N-CSR 1 d50560dncsr.htm WELLS FARGO FUND TRUST Wells Fargo Fund Trust

 

 

 

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

 

 

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

 

 

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

 

 

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: February 28

 

 

Registrant is making a filing for 23 of its series:

Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund, Wells Fargo Dynamic Target 2060 Fund, 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, and Wells Fargo Target 2060 Fund.

Date of reporting period: February 28, 2021

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report
February 28, 2021
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

Contents
 2
Performance highlights  
7
10
13
16
19
22
25
28
31
34
37
40
45
Portfolio of investments  
52
53
54
55
57
59
61
62
63
64
65
66
 
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The views expressed and any forward-looking statements are as of February 28, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Wells Fargo Asset Management. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
 INVESTMENT PRODUCTS: NOT FDIC INSURED  ■  NO BANK GUARANTEE  ■  MAY LOSE VALUE 
Target Date Retirement Funds  |  1

Letter to shareholders (unaudited)
Andrew Owen
President
Wells Fargo Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Wells Fargo Target Date Funds for the 12-month period that ended February 28, 2021. Despite the initial challenges presented by the spread of COVID-19 cases and the business restrictions implemented throughout much of the world, global stocks showed robust returns, supported by global stimulus programs, a rapid vaccination rollout, and a recovering consumer and corporate sentiment. Bond markets also produced positive returns, as investors searched for yield and diversification during difficult market stretches.
For the 12-month period, equities had robust returns, as policy-makers continued to fight the effects of the COVID-19 pandemic. Emerging market stocks led both U.S. and non-U.S. developed market stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index1, gained 31.29%. International stocks, as measured by the MSCI ACWI ex USA Index (Net)2, returned 26.18%, while the MSCI EM Index (Net)3, had stronger performance, with a 36.05% gain. Among bond indexes, the Bloomberg Barclays U.S. Aggregate Bond Index4 returned 1.38%, the Bloomberg Barclays Global Aggregate ex-USD Index (unhedged)5 gained 6.28%, and the Bloomberg Barclays Municipal Bond Index6 returned 1.06% while the ICE BofA U.S. High Yield Index7 returned 8.62%.
The COVID-19 lockdown began almost a year ago.
The global spread of COVID-19 led country after country to clamp down on social- and business-related activity in order to contain the virus. This sent economies into a deep contraction. Central banks responded by slashing interest rates and expanding quantitative easing programs to restore liquidity and market confidence. The U.S. Federal Reserve (Fed) launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase aggrements. Meanwhile, stock markets tumbled, ending the longest bull stock market in U.S. history.
Markets rebounded strongly through the spring, fueled by unprecedented government and central bank stimulus measures in the U.S. and globally. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real gross domestic product (GDP) shrank 3.8%. China’s first-quarter GDP fell by 6.8% year over year. Extreme oil-price volatility continued as global supply far exceeded demand.
“Markets rebounded strongly through the spring, fueled by unprecedented government and central bank stimulus measures in the U.S. and globally.”
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
4 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
5 The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
6 The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.
2  |  Target Date Retirement Funds

Letter to shareholders (unaudited)
In May, investors regained confidence on reports of early success in human trials of a COVID-19 vaccine. Growth stocks outperformed value, while returns on global government bonds were flat. However, in the U.S., the April unemployment rate rose to 14.7%, its highest level since World War II. Purchasing Managers’ Indexes (PMIs), a monthly survey of purchasing managers, reflected broadly weakening activity in May. U.S. corporate earnings contracted 14% year over year from the first quarter of 2019. However, high demand for information technology (IT), driven by remote activity, supported robust IT sector earnings, which helped drive IT stocks higher.
By June, economies reopened and global central banks committed to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits that lasted through July. However, unemployment remained historically high and COVID-19 cases began to increase by late June. China’s economic recovery began to pick up momentum.
July was broadly positive for equities and fixed income. However, economic data and a resurgence of COVID-19 cases underscored the urgent need to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China’s second-quarter GDP grew 3.2% year over year. The U.S. economy added 1.8 million jobs in July, but a double-digit jobless rate persisted.
The stock market continued to rally in August despite concerns over rising numbers of U.S. and European COVID-19 cases as well as the expiration of the $600 weekly bonus unemployment benefit in July. Relatively strong second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a monetary policy shift expected to support longer-term low interest rates. U.S. manufacturing and services activity indexes beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.
Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, U.S. unemployment remained elevated at 7.9% in September. With U.S. Congress delaying further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks weighed on markets. China’s economy picked up steam, fueled by increased global demand.
In October, capital markets stepped back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe introduced tighter restrictions affecting economic activity. U.S. markets looked favorably at the prospect of Democratic control of the federal purse strings, which could lead to additional fiscal stimulus and a boost to economic activity. Meanwhile, China reported 4.9% third-quarter GDP growth.
Global stocks rallied in November, propelled by optimism over three promising COVID-19 vaccines. Reversing recent trends, value stocks outperformed growth stocks and cyclical stocks outpaced IT stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February 2020. The eurozone services PMI contracted sharply while the region’s manufacturing activity grew. The U.S. election results added to the upbeat mood as investors anticipated more consistent policies in the new administration.
Financial markets ended the year with strength on high expectations for a rapid rollout of the COVID-19 vaccines, the successful passage of a $900 billion stimulus package, and rising expectations of additional economic support from a Democratic-led Congress. U.S. economic data were mixed with still-elevated unemployment and weak retail sales but growth in manufacturing output. In contrast, China’s economic expansion continued in both manufacturing and nonmanufacturing. U.S. COVID-19 infection rates continued to rise even as new state and local lockdown measures were implemented.
Target Date Retirement Funds  |  3

Letter to shareholders (unaudited)
“February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy.”
The year 2021 began with emerging market stocks leading all major asset classes in January, driven by China’s strong economic growth and a broad recovery in corporate earnings, which propelled China’s stock market higher. In the United States, positive news on vaccine trials and January's expansion in both the manufacturing and services sectors was offset by a weak December monthly jobs report. This was compounded by technical factors as some hedge funds were forced to sell stocks to protect themselves against a well-publicized short squeeze coordinated by a group of retail investors. Eurozone sentiment and economic growth were particularly weak, reflecting the impact of a new lockdown with stricter social distancing along with a slow vaccine rollout.
February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy. Most S&P 500 companies reported better-than-expected earnings, with positive surprises coming from the financial, IT, health care, and materials sectors. Japan saw its economy strengthen as a result of strong export numbers. Meanwhile, crude oil prices continued their climb, rising more than 25% for the year. Domestic government bonds experienced a sharp sell-off in late February as markets priced in a more robust economic recovery and higher future growth and inflation expectations.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Wells Fargo Funds
For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.
4  |  Target Date Retirement Funds

Letter to shareholders (unaudited)
Preparing for LIBOR Transition
The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021 (extended through June 30, 2023 for most tenors of the U.S. dollar LIBOR), which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.
Each Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by each Fund.
Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. Each Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.
While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.
Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Funds' Statement of Additional Information.
Target Date Retirement Funds  |  5

Wells Fargo Target Date Funds
Investment objective
Each Fund seeks total return over time, consistent with its strategic target asset allocation.
Manager
Wells Fargo Funds Management, LLC
Subadviser
Wells Fargo Capital Management Incorporated
Portfolio managers
Kandarp R. Acharya, CFA®‡, FRM
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by each Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on each Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Funds will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, regulatory risk, and smaller-company investment risk. Consult the Funds’ prospectus for additional information on these and other risks.
‡ CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
6  |  Target Date Retirement Funds

Wells Fargo Target Today Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (STWRX) 3-1-1994 1.52 3.60 2.83   7.70 4.85 3.44   0.98 0.60
Class C (WFODX) 12-1-1998 5.92 4.05 2.67   6.92 4.05 2.67   1.73 1.35
Class R (WFRRX)3 6-28-2013 – – –   8.18 4.71 3.28   1.23 0.85
Class R4 (WOTRX)4 11-30-2012 – – –   7.98 5.07 3.77   0.70 0.29
Class R6 (WOTDX) 6-30-2004 – – –   8.10 5.29 3.93   0.55 0.14
Administrator Class (WFLOX) 11-8-1999 – – –   7.81 4.95 3.58   0.90 0.49
S&P Target Date Retirement Income Index5 – – – –   10.19 6.56 5.24   – –
Wells Fargo Target Today Blended Index6 – – – –   8.71 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 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.
5 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.
6 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  7

Wells Fargo Target Today Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date Retirement Income Index and the Wells Fargo Target Today Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 34.81
Wells Fargo Investment Grade Corporate Bond Portfolio 18.09
Wells Fargo Strategic Retirement Bond Portfolio 11.75
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 11.69
Wells Fargo Factor Enhanced International Equity Portfolio 5.97
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 4.95
Wells Fargo High Yield Corporate Bond Portfolio 2.94
Wells Fargo Emerging Markets Bond Portfolio 2.93
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 2.88
Wells Fargo U.S. REIT Portfolio 2.46
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
8  |  Target Date Retirement Funds

Wells Fargo Target Today Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 1.00 6.44 0.96
Class C 1.00 6.47 0.96
Class R 1.00 6.45 0.96
Class R4 1.00 6.45 0.96
Class R6 1.00 6.49 0.96
Administrator Class 1.00 6.46 0.96
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  9

Performance highlights (unaudited)
Wells Fargo Target 2010 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (STNRX) 3-1-1994 1.86 3.82 3.09   8.04 5.06 3.70   1.00 0.60
Class C (WFOCX) 12-1-1998 6.29 4.27 2.93   7.29 4.27 2.93   1.75 1.35
Class R (WFARX)3 6-28-2013 – – –   8.83 5.00 3.58   1.25 0.85
Class R4 (WFORX)4 11-30-2012 – – –   8.37 5.38 4.08   0.72 0.29
Class R6 (WFOAX) 6-30-2004 – – –   8.54 5.54 4.20   0.57 0.14
Administrator Class (WFLGX) 11-8-1999 – – –   8.13 5.16 3.84   0.92 0.49
S&P Target Date 2010 Index5 – – – –   12.23 7.51 5.88   – –
Wells Fargo Target 2010 Blended Index6 – – – –   8.93 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 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.
5 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.
6 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
10  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2010 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2010 Index and the Wells Fargo Target 2010 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 34.81
Wells Fargo Investment Grade Corporate Bond Portfolio 18.08
Wells Fargo Strategic Retirement Bond Portfolio 11.80
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 11.61
Wells Fargo Factor Enhanced International Equity Portfolio 5.98
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 4.94
Wells Fargo High Yield Corporate Bond Portfolio 2.97
Wells Fargo Emerging Markets Bond Portfolio 2.93
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 2.87
Wells Fargo U.S. REIT Portfolio 2.45
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  11

Performance highlights (unaudited)
Wells Fargo Target 2010 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.89 6.62 0.96
Class C 0.89 6.62 0.96
Class R 0.90 6.66 0.96
Class R4 0.89 6.62 0.95
Class R6 0.89 6.61 0.95
Administrator Class 0.89 6.61 0.95
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2010 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
12  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2015 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (WFACX)3 11-30-2012 3.08 4.49 3.69   9.40 5.73 4.30   0.95 0.60
Class R (WFBRX)4 6-28-2013 – – –   10.33 5.69 4.15   1.20 0.85
Class R4 (WFSRX)5 11-30-2012 – – –   9.58 6.03 4.64   0.67 0.29
Class R6 (WFSCX) 6-29-2007 – – –   9.82 6.22 4.76   0.52 0.14
Administrator Class (WFFFX) 6-29-2007 – – –   9.51 5.87 4.41   0.87 0.49
S&P Target Date 2015 Index6 – – – –   13.64 8.31 6.47   – –
Wells Fargo Target 2015 Blended Index7 – – – –   10.36 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 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.
5 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.
6 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.
7 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  13

Performance highlights (unaudited)
Wells Fargo Target 2015 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2015 Index and the Wells Fargo Target 2015 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 32.27
Wells Fargo Investment Grade Corporate Bond Portfolio 16.76
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 14.63
Wells Fargo Strategic Retirement Bond Portfolio 10.94
Wells Fargo Factor Enhanced International Equity Portfolio 7.52
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 3.94
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 3.62
Wells Fargo U.S. REIT Portfolio 2.94
Wells Fargo High Yield Corporate Bond Portfolio 2.75
Wells Fargo Emerging Markets Bond Portfolio 2.71
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
14  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2015 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.88 7.41 0.96
Class R 0.88 7.41 0.97
Class R4 0.89 7.43 0.96
Class R6 0.88 7.37 0.96
Administrator Class 0.88 7.37 0.96
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  15

Performance highlights (unaudited)
Wells Fargo Target 2020 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (STTRX) 3-1-1994 4.56 5.41 4.35   10.93 6.67 4.97   0.76 0.60
Class C (WFLAX) 12-1-1998 9.05 5.86 4.18   10.05 5.86 4.18   1.51 1.35
Class R (WFURX)3 6-28-2013 – – –   10.94 6.48 4.78   1.01 0.85
Class R4 (WFLRX)4 11-30-2012 – – –   11.15 6.99 5.34   0.48 0.29
Class R6 (WFOBX) 6-30-2004 – – –   11.40 7.16 5.47   0.33 0.14
Administrator Class (WFLPX) 11-8-1999 – – –   10.99 6.77 5.10   0.68 0.49
S&P Target Date 2020 Index5 – – – –   14.57 8.99 6.95   – –
Wells Fargo Target 2020 Blended Index6 – – – –   12.06 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 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.
5 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.
6 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
16  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2020 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2020 Index and the Wells Fargo Target 2020 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 29.91
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 17.41
Wells Fargo Investment Grade Corporate Bond Portfolio 15.56
Wells Fargo Strategic Retirement Bond Portfolio 10.10
Wells Fargo Factor Enhanced International Equity Portfolio 8.95
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 4.27
Wells Fargo U.S. REIT Portfolio 3.28
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 2.96
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 2.61
Wells Fargo High Yield Corporate Bond Portfolio 2.54
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  17

Performance highlights (unaudited)
Wells Fargo Target 2020 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.90 8.36 0.97
Class C 0.91 8.36 0.97
Class R 0.90 8.36 0.97
Class R4 0.91 8.40 0.97
Class R6 0.91 8.39 0.97
Administrator Class 0.91 8.39 0.97
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
18  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2025 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (WFAYX)3 11-30-2012 7.12 6.62 5.19   13.66 7.90 5.82   0.77 0.60
Class R (WFHRX)4 6-28-2013 – – –   14.13 7.59 5.54   1.02 0.85
Class R4 (WFGRX)5 11-30-2012 – – –   14.08 8.25 6.18   0.49 0.29
Class R6 (WFTYX) 6-29-2007 – – –   14.04 8.37 6.29   0.34 0.14
Administrator Class (WFTRX) 6-29-2007 – – –   13.71 8.04 5.94   0.69 0.49
S&P Target Date 2025 Index6 – – – –   17.57 10.02 7.55   – –
Wells Fargo Target 2025 Blended Index7 – – – –   15.05 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 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.
5 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.
6 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.
7 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  19

Performance highlights (unaudited)
Wells Fargo Target 2025 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2025 Index and the Wells Fargo Target 2025 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 27.02
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 23.17
Wells Fargo Investment Grade Corporate Bond Portfolio 14.04
Wells Fargo Factor Enhanced International Equity Portfolio 12.47
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 5.72
Wells Fargo Strategic Retirement Bond Portfolio 5.06
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 3.63
Wells Fargo U.S. REIT Portfolio 2.46
Wells Fargo High Yield Corporate Bond Portfolio 2.27
Wells Fargo Emerging Markets Bond Portfolio 2.26
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
20  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2025 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.91 9.93 0.98
Class R 0.92 10.10 0.98
Class R4 0.91 9.92 0.98
Class R6 0.92 10.09 0.98
Administrator Class 0.92 10.03 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  21

Performance highlights (unaudited)
Wells Fargo Target 2030 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (STHRX) 3-1-1994 9.64 7.89 5.93   16.32 9.18 6.56   0.75 0.60
Class C (WFDMX) 12-1-1998 14.48 8.36 5.76   15.48 8.36 5.76   1.50 1.35
Class R (WFJRX)3 6-28-2013 – – –   16.76 9.02 6.39   1.00 0.85
Class R4 (WTHRX)4 11-30-2012 – – –   16.64 9.51 6.95   0.47 0.29
Class R6 (WFOOX) 6-30-2004 – – –   16.84 9.67 7.07   0.32 0.14
Administrator Class (WFLIX) 11-8-1999 – – –   16.41 9.30 6.70   0.67 0.49
S&P Target Date 2030 Index5 – – – –   20.39 10.94 8.09   – –
Wells Fargo Target 2030 Blended Index6 – – – –   18.17 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.14% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 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.
5 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.
6 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
22  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2030 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2030 Index and the Wells Fargo Target 2030 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 29.43
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 23.02
Wells Fargo Factor Enhanced International Equity Portfolio 16.52
Wells Fargo Investment Grade Corporate Bond Portfolio 11.97
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 7.24
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 4.80
Wells Fargo High Yield Corporate Bond Portfolio 1.93
Wells Fargo Emerging Markets Bond Portfolio 1.91
Wells Fargo Strategic Retirement Bond Portfolio 1.34
Wells Fargo U.S. REIT Portfolio 1.00
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  23

Performance highlights (unaudited)
Wells Fargo Target 2030 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.91 11.61 0.98
Class C 0.91 11.61 0.98
Class R 0.92 11.69 0.99
Class R4 0.92 11.64 0.98
Class R6 0.92 11.64 0.99
Administrator Class 0.92 11.65 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
24  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2035 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (WFQBX)3 11-30-2012 12.20 9.05 6.62   19.04 10.35 7.26   0.80 0.60
Class R (WFKRX)4 6-28-2013 – – –   18.81 10.07 6.98   1.05 0.85
Class R4 (WTTRX)5 11-30-2012 – – –   19.51 10.69 7.61   0.52 0.29
Class R6 (WFQRX) 6-29-2007 – – –   19.64 10.84 7.73   0.37 0.14
Administrator Class (WFQWX) 6-29-2007 – – –   19.17 10.45 7.34   0.72 0.49
S&P Target Date 2035 Index6 – – – –   23.52 11.86 8.63   – –
Wells Fargo Target 2035 Blended Index7 – – – –   21.17 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 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.
5 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.
6 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.
7 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  25

Performance highlights (unaudited)
Wells Fargo Target 2035 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2035 Index and the Wells Fargo Target 2035 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 34.82
Wells Fargo Factor Enhanced International Equity Portfolio 20.37
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 18.02
Wells Fargo Investment Grade Corporate Bond Portfolio 9.39
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 8.62
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 5.86
Wells Fargo High Yield Corporate Bond Portfolio 1.51
Wells Fargo Emerging Markets Bond Portfolio 1.51
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
26  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2035 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.92 13.24 0.99
Class R 0.92 13.29 0.99
Class R4 0.92 13.30 0.99
Class R6 0.92 13.26 0.99
Administrator Class 0.92 13.29 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  27

Performance highlights (unaudited)
Wells Fargo Target 2040 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (STFRX) 3-1-1994 13.98 9.85 7.04   20.97 11.15 7.67   0.76 0.60
Class C (WFOFX) 7-1-1998 19.19 10.33 6.87   20.19 10.33 6.87   1.51 1.35
Class R (WFMRX)3 6-28-2013 – – –   21.30 11.00 7.51   1.01 0.85
Class R4 (WTFRX)4 11-30-2012 – – –   21.45 11.52 8.06   0.48 0.29
Class R6 (WFOSX) 6-30-2004 – – –   21.64 11.67 8.19   0.33 0.14
Administrator Class (WFLWX) 11-8-1999 – – –   21.11 11.27 7.81   0.68 0.49
S&P Target Date 2040 Index5 – – – –   25.71 12.52 9.00   – –
Wells Fargo Target 2040 Blended Index6 – – – –   23.62 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 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.
5 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.
6 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
28  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2040 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2040 Index and the Wells Fargo Target 2040 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 39.36
Wells Fargo Factor Enhanced International Equity Portfolio 23.96
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 11.83
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 9.82
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 6.97
Wells Fargo Investment Grade Corporate Bond Portfolio 6.14
Wells Fargo High Yield Corporate Bond Portfolio 1.00
Wells Fargo Emerging Markets Bond Portfolio 0.98
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  29

Performance highlights (unaudited)
Wells Fargo Target 2040 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.94 14.62 0.99
Class C 0.94 14.63 0.99
Class R 0.94 14.66 0.99
Class R4 0.94 14.61 0.99
Class R6 0.94 14.59 0.99
Administrator Class 0.94 14.60 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
30  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2045 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (WFQVX)3 11-30-2012 15.27 10.43 7.37   22.27 11.74 8.01   0.88 0.60
Class R (WFNRX)4 6-28-2013 – – –   22.70 11.58 7.81   1.13 0.85
Class R4 (WFFRX)5 11-30-2012 – – –   22.66 12.08 8.37   0.60 0.29
Class R6 (WFQPX) 6-29-2007 – – –   22.73 12.22 8.48   0.45 0.14
Administrator Class (WFQYX) 6-29-2007 – – –   22.38 11.82 8.10   0.80 0.49
S&P Target Date 2045 Index6 – – – –   26.95 12.92 9.24   – –
Wells Fargo Target 2045 Blended Index7 – – – –   24.95 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 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.
5 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.
6 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.
7 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  31

Performance highlights (unaudited)
Wells Fargo Target 2045 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2045 Index and the Wells Fargo Target 2045 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 41.43
Wells Fargo Factor Enhanced International Equity Portfolio 25.82
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.27
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 9.04
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 7.49
Wells Fargo Investment Grade Corporate Bond Portfolio 4.69
Wells Fargo High Yield Corporate Bond Portfolio 0.76
Wells Fargo Emerging Markets Bond Portfolio 0.75
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
32  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2045 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.95 15.45 0.99
Class R 0.96 15.51 0.99
Class R4 0.95 15.46 0.99
Class R6 0.95 15.46 0.99
Administrator Class 0.95 15.39 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  33

Performance highlights (unaudited)
Wells Fargo Target 2050 Fund
Average annual total returns (%) as of February 28, 2021
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year 10 year   1 year 5 year 10 year   Gross Net 2
Class A (WFQAX)3 11-30-2012 16.11 10.63 7.47   23.13 11.95 8.11   0.83 0.60
Class C (WFQCX)4 11-30-2012 21.23 11.10 7.29   22.23 11.10 7.29   1.58 1.35
Class R (WFWRX)5 6-28-2013 – – –   23.96 11.87 7.94   1.08 0.85
Class R4 (WQFRX)6 11-30-2012 – – –   23.61 12.33 8.47   0.55 0.29
Class R6 (WFQFX) 6-29-2007 – – –   23.63 12.46 8.58   0.40 0.14
Administrator Class (WFQDX) 6-29-2007 – – –   23.31 12.08 8.22   0.75 0.49
S&P Target Date 2045 Index7 – – – –   26.95 12.92 9.24   – –
S&P Target Date 2050 Index**,7 – – – –   27.68 13.23 –   – –
Wells Fargo Target 2050 Blended Index 8 – – – –   26.06 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
** The inception date of the index is June 1, 2012.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 Historical performance shown for the Class C 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 C shares.
5 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.
6 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.
7 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.
8 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
34  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2050 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2050 Index and the Wells Fargo Target 2050 Blended Index. The performance shown for the S&P Target Date 2050 Index represents the returns of the S&P Target Date 2045 Index from 2/28/2011 to 5/31/2012 and the S&P Target Date 2050 Index from 6/1/2012 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 43.52
Wells Fargo Factor Enhanced International Equity Portfolio 27.70
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.86
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.01
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 5.92
Wells Fargo Investment Grade Corporate Bond Portfolio 3.07
Wells Fargo High Yield Corporate Bond Portfolio 0.50
Wells Fargo Emerging Markets Bond Portfolio 0.49
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  35

Performance highlights (unaudited)
Wells Fargo Target 2050 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.97 16.03 0.99
Class C 0.97 16.01 0.99
Class R 0.97 16.11 0.99
Class R4 0.97 16.02 0.99
Class R6 0.97 16.04 0.99
Administrator Class 0.96 15.94 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
36  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2055 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WFQZX)3 11-30-2012 16.18 10.63 7.71   23.23 11.96 8.37   1.21 0.60
Class R (WFYRX)4 6-28-2013 – – –   23.63 11.81 8.10   1.46 0.85
Class R4 (WFVRX)5 11-30-2012 – – –   23.59 12.31 8.73   0.93 0.29
Class R6 (WFQUX) 6-30-2011 – – –   23.80 12.48 8.86   0.78 0.14
Administrator Class (WFLHX) 6-30-2011 – – –   23.33 12.06 8.48   1.13 0.49
S&P Target Date 2055 Index6 – – – –   27.92 13.39 9.86 *   – –
Wells Fargo Target 2055 Blended Index7 – – – –   26.06 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 Historical performance shown for the Class A 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 A shares.
4 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.
5 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.
6 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.
7 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  37

Performance highlights (unaudited)
Wells Fargo Target 2055 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since June 30, 2011 with the S&P Target Date 2055 Index and the Wells Fargo Target 2055 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 43.65
Wells Fargo Factor Enhanced International Equity Portfolio 27.83
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.96
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.02
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 6.05
Wells Fargo Investment Grade Corporate Bond Portfolio 3.15
Wells Fargo High Yield Corporate Bond Portfolio 0.51
Wells Fargo Emerging Markets Bond Portfolio 0.51
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
38  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2055 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.96 16.08 0.99
Class R 0.97 16.17 0.99
Class R4 0.96 16.13 0.99
Class R6 0.96 16.07 0.99
Administrator Class 0.96 16.09 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  39

Performance highlights (unaudited)
Wells Fargo Target 2060 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WFAFX) 6-30-2015 16.19 10.61 7.17   23.30 11.93 8.29   1.61 0.60
Class C (WFCFX) 6-30-2015 22.38 11.27 7.64   23.38 11.27 7.64   2.36 1.35
Class R (WFRFX) 6-30-2015 – – –   24.39 11.86 8.22   1.86 0.85
Class R4 (WFSFX) 6-30-2015 – – –   23.74 12.27 8.65   1.33 0.29
Class R6 (WFUFX) 6-30-2015 – – –   23.95 12.44 8.79   1.18 0.14
Administrator Class (WFDFX) 6-30-2015 – – –   23.41 12.05 8.42   1.53 0.49
S&P Target Date 2055 Index3 – – – –   27.92 13.39 9.98 *   – –
S&P Target Date 2060+ Index**,3 – – – –   28.08 – –   – –
Wells Fargo Target 2060 Blended Index4 – – – –   26.06 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
** The inception date of the index is May 31, 2016.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, 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, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 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 invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo 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. See Appendix I for additional information. You cannot invest directly in an index.
40  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Target 2060 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2060+ Index and the Wells Fargo Target 2060 Blended Index. The performance shown for the S&P Target Date 2060+ Index represents the returns of the S&P Target Date 2055 Index from 6/30/2015 to 5/30/2016 and the S&P Target Date 2060+ Index from 5/31/2016 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is July 14, 2017.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 43.41
Wells Fargo Factor Enhanced International Equity Portfolio 27.74
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.92
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.10
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 6.09
Wells Fargo Investment Grade Corporate Bond Portfolio 3.18
Wells Fargo High Yield Corporate Bond Portfolio 0.51
Wells Fargo Emerging Markets Bond Portfolio 0.51
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Portfolio allocation as of February 28, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  41

Performance highlights (unaudited)
Wells Fargo Target 2060 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.96 16.13 0.99
Class C 0.97 16.22 0.99
Class R 0.97 16.23 0.99
Class R4 0.96 16.12 0.99
Class R6 0.96 16.13 0.99
Administrator Class 0.96 16.13 0.99
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2060+ Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
42  |  Target Date Retirement Funds

Performance highlights (unaudited)
MANAGER’S DISCUSSION
Fund highlights
The Wells Fargo Target Date Funds seek to manage the asset allocation and risk profile of multi-asset-class funds for investors as they save for their target retirement date. The strategic asset allocations are designed to provide high levels of diversification across equity and fixed-income investments. Our approach to portfolio construction helps investors make more aggressive allocations when they may be most beneficial while remaining diversified to manage risks during bear markets.
All of the Wells Fargo Target Date Funds invest at different allocation levels in the same underlying portfolios, which seek to gain exposure to a blend of factor-enhanced equity and factor-enhanced bond investments, including domestic, international, and emerging market equities and debt. The breadth and depth of diversification and disciplined asset allocation help manage risk but does not eliminate it. The factor-enhanced equity portfolios contain a broad mix of large-cap, mid-cap, small-cap, growth, value, and international stocks, including emerging markets. The fixed-income portfolios invest in several types of fixed-income securities, including U.S. and non-U.S. government bonds, corporate bonds, and high-yield securities. In addition, depending on the number of years to the target retirement date, the portfolios invest in other assets such as real estate investment trusts (REITs) and Treasury Inflation-Protected Securities.
The Funds address investment risk through diversification and disciplined asset allocation.
The Wells Fargo Target Date Funds are designed to become more conservative as a fund moves down the glide path and its target date approaches. Our goal is to manage the relative risk of each Fund as dictated by the glide path. A fund’s targeted risk is not the same as a fund’s equity allocation percentage because fixed-income securities, other assets, and cash equivalents carry risks. While asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses, we adjust each Fund’s allocations to equities, fixed income, other assets, and cash equivalents on a monthly basis in response to changing market conditions and the Fund’s movement down the strategic glide path, which represents relative risk as it moves toward the target retirement date.
Global equity markets rose sharply during the 12-month period.
Equity markets rose sharply during the 12-month period despite the sharp sell-off in the first quarter of 2020. Mounting fears of the rapid spread of COVID-19 and the economic impact of shutdowns in the U.S. and across the globe sent markets reeling in February and March 2020. In fact, markets experienced their fastest bear market in history. The subsequent recovery, which picked up steam in the second quarter of 2020, was just as remarkable. After a miserable first quarter, equity markets posted their strongest second-quarter gains in more than 20 years. During the period as a whole, global equities, as measured by the MSCI ACWI (Net)1, rose by 30.25%, while the U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index2, gained 1.38%.
For the 12-month period that ended February 28, 2021, each Wells Fargo Target Date Fund posted positive returns. Twelve Funds comprise the Wells Fargo Target Date Funds. Seven of the Funds offer six share classes, including two classes with sales charges. The Funds lagged their respective benchmarks, the S&P Target Date Indexes, during the period. The underperformance was driven by lower strategic allocations to equities, a more conservative glide path, as well as some of the underlying Factor-Enhanced Equity portfolios, which trailed their broad-based market indexes during the 12-month period. Within the equity segment of the Funds, the Factor-Enhanced U.S. Large Cap, Factor Enhanced U.S. Small Cap, and Factor Enhanced Emerging Market Equity portfolios underperformed their broad market indexes, while the Factor-Enhanced International Equity portfolio outperformed its benchmark.
Outlook
2021 is a year of second chances. Going into 2020, trailing earnings for companies in the S&P 500 Index3 were around $157 billion. We think corporate America should be able to earn that back. Also going into 2020, there was hope of a synchronized global recovery after the fallout from the U.S.-China trade war. Now there is hope of a synchronized global
1 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI)(Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.
2 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
1 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI)(Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
Target Date Retirement Funds  |  43

Performance highlights (unaudited)
MANAGER’S DISCUSSION (continued)
recovery with the help of the COVID-19 vaccine. The difference is that while in 2020, we were starting very late in the cycle, we are now starting with synchronized growth and a brand new cycle in front of us.
Indicators are pointing to a decent first quarter, but the rebound is likely to be uneven with the U.S. and emerging markets advancing faster than Europe and Japan and manufacturing maintaining momentum while services struggle to get some footing. Breakeven inflation rates and yields have risen sharply this year. Inflation uncertainty is high, but the consensus seems to be revising growth expectations upward from a modest recovery to something much more robust.
We will continue to monitor the situation carefully and stand ready to adjust exposures as needed.
44  |  Target Date Retirement Funds

Fund expenses (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2020 to February 28, 2021.
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target Today Fund        
Class A        
Actual $1,000.00 $1,033.68 $2.82 0.56%
Hypothetical (5% return before expenses) $1,000.00 $1,022.02 $2.81 0.56%
Class C        
Actual $1,000.00 $1,030.08 $6.80 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,031.77 $4.28 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,034.84 $1.46 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,035.31 $0.71 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,034.31 $2.42 0.48%
Hypothetical (5% return before expenses) $1,000.00 $1,022.41 $2.41 0.48%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  45

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2010 Fund        
Class A        
Actual $1,000.00 $1,035.13 $2.88 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class C        
Actual $1,000.00 $1,031.07 $6.80 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,033.27 $4.18 0.83%
Hypothetical (5% return before expenses) $1,000.00 $1,020.68 $4.16 0.83%
Class R4        
Actual $1,000.00 $1,036.27 $1.46 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,037.24 $0.71 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,035.18 $2.47 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
Target 2015 Fund        
Class A        
Actual $1,000.00 $1,045.51 $2.79 0.55%
Hypothetical (5% return before expenses) $1,000.00 $1,022.07 $2.76 0.55%
Class R        
Actual $1,000.00 $1,043.23 $4.15 0.82%
Hypothetical (5% return before expenses) $1,000.00 $1,020.73 $4.11 0.82%
Class R4        
Actual $1,000.00 $1,045.40 $1.47 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,047.59 $0.71 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,044.61 $2.48 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
46  |  Target Date Retirement Funds

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2020 Fund        
Class A        
Actual $1,000.00 $1,056.43 $2.91 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class C        
Actual $1,000.00 $1,052.14 $6.87 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,055.09 $4.33 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,057.61 $1.48 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,058.31 $0.71 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,056.54 $2.50 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
Target 2025 Fund        
Class A        
Actual $1,000.00 $1,073.02 $2.88 0.56%
Hypothetical (5% return before expenses) $1,000.00 $1,022.02 $2.81 0.56%
Class R        
Actual $1,000.00 $1,072.89 $4.37 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,075.71 $1.49 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,075.23 $0.72 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,074.53 $2.52 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  47

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2030 Fund        
Class A        
Actual $1,000.00 $1,091.32 $2.96 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class C        
Actual $1,000.00 $1,087.36 $6.99 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,089.62 $4.25 0.82%
Hypothetical (5% return before expenses) $1,000.00 $1,020.73 $4.11 0.82%
Class R4        
Actual $1,000.00 $1,092.65 $1.50 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,093.53 $0.73 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,092.13 $2.54 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
Target 2035 Fund        
Class A        
Actual $1,000.00 $1,110.63 $2.93 0.56%
Hypothetical (5% return before expenses) $1,000.00 $1,022.02 $2.81 0.56%
Class R        
Actual $1,000.00 $1,107.69 $4.44 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,112.41 $1.52 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,112.09 $0.73 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,110.00 $2.56 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
48  |  Target Date Retirement Funds

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2040 Fund        
Class A        
Actual $1,000.00 $1,123.93 $3.05 0.58%
Hypothetical (5% return before expenses) $1,000.00 $1,021.92 $2.91 0.58%
Class C        
Actual $1,000.00 $1,120.68 $7.10 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,123.17 $4.42 0.84%
Hypothetical (5% return before expenses) $1,000.00 $1,020.63 $4.21 0.84%
Class R4        
Actual $1,000.00 $1,126.23 $1.53 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,127.12 $0.74 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,125.06 $2.58 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
Target 2045 Fund        
Class A        
Actual $1,000.00 $1,132.87 $3.01 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class R        
Actual $1,000.00 $1,132.00 $4.49 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,134.43 $1.53 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,136.01 $0.74 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,133.98 $2.59 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  49

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2050 Fund        
Class A        
Actual $1,000.00 $1,141.01 $3.03 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class C        
Actual $1,000.00 $1,135.22 $7.15 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,138.25 $4.51 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,143.05 $1.54 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,141.58 $0.74 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,139.91 $2.60 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
Target 2055 Fund        
Class A        
Actual $1,000.00 $1,141.30 $3.03 0.57%
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 $2.86 0.57%
Class R        
Actual $1,000.00 $1,138.93 $4.51 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,143.14 $1.54 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,143.96 $0.74 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,141.98 $2.60 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
50  |  Target Date Retirement Funds

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Target 2060 Fund        
Class A        
Actual $1,000.00 $1,140.27 $3.13 0.59%
Hypothetical (5% return before expenses) $1,000.00 $1,021.87 $2.96 0.59%
Class C        
Actual $1,000.00 $1,136.37 $7.15 1.35%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.76 1.35%
Class R        
Actual $1,000.00 $1,140.12 $4.51 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.58 $4.26 0.85%
Class R4        
Actual $1,000.00 $1,143.36 $1.54 0.29%
Hypothetical (5% return before expenses) $1,000.00 $1,023.36 $1.45 0.29%
Class R6        
Actual $1,000.00 $1,143.98 $0.74 0.14%
Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $0.70 0.14%
Administrator Class        
Actual $1,000.00 $1,140.79 $2.60 0.49%
Hypothetical (5% return before expenses) $1,000.00 $1,022.36 $2.46 0.49%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  51

Portfolio of investments—February 28, 2021
Target Today Fund
          Value
Investment companies: 100.22%          
Affiliated master portfolios: 100.22%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 20,484,805
Wells Fargo Emerging Markets Bond Portfolio          1,723,067
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          1,026,254
Wells Fargo Factor Enhanced International Equity Portfolio          3,510,704
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          6,876,753
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio          2,913,624
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          1,693,601
Wells Fargo High Yield Corporate Bond Portfolio          1,731,739
Wells Fargo Investment Grade Corporate Bond Portfolio         10,647,002
Wells Fargo Strategic Retirement Bond Portfolio          6,916,519
Wells Fargo U.S. REIT Portfolio          1,447,359
Total Investment companies (Cost $50,273,264)         58,971,427
Total investments in securities (Cost $50,273,264) 100.22%       58,971,427
Other assets and liabilities, net (0.22)         (126,520)
Total net assets 100.00%       $58,844,907
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.44% 3.49% $ 481,005   $ (685,508)   $ 338,276   $ 0   $ 806   $ 20,484,805    
Wells Fargo Emerging Markets Bond Portfolio 4.45 4.67 (65,958)   (3,905)   82,956   0   23   1,723,067    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.61 0.60 (44,065)   267,086   10   29,693   56   1,026,254    
Wells Fargo Factor Enhanced International Equity Portfolio 0.76 0.52 180,672   532,555   0   105,616   217   3,510,704    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.87 0.86 1,229,085   271,081   54   142,672   448   6,876,753    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 11.42 73,518   276,561   0   35,650   56   2,913,624    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.90 0.81 97,613   582,091   18   24,031   136   1,693,601    
Wells Fargo High Yield Corporate Bond Portfolio 3.46 3.46 (55,493)   72,956   104,568   0   61   1,731,739    
Wells Fargo Investment Grade Corporate Bond Portfolio 4.53 4.63 204,455   (278,731)   358,769   0   103   10,647,002    
Wells Fargo Strategic Retirement Bond Portfolio 10.17 4.46 103,295   62,628   96,320   0   42   6,916,519    
Wells Fargo U.S. REIT Portfolio 5.66 5.66 (102,114)   203,537   0   41,332   21   1,447,359    
      $2,102,013   $1,300,351   $980,971   $378,994   $1,969   $58,971,427   100.22%
The accompanying notes are an integral part of these financial statements.
52  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2010 Fund
          Value
Investment companies: 100.18%          
Affiliated master portfolios: 100.18%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 18,720,439
Wells Fargo Emerging Markets Bond Portfolio          1,573,698
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio            938,046
Wells Fargo Factor Enhanced International Equity Portfolio          3,216,435
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          6,240,948
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio          2,655,359
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          1,544,948
Wells Fargo High Yield Corporate Bond Portfolio          1,594,321
Wells Fargo Investment Grade Corporate Bond Portfolio          9,720,228
Wells Fargo Strategic Retirement Bond Portfolio          6,345,189
Wells Fargo U.S. REIT Portfolio          1,317,897
Total Investment companies (Cost $32,790,960)         53,867,508
Total investments in securities (Cost $32,790,960) 100.18%       53,867,508
Other assets and liabilities, net (0.18)          (95,375)
Total net assets 100.00%       $53,772,133
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.06% 3.19% $ 408,164   $ (573,471)   $ 302,090   $ 0   $ 715   $ 18,720,439    
Wells Fargo Emerging Markets Bond Portfolio 3.95 4.26 (62,815)   1,629   74,065   0   21   1,573,698    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.59 0.55 (34,493)   269,911   9   27,490   51   938,046    
Wells Fargo Factor Enhanced International Equity Portfolio 0.72 0.47 184,096   542,651   0   98,351   199   3,216,435    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.82 0.78 1,352,178   152,051   49   132,730   412   6,240,948    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 10.41 63,570   154,487   0   31,136   48   2,655,359    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.85 0.74 131,314   561,546   16   22,108   123   1,544,948    
Wells Fargo High Yield Corporate Bond Portfolio 3.05 3.18 (43,930)   66,098   93,392   0   54   1,594,321    
Wells Fargo Investment Grade Corporate Bond Portfolio 4.01 4.23 202,353   (248,878)   320,153   0   91   9,720,228    
Wells Fargo Strategic Retirement Bond Portfolio 9.04 4.09 87,119   64,837   86,002   0   38   6,345,189    
Wells Fargo U.S. REIT Portfolio 5.34 5.15 (92,027)   205,186   0   37,711   19   1,317,897    
      $2,195,529   $1,196,047   $875,776   $349,526   $1,771   $53,867,508   100.18%
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  53

Portfolio of investments—February 28, 2021
Target 2015 Fund
          Value
Investment companies: 100.26%          
Affiliated master portfolios: 100.26%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 17,221,443
Wells Fargo Emerging Markets Bond Portfolio          1,447,593
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          1,160,245
Wells Fargo Factor Enhanced International Equity Portfolio          4,012,515
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          7,804,570
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio          2,101,473
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          1,933,830
Wells Fargo High Yield Corporate Bond Portfolio          1,466,581
Wells Fargo Investment Grade Corporate Bond Portfolio          8,944,909
Wells Fargo Strategic Retirement Bond Portfolio          5,836,461
Wells Fargo U.S. REIT Portfolio          1,568,163
Total Investment companies (Cost $40,420,969)         53,497,783
Total investments in securities (Cost $40,420,969) 100.26%       53,497,783
Other assets and liabilities, net (0.26)         (138,055)
Total net assets 100.00%       $53,359,728
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.13% 2.93% $ 455,268   $(604,474)   $ 291,561   $ 0   $ 692   $ 17,221,443    
Wells Fargo Emerging Markets Bond Portfolio 4.04 3.92 (71,538)   4,233   71,128   0   20   1,447,593    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.74 0.68 (50,191)   326,886   6   34,497   65   1,160,245    
Wells Fargo Factor Enhanced International Equity Portfolio 0.90 0.59 200,276   655,962   0   124,514   251   4,012,515    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 1.03 0.97 2,233,425   (418,564)   36   167,399   519   7,804,570    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 8.24 51,788   231,700   0   25,371   39   2,101,473    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 1.07 0.92 154,685   682,839   20   27,826   155   1,933,830    
Wells Fargo High Yield Corporate Bond Portfolio 3.12 2.93 (56,775)   68,543   89,862   0   53   1,466,581    
Wells Fargo Investment Grade Corporate Bond Portfolio 4.10 3.89 263,929   (350,815)   308,144   0   89   8,944,909    
Wells Fargo Strategic Retirement Bond Portfolio 9.24 3.76 95,102   53,896   83,539   0   37   5,836,461    
Wells Fargo U.S. REIT Portfolio 6.84 6.13 (120,262)   228,804   0   46,757   24   1,568,163    
      $3,155,707   $ 879,010   $844,296   $426,364   $1,944   $53,497,783   100.26%
The accompanying notes are an integral part of these financial statements.
54  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2020 Fund
          Value
Investment companies: 100.11%          
Affiliated master portfolios: 100.11%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  92,880,065
Wells Fargo Emerging Markets Bond Portfolio           7,821,064
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           8,095,589
Wells Fargo Factor Enhanced International Equity Portfolio          27,792,089
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          54,075,416
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio           9,187,987
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          13,272,091
Wells Fargo High Yield Corporate Bond Portfolio           7,875,836
Wells Fargo Investment Grade Corporate Bond Portfolio          48,327,849
Wells Fargo Strategic Retirement Bond Portfolio          31,361,601
Wells Fargo U.S. REIT Portfolio          10,175,052
Total Investment companies (Cost $254,505,687)         310,864,639
Total investments in securities (Cost $254,505,687) 100.11%       310,864,639
Other assets and liabilities, net (0.11)          (329,965)
Total net assets 100.00%       $310,534,674
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  55

Portfolio of investments—February 28, 2021
Target 2020 Fund
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 16.98% 15.82% $ 2,334,714   $ (2,966,833)   $ 1,516,540   $ 0   $ 3,603   $ 92,880,065    
Wells Fargo Emerging Markets Bond Portfolio 21.86 21.18 (384,220)   21,881   370,666   0   105   7,821,064    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 5.16 4.73 (421,960)   2,367,363   85   235,271   435   8,095,589    
Wells Fargo Factor Enhanced International Equity Portfolio 6.30 4.10 1,199,684   4,851,732   0   848,221   1,703   27,792,089    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 7.17 6.73 10,234,654   2,273,706   444   1,134,423   3,487   54,075,416    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 36.02 176,120   520,592   0   106,258   163   9,187,987    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 7.54 6.34 762,785   5,032,292   146   188,420   1,047   13,272,091    
Wells Fargo High Yield Corporate Bond Portfolio 16.95 15.72 (311,044)   361,940   468,205   0   278   7,875,836    
Wells Fargo Investment Grade Corporate Bond Portfolio 22.25 21.03 1,321,942   (1,697,009)   1,606,605   0   469   48,327,849    
Wells Fargo Strategic Retirement Bond Portfolio 46.07 20.22 453,893   270,020   398,271   0   177   31,361,601    
Wells Fargo U.S. REIT Portfolio 42.17 39.76 (711,314)   1,209,900   0   274,383   146   10,175,052    
      $14,655,254   $12,245,584   $4,360,962   $2,786,976   $11,613   $310,864,639   100.11%
The accompanying notes are an integral part of these financial statements.
56  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2025 Fund
          Value
Investment companies: 100.07%          
Affiliated master portfolios: 100.07%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  52,718,884
Wells Fargo Emerging Markets Bond Portfolio           4,400,193
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           7,082,588
Wells Fargo Factor Enhanced International Equity Portfolio          24,334,389
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          45,212,055
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio           3,841,363
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          11,167,693
Wells Fargo High Yield Corporate Bond Portfolio           4,432,344
Wells Fargo Investment Grade Corporate Bond Portfolio          27,403,345
Wells Fargo Strategic Retirement Bond Portfolio           9,876,537
Wells Fargo U.S. REIT Portfolio           4,802,617
Total Investment companies (Cost $165,308,176)         195,272,008
Total investments in securities (Cost $165,308,176) 100.07%       195,272,008
Other assets and liabilities, net (0.07)          (131,494)
Total net assets 100.00%       $195,140,514
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  57

