Form 497K WELLS FARGO FUNDS TRUST

December 6, 2021 8:52 AM EST

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Summary Prospectus
December 6, 2021

Allspring Target 2010 Fund


Class/Ticker: Class A - STNRX - Class C - WFOCX

Link to Prospectus

Link to SAI

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to [email protected] The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated July 1, 2021 as supplemented December 6, 2021, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.

Investment Objective

The Fund seeks total return over time, consistent with its strategic target asset allocation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages 83 and 84 of the Prospectus and “Additional Purchase and Redemption Information” on page 89 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 117 for further information.

Shareholder Fees (fees paid directly from your investment)

Class A

Class C

Maximum sales charge (load) imposed on purchases (as a percentage of offering price)

5.75%

None

Maximum deferred sales charge (load) (as a percentage of offering price)

None1

1.00%

1. Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.

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

Class A

Class C

Management Fees

0.10%

0.10%

Distribution (12b-1) Fees

0.00%

0.75%

Other Expenses

0.80%

0.80%

Acquired Fund Fees and Expenses

0.10%

0.10%

Total Annual Fund Operating Expenses

1.00%

1.75%

Fee Waivers

(0.40)%

(0.40)%

Total Annual Fund Operating Expenses After Fee Waiver2

0.60%

1.35%

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 June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

1 


 

Example of Expenses

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

Assuming Redemption at End of Period

Assuming No Redemption

After:

Class A

Class C

Class C

1 Year

$633

$237

$137

3 Years

$838

$512

$512

5 Years

$1,059

$912

$912

10 Years

$1,695

$2,029

$2,029

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- and small-capitalization companies, international developed markets, emerging markets and low volatility allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations, will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around its target date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year

2 


 

of 2010 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target Today Fund.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation consistent with the Fund’s target year. Factors that the portfolio managers may consider include but are not limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance in various market conditions.

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Portfolio Asset Allocation

The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2021.

Portfolio

Target Allocation1

Equity Securities

30%

Allspring Factor Enhanced U.S. Large Cap Equity Portfolio

11.71%

Allspring Factor Enhanced International Equity Portfolio

6.06%

Allspring Factor Enhanced U.S. Low Volatility Equity Portfolio

5.00%

Allspring Factor Enhanced U.S. Small Cap Equity Portfolio

2.92%

Allspring U.S. REIT Portfolio

2.50%

Allspring Factor Enhanced Emerging Markets Equity Portfolio

1.82%

Fixed Income Securities

70%

Allspring Bloomberg US Aggregate ex-Corporate Portfolio

34.49%

Allspring Investment Grade Corporate Bond Portfolio

17.95%

Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)

11.67%

Allspring Emerging Markets Bond Portfolio

2.94%

Allspring High Yield Corporate Bond Portfolio

2.94%

1. Target allocations may total more or less than 100% due to rounding.

3 


 

Principal Investment Risks

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.

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

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.

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

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.

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

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and

4 


 

securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

Performance

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

Calendar Year Total Returns for Class A as of 12/31 each year
(returns do not reflect sales charges and would be lower if they did)

.

Highest Quarter:
June 30, 2020

+7.85%

Lowest Quarter:
March 31, 2020

-7.11%

Year-to-date total return as of March 31, 2021 is -0.28%

Average Annual Total Returns for the periods ended 12/31/2020 (returns reflect applicable sales charges)

Inception Date of Share Class

1 Year

5 Year

10 Year

Class A (before taxes)

3/1/1994

1.53%

4.03%

3.28%

Class A (after taxes on distributions)

3/1/1994

-0.22%

1.95%

1.75%

Class A (after taxes on distributions and the sale of Fund Shares)

3/1/1994

1.53%

2.66%

2.18%

Class C (before taxes)

12/1/1998

5.98%

4.45%

3.11%

S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)1

9.95%

7.22%

6.15%

Target 2010 Blended Index (reflects no deduction for fees, expenses, or taxes)2

8.62%

-

-

1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directly in an index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect 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 hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

5 


 

Fund Management

Manager

Sub-Adviser

Portfolio Manager, Title/Managed Since

Allspring Funds Management, LLC

Allspring Global Investments, LLC

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017
Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund Shares

In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.

