Fund shar es ar e NO T deposits or other obliga tions of ... · WELLS F AR GO INTERNA TIONAL AND GL OB AL EQUIT Y FUNDS F or the W ells F ar go Asia P acific F und (the “F und ”)

ProspectusMarch 1, 2020

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International and Global Equity Funds

Fund Institutional Class

Wells Fargo Diversified International Fund WFISX

Wells Fargo Emerging Markets Equity Fund EMGNX

Wells Fargo Emerging Markets Equity Income Fund EQIIX

Wells Fargo Global Small Cap Fund EKGIX

Wells Fargo International Equity Fund WFENX

Wells Fargo Intrinsic World Equity Fund EWENX

Wells Fargo Special International Small Cap Fund WICIX

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Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of theWells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless youspecifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notifiedby mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take anyaction. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contactingyour financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling atwellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact yourfinancial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with theFund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account withyour financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

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.

Table of Contents

Fund SummariesDiversified International Fund Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Emerging Markets Equity Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Emerging Markets Equity Income Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Global Small Cap Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

International Equity Fund Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Intrinsic World Equity Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Special International Small Cap Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Details About The FundsDiversified International Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Emerging Markets Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Emerging Markets Equity Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Global Small Cap Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

International Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Intrinsic World Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Special International Small Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Description of Principal Investment Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Portfolio Holdings Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Pricing Fund Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Management of the FundsThe Manager. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

The Sub-Advisers and Portfolio Managers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Multi-Manager Arrangement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Account InformationShare Class Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Share Class Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Compensation to Financial Professionals and Intermediaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Buying and Selling Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Exchanging Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Frequent Purchases and Redemptions of Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Account Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Other InformationTaxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

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

Fees and ExpensesThese tables are intended to help you understand the various costs and expenses you will pay if you buy and holdshares of 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 Fees 0.85%

Distribution (12b-1) Fees 0.00%

Other Expenses 0.59%

Total Annual Fund Operating Expenses 1.44%

Fee Waivers (0.45)%

Total Annual Fund Operating Expenses After Fee Waivers1 0.99%

1. The Manager has contractually committed through February 28, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap TotalAnnual Fund Operating Expenses After Fee Waivers at 0.99% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquiredfund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, thecap may be increased 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 notedabove. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

After:

1 Year $101

3 Years $411

5 Years $744

10 Years $1,685

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 sharesare held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in theexample, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28%of the average value of its portfolio.

International and Global Equity Funds | 2

Principal Investment StrategiesUnder normal circumstances, we invest:

Á at least 80% of the Fund’s net assets in equity securities of foreign issuers, andÁ up to 20% of the Fund’s total assets in emerging market equity securities.

We invest principally in the equity securities of foreign issuers through the use of three different styles of internationalequity management: an international growth style, subadvised by Artisan Partners Limited Partnership; aninternational value style, sub-advised by LSV Asset Management; and an international blend style, sub-advised byWells Capital Management Incorporated. We invest primarily in developed countries, but may invest in emergingmarket countries and may invest in equity securities of any market capitalization. Furthermore, we may use futures,options or participation notes to manage risk or to enhance return. We reserve the right to hedge the portfolio’sforeign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However,under normal circumstances, we will not engage in extensive foreign currency hedging.

Artisan Partners Limited Partnership (Artisan Partners)Artisan Partners employs a fundamental stock selection process to identify long-term growth opportunities to build aportfolio of non-U.S. growth companies of any market capitalization. Artisan Partners seeks to invest in companieswithin its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect theirlong-term potential. Artisan Partners may sell a stock when Artisan Partners thinks the stock is approaching fullvaluation, the company exhibits deteriorating fundamentals, changing circumstances affect the original reasons for itspurchase, or more attractive opportunities are identified.

LSV Asset Management (LSV)LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time ofpurchase and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes thatthese securities have the potential to produce future returns if their future growth exceeds the market’s lowexpectations. LSV uses a quantitative investment model to make investment decisions for the Fund. The investmentmodel ranks securities based on fundamental measures of value (such as the dividend yield) and indicators ofnear-term recovery (such as recent price appreciation). A stock is typically sold if the model indicates a decline in itsranking or if a stock’s relative portfolio weight has appreciated significantly (relative to the Fund’s benchmark).

Wells Capital Management Incorporated (Wells Capital Management)Wells Capital Management invests in equity securities of foreign issuers by using bottom-up stock selection, based onin-depth fundamental research as the cornerstone of its investment process. During each stage of the process, WellsCapital Management also considers the influence on the investment theses of top-down factors such asmacroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, anddemographic and political risks. The investment process seeks both growth and value opportunities. For growthinvestments, Wells Capital Management targets companies that it believes have strong business franchises,experienced and proven management, and accelerating cash flow growth rates. For value investments, Wells CapitalManagement targets companies that it believes are undervalued in the marketplace compared to their intrinsic value.Wells Capital Management may purchase securities across any market capitalization. Wells Capital Management maysell a stock if it achieves its investment objective for the position, if a stock’s fundamentals or price change significantly,if it changes its view of a country or sector, or if the stock no longer fits within the risk characteristics of theFund’s portfolio.

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 subjectto the risks (in alphabetical order) briefly summarized below.

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.Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate todo so, or the 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.

3 | International and Global Equity Funds

Foreign Currency Contracts Risk. A Fund that enters into forwards or other foreign currency contracts, which are atype of derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of futureexchange rate changes.

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

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 growth or value characteristics tend to perform differently andshift into 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 orsub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, 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. Securities marketsare volatile and may decline significantly in response to adverse issuer, regulatory, political, or economicdevelopments. Different sectors of the market and different security types may react differently to such developments.

Multi-Manager Management Risk. A Fund with multiple sub-advisers is subject to the risk that the investmentdecisions made by a sub-adviser may conflict with those of another sub-adviser.

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 realizedin the event of adverse changes in the value of the underlying instruments.

Participation Notes Risk. The performance results of participation notes, which are a type of derivative, will notreplicate exactly the performance of the securities of the foreign companies or foreign securities markets that theyseek to replicate due to various factors, including transaction and other expenses. The transaction price ofparticipation notes may not equal the underlying value of the securities of the foreign companies or foreign securitiesmarkets whose performance they seek to replicate.

Quantitative Model Risk. Funds that are managed according to a quantitative model can perform differently fromthe market as a whole based on the factors used in the model, the weight placed on each factor and changes from thefactors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitativemodel carries the risk of potential issues with the design, coding, implementation or maintenance of the computerprograms, data and/or other technology used in the quantitative model. These issues could negatively impactinvestment returns.

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


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 ofone or 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 wfam.com.

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

Highest Quarter: 3rd Quarter 2010 +16.45%

Lowest Quarter: 3rd Quarter 2011 -20.66%

Average Annual Total Returns for the periods ended 12/31/2019

InceptionDate of

Share Class 1 Year 5 Year 10 Year

Institutional Class (before taxes) 8/31/2006 21.72% 5.30% 5.95%

Institutional Class (after taxes on distributions) 8/31/2006 21.29% 4.88% 5.43%

Institutional Class (after taxes on distributions and the sale of FundShares) 8/31/2006 13.59% 4.26% 4.87%

MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, ortaxes) 22.01% 5.67% 5.50%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do notreflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and maydiffer from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdtheir Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.


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

Wells Fargo Funds Management,LLC

Artisan Partners Limited Partnership Mark L. Yockey, CFA, Portfolio Manager/2004

LSV Asset Management Josef Lakonishok, Ph.D., Portfolio Manager/2004Puneet Mansharamani, CFA, PortfolioManager/2006Menno Vermeulen, CFA, Portfolio Manager/2004

Wells Capital Management Incorporated Venkateshwar (Venk) Lal, PortfolioManager/2017Dale A. Winner, CFA, PortfolioManager/2012

Purchase and Sale of Fund SharesInstitutional shares are generally available through intermediaries for the accounts of their customers and directly toinstitutional 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;bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by FundsManagement. In general, you can buy or sell shares of the Fund online or by mail, phone or wire, on any day the NewYork Stock Exchange (“NYSE”) is open for regular trading. You also may buy and sell shares through a financialprofessional.

Minimum Investments To Buy or Sell Shares

Minimum Initial InvestmentInstitutional Class: $1 million (this amount may be reduced oreliminated for certain eligible investors)

Minimum Additional InvestmentInstitutional Class: None

Mail: Wells Fargo FundsP.O. Box 219967Kansas City, MO 64121-9967Online: wfam.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 sucha tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser aboutyour specific 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 theintermediary and your financial professional to recommend the Fund over another investment. Consult your financialprofessional or visit your intermediary’s website for more information.


Emerging Markets Equity Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.





Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1




Acquired Fund Fees and Expenses 0.01%


Fee Waivers (0.08)%


1. Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.2. The Manager has contractually committed through February 28, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap Total

Annual Fund Operating Expenses After Fee Waivers at 1.17% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquiredfund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, thecap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.


After:

1 Year $120

3 Years $392

5 Years $684

10 Years $1,516




Á at least 80% of the Fund’s net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging marketcompanies to include companies that are traded in, have their primary operations in, are domiciled in or derive amajority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We mayuse futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations andstyles and will be diversified across countries and sectors.

