E quity Gateway Funds - Wells Fargo Funds Portal · E quity Gateway Funds Fund ... p hilosophy which focuses on identifying three core alpha drivers: value, ... s uperior investment

ProspectusOctober 1, 2017

Equity Gateway Funds

Fund InstitutionalClass

Wells Fargo C&B Large Cap Value Fund CBLSX

Wells Fargo Emerging Growth Fund WEMIX

Wells Fargo International Value Fund WFVIX

Wells Fargo Small Company Growth Fund (The Fund is closed to most new investors) WSCGX

Wells Fargo Small Company Value Fund SCVNX

As with all mutual funds, the U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed uponthe accuracy or adequacy of this Prospectus. Anyone who tells you otherwise is committing a crime.

Fund shares are NOT deposits or other obligations of, or guaranteed by, Wells Fargo Bank, N.A., its affiliates or any other depository institution.Fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agencyand may lose value.

SUPPLEMENT TO THE PROSPECTUSES ANDSTATEMENT OF ADDITIONAL INFORMATION

OFWELLS FARGO U.S. EQUITY FUNDS

For the Wells Fargo Small Company Value Fund(the "Fund")

Effective immediately, the Wells Fargo Small Company Value Fund is no longer offered in the U.S. Equity Funds'Prospectuses and Statement of Additional Information dated October 1, 2017. All references to the Fund are herebyremoved.

Please refer to the Small Company Value Fund's Prospectuses and Statement of Additional Information dated May 1, 2018for information on the Fund.

May 1, 2018 EGR058/P901SP3

1

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND

STATEMENT OF ADDITIONAL INFORMATION OF

WELLS FARGO EQUITY GATEWAY FUNDS Wells Fargo Small Company Growth Fund (the “Fund”)

Effective on April 11, 2018, James P. Ross, CFA of Peregrine Capital Management, LLC will be on a leave

of absence from his role as a Portfolio Manager for the Fund. William A. Grierson, CFA, Daniel J. Hagen, CFA, and Paul E. von Kuster, CFA remain as Portfolio Managers for the Fund.

April 11, 2018 EGIT048/P904SP2

SUPPLEMENT TO THE INSTITUTIONAL CLASS PROSPECTUS AND SUMMARY PROSPECTUSOF WELLS FARGO U.S. EQUITY FUNDS

For the Wells Fargo Small Company Value Fund(the "Fund")

At a meeting held on February 27-28, 2018, the Board of Trustees of the Fund approved a change in the Fund's sub-adviser from Peregrine Capital Management ("Peregrine") to Wells Capital Management Inc. ("Wells CapitalManagement"), effective on or about May 1, 2018. In connection with this change, the Prospectus is amended as follows:

I. Principal Investment Strategy Changes Effective on or about May 1, 2018, the section entitled "Fund Summary -Principal Investment Strategies" is deleted and replaced with the following:

Under normal circumstances, we invest:■ at least 80% of the Fund’s net assets in equity securities of small-capitalization companies.

The Fund is a gateway fund that invests substantially all of its assets in the Small Company Value Portfolio, a masterportfolio with a substantially identical investment objective and substantially similar investment strategies. We mayinvest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $4 million to $12.9 billion, as of January 31, 2018 and is expected to changefrequently.

Our team's strategy is designed to provide exposure to small public companies with current stock prices that we believedo not accurately reflect their intrinsic values. We use bottom-up fundamental analysis to execute our investmentphilosophy which focuses on identifying three core alpha drivers: value, quality partner, and contrarian. First andforemost, we believe a prospective company should possess attractive value characteristics such as being priced at adiscount relative to peers and the company's own historic valuation metrics. We also seek companies that areshareholder-friendly quality partner firms demonstrating favorable cash flow generating capabilities and that have themanagement, business model, products and resources to drive organic growth. Lastly, the investment should exhibitwhat we believe are contrarian characteristics and be in a unique position for value creation, yet, overlooked by theinvestment community. We may sell a stock when it becomes fairly valued or when signs of fundamental deteriorationsurface.

II. Contractual Expense Cap Changes Effective on or about May 1, 2018, the expense cap is being lowered as follows:

The Manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to theextent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.85%. Brokeragecommissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excludedfrom the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated onlywith the approval of the Board of Trustees.

III. Sub-Adviser and Fund Management Changes Effective on or about May 1, 2018, all references to Peregrine andportfolio managers for the Fund in the section entitled Fund Summary - Fund Management" are deleted and replacedwith the following:

Manager Sub-Adviser Portfolio Manager, Title/Managed Since

Wells Fargo Funds Management,LLC

Wells Capital Management Inc. Jeff Goverman, Portfolio Manager / 2018Garth R. Nisbet, CFA, Portfolio Manager /2018Craig Pieringer, CFA, Portfolio Manager /2018

1

In addition, effective on or about May 1, 2018, disclosure concerning the sub-adviser and portfolio managers for the Fundin the section entitled "The Sub-Advisers and Portfolio Managers" is deleted and replaced with the following:

Wells Capital Management Incorporated ("Wells Capital Management"), is a registered investment adviser located at525 Market Street, San Francisco, CA 94105. Wells Capital Management, an affiliate of Funds Management and indirectwholly owned subsidiary of Wells Fargo & Company, is a multi-boutique asset management firm committed to deliveringsuperior investment services to institutional clients, including mutual funds. Wells Capital Management is a part of WellsFargo Asset Management, the trade name used by the asset management businesses of Wells Fargo & Company.

Jeff GovermanSmall Company Value Fund

Mr. Goverman joined Wells Capital Management or one of its predecessor firms in2006, where he currently serves as a Portfolio Manager for the Small Cap Value style.

Garth R. Nisbet, CFASmall Company Value Fund

Mr. Nisbet joined Wells Capital Management or one of its predecessor firms in 2011,where he currently serves as a Senior Portfolio Manager for the Small Cap Value style.

Craig Pieringer, CFASmall Company Value Fund

Mr. Pieringer joined Wells Capital Management or one of its predecessor firms in 1997,where he currently serves as a Portfolio Manager for the Small Cap Value style.

March 2, 2018 EGIT038/P904SP

2

SUPPLEMENT TO THE PROSPECTUSES, STATEMENT OF ADDITIONAL INFORMATION AND SUMMARY PROSPECTUSES

OF WELLS FARGO EQUITY GATEWAY FUNDS

Wells Fargo Emerging Growth Fund (the "Fund")

Bruce C. Olson, CFA has announced his intention to retire from Wells Capital Management Incorporated on April 30, 2018. After April 30, 2018, all references to Bruce C. Olson in the Fund's Prospectuses, Summary Prospectuses and Statement of Additional Information are hereby removed. Joseph M. Eberhardy, CFA, CPA and Thomas C. Ognar, CFA will continue to serve as portfolio managers of the Fund. January 12, 2018 EGIT018/P903SP

Table of Contents

Fund SummariesC&B Large Cap Value Fund Summary∙Emerging Growth Fund Summary∙International Value Fund Summary∙Small Company Growth Fund Summary∙Small Company Value Fund Summary∙

Details About The FundsKey Fund Information∙C&B Large Cap Value Fund∙Emerging Growth Fund∙International Value Fund∙Small Company Growth Fund∙Small Company Value Fund∙Description of Principal Investment Risks∙Portfolio Holdings Information∙Pricing Fund Shares∙

Management of the FundsThe Manager∙The Sub-Advisers and Portfolio Managers∙Multi-Manager Arrangement∙

Account InformationShare Class Eligibility∙Share Class Features∙Compensation to Financial Professionals and Intermediaries∙Buying and Selling Fund Shares∙Exchanging Fund Shares∙Frequent Purchase and Redemption Of Fund Shares∙Account Policies∙Distributions∙

Other InformationTaxes∙Financial Highlights∙

26

101418

222324252627282930

313233

3434343537373940

4142

C&B Large Cap Value Fund SummaryInvestment ObjectiveThe Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizingrisk to principal.

Fees and ExpensesThese tables are intended to help you understand the various costs and expenses you will pay if you buy and hold sharesof the Fund.

Shareholder Fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) None

Maximum deferred sales charge (load) (as a percentage of offering price) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees1 0.70%

Distribution (12b-1) Fees 0.00%

Other Expenses 0.21%

Total Annual Fund Operating Expenses2 0.91%

Fee Waivers (0.16)%

Total Annual Fund Operating Expenses After Fee Waivers3 0.75%

1. Includes the fees charged by the Manager for providing advisory services to the master portfolio in which the Fund invests substantially all of itsassets.

2. Includes other expenses allocated from the master portfolio in which the Fund invests.3. The Manager has contractually committed through September 30, 2018, 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 the amount shown above. Brokerage commissions, stamp duty fees, interest,taxes, acquired fund fees and expenses from funds in which the master portfolio invests, and extraordinary expenses are excluded from the expensecap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. After this time, the cap may beincreased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of ExpensesThe example below is intended to help you compare the costs of investing in the Fund with the costs of investing inother mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees andexpenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursingexpenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above.Although your actual costs may be higher or lower, based on these assumptions your costs would be:

After:

1 Year $77

3 Years $274

5 Years $488

10 Years $1,105

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Ahigher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares areheld in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of theaverage value of its portfolio.

Wells Fargo Funds - Equity Gateway Funds 2

Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s net assets in equity securities of large-capitalization companies.

The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a masterportfolio with a substantially identical investment objective and substantially similar investment strategies. We mayinvest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of large-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 1000® Index at the time of purchase. The market capitalization range of theRussell 1000® Index was approximately $855 million to $1.5 billion, as of August 31, 2017, and is expected to changefrequently. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequatediversification while allowing the composition and performance of the portfolio to behave differently than the market.

We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment ofthe quality of a company's management. In selecting a company, we consider criteria such as return on equity, balancesheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptableinvestments by undertaking intensive research including interviews with a company's top management, customers andsuppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets indown markets, while our insistence on strength in leadership, financial condition and cash flow position will producecompetitive results in all but the most speculative markets. We regularly review the investments of the portfolio and maysell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals ofthe business, or we have identified a more attractive investment opportunity.

Principal Investment RisksAn investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject tothe risks briefly summarized below.

Focused Portfolio Risk. Changes in the value of a small number of issuers are likely to have a larger impact on a Fund'snet asset value than if the Fund held a greater number of issuers.