Portfolio of investments—February 28, 2021
Target 2025 Fund
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 10.24% 8.98% $ 1,583,109   $(1,978,644)   $ 831,036   $ 0   $ 1,972   $ 52,718,884    
Wells Fargo Emerging Markets Bond Portfolio 13.18 11.92 (241,045)   (16,645)   201,726   0   58   4,400,193    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 4.66 4.14 (489,245)   1,970,523   76   194,882   369   7,082,588    
Wells Fargo Factor Enhanced International Equity Portfolio 5.67 3.59 910,647   3,713,059   0   704,316   1,447   24,334,389    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 6.15 5.62 10,667,032   (1,114,448)   378   903,166   2,841   45,212,055    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 15.06 68,917   198,326   0   41,893   63   3,841,363    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 6.44 5.33 495,504   3,965,117   123   150,811   855   11,167,693    
Wells Fargo High Yield Corporate Bond Portfolio 10.21 8.84 (230,594)   188,921   253,993   0   154   4,432,344    
Wells Fargo Investment Grade Corporate Bond Portfolio 13.49 11.93 729,045   (1,192,111)   879,528   0   258   27,403,345    
Wells Fargo Strategic Retirement Bond Portfolio 14.75 6.37 164,944   19,447   116,633   0   53   9,876,537    
Wells Fargo U.S. REIT Portfolio 20.24 18.77 (328,654)   437,103   0   118,836   64   4,802,617    
      $13,329,660   $ 6,190,648   $2,283,493   $2,113,904   $8,134   $195,272,008   100.07%
The accompanying notes are an integral part of these financial statements.
58  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2030 Fund
          Value
Investment companies: 100.14%          
Affiliated master portfolios: 100.14%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 112,735,058
Wells Fargo Emerging Markets Bond Portfolio           9,346,925
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          23,483,785
Wells Fargo Factor Enhanced International Equity Portfolio          80,888,151
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         144,102,336
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio           4,805,558
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          35,454,555
Wells Fargo High Yield Corporate Bond Portfolio           9,452,026
Wells Fargo Investment Grade Corporate Bond Portfolio          58,607,355
Wells Fargo Strategic Retirement Bond Portfolio           6,578,975
Wells Fargo U.S. REIT Portfolio           4,873,712
Total Investment companies (Cost $409,088,271)         490,328,436
Total investments in securities (Cost $409,088,271) 100.14%       490,328,436
Other assets and liabilities, net (0.14)          (682,371)
Total net assets 100.00%       $489,646,065
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  59

Portfolio of investments—February 28, 2021
Target 2030 Fund
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 18.76% 19.20% $ 2,595,289   $ (3,731,721)   $ 1,689,227   $ 0   $ 4,003   $ 112,735,058    
Wells Fargo Emerging Markets Bond Portfolio 23.91 25.32 (364,701)   (46,268)   407,831   0   116   9,346,925    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 12.59 13.72 (858,725)   6,040,115   202   599,040   1,046   23,483,785    
Wells Fargo Factor Enhanced International Equity Portfolio 15.39 11.93 2,431,498   13,492,203   0   2,141,745   4,136   80,888,151    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 16.00 17.93 19,421,531   10,889,413   991   2,654,483   7,753   144,102,336    
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio 0.00 18.84 74,129   198,299   0   46,697   69   4,805,558    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 16.72 16.93 1,995,459   12,372,665   326   434,631   2,320   35,454,555    
Wells Fargo High Yield Corporate Bond Portfolio 18.60 18.86 (314,057)   366,921   515,697   0   300   9,452,026    
Wells Fargo Investment Grade Corporate Bond Portfolio 24.69 25.51 1,350,479   (1,977,836)   1,791,803   0   513   58,607,355    
Wells Fargo Strategic Retirement Bond Portfolio 8.00 4.24 88,210   16,920   69,389   0   31   6,578,975    
Wells Fargo U.S. REIT Portfolio 15.61 19.05 (248,745)   466,638   0   101,570   53   4,873,712    
      $26,170,367   $38,087,349   $4,475,466   $5,978,166   $20,340   $490,328,436   100.14%
The accompanying notes are an integral part of these financial statements.
60  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2035 Fund
          Value
Investment companies: 100.10%          
Affiliated master portfolios: 100.10%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  35,505,610
Wells Fargo Emerging Markets Bond Portfolio           2,966,210
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          11,550,683
Wells Fargo Factor Enhanced International Equity Portfolio          40,130,603
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          68,593,355
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          16,991,516
Wells Fargo High Yield Corporate Bond Portfolio           2,974,350
Wells Fargo Investment Grade Corporate Bond Portfolio          18,493,452
Total Investment companies (Cost $165,163,325)         197,205,779
Total investments in securities (Cost $165,163,325) 100.10%       197,205,779
Other assets and liabilities, net (0.10)          (192,161)
Total net assets 100.00%       $197,013,618
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 5.92% 6.05% $ 886,449   $ (1,244,452)   $ 505,941   $ 0   $ 1,020   $ 35,505,610    
Wells Fargo Emerging Markets Bond Portfolio 7.62 8.03 (125,123)   (18,572)   123,220   0   19   2,966,210    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 6.31 6.75 (549,181)   2,893,401   39   286,037   556   11,550,683    
Wells Fargo Factor Enhanced International Equity Portfolio 7.78 5.92 931,730   6,304,885   0   1,029,753   2,071   40,130,603    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 7.75 8.53 9,669,319   3,846,264   30   1,225,239   3,753   68,593,355    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 8.11 8.12 698,323   5,738,633   45   201,457   1,156   16,991,516    
Wells Fargo High Yield Corporate Bond Portfolio 5.90 5.94 (114,889)   111,300   155,526   0   76   2,974,350    
Wells Fargo Investment Grade Corporate Bond Portfolio 7.79 8.05 428,289   (724,085)   537,508   0   58   18,493,452    
      $11,824,917   $16,907,374   $1,322,309   $2,742,486   $8,709   $197,205,779   100.10%
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  61

Portfolio of investments—February 28, 2021
Target 2040 Fund
          Value
Investment companies: 100.06%          
Affiliated master portfolios: 100.06%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  55,020,935
Wells Fargo Emerging Markets Bond Portfolio           4,582,166
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          32,411,016
Wells Fargo Factor Enhanced International Equity Portfolio         111,437,919
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         183,114,643
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          45,673,929
Wells Fargo High Yield Corporate Bond Portfolio           4,641,850
Wells Fargo Investment Grade Corporate Bond Portfolio          28,568,406
Total Investment companies (Cost $381,432,976)         465,450,864
Total investments in securities (Cost $381,432,976) 100.06%       465,450,864
Other assets and liabilities, net (0.06)          (264,851)
Total net assets 100.00%       $465,186,013
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 8.68% 9.37% $ 1,240,291   $ (1,838,671)   $ 791,540   $ 0   $ 1,590   $ 55,020,935    
Wells Fargo Emerging Markets Bond Portfolio 11.16 12.41 (170,134)   (26,646)   192,793   0   29   4,582,166    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 15.84 18.94 (1,040,156)   7,706,427   5   772,576   1,406   32,411,016    
Wells Fargo Factor Enhanced International Equity Portfolio 19.34 16.44 394,393   19,637,909   0   2,724,045   5,230   111,437,919    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 18.63 22.78 18,457,309   16,966,496   377   3,135,598   9,121   183,114,643    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 19.43 21.82 2,218,019   14,944,378   775   512,023   2,793   45,673,929    
Wells Fargo High Yield Corporate Bond Portfolio 8.66 9.26 (141,543)   168,847   243,902   0   114   4,641,850    
Wells Fargo Investment Grade Corporate Bond Portfolio 11.42 12.43 581,617   (899,567)   843,585   0   85   28,568,406    
      $21,539,796   $56,659,173   $2,072,977   $7,144,242   $20,368   $465,450,864   100.06%
The accompanying notes are an integral part of these financial statements.
62  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2045 Fund
          Value
Investment companies: 100.25%          
Affiliated master portfolios: 100.25%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  8,219,760
Wells Fargo Emerging Markets Bond Portfolio            682,495
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          6,814,234
Wells Fargo Factor Enhanced International Equity Portfolio         23,480,083
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         37,682,669
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          9,334,566
Wells Fargo High Yield Corporate Bond Portfolio            693,542
Wells Fargo Investment Grade Corporate Bond Portfolio          4,263,803
Total Investment companies (Cost $75,105,426)         91,171,152
Total investments in securities (Cost $75,105,426) 100.25%       91,171,152
Other assets and liabilities, net (0.25)         (223,165)
Total net assets 100.00%       $90,947,987
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 1.53% 1.40% $ 233,204   $ (305,299)   $ 120,749   $ 0   $ 234   $ 8,219,760    
Wells Fargo Emerging Markets Bond Portfolio 1.96 1.85 (31,742)   (3,466)   29,333   0   3   682,495    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 4.02 3.98 (406,703)   1,749,754   37   170,204   330   6,814,234    
Wells Fargo Factor Enhanced International Equity Portfolio 4.92 3.46 399,847   3,648,069   0   609,183   1,222   23,480,083    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 4.65 4.69 5,601,911   1,693,977   110   682,670   2,100   37,682,669    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 4.90 4.46 183,788   3,283,486   50   112,758   649   9,334,566    
Wells Fargo High Yield Corporate Bond Portfolio 1.52 1.38 (32,799)   29,172   36,944   0   17   693,542    
Wells Fargo Investment Grade Corporate Bond Portfolio 2.01 1.86 114,463   (183,918)   127,618   0   8   4,263,803    
      $6,061,969   $9,911,775   $314,841   $1,574,815   $4,563   $91,171,152   100.25%
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  63

Portfolio of investments—February 28, 2021
Target 2050 Fund
          Value
Investment companies: 100.07%          
Affiliated master portfolios: 100.07%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  12,687,080
Wells Fargo Emerging Markets Bond Portfolio           1,054,025
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          17,149,965
Wells Fargo Factor Enhanced International Equity Portfolio          59,352,357
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          93,248,238
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          23,254,879
Wells Fargo High Yield Corporate Bond Portfolio           1,070,536
Wells Fargo Investment Grade Corporate Bond Portfolio           6,580,094
Total Investment companies (Cost $173,768,696)         214,397,174
Total investments in securities (Cost $173,768,696) 100.07%       214,397,174
Other assets and liabilities, net (0.07)          (144,395)
Total net assets 100.00%       $214,252,779
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 2.08% 2.16% $ 288,017   $ (444,945)   $ 190,127   $ 0   $ 455   $ 12,687,080    
Wells Fargo Emerging Markets Bond Portfolio 2.67 2.86 (38,783)   (6,309)   46,672   0   13   1,054,025    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.24 10.02 (508,273)   4,056,161   95   402,121   674   17,149,965    
Wells Fargo Factor Enhanced International Equity Portfolio 10.11 8.76 664,859   9,753,529   0   1,411,557   2,646   59,352,357    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 9.36 11.60 11,234,324   6,735,264   216   1,573,094   4,431   93,248,238    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 9.79 11.11 1,260,031   7,548,153   116   256,609   1,323   23,254,879    
Wells Fargo High Yield Corporate Bond Portfolio 2.08 2.14 (32,416)   41,589   58,892   0   33   1,070,536    
Wells Fargo Investment Grade Corporate Bond Portfolio 2.74 2.86 136,229   (208,782)   203,833   0   57   6,580,094    
      $13,003,988   $27,474,660   $499,951   $3,643,381   $9,632   $214,397,174   100.07%
The accompanying notes are an integral part of these financial statements.
64  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Target 2055 Fund
          Value
Investment companies: 100.68%          
Affiliated master portfolios: 100.68%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  1,619,531
Wells Fargo Emerging Markets Bond Portfolio            135,406
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          2,148,476
Wells Fargo Factor Enhanced International Equity Portfolio          7,453,256
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         11,690,216
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          2,934,094
Wells Fargo High Yield Corporate Bond Portfolio            135,670
Wells Fargo Investment Grade Corporate Bond Portfolio            844,209
Total Investment companies (Cost $22,937,575)         26,960,858
Total investments in securities (Cost $22,937,575) 100.68%       26,960,858
Other assets and liabilities, net (0.68)         (181,530)
Total net assets 100.00%       $26,779,328
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.34% 0.28% $ 45,696   $ (59,013)   $ 26,806   $ 0   $ 64   $ 1,619,531    
Wells Fargo Emerging Markets Bond Portfolio 0.44 0.37 (6,895)   (125)   6,532   0   2   135,406    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 1.36 1.26 (147,406)   593,546   16   55,284   101   2,148,476    
Wells Fargo Factor Enhanced International Equity Portfolio 1.67 1.10 (269,541)   1,582,030   0   200,025   401   7,453,256    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 1.53 1.45 1,159,291   1,198,090   38   220,339   670   11,690,216    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 1.60 1.40 16,243   1,070,873   18   36,408   202   2,934,094    
Wells Fargo High Yield Corporate Bond Portfolio 0.34 0.27 (7,140)   6,969   8,215   0   5   135,670    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.45 0.37 20,155   (29,751)   28,339   0   8   844,209    
      $ 810,403   $4,362,619   $69,964   $512,056   $1,453   $26,960,858   100.68%
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  65

Portfolio of investments—February 28, 2021
Target 2060 Fund
          Value
Investment companies: 100.46%          
Affiliated master portfolios: 100.46%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  1,756,152
Wells Fargo Emerging Markets Bond Portfolio            147,001
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio          2,336,606
Wells Fargo Factor Enhanced International Equity Portfolio          8,001,204
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         12,518,695
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          3,149,221
Wells Fargo High Yield Corporate Bond Portfolio            148,216
Wells Fargo Investment Grade Corporate Bond Portfolio            916,772
Total Investment companies (Cost $24,019,315)         28,973,867
Total investments in securities (Cost $24,019,315) 100.46%       28,973,867
Other assets and liabilities, net (0.46)         (132,681)
Total net assets 100.00%       $28,841,186
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.22% 0.30% $ 31,416   $ (48,581)   $ 23,570   $ 0   $ 56   $ 1,756,152    
Wells Fargo Emerging Markets Bond Portfolio 0.28 0.40 (2,589)   (1,060)   5,776   0   1   147,001    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.88 1.37 13,816   495,699   4   48,802   76   2,336,606    
Wells Fargo Factor Enhanced International Equity Portfolio 1.09 1.18 (174,577)   1,580,285   0   169,221   296   8,001,204    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 1.00 1.56 586,166   1,816,304   106   191,224   492   12,518,695    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 1.05 1.50 220,805   962,563   33   30,859   148   3,149,221    
Wells Fargo High Yield Corporate Bond Portfolio 0.22 0.30 (961)   4,402   7,274   0   4   148,216    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.28 0.40 13,296   (12,984)   24,998   0   7   916,772    
      $ 687,372   $4,796,628   $61,761   $440,106   $1,080   $28,973,867   100.46%
The accompanying notes are an integral part of these financial statements.
66  |  Target Date Retirement Funds

Statements of assets and liabilities—February 28, 2021
  Target
Today Fund 		Target
2010 Fund 		Target
2015 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 58,971,427 $ 53,867,508 $ 53,497,783
Receivable for Fund shares sold
 137,459 14,162 4,687
Prepaid expenses and other assets
 23,393 33,335 13,287
Total assets
 59,132,279 53,915,005 53,515,757
Liabilities      
Payable for Fund shares redeemed
 181,625 65,655 8,283
Professional fees payable
 26,060 25,523 30,185
Shareholder report expenses payable
 25,517 17,885 19,054
Management fee payable
 24,895 7,212 38,987
Shareholder servicing fees payable
 8,326 7,742 7,238
Administration fees payable
 6,926 6,405 6,159
Trustees’ fees and expenses payable
 4,059 4,051 4,060
Distribution fees payable
 221 103 1
Accrued expenses and other liabilities
 9,743 8,296 42,062
Total liabilities
 287,372 142,872 156,029
Total net assets
 $58,844,907 $53,772,133 $53,359,728
Net assets consist of      
Paid-in capital
 $ 49,798,919 $ 32,450,023 $ 40,789,932
Total distributable earnings
 9,045,988 21,322,110 12,569,796
Total net assets
 $58,844,907 $53,772,133 $53,359,728
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 34,778,608 $ 32,375,766 $ 31,496,093
Shares outstanding – Class A1
 3,769,202 3,013,903 4,382,313
Net asset value per share – Class A
 $9.23 $10.74 $7.19
Maximum offering price per share – Class A2
 $9.79 $11.40 $7.63
Net assets – Class C
 $ 380,388 $ 183,003 N/A
Shares outstanding – Class C1
 39,962 16,791 N/A
Net asset value per share – Class C
 $9.52 $10.90 N/A
Net assets – Class R
 $ 33,121 $ 23,685 $ 20,263
Shares outstanding – Class R1
 3,575 2,201 2,716
Net asset value per share – Class R
 $9.26 $10.76 $7.46
Net assets – Class R4
 $ 1,047,397 $ 1,074,288 $ 2,604,998
Shares outstanding – Class R41
 110,356 98,539 359,267
Net asset value per share – Class R4
 $9.49 $10.90 $7.25
Net assets – Class R6
 $ 15,826,761 $ 13,386,982 $ 14,670,570
Shares outstanding – Class R61
 1,668,936 1,230,551 2,021,906
Net asset value per share – Class R6
 $9.48 $10.88 $7.26
Net assets – Administrator Class
 $ 6,778,632 $ 6,728,409 $ 4,567,804
Shares outstanding – Administrator Class1
 713,086 616,794 615,747
Net asset value per share – Administrator Class
 $9.51 $10.91 $7.42
Investments in affiliated Master Portfolios, at cost
 $ 50,273,264 $ 32,790,960 $ 40,420,969
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  67

Statements of assets and liabilities—February 28, 2021
  Target
2020 Fund 		Target
2025 Fund 		Target
2030 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 310,864,639 $ 195,272,008 $ 490,328,436
Receivable for Fund shares sold
 136,282 48,610 390,298
Prepaid expenses and other assets
 0 71,837 16,648
Total assets
 311,000,921 195,392,455 490,735,382
Liabilities      
Payable for Fund shares redeemed
 122,342 9,754 688,202
Professional fees payable
 31,421 20,005 31,559
Shareholder report expenses payable
 18,474 22,575 22,501
Management fee payable
 190,604 135,428 224,451
Shareholder servicing fees payable
 35,064 20,040 49,414
Administration fees payable
 29,580 18,198 42,086
Trustees’ fees and expenses payable
 4,163 4,164 4,149
Distribution fees payable
 1,537 11 848
Accrued expenses and other liabilities
 33,062 21,766 26,107
Total liabilities
 466,247 251,941 1,089,317
Total net assets
 $310,534,674 $195,140,514 $489,646,065
Net assets consist of      
Paid-in capital
 $ 251,903,397 $ 166,695,317 $ 400,131,072
Total distributable earnings
 58,631,277 28,445,197 89,514,993
Total net assets
 $310,534,674 $195,140,514 $489,646,065
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 127,258,213 $ 87,107,840 $ 166,161,152
Shares outstanding – Class A1
 10,216,538 15,226,236 12,546,296
Net asset value per share – Class A
 $12.46 $5.72 $13.24
Maximum offering price per share – Class A2
 $13.22 $6.07 $14.05
Net assets – Class C
 $ 2,608,362 N/A $ 1,384,767
Shares outstanding – Class C1
 213,822 N/A 109,482
Net asset value per share – Class C
 $12.20 N/A $12.65
Net assets – Class R
 $ 104,269 $ 66,470 $ 50,907
Shares outstanding – Class R1
 8,431 11,733 3,813
Net asset value per share – Class R
 $12.37 $5.67 $13.35
Net assets – Class R4
 $ 15,462,382 $ 13,374,550 $ 28,909,505
Shares outstanding – Class R41
 1,201,167 2,315,215 2,125,608
Net asset value per share – Class R4
 $12.87 $5.78 $13.60
Net assets – Class R6
 $ 121,394,541 $ 84,190,742 $ 219,418,773
Shares outstanding – Class R61
 9,435,417 14,615,502 16,164,676
Net asset value per share – Class R6
 $12.87 $5.76 $13.57
Net assets – Administrator Class
 $ 43,706,907 $ 10,400,912 $ 73,720,961
Shares outstanding – Administrator Class1
 3,420,354 1,784,881 5,419,823
Net asset value per share – Administrator Class
 $12.78 $5.83 $13.60
Investments in affiliated Master Portfolios, at cost
 $ 254,505,687 $ 165,308,176 $ 409,088,271
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
68  |  Target Date Retirement Funds

Statements of assets and liabilities—February 28, 2021
  Target
2035 Fund 		Target
2040 Fund 		Target
2045 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 197,205,779 $ 465,450,864 $ 91,171,152
Receivable for Fund shares sold
 60,190 442,914 35,627
Prepaid expenses and other assets
 0 38,313 0
Total assets
 197,265,969 465,932,091 91,206,779
Liabilities      
Payable for Fund shares redeemed
 2,855 411,960 107,535
Professional fees payable
 29,162 28,695 29,440
Shareholder report expenses payable
 17,137 22,993 26,742
Management fee payable
 118,268 163,195 44,128
Shareholder servicing fees payable
 21,174 50,134 8,952
Administration fees payable
 19,377 42,967 8,358
Trustees’ fees and expenses payable
 4,158 4,235 4,405
Distribution fees payable
 87 857 10
Accrued expenses and other liabilities
 40,133 21,042 29,222
Total liabilities
 252,351 746,078 258,792
Total net assets
 $197,013,618 $465,186,013 $90,947,987
Net assets consist of      
Paid-in capital
 $ 161,252,500 $ 370,547,089 $ 73,255,100
Total distributable earnings
 35,761,118 94,638,924 17,692,887
Total net assets
 $197,013,618 $465,186,013 $90,947,987
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 97,610,265 $ 184,159,944 $ 40,542,413
Shares outstanding – Class A1
 11,920,493 11,428,072 4,436,391
Net asset value per share – Class A
 $8.19 $16.11 $9.14
Maximum offering price per share – Class A2
 $8.69 $17.09 $9.70
Net assets – Class C
 N/A $ 1,417,321 N/A
Shares outstanding – Class C1
 N/A 98,584 N/A
Net asset value per share – Class C
 N/A $14.38 N/A
Net assets – Class R
 $ 461,385 $ 83,388 $ 68,450
Shares outstanding – Class R1
 55,860 5,155 7,300
Net asset value per share – Class R
 $8.26 $16.18 $9.38
Net assets – Class R4
 $ 9,228,021 $ 26,902,904 $ 4,459,104
Shares outstanding – Class R41
 1,123,119 1,605,568 485,137
Net asset value per share – Class R4
 $8.22 $16.76 $9.19
Net assets – Class R6
 $ 83,173,308 $ 194,078,160 $ 42,686,520
Shares outstanding – Class R61
 10,135,465 11,595,233 4,661,283
Net asset value per share – Class R6
 $8.21 $16.74 $9.16
Net assets – Administrator Class
 $ 6,540,639 $ 58,544,296 $ 3,191,500
Shares outstanding – Administrator Class1
 788,134 3,502,846 342,744
Net asset value per share – Administrator Class
 $8.30 $16.71 $9.31
Investments in affiliated Master Portfolios, at cost
 $ 165,163,325 $ 381,432,976 $ 75,105,426
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  69

Statements of assets and liabilities—February 28, 2021
  Target
2050 Fund 		Target
2055 Fund 		Target
2060 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 214,397,174 $ 26,960,858 $ 28,973,867
Receivable for Fund shares sold
 345,039 48,625 145,097
Prepaid expenses and other assets
 12,391 0 0
Total assets
 214,754,604 27,009,483 29,118,964
Liabilities      
Payable for Fund shares redeemed
 318,075 24,271 75,092
Professional fees payable
 33,019 35,989 31,505
Shareholder report expenses payable
 17,450 21,448 16,484
Management fee payable
 81,612 127,121 135,796
Administration fees payable
 15,172 1,762 1,240
Trustees’ fees and expenses payable
 3,660 2,732 3,144
Distribution fees payable
 349 7 85
Accrued expenses and other liabilities
 32,488 16,825 14,432
Total liabilities
 501,825 230,155 277,778
Total net assets
 $214,252,779 $26,779,328 $28,841,186
Net assets consist of      
Paid-in capital
 $ 168,720,767 $ 22,380,379 $ 23,202,666
Total distributable earnings
 45,532,012 4,398,949 5,638,520
Total net assets
 $214,252,779 $26,779,328 $28,841,186
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 46,770,691 $ 6,532,313 $ 1,175,533
Shares outstanding – Class A1
 5,826,311 467,301 84,542
Net asset value per share – Class A
 $8.03 $13.98 $13.90
Maximum offering price per share – Class A2
 $8.52 $14.83 $14.75
Net assets – Class C
 $ 612,250 N/A $ 133,989
Shares outstanding – Class C1
 76,679 N/A 9,554
Net asset value per share – Class C
 $7.98 N/A $14.02
Net assets – Class R
 $ 50,803 $ 53,952 $ 103,430
Shares outstanding – Class R1
 6,258 3,911 7,524
Net asset value per share – Class R
 $8.12 $13.79 $13.75
Net assets – Class R4
 $ 12,859,298 $ 2,175,303 $ 2,522,391
Shares outstanding – Class R41
 1,588,469 154,838 177,684
Net asset value per share – Class R4
 $8.10 $14.05 $14.20
Net assets – Class R6
 $ 118,171,549 $ 17,034,991 $ 21,643,243
Shares outstanding – Class R61
 14,620,083 1,217,751 1,530,962
Net asset value per share – Class R6
 $8.08 $13.99 $14.14
Net assets – Administrator Class
 $ 35,788,188 $ 982,769 $ 3,262,600
Shares outstanding – Administrator Class1
 4,439,425 69,818 233,480
Net asset value per share – Administrator Class
 $8.06 $14.08 $13.97
Investments in affiliated Master Portfolios, at cost
 $ 173,768,696 $ 22,937,575 $ 24,019,315
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
70  |  Target Date Retirement Funds

Statements of operations—year ended February 28, 2021
  Target
Today Fund 		Target
2010 Fund 		Target
2015 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 980,971 $ 875,776 $ 844,296
Dividends allocated from affiliated Master Portfolios*
 378,994 349,526 426,364
Affiliated income allocated from affiliated Master Portfolios
 1,969 1,771 1,944
Expenses allocated from affiliated Master Portfolios
 (102,161) (92,441) (97,088)
Waivers allocated from affiliated Master Portfolios
 44,311 39,892 40,584
Total investment income
 1,304,084 1,174,524 1,216,100
Expenses      
Management fee
 60,716 54,825 57,033
Administration fees      
Class A
 73,201 67,090 66,323
Class C
 986 661 N/A
Class R
 67 49 43
Class R4
 1,232 765 2,547
Class R6
 5,070 4,246 5,168
Administrator Class
 8,992 9,659 6,527
Shareholder servicing fees      
Class A
 87,078 79,844 78,930
Class C
 1,163 785 N/A
Class R
 79 58 50
Class R4
 1,538 954 3,155
Administrator Class
 17,265 18,546 12,549
Distribution fees      
Class C
 3,489 2,293 N/A
Class R
 40 18 16
Custody and accounting fees
 4,665 4,925 5,584
Professional fees
 35,294 36,958 36,957
Registration fees
 79,396 81,790 70,183
Shareholder report expenses
 30,803 30,981 30,664
Trustees’ fees and expenses
 21,005 21,006 21,005
Other fees and expenses
 11,310 12,620 11,392
Total expenses
 443,389 428,073 408,126
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (212,420) (214,072) (205,287)
Class A
 (5,116) (4,646) (6,852)
Class R4
 (590) (270) (991)
Class R6
 (4,709) (4,200) (4,917)
Administrator Class
 (2,209) (2,529) (1,531)
Net expenses
 218,345 202,356 188,548
Net investment income
 1,085,739 972,168 1,027,552
Payment from affiliate
 232 230 235
Realized and unrealized gains (losses) on investments      
Net realized gains on securities transactions allocated from affiliated Master Portfolios
 2,102,013 2,195,529 3,155,707
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios
 1,300,351 1,196,047 879,010
Net realized and unrealized gains (losses) on investments
 3,402,364 3,391,576 4,034,717
Net increase in net assets resulting from operations
 $4,488,335 $4,363,974 $5,062,504
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $16,268 $15,111 $18,957
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  71

Statements of operations—year ended February 28, 2021
  Target
2020 Fund 		Target
2025 Fund 		Target
2030 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 4,360,962 $ 2,283,493 $ 4,475,466
Dividends allocated from affiliated Master Portfolios*
 2,786,976 2,113,904 5,978,166
Affiliated income allocated from affiliated Master Portfolios
 11,613 8,134 20,340
Expenses allocated from affiliated Master Portfolios
 (552,893) (340,724) (822,589)
Waivers allocated from affiliated Master Portfolios
 221,941 124,136 270,277
Total investment income
 6,828,599 4,188,943 9,921,660
Expenses      
Management fee
 323,220 198,911 481,043
Administration fees      
Class A
 261,547 182,464 331,515
Class C
 5,516 N/A 3,491
Class R
 226 134 98
Class R4
 15,070 14,382 25,806
Class R6
 38,863 25,181 64,680
Administrator Class
 61,828 13,059 95,694
Shareholder servicing fees      
Class A
 311,135 217,092 394,485
Class C
 6,561 N/A 4,150
Class R
 269 159 117
Class R4
 18,729 17,802 32,081
Administrator Class
 118,790 25,069 183,860
Distribution fees      
Class C
 19,683 N/A 12,447
Class R
 229 132 77
Custody and accounting fees
 20,475 11,947 23,370
Professional fees
 36,958 36,958 36,956
Registration fees
 80,091 72,155 78,956
Shareholder report expenses
 36,396 35,146 38,194
Trustees’ fees and expenses
 21,005 21,005 21,005
Other fees and expenses
 20,361 16,103 21,229
Total expenses
 1,396,952 887,699 1,849,254
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (388,359) (318,233) (534,218)
Class A
 (21,573) (17,434) (27,775)
Class R4
 (5,615) (4,869) (10,272)
Class R6
 (38,863) (22,496) (64,680)
Administrator Class
 (14,833) (2,761) (23,954)
Net expenses
 927,709 521,906 1,188,355
Net investment income
 5,900,890 3,667,037 8,733,305
Payment from affiliate
 1,288 944 3,159
Realized and unrealized gains (losses) on investments      
Net realized gains on securities transactions allocated from affiliated Master Portfolios
 14,655,254 13,329,660 26,170,367
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios
 12,245,584 6,190,648 38,087,349
Net realized and unrealized gains (losses) on investments
 26,900,838 19,520,308 64,257,716
Net increase in net assets resulting from operations
 $32,803,016 $23,188,289 $72,994,180
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $127,502 $104,804 $313,332
The accompanying notes are an integral part of these financial statements.
72  |  Target Date Retirement Funds

Statements of operations—year ended February 28, 2021
  Target
2035 Fund 		Target
2040 Fund 		Target
2045 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 1,322,309 $ 2,072,977 $ 314,841
Dividends allocated from affiliated Master Portfolios*
 2,742,486 7,144,242 1,574,815
Affiliated income allocated from affiliated Master Portfolios
 8,709 20,368 4,563
Expenses allocated from affiliated Master Portfolios
 (332,006) (806,031) (169,495)
Waivers allocated from affiliated Master Portfolios
 101,190 245,248 51,216
Total investment income
 3,842,688 8,676,804 1,775,940
Expenses      
Management fee
 190,326 442,117 90,638
Administration fees      
Class A
 194,921 358,396 83,696
Class C
 N/A 3,358 N/A
Class R
 786 148 119
Class R4
 9,494 21,792 5,139
Class R6
 23,620 55,375 12,156
Administrator Class
 8,490 75,348 4,919
Shareholder servicing fees      
Class A
 231,816 426,371 99,495
Class C
 N/A 3,994 N/A
Class R
 935 177 141
Class R4
 11,726 27,110 6,311
Administrator Class
 16,306 144,745 9,447
Distribution fees      
Class C
 N/A 11,976 N/A
Class R
 900 135 101
Custody and accounting fees
 10,934 20,148 7,608
Professional fees
 36,956 36,956 36,956
Registration fees
 69,696 77,046 68,514
Shareholder report expenses
 34,790 40,285 34,150
Trustees’ fees and expenses
 21,005 21,005 21,005
Other fees and expenses
 14,644 19,501 12,665
Total expenses
 877,345 1,785,983 493,060
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (324,507) (574,666) (253,750)
Class A
 (21,583) (12,515) (7,386)
Class R4
 (3,934) (7,569) (2,499)
Class R6
 (23,620) (50,900) (11,994)
Administrator Class
 (2,148) (16,170) (1,492)
Net expenses
 501,553 1,124,163 215,939
Net investment income
 3,341,135 7,552,641 1,560,001
Payment from affiliate
 0 2,629 1,213
Realized and unrealized gains (losses) on investments      
Net realized gains on securities transactions allocated from affiliated Master Portfolios
 11,824,917 21,539,796 6,061,969
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios
 16,907,374 56,659,173 9,911,775
Net realized and unrealized gains (losses) on investments
 28,732,291 78,198,969 15,973,744
Net increase in net assets resulting from operations
 $32,073,426 $85,754,239 $17,534,958
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $149,277 $393,369 $88,454
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  73

Statements of operations—year ended February 28, 2021
  Target
2050 Fund 		Target
2055 Fund 		Target
2060 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 499,951 $ 69,964 $ 61,761
Dividends allocated from affiliated Master Portfolios*
 3,643,381 512,056 440,106
Affiliated income allocated from affiliated Master Portfolios
 9,632 1,453 1,080
Expenses allocated from affiliated Master Portfolios
 (387,647) (53,769) (47,593)
Waivers allocated from affiliated Master Portfolios
 117,593 16,204 14,493
Total investment income
 3,882,910 545,908 469,847
Expenses      
Management fee
 203,567 28,024 24,845
Administration fees      
Class A
 92,493 13,725 2,131
Class C
 1,056 N/A 290
Class R
 92 95 170
Class R4
 10,316 2,424 1,833
Class R6
 33,108 5,278 5,507
Administrator Class
 46,437 1,065 3,854
Shareholder servicing fees      
Class A
 110,048 16,319 2,537
Class C
 1,218 N/A 344
Class R
 104 113 202
Class R4
 12,848 2,984 2,287
Administrator Class
 89,259 2,046 7,407
Distribution fees      
Class C
 3,606 N/A 935
Class R
 73 64 161
Custody and accounting fees
 11,337 3,419 1,464
Professional fees
 36,955 36,955 36,957
Registration fees
 75,758 66,209 72,031
Shareholder report expenses
 34,955 33,594 28,189
Trustees’ fees and expenses
 21,005 21,004 21,005
Other fees and expenses
 15,036 10,428 10,098
Total expenses
 799,271 243,746 222,247
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (366,460) (193,715) (189,344)
Class A
 (7,053) (1,722) (188)
Class R4
 (4,224) (1,992) (1,360)
Class R6
 (33,108) (5,277) (5,507)
Administrator Class
 (11,462) (328) (1,782)
Net expenses
 376,964 40,712 24,066
Net investment income
 3,505,946 505,196 445,781
Payment from affiliate
 1,129 293 2,213
Realized and unrealized gains (losses) on investments      
Net realized gains on securities transactions allocated from affiliated Master Portfolios
 13,003,988 810,403 687,372
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios
 27,474,660 4,362,619 4,796,628
Net realized and unrealized gains (losses) on investments
 40,478,648 5,173,022 5,484,000
Net increase in net assets resulting from operations
 $43,985,723 $5,678,511 $5,931,994
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $202,165 $28,937 $23,930
The accompanying notes are an integral part of these financial statements.
74  |  Target Date Retirement Funds

Statements of changes in net assets
  Target Today Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 1,085,739   $ 1,575,244
Payment from affiliate
   232   0
Net realized gains on investments
   2,102,013   1,296,199
Net change in unrealized gains (losses) on investments
   1,300,351   2,338,654
Net increase in net assets resulting from operations
   4,488,335   5,210,097
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (1,849,673)   (1,169,652)
Class C
   (17,442)   (14,676)
Class R
   (1,633)   (830)
Class R4
   (67,469)   (87,043)
Class R6
   (932,804)   (609,311)
Administrator Class
   (365,962)   (276,829)
Total distributions to shareholders
   (3,234,983)   (2,158,341)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 80,722 735,729 149,359 1,345,551
Class C
 1,821 15,854 2,571 24,041
Class R
 224 2,008 200 1,806
Class R4
 44,218 417,849 40,010 368,117
Class R6
 742,714 6,935,641 399,954 3,688,490
Administrator Class
 125,247 1,166,411 209,192 1,938,421
    9,273,492   7,366,426
Reinvestment of distributions        
Class A
 200,944 1,835,937 129,020 1,161,402
Class C
 1,837 17,346 1,560 14,465
Class R
 48 445 21 191
Class R4
 7,259 67,469 9,416 87,032
Class R6
 99,593 932,804 66,048 609,311
Administrator Class
 38,905 365,962 29,930 276,829
    3,219,963   2,149,230
Payment for shares redeemed        
Class A
 (592,910) (5,333,233) (571,838) (5,149,559)
Class C
 (20,524) (195,874) (51,100) (475,980)
Class R
 (100) (905) (32) (291)
Class R4
 (203,299) (1,914,307) (104,841) (966,970)
Class R6
 (1,034,292) (9,695,447) (521,023) (4,824,708)
Administrator Class
 (207,110) (1,928,847) (561,652) (5,233,763)
    (19,068,613)   (16,651,271)
Net decrease in net assets resulting from capital share transactions
   (6,575,158)   (7,135,615)
Total decrease in net assets
   (5,321,806)   (4,083,859)
Net assets        
Beginning of period
   64,166,713   68,250,572
End of period
   $ 58,844,907   $ 64,166,713
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  75

Statements of changes in net assets
  Target 2010 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 972,168   $ 1,455,582
Payment from affiliate
   230   0
Net realized gains on investments
   2,195,529   1,269,677
Net change in unrealized gains (losses) on investments
   1,196,047   2,145,231
Net increase in net assets resulting from operations
   4,363,974   4,870,490
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (1,907,402)   (1,123,354)
Class C
   (10,031)   (14,364)
Class R
   (1,343)   (679)
Class R4
   (55,548)   (49,133)
Class R6
   (896,186)   (566,122)
Administrator Class
   (419,295)   (336,532)
Total distributions to shareholders
   (3,289,805)   (2,090,184)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 43,940 471,541 119,861 1,269,307
Class C
 0 0 1,188 12,639
Class R4
 37,514 408,231 32,005 346,187
Class R6
 426,086 4,446,780 342,017 3,639,221
Administrator Class
 193,123 2,096,991 161,826 1,741,823
    7,423,543   7,009,177
Reinvestment of distributions        
Class A
 178,092 1,897,873 106,000 1,116,451
Class C
 927 10,031 1,345 14,364
Class R4
 5,153 55,548 4,613 49,133
Class R6
 82,981 893,979 53,171 565,811
Administrator Class
 38,810 419,295 31,544 336,532
    3,276,726   2,082,291
Payment for shares redeemed        
Class A
 (383,736) (4,024,830) (581,970) (6,128,210)
Class C
 (38,108) (400,749) (20,313) (213,841)
Class R4
 (52,091) (549,438) (106,342) (1,137,025)
Class R6
 (601,407) (6,480,246) (710,084) (7,580,672)
Administrator Class
 (393,437) (4,266,839) (620,178) (6,621,402)
    (15,722,102)   (21,681,150)
Net decrease in net assets resulting from capital share transactions
   (5,021,833)   (12,589,682)
Total decrease in net assets
   (3,947,664)   (9,809,376)
Net assets        
Beginning of period
   57,719,797   67,529,173
End of period
   $ 53,772,133   $ 57,719,797
The accompanying notes are an integral part of these financial statements.
76  |  Target Date Retirement Funds

Statements of changes in net assets
  Target 2015 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 1,027,552   $ 1,720,520
Payment from affiliate
   235   0
Net realized gains on investments
   3,155,707   2,051,769
Net change in unrealized gains (losses) on investments
   879,010   1,756,842
Net increase in net assets resulting from operations
   5,062,504   5,529,131
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (2,710,492)   (1,744,646)
Class R
   (1,668)   (947)
Class R4
   (235,612)   (361,340)
Class R6
   (1,543,540)   (1,303,361)
Administrator Class
   (400,404)   (301,496)
Total distributions to shareholders
   (4,891,716)   (3,711,790)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 100,048 720,560 147,058 1,081,348
Class R4
 33,290 238,770 72,085 529,173
Class R6
 373,588 2,636,879 629,700 4,615,080
Administrator Class
 44,452 334,888 59,225 443,896
    3,931,097   6,669,497
Reinvestment of distributions        
Class A
 378,591 2,701,744 239,738 1,740,335
Class R4
 32,931 235,612 49,330 361,340
Class R6
 214,422 1,543,257 178,070 1,303,361
Administrator Class
 54,416 400,404 40,369 301,484
    4,881,017   3,706,520
Payment for shares redeemed        
Class A
 (649,422) (4,686,312) (979,311) (7,123,522)
Class R4
 (515,654) (3,615,358) (347,613) (2,542,630)
Class R6
 (1,153,795) (8,348,308) (2,609,415) (19,141,227)
Administrator Class
 (207,165) (1,565,630) (317,780) (2,395,510)
    (18,215,608)   (31,202,889)
Net decrease in net assets resulting from capital share transactions
   (9,403,494)   (20,826,872)
Total decrease in net assets
   (9,232,706)   (19,009,531)
Net assets        
Beginning of period
   62,592,434   81,601,965
End of period
   $ 53,359,728   $ 62,592,434
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  77

Statements of changes in net assets
  Target 2020 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 5,900,890   $ 9,229,546
Payment from affiliate
   1,288   0
Net realized gains on investments
   14,655,254   9,409,883
Net change in unrealized gains (losses) on investments
   12,245,584   8,805,358
Net increase in net assets resulting from operations
   32,803,016   27,444,787
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (8,140,622)   (4,792,200)
Class C
   (150,450)   (80,283)
Class R
   (6,055)   (3,847)
Class R4
   (1,006,480)   (1,208,604)
Class R6
   (8,882,310)   (5,927,221)
Administrator Class
   (2,778,219)   (1,999,953)
Total distributions to shareholders
   (20,964,136)   (14,012,108)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 346,184 4,246,783 321,410 3,909,959
Class C
 26,560 315,298 36,987 437,245
Class R
 1,878 22,489 2,393 28,833
Class R4
 210,197 2,598,110 386,925 4,825,572
Class R6
 1,906,240 23,510,008 2,376,361 29,697,307
Administrator Class
 511,984 6,343,899 748,329 9,345,037
    37,036,587   48,243,953
Reinvestment of distributions        
Class A
 642,857 8,013,839 384,564 4,723,271
Class C
 12,341 150,199 6,244 75,187
Class R
 368 4,544 252 3,058
Class R4
 78,075 1,006,480 95,454 1,208,604
Class R6
 688,993 8,877,675 468,154 5,924,470
Administrator Class
 217,231 2,777,301 159,038 1,999,004
    20,830,038   13,933,594
Payment for shares redeemed        
Class A
 (1,850,190) (22,034,120) (2,279,102) (27,764,232)
Class C
 (62,035) (740,133) (102,178) (1,214,362)
Class R
 (3,871) (46,873) (71) (852)
Class R4
 (1,606,962) (19,423,550) (1,178,150) (14,819,303)
Class R6
 (5,108,977) (63,985,150) (3,758,077) (47,286,332)
Administrator Class
 (1,744,772) (21,763,341) (1,821,031) (22,673,905)
    (127,993,167)   (113,758,986)
Net decrease in net assets resulting from capital share transactions
   (70,126,542)   (51,581,439)
Total decrease in net assets
   (58,287,662)   (38,148,760)
Net assets        
Beginning of period
   368,822,336   406,971,096
End of period
   $ 310,534,674   $ 368,822,336
The accompanying notes are an integral part of these financial statements.
78  |  Target Date Retirement Funds

Statements of changes in net assets
  Target 2025 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 3,667,037   $ 6,534,712
Payment from affiliate
   944   0
Net realized gains on investments
   13,329,660   9,543,081
Net change in unrealized gains (losses) on investments
   6,190,648   2,021,557
Net increase in net assets resulting from operations
   23,188,289   18,099,350
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (8,621,196)   (5,548,280)
Class R
   (6,306)   (2,895)
Class R4
   (1,314,996)   (2,288,579)
Class R6
   (9,074,248)   (7,333,390)
Administrator Class
   (998,117)   (717,546)
Total distributions to shareholders
   (20,014,863)   (15,890,690)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 663,066 3,720,868 1,087,121 6,287,403
Class R
 2,138 11,753 2,498 14,335
Class R4
 451,862 2,529,077 989,423 5,756,100
Class R6
 3,144,713 17,976,012 4,761,176 27,698,312
Administrator Class
 278,624 1,605,707 217,491 1,275,211
    25,843,417   41,031,361
Reinvestment of distributions        
Class A
 1,505,372 8,566,423 950,220 5,515,105
Class R
 826 4,646 349 2,001
Class R4
 228,509 1,314,996 390,756 2,288,579
Class R6
 1,579,392 9,068,476 1,255,125 7,330,906
Administrator Class
 172,149 998,117 121,550 717,546
    19,952,658   15,854,137
Payment for shares redeemed        
Class A
 (3,899,378) (21,728,738) (4,190,988) (24,369,316)
Class R
 (1,540) (9,320) (526) (3,085)
Class R4
 (4,777,769) (26,009,147) (2,457,717) (14,208,062)
Class R6
 (9,146,681) (50,953,179) (10,404,250) (60,864,548)
Administrator Class
 (545,131) (3,118,857) (1,173,695) (6,909,384)
    (101,819,241)   (106,354,395)
Net decrease in net assets resulting from capital share transactions
   (56,023,166)   (49,468,897)
Total decrease in net assets
   (52,849,740)   (47,260,237)
Net assets        
Beginning of period
   247,990,254   295,250,491
End of period
   $ 195,140,514   $ 247,990,254
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  79

Statements of changes in net assets
  Target 2030 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 8,733,305   $ 12,576,081
Payment from affiliate
   3,159   0
Net realized gains on investments
   26,170,367   15,982,387
Net change in unrealized gains (losses) on investments
   38,087,349   397,507
Net increase in net assets resulting from operations
   72,994,180   28,955,975
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (10,517,662)   (6,430,044)
Class C
   (78,974)   (67,659)
Class R
   (2,987)   (1,549)
Class R4
   (1,837,612)   (2,104,186)
Class R6
   (15,175,830)   (10,088,137)
Administrator Class
   (4,608,933)   (3,230,154)
Total distributions to shareholders
   (32,221,998)   (21,921,729)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 572,873 6,991,470 486,798 6,107,933
Class C
 14,841 183,893 18,025 217,663
Class R
 456 5,692 487 6,135
Class R4
 383,360 4,720,967 677,292 8,716,604
Class R6
 3,135,653 39,756,650 4,054,583 51,911,578
Administrator Class
 823,421 10,474,295 1,226,067 15,794,715
    62,132,967   82,754,628
Reinvestment of distributions        
Class A
 793,584 10,362,362 494,750 6,317,784
Class C
 6,367 78,974 5,313 64,760
Class R
 110 1,449 56 715
Class R4
 136,905 1,837,612 160,801 2,104,186
Class R6
 1,130,909 15,158,456 771,741 10,079,787
Administrator Class
 343,392 4,606,205 246,692 3,228,681
    32,045,058   21,795,913
Payment for shares redeemed        
Class A
 (2,306,439) (28,387,423) (2,256,546) (28,367,579)
Class C
 (89,198) (1,069,559) (93,773) (1,117,920)
Class R
 (381) (4,876) (238) (2,947)
Class R4
 (2,539,777) (30,499,597) (1,349,153) (17,323,715)
Class R6
 (6,747,642) (86,685,937) (4,960,799) (64,120,631)
Administrator Class
 (2,136,957) (27,326,026) (2,306,946) (29,822,957)
    (173,973,418)   (140,755,749)
Net decrease in net assets resulting from capital share transactions
   (79,795,393)   (36,205,208)
Total decrease in net assets
   (39,023,211)   (29,170,962)
Net assets        
Beginning of period
   528,669,276   557,840,238
End of period
   $ 489,646,065   $ 528,669,276
The accompanying notes are an integral part of these financial statements.
80  |  Target Date Retirement Funds