Utilizing a bottom-up stock selection process, we seek to invest in quality companies at prices below their intrinsicvalue. From the available stock universe we focus only on those quality companies that are able to sustain highprofitability over a long period of time for reasons we can understand. Such companies not only create value forinvestors from profitable investment of retained earnings and dividend payout, but also preserve value and protectinvestors from the risk of permanent capital loss. Among the characteristics we seek in high-quality companies arestrong competitive position, demonstrable financial strength and profitability, quality management dedicated topublic shareholders’ interest, and favorable growth prospect supported by major long-term trends. We place an equalemphasis on understanding each company’s intrinsic value and will only invest when a company’s stock trades at ameaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, butinstead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below ourassessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and ourdecisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when thereis a material deterioration in the fundamentals of the company.












Calendar Year Total Returns for Institutional Class as of 12/31 each year1,2.



Average Annual Total Returns for the periods ended 12/31/20191,2

InceptionDate of





MSCI EM Index (Net) (reflects no deduction for fees, expenses, ortaxes) 18.42% 5.61% 3.68%

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

2. Historical performance shown for the Institutional Class shares of the Fund prior to July 19, 2010 is based on the performance of the Fund’spredecessor, Evergreen Emerging Markets Growth Fund.





Wells Capital Management Incorporated Derrick Irwin, CFA, Portfolio Manager/2011Richard Peck, CFA, Portfolio Manager/2014Yi (Jerry) Zhang, Ph.D., CFA, PortfolioManager/2006









Emerging Markets Equity Income Fund SummaryInvestment ObjectiveThe Fund seeks to achieve long-term capital appreciation and current income.











Fee Waivers (0.14)%




After:

1 Year $125

3 Years $420

5 Years $737

10 Years $1,634




Á at least 80% of the Fund’s net assets in equity securities of companies in emerging market countries; andÁ across any market capitalization.

We consider emerging market countries to be, among others, countries included in the MSCI Emerging Markets Index.

We look for companies with a sustainable high dividend yield backed by strong company financials and fundamentals,including above-average sales and earnings growth, overall financial strength, competitive advantages, and capablemanagement. We may sell a holding when it no longer has some or all of these traits. Our investment strategy includesboth a top-down strategy, which takes account of overall economic and market trends in each country, and abottom-up strategy, in which we use fundamental research for security selection. In order to take advantage of thewide range of possible opportunities in a variety of markets at different stages of economic development, weconstruct the portfolio with the potential for maximum portfolio dividend yield while maintaining a controlled level ofrisk.

We reserve the right to hedge the portfolio’s foreign currency exposure by purchasing or selling currency futures andforeign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreigncurrency hedging.












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

Highest Quarter: 4th Quarter 2019 +10.76%



InceptionDate of

Share Class 1 Year 5 Year

PerformanceSince

5/31/2012




MSCI EM Index (Net) (reflects no deduction for fees, expenses, ortaxes) 18.42% 5.61% 5.29%



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


Wells Capital Management Incorporated Alison Shimada, Portfolio Manager / 2012Elaine Tse, Portfolio Manager / 2018









Global Small Cap Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.











Fee Waivers (0.05)%




After:

1 Year $118

3 Years $379

5 Years $660

10 Years $1,462




Á at least 80% of the Fund’s total assets in equity securities of small-capitalization companies;Á in the securities of companies located in no fewer than three countries, which may include the U.S., and we may

invest more than 25% of the Fund’s total assets in any one country; andÁ up to 10% of the Fund’s total assets in emerging market equity securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the S&P Developed SmallCap Index at the time of purchase. The marketcapitalization range of the S&P Developed Small Cap Index was approximately $18 million to $17.25 billion, as ofJanuary 31, 2020, and is expected to change frequently. We consider foreign securities to be securities: (1) issued bycompanies with their principal place of business or principal office or both, as determined in our reasonable discretion,in a country other than the U.S.; or (2) issued by companies for which the principal securities trading market is acountry other than the U.S. Furthermore, we may use futures, options or forward foreign currency contracts to managerisk or to enhance return.

In selecting equity investments for the Fund, the portfolio managers attempt to identify companies that are wellmanaged, have flexible balance sheets, sustainable cash flows and that are undervalued companies relative to anassessment of their intrinsic value. We believe the global small-capitalization markets are inefficient and that stocks areoften inappropriately valued. Our process utilizes both fundamentally based, bottom-up techniques with top-down,industry and sector analysis to identify global opportunities. We conduct ongoing review, research, and analysis of ourportfolio holdings. We may sell a stock if it achieves our investment objective for the position, if a stock’s fundamentalsor price change significantly, if we change our view of a country or sector, or if the stock no longer fits within the riskcharacteristics of the Fund’s portfolio. We reserve the right to hedge the portfolio’s foreign currency exposure bypurchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances,we will not engage in extensive foreign currency hedging.







Geographic Emphasis Risk. A Fund that invests a significant portion of its assets in one country or geographic regionwill be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or otherdevelopments affecting that country or region. Such developments may have a significant impact on the Fund’sinvestment performance causing such performance to be more volatile than the investment performance of a moregeographically diversified fund.





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 realizedin the event of adverse changes in the value of the underlying instruments.







InceptionDate of





S&P Developed SmallCap Index (reflects no deduction for fees,expenses, or taxes) 26.14% 8.53% 10.61%

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.

2. Historical performance shown prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Global Opportunities Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do notreflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may


differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdtheir Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.



Wells Capital Management Incorporated Oleg Makhorine, Portfolio Manager/2012Robert Rifkin, CFA1, Portfolio Manager/2014James M. Tringas, CFA, Portfolio Manager/2008Bryant VanCronkhite, CFA, CPA, PortfolioManager/2013

1. Robert Rifkin, CFA has announced his intention to retire from Wells Capital Management Incorporated on April 15, 2020. He will continue to serve as aportfolio manager of the Fund through that date. After April 15, 2020, all references to Robert Rifkin, CFA in the Fund’s Prospectuses and Statement ofAdditional Information are hereby removed.









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





Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1






Fee Waivers (0.27)%


1. Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.2. The Manager has contractually committed through February 28, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap Total

Annual Fund Operating Expenses After Fee Waivers at 0.84% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquiredfund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, thecap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.


After:

1 Year $87

3 Years $329

5 Years $591

10 Years $1,339




Á at least 80% of the Fund’s net assets in equity securities of foreign issuers;Á up to 30% of the Fund’s total assets in emerging market equity securities; andÁ in securities of at least three different countries including the U.S.

The types of securities in which we normally invest include common stock, preferred stock, rights, warrants andAmerican Depositary Receipts (ADRs). We consider equity securities of foreign issuers (or foreign securities) to beequity securities: (1) issued by companies with their principal place of business or principal office or both, asdetermined in our reasonable discretion, in a country other than the U.S.; or (2) issued by companies for which theprincipal securities trading market is a country other than the U.S. We may use futures or forward foreign currencycontracts to manage risk or to enhance return.

We use bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investmentprocess. During each stage of the process, we also consider the influence on the investment theses of top-downfactors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues,and demographic and political risks. Sector and country weights result from rather than determine our stock-selectiondecisions. Our investment process seeks both growth and value opportunities. For growth investments, we targetcompanies that we believe have strong business franchises, experienced and proven management, and acceleratingcash flow growth rates. For value investments, we target companies that we believe are undervalued in themarketplace compared to their intrinsic value. Additionally, we seek to identify catalysts that will unlock value, whichwill then be recognized by the market. We may purchase securities across any market capitalization.

We conduct ongoing review, research, and analysis of our portfolio holdings. We may sell a stock if it achieves ourinvestment objective for the position, if a stock’s fundamentals or price change significantly, if we change our view of acountry or sector, or if the stock no longer fits within the risk characteristics of the Fund’s portfolio.













Calendar Year Total Returns for Institutional Class as of 12/31 each year1.




InceptionDate of





MSCI ACWI ex USA Index (Net) (reflects no deduction for fees,expenses, or taxes) 21.51% 5.51% 4.97%

1. Historical performance shown prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.





Wells Capital Management Incorporated Venkateshwar (Venk) Lal, PortfolioManager/2017Dale A. Winner, CFA, PortfolioManager/2012









Intrinsic World Equity Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (0.19)%




After:

1 Year $97

3 Years $343

5 Years $609

10 Years $1,369




Á at least 80% of the Fund’s net assets in equity securities of companies located in no fewer than three countries,which may include the U.S., and we may invest more than 25% of the Fund’s total assets in any one country;Á between 30% and 70% of the Fund’s total assets in equity securities of U.S. companies; andÁ up to 20% of the Fund’s total assets in emerging market equity securities.

We invest primarily in developed countries, but may invest up to 20% of the Fund’s total assets in emerging marketequity securities. We invest principally in equity securities of approximately 40 to 60 companies located worldwide,diversifying fund holdings across sectors, industries and countries. We consider foreign securities to be securities: (1)issued by companies with their principal place of business or principal office or both, as determined in our reasonablediscretion, in a country other than the U.S.; or (2) issued by companies for which the principal securities trading marketis a country other than the U.S. The Fund may invest in companies located in countries with developed or emergingmarkets and in stocks of any market capitalization.