Growth/Value Investing Risk. Securities that exhibit growth or value characteristics tend to perform differently and shiftinto and out of favor with investors depending on changes in market and economic sentiment and conditions.

Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund's manager or sub-adviser in seeking to achieve the Fund's investment objective may not produce the returns expected, may cause theFund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to generalmarket conditions or other factors, including those directly involving the issuers of such securities. Security markets arevolatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments.Different sectors of the market and different security types may react differently to such developments.

Wells Fargo Funds - Equity Gateway Funds3

PerformanceThe following information provides some indication of the risks of investing in the Fund by showing changes in theFund's performance from year to year. The Fund's average annual total returns are compared to the performance of oneor more indices. Past performance before and after taxes is no guarantee of future results. Current month-endperformance is available on the Fund's website at wellsfargofunds.com.

Calendar Year Total Returns for Institutional Class as of 12/31 each year

-1.60

-35.63

28.03

14.28

-0.45

10.94

36.93

10.94

-2.13

15.39

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-60%

-40%

-20%

0%

20%

40%

60%Highest Quarter: 3rd Quarter 2009 +18.56%

Lowest Quarter: 4th Quarter 2008 -23.59%

Year-to-date totalreturn as of6/30/2017 is+12.17%

Average Annual Total Returns for the periods ended 12/31/2016

InceptionDate of

Share Class 1 Year 5 Year 10 Year

Institutional Class (before taxes) 7/26/2004 15.39% 13.73% 5.79%

Institutional Class (after taxes on distributions) 7/26/2004 14.60% 13.14% 5.28%

Institutional Class (after taxes on distributions and the sale ofFund Shares) 7/26/2004 9.22% 10.98% 4.59%

Russell 1000® Value Index (reflects no deduction for fees,expenses, or taxes) 17.34% 14.80% 5.72%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflectthe impact of state, local or foreign taxes. Actual after-tax returns depend on an investor's tax situation and may differfrom those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fundshares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.


Fund ManagementManager Sub-Adviser Portfolio Manager, Title/Managed Since


Cooke & Bieler, L.P. Andrew Armstrong, CFA, Portfolio Manager/ 2015Steve Lyons, CFA, Portfolio Manager / 2009Michael M. Meyer, CFA, Portfolio Manager /1993Edward W. O'Connor, CFA, PortfolioManager / 2002R. James O'Neil, CFA, Portfolio Manager /1990Mehul Trivedi, CFA, Portfolio Manager / 1998William Weber, CFA, Portfolio Manager /2011

References to the investment activities of a gateway fund are intended to refer to the investment activities of the masterportfolio(s) in which it invests.

Purchase and Sale of Fund SharesInstitutional Class shares are generally available through intermediaries for the accounts of their customers and directlyto institutional investors and individuals. Institutional investors may include corporations; private banks and trustcompanies; endowments and foundations; defined contribution, defined benefit and other employer sponsoredretirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; banktrusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. Ingeneral, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchangeis open for regular trading. You also may buy and sell shares through a financial professional.

Minimum Investments To Buy or Sell Shares

Minimum Initial InvestmentInstitutional Class: $1 million (this amount may be reduced or eliminated for certaineligible investors)

Minimum Additional InvestmentInstitutional Class: None

Mail: Wells Fargo FundsP.O. Box 8266Boston, MA 02266-8266Online: wellsfargofunds.comPhone or Wire: 1-800-222-8222Contact your financial professional.

Tax InformationAny distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when yourinvestment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such atax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about yourspecific tax situation.

Payments to IntermediariesIf you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for thesale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediaryand your financial professional to recommend the Fund over another investment. Consult your financial professional orvisit your intermediary's website for more information.


Emerging Growth Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (0.13)%






After:

1 Year $92

3 Years $315

5 Years $556

10 Years $1,248



Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s total assets in equity securities of small-capitalization companies; and■ up to 25% of the Fund’s total assets in equity securities of foreign issuers through American Depository Receipts (ADRs)

and similar investments.

The Fund is a gateway fund that invests substantially all of its assets in the Emerging Growth Portfolio, a master portfoliowith a substantially identical investment objective and substantially similar investment strategies. We may invest inadditional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017, and is expected to changefrequently. Small-capitalization companies may include both domestic and foreign small-capitalization companies.

We seek small-capitalization companies that are in the emerging phase of their life cycle. We believe earnings andrevenue growth relative to consensus expectations are critical factors in determining stock price movements. Thus, ourinvestment process focuses on identifying companies with robust and sustainable growth in revenue and earnings thatare underappreciated by the market. To find that growth, we use bottom-up research, emphasizing companies whosemanagement teams have a history of successfully executing their strategy and whose business model have sufficientprofit potential. We forecast revenue and earnings growth along with other key financial metrics to assess investmentpotential. We then combine that company-specific analysis with our assessment of what the market is discounting forgrowth to form a buy/sell decision about a particular stock. We seek to capitalize on investment opportunities where asizable gap exists between market consensus and our expectation for a company's growth prospects. We may invest inany sector and, at times, we may emphasize one or more particular sectors. In addition, our investment process is built ona foundation of continuous risk management and a strict sell discipline. We sell a company's securities when we see signsthat can cause a company's growth prospects to deteriorate, as this often leads to lower valuation potential. We may alsosell or trim a position when we need to raise money to fund the purchase of a better investment opportunity or whenvaluation has extended beyond our expectations.


Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks relatedto adverse political, regulatory, market or economic developments. Foreign investments may involve exposure tochanges in foreign currency exchange rates and may be subject to higher withholding and other taxes.




Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatileand less liquid than those of larger companies.




-47.04

33.08 32.45

5.47 8.33

50.41

-1.90 -2.79

7.63

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%Highest Quarter: 2nd Quarter 2009 +19.66%

Lowest Quarter: 1st Quarter 2008 -23.52%



InceptionDate of

Share Class 1 Year 5 Year

PerformanceSince

1/31/2007




Russell 2000® Growth Index (reflects no deduction for fees,expenses, or taxes) 11.32% 13.74% 7.63%

1. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, andincludes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shareswould be higher.



Fund ManagementManager Sub-Adviser Portfolio Manager, Title / Managed Since


Wells Capital Management Incorporated Joseph M. Eberhardy, CFA, CPA, PortfolioManager / 2008Thomas C. Ognar, CFA, Portfolio Manager /2007Bruce C. Olson, CFA, Portfolio Manager /2007










International Value Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (0.07)%






After:

1 Year $102

3 Years $333

5 Years $583

10 Years $1,299



Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s total assets in equity securities of foreign issuers of any market capitalization; and■ up to 20% of the Fund’s total assets in emerging market equity securities.

The Fund is a gateway fund that invests substantially all of its assets in the International Value Portfolio, a master portfoliowith a substantially identical investment objective and substantially similar investment strategies. We may invest inadditional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in the equity securities of foreign issuers of any market capitalization which we believe areundervalued in the marketplace at the time of purchase and show recent positive signals, such as an appreciation inprices and increase in earnings. We consider equity securities of foreign issuers (or foreign securities) to be equitysecurities: (1) issued by companies with their principal place of business or principal office, or both, as determined in ourreasonable discretion, in a country other than the U.S.; or (2) issued by companies for which the principal securitiestrading market is a country other than the U.S. We invest in the securities of companies located in at least three countries,not including the U.S. The types of securities in which we normally invest include common stock, preferred stock, rights,warrants and American Depositary Receipts (ADRs). We may use futures or options to manage risk or to enhance return.Factors we consider in determining undervaluation include dividend yield, earnings relative to price, cash flow relative toprice and book value relative to market value. We believe that these securities have the potential to produce futurereturns if their future growth exceeds the market's low expectations. We use a quantitative investment model to makeinvestment decisions for the Fund. The investment model is designed to take advantage of judgmental biases thatinfluence the decisions of many investors, such as the tendency to develop a "mindset" about a company or to wronglyequate a good company with a good investment irrespective of price. The investment model ranks securities based onfundamental measures of value (such as the dividend yield) and indicators of near-term recovery (such as recent priceappreciation). This investment strategy seeks to manage overall portfolio risk while attempting to increase the expectedreturn.

A stock is typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight hasappreciated significantly (relative to the benchmark).


Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, can lead to losses, includingthose magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certainderivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, orthe other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks describedunder "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. Emerging marketsecurities are also typically less liquid than securities of developed countries and could be difficult to sell, particularlyduring a market downturn.


Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of losscaused by unanticipated market movements. In addition, there may at times be an imperfect correlation between themovement in the prices of futures contracts and the value of their underlying instruments or indexes and there may attimes not be a liquid secondary market for certain futures contracts.





Options Risk. A Fund that purchases options, which are a type of derivative, is subject to the risk of a loss of premiumswithout offsetting gains. A Fund that writes options receives a premium that may be small relative to the loss realized inthe event of adverse changes in the value of the underlying instruments.




3.23

-43.70

31.09

7.53

-12.20

17.42 20.32

-6.89-2.65

4.39

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-80%

-60%

-40%

-20%

0%

20%

40%


Lowest Quarter: 3rd Quarter 2011 -19.77%



InceptionDate of


Institutional Class (before taxes) 8/31/2006 4.39% 5.98% -0.39%

Institutional Class (after taxes on distributions) 8/31/2006 3.99% 5.52% -0.90%

Institutional Class (after taxes on distributions and the sale ofFund Shares) 8/31/2006 3.14% 4.82% -0.17%

MSCI EAFE Value Index (Net) (reflects no deduction for fees,expenses, or taxes) 5.02% 6.28% -0.22%





LSV Asset Management Josef Lakonishok, Portfolio Manager / 2003Puneet Mansharamani, CFA, PortfolioManager / 2006Menno Vermeulen, CFA, Portfolio Manager /2003










Small Company Growth Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (0.05)%






After:

1 Year $97

3 Years $313

5 Years $548

10 Years $1,220



Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s net assets in equity securities of small-capitalization companies.

The Fund is a gateway fund that invests substantially all of its assets in the Small Company Growth Portfolio, a masterportfolio with a substantially identical investment objective and substantially similar investment strategies. We mayinvest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017, and is expected to changefrequently.

We may also invest in equity securities of foreign issuers through American Depository Receipts (ADRs) and similarinvestments.