Statements of changes in net assets
  Target 2035 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 3,341,135   $ 5,447,000
Net realized gains on investments
   11,824,917   7,459,035
Net change in unrealized gains (losses) on investments
   16,907,374   (1,227,747)
Net increase in net assets resulting from operations
   32,073,426   11,678,288
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (6,662,520)   (3,717,098)
Class R
   (28,573)   (10,348)
Class R4
   (619,169)   (1,141,365)
Class R6
   (6,238,390)   (4,226,161)
Administrator Class
   (434,432)   (329,081)
Total distributions to shareholders
   (13,983,084)   (9,424,053)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 447,449 3,328,167 1,003,096 7,678,231
Class R
 9,805 74,803 8,162 63,766
Class R4
 314,819 2,325,964 733,952 5,655,205
Class R6
 2,058,266 15,846,277 2,932,915 22,487,188
Administrator Class
 207,923 1,548,358 218,809 1,711,018
    23,123,569   37,595,408
Reinvestment of distributions        
Class A
 828,620 6,639,395 471,566 3,705,773
Class R
 3,342 26,990 1,209 9,577
Class R4
 76,888 619,169 144,784 1,141,365
Class R6
 774,596 6,234,838 536,623 4,226,161
Administrator Class
 53,487 434,432 41,355 329,081
    13,954,824   9,411,957
Payment for shares redeemed        
Class A
 (2,268,927) (17,269,904) (3,249,331) (25,183,350)
Class R
 (55) (457) (124) (966)
Class R4
 (2,884,179) (20,216,042) (1,910,906) (14,506,476)
Class R6
 (4,753,456) (35,987,408) (6,568,616) (51,007,636)
Administrator Class
 (395,243) (3,027,706) (624,558) (4,872,916)
    (76,501,517)   (95,571,344)
Net decrease in net assets resulting from capital share transactions
   (39,423,124)   (48,563,979)
Total decrease in net assets
   (21,332,782)   (46,309,744)
Net assets        
Beginning of period
   218,346,400   264,656,144
End of period
   $197,013,618   $218,346,400
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  81

Statements of changes in net assets
  Target 2040 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 7,552,641   $ 10,388,342
Payment from affiliate
   2,629   0
Net realized gains on investments
   21,539,796   14,719,390
Net change in unrealized gains (losses) on investments
   56,659,173   (9,362,255)
Net increase in net assets resulting from operations
   85,754,239   15,745,477
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (9,265,919)   (5,969,824)
Class C
   (68,726)   (54,085)
Class R
   (3,801)   (2,012)
Class R4
   (1,290,252)   (1,494,907)
Class R6
   (10,676,990)   (6,885,470)
Administrator Class
   (2,901,134)   (2,236,336)
Total distributions to shareholders
   (24,206,822)   (16,642,634)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 339,262 4,963,022 435,086 6,386,306
Class C
 5,358 64,860 5,156 66,943
Class R
 623 9,430 361 5,289
Class R4
 348,537 5,208,784 539,927 8,201,151
Class R6
 2,412,772 35,549,867 2,897,179 43,953,952
Administrator Class
 568,701 8,394,609 801,012 12,206,638
    54,190,572   70,820,279
Reinvestment of distributions        
Class A
 586,408 9,183,177 392,281 5,915,396
Class C
 4,939 68,726 3,965 53,572
Class R
 158 2,482 84 1,267
Class R4
 79,166 1,290,252 95,568 1,494,907
Class R6
 652,680 10,629,286 438,966 6,859,433
Administrator Class
 178,642 2,901,134 143,305 2,236,336
    24,075,057   16,560,911
Payment for shares redeemed        
Class A
 (2,050,802) (29,695,885) (1,759,927) (25,918,147)
Class C
 (63,400) (836,030) (74,926) (968,759)
Class R
 (335) (4,961) (146) (2,122)
Class R4
 (1,701,279) (23,627,917) (851,440) (12,910,537)
Class R6
 (4,227,491) (64,710,878) (3,239,228) (49,632,121)
Administrator Class
 (1,603,259) (24,051,707) (1,488,491) (22,741,073)
    (142,927,378)   (112,172,759)
Net decrease in net assets resulting from capital share transactions
   (64,661,749)   (24,791,569)
Total decrease in net assets
   (3,114,332)   (25,688,726)
Net assets        
Beginning of period
   468,300,345   493,989,071
End of period
   $ 465,186,013   $ 468,300,345
The accompanying notes are an integral part of these financial statements.
82  |  Target Date Retirement Funds

Statements of changes in net assets
  Target 2045 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 1,560,001   $ 2,913,035
Payment from affiliate
   1,213   0
Net realized gains on investments
   6,061,969   3,980,983
Net change in unrealized gains (losses) on investments
   9,911,775   (1,715,162)
Net increase in net assets resulting from operations
   17,534,958   5,178,856
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (3,113,511)   (1,321,523)
Class R
   (4,629)   (1,378)
Class R4
   (344,653)   (576,633)
Class R6
   (3,397,477)   (1,865,727)
Administrator Class
   (225,225)   (168,990)
Total distributions to shareholders
   (7,085,495)   (3,934,251)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 336,769 2,722,637 789,569 6,621,798
Class R
 1,070 9,032 1,634 14,129
Class R4
 138,594 1,094,312 473,522 4,020,747
Class R6
 828,035 6,880,013 1,565,972 13,262,234
Administrator Class
 84,013 692,188 149,633 1,286,485
    11,398,182   25,205,393
Reinvestment of distributions        
Class A
 351,390 3,112,534 151,196 1,320,351
Class R
 305 2,767 81 724
Class R4
 38,581 344,653 65,625 576,633
Class R6
 381,803 3,396,567 213,282 1,865,727
Administrator Class
 24,955 225,225 19,022 168,990
    7,081,746   3,932,425
Payment for shares redeemed        
Class A
 (1,553,097) (13,213,704) (2,587,303) (22,123,618)
Class R
 (46) (369) (151) (1,260)
Class R4
 (1,594,955) (12,212,259) (1,333,356) (11,263,976)
Class R6
 (2,443,844) (20,330,961) (4,403,251) (37,539,591)
Administrator Class
 (319,499) (2,741,245) (487,259) (4,188,921)
    (48,498,538)   (75,117,366)
Net decrease in net assets resulting from capital share transactions
   (30,018,610)   (45,979,548)
Total decrease in net assets
   (19,569,147)   (44,734,943)
Net assets        
Beginning of period
   110,517,134   155,252,077
End of period
   $ 90,947,987   $110,517,134
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  83

Statements of changes in net assets
  Target 2050 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 3,505,946   $ 4,729,460
Payment from affiliate
   1,129   0
Net realized gains on investments
   13,003,988   8,522,429
Net change in unrealized gains (losses) on investments
   27,474,660   (8,234,532)
Net increase in net assets resulting from operations
   43,985,723   5,017,357
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (2,980,615)   (2,142,046)
Class C
   (28,351)   (22,272)
Class R
   (2,812)   (1,574)
Class R4
   (801,873)   (891,969)
Class R6
   (8,125,216)   (5,471,850)
Administrator Class
   (2,287,576)   (1,843,022)
Total distributions to shareholders
   (14,226,443)   (10,372,733)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 465,519 3,204,263 777,411 5,706,122
Class C
 15,091 114,883 5,495 40,328
Class R
 1,574 11,377 832 6,201
Class R4
 412,204 2,904,688 674,678 5,020,086
Class R6
 3,622,150 25,560,400 4,116,817 30,609,669
Administrator Class
 975,411 6,766,776 1,300,441 9,682,291
    38,562,387   51,064,697
Reinvestment of distributions        
Class A
 383,371 2,968,211 282,055 2,134,628
Class C
 3,624 27,790 2,734 20,489
Class R
 179 1,397 88 665
Class R4
 102,485 801,873 116,874 891,969
Class R6
 1,039,019 8,118,912 717,883 5,470,712
Administrator Class
 294,033 2,287,576 242,411 1,843,022
    14,205,759   10,361,485
Payment for shares redeemed        
Class A
 (1,797,194) (12,724,307) (1,721,275) (12,792,520)
Class C
 (17,165) (116,624) (76,091) (558,912)
Class R
 (849) (6,836) (26) (191)
Class R4
 (1,494,754) (10,046,952) (942,718) (7,031,823)
Class R6
 (5,476,026) (40,564,559) (4,423,086) (33,198,589)
Administrator Class
 (2,493,770) (17,786,533) (1,498,842) (11,155,991)
    (81,245,811)   (64,738,026)
Net decrease in net assets resulting from capital share transactions
   (28,477,665)   (3,311,844)
Total increase (decrease) in net assets
   1,281,615   (8,667,220)
Net assets        
Beginning of period
   212,971,164   221,638,384
End of period
   $214,252,779   $212,971,164
The accompanying notes are an integral part of these financial statements.
84  |  Target Date Retirement Funds

Statements of changes in net assets
  Target 2055 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 505,196   $ 815,393
Payment from affiliate
   293   0
Net realized gains on investments
   810,403   764,463
Net change in unrealized gains (losses) on investments
   4,362,619   (573,421)
Net increase in net assets resulting from operations
   5,678,511   1,006,435
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (105,670)   (142,934)
Class R
   (890)   (779)
Class R4
   (37,204)   (177,218)
Class R6
   (421,300)   (505,416)
Administrator Class
   (16,119)   (12,907)
Total distributions to shareholders
   (581,183)   (839,254)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 99,848 1,206,020 249,844 2,989,458
Class R
 452 5,365 498 5,843
Class R4
 107,507 1,193,459 329,687 3,988,255
Class R6
 412,277 4,951,813 638,993 7,729,212
Administrator Class
 33,039 415,736 29,947 360,117
    7,772,393   15,072,885
Reinvestment of distributions        
Class A
 7,798 105,256 11,368 142,357
Class R
 23 324 20 245
Class R4
 2,744 37,204 14,106 177,218
Class R6
 31,222 421,190 40,325 505,416
Administrator Class
 1,186 16,119 1,023 12,907
    580,093   838,143
Payment for shares redeemed        
Class A
 (279,475) (3,468,376) (537,744) (6,501,930)
Class R
 (192) (2,334) (657) (7,725)
Class R4
 (580,265) (6,276,695) (372,361) (4,499,286)
Class R6
 (899,474) (11,302,117) (603,431) (7,381,450)
Administrator Class
 (29,674) (366,834) (68,444) (823,710)
    (21,416,356)   (19,214,101)
Net decrease in net assets resulting from capital share transactions
   (13,063,870)   (3,303,073)
Total decrease in net assets
   (7,966,542)   (3,135,892)
Net assets        
Beginning of period
   34,745,870   37,881,762
End of period
   $ 26,779,328   $ 34,745,870
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  85

Statements of changes in net assets
  Target 2060 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 445,781   $ 446,705
Payment from affiliate
   2,213   0
Net realized gains on investments
   687,372   420,384
Net change in unrealized gains (losses) on investments
   4,796,628   (603,197)
Net increase in net assets resulting from operations
   5,931,994   263,892
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (15,716)   (15,694)
Class C
   (748)   (1,689)
Class R
   (1,350)   (1,057)
Class R4
   (39,751)   (53,088)
Class R6
   (392,092)   (310,399)
Administrator Class
   (44,475)   (63,995)
Total distributions to shareholders
   (494,132)   (445,922)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 64,571 729,623 59,651 719,273
Class C
 658 8,105 1,122 13,049
Class R
 1,600 18,691 1,141 13,327
Class R4
 64,992 787,588 108,478 1,308,060
Class R6
 773,445 9,228,133 748,398 9,084,784
Administrator Class
 144,201 1,711,581 141,839 1,711,085
    12,483,721   12,849,578
Reinvestment of distributions        
Class A
 1,159 15,554 1,250 15,523
Class C
 44 585 118 1,471
Class R
 72 960 55 674
Class R4
 2,887 39,563 4,178 52,899
Class R6
 28,726 391,836 24,598 310,197
Administrator Class
 3,284 44,308 5,118 63,822
    492,806   444,586
Payment for shares redeemed        
Class A
 (66,312) (769,594) (33,471) (403,008)
Class C
 (3,543) (44,720) (8,193) (99,186)
Class R
 (130) (1,501) (27) (314)
Class R4
 (87,050) (1,064,340) (90,634) (1,118,012)
Class R6
 (608,658) (7,729,465) (339,934) (4,197,518)
Administrator Class
 (229,454) (2,606,292) (98,703) (1,189,286)
    (12,215,912)   (7,007,324)
Net increase in net assets resulting from capital share transactions
   760,615   6,286,840
Total increase in net assets
   6,198,477   6,104,810
Net assets        
Beginning of period
   22,642,709   16,537,899
End of period
   $ 28,841,186   $22,642,709
The accompanying notes are an integral part of these financial statements.
86  |  Target Date Retirement Funds

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.04   $8.66   $8.97 $10.56 $10.41
Net investment income
 0.14   0.19   0.19 0.17 0.12
Net realized and unrealized gains on investments
 0.55   0.47   0.07 0.13 0.23
Total from investment operations
 0.69   0.66   0.26 0.30 0.35
Distributions to shareholders from              
Net investment income
 (0.17)   (0.20)   (0.21) (0.08) (0.11)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.50)   (0.28)   (0.57) (1.89) (0.20)
Net asset value, end of period
 $9.23   $9.04   $8.66 $8.97 $10.56
Total return1
 7.70%   7.64%   3.09% 2.54% 3.39%
Ratios to average net assets (annualized)*              
Gross expenses
 0.96%   0.98%   0.93% 0.87% 0.85%
Net expenses
 0.59%   0.63%   0.65% 0.69% 0.76%
Net investment income
 1.65%   2.16%   2.21% 1.59% 1.06%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $34,779   $36,878   $37,865 $47,030 $55,965
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.15%
    
1 Total return calculations do not include any sales charges.
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  87

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.30   $8.89   $9.18 $10.77 $10.63
Net investment income
 0.09 1   0.14 1   0.14 1 0.10 0.03
Net realized and unrealized gains on investments
 0.55   0.47   0.06 0.13 0.24
Total from investment operations
 0.64   0.61   0.20 0.23 0.27
Distributions to shareholders from              
Net investment income
 (0.09)   (0.12)   (0.13) (0.01) (0.04)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.42)   (0.20)   (0.49) (1.82) (0.13)
Net asset value, end of period
 $9.52   $9.30   $8.89 $9.18 $10.77
Total return2
 6.92%   6.80%   2.31% 1.76% 2.57%
Ratios to average net assets (annualized)*              
Gross expenses
 1.70%   1.73%   1.68% 1.62% 1.61%
Net expenses
 1.36%   1.39%   1.40% 1.44% 1.51%
Net investment income
 0.93%   1.46%   1.50% 0.83% 0.31%
Supplemental data              
Portfolio turnover rate3
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $380   $529   $923 $2,250 $2,822
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.15%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
88  |  Target Date Retirement Funds

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.00   $8.62   $8.94 $10.53 $10.39
Net investment income
 0.13   0.17   0.17 0.14 0.09
Payment from affiliate
 0.06   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 0.54   0.46   0.06 0.14 0.23
Total from investment operations
 0.73   0.63   0.23 0.28 0.32
Distributions to shareholders from              
Net investment income
 (0.14)   (0.17)   (0.19) (0.06) (0.09)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.47)   (0.25)   (0.55) (1.87) (0.18)
Net asset value, end of period
 $9.26   $9.00   $8.62 $8.94 $10.53
Total return
 8.18% 1   7.35%   2.72% 2.31% 3.13%
Ratios to average net assets (annualized)*              
Gross expenses
 1.08%   1.23%   1.16% 1.13% 1.12%
Net expenses
 0.86%   0.90%   0.89% 0.94% 1.01%
Net investment income
 1.38%   1.88%   1.96% 1.36% 0.79%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $33   $31   $28 $29 $32
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.17%
Year ended February 28, 2019 0.11%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 0.75% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  89

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.29   $8.89   $9.20 $10.81 $10.65
Net investment income
 0.19 1   0.23 1   0.24 1 0.17 1 0.14
Net realized and unrealized gains on investments
 0.54   0.48   0.05 0.13 0.25
Total from investment operations
 0.73   0.71   0.29 0.30 0.39
Distributions to shareholders from              
Net investment income
 (0.20)   (0.23)   (0.24) (0.10) (0.14)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.53)   (0.31)   (0.60) (1.91) (0.23)
Net asset value, end of period
 $9.49   $9.29   $8.89 $9.20 $10.81
Total return
 7.98%   7.98%   3.35% 2.46% 3.71%
Ratios to average net assets (annualized)*              
Gross expenses
 0.69%   0.70%   0.67% 0.60% 0.58%
Net expenses
 0.30%   0.34%   0.34% 0.44% 0.45%
Net investment income
 2.02%   2.46%   2.62% 1.54% 1.37%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $1,047   $2,437   $2,825 $12,858 $248,734
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.15%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
90  |  Target Date Retirement Funds

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.28   $8.88   $9.19 $10.78 $10.64
Net investment income
 0.20 1   0.24 1   0.25 1 0.21 1 0.17 1
Net realized and unrealized gains on investments
 0.54   0.48   0.06 0.15 0.23
Total from investment operations
 0.74   0.72   0.31 0.36 0.40
Distributions to shareholders from              
Net investment income
 (0.21)   (0.24)   (0.26) (0.14) (0.17)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.54)   (0.32)   (0.62) (1.95) (0.26)
Net asset value, end of period
 $9.48   $9.28   $8.88 $9.19 $10.78
Total return
 8.10%   8.16%   3.52% 2.99% 3.81%
Ratios to average net assets (annualized)*              
Gross expenses
 0.53%   0.55%   0.51% 0.44% 0.42%
Net expenses
 0.15%   0.19%   0.19% 0.24% 0.30%
Net investment income
 2.10%   2.60%   2.72% 1.99% 1.53%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $15,827   $17,264   $17,013 $40,511 $72,643
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.15%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  91

Financial highlights
Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $9.30   $8.90   $9.21 $10.78 $10.63
Net investment income
 0.15   0.21 1   0.22 1 0.18 0.13 1
Net realized and unrealized gains on investments
 0.57   0.48   0.05 0.15 0.23
Total from investment operations
 0.72   0.69   0.27 0.33 0.36
Distributions to shareholders from              
Net investment income
 (0.18)   (0.21)   (0.22) (0.09) (0.12)
Net realized gains
 (0.33)   (0.08)   (0.36) (1.81) (0.09)
Total distributions to shareholders
 (0.51)   (0.29)   (0.58) (1.90) (0.21)
Net asset value, end of period
 $9.51   $9.30   $8.90 $9.21 $10.78
Total return
 7.81%   7.76%   3.11% 2.77% 3.41%
Ratios to average net assets (annualized)*              
Gross expenses
 0.87%   0.90%   0.86% 0.79% 0.77%
Net expenses
 0.49%   0.53%   0.54% 0.59% 0.65%
Net investment income
 1.75%   2.29%   2.38% 1.66% 1.17%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 80% 41%
Net assets, end of period (000s omitted)
 $6,779   $7,029   $9,597 $24,351 $39,234
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.15%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
92  |  Target Date Retirement Funds

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.55   $10.13   $10.72 $12.41 $12.26
Net investment income
 0.18   0.23 1   0.23 1 0.19 0.15
Net realized and unrealized gains on investments
 0.65   0.53   0.07 0.22 0.30
Total from investment operations
 0.83   0.76   0.30 0.41 0.45
Distributions to shareholders from              
Net investment income
 (0.19)   (0.23)   (0.27) (0.04) (0.09)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.64)   (0.34)   (0.89) (2.10) (0.30)
Net asset value, end of period
 $10.74   $10.55   $10.13 $10.72 $12.41
Total return2
 8.04%   7.57%   3.03% 3.04% 3.71%
Ratios to average net assets (annualized)*              
Gross expenses
 1.00%   1.00%   0.91% 0.87% 0.87%
Net expenses
 0.59%   0.63%   0.65% 0.70% 0.78%
Net investment income
 1.64%   2.15%   2.20% 1.58% 1.14%
Supplemental data              
Portfolio turnover rate3
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $32,376   $33,505   $35,777 $51,677 $60,237
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  93

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.67   $10.24   $10.82 $12.56 $12.42
Net investment income
 0.11 1   0.15 1   0.16 1 0.13 0.07
Net realized and unrealized gains on investments
 0.66   0.54   0.06 0.19 0.30
Total from investment operations
 0.77   0.69   0.22 0.32 0.37
Distributions to shareholders from              
Net investment income
 (0.09)   (0.15)   (0.18) 0.00 (0.02)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.54)   (0.26)   (0.80) (2.06) (0.23)
Net asset value, end of period
 $10.90   $10.67   $10.24 $10.82 $12.56
Total return2
 7.29%   6.70%   2.25% 2.25% 2.96%
Ratios to average net assets (annualized)*              
Gross expenses
 1.74%   1.75%   1.65% 1.62% 1.62%
Net expenses
 1.36%   1.39%   1.40% 1.45% 1.53%
Net investment income
 0.99%   1.40%   1.47% 0.83% 0.39%
Supplemental data              
Portfolio turnover rate3
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $183   $576   $735 $1,323 $1,761
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
94  |  Target Date Retirement Funds

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.46   $10.04   $10.63 $12.33 $12.19
Net investment income
 0.15   0.20   0.20 0.16 0.11
Payment from affiliate
 0.10   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 0.66   0.53   0.07 0.22 0.31
Total from investment operations
 0.91   0.73   0.27 0.38 0.42
Distributions to shareholders from              
Net investment income
 (0.16)   (0.20)   (0.24) (0.02) (0.07)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.61)   (0.31)   (0.86) (2.08) (0.28)
Net asset value, end of period
 $10.76   $10.46   $10.04 $10.63 $12.33
Total return
 8.83% 1   7.29%   2.82% 2.75% 3.45%
Ratios to average net assets (annualized)*              
Gross expenses
 1.07%   1.24%   1.14% 1.13% 1.14%
Net expenses
 0.85%   0.90%   0.90% 0.96% 1.03%
Net investment income
 1.38%   1.87%   1.94% 1.32% 0.88%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $24   $23   $22 $23 $53
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.20%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.06% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  95

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.70   $10.27   $10.86 $12.55 $12.38
Net investment income
 0.21 1   0.27 1   0.29 1 0.23 1 0.19 1
Net realized and unrealized gains on investments
 0.67   0.54   0.04 0.22 0.32
Total from investment operations
 0.88   0.81   0.33 0.45 0.51
Distributions to shareholders from              
Net investment income
 (0.23)   (0.27)   (0.30) (0.08) (0.13)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.68)   (0.38)   (0.92) (2.14) (0.34)
Net asset value, end of period
 $10.90   $10.70   $10.27 $10.86 $12.55
Total return
 8.37%   7.90%   3.35% 3.30% 4.11%
Ratios to average net assets (annualized)*              
Gross expenses
 0.72%   0.72%   0.66% 0.59% 0.59%
Net expenses
 0.30%   0.34%   0.34% 0.41% 0.47%
Net investment income
 1.94%   2.50%   2.65% 1.83% 1.45%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $1,074   $1,155   $1,825 $17,218 $48,885
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
96  |  Target Date Retirement Funds

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.68   $10.25   $10.84 $12.54 $12.37
Net investment income
 0.26   0.28 1   0.29 1 0.25 1 0.21 1
Net realized and unrealized gains on investments
 0.63   0.54   0.06 0.22 0.32
Total from investment operations
 0.89   0.82   0.35 0.47 0.53
Distributions to shareholders from              
Net investment income
 (0.24)   (0.28)   (0.32) (0.11) (0.15)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.69)   (0.39)   (0.94) (2.17) (0.36)
Net asset value, end of period
 $10.88   $10.68   $10.25 $10.84 $12.54
Total return
 8.54%   8.07%   3.53% 3.42% 4.27%
Ratios to average net assets (annualized)*              
Gross expenses
 0.57%   0.57%   0.48% 0.44% 0.44%
Net expenses
 0.15%   0.19%   0.19% 0.25% 0.32%
Net investment income
 2.08%   2.61%   2.71% 2.00% 1.61%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $13,387   $14,128   $16,789 $40,332 $82,474
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  97

Financial highlights
Target 2010 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $10.71   $10.27   $10.86 $12.55 $12.39
Net investment income
 0.19 1   0.24 1   0.26 1 0.21 1 0.16
Net realized and unrealized gains on investments
 0.66   0.55   0.05 0.21 0.31
Total from investment operations
 0.85   0.79   0.31 0.42 0.47
Distributions to shareholders from              
Net investment income
 (0.20)   (0.24)   (0.28) (0.05) (0.10)
Net realized gains
 (0.45)   (0.11)   (0.62) (2.06) (0.21)
Total distributions to shareholders
 (0.65)   (0.35)   (0.90) (2.11) (0.31)
Net asset value, end of period
 $10.91   $10.71   $10.27 $10.86 $12.55
Total return
 8.13%   7.77%   3.08% 3.09% 3.84%
Ratios to average net assets (annualized)*              
Gross expenses
 0.92%   0.92%   0.83% 0.79% 0.79%
Net expenses
 0.50%   0.54%   0.54% 0.59% 0.67%
Net investment income
 1.76%   2.29%   2.37% 1.68% 1.26%
Supplemental data              
Portfolio turnover rate2
 79%   37%   45% 79% 41%
Net assets, end of period (000s omitted)
 $6,728   $8,332   $12,382 $32,634 $49,565
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.15%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
98  |  Target Date Retirement Funds

Financial highlights
Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.17   $7.04   $7.88 $10.12 $9.87
Net investment income
 0.12   0.16 1   0.16 0.15 0.15 1
Net realized and unrealized gains on investments
 0.54   0.34   0.06 0.27 0.37
Total from investment operations
 0.66   0.50   0.22 0.42 0.52
Distributions to shareholders from              
Net investment income
 (0.13)   (0.16)   (0.17) (0.02) (0.10)
Net realized gains
 (0.51)   (0.21)   (0.89) (2.64) (0.17)
Total distributions to shareholders
 (0.64)   (0.37)   (1.06) (2.66) (0.27)
Net asset value, end of period
 $7.19   $7.17   $7.04 $7.88 $10.12
Total return2
 9.40%   7.18%   3.17% 3.72% 5.30%
Ratios to average net assets (annualized)*              
Gross expenses
 0.97%   0.96%   0.90% 0.86% 0.87%
Net expenses
 0.58%   0.62%   0.65% 0.71% 0.79%
Net investment income
 1.63%   2.13%   2.16% 1.65% 1.43%
Supplemental data              
Portfolio turnover rate3
 80%   36%   44% 76% 41%
Net assets, end of period (000s omitted)
 $31,496   $32,650   $36,236 $42,542 $54,770
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  99

Financial highlights
Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.33   $7.19   $8.02 $10.26 $10.01
Net investment income
 0.10   0.14   0.15 0.13 0.13
Payment from affiliate
 0.09   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 0.56   0.35   0.05 0.27 0.37
Total from investment operations
 0.75   0.49   0.20 0.40 0.50
Distributions to shareholders from              
Net investment income
 (0.11)   (0.14)   (0.14) (0.00) 1 (0.08)
Net realized gains
 (0.51)   (0.21)   (0.89) (2.64) (0.17)
Total distributions to shareholders
 (0.62)   (0.35)   (1.03) (2.64) (0.25)
Net asset value, end of period
 $7.46   $7.33   $7.19 $8.02 $10.26
Total return
 10.33% 2   6.80%   2.98% 3.52% 4.99%
Ratios to average net assets (annualized)*              
Gross expenses
 1.04%   1.19%   1.14% 1.12% 1.12%
Net expenses
 0.85%   0.90%   0.90% 0.96% 1.04%
Net investment income
 1.36%   1.83%   1.91% 1.41% 1.18%
Supplemental data              
Portfolio turnover rate3
 80%   36%   44% 76% 41%
Net assets, end of period (000s omitted)
 $20   $20   $20 $22 $37
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.19%
Year ended February 28, 2019 0.12%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.16%
    
1 Amount is less than $0.005.
2 During the year ended Febuary 28, 2021, the Fund received a payment from an affiliate which had a 1.28% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
100  |  Target Date Retirement Funds

Financial highlights
Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.24   $7.10   $7.94 $10.16 $9.91
Net investment income
 0.15 1   0.18 1   0.21 1 0.19 1 0.18 1
Net realized and unrealized gains on investments
 0.53   0.35   0.03 0.26 0.37
Total from investment operations
 0.68   0.53   0.24 0.45 0.55
Distributions to shareholders from              
Net investment income
 (0.16)   (0.18)   (0.19) (0.03) (0.13)
Net realized gains
 (0.51)   (0.21)   (0.89) (2.64) (0.17)
Total distributions to shareholders
 (0.67)   (0.39)   (1.08) (2.67) (0.30)
Net asset value, end of period
 $7.25   $7.24   $7.10 $7.94 $10.16
Total return
 9.58%   7.57%   3.50% 4.05% 5.57%
Ratios to average net assets (annualized)*              
Gross expenses
 0.70%   0.67%   0.60% 0.59% 0.59%
Net expenses
 0.30%   0.34%   0.34% 0.41% 0.48%
Net investment income
 2.05%   2.42%   2.62% 1.91% 1.73%
Supplemental data              
Portfolio turnover rate2
 80%   36%   44% 76% 41%
Net assets, end of period (000s omitted)
 $2,605   $5,853   $7,352 $43,346 $105,773
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  101

Financial highlights
Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.24   $7.10   $7.94 $10.15 $9.90
Net investment income
 0.25   0.19 1   0.21 1 0.25 0.20 1
Net realized and unrealized gains on investments
 0.44   0.35   0.04 0.22 0.37
Total from investment operations
 0.69   0.54   0.25 0.47 0.57
Distributions to shareholders from              
Net investment income
 (0.16)   (0.19)   (0.20) (0.04) (0.15)
Net realized gains
 (0.51)   (0.21)   (0.89) (2.64) (0.17)
Total distributions to shareholders
 (0.67)   (0.40)   (1.09) (2.68) (0.32)
Net asset value, end of period
 $7.26   $7.24   $7.10 $7.94 $10.15
Total return
 9.82%   7.74%   3.65% 4.27% 5.74%
Ratios to average net assets (annualized)*              
Gross expenses
 0.54%   0.52%   0.46% 0.44% 0.43%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.33%
Net investment income
 2.09%   2.62%   2.67% 2.08% 1.92%
Supplemental data              
Portfolio turnover rate2
 80%   36%   44% 76% 41%
Net assets, end of period (000s omitted)
 $14,671   $18,725   $31,174 $61,265 $125,438
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
102  |  Target Date Retirement Funds

Financial highlights
Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.38   $7.24   $8.07 $10.29 $10.02
Net investment income
 0.13 1   0.17 1   0.19 1 0.18 1 0.17 1
Net realized and unrealized gains on investments
 0.56   0.35   0.04 0.26 0.38
Total from investment operations
 0.69   0.52   0.23 0.44 0.55
Distributions to shareholders from              
Net investment income
 (0.14)   (0.17)   (0.17) (0.02) (0.11)
Net realized gains
 (0.51)   (0.21)   (0.89) (2.64) (0.17)
Total distributions to shareholders
 (0.65)   (0.38)   (1.06) (2.66) (0.28)
Net asset value, end of period
 $7.42   $7.38   $7.24 $8.07 $10.29
Total return
 9.51%   7.20%   3.33% 3.89% 5.52%
Ratios to average net assets (annualized)*              
Gross expenses
 0.89%   0.87%   0.81% 0.77% 0.78%
Net expenses
 0.50%   0.54%   0.54% 0.60% 0.68%
Net investment income
 1.74%   2.24%   2.33% 1.76% 1.59%
Supplemental data              
Portfolio turnover rate2
 80%   36%   44% 76% 41%
Net assets, end of period (000s omitted)
 $4,568   $5,345   $6,821 $15,886 $21,910
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  103

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.98   $11.64   $12.55 $14.87 $14.19
Net investment income
 0.17   0.25 1   0.26 0.24 0.21
Payment from affiliate
 0.00 2   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 1.13   0.51   0.06 0.61 0.85
Total from investment operations
 1.30   0.76   0.32 0.85 1.06
Distributions to shareholders from              
Net investment income
 (0.23)   (0.27)   (0.41) 0.00 (0.17)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.82)   (0.42)   (1.23) (3.17) (0.38)
Net asset value, end of period
 $12.46   $11.98   $11.64 $12.55 $14.87
Total return3
 10.93% 4   6.53%   3.12% 5.40% 7.53%
Ratios to average net assets (annualized)*              
Gross expenses
 0.73%   0.75%   0.75% 0.79% 0.85%
Net expenses
 0.59%   0.63%   0.65% 0.71% 0.81%
Net investment income
 1.61%   2.08%   2.14% 1.74% 1.44%
Supplemental data              
Portfolio turnover rate5
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $127,258   $132,755   $147,196 $199,069 $218,652
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Total return calculations do not include any sales charges.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
104  |  Target Date Retirement Funds

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.75   $11.41   $12.31 $14.75 $14.10
Net investment income
 0.06   0.16 1   0.17 1 0.13 0.10
Net realized and unrealized gains on investments
 1.12   0.50   0.06 0.60 0.84
Total from investment operations
 1.18   0.66   0.23 0.73 0.94
Distributions to shareholders from              
Net investment income
 (0.14)   (0.17)   (0.31) 0.00 (0.08)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.73)   (0.32)   (1.13) (3.17) (0.29)
Net asset value, end of period
 $12.20   $11.75   $11.41 $12.31 $14.75
Total return2
 10.05%   5.79%   2.28% 4.60% 6.71%
Ratios to average net assets (annualized)*              
Gross expenses
 1.48%   1.50%   1.50% 1.54% 1.60%
Net expenses
 1.36%   1.39%   1.40% 1.46% 1.56%
Net investment income
 0.85%   1.33%   1.41% 0.99% 0.69%
Supplemental data              
Portfolio turnover rate3
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $2,608   $2,785   $3,377 $6,219 $6,713
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.16%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  105

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.86   $11.53   $12.46 $14.81 $14.14
Net investment income
 0.12   0.21 1   0.22 1 0.22 1 0.18
Payment from affiliate
 0.04   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 1.13   0.52   0.08 0.60 0.84
Total from investment operations
 1.29   0.73   0.30 0.82 1.02
Distributions to shareholders from              
Net investment income
 (0.19)   (0.25)   (0.41) 0.00 (0.14)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.78)   (0.40)   (1.23) (3.17) (0.35)
Net asset value, end of period
 $12.37   $11.86   $11.53 $12.46 $14.81
Total return
 10.94% 2   6.32%   2.84% 5.20% 7.27%
Ratios to average net assets (annualized)*              
Gross expenses
 0.94%   0.99%   1.00% 1.06% 1.10%
Net expenses
 0.86%   0.90%   0.90% 0.98% 1.06%
Net investment income
 1.36%   1.76%   1.84% 1.51% 1.21%
Supplemental data              
Portfolio turnover rate3
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $104   $119   $86 $66 $321
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.40% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
106  |  Target Date Retirement Funds

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.36   $11.98   $12.89 $15.15 $14.44
Net investment income
 0.25 1   0.30 1   0.33 1 0.31 1 0.27 1
Net realized and unrealized gains on investments
 1.12   0.54   0.04 0.60 0.86
Total from investment operations
 1.37   0.84   0.37 0.91 1.13
Distributions to shareholders from              
Net investment income
 (0.27)   (0.31)   (0.46) 0.00 (0.21)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.86)   (0.46)   (1.28) (3.17) (0.42)
Net asset value, end of period
 $12.87   $12.36   $11.98 $12.89 $15.15
Total return
 11.15%   6.99%   3.36% 5.70% 7.89%
Ratios to average net assets (annualized)*              
Gross expenses
 0.45%   0.47%   0.47% 0.53% 0.56%
Net expenses
 0.30%   0.34%   0.34% 0.42% 0.50%
Net investment income
 2.02%   2.39%   2.54% 2.05% 1.76%
Supplemental data              
Portfolio turnover rate2
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $15,462   $31,139   $38,539 $130,172 $357,823
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  107

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.35   $11.98   $12.90 $15.14 $14.43
Net investment income
 0.40   0.32 1   0.34 1 0.33 1 0.29 1
Net realized and unrealized gains on investments
 1.00   0.53   0.06 0.61 0.86
Total from investment operations
 1.40   0.85   0.40 0.94 1.15
Distributions to shareholders from              
Net investment income
 (0.29)   (0.33)   (0.50) (0.01) (0.23)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.88)   (0.48)   (1.32) (3.18) (0.44)
Net asset value, end of period
 $12.87   $12.35   $11.98 $12.90 $15.14
Total return
 11.40%   7.06%   3.58% 5.89% 8.04%
Ratios to average net assets (annualized)*              
Gross expenses
 0.30%   0.32%   0.32% 0.37% 0.41%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.35%
Net investment income
 2.06%   2.52%   2.66% 2.20% 1.92%
Supplemental data              
Portfolio turnover rate2
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $121,395   $147,590   $154,089 $400,206 $645,237
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
108  |  Target Date Retirement Funds

Financial highlights
Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.27   $11.90   $12.80 $15.09 $14.40
Net investment income
 0.18   0.27 1   0.31 0.29 0.24 1
Net realized and unrealized gains on investments
 1.16   0.53   0.04 0.59 0.84
Total from investment operations
 1.34   0.80   0.35 0.88 1.08
Distributions to shareholders from              
Net investment income
 (0.24)   (0.28)   (0.43) 0.00 (0.18)
Net realized gains
 (0.59)   (0.15)   (0.82) (3.17) (0.21)
Total distributions to shareholders
 (0.83)   (0.43)   (1.25) (3.17) (0.39)
Net asset value, end of period
 $12.78   $12.27   $11.90 $12.80 $15.09
Total return
 10.99%   6.73%   3.18% 5.51% 7.58%
Ratios to average net assets (annualized)*              
Gross expenses
 0.65%   0.67%   0.67% 0.72% 0.76%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.70%
Net investment income
 1.73%   2.18%   2.28% 1.85% 1.60%
Supplemental data              
Portfolio turnover rate2
 80%   36%   43% 73% 39%
Net assets, end of period (000s omitted)
 $43,707   $54,435   $63,684 $111,716 $197,835
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.14%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  109

Financial highlights
Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $5.57   $5.57   $6.41 $10.48 $9.77
Net investment income
 0.08   0.12   0.13 1 0.17 1 0.13
Payment from affiliate
 0.00 2   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 0.67   0.21   (0.00) 3 0.63 0.90
Total from investment operations
 0.75   0.33   0.13 0.80 1.03
Distributions to shareholders from              
Net investment income
 (0.11)   (0.13)   (0.14) (0.03) (0.15)
Net realized gains
 (0.49)   (0.20)   (0.83) (4.84) (0.17)
Total distributions to shareholders
 (0.60)   (0.33)   (0.97) (4.87) (0.32)
Net asset value, end of period
 $5.72   $5.57   $5.57 $6.41 $10.48
Total return4
 13.66% 5   5.71%   2.78% 7.09% 10.61%
Ratios to average net assets (annualized)*              
Gross expenses
 0.77%   0.77%   0.78% 0.81% 0.84%
Net expenses
 0.59%   0.62%   0.65% 0.71% 0.81%
Net investment income
 1.62%   2.04%   2.08% 1.70% 1.37%
Supplemental data              
Portfolio turnover rate6
 83%   36%   43% 67% 36%
Net assets, end of period (000s omitted)
 $87,108   $94,505   $106,485 $117,382 $140,428
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Amount is more than $(0.005)
4 Total return calculations do not include any sales charges.
5 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
6 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
110  |  Target Date Retirement Funds

Financial highlights
Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $5.49   $5.50   $6.34 $10.49 $9.79
Net investment income
 0.11   0.10 1   0.11 1 0.16 1 0.12
Payment from affiliate
 0.03   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 0.62   0.20   0.02 0.53 0.88
Total from investment operations
 0.76   0.30   0.13 0.69 1.00
Distributions to shareholders from              
Net investment income
 (0.09)   (0.11)   (0.14) 0.00 (0.13)
Net realized gains
 (0.49)   (0.20)   (0.83) (4.84) (0.17)
Total distributions to shareholders
 (0.58)   (0.31)   (0.97) (4.84) (0.30)
Net asset value, end of period
 $5.67   $5.49   $5.50 $6.34 $10.49
Total return
 14.13% 2   5.37%   2.67% 5.94% 10.22%
Ratios to average net assets (annualized)*              
Gross expenses
 0.98%   1.01%   1.02% 1.10% 1.10%
Net expenses
 0.86%   0.89%   0.90% 1.02% 1.06%
Net investment income
 1.32%   1.73%   1.78% 1.53% 1.12%
Supplemental data              
Portfolio turnover rate3
 83%   36%   43% 67% 36%
Net assets, end of period (000s omitted)
 $66   $57   $44 $29 $610
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.13%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.68% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  111

Financial highlights
Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $5.62   $5.61   $6.45 $10.52 $9.80
Net investment income
 0.12 1   0.14 1   0.16 1 0.20 0.17
Net realized and unrealized gains (losses) on investments
 0.66   0.21   (0.01) 0.63 0.90
Total from investment operations
 0.78   0.35   0.15 0.83 1.07
Distributions to shareholders from              
Net investment income
 (0.13)   (0.14)   (0.16) (0.06) (0.18)
Net realized gains
 (0.49)   (0.20)   (0.83) (4.84) (0.17)
Total distributions to shareholders
 (0.62)   (0.34)   (0.99) (4.90) (0.35)
Net asset value, end of period
 $5.78   $5.62   $5.61 $6.45 $10.52
Total return
 14.08%   6.16%   3.05% 7.33% 10.98%
Ratios to average net assets (annualized)*              
Gross expenses
 0.49%   0.49%   0.50% 0.55% 0.57%
Net expenses
 0.31%   0.34%   0.34% 0.43% 0.50%
Net investment income
 2.07%   2.31%   2.45% 2.01% 1.65%
Supplemental data              
Portfolio turnover rate2
 83%   36%   43% 67% 36%
Net assets, end of period (000s omitted)
 $13,375   $36,023   $42,046 $87,607 $274,639
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
112  |  Target Date Retirement Funds

Financial highlights
Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $5.61   $5.61   $6.44 $10.51 $9.80
Net investment income
 0.19   0.15 1   0.16 1 0.25 0.20 1
Net realized and unrealized gains on investments
 0.58   0.20   0.01 0.60 0.87
Total from investment operations
 0.77   0.35   0.17 0.85 1.07
Distributions to shareholders from              
Net investment income
 (0.13)   (0.15)   (0.17) (0.08) (0.19)
Net realized gains
 (0.49)   (0.20)   (0.83) (4.84) (0.17)
Total distributions to shareholders
 (0.62)   (0.35)   (1.00) (4.92) (0.36)
Net asset value, end of period
 $5.76   $5.61   $5.61 $6.44 $10.51
Total return
 14.04%   6.15%   3.41% 7.54% 11.04%
Ratios to average net assets (annualized)*              
Gross expenses
 0.33%   0.34%   0.35% 0.39% 0.41%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.35%
Net investment income
 2.05%   2.49%   2.57% 2.16% 1.92%
Supplemental data              
Portfolio turnover rate2
 83%   36%   43% 67% 36%
Net assets, end of period (000s omitted)
 $84,191   $106,756   $131,314 $201,812 $372,101
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  113

Financial highlights
Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $5.67   $5.66   $6.48 $10.55 $9.82
Net investment income
 0.06   0.13 1   0.15 1 0.19 0.17 1
Net realized and unrealized gains (losses) on investments
 0.70   0.21   (0.00) 2 0.62 0.89
Total from investment operations
 0.76   0.34   0.15 0.81 1.06
Distributions to shareholders from              
Net investment income
 (0.11)   (0.13)   (0.14) (0.04) (0.16)
Net realized gains
 (0.49)   (0.20)   (0.83) (4.84) (0.17)
Total distributions to shareholders
 (0.60)   (0.33)   (0.97) (4.88) (0.33)
Net asset value, end of period
 $5.83   $5.67   $5.66 $6.48 $10.55
Total return
 13.71%   5.88%   2.94% 7.12% 10.87%
Ratios to average net assets (annualized)*              
Gross expenses
 0.69%   0.69%   0.70% 0.73% 0.76%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.70%
Net investment income
 1.70%   2.16%   2.27% 1.81% 1.59%
Supplemental data              
Portfolio turnover rate3
 83%   36%   43% 67% 36%
Net assets, end of period (000s omitted)
 $10,401   $10,650   $15,362 $43,559 $65,620
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.13%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Amount is more than $(0.005)
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
114  |  Target Date Retirement Funds

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.14   $12.03   $13.53 $16.70 $15.17
Net investment income
 0.19   0.25   0.26 0.27 0.23
Payment from affiliate
 0.00 1   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.77   0.34   (0.00) 2 1.25 1.90
Total from investment operations
 1.96   0.59   0.26 1.52 2.13
Distributions to shareholders from              
Net investment income
 (0.23)   (0.27)   (0.33) (0.15) (0.31)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.86)   (0.48)   (1.76) (4.69) (0.60)
Net asset value, end of period
 $13.24   $12.14   $12.03 $13.53 $16.70
Total return3
 16.32% 4   4.72%   2.55% 8.79% 14.15%
Ratios to average net assets (annualized)*              
Gross expenses
 0.72%   0.75%   0.76% 0.80% 0.84%
Net expenses
 0.59%   0.63%   0.65% 0.71% 0.82%
Net investment income
 1.58%   1.98%   2.04% 1.63% 1.32%
Supplemental data              
Portfolio turnover rate5
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $166,161   $163,774   $177,608 $228,015 $230,044
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Amount is less than $0.005.
2 Amount is more than $(0.005)
3 Total return calculations do not include any sales charges.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  115

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.60   $11.50   $13.01 $16.24 $14.79
Net investment income
 0.10 1   0.15   0.16 0.18 0.07
Net realized and unrealized gains (losses) on investments
 1.68   0.32   (0.00) 2 1.17 1.88
Total from investment operations
 1.78   0.47   0.16 1.35 1.95
Distributions to shareholders from              
Net investment income
 (0.10)   (0.16)   (0.24) (0.04) (0.21)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.73)   (0.37)   (1.67) (4.58) (0.50)
Net asset value, end of period
 $12.65   $11.60   $11.50 $13.01 $16.24
Total return3
 15.48%   3.92%   1.82% 7.95% 13.28%
Ratios to average net assets (annualized)*              
Gross expenses
 1.47%   1.50%   1.51% 1.55% 1.59%
Net expenses
 1.36%   1.39%   1.40% 1.46% 1.57%
Net investment income
 0.86%   1.24%   1.30% 0.88% 0.57%
Supplemental data              
Portfolio turnover rate4
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $1,385   $2,060   $2,851 $4,748 $4,630
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is more than $(0.005)
3 Total return calculations do not include any sales charges.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
116  |  Target Date Retirement Funds

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.16   $12.05   $13.55 $16.66 $15.14
Net investment income
 0.26   0.22   0.23 0.26 0.18
Payment from affiliate
 0.08   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.68   0.34   (0.00) 1 1.17 1.90
Total from investment operations
 2.02   0.56   0.23 1.43 2.08
Distributions to shareholders from              
Net investment income
 (0.20)   (0.24)   (0.30) 0.00 (0.27)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.83)   (0.45)   (1.73) (4.54) (0.56)
Net asset value, end of period
 $13.35   $12.16   $12.05 $13.55 $16.66
Total return
 16.76% 2   4.48%   2.37% 8.28% 13.88%
Ratios to average net assets (annualized)*              
Gross expenses
 0.86%   0.97%   1.01% 1.10% 1.10%
Net expenses
 0.83%   0.87%   0.89% 1.04% 1.07%
Net investment income
 1.32%   1.72%   1.76% 1.54% 1.06%
Supplemental data              
Portfolio turnover rate3
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $51   $44   $40 $34 $904
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Amount is more than $(0.005)
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.74% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  117

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.45   $12.32   $13.81 $16.95 $15.38
Net investment income
 0.25 1   0.29   0.34 0.34 0.27
Net realized and unrealized gains (losses) on investments
 1.80   0.36   (0.03) 1.25 1.94
Total from investment operations
 2.05   0.65   0.31 1.59 2.21
Distributions to shareholders from              
Net investment income
 (0.27)   (0.31)   (0.37) (0.19) (0.35)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.90)   (0.52)   (1.80) (4.73) (0.64)
Net asset value, end of period
 $13.60   $12.45   $12.32 $13.81 $16.95
Total return
 16.64%   5.07%   2.88% 9.09% 14.52%
Ratios to average net assets (annualized)*              
Gross expenses
 0.44%   0.47%   0.48% 0.53% 0.56%
Net expenses
 0.30%   0.34%   0.34% 0.42% 0.51%
Net investment income
 1.97%   2.28%   2.45% 1.95% 1.64%
Supplemental data              
Portfolio turnover rate2
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $28,910   $51,595   $57,366 $219,799 $507,587
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
118  |  Target Date Retirement Funds