Minimum Investments

To Buy or Sell Shares

Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum

Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum

Mail: Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Online: allspringglobal.com
Phone or Wire: 1-800-222-8222

Contact your financial professional.

Tax Information

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

Payments to Intermediaries

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary’s website for more information.

Link to Prospectus

Link to SAI

©2021 Allspring Global Investments Holdings, LLC. All rights reserved.
1010702/P0702

6 

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION
OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

The previously announced merger of each Fund listed in the table below into another Fund of the Trust, which is also listed below, if all conditions to closing are satisfied, is now expected to occur on or about February 11, 2022.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

September 23, 2021

TDR101/P601SP

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

At a meeting held on June 1, 2021, the Board of Trustees of Wells Fargo Funds Trust (the “Trust”) unanimously approved the merger of each Fund listed in the table below (the “Target Fund”) into another Fund of the Trust (the “Acquiring Fund”), which is also listed below (the “Mergers”). The Mergers were proposed by Wells Fargo Funds Management, LLC, investment manager to the Funds.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

The Board also approved i) reducing the management fee rate to be paid by each Dynamic Target Date Fund to Funds Management under the Funds’ new Investment Management Agreement to match the investment management fee rate paid by the Target Date Funds to Funds Management under the current Investment Management Agreement; ii) reducing the sub-advisory fee rate to be paid by Funds Management to Wells Capital Management LLC with respect to each Dynamic Target Date Fund under the new Sub-Advisory Agreement to match the sub-advisory fee rate paid by Funds Management to Wells Capital Management Incorporated with respect to each Target Date Fund under the current Sub-Advisory Agreement; and iii) adding a new Administrator Class for the Dynamic Target Date Funds. The net operating expense ratio caps for each Dynamic Target Date Fund would also be reduced in connection with the Mergers to match those of the Target Date Funds.

The Mergers are contingent on a number of conditions. The Mergers are also intended to be a tax-free reorganization, and it is anticipated that Target Fund shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the Mergers. Additionally, Target Fund shareholders will not incur any sales loads or similar transaction charges as a result of the Mergers.

The Mergers, if all conditions to closing are satisfied, is expected to occur in October 2021. Prior to the Mergers, shareholders of the Target Fund may continue to purchase and redeem shares subject to the limitations described in the Target Fund’s prospectuses.


 

No shareholder action is necessary. Additional information, including a description of the Mergers and information about fees, expenses and risk factors, will be provided to Target Fund shareholders in a prospectus/information statement that is expected to be mailed to shareholders in July 2021.

July 1, 2021

TDAM071/P603SP

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Summary Prospectus
December 6, 2021

Allspring Target 2010 Fund


Class/Ticker: Class R - WFARX

Link to Prospectus

Link to SAI

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to [email protected] The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated July 1, 2021 as supplemented December 6, 2021, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.

Investment Objective

The Fund seeks total return over time, consistent with its strategic target asset allocation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares 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)1

Management Fees

0.10%

Distribution (12b-1) Fees

0.25%

Other Expenses

0.80%

Acquired Fund Fees and Expenses

0.10%

Total Annual Fund Operating Expenses

1.25%

Fee Waivers

(0.40)%

Total Annual Fund Operating Expenses After Fee Waiver2

0.85%

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 June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.85% for Class R. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses

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

1 


 

After:

1 Year

$87

3 Years

$357

5 Years

$648

10 Years

$1,476

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- and small-capitalization companies, international developed markets, emerging markets and low volatility allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations, will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around its target date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2010 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target Today Fund.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation consistent

2 


 

with the Fund’s target year. Factors that the portfolio managers may consider include but are not limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance in various market conditions.

.

Portfolio Asset Allocation

The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2021.

Portfolio

Target Allocation1

Equity Securities

30%

Allspring Factor Enhanced U.S. Large Cap Equity Portfolio

11.71%

Allspring Factor Enhanced International Equity Portfolio

6.06%

Allspring Factor Enhanced U.S. Low Volatility Equity Portfolio

5.00%

Allspring Factor Enhanced U.S. Small Cap Equity Portfolio

2.92%

Allspring U.S. REIT Portfolio

2.50%

Allspring Factor Enhanced Emerging Markets Equity Portfolio

1.82%

Fixed Income Securities

70%

Allspring Bloomberg US Aggregate ex-Corporate Portfolio

34.49%

Allspring Investment Grade Corporate Bond Portfolio

17.95%

Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)

11.67%

Allspring Emerging Markets Bond Portfolio

2.94%

Allspring High Yield Corporate Bond Portfolio

2.94%

1. Target allocations may total more or less than 100% due to rounding.

3 


 

Principal Investment Risks

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.