In selecting securities for the Fund, we conduct rigorous research to identify companies where the prospects for rapidearnings growth (Discovery phase) or significant change (Rediscovery phase) have yet to be well understood, and aretherefore not reflected in the current stock price. This research includes meeting with the management of severalhundred companies each year and conducting independent external research. Companies that fit into the Discoveryphase are those with rapid long-term (3-5 year) earnings growth prospects. Companies that fit into the Rediscoveryphase are those that have the prospect for sharply accelerating near-term earnings (next 12-18 months), or companiesselling at a meaningful discount to their underlying asset value. We may decrease certain stock holdings when theirpositions rise relative to the overall portfolio. We may sell a stock in its entirety when it reaches our sell target price, whichis set at the time of purchase. We may also sell stocks that experience adverse fundamental news, have significant short-term price declines, or in order to provide funds for new stock purchases.










3.49

-44.59

47.20

35.36

-2.99

16.69

46.43

8.54

-4.35

7.72

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-80%

-60%

-40%

-20%

0%

20%

40%

60%



Year-to-date totalreturn as of6/30/2017 is +9.39%


InceptionDate of





Russell 2000® Growth Index (reflects no deduction for fees,expenses, or taxes) 11.32% 13.74% 7.76%

1. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, andincludes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shareswould be higher.



Fund ManagementManager Sub-Adviser Portfolio Manager, Title / Managed Since


Peregrine Capital Management, LLC William A. Grierson, CFA, Portfolio Manager/ 2005Daniel J. Hagen, CFA, Portfolio Manager /2003James P. Ross, CFA, Portfolio Manager / 2005Paul E. von Kuster, CFA, Portfolio Manager /1984







The Fund is closed to most new investors. For further information, please see the section entitled "Additional Purchaseand Redemption Information" in the SAI.




Small Company Value Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (0.14)%






After:

1 Year $102

3 Years $348

5 Years $614

10 Years $1,374





We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017 and is expected to changefrequently.

We seek to identify the least expensive small cap stocks across different sectors. To narrow the universe of possiblecandidates, we use a proprietary, quantitative screening process to emphasize companies exhibiting traditional valuecharacteristics and to rank stocks within each sector based on these criteria. This valuation analysis allows us to focus ourfundamental research efforts on the stocks that we believe are the most undervalued relative to their respective smallcap peer group. We analyze each company's fundamental operating characteristics (such as price to earnings ratios, cashflows, company operations, including company prospects and profitability) to identify those companies that are the mostpromising within their peer group based on factors that have historically determined subsequent outperformance for agiven sector. Fundamental research is primarily conducted through financial statement analysis and meetings withcompany management, however, third-party research is also used for due diligence purposes. We may sell a stock whenit becomes fairly valued or when signs of fundamental deterioration appear.









-13.80

-39.48

45.23

27.05

-3.86

18.38

36.88

4.06

-6.70

27.62

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-60%

-40%

-20%

0%

20%

40%

60%



Year-to-date totalreturn as of6/30/2017 is +1.39%


InceptionDate of





Russell 2000® Value Index (reflects no deduction for fees,expenses, or taxes) 31.74% 15.07% 6.26%

1. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares andincludes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shareswould be higher.





Peregrine Capital Management, LLC Jason R. Ballsrud, CFA, Portfolio Manager /2005Tasso H. Coin, Jr., CFA, Portfolio Manager /2002Douglas G. Pugh, CFA, Portfolio Manager /2002










Key Fund InformationThis Prospectus contains information about one or more Funds within the Wells Fargo Funds family and is designed toprovide you with important information to help you with your investment decisions. Please read it carefully and keep itfor future reference.

In this Prospectus, "we" generally refers to Wells Fargo Funds Management, LLC, the relevant sub-adviser(s), if applicable,or the portfolio manager(s). "We" may also refer to a Fund's other service providers. "You" refers to the shareholder orpotential investor.

Investment Objective and Principal Investment StrategiesThe investment objective of each Fund in this Prospectus is non-fundamental; that is, it can be changed by a vote of theBoard of Trustees ("Board") alone. The objective and strategies description for each Fund tells you:■ what the Fund is trying to achieve; ■ how we intend to invest your money; and ■ what makes the Fund different from the other Funds offered in this Prospectus.

This section also provides a summary of each Fund's principal investment strategies, policies and practices. Unlessotherwise indicated, these principal investment strategies, policies and practices apply on an ongoing basis. Percentagesof "the Fund's net assets" are measured as percentages of net assets plus borrowings for investment purposes. Theinvestment policy of the C&B Large Cap Value Fund, Small Company Growth Fund and Small Company Value Fundconcerning "80% of the Fund's net assets" may be changed by the Board of Trustees without shareholder approval, butshareholders would be given at least 60 days' notice.

Principal Investment RisksThis section lists the principal investment risks for each Fund. A complete description of these and other risks is found inthe "Description of Principal Investment Risks" section. It is possible to lose money by investing in a Fund.

Master / Gateway® StructureEach Fund is a gateway fund in a Master/Gateway® structure. In this structure, a gateway fund invests substantially all ofits assets in one or more master portfolios of Wells Fargo Master Trust or other stand-alone funds of Wells Fargo Fundswhose objectives and investment strategies are consistent with the gateway fund's investment objective and strategies.Through this structure, a gateway fund can enhance its investment opportunities and reduce its expenses by sharing thecosts and benefits of a larger pool of assets. Master portfolios offer their shares to multiple gateway funds and othermaster portfolios rather than directly to the public. Certain administrative and other fees and expenses are charged toboth the gateway fund and the master portfolio(s). The services provided and fees charged to a gateway fund are inaddition to and not duplicative of the services provided and fees charged to the master portfolios. Fees relating toinvestments in other stand-alone funds are waived to the extent that they are duplicative, or would exceed certaindefined limits.


C&B Large Cap Value FundInvestment ObjectiveThe Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizingrisk to principal.

The Fund's Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s net assets in equity securities of large-capitalization companies.

The Fund is a gateway fund that invests substantially all of its assets in the C&B Large Cap Value Portfolio, a masterportfolio with a substantially identical investment objective and substantially similar investment strategies. We mayinvest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of large-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 1000® Index at the time of purchase. The market capitalization range of theRussell 1000® Index was approximately $855 million to $1.5 billion, as of August 31, 2017, and is expected to changefrequently. We manage a relatively focused portfolio of 30 to 50 companies that enables us to provide adequatediversification while allowing the composition and performance of the portfolio to behave differently than the market.

We select securities for the portfolio based on an analysis of a company's financial characteristics and an assessment ofthe quality of a company's management. In selecting a company, we consider criteria such as return on equity, balancesheet strength, industry leadership position and cash flow projections. We further narrow the universe of acceptableinvestments by undertaking intensive research including interviews with a company's top management, customers andsuppliers. We believe our assessment of business quality and emphasis on valuation will protect the portfolio's assets indown markets, while our insistence on strength in leadership, financial condition and cash flow position will producecompetitive results in all but the most speculative markets. We regularly review the investments of the portfolio and maysell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamentals ofthe business, or we have identified a more attractive investment opportunity.

We may actively trade portfolio securities, which may lead to higher transaction costs that may affect the Fund'sperformance. In addition, active trading of portfolio securities may lead to higher taxes if your shares are held in a taxableaccount.

The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations,shares of other mutual funds and repurchase agreements, or make other short-term investments for purposes ofmaintaining liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholdersto do so. During such periods, the Fund may not achieve its objective.

Principal Investment RisksThe Fund is primarily subject to the risks mentioned below.

■ Focused Portfolio Risk■ Growth/Value Investing Risk

■ Management Risk■ Market Risk

These and other risks could cause you to lose money in your investment in the Fund and could adversely affect theFund's net asset value and total return. These risks are described in the "Description of Principal Investment Risks" section.


Emerging Growth FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.


Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s total assets in equity securities of small-capitalization companies; and■ up to 25% of the Fund’s total assets in equity securities of foreign issuers through American Depository Receipts (ADRs)

and similar investments.

The Fund is a gateway fund that invests substantially all of its assets in the Emerging Growth Portfolio, a master portfoliowith a substantially identical investment objective and substantially similar investment strategies. We may invest inadditional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017, and is expected to changefrequently. Small-capitalization companies may include both domestic and foreign small-capitalization companies.

We seek small-capitalization companies that are in the emerging phase of their life cycle. We believe earnings andrevenue growth relative to consensus expectations are critical factors in determining stock price movements. Thus, ourinvestment process focuses on identifying companies with robust and sustainable growth in revenue and earnings thatare underappreciated by the market. To find that growth, we use bottom-up research, emphasizing companies whosemanagement teams have a history of successfully executing their strategy and whose business model have sufficientprofit potential. We forecast revenue and earnings growth along with other key financial metrics to assess investmentpotential. We then combine that company-specific analysis with our assessment of what the market is discounting forgrowth to form a buy/sell decision about a particular stock. We seek to capitalize on investment opportunities where asizable gap exists between market consensus and our expectation for a company's growth prospects. We may invest inany sector and, at times, we may emphasize one or more particular sectors. In addition, our investment process is built ona foundation of continuous risk management and a strict sell discipline. We sell a company's securities when we see signsthat can cause a company's growth prospects to deteriorate, as this often leads to lower valuation potential. We may alsosell or trim a position when we need to raise money to fund the purchase of a better investment opportunity or whenvaluation has extended beyond our expectations.




■ Foreign Investment Risk■ Growth/Value Investing Risk■ Management Risk

■ Market Risk■ Smaller Company Securities Risk



International Value FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.


Principal Investment StrategiesUnder normal circumstances, we invest:■ at least 80% of the Fund’s total assets in equity securities of foreign issuers of any market capitalization; and■ up to 20% of the Fund’s total assets in emerging market equity securities.