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.42   $12.30   $13.79 $16.93 $15.37
Net investment income
 0.33   0.32   0.34 0.36 0.31
Net realized and unrealized gains (losses) on investments
 1.74   0.33   (0.01) 1.26 1.92
Total from investment operations
 2.07   0.65   0.33 1.62 2.23
Distributions to shareholders from              
Net investment income
 (0.29)   (0.32)   (0.39) (0.22) (0.38)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.92)   (0.53)   (1.82) (4.76) (0.67)
Net asset value, end of period
 $13.57   $12.42   $12.30 $13.79 $16.93
Total return
 16.84%   5.15%   3.08% 9.28% 14.63%
Ratios to average net assets (annualized)*              
Gross expenses
 0.29%   0.32%   0.33% 0.38% 0.41%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.36%
Net investment income
 2.02%   2.41%   2.51% 2.10% 1.87%
Supplemental data              
Portfolio turnover rate1
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $219,419   $231,645   $230,953 $353,891 $618,551
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.16%
    
1 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  119

Financial highlights
Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.45   $12.32   $13.80 $16.94 $15.37
Net investment income
 0.17   0.27   0.30 0.28 0.25
Net realized and unrealized gains (losses) on investments
 1.85   0.35   (0.02) 1.27 1.93
Total from investment operations
 2.02   0.62   0.28 1.55 2.18
Distributions to shareholders from              
Net investment income
 (0.24)   (0.28)   (0.33) (0.15) (0.32)
Net realized gains
 (0.63)   (0.21)   (1.43) (4.54) (0.29)
Total distributions to shareholders
 (0.87)   (0.49)   (1.76) (4.69) (0.61)
Net asset value, end of period
 $13.60   $12.45   $12.32 $13.80 $16.94
Total return
 16.41%   4.86%   2.69% 8.86% 14.32%
Ratios to average net assets (annualized)*              
Gross expenses
 0.64%   0.67%   0.68% 0.72% 0.76%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.71%
Net investment income
 1.69%   2.08%   2.18% 1.75% 1.51%
Supplemental data              
Portfolio turnover rate1
 85%   36%   43% 61% 31%
Net assets, end of period (000s omitted)
 $73,721   $79,552   $89,022 $161,583 $262,336
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 2019 0.15%
Year ended February 28, 2018 0.17%
Year ended February 28, 2017 0.17%
    
1 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
120  |  Target Date Retirement Funds

Financial highlights
Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.38   $7.38   $8.35 $11.25 $9.89
Net investment income
 0.12   0.15   0.15 0.18 0.13
Net realized and unrealized gains (losses) on investments
 1.27   0.14   (0.00) 1 1.01 1.56
Total from investment operations
 1.39   0.29   0.15 1.19 1.69
Distributions to shareholders from              
Net investment income
 (0.14)   (0.16)   (0.18) (0.12) (0.15)
Net realized gains
 (0.44)   (0.13)   (0.94) (3.97) (0.18)
Total distributions to shareholders
 (0.58)   (0.29)   (1.12) (4.09) (0.33)
Net asset value, end of period
 $8.19   $7.38   $7.38 $8.35 $11.25
Total return2
 19.04%   3.70%   2.48% 10.21% 17.33%
Ratios to average net assets (annualized)*              
Gross expenses
 0.78%   0.80%   0.81% 0.83% 0.85%
Net expenses
 0.59%   0.63%   0.65% 0.72% 0.83%
Net investment income
 1.54%   1.92%   1.97% 1.56% 1.28%
Supplemental data              
Portfolio turnover rate3
 87%   36%   41% 55% 27%
Net assets, end of period (000s omitted)
 $97,610   $95,284   $108,389 $118,000 $127,294
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Amount is more than $(0.005)
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  121

Financial highlights
Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.44   $7.44   $8.42 $11.32 $9.95
Net investment income
 0.10   0.13   0.12 0.15 0.11
Net realized and unrealized gains on investments
 1.28   0.15   0.01 1.01 1.57
Total from investment operations
 1.38   0.28   0.13 1.16 1.68
Distributions to shareholders from              
Net investment income
 (0.12)   (0.15)   (0.17) (0.09) (0.13)
Net realized gains
 (0.44)   (0.13)   (0.94) (3.97) (0.18)
Total distributions to shareholders
 (0.56)   (0.28)   (1.11) (4.06) (0.31)
Net asset value, end of period
 $8.26   $7.44   $7.44 $8.42 $11.32
Total return
 18.81%   3.46%   2.16% 9.87% 17.09%
Ratios to average net assets (annualized)*              
Gross expenses
 1.01%   1.04%   1.06% 1.08% 1.11%
Net expenses
 0.86%   0.90%   0.90% 0.97% 1.08%
Net investment income
 1.22%   1.60%   1.68% 1.32% 0.89%
Supplemental data              
Portfolio turnover rate1
 87%   36%   41% 55% 27%
Net assets, end of period (000s omitted)
 $461   $318   $250 $192 $171
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
122  |  Target Date Retirement Funds

Financial highlights
Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.40   $7.40   $8.37 $11.27 $9.91
Net investment income
 0.15 1   0.17 1   0.20 1 0.21 1 0.17 1
Net realized and unrealized gains (losses) on investments
 1.28   0.15   (0.03) 1.02 1.56
Total from investment operations
 1.43   0.32   0.17 1.23 1.73
Distributions to shareholders from              
Net investment income
 (0.17)   (0.19)   (0.20) (0.16) (0.19)
Net realized gains
 (0.44)   (0.13)   (0.94) (3.97) (0.18)
Total distributions to shareholders
 (0.61)   (0.32)   (1.14) (4.13) (0.37)
Net asset value, end of period
 $8.22   $7.40   $7.40 $8.37 $11.27
Total return
 19.51%   3.99%   2.80% 10.53% 17.68%
Ratios to average net assets (annualized)*              
Gross expenses
 0.51%   0.52%   0.53% 0.56% 0.57%
Net expenses
 0.31%   0.34%   0.34% 0.43% 0.52%
Net investment income
 2.05%   2.20%   2.37% 1.90% 1.54%
Supplemental data              
Portfolio turnover rate2
 87%   36%   41% 55% 27%
Net assets, end of period (000s omitted)
 $9,228   $26,748   $34,388 $82,617 $240,025
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  123

Financial highlights
Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.39   $7.39   $8.37 $11.27 $9.91
Net investment income
 0.18   0.18 1   0.25 0.27 0.20 1
Net realized and unrealized gains (losses) on investments
 1.25   0.15   (0.07) 0.98 1.55
Total from investment operations
 1.43   0.33   0.18 1.25 1.75
Distributions to shareholders from              
Net investment income
 (0.17)   (0.20)   (0.22) (0.18) (0.21)
Net realized gains
 (0.44)   (0.13)   (0.94) (3.97) (0.18)
Total distributions to shareholders
 (0.61)   (0.33)   (1.16) (4.15) (0.39)
Net asset value, end of period
 $8.21   $7.39   $7.39 $8.37 $11.27
Total return
 19.64%   4.16%   2.86% 10.76% 17.86%
Ratios to average net assets (annualized)*              
Gross expenses
 0.35%   0.37%   0.38% 0.41% 0.42%
Net expenses
 0.15%   0.19%   0.19% 0.27% 0.37%
Net investment income
 1.97%   2.38%   2.48% 2.04% 1.83%
Supplemental data              
Portfolio turnover rate2
 87%   36%   41% 55% 27%
Net assets, end of period (000s omitted)
 $83,173   $89,108   $112,021 $185,889 $317,594
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
124  |  Target Date Retirement Funds

Financial highlights
Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.47   $7.47   $8.41 $11.30 $9.94
Net investment income
 0.12   0.16 1   0.18 0.19 0.16 1
Net realized and unrealized gains (losses) on investments
 1.30   0.14   (0.01) 1.02 1.55
Total from investment operations
 1.42   0.30   0.17 1.21 1.71
Distributions to shareholders from              
Net investment income
 (0.15)   (0.17)   (0.17) (0.13) (0.17)
Net realized gains
 (0.44)   (0.13)   (0.94) (3.97) (0.18)
Total distributions to shareholders
 (0.59)   (0.30)   (1.11) (4.10) (0.35)
Net asset value, end of period
 $8.30   $7.47   $7.47 $8.41 $11.30
Total return
 19.17%   3.75%   2.64% 10.33% 17.38%
Ratios to average net assets (annualized)*              
Gross expenses
 0.70%   0.72%   0.72% 0.74% 0.77%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.72%
Net investment income
 1.66%   2.04%   2.20% 1.67% 1.52%
Supplemental data              
Portfolio turnover rate2
 87%   36%   41% 55% 27%
Net assets, end of period (000s omitted)
 $6,541   $6,888   $9,608 $35,678 $50,898
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  125

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $14.02   $14.09   $16.02 $19.43 $16.74
Net investment income
 0.22   0.28   0.29 0.31 0.23
Payment from affiliate
 0.00 1   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.69   0.12   (0.05) 1.93 3.08
Total from investment operations
 2.91   0.40   0.24 2.24 3.31
Distributions to shareholders from              
Net investment income
 (0.26)   (0.29)   (0.36) (0.31) (0.27)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.82)   (0.47)   (2.17) (5.65) (0.62)
Net asset value, end of period
 $16.11   $14.02   $14.09 $16.02 $19.43
Total return2
 20.97% 3   2.68%   2.32% 11.24% 20.01%
Ratios to average net assets (annualized)*              
Gross expenses
 0.74%   0.77%   0.78% 0.81% 0.85%
Net expenses
 0.60%   0.64%   0.65% 0.72% 0.83%
Net investment income
 1.49%   1.85%   1.91% 1.51% 1.21%
Supplemental data              
Portfolio turnover rate4
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $184,160   $175,942   $189,990 $223,769 $218,689
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Amount is less than $0.005.
2 Total return calculations do not include any sales charges.
3 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
126  |  Target Date Retirement Funds

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $12.56   $12.66   $14.61 $18.19 $15.71
Net investment income
 0.10 1   0.15 1   0.17 1 0.14 1 0.04 1
Net realized and unrealized gains (losses) on investments
 2.41   0.11   (0.06) 1.81 2.94
Total from investment operations
 2.51   0.26   0.11 1.95 2.98
Distributions to shareholders from              
Net investment income
 (0.13)   (0.18)   (0.25) (0.19) (0.15)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.69)   (0.36)   (2.06) (5.53) (0.50)
Net asset value, end of period
 $14.38   $12.56   $12.66 $14.61 $18.19
Total return2
 20.19%   1.87%   1.55% 10.41% 19.11%
Ratios to average net assets (annualized)*              
Gross expenses
 1.49%   1.52%   1.53% 1.56% 1.60%
Net expenses
 1.36%   1.39%   1.40% 1.46% 1.58%
Net investment income
 0.77%   1.12%   1.21% 0.76% 0.47%
Supplemental data              
Portfolio turnover rate3
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $1,417   $1,906   $2,754 $5,292 $4,782
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  127

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $14.01   $14.08   $16.02 $19.36 $16.69
Net investment income
 0.20   0.25   0.25 1 0.27 1 0.18
Payment from affiliate
 0.07   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.69   0.12   (0.05) 1.93 3.07
Total from investment operations
 2.96   0.37   0.20 2.20 3.25
Distributions to shareholders from              
Net investment income
 (0.23)   (0.26)   (0.33) (0.20) (0.23)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.79)   (0.44)   (2.14) (5.54) (0.58)
Net asset value, end of period
 $16.18   $14.01   $14.08 $16.02 $19.36
Total return
 21.30% 2   2.44%   2.04% 11.07% 19.68%
Ratios to average net assets (annualized)*              
Gross expenses
 0.92%   1.02%   1.02% 1.08% 1.10%
Net expenses
 0.85%   0.89%   0.90% 1.01% 1.08%
Net investment income
 1.20%   1.57%   1.63% 1.40% 0.94%
Supplemental data              
Portfolio turnover rate3
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $83   $66   $62 $56 $394
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.18%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.49% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
128  |  Target Date Retirement Funds

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $14.54   $14.60   $16.51 $19.86 $17.09
Net investment income
 0.28 1   0.33 1   0.39 1 0.36 0.27
Net realized and unrealized gains (losses) on investments
 2.81   0.13   (0.08) 1.99 3.18
Total from investment operations
 3.09   0.46   0.31 2.35 3.45
Distributions to shareholders from              
Net investment income
 (0.31)   (0.34)   (0.41) (0.36) (0.33)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.87)   (0.52)   (2.22) (5.70) (0.68)
Net asset value, end of period
 $16.76   $14.54   $14.60 $16.51 $19.86
Total return
 21.45%   2.94%   2.69% 11.56% 20.43%
Ratios to average net assets (annualized)*              
Gross expenses
 0.46%   0.49%   0.50% 0.54% 0.57%
Net expenses
 0.30%   0.34%   0.34% 0.42% 0.52%
Net investment income
 1.88%   2.14%   2.38% 1.85% 1.54%
Supplemental data              
Portfolio turnover rate2
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $26,903   $41,864   $45,177 $189,896 $388,622
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  129

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $14.52   $14.58   $16.50 $19.85 $17.09
Net investment income
 0.32   0.35   0.39 1 0.40 1 0.41
Net realized and unrealized gains (losses) on investments
 2.79   0.13   (0.06) 1.98 3.06
Total from investment operations
 3.11   0.48   0.33 2.38 3.47
Distributions to shareholders from              
Net investment income
 (0.33)   (0.36)   (0.44) (0.39) (0.36)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.89)   (0.54)   (2.25) (5.73) (0.71)
Net asset value, end of period
 $16.74   $14.52   $14.58 $16.50 $19.85
Total return
 21.64%   3.09%   2.81% 11.74% 20.56%
Ratios to average net assets (annualized)*              
Gross expenses
 0.30%   0.34%   0.35% 0.39% 0.41%
Net expenses
 0.15%   0.19%   0.19% 0.27% 0.37%
Net investment income
 1.93%   2.29%   2.40% 2.00% 1.80%
Supplemental data              
Portfolio turnover rate2
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $194,078   $185,291   $184,594 $283,562 $489,693
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
130  |  Target Date Retirement Funds

Financial highlights
Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $14.51   $14.56   $16.47 $19.82 $17.07
Net investment income
 0.30   0.32   0.34 1 0.33 1 0.25
Net realized and unrealized gains (losses) on investments
 2.73   0.12   (0.07) 1.98 3.14
Total from investment operations
 3.03   0.44   0.27 2.31 3.39
Distributions to shareholders from              
Net investment income
 (0.27)   (0.31)   (0.37) (0.32) (0.29)
Net realized gains
 (0.56)   (0.18)   (1.81) (5.34) (0.35)
Total distributions to shareholders
 (0.83)   (0.49)   (2.18) (5.66) (0.64)
Net asset value, end of period
 $16.71   $14.51   $14.56 $16.47 $19.82
Total return
 21.11%   2.82%   2.40% 11.38% 20.09%
Ratios to average net assets (annualized)*              
Gross expenses
 0.66%   0.69%   0.70% 0.73% 0.76%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.72%
Net investment income
 1.61%   1.95%   2.09% 1.63% 1.43%
Supplemental data              
Portfolio turnover rate2
 87%   36%   40% 51% 24%
Net assets, end of period (000s omitted)
 $58,544   $63,232   $71,411 $132,365 $197,272
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  131

Financial highlights
Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $8.07   $8.13   $9.18 $11.91 $10.07
Net investment income
 0.12   0.16 1   0.16 0.18 1 0.13
Payment from affiliate
 0.00 2   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.64   0.03   (0.03) 1.28 2.05
Total from investment operations
 1.76   0.19   0.13 1.46 2.18
Distributions to shareholders from              
Net investment income
 (0.15)   (0.19)   (0.19) (0.20) (0.17)
Net realized gains
 (0.54)   (0.06)   (0.99) (3.99) (0.17)
Total distributions to shareholders
 (0.69)   (0.25)   (1.18) (4.19) (0.34)
Net asset value, end of period
 $9.14   $8.07   $8.13 $9.18 $11.91
Total return3
 22.27% 4   2.14%   2.21% 11.98% 21.85%
Ratios to average net assets (annualized)*              
Gross expenses
 0.89%   0.88%   0.85% 0.86% 0.86%
Net expenses
 0.59%   0.63%   0.65% 0.72% 0.83%
Net investment income
 1.48%   1.85%   1.88% 1.48% 1.22%
Supplemental data              
Portfolio turnover rate5
 87%   36%   39% 48% 22%
Net assets, end of period (000s omitted)
 $40,542   $42,792   $56,491 $61,914 $70,570
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Total return calculations do not include any sales charges.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
132  |  Target Date Retirement Funds

Financial highlights
Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $8.22   $8.29   $9.33 $12.04 $10.19
Net investment income
 0.11   0.13   0.14 0.16 0.11
Payment from affiliate
 0.05   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.67   0.03   (0.02) 1.29 2.05
Total from investment operations
 1.83   0.16   0.12 1.45 2.16
Distributions to shareholders from              
Net investment income
 (0.13)   (0.17)   (0.17) (0.17) (0.14)
Net realized gains
 (0.54)   (0.06)   (0.99) (3.99) (0.17)
Total distributions to shareholders
 (0.67)   (0.23)   (1.16) (4.16) (0.31)
Net asset value, end of period
 $9.38   $8.22   $8.29 $9.33 $12.04
Total return
 22.70% 1   1.81%   2.03% 11.77% 21.41%
Ratios to average net assets (annualized)*              
Gross expenses
 1.07%   1.13%   1.09% 1.10% 1.11%
Net expenses
 0.86%   0.90%   0.90% 0.97% 1.08%
Net investment income
 1.15%   1.47%   1.62% 1.25% 0.88%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 48% 22%
Net assets, end of period (000s omitted)
 $68   $49   $37 $36 $42
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.20%
Year ended February 28, 2019 0.16%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.16%
    
1 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.65% on total return. See Note 4 in the Notes to Financial Statements for additional information.
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  133

Financial highlights
Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $8.12   $8.19   $9.24 $11.96 $10.11
Net investment income
 0.16 1   0.18 1   0.20 1 0.22 1 0.16
Net realized and unrealized gains (losses) on investments
 1.65   0.03   (0.04) 1.28 2.06
Total from investment operations
 1.81   0.21   0.16 1.50 2.22
Distributions to shareholders from              
Net investment income
 (0.20)   (0.22)   (0.22) (0.23) (0.20)
Net realized gains
 (0.54)   (0.06)   (0.99) (3.99) (0.17)
Total distributions to shareholders
 (0.74)   (0.28)   (1.21) (4.22) (0.37)
Net asset value, end of period
 $9.19   $8.12   $8.19 $9.24 $11.96
Total return
 22.66%   2.34%   2.53% 12.39% 22.25%
Ratios to average net assets (annualized)*              
Gross expenses
 0.63%   0.60%   0.57% 0.59% 0.59%
Net expenses
 0.31%   0.34%   0.34% 0.44% 0.52%
Net investment income
 2.04%   2.12%   2.26% 1.84% 1.46%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 48% 22%
Net assets, end of period (000s omitted)
 $4,459   $15,460   $22,076 $46,811 $151,999
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
134  |  Target Date Retirement Funds

Financial highlights
Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $8.09   $8.15   $9.21 $11.93 $10.10
Net investment income
 0.16 1   0.20 1   0.22 1 0.29 0.23
Net realized and unrealized gains (losses) on investments
 1.64   0.03   (0.05) 1.24 1.99
Total from investment operations
 1.80   0.23   0.17 1.53 2.22
Distributions to shareholders from              
Net investment income
 (0.19)   (0.23)   (0.24) (0.26) (0.22)
Net realized gains
 (0.54)   (0.06)   (0.99) (3.99) (0.17)
Total distributions to shareholders
 (0.73)   (0.29)   (1.23) (4.25) (0.39)
Net asset value, end of period
 $9.16   $8.09   $8.15 $9.21 $11.93
Total return
 22.73%   2.64%   2.61% 12.61% 22.26%
Ratios to average net assets (annualized)*              
Gross expenses
 0.46%   0.45%   0.42% 0.43% 0.43%
Net expenses
 0.15%   0.19%   0.19% 0.27% 0.37%
Net investment income
 1.91%   2.32%   2.41% 1.97% 1.77%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 48% 22%
Net assets, end of period (000s omitted)
 $42,687   $47,672   $69,435 $133,524 $219,922
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  135

Financial highlights
Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $8.21   $8.27   $9.29 $12.01 $10.16
Net investment income
 0.14 1   0.17 1   0.20 1 0.19 1 0.16 1
Net realized and unrealized gains (losses) on investments
 1.66   0.03   (0.05) 1.28 2.04
Total from investment operations
 1.80   0.20   0.15 1.47 2.20
Distributions to shareholders from              
Net investment income
 (0.16)   (0.20)   (0.18) (0.20) (0.18)
Net realized gains
 (0.54)   (0.06)   (0.99) (3.99) (0.17)
Total distributions to shareholders
 (0.70)   (0.26)   (1.17) (4.19) (0.35)
Net asset value, end of period
 $9.31   $8.21   $8.27 $9.29 $12.01
Total return
 22.38%   2.21%   2.32% 12.05% 21.89%
Ratios to average net assets (annualized)*              
Gross expenses
 0.82%   0.80%   0.76% 0.77% 0.78%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.72%
Net investment income
 1.66%   1.98%   2.14% 1.60% 1.46%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 48% 22%
Net assets, end of period (000s omitted)
 $3,192   $4,544   $7,213 $30,255 $41,504
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
136  |  Target Date Retirement Funds

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $6.95   $7.13   $8.61 $11.40 $9.61
Net investment income
 0.10   0.13 1   0.14 0.20 0.12
Payment from affiliate
 0.00 2   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.48   0.02   (0.05) 1.23 2.02
Total from investment operations
 1.58   0.15   0.09 1.43 2.14
Distributions to shareholders from              
Net investment income
 (0.12)   (0.14)   (0.20) (0.19) (0.18)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.50)   (0.33)   (1.57) (4.22) (0.35)
Net asset value, end of period
 $8.03   $6.95   $7.13 $8.61 $11.40
Total return3
 23.13% 4   1.74%   2.10% 12.26% 22.48%
Ratios to average net assets (annualized)*              
Gross expenses
 0.79%   0.83%   0.82% 0.83% 0.85%
Net expenses
 0.59%   0.63%   0.65% 0.72% 0.83%
Net investment income
 1.45%   1.81%   1.88% 1.47% 1.13%
Supplemental data              
Portfolio turnover rate5
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $46,771   $47,060   $53,038 $67,360 $64,356
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Total return calculations do not include any sales charges.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  137

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $6.91   $7.08   $8.56 $11.36 $9.58
Net investment income
 0.06   0.08 1   0.06 0.11 0.04
Payment from affiliate
 0.00 2   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.45   0.00 2   (0.03) 1.22 2.02
Total from investment operations
 1.51   0.08   0.03 1.33 2.06
Distributions to shareholders from              
Net investment income
 (0.06)   (0.06)   (0.14) (0.10) (0.11)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.44)   (0.25)   (1.51) (4.13) (0.28)
Net asset value, end of period
 $7.98   $6.91   $7.08 $8.56 $11.36
Total return3
 22.23% 4   0.88%   1.38% 11.38% 21.58%
Ratios to average net assets (annualized)*              
Gross expenses
 1.50%   1.57%   1.57% 1.58% 1.61%
Net expenses
 1.36%   1.39%   1.40% 1.46% 1.58%
Net investment income
 0.66%   1.12%   1.13% 0.72% 0.33%
Supplemental data              
Portfolio turnover rate5
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $612   $519   $1,013 $1,376 $1,218
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Total return calculations do not include any sales charges.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
138  |  Target Date Retirement Funds

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $6.96   $7.15   $8.63 $11.43 $9.63
Net investment income
 0.10   0.12   0.13 0.15 0.09
Payment from affiliate
 0.06   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.48   0.00 1   (0.05) 1.24 2.04
Total from investment operations
 1.64   0.12   0.08 1.39 2.13
Distributions to shareholders from              
Net investment income
 (0.10)   (0.12)   (0.19) (0.16) (0.16)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.48)   (0.31)   (1.56) (4.19) (0.33)
Net asset value, end of period
 $8.12   $6.96   $7.15 $8.63 $11.43
Total return
 23.96% 2   1.38%   1.93% 11.88% 22.29%
Ratios to average net assets (annualized)*              
Gross expenses
 0.94%   1.07%   1.08% 1.12% 1.13%
Net expenses
 0.84%   0.89%   0.90% 0.97% 1.08%
Net investment income
 1.15%   1.50%   1.58% 1.24% 0.94%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $51   $37   $32 $28 $34
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.21%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.23%
Year ended February 28, 2017 0.19%
    
1 Amount is less than $0.005.
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.96% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  139

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $7.00   $7.19   $8.66 $11.45 $9.64
Net investment income
 0.13 1   0.16 1   0.20 1 0.21 1 0.16 1
Net realized and unrealized gains (losses) on investments
 1.50   0.00 2   (0.07) 1.25 2.03
Total from investment operations
 1.63   0.16   0.13 1.46 2.19
Distributions to shareholders from              
Net investment income
 (0.15)   (0.16)   (0.23) (0.22) (0.21)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.53)   (0.35)   (1.60) (4.25) (0.38)
Net asset value, end of period
 $8.10   $7.00   $7.19 $8.66 $11.45
Total return
 23.61%   1.89%   2.57% 12.54% 23.00%
Ratios to average net assets (annualized)*              
Gross expenses
 0.51%   0.55%   0.53% 0.56% 0.57%
Net expenses
 0.30%   0.34%   0.34% 0.42% 0.52%
Net investment income
 1.82%   2.08%   2.40% 1.82% 1.45%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $12,859   $17,989   $19,551 $122,118 $243,339
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
140  |  Target Date Retirement Funds

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $6.99   $7.17   $8.65 $11.44 $9.64
Net investment income
 0.14   0.17   0.25 0.26 0.19 1
Net realized and unrealized gains (losses) on investments
 1.48   0.02   (0.12) 1.22 2.01
Total from investment operations
 1.62   0.19   0.13 1.48 2.20
Distributions to shareholders from              
Net investment income
 (0.15)   (0.18)   (0.24) (0.24) (0.23)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.53)   (0.37)   (1.61) (4.27) (0.40)
Net asset value, end of period
 $8.08   $6.99   $7.17 $8.65 $11.44
Total return
 23.63%   2.18%   2.61% 12.73% 23.09%
Ratios to average net assets (annualized)*              
Gross expenses
 0.36%   0.40%   0.39% 0.41% 0.42%
Net expenses
 0.15%   0.19%   0.19% 0.27% 0.37%
Net investment income
 1.87%   2.23%   2.37% 1.95% 1.81%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $118,172   $107,868   $107,769 $180,036 $287,423
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  141

Financial highlights
Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $6.97   $7.16   $8.62 $11.41 $9.61
Net investment income
 0.11   0.14   0.18 0.20 0.15 1
Net realized and unrealized gains (losses) on investments
 1.49   0.01   (0.07) 1.24 2.01
Total from investment operations
 1.60   0.15   0.11 1.44 2.16
Distributions to shareholders from              
Net investment income
 (0.13)   (0.15)   (0.20) (0.20) (0.19)
Net realized gains
 (0.38)   (0.19)   (1.37) (4.03) (0.17)
Total distributions to shareholders
 (0.51)   (0.34)   (1.57) (4.23) (0.36)
Net asset value, end of period
 $8.06   $6.97   $7.16 $8.62 $11.41
Total return
 23.31%   1.70%   2.37% 12.29% 22.72%
Ratios to average net assets (annualized)*              
Gross expenses
 0.71%   0.75%   0.74% 0.75% 0.76%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.72%
Net investment income
 1.57%   1.88%   2.07% 1.59% 1.37%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $35,788   $39,498   $40,236 $82,574 $121,028
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
142  |  Target Date Retirement Funds

Financial highlights
Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.54   $11.56   $12.72 $13.91 $11.56
Net investment income
 0.16   0.22 1   0.22 0.21 1 0.14
Net realized and unrealized gains (losses) on investments
 2.51   (0.01)   (0.02) 1.50 2.44
Total from investment operations
 2.67   0.21   0.20 1.71 2.58
Distributions to shareholders from              
Net investment income
 (0.23)   (0.22)   (0.30) (0.23) (0.23)
Net realized gains
 0.00   (0.01)   (1.06) (2.67) 0.00
Total distributions to shareholders
 (0.23)   (0.23)   (1.36) (2.90) (0.23)
Net asset value, end of period
 $13.98   $11.54   $11.56 $12.72 $13.91
Total return2
 23.23%   1.62%   2.29% 12.15% 22.45%
Ratios to average net assets (annualized)*              
Gross expenses
 1.31%   1.21%   1.17% 1.04% 0.91%
Net expenses
 0.59%   0.63%   0.65% 0.71% 0.83%
Net investment income
 1.47%   1.87%   1.86% 1.47% 1.13%
Supplemental data              
Portfolio turnover rate3
 87%   36.0%   39% 46% 21%
Net assets, end of period (000s omitted)
 $6,532   $7,374   $10,582 $10,352 $9,270
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  143

Financial highlights
Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.35   $11.39   $12.56 $13.76 $11.45
Net investment income
 0.15   0.18   0.19 0.18 0.10
Payment from affiliate
 0.07   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.45   0.00 1   (0.03) 1.49 2.41
Total from investment operations
 2.67   0.18   0.16 1.67 2.51
Distributions to shareholders from              
Net investment income
 (0.23)   (0.21)   (0.27) (0.20) (0.20)
Net realized gains
 0.00   (0.01)   (1.06) (2.67) 0.00
Total distributions to shareholders
 (0.23)   (0.22)   (1.33) (2.87) (0.20)
Net asset value, end of period
 $13.79   $11.35   $11.39 $12.56 $13.76
Total return
 23.63% 2   1.43%   1.96% 11.99% 22.04%
Ratios to average net assets (annualized)*              
Gross expenses
 1.44%   1.45%   1.39% 1.29% 1.16%
Net expenses
 0.86%   0.89%   0.89% 0.96% 1.08%
Net investment income
 1.15%   1.52%   1.60% 1.22% 0.98%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $54   $41   $43 $42 $40
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.21%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Amount is less than $0.005.
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.68% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
144  |  Target Date Retirement Funds

Financial highlights
Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.58   $11.60   $12.76 $13.94 $11.59
Net investment income
 0.23 1   0.25 1   0.28 1 0.27 1 0.18
Net realized and unrealized gains (losses) on investments
 2.49   0.00 2   (0.05) 1.50 2.44
Total from investment operations
 2.72   0.25   0.23 1.77 2.62
Distributions to shareholders from              
Net investment income
 (0.25)   (0.26)   (0.33) (0.28) (0.27)
Net realized gains
 0.00   (0.01)   (1.06) (2.67) 0.00
Total distributions to shareholders
 (0.25)   (0.27)   (1.39) (2.95) (0.27)
Net asset value, end of period
 $14.05   $11.58   $11.60 $12.76 $13.94
Total return
 23.59%   1.98%   2.57% 12.56% 22.78%
Ratios to average net assets (annualized)*              
Gross expenses
 1.06%   0.93%   0.93% 0.73% 0.64%
Net expenses
 0.31%   0.34%   0.34% 0.44% 0.52%
Net investment income
 2.05%   2.08%   2.24% 1.85% 1.32%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $2,175   $7,233   $7,578 $15,764 $43,147
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  145

Financial highlights
Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.55   $11.57   $12.73 $13.91 $11.57
Net investment income
 0.32   0.27 1   0.31 1 0.31 0.23 1
Net realized and unrealized gains (losses) on investments
 2.42   0.00 2   (0.06) 1.48 2.40
Total from investment operations
 2.74   0.27   0.25 1.79 2.63
Distributions to shareholders from              
Net investment income
 (0.30)   (0.28)   (0.35) (0.30) (0.29)
Net realized gains
 0.00   (0.01)   (1.06) (2.67) 0.00
Total distributions to shareholders
 (0.30)   (0.29)   (1.41) (2.97) (0.29)
Net asset value, end of period
 $13.99   $11.55   $11.57 $12.73 $13.91
Total return
 23.80%   2.10%   2.71% 12.76% 22.97%
Ratios to average net assets (annualized)*              
Gross expenses
 0.87%   0.78%   0.87% 0.60% 0.47%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.37%
Net investment income
 1.90%   2.23%   2.46% 1.94% 1.79%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $17,035   $19,338   $18,491 $56,563 $65,516
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.16%
    
1 Calculated based upon average shares outstanding
2 Amount is less than $0.005.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
146  |  Target Date Retirement Funds

Financial highlights
Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.63   $11.57   $12.73 $13.91 $11.57
Net investment income
 0.22   0.24 1   0.28 1 0.23 1 0.17 1
Net realized and unrealized gains (losses) on investments
 2.48   (0.03)   (0.07) 1.50 2.41
Total from investment operations
 2.70   0.21   0.21 1.73 2.58
Distributions to shareholders from              
Net investment income
 (0.25)   (0.14)   (0.31) (0.24) (0.24)
Net realized gains
 0.00   (0.01)   (1.06) (2.67) 0.00
Total distributions to shareholders
 (0.25)   (0.15)   (1.37) (2.91) (0.24)
Net asset value, end of period
 $14.08   $11.63   $11.57 $12.73 $13.91
Total return
 23.33%   1.74%   2.37% 12.32% 22.50%
Ratios to average net assets (annualized)*              
Gross expenses
 1.23%   1.13%   1.37% 0.94% 0.83%
Net expenses
 0.50%   0.54%   0.54% 0.62% 0.72%
Net investment income
 1.54%   1.97%   2.22% 1.62% 1.34%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $983   $759   $1,188 $5,662 $9,700
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  147

Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class A 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.44   $11.44   $11.83 $10.69 $8.84
Net investment income
 0.19   0.19   0.22 1 0.15 0.09 1
Net realized and unrealized gains (losses) on investments
 2.47   0.02   (0.01) 1.15 1.86
Total from investment operations
 2.66   0.21   0.21 1.30 1.95
Distributions to shareholders from              
Net investment income
 (0.19)   (0.21)   (0.25) (0.16) (0.10)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.20)   (0.21)   (0.60) (0.16) (0.10)
Net asset value, end of period
 $13.90   $11.44   $11.44 $11.83 $10.69
Total return2
 23.30%   1.67%   2.18% 12.20% 22.23%
Ratios to average net assets (annualized)*              
Gross expenses
 1.38%   1.61%   2.69% 1.79% 3.21%
Net expenses
 0.60%   0.64%   0.65% 0.71% 0.83%
Net investment income
 1.45%   1.74%   1.88% 1.45% 0.90%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $1,176   $973   $660 $907 $671
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Total return calculations do not include any sales charges.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
148  |  Target Date Retirement Funds

Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class C 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.43   $11.42   $11.85 $10.71 $8.90
Net investment income
 0.07   0.08   0.13 0.07 0.04
Payment from affiliate
 0.14   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.46   0.04   (0.00) 1 1.15 1.84
Total from investment operations
 2.67   0.12   0.13 1.22 1.88
Distributions to shareholders from              
Net investment income
 (0.07)   (0.11)   (0.21) (0.08) (0.07)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.08)   (0.11)   (0.56) (0.08) (0.07)
Net asset value, end of period
 $14.02   $11.43   $11.42 $11.85 $10.71
Total return2
 23.38% 3   0.94%   1.42% 11.37% 21.22%
Ratios to average net assets (annualized)*              
Gross expenses
 2.08%   2.35%   3.06% 2.41% 5.30%
Net expenses
 1.36%   1.39%   1.40% 1.47% 1.58%
Net investment income
 0.72%   1.09%   1.10% 0.73% 0.39%
Supplemental data              
Portfolio turnover rate4
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $134   $142   $221 $196 $252
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.18%
Year ended February 28, 2019 0.17%
Year ended February 28, 2018 0.18%
Year ended February 28, 2017 0.16%
    
1 Amount is more than $(0.005)
2 Total return calculations do not include any sales charges.
3 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 1.21% on total return. See Note 4 in the Notes to Financial Statements for additional information.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  149

Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.21   $11.22   $11.65 $10.53 $8.84
Net investment income
 0.14 1   0.18 1   0.19 1 0.14 1 0.09 1
Payment from affiliate
 0.12   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.47   (0.01)   (0.01) 1.11 1.80
Total from investment operations
 2.73   0.17   0.18 1.25 1.89
Distributions to shareholders from              
Net investment income
 (0.18)   (0.18)   (0.26) (0.13) (0.20)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.19)   (0.18)   (0.61) (0.13) (0.20)
Net asset value, end of period
 $13.75   $11.21   $11.22 $11.65 $10.53
Total return
 24.39% 2   1.42%   1.91% 11.90% 21.73%
Ratios to average net assets (annualized)*              
Gross expenses
 1.56%   1.85%   2.59% 1.81% 4.69%
Net expenses
 0.86%   0.90%   0.90% 0.97% 1.08%
Net investment income
 1.14%   1.50%   1.62% 1.24% 0.89%
Supplemental data              
Portfolio turnover rate3
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $103   $67   $54 $50 $127
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.19%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.20%
Year ended February 28, 2017 0.19%
    
1 Calculated based upon average shares outstanding
2 During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 1.08% on total return. See Note 4 in the Notes to Financial Statements for additional information.
3 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
150  |  Target Date Retirement Funds

Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R4 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.67   $11.66   $12.06 $10.88 $8.97
Net investment income
 0.22 1   0.22   0.28 1 0.21 0.12 1
Net realized and unrealized gains (losses) on investments
 2.54   0.02   (0.02) 1.16 1.89
Total from investment operations
 2.76   0.24   0.26 1.37 2.01
Distributions to shareholders from              
Net investment income
 (0.22)   (0.23)   (0.31) (0.19) (0.10)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.23)   (0.23)   (0.66) (0.19) (0.10)
Net asset value, end of period
 $14.20   $11.67   $11.66 $12.06 $10.88
Total return
 23.74%   1.94%   2.56% 12.61% 22.45%
Ratios to average net assets (annualized)*              
Gross expenses
 1.12%   1.33%   3.01% 1.38% 1.88%
Net expenses
 0.30%   0.34%   0.34% 0.41% 0.52%
Net investment income
 1.78%   2.07%   2.34% 1.81% 1.14%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $2,522   $2,297   $2,038 $5,119 $6,443
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  151

Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Class R6 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.62   $11.61   $12.03 $10.86 $8.95
Net investment income
 0.23 1   0.25   0.28 1 0.24 0.13 1
Net realized and unrealized gains (losses) on investments
 2.55   0.01   (0.01) 1.14 1.90
Total from investment operations
 2.78   0.26   0.27 1.38 2.03
Distributions to shareholders from              
Net investment income
 (0.25)   (0.25)   (0.34) (0.21) (0.12)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.26)   (0.25)   (0.69) (0.21) (0.12)
Net asset value, end of period
 $14.14   $11.62   $11.61 $12.03 $10.86
Total return
 23.95%   2.07%   2.68% 12.70% 22.75%
Ratios to average net assets (annualized)*              
Gross expenses
 0.94%   1.18%   1.88% 1.29% 1.82%
Net expenses
 0.15%   0.19%   0.19% 0.26% 0.37%
Net investment income
 1.86%   2.20%   2.36% 1.95% 1.31%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $21,643   $15,541   $10,497 $12,115 $12,518
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
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Financial highlights
Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28
Administrator Class 2021   2020   2019 2018 2017
Net asset value, beginning of period
 $11.49   $11.48   $11.89 $10.74 $8.89
Net investment income
 0.19 1   0.21   0.24 1 0.19 0.10 1
Net realized and unrealized gains (losses) on investments
 2.49   0.01   (0.01) 1.13 1.88
Total from investment operations
 2.68   0.22   0.23 1.32 1.98
Distributions to shareholders from              
Net investment income
 (0.19)   (0.21)   (0.29) (0.17) (0.13)
Net realized gains
 (0.01)   0.00   (0.35) 0.00 0.00
Total distributions to shareholders
 (0.20)   (0.21)   (0.64) (0.17) (0.13)
Net asset value, end of period
 $13.97   $11.49   $11.48 $11.89 $10.74
Total return
 23.41%   1.79%   2.32% 12.27% 22.38%
Ratios to average net assets (annualized)*              
Gross expenses
 1.32%   1.53%   2.42% 1.61% 2.31%
Net expenses
 0.50%   0.54%   0.54% 0.61% 0.72%
Net investment income
 1.59%   1.87%   2.06% 1.58% 0.98%
Supplemental data              
Portfolio turnover rate2
 87%   36%   39% 46% 21%
Net assets, end of period (000s omitted)
 $3,263   $3,623   $3,068 $4,267 $4,427
    
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 2019 0.18%
Year ended February 28, 2018 0.19%
Year ended February 28, 2017 0.17%
    
1 Calculated based upon average shares outstanding
2 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  153

Notes to financial statements
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Target Today Fund (“Target Today Fund”), Wells Fargo Target 2010 Fund (“Target 2010 Fund”), Wells Fargo Target 2015 Fund (“Target 2015 Fund”), Wells Fargo Target 2020 Fund (“Target 2020 Fund”), Wells Fargo Target 2025 Fund (“Target 2025 Fund”), Wells Fargo Target 2030 Fund (“Target 2030 Fund”), Wells Fargo Target 2035 Fund (“Target 2035 Fund”), Wells Fargo Target 2040 Fund (“Target 2040 Fund”), Wells Fargo Target 2045 Fund (“Target 2045 Fund”), Wells Fargo Target 2050 Fund (“Target 2050 Fund”), Wells Fargo Target 2055 Fund (“Target 2055 Fund”), and Wells Fargo Target 2060 Fund (“Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.
Each Fund is a fund-of-funds which seeks to achieve its investment objective by investing in multiple diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of each affiliated Master Portfolio are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.
On February 23, 2021, Wells Fargo & Company announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (“WFAM”) to GTCR LLC and Reverence Capital Partners, L.P. WFAM is the trade name used by the asset management businesses of Wells Fargo & Company and includes Wells Fargo Funds Management, LLC, the investment manager to each Fund, Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, both registered investment advisers providing sub-advisory services to certain funds, and Wells Fargo Funds Distributor, LLC, each Fund's principal underwriter. As part of the transaction, Wells Fargo & Company will own a 9.9% equity interest and will continue to serve as an important client and distribution partner. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
Consummation of the transaction will result in the automatic termination of each Fund's investment management agreement and sub-advisory agreement. Each Fund's Board of Trustees will be asked to approve new investment management arrangements with the new company. If approved by the Board, the new investment management arrangements with the new company will be presented to the shareholders of each Fund for approval, and, if approved by shareholders, would take effect upon the closing of the transaction. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.
Investments in the affiliated Master Portfolios are valued daily based on the Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions
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Notes to financial statements
or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Investment transactions, income and expenses
Investments in affiliated Master Portfolios are recorded on a trade date basis.
Each Fund records daily its proportionate share of each affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. Each Fund also accrues its own expenses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Distributions to shareholders
For each Fund (except Target Today Fund, Target 2010 Fund and Target 2015 Fund), distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. For Target Today Fund, Target 2010 Fund and Target 2015 Fund, distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of each Fund's fiscal year end. Therefore, a portion of each Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund's tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2021, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
  Tax cost Gross
unrealized
gains 		Gross
unrealized
losses 		Net
unrealized
gains
Target Today Fund $ 50,886,940 $ 8,084,487 $0 $ 8,084,487
Target 2010 Fund 33,456,247 20,411,261 0 20,411,261
Target 2015 Fund 42,029,474 11,468,309 0 11,468,309
Target 2020 Fund 258,934,241 51,930,398 0 51,930,398
Target 2025 Fund 171,999,033 23,272,975 0 23,272,975
Target 2030 Fund 414,615,544 75,712,892 0 75,712,892
Target 2035 Fund 167,601,226 29,604,553 0 29,604,553
Target 2040 Fund 386,119,496 79,331,368 0 79,331,368
Target 2045 Fund 76,802,160 14,368,992 0 14,368,992
Target 2050 Fund 176,739,146 37,658,028 0 37,658,028
Target 2055 Fund 23,442,873 3,517,985 0 3,517,985
Target 2060 Fund 24,150,869 4,822,998 0 4,822,998
Target Date Retirement Funds  |  155

Notes to financial statements
Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2021, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:
  Paid-in
capital 		Total distributable
earnings
Target Today Fund $ 4,166 $ (4,166)
Target 2010 Fund 4,314 (4,314)
Target 2015 Fund 4,711 (4,711)
Target 2020 Fund 24,161 (24,161)
Target 2025 Fund 13,269 (13,269)
Target 2030 Fund 30,666 (30,666)
Target 2035 Fund 6,250 (6,250)
Target 2040 Fund 9,604 (9,604)
Target 2045 Fund 1,561 (1,561)
Target 2050 Fund 6,179 (6,179)
Target 2055 Fund 951 (951)
Target 2060 Fund 556 (556)
Class allocations
The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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Notes to financial statements
3. FAIR VALUATION MEASUREMENTS
At February 28, 2021, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate fair value of affiliated Master Portfolios held in each Fund was as follows:
  Aggregate
fair value of affiliated
Master Portfolios
Target Today Fund $ 58,971,427
Target 2010 Fund 53,867,508
Target 2015 Fund 53,497,783
Target 2020 Fund 310,864,639
Target 2025 Fund 195,272,008
Target 2030 Fund 490,328,436
Target 2035 Fund 197,205,779
Target 2040 Fund 465,450,864
Target 2045 Fund 91,171,152
Target 2050 Fund 214,397,174
Target 2055 Fund 26,960,858
Target 2060 Fund 28,973,867
The investment objective of each affiliated Master Portfolio is as follows:
Affiliated Master Portfolio Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Seeks to replicate the total return of the Bloomberg Barclays U.S. ex-Corporate Index, before fees and expenses
Wells Fargo Emerging Markets Bond Portfolio Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced International Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio Seeks long-term capital appreciation
Wells Fargo High Yield Corporate Bond Portfolio Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Investment Grade Corporate Bond Portfolio Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses
Wells Fargo Strategic Retirement Bond Portfolio Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury inflation Notes:1-10 Year Index and 50% to the Bloomberg Barclays U.S. Government intermediate Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses
Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
Target Date Retirement Funds  |  157

Notes to financial statements
4. TRANSACTIONS WITH AFFILIATES
Management fee
Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:
Average daily net assets Management fee
First $5 billion 0.100%
Next $5 billion 0.090
Over $10 billion 0.080
For the year ended February 28, 2021, the management fee was equivalent to an annual rate of 0.10% of each Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to each Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase.
Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.
Administration fees
Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:
  Class-level
administration fee
Class A 0.21%
Class C 0.21
Class R 0.21
Class R4 0.08
Class R6 0.03
Administrator Class 0.13
Waivers and/or expense reimbursements
Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through June 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The contractual expense caps are as follows:
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Notes to financial statements
  Expense ratio caps
Class A 0.60%
Class C 1.35
Class R 0.85
Class R4 0.29
Class R6 0.14
Administrator Class 0.49
Prior to May 1, 2020, the Fund’s expenses were capped at 0.65% for Class A shares, 1.40% for Class C shares, 0.90% for Class R shares, 0.34% for Class R4 shares, 0.19% for Class R6 shares, and 0.54% for Administrator Class shares.
Distribution fees
The Trust has adopted a Distribution Plan for Class C and Class R shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.
In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended February 28, 2021, Funds Distributor received front-end sales charges and contingent deferred sales charges from the following Funds:
  Front-end
sales charges 		  Contingent deferred
sales charges
  Class A   Class C
Target Today Fund $ 38   $ 0
Target 2010 Fund 31   0
Target 2015 Fund 39   N/A
Target 2020 Fund 672   0
Target 2025 Fund 86   N/A
Target 2030 Fund 1,576   9
Target 2035 Fund 388   N/A
Target 2040 Fund 844   0
Target 2045 Fund 244   N/A
Target 2050 Fund 231   21
Target 2055 Fund 37   N/A
Target 2060 Fund 28   0
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.
Other transactions
On August 14, 2020, of each Fund received a payment from Funds Management in connection with resolving certain fee reimbursements.
Target Date Retirement Funds  |  159