We utilize a long-term focus that is intended to take advantage of investment opportunities presented by what webelieve are short-term price anomalies in high-quality stocks. We seek to identify companies with establishedoperating histories, financial strength and management expertise, among other factors. We seek stocks that aretrading at a discount to what we believe are their intrinsic values. Fundamental research is performed to identifysecurities for the portfolio with one or more catalysts present that we believe will unlock the intrinsic value of thesecurities over the next three to five years. These catalysts may include productive use of strong free cash flow,productivity gains, positive change in management or control, innovative or competitively superior products,increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the valuepotential is realized, if warning signs emerge of beginning fundamental deterioration or if the valuation is no longercompelling relative to other investment opportunities. We may invest in any sector or country, and at times we mayemphasize one or more particular sectors or countries.



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










Highest Quarter: 1st Quarter 2012 +14.62%



InceptionDate of





MSCI World Index (Net) (reflects no deduction for fees, expenses,or taxes) 27.67% 8.74% 9.47%

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.

2. Historical performance shown prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.





Wells Capital Management Incorporated Miguel E. Giaconi, CFA, Portfolio Manager/2019Amit Kumar, Portfolio Manager/2017Jean-Baptiste Nadal, CFA, PortfolioManager/2011









Special International Small Cap Fund SummaryInvestment ObjectiveThe Fund seeks long-term capital appreciation.










Fee Waivers (6.86)%




After:

1 Year $107

3 Years $1,704

5 Years $3,209

10 Years $6,606




Á at least 80% of the Fund’s net assets in equity securities of small-capitalization companies;Á less than 10% of the Fund’s total assets in emerging market equity securities; andÁ in a number of countries throughout the world and may invest more than 25% of the Fund’s total assets in any one

country.

We invest principally in equity securities of small-capitalization companies of foreign issuers, which we define ascompanies with market capitalizations within the range of the MSCI World ex USA Small Cap Index at the time ofpurchase. The market capitalization range of the MSCI World ex-U.S. Small Cap Index was approximately $131 millionto $8.73 billion, as of January 31, 2020, and is expected to change frequently. We consider foreign securities to besecurities: (1) issued by companies with their principal place of business or principal office or both, as determined inour reasonable 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.

In selecting equity investments for the Fund, the portfolio managers attempt to identify companies that are wellmanaged, have flexible balance sheets and sustainable cash flows, and that are undervalued companies relative to anassessment of their intrinsic value. A flexible balance sheet is supported by several metrics including, but not limitedto, the quantity of debt relative to the cash flows of the enterprise, the location of debt within the capital structure, thematurity profile of existing debt, the type of debt and any debt covenant restrictions. We believe the internationalsmall-capitalization markets are inefficient and that stocks are often inappropriately valued. Our process utilizes bothfundamentally based, bottom-up techniques with top-down, industry and sector analysis to identify globalopportunities. We conduct ongoing review, research, and analysis of our portfolio holdings. We may sell a stock if itachieves our investment objective for the position, if a stock’s fundamentals or price change significantly, if we changeour view of a country or sector, or if the stock no longer fits within the risk characteristics of the Fund’s portfolio.








New Fund Risk. The Fund is a new fund, with a limited or no operating history and a small asset base. There can be noassurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’sexpenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent


that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and taxconsequences of such liquidation may not be favorable to some shareholders.

Regulatory Risk. Pursuant to section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act andcertain rules promulgated thereunder (collectively known as the “Volcker Rule”), if the Manager and/or its affiliatesown 25% or more of the outstanding shares of the Fund after the permitted seeding period following the Fund’sinception, the Fund will be subject to restrictions on trading that will adversely impact the Fund’s ability to execute itsinvestment strategy. Should this occur, the Fund may decide to liquidate, or the Manager and/or its affiliates may berequired to reduce their ownership interests in the Fund, either of which may result in gains or losses, increasedtransaction costs and adverse tax consequences. As of February 3, 2020, the Manager and/or its affiliates heldapproximately 99.89% of the Fund’s shares in the form of a seed capital investment intended to enable the Fund tocommence investment operations and/or achieve sufficient scale. This percentage may change over time.


PerformanceBecause the Fund does not have annual returns for at least one calendar year, there is no performance to report.




Wells Capital Management Incorporated Oleg Makhorine, Portfolio Manager / 2019James M. Tringas, CFA, Portfolio Manager /2019Bryant VanCronkhite, CFA, CPA, PortfolioManager / 2019









Details About the Funds

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

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


Á at least 80% of the Fund’s net assets in equity securities of foreign issuers, andÁ up to 20% of the Fund’s total assets in emerging market equity securities.

We invest principally in the equity securities of foreign issuers through the use of three different styles of internationalequity management: an international growth style, subadvised by Artisan Partners Limited Partnership; aninternational value style, sub-advised by LSV Asset Management; and an international blend style, sub-advised byWells Capital Management Incorporated. We invest primarily in developed countries, but may invest in emergingmarket countries and may invest in equity securities of any market capitalization. Furthermore, we may use futures,options or participation notes to manage risk or to enhance return. We reserve the right to hedge the portfolio’sforeign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However,under normal circumstances, we will not engage in extensive foreign currency hedging.

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 ataxable account.

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 theshareholders to do so. During such periods, the Fund may not achieve its objective.

Artisan Partners Limited Partnership (Artisan Partners)Artisan Partners employs a fundamental stock selection process to identify long-term growth opportunities to build aportfolio of non-U.S. growth companies of any market capitalization. Artisan Partners seeks to invest in companieswithin its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect theirlong-term potential. Artisan Partners may sell a stock when Artisan Partners thinks the stock is approaching fullvaluation, the company exhibits deteriorating fundamentals, changing circumstances affect the original reasons for itspurchase, or more attractive opportunities are identified.

LSV Asset Management (LSV)LSV invests in equity securities of foreign issuers which it believes are undervalued in the marketplace at the time ofpurchase and show recent positive signals, such as an appreciation in prices and increase in earnings. LSV believes thatthese securities have the potential to produce future returns if their future growth exceeds the market’s lowexpectations. LSV uses a quantitative investment model to make investment decisions for the Fund. The investmentmodel ranks securities based on fundamental measures of value (such as the dividend yield) and indicators ofnear-term recovery (such as recent price appreciation). A stock is typically sold if the model indicates a decline in itsranking or if a stock’s relative portfolio weight has appreciated significantly (relative to the Fund’s benchmark).

Wells Capital Management Incorporated (Wells Capital Management)Wells Capital Management invests in equity securities of foreign issuers by using bottom-up stock selection, based onin-depth fundamental research as the cornerstone of its investment process. During each stage of the process, WellsCapital Management also considers the influence on the investment theses of top-down factors such asmacroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, anddemographic and political risks. The investment process seeks both growth and value opportunities. For growthinvestments, Wells Capital Management targets companies that it believes have strong business franchises,experienced and proven management, and accelerating cash flow growth rates. For value investments, Wells CapitalManagement targets companies that it believes are undervalued in the marketplace compared to their intrinsic value.Wells Capital Management may purchase securities across any market capitalization. Wells Capital Management maysell a stock if it achieves its investment objective for the position, if a stock’s fundamentals or price change significantly,


if it changes its view of a country or sector, or if the stock no longer fits within the risk characteristics of theFund’s portfolio.

Principal Investment RisksThe Fund is primarily subject to the risks mentioned below (in alphabetical order).

Á Derivatives RiskÁ Emerging Markets RiskÁ Foreign Currency Contracts RiskÁ Foreign Investment RiskÁ Futures Contracts RiskÁ Growth/Value Investing RiskÁ Management Risk

Á Market RiskÁ Multi-Manager Management RiskÁ Options RiskÁ Participation Notes RiskÁ Quantitative Model RiskÁ Smaller Company Securities 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 Markets Equity FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.



Á at least 80% of the Fund’s net assets in emerging market equity securities.

We invest principally in equity or other listed securities of emerging market companies. We consider emerging marketcompanies to include companies that are traded in, have their primary operations in, are domiciled in or derive amajority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. We mayuse futures to manage risk or to enhance return. The Fund may have exposure to stocks across any capitalizations andstyles and will be diversified across countries and sectors.

Utilizing a bottom-up stock selection process, we seek to invest in quality companies at prices below their intrinsicvalue. From the available stock universe we focus only on those quality companies that are able to sustain highprofitability over a long period of time for reasons we can understand. Such companies not only create value forinvestors from profitable investment of retained earnings and dividend payout, but also preserve value and protectinvestors from the risk of permanent capital loss. Among the characteristics we seek in high-quality companies arestrong competitive position, demonstrable financial strength and profitability, quality management dedicated topublic shareholders’ interest, and favorable growth prospect supported by major long-term trends. We place an equalemphasis on understanding each company’s intrinsic value and will only invest when a company’s stock trades at ameaningful discount to this value. We do not attempt to anticipate or react to short term market fluctuations, butinstead seek to take advantage of periodic market inefficiencies to buy the high quality companies at prices below ourassessment of their intrinsic value. We have a disciplined approach to the monitoring and sale of holdings and ourdecisions to trim or sell out of positions may be triggered when a stock price exceeds its intrinsic value or when thereis a material deterioration in the fundamentals of the company.