The Fund is a gateway fund that invests substantially all of its assets in the International Value Portfolio, a master portfoliowith a substantially identical investment objective and substantially similar investment strategies. We may invest inadditional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in the equity securities of foreign issuers of any market capitalization which we believe areundervalued in the marketplace at the time of purchase and show recent positive signals, such as an appreciation inprices and increase in earnings. We consider equity securities of foreign issuers (or foreign securities) to be equitysecurities: (1) issued by companies with their principal place of business or principal office, or both, as determined in ourreasonable discretion, in a country other than the U.S.; or (2) issued by companies for which the principal securitiestrading market is a country other than the U.S. We invest in the securities of companies located in at least three countries,not including the U.S. The types of securities in which we normally invest include common stock, preferred stock, rights,warrants and American Depositary Receipts (ADRs). We may use futures or options to manage risk or to enhance return.Factors we consider in determining undervaluation include dividend yield, earnings relative to price, cash flow relative toprice and book value relative to market value. We believe that these securities have the potential to produce futurereturns if their future growth exceeds the market's low expectations. We use a quantitative investment model to makeinvestment decisions for the Fund. The investment model is designed to take advantage of judgmental biases thatinfluence the decisions of many investors, such as the tendency to develop a "mindset" about a company or to wronglyequate a good company with a good investment irrespective of price. The investment model ranks securities based onfundamental measures of value (such as the dividend yield) and indicators of near-term recovery (such as recent priceappreciation). This investment strategy seeks to manage overall portfolio risk while attempting to increase the expectedreturn.

A stock is typically sold if the model indicates a decline in its ranking or if a stock's relative portfolio weight hasappreciated significantly (relative to the benchmark).




■ Derivatives Risk■ Emerging Markets Risk■ Foreign Investment Risk■ Futures Contracts Risk■ Growth/Value Investing Risk

■ Management Risk■ Market Risk■ Options Risk■ Smaller Company Securities Risk



Small Company Growth FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.



The Fund is a gateway fund that invests substantially all of its assets in the Small Company Growth Portfolio, a masterportfolio with a substantially identical investment objective and substantially similar investment strategies. We mayinvest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017, and is expected to changefrequently.

We may also invest in equity securities of foreign issuers through American Depository Receipts (ADRs) and similarinvestments.

In selecting securities for the Fund, we conduct rigorous research to identify companies where the prospects for rapidearnings growth (Discovery phase) or significant change (Rediscovery phase) have yet to be well understood, and aretherefore not reflected in the current stock price. This research includes meeting with the management of severalhundred companies each year and conducting independent external research. Companies that fit into the Discoveryphase are those with rapid long-term (3-5 year) earnings growth prospects. Companies that fit into the Rediscoveryphase are those that have the prospect for sharply accelerating near-term earnings (next 12-18 months), or companiesselling at a meaningful discount to their underlying asset value. We may decrease certain stock holdings when theirpositions rise relative to the overall portfolio. We may sell a stock in its entirety when it reaches our sell target price, whichis set at the time of purchase. We may also sell stocks that experience adverse fundamental news, have significant short-term price declines, or in order to provide funds for new stock purchases.




■ Foreign Investment Risk■ Growth/Value Investing Risk■ Management Risk




Small Company Value FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.




We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of theRussell 2000® Index was approximately $10 million to $33.5 billion, as of August 31, 2017 and is expected to changefrequently.

We seek to identify the least expensive small cap stocks across different sectors. To narrow the universe of possiblecandidates, we use a proprietary, quantitative screening process to emphasize companies exhibiting traditional valuecharacteristics and to rank stocks within each sector based on these criteria. This valuation analysis allows us to focus ourfundamental research efforts on the stocks that we believe are the most undervalued relative to their respective smallcap peer group. We analyze each company's fundamental operating characteristics (such as price to earnings ratios, cashflows, company operations, including company prospects and profitability) to identify those companies that are the mostpromising within their peer group based on factors that have historically determined subsequent outperformance for agiven sector. Fundamental research is primarily conducted through financial statement analysis and meetings withcompany management, however, third-party research is also used for due diligence purposes. We may sell a stock whenit becomes fairly valued or when signs of fundamental deterioration appear.




■ Investment Style Risk■ Management Risk




Description of Principal Investment RisksUnderstanding the risks involved in mutual fund investing will help you make an informed decision that takes intoaccount your risk tolerance and preferences. The risks that are most likely to have a material effect on a particular Fund asa whole are called "principal risks." The principal risks for each Fund and indirectly, the principal risk factors for the masterportfolio(s) in which the Fund invests, have been previously identified and are described below. Additional informationabout the principal risks is included in the Statement of Additional Information.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from, andpossibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can leadto losses because of adverse movements in the price or value of the derivatives' underlying assets, indexes or rates andthe derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightenedwhen derivatives are used to enhance a Fund's return or as a substitute for a position or security, rather than solely tohedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affectedby the portfolio manager's ability to assess and predict market or economic developments and their impact on thederivatives' underlying assets, indexes or rates and the derivatives themselves. Certain derivative instruments maybecome illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate todo so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlyingassets, indexes or rates and increase the volatility of the Fund's net asset value. Certain derivatives (e.g., over-the-counterswaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill itscontractual obligations, which may cause a Fund to lose money, suffer delays or incur costs arising from holding or sellingan underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availabilityof derivatives, or may otherwise adversely affect the use, value or performance of derivatives.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks describedunder "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. For example, emergingmarket countries are typically more dependent on exports and are therefore more vulnerable to recessions in othercountries. Emerging markets tend to have less developed legal and financial systems and a smaller market capitalizationthan markets in developed countries. Some emerging markets are subject to greater political instability. Additionally,emerging markets may have more volatile currencies and be more sensitive than developed markets to a variety ofeconomic factors, including inflation. Emerging market securities are also typically less liquid than securities of developedcountries and could be difficult to sell, particularly during a market downturn.

Focused Portfolio Risk. Changes in the value of a small number of issuers are likely to have a larger impact on a Fund'snet asset value than if the Fund held a greater number of issuers.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks relatedto adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantlyhigher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing theearnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currencyexchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subjectto additional risks such as potentially higher withholding and other taxes, and may also be subject to greater tradesettlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also becharacterized by less stringent investor protection and disclosure standards.

Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of losscaused by unanticipated market movements. In addition, there may at times be an imperfect correlation between themovement in the prices of futures contracts and the value of their underlying instruments or indexes and there may attimes not be a liquid secondary market for certain futures contracts.

Growth/Value Investing Risk. Securities that exhibit certain characteristics, such as growth characteristics or valuecharacteristics, tend to perform differently and shift into and out of favor with investors depending on changes in marketand economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performanceof other mutual funds that invest more broadly or in securities that exhibit different characteristics.


Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to generalmarket conditions or other factors, including those directly involving the issuers of such securities. Security markets are


volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments.Different sectors of the market and different security types may react differently to such developments.

Options Risk. A Fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any,realized on the position, will be less than the amount paid as premiums to the writer of the option. A Fund that writesoptions receives a premium that may be small relative to the loss realized in the event of adverse changes in the value ofthe underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from any priceincrease in the underlying security above the option exercise price while the option is in effect. Options may be morevolatile than the underlying instruments. In addition, there may at times be an imperfect correlation between themovement in values of options and their underlying securities and there may at times not be a liquid secondary marketfor certain options.

Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatileand less liquid than those of larger companies. Smaller companies may have no or relatively short operating histories,limited financial resources or may be newly public companies. Some of these companies have aggressive capitalstructures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies.

Portfolio Holdings InformationA description of the Wells Fargo Funds' policies and procedures with respect to disclosure of the Wells Fargo Funds'portfolio holdings is available in the Funds' Statement of Additional Information. In addition, Funds Management will,from time to time, include portfolio holdings information in periodic commentaries for certain Funds. The substance ofthe information contained in such commentaries will also be posted to the Funds' website at wellsfargofunds.com.


Pricing Fund SharesA Fund's NAV is the value of a single share. The NAV is calculated as of the close of regular trading on the New York StockExchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day that the NYSE is open, although a Fund may deviatefrom this calculation time under unusual or unexpected circumstances. The NAV is calculated separately for each class ofshares of a multiple-class Fund. The most recent NAV for each class of a Fund is available at wellsfargofunds.com. Tocalculate the NAV of a Fund's shares, the Fund's assets are valued and totaled, liabilities are subtracted, and the balance,called net assets, is divided by the number of shares outstanding. The price at which a purchase or redemption request isprocessed is based on the next NAV calculated after the request is received in good order. Generally, NAV is notcalculated, and purchase and redemption requests are not processed, on days that the NYSE is closed for trading;however under unusual or unexpected circumstances a Fund may elect to remain open even on days that the NYSE isclosed or closes early. To the extent that a Fund's assets are traded in various markets on days when the Fund is closed,the value of the Fund's assets may be affected on days when you are unable to buy or sell Fund shares. Conversely,trading in some of a Fund's assets may not occur on days when the Fund is open.

Because a Fund invests substantially all of its investable assets in one or more master portfolios, the value of the Fund'sshares is based on the NAV of the shares of such master portfolios. The following describes the pricing policies of themaster portfolios, as well as the policies that a Fund will use with respect to any portion of the Fund's assets investeddirectly in securities. References in this section to a Fund should also be considered references to the master portfolios. AFund's investments are generally valued at current market prices. Equity securities, options and futures are generallyvalued at the official closing price or, if none, the last reported sales price on the primary exchange or market on whichthey are listed (closing price). Equity securities that are not traded primarily on an exchange are generally valued at thequoted bid price obtained from a broker-dealer.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or if a reliable price isnot available, the quoted bid price from an independent broker-dealer.

We are required to depart from these general valuation methods and use fair value pricing methods to determine thevalues of certain investments if we believe that the closing price or the quoted bid price of a security, including a securitythat trades primarily on a foreign exchange, does not accurately reflect its current market value at the time as of which aFund calculates its NAV. The closing price or the quoted bid price of a security may not reflect its current market value if,among other things, a significant event occurs after the closing price or quoted bid price but before the time as of whicha Fund calculates its NAV that materially affects the value of the security. We use various criteria, including a systemicevaluation of U.S. market moves after the close of foreign markets, in deciding whether a foreign security's market price isstill reliable and, if not, what fair market value to assign to the security. In addition, we use fair value pricing to determinethe value of investments in securities and other assets, including illiquid securities, for which current market quotationsor evaluated prices from a pricing service or broker-dealer are not readily available.

The fair value of a Fund's securities and other assets is determined in good faith pursuant to policies and proceduresadopted by the Fund's Board of Trustees. In light of the judgment involved in making fair value decisions, there can be noassurance that a fair value assigned to a particular security is accurate or that it reflects the price that the Fund couldobtain for such security if it were to sell the security at the time as of which fair value pricing is determined. Such fair valuepricing may result in NAVs that are higher or lower than NAVs based on the closing price or quoted bid price. See theStatement of Additional Information for additional details regarding the determination of NAVs.