Notes to financial statements
  Reimbursement amount
  Class A Class C Class R
Target Today Fund $ 0 $ 0 $232
Target 2010 Fund 0 0 230
Target 2015 Fund 0 N/A 235
Target 2020 Fund 916 0 372
Target 2025 Fund 547 N/A 397
Target 2030 Fund 2,838 0 321
Target 2040 Fund 2,292 0 337
Target 2045 Fund 850 N/A 363
Target 2050 Fund 716 17 396
Target 2055 Fund 0 N/A 293
Target 2060 Fund 0 1,316 897
5. INVESTMENT PORTFOLIO TRANSACTIONS
Each Fund seeks to achieve its investment objectives by investing some of its investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2021 were as follows:
  Purchases at cost   Sales proceeds
  U.S.
government 		Non-U.S.
government 		  U.S.
government 		Non-U.S.
government
Target Today Fund $ 26,858,662 $ 26,753,348   $ 23,211,911 $ 30,049,479
Target 2010 Fund 24,563,659 24,447,466   21,218,867 27,448,849
Target 2015 Fund 22,596,289 25,677,517   19,519,649 29,972,494
Target 2020 Fund 121,780,826 156,547,525   105,245,389 188,751,470
Target 2025 Fund 63,163,266 111,405,514   57,720,296 139,643,211
Target 2030 Fund 124,133,404 312,781,240   119,728,673 404,629,471
Target 2035 Fund 37,537,160 136,702,236   37,180,790 181,062,155
Target 2040 Fund 58,169,108 349,124,437   57,616,862 464,923,502
Target 2045 Fund 8,690,076 70,710,236   8,607,574 94,307,951
Target 2050 Fund 13,413,006 172,315,435   13,285,665 230,258,734
Target 2055 Fund 1,712,197 21,643,193   1,695,942 28,919,279
Target 2060 Fund 1,856,635 23,269,944   1,839,009 31,085,465
6. BANK BORROWINGS
The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
For the year ended February 28, 2021, there were no borrowings by each Fund under the agreement.
160  |  Target Date Retirement Funds

Notes to financial statements
7. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the years ended February 28, 2021 and February 29, 2020 were as follows:
  Ordinary income   Long-term capital gain
  2021 2020   2021 2020
Target Today Fund $ 1,492,281 $ 1,674,354   $ 1,742,702 $ 483,987
Target 2010 Fund 1,396,827 1,528,224   1,892,978 561,960
Target 2015 Fund 1,702,400 1,905,919   3,189,316 1,805,871
Target 2020 Fund 8,397,302 9,353,571   12,566,834 4,658,537
Target 2025 Fund 6,472,353 7,456,663   13,542,510 8,434,027
Target 2030 Fund 12,246,692 13,067,359   19,975,306 8,854,370
Target 2035 Fund 4,695,839 5,613,342   9,287,245 3,810,711
Target 2040 Fund 9,005,648 10,673,051   15,201,174 5,969,583
Target 2045 Fund 2,027,963 3,024,677   5,057,532 909,574
Target 2050 Fund 4,706,013 4,871,843   9,520,430 5,500,890
Target 2055 Fund 581,183 839,254   0 0
Target 2060 Fund 477,954 443,733   16,178 2,189
As of February 28, 2021, the components of distributable earnings on a tax basis were as follows:
  Undistributed
ordinary
income 		Undistributed
long-term
gain 		Unrealized
gains
Target Today Fund $ 530,998 $ 430,503 $ 8,084,487
Target 2010 Fund 504,188 406,661 20,411,261
Target 2015 Fund 586,247 515,240 11,468,309
Target 2020 Fund 3,599,101 3,101,778 51,930,398
Target 2025 Fund 2,798,859 2,373,363 23,272,975
Target 2030 Fund 7,830,590 5,971,511 75,712,892
Target 2035 Fund 3,514,200 2,642,365 29,604,553
Target 2040 Fund 8,654,672 6,652,884 79,331,368
Target 2045 Fund 1,893,455 1,430,440 14,368,992
Target 2050 Fund 4,553,546 3,320,438 37,658,028
Target 2055 Fund 343,565 537,399 3,517,985
Target 2060 Fund 428,882 386,640 4,822,998
8. INDEMNIFICATION
Under each Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to each Fund. Each Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under each Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, each Fund may enter into contracts with service providers that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated.
Target Date Retirement Funds  |  161

Notes to financial statements
9. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.
10. CORONAVIRUS (COVID-19) PANDEMIC
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
162  |  Target Date Retirement Funds

Report of independent registered public accounting firm
To the Shareholders of the Funds and Board of Trustees
Wells Fargo Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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, and Wells Fargo Target 2060 Fund (collectively, the Funds), twelve of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2021, by correspondence with the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 27, 2021
Target Date Retirement Funds  |  163

Other information (unaudited)
TAX INFORMATION
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2021:
  Dividends-received
deduction
Target Today Fund 10.38%
Target 2010 Fund 10.35
Target 2015 Fund 10.49
Target 2020 Fund 13.22
Target 2025 Fund 13.97
Target 2030 Fund 18.22
Target 2035 Fund 20.42
Target 2040 Fund 23.19
Target 2045 Fund 21.84
Target 2050 Fund 23.37
Target 2055 Fund 27.94
Target 2060 Fund 24.80
Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2021:
  20% rate gain
distribution
Target Today Fund $ 1,742,702
Target 2010 Fund 1,892,978
Target 2015 Fund 3,189,316
Target 2020 Fund 12,566,834
Target 2025 Fund 13,542,510
Target 2030 Fund 19,975,306
Target 2035 Fund 9,287,245
Target 2040 Fund 15,201,174
Target 2045 Fund 5,057,532
Target 2050 Fund 9,520,430
Target 2060 Fund 16,178
164  |  Target Date Retirement Funds

Other information (unaudited)
Pursuant to Section 854 of the Internal Revenue Code, the following amounts of income dividends paid during the fiscal year ended February 28, 2021 have been designated as qualified dividend income (QDI):
  QDI
Target Today Fund $ 268,076
Target 2010 Fund 251,215
Target 2015 Fund 316,718
Target 2020 Fund 1,998,634
Target 2025 Fund 1,677,532
Target 2030 Fund 4,269,678
Target 2035 Fund 1,875,228
Target 2040 Fund 4,160,956
Target 2045 Fund 890,209
Target 2050 Fund 2,226,550
Target 2055 Fund 326,638
Target 2060 Fund 239,944
For the fiscal year ended February 28, 2021, the following amounts have been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
  Interest-related
dividends
Target Today Fund $ 729,617
Target 2010 Fund 647,860
Target 2015 Fund 646,034
Target 2020 Fund 3,345,179
Target 2025 Fund 1,784,185
Target 2030 Fund 3,366,143
Target 2035 Fund 979,294
Target 2040 Fund 1,515,858
Target 2045 Fund 238,526
Target 2050 Fund 382,720
Target 2055 Fund 54,235
Target 2060 Fund 46,630
Target Date Retirement Funds  |  165

Other information (unaudited)
For the fiscal year ended February 28, 2021, the following amounts have been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
  Short-term capital
gain dividends
Target Today Fund $ 306,193
Target 2010 Fund 338,210
Target 2015 Fund 569,975
Target 2020 Fund 1,834,098
Target 2025 Fund 2,327,599
Target 2030 Fund 2,425,942
Target 2035 Fund 912,735
Target 2040 Fund 479,802
Target 2045 Fund 240,041
Target 2050 Fund 741,369
For the fiscal year ended February 28, 2021, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:
  % of U.S.
government
income
Target Today Fund 13.04%
Target 2010 Fund 12.31
Target 2015 Fund 10.00
Target 2020 Fund 10.58
Target 2025 Fund 6.90
Target 2030 Fund 6.65
Target 2035 Fund 4.88
Target 2040 Fund 3.91
Target 2045 Fund 2.69
Target 2050 Fund 1.84
Target 2055 Fund 2.19
Target 2060 Fund 2.21
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.
QUARTERLY PORTFOLIO HOLDINGS INFORMATION
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
166  |  Target Date Retirement Funds

Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth 		Position held and
length of service* 		Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
William R. Ebsworth
(Born 1957) 		Trustee,
since 2015 		Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. N/A
Jane A. Freeman
(Born 1953) 		Trustee,
since 2015;
Chair Liaison,
since 2018 		Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. N/A
Isaiah Harris, Jr.
(Born 1952) 		Trustee,
since 2009; Audit
Committee
Chair,
since 2019 		Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). CIGNA Corporation
Judith M. Johnson
(Born 1949) 		Trustee,
since 2008 		Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. N/A
David F. Larcker
(Born 1950) 		Trustee,
since 2009 		James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. N/A
Target Date Retirement Funds  |  167

Other information (unaudited)
Name and
year of birth 		Position held and
length of service* 		Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
Olivia S. Mitchell
(Born 1953) 		Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 		International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. N/A
Timothy J. Penny
(Born 1951) 		Trustee,
since 1996;
Chair,
since 2018 		President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. N/A
James G. Polisson
(Born 1959) 		Trustee,
since 2018 		Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. N/A
Pamela Wheelock
(Born 1959) 		Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 		Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. N/A
*  Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
168  |  Target Date Retirement Funds

Other information (unaudited)
Officers
Name and
year of birth 		Position held and
length of service 		Principal occupations during past five years or longer
Andrew Owen
(Born 1960) 		President,
since 2017 		Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma
(Born 1974) 		Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) 		Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee
(Born 1966) 		Chief Legal Officer,
since 2019 		Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy
(Born 1969) 		Secretary,
since 2019 		Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker
(Born 1967) 		Chief Compliance Officer,
since 2016 		Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
1  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.
Target Date Retirement Funds  |  169

Appendix I (unaudited)
On February 28, 2021, the Wells Fargo Target Blended Indexes were composed of the following indexes:
  Wells Fargo
Target
Today
Blended
Index 		Wells Fargo
Target
2010
Blended
Index 		Wells Fargo
Target
2015
Blended
Index
Bloomberg Barclays U.S. Aggregate ex-Corporate Index 34.49% 34.50% 32.03%
Bloomberg Barclays U.S. Government Intermediate Bond Index 5.83% 5.83% 5.42%
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index 5.83% 5.83% 5.42%
JP Morgan EMBI Global Diversified Index 2.94% 2.94% 2.73%
MSCI Emerging Markets Index (Net) (USD) 1.82% 1.82% 2.27%
MSCI USA Minimum Volatility Index (Net) (USD) 5.00% 5.00% 4.00%
MSCI World ex USA Index (Net) (USD) 6.06% 6.06% 7.57%
Russell 1000® Index 11.71% 11.71% 14.60%
Russell 2000® Index 2.92% 2.92% 3.65%
Wells Fargo U.S. High Yield Bond Index 2.95% 2.94% 2.73%
Wells Fargo U.S. Investment Grade Corporate Bond Index 17.95% 17.95% 16.66%
Wells Fargo U.S. REIT Index 2.50% 2.50% 2.92%
Average annual total returns (%) as of February 28, 2021
  1 year 5 year 10 year
Bloomberg Barclays U.S. Aggregate ex-Corporate Index1* 0.66 2.74 –
Bloomberg Barclays U.S. Government Intermediate Bond Index2 1.5 2.25 2.34
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index3 5.97 3.67 2.71
JP Morgan EMBI Global Diversified Index4 0.91 5.94 5.86
MSCI Emerging Markets Index (Net)(USD)5 36.05 15.24 4.41
MSCI USA Minimum Volatility Index (Net) (USD)6 8.38 11.26 11.89
MSCI World ex USA Index (Net) (USD)7 22.15 9.81 4.73
Russell 1000® Index8 34.28 17.37 13.58
Russell 2000® Index9 51 17.92 11.86
Wells Fargo U.S. High Yield Bond Index10** 10.15 – –
Wells Fargo U.S. Investment Grade Corporate Bond Index11** 2.6 – –
Wells Fargo U.S. REIT Index12*** 4.39 – –
* The inception date of the index is December 2015.
** The inception date of the index is April 2017.
*** The inception date is March 2017.
1 The Bloomberg Barclays U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index.
2 The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.
3 Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index.
4 The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index.
170  |  Target Date Retirement Funds

Appendix I (unaudited)
Wells Fargo
Target
2020
Blended
Index 		Wells Fargo
Target
2025
Blended
Index 		Wells Fargo
Target
2030
Blended
Index 		Wells Fargo
Target
2035
Blended
Index 		Wells Fargo
Target
2040
Blended
Index 		Wells Fargo
Target
2045
Blended
Index 		Wells Fargo
Target
2050
Blended
Index 		Wells Fargo
Target
2055
Blended
Index 		Wells Fargo
Target
2060
Blended
Index
29.56% 26.64% 22.87% 17.76% 11.84% 8.87% 5.92% 5.92% 5.92%
5.00% 2.50% 0.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 2.50% 0.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.52% 2.25% 1.92% 1.50% 1.00% 0.75% 0.50% 0.50% 0.50%
2.72% 3.78% 4.96% 6.09% 7.20% 7.74% 8.28% 8.28% 8.28%
3.00% 2.00% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9.07% 12.60% 16.52% 20.51% 24.00% 25.84% 27.72% 27.72% 27.72%
17.52% 23.28% 29.24% 34.72% 39.04% 41.14% 43.20% 43.20% 43.20%
4.37% 5.84% 7.31% 8.68% 9.76% 10.29% 10.80% 10.80% 10.80%
2.52% 2.25% 1.92% 1.50% 1.00% 0.75% 0.50% 0.50% 0.50%
15.39% 13.86% 11.92% 9.24% 6.16% 4.62% 3.08% 3.08% 3.08%
3.33% 2.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
6 The MSCI USA Minimum Volatility Index (Net) (USD) aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). You cannot invest directly in an index.
7 The MSCI World ex USA Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. You cannot invest directly in an index.
8 The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
9 The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
10 The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar-denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index.
11 The Wells Fargo U.S. Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar-denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index.
12 The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT stock that satisfy specified market capitalization and other eligibility requirements. You cannot invest directly in an index.
Target Date Retirement Funds  |  171

For more information
More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds' website, or call:
Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: wfam.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds' website at wfam.com. Read the prospectus carefully before you invest or send money.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
 INVESTMENT PRODUCTS: NOT FDIC INSURED  ■  NO BANK GUARANTEE  ■  MAY LOSE VALUE 
© 2021 Wells Fargo & Company. All rights reserved.
PAR-0321-00284 04-21
AOUTLD/AR003 02-21

Annual Report
February 28, 2021
Target Date Retirement Funds
■ Wells Fargo Dynamic Target Today Fund
■ Wells Fargo Dynamic Target 2015 Fund
■ Wells Fargo Dynamic Target 2020 Fund
■ Wells Fargo Dynamic Target 2025 Fund
■ Wells Fargo Dynamic Target 2030 Fund
■ Wells Fargo Dynamic Target 2035 Fund
■ Wells Fargo Dynamic Target 2040 Fund
■ Wells Fargo Dynamic Target 2045 Fund
■ Wells Fargo Dynamic Target 2050 Fund
■ Wells Fargo Dynamic Target 2055 Fund
■ Wells Fargo Dynamic Target 2060 Fund

Contents
 2
Performance highlights  
7
10
13
16
19
22
24
26
28
30
32
37
Portfolio of investments  
42
44
46
48
50
52
54
56
58
60
62
 
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The views expressed and any forward-looking statements are as of February 28, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Wells Fargo Asset Management. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
 INVESTMENT PRODUCTS: NOT FDIC INSURED  ■  NO BANK GUARANTEE  ■  MAY LOSE VALUE 
Target Date Retirement Funds  |  1

Letter to shareholders (unaudited)
Andrew Owen
President
Wells Fargo Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Wells Fargo Dynamic Target Date Funds for the 12-month period that ended February 28, 2021. Despite the initial challenges presented by the spread of COVID-19 cases and the business restrictions implemented throughout much of the world, global stocks showed robust returns, supported by global stimulus programs, a rapid vaccination rollout, and a recovering consumer and corporate sentiment. Bond markets also produced positive returns, as investors searched for yield and diversification during difficult market stretches.
For the 12-month period, equities had robust returns, as policy-makers continued to fight the effects of the COVID-19 pandemic. Emerging market stocks led both U.S. and non-U.S. developed market stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index1, gained 31.29%. International stocks, as measured by the MSCI ACWI ex USA Index (Net)2, returned 26.18%, while the MSCI EM Index (Net)3, had stronger performance, with a 36.05% gain. Among bond indexes, the Bloomberg Barclays U.S. Aggregate Bond Index4 returned 1.38%, the Bloomberg Barclays Global Aggregate ex-USD Index (unhedged)5 gained 6.28%, and the Bloomberg Barclays Municipal Bond Index6 returned 1.06% while the ICE BofA U.S. High Yield Index7 returned 8.62%.
The COVID-19 lockdown began almost a year ago.
The global spread of COVID-19 led country after country to clamp down on social- and business-related activity in order to contain the virus. This sent economies into a deep contraction. Central banks responded by slashing interest rates and expanding quantitative easing programs to restore liquidity and market confidence. The U.S. Federal Reserve (Fed) launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase aggrements. Meanwhile, stock markets tumbled, ending the longest bull stock market in U.S. history.
Markets rebounded strongly through the spring, fueled by unprecedented government and central bank stimulus measures in the U.S. and globally. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real gross domestic product (GDP) shrank 3.8%. China’s first-quarter GDP fell by 6.8% year over year. Extreme oil-price volatility continued as global supply far exceeded demand.
“Markets rebounded strongly through the spring, fueled by unprecedented government and central bank stimulus measures in the U.S. and globally.”
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
4 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
5 The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
6 The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.
2  |  Target Date Retirement Funds

Letter to shareholders (unaudited)
In May, investors regained confidence on reports of early success in human trials of a COVID-19 vaccine. Growth stocks outperformed value, while returns on global government bonds were flat. However, in the U.S., the April unemployment rate rose to 14.7%, its highest level since World War II. Purchasing Managers’ Indexes (PMIs), a monthly survey of purchasing managers, reflected broadly weakening activity in May. U.S. corporate earnings contracted 14% year over year from the first quarter of 2019. However, high demand for information technology (IT), driven by remote activity, supported robust IT sector earnings, which helped drive IT stocks higher.
By June, economies reopened and global central banks committed to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits that lasted through July. However, unemployment remained historically high and COVID-19 cases began to increase by late June. China’s economic recovery began to pick up momentum.
July was broadly positive for equities and fixed income. However, economic data and a resurgence of COVID-19 cases underscored the urgent need to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China’s second-quarter GDP grew 3.2% year over year. The U.S. economy added 1.8 million jobs in July, but a double-digit jobless rate persisted.
The stock market continued to rally in August despite concerns over rising numbers of U.S. and European COVID-19 cases as well as the expiration of the $600 weekly bonus unemployment benefit in July. Relatively strong second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a monetary policy shift expected to support longer-term low interest rates. U.S. manufacturing and services activity indexes beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.
Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, U.S. unemployment remained elevated at 7.9% in September. With U.S. Congress delaying further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks weighed on markets. China’s economy picked up steam, fueled by increased global demand.
In October, capital markets stepped back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe introduced tighter restrictions affecting economic activity. U.S. markets looked favorably at the prospect of Democratic control of the federal purse strings, which could lead to additional fiscal stimulus and a boost to economic activity. Meanwhile, China reported 4.9% third-quarter GDP growth.
Global stocks rallied in November, propelled by optimism over three promising COVID-19 vaccines. Reversing recent trends, value stocks outperformed growth stocks and cyclical stocks outpaced IT stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The eurozone services PMI contracted sharply while the region’s manufacturing activity grew. The U.S. election results added to the upbeat mood as investors anticipated more consistent policies in the new administration.
Financial markets ended the year with strength on high expectations for a rapid rollout of the COVID-19 vaccines, the successful passage of a $900 billion stimulus package, and rising expectations of additional economic support from a Democratic-led Congress. U.S. economic data were mixed with still-elevated unemployment and weak retail sales but growth in manufacturing output. In contrast, China’s economic expansion continued in both manufacturing and nonmanufacturing. U.S. COVID-19 infection rates continued to rise even as new state and local lockdown measures were implemented.
Target Date Retirement Funds  |  3

Letter to shareholders (unaudited)
“February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy.”
The year 2021 began with emerging market stocks leading all major asset classes in January, driven by China’s strong economic growth and a broad recovery in corporate earnings, which propelled China’s stock market higher. In the United States, positive news on vaccine trials and January expansion in both the manufacturing and services sectors was offset by a weak December monthly jobs report. This was compounded by technical factors as some hedge funds were forced to sell stocks to protect themselves against a well-publicized short squeeze coordinated by a group of retail investors. Eurozone sentiment and economic growth were particularly weak, reflecting the impact of a new lockdown with stricter social distancing along with a slow vaccine rollout.
February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy. Most S&P 500 companies reported better-than-expected earnings, with positive surprises coming from the financial, IT, health care, and materials sectors. Japan saw its economy strengthen as a result of strong export numbers. Meanwhile, crude oil prices continued their climb, rising more than 25% for the year. Domestic government bonds experienced a sharp sell-off in late February as markets priced in a more robust economic recovery and higher future growth and inflation expectations.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Wells Fargo Funds
For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.
4  |  Target Date Retirement Funds

Letter to shareholders (unaudited)
Preparing for LIBOR Transition
The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021 (extended through June 30, 2023 for most tenors of the U.S. dollar LIBOR), which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.
Each Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by each Fund.
Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. Each Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.
While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.
Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Funds' Statement of Additional Information.
Target Date Retirement Funds  |  5

Wells Fargo Dynamic Target Date Funds
Investment objective
Each Fund seeks total return over time, consistent with its strategic target allocation.
Manager
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
Kandarp R. Acharya, CFA®‡, FRM
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by each Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on each Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Funds will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, regulatory risk, and smaller-company investment risk. Consult the Funds’ prospectus for additional information on these and other risks.
‡ CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
6  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target Today Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDYAX) 11-30-2015 5.03 6.65 5.49   11.47 7.92 6.68   3.44 0.68
Class C (WDYCX) 11-30-2015 11.31 7.43 6.19   12.31 7.43 6.19   4.19 1.43
Class R4 (WDYYX) 11-30-2015 – – –   11.81 8.27 7.02   3.16 0.37
Class R6 (WDYZX) 11-30-2015 – – –   11.96 8.43 7.17   3.01 0.22
S&P Target Date Retirement Income Index3 – – – –   10.19 6.56 5.94 *   – –
Wells Fargo Dynamic Target Today Blended Index4 – – – –   12.15 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  7

Performance highlights (unaudited)
Wells Fargo Dynamic Target Today Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date Retirement Income Index and the Wells Fargo Target Today Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 29.35
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 19.18
Wells Fargo Investment Grade Corporate Bond Portfolio 15.31
Wells Fargo Strategic Retirement Bond Portfolio 9.94
Wells Fargo Factor Enhanced International Equity Portfolio 9.85
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 4.84
Wells Fargo U.S. REIT Portfolio 3.44
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 2.87
Wells Fargo High Yield Corporate Bond Portfolio 2.53
Wells Fargo Emerging Markets Bond Portfolio 2.47
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 60 60
Stock Funds 40 40
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
8  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target Today Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 1.07 6.92 0.97
Class C 1.09 7.06 0.95
Class R4 1.07 6.91 0.97
Class R6 1.08 6.94 0.97
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  9

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2015 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDTAX) 11-30-2015 6.50 7.73 6.18   12.95 9.01 7.39   3.63 0.68
Class C (WDTCX) 11-30-2015 12.78 8.52 6.89   13.78 8.52 6.89   4.38 1.43
Class R4 (WDTYX) 11-30-2015 – – –   13.27 9.32 7.71   3.35 0.37
Class R6 (WDTZX) 11-30-2015 – – –   13.41 9.50 7.88   3.20 0.22
S&P Target Date 2015 Index3 – – – –   13.64 8.31 7.20 *   – –
Wells Fargo Dynamic Target 2015 Blended Index4 – – – –   14.30 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
10  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2015 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2015 Index and the Wells Fargo Dynamic Target 2015 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 25.71
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 22.78
Wells Fargo Investment Grade Corporate Bond Portfolio 13.43
Wells Fargo Factor Enhanced International Equity Portfolio 11.77
Wells Fargo Strategic Retirement Bond Portfolio 8.71
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 5.76
Wells Fargo U.S. REIT Portfolio 4.08
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 3.41
Wells Fargo High Yield Corporate Bond Portfolio 2.22
Wells Fargo Emerging Markets Bond Portfolio 2.17
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 52 52
Stock Funds 48 48
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  11

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2015 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 1.00 8.33 0.98
Class C 1.01 8.43 0.97
Class R4 0.99 8.26 0.98
Class R6 1.00 8.34 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
12  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2020 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDTDX) 11-30-2015 8.38 8.58 6.88   15.03 9.87 8.09   3.32 0.68
Class C (WDTEX) 11-30-2015 14.52 9.31 7.53   15.52 9.31 7.53   4.07 1.43
Class R4 (WDTGX) 11-30-2015 – – –   15.32 10.18 8.41   3.04 0.37
Class R6 (WDTHX) 11-30-2015 – – –   15.58 10.35 8.57   2.89 0.22
S&P Target Date 2020 Index3 – – – –   14.57 8.99 7.67 *   – –
Wells Fargo Dynamic Target 2020 Blended Index4 – – – –   16.36 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.14% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  13

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2020 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2020 Index and the Wells Fargo Dynamic Target 2020 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 26.08
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 22.11
Wells Fargo Factor Enhanced International Equity Portfolio 13.46
Wells Fargo Investment Grade Corporate Bond Portfolio 11.56
Wells Fargo Strategic Retirement Bond Portfolio 7.48
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 6.59
Wells Fargo U.S. REIT Portfolio 4.71
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 3.88
Wells Fargo High Yield Corporate Bond Portfolio 1.90
Wells Fargo Emerging Markets Bond Portfolio 1.87
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 45 45
Stock Funds 55 55
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
14  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2020 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 1.01 9.29 0.98
Class C 1.01 9.39 0.97
Class R4 1.01 9.31 0.98
Class R6 1.01 9.30 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  15

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2025 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDTIX) 11-30-2015 12.02 9.54 7.62   18.83 10.85 8.85   2.71 0.68
Class C (WDTJX) 11-30-2015 18.55 10.32 8.31   19.55 10.32 8.31   3.46 1.43
Class R4 (WDTLX) 11-30-2015 – – –   19.18 11.16 9.16   2.43 0.37
Class R6 (WDTMX) 11-30-2015 – – –   19.33 11.34 9.33   2.28 0.22
S&P Target Date 2025 Index3 – – – –   17.57 10.02 8.49 *   – –
Wells Fargo Dynamic Target 2025 Blended Index4 – – – –   19.29 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.14% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
16  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2025 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2025 Index and the Wells Fargo Dynamic Target 2025 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 31.83
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 18.52
Wells Fargo Factor Enhanced International Equity Portfolio 17.10
Wells Fargo Investment Grade Corporate Bond Portfolio 9.65
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 8.11
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 4.99
Wells Fargo Strategic Retirement Bond Portfolio 3.51
Wells Fargo U.S. REIT Portfolio 3.35
Wells Fargo High Yield Corporate Bond Portfolio 1.57
Wells Fargo Emerging Markets Bond Portfolio 1.55
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 35 35
Stock Funds 65 65
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  17

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2025 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.98 10.71 0.98
Class C 0.99 10.85 0.97
Class R4 0.97 10.65 0.98
Class R6 0.97 10.67 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
18  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2030 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDTNX) 11-30-2015 15.23 10.58 8.46   22.30 11.90 9.69   2.96 0.68
Class C (WDTOX) 11-30-2015 21.95 11.31 9.11   22.95 11.31 9.11   3.71 1.43
Class R4 (WDTQX) 11-30-2015 – – –   22.70 12.23 10.01   2.68 0.37
Class R6 (WDTSX) 11-30-2015 – – –   22.85 12.41 10.18   2.53 0.22
S&P Target Date 2030 Index3 – – – –   20.39 10.94 9.21 *   – –
Wells Fargo Dynamic Target 2030 Blended Index4 – – – –   22.13 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
Target Date Retirement Funds  |  19

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2030 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2030 Index and the Wells Fargo Dynamic Target 2030 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Ten largest holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 37.49
Wells Fargo Factor Enhanced International Equity Portfolio 21.02
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 14.18
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 9.30
Wells Fargo Investment Grade Corporate Bond Portfolio 7.41
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 6.10
Wells Fargo U.S. REIT Portfolio 1.29
Wells Fargo High Yield Corporate Bond Portfolio 1.20
Wells Fargo Emerging Markets Bond Portfolio 1.18
Wells Fargo Strategic Retirement Bond Portfolio 0.83
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 25 25
Stock Funds 75 75
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
20  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2030 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.93 11.83 0.98
Class C 0.93 11.93 0.97
Class R4 0.93 11.85 0.98
Class R6 0.93 11.82 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
Target Date Retirement Funds  |  21

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2035 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WDTTX) 11-30-2015 17.27 11.32 9.02   24.45 12.65 10.26   3.09 0.68
Class C (WDCTX) 11-30-2015 24.39 12.12 9.74   25.39 12.12 9.74   3.84 1.43
Class R4 (WDTVX) 11-30-2015 – – –   24.82 12.98 10.58   2.81 0.37
Class R6 (WDTWX) 11-30-2015 – – –   25.09 13.13 10.75   2.66 0.22
S&P Target Date 2035 Index3 – – – –   23.52 11.86 9.95 *   – –
Wells Fargo Dynamic Target 2035 Blended Index4 – – – –   23.66 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
22  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2035 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2035 Index and the Wells Fargo Dynamic Target 2035 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 39.83
Wells Fargo Factor Enhanced International Equity Portfolio 23.41
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 11.85
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.00
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 6.74
Wells Fargo Investment Grade Corporate Bond Portfolio 6.19
Wells Fargo High Yield Corporate Bond Portfolio 1.01
Wells Fargo Emerging Markets Bond Portfolio 0.99
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 20 20
Stock Funds 80 80
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.86 12.52 0.97
Class C 0.87 12.66 0.97
Class R4 0.86 12.53 0.97
Class R6 0.86 12.46 0.97
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
 
Target Date Retirement Funds  |  23

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2040 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WTDAX) 11-30-2015 17.47 11.39 9.06   24.64 12.73 10.29   3.59 0.68
Class C (WTDCX) 11-30-2015 24.52 12.23 9.78   25.52 12.23 9.78   4.34 1.43
Class R4 (WTDEX) 11-30-2015 – – –   24.98 13.07 10.62   3.31 0.37
Class R6 (WTDFX) 11-30-2015 – – –   25.12 13.25 10.79   3.16 0.22
S&P Target Date 2040 Index3 – – – –   25.71 12.52 10.46 *   – –
Wells Fargo Dynamic Target 2040 Blended Index4 – – – –   24.97 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
24  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2040 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2040 Index and the Wells Fargo Dynamic Target 2040 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 41.61
Wells Fargo Factor Enhanced International Equity Portfolio 25.39
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 10.51
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 8.86
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 7.40
Wells Fargo Investment Grade Corporate Bond Portfolio 4.63
Wells Fargo High Yield Corporate Bond Portfolio 0.76
Wells Fargo Emerging Markets Bond Portfolio 0.74
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 15 15
Stock Funds 85 85
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.84 13.20 0.98
Class C 0.85 13.37 0.97
Class R4 0.84 13.19 0.98
Class R6 0.84 13.21 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
 
Target Date Retirement Funds  |  25

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2045 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WTDGX) 11-30-2015 19.14 11.62 9.27   26.37 12.96 10.51   3.61 0.68
Class C (WTDHX) 11-30-2015 26.23 12.44 9.97   27.23 12.44 9.97   4.36 1.43
Class R4 (WTDJX) 11-30-2015 – – –   26.80 13.30 10.83   3.33 0.37
Class R6 (WTDKX) 11-30-2015 – – –   26.94 13.47 11.00   3.18 0.22
S&P Target Date 2045 Index3 – – – –   26.95 12.92 10.76 *   – –
Wells Fargo Dynamic Target 2045 Blended Index4 – – – –   26.30 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
26  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2045 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2045 Index and the Wells Fargo Dynamic Target 2045 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 43.52
Wells Fargo Factor Enhanced International Equity Portfolio 27.10
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 11.12
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 7.93
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 6.04
Wells Fargo Investment Grade Corporate Bond Portfolio 3.14
Wells Fargo High Yield Corporate Bond Portfolio 0.51
Wells Fargo Emerging Markets Bond Portfolio 0.50
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 10 10
Stock Funds 90 90
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.87 14.11 0.98
Class C 0.87 14.26 0.97
Class R4 0.86 14.08 0.98
Class R6 0.86 14.05 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
 
Target Date Retirement Funds  |  27

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2050 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WTDLX) 11-30-2015 20.23 11.68 9.31   27.59 13.02 10.55   3.68 0.68
Class C (WTDMX) 11-30-2015 27.40 12.51 10.03   28.40 12.51 10.03   4.43 1.43
Class R4 (WTDOX) 11-30-2015 – – –   27.95 13.35 10.88   3.40 0.37
Class R6 (WTDPX) 11-30-2015 – – –   28.09 13.53 11.05   3.25 0.22
S&P Target Date 2050 Index3 – – – –   27.68 13.23 10.97 *   – –
Wells Fargo Dynamic Target 2050 Blended Index4 – – – –   27.40 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
28  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2050 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance of Class A shares since inception with the S&P Target Date 2050 Index and the Wells Fargo Dynamic Target 2050 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 45.65
Wells Fargo Factor Enhanced International Equity Portfolio 29.24
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 11.63
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.43
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.05
Wells Fargo Investment Grade Corporate Bond Portfolio 1.59
Wells Fargo High Yield Bond Portfolio 0.25
Wells Fargo Emerging Markets Bond Portfolio 0.25
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 5 5
Stock Funds 95 95
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.88 14.60 0.98
Class C 0.88 14.75 0.97
Class R4 0.88 14.59 0.98
Class R6 0.88 14.61 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
 
Target Date Retirement Funds  |  29

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2055 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WTDQX) 11-30-2015 20.64 11.74 9.39   28.00 13.08 10.63   3.84 0.68
Class C (WTDRX) 11-30-2015 27.94 12.57 10.11   28.94 12.57 10.11   4.59 1.43
Class R4 (WTDTX) 11-30-2015 – – –   28.45 13.43 10.96   3.56 0.37
Class R6 (WTDUX) 11-30-2015 – – –   28.62 13.58 11.12   3.41 0.22
S&P Target Date 2055 Index3 – – – –   27.92 13.39 11.07 *   – –
Wells Fargo Dynamic Target 2055 Blended Index4 – – – –   27.40 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
30  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2055 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance Class A shares since inception with the S&P Target Date 2055 Index and the Wells Fargo Dynamic Target 2055 Blended Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 45.59
Wells Fargo Factor Enhanced International Equity Portfolio 29.21
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 11.63
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.46
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.04
Wells Fargo Investment Grade Corporate Bond Portfolio 1.58
Wells Fargo High Yield Bond Portfolio 0.26
Wells Fargo Emerging Markets Bond Portfolio 0.25
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 5 5
Stock Funds 95 95
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.87 14.60 0.98
Class C 0.88 14.80 0.97
Class R4 0.87 14.58 0.98
Class R6 0.87 14.61 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
 
Target Date Retirement Funds  |  31

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2060 Fund
Average annual total returns (%) as of February 28, 2021  
    Including sales charge   Excluding sales charge   Expense ratios1 (%)
  Inception date 1 year 5 year Since
inception 		  1 year 5 year Since
inception 		  Gross Net 2
Class A (WTDVX) 11-30-2015 20.01 11.65 9.32   27.34 12.98 10.56   3.67 0.68
Class C (WTDWX) 11-30-2015 27.36 12.47 10.05   28.36 12.47 10.05   4.42 1.43
Class R4 (WTDZX) 11-30-2015 – – –   27.76 13.32 10.90   3.39 0.37
Class R6 (WTSZX) 11-30-2015 – – –   28.03 13.49 11.07   3.24 0.22
S&P Target Date 2055 Index3 – – – –   27.92 13.39 11.07 *   – –
S&P Target Date 2060+ Index**,3 – – – –   28.08 – –   – –
Wells Fargo Dynamic Target 2060 Blended Index4 – – – –   27.40 – –   – –
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
* Based on the inception date of the oldest Fund class.
** The inception date of the index is May 31, 2016.
1 Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% in acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.
2 The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4, and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3 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.
4 Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended 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. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index.
32  |  Target Date Retirement Funds

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2060 Fund (continued)
Growth of $10,000 investment as of February 28, 20211
1 The chart compares the performance Class A shares since inception with the S&P Target Date 2060+ Index and the Wells Fargo Dynamic Target 2060 Blended Index. The performance shown for the S&P Target Date 2060+ Index represents the returns of the S&P Target Date 2055 Index from 11/30/2015 to 5/30/2016 and the S&P Target Date 2060+ Index from 5/31/2016 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.
2 The inception date of the index is September 21, 2018.
Holdings (%) as of February 28, 20211
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 45.57
Wells Fargo Factor Enhanced International Equity Portfolio 29.20
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 11.64
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 8.45
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 3.03
Wells Fargo Investment Grade Corporate Bond Portfolio 1.57
Wells Fargo High Yield Bond Portfolio 0.25
Wells Fargo Emerging Markets Bond Portfolio 0.25
Wells Fargo U.S. REIT Portfolio 0.10
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
    
Allocation (%) as of February 28, 2021
  Neutral
allocation 		Effective
allocation1
Bond Funds 5 5
Stock Funds 95 95
1 The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified.
    
 
Target Date Retirement Funds  |  33

Performance highlights (unaudited)
Wells Fargo Dynamic Target 2060 Fund (continued)
Volatility metrics as of February 28, 20211
  Beta 2 Standard
deviation3 		R-squared 4
Class A 0.86 14.59 0.98
Class C 0.87 14.76 0.97
Class R4 0.87 14.60 0.98
Class R6 0.86 14.58 0.98
    
1 These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2060+ Index over 36 months.
2 Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results.
3 Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results.
4 R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results.
34  |  Target Date Retirement Funds

Performance highlights (unaudited)
MANAGER’S DISCUSSION
Fund highlights
The Wells Fargo Dynamic Target Date Funds seek to manage the asset allocation and risk profile of multi-asset-class funds for investors as they save for their target retirement date. The strategic asset allocations are designed to provide high levels of diversification across equity and fixed-income investments. Our approach to portfolio construction helps investors make more aggressive allocations when they may be most beneficial while managing risks during bear markets through diversification.
The portfolio management team employs three levers as it seeks to manage investment risk.
The Dynamic Target Date Funds’ portfolio management team incorporates three levers as it seeks to manage investment risk over each Fund’s investment time horizon: tactical asset allocation, volatility management, and tail risk management. Tactical asset allocation, as a futures overlay, uses timely shifts toward assets with higher expected returns and is driven by the market outlook of the Wells Fargo Multi-Asset Solutions team. Volatility management reduces exposure to risk assets in high-volatility markets and adds risk assets in low-volatility markets. Tail risk management uses institutional hedging techniques to mitigate risk during severe market downturns when a portfolio’s value falls to a specific level. Together, volatility management and tail risk management comprise the Funds’ dynamic risk-hedging (DRH) strategy.
Global equity markets rose sharply during the 12-month period.
Equity markets rose sharply during the 12-month period, despite the sharp sell-off in the first quarter of 2020. Mounting fears of the rapid spread of COVID-19 and the economic impact of U.S. and global shutdowns sent markets reeling in February and March 2020. In fact, markets experienced their fastest bear market in history. The subsequent recovery, which picked up steam in the second quarter of 2020, was just as remarkable. After a miserable first quarter, equity markets posted their strongest second-quarter gains in more than 20 years. During the period as a whole, global equities, as measured by the MSCI ACWI (Net)1, rose by 30.25%, while the U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index2, gained 1.38%.
For the 12-month period that ended February 28, 2021, each Wells Fargo Dynamic Target Date Fund posted positive returns. The longer-dated Funds generated higher absolute returns due to their higher allocations to equities. Eleven funds, each offering four share classes, including two classes with sales charges, comprise the Dynamic Target Date Fund series. In general, the benchmark-relative performance tended to be higher for the near-dated Funds, as those Funds have higher strategic allocations to equities relative to their respective benchmarks. As a whole, the Funds’ underlying style selection detracted from benchmark-relative performance. The Factor Enhanced U.S. Large Cap, Factor Enhanced U.S. Small Cap, and Factor Enhanced Emerging Markets Equity portfolios trailed their broad market indexes, while the Factor Enhanced International Equity portfolio outperformed its benchmark.
Over the period, tactical asset allocation activities executed within the Funds contributed to relative performance. The largest contributor to performance was a long S&P 500 Index3 futures position, which was initiated in mid-March 2020 amid the height of the COVID-19-induced sell-off. The team held the position until July 2020, when it was sold at a handsome profit. The DRH overlay strategy, on the other hand, detracted from performance during the period. Although the tail risk management strategy contributed to the performance of the Funds, it was offset by the negative impact from the volatility management strategy.
Outlook
2021 is a year of second chances. Going into 2020, trailing earnings for companies in the S&P 500 Index were around $157 billion. We think corporate America should be able to earn that back. Also going into 2020, there was hope of a synchronized global recovery after the fallout from the U.S.-China trade war. Now there is hope of a synchronized global recovery with the help of the COVID-19 vaccine. The difference is that while in 2020 we were starting very late in the cycle, we are now starting with synchronized growth and a brand new cycle in front of us.
1 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.
2 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
1 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
Target Date Retirement Funds  |  35

Performance highlights (unaudited)
MANAGER’S DISCUSSION (continued)
Indicators are pointing to a decent first quarter, but the rebound is likely to be uneven with the U.S. and emerging markets advancing faster than Europe and Japan and manufacturing maintaining momentum while services struggle to get some footing. Breakeven inflation rates and yields have risen sharply this year. Inflation uncertainty is high, but the consensus seems to be revising growth expectations upward from a modest recovery to something much more robust.
We will continue to monitor the situation carefully and stand ready to adjust exposures as needed.
36  |  Target Date Retirement Funds

Fund expenses (unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2020 to February 28, 2021.
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Dynamic Target Today Fund        
Class A        
Actual $1,000.00 $1,049.38 $3.40 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.47 $3.36 0.67%
Class C        
Actual $1,000.00 $1,045.84 $7.25 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,051.71 $1.88 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,052.25 $1.12 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  37

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Dynamic Target 2015 Fund        
Class A        
Actual $1,000.00 $1,062.10 $3.27 0.64%
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 $3.21 0.64%
Class C        
Actual $1,000.00 $1,058.05 $7.30 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,064.12 $1.89 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,064.61 $1.13 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2020 Fund        
Class A        
Actual $1,000.00 $1,075.95 $3.35 0.65%
Hypothetical (5% return before expenses) $1,000.00 $1,021.57 $3.26 0.65%
Class C        
Actual $1,000.00 $1,071.76 $7.35 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,077.14 $1.91 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,078.59 $1.13 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2025 Fund        
Class A        
Actual $1,000.00 $1,089.48 $3.32 0.64%
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 $3.21 0.64%
Class C        
Actual $1,000.00 $1,085.39 $7.39 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,091.30 $1.92 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,091.76 $1.14 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
38  |  Target Date Retirement Funds

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Dynamic Target 2030 Fund        
Class A        
Actual $1,000.00 $1,105.95 $3.50 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.47 $3.36 0.67%
Class C        
Actual $1,000.00 $1,101.77 $7.45 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,107.33 $1.93 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,107.78 $1.15 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2035 Fund        
Class A        
Actual $1,000.00 $1,114.66 $3.46 0.66%
Hypothetical (5% return before expenses) $1,000.00 $1,021.52 $3.31 0.66%
Class C        
Actual $1,000.00 $1,110.77 $7.48 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,115.72 $1.94 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,117.11 $1.15 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2040 Fund        
Class A        
Actual $1,000.00 $1,121.99 $3.53 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.47 $3.36 0.67%
Class C        
Actual $1,000.00 $1,117.33 $7.51 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,122.93 $1.95 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,123.29 $1.16 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  39

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Dynamic Target 2045 Fund        
Class A        
Actual $1,000.00 $1,128.99 $3.48 0.66%
Hypothetical (5% return before expenses) $1,000.00 $1,021.52 $3.31 0.66%
Class C        
Actual $1,000.00 $1,124.75 $7.53 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,130.49 $1.95 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,130.83 $1.16 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2050 Fund        
Class A        
Actual $1,000.00 $1,141.05 $3.50 0.66%
Hypothetical (5% return before expenses) $1,000.00 $1,021.52 $3.31 0.66%
Class C        
Actual $1,000.00 $1,136.97 $7.58 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,142.67 $1.97 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,142.99 $1.17 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
Dynamic Target 2055 Fund        
Class A        
Actual $1,000.00 $1,140.69 $3.56 0.67%
Hypothetical (5% return before expenses) $1,000.00 $1,021.47 $3.36 0.67%
Class C        
Actual $1,000.00 $1,136.55 $7.58 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,141.92 $1.96 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,142.37 $1.17 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
40  |  Target Date Retirement Funds

Fund expenses (unaudited)
  Beginning
account value
9-1-2020 		Ending
account value
2-28-2021 		Expenses
paid during
the period1 		Annualized net
expense ratio
Dynamic Target 2060 Fund        
Class A        
Actual $1,000.00 $1,140.06 $3.45 0.65%
Hypothetical (5% return before expenses) $1,000.00 $1,021.57 $3.26 0.65%
Class C        
Actual $1,000.00 $1,135.98 $7.57 1.43%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $7.15 1.43%
Class R4        
Actual $1,000.00 $1,142.54 $1.97 0.37%
Hypothetical (5% return before expenses) $1,000.00 $1,022.96 $1.86 0.37%
Class R6        
Actual $1,000.00 $1,142.87 $1.17 0.22%
Hypothetical (5% return before expenses) $1,000.00 $1,023.70 $1.10 0.22%
1 Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).
Target Date Retirement Funds  |  41

Portfolio of investments—February 28, 2021
Dynamic Target Today Fund
          Value
Investment companies: 99.78%          
Affiliated master portfolios: 99.78%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 2,051,714
Wells Fargo Emerging Markets Bond Portfolio           173,037
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           200,602
Wells Fargo Factor Enhanced International Equity Portfolio           688,649
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         1,340,687
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           338,498
Wells Fargo High Yield Corporate Bond Portfolio           176,967
Wells Fargo Investment Grade Corporate Bond Portfolio         1,070,702
Wells Fargo Strategic Retirement Bond Portfolio           694,616
Wells Fargo U.S. REIT Portfolio           240,546
Total Investment companies (Cost $6,177,043)         6,976,018
Total investments in securities (Cost $6,177,043) 99.78%       6,976,018
Other assets and liabilities, net 0.22          15,509
Total net assets 100.00%       $6,991,527
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.32% 0.35% $ 43,617   $ (66,995)   $ 33,114   $ 0   $ 34   $ 2,051,714    
Wells Fargo Emerging Markets Bond Portfolio 0.42 0.47 (4,990)   (543)   8,136   0   2   173,037    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.09 0.12 (264)   46,918   2   4,962   9   200,602    
Wells Fargo Factor Enhanced International Equity Portfolio 0.11 0.10 (14,962)   168,553   4   17,555   8   688,649    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.13 0.17 73,676   216,371   8   24,185   67   1,340,687    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.13 0.16 26,624   112,796   3   3,959   21   338,498    
Wells Fargo High Yield Corporate Bond Portfolio 0.32 0.35 (3,231)   6,301   10,249   0   6   176,967    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.42 0.47 19,664   (24,941)   35,178   0   10   1,070,702    
Wells Fargo Strategic Retirement Bond Portfolio 0.94 0.45 12,959   2,633   9,397   0   4   694,616    
Wells Fargo U.S. REIT Portfolio 0.84 0.94 (14,896)   32,869   0   6,187   3   240,546    
      $138,197   $493,962   $96,091   $56,848   $164   $6,976,018   99.78%
The accompanying notes are an integral part of these financial statements.
42  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target Today Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 333,284 $ 334,525 $ 1,241   $ 0
OMX Stockholm 30 Index 12 3-19-2021 288,615 284,939 0   (3,676)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (7) 3-19-2021 (304,214) (306,331) 0   (2,117)
          $2,325   $(5,793)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  43