Á Derivatives RiskÁ Emerging Markets RiskÁ Foreign Investment RiskÁ Futures Contracts Risk

Á Growth/Value Investing RiskÁ Management RiskÁ Market RiskÁ Smaller Company Securities Risk



Emerging Markets Equity Income FundInvestment ObjectiveThe Fund seeks to achieve long-term capital appreciation and current income.



Á at least 80% of the Fund’s net assets in equity securities of companies in emerging market countries; andÁ across any market capitalization.

We consider emerging market countries to be, among others, countries included in the MSCI Emerging Markets Index.

We look for companies with a sustainable high dividend yield backed by strong company financials and fundamentals,including above-average sales and earnings growth, overall financial strength, competitive advantages, and capablemanagement. We may sell a holding when it no longer has some or all of these traits. Our investment strategy includesboth a top-down strategy, which takes account of overall economic and market trends in each country, and abottom-up strategy, in which we use fundamental research for security selection. In order to take advantage of thewide range of possible opportunities in a variety of markets at different stages of economic development, weconstruct the portfolio with the potential for maximum portfolio dividend yield while maintaining a controlled level ofrisk.

We reserve the right to hedge the portfolio’s foreign currency exposure by purchasing or selling currency futures andforeign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreigncurrency hedging.




Á Derivatives RiskÁ Emerging Markets RiskÁ Foreign Currency Contracts RiskÁ Foreign Investment Risk




Global Small Cap FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.



Á at least 80% of the Fund’s total assets in equity securities of small-capitalization companies;Á in the securities of companies located in no fewer than three countries, which may include the U.S., and we may

invest more than 25% of the Fund’s total assets in any one country; andÁ up to 10% of the Fund’s total assets in emerging market equity securities.

We invest principally in equity securities of small-capitalization companies, which we define as companies with marketcapitalizations within the range of the S&P Developed SmallCap Index at the time of purchase. The marketcapitalization range of the S&P Developed Small Cap Index was approximately $18 million to $17.25 billion, as ofJanuary 31, 2020, and is expected to change frequently. We consider foreign securities to be securities: (1) issued bycompanies with their principal place of business or principal office or both, as determined in our reasonable discretion,in a country other than the U.S.; or (2) issued by companies for which the principal securities trading market is acountry other than the U.S. Furthermore, we may use futures, options or forward foreign currency contracts to managerisk or to enhance return.

In selecting equity investments for the Fund, the portfolio managers attempt to identify companies that are wellmanaged, have flexible balance sheets, sustainable cash flows and that are undervalued companies relative to anassessment of their intrinsic value. We believe the global small-capitalization markets are inefficient and that stocks areoften inappropriately valued. Our process utilizes both fundamentally based, bottom-up techniques with top-down,industry and sector analysis to identify global opportunities. We conduct ongoing review, research, and analysis of ourportfolio holdings. We may sell a stock if it achieves our investment objective for the position, if a stock’s fundamentalsor price change significantly, if we change our view of a country or sector, or if the stock no longer fits within the riskcharacteristics of the Fund’s portfolio. We reserve the right to hedge the portfolio’s foreign currency exposure bypurchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances,we will not engage in extensive foreign currency hedging.




Á Derivatives RiskÁ Emerging Markets RiskÁ Foreign Currency Contracts RiskÁ Foreign Investment RiskÁ Futures Contracts RiskÁ Geographic Emphasis Risk

Á Growth/Value Investing RiskÁ Management RiskÁ Market RiskÁ Options RiskÁ Smaller Company Securities Risk



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



Á at least 80% of the Fund’s net assets in equity securities of foreign issuers;Á up to 30% of the Fund’s total assets in emerging market equity securities; andÁ in securities of at least three different countries including the U.S.

The types of securities in which we normally invest include common stock, preferred stock, rights, warrants andAmerican Depositary Receipts (ADRs). We consider equity securities of foreign issuers (or foreign securities) to beequity securities: (1) issued by companies with their principal place of business or principal office or both, asdetermined in our reasonable discretion, in a country other than the U.S.; or (2) issued by companies for which theprincipal securities trading market is a country other than the U.S. We may use futures or forward foreign currencycontracts to manage risk or to enhance return.

We use bottom-up stock selection, based on in-depth fundamental research as the cornerstone of our investmentprocess. During each stage of the process, we also consider the influence on the investment theses of top-downfactors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues,and demographic and political risks. Sector and country weights result from rather than determine our stock-selectiondecisions. Our investment process seeks both growth and value opportunities. For growth investments, we targetcompanies that we believe have strong business franchises, experienced and proven management, and acceleratingcash flow growth rates. For value investments, we target companies that we believe are undervalued in themarketplace compared to their intrinsic value. Additionally, we seek to identify catalysts that will unlock value, whichwill then be recognized by the market. We may purchase securities across any market capitalization.

We conduct ongoing review, research, and analysis of our portfolio holdings. We may sell a stock if it achieves ourinvestment objective for the position, if a stock’s fundamentals or price change significantly, if we change our view of acountry or sector, or if the stock no longer fits within the risk characteristics of the Fund’s portfolio.




Á Derivatives RiskÁ Emerging Markets RiskÁ Foreign Currency Contracts RiskÁ Foreign Investment RiskÁ Futures Contracts Risk




Intrinsic World Equity FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.



Á at least 80% of the Fund’s net assets in equity securities of companies located in no fewer than three countries,which may include the U.S., and we may invest more than 25% of the Fund’s total assets in any one country;Á between 30% and 70% of the Fund’s total assets in equity securities of U.S. companies; andÁ up to 20% of the Fund’s total assets in emerging market equity securities.

We invest primarily in developed countries, but may invest up to 20% of the Fund’s total assets in emerging marketequity securities. We invest principally in equity securities of approximately 40 to 60 companies located worldwide,diversifying fund holdings across sectors, industries and countries. We consider foreign securities to be securities: (1)issued by companies with their principal place of business or principal office or both, as determined in our reasonablediscretion, in a country other than the U.S.; or (2) issued by companies for which the principal securities trading marketis a country other than the U.S. The Fund may invest in companies located in countries with developed or emergingmarkets and in stocks of any market capitalization.

We utilize a long-term focus that is intended to take advantage of investment opportunities presented by what webelieve are short-term price anomalies in high-quality stocks. We seek to identify companies with establishedoperating histories, financial strength and management expertise, among other factors. We seek stocks that aretrading at a discount to what we believe are their intrinsic values. Fundamental research is performed to identifysecurities for the portfolio with one or more catalysts present that we believe will unlock the intrinsic value of thesecurities over the next three to five years. These catalysts may include productive use of strong free cash flow,productivity gains, positive change in management or control, innovative or competitively superior products,increasing shareholder focus, or resolution of ancillary problems or misperceptions. We may sell a holding if the valuepotential is realized, if warning signs emerge of beginning fundamental deterioration or if the valuation is no longercompelling relative to other investment opportunities. We may invest in any sector or country, and at times we mayemphasize one or more particular sectors or countries.




Á Emerging Markets RiskÁ Focused Portfolio RiskÁ Foreign Investment RiskÁ Geographic Emphasis Risk




Special International Small Cap FundInvestment ObjectiveThe Fund seeks long-term capital appreciation.



Á at least 80% of the Fund’s net assets in equity securities of small-capitalization companies;Á less than 10% of the Fund’s total assets in emerging market equity securities; andÁ in a number of countries throughout the world and may invest more than 25% of the Fund’s total assets in any one

country.

We invest principally in equity securities of small-capitalization companies of foreign issuers, which we define ascompanies with market capitalizations within the range of the MSCI World ex USA Small Cap Index at the time ofpurchase. The market capitalization range of the MSCI World ex-U.S. Small Cap Index was approximately $131 millionto $8.73 billion, as of January 31, 2020, and is expected to change frequently. We consider foreign securities to besecurities: (1) issued by companies with their principal place of business or principal office or both, as determined inour reasonable 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.

In selecting equity investments for the Fund, the portfolio managers attempt to identify companies that are wellmanaged, have flexible balance sheets and sustainable cash flows, and that are undervalued companies relative to anassessment of their intrinsic value. A flexible balance sheet is supported by several metrics including, but not limitedto, the quantity of debt relative to the cash flows of the enterprise, the location of debt within the capital structure, thematurity profile of existing debt, the type of debt and any debt covenant restrictions. We believe the internationalsmall-capitalization markets are inefficient and that stocks are often inappropriately valued. Our process utilizes bothfundamentally based, bottom-up techniques with top-down, industry and sector analysis to identify globalopportunities. We conduct ongoing review, research, and analysis of our portfolio holdings. We may sell a stock if itachieves our investment objective for the position, if a stock’s fundamentals or price change significantly, if we changeour view of a country or sector, or if the stock no longer fits within the risk characteristics of the Fund’s portfolio.