The ManagerWells Fargo Funds Management, LLC ("Funds Management"), headquartered at 525 Market Street, San Francisco, CA94105, provides advisory and Fund level administrative services to the Funds pursuant to an investment managementagreement (the "Management Agreement"). Funds Management is a wholly owned subsidiary of Wells Fargo &Company, a publicly traded diversified financial services company that provides banking, insurance, investment,mortgage and consumer financial services. Funds Management is a registered investment adviser that provides advisoryservices for registered mutual funds, closed-end funds and other funds and accounts.

Funds Management is responsible for implementing the investment objectives and strategies of the Funds. FundsManagement's investment professionals review and analyze the Funds' performance, including relative to peer funds,and monitor the Funds' compliance with their investment objectives and strategies. Funds Management is responsiblefor reporting to the Board on investment performance and other matters affecting the Funds. When appropriate, FundsManagement recommends to the Board enhancements to Fund features, including changes to Fund investmentobjectives, strategies and policies. Funds Management also communicates with shareholders and intermediaries aboutFund performance and features.

Funds Management is also responsible for providing Fund-level administrative services, which include, among others,providing such services in connection with the Funds' operations; developing and implementing procedures formonitoring compliance with regulatory requirements and compliance with the Funds' investment objectives, policiesand restrictions; and providing any other Fund-level administrative services reasonably necessary for the operation ofthe Funds other than those services that are provided by the Funds' transfer and dividend disbursing agent, custodianand fund accountant.

To assist Funds Management in implementing the investment objectives and strategies of the Funds, FundsManagement may contract with one or more sub-advisers to provide day-to-day portfolio management services to theFunds. Funds Management employs a team of investment professionals who identify and recommend the initial hiring ofany sub-adviser and supervise and monitor the activities of any sub-adviser on an ongoing basis. Funds Managementretains overall responsibility for the investment activities of the Funds.

A discussion regarding the basis for the Board's approval of the Management Agreement and any applicable sub-advisory agreements for each Fund is available in the Fund's Annual report for the period ended May 31st.

For each Fund's most recent fiscal year end, the management fee paid to Funds Management pursuant to theManagement Agreement, net of any applicable waivers and reimbursements, was as follows:

Management Fees Paid

As a % of average daily net assets

C&B Large Cap Value Fund1 0.65%

Emerging Growth Fund1 0.79%

International Value Fund1 0.81%

Small Company Growth Fund1 0.78%

Small Company Value Fund1 0.80%

1. Includes the fees charged by Funds Management for providing investment advisory services to the master portfolio in which the Fund investssubstantially all of its assets.

For C&B Large Cap Value Fund, Emerging Growth Fund, Index Fund, International Value Fund, Small Company GrowthFund and Small Company Value Fund, as long as the Fund continues to invest, as it does today, substantially all of itsassets in a single master portfolio, the Fund pays Funds Management an investment management fee only for Fund-leveladministrative services. Funds Management receives a fee for advisory services from the master portfolio in which theFund invests. If a Fund were to change its investment structure so that it begins to invest substantially all of its assets intwo or more master portfolios, Funds Management would be entitled to receive an increased investment managementfee covering both asset allocation services and Fund-level administrative services.


The Sub-Advisers and Portfolio ManagersThe following sub-advisers and portfolio managers provide day-to-day portfolio management services to the Funds.These services include making purchases and sales of securities and other investment assets for the Funds, selectingbroker-dealers, negotiating brokerage commission rates and maintaining portfolio transaction records. The sub-advisers are compensated for its services by Funds Management from the fees Funds Management receives for itsservices as investment manager to the Funds. The Statement of Additional Information provides additional informationabout the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfoliomanagers' ownership of securities in the Funds.

Cooke & Bieler, L.P. ("Cooke & Bieler"), is a registered investment adviser located at 1700 Market Street, Philadelphia, PA19103. Cooke & Bieler provides investment management services to registered investment companies, corporations,foundations, endowments, pension and profit sharing plans, trusts, estates and other institutions and individuals.

Andrew Armstrong, CFAC&B Large Cap Value Fund

Mr. Armstrong rejoined Cooke & Bieler in 2014, where he currently serves as a Principal,Portfolio Manager and Research Analyst.

Steve Lyons, CFAC&B Large Cap Value Fund

Mr. Lyons joined Cooke & Bieler in 2006, where he currently serves as a Partner,Portfolio Manager and Research Analyst.

Michael M. Meyer, CFAC&B Large Cap Value Fund

Mr. Meyer joined Cooke & Bieler in 1993, and currently serves as a Partner, PortfolioManager and Research Analyst.

Edward W. O'Connor, CFAC&B Large Cap Value Fund

Mr. O'Connor joined Cooke & Bieler in 2002, where he currently serves as a Partner,Portfolio Manager and Research Analyst.

R. James O'Neil, CFAC&B Large Cap Value Fund

Mr. O'Neil joined Cooke & Bieler in 1988, and currently serves as a Partner, PortfolioManager and Research Analyst.

Mehul Trivedi, CFAC&B Large Cap Value Fund

Mr. Trivedi joined Cooke & Bieler in 1998, and currently serves as a Partner, PortfolioManager and Research Analyst.

William Weber, CFAC&B Large Cap Value Fund

Mr. Weber rejoined Cooke & Bieler in 2010, where he currently serves as a Partner,Portfolio Manager and Research Analyst. Prior to Business School, Mr. Weber served asan Associate Analyst with Cooke & Bieler.

LSV Asset Management ("LSV"), is a registered investment adviser located at 155 North Wacker Drive, Suite 4600,Chicago, IL 60606. LSV provides investment management services to other mutual funds, corporate clients, endowmentsand foundations in addition to multi-employer and public investment plans.

Josef LakonishokInternational Value Fund

Dr. Lakonishok joined LSV in 1994, where he currently serves as Chief ExecutiveOfficer, Chief Investment Officer, Partner and Portfolio Manager.

Puneet Mansharamani, CFAInternational Value Fund

Mr. Mansharamani joined LSV in 2000, where he currently serves as a Partner andPortfolio Manager.

Menno Vermeulen, CFAInternational Value Fund

Mr. Vermeulen joined LSV in 1995, where he currently serves as a Partner andPortfolio Manager.

Peregrine Capital Management LLC ("Peregrine"), is an employee-owned registered investment adviser located at 800LaSalle Avenue, Suite 1850, Minneapolis, MN 55402. Peregrine provides investment advisory services to registeredinvestment companies, corporate and public pension plans, profit sharing plans, savings investment plans, 401(k) Plans,foundations and endowments.

Jason R. Ballsrud, CFASmall Company Value Fund

Mr. Ballsrud joined Peregrine in 1997, where he currently serves as a Principal andPortfolio Manager for the Small Cap Value style.

Tasso H. Coin, Jr., CFASmall Company Value Fund

Mr. Coin joined Peregrine in 1995, where he currently serves as a Principal andPortfolio Manager for the Small Cap Value style.

William A. Grierson, CFASmall Company Growth Fund

Mr. Grierson joined Peregrine in 2000, where he currently serves as a Principal andPortfolio Manager for the Small Cap Growth strategy.

Daniel J. Hagen, CFASmall Company Growth Fund

Mr. Hagen joined Peregrine in 1996, where he currently serves as a Principal andPortfolio Manager for the Small Cap Growth strategy.


Douglas G. Pugh, CFASmall Company Value Fund

Mr. Pugh joined Peregrine in 1997, where he currently serves as a Principal andPortfolio Manager for the Small Cap Value style.

James P. Ross, CFASmall Company Growth Fund

Mr. Ross joined Peregrine in 1996, where he currently serves as a Principal andPortfolio Manager for the Small Cap Growth strategy.

Paul E. von Kuster, CFASmall Company Growth Fund

Mr. von Kuster joined Peregrine in 1984, where he currently serves as a Principaland Portfolio Manager for the Small Cap Growth strategy.

Wells Capital Management Incorporated ("Wells Capital Management") is a registered investment adviser located at525 Market Street, San Francisco, CA 94105. Wells Capital Management, an affiliate of Funds Management and indirectwholly owned subsidiary of Wells Fargo & Company, is a multi-boutique asset management firm committed to deliveringsuperior investment services to institutional clients, including mutual funds.

Joseph M. Eberhardy, CFA,CPAEmerging Growth Fund

Mr. Eberhardy joined Wells Capital Management or one of its predecessor firms in1994, where he currently serves as a Portfolio Manager.

Thomas C. Ognar, CFAEmerging Growth Fund

Mr. Ognar joined Wells Capital Management or one of its predecessor firms in 1998,where he currently serves as a Portfolio Manager.

Bruce C. Olson, CFAEmerging Growth Fund

Mr. Olson joined Wells Capital Management or one of its predecessor firms in 1994,where he currently serves as a Portfolio Manager.

Multi-Manager ArrangementThe Funds and Funds Management have obtained an exemptive order from the SEC that permits Funds Management,subject to Board approval, to select certain sub-advisers and enter into or amend sub-advisory agreements with them,without obtaining shareholder approval. The SEC order extends to sub-advisers that are not otherwise affiliated withFunds Management or the Funds, as well as sub-advisers that are wholly-owned subsidiaries of Funds Management or ofa company that wholly owns Funds Management ("Multi-Manager Sub-Advisers").

Pursuant to the order, Funds Management, with Board approval, may hire or replace Multi-Manager Sub-Advisers foreach Fund that is eligible to rely on the order. Funds Management, subject to Board oversight, has the responsibility tooversee Multi-Manager Sub-Advisers and to recommend their hiring, termination and replacement. If a new sub-adviseris hired for a Fund pursuant to the order, the Fund is required to notify shareholders within 90 days. The Funds are notrequired to disclose the individual fees that Funds Management pays to a Multi-Manager Sub-Adviser.


