponding market conditions. The Ownership YTD high-low NAV $17.41/$15.81 $17.10/$15.51 Zone is represented by a shaded area surrounding the Class/fund assets ($M) $24.73/$1,885.89 $266.35/$1,885.89 centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is. © 2021 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and 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. Risks: Balanced funds may invest in stocks and bonds. 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. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to high-yield securities risk, mortgage- and asset-backed securities risk, geographic risk, and smaller-company securities risk. Consult the fund’s prospectus for additional information on these and other risks. Definition of terms: Price/Earnings (P/E) is the price of a share of a stock divided by earnings per share, usually calculated using the latest year’s earnings. Price/Book (P/B) is the ratio used to compare a stock’s market value with its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Portfolio Turnover, High portfolio turnover may result in increased expenses and higher short-term capital gains. 1. 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. 2. Source: Wells Fargo Funds Management, LLC. Effective June 16, 2018, the Fund's Index was renamed the Asset Allocation Blended Index and the composition of the index was changed to 45% Russell 3000 Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index (BBABI), and 20% MSCI All Country World Index (MSCI ACWI) ex-USA (Net).