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

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.

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

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.

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

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and

4 


 

securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

Performance

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. Past performance is no guarantee of future results. Current month-end performance is available on the Fund’s website at allspringglobal.com.

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

.

Highest Quarter:
June 30, 2020

+7.83%

Lowest Quarter:
March 31, 2020

-7.14%

Year-to-date total return as of March 31, 2021 is -0.28%

Average Annual Total Returns for the periods ended 12/31/20201

Inception Date of Share Class

1 Year

5 Year

10 Year

Class R

6/28/2013

8.50%

5.18%

3.76%

S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)2

9.95%

7.22%

6.15%

Target 2010 Blended Index (reflects no deduction for fees, expenses, or taxes)3

8.62%

-

-

1. Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares.
2. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
3. Source: Allspring Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directly in an index.

5 


 

Fund Management

Manager

Sub-Adviser

Portfolio Manager, Title/Managed Since

Allspring Funds Management, LLC

Allspring Global Investments, LLC

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017
Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund Shares

Class R shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans, target benefit plans and non-qualified deferred compensation plans. Class R shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class R shares generally are not available to retail accounts.

Institutions Purchasing Fund Shares

Minimum Initial Investment
Class R: Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimum investment amounts)

Minimum Additional Investment
Class R: None (intermediaries may require different minimum additional investment amounts)

Tax Information

By investing in a Fund through a tax-deferred retirement account, you will not be subject to tax on dividends and capital gains distributions from the Fund or the sale of Fund shares if those amounts remain in the tax-deferred account.

Distributions taken from retirement plan accounts generally are taxable as ordinary income. For special rules concerning tax-deferred retirement accounts, including applications, restrictions, tax advantages, and potential sales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriate for you and to obtain further information, consult your tax adviser.

Payments to Intermediaries

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary’s website for more information.

Link to Prospectus

Link to SAI

©2021 Allspring Global Investments Holdings, LLC. All rights reserved.
1013617/P3617

6 

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION
OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

The previously announced merger of each Fund listed in the table below into another Fund of the Trust, which is also listed below, if all conditions to closing are satisfied, is now expected to occur on or about February 11, 2022.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

September 23, 2021

TDR101/P601SP

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

At a meeting held on June 1, 2021, the Board of Trustees of Wells Fargo Funds Trust (the “Trust”) unanimously approved the merger of each Fund listed in the table below (the “Target Fund”) into another Fund of the Trust (the “Acquiring Fund”), which is also listed below (the “Mergers”). The Mergers were proposed by Wells Fargo Funds Management, LLC, investment manager to the Funds.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

The Board also approved i) reducing the management fee rate to be paid by each Dynamic Target Date Fund to Funds Management under the Funds’ new Investment Management Agreement to match the investment management fee rate paid by the Target Date Funds to Funds Management under the current Investment Management Agreement; ii) reducing the sub-advisory fee rate to be paid by Funds Management to Wells Capital Management LLC with respect to each Dynamic Target Date Fund under the new Sub-Advisory Agreement to match the sub-advisory fee rate paid by Funds Management to Wells Capital Management Incorporated with respect to each Target Date Fund under the current Sub-Advisory Agreement; and iii) adding a new Administrator Class for the Dynamic Target Date Funds. The net operating expense ratio caps for each Dynamic Target Date Fund would also be reduced in connection with the Mergers to match those of the Target Date Funds.

The Mergers are contingent on a number of conditions. The Mergers are also intended to be a tax-free reorganization, and it is anticipated that Target Fund shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the Mergers. Additionally, Target Fund shareholders will not incur any sales loads or similar transaction charges as a result of the Mergers.

The Mergers, if all conditions to closing are satisfied, is expected to occur in October 2021. Prior to the Mergers, shareholders of the Target Fund may continue to purchase and redeem shares subject to the limitations described in the Target Fund’s prospectuses.


 

No shareholder action is necessary. Additional information, including a description of the Mergers and information about fees, expenses and risk factors, will be provided to Target Fund shareholders in a prospectus/information statement that is expected to be mailed to shareholders in July 2021.