Á Emerging Markets RiskÁ Foreign Investment RiskÁ Geographic Emphasis RiskÁ Growth/Value Investing RiskÁ Management Risk

Á Market RiskÁ New Fund RiskÁ Regulatory RiskÁ Small Company Securities 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 particularFund as a whole are called “principal risks.” The principal risks for each Fund have been previously identified and aredescribed below. Additional information about the principal risks is included in the Statement of AdditionalInformation.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from,and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives canlead to losses because of adverse movements in the price or value of the derivatives’ underlying assets, indexes orrates and the derivatives themselves, which may be magnified by certain features of the derivatives. These risks areheightened when derivatives are used to enhance a Fund’s return or as a substitute for a position or security, ratherthan solely to hedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivativestrategy will be affected by the portfolio manager’s ability to assess and predict market or economic developmentsand their impact on the derivatives’ underlying assets, indexes or reference rates, as well as the derivatives themselves.Certain derivative instruments may become illiquid and, as a result, may be difficult to sell when the portfolio managerbelieves it would be appropriate to do so. Certain derivatives create leverage, which can magnify the impact of adecline in the value of their underlying assets, indexes or reference rates, and increase the volatility of the Fund’s netasset value. Certain derivatives (e.g., over-the-counter swaps) are also subject to the risk that the counterparty to thederivative contract will be unwilling or unable to fulfill its contractual obligations, which may cause a Fund to losemoney, suffer delays or incur costs arising from holding or selling an underlying asset. Changes in laws or regulationsmay make the use of derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affectthe 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,emerging market countries are typically more dependent on exports and are, therefore, more vulnerable to recessionsin other countries. Emerging markets tend to have less developed legal and financial systems and a smaller marketcapitalization than 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 avariety of economic factors, including inflation. Emerging market securities are also typically less liquid than securitiesof developed countries 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 aFund’s net asset value than if the Fund held a greater number of issuers.

Foreign Currency Contracts Risk. A Fund that enters into forwards or other foreign currency contracts, which are atype of derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of futureexchange rate changes. The Fund’s gains from positions in foreign currency contracts may accelerate and/or lead torecharacterization of the Fund’s income or gains and its distributions to shareholders. The Fund’s losses from suchpositions may also lead to recharacterization of the Fund’s income and its distributions to shareholders and may causea return of capital to Fund shareholders.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risksrelated to adverse political, regulatory, market or economic developments. Foreign companies may be subject tosignificantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, therebyreducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes inforeign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreigninvestments may be subject to additional risks, such as potentially higher withholding and other taxes, and may alsobe subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certainforeign markets may also be characterized by less stringent investor protection and disclosure standards.


Geographic Emphasis Risk. A Fund that invests a significant portion of its assets in one country or geographic regionwill be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or otherdevelopments affecting that country or region. Such developments may have a significant impact on the Fund’s


investment performance causing such performance to be more volatile than the investment performance of a moregeographically diversified fund.

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 inmarket and economic sentiment and conditions. As a result, a Fund’s performance may at times be worse than theperformance of other mutual funds that invest more broadly or in securities that exhibit different characteristics.

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


Multi-Manager Management Risk. A Fund with multiple sub-advisers is subject to the risk that the investmentdecisions made by a sub-adviser may conflict with those of another sub-adviser. For example, at any particular time asub-adviser may purchase a security being sold by another sub-adviser, resulting in transaction costs with potentiallyno change to the Fund’s overall portfolio.

New Fund Risk. The Fund is a new fund, with a limited or no operating history and a small asset base. There can be noassurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’sexpenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extentthat the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and taxconsequences of such liquidation may not be favorable to some shareholders.

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 valueof the underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from anyprice increase in the underlying security above the option exercise price while the option is in effect. Options may bemore volatile than the underlying instruments. In addition, there may at times be an imperfect correlation betweenthe movement in values of options and their underlying securities, and there may at times not be a liquid secondarymarket for certain options.

Participation Notes Risk. The performance results of participation notes, which are a type of derivative, will notreplicate exactly the performance of the securities of the foreign companies or foreign securities markets that theyseek to replicate due to various factors, including transaction and other expenses. The transaction price ofparticipation notes may not equal the underlying value of the securities of the foreign companies or foreign securitiesmarkets whose performance they seek to replicate. Moreover, a Fund has no rights under a participation note againstthe issuer of the underlying security.

Quantitative Model Risk. Funds that are managed according to a quantitative model can perform differently fromthe market as a whole based on the factors used in the model, the weight placed on each factor and changes from thefactors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitativemodel carries the risk of potential issues with the design, coding, implementation or maintenance of the computerprograms, data and/or other technology used in the quantitative model. These issues could negatively impactinvestment returns.

Regulatory Risk. Pursuant to section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act andcertain rules promulgated thereunder (collectively known as the “Volcker Rule”), if the Manager and/or its affiliatesown 25% or more of the outstanding shares of the Fund after the permitted seeding period following the Fund’sinception, the Fund will be subject to restrictions on trading that will adversely impact the Fund’s ability to execute itsinvestment strategy. Should this occur, the Fund may decide to liquidate, or the Manager and/or its affiliates may berequired to reduce their ownership interests in the Fund, either of which may result in gains or losses, increasedtransaction costs and adverse tax consequences.

Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be morevolatile and less liquid than those of larger companies. Smaller companies may have no or relatively short operatinghistories, limited financial resources or may have recently become public companies. Some of these companies have


aggressive capital structures, 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.

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 YorkStock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day that the NYSE is open, although a Fund maydeviate from this calculation time under unusual or unexpected circumstances. The NAV is calculated separately foreach class of shares of a multiple-class Fund. The most recent NAV for each class of a Fund is available at wfam.com. Tocalculate the NAV of a Fund’s shares, the Fund’s assets are valued and totaled, liabilities are subtracted, and thebalance, called net assets, is divided by the number of shares outstanding. The price at which a purchase orredemption request is processed is based on the next NAV calculated after the request is received in good order.Generally, NAV is not calculated, and purchase and redemption requests are not processed, on days that the NYSE isclosed for trading; however, under unusual or unexpected circumstances, a Fund may elect to remain open even ondays that the NYSE is closed or closes early. To the extent that a Fund’s assets are traded in various markets on dayswhen the Fund is closed, the value of the Fund’s assets may be affected on days when you are unable to buy orsell Fund shares. Conversely, trading in some of a Fund’s assets may not occur on days when the Fund is open.

With respect to any portion of a Fund’s assets that may be invested in other mutual funds, the value of the Fund’sshares is based on the NAV of the shares of the other mutual funds in which the Fund invests. The valuation methodsused by mutual funds in pricing their shares, including the circumstances under which they will use fair value pricingand the effects of using fair value pricing, are included in the prospectuses of such funds. To the extent a Fund investsa portion of its assets in non-registered investment vehicles, the Fund’s interests in the non-registered vehicles are fairvalued at NAV.

With respect to a Fund’s assets invested directly in securities, the Fund’s investments are generally valued at currentmarket prices. Equity securities, options and futures are generally valued at the official closing price or, if none, the lastreported sales price on the primary exchange or market on which they are listed (closing price). Equity securities thatare not traded primarily on an exchange are generally valued at the quoted 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 asecurity that trades primarily on a foreign exchange, does not accurately reflect its current market value as of the timea Fund calculates its NAV. The closing price or the quoted bid price of a security may not reflect its current market valueif, among other things, a significant event occurs after the closing price or quoted bid price are made available, butbefore the time as of which a Fund calculates its NAV, that materially affects the value of the security. We use variouscriteria, including a systemic evaluation of U.S. market moves after the close of foreign markets, in deciding whether aforeign security’s market price is still reliable and, if not, what fair market value to assign to the security. In addition, weuse fair value pricing to determine the value of investments in securities and other assets, including illiquid securities,for which current market quotations or evaluated prices from a pricing service or broker-dealer are not readilyavailable.

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 beno assurance that a fair value assigned to a particular security is accurate or that it reflects the price that theFund could obtain for such security if it were to sell the security at the time as of which fair value pricing is determined.Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or quoted bidprice. See the Statement of Additional Information for additional details regarding the determination of NAVs.


Management of the Funds

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 providesadvisory services for registered mutual funds, closed-end funds and other funds and accounts. Funds Management is apart of Wells Fargo Asset Management, the trade name used by the asset management businesses of Wells Fargo &Company.

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,Funds Management recommends to the Board enhancements to Fund features, including changes to Fund investmentobjectives, strategies and policies. Funds Management also communicates with shareholders and intermediariesabout Fund performance and features.

Funds Management is also responsible for providing fund-level administrative services to the Funds, which include,among others, providing such services in connection with the Funds’ operations; developing and implementingprocedures for monitoring compliance with regulatory requirements and compliance with the Funds’ investmentobjectives, policies and restrictions; and providing any other fund-level administrative services reasonably necessaryfor the operation of the Funds, other than those services that are provided by the Funds’ transfer and dividenddisbursing agent, custodian and 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 tothe Funds. Funds Management employs a team of investment professionals who identify and recommend the initialhiring of any sub-adviser and oversee and monitor the activities of any sub-adviser on an ongoing basis. FundsManagement retains 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 applicablesub-advisory agreements for each Fund is available in the Fund’s Annual report for the period ended October 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

Diversified International Fund 0.44%

Emerging Markets Equity Fund 1.02%

Emerging Markets Equity IncomeFund

0.99%

Global Small Cap Fund 0.95%

International Equity Fund 0.65%

Intrinsic World Equity Fund 0.73%

Special International Small CapFund

0.00%


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 receivesfor its services as investment Manager to the Funds. The Statement of Additional Information provides additionalinformation about the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers andthe Portfolio Managers’ ownership of securities in the Funds.