Share Class EligibilityInstitutional Class shares are generally available through intermediaries for the accounts of their customers and directlyto institutional investors and individuals. Institutional investors may include corporations; private banks; trust companies;endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans;institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529college savings plans; family offices; and funds of funds, including those managed by Funds Management. The followinginvestors may purchase Institutional Class shares and are not subject to a minimum initial investment amount except asnoted below:■ Employee benefit plan programs;■ Broker-dealer managed account or wrap programs that charge an asset-based fee;■ Registered investment adviser mutual fund wrap programs or other accounts that charge a fee for advisory,

investment, consulting or similar services;■ Private bank and trust company managed accounts or wrap programs that charge an asset-based fee;■ Internal Revenue Code Section 529 college savings plan accounts;■ Funds of funds, including those advised by Funds Management;■ Investment Management and Trust Departments of Wells Fargo & Company purchasing shares on behalf of their

clients;■ Endowments, non-profits, and charitable organizations who invest a minimum initial investment amount of $500,000

in a Fund;■ Any other institutions or customers of intermediaries who invest a minimum initial investment amount of $1 million in

a Fund;■ Individual investors who invest a minimum initial investment amount of $1 million directly in a Fund; and■ Certain investors and related accounts as detailed in the Statement of Additional Information.

Eligibility requirements for Institutional Class shares may be modified or discontinued at any time.

Your Fund may offer other classes of shares in addition to those offered through this Prospectus. You may be eligible toinvest in one or more of these other classes of shares. Each share class bears varying expenses and may differ in otherfeatures. Consult your financial professional for more information regarding a Fund's available share classes.

The information in this Prospectus is not intended for distribution to, or use by, any person or entity in any non-U.S.jurisdiction or country where such distribution or use would be contrary to any law or regulation, or which would subjectFund shares to any registration requirement within such jurisdiction or country.

Share Class FeaturesThe table below summarizes the key features of the share class offered through this Prospectus.

Institutional Class

Front-End Sales Charge None

Contingent Deferred Sales Charge (CDSC) None

Ongoing Distribution (12b-1) Fees None

Information regarding sales charges, breakpoint levels, reductions and waivers is also available free of charge on ourwebsite at wellsfargofunds.com. You may wish to discuss your choice of share class with your financial professional.

Compensation to Financial Professionals and IntermediariesAdditional Payments to Financial Professionals and IntermediariesIn addition to dealer reallowances and payments made by certain classes of each Fund for distribution and shareholderservicing, the Fund's manager, the distributor or their affiliates make additional payments ("Additional Payments") tocertain financial professionals and intermediaries for selling shares and providing shareholder services, which includebroker-dealers and 401(k) service providers and record keepers. These Additional Payments, which may be significant, arepaid by the Fund's manager, the distributor or their affiliates, out of their revenues, which generally come directly orindirectly from Fund fees.

In return for these Additional Payments, each Fund's manager and distributor expect the Fund to receive certain


marketing or servicing considerations that are not generally available to mutual funds whose sponsors do not make suchpayments. Such considerations are expected to include, without limitation, placement of the Fund on a list of mutualfunds offered as investment options to the intermediary's clients (sometimes referred to as "Shelf Space"); access to theintermediary's financial professionals; and/or ability to assist in training and educating the intermediary's financialprofessionals.

The Additional Payments may create potential conflicts of interest between an investor and a financial professional orintermediary who is recommending or making available a particular mutual fund over other mutual funds. Beforeinvesting, you should consult with your financial professional and review carefully any disclosure by the intermediary asto what compensation the intermediary receives from mutual fund sponsors, as well as how your financial professional iscompensated.

The Additional Payments are typically paid in fixed dollar amounts, based on the number of customer accountsmaintained by an intermediary, or based on a percentage of sales and/or assets under management, or a combination ofthe above. The Additional Payments are either up-front or ongoing or both and differ among intermediaries. AdditionalPayments to an intermediary that is compensated based on its customers' assets typically range between 0.05% and0.30% in a given year of assets invested in a Fund by the intermediary's customers. Additional Payments to anintermediary that is compensated based on a percentage of sales typically range between 0.10% and 0.15% of the grosssales of a Fund attributable to the financial intermediary.

More information on the FINRA member firms that have received the Additional Payments described in this section isavailable in the Statement of Additional Information, which is on file with the SEC and is also available on the Wells FargoFunds website at wellsfargofunds.com.

Buying and Selling Fund SharesFor more information regarding buying and selling Fund shares, please visit wellsfargofunds.com. You may buy(purchase) and sell (redeem) Fund shares as follows:

Opening an AccountAdding to an Account or Selling FundShares

Through Your FinancialProfessional

Contact your financial professional.

Transactions will be subject to the terms ofyour account with your intermediary.

Contact your financial professional.

Transactions will be subject to the terms ofyour account with your intermediary.

Through Your Retirement Plan Contact your retirement planadministrator.

Transactions will be subject to the terms ofyour retirement plan account.

Contact your retirement planadministrator.

Transactions will be subject to the terms ofyour retirement plan account.

Online New accounts cannot be opened online.Contact your financial professional orretirement plan administrator, or refer tothe section on opening an account bymail.

Visit wellsfargofunds.com.

Online transactions are limited to a maximumof $100,000. You may be eligible for anexception to this maximum. Please callInvestor Services at1-800-222-8222 for more information.

By Telephone Call Investor Services at1-800-222-8222.

Available only if you have another WellsFargo Fund account with your bankinformation on file.

Call Investor Services at 1-800-222-8222.

Redemption requests may not be made byphone if the address on your account waschanged in the last 15 days. In this event, youmust request your redemption by mail. Forjoint accounts, telephone requests generallyrequire only one of the account owners to callunless you have instructed us otherwise.


Opening an AccountAdding to an Account or Selling FundShares

By Mail Complete an account application andsubmit it according to the instructionson the application.Account applications are available onlineat wellsfargofunds.com or by callingInvestor Services at 1-800-222-8222.

Send the items required under "Requests inGood Order" below to:Regular MailWells Fargo FundsP.O. Box 8266Boston, MA 02266-8266Overnight OnlyWells Fargo Fundsc/o Boston Financial Data Services30 Dan RoadCanton, MA 02021-2809

Requests in "Good Order". All purchase and redemption requests must be received in "good order." This means that arequest generally must include:■ The Fund name(s), share class(es) and account number(s);■ The amount (in dollars or shares) and type (purchase or redemption) of the request;■ If by mail, the signature of each registered owner as it appears in the account application;■ For purchase requests, payment of the full amount of the purchase request (see “Payment” below); and■ Any supporting legal documentation that may be required.

Purchase and redemption requests in good order will be processed at the next NAV calculated after the Fund's transferagent or an authorized intermediary1 receives your request. If your request is not received in good order, additionaldocumentation may be required to process your transaction. We reserve the right to waive any of the aboverequirements.

1. The Fund's shares may be purchased through an intermediary that has entered into a dealer agreement with the Fund's distributor. The Fund hasapproved the acceptance of a purchase or redemption request effective as of the time of its receipt by such an authorized intermediary or itsdesignee as long as the request is received by one of those entities prior to the Fund's closing time. We reserve the right to adjust the closing time incertain circumstances.

Payment. Payment for Fund shares may be made as follows:

By Wire Purchases into a new or existing account may be funded by using the following wireinstructions:

State Street Bank & TrustBoston, MABank Routing Number: ABA 011000028Wire Purchase Account: 9905-437-1Attention: Wells Fargo Funds(Name of Fund, Account Number and any applicable share class)Account Name: Provide your name as registered on the Fund account or as included in youraccount application.

By Check Make checks payable to Wells Fargo Funds.

By Exchange Identify an identically registered Wells Fargo Fund account from which you wish toexchange (see "Exchanging Fund Shares" below for restrictions on exchanges).

By Electronic Funds Transfer("EFT")

Additional purchases for existing accounts may be funded by EFT using your linked bankaccount.

All payments must be in U.S. dollars, and all checks and EFTs must be drawn on U.S. banks. You will be charged a $25.00fee for every check or EFT that is returned to us as unpaid.

Form of Redemption Proceeds. You may request that your redemption proceeds be sent to you by check, by EFT into alinked bank account, or by wire to a linked bank account. Please call Investor Services at 1-800-222-8222 regarding therequirements for linking bank accounts or for wiring funds. Under normal circumstances, we expect to meet redemptionrequests either by using uninvested cash or cash equivalents or by using the proceeds from the sale of portfoliosecurities, at the discretion of the portfolio manager(s). The Wells Fargo Funds may also borrow through a bank line ofcredit for the purpose of meeting redemption requests, although we do not expect to draw funds from this source on aregular basis. In lieu of making cash payments, we reserve the right to determine in our sole discretion, including understressed market conditions, whether to satisfy redemption requests by making payments in securities. In such cases, we


may meet all or part of a redemption request by making payment in securities equal in value to the amount of theredemption payable to you as permitted under the 1940 Act, and the rules thereunder, in which case the redeemingshareholder should expect to incur transaction costs upon the disposition of any securities received.

Timing of Redemption Proceeds. We normally will send out checks within one business day after we accept yourrequest to redeem. We reserve the right to delay payment for up to seven days. If you wish to redeem shares purchasedby check, by EFT or through the Automatic Investment Plan within seven days of purchase, you may be asked to resubmityour redemption request if your payment has not yet cleared. Payment of redemption proceeds may be delayed forlonger than seven days under extraordinary circumstances or as permitted by the SEC in order to protect remainingshareholders. Such extraordinary circumstances are discussed further in the Statement of Additional Information.

Retirement Plans and Other Products. If you purchased shares through a packaged investment product or retirementplan, read the directions for redeeming shares provided by the product or plan. There may be special requirements thatsupersede or are in addition to the requirements in this Prospectus.

Exchanging Fund SharesExchanges between two funds involve two transactions: (1) the redemption of shares of one fund; and (2) the purchase ofshares of another. In general, the same rules and procedures described under "Buying and Selling Fund Shares" apply toexchanges. There are, however, additional policies and considerations you should keep in mind while making orconsidering an exchange:■ In general, exchanges may be made between like share classes of any fund in the Wells Fargo Funds complex offered to

the general public for investment (i.e., a fund not closed to new accounts), with the following exceptions: (1) Class Ashares of non-money market funds may also be exchanged for Service Class shares of any retail or government moneymarket fund; (2) Service Class shares may be exchanged for Class A shares of any non-money market fund; and (3) noexchanges are allowed into institutional money market funds.

■ If you make an exchange between Class A shares of a money market fund and Class A shares of a non-money marketfund, you will buy the shares at the POP of the new fund unless you are otherwise eligible to buy shares at NAV.