July 1, 2021

TDAM071/P603SP

.

Summary Prospectus
December 6, 2021

Allspring Target 2010 Fund


Class/Ticker: Class R4 - WFORX

Link to Prospectus

Link to SAI

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to [email protected] The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated July 1, 2021 as supplemented December 6, 2021, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.

Investment Objective

The Fund seeks total return over time, consistent with its strategic target asset allocation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares 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)1

Management Fees

0.10%

Distribution (12b-1) Fees

0.00%

Other Expenses

0.52%

Acquired Fund Fees and Expenses

0.10%

Total Annual Fund Operating Expenses

0.72%

Fee Waivers

(0.43)%

Total Annual Fund Operating Expenses After Fee Waiver2

0.29%

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 June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.29% for Class R4. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses

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

1 


 

After:

1 Year

$30

3 Years

$187

5 Years

$358

10 Years

$854

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- and small-capitalization companies, international developed markets, emerging markets and low volatility allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations, will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around its target date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2010 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target Today Fund.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation consistent

2 


 

with the Fund’s target year. Factors that the portfolio managers may consider include but are not limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance in various market conditions.

.

Portfolio Asset Allocation

The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2021.

Portfolio

Target Allocation1

Equity Securities

30%

Allspring Factor Enhanced U.S. Large Cap Equity Portfolio

11.71%

Allspring Factor Enhanced International Equity Portfolio

6.06%

Allspring Factor Enhanced U.S. Low Volatility Equity Portfolio

5.00%

Allspring Factor Enhanced U.S. Small Cap Equity Portfolio

2.92%

Allspring U.S. REIT Portfolio

2.50%

Allspring Factor Enhanced Emerging Markets Equity Portfolio

1.82%

Fixed Income Securities

70%

Allspring Bloomberg US Aggregate ex-Corporate Portfolio

34.49%

Allspring Investment Grade Corporate Bond Portfolio

17.95%

Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)

11.67%

Allspring Emerging Markets Bond Portfolio

2.94%

Allspring High Yield Corporate Bond Portfolio

2.94%

1. Target allocations may total more or less than 100% due to rounding.

3 


 

Principal Investment Risks

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.

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

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.

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

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.

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

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and

4 


 

securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

Performance

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. Past performance is no guarantee of future results. Current month-end performance is available on the Fund’s website at allspringglobal.com.

Calendar Year Total Returns for Class R4 as of 12/31 each year1

.

Highest Quarter:
June 30, 2020

+7.87%

Lowest Quarter:
March 31, 2020

-6.89%

Year-to-date total return as of March 31, 2021 is -0.21%

Average Annual Total Returns for the periods ended 12/31/20201

Inception Date of Share Class

1 Year

5 Year

10 Year

Class R4

11/30/2012

8.06%

5.56%

4.27%

S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)2

9.95%

7.22%

6.15%

Target 2010 Blended Index (reflects no deduction for fees, expenses, or taxes)3

8.62%

-

-

1. Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares.
2. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
3. Source: Allspring Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directly in an index.

5 


 

Fund Management

Manager

Sub-Adviser

Portfolio Manager, Title/Managed Since

Allspring Funds Management, LLC

Allspring Global Investments, LLC

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017
Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund Shares

Class R4 shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans, target benefit plans and non-qualified deferred compensation plans. Class R4 shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class R4 shares generally are not available to retail accounts.

Institutions Purchasing Fund Shares

Minimum Initial Investment
Class R4: Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimum investment amounts)

Minimum Additional Investment
Class R4: None (intermediaries may require different minimum additional investment amounts)

Tax Information

By investing in a Fund through a tax-deferred retirement account, you will not be subject to tax on dividends and capital gains distributions from the Fund or the sale of Fund shares if those amounts remain in the tax-deferred account.

Distributions taken from retirement plan accounts generally are taxable as ordinary income. For special rules concerning tax-deferred retirement accounts, including applications, restrictions, tax advantages, and potential sales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriate for you and to obtain further information, consult your tax adviser.

Payments to Intermediaries

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary’s website for more information.