Portfolio of investments—February 28, 2021
Dynamic Target 2015 Fund
          Value
Investment companies: 100.04%          
Affiliated master portfolios: 100.04%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 1,601,924
Wells Fargo Emerging Markets Bond Portfolio           135,198
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           212,140
Wells Fargo Factor Enhanced International Equity Portfolio           733,442
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         1,418,896
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           359,096
Wells Fargo High Yield Corporate Bond Portfolio           137,933
Wells Fargo Investment Grade Corporate Bond Portfolio           836,881
Wells Fargo Strategic Retirement Bond Portfolio           542,266
Wells Fargo U.S. REIT Portfolio           254,420
Total Investment companies (Cost $5,435,636)         6,232,196
Total investments in securities (Cost $5,435,636) 100.04%       6,232,196
Other assets and liabilities, net (0.04)          (2,188)
Total net assets 100.00%       $6,230,008
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.23% 0.27% $ 32,551   $ (50,341)   $ 23,369   $ 0   $ 55   $ 1,601,924    
Wells Fargo Emerging Markets Bond Portfolio 0.29 0.37 (3,974)   (680)   5,795   0   1   135,198    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.09 0.12 (1,156)   47,739   2   5,008   9   212,140    
Wells Fargo Factor Enhanced International Equity Portfolio 0.11 0.11 (8,992)   145,963   4   17,773   8   733,442    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.13 0.18 89,404   213,308   8   24,475   23   1,418,896    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.13 0.17 24,391   115,225   3   4,015   20   359,096    
Wells Fargo High Yield Corporate Bond Portfolio 0.23 0.28 (2,546)   4,443   7,258   0   4   137,933    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.30 0.36 15,657   (22,442)   24,937   0   7   836,881    
Wells Fargo Strategic Retirement Bond Portfolio 0.67 0.35 9,768   606   6,680   0   3   542,266    
Wells Fargo U.S. REIT Portfolio 0.85 0.99 (14,907)   33,249   0   6,242   3   254,420    
      $140,196   $487,070   $68,056   $57,513   $133   $6,232,196   100.04%
The accompanying notes are an integral part of these financial statements.
44  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2015 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 333,583 $ 334,525 $ 942   $ 0
OMX Stockholm 30 Index 10 3-19-2021 240,587 237,450 0   (3,137)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (6) 3-19-2021 (260,741) (262,570) 0   (1,829)
          $2,026   $(4,966)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  45

Portfolio of investments—February 28, 2021
Dynamic Target 2020 Fund
          Value
Investment companies: 99.64%          
Affiliated master portfolios: 99.64%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $ 1,683,513
Wells Fargo Emerging Markets Bond Portfolio           142,163
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           295,711
Wells Fargo Factor Enhanced International Equity Portfolio         1,025,083
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         1,985,413
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           501,633
Wells Fargo High Yield Corporate Bond Portfolio           144,841
Wells Fargo Investment Grade Corporate Bond Portfolio           880,070
Wells Fargo Strategic Retirement Bond Portfolio           569,452
Wells Fargo U.S. REIT Portfolio           358,785
Total Investment companies (Cost $6,555,879)         7,586,664
Total investments in securities (Cost $6,555,879) 99.64%       7,586,664
Other assets and liabilities, net 0.36          27,333
Total net assets 100.00%       $7,613,997
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.23% 0.29% $ 32,552   $(129,027)   $ 23,911   $ 0   $ 64   $ 1,683,513    
Wells Fargo Emerging Markets Bond Portfolio 0.30 0.39 (4,934)   (8,454)   5,872   0   2   142,163    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.13 0.17 (4,668)   47,656   2   6,859   13   295,711    
Wells Fargo Factor Enhanced International Equity Portfolio 0.16 0.15 (30,973)   247,014   6   24,436   16   1,025,083    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.18 0.25 97,205   430,085   12   33,031   104   1,985,413    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.19 0.24 25,461   201,360   4   5,308   31   501,633    
Wells Fargo High Yield Corporate Bond Portfolio 0.23 0.29 (3,544)   (1,319)   7,433   0   5   144,841    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.30 0.38 13,990   (58,090)   25,511   0   11   880,070    
Wells Fargo Strategic Retirement Bond Portfolio 0.63 0.37 8,122   (20,194)   6,287   0   6   569,452    
Wells Fargo U.S. REIT Portfolio 1.09 1.40 (18,525)   33,535   0   7,686   6   358,785    
      $114,686   $ 742,566   $69,038   $77,320   $258   $7,586,664   99.64%
The accompanying notes are an integral part of these financial statements.
46  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2020 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 333,284 $ 334,525 $ 1,241   $ 0
OMX Stockholm 30 Index 13 3-19-2021 312,740 308,684 0   (4,056)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (7) 3-19-2021 (304,215) (306,331) 0   (2,116)
          $2,325   $(6,172)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  47

Portfolio of investments—February 28, 2021
Dynamic Target 2025 Fund
          Value
Investment companies: 100.18%          
Affiliated master portfolios: 100.18%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  2,215,697
Wells Fargo Emerging Markets Bond Portfolio            185,208
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio            597,009
Wells Fargo Factor Enhanced International Equity Portfolio          2,045,742
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          3,808,893
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio            970,211
Wells Fargo High Yield Corporate Bond Portfolio            188,045
Wells Fargo Investment Grade Corporate Bond Portfolio          1,155,342
Wells Fargo Strategic Retirement Bond Portfolio            420,119
Wells Fargo U.S. REIT Portfolio            400,509
Total Investment companies (Cost $10,357,294)         11,986,775
Total investments in securities (Cost $10,357,294) 100.18%       11,986,775
Other assets and liabilities, net (0.18)          (21,836)
Total net assets 100.00%       $11,964,939
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.28% 0.38% $ 36,878   $ (150,739)   $ 28,600   $ 0   $ 80   $ 2,215,697    
Wells Fargo Emerging Markets Bond Portfolio 0.36 0.50 (5,235)   (10,748)   7,007   0   3   185,208    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.24 0.35 (6,369)   83,986   3   12,913   25   597,009    
Wells Fargo Factor Enhanced International Equity Portfolio 0.29 0.30 (58,505)   418,016   10   45,098   29   2,045,742    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.32 0.47 148,386   700,664   20   59,335   186   3,808,893    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.34 0.46 45,686   329,438   7   9,810   55   970,211    
Wells Fargo High Yield Corporate Bond Portfolio 0.28 0.38 (3,927)   (2,053)   8,853   0   6   188,045    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.37 0.50 15,080   (72,751)   30,612   0   14   1,155,342    
Wells Fargo Strategic Retirement Bond Portfolio 0.41 0.27 4,559   (12,920)   3,885   0   3   420,119    
Wells Fargo U.S. REIT Portfolio 1.04 1.57 (17,153)   32,047   0   7,577   6   400,509    
      $159,400   $1,314,940   $78,997   $134,733   $407   $11,986,775   100.18%
The accompanying notes are an integral part of these financial statements.
48  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2025 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 6 3-19-2021 $ 398,535 $ 401,430 $ 2,895   $ 0
OMX Stockholm 30 Index 19 3-19-2021 457,048 451,154 0   (5,894)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (10) 3-19-2021 (434,584) (437,616) 0   (3,032)
          $3,979   $(8,926)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  49

Portfolio of investments—February 28, 2021
Dynamic Target 2030 Fund
          Value
Investment companies: 100.00%          
Affiliated master portfolios: 100.00%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  1,575,134
Wells Fargo Emerging Markets Bond Portfolio            130,832
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio            677,747
Wells Fargo Factor Enhanced International Equity Portfolio          2,334,021
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          4,163,544
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          1,033,494
Wells Fargo High Yield Corporate Bond Portfolio            133,625
Wells Fargo Investment Grade Corporate Bond Portfolio            823,077
Wells Fargo Strategic Retirement Bond Portfolio             91,974
Wells Fargo U.S. REIT Portfolio            143,200
Total Investment companies (Cost $9,365,008)         11,106,648
Total investments in securities (Cost $9,365,008) 100.00%       11,106,648
Other assets and liabilities, net (0.00)             (532)
Total net assets 100.00%       $11,106,116
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.18% 0.27% $ 23,477   $ (32,571)   $ 19,951   $ 0   $ 58   $ 1,575,134    
Wells Fargo Emerging Markets Bond Portfolio 0.23 0.35 (3,182)   (1,230)   4,888   0   2   130,832    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.24 0.40 6,830   132,294   6   13,923   27   677,747    
Wells Fargo Factor Enhanced International Equity Portfolio 0.29 0.34 (38,184)   435,544   10   48,455   26   2,334,021    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.31 0.52 183,613   595,768   19   61,737   186   4,163,544    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.32 0.49 68,803   309,234   6   9,994   56   1,033,494    
Wells Fargo High Yield Corporate Bond Portfolio 0.18 0.27 (1,698)   3,396   6,207   0   4   133,625    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.24 0.36 10,059   (19,580)   21,515   0   11   823,077    
Wells Fargo Strategic Retirement Bond Portfolio 0.08 0.06 829   214   800   0   1   91,974    
Wells Fargo U.S. REIT Portfolio 0.30 0.56 (4,542)   14,867   0   2,317   2   143,200    
      $246,005   $1,437,936   $53,402   $136,426   $373   $11,106,648   100.00%
The accompanying notes are an integral part of these financial statements.
50  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2030 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 6 3-19-2021 $ 398,535 $ 401,430 $ 2,895   $ 0
OMX Stockholm 30 Index 19 3-19-2021 457,048 451,154 0   (5,894)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (10) 3-19-2021 (434,584) (437,616) 0   (3,032)
          $3,979   $(8,926)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  51

Portfolio of investments—February 28, 2021
Dynamic Target 2035 Fund
          Value
Investment companies: 100.02%          
Affiliated master portfolios: 100.02%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $  1,292,626
Wells Fargo Emerging Markets Bond Portfolio            108,155
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio            735,918
Wells Fargo Factor Enhanced International Equity Portfolio          2,555,011
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio          4,345,909
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio          1,090,613
Wells Fargo High Yield Corporate Bond Portfolio            110,180
Wells Fargo Investment Grade Corporate Bond Portfolio            675,913
Total Investment companies (Cost $9,123,939)         10,914,325
Total investments in securities (Cost $9,123,939) 100.02%       10,914,325
Other assets and liabilities, net (0.02)           (1,759)
Total net assets 100.00%       $10,912,566
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.15% 0.22% $ 18,034   $ (36,232)   $ 15,432   $ 0   $ 37   $ 1,292,626    
Wells Fargo Emerging Markets Bond Portfolio 0.19 0.29 (2,559)   (901)   3,871   0   2   108,155    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.26 0.43 4,350   128,756   4   14,665   24   735,918    
Wells Fargo Factor Enhanced International Equity Portfolio 0.32 0.38 (52,342)   449,774   11   51,658   10   2,555,011    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.32 0.54 164,163   690,180   20   62,864   53   4,345,909    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.33 0.52 72,425   317,216   7   10,067   49   1,090,613    
Wells Fargo High Yield Corporate Bond Portfolio 0.14 0.22 (1,404)   2,832   4,919   0   2   110,180    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.19 0.29 7,408   (14,044)   17,013   0   4   675,913    
      $210,075   $1,537,581   $41,277   $139,254   $181   $10,914,325   100.02%
The accompanying notes are an integral part of these financial statements.
52  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2035 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 330,952 $ 334,525 $ 3,573   $ 0
OMX Stockholm 30 Index 18 3-19-2021 433,033 427,409 0   (5,624)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (10) 3-19-2021 (434,584) (437,616) 0   (3,032)
          $4,657   $(8,656)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  53

Portfolio of investments—February 28, 2021
Dynamic Target 2040 Fund
          Value
Investment companies: 99.90%          
Affiliated master portfolios: 99.90%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $   848,990
Wells Fargo Emerging Markets Bond Portfolio            71,036
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           709,869
Wells Fargo Factor Enhanced International Equity Portfolio         2,433,696
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         3,988,750
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio         1,008,058
Wells Fargo High Yield Corporate Bond Portfolio            72,498
Wells Fargo Investment Grade Corporate Bond Portfolio           443,936
Total Investment companies (Cost $7,831,532)         9,576,833
Total investments in securities (Cost $7,831,532) 99.90%       9,576,833
Other assets and liabilities, net 0.10           9,558
Total net assets 100.00%       $9,586,391
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.10% 0.15% $ 14,571   $ (19,035)   $ 10,140   $ 0   $ 25   $ 848,990    
Wells Fargo Emerging Markets Bond Portfolio 0.12 0.19 (1,668)   (1,429)   2,626   0   1   71,036    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.25 0.41 6,188   121,099   3   14,714   24   709,869    
Wells Fargo Factor Enhanced International Equity Portfolio 0.31 0.36 (53,424)   462,215   11   51,709   11   2,433,696    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.30 0.50 172,950   568,112   18   60,415   246   3,988,750    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.31 0.48 72,358   405,805   6   9,730   47   1,008,058    
Wells Fargo High Yield Corporate Bond Portfolio 0.10 0.14 (804)   1,068   3,333   0   1   72,498    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.13 0.19 5,310   (15,144)   11,517   0   3   443,936    
      $215,481   $1,522,691   $27,654   $136,568   $358   $9,576,833   99.90%
The accompanying notes are an integral part of these financial statements.
54  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2040 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 336,141 $ 334,525 $ 0   $ (1,616)
OMX Stockholm 30 Index 16 3-19-2021 384,894 379,919 0   (4,975)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (9) 3-19-2021 (391,110) (393,854) 0   (2,744)
          $1,084   $(9,335)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  55

Portfolio of investments—February 28, 2021
Dynamic Target 2045 Fund
          Value
Investment companies: 99.86%          
Affiliated master portfolios: 99.86%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $   481,594
Wells Fargo Emerging Markets Bond Portfolio            40,163
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           631,624
Wells Fargo Factor Enhanced International Equity Portfolio         2,158,762
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         3,466,958
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           885,585
Wells Fargo High Yield Corporate Bond Portfolio            40,478
Wells Fargo Investment Grade Corporate Bond Portfolio           250,405
Total Investment companies (Cost $6,440,965)         7,955,569
Total investments in securities (Cost $6,440,965) 99.86%       7,955,569
Other assets and liabilities, net 0.14          11,537
Total net assets 100.00%       $7,967,106
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.05% 0.08% $ 7,831   $ (4,084)   $ 5,455   $ 0   $ 23   $ 481,594    
Wells Fargo Emerging Markets Bond Portfolio 0.07 0.11 (1,003)   (355)   1,370   0   1   40,163    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.24 0.37 (1,888)   125,972   3   12,998   25   631,624    
Wells Fargo Factor Enhanced International Equity Portfolio 0.29 0.32 (47,866)   399,624   10   45,504   28   2,158,762    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.28 0.43 160,104   487,491   17   52,006   165   3,466,958    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.29 0.42 50,172   262,925   6   8,439   48   885,585    
Wells Fargo High Yield Corporate Bond Portfolio 0.05 0.08 (603)   1,062   1,743   0   2   40,478    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.07 0.11 3,334   (5,953)   5,963   0   6   250,405    
      $170,081   $1,266,682   $14,567   $118,947   $298   $7,955,569   99.86%
The accompanying notes are an integral part of these financial statements.
56  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2045 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 336,440 $ 334,525 $ 0   $ (1,915)
OMX Stockholm 30 Index 13 3-19-2021 312,740 308,684 0   (4,056)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (7) 3-19-2021 (304,214) (306,331) 0   (2,117)
          $1,084   $(8,088)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  57

Portfolio of investments—February 28, 2021
Dynamic Target 2050 Fund
          Value
Investment companies: 100.09%          
Affiliated master portfolios: 100.09%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $   212,331
Wells Fargo Emerging Markets Bond Portfolio            17,745
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           587,416
Wells Fargo Factor Enhanced International Equity Portfolio         2,037,462
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         3,181,105
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           810,282
Wells Fargo High Yield Bond Portfolio            17,847
Wells Fargo Investment Grade Corporate Bond Portfolio           110,710
Total Investment companies (Cost $5,566,578)         6,974,898
Total investments in securities (Cost $5,566,578) 100.09%       6,974,898
Other assets and liabilities, net (0.09)          (6,339)
Total net assets 100.00%       $6,968,559
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.03% 0.04% $ 3,948   $ (1,045)   $ 2,740   $ 0   $ 7   $ 212,331    
Wells Fargo Emerging Markets Bond Portfolio 0.03 0.05 (484)   (137)   677   0   0   17,745    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.22 0.34 (2,935)   118,265   6   12,058   20   587,416    
Wells Fargo Factor Enhanced International Equity Portfolio 0.27 0.30 (46,701)   373,604   9   42,303   11   2,037,462    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.25 0.40 149,423   436,806   16   47,528   126   3,181,105    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.27 0.39 43,952   241,547   5   7,689   38   810,282    
Wells Fargo High Yield Bond Portfolio 0.03 0.04 (304)   518   852   0   0   17,847    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.04 0.05 1,918   (3,113)   2,736   0   1   110,710    
      $148,817   $1,166,445   $7,041   $109,578   $203   $6,974,898   100.09%
The accompanying notes are an integral part of these financial statements.
58  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2050 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 336,440 $ 334,525 $ 0   $ (1,915)
OMX Stockholm 30 Index 12 3-19-2021 288,615 284,939 0   (3,676)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (6) 3-19-2021 (260,741) (262,570) 0   (1,829)
          $1,084   $(7,420)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  59

Portfolio of investments—February 28, 2021
Dynamic Target 2055 Fund
          Value
Investment companies: 100.02%          
Affiliated master portfolios: 100.02%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $   219,704
Wells Fargo Emerging Markets Bond Portfolio            18,361
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           611,352
Wells Fargo Factor Enhanced International Equity Portfolio         2,111,672
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         3,295,765
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           840,780
Wells Fargo High Yield Bond Portfolio            18,466
Wells Fargo Investment Grade Corporate Bond Portfolio           114,554
Total Investment companies (Cost $5,781,718)         7,230,654
Total investments in securities (Cost $5,781,718) 100.02%       7,230,654
Other assets and liabilities, net (0.02)          (1,690)
Total net assets 100.00%       $7,228,964
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.03% 0.04% $ 3,967   $ (1,183)   $ 2,823   $ 0   $ 7   $ 219,704    
Wells Fargo Emerging Markets Bond Portfolio 0.04 0.05 (492)   (145)   699   0   0   18,361    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.23 0.36 (1,797)   121,608   6   12,433   20   611,352    
Wells Fargo Factor Enhanced International Equity Portfolio 0.28 0.31 (48,220)   388,961   10   43,652   11   2,111,672    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.26 0.41 149,556   457,009   16   49,091   130   3,295,765    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.27 0.40 47,935   249,805   5   7,922   39   840,780    
Wells Fargo High Yield Bond Portfolio 0.03 0.04 (310)   532   875   0   0   18,466    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.04 0.05 1,899   (3,109)   2,844   0   1   114,554    
      $152,538   $1,213,478   $7,278   $113,098   $208   $7,230,654   100.02%
The accompanying notes are an integral part of these financial statements.
60  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2055 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 336,440 $ 334,525 $ 0   $ (1,915)
OMX Stockholm 30 Index 12 3-19-2021 288,615 284,939 0   (3,676)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (7) 3-19-2021 (304,214) (306,331) 0   (2,117)
          $1,084   $(7,708)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  61

Portfolio of investments—February 28, 2021
Dynamic Target 2060 Fund
          Value
Investment companies: 100.06%          
Affiliated master portfolios: 100.06%          
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio         $   199,923
Wells Fargo Emerging Markets Bond Portfolio            16,677
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio           557,607
Wells Fargo Factor Enhanced International Equity Portfolio         1,927,252
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio         3,007,137
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio           767,981
Wells Fargo High Yield Bond Portfolio            16,804
Wells Fargo Investment Grade Corporate Bond Portfolio           103,964
Wells Fargo U.S. REIT Portfolio             6,444
Total Investment companies (Cost $5,252,061)         6,603,789
Total investments in securities (Cost $5,252,061) 100.06%       6,603,789
Other assets and liabilities, net (0.06)          (4,245)
Total net assets 100.00%       $6,599,544
Transactions with the affiliated Master Portfolios were as follows:
  % of
ownership,
beginning
of period 		% of
ownership,
end of
period 		Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios 		  Interest
allocated
from
affiliated
Master
Portfolios 		  Dividends
allocated
from
affiliated
Master
Portfolios 		  Affiliated
income
allocated
from
affiliated
Master
Portfolios 		  Value,
end of
period 		  % of
net
assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio 0.03% 0.03% $ 3,944   $ (6,544)   $ 2,488   $ 0   $ 6   $ 199,923    
Wells Fargo Emerging Markets Bond Portfolio 0.03 0.05 (474)   (127)   644   0   19   16,677    
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio 0.22 0.33 (5,160)   113,664   5   11,500   0   557,607    
Wells Fargo Factor Enhanced International Equity Portfolio 0.27 0.28 (45,596)   357,280   9   40,430   12   1,927,252    
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio 0.25 0.37 147,487   405,441   15   45,321   121   3,007,137    
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio 0.26 0.37 37,621   231,045   5   7,359   37   767,981    
Wells Fargo High Yield Bond Portfolio 0.03 0.03 (312)   503   811   0   0   16,804    
Wells Fargo Investment Grade Corporate Bond Portfolio 0.03 0.05 1,995   (3,113)   2,724   0   1   103,964    
Wells Fargo U.S. REIT Portfolio 0.02 0.03 (373)   449   0   148   0   6,444    
      $139,132   $1,098,598   $6,701   $104,758   $196   $6,603,789   100.06%
The accompanying notes are an integral part of these financial statements.
62  |  Target Date Retirement Funds

Portfolio of investments—February 28, 2021
Dynamic Target 2060 Fund
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		  Unrealized
losses
Long              
MSCI Emerging Markets Index 5 3-19-2021 $ 333,583 $ 334,525 $ 942   $ 0
OMX Stockholm 30 Index 11 3-19-2021 264,600 261,194 0   (3,406)
Short              
E-Mini NASDAQ 100 Index (1) 3-19-2021 (259,304) (258,220) 1,084   0
Euro STOXX 50 Index (6) 3-19-2021 (260,741) (262,570) 0   (1,829)
          $2,026   $(5,235)
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  63

Statements of assets and liabilities—February 28, 2021
  Dynamic Target
Today Fund 		Dynamic Target
2015 Fund 		Dynamic Target
2020 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 6,976,018 $ 6,232,196 $ 7,586,664
Cash
 10,000 10,000 10,000
Segregated cash for futures contracts
 99,896 89,996 102,996
Prepaid expenses and other assets
 2,329 677 786
Total assets
 7,088,243 6,332,869 7,700,446
Liabilities      
Management fee payable
 56,890 63,127 46,841
Professional fees payable
 24,210 23,500 22,770
Payable for daily variation margin on open futures contracts
 5,801 5,816 6,256
Trustees’ fees and expenses payable
 3,547 3,607 3,607
Administration fees payable
 274 245 400
Distribution fee payable
 24 26 47
Payable for Fund shares redeemed
 0 0 176
Accrued expenses and other liabilities
 5,970 6,540 6,352
Total liabilities
 96,716 102,861 86,449
Total net assets
 $6,991,527 $6,230,008 $7,613,997
Net assets consist of      
Paid-in capital
 $ 6,130,716 $ 5,378,028 $ 6,504,550
Total distributable earnings
 860,811 851,980 1,109,447
Total net assets
 $6,991,527 $6,230,008 $7,613,997
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 661,909 $ 578,268 $ 1,448,353
Shares outstanding – Class A1
 58,188 50,663 125,166
Net asset value per share – Class A
 $11.38 $11.41 $11.57
Maximum offering price per share – Class A2
 $12.07 $12.11 $12.28
Net assets – Class C
 $ 119,514 $ 116,880 $ 154,264
Shares outstanding – Class C1
 10,437 10,180 13,228
Net asset value per share – Class C
 $11.45 $11.48 $11.66
Net assets – Class R4
 $ 117,068 $ 117,506 $ 120,586
Shares outstanding – Class R41
 10,279 10,296 10,356
Net asset value per share – Class R4
 $11.39 $11.41 $11.64
Net assets – Class R6
 $ 6,093,036 $ 5,417,354 $ 5,890,794
Shares outstanding – Class R61
 534,770 474,435 505,573
Net asset value per share – Class R6
 $11.39 $11.42 $11.65
Investments in affiliated Master Portfolios, at cost
 $ 6,177,043 $ 5,435,636 $ 6,555,879
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
64  |  Target Date Retirement Funds

Statements of assets and liabilities—February 28, 2021
  Dynamic Target
2025 Fund 		Dynamic Target
2030 Fund 		Dynamic Target
2035 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 11,986,775 $ 11,106,648 $ 10,914,325
Cash
 10,000 10,000 10,000
Segregated cash for futures contracts
 133,992 134,192 127,192
Prepaid expenses and other assets
 536 448 471
Receivable for Fund shares sold
 0 0 4,000
Total assets
 12,131,303 11,251,288 11,055,988
Liabilities      
Management fee payable
 112,317 102,572 102,700
Professional fees payable
 25,329 25,285 25,351
Payable for daily variation margin on open futures contracts
 7,354 7,351 6,016
Trustees’ fees and expenses payable
 3,648 3,718 3,718
Administration fees payable
 829 757 486
Distribution fee payable
 36 30 38
Payable for Fund shares redeemed
 10,000 0 0
Accrued expenses and other liabilities
 6,851 5,459 5,113
Total liabilities
 166,364 145,172 143,422
Total net assets
 $11,964,939 $11,106,116 $10,912,566
Net assets consist of      
Paid-in capital
 $ 10,176,830 $ 9,169,251 $ 8,910,280
Total distributable earnings
 1,788,109 1,936,865 2,002,286
Total net assets
 $11,964,939 $11,106,116 $10,912,566
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 3,744,294 $ 3,339,934 $ 1,464,127
Shares outstanding – Class A1
 309,855 274,828 119,839
Net asset value per share – Class A
 $12.08 $12.15 $12.22
Maximum offering price per share – Class A2
 $12.82 $12.89 $12.97
Net assets – Class C
 $ 137,073 $ 126,087 $ 135,314
Shares outstanding – Class C1
 11,248 10,303 10,977
Net asset value per share – Class C
 $12.19 $12.24 $12.33
Net assets – Class R4
 $ 125,732 $ 127,065 $ 127,856
Shares outstanding – Class R41
 10,347 10,369 10,388
Net asset value per share – Class R4
 $12.15 $12.25 $12.31
Net assets – Class R6
 $ 7,957,840 $ 7,513,030 $ 9,185,269
Shares outstanding – Class R61
 654,515 612,605 745,655
Net asset value per share – Class R6
 $12.16 $12.26 $12.32
Investments in affiliated Master Portfolios, at cost
 $ 10,357,294 $ 9,365,008 $ 9,123,939
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  65

Statements of assets and liabilities—February 28, 2021
  Dynamic Target
2040 Fund 		Dynamic Target
2045 Fund 		Dynamic Target
2050 Fund
Assets      
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 9,576,833 $ 7,955,569 $ 6,974,898
Cash
 10,000 10,000 10,000
Segregated cash for futures contracts
 117,992 105,994 96,993
Prepaid expenses and other assets
 758 6,977 575
Receivable for Fund shares sold
 0 420 0
Total assets
 9,705,583 8,078,960 7,082,466
Liabilities      
Management fee payable
 81,309 74,846 75,671
Professional fees payable
 20,366 20,309 21,652
Payable for daily variation margin on open futures contracts
 5,955 6,255 6,609
Trustees’ fees and expenses payable
 3,901 3,607 3,586
Administration fees payable
 709 324 242
Distribution fee payable
 33 43 39
Payable for Fund shares redeemed
 0 0 9
Accrued expenses and other liabilities
 6,919 6,470 6,099
Total liabilities
 119,192 111,854 113,907
Total net assets
 $9,586,391 $7,967,106 $6,968,559
Net assets consist of      
Paid-in capital
 $ 7,751,550 $ 6,414,245 $ 5,562,394
Total distributable earnings
 1,834,841 1,552,861 1,406,165
Total net assets
 $9,586,391 $7,967,106 $6,968,559
Computation of net asset value and offering price per share      
Net assets – Class A
 $ 3,279,435 $ 793,986 $ 381,563
Shares outstanding – Class A1
 271,551 65,580 31,422
Net asset value per share – Class A
 $12.08 $12.11 $12.14
Maximum offering price per share – Class A2
 $12.82 $12.85 $12.88
Net assets – Class C
 $ 129,968 $ 145,137 $ 137,659
Shares outstanding – Class C1
 10,661 11,906 11,291
Net asset value per share – Class C
 $12.19 $12.19 $12.19
Net assets – Class R4
 $ 126,637 $ 126,970 $ 127,018
Shares outstanding – Class R41
 10,387 10,408 10,410
Net asset value per share – Class R4
 $12.19 $12.20 $12.20
Net assets – Class R6
 $ 6,050,351 $ 6,901,013 $ 6,322,319
Shares outstanding – Class R61
 495,866 565,055 517,734
Net asset value per share – Class R6
 $12.20 $12.21 $12.21
Investments in affiliated Master Portfolios, at cost
 $ 7,831,532 $ 6,440,965 $ 5,566,578
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
66  |  Target Date Retirement Funds

Statements of assets and liabilities—February 28, 2021
  Dynamic Target
2055 Fund 		Dynamic Target
2060 Fund
Assets    
Investments in affiliated Master Portfolios, at value (see cost below)
 $ 7,230,654 $ 6,603,789
Cash
 10,000 10,000
Segregated cash for futures contracts
 99,994 95,994
Prepaid expenses and other assets
 1,240 256
Receivable for Fund shares sold
 0 90
Total assets
 7,341,888 6,710,129
Liabilities    
Management fee payable
 74,271 71,458
Professional fees payable
 22,823 22,803
Payable for daily variation margin on open futures contracts
 5,861 6,229
Trustees’ fees and expenses payable
 3,603 3,603
Administration fees payable
 253 233
Distribution fee payable
 38 32
Accrued expenses and other liabilities
 6,075 6,227
Total liabilities
 112,924 110,585
Total net assets
 $7,228,964 $6,599,544
Net assets consist of    
Paid-in capital
 $ 5,752,962 $ 5,270,657
Total distributable earnings
 1,476,002 1,328,887
Total net assets
 $7,228,964 $6,599,544
Computation of net asset value and offering price per share    
Net assets – Class A
 $ 421,548 $ 407,265
Shares outstanding – Class A1
 34,584 33,575
Net asset value per share – Class A
 $12.19 $12.13
Maximum offering price per share – Class A2
 $12.93 $12.87
Net assets – Class C
 $ 139,450 $ 126,063
Shares outstanding – Class C1
 11,395 10,318
Net asset value per share – Class C
 $12.24 $12.22
Net assets – Class R4
 $ 127,544 $ 127,464
Shares outstanding – Class R41
 10,413 10,424
Net asset value per share – Class R4
 $12.25 $12.23
Net assets – Class R6
 $ 6,540,422 $ 5,938,752
Shares outstanding – Class R61
 533,756 485,294
Net asset value per share – Class R6
 $12.25 $12.24
Investments in affiliated Master Portfolios, at cost
 $ 5,781,718 $ 5,252,061
1 Each Fund has an unlimited number of authorized shares
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  67

Statements of operations—year ended February 28, 2021
  Dynamic Target
Today Fund 		Dynamic Target
2015 Fund 		Dynamic Target
2020 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 96,091 $ 68,056 $ 69,038
Dividends allocated from affiliated Master Portfolios*
 56,848 57,513 77,320
Affiliated income allocated from affiliated Master Portfolios
 164 133 258
Interest
 44 45 77
Expenses allocated from affiliated Master Portfolios
 (11,324) (9,880) (12,232)
Waivers allocated from affiliated Master Portfolios
 3,842 3,715 4,512
Total investment income
 145,665 119,582 138,973
Expenses      
Management fee
 10,475 8,728 10,527
Administration fees      
Class A
 1,917 991 2,900
Class C
 238 231 279
Class R4
 90 89 90
Class R6
 1,753 1,537 1,618
Shareholder servicing fees      
Class A
 2,282 1,180 3,452
Class C
 280 274 332
Class R4
 113 111 112
Distribution fee      
Class C
 395 384 558
Custody and accounting fees
 17,319 17,411 17,381
Professional fees
 32,750 33,789 33,788
Registration fees
 64,376 61,307 57,795
Shareholder report expenses
 14,225 15,417 15,410
Trustees’ fees and expenses
 20,892 20,893 20,892
Other fees and expenses
 7,076 6,868 7,077
Total expenses
 174,181 169,210 172,211
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (158,535) (157,345) (154,680)
Class A
 (314) (107) (229)
Class R4
 (16) (17) (17)
Class R6
 (1,753) (1,537) (1,618)
Net expenses
 13,563 10,204 15,667
Net investment income
 132,102 109,378 123,306
Payment from affiliate
 1,648 1,699 1,768
Realized and unrealized gains (losses) on investments      
Net realized gains on      
Securities transactions allocated from affiliated Master Portfolios
 138,197 140,196 114,686
Unaffiliated securities
 26 25 47
Futures contracts
 71,384 36,358 71,291
Net realized gains on investments
 209,607 176,579 186,024
Net change in unrealized gains (losses) on      
Securities transactions allocated from affiliated Master Portfolios
 493,962 487,070 742,566
Futures contracts
 (30,326) (29,798) (32,813)
Net change in unrealized gains (losses) on investments
 463,636 457,272 709,753
Net realized and unrealized gains (losses) on investments
 673,243 633,851 895,777
Net increase in net assets resulting from operations
 $ 806,993 $ 744,928 $1,020,851
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $2,578 $2,593 $3,616
The accompanying notes are an integral part of these financial statements.
68  |  Target Date Retirement Funds

Statements of operations—year ended February 28, 2021
  Dynamic Target
2025 Fund 		Dynamic Target
2030 Fund 		Dynamic Target
2035 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 78,997 $ 53,402 $ 41,277
Dividends allocated from affiliated Master Portfolios*
 134,733 136,426 139,254
Affiliated income allocated from affiliated Master Portfolios
 407 373 181
Interest
 123 114 109
Expenses allocated from affiliated Master Portfolios
 (18,004) (16,549) (16,089)
Waivers allocated from affiliated Master Portfolios
 6,160 5,236 4,889
Total investment income
 202,416 179,002 169,621
Expenses      
Management fee
 15,237 13,902 13,388
Administration fees      
Class A
 6,250 5,852 2,081
Class C
 270 236 248
Class R4
 92 91 91
Class R6
 2,082 1,876 2,311
Shareholder servicing fees      
Class A
 7,440 6,966 2,478
Class C
 321 281 294
Class R4
 115 114 113
Distribution fee      
Class C
 517 403 451
Custody and accounting fees
 17,412 17,412 17,407
Professional fees
 33,119 33,119 33,118
Registration fees
 55,563 53,192 53,305
Shareholder report expenses
 15,453 15,453 15,500
Trustees’ fees and expenses
 20,892 20,892 20,893
Other fees and expenses
 7,897 7,886 7,885
Total expenses
 182,660 177,675 169,563
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (154,258) (152,498) (153,038)
Class A
 (926) (70) (200)
Class R4
 (27) (24) (30)
Class R6
 (2,082) (1,876) (1,796)
Net expenses
 25,367 23,207 14,499
Net investment income
 177,049 155,795 155,122
Payment from affiliate
 1,794 1,378 1,801
Realized and unrealized gains (losses) on investments      
Net realized gains on      
Securities transactions allocated from affiliated Master Portfolios
 159,400 246,005 210,075
Unaffiliated securities
 76 70 65
Futures contracts
 179,288 178,178 205,333
Net realized gains on investments
 338,764 424,253 415,473
Net change in unrealized gains (losses) on      
Securities transactions allocated from affiliated Master Portfolios
 1,314,940 1,437,936 1,537,581
Futures contracts
 (53,867) (49,368) (46,365)
Net change in unrealized gains (losses) on investments
 1,261,073 1,388,568 1,491,216
Net realized and unrealized gains (losses) on investments
 1,599,837 1,812,821 1,906,689
Net increase in net assets resulting from operations
 $1,778,680 $1,969,994 $2,063,612
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $6,536 $6,870 $7,277
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  69

Statements of operations—year ended February 28, 2021
  Dynamic Target
2040 Fund 		Dynamic Target
2045 Fund 		Dynamic Target
2050 Fund
Investment income      
Interest allocated from affiliated Master Portfolios
 $ 27,654 $ 14,567 $ 7,041
Dividends allocated from affiliated Master Portfolios*
 136,568 118,947 109,578
Affiliated income allocated from affiliated Master Portfolios
 358 298 203
Interest
 99 92 87
Expenses allocated from affiliated Master Portfolios
 (15,181) (12,731) (11,434)
Waivers allocated from affiliated Master Portfolios
 4,620 3,862 3,462
Total investment income
 154,118 125,035 108,937
Expenses      
Management fee
 12,324 10,089 8,870
Administration fees      
Class A
 5,606 1,100 633
Class C
 237 259 247
Class R4
 89 89 88
Class R6
 1,597 1,790 1,620
Shareholder servicing fees      
Class A
 6,673 1,309 753
Class C
 281 309 294
Class R4
 112 111 110
Distribution fee      
Class C
 417 503 463
Custody and accounting fees
 17,407 17,405 17,770
Professional fees
 32,559 32,559 32,839
Registration fees
 62,311 56,343 56,480
Shareholder report expenses
 15,435 15,435 15,435
Trustees’ fees and expenses
 20,892 20,892 20,892
Other fees and expenses
 7,077 7,079 7,077
Total expenses
 183,017 165,272 163,571
Less: Fee waivers and/or expense reimbursements      
Fund-level
 (160,002) (153,593) (153,919)
Class A
 (158) 0 0
Class R4
 (40) (26) (29)
Class R6
 (1,597) (1,699) (1,620)
Net expenses
 21,220 9,954 8,003
Net investment income
 132,898 115,081 100,934
Payment from affiliate
 1,690 1,821 1,735
Realized and unrealized gains (losses) on investments      
Net realized gains on      
Securities transactions allocated from affiliated Master Portfolios
 215,481 170,081 148,817
Unaffiliated securities
 58 57 58
Futures contracts
 120,078 133,492 128,202
Net realized gains on investments
 335,617 303,630 277,077
Net change in unrealized gains (losses) on      
Securities transactions allocated from affiliated Master Portfolios
 1,522,691 1,266,682 1,166,445
Futures contracts
 (52,672) (33,767) (20,462)
Net change in unrealized gains (losses) on investments
 1,470,019 1,232,915 1,145,983
Net realized and unrealized gains (losses) on investments
 1,805,636 1,536,545 1,423,060
Net increase in net assets resulting from operations
 $1,940,224 $1,653,447 $1,525,729
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $7,304 $6,430 $5,956
The accompanying notes are an integral part of these financial statements.
70  |  Target Date Retirement Funds

Statements of operations—year ended February 28, 2021
  Dynamic Target
2055 Fund 		Dynamic Target
2060 Fund
Investment income    
Interest allocated from affiliated Master Portfolios
 $ 7,278 $ 6,701
Dividends allocated from affiliated Master Portfolios*
 113,098 104,758
Affiliated income allocated from affiliated Master Portfolios
 208 196
Interest
 79 87
Expenses allocated from affiliated Master Portfolios
 (11,819) (10,924)
Waivers allocated from affiliated Master Portfolios
 3,580 3,318
Total investment income
 112,424 104,136
Expenses    
Management fee
 9,202 8,472
Administration fees    
Class A
 670 636
Class C
 240 228
Class R4
 88 88
Class R6
 1,677 1,538
Shareholder servicing fees    
Class A
 797 756
Class C
 285 271
Class R4
 110 110
Distribution fee    
Class C
 432 392
Custody and accounting fees
 17,772 17,405
Professional fees
 32,839 32,839
Registration fees
 62,214 55,902
Shareholder report expenses
 15,435 15,435
Trustees’ fees and expenses
 20,892 20,892
Other fees and expenses
 7,111 7,111
Total expenses
 169,764 162,075
Less: Fee waivers and/or expense reimbursements    
Fund-level
 (159,793) (152,856)
Class R4
 (32) (29)
Class R6
 (1,677) (1,538)
Net expenses
 8,262 7,652
Net investment income
 104,162 96,484
Payment from affiliate
 1,693 1,632
Realized and unrealized gains (losses) on investments    
Net realized gains on    
Securities transactions allocated from affiliated Master Portfolios
 152,538 139,132
Unaffiliated securities
 52 58
Futures contracts
 151,123 117,113
Net realized gains on investments
 303,713 256,303
Net change in unrealized gains (losses) on    
Securities transactions allocated from affiliated Master Portfolios
 1,213,478 1,098,598
Futures contracts
 (20,750) (17,335)
Net change in unrealized gains (losses) on investments
 1,192,728 1,081,263
Net realized and unrealized gains (losses) on investments
 1,496,441 1,337,566
Net increase in net assets resulting from operations
 $1,602,296 $1,435,682
*  Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of
 $6,146 $5,703
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  71

Statements of changes in net assets
  Dynamic Target Today Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 132,102   $ 151,322
Payment from affiliate
   1,648   0
Net realized gains on investments
   209,607   108,776
Net change in unrealized gains (losses) on investments
   463,636   158,255
Net increase in net assets resulting from operations
   806,993   418,353
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (34,876)   (21,015)
Class C
   (4,227)   (1,480)
Class R4
   (4,908)   (2,302)
Class R6
   (262,818)   (126,076)
Total distributions to shareholders
   (306,829)   (150,873)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 15,550 172,874 64,419 692,848
Class C
 316 3,500 566 5,800
Class R6
 16,865 180,112 53,955 572,915
    356,486   1,271,563
Reinvestment of distributions        
Class A
 2,679 30,376 1,743 18,807
Class C
 10 109 7 78
Class R6
 2,541 28,872 1,162 12,544
    59,357   31,429
Payment for shares redeemed        
Class A
 (56,424) (631,348) (9,330) (100,493)
Class C
 (52) (574) (573) (6,241)
Class R6
 (6,783) (75,511) (6,593) (71,668)
    (707,433)   (178,402)
Net increase (decrease) in net assets resulting from capital share transactions
   (291,590)   1,124,590
Total increase in net assets
   208,574   1,392,070
Net assets        
Beginning of period
   6,782,953   5,390,883
End of period
   $6,991,527   $6,782,953
The accompanying notes are an integral part of these financial statements.
72  |  Target Date Retirement Funds

Statements of changes in net assets
  Dynamic Target 2015 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 109,378   $ 136,159
Payment from affiliate
   1,699   0
Net realized gains on investments
   176,579   113,540
Net change in unrealized gains (losses) on investments
   457,272   112,702
Net increase in net assets resulting from operations
   744,928   362,401
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (13,767)   (9,562)
Class C
   (2,965)   (1,643)
Class R4
   (3,742)   (2,549)
Class R6
   (180,070)   (124,757)
Total distributions to shareholders
   (200,544)   (138,511)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 15,447 172,588 18,133 187,636
Class R6
 19 208 0 0
    172,796   187,636
Reinvestment of distributions        
Class A
 919 10,377 685 7,332
Payment for shares redeemed        
Class A
 (9,938) (107,011) (13,627) (143,495)
Net increase in net assets resulting from capital share transactions
   76,162   51,473
Total increase in net assets
   620,546   275,363
Net assets        
Beginning of period
   5,609,462   5,334,099
End of period
   $6,230,008   $5,609,462
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  73

Statements of changes in net assets
  Dynamic Target 2020 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 123,306   $ 144,942
Payment from affiliate
   1,768   0
Net realized gains on investments
   186,024   123,878
Net change in unrealized gains (losses) on investments
   709,753   49,649
Net increase in net assets resulting from operations
   1,020,851   318,469
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (33,648)   (25,690)
Class C
   (2,781)   (1,373)
Class R4
   (2,881)   (2,277)
Class R6
   (148,499)   (116,241)
Total distributions to shareholders
   (187,809)   (145,581)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 66,041 695,433 107,841 1,133,041
Class C
 2,924 30,529 0 0
Class R6
 11,502 127,813 17,310 180,246
    853,775   1,313,287
Reinvestment of distributions        
Class A
 2,728 31,068 2,193 23,471
Class C
 54 619 0 0
Class R6
 701 8,031 367 3,947
    39,718   27,418
Payment for shares redeemed        
Class A
 (83,209) (862,514) (32,999) (343,229)
Class R6
 (1,409) (15,434) (13) (142)
    (877,948)   (343,371)
Net increase in net assets resulting from capital share transactions
   15,545   997,334
Total increase in net assets
   848,587   1,170,222
Net assets        
Beginning of period
   6,765,410   5,595,188
End of period
   $7,613,997   $6,765,410
The accompanying notes are an integral part of these financial statements.
74  |  Target Date Retirement Funds

Statements of changes in net assets
  Dynamic Target 2025 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 177,049   $ 188,039
Payment from affiliate
   1,794   0
Net realized gains on investments
   338,764   156,683
Net change in unrealized gains (losses) on investments
   1,261,073   112
Net increase in net assets resulting from operations
   1,778,680   344,834
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (53,176)   (47,670)
Class C
   (2,039)   (1,476)
Class R4
   (2,712)   (2,127)
Class R6
   (179,812)   (134,882)
Total distributions to shareholders
   (237,739)   (186,155)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 116,622 1,344,924 124,386 1,302,775
Class C
 51 525 268 2,900
Class R6
 107,559 1,237,908 163,537 1,735,695
    2,583,357   3,041,370
Reinvestment of distributions        
Class A
 4,302 50,847 4,188 45,780
Class C
 17 207 28 301
Class R6
 3,949 46,939 2,659 29,225
    97,993   75,306
Payment for shares redeemed        
Class A
 (86,608) (945,150) (44,031) (469,581)
Class C
 (915) (10,088) (1,039) (11,500)
Class R6
 (93,340) (1,026,249) (6,576) (71,845)
    (1,981,487)   (552,926)
Net increase in net assets resulting from capital share transactions
   699,863   2,563,750
Total increase in net assets
   2,240,804   2,722,429
Net assets        
Beginning of period
   9,724,135   7,001,706
End of period
   $11,964,939   $9,724,135
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  75

Statements of changes in net assets
  Dynamic Target 2030 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 155,795   $ 156,690
Payment from affiliate
   1,378   0
Net realized gains on investments
   424,253   125,100
Net change in unrealized gains (losses) on investments
   1,388,568   (28,427)
Net increase in net assets resulting from operations
   1,969,994   253,363
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (54,874)   (29,569)
Class C
   (1,660)   (558)
Class R4
   (2,422)   (2,035)
Class R6
   (151,909)   (125,609)
Total distributions to shareholders
   (210,865)   (157,771)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 104,999 1,147,351 144,551 1,511,865
Class R6
 66,690 760,708 119,094 1,224,410
    1,908,059   2,736,275
Reinvestment of distributions        
Class A
 4,300 50,872 2,428 26,197
Class R6
 2,715 32,386 2,241 24,358
    83,258   50,555
Payment for shares redeemed        
Class A
 (63,595) (705,738) (19,512) (201,894)
Class C
 0 0 (5,192) (55,089)
Class R6
 (696) (7,969) (55,148) (597,605)
    (713,707)   (854,588)
Net increase in net assets resulting from capital share transactions
   1,277,610   1,932,242
Total increase in net assets
   3,036,739   2,027,834
Net assets        
Beginning of period
   8,069,377   6,041,543
End of period
   $11,106,116   $8,069,377
The accompanying notes are an integral part of these financial statements.
76  |  Target Date Retirement Funds