Artisan Partners Limited Partnership (“Artisan Partners”), a registered investment adviser located at 875 EastWisconsin Avenue, Suite 800, Milwaukee, WI 53202, serves as the sub-adviser and provides portfolio managementservices to one or more Funds. Artisan Partners provides investment management services to pension and profitsharing plans, trusts, endowments, foundations, charitable organizations, governmental entities, and investmentcompanies and similar pooled investment vehicles.

Mark L. Yockey, CFADiversified International Fund

Mr. Yockey joined Artisan Partners in 1995, where he currently serves as a ManagingDirector and Portfolio Manager for Artisan Partners’ non-U.S. growth and global equityinvestment strategies.

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,endowments and foundations in addition to multi-employer and public investment plans.

Josef Lakonishok, Ph.D.Diversified International Fund

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

Puneet Mansharamani, CFADiversified International Fund

Mr. Mansharamani joined LSV in 2000, where he currently serves as a Partner and PortfolioManager.

Menno Vermeulen, CFADiversified International Fund

Mr. Vermeulen joined LSV in 1995, where he currently serves as a Partner and PortfolioManager.

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 todelivering superior investment services to institutional clients, including mutual funds. Wells Capital Management is apart of Wells Fargo Asset Management, the trade name used by the asset management businesses of Wells Fargo &Company.

Miguel E. Giaconi, CFAIntrinsic World Equity Fund

Mr. Giaconi joined Wells Capital Management or one of its predecessor firms in 2003,where he currently serves as a Portfolio Manager and Director of Research with theMetWest Capital Equity team.

Derrick Irwin, CFAEmerging Markets Equity Fund

Mr. Irwin joined Wells Capital Management or one of its predecessor firms in 2005, wherehe currently serves as a Portfolio Manager with the Berkeley Street Emerging MarketsEquity team.

Amit KumarIntrinsic World Equity Fund

Mr. Kumar joined Wells Capital Management or one of its predecessor firms in 2013, wherehe currently serves as an Associate Portfolio Manager and Senior Analyst with the MetWestCapital Equity team.

Venkateshwar (Venk) LalDiversified International FundInternational Equity Fund

Mr. Lal joined Wells Capital Management in 2012, where he currently serves as a PortfolioManager. Prior to joining Wells Capital Management, Mr. Lal was a Partner and head of riskand trading at EverKey Global Partners, an investment firm he co-founded in 2007.

Oleg MakhorineGlobal Small Cap FundSpecial International Small CapFund

Mr. Makhorine joined Wells Capital Management or one of its predecessor firms in 2005.He currently serves as a Portfolio Manager on the Special Global Equity team.

Jean-Baptiste Nadal, CFAIntrinsic World Equity Fund

Mr. Nadal joined Wells Capital Management or one of its predecessor firms in 2011, wherehe currently serves as Team Leader and Senior Portfolio Manager for the MetWest CapitalEquity team.

Richard Peck, CFAEmerging Markets Equity Fund

Mr. Peck joined Wells Capital Management in 2010, where he currently serves as a PortfolioManager with the Berkeley Street Emerging Markets Equity team.


Robert Rifkin, CFA1

Global Small Cap FundMr. Rifkin joined Wells Capital Management or one of its predecessor firms in 1997, wherehe currently serves as a Portfolio Manager for the Special Global Equity team.

Alison ShimadaEmerging Markets Equity IncomeFund

Ms. Shimada joined Wells Capital Management in 2003, where she currently serves as aPortfolio Manager with the SF Global Emerging Markets team.

James M. Tringas, CFAGlobal Small Cap FundSpecial International Small CapFund

Mr. Tringas joined Wells Capital Management or one of its predecessor firms in 1994, wherehe currently serves as a Managing Director and Senior Portfolio Manager with the SpecialGlobal Equity team.

Elaine TseEmerging Markets Equity IncomeFund

Ms. Tse joined Wells Capital Management in 2000, where she currently serves as a portfoliomanager on the SF Global Emerging Markets Equity team.

Bryant VanCronkhite, CFA, CPAGlobal Small Cap FundSpecial International Small CapFund

Mr. VanCronkhite joined Wells Capital Management or one of its predecessor firms in 2003,where he currently serves as a Managing Director and Senior Portfolio Manager with theSpecial Global Equity team.

Dale A. Winner, CFADiversified International FundInternational Equity Fund

Mr. Winner joined Wells Capital Management in 2012, where he is a Senior PortfolioManager. Prior to joining Wells Capital Management, Mr. Winner was a Partner andportfolio manager at EverKey Global Partners, an investment firm he co-founded in 2007.

Yi (Jerry) Zhang, Ph.D., CFAEmerging Markets Equity Fund

Mr. Zhang joined Wells Capital Management or one of its predecessor firms in 2004, wherehe currently serves as a Senior Portfolio Manager and Head of the Berkeley StreetEmerging Markets Equity team.

1. Robert Rifkin, CFA has announced his intention to retire from Wells Capital Management Incorporated on April 15, 2020. He will continue to serve as aportfolio manager of the Fund through that date. After April 15, 2020, all references to Robert Rifkin, CFA in the Fund’s Prospectuses and Statement ofAdditional Information are hereby removed.

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 orof a company that wholly owns Funds Management. In addition, the SEC staff, pursuant to no-action relief, hasextended multi-manager relief to any affiliated sub-adviser, such as affiliated sub-advisers that are not wholly-ownedsubsidiaries of Funds Management or of a company that wholly owns Funds Management, provided certainconditions are satisfied (all such sub-advisers covered by the order or relief, “Multi-Manager Sub-Advisers”).

As such, Funds Management, with Board approval, may hire or replace Multi-Manager Sub-Advisers for each Fund thatis eligible to rely on the order or relief. Funds Management, subject to Board oversight, has the responsibility tooversee Multi-Manager Sub-Advisers and to recommend their hiring, termination and replacement. If a newsub-adviser is hired for a Fund pursuant to the order or relief, the Fund is required to notify shareholders within 90days. The Funds are not required to disclose the individual fees that Funds Management pays to a Multi-ManagerSub-Adviser.


Account Information

Share Class EligibilityInstitutional Class shares are generally available through intermediaries for the accounts of their customers anddirectly to institutional investors and individuals. Institutional investors may include corporations; private banks; trustcompanies; endowments and foundations; defined contribution, defined benefit and other employer sponsoredretirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms;bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by FundsManagement. The following investors may purchase Institutional Class shares and are not subject to a minimum initialinvestment amount except as noted below:

Á Employee benefit plan programs;Á Broker-dealer managed account or wrap programs that charge an asset-based fee;Á Registered investment adviser mutual fund wrap programs or other accounts that charge a fee for advisory,

investment, consulting or similar services;Á Private bank and trust company managed accounts or wrap programs that charge an asset-based fee;Á Internal Revenue Code Section 529 college savings plan accounts;Á Funds of funds, including those advised by Funds Management;Á Private Bank and Trust Departments of Wells Fargo & Company purchasing shares on behalf of their clients;Á Endowments, non-profits, and charitable organizations who invest a minimum initial investment amount of

$500,000 in a Fund;Á Any other institutions or customers of intermediaries who invest a minimum initial investment amount of $1 million

in a Fund;Á Individual investors who invest a minimum initial investment amount of $1 million directly in a Fund;Á Certain investors and related accounts as detailed in the Statement of Additional Information; andÁ Investors purchasing shares through an intermediary, acting solely as a broker on behalf of its customers, that holds

such shares in an omnibus account and charges investors a transaction based commission outside of the Fund. Inorder to offer Fund shares, an intermediary must have an agreement with the Fund’s distributor authorizing the useof the share class within this type of platform.

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 wouldsubject Fund 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. Please note that if youpurchase shares through an intermediary that acts as a broker on your behalf, you may be required to pay acommission to your intermediary in an amount determined and separately disclosed to you by the intermediary.Consult your financial professional for further details.

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 wfam.com. You may wish to discuss your choice of share class with your financial professional.


Compensation to Financial Professionals and IntermediariesIn addition to dealer reallowances and payments made by certain classes of each Fund for distribution andshareholder servicing, the Fund’s manager, the distributor or their affiliates make additional payments (“AdditionalPayments”) to certain financial professionals and intermediaries for selling shares and providing shareholder services,which include broker-dealers and 401(k) service providers and record keepers. These Additional Payments, which maybe significant, are paid by the Fund’s manager, the distributor or their affiliates, out of their revenues, which generallycome directly or indirectly from Fund fees.

In return for these Additional Payments, each Fund’s manager and distributor expect the Fund to receive certainmarketing or servicing considerations that are not generally available to mutual funds whose sponsors do not makesuch payments. Such considerations are expected to include, without limitation, placement of the Fund on a list ofmutual funds offered as investment options to the intermediary’s clients (sometimes referred to as “Shelf Space”);access to the intermediary’s financial professionals; and/or the ability to assist in training and educating theintermediary’s financial professionals.