Link to Prospectus

Link to SAI

©2021 Allspring Global Investments Holdings, LLC. All rights reserved.
1014602/P4602

6 

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION
OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

The previously announced merger of each Fund listed in the table below into another Fund of the Trust, which is also listed below, if all conditions to closing are satisfied, is now expected to occur on or about February 11, 2022.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

September 23, 2021

TDR101/P601SP

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

At a meeting held on June 1, 2021, the Board of Trustees of Wells Fargo Funds Trust (the “Trust”) unanimously approved the merger of each Fund listed in the table below (the “Target Fund”) into another Fund of the Trust (the “Acquiring Fund”), which is also listed below (the “Mergers”). The Mergers were proposed by Wells Fargo Funds Management, LLC, investment manager to the Funds.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

The Board also approved i) reducing the management fee rate to be paid by each Dynamic Target Date Fund to Funds Management under the Funds’ new Investment Management Agreement to match the investment management fee rate paid by the Target Date Funds to Funds Management under the current Investment Management Agreement; ii) reducing the sub-advisory fee rate to be paid by Funds Management to Wells Capital Management LLC with respect to each Dynamic Target Date Fund under the new Sub-Advisory Agreement to match the sub-advisory fee rate paid by Funds Management to Wells Capital Management Incorporated with respect to each Target Date Fund under the current Sub-Advisory Agreement; and iii) adding a new Administrator Class for the Dynamic Target Date Funds. The net operating expense ratio caps for each Dynamic Target Date Fund would also be reduced in connection with the Mergers to match those of the Target Date Funds.

The Mergers are contingent on a number of conditions. The Mergers are also intended to be a tax-free reorganization, and it is anticipated that Target Fund shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the Mergers. Additionally, Target Fund shareholders will not incur any sales loads or similar transaction charges as a result of the Mergers.

The Mergers, if all conditions to closing are satisfied, is expected to occur in October 2021. Prior to the Mergers, shareholders of the Target Fund may continue to purchase and redeem shares subject to the limitations described in the Target Fund’s prospectuses.


 

No shareholder action is necessary. Additional information, including a description of the Mergers and information about fees, expenses and risk factors, will be provided to Target Fund shareholders in a prospectus/information statement that is expected to be mailed to shareholders in July 2021.

July 1, 2021

TDAM071/P603SP

.

Summary Prospectus
December 6, 2021

Allspring Target 2010 Fund


Class/Ticker: Class R6 - WFOAX

Link to Prospectus

Link to SAI

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to [email protected] The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated July 1, 2021 as supplemented December 6, 2021, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.

Investment Objective

The Fund seeks total return over time, consistent with its strategic target asset allocation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares 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)1

Management Fees

0.10%

Distribution (12b-1) Fees

0.00%

Other Expenses

0.37%

Acquired Fund Fees and Expenses

0.10%

Total Annual Fund Operating Expenses

0.57%

Fee Waivers

(0.43)%

Total Annual Fund Operating Expenses After Fee Waiver2

0.14%

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 June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.14% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses

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

1 


 

After:

1 Year

$14

3 Years

$139

5 Years

$275

10 Years

$672

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- and small-capitalization companies, international developed markets, emerging markets and low volatility allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations, will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around its target date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2010 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target Today Fund.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation consistent

2 


 

with the Fund’s target year. Factors that the portfolio managers may consider include but are not limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance in various market conditions.

.

Portfolio Asset Allocation

The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2021.

Portfolio

Target Allocation1

Equity Securities

30%

Allspring Factor Enhanced U.S. Large Cap Equity Portfolio

11.71%

Allspring Factor Enhanced International Equity Portfolio

6.06%

Allspring Factor Enhanced U.S. Low Volatility Equity Portfolio

5.00%

Allspring Factor Enhanced U.S. Small Cap Equity Portfolio

2.92%

Allspring U.S. REIT Portfolio

2.50%

Allspring Factor Enhanced Emerging Markets Equity Portfolio

1.82%

Fixed Income Securities

70%

Allspring Bloomberg US Aggregate ex-Corporate Portfolio

34.49%

Allspring Investment Grade Corporate Bond Portfolio

17.95%

Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)

11.67%

Allspring Emerging Markets Bond Portfolio

2.94%

Allspring High Yield Corporate Bond Portfolio

2.94%

1. Target allocations may total more or less than 100% due to rounding.

3 


 

Principal Investment Risks

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.