Statements of changes in net assets
  Dynamic Target 2035 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 155,122   $ 148,730
Payment from affiliate
   1,801   0
Net realized gains on investments
   415,473   112,442
Net change in unrealized gains (losses) on investments
   1,491,216   (77,311)
Net increase in net assets resulting from operations
   2,063,612   183,861
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (17,069)   (10,587)
Class C
   (1,296)   (1,100)
Class R4
   (1,987)   (1,911)
Class R6
   (152,324)   (133,706)
Total distributions to shareholders
   (172,676)   (147,304)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 71,273 799,559 26,199 273,961
Class C
 232 2,531 948 10,002
Class R6
 81,138 895,886 199,224 2,018,216
    1,697,976   2,302,179
Reinvestment of distributions        
Class A
 1,291 15,307 831 8,898
Class C
 7 80 4 47
Class R6
 4,434 52,984 3,543 38,157
    68,371   47,102
Payment for shares redeemed        
Class A
 (26,363) (289,545) (6,312) (63,239)
Class C
 (2) (20) (561) (6,055)
Class R6
 (16,428) (179,192) (4,838) (51,447)
    (468,757)   (120,741)
Net increase in net assets resulting from capital share transactions
   1,297,590   2,228,540
Total increase in net assets
   3,188,526   2,265,097
Net assets        
Beginning of period
   7,724,040   5,458,943
End of period
   $10,912,566   $7,724,040
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  77

Statements of changes in net assets
  Dynamic Target 2040 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 132,898   $ 135,774
Payment from affiliate
   1,690   0
Net realized gains on investments
   335,617   97,466
Net change in unrealized gains (losses) on investments
   1,470,019   (118,440)
Net increase in net assets resulting from operations
   1,940,224   114,800
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (45,099)   (30,165)
Class C
   (1,273)   (1,101)
Class R4
   (1,970)   (1,982)
Class R6
   (101,687)   (101,722)
Total distributions to shareholders
   (150,029)   (134,970)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 90,234 890,249 143,696 1,472,631
Class C
 328 3,357 53 548
Class R6
 8,375 89,743 18,839 189,983
    983,349   1,663,162
Reinvestment of distributions        
Class A
 3,707 43,371 2,661 28,283
Class C
 4 45 0 0
Class R6
 280 3,308 299 3,204
    46,724   31,487
Payment for shares redeemed        
Class A
 (11,520) (125,598) (3,647) (37,457)
Class C
 (2) (20) 0 0
Class R6
 (6,531) (68,363) (3,916) (40,282)
    (193,981)   (77,739)
Net increase in net assets resulting from capital share transactions
   836,092   1,616,910
Total increase in net assets
   2,626,287   1,596,740
Net assets        
Beginning of period
   6,960,104   5,363,364
End of period
   $9,586,391   $6,960,104
The accompanying notes are an integral part of these financial statements.
78  |  Target Date Retirement Funds

Statements of changes in net assets
  Dynamic Target 2045 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 115,081   $ 125,715
Payment from affiliate
   1,821   0
Net realized gains on investments
   303,630   99,642
Net change in unrealized gains (losses) on investments
   1,232,915   (119,109)
Net increase in net assets resulting from operations
   1,653,447   106,248
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (8,119)   (7,258)
Class C
   (1,435)   (1,297)
Class R4
   (2,023)   (2,030)
Class R6
   (118,025)   (115,733)
Total distributions to shareholders
   (129,602)   (126,318)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 27,914 316,550 14,979 152,471
Class C
 583 6,107 792 7,984
Class R6
 16,337 174,096 74,309 741,092
    496,753   901,547
Reinvestment of distributions        
Class A
 546 6,380 515 5,458
Class C
 15 180 10 108
Class R6
 1,463 17,239 1,399 14,937
    23,799   20,503
Payment for shares redeemed        
Class A
 (5,443) (57,498) (6,739) (67,305)
Class C
 (3) (40) (4) (40)
Class R6
 (6,182) (63,617) (1,775) (18,548)
    (121,155)   (85,893)
Net increase in net assets resulting from capital share transactions
   399,397   836,157
Total increase in net assets
   1,923,242   816,087
Net assets        
Beginning of period
   6,043,864   5,227,777
End of period
   $7,967,106   $6,043,864
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  79

Statements of changes in net assets
  Dynamic Target 2050 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 100,934   $ 117,222
Payment from affiliate
   1,735   0
Net realized gains on investments
   277,077   96,629
Net change in unrealized gains (losses) on investments
   1,145,983   (136,262)
Net increase in net assets resulting from operations
   1,525,729   77,589
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (5,026)   (4,640)
Class C
   (1,340)   (1,391)
Class R4
   (1,983)   (2,164)
Class R6
   (105,760)   (111,777)
Total distributions to shareholders
   (114,109)   (119,972)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 8,242 87,395 6,271 62,921
Class C
 263 2,625 650 6,474
Class R6
 16,652 181,746 23,548 234,939
    271,766   304,334
Reinvestment of distributions        
Class A
 283 3,307 257 2,728
Class C
 10 115 8 86
Class R6
 584 6,866 460 4,893
    10,288   7,707
Payment for shares redeemed        
Class A
 (3,419) (36,122) (555) (5,520)
Class C
 (2) (20) (176) (1,772)
Class R6
 (3,000) (33,593) (110) (1,112)
    (69,735)   (8,404)
Net increase in net assets resulting from capital share transactions
   212,319   303,637
Total increase in net assets
   1,623,939   261,254
Net assets        
Beginning of period
   5,344,620   5,083,366
End of period
   $6,968,559   $5,344,620
The accompanying notes are an integral part of these financial statements.
80  |  Target Date Retirement Funds

Statements of changes in net assets
  Dynamic Target 2055 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 104,162   $ 117,603
Payment from affiliate
   1,693   0
Net realized gains on investments
   303,713   97,143
Net change in unrealized gains (losses) on investments
   1,192,728   (139,662)
Net increase in net assets resulting from operations
   1,602,296   75,084
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (5,783)   (4,235)
Class C
   (1,336)   (1,208)
Class R4
   (1,972)   (2,066)
Class R6
   (108,542)   (110,175)
Total distributions to shareholders
   (117,633)   (117,684)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 11,351 118,670 8,776 87,647
Class C
 971 10,676 114 1,104
Class R6
 18,055 190,935 39,081 388,425
    320,281   477,176
Reinvestment of distributions        
Class A
 344 4,033 225 2,380
Class C
 7 88 1 13
Class R6
 862 10,153 732 7,780
    14,274   10,173
Payment for shares redeemed        
Class A
 (1,828) (19,612) (802) (8,231)
Class C
 (2) (20) (1) (10)
Class R6
 (4,066) (40,720) (644) (6,738)
    (60,352)   (14,979)
Net increase in net assets resulting from capital share transactions
   274,203   472,370
Total increase in net assets
   1,758,866   429,770
Net assets        
Beginning of period
   5,470,098   5,040,328
End of period
   $7,228,964   $5,470,098
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  81

Statements of changes in net assets
  Dynamic Target 2060 Fund
  Year ended
February 28, 2021 		Year ended
February 29, 2020
Operations        
Net investment income
   $ 96,484   $ 117,194
Payment from affiliate
   1,632   0
Net realized gains on investments
   256,303   96,819
Net change in unrealized gains (losses) on investments
   1,081,263   (131,404)
Net increase in net assets resulting from operations
   1,435,682   82,609
Distributions to shareholders from        
Net investment income and net realized gains        
Class A
   (5,036)   (8,688)
Class C
   (1,275)   (1,309)
Class R4
   (2,015)   (2,188)
Class R6
   (101,116)   (108,103)
Total distributions to shareholders
   (109,442)   (120,288)
Capital share transactions Shares   Shares  
Proceeds from shares sold        
Class A
 15,065 159,897 16,240 169,838
Class R6
 4,305 46,772 876 9,231
    206,669   179,069
Reinvestment of distributions        
Class A
 284 3,322 628 6,654
Class R6
 65 761 10 102
    4,083   6,756
Payment for shares redeemed        
Class A
 (17,452) (164,974) (10,916) (115,961)
Class C
 (1) (10) (1) (10)
Class R6
 (223) (2,332) 0 0
    (167,316)   (115,971)
Net increase in net assets resulting from capital share transactions
   43,436   69,854
Total increase in net assets
   1,369,676   32,175
Net assets        
Beginning of period
   5,229,868   5,197,693
End of period
   $6,599,544   $5,229,868
The accompanying notes are an integral part of these financial statements.
82  |  Target Date Retirement Funds

Financial highlights
Dynamic Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.60   $10.11   $10.82   $10.65 $10.06 $10.00
Net investment income
 0.13   0.21 3   0.13   0.15 0.12 3 0.06
Net realized and unrealized gains on investments
 1.09   0.50   0.16   0.38 0.65 0.03
Total from investment operations
 1.22   0.71   0.29   0.53 0.77 0.09
Distributions to shareholders from                  
Net investment income
 (0.18)   (0.22)   (0.15)   (0.19) (0.09) (0.03)
Net realized gains
 (0.26)   0.00   (0.85)   (0.17) (0.09) 0.00
Total distributions to shareholders from
 (0.44)   (0.22)   (1.00)   (0.36) (0.18) (0.03)
Net asset value, end of period
 $11.38   $10.60   $10.11   $10.82 $10.65 $10.06
Total return4
 11.47%   6.95%   3.16%   4.96% 7.97% 0.95%
Ratios to average net assets (annualized)                  
Gross expenses
 2.98% *   3.37% *   4.39% *   4.39% ʚ 4.67% ʚ 5.22% ʚ
Net expenses
 0.67% *   0.66% *   0.59% *   0.48% ʚ 0.53% ʚ 0.53% ʚ
Net investment income
 1.58% *   1.95% *   1.75% *   1.37% 1.16% 1.31%
Supplemental data                  
Portfolio turnover rate5
 87%   39%   48%   94% 97% 66%
Net assets, end of period (000s omitted)
 $662   $1,022   $400   $384 $238 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  83

Financial highlights
Dynamic Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.56   $10.08   $10.76   $10.58 $10.03 $10.00
Net investment income
 0.08   0.14   0.08   0.07 0.05 0.03
Payment from affiliate
 0.16   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains on investments
 1.05   0.48   0.15   0.38 0.64 0.03
Total from investment operations
 1.29   0.62   0.23   0.45 0.69 0.06
Distributions to shareholders from                  
Net investment income
 (0.14)   (0.14)   (0.06)   (0.10) (0.05) (0.03)
Net realized gains
 (0.26)   0.00   (0.85)   (0.17) (0.09) 0.00
Total distributions to shareholders from
 (0.40)   (0.14)   (0.91)   (0.27) (0.14) (0.03)
Net asset value, end of period
 $11.45   $10.56   $10.08   $10.76 $10.58 $10.03
Total return3
 12.31% 4   6.11%   2.60%   4.25% 7.12% 0.58%
Ratios to average net assets (annualized)                  
Gross expenses
 3.30% *   4.02% *   5.14% *   5.14% ʚ 5.45% ʚ 5.97% ʚ
Net expenses
 1.43% *   1.41% *   1.34% *   1.24% ʚ 1.28% ʚ 1.28% ʚ
Net investment income
 0.74% *   1.33% *   0.99% *   0.65% 0.45% 0.56%
Supplemental data                  
Portfolio turnover rate5
 87%   39%   48%   94% 97% 66%
Net assets, end of period (000s omitted)
 $120   $107   $102   $109 $108 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.11%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.55% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
84  |  Target Date Retirement Funds

Financial highlights
Dynamic Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.62   $10.10   $10.81   $10.63 $10.07 $10.00
Net investment income
 0.20   0.25   0.16   0.18 0.16 0.08
Net realized and unrealized gains on investments
 1.05   0.49   0.16   0.38 0.64 0.03
Total from investment operations
 1.25   0.74   0.32   0.56 0.80 0.11
Distributions to shareholders from                  
Net investment income
 (0.22)   (0.22)   (0.18)   (0.21) (0.15) (0.04)
Net realized gains
 (0.26)   0.00   (0.85)   (0.17) (0.09) 0.00
Total distributions to shareholders from
 (0.48)   (0.22)   (1.03)   (0.38) (0.24) (0.04)
Net asset value, end of period
 $11.39   $10.62   $10.10   $10.81 $10.63 $10.07
Total return3
 11.81%   7.33%   3.42%   5.27% 8.21% 1.08%
Ratios to average net assets (annualized)                  
Gross expenses
 2.65% *   3.17% *   4.11% *   4.11% ʚ 4.42% ʚ 4.94% ʚ
Net expenses
 0.37% *   0.36% *   0.31% *   0.22% ʚ 0.22% ʚ 0.22% ʚ
Net investment income
 1.82% *   2.38% *   2.02% *   1.67% 1.51% 1.62%
Supplemental data                  
Portfolio turnover rate4
 87%   39%   48%   94% 97% 66%
Net assets, end of period (000s omitted)
 $117   $109   $104   $111 $109 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.08%
Year ended February 29, 2020 0.11%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  85

Financial highlights
Dynamic Target Today Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.62   $10.10   $10.82   $10.64 $10.08 $10.00
Net investment income
 0.21   0.27 3   0.17   0.20 0.17 0.09
Net realized and unrealized gains on investments
 1.05   0.49   0.15   0.38 0.65 0.03
Total from investment operations
 1.26   0.76   0.32   0.58 0.82 0.12
Distributions to shareholders from                  
Net investment income
 (0.23)   (0.24)   (0.19)   (0.23) (0.17) (0.04)
Net realized gains
 (0.26)   0.00   (0.85)   (0.17) (0.09) 0.00
Total distributions to shareholders from
 (0.49)   (0.24)   (1.04)   (0.40) (0.26) (0.04)
Net asset value, end of period
 $11.39   $10.62   $10.10   $10.82 $10.64 $10.08
Total return4
 11.96%   7.48%   3.49%   5.42% 8.48% 1.19%
Ratios to average net assets (annualized)                  
Gross expenses
 2.52% *   3.02% *   3.97% *   3.96% ʚ 4.27% ʚ 4.79% ʚ
Net expenses
 0.22% *   0.21% *   0.16% *   0.07% ʚ 0.06% ʚ 0.07% ʚ
Net investment income
 1.96% *   2.51% *   2.17% *   1.82% 1.67% 1.77%
Supplemental data                  
Portfolio turnover rate5
 87%   39%   48%   94% 97% 66%
Net assets, end of period (000s omitted)
 $6,093   $5,545   $4,785   $5,123 $5,037 $4,654
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
86  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.40   $9.99   $11.06   $10.76 $9.99 $10.00
Net investment income
 0.17   0.22   0.12   0.15 3 0.11 0.07
Net realized and unrealized gains (losses) on investments
 1.17   0.41   0.15   0.56 0.86 (0.04)
Total from investment operations
 1.34   0.63   0.27   0.71 0.97 0.03
Distributions to shareholders from                  
Net investment income
 (0.18)   (0.22)   (0.13)   (0.19) (0.09) (0.04)
Net realized gains
 (0.15)   0.00   (1.21)   (0.22) (0.11) 0.00
Total distributions to shareholders from
 (0.33)   (0.22)   (1.34)   (0.41) (0.20) (0.04)
Net asset value, end of period
 $11.41   $10.40   $9.99   $11.06 $10.76 $9.99
Total return4
 12.95%   6.22%   3.09%   6.62% 9.95% 0.34%
Ratios to average net assets (annualized)                  
Gross expenses
 3.39% *   3.63% *   4.23% *   4.14% ʚ 4.42% ʚ 5.21% ʚ
Net expenses
 0.66% *   0.65% *   0.61% *   0.51% ʚ 0.51% ʚ 0.45% ʚ
Net investment income
 1.49% *   2.00% *   1.50% *   1.33% 1.14% 1.16%
Supplemental data                  
Portfolio turnover rate5
 87%   38%   45%   82% 81% 38%
Net assets, end of period (000s omitted)
 $578   $460   $390   $456 $363 $199
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  87

Financial highlights
Dynamic Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.35   $9.96   $11.01   $10.71 $9.97 $10.00
Net investment income
 0.08   0.13   0.06   0.06 0.04 0.03
Payment from affiliate
 0.17   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.17   0.42   0.15   0.56 0.85 (0.02)
Total from investment operations
 1.42   0.55   0.21   0.62 0.89 0.01
Distributions to shareholders from                  
Net investment income
 (0.14)   (0.16)   (0.05)   (0.10) (0.04) (0.04)
Net realized gains
 (0.15)   0.00   (1.21)   (0.22) (0.11) 0.00
Total distributions to shareholders from
 (0.29)   (0.16)   (1.26)   (0.32) (0.15) (0.04)
Net asset value, end of period
 $11.48   $10.35   $9.96   $11.01 $10.71 $9.97
Total return3
 13.78% 4   5.49%   2.46%   5.80% 9.18% 0.07%
Ratios to average net assets (annualized)                  
Gross expenses
 3.74% *   4.19% *   4.97% *   4.89% ʚ 5.18% ʚ 5.96% ʚ
Net expenses
 1.43% *   1.42% *   1.36% *   1.27% ʚ 1.27% ʚ 1.28% ʚ
Net investment income
 0.73% *   1.26% *   0.76% *   0.52% 0.40% 0.56%
Supplemental data                  
Portfolio turnover rate5
 87%   38%   45%   82% 81% 38%
Net assets, end of period (000s omitted)
 $117   $105   $101   $112 $109 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
88  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.40   $9.99   $11.07   $10.75 $10.01 $10.00
Net investment income
 0.19   0.24   0.15   0.17 0.15 0.08
Net realized and unrealized gains (losses) on investments
 1.18   0.42   0.14   0.58 0.84 (0.02)
Total from investment operations
 1.37   0.66   0.29   0.75 0.99 0.06
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.25)   (0.16)   (0.21) (0.14) (0.05)
Net realized gains
 (0.15)   0.00   (1.21)   (0.22) (0.11) 0.00
Total distributions to shareholders from
 (0.36)   (0.25)   (1.37)   (0.43) (0.25) (0.05)
Net asset value, end of period
 $11.41   $10.40   $9.99   $11.07 $10.75 $10.01
Total return3
 13.27%   6.51%   3.30%   7.01% 10.28% 0.57%
Ratios to average net assets (annualized)                  
Gross expenses
 3.10% *   3.34% *   3.94% *   3.86% ʚ 4.15% ʚ 4.93% ʚ
Net expenses
 0.37% *   0.36% *   0.31% *   0.23% ʚ 0.22% ʚ 0.22% ʚ
Net investment income
 1.79% *   2.31% *   1.77% *   1.56% 1.45% 1.61%
Supplemental data                  
Portfolio turnover rate4
 87%   38%   45%   82% 81% 38%
Net assets, end of period (000s omitted)
 $118   $107   $103   $114 $111 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  89

Financial highlights
Dynamic Target 2015 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.41   $9.99   $11.07   $10.76 $10.01 $10.00
Net investment income
 0.21   0.26   0.16   0.19 0.16 0.09
Net realized and unrealized gains (losses) on investments
 1.18   0.42   0.15   0.57 0.86 (0.03)
Total from investment operations
 1.39   0.68   0.31   0.76 1.02 0.06
Distributions to shareholders from                  
Net investment income
 (0.23)   (0.26)   (0.18)   (0.23) (0.16) (0.05)
Net realized gains
 (0.15)   0.00   (1.21)   (0.22) (0.11) 0.00
Total distributions to shareholders from
 (0.38)   (0.26)   (1.39)   (0.45) (0.27) (0.05)
Net asset value, end of period
 $11.42   $10.41   $9.99   $11.07 $10.76 $10.01
Total return3
 13.41%   6.77%   3.47%   7.06% 10.44% 0.58%
Ratios to average net assets (annualized)                  
Gross expenses
 2.96% *   3.20% *   3.80% *   3.71% ʚ 4.00% ʚ 4.78% ʚ
Net expenses
 0.22% *   0.21% *   0.16% *   0.07% ʚ 0.06% ʚ 0.06% ʚ
Net investment income
 1.94% *   2.46% *   1.91% *   1.72% 1.60% 1.77%
Supplemental data                  
Portfolio turnover rate4
 87%   38%   45%   82% 81% 38%
Net assets, end of period (000s omitted)
 $5,417   $4,937   $4,740   $5,253 $5,105 $4,629
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.13%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
90  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.28   $9.95   $11.18   $10.78 $9.99 $10.00
Net investment income
 0.14   0.19 3   0.11   0.14 0.11 3 0.06
Net realized and unrealized gains (losses) on investments
 1.40   0.35   0.18   0.70 0.97 (0.03)
Total from investment operations
 1.54   0.54   0.29   0.84 1.08 0.03
Distributions to shareholders from                  
Net investment income
 (0.18)   (0.21)   (0.12)   (0.19) (0.12) (0.04)
Net realized gains
 (0.07)   0.00   (1.40)   (0.25) (0.17) 0.00
Total distributions to shareholders from
 (0.25)   (0.21)   (1.52)   (0.44) (0.29) (0.04)
Net asset value, end of period
 $11.57   $10.28   $9.95   $11.18 $10.78 $9.99
Total return4
 15.03%   5.31%   3.33%   7.80% 11.18% 0.35%
Ratios to average net assets (annualized)                  
Gross expenses
 2.89% *   3.27% *   4.04% *   3.96% ʚ 4.32% ʚ 5.21% ʚ
Net expenses
 0.67% *   0.67% *   0.61% *   0.52% ʚ 0.51% ʚ 0.54% ʚ
Net investment income
 1.45% *   1.81% *   1.38% *   1.15% 1.09% 1.33%
Supplemental data                  
Portfolio turnover rate5
 87%   38%   42%   72% 69% 38%
Net assets, end of period (000s omitted)
 $1,448   $1,435   $623   $540 $380 $119
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  91

Financial highlights
Dynamic Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.28   $9.95   $11.15   $10.76 $9.96 $10.00
Net investment income
 0.07   0.13   0.06   0.05 0.03 0.03
Payment from affiliate
 0.13   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.39   0.33   0.17   0.69 0.98 (0.03)
Total from investment operations
 1.59   0.46   0.23   0.74 1.01 0.00
Distributions to shareholders from                  
Net investment income
 (0.14)   (0.13)   (0.03)   (0.10) (0.04) (0.04)
Net realized gains
 (0.07)   0.00   (1.40)   (0.25) (0.17) 0.00
Total distributions to shareholders from
 (0.21)   (0.13)   (1.43)   (0.35) (0.21) (0.04)
Net asset value, end of period
 $11.66   $10.28   $9.95   $11.15 $10.76 $9.96
Total return3
 15.52% 4   4.61%   2.72%   6.89% 10.39% 0.01%
Ratios to average net assets (annualized)                  
Gross expenses
 3.30% *   3.88% *   4.79% *   4.71% ʚ 5.09% ʚ 5.97% ʚ
Net expenses
 1.43% *   1.42% *   1.37% *   1.28% ʚ 1.28% ʚ 1.29% ʚ
Net investment income
 0.62% *   1.21% *   0.66% *   0.43% 0.33% 0.53%
Supplemental data                  
Portfolio turnover rate5
 87%   38%   42%   72% 69% 38%
Net assets, end of period (000s omitted)
 $154   $105   $102   $114 $110 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.33% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
92  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.34   $9.99   $11.22   $10.82 $10.01 $10.00
Net investment income
 0.19   0.24   0.14   0.17 0.14 0.08
Net realized and unrealized gains (losses) on investments
 1.38   0.33   0.17   0.69 0.97 (0.02)
Total from investment operations
 1.57   0.57   0.31   0.86 1.11 0.06
Distributions to shareholders from                  
Net investment income
 (0.20)   (0.22)   (0.14)   (0.21) (0.13) (0.05)
Net realized gains
 (0.07)   0.00   (1.40)   (0.25) (0.17) 0.00
Total distributions to shareholders from
 (0.27)   (0.22)   (1.54)   (0.46) (0.30) (0.05)
Net asset value, end of period
 $11.64   $10.34   $9.99   $11.22 $10.82 $10.01
Total return3
 15.32%   5.62%   3.59%   8.03% 11.60% 0.61%
Ratios to average net assets (annualized)                  
Gross expenses
 2.60% *   3.03% *   3.77% *   3.68% ʚ 4.06% ʚ 4.94% ʚ
Net expenses
 0.37% *   0.36% *   0.32% *   0.24% ʚ 0.23% ʚ 0.23% ʚ
Net investment income
 1.72% *   2.26% *   1.71% *   1.47% 1.39% 1.59%
Supplemental data                  
Portfolio turnover rate4
 87%   38%   42%   72% 69% 38%
Net assets, end of period (000s omitted)
 $121   $107   $103   $116 $112 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.09%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.11%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  93

Financial highlights
Dynamic Target 2020 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.34   $9.99   $11.23   $10.82 $10.01 $10.00
Net investment income
 0.20   0.25   0.15   0.18 0.16 0.08
Net realized and unrealized gains (losses) on investments
 1.40   0.34   0.17   0.71 0.97 (0.02)
Total from investment operations
 1.60   0.59   0.32   0.89 1.13 0.06
Distributions to shareholders from                  
Net investment income
 (0.22)   (0.24)   (0.16)   (0.23) (0.15) (0.05)
Net realized gains
 (0.07)   0.00   (1.40)   (0.25) (0.17) 0.00
Total distributions to shareholders from
 (0.29)   (0.24)   (1.56)   (0.48) (0.32) (0.50)
Net asset value, end of period
 $11.65   $10.34   $9.99   $11.23 $10.82 $10.01
Total return3
 15.58%   5.77%   3.65%   8.03% 11.60% 0.61%
Ratios to average net assets (annualized)                  
Gross expenses
 2.46% *   2.90% *   3.63% *   3.53% ʚ 3.91% ʚ 4.79%
Net expenses
 0.22% *   0.21% *   0.17% *   0.08% ʚ 0.07% ʚ 0.07% ʚ
Net investment income
 1.87% *   2.40% *   1.86% *   1.63% 1.54% 1.74%
Supplemental data                  
Portfolio turnover rate4
 87%   38%   42%   72% 69% 38%
Net assets, end of period (000s omitted)
 $5,891   $5,118   $4,767   $5,359 $5,165 $4,631
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
94  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.36   $10.10   $11.38   $10.87 $9.94 $10.00
Net investment income
 0.18   0.19   0.10   0.11 3 0.09 0.07
Net realized and unrealized gains (losses) on investments
 1.77   0.25   0.12   0.87 1.13 (0.08)
Total from investment operations
 1.95   0.44   0.22   0.98 1.22 (0.01)
Distributions to shareholders from                  
Net investment income
 (0.18)   (0.18)   (0.10)   (0.19) (0.12) (0.05)
Net realized gains
 (0.05)   0.00   (1.40)   (0.28) (0.17) 0.00
Total distributions to shareholders from
 (0.23)   (0.18)   (1.50)   (0.47) (0.29) (0.50)
Net asset value, end of period
 $12.08   $10.36   $10.10   $11.38 $10.87 $9.94
Total return4
 18.83%   4.29%   2.76%   9.07% 12.62% (0.07)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.21% *   2.72% *   3.81% *   4.06% ʚ 4.75% ʚ 5.25% ʚ
Net expenses
 0.66% *   0.66% *   0.60% *   0.52% ʚ 0.49% ʚ 0.46% ʚ
Net investment income
 1.44% *   1.88% *   1.31% *   1.00% 1.07% 1.09%
Supplemental data                  
Portfolio turnover rate5
 85%   37%   41%   62% 58% 38%
Net assets, end of period (000s omitted)
 $3,744   $2,856   $1,929   $1,497 $510 $188
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  95

Financial highlights
Dynamic Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.35   $10.10   $11.35   $10.84 $9.91 $10.00
Net investment income
 0.08   0.12   0.05   0.04 0.03 0.02
Payment from affiliate
 0.16   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 1.78   0.24   0.12   0.85 1.10 (0.06)
Total from investment operations
 2.02   0.36   0.17   0.89 1.13 (0.04)
Distributions to shareholders from                  
Net investment income
 (0.13)   (0.11)   (0.02)   (0.10) (0.03) (0.05)
Net realized gains
 (0.05)   0.00   (1.40)   (0.28) (0.17) 0.00
Total distributions to shareholders from
 (0.18)   (0.11)   (1.42)   (0.38) (0.20) (0.05)
Net asset value, end of period
 $12.19   $10.35   $10.10   $11.35 $10.84 $9.91
Total return3
 19.55% 4   3.55%   2.17%   8.24% 11.77% (0.44)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.60% *   3.34% *   4.56% *   4.88% ʚ 5.55% ʚ 6.00% ʚ
Net expenses
 1.43% *   1.42% *   1.36% *   1.28% ʚ 1.29% ʚ 1.30% ʚ
Net investment income
 0.70% *   1.17% *   0.56% *   0.36% 0.29% 0.52%
Supplemental data                  
Portfolio turnover rate5
 85%   37%   41%   62% 58% 38%
Net assets, end of period (000s omitted)
 $137   $125   $130   $130 $124 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.56% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
96  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.42   $10.14   $11.42   $10.90 $9.96 $10.00
Net investment income
 0.19   0.24   0.14   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 1.81   0.25   0.11   0.85 1.10 (0.07)
Total from investment operations
 2.00   0.49   0.25   1.01 1.24 0.01
Distributions to shareholders from                  
Net investment income
 (0.22)   (0.21)   (0.13)   (0.21) (0.13) (0.05)
Net realized gains
 (0.05)   0.00   (1.40)   (0.28) (0.17) 0.00
Total distributions to shareholders from
 (0.27)   (0.21)   (1.53)   (0.49) (0.30) (0.50)
Net asset value, end of period
 $12.15   $10.42   $10.14   $11.42 $10.90 $9.96
Total return3
 19.18%   4.68%   2.96%   9.33% 12.84% 0.16%
Ratios to average net assets (annualized)                  
Gross expenses
 1.91% *   2.45% *   3.53% *   3.85% ʚ 4.52% ʚ 4.97% ʚ
Net expenses
 0.37% *   0.36% *   0.31% *   0.24% ʚ 0.23% ʚ 0.23% ʚ
Net investment income
 1.75% *   2.22% *   1.62% *   1.41% 1.35% 1.58%
Supplemental data                  
Portfolio turnover rate4
 85%   37%   41%   62% 58% 38%
Net assets, end of period (000s omitted)
 $126   $108   $105   $118 $113 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.12%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  97

Financial highlights
Dynamic Target 2025 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.43   $10.15   $11.43   $10.91 $9.96 $10.00
Net investment income
 0.20   0.25 3   0.15   0.18 0.15 0.08
Net realized and unrealized gains (losses) on investments
 1.81   0.25   0.11   0.85 1.11 (0.06)
Total from investment operations
 2.01   0.50   0.26   1.03 1.26 0.02
Distributions to shareholders from                  
Net investment income
 (0.23)   (0.22)   (0.14)   (0.23) (0.14) (0.06)
Net realized gains
 (0.05)   0.00   (1.40)   (0.28) (0.17) 0.00
Total distributions to shareholders from
 (0.28)   (0.22)   (1.54)   (0.51) (0.31) (0.06)
Net asset value, end of period
 $12.16   $10.43   $10.15   $11.43 $10.91 $9.96
Total return4
 19.33%   4.83%   3.13%   9.48% 13.10% 0.17%
Ratios to average net assets (annualized)                  
Gross expenses
 1.77% *   2.29% *   3.39% *   3.70% ʚ 4.37% 4.82% ʚ
Net expenses
 0.22% *   0.22% *   0.16% *   0.09% ʚ 0.08% ʚ 0.08% ʚ
Net investment income
 1.89% *   2.31% *   1.77% *   1.56% 1.50% 1.73%
Supplemental data                  
Portfolio turnover rate5
 85%   37%   41%   62% 58% 38%
Net assets, end of period (000s omitted)
 $7,958   $6,635   $4,838   $5,451 $5,201 $4,609
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
98  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.11   $9.94   $11.54   $10.92 $9.91 $10.00
Net investment income
 0.15   0.18   0.11   0.13 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.09   0.17   0.12   0.98 1.22 (0.10)
Total from investment operations
 2.24   0.35   0.23   1.11 1.31 (0.04)
Distributions to shareholders from                  
Net investment income
 (0.16)   (0.18)   (0.09)   (0.19) (0.11) (0.05)
Net realized gains
 (0.04)   0.00   (1.74)   (0.30) (0.19) 0.00
Total distributions to shareholders from
 (0.20)   (0.18)   (1.83)   (0.49) (0.30) (0.05)
Net asset value, end of period
 $12.15   $10.11   $9.94   $11.54 $10.92 $9.91
Total return3
 22.30%   3.40%   2.99%   10.30% 13.72% (0.34)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.32% *   2.94% *   4.08% *   4.20% ʚ 4.76% ʚ 5.29% ʚ
Net expenses
 0.67% *   0.66% *   0.60% *   0.53% ʚ 0.48% ʚ 0.45% ʚ
Net investment income
 1.37% *   1.77% *   1.23% *   1.08% 1.04% 1.19%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   37%   53% 46% 22%
Net assets, end of period (000s omitted)
 $3,340   $2,317   $1,010   $917 $543 $173
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  99

Financial highlights
Dynamic Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.10   $9.88   $11.52   $10.90 $9.88 $10.00
Net investment income
 0.07   0.12 3   0.05   0.03 0.02 0.02
Payment from affiliate
 0.13   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.10   0.15   0.11   0.99 1.21 (0.09)
Total from investment operations
 2.30   0.27   0.16   1.02 1.23 (0.07)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.05)   (0.06)   (0.10) (0.02) (0.05)
Net realized gains
 (0.04)   0.00   (1.74)   (0.30) (0.19) 0.00
Total distributions to shareholders from
 (0.16)   (0.05)   (1.80)   (0.40) (0.21) (0.05)
Net asset value, end of period
 $12.24   $10.10   $9.88   $11.52 $10.90 $9.88
Total return4
 22.95% 5   2.74%   2.32%   9.43% 12.86% (0.70)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.69% *   3.62% *   4.81% *   4.95% ʚ 5.59% ʚ 6.03% ʚ
Net expenses
 1.43% *   1.42% *   1.35% *   1.29% ʚ 1.29% ʚ 1.30% ʚ
Net investment income
 0.65% *   1.17% *   0.49% *   0.27% 0.24% 0.49%
Supplemental data                  
Portfolio turnover rate6
 85%   36%   37%   53% 46% 22%
Net assets, end of period (000s omitted)
 $126   $104   $153   $119 $112 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.34% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
6 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
100  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.18   $9.99   $11.59   $10.96 $9.93 $10.00
Net investment income
 0.19   0.23   0.13   0.15 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.11   0.16   0.12   0.99 1.21 (0.08)
Total from investment operations
 2.30   0.39   0.25   1.14 1.34 (0.01)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.20)   (0.11)   (0.21) (0.12) (0.06)
Net realized gains
 (0.04)   0.00   (1.74)   (0.30) (0.19) 0.00
Total distributions to shareholders from
 (0.23)   (0.20)   (1.85)   (0.51) (0.31) (0.60)
Net asset value, end of period
 $12.25   $10.18   $9.99   $11.59 $10.96 $9.93
Total return3
 22.70%   3.74%   3.19%   10.53% 13.99% (0.10)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.04% *   2.70% *   3.80% *   3.92% ʚ 4.56% ʚ 5.00% ʚ
Net expenses
 0.37% *   0.36% *   0.31% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.70% *   2.17% *   1.51% *   1.32% 1.29% 1.55%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   37%   53% 46% 22%
Net assets, end of period (000s omitted)
 $127   $106   $104   $120 $114 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.10%
Year ended February 29, 2020 0.13%
Year ended February 28, 20191 0.12%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  101

Financial highlights
Dynamic Target 2030 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.19   $9.99   $11.60   $10.96 $9.93 $10.00
Net investment income
 0.16   0.24 3   0.14   0.17 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.16   0.17   0.12   1.00 1.22 (0.09)
Total from investment operations
 2.32   0.41   0.26   1.17 1.36 (0.01)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.21)   (0.13)   (0.23) (0.14) (0.06)
Net realized gains
 (0.04)   0.00   (1.74)   (0.30) (0.19) 0.00
Total distributions to shareholders from
 (0.25)   (0.21)   (1.87)   (0.53) (0.33) (0.06)
Net asset value, end of period
 $12.26   $10.19   $9.99   $11.60 $10.96 $9.93
Total return4
 22.85%   3.99%   3.26%   10.77% 14.15% (0.09)%
Ratios to average net assets (annualized)                  
Gross expenses
 1.90% *   2.54% *   3.66% *   3.77% ʚ 4.41% ʚ 4.85% ʚ
Net expenses
 0.22% *   0.22% *   0.16% *   0.09% ʚ 0.08% ʚ 0.09% ʚ
Net investment income
 1.84% *   2.29% *   1.66% *   1.47% 1.440% 1.70%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   37%   53% 46% 22%
Net assets, end of period (000s omitted)
 $7,513   $5,543   $4,775   $5,544 $5,238 $4,597
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
102  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.95   $9.84   $11.66   $10.97 $9.88 $10.00
Net investment income
 0.14   0.18   0.09   0.11 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.30   0.09   0.14   1.11 1.32 (0.12)
Total from investment operations
 2.44   0.27   0.23   1.22 1.41 (0.06)
Distributions to shareholders from                  
Net investment income
 (0.17)   (0.16)   (0.08)   (0.19) (0.11) (0.06)
Net realized gains
 0.00   0.00   (1.97)   (0.34) (0.21) 0.00
Total distributions to shareholders from
 (0.17)   (0.16)   (2.05)   (0.53) (0.32) (0.06)
Net asset value, end of period
 $12.22   $9.95   $9.84   $11.66 $10.97 $9.88
Total return3
 24.45%   2.65%   3.13%   11.24% 14.74% (0.62)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.41% *   3.12% *   4.34% *   4.32% ʚ 4.86% ʚ 5.32% ʚ
Net expenses
 0.67% *   0.66% *   0.60% *   0.53% ʚ 0.49% ʚ 0.55% ʚ
Net investment income
 1.30% *   1.81% *   1.16% *   0.99% 1.05% 1.24%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   34%   44% 39% 19%
Net assets, end of period (000s omitted)
 $1,464   $733   $521   $453 $338 $119
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  103

Financial highlights
Dynamic Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.93   $9.83   $11.63   $10.95 $9.84 $10.00
Net investment income
 0.07   0.11   0.03   0.02 0.02 0.02
Payment from affiliate
 0.16   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.29   0.09   0.14   1.10 1.32 (0.13)
Total from investment operations
 2.52   0.20   0.17   1.12 1.34 (0.11)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.10)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (1.97)   (0.34) (0.21) 0.00
Total distributions to shareholders from
 (0.12)   (0.10)   (1.97)   (0.44) (0.23) (0.05)
Net asset value, end of period
 $12.33   $9.93   $9.83   $11.63 $10.95 $9.84
Total return3
 25.39% 4   1.99%   2.55%   10.30% 14.02% (1.08)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.78% *   3.71% *   5.08% *   5.07% 5.67% ʚ 6.06% ʚ
Net expenses
 1.43% *   1.42% *   1.36% *   1.29% ʚ 1.29% ʚ 1.30% ʚ
Net investment income
 0.62% *   1.09% *   0.37% *   0.21% 0.21% 0.48%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   34%   44% 39% 19%
Net assets, end of period (000s omitted)
 $135   $107   $102   $120 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
104  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.02   $9.89   $11.71   $11.00 $9.89 $10.00
Net investment income
 0.18   0.22   0.12   0.15 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.30   0.09   0.13   1.11 1.31 (0.12)
Total from investment operations
 2.48   0.31   0.25   1.26 1.44 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.18)   (0.10)   (0.21) (0.12) (0.06)
Net realized gains
 0.00   0.00   (1.97)   (0.34) (0.21) 0.00
Total distributions to shareholders from
 (0.19)   (0.18)   (2.07)   (0.55) (0.33) (0.06)
Net asset value, end of period
 $12.31   $10.02   $9.89   $11.71 $11.00 $9.89
Total return3
 24.82%   3.05%   3.34%   11.59% 15.05% (0.48)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.12% *   2.86% *   4.06% *   4.04% ʚ 4.64% ʚ 5.03% ʚ
Net expenses
 0.37% *   0.36% *   0.31% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.68% *   2.15% *   1.42% *   1.26% 1.26% 1.54%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   34%   44% 39% 19%
Net assets, end of period (000s omitted)
 $128   $104   $103   $122 $114 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.11%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  105

Financial highlights
Dynamic Target 2035 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $10.02   $9.89   $11.72   $11.01 $9.89 $10.00
Net investment income
 0.19   0.23 3   0.13   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.32   0.10   0.13   1.12 1.33 (0.13)
Total from investment operations
 2.51   0.33   0.26   1.28 1.47 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.20)   (0.12)   (0.23) (0.14) (0.06)
Net realized gains
 0.00   0.00   (1.97)   (0.34) (0.21) 0.00
Total distributions to shareholders from
 (0.21)   (0.20)   (2.09)   (0.57) (0.35) (0.06)
Net asset value, end of period
 $12.32   $10.02   $9.89   $11.72 $11.01 $9.89
Total return4
 25.09%   3.19%   3.41%   11.73% 15.31% (0.46)%
Ratios to average net assets (annualized)                  
Gross expenses
 1.96% *   2.66% *   3.91% *   3.89% ʚ 4.49% ʚ 4.88% ʚ
Net expenses
 0.22% *   0.22% *   0.16% *   0.09% ʚ 0.08% ʚ 0.08% ʚ
Net investment income
 1.81% *   2.22% *   1.57% *   1.41% 1.41% 1.69%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   34%   44% 39% 19%
Net assets, end of period (000s omitted)
 $9,185   $6,780   $4,734   $5,608 $5,270 $4,580
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
106  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.83   $9.77   $11.74   $11.00 $9.85 $10.00
Net investment income
 0.15   0.16   0.08   0.09 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.27   0.08   0.11   1.20 1.37 (0.15)
Total from investment operations
 2.42   0.24   0.19   1.29 1.46 (0.09)
Distributions to shareholders from                  
Net investment income
 (0.17)   (0.18)   (0.06)   (0.20) (0.11) (0.06)
Net realized gains
 0.00   0.00   (2.10)   (0.35) (0.20) 0.00
Total distributions to shareholders from
 (0.17)   (0.18)   (2.16)   (0.55) (0.31) (0.06)
Net asset value, end of period
 $12.08   $9.83   $9.77   $11.74 $11.00 $9.85
Total return3
 24.64%   2.33%   2.80%   11.79% 15.34% (0.90)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.63% *   3.57% *   4.11% *   3.93% ʚ 4.46% ʚ 5.33% ʚ
Net expenses
 0.68% *   0.67% *   0.63% *   0.54% ʚ 0.51% ʚ 0.53% ʚ
Net investment income
 1.30% *   1.62% *   0.99% *   1.02% 1.01% 1.22%
Supplemental data                  
Portfolio turnover rate4
 87%   36%   32%   40% 33% 15%
Net assets, end of period (000s omitted)
 $3,279   $1,858   $454   $472 $307 $157
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  107

Financial highlights
Dynamic Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.81   $9.76   $11.72   $10.98 $9.82 $10.00
Net investment income
 0.06   0.11   0.02   0.02 0.02 0.02
Payment from affiliate
 0.16   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.28   0.05   0.12   1.17 1.36 (0.15)
Total from investment operations
 2.50   0.16   0.14   1.19 1.38 (0.13)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.11)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (2.10)   (0.35) (0.20) 0.00
Total distributions to shareholders from
 (0.12)   (0.11)   (2.10)   (0.45) (0.22) (0.05)
Net asset value, end of period
 $12.19   $9.81   $9.76   $11.72 $10.98 $9.82
Total return3
 25.52% 4   1.53%   2.30%   10.88% 14.52% (1.25)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.00% *   4.35% *   4.85% *   4.70% ʚ 5.25% ʚ 6.07% ʚ
Net expenses
 1.43% *   1.42% *   1.38% *   1.29% ʚ 1.30% ʚ 1.30% ʚ
Net investment income
 0.59% *   1.05% *   0.25% *   0.16% 0.18% 0.47%
Supplemental data                  
Portfolio turnover rate5
 87%   36%   32%   40% 33% 15%
Net assets, end of period (000s omitted)
 $130   $101   $100   $120 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.64% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
108  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.91   $9.83   $11.80   $11.04 $9.86 $10.00
Net investment income
 0.18   0.22   0.11   0.14 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.29   0.05   0.11   1.18 1.37 (0.15)
Total from investment operations
 2.47   0.27   0.22   1.32 1.50 (0.08)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.19)   (0.09)   (0.21) (0.12) (0.06)
Net realized gains
 0.00   0.00   (2.10)   (0.35) (0.20) 0.00
Total distributions to shareholders from
 (0.19)   (0.19)   (2.19)   (0.56) (0.32) (0.06)
Net asset value, end of period
 $12.19   $9.91   $9.83   $11.80 $11.04 $9.86
Total return3
 24.98%   2.61%   3.06%   12.07% 15.78% (0.76)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.36% *   3.31% *   3.82% *   3.67% ʚ 4.22% ʚ 5.04% ʚ
Net expenses
 0.37% *   0.36% *   0.34% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.65% *   2.10% *   1.29% *   1.21% 1.24% 1.53%
Supplemental data                  
Portfolio turnover rate4
 87%   36%   32%   40% 33% 15%
Net assets, end of period (000s omitted)
 $127   $103   $102   $123 $115 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.14%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  109

Financial highlights
Dynamic Target 2040 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.92   $9.84   $11.81   $11.04 $9.87 $10.00
Net investment income
 0.19   0.23   0.12   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.30   0.06   0.12   1.19 1.36 (0.14)
Total from investment operations
 2.49   0.29   0.24   1.35 1.50 (0.06)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.21)   (0.11)   (0.23) (0.13) (0.07)
Net realized gains
 0.00   0.00   (2.10)   (0.35) (0.20) 0.00
Total distributions to shareholders from
 (0.21)   (0.21)   (2.21)   (0.58) (0.33) (0.07)
Net asset value, end of period
 $12.20   $9.92   $9.84   $11.81 $11.04 $9.87
Total return3
 25.12%   2.75%   3.24%   12.31% 15.82% (0.64)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.20% *   3.15% *   3.67% *   3.52% ʚ 4.07% ʚ 4.90% ʚ
Net expenses
 0.22% *   0.21% *   0.19% *   0.10% ʚ 0.09% ʚ 0.09% ʚ
Net investment income
 1.80% *   2.24% *   1.44% *   1.36% 1.39% 1.69%
Supplemental data                  
Portfolio turnover rate4
 87%   36%   32%   40% 33% 15%
Net assets, end of period (000s omitted)
 $6,050   $4,897   $4,707   $5,651 $5,285 $4,571
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
110  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.72   $9.73   $11.79   $11.02 $9.86 $10.00
Net investment income
 0.15   0.16   0.08   0.12 0.08 0.06
Net realized and unrealized gains (losses) on investments
 2.41   0.00 3   0.08   1.20 1.41 (0.14)
Total from investment operations
 2.56   0.16   0.16   1.32 1.49 (0.08)
Distributions to shareholders from                  
Net investment income
 (0.17)   (0.17)   (0.07)   (0.19) (0.10) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.17)   (0.17)   (2.22)   (0.55) (0.33) (0.06)
Net asset value, end of period
 $12.11   $9.72   $9.73   $11.79 $11.02 $9.86
Total return4
 26.37%   1.53%   2.62%   12.06% 15.64% (0.79)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.96% *   3.61% *   4.18% *   4.09% ʚ 4.58% ʚ 5.36% ʚ
Net expenses
 0.67% *   0.66% *   0.61% *   0.54% ʚ 0.51% ʚ 0.53% ʚ
Net investment income
 1.26% *   1.72% *   0.97% *   0.90% 0.98% 1.23%
Supplemental data                  
Portfolio turnover rate5
 86%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $794   $414   $329   $327 $221 $121
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Amount is less than $0.005.
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  111