■ Same-fund exchanges between share classes are permitted subject to the following conditions: (1) the shareholdermust meet the eligibility guidelines of the class being purchased in the exchange; (2) exchanges out of Class A andClass C shares would not be allowed if shares are subject to a CDSC; and (3) for non-money market funds, in order toexchange into Class A shares, the shareholder must be able to qualify to purchase Class A shares at NAV based oncurrent Prospectus guidelines.

■ An exchange request will be processed on the same business day, provided that both funds are open at the time therequest is received. If one or both funds are closed, the exchange will be processed on the following business day.

■ You should carefully read the Prospectus for the Fund into which you wish to exchange.■ Every exchange involves redeeming fund shares, which may produce a capital gain or loss for tax purposes.■ If you are making an initial investment into a fund through an exchange, you must exchange at least the minimum

initial investment amount for the new fund, unless your balance has fallen below that amount due to investmentperformance.

■ If you are making an additional investment into a fund that you already own through an exchange, you must exchangeat least the minimum subsequent investment amount for the fund you are exchanging into.

■ Class C share exchanges will not trigger a CDSC. The new shares received in the exchange will continue to ageaccording to the original shares’ CDSC schedule and will be charged the CDSC applicable to the original shares uponredemption.

Generally, we will notify you at least 60 days in advance of any changes in the above exchange policies.

Frequent Purchases and Redemptions of Fund SharesWells Fargo Funds reserves the right to reject any purchase or exchange order for any reason. Purchases or exchangesthat a Fund determines could harm the Fund may be rejected.

Excessive trading by Fund shareholders can negatively impact a Fund and its long-term shareholders in several ways,including disrupting Fund investment strategies, increasing transaction costs, decreasing tax efficiency, and diluting thevalue of shares held by long-term shareholders. Excessive trading in Fund shares can negatively impact a Fund's long-term performance by requiring it to maintain more assets in cash or to liquidate portfolio holdings at a disadvantageoustime. Certain Funds may be more susceptible than others to these negative effects. For example, Funds that have a


greater percentage of their investments in non-U.S. securities may be more susceptible than other Funds to arbitrageopportunities resulting from pricing variations due to time zone differences across international financial markets.Similarly, Funds that have a greater percentage of their investments in small company securities may be more susceptiblethan other Funds to arbitrage opportunities due to the less liquid nature of small company securities. Both types of Fundsalso may incur higher transaction costs in liquidating portfolio holdings to meet excessive redemption levels. Fair valuepricing may reduce these arbitrage opportunities, thereby reducing some of the negative effects of excessive trading.

Wells Fargo Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund, Ultra Short-Term Income Fund and Ultra Short-Term Municipal Income Fund ("Ultra-Short Funds") and the money marketfunds, (the "Covered Funds"). The Covered Funds are not designed to serve as vehicles for frequent trading. TheCovered Funds actively discourage and take steps to prevent the portfolio disruption and negative effects on long-termshareholders that can result from excessive trading activity by Covered Fund shareholders. The Board has approved theCovered Funds' policies and procedures, which provide, among other things, that Funds Management may deem tradingactivity to be excessive if it determines that such trading activity would likely be disruptive to a Covered Fund byincreasing expenses or lowering returns. In this regard, the Covered Funds take steps to avoid accommodating frequentpurchases and redemptions of shares by Covered Fund shareholders. Funds Management monitors available shareholdertrading information across all Covered Funds on a daily basis. If a shareholder redeems $5,000 or more (includingredemptions that are part of an exchange transaction) from a Covered Fund, that shareholder is "blocked" frompurchasing shares of that Covered Fund (including purchases that are part of an exchange transaction) for 30 calendardays after the redemption. This policy does not apply to:■ Money market funds;■ Ultra-Short Funds;■ Dividend reinvestments;■ Systematic investments or exchanges where the financial intermediary maintaining the shareholder account identifies

the transaction as a systematic redemption or purchase at the time of the transaction;■ Rebalancing transactions within certain asset allocation or “wrap” programs where the financial intermediary

maintaining a shareholder account is able to identify the transaction as part of an asset allocation program approvedby Funds Management;

■ Transactions initiated by a “fund of funds” or Section 529 Plan into an underlying fund investment;■ Permitted exchanges between share classes of the same Fund;■ Certain transactions involving participants in employer-sponsored retirement plans, including: participant withdrawals

due to mandatory distributions, rollovers and hardships, withdrawals of shares acquired by participants through payrolldeductions, and shares acquired or sold by a participant in connection with plan loans; and

■ Purchases below $5,000 (including purchases that are part of an exchange transaction).

The money market funds and the Ultra-Short Funds. Because the money market funds and Ultra-Short Funds areoften used for short-term investments, they are designed to accommodate more frequent purchases and redemptionsthan the Covered Funds. As a result, the money market funds and Ultra-Short Funds do not anticipate that frequentpurchases and redemptions, under normal circumstances, will have significant adverse consequences to the moneymarket funds or Ultra-Short Funds or their shareholders. Although the money market funds and Ultra-Short Funds do notprohibit frequent trading, Funds Management will seek to prevent an investor from utilizing the money market fundsand Ultra-Short Funds to facilitate frequent purchases and redemptions of shares in the Covered Funds in contraventionof the policies and procedures adopted by the Covered Funds.

All Wells Fargo Funds. In addition, Funds Management reserves the right to accept purchases, redemptions andexchanges made in excess of applicable trading restrictions in designated accounts held by Funds Management or itsaffiliate that are used at all times exclusively for addressing operational matters related to shareholder accounts, such astesting of account functions, and are maintained at low balances that do not exceed specified dollar amount limitations.

In the event that an asset allocation or "wrap" program is unable to implement the policy outlined above, FundsManagement may grant a program-level exception to this policy. A financial intermediary relying on the exception isrequired to provide Funds Management with specific information regarding its program and ongoing information aboutits program upon request.

A financial intermediary through whom you may purchase shares of the Fund may independently attempt to identifyexcessive trading and take steps to deter such activity. As a result, a financial intermediary may on its own limit or permittrading activity of its customers who invest in Fund shares using standards different from the standards used by FundsManagement and discussed in this Prospectus. Funds Management may permit a financial intermediary to enforce itsown internal policies and procedures concerning frequent trading rather than the policies set forth above in instanceswhere Funds Management reasonably believes that the intermediary's policies and procedures effectively discourage


disruptive trading activity. If you purchase Fund shares through a financial intermediary, you should contact theintermediary for more information about whether and how restrictions or limitations on trading activity will be applied toyour account.

Account PoliciesAdvance Notice of Large Transactions. We strongly urge you to make all purchases and redemptions of Fund shares asearly in the day as possible and to notify us or your intermediary at least one day in advance of transactions in Fundshares in excess of $5 million. This will help us to manage the Funds most effectively. When you give this advance notice,please provide your name and account number.

Householding. To help keep Fund expenses low, a single copy of a Prospectus or shareholder report may be sent toshareholders of the same household. If your household currently receives a single copy of a Prospectus or shareholderreport and you would prefer to receive multiple copies, please call Investor Services at 1-800-222-8222 or contact yourfinancial professional.

Retirement Accounts. We offer a variety of retirement account types for individuals and small businesses. There may bespecial distribution requirements for a retirement account, such as required distributions or mandatory Federal incometax withholdings. For more information about the retirement accounts listed below, including any distributionrequirements, call Investor Services at 1-800-222-8222. For retirement accounts held directly with a Fund, certain feesmay apply including an annual account maintenance fee.

The retirement accounts available for individuals and small businesses are:■ Individual Retirement Accounts, including Traditional IRAs and Roth IRAs.■ Small business retirement accounts, including Simple IRAs and SEP IRAs.

Small Account Redemptions. We reserve the right to redeem accounts that have values that fall below a Fund'sminimum initial investment amount due to shareholder redemptions (as opposed to market movement). Before doingso, we will give you approximately 60 days to bring your account value above the Fund's minimum initial investmentamount. Please call Investor Services at 1-800-222-8222 or contact your financial professional for further details.

Transaction Authorizations. We may accept telephone, electronic, and clearing agency transaction instructions fromanyone who represents that he or she is a shareholder and provides reasonable confirmation of his or her identity.Neither we nor Wells Fargo Funds will be liable for any losses incurred if we follow such instructions we reasonablybelieve to be genuine. For transactions through our website, we may assign personal identification numbers (PINs) andyou will need to create a login ID and password for account access. To safeguard your account, please keep thesecredentials confidential. Contact us immediately if you believe there is a discrepancy on your confirmation statement or ifyou believe someone has obtained unauthorized access to your online access credentials.

Identity Verification. We are required by law to obtain from you certain personal information that will be used to verifyyour identity. If you do not provide the information, we will not be able to open your account. In the rare event that weare unable to verify your identity as required by law, we reserve the right to redeem your account at the current NAV ofthe Fund's shares. You will be responsible for any losses, taxes, expenses, fees, or other results of such a redemption.

Right to Freeze Accounts, Suspend Account Services or Reject or Terminate an Investment. We reserve the right, tothe extent permitted by law and/or regulations, to freeze any account or suspend account services when we havereceived reasonable notice (written or otherwise) of a dispute between registered or beneficial account owners or whenwe believe a fraudulent transaction may occur or has occurred. Additionally, we reserve the right to reject any purchaseor exchange request and to terminate a shareholder's investment, including closing the shareholder's account.


DistributionsThe Funds generally make distributions of any net investment income and any realized net capital gains at least annually.Please contact your institution for distribution options. Please note, distributions have the effect of reducing the NAV pershare by the amount distributed.

We offer the following distribution options. To change your current option for payment of distributions, please callInvestor Services at 1-800-222-8222.■ Automatic Reinvestment Option—Allows you to use distributions to buy new shares of the same class of the Fund that

generated the distributions. The new shares are purchased at NAV generally on the day the distribution is paid. Thisoption is automatically assigned to your account unless you specify another option.

■ Check Payment Option—Allows you to receive distributions via checks mailed to your address of record or to anothername and address which you have specified in written instructions. A Medallion Guarantee may also be required. Ifchecks remain uncashed for six months or are undeliverable by the Post Office, we will reinvest the distributions at theearliest date possible, and future distributions will be automatically reinvested.

■ Bank Account Payment Option—Allows you to receive distributions directly in a checking or savings account throughEFT. The bank account must be linked to your Wells Fargo Fund account. Any distribution returned to us due to aninvalid banking instruction will be sent to your address of record by check at the earliest date possible, and futuredistributions will be automatically reinvested.