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

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.

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

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.

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

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and

4 


 

securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

Performance

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. Past performance is no guarantee of future results. Current month-end performance is available on the Fund’s website at allspringglobal.com.

Calendar Year Total Returns for Class R6 as of 12/31 each year

.

Highest Quarter:
June 30, 2020

+7.98%

Lowest Quarter:
March 31, 2020

-7.03%

Year-to-date total return as of March 31, 2021 is -0.18%

Average Annual Total Returns for the periods ended 12/31/2020

Inception Date of Share Class

1 Year

5 Year

10 Year

Class R6

6/30/2004

8.23%

5.73%

4.39%

S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)1

9.95%

7.22%

6.15%

Target 2010 Blended Index (reflects no deduction for fees, expenses, or taxes)2

8.62%

-

-

1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directly in an index.

5 


 

Fund Management

Manager

Sub-Adviser

Portfolio Manager, Title/Managed Since

Allspring Funds Management, LLC

Allspring Global Investments, LLC

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017
Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund Shares

Class R6 shares generally are available only to certain retirement plans, including: 401(k) plans, 457 plans, profit sharing and money purchase pension plans, defined benefit plans, target benefit plans, and non-qualified deferred compensation plans. Class R6 shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class R6 shares also are available to funds of funds including those managed by Allspring Funds Management. Class R6 shares generally are not available to retail accounts but may be offered through intermediaries for the accounts of their customers to certain institutional and fee-based investors, and in each case, only if a dealer agreement is in place with Allspring Funds Distributor, LLC to offer Class R6 shares.

Institutions Purchasing Fund Shares

Minimum Initial Investment
Class R6: Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimum investment amounts)

Minimum Additional Investment
Class R6: None (intermediaries may require different minimum additional investment amounts)

Tax Information

By investing in a Fund through a tax-deferred retirement account, you will not be subject to tax on dividends and capital gains distributions from the Fund or the sale of Fund shares if those amounts remain in the tax-deferred account.

Distributions taken from retirement plan accounts generally are taxable as ordinary income. For special rules concerning tax-deferred retirement accounts, including applications, restrictions, tax advantages, and potential sales charge waivers, contact your investment professional. To determine if a retirement plan may be appropriate for you and to obtain further information, consult your tax adviser.

Link to Prospectus

Link to SAI

©2021 Allspring Global Investments Holdings, LLC. All rights reserved.
1010708/P0708

6 

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION
OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

The previously announced merger of each Fund listed in the table below into another Fund of the Trust, which is also listed below, if all conditions to closing are satisfied, is now expected to occur on or about February 11, 2022.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

September 23, 2021

TDR101/P601SP

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

At a meeting held on June 1, 2021, the Board of Trustees of Wells Fargo Funds Trust (the “Trust”) unanimously approved the merger of each Fund listed in the table below (the “Target Fund”) into another Fund of the Trust (the “Acquiring Fund”), which is also listed below (the “Mergers”). The Mergers were proposed by Wells Fargo Funds Management, LLC, investment manager to the Funds.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

The Board also approved i) reducing the management fee rate to be paid by each Dynamic Target Date Fund to Funds Management under the Funds’ new Investment Management Agreement to match the investment management fee rate paid by the Target Date Funds to Funds Management under the current Investment Management Agreement; ii) reducing the sub-advisory fee rate to be paid by Funds Management to Wells Capital Management LLC with respect to each Dynamic Target Date Fund under the new Sub-Advisory Agreement to match the sub-advisory fee rate paid by Funds Management to Wells Capital Management Incorporated with respect to each Target Date Fund under the current Sub-Advisory Agreement; and iii) adding a new Administrator Class for the Dynamic Target Date Funds. The net operating expense ratio caps for each Dynamic Target Date Fund would also be reduced in connection with the Mergers to match those of the Target Date Funds.

The Mergers are contingent on a number of conditions. The Mergers are also intended to be a tax-free reorganization, and it is anticipated that Target Fund shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the Mergers. Additionally, Target Fund shareholders will not incur any sales loads or similar transaction charges as a result of the Mergers.

The Mergers, if all conditions to closing are satisfied, is expected to occur in October 2021. Prior to the Mergers, shareholders of the Target Fund may continue to purchase and redeem shares subject to the limitations described in the Target Fund’s prospectuses.