Financial highlights
Dynamic Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.68   $9.71   $11.75   $10.99 $9.83 $10.00
Net investment income
 0.06   0.10   0.02   0.02 0.02 0.02
Payment from affiliate
 0.15   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.42   (0.01)   0.09   1.20 1.39 (0.14)
Total from investment operations
 2.63   0.09   0.11   1.22 1.41 (0.12)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.12)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.12)   (0.12)   (2.15)   (0.46) (0.25) (0.05)
Net asset value, end of period
 $12.19   $9.68   $9.71   $11.75 $10.99 $9.83
Total return3
 27.23% 4   0.78%   2.06%   11.18% 14.74% (1.15)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.38% *   4.19% *   4.92% *   4.84% ʚ 5.37% ʚ 6.10% ʚ
Net expenses
 1.43% *   1.42% *   1.36% *   1.29% ʚ 1.30% ʚ 1.30% ʚ
Net investment income
 0.56% *   1.00% *   0.21% *   0.15% 0.17% 0.48%
Supplemental data                  
Portfolio turnover rate5
 86%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $145   $109   $102   $121 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.60% on the total return. See Note 4 in the Notes to Financial Statements for additional information
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
112  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.78   $9.78   $11.83   $11.05 $9.88 $10.00
Net investment income
 0.17   0.21   0.11   0.14 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.44   (0.01)   0.08   1.22 1.39 (0.13)
Total from investment operations
 2.61   0.20   0.19   1.36 1.52 (0.06)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.20)   (0.09)   (0.22) (0.12) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.19)   (0.20)   (2.24)   (0.58) (0.35) (0.06)
Net asset value, end of period
 $12.20   $9.78   $9.78   $11.83 $11.05 $9.88
Total return3
 26.80%   1.83%   2.81%   12.36% 15.88% (0.55)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.68% *   3.34% *   3.89% *   3.81% ʚ 4.34% ʚ 5.07% ʚ
Net expenses
 0.37% *   0.36% *   0.32% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.63% *   2.06% *   1.25% *   1.19% 1.23% 1.54%
Supplemental data                  
Portfolio turnover rate4
 86%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $127   $102   $102   $123 $115 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.12%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  113

Financial highlights
Dynamic Target 2045 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.79   $9.79   $11.84   $11.06 $9.88 $10.00
Net investment income
 0.19   0.22 3   0.12   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.44   (0.01)   0.08   1.21 1.40 (0.13)
Total from investment operations
 2.63   0.21   0.20   1.37 1.54 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.21)   (0.10)   (0.23) (0.13) (0.07)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.21)   (0.21)   (2.25)   (0.59) (0.36) (0.07)
Net asset value, end of period
 $12.21   $9.79   $9.79   $11.84 $11.05 $9.88
Total return4
 26.94%   1.97%   2.97%   12.51% 16.14% (0.53)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.54% *   3.18% *   3.75% *   3.66% ʚ 4.19% ʚ 4.92% ʚ
Net expenses
 0.22% *   0.21% *   0.17% *   0.10% ʚ 0.09% ʚ 0.09% ʚ
Net investment income
 1.78% *   2.18% *   1.40% *   1.35% 1.38% 1.69%
Supplemental data                  
Portfolio turnover rate5
 86%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $6,901   $5,419   $4,695   $5,679 $5,303 $4,576
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
114  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.66   $9.73   $11.80   $11.03 $9.86 $10.00
Net investment income
 0.13   0.17   0.07   0.11 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.52   (0.06)   0.06   1.22 1.40 (0.14)
Total from investment operations
 2.65   0.11   0.13   1.33 1.49 (0.08)
Distributions to shareholders from                  
Net investment income
 (0.17)   (0.18)   (0.05)   (0.20) (0.09) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.17)   (0.18)   (2.20)   (0.56) (0.32) (0.06)
Net asset value, end of period
 $12.14   $9.66   $9.73   $11.80 $11.03 $9.86
Total return3
 27.59%   1.01%   2.37%   12.16% 15.65% (0.78)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.27% *   3.67% *   4.34% *   4.26% ʚ 4.80% ʚ 5.25% ʚ
Net expenses
 0.67% *   0.66% *   0.60% *   0.54% ʚ 0.53% ʚ 0.53% ʚ
Net investment income
 1.28% *   1.72% *   0.96% *   0.83% 0.91% 1.22%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $382   $254   $198   $256 $134 $108
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  115

Financial highlights
Dynamic Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.59   $9.68   $11.76   $10.99 $9.83 $10.00
Net investment income
 0.06   0.10   0.02   0.02 0.02 0.02
Payment from affiliate
 0.15   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.51   (0.06)   0.05   1.21 1.39 (0.14)
Total from investment operations
 2.72   0.04   0.07   1.23 1.41 (0.12)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.13)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.12)   (0.13)   (2.15)   (0.46) (0.25) (0.05)
Net asset value, end of period
 $12.19   $9.59   $9.68   $11.76 $10.99 $9.83
Total return3
 28.40% 4   0.26%   1.77%   11.33% 14.77% (1.15)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.67% *   4.42% *   5.09% *   5.02% ʚ 5.56% ʚ 6.00% ʚ
Net expenses
 1.43% *   1.42% *   1.35% *   1.29% ʚ 1.29% ʚ 1.30% ʚ
Net investment income
 0.54% *   0.99% *   0.21% *   0.15% 0.18% 0.48%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $138   $106   $102   $121 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.62% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
116  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.69   $9.76   $11.83   $11.05 $9.88 $10.00
Net investment income
 0.17   0.21   0.10   0.14 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.53   (0.07)   0.06   1.22 1.39 (0.13)
Total from investment operations
 2.70   0.14   0.16   1.36 1.52 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.21)   (0.08)   (0.22) (0.12) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.19)   (0.21)   (2.23)   (0.58) (0.35) (0.06)
Net asset value, end of period
 $12.20   $9.69   $9.76   $11.83 $11.05 $9.88
Total return3
 27.95%   1.22%   2.67%   12.42% 15.90% (0.55)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.00% *   3.39% *   4.06% *   3.99% ʚ 4.53% ʚ 4.97% ʚ
Net expenses
 0.37% *   0.36% *   0.30% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.61% *   2.05% *   1.25% *   1.19% 1.23% 1.53%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $127   $101   $102   $123 $115 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  117

Financial highlights
Dynamic Target 2050 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.70   $9.76   $11.84   $11.06 $9.88 $10.00
Net investment income
 0.18   0.22   0.12   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.54   (0.06)   0.05   1.21 1.40 (0.13)
Total from investment operations
 2.72   0.16   0.17   1.37 1.54 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.22)   (0.10)   (0.23) (0.13) (0.07)
Net realized gains
 0.00   0.00   (2.15)   (0.36) (0.23) 0.00
Total distributions to shareholders from
 (0.21)   (0.22)   (2.25)   (0.59) (0.36) (0.07)
Net asset value, end of period
 $12.21   $9.70   $9.76   $11.84 $11.06 $9.88
Total return3
 28.09%   1.47%   2.75%   12.56% 16.17% (0.53)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.85% *   3.25% *   3.92% *   3.84% ʚ 4.38% ʚ 4.82% ʚ
Net expenses
 0.22% *   0.21% *   0.15% *   0.10% ʚ 0.09% ʚ 0.09% ʚ
Net investment income
 1.75% *   2.19% *   1.40% *   1.35% 1.39% 1.69%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   35% 31% 14%
Net assets, end of period (000s omitted)
 $6,322   $4,884   $4,682   $5,681 $5,304 $4,576
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.17%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
118  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.66   $9.73   $11.80   $11.03 $9.87 $10.00
Net investment income
 0.12   0.15   0.08   0.11 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.58   (0.04)   0.05   1.22 1.39 (0.13)
Total from investment operations
 2.70   0.11   0.13   1.33 1.48 (0.07)
Distributions to shareholders from                  
Net investment income
 (0.17)   (0.18)   (0.05)   (0.19) (0.09) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.37) (0.23) 0.00
Total distributions to shareholders from
 (0.17)   (0.18)   (2.20)   (0.56) (0.32) (0.06)
Net asset value, end of period
 $12.19   $9.66   $9.73   $11.80 $11.03 $9.87
Total return3
 28.00%   0.95%   2.37%   12.10% 15.56% (0.68)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.28% *   3.82% *   4.31% *   4.18% ʚ 4.67% ʚ 5.23% ʚ
Net expenses
 0.68% *   0.67% *   0.61% *   0.54% ʚ 0.54% ʚ 0.54% ʚ
Net investment income
 1.23% *   1.68% *   0.95% *   0.89% 0.90% 1.21%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   34% 31% 14%
Net assets, end of period (000s omitted)
 $422   $239   $161   $170 $134 $103
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  119

Financial highlights
Dynamic Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.59   $9.67   $11.75   $10.99 $9.84 $10.00
Net investment income
 0.06   0.10   0.02   0.02 0.02 0.02
Payment from affiliate
 0.15   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.56   (0.06)   0.05   1.21 1.38 (0.13)
Total from investment operations
 2.77   0.04   0.07   1.23 1.40 (0.11)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.12)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (2.15)   (0.37) (0.23) 0.00
Total distributions to shareholders from
 (0.12)   (0.12)   (2.15)   (0.47) (0.25) (0.05)
Net asset value, end of period
 $12.24   $9.59   $9.67   $11.75 $10.99 $9.84
Total return3
 28.94% 4   0.26%   1.77%   11.25% 14.68% (1.05)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.67% *   4.40% *   5.04% *   4.93% ʚ 5.42% ʚ 5.98% ʚ
Net expenses
 1.43% *   1.42% *   1.36% *   1.29% ʚ 1.30% ʚ 1.30% ʚ
Net investment income
 0.53% *   0.99% *   0.18% *   0.15% 0.17% 0.47%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   31%   34% 31% 14%
Net assets, end of period (000s omitted)
 $139   $100   $100   $121 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.56% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
120  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.69   $9.75   $11.83   $11.05 $9.88 $10.00
Net investment income
 0.17   0.21   0.10   0.14 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.58   (0.07)   0.05   1.23 1.39 (0.13)
Total from investment operations
 2.75   0.14   0.15   1.37 1.52 (0.06)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.20)   (0.08)   (0.22) (0.12) (0.06)
Net realized gains
 0.00   0.00   (2.15)   (0.37) (0.23) 0.00
Total distributions to shareholders from
 (0.19)   (0.20)   (2.23)   (0.59) (0.35) (0.06)
Net asset value, end of period
 $12.25   $9.69   $9.75   $11.83 $11.05 $9.88
Total return3
 28.45%   1.24%   2.58%   12.44% 15.94% (0.55)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.01% *   3.55% *   4.02% *   3.90% ʚ 4.39% ʚ 4.95% ʚ
Net expenses
 0.37% *   0.36% *   0.32% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.61% *   2.04% *   1.23% *   1.19% 1.23% 1.53%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   34% 31% 14%
Net assets, end of period (000s omitted)
 $128   $101   $102   $123 $115 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  121

Financial highlights
Dynamic Target 2055 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.69   $9.75   $11.84   $11.06 $9.89 $10.00
Net investment income
 0.18   0.22 3   0.12   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.59   (0.07)   0.04   1.22 1.39 (0.12)
Total from investment operations
 2.77   0.15   0.16   1.38 1.53 (0.04)
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.21)   (0.10)   (0.23) (0.13) (0.07)
Net realized gains
 0.00   0.00   (2.15)   (0.37) (0.23) 0.00
Total distributions to shareholders from
 (0.21)   (0.21)   (2.25)   (0.60) (0.35) (0.07)
Net asset value, end of period
 $12.25   $9.69   $9.75   $11.84 $11.06 $9.89
Total return4
 28.62%   1.38%   2.70%   12.58% 16.08% (0.43)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.86% *   3.41% *   3.87% *   3.75% ʚ 4.25% ʚ 4.80% ʚ
Net expenses
 0.22% *   0.21% *   0.17% *   0.10% ʚ 0.09% ʚ 0.09% ʚ
Net investment income
 1.75% *   2.18% *   1.38% *   1.34% 1.38% 1.69%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   31%   34% 31% 14%
Net assets, end of period (000s omitted)
 $6,540   $5,031   $4,678   $5,679 $5,305 $4,579
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.17%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
122  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class A 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.66   $9.74   $11.79   $11.03 $9.88 $10.00
Net investment income
 0.12   0.17 3   0.08   0.09 0.09 0.06
Net realized and unrealized gains (losses) on investments
 2.51   (0.05)   0.06   1.23 1.39 (0.12)
Total from investment operations
 2.63   0.12   0.14   1.32 1.48 (0.06)
Distributions to shareholders from                  
Net investment income
 (0.16)   (0.20)   (0.06)   (0.20) (0.09) (0.06)
Net realized gains
 0.00   0.00   (2.13)   (0.36) (0.24) 0.00
Total distributions to shareholders from
 (0.16)   (0.20)   (2.19)   (0.56) (0.13) (0.06)
Net asset value, end of period
 $12.13   $9.66   $9.74   $11.79 $11.03 $9.88
Total return4
 27.34%   1.01%   2.40%   12.12% 15.57% (0.58)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.37% *   3.64% *   4.30% *   4.22% ʚ 4.80% ʚ 5.24% ʚ
Net expenses
 0.67% *   0.66% *   0.59% *   0.53% ʚ 0.55% ʚ 0.55% ʚ
Net investment income
 1.29% *   1.67% *   0.97% *   1.03% 0.92% 1.22%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   31%   36% 30% 14%
Net assets, end of period (000s omitted)
 $407   $345   $290   $261 $127 $101
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.16%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  123

Financial highlights
Dynamic Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class C 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.62   $9.72   $11.76   $10.99 $9.85 $10.00
Net investment income
 0.06   0.10   0.02   0.02 0.02 0.02
Payment from affiliate
 0.16   0.00   0.00   0.00 0.00 0.00
Net realized and unrealized gains (losses) on investments
 2.50   (0.07)   0.07   1.21 1.38 (0.12)
Total from investment operations
 2.72   0.03   0.09   1.23 1.40 (0.10)
Distributions to shareholders from                  
Net investment income
 (0.12)   (0.13)   0.00   (0.10) (0.02) (0.05)
Net realized gains
 0.00   0.00   (2.13)   (0.36) (0.24) 0.00
Total distributions to shareholders from
 (0.12)   (0.13)   (2.13)   (0.46) (0.26) (0.05)
Net asset value, end of period
 $12.22   $9.62   $9.72   $11.76 $10.99 $9.85
Total return3
 28.36% 4   0.16%   1.89%   11.28% 14.69% (0.94)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.75% *   4.22% *   5.04% *   4.99% ʚ 5.55% ʚ 5.99% ʚ
Net expenses
 1.43% *   1.42% *   1.35% *   1.29% ʚ 1.30% ʚ 1.30% ʚ
Net investment income
 0.55% *   0.99% *   0.20% *   0.15% 0.17% 0.48%
Supplemental data                  
Portfolio turnover rate5
 85%   36%   31%   36% 30% 14%
Net assets, end of period (000s omitted)
 $126   $99   $100   $121 $113 $99
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
124  |  Target Date Retirement Funds

Financial highlights
Dynamic Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R4 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.73   $9.79   $11.84   $11.05 $9.89 $10.00
Net investment income
 0.17   0.21   0.10   0.14 0.13 0.07
Net realized and unrealized gains (losses) on investments
 2.52   (0.06)   0.06   1.22 1.39 (0.12)
Total from investment operations
 2.69   0.15   0.16   1.36 1.52 (0.05)
Distributions to shareholders from                  
Net investment income
 (0.19)   (0.21)   (0.08)   (0.21) (0.12) (0.06)
Net realized gains
 0.00   0.00   (2.13)   (0.36) (0.24) 0.00
Total distributions to shareholders from
 (0.19)   (0.21)   (2.21)   (0.57) (0.36) (0.06)
Net asset value, end of period
 $12.23   $9.73   $9.79   $11.84 $11.05 $9.89
Total return3
 27.76%   1.34%   2.60%   12.46% 15.94% (0.45)%
Ratios to average net assets (annualized)                  
Gross expenses
 3.11% *   3.37% *   4.01% *   3.96% ʚ 4.52% ʚ 4.96% ʚ
Net expenses
 0.37% *   0.36% *   0.30% *   0.25% ʚ 0.24% ʚ 0.24% ʚ
Net investment income
 1.61% *   2.05% *   1.25% *   1.19% 1.23% 1.53%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   36% 30% 14%
Net assets, end of period (000s omitted)
 $127   $101   $102   $123 $115 $100
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.13%
Year ended February 29, 2020 0.15%
Year ended February 28, 20191 0.13%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.09%
Year ended May 31, 2017 0.10%
Year ended May 31, 20162 0.10%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
Target Date Retirement Funds  |  125

Financial highlights
Dynamic Target 2060 Fund
(For a share outstanding throughout each period)
  Year ended February 28   Year ended February 29   Year ended February 28   Year ended May 31
Class R6 2021   2020   2019 1   2018 2017 2016 2
Net asset value, beginning of period
 $9.74   $9.80   $11.85   $11.06 $9.90 $10.00
Net investment income
 0.19   0.23   0.12   0.16 0.14 0.08
Net realized and unrealized gains (losses) on investments
 2.52   (0.06)   0.06   1.22 1.39 (0.11)
Total from investment operations
 2.71   0.17   0.18   1.38 1.53 0.03
Distributions to shareholders from                  
Net investment income
 (0.21)   (0.23)   (0.10)   (0.23) (0.13) (0.07)
Net realized gains
 0.00   0.00   (2.13)   (0.36) (0.24) 0.00
Total distributions to shareholders from
 (0.21)   (0.23)   (2.23)   (0.59) (0.37) (0.07)
Net asset value, end of period
 $12.24   $9.74   $9.80   $11.85 $11.06 $9.90
Total return3
 28.03%   1.48%   2.78%   12.60% 16.09% (0.33)%
Ratios to average net assets (annualized)                  
Gross expenses
 2.96% *   3.23% *   3.87% *   3.81% ʚ 4.37% ʚ 4.81% ʚ
Net expenses
 0.22% *   0.21% *   0.15% *   0.10% ʚ 0.09% ʚ 0.09% ʚ
Net investment income
 1.76% *   2.20%   1.40% *   1.35% 1.39% 1.69%
Supplemental data                  
Portfolio turnover rate4
 85%   36%   31%   36% 30% 14%
Net assets, end of period (000s omitted)
 $5,939   $4,685   $4,706   $5,692 $5,312 $4,584
    
* Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:
    
Year ended February 28, 2021 0.14%
Year ended February 29, 2020 0.17%
Year ended February 28, 20191 0.14%
    
ʚ Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
    
Year ended May 31, 2018 0.10%
Year ended May 31, 2017 0.11%
Year ended May 31, 20162 0.11%
    
1 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
2 For the period from November 30, 2015 (commencement of class operations) to May 31, 2016
3 Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation.
The accompanying notes are an integral part of these financial statements.
126  |  Target Date Retirement Funds

Notes to financial statements
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Dynamic Target Today Fund (“Dynamic Target Today Fund”), Wells Fargo Dynamic Target 2015 Fund (“Dynamic Target 2015 Fund”), Wells Fargo Dynamic Target 2020 Fund (“Dynamic Target 2020 Fund”), Wells Fargo Dynamic Target 2025 Fund (“Dynamic Target 2025 Fund”), Wells Fargo Dynamic Target 2030 Fund (“Dynamic Target 2030 Fund”), Wells Fargo Dynamic Target 2035 Fund (“Dynamic Target 2035 Fund”), Wells Fargo Dynamic Target 2040 Fund (“Dynamic Target 2040 Fund”), Wells Fargo Dynamic Target 2045 Fund (“Dynamic Target 2045 Fund”), Wells Fargo Dynamic Target 2050 Fund (“Dynamic Target 2050 Fund”), Wells Fargo Dynamic Target 2055 Fund (“Dynamic Target 2055 Fund”), and Wells Fargo Dynamic Target 2060 Fund (“Dynamic Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.
Each Fund is a fund-of-funds which seeks to achieve its investment objective by investing in multiple diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of each affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of each affiliated Master Portfolio are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.
On February 23, 2021, Wells Fargo & Company announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (“WFAM”) to GTCR LLC and Reverence Capital Partners, L.P. WFAM is the trade name used by the asset management businesses of Wells Fargo & Company and includes Wells Fargo Funds Management, LLC, the investment manager to each Fund, Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, both registered investment advisers providing sub-advisory services to certain funds, and Wells Fargo Funds Distributor, LLC, each Fund's principal underwriter. As part of the transaction, Wells Fargo & Company will own a 9.9% equity interest and will continue to serve as an important client and distribution partner. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
Consummation of the transaction will result in the automatic termination of each Fund's investment management agreement and sub-advisory agreement. Each Fund's Board of Trustees will be asked to approve new investment management arrangements with the new company. If approved by the Board, the new investment management arrangements with the new company will be presented to the shareholders of each Fund for approval, and, if approved by shareholders, would take effect upon the closing of the transaction. The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.
Investments in the affiliated Master Portfolios are valued daily based on the Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Target Date Retirement Funds  |  127

Notes to financial statements
Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Futures contracts
Futures contracts are agreements between each Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. Each Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and foreign exchange rates and is subject to interest rate risk, equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.
Investment transactions, income and expenses
Investments in affiliated Master Portfolios and securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s income, expenses and realized and unrealized gains and losses. Each Fund also accrues its own expenses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of each Fund's fiscal year end. Therefore, a portion of each Fund's distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund's tax
128  |  Target Date Retirement Funds

Notes to financial statements
positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2021, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
  Tax cost Gross
unrealized
gains 		Gross
unrealized
losses 		Net
unrealized
gains
Dynamic Target Today Fund $ 6,217,133 $ 755,417 $0 $ 755,417
Dynamic Target 2015 Fund 5,475,476 753,780 0 753,780
Dynamic Target 2020 Fund 6,606,298 976,519 0 976,519
Dynamic Target 2025 Fund 10,407,547 1,574,281 0 1,574,281
Dynamic Target 2030 Fund 9,391,671 1,710,030 0 1,710,030
Dynamic Target 2035 Fund 9,139,397 1,770,929 0 1,770,929
Dynamic Target 2040 Fund 7,840,846 1,727,736 0 1,727,736
Dynamic Target 2045 Fund 6,455,108 1,493,457 0 1,493,457
Dynamic Target 2050 Fund 5,579,879 1,388,683 0 1,388,683
Dynamic Target 2055 Fund 5,795,665 1,428,365 0 1,428,365
Dynamic Target 2060 Fund 5,269,067 1,331,513 0 1,331,513
Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2021, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:
  Paid-in
capital 		Total distributable
earnings
Dynamic Target Today Fund $ 616 $(616)
Dynamic Target 2015 Fund 279 (279)
Dynamic Target 2020 Fund 325 (325)
Dynamic Target 2025 Fund (151) 151
Dynamic Target 2030 Fund 223 (223)
Dynamic Target 2035 Fund (48) 48
Dynamic Target 2040 Fund 93 (93)
Dynamic Target 2045 Fund 148 (148)
Dynamic Target 2050 Fund 219 (219)
Dynamic Target 2055 Fund 32 (32)
Dynamic Target 2060 Fund 31 (31)
As of February 28, 2021, the Dynamic Target 2060 Fund had capital loss carryforwards which consisted of $12,802 in short-term capital losses and $4,970 in long-term capital losses.
Class allocations
The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
Target Date Retirement Funds  |  129

Notes to financial statements
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ Level 1 – quoted prices in active markets for identical securities
■ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
■ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of February 28, 2021:
Dynamic Target Today Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 6,976,018
Futures contracts $ 2,325 $0 $0 $ 2,325
Total assets $2,325 $0 $0 $6,978,343
Liabilities        
Futures contracts $ 5,793 $0 $0 $ 5,793
Total liabilities $5,793 $0 $0 $ 5,793
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,976,018. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Dynamic Target 2015 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 6,232,196
Futures contracts $ 2,026 $0 $0 $ 2,026
Total assets $2,026 $0 $0 $6,234,222
Liabilities        
Futures contracts $ 4,966 $0 $0 $ 4,966
Total liabilities $4,966 $0 $0 $ 4,966
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,232,196. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
130  |  Target Date Retirement Funds

Notes to financial statements
Dynamic Target 2020 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 7,586,664
Futures contracts $ 2,325 $0 $0 $ 2,325
Total assets $2,325 $0 $0 $7,588,989
Liabilities        
Futures contracts $ 6,172 $0 $0 $ 6,172
Total liabilities $6,172 $0 $0 $ 6,172
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,586,664. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Dynamic Target 2025 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 11,986,775
Futures contracts $ 3,979 $0 $0 $ 3,979
Total assets $3,979 $0 $0 $11,990,754
Liabilities        
Futures contracts $ 8,926 $0 $0 $ 8,926
Total liabilities $8,926 $0 $0 $ 8,926
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $11,986,775. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Target Date Retirement Funds  |  131

Notes to financial statements
Dynamic Target 2030 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 11,106,648
Futures contracts $ 3,979 $0 $0 $ 3,979
Total assets $3,979 $0 $0 $11,110,627
Liabilities        
Futures contracts $ 8,926 $0 $0 $ 8,926
Total liabilities $8,926 $0 $0 $ 8,926
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $11,106,648. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Dynamic Target 2035 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 10,914,325
Futures contracts $ 4,657 $0 $0 $ 4,657
Total assets $4,657 $0 $0 $10,918,982
Liabilities        
Futures contracts $ 8,656 $0 $0 $ 8,656
Total liabilities $8,656 $0 $0 $ 8,656
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $10,914,325. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
132  |  Target Date Retirement Funds

Notes to financial statements
Dynamic Target 2040 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 9,576,833
Futures contracts $ 1,084 $0 $0 $ 1,084
Total assets $1,084 $0 $0 $9,577,917
Liabilities        
Futures contracts $ 9,335 $0 $0 $ 9,335
Total liabilities $9,335 $0 $0 $ 9,335
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $9,576,833. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Dynamic Target 2045 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 7,955,569
Futures contracts $ 1,084 $0 $0 $ 1,084
Total assets $1,084 $0 $0 $7,956,653
Liabilities        
Futures contracts $ 8,088 $0 $0 $ 8,088
Total liabilities $8,088 $0 $0 $ 8,088
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,955,569. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Target Date Retirement Funds  |  133

Notes to financial statements
Dynamic Target 2050 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 6,974,898
Futures contracts $ 1,084 $0 $0 $ 1,084
Total assets $1,084 $0 $0 $6,975,982
Liabilities        
Futures contracts $ 7,420 $0 $0 $ 7,420
Total liabilities $7,420 $0 $0 $ 7,420
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,974,898. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
Dynamic Target 2055 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 7,230,654
Futures contracts $ 1,084 $0 $0 $ 1,084
Total assets $1,084 $0 $0 $7,231,738
Liabilities        
Futures contracts $ 7,708 $0 $0 $ 7,708
Total liabilities $7,708 $0 $0 $ 7,708
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,230,654. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
    
134  |  Target Date Retirement Funds

Notes to financial statements
Dynamic Target 2060 Fund Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Investments measured at net asset value*       $ 6,603,789
Futures contracts $ 2,026 $0 $0 $ 2,026
Total assets $2,026 $0 $0 $6,605,815
Liabilities        
Futures contracts $ 5,235 $0 $0 $ 5,235
Total liabilities $5,235 $0 $0 $ 5,235
    
* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,603,789. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following each Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.
The investment objective of each affiliated Master Portfolio is as follows:
Affiliated Master Portfolio Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses
Wells Fargo Emerging Markets Bond Portfolio Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced International Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio Seeks long-term capital appreciation
Wells Fargo High Yield Corporate Bond Portfolio Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Investment Grade Corporate Bond Portfolio Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses
Wells Fargo Strategic Retirement Bond Portfolio Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and 50% to the Bloomberg Barclays U.S. Government Intermediate Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio Seeks to replicate the total return of the Wells Fargo U.S. REIT Index,before fees and expenses
Target Date Retirement Funds  |  135

Notes to financial statements
4. TRANSACTIONS WITH AFFILIATES
Management fee
Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:
Average daily net assets Management fee
First $5 billion 0.150%
Next $5 billion 0.140
Over $10 billion 0.130
For the year ended February 28, 2021, the management fee was equivalent to an annual rate of 0.15% of each Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to each Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.06% as the average daily net assets of each Fund increase.
Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.
Administration fees
Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:
  Class-level
administration fee
Class A 0.21%
Class C 0.21
Class R4 0.08
Class R6 0.03
Waivers and/or expense reimbursements
Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through June 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The contractual expense caps are as follows:
136  |  Target Date Retirement Funds

Notes to financial statements
  Expense ratio caps
Class A 0.68%
Class C 1.43
Class R4 0.37
Class R6 0.22
Distribution fee
The Trust has adopted a Distribution Plan for Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares
In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended February 28, 2021, Funds Distributor received front-end sales charges and contingent deferred sales charges from the following Funds:
  Front-end
sales charges
  Class A
Dynamic Target 2020 Fund $ 5
Dynamic Target 2025 Fund 8
Dynamic Target 2030 Fund 218
Dynamic Target 2035 Fund 54
Dynamic Target 2040 Fund 14
Dynamic Target 2050 Fund 30
Dynamic Target 2055 Fund 14
Dynamic Target 2060 Fund 75
No contingent deferred sales charges were incurred by Class A shares and Class C shares for the year ended February 28, 2021.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C shares of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.
Other transactions
On August 14, 2020, Class C of each Fund received a payment from Funds Management in connection with resolving certain fee reimbursements.
Target Date Retirement Funds  |  137

Notes to financial statements
  Reimbursement
amount
Dynamic Target Today Fund $1,648
Dynamic Target 2015 Fund 1,699
Dynamic Target 2020 Fund 1,768
Dynamic Target 2025 Fund 1,794
Dynamic Target 2030 Fund 1,378
Dynamic Target 2035 Fund 1,801
Dynamic Target 2040 Fund 1,690
Dynamic Target 2045 Fund 1,821
Dynamic Target 2050 Fund 1,735
Dynamic Target 2055 Fund 1,693
Dynamic Target 2060 Fund 1,632
5. INVESTMENT PORTFOLIO TRANSACTIONS
Each Fund seeks to achieve its investment objectives by investing some of its investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund's ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2021 were as follows:
  Purchases at cost   Sales proceeds
  U.S.
government 		Non-U.S.
government 		  U.S.
government 		Non-U.S.
government
Dynamic Target Today Fund $3,269,741 $2,658,318   $2,571,520 $4,296,486
Dynamic Target 2015 Fund 2,321,347 2,594,584   1,828,762 3,979,229
Dynamic Target 2020 Fund 2,317,837 3,529,861   1,852,669 5,215,646
Dynamic Target 2025 Fund 2,426,227 5,985,986   2,117,640 8,523,860
Dynamic Target 2030 Fund 1,497,245 6,101,335   1,423,547 8,566,866
Dynamic Target 2035 Fund 1,112,399 6,199,922   1,101,838 8,651,388
Dynamic Target 2040 Fund 751,738 6,078,128   744,602 8,323,908
Dynamic Target 2045 Fund 398,527 5,115,520   394,743 7,022,221
Dynamic Target 2050 Fund 190,573 4,625,581   188,764 6,350,106
Dynamic Target 2055 Fund 197,401 4,780,335   195,527 6,569,398
Dynamic Target 2060 Fund 181,261 4,419,901   179,541 6,058,230
138  |  Target Date Retirement Funds

Notes to financial statements
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2021 , the following Funds entered into futures contracts for to gain market exposure to certain asset classes consistent with an active asset allocation strategy. The volume of each Fund’s futures contracts during the year ended February 28, 2021 was as follows:
  Average notional balance
  Long
futures 		Short
futures
Dynamic Target Today Fund $261,459 $370,183
Dynamic Target 2015 Fund 340,047 438,891
Dynamic Target 2020 Fund 377,290 535,431
Dynamic Target 2025 Fund 633,303 884,344
Dynamic Target 2030 Fund 627,996 859,190
Dynamic Target 2035 Fund 600,992 876,555
Dynamic Target 2040 Fund 528,002 865,836
Dynamic Target 2045 Fund 460,149 668,190
Dynamic Target 2050 Fund 421,089 602,521
Dynamic Target 2055 Fund 426,467 616,484
Dynamic Target 2060 Fund 414,898 590,340
A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.
Dynamic Target Today Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $106,803 $ (30,326)
Interest rate risk 3,208 0
Foreign currency risk (38,627) 0
  $ 71,384 $(30,326)
    
Dynamic Target 2015 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 60,045 $ (29,798)
Interest rate risk 3,208 0
Foreign currency risk (26,895) 0
  $ 36,358 $(29,798)
    
Dynamic Target 2020 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $101,915 $ (32,813)
Interest rate risk 3,208 0
Foreign currency risk (33,832) 0
  $ 71,291 $(32,813)
    
Target Date Retirement Funds  |  139

Notes to financial statements
Dynamic Target 2025 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 231,350 $ (53,867)
Interest rate risk (2,385) 0
Foreign currency risk (49,677) 0
  $179,288 $(53,867)
    
Dynamic Target 2030 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 219,190 $ (49,368)
Interest rate risk (2,385) 0
Foreign currency risk (38,627) 0
  $178,178 $(49,368)
    
Dynamic Target 2035 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 245,354 $ (46,365)
Interest rate risk (1,394) 0
Foreign currency risk (38,627) 0
  $205,333 $(46,365)
    
Dynamic Target 2040 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 158,789 $ (52,672)
Interest rate risk (84) 0
Foreign currency risk (38,627) 0
  $120,078 $(52,672)
    
Dynamic Target 2045 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 164,211 $ (33,767)
Interest rate risk 2,217 0
Foreign currency risk (32,936) 0
  $133,492 $(33,767)
    
Dynamic Target 2050 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 151,889 $ (20,462)
Interest rate risk 3,208 0
Foreign currency risk (26,895) 0
  $128,202 $(20,462)
    
Dynamic Target 2055 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 174,810 $ (20,750)
Interest rate risk 3,208 0
Foreign currency risk (26,895) 0
  $151,123 $(20,750)
140  |  Target Date Retirement Funds

Notes to financial statements
Dynamic Target 2060 Fund Amount of realized
gains (losses) on
derivatives 		Change in unrealized
gains (losses) on
derivatives
Equity risk $ 140,800 $ (17,335)
Interest rate risk 3,208 0
Foreign currency risk (26,895) 0
  $117,113 $(17,335)
7. BANK BORROWINGS
The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
For the year ended February 28, 2021, there were no borrowings by each Fund under the agreement.
8. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the years ended February 28, 2021 and February 29, 2020 were as follows:
  Ordinary income   Long-term capital gain
  2021 2020   2021
Dynamic Target Today Fund $191,500 $150,873   $115,329
Dynamic Target 2015 Fund 120,829 138,511   79,715
Dynamic Target 2020 Fund 139,293 145,581   48,516
Dynamic Target 2025 Fund 195,594 186,155   42,145
Dynamic Target 2030 Fund 171,491 157,771   39,374
Dynamic Target 2035 Fund 172,676 147,304   0
Dynamic Target 2040 Fund 150,029 134,970   0
Dynamic Target 2045 Fund 129,602 126,318   0
Dynamic Target 2050 Fund 114,109 119,972   0
Dynamic Target 2055 Fund 117,633 117,684   0
Dynamic Target 2060 Fund 109,442 120,288   0
Target Date Retirement Funds  |  141

Notes to financial statements
As of February 28, 2021, the components of distributable earnings on a tax basis were as follows:
  Undistributed
ordinary
income 		Undistributed
long-term
gain 		Unrealized
gains 		Capital loss
carryforward
Dynamic Target Today Fund $ 68,089 $ 37,305 $ 755,417 $ 0
Dynamic Target 2015 Fund 63,426 34,774 753,780 0
Dynamic Target 2020 Fund 69,467 63,461 976,519 0
Dynamic Target 2025 Fund 104,228 109,600 1,574,281 0
Dynamic Target 2030 Fund 123,097 103,738 1,710,030 0
Dynamic Target 2035 Fund 114,208 117,149 1,770,929 0
Dynamic Target 2040 Fund 58,682 48,423 1,727,736 0
Dynamic Target 2045 Fund 33,357 26,047 1,493,457 0
Dynamic Target 2050 Fund 16,093 1,389 1,388,683 0
Dynamic Target 2055 Fund 26,716 20,921 1,428,365 0
Dynamic Target 2060 Fund 15,146 0 1,331,513 (17,772)
9. CONCENTRATION RISK
As of February 28, 2021, the Funds were primarily owned by Wells Fargo. Investment by and/or voting activities of Wells Fargo with respect to its holdings in each Fund could have a material impact on the Fund. At February 28, 2021, Wells Fargo’s ownership of each Fund was as follows:
  % of ownership
Dynamic Target Today Fund 82.17%
Dynamic Target 2015 Fund 92.59
Dynamic Target 2020 Fund 77.65
Dynamic Target 2025 Fund 50.44
Dynamic Target 2030 Fund 54.88
Dynamic Target 2035 Fund 57.46
Dynamic Target 2040 Fund 63.31
Dynamic Target 2045 Fund 78.20
Dynamic Target 2050 Fund 89.46
Dynamic Target 2055 Fund 86.56
Dynamic Target 2060 Fund 94.77
10. INDEMNIFICATION
Under each Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to each Fund. Each Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under each Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, each Fund may enter into contracts with service providers that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated.
11. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years,
142  |  Target Date Retirement Funds

Notes to financial statements
and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.
12. CORONAVIRUS (COVID-19) PANDEMIC
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
Target Date Retirement Funds  |  143

Report of independent registered public accounting firm
To the Shareholders of the Funds and Board of Trustees
Wells Fargo Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund, and Wells Fargo Dynamic Target 2060 Fund (collectively, the Funds), eleven of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the period from November 30, 2015 (commencement of operations) to February 28, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the period from November 30, 2015 to February 28, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2021, by correspondence with the transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 27, 2021
144  |  Target Date Retirement Funds

Other information (unaudited)
TAX INFORMATION
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2021:
  Dividends-received
deduction
Dynamic Target Today Fund 11.72%
Dynamic Target 2015 Fund 15.02
Dynamic Target 2020 Fund 18.57
Dynamic Target 2025 Fund 22.63
Dynamic Target 2030 Fund 23.65
Dynamic Target 2035 Fund 25.29
Dynamic Target 2040 Fund 32.46
Dynamic Target 2045 Fund 35.99
Dynamic Target 2050 Fund 40.82
Dynamic Target 2055 Fund 38.09
Dynamic Target 2060 Fund 40.98
Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2021:
  20% rate gain
distribution
Dynamic Target Today Fund $115,329
Dynamic Target 2015 Fund 79,715
Dynamic Target 2020 Fund 48,516
Dynamic Target 2025 Fund 42,145
Dynamic Target 2030 Fund 39,374
Target Date Retirement Funds  |  145

Other information (unaudited)
Pursuant to Section 854 of the Internal Revenue Code, the following amounts of income dividends paid during the fiscal year ended February 28, 2021 have been designated as qualified dividend income (QDI):
  QDI
Dynamic Target Today Fund $41,222
Dynamic Target 2015 Fund 33,447
Dynamic Target 2020 Fund 47,730
Dynamic Target 2025 Fund 83,455
Dynamic Target 2030 Fund 78,048
Dynamic Target 2035 Fund 85,242
Dynamic Target 2040 Fund 97,225
Dynamic Target 2045 Fund 93,958
Dynamic Target 2050 Fund 94,685
Dynamic Target 2055 Fund 91,000
Dynamic Target 2060 Fund 91,051
For the fiscal year ended February 28, 2021, the following amounts have been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
  Interest-related
dividends
Dynamic Target Today Fund $ 73,966
Dynamic Target 2015 Fund 52,697
Dynamic Target 2020 Fund 52,462
Dynamic Target 2025 Fund 57,594
Dynamic Target 2030 Fund 38,137
Dynamic Target 2035 Fund 30,781
Dynamic Target 2040 Fund 20,020
Dynamic Target 2045 Fund 11,803
Dynamic Target 2050 Fund 6,570
Dynamic Target 2055 Fund 6,751
Dynamic Target 2060 Fund 6,275
For the fiscal year ended February 28, 2021, the following amounts have been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
  Short-term capital
gain dividends
Dynamic Target Today Fund $ 49,127
Dynamic Target 2015 Fund 1,190
146  |  Target Date Retirement Funds

Other information (unaudited)
For the fiscal year ended February 28, 2021, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:
  % of U.S.
government
income
Dynamic Target Today Fund 10.32%
Dynamic Target 2015 Fund 11.68
Dynamic Target 2020 Fund 9.94
Dynamic Target 2025 Fund 7.44
Dynamic Target 2030 Fund 5.30
Dynamic Target 2035 Fund 4.14
Dynamic Target 2040 Fund 3.06
Dynamic Target 2045 Fund 1.98
Dynamic Target 2050 Fund 1.09
Dynamic Target 2055 Fund 1.09
Dynamic Target 2060 Fund 1.09
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.
QUARTERLY PORTFOLIO HOLDINGS INFORMATION
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Target Date Retirement Funds  |  147

Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth 		Position held and
length of service* 		Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
William R. Ebsworth
(Born 1957) 		Trustee,
since 2015 		Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. N/A
Jane A. Freeman
(Born 1953) 		Trustee,
since 2015;
Chair Liaison,
since 2018 		Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. N/A
Isaiah Harris, Jr.
(Born 1952) 		Trustee,
since 2009; Audit
Committee
Chair,
since 2019 		Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). CIGNA Corporation
Judith M. Johnson
(Born 1949) 		Trustee,
since 2008 		Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. N/A
David F. Larcker
(Born 1950) 		Trustee,
since 2009 		James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. N/A
148  |  Target Date Retirement Funds

Other information (unaudited)
Name and
year of birth 		Position held and
length of service* 		Principal occupations during past five years or longer Current other
public company or
investment
company
directorships
Olivia S. Mitchell
(Born 1953) 		Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 		International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. N/A
Timothy J. Penny
(Born 1951) 		Trustee,
since 1996;
Chair,
since 2018 		President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. N/A
James G. Polisson
(Born 1959) 		Trustee,
since 2018 		Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. N/A
Pamela Wheelock
(Born 1959) 		Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 		Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. N/A
*  Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
Target Date Retirement Funds  |  149

Other information (unaudited)
Officers
Name and
year of birth 		Position held and
length of service 		Principal occupations during past five years or longer
Andrew Owen
(Born 1960) 		President,
since 2017 		Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma
(Born 1974) 		Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) 		Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee
(Born 1966) 		Chief Legal Officer,
since 2019 		Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy
(Born 1969) 		Secretary,
since 2019 		Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker
(Born 1967) 		Chief Compliance Officer,
since 2016 		Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
1  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.
150  |  Target Date Retirement Funds

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Appendix I (unaudited)
On February 28, 2021, the Wells Fargo Dynamic Target Blended Indexes were composed of the following indexes:
  Wells Fargo
Dynamic
Target
Today
Blended
Index 		Wells Fargo
Dynamic
Target
2015
Blended
Index 		Wells Fargo
Dynamic
Target
2020
Blended
Index
Bloomberg Barclays U.S. Aggregate ex-Corporate Index 29.57% 25.86% 22.18%
Bloomberg Barclays U.S. Government Intermediate Bond Index 5.00% 4.38% 3.75%
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index 5.00% 4.38% 3.75%
JP Morgan EMBI Global Diversified Index 2.52% 2.21% 1.89%
MSCI Emerging Markets (Net) (USD) 2.96% 3.51% 4.07%
MSCI World ex USA Index (Net) (USD) 9.88% 11.73% 13.58%
Russell 1000 Total Return 19.07% 22.65% 26.23%
Russell 2000 Total Return 4.76% 5.65% 6.54%
Wells Fargo U.S. High Yield Bond Index 2.52% 2.21% 1.89%
Wells Fargo U.S. Investment Grade Corporate Bond Index 15.39% 13.46% 11.54%
Wells Fargo U.S. REIT Index 3.33% 3.96% 4.58%
Average annual total returns (%) as of February 28, 2021
  1 year 5 year 10 year
Bloomberg Barclays U.S. Aggregate ex-Corporate Index1* 0.66 2.74 –
Bloomberg Barclays U.S. Government Intermediate Bond Index2 1.5 2.25 2.34
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index3 5.97 3.67 2.71
JP Morgan EMBI Global Diversified Index4 0.91 5.94 5.86
MSCI Emerging Markets (Net) (USD)5 36.05 15.24 4.41
MSCI World ex USA Index (Net) (USD)6 22.15 9.81 4.73
Russell 1000 Index7 34.28 17.37 13.58
Russell 2000 Index8 51 17.92 11.86
Wells Fargo U.S. High Yield Bond Index9** 10.15 – –
Wells Fargo U.S. Investment Grade Corporate Bond Index10** 2.6 – –
Wells Fargo U.S. REIT Index11*** 4.39 – –
* The inception date of the index is December 2015.
** The inception date of the index is April 2017.
*** The inception date is March 2017.
1 The Bloomberg Barclays U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index.
2 The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.
3 Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index.
4 The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index.
152  |  Target Date Retirement Funds

Appendix I (unaudited)
Wells Fargo
Dynamic
Target
2025
Blended
Index 		Wells Fargo
Dynamic
Target
2030
Blended
Index 		Wells Fargo
Dynamic
Target
2035
Blended
Index 		Wells Fargo
Dynamic
Target
2040
Blended
Index 		Wells Fargo
Dynamic
Target
2045
Blended
Index 		Wells Fargo
Dynamic
Target
2050
Blended
Index 		Wells Fargo
Dynamic
Target
2055
Blended
Index 		Wells Fargo
Dynamic
Target
2060
Blended
Index
18.64% 14.30% 11.84% 8.88% 5.92% 2.96% 2.96% 2.96%
1.75% 0.42% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.75% 0.42% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1.58% 1.20% 1.00% 0.75% 0.50% 0.25% 0.25% 0.25%
5.14% 6.30% 6.96% 7.65% 8.19% 8.74% 8.74% 8.74%
17.10% 20.99% 23.44% 25.50% 27.36% 29.26% 29.26% 29.26%
31.58% 37.17% 39.68% 41.48% 43.56% 45.60% 45.60% 45.60%
7.93% 9.30% 9.92% 10.37% 10.89% 11.40% 11.40% 11.40%
1.58% 1.20% 1.00% 0.75% 0.50% 0.25% 0.25% 0.25%
9.70% 7.45% 6.16% 4.62% 3.08% 1.54% 1.54% 1.54%
3.25% 1.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
6 The MSCI USA Minimum Volatility Index (Net) (USD) aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). You cannot invest directly in an index.
7 The MSCI World ex USA Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. You cannot invest directly in an index.
8 The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
9 The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
10 The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar-denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index.
11 The Wells Fargo U.S. Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar-denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index.
12 The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT stock that satisfy specified market capitalization and other eligibility requirements. You cannot invest directly in an index.
Target Date Retirement Funds  |  153

For more information
More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds' website, or call:
Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: wfam.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds' website at wfam.com. Read the prospectus carefully before you invest or send money.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
 INVESTMENT PRODUCTS: NOT FDIC INSURED  ■  NO BANK GUARANTEE  ■  MAY LOSE VALUE 
© 2021 Wells Fargo & Company. All rights reserved.
PAR-0321-00285 04-21
ADTD/AR104 02-21

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.

 

     Fiscal
year ended
February 28, 2021		      Fiscal
year ended
February 29, 2020		  

Audit fees

    $ 441,120      $ 276,730  

Audit-related fees

      —          —    

Tax fees (1)

      91,770        58,890  

All other fees

      —          —    
  

 

 

     

 

 

  
   $ 532,890      $ 335,620  
  

 

 

     

 

 

  

 

(1) 

Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management.

Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Code of Ethics.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Wells Fargo Funds Trust

By:

  
 

/s/ Andrew Owen

 

Andrew Owen

 

President

Date:

  

April 27, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

 

Wells Fargo Funds Trust

By:

  
 

/s/ Andrew Owen

 

Andrew Owen

 

President

Date:

  

April 27, 2021

By:

  
 

/s/ Jeremy DePalma

 

Jeremy DePalma

 

Treasurer

Date:

  

April 27, 2021