SUPPLEMENT TO THE CLASS R4 PROSPECTUS AND SUMMARY PROSPECTUS
OF WELLS FARGO DOW JONES TARGET DATE FUNDS
For the Wells Fargo Dow Jones Target Today Fund (the "Fund")

At meetings held on April 18-19, 2017, and May 16-17, 2017, the Board of Trustees of the Fund approved the following changes effective on or about July 14, 2017.I. Name Change Effective on or about July 14, 2017, the Fund will change its name to Wells Fargo Target Today Fund.II. Principal Investment Strategy Changes Effective on or about July 14, 2017, the section entitled "Fund Summary – Principal Investment Strategies" is deleted and replaced with the following:

The Fund is a gateway fund that invests in various master portfolios ("Underlying Funds"), which in turn, invest in a combination of securities to gain exposure to the following asset classes: equity and fixed income (including money market securities). The Fund's investment strategy is to diversify the Fund's investments among these asset classes.

The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The large- and small-cap companies, international developed markets and emerging markets allocations are designed to track (replicate the performance of) indexes created with a proprietary methodology. This methodology is designed to provide exposure to specific factors (or characteristics) that are commonly tied to a stock's potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to value, quality, momentum, small size, and low volatility. The large-cap company allocation will be managed to replicate the performance of the Wells Fargo Factor Enhanced Large Cap Index. The small-cap company allocation will be managed to replicate the performance of the Wells Fargo Factor Enhanced Small Cap Index. The developed international allocation will be managed to replicate the performance of the Wells Fargo Factor Enhanced International Index. The emerging markets allocation will be managed to replicate the performance of the Wells Fargo Factor Enhanced Emerging Market Index. The real estate allocation will be managed to replicate the performance of the Wells Fargo U.S. REIT Index and invest in real estate investment trusts (REITs).

The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as "high yield bonds" or "junk bonds"), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg Barclays US Treasury Inflation-Linked 1-10Yr Bond Index and the Bloomberg Barclays US Government Intermediate Bond Index, respectively. The investment grade corporate bond and below investment grade corporate bond allocations will be managed to replicate the performance of indexes created with a proprietary index methodology. The methodology is designed to provide broadly diversified fixed income exposure and is constructed to enhance issuer diversification and liquidity versus other standard traditional passive bond indexes. The investment grade corporate bond allocation will be managed to replicate the performance of the Wells Fargo U.S. Investment Grade Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Wells Fargo U.S. High Yield Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg Barclays US Aggregate ex-Corporate Index. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index.

The "Today" designation in the Fund's name is meant to indicate that the Fund is primarily designed for investors either in retirement and/or currently withdrawing funds from their investments. The Fund does not decrease its equity holdings in an attempt to become increasingly conservative over time, but rather maintains a strategic target allocation to equity and fixed income securities (including money market instruments) in the weights of 30% and 70%, respectively.

At their discretion, the Fund's portfolio managers may make changes to the Fund's asset allocation.

III. Principal Investment Risks Changes Effective on or about July 14, 2017, the section entitled "Fund Summary – Principal Investment Risks" is supplemented to remove the following: Derivatives Risk, Futures Contracts Risk, Index Tracking Risk, and Investment Style Risk.  Additionally the following is added:

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

IV. Management Fee and Contractual Expense Cap Changes Effective on or about July 14, 2017, the expense cap is being lowered as follows: The Manager has contractually committed through June 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at 0.34%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

V. Fund Management Changes Effective on or about July 14, 2017, Global Index Advisors, Inc. is being replaced with Wells Capital Management as sub-adviser to the Fund. Accordingly, the section entitled "Fund Summary – Fund Management" is deleted and replaced with the following:

Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Wells Fargo Funds Management, LLC	Wells Capital Management Incorporated	Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2017 Petros N. Bocray, CFA, FRM, Portfolio Manager / 2017 Christian L. Chan, CFA, Portfolio Manager / 2017

In addition, effective on or about July 14, 2017, disclosure concerning the sub-adviser and portfolio managers for the Fund in the section entitled "The Sub-Advisers and Portfolio Managers" is deleted and replaced with the following:

Wells Capital Management Incorporated ("Wells Capital Management"), is a registered investment adviser located at 525 Market Street, San Francisco, CA 94105. Wells Capital Management, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is a multi-boutique asset management firm committed to delivering superior investment services to institutional clients, including mutual funds.

Kandarp R. Acharya, CFA, FRM Mr. Acharya joined Wells Capital Management in 2013, where he currently serves as a Senior Portfolio Manager. Prior to joining Wells Capital Management, Mr. Acharya led the Advanced Analytics and Quantitative Research Group at Wells Fargo Wealth Management, where he also led the development and implementation of quantitative tactical allocation models as a member of the firm's Asset Allocation Committee.Petros N. Bocray, CFA, FRM Mr. Bocray joined Wells Capital Management in 2006, where he currently serves as a Portfolio Manager. Prior to joining the Multi-Asset Solutions team, he held a similar role with the Quantitative Strategies group at Wells Capital Management where he co-managed several of the team's portfolios.Christian L. Chan, CFA Mr. Chan joined Wells Capital Management in 2013, where he currently serves as a Portfolio Manager. Prior to joining Wells Capital Management, Mr. Chan was a Portfolio Manager at Wells Fargo Funds Management, LLC where he managed several of the firm's asset allocation mutual funds, and also served as the firm's Head of Investments.

May 18, 2017 TD4A057/P607S4A