 

No shareholder action is necessary. Additional information, including a description of the Mergers and information about fees, expenses and risk factors, will be provided to Target Fund shareholders in a prospectus/information statement that is expected to be mailed to shareholders in July 2021.

July 1, 2021

TDAM071/P603SP

.

Summary Prospectus
December 6, 2021

Allspring Target 2010 Fund


Class/Ticker: Administrator Class - WFLGX

Link to Prospectus

Link to SAI

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to [email protected] The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated July 1, 2021 as supplemented December 6, 2021, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.

Investment Objective

The Fund seeks total return over time, consistent with its strategic target asset allocation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares 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)1

Management Fees

0.10%

Distribution (12b-1) Fees

0.00%

Other Expenses

0.72%

Acquired Fund Fees and Expenses

0.10%

Total Annual Fund Operating Expenses

0.92%

Fee Waivers

(0.43)%

Total Annual Fund Operating Expenses After Fee Waiver2

0.49%

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 June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses

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

1 


 

After:

1 Year

$50

3 Years

$250

5 Years

$467

10 Years

$1,092

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. A portion of the equity exposure is dedicated to low volatility equities. The U.S. large- and small-capitalization companies, international developed markets, emerging markets and low volatility allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations, will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.

The Fund is primarily designed for investors who retired and/or began to gradually withdraw funds around its target date of 2010. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2010 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.

The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Target Today Fund and at the end of the ten-year period, we will likely combine it with the Target Today Fund.

At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation consistent

2 


 

with the Fund’s target year. Factors that the portfolio managers may consider include but are not limited to market trends, their outlook for a given market capitalization, and the Underlying Funds’ performance in various market conditions.

.

Portfolio Asset Allocation

The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2021.

Portfolio

Target Allocation1

Equity Securities

30%

Allspring Factor Enhanced U.S. Large Cap Equity Portfolio

11.71%

Allspring Factor Enhanced International Equity Portfolio

6.06%

Allspring Factor Enhanced U.S. Low Volatility Equity Portfolio

5.00%

Allspring Factor Enhanced U.S. Small Cap Equity Portfolio

2.92%

Allspring U.S. REIT Portfolio

2.50%

Allspring Factor Enhanced Emerging Markets Equity Portfolio

1.82%

Fixed Income Securities

70%

Allspring Bloomberg US Aggregate ex-Corporate Portfolio

34.49%

Allspring Investment Grade Corporate Bond Portfolio

17.95%

Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)

11.67%

Allspring Emerging Markets Bond Portfolio

2.94%

Allspring High Yield Corporate Bond Portfolio

2.94%

1. Target allocations may total more or less than 100% due to rounding.

Principal Investment Risks

An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

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

Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer

3 


 

or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.

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

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

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.

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

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.

Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.

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

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

4 


 

Performance

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

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

.

Highest Quarter:
June 30, 2020

+7.87%

Lowest Quarter:
March 31, 2020

-7.09%

Year-to-date total return as of March 31, 2021 is -0.18%

Average Annual Total Returns for the periods ended 12/31/2020

Inception Date of Share Class

1 Year

5 Year

10 Year

Administrator Class (before taxes)

11/8/1999

7.82%

5.34%

4.02%

Administrator Class (after taxes on distributions)

11/8/1999

5.95%

3.23%

2.44%

Administrator Class (after taxes on distributions and the sale of Fund Shares)

11/8/1999

5.29%

3.68%

2.75%

S&P Target Date 2010 Index (reflects no deduction for fees, expenses, or taxes)1

9.95%

7.22%

6.15%

Target 2010 Blended Index (reflects no deduction for fees, expenses, or taxes)2

8.62%

-

-

1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. You cannot invest directly in an index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect 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 hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.

5 


 

Fund Management

Manager

Sub-Adviser

Portfolio Manager, Title/Managed Since

Allspring Funds Management, LLC

Allspring Global Investments, LLC

Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017
Christian L. Chan, CFA, Portfolio Manager / 2017

Purchase and Sale of Fund Shares

Administrator Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by Allspring Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire, on any day the New York Stock Exchange (“NYSE”) is open for regular trading. You also may buy and sell shares through a financial professional.