■ Directed Distribution Purchase Option—Allows you to buy shares of a different Wells Fargo Fund of the same shareclass. The new shares are purchased at NAV generally on the day the distribution is paid. In order to use this option, youneed to identify the Fund and account the distributions are coming from, and the Fund and account to which thedistributions are being directed. You must meet any required minimum investment amounts in both Funds prior tousing this option.

You are eligible to earn distributions beginning on the business day after the Fund's transfer agent or an authorizedintermediary receives your purchase request in good order.


TaxesThe following discussion regarding federal income taxes is based on laws that were in effect as of the date of thisProspectus and summarizes only some of the important federal income tax considerations affecting a Fund and you as ashareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account, such as a 401(k) Plan or IRA. This discussion is not intended as a substitute for careful tax planning.You should consult your tax adviser about your specific tax situation. Please see the Statement of Additional Informationfor additional federal income tax information.

The Fund elected to be treated and intends to qualify each year as a regulated investment company ("RIC"). A RIC is notsubject to tax at the corporate level on income and gains from investments that are distributed in a timely manner toshareholders. However, the Fund's failure to qualify as a RIC would result in corporate level taxation, and consequently, areduction in income available for distribution to you as a shareholder.

We will pass on to a Fund's shareholders substantially all of the Fund's net investment income and realized net capitalgains, if any. Distributions from a Fund's ordinary income and net short-term capital gain, if any, generally will be taxableto you as ordinary income. Distributions from a Fund's net long-term capital gain, if any, generally will be taxable to youas long-term capital gain. If you are an individual and meet certain holding period requirements with respect to yourFund shares, you may be eligible for reduced tax rates on qualified dividend income, if any, distributed by the Fund.

Corporate shareholders may be able to deduct a portion of their distributions when determining their taxable income.

Individual taxpayers are subject to a maximum tax rate of 39.6% on ordinary income and a maximum tax rate on long-term capital gains and qualified dividends of 20%. For U.S. individuals with income exceeding $200,000 ($250,000 ifmarried and filing jointly), a 3.8% Medicare contribution tax will apply on "net investment income," including interest,dividends, and capital gains. Corporations are subject to tax on all income and gain at a maximum tax rate of 35%.

Distributions from a Fund normally will be taxable to you when paid, whether you take distributions in cash orautomatically reinvest them in additional Fund shares. Following the end of each year, we will notify you of the federalincome tax status of your distributions for the year.

If you buy shares of a Fund shortly before it makes a taxable distribution, your distribution will, in effect, be a taxablereturn of part of your investment. Similarly, if you buy shares of a Fund when it holds appreciated securities, you willreceive a taxable return of part of your investment if and when the Fund sells the appreciated securities and distributesthe gain. The Fund has built up, or has the potential to build up, high levels of unrealized appreciation.

Your redemptions (including redemptions in-kind) and exchanges of Fund shares ordinarily will result in a taxable capitalgain or loss, depending on the amount you receive for your shares (or are deemed to receive in the case of exchanges)and the amount you paid (or are deemed to have paid) for them. Such capital gain or loss generally will be long-termcapital gain or loss if you have held your redeemed or exchanged Fund shares for more than one year at the time ofredemption or exchange. In certain circumstances, losses realized on the redemption or exchange of Fund shares may bedisallowed.

When you receive a distribution from a Fund or redeem shares, you may be subject to backup withholding.


Financial HighlightsThe following tables are intended to help you understand a Fund's financial performance for the past five years (or sinceinception, if shorter). Certain information reflects financial results for a single Fund share. Total returns represent the rateyou would have earned (or lost) on an investment in each Fund (assuming reinvestment of all distributions). Theinformation in the following tables has been derived from the Funds' financial statements, which have been audited byKPMG LLP, the Funds' independent registered public accounting firm, whose report, along with each Fund's financialstatements, is also included in each Fund's annual report, a copy of which is available upon request.

C&B Large Cap Value FundFor a share outstanding throughout each period

Year ended May 31Institutional Class 2017 2016 2015 2014 2013

Net asset value, beginning of period $ 12.58 $ 13.11 $ 12.03 $ 10.35 $ 8.16

Net investment income 0.14 0.16 0.15 0.14 0.17Net realized and unrealized gains (losses) on investments 2.22 -0.14 1.08 1.69 2.19Total from investment operations 2.36 0.02 1.23 1.83 2.36

Distribution to shareholders fromNet investment income -0.12 -0.16 -0.15 -0.15 -0.17Net realized gains -0.24 -0.39 0.00 0.00 0.00Total distributions to shareholders -0.36 -0.55 -0.15 -0.15 -0.17

Net asset value, end of period $ 14.58 $ 12.58 $ 13.11 $ 12.03 $ 10.35

Total return 19.05% 0.33% 10.15% 17.86% 29.32%

Ratios to average net assets (annualized)Gross expenses1 0.91% 0.92% 0.86% 0.88% 0.87%Net expenses1 0.80% 0.77% 0.70% 0.70% 0.70%Net investment income 0.96% 1.25% 1.18% 1.34% 1.68%Supplemental dataPortfolio turnover rate2 89% 29% 35% 22% 18%Net assets, end of period (000s omitted) $ 220,257 $ 133,632 $ 132,768 $ 104,758 $ 130,015

Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: Year ended May 31 2017 2016 2015 2014 2013Institutional Class 0.68% 0.68% 0.68% 0.68% 0.68%

1.

Portfolio turnover rate is calculated by multiplying the Fund's investment percentage in the affiliated Master Portfolio by the affiliated MasterPortfolio's portfolio turnover rate.

2.


Emerging Growth FundFor a share outstanding throughout each period



Net investment loss -0.041 -0.07 -0.12 -0.11 -0.08Net realized and unrealized gains (losses) on investments 3.14 -2.39 3.61 1.91 2.55Total from investment operations 3.10 -2.46 3.49 1.80 2.47

Distributions to shareholder fromNet realized gains -0.84 -1.74 -1.20 -1.18 -0.68


Total return 24.08% -14.62% 23.89% 11.77% 20.52%

Ratios to average net assets (annualized)Gross expenses2 1.03% 1.01% 0.96% 0.96% 0.97%Net expenses2 0.90% 0.90% 0.90% 0.90% 0.90%Net investment loss -0.24% -0.50% -0.73% -0.73% -0.57%Supplemental dataPortfolio turnover rate3 115% 68% 56% 63% 65%Net assets, end of period (000s omitted) $ 534,846 $ 583,843 $ 723,946 $ 650,650 $ 578,841

Calculated based upon average shares outstanding1.Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: Year ended May 31 2017 2016 2015 2014 2013Institutional Class 0.81% 0.80% 0.80% 0.80% 0.80%

2.


3.

International Value FundFor a share outstanding throughout each period



Net investment income 0.39 0.36 0.29 0.41 0.35Net realized and unrealized gains (losses) on investments 1.99 -2.12 -0.51 1.98 2.73Total from investment operations 2.38 -1.76 -0.22 2.39 3.08

Distribution to shareholders fromNet investment income -0.31 -0.26 -0.41 -0.35 -0.32


Total return 19.04% -11.98% -1.19% 18.07% 29.20%


Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: Year ended May 31 2017 2016 2015 2014 2013Institutional Class 0.86% 0.91% 0.91% 0.91% 0.91%

1.


2.


Small Company Growth FundFor a share outstanding throughout each period



Net investment loss -0.15 -0.09 -0.201 -0.201 -0.061

Net realized and unrealized gains (losses) on investments 7.25 -6.33 7.42 8.28 8.51Total from investment operations 7.10 -6.42 7.22 8.08 8.45

Distributions to shareholders fromNet investement income 0.00 0.00 0.00 0.00 -0.14Net realized gains 0.00 -0.27 -1.92 -2.40 0.00Total distributions to shareholders 0.00 -0.27 -1.92 -2.40 -0.14


Total return 17.86% -13.85% 18.03% 23.19% 31.25%

Ratios to average net assets (annualized)Gross expenses2 1.00% 1.01% 0.98% 1.02% 1.10%Net expenses2 0.95% 0.95% 0.95% 0.95% 0.95%Net investment loss -0.31% -0.18% -0.45% -0.49% -0.19%Supplemental dataPortfolio turnover rate3 82% 49% 58% 77% 109%Net assets, end of period (000s omitted) $ 1,014,847 $ 678,699 $ 457,542 $ 186,581 $ 71,336


2.


3.

Small Company Value FundFor a share outstanding throughout each period



Net investment income 0.11 0.081 0.14 0.13 0.061

Net realized and unrealized gains (losses) on investments 3.89 -1.22 1.31 2.99 4.03Total from investment operations 4.00 -1.14 1.45 3.12 4.09

Distributions to shareholders fromNet investment income -0.09 -0.11 0.00 0.00 -0.05


Total return 19.26% -5.13% 7.05% 17.88% 30.54%



2.


3.


Notes


Notes


FOR MORE INFORMATION

More information on a Fund is available free upon request,including the following documents:

Statement of Additional Information ("SAI")Supplements the disclosures made by this Prospectus.The SAI, which has been filed with the SEC, isincorporated by reference into this Prospectus andtherefore is legally part of this Prospectus.

Annual/Semi-Annual ReportsProvide financial and other important information,including a discussion of the market conditionsand investment strategies that significantly affectedFund performance over the reporting period.

To obtain copies of the above documents or for moreinformation about Wells Fargo Funds, contact us:

By telephone:Individual Investors: 1-800-222-8222Retail Investment Professionals: 1-888-877-9275Institutional Investment Professionals: 1-866-765-0778

By e-mail: [email protected]

By mail:Wells Fargo FundsP.O. Box 8266Boston, MA 02266-8266

Online:wellsfargofunds.com

From the SEC:Visit the SEC's Public Reference Room in Washington,DC (phone 1-202-551-8090 for operationalinformation for the SEC's Public Reference Room) orthe SEC's website at sec.gov.

To obtain information for a fee, write or email:SEC's Public Reference Section100 "F" Street, NEWashington, DC [email protected]

The Wells Fargo Funds are distributed byWells Fargo Funds Distributor, LLC, a member of FINRA,and an affiliate of Wells Fargo & Company.

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E quity Gateway Funds - Wells Fargo Funds Portal · E quity Gateway Funds Fund ... p hilosophy which focuses on identifying three core alpha drivers: value, ... s uperior investment