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 intermediaryas to what compensation the intermediary receives from mutual fund sponsors, as well as how your financialprofessional is compensated.

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 combinationof the above. The Additional Payments are either up-front or ongoing or both and differ among intermediaries. In agiven year, Additional Payments to an intermediary that is compensated based on its customers’ assets typically rangebetween 0.02% and 0.25% 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 0.25% of thegross sales 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 WellsFargo Funds website at wfam.com.

Buying and Selling Fund SharesFor more information regarding buying and selling Fund shares, please visit wfam.com. You may buy (purchase) andsell (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 termsof your 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 termsof your 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 wfam.com.

Online transactions are limited to amaximum of $100,000. You may be eligiblefor an exception to this maximum. Please callInvestor Services at 1-800-222-8222 for moreinformation.


Opening an AccountAdding to an Account or Selling FundShares

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 tocall unless you have instructed us otherwise.

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

Send the items required under “Requestsin Good Order” below to:Regular MailWells Fargo FundsP.O. Box 219967Kansas City, MO 64121-9967Overnight OnlyWells Fargo Funds430 W 7th Street STE 219967Kansas City, MO 64105-1407

Requests in “Good Order”. All purchase and redemption requests must be received in “good order.” This means that arequest generally must include:

Á The Fund name(s), share class(es) and account number(s);Á The amount (in dollars or shares) and type (purchase or redemption) of the request;Á If by mail, the signature of each registered owner as it appears in the account application;Á For purchase requests, payment of the full amount of the purchase request (see “Payment” below); andÁ 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. These intermediaries may charge transaction fees.We reserve the right to adjust the closing time in certain 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 inyour account 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


a linked bank account, or by wire to a linked bank account. Please call Investor Services at 1-800-222-8222 regardingthe requirements for linking bank accounts or for wiring funds. Under normal circumstances, we expect to meetredemption requests either by using uninvested cash or cash equivalents or by using the proceeds from the sale ofportfolio securities, at the discretion of the portfolio manager(s). The Wells Fargo Funds may also borrow through abank line of credit for the purpose of meeting redemption requests, although we do not expect to draw funds fromthis source on a regular basis. In lieu of making cash payments, we reserve the right to determine in our sole discretion,including under stressed market conditions, whether to satisfy one or more redemption requests by making paymentsin securities. In such cases, we may meet all or part of a redemption request by making payment in securities equal invalue to the amount of the redemption payable to you as permitted under the 1940 Act, and the rules thereunder, inwhich case the redeeming shareholder should expect to incur transaction costs upon the disposition of any securitiesreceived.

Timing of Redemption Proceeds. We normally will send out redemption proceeds within one business day after weaccept your request to redeem. We reserve the right to delay payment for up to seven days. If you wish to redeemshares purchased by check, by EFT or through the Automatic Investment Plan within seven days of purchase, you maybe asked to resubmit your redemption request if your payment has not yet cleared. Payment of redemption proceedsmay be delayed for longer than seven days under extraordinary circumstances or as permitted by the SEC in order toprotect remaining shareholders. Such extraordinary circumstances are discussed further in the Statement ofAdditional Information.

Retirement Plans and Other Products. If you purchased shares through a packaged investment product orretirement plan, read the directions for redeeming shares provided by the product or plan. There may be specialrequirements that supersede 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) thepurchase of shares of another. In general, the same rules and procedures described under “Buying and Selling FundShares” apply to exchanges. There are, however, additional policies and considerations you should keep in mind whilemaking or considering an exchange:

Á In general, exchanges may be made between like share classes of any fund in the Wells Fargo Funds complex offeredto the general public for investment (i.e., a fund not closed to new accounts), with the following exceptions: (1) ClassA shares of non-money market funds may also be exchanged for Service Class shares of any retail or governmentmoney market fund; (2) Service Class shares may be exchanged for Class A shares of any non-money market fund;and (3) no exchanges are allowed into institutional money market funds.Á If you make an exchange between Class A shares of a money market fund and Class A shares of a non-money market

fund, you will buy the shares at the public offering price of the new fund, unless you are otherwise eligible to buyshares at NAV.Á Same-fund exchanges between share classes are permitted subject to the following conditions: (1) the shareholder

must 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.Á An exchange request will be processed on the same business day, provided that both funds are open at the time the

request is received. If one or both funds are closed, the exchange will be processed on the following business day.Á You should carefully read the Prospectus for the Fund into which you wish to exchange.Á Every exchange involves redeeming fund shares, which may produce a capital gain or loss for tax purposes.Á 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.Á If you are making an additional investment into a fund that you already own through an exchange, you must

exchange at least the minimum subsequent investment amount for the fund you are exchanging into.Á Class C share exchanges will not trigger a CDSC. The new shares received in the exchange will continue to age

according 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 dilutingthe value of shares held by long-term shareholders. Excessive trading in Fund shares can negatively impact a Fund’slong-term performance by requiring it to maintain more assets in cash or to liquidate portfolio holdings at adisadvantageous time. 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 otherFunds to arbitrage opportunities resulting from pricing variations due to time zone differences across internationalfinancial markets. Similarly, Funds that have a greater percentage of their investments in small company securities maybe more susceptible than other Funds to arbitrage opportunities due to the less liquid nature of small companysecurities. Both types of Funds also may incur higher transaction costs in liquidating portfolio holdings to meetexcessive redemption levels. Fair value pricing may reduce these arbitrage opportunities, thereby reducing some ofthe negative effects of excessive trading.

Wells Fargo Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund, UltraShort-Term Income Fund and Ultra Short-Term Municipal Income Fund (“Ultra-Short Funds”) and the moneymarket funds, (the “Covered Funds”). The Covered Funds are not designed to serve as vehicles for frequent trading.The Covered Funds actively discourage and take steps to prevent the portfolio disruption and negative effects onlong-term shareholders that can result from excessive trading activity by Covered Fund shareholders. The Board hasapproved the Covered Funds’ policies and procedures, which provide, among other things, that Funds Managementmay deem trading activity to be excessive if it determines that such trading activity would likely be disruptive to aCovered Fund by increasing expenses or lowering returns. In this regard, the Covered Funds take steps to avoidaccommodating frequent purchases and redemptions of shares by Covered Fund shareholders. Funds Managementmonitors available shareholder trading information across all Covered Funds on a daily basis. If a shareholder redeems$5,000 or more ($20,000 or more, effective May 1, 2020) (including redemptions that are part of an exchangetransaction) from a Covered Fund, that shareholder is “blocked” from purchasing shares of that Covered Fund(including purchases that are part of an exchange transaction) for 30 calendar days after the redemption. This policydoes not apply to:

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

withdrawals due to mandatory distributions, rollovers and hardships, withdrawals of shares acquired by participantsthrough payroll deductions, and shares acquired or sold by a participant in connection with plan loans; andÁ Purchases below $5,000 (below $20,000, effective May 1, 2020) (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 donot prohibit frequent trading, Funds Management will seek to prevent an investor from utilizing the money marketfunds and Ultra-Short Funds to facilitate frequent purchases and redemptions of shares in the Covered Funds incontravention of 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 its


affiliate that are used at all times exclusively for addressing operational matters related to shareholder accounts, suchas testing of account functions, and are maintained at low balances that do not exceed specified dollar amountlimitations.

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 informationabout its 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 orpermit trading activity of its customers who invest in Fund shares using standards different from the standards used byFunds Management and discussed in this Prospectus. Funds Management may permit a financial intermediary toenforce its own internal policies and procedures concerning frequent trading rather than the policies set forth abovein instances where Funds Management reasonably believes that the intermediary’s policies and procedures effectivelydiscourage disruptive trading activity. If you purchase Fund shares through a financial intermediary, you shouldcontact the intermediary for more information about whether and how restrictions or limitations on trading activitywill be applied to your account.

Account PoliciesAdvance Notice of Large Transactions. We strongly urge you to make all purchases and redemptions of Fund sharesas early 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 $1 million. This will help us to manage the Funds most effectively. When you give this advancenotice, 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 maybe special distribution requirements for a retirement account, such as required distributions or mandatory Federalincome tax 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:

Á Individual Retirement Accounts, including Traditional IRAs and Roth IRAs.Á 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 statementor if you 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 toverify your identity. If you do not provide the information, we will not be able to open your account. In the rare eventthat we are unable to verify your identity as required by law, we reserve the right to redeem your account at thecurrent NAV of the Fund’s shares. You will be responsible for any losses, taxes, expenses, fees, or other results of such aredemption.


Right to Freeze Accounts, Suspend Account Services or Reject or Terminate an Investment. We reserve the right,to the 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 orwhen we believe a fraudulent transaction may occur or has occurred. Additionally, we reserve the right to reject anypurchase or exchange request and to terminate a shareholder’s investment, including closing the shareholder’saccount.