Minimum Investments

To Buy or Sell Shares

Minimum Initial Investment
Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors)

Minimum Additional Investment
Administrator Class: None

Mail: Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Online: allspringglobal.com
Phone or Wire: 1-800-222-8222
Contact your financial professional.

Tax Information

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

Payments to Intermediaries

If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary’s website for more information.

Link to Prospectus

Link to SAI

©2021 Allspring Global Investments Holdings, LLC. All rights reserved.
1010259/P0259

6 

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION
OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

The previously announced merger of each Fund listed in the table below into another Fund of the Trust, which is also listed below, if all conditions to closing are satisfied, is now expected to occur on or about February 11, 2022.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

September 23, 2021

TDR101/P601SP

SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION OF
WELLS FARGO TARGET DATE RETIREMENT FUNDS
Wells Fargo Target Today Fund
Wells Fargo Target 2010 Fund
Wells Fargo Target 2015 Fund
Wells Fargo Target 2020 Fund
Wells Fargo Target 2025 Fund
Wells Fargo Target 2030 Fund
Wells Fargo Target 2035 Fund
Wells Fargo Target 2040 Fund
Wells Fargo Target 2045 Fund
Wells Fargo Target 2050 Fund
Wells Fargo Target 2055 Fund
Wells Fargo Target 2060 Fund
(each a “Fund”, together the “Funds”)

At a meeting held on June 1, 2021, the Board of Trustees of Wells Fargo Funds Trust (the “Trust”) unanimously approved the merger of each Fund listed in the table below (the “Target Fund”) into another Fund of the Trust (the “Acquiring Fund”), which is also listed below (the “Mergers”). The Mergers were proposed by Wells Fargo Funds Management, LLC, investment manager to the Funds.

Target Fund

Acquiring Fund

Wells Fargo Target Today Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2010 Fund

Wells Fargo Dynamic Target Today Fund

Wells Fargo Target 2015 Fund

Wells Fargo Dynamic Target 2015 Fund

Wells Fargo Target 2020 Fund

Wells Fargo Dynamic Target 2020 Fund

Wells Fargo Target 2025 Fund

Wells Fargo Dynamic Target 2025 Fund

Wells Fargo Target 2030 Fund

Wells Fargo Dynamic Target 2030 Fund

Wells Fargo Target 2035 Fund

Wells Fargo Dynamic Target 2035 Fund

Wells Fargo Target 2040 Fund

Wells Fargo Dynamic Target 2040 Fund

Wells Fargo Target 2045 Fund

Wells Fargo Dynamic Target 2045 Fund

Wells Fargo Target 2050 Fund

Wells Fargo Dynamic Target 2050 Fund

Wells Fargo Target 2055 Fund

Wells Fargo Dynamic Target 2055 Fund

Wells Fargo Target 2060 Fund

Wells Fargo Dynamic Target 2060 Fund

The Board also approved i) reducing the management fee rate to be paid by each Dynamic Target Date Fund to Funds Management under the Funds’ new Investment Management Agreement to match the investment management fee rate paid by the Target Date Funds to Funds Management under the current Investment Management Agreement; ii) reducing the sub-advisory fee rate to be paid by Funds Management to Wells Capital Management LLC with respect to each Dynamic Target Date Fund under the new Sub-Advisory Agreement to match the sub-advisory fee rate paid by Funds Management to Wells Capital Management Incorporated with respect to each Target Date Fund under the current Sub-Advisory Agreement; and iii) adding a new Administrator Class for the Dynamic Target Date Funds. The net operating expense ratio caps for each Dynamic Target Date Fund would also be reduced in connection with the Mergers to match those of the Target Date Funds.

The Mergers are contingent on a number of conditions. The Mergers are also intended to be a tax-free reorganization, and it is anticipated that Target Fund shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the Mergers. Additionally, Target Fund shareholders will not incur any sales loads or similar transaction charges as a result of the Mergers.

The Mergers, if all conditions to closing are satisfied, is expected to occur in October 2021. Prior to the Mergers, shareholders of the Target Fund may continue to purchase and redeem shares subject to the limitations described in the Target Fund’s prospectuses.


 

No shareholder action is necessary. Additional information, including a description of the Mergers and information about fees, expenses and risk factors, will be provided to Target Fund shareholders in a prospectus/information statement that is expected to be mailed to shareholders in July 2021.

July 1, 2021

TDAM071/P603SP



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