DistributionsThe Funds, except the Emerging Markets Equity Income Fund and the International Equity Fund, generally makedistributions of any net investment income and any realized net capital gains at least annually. The International EquityFund generally distributes net investment income quarterly and realized net capital gains, if any, at least annually. TheEmerging Markets Equity Income Fund generally distributes net investment income monthly. The amount distributedby the Emerging Markets Equity Income Fund in a month may either be less than the amount earned in that month ormore than the amount earned in that month if it includes amounts earned in a previous month but retained for laterdistribution. The Emerging Markets Equity Income Fund generally distributes realized net capital gains, if any, at leastannually. Please note, distributions have the effect of reducing the NAV per share 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.

Á Automatic Reinvestment Option—Allows you to use distributions to buy new shares of the same class of the Fundthat generated the distributions. The new shares are purchased at NAV generally on the day the distribution is paid.This option is automatically assigned to your account unless you specify another option.Á Check Payment Option—Allows you to receive distributions via checks mailed to your address of record or to

another name and address which you have specified in written instructions. A Medallion Guarantee may also berequired. If checks remain uncashed for six months or are undeliverable by the Post Office, we will reinvest thedistributions at the earliest date possible, and future distributions will be automatically reinvested.Á Bank Account Payment Option—Allows you to receive distributions directly in a checking or savings account

through EFT. The bank account must be linked to your Wells Fargo Fund account. Any distribution returned to usdue to an invalid banking instruction will be sent to your address of record by check at the earliest date possible, andfuture distributions will be automatically reinvested.Á Directed Distribution Purchase Option—Allows you to buy shares of a different Wells Fargo Fund of the same share

class. The new shares are purchased at NAV generally on the day the distribution is paid. In order to use this option,you need to identify the Fund and account the distributions are coming from, and the Fund and account to whichthe distributions are being directed. You must meet any required minimum investment amounts in both Funds priorto using 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.


Other Information

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 the Fund and youas a shareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through atax-advantaged account, such as a 401(k) Plan or IRA. This discussion is not intended as a substitute for careful taxplanning. You should consult your tax adviser about your specific tax situation. Please see the Statement of AdditionalInformation for additional federal income tax information.

The Fund elected to be treated, and intends to qualify each year, as a regulated investment company (“RIC”) under theInternal Revenue Code of 1986, as amended. A RIC is not subject to tax at the corporate level on income and gainsfrom investments that are distributed in a timely manner to shareholders. However, the Fund’s failure to qualify as aRIC would result in corporate level taxation, and consequently, a reduction in income available for distribution to youas 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 gains, if any, generally will betaxable to you as ordinary income. Distributions from a Fund’s net long-term capital gains, if any, generally will betaxable to you as long-term capital gains. If you are an individual and meet certain holding period requirements withrespect to your Fund shares, you may be eligible for reduced tax rates on qualified dividend income, if any, distributedby 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 37% on ordinary income and a maximum tax rate onlong-term capital gains and qualified dividends of 20%. For U.S. individuals with income exceeding $200,000 ($250,000if married 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 gains at a tax rate of 21%. However, aRIC is not subject to tax at the corporate level on income and gains from investments that are distributed in a timelymanner to shareholders.

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 taxablecapital gain or loss, depending on the amount you receive for your shares (or are deemed to receive in the case ofexchanges) and the amount you paid (or are deemed to have paid) for them. Such capital gain or loss generally will belong-term capital gain or loss if you have held your redeemed or exchanged Fund shares for more than one year at thetime of redemption or exchange. In certain circumstances, losses realized on the redemption or exchange of Fundshares may be disallowed.

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 (orsince inception, if shorter). Certain information reflects financial results for a single Fund share. Total returns representthe rate you would have earned (or lost) on an investment in each Fund (assuming reinvestment of all distributions).The information in the following tables has been derived from the Funds’ financial statements which have beenaudited by KPMG LLP, the Funds’ independent registered public accounting firm, whose report, along with each Fund’sfinancial statements, is also included in each Fund’s annual report, a copy of which is available upon request.

Diversified International FundFor a share outstanding throughout each period

Year ended October 31Institutional Class 2019 2018 2017 2016 2015

Net asset value, beginning of period $ 11.57 $ 12.84 $ 10.61 $ 11.14 $ 11.50

Net investment income 0.261 0.251 0.231 0.231 0.171

Net realized and unrealized gains (losses) on investments 0.76 (1.07) 2.25 (0.63) (0.20)

Total from investment operations 1.02 (0.82) 2.48 (0.40) (0.03)

Distributions to shareholders from

Net investment income (0.31) (0.45) (0.25) (0.13) (0.33)

Net asset value, end of period $ 12.28 $ 11.57 $ 12.84 $ 10.61 $ 11.14

Total return 9.30% (6.68)% 23.91% (3.63)% (0.23)%

Ratios to average net assets (annualized)

Gross expenses 1.44% 1.38% 1.49% 1.46% 1.47%

Net expenses 0.99% 0.99% 0.99% 0.99% 0.99%

Net investment income 2.22% 1.97% 2.02% 2.16% 1.45%

Supplemental data

Portfolio turnover rate 28% 39% 42% 50% 31%

Net assets, end of period (000s omitted) $ 4,508 $ 4,604 $ 8,146 $ 24,328 $ 7,106

1. Calculated based upon average shares outstanding


Emerging Markets Equity FundFor a share outstanding throughout each period




Net realized and unrealized gains (losses) on investments 4.28 (3.89) 4.55 2.49 (3.45)

Total from investment operations 4.47 (3.70) 4.74 2.69 (3.28)




Total return 20.40% (14.35)% 22.42% 14.40% (14.66)%


Gross expenses 1.25% 1.25% 1.23% 1.31% 1.24%

Net expenses 1.19% 1.19% 1.20% 1.22% 1.22%


Supplemental data


Net assets, end of period (000s omitted) $ 3,475,314 $ 2,790,071 $ 3,423,366 $ 1,826,097 $ 2,146,675


Emerging Markets Equity Income FundFor a share outstanding throughout each period




Net realized and unrealized gains (losses) on investments 0.87 (1.36) 1.39 0.30 (1.36)

Total from investment operations 1.15 (1.04) 1.64 0.57 (1.11)




Total return 11.24% (9.11)% 16.11% 5.84% (9.95)%


Gross expenses 1.36% 1.34% 1.33% 1.45% 1.51%

Net expenses 1.22% 1.22% 1.23% 1.25% 1.25%


Supplemental data





Global Small Cap FundFor a share outstanding throughout each period




Net realized and unrealized gains (losses) on investments 3.39 (0.74) 10.06 3.00 0.72

Total from investment operations 3.75 (0.49) 10.44 3.45 0.92



Net realized gains (3.41) (5.00) (2.35) (1.59) (6.74)

Total distributions to shareholders (3.63) (5.39) (2.84) (2.00) (6.96)


Total return 10.17% (1.45)% 27.38% 9.56% 2.53%


Gross expenses 1.20% 1.21% 1.21% 1.22% 1.18%

Net expenses 1.15% 1.15% 1.15% 1.15% 1.15%


Supplemental data



International Equity FundFor a share outstanding throughout each period

Year ended October 31Class Institutional 2019 2018 2017 2016 2015



Net realized and unrealized gains (losses) on investments (0.22) (1.39) 2.43 (0.52) 0.58

Total from investment operations 0.11 (1.09) 2.71 (0.29) 0.77




Total return 1.19% (8.56)% 25.21% (2.48)% 7.07%


Gross expenses 1.11% 1.06% 1.14% 1.14% 1.15%

Net expenses 0.86% 0.89% 0.89% 0.87% 0.84%


Supplemental data





Intrinsic World Equity FundFor a share outstanding throughout each period




Net realized and unrealized gains (losses) on investments 2.06 0.35 4.53 (0.80) 0.75

Total from investment operations 2.33 0.60 4.80 (0.54) 1.03



Net realized gains (2.21) (1.69) (0.95) (2.46) (0.37)

Total distributions to shareholders (2.47) (1.96) (1.26) (2.78) (0.60)


Total return 12.49% 2.52% 25.92% (2.13)% 4.72%


Gross expenses 1.14% 1.14% 1.14% 1.13% 1.09%

Net expenses 0.95% 0.95% 0.95% 0.95% 0.95%


Supplemental data




Special International Small Cap FundFor a share outstanding throughout each period

Institutional Class

Year endedOctober 31,

20191

Net asset value, beginning of period $ 10.00

Net investment income 0.05

Net realized and unrealized gains (losses) on investments 0.52

Total from investment operations 0.57

Net asset value, end of period $ 10.57

Total return2 5.70%


Gross expenses 7.91%

Net expenses 1.05%

Net investment income 1.14%

Supplemental data

Portfolio turnover rate 14%

Net assets, end of period (000s omitted) $ 106

1. For the period from May 31, 2019 (commencement of class operations) to October 31, 20192. Returns for periods of less than one year are not annualized.


Notes


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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: 1-800-260-5969

By mail:Wells Fargo FundsP.O. Box 219967Kansas City, MO 64121-9967

Online:wfam.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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© 2020 Wells Fargo & Company. All rights reserved.030IEIT/P304

ICA Reg. No. 811-09253

Documents

Fund shar es ar e NO T deposits or other obliga tions of ... · WELLS F AR GO INTERNA TIONAL AND GL OB AL EQUIT Y FUNDS F or the W ells F ar go Asia P acific F und (the “F und ”)